Document:

Exhibit 10.14

 

	 	Dated 19 February 2021	 
	 	 	 
	 	 	 
	 	Royal Caribbean Cruises Ltd.	(1)
	 	(the Borrower)	 
	 	 	 
	 	Société Générale	(2)
	 	(the Facility Agent)	 
	 	 	 
	 	The banks and financial institutions listed in Schedule 1	(3)
	 	(the Mandated Lead Arrangers)	 
	 	 	 
	 	The banks and financial institutions listed in Schedule 1	(4)
	 	(the Lenders)	 

 

 

 

Fifth Amendment and Restatement Agreement

in connection with the Credit Agreement in
respect of

"HARMONY OF THE SEAS " (ex Hull
A34)

 

 

 

    	 	 	 

     

    

  

Contents

 

	Clause	 	Page
	 	 	 
	1	Interpretation and definitions	1
	 	 	 
	2	Amendment of the Existing Credit Agreement	2
	 	 	 
	3	Conditions of effectiveness of Amended Credit Agreement	2
	 	 	 
	4	Representations and Warranties	4
	 	 	 
	5	Incorporation of Terms	5
	 	 	 
	6	Fees, Costs and Expenses	5
	 	 	 
	7	Counterparts	6
	 	 	 
	8	Governing Law	6
	 	 	 
	Schedule 1 Finance Parties	1
	 	 
	Schedule 2 Form of Amendment Effective Date confirmation – Hull A34	2
	 	 
	Schedule 3 Amended and Restated Credit Agreement	3
	 	 
	Schedule 4 Form of Guarantor Confirmation Certificate	4
	 	 
	Annex A Repayment Schedule	6
	 	 
	Annex B Debt Deferral Extension Regular Monitoring Requirements	7
	 	 
	Annex C Replacement covenants with effect from the Guarantee Release Date	11

 

    	 	 	 

     

    

  

THIS FIFTH AMENDMENT AND RESTATEMENT AGREEMENT
(this Amendment) is dated 19 February 2021 and made BETWEEN:

 

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

 

		(2)	Société Générale as facility agent (the Facility Agent);

 

		(3)	Société Générale as BpiFAE agent;

 

		(4)	The banks and financial institutions listed in Schedule 1 as mandated lead arrangers (the
Mandated Lead Arrangers); and

 

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

 

WHEREAS:

 

		(A)	The Borrower, the Facility Agent, the BpiFAE Agent, the Mandated Lead Arrangers and the Lenders
are parties to a credit agreement, dated as of 15 April 2014 (as amended and restated from time to time prior to the date of this
Amendment, the Existing Credit Agreement), in respect of the vessel named “HARMONY OF THE SEAS” (formerly Hull
no. A34) (the Vessel) whereby it was agreed that, subject to the terms and conditions therein, the Lenders would advance
(and have advanced) their respective Commitment of an aggregate amount not exceeding the Maximum Loan Amount (as each such term
is defined in the Existing Credit Agreement).

 

		(B)	The Borrower has requested that the Existing Credit Agreement be amended and restated on the basis
set out in this Amendment in order to reflect the Debt Deferral Extension Framework published by certain Export Credit Agencies
(including BpiFAE) (the Framework).

 

		(C)	Pursuant to the Framework, the Lenders have agreed to (i) the further deferral of any scheduled
repayments of principal of the Loan (including the first Deferred Tranche) arising during the Second Deferral Period and (ii) certain
amendments to the financial covenants set out in Clause 9.4 of the Existing Credit Agreement, in each case on the basis set out
in the Promesse de Garantie dated 22 January 2021.

 

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

 

NOW IT IS AGREED as follows:

 

		1	Interpretation and definitions

 

		1.1	Definitions in the Existing Credit Agreement

 

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

 

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

 

		1.2	Definitions

 

In this Amendment:

 

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

 

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

 

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

 

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

 

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

 

Funding Agreement Amendment No.3
has the meaning given to such term in the form of the Amended Credit Agreement set out in Schedule 3.

 

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

 

Party means each of the parties
to this Amendment.

 

Second Deferral Period means
the period from and including 1 April 2021 to and including 31 March 2022.

 

Second Deferred Tranche has
the meaning given to such term in the form of the Amended Credit Agreement set out in Schedule 3.

 

		1.3	Third party rights

 

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

 

		1.4	Designation

 

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

 

		2	Amendment of the Existing Credit Agreement

 

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

 

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

 

		(b)	Exhibits B to Exhibit D hereto shall be attached to the
Amended Credit Agreement as new Exhibit P to Schedule R thereto, and Exhibit A hereto shall replace the repayment schedule set
out in Schedule B thereto.

 

		3	Conditions of effectiveness of Amended Credit Agreement

 

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

 

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

 

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

 

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

 

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

 

		(i)	confirming that:

 

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

 

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

 

		(C)	the relevant Guarantee shall extend to any new obligations assumed by the Borrower under the Amended
Credit Agreement (including pursuant to the Second Deferred Tranche and the increased Floating Rate Margin applicable to such Second
Deferred Tranche); and

 

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

 

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

 

together with such evidence from
legal counsel to the Facility Agent as the Lenders may require as to the continued effectiveness of the Guarantees relative to
the further deferral arrangements;

 

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

 

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

 

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

 

		(i)	Watson Farley & Williams LLP, counsel to the Borrower,
as to matters of Liberian law (and being issued in substantially the same form as the corresponding Liberian legal opinion issued
in respect of Amendment and Restatement No.3); and

 

    	 	 	Page 3

     

    

  

		(ii)	Norton Rose Fulbright LLP, counsel to the Facility Agent as to matters of English law (and being
issued in substantially the same form as the corresponding English legal opinion issued in respect of Amendment and Restatement
No.3),

 

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

 

		(f)	evidence that the Borrower has submitted the Framework
Information Package to BpiFAE (including information related to crisis-related liquidity measures) as a basis for BpiFAE to assess
the adequacy of the Borrower’s crisis-related liquidity measures with regard to utilisation of the Second Deferred Tranche;

 

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

 

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

 

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

 

		(j)	the Facility Agent shall have received a letter from the Borrower, signed by its Chief Financial
Officer, containing a commitment to publish on an annual basis until the repayment of the Second Deferred Tranche in full, a publicly
available environmental plan that includes (i) an annual measure (in accordance with other public methodology, including IMO methodology)
of the greenhouse gas emissions of the Borrower and its Subsidiaries (including the emissions of their respective vessels) for
the two years preceding the date of the relevant publication and (ii) the Borrower’s strategy to reduce the group’s
greenhouse emissions, including details of specific measures implemented (or to be implemented) in order to achieve such reduction;
and

 

		(k)	the Facility Agent shall have received from the Borrower such documentation and information as
any Finance Party may reasonably request through the Facility Agent to comply with "know your customer" or similar identification
procedures under all laws and regulations applicable to that Finance Party,

 

it being acknowledged and agreed
by the Facility Agent that the conditions referred to in paragraphs (c), (f), (i), (j) and (k) above have, at the date of this
Amendment, been satisfied.

 

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

 

		4	Representations and Warranties

 

		(a)	Each of the representations and warranties in:

 

		(i)	clause 7 of the Amended Credit Agreement (excluding clause
7.11 of the Amended Credit Agreement); and

 

		(ii)	clause 3(b) of Amendment and Restatement No.4,

 

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

 

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

 

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

 

		(ii)	covenants and undertakes with the Facility Agent that it shall, on or before the Amendment Effective
Date, or as soon as reasonably practicable thereafter enter into an amendment agreement (with such amendments being on substantially
the same terms as those set out in this Amendment and the Amended Credit Agreement (as applicable)) to the finance documents in
respect of each other ECA Financing in existence as at the date of this Amendment in order to substantially reflect the amendments
set out in the Amended Credit Agreement provided, however, that this clause(b)(ii) shall not apply in respect of any other ECA
Financing where the lenders under that ECA Financing do not provide their consent to such amendment agreement where the arrangements
contemplated by that amendment were proposed to be on substantially the same basis as set out in this Amendment (subject to logical
and factual changes),

 

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

 

		5	Incorporation of Terms

 

The provisions of clause 13.4 (Notices),
clause 13.8 (Severability) and clause 13.14 (Law and Jurisdiction) of the Existing Credit Agreement shall be incorporated
into this Amendment as if set out in full in this Amendment and as if references in those clauses to “this Agreement”
were references to this Amendment and references to each Party are references to each Party to this Amendment.

 

		6	Fees, Costs and Expenses

 

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

 

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

 

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

 

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

 

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

 

(including the reasonable and documented
fees and expenses of counsel for the Facility Agent with respect hereto and thereto as agreed with the Facility Agent) in accordance
with the terms of clause 13.5 (Payment of Costs and Expenses) of the Existing Credit Agreement.

 

		6.4	The Borrower shall pay any additional premium payable to
BpiFAE in respect of the matters contemplated by this Amendment and the Framework in the agreed amount prior to the first deemed
advance of the Second Deferred in accordance clause 4.8(c) of the Amended Credit Agreement.

 

		6.5	The Borrower also agrees to pay to the Facility Agent for
the account of each Lender and for distribution to each such Lender in proportion to their respective Commitments under the Second
Deferred Tranche, on and from the date of this Amendment until the earlier of (a) the date of the second deemed advance of the
Second Deferred Tranche, (b) the last day of the Second Deferral Period and (c) the date of cancellation of the Second Deferred
Tranche (or such part of the Second Deferred Tranche that has not at that point been advanced), a commitment fee in dollars equal
to the sum of 0.25% per annum on each Lender’s daily Commitment in respect of the Second Deferred Tranche that has not at
that point been deemed to be advanced. The commitment fee shall be payable in arrears on the day of each deemed advance of the
Second Deferred Tranche or, if cancelled, on the date of cancellation of the Second Deferred Tranche.

 

		7	Counterparts

 

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

 

		8	Governing Law

 

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

 

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

 

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Schedule 1

Finance Parties

 

Facility Agent

 

Société Générale

 

BpiFAE Agent

 

Société Générale

 

Mandated Lead Arrangers 

 

Banco Santander S.A.

 

KfW IPEX Bank GmbH

 

	Lender	Commitments of each Lender
	Société Générale	
        Total Commitments:
        $ 52,836,180.20

        First Deferred
        Tranche: $ 7,045,090.69

        Second Deferred
        Tranche: $ 8,806,363.25

	
        Banco Santander S.A.

         
	
        Total Commitments: $ 52,836,646.13

        First Deferred Tranche: $ 7,045,090.69

        Second Deferred Tranche: $ 8,806,363.25

	
        KfW IPEX Bank GmbH

         
	
        Total Commitments: $ 35,635,878.96

        First Deferred Tranche: $ 4,751,450.54

        Second Deferred Tranche: $ 5,939,311.52

 

    	 	 	 

     

    

  

Schedule 2

Form of Amendment Effective
Date confirmation – Hull A34

 

		To:	Royal Caribbean Cruises Ltd.

 

"HARMONY OF THE SEAS" (Hull A34)

 

We,
Société Générale, refer to the fifth amendment and restatement agreement dated [l]
2021 (the Amendment) relating to a credit agreement dated as of 15 April 2014 (as previously amended, supplemented and/or
restated from time to time) (the Credit Agreement) made between (among others) the above named Royal Caribbean Cruises
Ltd. as the Borrower, the financial institutions listed in it as the Lenders and ourselves as the Facility Agent in respect
of a loan to the Borrower from the Lenders of up to the Maximum Loan Amount (as defined in the Credit Agreement).

 

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

 

Dated                                                    
2021

 

	Signed:	 	 

 

For and on behalf of

Société Générale

(as Facility Agent)

 

    	 	 	 

     

    

  

Schedule 3

Amended and Restated Credit
Agreement

 

    	 	 	 

     

    

  

Dated
15 April 2014

as amended
and restated by Amendment and Restatement n°1 dated 15 January 2016

as amended
by Amendment Agreement n° 1 dated 27 June 2016

as amended
and restated by Amendment and Restatement n°2 dated 15 August 2019

as amended
and restated by Amendment and Restatement n°3 dated 5 May
2020

as supplemented
by a Supplemental Agreement dated 3 August 2020

as amended
and restated by Amendment and Restatement n°4 dated 30 October 2020 and as further
amended and restated by Amendment and Restatement n° 5 dated 19 February 2021

 

ROYAL CARIBBEAN CRUISES LTD.

as Borrower

 

SOCIÉTÉ GÉNÉRALE

as Facility Agent

 

SOCIÉTÉ GÉNÉRALE

as BpiFAE Agent

 

BANCO SANTANDER, S.A.

and

KfW IPEX-BANK GmbH

as Mandated Lead Arrangers

 

and

 

THE BANKS AND FINANCIAL INSTITUTIONS

from time to time party hereto

as Lenders

 

 

 

FACILITY AGREEMENT

 

in respect of

 

one (1) Passenger Cruise Vessel

“Harmony of the Seas”

 

(ex Hull No. A34)

 

 

 

    	 	 	 

     

    

  

TABLE OF CONTENTS

 

	 	 	 	Page
	 	 	 	 
	1.	DEFINITIONS AND INTERPRETATION	16
	 	 	 	 
	 	1.1	Defined Terms	16
	 	 	 	 
	 	1.2	Interpretation	53
	 	 	 	 
	 	1.3	Third Party Rights	55
	 	 	 	 
	 	1.4	Accounting and Financial Determinations	55
	 	 	 	 
	2.	THE FACILITY AND COMMITMENTS	56
	 	 	 	 
	 	2.1	The Facility	56
	 	 	 	 
	 	2.2	Purpose	56
	 	 	 	 
	 	2.3	Commitments of the Lenders	57
	 	 	 	 
	 	2.4	Voluntary Cancellation	58
	 	 	 	 
	 	2.5	Cancellation due to Lender Illegality	58
	 	 	 	 
	 	2.6	Delayed Delivery	59
	 	 	 	 
	 	2.7	Automatic Cancellation	60
	 	 	 	 
	 	2.8	Cancellation for Non–Exercise Premium	60
	 	 	 	 
	 	2.9	Construction Contract	60

 

    	 	 	 

     

    

  

	 	2.10	Independence of Borrower’s Obligations	60
	 	 	 	 
	 	2.11	Finance Parties’ Rights and Obligations	61
	 	 	 	 
	3.	DISBURSEMENT PROCEDURES; BORROWER’S PAYMENT INSTRUCTIONS	61
	 	 	 	 
		3.1	Availability of Facility 	61
	 	 	 	 
	 	3.2	Hedging; Preliminary Mechanics	61
	 	 	 	 
	 	3.3	Delivery of a Drawing Request	62
	 	 	 	 
	 	3.4	Completion of a Drawing Request	62
	 	 	 	 
	 	3.5	Currency and Amount of Disbursement	62
	 	 	 	 
	 	3.6	Drawing Request Amendment Request	63
	 	 	 	 
	 	3.7	Disbursement; Hedging Arrangements	64
	 	 	 	 
	 	3.8	Borrower’s Payment Instructions	65
	 	 	 	 
	 	3.9	Deemed Advance of Deferred Tranche	65
	 	 	 	 
	4.	CONDITIONS PRECEDENT	65
	 	 	 	 
	 	4.1	Conditions Precedent to Effectiveness	65
	 	 	 	 
	 	4.2	Conditions Precedent to Disbursement	67
	 	 	 	 
	 	4.3	Conditions Precedent to Release of Funds from the Funding Accounts	69
	 	 	 	 
	 	4.4	Form of Conditions Precedent	70
	 	 	 	 
	 	4.5	Facility Agent’s Responsibility	71

 

    	 	 	 

     

    

  

	 	4.6	Waiver	72
	 	 	 	 
	 	4.7	Deferred Tranche Conditions Precedent	72
	 	 	 	 
	5.	REPAYMENTS, PREPAYMENTS, INTEREST AND FEES	74
	 	 	 	 
	 	5.1	Repayments	74
	 	 	 	 
	 	5.2	Prepayment	76
	 	 	 	 
	 	5.3	Interest Provisions	79
	 	 	 	 
	 	5.4	Pre-Disbursement Delay Fee	81
	 	 	 	 
	 	5.5	Commitment Fee	81
	 	 	 	 
	 	5.6	Other Fees	82
	 	 	 	 
	 	5.7	Calculation Basis	82
	 	 	 	 
	 	5.8	Currency	82
	 	 	 	 
	6.	LIBOR-RELATED PROVISIONS; FUNDING LOSSES; INCREASED CAPITAL COSTS; TAXES; RESERVE COSTS; PAYMENTS; ETC.	83
	 	 	 	 
	 	6.1	LIBOR Determination; Replacement Reference Banks	83
	 	 	 	 
	 	6.2	LIBOR Lending Unlawful	83
	 	 	 	 
	 	6.3	Market Disruption	83
	 	 	 	 
	 	6.4	Increased Loan Costs, etc.	85
	 	 	 	 
	 	6.5	Funding Losses	86
	 	 	 	 
	 	6.6	Increased Capital Costs	89

 

    	 	 	 

     

    

  

	 	6.7	Taxes	89
	 	 	 	 
	 	6.8	Reserve Costs	93
	 	 	 	 
	 	6.9	Payments	93
	 	 	 	 
	 	6.10	No Double Counting	95
	 	 	 	 
	 	6.11	Cancellation of Commitment or Prepayment of Affected Lender	95
	 	 	 	 
	 	6.12	Sharing of Payments	95
	 	 	 	 
	 	6.13	No Borrower Set-off	97
	 	 	 	 
	 	6.14	Finance Party Set-off	97
	 	 	 	 
	 	6.15	Use of Proceeds	97
	 	 	 	 
	 	6.16	Deferred Costs	97
	 	 	 	 
	 	6.17	Unavailability of Screen Rate	98
	 	 	 	 
	7.	REPRESENTATIONS AND WARRANTIES	99
	 	 	 	 
	 	7.1	Organisation, etc.	100
	 	 	 	 
	 	7.2	Due Authorisation, Non-Contravention, etc.	100
	 	 	 	 
	 	7.3	Government Approval, Regulation, etc.	100
	 	 	 	 
	 	7.4	Compliance with Laws	101
	 	 	 	 
	 	7.5	Sanctions	101
	 	 	 	 
	 	7.6	Validity, etc.	102

 

    	 	 	 

     

    

  

	 	7.7	No Default, Event of Default or Mandatory Prepayment Event	102
	 	 	 	 
	 	7.8	Litigation	102
	 	 	 	 
	 	7.9	The Purchased Vessel	102
	 	 	 	 
	 	7.10	Obligations rank pari passu; Liens	103
	 	 	 	 
	 	7.11	Withholding, etc.	103
	 	 	 	 
	 	7.12	No Filing, etc. Required	103
	 	 	 	 
	 	7.13	No Immunity	103
	 	 	 	 
	 	7.14	Investment Company Act	103
	 	 	 	 
	 	7.15	Regulation U	104
	 	 	 	 
	 	7.16	Accuracy of Information	104
	 	 	 	 
	 	7.17	Construction Contract	104
	 	 	 	 
	 	7.18	No Winding-up	105
	 	 	 	 
	 	7.19	Repetition	105
	 	 	 	 
	 	7.20	Sanctions and KfW	105
	 	 	 	 
	8.	AFFIRMATIVE COVENANTS	105
	 	 	 	 
	 	8.1	Financial Information, Reports, Notices, etc.	106
	 	 	 	 
	 	8.2	Government Approvals and Other Consents	109

 

    	 	 	 

     

    

  

	 	8.3	Compliance with Laws, etc.	109
	 	 	 	 
	 	8.4	The Purchased Vessel	110
	 	 	 	 
	 	8.5	Insurance	111
	 	 	 	 
	 	8.6	Books and Records	111
	 	 	 	 
	 	8.7	Cessation of Business	112
	 	 	 	 
	 	8.8	BpiFAE Insurance Policy Requirements	112
	 	 	 	 
	 	8.9	Starting Date of Repayment	112
	 	 	 	 
	9.	NEGATIVE COVENANTS	114
	 	 	 	 
	 	9.1	Business Activities	114
	 	 	 	 
	 	9.2	Indebtedness	114
	 	 	 	 
	 	9.3	Liens	115
	 	 	 	 
	 	9.4	Financial Condition	118
	 	 	 	 
	 	9.5	Additional Undertakings	119
	 	 	 	 
	 	9.6	Consolidation, Merger, etc.	126
	 	 	 	 
	 	9.7	Asset Dispositions, etc.	127
	 	 	 	 
	 	9.8	Use of Proceeds	127
	 	 	 	 
	 	9.9	Construction Contract	127

 

    	 	 	 

     

    

 

	10.	EVENTS OF DEFAULT	130
	 	 	 
	 	10.1	Listing of Events of Default	130
	 	 	 	 
	 	10.2	Action if Bankruptcy	133
	 	 	 	 
	 	10.3	Action if Other Event of Default	134
	 	 	 	 
	11.	MANDATORY PREPAYMENT EVENTS	134
	 	 	 	 
	 	11.1	Listing of Mandatory Prepayment Events	134
	 	 	 	 
	 	11.2	Mandatory Prepayment	139
	 	 	 	 
	12.	THE FACILITY AGENT, MANDATED LEAD ARRANGERS AND DOCUMENTATION BANK	140
	 	 	 	 
	 	12.1	Appointment and Duties	140
	 	 	 	 
	 	12.2	Indemnity	141
	 	 	 	 
	 	12.3	Funding Reliance, etc.	141
	 	 	 	 
	 	12.4	Exculpation	141
	 	 	 	 
	 	12.5	Successor/Replacement	143
	 	 	 	 
	 	12.6	Loans by the Facility Agent	144
	 	 	 	 
	 	12.7	Credit Decisions	144
	 	 	 	 
	 	12.8	Copies, etc.	144
	 	 	 	 
	 	12.9	The Facility Agent’s Rights	145
	 	 	 	 
	 	12.10	The Facility Agent’s Duties	145

 

    	 	 	 

     

    

  

	 	12.11	Employment of Agents	145
	 	 	 	 
	 	12.12	Distribution of Payments	146
	 	 	 	 
	 	12.13	Reimbursement	146
	 	 	 	 
	 	12.14	Instructions	146
	 	 	 	 
	 	12.15	Payments	147
	 	 	 	 
	 	12.16	“Know your customer” Checks	147
	 	 	 	 
	 	12.17	No Fiduciary Relationship	147
	 	 	 	 
	 	12.18	The Mandated Lead Arrangers and the Documentation Bank	147
	 	 	 	 
	13.	MISCELLANEOUS PROVISIONS	147
	 	 	 	 
	 	13.1	Waivers and Amendments	147
	 	 	 	 
	 	13.2	Exercise of Remedies	150
	 	 	 	 
	 	13.3	Mitigation, Borrower Challenges, etc.	150
	 	 	 	 
	 	13.4	Notices	150
	 	 	 	 
	 	13.5	Payment of Costs and Expenses	154
	 	 	 	 
	 	13.6	Indemnification	154
	 	 	 	 
	 	13.7	Survival	157
	 	 	 	 
	 	13.8	Severability	157

 

    	 	 	 

     

    

 

 

	 	13.9	Execution in Counterparts	157
	 	 	 	 
	 	13.10	Successors and Assigns	157
	 	 	 	 
	 	13.11	Lender Transfers, Assignments and Participations	158
	 	 	 	 
	 	13.12	Other Transactions	164
	 	 	 	 
	 	13.13	BpiFAE Premium	164
	 	 	 	 
	 	13.14	Law and Jurisdiction	166
	 	 	 	 
	 	13.15	Confidentiality	167

 

	Schedule A - The Lenders and Commitments	A-1
	 	 
	Schedule B - Repayment Schedule	B-1
	 	 
	Schedule C - Form of Drawing Request 	C-1
	 	 
	Schedule D - Form of Drawing Request Amendment Request	D-1
	 	 
	Schedule E - Form of Lender Transfer Certificate	E-1
	 	 
	Schedule F - Form of Lender Assignment Agreement	F-1
	 	 
	Schedule G - Form of Notice of Starting Date of Repayment	G-1
	 	 
	Schedule H – Principles	H-1
	 	 
	Schedule I – Information Package	I-1
	 	 
	Schedule J - Silversea Liens and Indebtedness	J-1
	 	 
	Schedule K - Form of First Priority Guarantee	K-1
	 	 
	Schedule L - Form of Second Priority Guarantee	L-1
	 	 
	Schedule M -Form of Third Priority Guarantee	M-1
	 	 
	Schedule N - Form of Senior Parties Subordination Agreement	N-1
	 	 
	Schedule O - Form of Other Senior Parties Subordination Agreement	O-1
	 	 
	Schedule P Framework	P
	 	 
	Schedule Q Debt Deferral Extension Regular Monitoring Requirements	Q
	 	 
	Schedule R Replacement Covenants with effect from the Guarantee Release Date	R

 

    	 	 	 

     

    

 

THIS FACILITY AGREEMENT (this
 “Agreement”) is dated 15 April 2014, as amended and restated on 15 January 2016, as further amended on 27 June
2016, as further amended and restated on 15 August 2019, as further amended and restated on 5 May 2020, as supplemented by a supplemental
agreement on 3 August 2020, and as further amended and restated on 30 October 2020 and as further amended and restated on 19 February
2021 and made between:

 

		(1)	ROYAL CARIBBEAN CRUISES LTD., a Liberian corporation
registered with the Ministry of Foreign Affairs of the Republic of Liberia under number C-38863, whose registered office is at
80 Broad Street, Monrovia, Republic of Liberia, and whose principal office is at 1050 Caribbean Way, Miami, Florida 33132, United
States of America (the “Borrower”);

 

		(2)	SOCIÉTÉ GÉNÉRALE, a French société anonyme
with its registered office at 29 Boulevard Haussmann, 75009 Paris, France, registered with the Paris trade and companies register
under number 552 120 222, acting in its capacity as facility agent for and on behalf of the Finance Parties (the “Facility
Agent”);

 

		(3)	SOCIÉTÉ GÉNÉRALE, a French société anonyme
with its registered office at 29 Boulevard Haussmann, 75009 Paris, France, registered with the Paris trade and companies register
under number 552 120 222, acting in its capacity as BpiFAE agent for and on behalf of the Finance Parties (the “BpiFAE
Agent”), as such role has been transferred to it by Banco Santander S.A.;

 

		(4)	BANCO SANTANDER, S.A., a bank incorporated in Spain with its registered office at Paseo
de Pareda, 9-12. 39004 Santander, Registro Mercantil de Santander: Hoja 286, Folio 64, Libro 5o de Sociedades,
Inscripción 1a. C.I.F.A.-39000013; and

 

		(5)	KfW IPEX-BANK GmbH, a bank incorporated in Germany with its registered office at Palmengartenstrasse
5-9, 60325 Frankfurt am Main, Germany,

 

(each a “Mandated Lead Arranger” and
collectively, the “Mandated Lead Arrangers”); and

 

		(6)	THE BANKS AND FINANCIAL INSTITUTIONS listed in Schedule A (The Original Lenders and Commitments)
as lenders (the “Original Lenders”).

 

WHEREAS,

 

		(A)	The Borrower and the Builder have entered into the Construction Contract pursuant to which the
Builder has agreed to design, construct, equip, complete, sell and deliver to the Borrower the Purchased Vessel.

 

		(B)	The Lenders have agreed to make available to the Borrower, upon the terms and subject to the conditions
set out herein, a USD term loan facility in an amount equal to the Dollar Equivalent of up to sixteen per cent. (16%) of the Eligible
Portion of the Cash Contract Price of the Purchased Vessel (as adjusted from time to time in accordance with the Construction Contract
to reflect, among other adjustments, Change Orders, utilisation of the NYC Allowance and the applicability of the Non-Exercise
Premium) and up to one hundred per cent. (100%) of the BpiFAE Premium, in an aggregate amount not to exceed the Maximum Loan Amount.

 

    	14 	 	 

     

    

  

		(C)	Subject to the terms and conditions set out herein, the Loan proceeds (but for this purpose, excluding
any deemed advance of the Deferred Tranches) will be provided to (i) the Builder for the purpose of paying a portion of the Cash
Contract Price in connection with the Borrower’s purchase of the Purchased Vessel, (ii) the Borrower for the purpose of reimbursing
it for Borrower-Paid Change Orders and the amounts expended by it in respect of the Non-Yard Costs and (iii) BpiFAE for the purpose
of paying the BpiFAE Premium.

 

		(D)	The Lenders have also (but without increasing the Maximum Loan Amount and/or the Commitment of
each Lender) agreed to make available to the Borrower, upon the terms and conditions contained herein:

 

		(i)	a USD loan facility in the amount equal to the aggregate
of the principal portion of the repayment installments of the Loan payable on the Repayment Dates (as defined below) falling during
the First Deferral Period (as defined below) (the “First Deferred Tranche Maximum Loan Amount”). An advance
under the First Deferred Tranche (as defined below) will be available for the purpose of paying the principal portion of the repayment
installment due on each Repayment Date falling during such First Deferral Period; and

 

		(ii)	a USD loan facility in the amount equal to the aggregate of the principal portion of the repayment
installments of the Loan payable on the Repayment Dates falling during the Second Deferral Period (as defined below) (the “Second
Deferred Tranche Maximum Loan Amount” and together with the First Deferred Tranche Maximum Loan Amount, the “Deferred
Tranches Maximum Loan Amount”). An advance under the Second Deferred Tranche (as defined below) will be available for
the purpose of paying the principal portion of the repayment installment due on each Repayment Date falling during such Second
Deferral Period,

 

with each advance under the
Deferred Tranches (as defined below) being automatic and notional only, effected by means of a book entry to finance the repayment
installment then due.

 

		(E)	The Parties have previously amended this Agreement pursuant to Amendment and Restatement No.4 (as
defined below) pursuant to which the Borrower agreed to procure (and did procure) the execution of the Guarantees (as defined below)
and to make certain amendments to this Agreement to reflect the existence of such Guarantees.

 

		(F)	Pursuant to Amendment and Restatement No.5 (as defined below), and upon satisfaction of the conditions
set forth therein, this Agreement is being amended and restated in the form of this Agreement.

 

    	15 	 	 

     

    

  

NOW,
THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, the parties hereto hereby agree as follows:

 

		1.	DEFINITIONS AND INTERPRETATION

 

		1.1	Defined Terms

 

The following terms
(whether or not in bold type) when used in this Agreement, including its recitals and Schedules, shall, when capitalised, except
where the context otherwise requires, have the following meanings:

 

“Account Bank” means
MUFG Bank, Ltd. (formerly known as The Bank of Tokyo-Mitsubishi UFJ, Ltd. London Branch.), and which role shall, from the First
Deferred Tranche Effective Date, no longer be relevant for the purposes of this Agreement.

 

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

 

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

 

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

 

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

 

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

 

    	16 	 	 

     

    

  

“Adjusted
EBITDA After Principal and Interest” means, for any Last Reported Fiscal Quarter, the Borrower’s EBITDA After Principal
and Interest for such period, excluding those items, if any, that the Borrower has excluded in determining “Adjusted Net
Income” for such period as disclosed in the Borrower’s annual report on 10-K or quarterly report on 10-Q, as applicable,
for such Last Reported Fiscal Quarter, as evidenced pursuant to the relevant certificate to be submitted by the Borrower pursuant
to Clause 8.1(q).

 

“Advanced
Loan Deferral Period” means the period between 1 April 2020 and 31 March 2021 (inclusive).

 

“Affiliate”
means, with respect to any Person, any other Person which, directly or indirectly, is controlling, controlled by or is under common
control with such Person, including such Person’s Subsidiaries.

 

“Amendment
Agreement No.1” means the amendment agreement in respect of this Agreement dated 27 June 2016 between the Borrower,
the Facility Agent, the BpiFAE Agent, the Documentation Bank, the Mandated Lead Arrangers and the Lenders. 

 

“Amendment
and Restatement No.1” means the amendment and restatement agreement in respect of this Agreement dated 15 January 2016
between the Borrower, the Facility Agent, the BpiFAE Agent, the Documentation Bank, the Mandated Lead Arrangers and the Lenders.

 

“Amendment
and Restatement No.2” means the amendment and restatement agreement in respect of this Agreement dated 15 August 2019
between the Borrower, the Facility Agent, the BpiFAE Agent, the Documentation Bank, the Mandated Lead Arrangers and the Lenders.

 

“Amendment
and Restatement No.3” means the amendment and restatement agreement in respect of this Agreement dated 5 May 2020 between
the Borrower, the Facility Agent, the BpiFAE Agent, the Documentation Bank, the Mandated Lead Arrangers and the Lenders pursuant
to which this Agreement was amended in connection with, amongst other things, the Principles.

 

    	17 	 	 

     

    

  

“Amendment
and Restatement No.4” means the amendment and restatement agreement in respect of this Agreement dated 30 October 2020
between the Borrower, the Facility Agent, the BpiFAE Agent, the Mandated Lead Arrangers and the Lenders pursuant to which this
Agreement was amended in connection with, amongst other things, the Principles.

 

“Amendment
and Restatement No.5” means the amendment and restatement agreement in respect of this Agreement dated 19 February 2021
between the Borrower, the Facility Agent, the BpiFAE Agent, the Mandated Lead Arrangers and the Lenders.

 

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

 

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

 

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

 

“Applicable Spot
Rate” means, as applicable:

 

		(a)	the spot rate for any Euros due in respect of the Cash Contract Price that have not been hedged
by the Borrower under the Hedging Agreements, as calculated by the Borrower and delivered pursuant to Clause 3.2(a)(i); or

 

		(b)	the spot rate for any Euros, as calculated by the Borrower and delivered pursuant to Clause 5.1(c),

 

in each case by referencing
the last available Euros to Dollars exchange rate quoted on Bloomberg page “€ Currency HP” or its successor page.

 

“Applicable
Spot Rate Euros Purchase” has the meaning ascribed to such term in Clause 3.7(c).

 

    	18 	 	 

     

    

  

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

 

“Authorised
Officer” means those officers of the Borrower authorised to act with respect to the Finance Documents (including any
Drawing Request and any Drawing Request Amendment Request) and whose signatures and incumbency shall have been certified to the
Facility Agent by the Secretary or an Assistant Secretary of the Borrower.

 

“Available
Commitment” means in relation to any Lender, at any time and save as otherwise provided in this Agreement, the Commitment
of such Lender (but for this purpose, excluding any Commitment of a Lender in respect of the Deferred Tranches) at such time as
reduced by any cancellation, reduction or transfer of such Commitment pursuant to the terms of this Agreement, provided that such
amount shall not be less than zero (0).

 

“B34 Facility
Amendment Date” means 20 March 2018, being the effective date of the third supplemental amendment dated 16 March 2018
to (among other things) a credit facility supported by BpiFAE (pertaining to Hull No. B34) reflecting the alignment of certain
provisions and covenants with Borrower’s revolving credit facility refinanced on 12 October 2017.

 

“Bail-In
Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect
of any liability of an EEA Financial Institution.

 

“Bail-In
Legislation” means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the
European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time
which is described in the EU Bail-In Legislation Schedule; and (b) in relation to any state other than such an EEA Member Country
or (to the extent that the United Kingdom is not such an EEA Member Country) 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.

 

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

 

    	19 	 	 

     

    

  

“Borrower-Paid
Change Orders” means any Change Orders to the extent paid for by the Borrower to the Builder prior to the Disbursement
Date in accordance with the second sentence of article V(6) of the Construction Contract.

 

“BpiFAE”
means BpiFrance Assurance Export, the French export credit agency, a French société par action simplifiée
 à associé unique with its registered office at 27-31, avenue du Général Leclerc, 94710 Maisons-Alfort
Cedex, France, registered at the trade and companies registry of Créteil under number 815 276 308 and includes its successors
in title or any other person succeeding to BpiFrance Assurance Export in the role as export credit agency of the Republic of France
to manage and provide under its control, on its behalf and in its name the public export guarantees as provided by article L 432-1
of the French insurance code.

 

“BpiFAE
Insurance Policy” means the insurance policy in respect of the Facility (including the Loan) issued by BpiFAE on 15 May
2014 for the benefit of the Lenders as approved and executed by the Facility Agent and the Lenders as at the date of the policy's
issuance as amended by the BpiFAE Insurance Policy Amendment No.1, the BpiFAE Insurance Policy Amendment No.2, the BpiFAE Insurance
Policy Amendment No.3 and the BpiFAE Insurance Policy Amendment No.4.

 

“BpiFAE
Insurance Policy Amendment No.1” means the amendment to the BpiFAE Insurance Policy, made in connection with the transfer
of the agency role from MUFG Bank, Ltd. (formerly known as The Bank of Tokyo-Mitsubishi UFJ, Ltd. London Branch.) to the Facility
Agent, to be issued by BpiFAE on or prior to the first deemed drawdown of the First Deferred Tranche in accordance with Clause
4.7 (Deferred Tranche Conditions Precedent).

 

“BpiFAE
Insurance Policy Amendment No.2” means the amendment to the BpiFAE Insurance Policy, made in connection with the First
Deferred Tranche arrangements and certain other matters related to the Amendment and Restatement No.3, to be issued by BpiFAE on
or prior to the first deemed drawdown of the First Deferred Tranche in accordance with Clause 4.7 (First Deferred Tranche Conditions
Precedent).

 

    	20 	 	 

     

    

  

“BpiFAE
Insurance Policy Amendment No.3” means the amendment to the BpiFAE Insurance Policy that was issued by BpiFAE to correct
certain aspects of BpiFAE Insurance Policy Amendment No.2.

 

“BpiFAE
Insurance Policy Amendment No.4” means the amendment to the BpiFAE Insurance Policy to be issued by BpiFAE on or prior
to the first deemed drawdown of the Second Deferred Tranche in accordance with Clause 4.8 (Second Deferred Tranche Conditions
Precedent).

 

“BpiFAE
Premium” means the premium due to BpiFAE pursuant to the BpiFAE Insurance Policy in the USD amount set forth in Clause
2.2(a)(ii), payable by the Borrower to the Facility Agent (for the account of BpiFAE).

 

“Builder”
means Chantiers de l’Atlantique S.A. (formerly STX France S.A.), a French société anonyme with its registered
office at Avenue Bourdelle, 44600 Saint-Nazaire, France, registered with the Saint-Nazaire trade and companies register under number
439 067 612.

 

“Business
Day” means (a) in relation to any date for the payment or purchase of Dollars and/or Euros, any day (other than a Saturday
or Sunday) on which banks are open for general business in New York City, London and Paris and which is also a TARGET Day and (b)
for all other purposes, any day (other than a Saturday or Sunday) on which banks are open for general business in New York City,
London and Paris.

 

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

 

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

 

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

 

    	21 	 	 

     

    

  

“Cash Contract Price”
has the meaning ascribed to such term in the Construction Contract.

 

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

 

“Change of Control”
means an event or series of events by which:

 

		(a)	any “person” or “group” (as such
terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934 as in effect on the execution date of this Agreement,
but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as
trustee, agent or other fiduciary or administrator of any such plan) is or becomes the “beneficial owner” (as defined
in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934 as in effect on the execution date of this Agreement, except
that a person or group shall be deemed to have “beneficial ownership” of all securities that such person or group
has the right to acquire, whether such right is exercisable immediately or only after the passage of time (such right, an “option
right”)), directly or indirectly, of 50% or more of the equity securities of the Borrower entitled to vote for members of
the board of directors or equivalent governing body of the Borrower on a fully-diluted basis (and taking into account all such
securities that such person or group has the right to acquire pursuant to any option right); or

 

		(b)	during any period of 24 consecutive months, a majority of the members of the board of directors
or other equivalent governing body of the Borrower cease to be composed of individuals (i) who were members of that board or equivalent
governing body on the first day of such period, (ii) whose election or nomination to that board or equivalent governing body was
approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority
of that board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body
was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at
least a majority of that board or equivalent governing body.

 

“Change
Order” has the meaning ascribed to such term in article V(1) of the Construction Contract.

 

“CIRR”
means the OECD Commercial Interest Reference Rate applicable to the Facility of two point zero eight per cent. (2.08%) per annum.

 

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

 

    	22 	 	 

     

    

  

“Commitment” means:

 

		(a)	in relation to any Lender as at the First Deferred Tranche
Effective Date, the amount set forth opposite its name in the relevant column of Schedule A (The Lenders and Commitments)
and the amount of any other Commitment transferred to it under this Agreement;

 

		(b)	in relation to any other Lender, the amount of any Commitment transferred to it under this Agreement; and

 

		(c)	in relation to each Lender, the amount of its Commitment in respect of the Deferred Tranches (as set out in Schedule 1 to Amendment
and Restatement No.3 and in Schedule 1 to Amendment and Restatement No.5), but the liability of each Lender in respect of which
shall not, on the basis of the arrangements set out in this Agreement, increase the total commitments of such Lender.

 

“Commitment Fee”
has the meaning ascribed to such term in Clause 5.5 (Commitment Fee).

 

“Commitments Termination Date” means:

 

		(a)	in respect of the Loan other than the Deferred Tranches, the earliest of:

 

		(i)	the Disbursement Date (after the Loan as requested in the
Drawing Request has been disbursed in accordance with this Agreement);

		(ii)	the Effective Delivery Date;

		(iii)	the date on which all Commitments are cancelled in accordance with the terms of this Agreement;

		(iv)	the date on which the Construction Contract is cancelled or terminated in accordance with its terms; and

		(v)	the Longstop Date;

 

		(b)	in respect of the First Deferred Tranche, 31 March 2021;
and

 

		(c)	in respect of the Second Deferred Tranche, 31 March 2022.

 

“Construction
Contract” means the Contract for Construction and Sale of m.v. ‘Harmony of the Seas’ (ex Hull No. A34) dated
27 December 2012 between the Builder and the Borrower as buyer with respect to the Purchased Vessel, as amended by Addendum No.
1 dated 31 July 2013 between the Builder and the Borrower.

 

“Construction
Financing” means the financing provided or to be provided to the Builder with respect to the construction of the Purchased
Vessel, as arranged by HSBC Continental Europe (previously HSBC France) and Société Générale as mandated
lead arrangers with Société Générale as facility agent and as refinanced by the EUR Funding Entity.

 

    	23 	 	 

     

    

  

“Covenant
Modification Date” means the later to occur of (a) the expiry of the Financial Covenant Waiver Period and (b) the date
upon which the financial covenants set out in Clause 9.4(a) have been modified in this Agreement in a form and substance satisfactory
to BpiFAE, the Borrower and the Lenders.

 

“Covered
Taxes” means any Taxes other than (a) franchise taxes and taxes imposed on or measured by any Lender’s net income
or receipts of such Lender and franchise taxes imposed in lieu of net income taxes or taxes on receipts, in each case by the jurisdiction
under the laws of which such Lender is organised or any political subdivision thereof or the jurisdiction of such Lender’s
Lending Office or any political subdivision thereof or any other jurisdiction, except in each case to the extent that such taxes
are imposed solely as a result of the applicable Obligor’s activities in any such jurisdiction, and (b) any taxes imposed
under FATCA.

 

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

 

“DDTL Indebtedness”
means the Borrower’s Indebtedness (or, if such Indebtedness has not yet been incurred, the commitments by lenders to provide
Indebtedness to the Borrower as of the effectiveness of the Amendment and Restatement No.4) in connection with that certain Commitment
Letter, dated as of August 12, 2020, between the Borrower and MORGAN STANLEY SENIOR FUNDING INC. (as amended, restated, extended,
supplemented, refinanced, replaced or otherwise modified from time to time).

 

“Debt Deferral
Extension Regular Monitoring Requirements” means the general test scheme/reporting package in the form set out in Schedule
P to this Agreement submitted or to be submitted (as the case may be) by the Borrower in accordance with Clause 8.1(n).

 

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

 

		(a)	any Indebtedness (but having regard, in respect of any
secured and/or guaranteed Indebtedness, to the restrictions set out in Clause 9.11(b)) incurred by a Group Member between 1 April
2020 and the earlier of (i) the end of the Early Warning Monitoring Period and (ii) 31 December 2023 (or such later date as may,
with the prior consent of BpiFAE, be agreed between the Borrower and the Lenders) (the “Debt Incurrence Trigger Date”);

 

    	24 	 	 

     

    

  

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

 

		(c)	Indebtedness incurred to refinance (and for this purpose having regard to the applicable provisions
of Clause 9.11) a maturity payment under any existing loan or credit facility (including any crisis and/or recovery-related Indebtedness
incurred by a Group Member prior to the Debt Incurrence Trigger Date) or issued bonds of a Group Member, provided that;

 

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

 

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

 

		(d)	Indebtedness provided by banks or other financial institutions under the Borrower’s senior
unsecured revolving credit facilities in an aggregate amount not greater than the commitments thereunder as in effect on the Second
Deferred Tranche Effective Date plus the amount of any existing uncommitted incremental facilities (i.e. any unused accordion)
on such facilities;

 

		(e)	Indebtedness provided by banks or other financial institutions which, as at the Second Deferred
Tranche Effective Date, is committed but yet to be incurred in respect of the DDTL Indebtedness (but, in respect of that DDTL Indebtedness,
up to a maximum amount of $700,000,000);

 

    	25 	 	 

     

    

  

		(f)	any of the following types of Indebtedness in each case incurred in the ordinary course of business
of any Group Member and with the prior written consent of BpiFAE:

 

		(i)	the issuances of commercial paper;

		(ii)	Capitalized Lease Liabilities;

		(iii)	purchase money Indebtedness;

		(iv)	Indebtedness under overdraft facilities; and

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

 

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

 

“Default”
means any Event of Default or circumstance which would, with the expiry of a grace period, the giving of notice or both, become
an Event of Default.

 

“Deferred Costs Percentage”
means, in respect of the First Deferred Tranche, 0.43% per annum.

 

“Deferred Tranches”
means together, the First Deferred Tranche and the Second Deferred Tranche, and being in an aggregate amount not to exceed the
Deferred Tranches Maximum Loan Amount and “Deferred Tranche” means either of them.

 

“Deferred Tranches Maximum
Loan Amount” has the meaning given to it in Recital (D).

 

“Delivery
Installment” means the final Installment described in article II(3)(e) of the Construction Contract.

 

“Disbursement
Date” means the date on which the Loan (but for this purpose excluding the Deferred Tranche) is made under this Agreement.

 

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

 

    	26 	 	 

     

    

  

"Disruption Event"
means either or both of:

 

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

 

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

 

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

 

		(ii)	from communicating with other parties or in accordance with the terms of the Finance Documents,

 

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

 

“Documentation
Bank” means from the date of this Agreement until 30 January 2020, MUFG Bank, Ltd. (formerly known as The Bank of Tokyo-Mitsubishi
UFJ, Ltd. London Branch.), and which shall from such date, no longer be relevant for the purposes of, or included in, the definition
of Finance Parties.

 

“Dollar Equivalent”
means any EUR amount converted into a corresponding USD amount by using the weighted average rate of currency hedges entered into
by the Borrower pursuant to the Hedging Arrangements, including in such weighted average calculation the Applicable Spot Rate.

 

“Dollars”,
 “USD” and the sign “$” mean the lawful currency of the United States.

 

“Drawing Request”
means the loan drawing request duly executed by an Authorised Officer, substantially in the form of Schedule C (Form of Drawing
Request).

 

“Drawing Request Amendment
Request” means a request to amend the Drawing Request duly executed by an Authorised Officer, substantially in the form
of Schedule D (Form of Drawing Request Amendment Request).

 

“Early Warning
Monitoring Period” means the period beginning on the Second Deferred Tranche Effective Date and ending on the last day
of two consecutive Fiscal Quarters in which the Borrower has achieved a higher Adjusted EBITDA after Principal and Interest for
such Fiscal Quarters when compared with the same calculation for the corresponding Fiscal Quarters of the 2019 Fiscal Year, as
evidenced pursuant to the certificate to be submitted by the Borrower pursuant to Clause 8.1(q) (and such date shall be notified
to the Borrower by the Facility Agent).

 

    	27 	 	 

     

    

  

“EBITDA
After Principal and Interest” means, for any Last Reported Fiscal Quarter, the Borrower’s consolidated operating
income for such period plus any depreciation and amortization expenses that were deducted in calculating consolidated operating
income for such period and minus (a) any scheduled amortization or maturity payments made during such period and (b) consolidated
interest expense of the Borrower for such period (net of any capitalized interest and interest income), in each relevant case as
determined in accordance with GAAP.

 

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

 

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

 

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

 

“EEA Financial Institution” means (a)
any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of a Resolution
Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this
definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described
in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

 

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

 

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

 

“Eligible
Portion” means the portion of the Cash Contract Price (or any portion thereof, as applicable) to be paid to the Builder
under the Construction Contract that is attributable to goods and services purchased by the Borrower which are of:

 

		(a)	French origin; or

 

    	28 	 	 

     

    

  

		(b)	foreign origin (i.e., originating from countries other
than France and Liberia and including transport and insurances of any nature),

 

in either case
which are eligible for financing under the limits and under the conditions determined by the French Authorities and which have
been approved for financing by the French Authorities.

  

“Environmental
Approval” means any permit, licence, approval, ruling, certification, exemption or other authorisation required under
applicable Environmental Laws.

 

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

 

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

 

“EU Bail-In Legislation Schedule” means the EU
Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time.

 

“EUR Facility” means the EUR facility under the
EUR Facility Agreement.

 

“EUR Facility Agent”
means Société Générale in its capacity as facility agent for the EUR Facility Finance Parties.

 

“EUR Facility Agreement”
means the Original EUR Facility Agreement as amended by the EUR Facility Amendment, the EUR Facility Amendment No. 2, the EUR Facility
Amendment No. 3, the EUR Facility Amendment No. 4 and the EUR Facility Amendment No. 5.

 

“EUR Facility Amendment”
means the amendment and restatement agreement in respect of the Original EUR Facility Agreement dated 15 April 2014 between the
Borrower, the EUR Facility Agent, BNP Paribas, HSBC Continental Europe (previously HSBC France) and Société Générale
as mandated lead arrangers and the EUR Facility Lenders.

 

“EUR Facility Amendment
No. 2” means the amendment and restatement agreement in respect of the Original EUR Facility Agreement (as amended by
the EUR Facility Amendment) dated 15 January 2016 between the Borrower, the EUR Facility Agent, BNP Paribas, HSBC Continental Europe
(previously HSBC France) and Société Générale as mandated lead arrangers and the EUR Facility Lenders.

 

    	29 	 	 

     

    

  

“EUR Facility Amendment
No. 3” means the amendment agreement in respect of the Original EUR Facility Agreement (as amended by the EUR Facility
Amendment and the EUR Facility Amendment No. 2) dated 27 June 2016 between the Borrower, the EUR Facility Agent, BNP Paribas, HSBC
Continental Europe (previously HSBC France) and Société Générale as mandated lead arrangers and the
EUR Facility Lenders.

 

“EUR Facility Amendment
No. 4” means the amendment and restatement agreement in respect of the Original EUR Facility Agreement (as amended by
the EUR Facility Amendment, EUR Facility Amendment No. 2 and the EUR Facility Amendment No. 3) dated 15 August 2019 between the
Borrower, the EUR Facility Agent, BNP Paribas, HSBC Continental Europe (previously HSBC France) and Société Générale
as mandated lead arrangers and the EUR Facility Lenders.

 

“EUR Facility Amendment
No. 5” means the amendment and restatement agreement in respect of the Original EUR Facility Agreement (as amended by
the EUR Facility Amendment, EUR Facility Amendment No. 2, the EUR Facility Amendment No. 3 and the EUR Facility Amendment No. 4)
dated 6 May 2020 between the Borrower, the EUR Facility Agent, BNP Paribas, HSBC Continental Europe (previously HSBC France) and
Société Générale as mandated lead arrangers and the EUR Facility Lenders.

 

“EUR Facility Amendment
No. 6” means the amendment and restatement agreement in respect of the Original EUR Facility Agreement (as amended by
the EUR Facility Amendment, EUR Facility Amendment No. 2, the EUR Facility Amendment No. 3, the EUR Facility Amendment No. 4 and
the EUR Facility Amendment No.5) dated 19 February 2021 between the Borrower, the EUR Facility Agent, BNP Paribas, HSBC Continental
Europe (previously HSBC France) and Société Générale as mandated lead arrangers and the EUR Facility
Lenders.

 

“EUR Facility Finance
Parties” means the parties to the EUR Facility Agreement (other than the Borrower).

 

“EUR Facility Lenders”
means the Persons who are from time to time borrowers under the EUR Funding Agreement and lenders under the EUR Facility Agreement.

 

“EUR Funding Account”
means a special segregated EUR account held in the Borrower's name at the Account Bank.

 

“EUR Funding Agents”
means the EUR Funding Coordination Agent and the EUR Funding Paying Agent.

 

“EUR Funding Agreement”
means the funding agreement dated 9 July 2013 (as amended by Funding Agreement Amendment No.1, Funding Agreement Amendment No.2
and the Funding Agreement Amendment No.3 (each as defined in the EUR Facility Agreement)) between the EUR Funding Entity, the EUR
Funding Agents and the EUR Facility Lenders in their capacities as borrowers thereunder.

 

“EUR Funding Coordination Agent” means HSBC Continental
Europe or any successor or assign of HSBC Continental Europe in such capacity as permitted under the EUR Funding Agreement.

 

    	30 	 	 

     

    

  

“EUR Funding Entity”
means the Caisse des Dépôts et Consignations, a special establishment created by French law dated 28 April
1816 and having its offices at 56, rue de Lille, 75007 Paris, France, or any successor or assign thereof as permitted under the
EUR Funding Agreement.

 

“EUR Funding Paying
Agent” means Société Générale or any successor or assign of Société Générale
in such capacity as permitted under the EUR Funding Agreement.

 

“Euros”,
 “EUR” and the sign “€” mean the single currency of the Participating Member States.

 

“Event of Default”
means any of the events or circumstances specified as such in Clause 10.1 (Listing of Events of Default).

 

“Existing Principal Subsidiaries”
means each Subsidiary of the Borrower that is a Principal Subsidiary on the date of this Agreement.

 

“Facility”
means the term loan facility granted to the Borrower by the Lenders pursuant to Clause 2.1 (The Facility).

 

“FATCA” means:

 

		(a)	sections 1471 to 1474 of the Code or any associated regulations
or other official guidance;

 

		(b)	any treaty, law, regulation or other official guidance enacted in any other jurisdiction, or relating
to an intergovernmental agreement between the U.S. and any other jurisdiction, which (in either case) facilitates the implementation
of paragraph (a) above; or

 

		(c)	any agreement pursuant to the implementation of paragraphs (a) or (b) above with the U.S. Internal
Revenue Service, the U.S. government or any governmental or taxation authority in any other jurisdiction.

 

“FATCA Application Date”
means:

 

		(a)	in relation to a “withholdable payment” described in section 1473(1)(A)(i) of the Code
(which relates to payments of interest and certain other payments from sources within the U.S.), 1 January 2014; and

 

		(b)	in relation to a “passthru payment” described in section 1471(d)(7) of the Code not
falling within paragraph (a) above, the first date from which such payment may become subject to a deduction or withholding required
by FATCA.

 

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

 

    	31 	 	 

     

    

  

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

 

“Fee Letter”
means any fee letter entered into between the Borrower and the Facility Agent as referred to in Clause 5.6 (Other Fees),
and including the fee letters entered into in connection with Amendment and Restatement No.3.

 

“Final Maturity
Date” means (a) in respect of the Loan (other than the Deferred Tranche) the date that is twelve (12) years after the
Starting Date of Repayment, namely 12 May 2028, (b) in respect of the First Deferred Tranche, 12 November 2024 and (c) in respect
of the Second Deferred Tranche, 12 November 2026.

 

“Finance
Documents” means this Agreement, Amendment Agreement No.1, the Amendment and Restatement No.1, the Amendment and Restatement
No.2, the Amendment and Restatement No.3, the Amendment and Restatement No.4, the Amendment and Restatement No.5 the Supplemental
Agreement, the First Priority Guarantee, the Second Priority Guarantee, the Third Priority Guarantee, any Additional Guarantee,
the Subordination Agreements, any Additional Subordination Agreement, any New Guarantor Subordination Agreement, each of the Fee
Letters, the Drawing Request, any Drawing Request Amendment Request, the Funding Accounts Charge and any other document designated
as such in writing by the Facility Agent and the Borrower.

 

“Finance
Parties” means the Mandated Lead Arrangers, the Facility Agent, the BpiFAE Agent, the Lenders and from the date of this
Agreement until 30 January 2020, the Documentation Bank.

 

“Financial
Covenant Waiver Period” means the period from and including 1 April 2020 to and including 30 September 2022.

 

“First
Deferral Period” means the period from and including the First Deferred Tranche Effective Date to and including 31 March
2021 (inclusive).

 

“First Deferred Tranche”
means the aggregate of the advances deemed to be made by the Lenders under this Agreement from time to time during the First Deferral
Period and in an aggregate amount not exceeding the First Deferred Tranche Maximum Amount or, as the case may be, the aggregate
outstanding amount of such advances from time to time.

 

“First Deferred Tranche Effective
Date” has the meaning given to it in Amendment and Restatement No.3.

 

    	32 	 	 

     

    

  

“First Priority
Assets” means the Vessels known on the date the Amendment and Restatement No.4 becomes effective as or that sailed under
the name (i) Celebrity Constellation, (ii) Celebrity Equinox, (iii) Celebrity Millennium, (iv) Celebrity Silhouette, (v) Celebrity
Summit, (vi) Celebrity Eclipse, (vii) Celebrity Infinity, (viii) Celebrity Reflection and (ix) Celebrity Solstice (it being understood
that such Vessels shall remain “First Priority Assets” regardless of any change in name or ownership after such date).

 

“First Priority Guarantee”
means the first priority guarantee granted by the First Priority Guarantor prior to the Amendment Effective Date (as defined in
the Amendment and Restatement No.4) (and any other first priority guarantee granted by a First Priority Holdco Subsidiary in connection
with becoming a First Priority Guarantor) in favor of the Facility Agent for the benefit of the Agents and the Lenders, in each
case substantially in the form attached hereto as Schedule K.

 

“First Priority Guarantor”
means Celebrity Cruise Lines Inc. (and any of its successors) and any other First Priority Holdco Subsidiary that has granted or,
prior to that entity becoming a First Priority Holdco Subsidiary pursuant to a Disposal of a First Priority Asset in accordance
with Section 9.5(a)(v)(A), will grant a First Priority Guarantee.

 

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

 

“First Priority Release Event”
means the occurrence of any event or other circumstance that results in either (x) 80% of the aggregate principal amount of Bank
Indebtedness outstanding as of the effectiveness of the Amendment and Restatement No.4 (being $5,300,000,000 (and 80% of which
is $4,240,000,000)) or (y) 100% of the aggregate principal amount of Secured Note Indebtedness outstanding as of the effectiveness
of the Amendment and Restatement No.4 (being $3,320,000,000):

 

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

 

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

 

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

 

    	33 	 	 

     

    

  

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

 

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

 

“Fixed Charge Coverage
Ratio” means, as of the end of any Fiscal Quarter, the ratio computed for the period of four (4) consecutive Fiscal Quarters
ending on the close of such Fiscal Quarter of:

 

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

 

		(b)	the sum of:

 

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

 

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

 

“Fixed
Rate” means a rate per annum equal to the aggregate of (a) the CIRR and (b) the Fixed Rate Margin.

 

“Fixed
Rate Margin” means zero point forty five per cent. (0.45%) per annum.

 

“Floating
Rate” means a rate per annum equal to the aggregate of (a) LIBOR and (b) the applicable Floating Rate Margin.

 

“Floating
Rate Margin” means, for each Interest Period:

 

		(a)	one point two zero per cent. (1.20%) per annum in respect
of the Loan (excluding the Deferred Tranches);

 

		(b)	one point two zero per cent. (1.20%) per annum in respect of the drawn portion of the First Deferred
Tranche; and

 

		(c)	one point two zero per cent. (1.20%) per annum in respect of the drawn portion of the Second Deferred
Tranche.

 

    	34 	 	 

     

    

  

“Framework”
means the document titled “Debt Deferral Extension Framework” in the form set out in Schedule O to this Agreement,
and which sets out certain key principles and parameters relating to, amongst other things, the further temporary suspension of
repayments of principal in connection with certain qualifying Loan Agreements (as defined therein) and being applicable to BpiFAE-covered
loan agreements such as this Agreement and more particularly, the Second Deferred Tranche hereunder.

 

“French Authorities”
means the Direction Générale du Trésor of the French Ministry of Economy and Finance, any successors
thereto, or any other governmental authority in or of France involved in the provision, management or regulation of the terms,
conditions and issuance of export credits including, among others, such entities to whom authority in respect of the extension
or administration of export financing matters have been delegated, such as BpiFAE and Natixis DAI.

 

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

 

“Funding Accounts”
means the EUR Funding Account and the USD Funding Account.

 

“Funding Accounts
Charge” means the charge over the Funding Accounts to be entered into between the Borrower, the Finance Parties and the
Account Bank.

 

“Funding Losses” means any
amounts payable by the Borrower pursuant to Clause 6.5 (Funding Losses).

 

“Funds Flow Agreement”
means the funds flow agreement (convention portant sur des flux des paiements) dated 31 July 2013 between the EUR Funding
Entity, the EUR Facility Agent, the Borrower, the Builder, the facility agent under the Construction Financing and the funding
entity under the refinancing of the Construction Financing as amended by the Funds Flow Amendment.

 

“Funds Flow Amendment”
means the amendment to the Funds Flow Agreement dated 15 April 2014 entered into between the parties to the Funds Flow Agreement
and the Facility Agent on behalf of the Finance Parties.

 

“GAAP”
means generally accepted accounting principles in the United States of America as in effect from time to time.

 

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

 

    	35 	 	 

     

    

  

“Hedging Agreements”
means any agreements entered into by the Borrower from time to time in spot or forward currency markets for the purchase of Euros
with Dollars in order to pay the Cash Contract Price.

 

“Hedging Arrangements”
means the Borrower’s USD-to-EUR hedging arrangements under the Hedging Agreements.

 

“Hedging Euros Purchase”
has the meaning ascribed to such term in Clause 3.7(c).

 

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

 

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

 

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

 

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

 

“Guarantee Release
Date” means the date upon which the First Priority Release Event, the Second Priority Release Event and the Third Priority
Release Event have all occurred and accordingly, subject to Clause 9.5(g) (and in particular proviso (2) to such Clause 9.5(g)),
each of the Guarantees has been released by the Facility Agent, and also being the date upon which, in accordance with Clause 9.12,
certain provisions of this Agreement shall be replaced by the provisions set out in Schedule R.

 

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

 

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

 

    	36 	 	 

     

    

 

“IFRS”
means international accounting standards within the meaning of the IAS Regulation 1606/2002 to the extent applicable to the relevant
financial statements.

 

“Indebtedness”
means, for any Person:

 

		(a)	obligations created, issued or incurred by such Person
for borrowed money (whether by loan, the issuance and sale of debt securities or the sale of property to another Person subject
to an understanding or agreement, contingent or otherwise, to repurchase such property from such Person);

 

		(b)	obligations of such Person to pay the deferred purchase or acquisition price of property or services,
other than (i) trade accounts payable (other than for borrowed money) arising, and accrued expenses incurred, in the ordinary course
of business so long as such trade accounts payable are payable within one hundred eighty (180) days of the date the respective
goods are delivered or the respective services are rendered and (ii) any purchase price adjustment, earnout or deferred payment
of a similar nature incurred in connection with an acquisition (but only to the extent that no payment has at the time accrued
pursuant to such purchase price adjustment, earnout or deferred payment obligation);

 

		(c)	Indebtedness of others secured by a Lien on the property of such Person, whether or not the respective
Indebtedness so secured has been assumed by such Person;

 

		(d)	obligations of such Person in respect of letters of credit or similar instruments issued or accepted
by banks and other financial institutions for the account of such Person;

 

		(e)	Capitalised Lease Liabilities of such Person;

 

		(f)	guarantees by such Person of Indebtedness of others, up to the amount of Indebtedness so guaranteed;

 

		(g)	obligations of such Person in respect of surety bonds and similar obligations; and

 

		(h)	liabilities arising under Hedging Instruments.

 

“Initial Basic Cash Contract Price” has the meaning
ascribed to such term in article II(2) of the Construction Contract.

 

“Installments” has the meaning
ascribed to such term in the Construction Contract.

 

“Interest Period” means
the period starting on (and including) the Disbursement Date (or, in the case of the Deferred Tranche, the date of the deemed advance
of the relevant portion of the Deferred Tranche) and ending on (but not including) the first Repayment Date following such date
(as the same may be adjusted pursuant to Clause 6.9(d)), and subsequently each succeeding period starting on (and including) the
immediately preceding Repayment Date (as the same may be adjusted pursuant to Clause 6.9(d)) and ending on (but not including)
the next Repayment Date (as the same may be adjusted pursuant to Clause 6.9(d)).“Investment Grade” means, with
respect to Moody’s, a Senior Debt Rating of Baa3 or better and, with respect to S&P, a Senior Debt Rating of BBB- or
better.

 

    	37 	 	 

     

    

  

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

 

“Lender” means:

 

		(a)	any Original Lender; and

 

		(b)	any New Lender which has become a party hereto in accordance with Clause 13.11 (Lender Transfers, Assignments and Participations),

 

which in each case has not
ceased to be a Party in accordance with the terms of this Agreement.

 

“Lender Assignment Agreement”
means any Lender Assignment Agreement substantially in the form of Schedule F (Form of Lender Assignment Agreement).

 

“Lender Transfer Certificate”
means any Lender Transfer Certificate substantially in the form of Schedule E (Form of Lender Transfer Certificate).

 

“Lending Office”
means, relative to any Lender, the office or offices notified by such Lender to the Facility Agent and the Borrower in writing
on or before the date on which it becomes a Lender (or, following that date, by not less than five (5) Business Days’ written)
notice as the office or offices through which it will perform its obligations under this Agreement.

 

“Lien Basket Amount”
is defined in Section 9.3(d).

 

“LIBOR” means, for any period:

 

		(a)	the applicable Screen Rate; or

 

		(b)	if no Screen Rate is available for that period, the arithmetic mean (rounded upward to four (4)
decimal places) of the rates as supplied to the Facility Agent at its request quoted by the References Banks to leading banks in
the London interbank market,

 

in each case as of 10:00 a.m. (London time)
on the Quotation Date for the offering of deposits in Dollars for a period comparable to such period, provided that, if
such period is:

 

		(i)	shorter than one (1) month, the reference period shall be one (1) month; and

 

    	38 	 	 

     

    

  

		(ii)	longer than one (1) month and does not correspond to an exact number of months, the relevant rate
shall be determined by using a linear interpolation of LIBOR according to usual practice in the international monetary market,

 

and, if any such rate is below zero (0), LIBOR
shall be deemed to be zero (0).

 

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

 

“Loan”
means at any time the aggregate principal amount of the Facility disbursed to the Borrower and/or another Person at the request
of the Borrower under this Agreement in an aggregate amount not to exceed the Maximum Loan Amount (and including for this purpose,
the Deferred Tranches Maximum Loan Amount) or, as the case may be, the aggregate principal amount of such disbursement outstanding.

 

“Loan Release Date”
means the date on which the EUR proceeds of the Hedging Euros Purchase and the Applicable Spot Rate Euros Purchase and the USD
Retained Portion are released from the Funding Accounts in accordance with Clause 3.7(e).

 

“Longstop Date”
means the two hundred and seventieth (270th) day following the Original Scheduled Delivery
Date, being 24 January 2017.

 

“Mandatory Prepayment
Event” means any of the events or circumstances specified as such in Clause 11.1 (Listing of Mandatory Prepayment
Events).

 

“Margin”
means (a) if the interest rate applicable to the Loan is calculated by reference to the CIRR, the Fixed Rate Margin and (b) in
respect of any drawn portion of a Deferred Tranche, or where the interest rate applicable to the Loan is otherwise calculated by
reference to LIBOR, the applicable Floating Rate Margin.

 

“Material Adverse
Effect” means a material adverse effect on (a) the business, operations or financial condition of the Borrower and its
Subsidiaries taken as a whole, (b) the rights and remedies of any Finance Party under this Agreement or (c) the ability of the
Borrower to perform its payment Obligations under this Agreement or any of the other Finance Documents to which it is a party.

 

“Material Guarantor”
means (i) each of Celebrity Cruise Lines Inc., RCI Holdings LLC, RCL Cruise Holdings LLC and RCL Cruises Ltd (and each of their
respective successors) and (ii) any other entity that becomes a First Priority Guarantor, a Second Priority Guarantor or a Third
Priority Guarantor after the effectiveness of Amendment and Restatement No.4.

 

    	39 	 	 

     

    

  

“Material Litigation”
has the meaning ascribed to such term in Clause 7.8 (Litigation).

 

“Maximum Loan Amount”
means the aggregate of the Original Lenders’ Commitments, being the Dollar Equivalent of one hundred seventy eight million
four hundred forty five thousand one hundred and seventy eight Euros (EUR 178,445,178), and which for this purpose shall include
the Commitments in respect of the Deferred Tranches.

 

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

 

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

 

		(b)	three

 

as evidenced pursuant to
the relevant certificate to be submitted by the Borrower pursuant to Clause 8.1(q).

 

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

 

“Mortgage”
means the first priority ship mortgage to be granted by the Borrower in connection with the Construction Financing.

 

“Natixis DAI”
means Natixis DAI Direction des Activités Institutionnelles.

 

“Net Debt”
means, at any time, the aggregate outstanding principal amount of all debt (including, without limitation, Capitalised Lease Liabilities)
of the Borrower and its Subsidiaries (determined on a consolidated basis in accordance with GAAP) less the sum of (without duplication);

 

    	40 	 	 

     

    

  

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

 

		(b)	all Cash Equivalents.

 

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

 

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

 

“New Financings” means proceeds
from:

 

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

 

		(b)	the issuance and sale of equity securities.

 

“New Guarantor”
means, with respect to any Vessel delivered after the effectiveness of the Amendment and Restatement No.4, the Subsidiary of the
Borrower that (a) directly owns the Equity Interests of the Principal Subsidiary that acquired such Vessel and (b) delivers an
Additional Guarantee.

 

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

 

“New Lender” has the meaning
ascribed to such term in Clause 13.11 (Lender Transfers, Assignments and Participations).

 

    	41 	 	 

     

    

  

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

 

“Non-Exercise Premium”
has the meaning ascribed to such term in article II(2) of the Construction Contract.

 

“Non-Yard Costs”
has the meaning ascribed to such term in the Construction Contract.

 

“NYC Allowance”
has the meaning ascribed to such term in the Construction Contract.

 

“NYC Applicable
Rate” means, in relation to any portion of the NYC Allowance utilised by the Borrower to pay any Non-Yard Costs, the
USD-to-EUR rate used by the Borrower to convert the relevant USD amount into EUR for the purpose of the Builder invoicing the same
to the Borrower in EUR in accordance with the Construction Contract.

 

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

 

“Obligors”
means the Borrower and the Guarantors.

 

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

 

“Original EUR Facility
Agreement” means the facility agreement dated 9 July 2013 between the Borrower, the EUR Facility Agent, BNP Paribas as
documentation bank, BNP Paribas, HSBC Continental Europe (previously HSBC France) and Société Générale
as mandated lead arrangers and the EUR Facility Lenders.

 

“Original Scheduled Delivery Date”
means 29 April 2016.

 

“Other ECA Parties” means
the facility agents acting on behalf of the creditors under any ECA Financing, whether existing on or after the effectiveness of
the Amendment and Restatement No.4 (excluding the Facility Agent acting in any representative capacity in connection with this
Agreement).

 

    	42 	 	 

     

    

  

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

 

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

 

“Other Vessel”
means a passenger cruise vessel (other than the Purchased Vessel) owned by a Group Member.

 

“Pari Passu Creditor”
means with respect to any Group Member, any creditor under or in respect of any Indebtedness incurred by such Group Member (including
in respect of any ECA Financing) which is not, as at 31 December 2020, secured by a Lien over a Vessel or which, at any time (whether
pursuant to the operation of Clause 8.12(d) or otherwise), shares in the same security and/or guarantee package as the Lenders.

 

“Participating Member
State” means any member of the European Community that at the relevant time has adopted the Euro as its lawful currency
in accordance with legislation of the European Union relating to Economic and Monetary Union.

 

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

 

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

 

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

 

    	43 	 	 

     

    

  

“Post-Disbursement
Delay” means a delay of the delivery of the Purchased Vessel beyond the date contemplated in a Drawing Request which
occurs after the Disbursement Date and prior to the Loan Release Date.

 

“Pre-Disbursement
Delay” means a delay of the delivery of the Purchased Vessel beyond the date contemplated in a Drawing Request which
occurs prior to the Disbursement Date.

 

“Pre-Disbursement Delay Fee”
has the meaning ascribed to such term in Clause 5.4 (Pre-Disbursement Delay Fee).

 

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

 

“Principles” means the document
titled "Cruise Debt Holiday Principles" and dated 6 April 2020 in the form of Schedule H (The Principles), which
document sets out certain key principles and parameters relating to, amongst other things, the temporary suspension of repayments
of principal in connection with certain qualifying Loan Agreements (as defined therein) and being applicable to BpiFAE-covered
loan agreements such as this Agreement.

 

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

 

“Purchased Vessel” means
the passenger cruise vessel, “Harmony of the Seas”, bearing Builder’s hull number A34 constructed or to be constructed
pursuant to the Construction Contract.

 

“Quotation Date” means,
in relation to any period for which an interest rate is to be determined, two (2) TARGET Days before the first day of that period.

 

“Reference Banks” means
Banco Santander, S.A. and Citibank or such other banks as may be appointed by the Facility Agent with the consent of the Borrower
(such consent not being unreasonably withheld).

 

“Repayment Date” means each
of the dates specified in the relevant part of Schedule B (Repayment Schedule), as such Schedule B (Repayment Schedule)
was substituted on the Second Deferred Tranche Effective Date.

 

“Required Lenders” means,
at any time, Lenders that in the aggregate, hold more than sixty two point six per cent. (62.6%) of the aggregate unpaid principal
amount of the Loan or, if no such principal amount is then outstanding, Lenders that in the aggregate have more than sixty two
point six per cent. (62.6%) of the Commitments.

 

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

 

    	44 	 	 

     

    

  

“Restricted Loan
Arrangement” means any loan or credit (including any seller’s credit granted in connection with the sale of a Vessel
or other assets (and provided that any such sale complies with the provisions of Clause 11.1(m)(iii))) made available by a Group
Member to any Person but excluding any such loan or credit that is provided:

 

		(a)	to another Group Member;

 

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

 

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

 

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

 

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

 

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

 

    	45 	 	 

     

    

  

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

 

		(a)	any Indebtedness which is scheduled to mature on or prior to the end of the following calendar
year (and whether pursuant to an amendment and extension of the agreements evidencing such Indebtedness and/or using proceeds raised
by any Group Member in connection with any issuance of capital (whether in the form of Indebtedness for borrowed money, equity
or otherwise but, in the case of any Indebtedness, subject to that Indebtedness being incurred in compliance with the carve-out
provision set out in paragraph (c) of the definition of Debt Incurrence) or pursuant to the exercise of the equity claw feature
in the Secured Note Indenture) provided, however, that the Borrower may, with the prior written consent of BpiFAE, prepay, repay
or redeem any notes issued under indentures which are callable in accordance with their terms, including any call date through
the use of the equity claw feature;;

 

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

 

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

 

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

 

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

 

“Sanctioned Country” means,
at any time, a country, region or territory which is itself the subject or target of any Sanctions (at the time of this Agreement,
Crimea, Cuba, Iran, North Korea, Sudan and Syria).

 

    	46 	 	 

     

    

  

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

 

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

 

“Scheduled Delivery Date”
means, at any time, the Original Scheduled Delivery Date or such other date which, at such time, is the date specified for delivery
of the Purchased Vessel under the Construction Contract, as the same may be modified from time to time in accordance with the terms
of the Construction Contract.

 

“Screen Rate” means the
London interbank offered rate administered by ICE Benchmark Administration Limited (or any other Person which takes over the administration
of that rate) for the relevant period displayed on the Reuters Libor01 screen (or any successor screen which displays that rate)
or on the appropriate page of such other information service which publishes that rate from time to time in place of Reuters. If
such page or service ceases to be available, the Facility Agent may specify another page or service displaying the relevant rate
after consultation with the Borrower.

 

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

 

“Second Deferral
Period” means the period between and, in each case, including the Second Deferred Tranche Effective Date and 31 March
2022.

 

“Second Deferred
Tranche Effective Date” has the meaning given to the term “Amendment Effective Date” in the Amendment and
Restatement No.5.

 

“Second Deferred
Tranche” means the aggregate of the advances deemed to be made by the Lenders under this Agreement from time to time
during the Second Deferral Period (and corresponding to each repayment installment of the Loan (including the First Deferred Tranche)
falling due during such period) and in an aggregate amount not exceeding the Second Deferred Tranche Maximum Loan Amount or, as
the case may be, the aggregate outstanding amount of such advances from time to time.

 

“Second Priority Assets”
means the Vessels known on the date the Amendment and Restatement No.4 becomes effective as or that sailed under the name (i) Azamara
Quest, (ii) Azamara Pursuit, (iii) Azamara Journey, (iv) Celebrity Edge, (v) Celebrity Apex, (vi) Celebrity Flora, (vii) Celebrity
Xpedition, (viii) Celebrity Xperience, (ix) Celebrity Xploration, (x) Monarch, (xi) Horizon and (xii) Sovereign (it being understood
that such Vessels shall remain “Second Priority Assets” regardless of any change in name or ownership after such date).

 

    	47 	 	 

     

    

  

“Second Priority Guarantee”
means the second priority guarantee granted by the Second Priority Guarantors prior to the Amendment Effective Date (as defined
in the Amendment and Restatement No.4) (and any other second priority guarantee granted by a Second Priority Holdco Subsidiary
in connection with becoming a Second Priority Guarantor) in favor of the Facility Agent for the benefit of the Agents and the Lenders,
in each case substantially in the form attached hereto as Schedule L.

 

“Second Priority Guarantors”
means RCL Cruise Holdings LLC, Torcatt Enterprises S.A., RCL Holdings Cooperatief UA, RCL Cruises Ltd and RCL Investments Ltd (and
any of their respective successors) and any other Second Priority Holdco Subsidiary that has granted or, prior to that entity becoming
a Second Priority Holdco Subsidiary pursuant to a Disposal of a Second Priority Asset in accordance with Section 9.5(b)(iii)(A),
will grant a Second Priority Guarantee.

 

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

 

“Second Priority Release Event”
means the occurrence of any event or other circumstance that results in either (x) 80% of the aggregate principal amount of Bank
Indebtedness outstanding as of the effectiveness of the Amendment and Restatement No.4 (being $5,300,000,000 (and 80% of which
is $4,240,000,000)) or (y) 100% of the aggregate principal amount of Secured Note Indebtedness outstanding as of the effectiveness
of the Amendment and Restatement No.4 (being $3,320,000,000):

 

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

 

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

 

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

 

    	48 	 	 

     

    

  

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

 

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

 

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

 

“Senior Guarantee”
means any guarantee by a New Guarantor of Indebtedness incurred by the Borrower or any of its Subsidiaries after the effectiveness
of the Amendment and Restatement No.4; provided that the aggregate principal amount of Indebtedness guaranteed under any Senior
Guarantee shall in no case exceed 10.0% of the Purchase Price of the relevant Vessel owned by the Principal Subsidiary of such
New Guarantor that acquired such Vessel.

 

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

 

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

 

“Starting Date of
Repayment” means (a) in respect of the Loan (but for this purpose excluding the Deferred Tranches) the date notified
to the Facility Agent by the EUR Facility Agent in writing pursuant to a notice substantially in the form of Schedule G (Form
of Notice of Starting Date of Repayment) and (b) in respect of the relevant portion of either Deferred Tranche, the date upon
which such portion of the relevant Deferred Tranche was deemed to be advanced pursuant to Clause 3.9 (and being the date of the
relevant Repayment Date falling during the First Deferral Period (in the case of the First Deferred Tranche) and the date of the
relevant Repayment Date falling during the Second Deferral Period (in the case of the Second Deferred Tranche)).

 

    	49 	 	 

     

    

  

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

 

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

 

“Subsidiary”
means, with respect to any Person, any entity of which more than fifty per cent. (50%) of the outstanding voting capital or similar
right of ownership is, directly or indirectly, owned by such Person, by such Person and one or more other Subsidiaries of such
Person, or by one or more other Subsidiaries of such Person.

 

“Supplemental Agreement”
means the supplemental agreement in respect of this Agreement dated 3 August 2020 between the Borrower and the Facility Agent,
pursuant to which certain modifications were made to this Agreement.

 

“TARGET Day” means any day
on which TARGET2 is open for the settlement of payments in Euros.

 

“TARGET2”
means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilises a single shared platform
and which was launched on 19 November 2007.

 

“Tax”
and “tax” means all present or future taxes (of any nature and however termed), levies, fiscal charges, imposts,
duties, fees, assessments, surcharges or other charges of whatever nature and however arising which are now or at any time hereafter
imposed, assessed, charged, levied, collected, demanded, withheld or claimed by any government or taxing authority, together with
all interest thereon and penalties or similar liabilities with respect thereto, and “Taxes”, “taxes”,
 “taxing” and “taxation” shall be construed accordingly.

 

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“Third Priority
Assets” means the Vessels known on the date the Amendment and Restatement No.4 becomes effective as (i) Symphony of the
Seas, (ii) Oasis of the Seas, (iii) Harmony of the Seas, (iv) Spectrum of the Seas, (v) Quantum of the Seas, (vi) Ovation of the
Seas and (vii) Anthem of the Seas (it being understood that such Vessels shall remain “Third Priority Assets” regardless
of any change in name or ownership after the such date).

 

“Third Priority Guarantee”
means the third priority guarantee granted by RCI Holdings LLC prior to the Amendment Effective Date (as defined in the Amendment
and Restatement No.4) (and any other third priority guarantee granted by a Third Priority Holdco Subsidiary in connection with
becoming a Third Priority Guarantor) in favor of the Facility Agent for the benefit of the Agents and the Lenders, in each case
substantially in the form attached hereto as Schedule M.

 

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

 

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

 

“Third Priority Release Event”
means the occurrence of any event or other circumstance that results in either (x) 80% of the aggregate principal amount of Bank
Indebtedness outstanding as of the effectiveness of the Amendment and Restatement No.4 (being $5,300,000,000 (and 80% of which
is $4,240,000,000)) or (y) 100% of the aggregate principal amount of Unsecured Note Indebtedness and the DDTL Indebtedness outstanding
as of the effectiveness of the Amendment and Restatement No.4 (being, in aggregate, $1,700,000,000):

 

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

 

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

 

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

 

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

 

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“Transaction Documents”
means, collectively, the Finance Documents, the Funds Flow Agreement, the Funds Flow Amendment and the Construction Contract.

 

“Transfer Date” means, in
relation to a valid transfer or a valid assignment by a Lender pursuant to Clause 13.11 (Lender Transfers, Assignments and Participations),
the later of:

 

		(a)	the proposed “Transfer Date” specified in the relevant Lender Transfer Certificate or Lender Assignment Agreement,
as applicable; and

 

		(b)	the date on which the Facility Agent executes the relevant Lender Transfer Certificate or Lender Assignment Agreement, as applicable.

 

“UK Bail-In Legislation”
means (to the extent that the United Kingdom is not an EEA Member Country which has implemented, or implements, Article 55 of Directive
2014/59/EU) 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).

 

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

 

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

 

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

 

“USD Funding Account”
means a special segregated USD account held in the Borrower's name at the Account Bank.

 

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“USD Retained Portion”
means the portion of the Loan to be used to pay (i) any portion of the NYC Allowance that the Builder invoices to the Borrower
in accordance with the Construction Contract in EUR, converted into USD at the relevant NYC Applicable Rate and (ii) the BpiFAE
Premium.

 

“VAT” means:

 

		(a)	any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC Directive
2006/112); and

 

		(b)	any other tax of a similar nature, whether imposed in a member state of the European Union in substitution
for, or levied in addition to, such tax referred to in paragraph (a) above, or imposed elsewhere.

 

“Vessel” means the Purchased
Vessel and any Other Vessel.

 

“Write-Down and
Conversion Powers” means (a) with respect to any Resolution Authority, the write-down and conversion powers of such Resolution
Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion
powers are described in the EU Bail-In Legislation Schedule and (b) in relation to any UK Bail-In Legislation: (i) any powers under
that 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 that UK Bail-In Legislation that are related to or ancillary to any of those powers; and (ii) any similar
or analogous powers under that UK Bail-In Legislation.

 

		1.2	Interpretation

 

		(a)	Unless a contrary indication appears, any references in this Agreement to:

 

		(i)	(or to any specified provision of) this Agreement or any other agreement or document shall be construed
as references to this Agreement or that other agreement or document or that provision as in force for the time being and as amended,
supplemented, modified, varied or novated from time to time;

 

		(ii)	Clauses, paragraphs and Schedules are to be construed as references to the clauses and paragraphs
of, and schedules to, this Agreement and references to this Agreement include its Schedules;

 

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		(iii)	any Person (including any party hereto or to any other agreement) shall, where the context permits,
include such Person’s successors, permitted transferees and permitted assigns;

 

		(iv)	any law, enactment or other statutory provision shall be deemed to include references to such law,
enactment or other statutory provision as re-enacted, amended, extended, consolidated or replaced and any orders, decrees, proclamations,
regulations, instruments or other subordinate legislation made thereunder;

 

		(v)	“assets” include present and future properties, revenues and rights of every
description;

 

		(vi)	“continuing” and “continuation” mean, in relation to a Default,
an Event of Default or a Mandatory Prepayment Event, where such event has not been remedied or waived or the circumstances giving
rise to such event have not ceased to exist;

 

		(vii)	“control” mean the possession by one Person, directly or indirectly, of the
power to direct or cause the direction of the management and policies of another Person, whether through the ownership of voting
shares, by contract or otherwise, and references to “controlling” and “controlled by” shall
be construed accordingly;

 

		(viii)	“day” or “days” (rather than “Business Day”
or “Business Days”) mean calendar day(s);

 

		(ix)	“hereof”, “herein”, “hereto” and “hereunder”
and other words of similar import mean this Agreement as a whole and not any particular part hereof; and

 

		(x)	“include”, “includes”, “including” and
other words of similar import mean without limitation.

 

		(b)	Unless a contrary indication appears therein, a term used
in any other Finance Document or in any notice given under or in connection with this Agreement or any other Finance Document
has the same meaning in that Finance Document or notice as in this Agreement.

 

		(c)	Unless a contrary indication appears herein or in any other
Finance Document:

 

		(i)	words (including terms used to refer to any of the relevant parties) importing the plural shall
include the singular and vice versa; and

 

		(ii)	words importing any gender shall be construed as including every gender.

 

		(d)	Clause, paragraph and Schedule headings herein are for ease of reference only.

 

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		1.3	Third Party Rights

 

		(a)	Unless expressly provided to the contrary in this Agreement or any other Finance Document, a Person
who is not a party hereto or thereto (as the case may be) has no right under the Contracts (Rights of Third Parties) Act 1999 to
enforce or to enjoy the benefit of any term hereof or thereof (as the case may be).

 

		(b)	Unless expressly provided to the contrary in this Agreement or any other Finance Document, the
consent of any person who is not a party hereto or thereto (as the case may be) is not required to rescind or vary this Agreement
or such other Finance Document (as the case may be) at any time.

 

		1.4	Accounting and Financial Determinations

 

Unless otherwise specified,
all accounting terms used herein shall be interpreted, all accounting determinations and computations hereunder or thereunder (including
under Clause 9.4 (Financial Condition)) shall be made, and all financial statements required to be delivered hereunder or
thereunder shall be prepared, in accordance with GAAP consistently applied (or, if not consistently applied, accompanied by details
of the inconsistencies); provided that if the Borrower elects to apply or is required to apply IFRS accounting principles
in lieu of GAAP, upon any such election and notice to the Facility Agent, references herein to GAAP shall thereafter be construed
to mean IFRS (except as otherwise provided in this Agreement); provided further that if, as a result of (a) any change in
GAAP or IFRS or in the interpretation thereof or (b) the application by the Borrower of IFRS in lieu of GAAP, in each case, after
the date of any financial statements referred to in Clause 8.1 (Financial Information, Reports, Notices, etc.), there is
a change in the manner of determining any of the items referred to herein or thereunder that are to be determined by reference
to GAAP, and the effect of such change would (in the reasonable opinion of the Borrower or the Facility Agent) be such as to affect
the basis or efficacy of the financial covenants contained in Clause 9.4 (Financial Condition) in ascertaining the consolidated
financial condition of the Borrower and its Subsidiaries and the Borrower notifies the Facility Agent that the Borrower requests
an amendment to any provision hereof to eliminate such change occurring after the date hereof in GAAP or the application thereof
on the operation of such provision (or if the Facility Agent notifies the Borrower that the Required Lenders request an amendment
to any provision hereof for such purpose), then such item shall for the purposes of Clause 9.4 (Financial Condition) continue
to be determined in accordance with GAAP relating thereto as if GAAP were applied immediately prior to such change in GAAP or in
the interpretation thereof until such notice shall have been withdrawn or such provision amended in accordance herewith. Notwithstanding
the foregoing, all obligations of any person that are or would be characterized as operating lease obligations in accordance with
GAAP on the B34 Facility Amendment Date (whether or not such operating lease obligations were in effect on such date) shall continue
to be accounted for as operating lease obligations for the purposes of this Agreement regardless of any change in GAAP following
the B34 Facility Amendment Date that would otherwise require such obligations to be recharacterized (on a prospective or retroactive
basis or otherwise) as capital leases.

 

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		2.	THE FACILITY AND COMMITMENTS

 

		2.1	The Facility

 

Subject to the terms and
conditions of this Agreement, the Lenders make available to the Borrower a term loan credit facility in Dollars in a maximum aggregate
amount equal to the Maximum Loan Amount.

 

		2.2	Purpose

 

		(a)	Subject to paragraph (c) below and Clause 3.7 (Disbursement; Hedging Arrangements), the
Facility shall be used by the Borrower as follows:

 

		(i)	to partially finance (or, in the case of those portions of the Loan to be disbursed directly to
the Borrower in accordance with the terms hereof, refinance) the purchase of the Purchased Vessel by paying an aggregate maximum
of the Dollar Equivalent of sixteen per cent. (16%) of the Eligible Portion of the Cash Contract Price of the Purchased Vessel,
limited to the aggregate of up to:

 

		(A)	sixteen per cent. (16%) of the Eligible Portion of the
Initial Basic Cash Contract Price of the Purchased Vessel (which price is, for purposes of this Clause, capped at the Dollar Equivalent
of nine hundred twenty three million five hundred thousand Euros (EUR 923,500,000)), to the Builder;

 

		(B)	sixteen per cent. (16%) of the Eligible Portion of the Non-Exercise Premium, if any (which premium
(if any) is, for purposes of this Clause, capped at the Dollar Equivalent of twenty million Euros (EUR 20,000,000)), to the Builder;

 

		(C)	sixteen per cent (16%) of the Eligible Portion of the aggregate cost of Change Orders effected
in accordance with the terms of the Construction Contract (which aggregate cost is, for purposes of this Clause, capped at the
Dollar Equivalent of forty six million one hundred and seventy five thousand Euros (EUR 46,175,000)), to (and in such order of
priority):

 

		(I)	first, with respect to all Change Orders other than
Borrower-Paid Change Orders, the Builder; and

 

		(II)	secondly, with respect to any Borrower-Paid Change Orders, the Borrower; and

 

		(D)	sixteen per cent. (16%) of the Eligible Portion of the NYC Allowance which has been utilised in
accordance with the terms of the Construction Contract (which allowance is, for purposes of this Clause, capped at the Dollar Equivalent
of one hundred million Euros (EUR 100,000,000)), to the Borrower; provided that any portion of the NYC Allowance attributable
to Non-Yard Costs that the Builder has invoiced to the Borrower in accordance with the Construction Contract in EUR shall be converted
into USD at the relevant NYC Applicable Rate; and

 

    	56 	 	 

     

    

  

		(ii)	to pay one hundred per cent. (100%) of the BpiFAE Premium
to the Facility Agent for the account of BpiFAE in accordance with Clause 13.13 (BpiFAE Premium) in an amount of up to the Dollar
Equivalent of four million ninety seven thousand one hundred and seventy eight Euros (EUR 4,097,178).

 

		(b)	No Finance Party is bound to monitor or verify the application
of any amount borrowed pursuant to this Agreement.

 

		(c)	The Deferred Tranches shall be deemed to be made available for the purpose set out in Recital (D)
and, accordingly, the other provisions of this Clause 2.2 (Purpose) shall not apply to the proceeds of either Deferred Tranche.

 

		2.3	Commitments of the Lenders

 

		(a)	On the terms and subject to the conditions of this Agreement (including Clause 4 (Conditions
Precedent)), each Lender severally agrees to make its participation in the Loan (other than in respect of the Deferred Tranches)
available to the Facility Agent in USD, without any set-off, counterclaim or deduction, on the Disbursement Date through such Lender’s
Lending Office.

 

		(b)	The amount of each Lender’s participation in the Loan (excluding the Deferred Tranches) will
be equal to the proportion borne by its Available Commitment to the available Facility, but in no case shall a Lender be obliged
to lend more than its Commitment.

 

		(c)	The Facility Agent shall notify each Lender of the amount of the Loan and the amount of its participation
in the Loan not later than 12:00 p.m. (London time) at least three (3) Business Days (which shall also be business days in Frankfurt
am Main) prior to the proposed Disbursement Date.

 

		(d)	The Facility Agent shall, upon the Borrower’s reasonable request, confirm to the Borrower
that it has received the Lenders’ participations in accordance with this Clause 2.3 (Commitments of the Lenders).

 

		(e)	Subject to the satisfaction of the conditions set out in Clause 4.7 (First Deferred Tranche
Conditions Precedent), each Lender shall be deemed to have made available its Commitment in respect of the relevant portion
of the First Deferred Tranche (as set out in Schedule 1 of Amendment and Restatement No.3) on the relevant Repayment Date falling
during the First Deferral Period and, accordingly, the remaining provisions of this Clause 2.3, and of Clauses 2.4 to 2.8 (inclusive),
shall not apply in respect of the deemed advances of the First Deferred Tranche. The Commitments in respect of the First Deferred
Tranche shall automatically terminate on the date referred to in sub-paragraph (b) of the Commitments Termination Date.

 

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		(f)	Subject to the satisfaction of the conditions set out in Clause 4.8 (Second Deferred Tranche
Conditions Precedent), each Lender shall be deemed to have made available its Commitment in respect of the relevant portion
of the Second Deferred Tranche (as set out in Schedule 1 of Amendment and Restatement No.5) on the relevant Repayment Date falling
during the Second Deferral Period and, accordingly, the remaining provisions of this clause 2.3, and of Clauses 2.4 to 2.8 (inclusive),
shall not apply in respect of the deemed advances of the Second Deferred Tranche. The Commitments in respect of the Second Deferred
Tranche shall automatically terminate on the date referred to in sub-paragraph (c) of the Commitments Termination Date.

 

		2.4	Voluntary Cancellation

 

		(a)	At any time prior to the tenth (10th) Business Day before
the Scheduled Delivery Date, subject to the Borrower paying any due and unpaid fees (including, for the avoidance of doubt, the
Finance Parties’ legal fees required hereunder, the Commitment Fee, any Pre-Disbursement Delay Fee and any fees under the
Fee Letters), and provided that the Borrower provides evidence satisfactory to the Facility Agent that it has the adequate
financial resources available to it to pay all sums contractually due to the Builder at the delivery of the Purchased Vessel, the
Borrower may, without liability for any Funding Losses, premium or penalties, provide written notice to the Facility Agent (of
which the Facility Agent shall notify BpiFAE) that the Borrower elects to cancel all or part of the available Facility, and such
cancellation shall become effective on the earlier of the tenth (10th) Business Day after
such notice has been provided to the Facility Agent and the Scheduled Delivery Date.

 

		(b)	Any cancellation under this Clause 2.4 (Voluntary Cancellation) shall (i) reduce the Commitments
of the Lenders ratably and (ii) be irrevocable.

 

		(c)	The Borrower shall notify the Facility Agent in writing of any cancellation of the available EUR
Facility and shall not cancel all or part of the available EUR Facility without providing evidence satisfactory to the Facility
Agent that it has the adequate financial resources available to it to pay all sums contractually due to the Builder at the delivery
of the Purchased Vessel.

 

		2.5	Cancellation due to Lender Illegality

 

		(a)	If, prior to the Disbursement Date, it becomes unlawful in any applicable jurisdiction for any
Lender to perform any of its obligations as contemplated by this Agreement and/or any other Finance Document, then such Lender
shall promptly notify the Facility Agent upon becoming aware of such event and the Facility Agent shall then notify the Borrower.

 

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		(b)	Upon the Borrower being so notified, the Commitments of such affected Lender shall be cancelled,
subject to Clause 13.11(g) (Borrower's Lender Replacement Rights).

 

		2.6	Delayed Delivery

 

		(a)	The Borrower shall provide prompt written notice to the Facility Agent of any Pre-Disbursement
Delay and any Post-Disbursement Delay.

 

		(b)	If a Pre-Disbursement Delay occurs, the relevant Drawing Request shall remain valid for five (5)
Business Days after the date thereof. At 2:00 p.m. (London time) on the (5th) such Business
Day (the “Request Withdrawal Time”), if the Loan has not been made (and therefore the Disbursement Date has
not occurred), the Drawing Request shall be deemed withdrawn. After the Request Withdrawal Time, the Borrower shall be permitted
to submit another Drawing Request upon ascertaining the revised delivery schedule for the Purchased Vessel, and the Borrower shall
be permitted to repeat the process described in this paragraph (b) as necessary (provided that, for the avoidance of doubt,
in no event shall the disbursement of the Loan be made after the Commitments Termination Date (excluding, for the purposes of the
entirety of this Clause 2.6 (Delayed Delivery), paragraph (a) of the definition thereof)).

 

		(c)	If a Post-Disbursement Delay occurs, subject to the full repayment of the Loan and the payment
of all Funding Losses in accordance with Clause 5.2(a)(ii) (and, if applicable, Clause 5.2(c)), the Borrower shall be permitted
to submit another Drawing Request upon ascertaining the revised delivery schedule for the Purchased Vessel, and the Borrower shall
be permitted to repeat the process described in this paragraph (c) as necessary (provided that, for the avoidance of doubt,
in no event shall the disbursement of the new Loan be made after the Commitments Termination Date). In the case of a Post-Disbursement
Delay, the Borrower shall provide written notice to the Facility Agent as to whether the funds standing to the credit of the Funding
Accounts are to be (i) retained in the Funding Accounts pending the Effective Delivery Date or (ii) utilised in making a prepayment
pursuant to Clause 5.2(a)(ii) in the event that the Borrower should make such a prepayment. Such notice shall be provided within
fifteen (15) days of the Disbursement Date and in any event at least three (3) Business Days prior to any such prepayment.

 

		(d)	During any such delays, the Borrower shall diligently keep the Facility Agent informed as to the
progress of the Purchased Vessel’s construction and finalisation and the expected timing of its delivery.

 

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		2.7	Automatic Cancellation

 

Notwithstanding anything
to the contrary herein, all Available Commitments shall be automatically cancelled and terminated on the Commitments Termination
Date. So long as the Borrower has either not served a Drawing Request or has borrowed the full amount requested in its Drawing
Request, any such cancellation and termination of the Available Commitments shall not itself result in liability for the Borrower
for any Funding Losses, premium or penalties.

 

		2.8	Cancellation for Non–Exercise Premium

 

		(a)	The Commitments shall be automatically reduced by the Dollar Equivalent of an amount equal to sixteen
per cent. (16%) of the Non-Exercise Premium (as such premium is capped pursuant to Clause 2.2(a)(i)(B)) if the Non-Exercise Premium
does not become payable in accordance with the terms of the Construction Contract. Any reduction shall take effect on the date
on which the Non-Exercise Premium ceases to be payable in accordance with the terms of the Construction Contract.

 

		(b)	Any cancellation under this Clause 2.8 (Cancellation for Non-Exercise Premium) shall (i)
reduce the Commitments of the Lenders ratably and (ii) be irrevocable.

 

		2.9	Construction Contract

 

The parties to this Agreement
acknowledge that, except as otherwise expressly provided in the Finance Documents or any other documents executed in connection
herewith or therewith, none of the Finance Parties shall have any responsibility or liability whatsoever regarding any performance
or non-performance by any party to the Construction Contract and no Finance Party shall have any right or obligation to intervene
in any dispute in connection with or arising out of such performance or non-performance and any such dispute shall not entitle
the Borrower or any of its Affiliates to any claim towards any Finance Party.

 

		2.10	Independence of Borrower’s Obligations

 

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

 

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		2.11	Finance Parties’ Rights and Obligations

 

		(a)	The obligations of each Finance Party under the Finance Documents are several. Failure by a Finance
Party to perform its obligations under the Finance Documents does not affect the obligations of any other party under the Finance
Documents. No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents.

 

		(b)	The rights of each Finance Party under or in connection with the Finance Documents are separate
and independent rights and any debt arising under the Finance Documents to a Finance Party from the Borrower shall be a separate
and independent debt.

 

		(c)	A Finance Party may, except as otherwise stated in the Finance Documents, separately enforce its
rights under the Finance Documents.

 

		3.	DISBURSEMENT PROCEDURES; BORROWER’S PAYMENT INSTRUCTIONS

 

		3.1	Availability of Facility

 

		(a)	Subject to Clause 3.9, the Facility shall be made available to the Borrower as set out in Clause
3.7 (Disbursement; Hedging Arrangements).

 

		(b)	Upon the terms and subject to the conditions of this Agreement, the Facility shall be available
for drawing by the Borrower on any Business Day on or prior to the Commitments Termination Date.

 

		3.2	Hedging; Preliminary Mechanics

 

		(a)	The Borrower shall deliver to the Facility Agent (who shall promptly forward the same to the Lenders
and BpiFAE):

 

		(i)	within three (3) days of entering into or terminating a Hedging Agreement or agreeing any material
amendment to the amount thereof or the applicable exchange rate thereunder or fixing any NYC Applicable Rate:

 

		(A)	written notice of the date, counterparty, relevant USD and EUR amounts, maturity date and exchange
rate in respect of any such Hedging Agreement, termination or material amendment;

 

		(B)	an Excel spreadsheet with the details of the then current Hedging Arrangements and NYC Applicable
Rates and the financing to be provided under the Facility, substantially in the form agreed between the Borrower and the Finance
Parties in consultation with BpiFAE; and

 

		(C)	a copy of the Borrower's email exchange with the relevant counterparty evidencing such counterparty's
initial confirmation of such trade; and

 

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		(ii)	within seven (7) Business Days of any such execution or fixing, the official confirmation of such
trade or fixing or a screen shot evidencing such trade or fixing and the resulting rate.

 

		(b)	Notwithstanding paragraph (a) above, on or between the tenth (10th) and second (2nd)
Business Days prior to the date on which the Borrower delivers a Drawing Request to the Facility Agent, the Borrower shall deliver
to the Facility Agent (who shall promptly forward the same to the Lenders and BpiFAE):

 

		(i)	a screen shot evidencing the Applicable Spot Rate; and

 

		(ii)	the Borrower's preliminary written calculation in reasonable detail of the weighted average rate
of currency hedges entered into by the Borrower under the Hedging Arrangements (including in such weighted average calculation
the Applicable Spot Rate and any NYC Applicable Rate) together with copies or other evidence of such currency hedges as the Facility
Agent may reasonably require.

 

		3.3	Delivery of a Drawing Request

 

The Borrower may utilise
the Facility by delivery of a duly completed Drawing Request to the Facility Agent at or before 9:00 a.m. (London time), not less
than seven (7) Business Days in advance of the Scheduled Delivery Date of the Purchased Vessel. The Facility Agent shall promptly
notify each Lender of any Drawing Request by forwarding a copy thereof to each Lender, together with its attachments.

 

		3.4	Completion of a Drawing Request

 

		(a)	Subject to Clause 2.6 (Delayed Delivery) and the terms of Clause 3.6 (Drawing Request
Amendment Request), a Drawing Request is irrevocable.

 

		(b)	A Drawing Request will not be regarded as having been duly completed unless:

 

		(i)	it is signed and delivered by an Authorised Officer;

 

		(ii)	the currency and amount of the requested disbursement comply with Clause 3.5 (Currency and Amount
of Disbursement); and

 

		(iii)	all supporting documentation described therein is provided to the Facility Agent together with
such Drawing Request.

 

		3.5	Currency and Amount of Disbursement

 

		(a)	The currency of the disbursement requested in the Drawing Request shall be Dollars.

 

		(b)	The amount of the Loan shall be the amount specified in the Drawing Request.

 

		(c)	The Drawing Request shall not request a disbursement for more than the aggregate of the Available
Commitments.

 

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		3.6	Drawing Request Amendment Request

 

		(a)	If, after the Borrower has provided the Drawing Request, one of the Borrower's counterparties under
the Hedging Agreements identified in paragraph 3(a) (Hedging Euros Purchase) of the Drawing Request becomes insolvent or
breaches, repudiates or terminates its Hedging Agreement or the Borrower otherwise has a good-faith basis for believing that such
counterparty will not or cannot perform its obligations under the relevant Hedging Agreement, then the Borrower shall be entitled
to deliver a duly completed Drawing Request Amendment Request to the Facility Agent requesting that the USD proceeds of the Loan
be re-allocated so that such proceeds which would have been disbursed to such counterparty as part of the Hedging Euros Purchase
be instead disbursed to (i) one or more other counterparties under the Hedging Agreements identified in paragraph 3(a) (Hedging
Euros Purchase) of the Drawing Request, (ii) one or more counterparties under new Hedging Agreements who are Finance Parties
or EUR Facility Finance Parties and/or (iii) the Borrower for use in the Applicable Spot Rate Euros Purchase (the “Requested
Drawing Amendments”).

 

		(b)	The Facility Agent shall promptly notify each Lender of any Drawing Request Amendment Request by
forwarding a copy thereof to each Lender, together with its attachments.

 

		(c)	Upon receipt of a Drawing Request Amendment Request, the Facility Agent shall use reasonable efforts
(consistent with its internal policies and legal and regulatory restrictions and the terms of the BpiFAE Insurance Policy and (if
the Fixed Rate is to apply) the arrangements with Natixis DAI relating to the CIRR) to implement the Requested Drawing Amendments.

 

		(d)	The Borrower acknowledges the limitations on the Facility Agent's obligations under paragraph (c)
above and accepts that the Facility Agent may not be able to implement the Requested Drawing Amendments. For the avoidance of doubt,
if the Facility Agent is not able to implement the Requested Drawing Amendments and the Loan is made in accordance with the unamended
Drawing Request, the Borrower shall be responsible for the Loan as so made and the other Obligations to the full extent as set
forth in this Agreement and the other Finance Documents.

 

		(e)	A Drawing Request Amendment Request will not be regarded as having been duly completed unless:

 

		(i)	it contains reasonable details justifying the Requested Drawing Amendments;

 

		(ii)	it is signed and delivered by an Authorised Officer; and

 

		(iii)	all supporting documentation described therein is provided to the Facility Agent together with
such Drawing Request Amendment Request.

 

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		(f)	Without prejudice to Clause 2.6 (Delayed Delivery), a Drawing Request Amendment Request
is irrevocable.

 

		3.7	Disbursement; Hedging Arrangements

 

		(a)	Without prejudice to the Lenders’ obligations under Clause 2.3 (Commitments of the Lenders),
the Loan shall, on the terms and subject to the conditions of this Agreement, be made on the Business Day specified in the Drawing
Request. To the extent that funds are received by the Facility Agent from the Lenders pursuant to Clause 2.3 (Commitments of
the Lenders), the Facility Agent shall, without any set-off, counterclaim or deduction and subject to Clause 3.6 (Drawing
Request Amendment Request) and Clause 12.3 (Funding Reliance, etc.), make such funds available to the Borrower on the
Business Day specified in the Drawing Request by wire transfer of same day funds to the account or accounts the Borrower shall
have specified in its Drawing Request.

 

		(b)	Without prejudice to paragraph (a) above, the Business Day specified by the Borrower in the Drawing
Request for disbursement of the Loan may be up to two (2) Business Days prior to the then Scheduled Delivery Date in order for
the Borrower to execute and settle the Hedging Arrangements and purchase Euros at the Applicable Spot Rate. For the avoidance of
doubt, such disbursement shall constitute the making of the Loan to the Borrower for all purposes hereunder.

 

		(c)	The Borrower shall, subject to Clause 3.6 (Drawing Request Amendment Request), upon the
disbursement of the Loan and in any event no later than the Business Day immediately preceding the then Scheduled Delivery Date,
in consultation with the Facility Agent, use the USD proceeds of the Loan (other than the USD Retained Portion) to (i) complete
the purchase of Euros from the Borrower's counterparties in accordance with the terms of the Hedging Arrangements (the “Hedging
Euros Purchase”) and (ii) purchase Euros at the Applicable Spot Rate with any such USD proceeds of the Loan not used
for the Hedging Euros Purchase (the “Applicable Spot Rate Euros Purchase”). The Borrower shall procure that
the EUR proceeds received from the Hedging Euros Purchase and the Applicable Spot Rate Euros Purchase are paid directly into the
EUR Funding Account no later than the Business Day immediately preceding the then Scheduled Delivery Date.

 

		(d)	Upon the disbursement of the Loan, the Facility Agent shall deposit the USD Retained Portion into
the USD Funding Account and hold it in such account until it is obliged to release such portion to the Borrower and BpiFAE in the
relevant apportionments set out in Clause 2.2 (Purpose) and in the Drawing Request and in accordance with the Borrower's
payment instructions set forth in Clause 3.8 (Borrower's Payment Instructions).

 

		(e)	Upon the receipt of the EUR proceeds of the Hedging Euros Purchase and the Applicable Spot Rate
Euros Purchase into the EUR Funding Account, the Facility Agent shall, on the terms and subject to the conditions of this Agreement,
procure that such proceeds and the USD Retained Portion are disbursed from the Funding Accounts on the Effective Delivery Date
in the apportionment set out in Clause 2.2 (Purpose).

 

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		3.8	Borrower’s Payment Instructions

 

The Lenders shall not be
obliged to make the Facility available except in accordance with Clause 3.7 (Disbursement; Hedging Arrangements) and in
the apportionments set out in Clause 2.2 (Purpose). Accordingly, the Borrower hereby irrevocably instructs the Facility
Agent, upon the satisfaction of the conditions set forth in Clause 4 (Conditions Precedent) and subject to the other terms
and conditions of this Agreement and the other Finance Documents, to disburse the proceeds of the Loan (other than the USD Retained
Portion) in accordance with Clause 3.7 (Disbursement; Hedging Arrangements) and, upon the receipt of the EUR proceeds of
the Hedging Euros Purchase and the Applicable Spot Rate Euros Purchase into the EUR Funding Account, to disburse such proceeds
and the USD Retained Portion from the Funding Accounts in the apportionment set out in Clause 2.2 (Purpose).

 

		3.9	Deemed Advance of Deferred Tranches

 

Any advance under a Deferred Tranche shall
be automatically made available in the manner contemplated by Recital (D) and, accordingly, other than this Clause 3.9, the other
provisions of Clause 3 shall not apply to a deemed advance of any part of either Deferred Tranche, and all references to Loan and/or
the Facility in the remainder of this Clause 3 shall be deemed to exclude the Deferred Tranches.

 

		4.	CONDITIONS PRECEDENT

 

		4.1	Conditions Precedent to Effectiveness

 

The entry into force of this
Agreement is subject to the condition that, on or prior to the date hereof, the Facility Agent shall have confirmed in writing
to the Borrower and the other Finance Parties that it has received (or waived in writing) the following documents and evidence,
each in form and substance satisfactory to the Facility Agent:

 

		(a)	Resolutions, etc.

 

		(i)	a certificate of the Borrower’s Secretary or Assistant
Secretary as to the incumbency of the Borrower’s Authorised Officers (including a specimen of each such Authorised Officer’s
signature) and as to the truth and completeness and continuing force and effect of the attached:

 

		(A)	resolutions of the Borrower’s Board of Directors
authorising the execution, delivery and performance of this Agreement and each other Finance Document (including for the avoidance
of doubt any Drawing Request); and

 

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		(B)	Organic Documents of the Borrower,

 

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

 

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

 

		(b)	Finance Documents

 

this Agreement, the Funding
Accounts Charge and each Fee Letter, in each case duly executed by each of the parties hereto and thereto;

 

		(c)	Opinions of Counsel

 

opinions, addressed to the Facility Agent, each
Original Lender, the BpiFAE Agent, each Mandated Lead Arranger and the Documentation Bank, from:

 

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

 

		(ii)	White & Case LLP, counsel to the Lenders, as to English law,

 

each of which
shall also be in form and substance satisfactory to the Mandated Lead Arrangers;

 

		(d)	Process Agent Appointment

 

evidence that
the Borrower’s process agent described in Clause 13.14(d) has accepted its appointment;

 

		(e)	EUR Facility Amendment

 

the EUR Facility
Amendment duly executed by each of the parties thereto; and

 

		(f)	Funds Flow Amendment

 

the Funds Flow
Amendment duly executed by each of the parties thereto.

 

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		4.2	Conditions Precedent to Disbursement

 

The obligations of the Lenders
to fund the Loan (excluding the Deferred Tranches) and of the Facility Agent to disburse the Loan on the Disbursement Date are
subject to the Facility Agent’s receipt (or waiver in writing), prior to or concurrently with the disbursement of the Loan,
of the following documents, information, evidence and confirmations, each in form and substance satisfactory to the Facility Agent:

 

		(a)	Resolutions, etc.

 

		(i)	a certificate of the Borrower’s Secretary or Assistant
Secretary as to the continuing truth, completeness, force and effect of the documents described in Clause 4.1(a)(i), upon which
certificate the Lenders may conclusively rely until they shall have received a further certificate of the Secretary or Assistant
Secretary of the Borrower canceling or amending such prior certificates; and

 

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

 

		(b)	Hedging Agreements

 

each Hedging Agreement in respect
of which the Borrower's hedging counterparty has been identified in paragraph 3(a) (Hedging Euros Purchase) of the Drawing
Request and each Hedging Agreement entered into with a Finance Party or EUR Facility Finance Party (as applicable) as contemplated
by Clause 3.6(a)(ii), in each case duly executed by each of the parties thereto;

 

		(c)	Drawing Requests

 

		(i)	a Drawing Request satisfying the requirements of Clause 3.4 (Completion of a Drawing Request); and

 

		(ii)	the then-effective drawing request under the EUR Facility Agreement;

 

		(d)	Opinions of Counsel

 

opinions, addressed to the Facility
Agent, each Lender, the BpiFAE Agent, each Mandated Lead Arranger and the Documentation Bank, from:

 

		(i)	Watson Farley & Williams LLP, counsel to the Borrower, updating the opinion as to Liberian law provided under Clause 4.1(c)(i);

 

		(ii)	White & Case LLP, counsel to the Lenders, as to English law (if required); and

 

		(iii)	any other counsel the opinion of which the Lenders’ external legal counsel reasonably advises,

 

each of which shall also be in form
and substance satisfactory to the Mandated Lead Arrangers;

 

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		(e)	Fees, Expenses, etc.

 

evidence that the
Facility Agent shall have received all duly invoiced fees that the Borrower shall have agreed in writing to pay to the Facility
Agent (whether for its own account or for the account of any of the other Finance Parties, including under any Fee Letter) that
are due and payable as of the Disbursement Date and all invoiced and documented expenses of the Finance Parties (including the
agreed fees and expenses of counsel to the Finance Parties) required to be paid by the Borrower pursuant to Clause 13.5 (Payment
of Costs and Expenses) or that the Borrower has otherwise agreed in writing to pay to the Finance Parties, in each case on
or prior to the Disbursement Date;

 

		(f)	Representations and Warranties, no Default, no Mandatory Prepayment Event, etc.

 

confirmation that, both before and after giving
effect to the disbursement of the Loan, the following statements shall be true and correct:

 

		(i)	the representations and warranties set forth in Clause 7 (Representations and Warranties)
(other than Clause 7.10(b) (Obligations rank pari passu; Liens), Clause 7.11 (Withholding, etc.) and Clause 7.17
(Construction Contract) are true and correct in all material respects (except for any such representations and warranties
that are qualified by materiality or the non-existence of a Material Adverse Effect, which are true and correct in all respects),
in each case by reference to the facts and circumstances then existing; and

 

		(ii)	no Default, Event of Default or Mandatory Prepayment Event, and no event which (with the expiry
of a grace period, the giving of notice or both) will become a Mandatory Prepayment Event, has occurred and is continuing or is
reasonably likely to occur upon the disbursement of the Loan;

 

		(g)	Construction Contract

 

originals of:

 

		(i)	a certificate signed by an Authorised Officer, certifying as true and complete an attached copy of the Construction Contract
duly signed by the Borrower and the Builder;

 

		(ii)	a certificate of an Authorised Officer and an authorised officer of the Builder, specifying the date on which the Construction
Contract entered into force and confirming that it remains in full force and effect in accordance with its terms and has not been
suspended, repudiated, invalidated, terminated or cancelled (in whole or in part);

 

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		(iii)	a written confirmation by the Builder, countersigned by the Borrower, of the aggregate amount of the Non-Yard Costs accounted
by the Builder;

 

		(iv)	a written confirmation by the Builder, countersigned by the Borrower, of the aggregate amount of the signed Change Orders;
and

 

		(v)	a power of attorney or other signing authorities for the Builder’s authorised officers who are signing any documentation
on its behalf; and

 

		(h)	Commercial Invoice and Proof of Past Payments

 

		(i)	an original duly executed invoice from the Builder containing a breakdown of the Delivery Installment,
with details of the payments already made to the Builder under, or of the financed portion of:

 

		(A)	the Basic Cash Contract Price;

 

		(B)	the Non-Exercise Premium (if any);

 

		(C)	the aggregate amount of the Change Orders payable to the Builder, or reimbursable to the Borrower (Borrower-Paid Change Orders);
and

 

		(D)	the aggregate amount of the utilised NYC Allowance to be reimbursed to the Borrower; and

 

		(ii)	copies of credit advices or bank statements from the Builder’s bank, duly certified as true
by the Builder, evidencing that all Installments (other than the Delivery Installment) and all other amounts required to be paid
under the Construction Contract have been paid by the Borrower to the Builder, and received by the Builder, in accordance with
the terms of the Construction Contract; and

 

		(i)	No Liens

 

evidence that no Lien, other
than the Mortgage, is recorded over the Purchased Vessel.

 

		4.3	Conditions Precedent to Release of Funds from the Funding Accounts

 

The obligations of the Facility
Agent to procure that the EUR proceeds of the Hedging Euros Purchase and the Applicable Spot Rate Euros Purchase are disbursed
from the EUR Funding Account and that the USD Retained Portion is disbursed from the USD Funding Account in the apportionment set
out in Clause 2.2 (Purpose) on the Effective Delivery Date are subject to the Facility Agent's receipt (or waiver in writing),
prior to or concurrently with the disbursement of such EUR proceeds and the USD Retained Portion, of the following documents, information,
evidence and confirmations, each in form and substance satisfactory to the Facility Agent:

 

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		(a)	Protocol of Delivery

 

a copy of the protocol of delivery
and acceptance under the Construction Contract, duly signed by the Borrower and the Builder and certified as true by the Borrower;

 

		(b)	BpiFAE Insurance Policy

 

evidence that
the BpiFAE Insurance Policy is in full force and effect (subject only to the full payment of the BpiFAE Premium) and has not been
suspended, repudiated, terminated, invalidated or cancelled (in whole or in part), which shall also be in form and substance satisfactory
to the Mandated Lead Arrangers;

 

		(c)	Representations and Warranties, no Default, no Mandatory Prepayment Event, etc.

 

confirmation that, both before and
after giving effect to the disbursement of such EUR proceeds and the USD Retained Portion, the statements set forth in Clause 4.2(f)
(Representations and Warranties, no Default, no Mandatory Prepayment Event, etc.) continue to be true and correct, in each
case by reference to the facts and circumstances then existing;

 

		(d)	No Liens

 

evidence that there continues to
be no Lien, other than the Mortgage, recorded over the Purchased Vessel;

 

		(e)	Shortfall Satisfied

 

evidence that, if the Hedging Euros
Purchase and the Applicable Spot Rate Euros Purchase have not resulted in sufficient EUR (when taken together with the EUR to be
advanced under the EUR Facility Agreement as described in the then-effective drawing request under the EUR Facility Agreement)
to pay the entire Delivery Installment to the Builder, the Borrower has paid such shortfall to the Builder with its own funds.

 

		4.4	Form of Conditions Precedent

 

		(a)	For purposes of the entry into force of this Agreement, each of the documents and evidence described
in Clause 4.1 (Conditions Precedent to Effectiveness) shall be received by the Facility Agent in original, hard copy or
electronic copy format; provided that the parties agree to use reasonable efforts to ensure that any such documents and/or
evidence accepted by the Facility Agent in non-original format shall be replaced by originals thereof promptly following the date
of this Agreement.

 

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		(b)	For purposes of the funding and disbursement of the Loan, each of the documents and evidence described
in Clause 4.2 (Conditions Precedent to Disbursement) shall be received by the Facility Agent in original, hard copy or electronic
copy format; provided that:

 

		(i)	whereas a hard copy or electronic copy of the duly executed Drawing Request and all supporting
documentation described therein and any Drawing Request Amendment Request and all supporting documentation described therein shall
be acceptable to the Facility Agent for purposes of Clause 3.3 (Delivery of a Drawing Request) and Clause 3.6 (Drawing
Request Amendment Request), the Borrower shall deliver originals thereof to the Facility Agent prior to the disbursement of
the Loan;

 

		(ii)	only originals of the certificates, confirmations and power of attorney described in Clause 4.2(g)
(Construction Contract) and the invoice described in Clause 4.2(h)(i) (Commercial Invoice and Proof of Past Payments)
shall be acceptable to the Facility Agent for purposes of satisfying such conditions; and

 

		(iii)	the parties agree to use reasonable efforts to ensure that any other such documents and/or evidence
accepted by the Facility Agent in non-original format shall be replaced by originals thereof promptly following the Disbursement
Date.

 

		(c)	For purposes of the release of the EUR proceeds of the Loan from the EUR Funding Account and the
USD Retained Portion from the USD Funding Account, the documents and evidence described in Clause 4.3 (Conditions Precedent
to Release of Funds from the Funding Accounts) shall be received by the Facility Agent in original, hard copy or electronic
copy format; provided that the parties agree to use reasonable efforts to ensure that, if any such documents and/or evidence is
accepted by the Facility Agent in non-original format, it shall be replaced by an original thereof promptly following the date
of the release of such EUR proceeds and the USD Retained Portion.

 

		4.5	Facility Agent’s Responsibility

 

		(a)	The Facility Agent’s responsibility for examination of the documents presented pursuant to
this Clause 4 (Conditions Precedent) shall be limited to establishing that they appear on their face to comply with the
documents specified above within the meaning of article 14a of the Uniform Customs and Practice for Documentary Credits (2007 Revision)
of the International Chamber of Commerce (Publication nr. 600). For the avoidance of doubt, documents which appear on their face
to be inconsistent with one another shall not be considered to be in order.

 

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		(b)	The Facility Agent shall not be liable for any delay in
the making of the Loan occasioned by any request which it may make for information or documentation referred to in this Clause
4 (Conditions Precedent) or by any reasonable request it may make for clarification in case of material discrepancies or
material missing information in relation to the documents referred to in this Clause 4 (Conditions Precedent).

 

		(c)	With respect to the conditions precedent set forth in Clause 4.2(f) (Representations and Warranties,
no Default, no Mandatory Prepayment Event, etc.) to (i) (No Liens) and Clause 4.3(c) (Representations and Warranties,
no Default, no Mandatory Prepayment Event, etc.) and (d) (No Liens), the Facility Agent may (but is not required to)
rely on information provided by the Borrower, including the information set forth in the Drawing Request and any Drawing Request
Amendment Request.

 

		(d)	Paragraphs (a) and (c) above apply as between the Finance Parties only and do not affect or change
in any way the rights and obligations of the Borrower under the Finance Documents and do not, directly or indirectly, result in
any increased or additional cost or liability to the Borrower.

 

		4.6	Waiver

 

The conditions
specified in this Clause 4 (Conditions Precedent) are solely for the benefit of the Lenders and may be waived on their behalf
in whole or in part and with or without conditions by the Facility Agent (upon instructions from all Lenders in the case of Clause
4.1 (Conditions Precedent to Effectiveness) and instructions from the Required Lenders in all other cases) with, to the
extent required as determined by the Facility Agent, the consent of BpiFAE, provided that any waiver of or in respect of
the conditions specified in Clause 4.1(f) (Funds Flow Amendment) shall be subject to the prior written consent of the Borrower.

 

		4.7	First Deferred Tranche Conditions Precedent

 

The First Deferred Tranche shall only be advanced
pursuant to Clause 3.9 (Deemed Advance of Deferred Tranches) and Recital (D) if prior to the date of the first such advance,
the Facility Agent shall have received (in a form and substance satisfactory to it):

 

		(a)	the BpiFAE Insurance Policy Amendment No.1 and the BpiFAE Insurance Policy Amendment No.2, each
duly signed and issued either (i) in an original with ‘wet-ink’ signature(s) or (ii) if the execution of an original
of either amendment is not practicable at the relevant time (having regard to the logistical difficulties caused by COVID-19),
electronically signed and initialled, together with written confirmation from BpiFAE confirming that (A) Bpifrance Assurance Export
agrees that this manner of signature is acceptable and (B) by this signing process the parties shall be bound by the BpiFAE Insurance
Policy Amendment No.1 and the BpiFAE Insurance Policy Amendment No.2 (as applicable), and in each case, BpiFAE shall not have,
prior to any deemed advance of the First Deferred Tranche, delivered to the Facility Agent any notice seeking the cancellation,
suspension or termination of the BpiFAE Insurance Policy Amendment No.1 or the BpiFAE Insurance Policy Amendment No.2 or the suspension
of the deemed advance of the First Deferred Tranche under this Agreement;

 

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		(b)	an opinion from Norton Rose Fulbright LLP, counsel to the Facility Agent and the Lenders, on matters
relating to the conformity of the BpiFAE Insurance Policy Amendment No.2 issued by BpiFAE in accordance with paragraph (a) above
with the arrangements relating to the First Deferred Tranche set out in this Agreement;

 

		(c)	written confirmation from BpiFAE that the Borrower has paid any additional BpiFAE Premium then
due and payable in respect of the issuance of the BpiFAE Insurance Policy Amendment No.2 referred to in paragraph a) above (and
as contemplated by Clause 5.3 of Amendment and Restatement No.3); and

 

		(d)	written confirmation from the Borrower that no Mandatory Prepayment Event under Clauses 11.1(m)
(Framework prohibited events) or 11.1(n) (Breach of Principles or Framework or Framework) has occurred and is continuing.

 

		4.8	Second Deferred Tranche Conditions Precedent

 

The Second Deferred Tranche shall only be advanced
pursuant to Clause 3.9 (Deemed Advance of Deferred Tranche) and Recital (D) if prior to the date of the first such advance,
the Facility Agent shall have received (in a form and substance satisfactory to it):

 

		(a)	the BpiFAE Insurance Policy Amendment No.4 duly signed and issued in respect of the Second Deferred
Tranche either (i) in an original with ‘wet-ink’ signature(s) or (ii) if the execution of an original of the BpiFAE
Insurance Policy Amendment No.4 is not practicable at the relevant time (having regard to the logistical difficulties caused by
COVID-19), electronically signed and initialed, together with written confirmation from BpiFAE that (A) such electronic signature
is binding upon BpiFAE, (B) BpiFAE will send an original executed ‘wet-ink’ version of the BpiFAE Insurance Policy
Amendment No.4 to the Facility Agent as soon as practicable (again, having regard to the logistical difficulties caused by COVID-19)
and (C) such electronically signed BpiFAE Insurance Policy Amendment No.4 is valid and enforceable irrespective of whether the
signed and regularized ‘wet-ink’ policy has at that time been produced and circulated, and in each case, BpiFAE shall
not have, prior to the Second Deferred Tranche Effective Date, delivered to the Facility Agent any notice seeking the cancellation,
suspension or termination of the BpiFAE Insurance Policy Amendment No.4 or the suspension of an advance (deemed or otherwise) of
the Second Deferred Tranche under this Agreement;

 

		(b)	an opinion from Norton Rose Fulbright LLP, counsel to the Facility Agent and the Lenders, on matters
relating to the conformity of the BpiFAE Insurance Policy Amendment No.4 issued by BpiFAE in accordance with paragraph a) above
with the arrangements relating to the Second Deferred Tranche set out in this Agreement;

 

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		(c)	evidence that, as contemplated by Clause 6.4 of Amendment and Restatement No.5, the Borrower has
paid any additional BpiFAE Premium then due and payable in respect of the issuance of BpiFAE Insurance Policy Amendment No.4 above;

 

		(d)	an executed copy of each acknowledgement, consent or other agreement of the Borrower (in each case
duly executed by an Authorised Officer or an attorney in fact or other authorised signatory of the Borrower) with respect to any
delegation, pledge or assignment by the Lenders of their rights under the Finance Documents in favour of the Funding Entity in
connection with the Funding Agreement Amendment No.3 (as defined in the EUR Facility Agreement), in each case in the form agreed
with the Borrower prior to the execution of Amendment and Restatement No.5; and

 

		(e)	written confirmation from the Borrower that no Mandatory Prepayment Event under Clauses 11.1(m)
(Framework prohibited events) or 11.1(n) (Breach of Principles or Framework or Framework) has occurred and is continuing.

 

		5.	REPAYMENTS, PREPAYMENTS, INTEREST AND FEES

 

		5.1	Repayments

 

		(a)	Subject to paragraph (b) below (which it is acknowledged that as of the First Deferred Tranche
Effective Date, did not apply), the Borrower shall repay (i) the Loan (but for this purpose excluding the Deferred Tranches) in
the installments and on the dates set out in Part A of Schedule B (Repayment Schedule), (ii) the First Deferred Tranche,
in the installments and on the dates set out in Part B of Schedule B (Repayment Schedule) and (iii) the Second Deferred
Tranche, in the instalments and on the dates set out in Part C of Schedule B Repayment Schedule) in each case as such Schedule
B was substituted on the Second Deferred Tranche Effective Date, it being acknowledged and agreed that that the repayment installments
of the Loan falling during the Second Deferral Period (and for this purpose including the repayment installments of the First Deferred
Tranche falling due during this period) shall be deemed to be repaid pursuant to a deemed advance of the Second Deferred Tranche
to be made on each relevant Repayment Date falling during such Second Deferral Period and being, in each case, in an amount equal
to the principal amount of the Loan (including the relevant part of the First Deferred Tranche falling due for payment on those
Repayment Dates).

 

		(b)	(i)Schedule B (Repayment Schedule) has been prepared as at the date of this Agreement on
the assumptions that:

 

		(A)	the Disbursement Date will be two (2) Business Days prior to the Original Scheduled Delivery Date;

 

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		(B)	the principal amount of the Loan advanced under this Agreement will be the Maximum Loan Amount
and that the Maximum Loan Amount will be equal to two hundred forty four million four hundred sixty nine thousand eight hundred
and ninety three and 86/100 Dollars (USD 244,469,893.86) (representing one hundred seventy eight million four hundred forty
five thousand one hundred and seventy eight Euros (EUR 178,445,178) converted into Dollars at a rate of one (1) to one point three
seven (1.37)); and

 

		(C)	the Loan will not be prepaid in whole or in part.

 

		(ii)	If any of these assumptions proves to be incorrect then,
as soon as reasonably practicable, the Facility Agent shall, in consultation with the Borrower, prepare a substitute Schedule
B (Repayment Schedule) on the same basis as the existing Schedule B (Repayment Schedule) but reflecting the correct
Disbursement Date, amount of the Loan advanced in USD or, as the case may be, principal amount of the Loan outstanding after any
such prepayment.

 

		(iii)	The Facility Agent shall provide the Lenders and the Borrower with a copy of the substitute Schedule
B (Repayment Schedule) promptly following its preparation and in any event at least ten (10) Business Days prior to the
first or, as applicable, next Repayment Date.

 

		(iv)	Upon the receipt by the Lenders and the Borrower of the substitute Schedule B (Repayment Schedule),
subject to there being no manifest error therein, such substitute schedule will replace the existing Schedule B (Repayment Schedule)
and all repayments of the Loan will, subject to the further application of clause (i) above, be made in accordance with the substitute
Schedule B (Repayment Schedule).

 

(c)

 

		(i)	If, with respect to any date on which an amount of principal and/or interest is due and payable
by the Borrower under this Agreement (the “USD Amount”) and an amount of principal and/or interest is due and
payable by the Borrower under the EUR Facility Agreement (the “EUR Amount”), the Borrower becomes aware that
it will be making a payment that is not sufficient to pay in full both the USD Amount and the EUR Amount (a “Short Payment”),
the Borrower shall inform the Facility Agent and the EUR Facility Agent thereof in advance in writing and shall share the Short
Payment such that each of the Facility Agent and the EUR Facility Agent receives the payment to be made to it under each of this
Agreement and the EUR Facility Agreement on a pro rata and pari-passu basis as provided in paragraph (ii) below.

 

		(ii)	Such pro rata and pari-passu payment shall be made by reference to the then outstanding
principal amount of the Loan (after converting the same into EUR at the Applicable Spot Rate on that date) and the then outstanding
principal amount of the loan under the EUR Facility Agreement.

 

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		(iii)	The Borrower only (and, for the avoidance of doubt, not the Finance Parties or the EUR Facility
Finance Parties) shall be responsible for the ongoing monitoring of the pro rata and pari-passu payment share so
that any Short Payment is made on a pro rata and pari-passu basis between the Lenders and the EUR Facility Lenders.
If the Borrower fails to comply with the provisions of this Clause 5.1(c), no Finance Party shall be required to repay to the Borrower
or to any EUR Facility Finance Party any amount received from the Borrower as payment for the USD Amount or the EUR Amount, as
the case may be.

 

		(iv)	On the date on which the Borrower makes a Short Payment, it shall provide reasonable written details
to each of the Facility Agent and the EUR Facility Agent of (A) the then outstanding principal amount of the Loan (converted
into EUR at the Applicable Spot Rate on that date) and the then outstanding principal amount of the loan under the EUR Facility
Agreement and (B) how it calculated the apportionment of the Short Payment, including a screen shot of the Applicable Spot
Rate.

 

		(v)	The provisions of this Clause 5.1(c) are not to be regarded as a waiver by any Finance Party of
any failure by the Borrower to pay in full any USD Amount on the relevant due date, and the compliance by the Borrower with the
provisions of this Clause 5.1(c) will not in any way preclude the application of the provisions of Clause 10.1(a) (Non-Payment
of Obligations) if the full amount of the relevant payment is not made within the applicable remedy period.

 

		(d)	Without prejudice to the availability of the Deferred Tranches,
and subject to Clause 2.6(c), no amounts repaid by the Borrower under this Agreement may be reborrowed by the Borrower.

 

		5.2	Prepayment

 

		(a)	The Borrower:

 

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

 

		(A)	any such voluntary prepayment (except if made pursuant
to subclause (a)(ii) below) shall require:

 

(I)        if
the Loan is accruing interest at the Fixed Rate, at least forty five (45) days’ prior written notice to the Facility Agent;
and

 

(II)       if
the Loan is accruing interest at the Floating Rate, at least fifteen (15) days’ prior written notice to the Facility Agent,

 

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		(B)	each of which notice shall be irrevocable and shall be promptly forwarded by the Facility Agent to the Lenders and (if the
Fixed Rate applies) Natixis DAI; and

 

		(C)	any such voluntary partial prepayment shall be in a minimum amount of five million Dollars (USD
5,000,000) and a multiple of one million Dollars (USD 1,000,000) (or the remaining amount of the Loan ) and shall (except as provided
in the BpiFAE Insurance Policy) be applied against the outstanding repayment installments of the Loan set out in Schedule B (Repayment
Schedule), in the inverse order of the maturity thereof, save that where there is an outstanding amount of the Deferred Tranches,
any such prepayment shall first be applied against the Deferred Tranches and either in inverse order of maturity or ratably across
the remaining installments of the Deferred Tranches (as the Borrower shall designate in writing); and

 

		(ii)	may, if a Post-Disbursement Delay has occurred and is continuing
and the Borrower has provided at least three (3) Business Days’ prior written notice to the Facility Agent (which notice
shall be irrevocable and shall be promptly forwarded by the Facility Agent to the Lenders), prepay (in whole and not part) on
any Business Day prior to the Commitments Termination Date (excluding, for the purposes of the entirety of this Clause 5.2 (Prepayment),
paragraph (a) of the definition thereof) the outstanding principal amount of the Loan, all accrued and unpaid interest on the
Loan and all other Obligations payable to the Finance Parties;

 

		(iii)	shall, on the Commitments Termination Date, if a Post-Disbursement Delay has occurred and is continuing,
prepay (in whole and not part) the outstanding principal amount of the Loan, all accrued and unpaid interest on the Loan and all
other Obligations payable to the Finance Parties to the extent that such amounts have not been paid pursuant to clause (ii) above;
and

 

		(iv)	shall, immediately upon any acceleration of the repayment of the installments of the Loan pursuant
to Clause 10.2 (Action if Bankruptcy) or Clause 10.3 (Action if Other Event of Default) or the mandatory prepayment of the Loan
pursuant to Clause 11.2 (Mandatory Prepayment), repay the Loan or, in the case of a Mandatory Prepayment Event arising pursuant
to Clauses 11.1(m) (Framework Prohibited Events) or 11.1(n) (Breach of Principles or Framework), repay the Deferred Tranches, together
with all accrued and unpaid deferred costs, interest on the Loan or the Deferred Tranches (as applicable) and, other than in the
case of a Mandatory Prepayment Event arising pursuant to Clauses 11.1(m) (Framework Prohibited Events) or 11.1(n) (Breach of Principles
or Framework), all other Obligations payable to the Finance Parties.

 

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		(b)	Each prepayment of the Loan (including any prepayment of
a Deferred Tranche) made in accordance with this Clause 5.2 (Prepayment) shall be subject to the payment of any Funding
Losses but otherwise without any premium or penalty, provided that no Funding Losses shall be payable in connection with
any such prepayment if the Floating Rate applies and such prepayment is made on the last day of an Interest Period.

 

		(c)	In making any prepayment described in paragraph (a)(ii) above, the Borrower may, at its option
and only if it has provided notice to the Facility Agent under Clause 2.6(c)(ii), upon additional prior written notice to the Facility
Agent (which notice shall be irrevocable, shall be promptly forwarded by the Facility Agent to the Lenders and shall be included
in the prepayment notice provided under paragraph (a)(ii) above), instruct the Facility Agent to utilise the funds standing to
the credit of the EUR Funding Account in accordance with the terms of the Funding Accounts Charge to purchase USD and to utilise
the funds standing to the credit of the USD Funding Account, in each case to apply in or towards such prepayment, provided that
the Borrower shall pay any shortfall in USD with its own funds. The Borrower shall be permitted to repeat the process described
in this paragraph (c) as necessary in the event of any subsequent Loan made in accordance with Clause 2.6 (Delayed Delivery).

 

		(d)	In making any prepayment described in paragraph (a)(ii) above, the funds standing to the credit of the EUR Funding Account
shall be utilised in accordance with the terms of the Funding Accounts Charge to purchase USD and the funds standing to the credit
of the USD Funding Account shall be utilised, in each case to apply in or towards such prepayment, provided that the Borrower shall
pay any shortfall in USD with its own funds.

 

		(e)	The Facility Agent shall procure that, following any such full prepayment of the Loan, all accrued
and unpaid interest on the Loan and all other Obligations payable to the Finance Parties as contemplated by paragraphs (c) and
(d) above, any surplus balance standing to the credit of the Funding Accounts together with any remaining interest which may have
accrued on the Funding Accounts shall be returned to the Borrower.

 

		(f)	If the Fixed Rate Applies and the Borrower wishes to make a voluntary prepayment in accordance
with this Clause 5.2 (Prepayment) (a “Potential Prepayment”), then, if the Borrower so requests prior
to providing a notice of prepayment, the Facility Agent shall use reasonable efforts to obtain from Natixis DAI and provide to
the Borrower the reasonable details of Natixis DAI's calculations of its estimated Funding Losses which would be incurred if such
Potential Prepayment were to occur. Solely if such estimate, details and/or calculations (as applicable) are provided by Natixis
DAI shall they be provided to the Borrower. If the Borrower (acting reasonably) disagrees with Natixis DAI's estimate, details
or calculations, then the Borrower shall promptly notify the Facility Agent thereof in writing with reasonable details of the Borrower's
position and the Facility Agent shall use reasonable efforts to arrange a consultation between the Borrower, the Facility Agent,
the Lenders and Natixis DAI to discuss and agree the amount of Funding Losses to be paid in connection with the Potential Prepayment.

 

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		(g)	Subject to Clause 2.6(c), no amounts prepaid by the Borrower
pursuant to this Clause 5.2 (Prepayment) may be reborrowed by the Borrower.

 

		5.3	Interest Provisions

 

Interest on the outstanding
principal amount of the Loan shall accrue and be payable in accordance with this Clause 5.3 (Interest Provisions).

 

		(a)	Rates

 

		(i)	The Loan (but for this purpose excluding any drawn portion
of either Deferred Tranche) shall accrue interest, during the following periods, at the following rates:

 

		(A)	during the period beginning on (and including) the Disbursement Date and ending on (but excluding)
the Loan Release Date, at the Floating Rate; and

 

		(B)	during the period beginning on (and including) the Loan Release Date and ending on (but excluding)
the date of repayment or prepayment of the Loan in full to the Lenders, at the rate (which shall be the Fixed Rate or the Floating
Rate) elected by the Borrower pursuant to paragraph (b) below,

 

provided that:

 

		(I)	if there is a Pre-Disbursement Delay and the Disbursement Date occurs (and therefore the Loan is
made), then with respect to any period from (and including) the proposed Disbursement Date specified in the relevant Drawing Request
until (and excluding) the actual Disbursement Date, the Loan shall accrue interest at a rate equal to the difference (if positive)
between the Floating Rate and overnight LIBOR for such period; and

		(II)	if there is a Post-Disbursement Delay, then with respect to any period from (and including) the
Disbursement Date until (and excluding) the earlier of the Loan Release Date and the date of any prepayment under Clause 5.2(a)(ii)
or (iii), as applicable, the Loan shall accrue interest at the Floating Rate.

 

		(ii)	A Deferred Tranche shall accrue interest from the first Repayment Date to fall during the Advanced
Loan Deferral Period applicable to that Deferred Tranche (or, in the case of a further advance in respect of a Deferred Tranche
after the first advance and in respect of that further advance, from the relevant Repayment Date in respect of the Loan to which
that further advance of that Deferred Tranche relates) to the date of repayment or prepayment of that Deferred Tranche in full
to the Lenders at the Floating Rate. The first deemed advance and the second deemed advance in respect of a Deferred Tranche shall
be consolidated at, and run concurrently from, the time of the making of the second advance and interest on the advances in respect
of that Deferred Tranche shall be payable on each Repayment Date (it being acknowledged and agreed that repayment installments
for the First Deferred Tranche which are deemed to be repaid by advances under the Second Deferred Tranche in accordance with Clause
5.3(a)) shall become subject to the Floating Rate for the Second Deferred Tranche as at the time of such deemed repayment)..

 

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		(iii)	Interest accrued on the Loan and the drawn portion of the Deferred Tranches shall, subject to paragraph
(d) below, be payable semi-annually in arrears on the Repayment Dates set out in the relevant part of Schedule B (Repayment Schedule).
The Loan (including any drawn portion of the Deferred Tranches) shall bear interest on a day-to-day basis during each Interest
Period at the interest rate determined hereunder as being applicable to the Loan.

 

		(b)	Election of Interest Rate

 

		(i)	The Borrower shall elect to pay interest on the Loan at the Fixed Rate or the Floating Rate, after
which (subject to paragraph (a) above) such elected interest rate shall apply to the Loan.

 

		(ii)	The Borrower shall notify the Facility Agent of such election in writing at least fifteen (15)
Business Days prior to providing the Disbursement Request and, regardless of the application of Clause 2.6 (Delayed Delivery)
(if applicable), such election shall be irrevocable.

 

		(iii)	It is agreed that this paragraph (b) shall not apply to a Deferred Tranche, and that any drawn
portion of a Deferred Tranche shall accrue interest at the Floating Rate notwithstanding the absence of any election pursuant to
this paragraph (b).

 

		(c)	Post-Maturity Rates

 

After the date on which any principal amount of the Loan is due
and payable (whether on any Repayment Date, upon acceleration or otherwise), or after any other monetary Obligation of the Borrower
shall have become due and payable (including, for the avoidance of doubt, the Commitment Fee, the Pre-Disbursement Delay Fee or
any fee payable under any Fee Letter), the Borrower shall pay on first demand, but only to the extent permitted by relevant and
applicable law, interest (after as well as before judgment) on such amounts for each day during the period of such default at a
rate per annum equal to the sum of overnight LIBOR as quoted at 11:00 a.m. (London time) plus three point two zero per cent.
(3.20%) per annum.

 

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		(d)	Interest Payment Dates

 

		(i)	Without prejudice to paragraph (c) above or clause (ii)
below, interest accrued on the Loan shall be payable, without duplication, on:

 

		(A)	each Repayment Date;

 

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

 

		(C)	with respect to any portion of the Loan the repayment of which is accelerated pursuant to Clause
10.2 (Action if Bankruptcy) or Clause 10.3 (Action if Other Event of Default), immediately upon such acceleration.

 

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

 

		(e)	Fixed Rate Unavailable Before Delivery

 

For the avoidance of doubt, the Fixed Rate
shall not be available during or with respect to any period prior the Effective Delivery Date.

 

		5.4	Pre-Disbursement Delay Fee

 

 

		(a)	If there is a Pre-Disbursement Delay and the Disbursement Date does not occur (and therefore the
Loan is not made), then the Borrower shall pay to the Facility Agent for the account of each Lender for any period commencing on
(and including) the proposed Disbursement Date specified in the relevant Drawing Request and ending on (and excluding) the date
on which such Drawing Request is withdrawn in accordance with Clause 2.6(b) a fee (the “Pre-Disbursement Delay Fee”)
equal to the product of (i) the amount of the Loan proposed in such Drawing Request multiplied by (ii) the difference (if positive)
between the Floating Rate and overnight LIBOR for such period.

 

		(b)	The Pre-Disbursement Delay Fee shall be payable by the Borrower to the Facility Agent for the account
of each Lender within five (5) Business Days of the date on which the relevant Drawing Request is withdrawn in accordance with
Clause 2.6(b).

 

		5.5	Commitment Fee

 

		(a)	Subject to paragraph (e) below, the Borrower agrees to pay, in Euros, to the Facility Agent for
the account of each Lender for the period commencing on (and including) the date hereof and ending on (and including) the Commitments
Termination Date a commitment fee (the “Commitment Fee”) equal to zero point twenty five per cent. (0.25%) per
annum of the daily Available Commitment of each Lender.

 

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		(b)	In the event of a prepayment under and in accordance with
Clause 5.2(a)(ii), the Commitment Fee shall re-commence accruing with respect to the period commencing on (and including) the
date of such prepayment and ending on (and including) the next Commitments Termination Date.

 

		(c)	The Commitment Fee shall be payable by the Borrower to the Facility Agent for the account of each
Lender in arrear as from the date of this Agreement on (i) the date falling six (6) months after the date hereof, (ii) the last
day of each six (6) month period thereafter ending prior to any Commitments Termination Date and (iii) each Commitments Termination
Date.

 

		(d)	Notwithstanding the foregoing, the Borrower shall not be required to pay the Commitment Fee with
respect to any period and amount for which the Borrower is responsible for paying the Pre-Disbursement Delay Fee.

 

		(e)	The other provisions of this Clause 5.5 shall not (but without prejudice to any Commitment Fee
that has been paid by the Borrower to the Lenders prior to the First Deferred Tranche Effective Date) apply to any Lender’s
Commitment in respect of the Deferred Tranches, in respect of which the Borrower agrees to pay to the Facility Agent for the account
of each Lender a commitment fee on the basis, and at the times, set out in (i) the relevant Fee Letter to be entered into on or
about the date of Amendment and Restatement No.3 (in respect of the First Deferred Tranche) and (ii) in Amendment and Restatement
No.5 (in respect of the Second Deferred Tranche).

 

		5.6	Other Fees

 

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

 

		5.7	Calculation Basis

 

All interest and
fees under the Finance Documents (including, for the avoidance of doubt, the Commitment Fee, the Pre-Disbursement Delay Fee and
any fee payable under any Fee Letter, and excluding any “flat” fees) shall be calculated on the basis of the actual
number of days elapsed over a year comprised of three hundred and sixty (360) days.

 

		5.8	Currency

 

Except as otherwise
agreed in this Agreement or in any of the other Finance Documents, all payments by the Borrower hereunder and under the other Finance
Documents shall be made in Dollars. The Borrower waives any right it may have in any jurisdiction to pay any amount under the Finance
Documents in a currency or currency unit other than that in which it is expressed to be payable.

 

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		6.	LIBOR-RELATED PROVISIONS; FUNDING LOSSES; INCREASED CAPITAL COSTS; TAXES; RESERVE COSTS; PAYMENTS;
ETC.

 

		6.1	LIBOR Determination;
Replacement Reference Banks

 

The Facility Agent
shall obtain from each Reference Bank timely information for the purpose of determining LIBOR in the event that LIBOR is to be
determined pursuant to paragraph (b) of the definition thereof. If any one or more of the Reference Banks shall fail to furnish
in a timely manner such information to the Facility Agent, the Facility Agent shall determine LIBOR on the basis of the information
furnished by the remaining Reference Banks. If a Reference Bank ceases for any reason to be able and willing to act as such, the
Facility Agent shall, at the direction of the Required Lenders and after consultation with the Borrower and the Lenders, appoint
a replacement for such Reference Bank reasonably acceptable to the Borrower, and such replaced Reference Bank shall cease to be
a Reference Bank hereunder. The Facility Agent shall furnish to the Borrower and to the Lenders each determination of LIBOR made
by reference to quotations of interest rates furnished by Reference Banks.

 

		6.2	LIBOR Lending Unlawful

 

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

 

		6.3	Market Disruption

 

		(a)	The provisions of paragraph (b) below shall apply at any time interest on the Loan (including in respect of any drawn portion
of the Deferred Tranches) is payable at the Floating Rate.

 

		(b)	If:

 

		(i)	at or about 11:00 a.m. (London time) on the Quotation Date for the relevant Interest Period, the
Screen Rate is not available and none or only one of the Reference Banks supplies a rate to the Facility Agent to determine LIBOR
(for the purposes of paragraph (b) of such definition) for Dollars for the relevant Interest Period; or

 

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		(ii)	before close of business in London on the Quotation Date for the relevant Interest Period, the
Facility Agent receives a duly evidenced notification from one or more Lenders whose aggregate participations in the Loan exceed
forty two point five per cent. (42.5%) of the Loan that the cost to them of obtaining matching deposits in the London interbank
market for the relevant Interest Period would be in excess of LIBOR,

 

then in any such case the Facility
Agent shall promptly give notice thereof to the Borrower and each of the Lenders together with copies of each of the notices and
evidence provided to the Facility Agent pursuant to clause 6.3(b)(i) and/or 6.3(b)(ii) above (hereinafter called a “Market
Disruption Notice”).

 

		(c)	Upon the issuance of a Market Disruption Notice pursuant to paragraph (b)(i) above, the rate of
interest on any affected Lender’s participation in the Loan for the relevant Interest Period shall (after consultation with
the Facility Agent and the other Lenders) be the percentage rate per annum which is the sum of the applicable Floating Rate Margin
and the rate notified to the Facility Agent and the Borrower by such Lender as soon as practicable and in any event before the
close of business in France on the second (2nd) Business Day after the Quotation Date, to be that which expresses as a percentage
rate per annum the cost to that Lender of funding its participation in the Loan for the relevant Interest Period from whatever
source it may reasonably select, the details of which shall be stated in that Lender’s notice; and

 

		(d)	Upon the issuance of a Market Disruption Notice pursuant to paragraph (b)(ii) above, the rate of
interest on each affected Lender’s participation in the Loan for the relevant Interest Period shall (after consultation with
the Facility Agent and the other Lenders) be the percentage rate per annum which is the sum of the applicable Floating Rate Margin
and a rate that is the weighted average (in proportion to each affected Lender’s participation in the Loan) of the rates
notified to the Facility Agent and the Borrower by each of the affected Lenders as soon as practicable and in any event before
the close of business in France on the second (2nd) Business Day after the Quotation Date
to be that which expresses as a percentage rate per annum the cost to that Lender of funding its participation in the Loan for
the relevant Interest Period from whatever source it may reasonably select, the details of which shall be stated in that Lender’s
notice.

 

		(e)	If a Market Disruption Notice has been issued and the Borrower so requires, the Facility Agent,
the Lenders and the Borrower shall negotiate in good faith for a period of not more than fifteen (15) Business Days with a view
to agreeing upon a mutually satisfactory interest rate and interest period (or interest periods) to be substituted for those which
would otherwise have applied under this Agreement. Any such agreed and approved interest rate and interest period (or interest
periods) shall, with the prior consent of the Lenders and the Borrower, be binding on all parties hereto. For the avoidance of
doubt, in the event that no substitute basis is agreed upon pursuant to this paragraph (e) by the end of the fifteen (15) Business
Day period, then the rate of interest for the Loan shall continue to be the rate otherwise determined in accordance with the terms
of this Agreement.

 

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		(f)	In the event that the circumstances described in paragraph (a) above shall extend beyond the end
of the relevant Interest Period or any other interest period agreed pursuant to paragraph (d) above or shall occur in respect of
any other Interest Period or other interest period, as the case may be, the procedures described in paragraphs (b), (c) and/or
(e) above, as applicable, shall apply and shall be repeated as often as may be necessary and in respect of each Interest Period
or other interest period affected by such circumstances.

 

		6.4	Increased Loan Costs, etc.

 

		(a)	If, after the date hereof, a change in any applicable treaty, law, regulation or regulatory requirement
or in the interpretation thereof or in its application to the Borrower, or the compliance by any Lender with any applicable direction,
request, requirement or guideline (whether or not having the force of law) of any governmental or other authority, including any
agency of the European Union or similar monetary or multinational authority, insofar as it may be changed or imposed after the
date hereof, shall:

 

		(i)	subject any Lender to any tax with respect to its participation in the Loan or any part thereof
imposed, levied, collected, withheld or assessed by any jurisdiction or any political subdivision or taxing authority thereof (other
than taxation on overall net income and, to the extent such taxes are described in Clause 6.7 (Taxes), withholding taxes);
or

 

		(ii)	change the basis of taxation to any Lender (other than a change in taxation on the overall net
income of such Lender) of payments of principal or interest or any other payment due or to become due pursuant to this Agreement
and/or the other Finance Documents, as applicable; or

 

		(iii)	impose, modify or deem applicable any reserve or capital adequacy requirements (other than the
increased capital costs described in Clause 6.6 (Increased Capital Costs) and the reserve costs described in Clause 6.8
(Reserve Costs)) or other banking or monetary controls or requirements which affect the manner in which a Lender shall allocate
its capital resources to its obligations hereunder or require the making of any special deposits against or in respect of any assets
or liabilities of, deposits with or for the account of, or loans by, such Lender (provided that such Lender shall,
unless prohibited by law, allocate its capital resources to its obligations hereunder in a manner which is consistent with its
present treatment of the allocation of its capital resources); or

 

		(iv)	impose on any Lender any other condition affecting its participation in the Loan or any part thereof,

 

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and the result of
any of the foregoing is either (A) to increase the cost to such Lender of making or maintaining its participation in the Loan or
any part thereof (including the Deferred Tranches), (B) to reduce the amount of any payment received by such Lender or its effective
return hereunder or on its capital or (C) to cause such Lender to make any payment or to forego any return based on any amount
received or receivable by such Lender hereunder, then, in any such case, if such increase or reduction in the opinion of such Lender
materially affects the interests of such Lender:

 

		(I)	such Lender shall notify the Facility Agent who shall then notify the Borrower of the occurrence
of such event; and

 

		(II)	the Borrower shall forthwith upon such demand pay to the Facility Agent for the account of such
Lender such amount as is necessary to compensate such Lender for such additional cost or such reduction and ancillary expenses,
including taxes, incurred as a result of such adjustment.

 

		(b)	Any notice provided pursuant to paragraph (a)(I) above
shall (i) describe in reasonable detail the event leading to such additional cost, together with the approximate date of the effectiveness
thereof and (ii) set forth the amount of such additional cost.

 

		(c)	Failure or delay on the part of any Lender to demand compensation pursuant to this Clause 6.4 (Increased
Loan Costs, etc.) shall not constitute a waiver of such Lender’s right to demand such compensation.

 

		6.5	Funding Losses

 

		(a)	The Borrower shall pay:

 

		(i)	all losses or expenses incurred by each Lender in respect of the Loan which are incurred directly
by reason of the liquidation or redeployment (at not less than a market rate determined reasonably by reference to the facts and
circumstances then existing) of deposits or other funds acquired or contracted to be acquired by such Lender or in un-winding,
breaking, terminating, closing out, cancelling, substituting or replacing or modifying any such deposits; and

 

		(ii)	where the Fixed Rate applies, all losses and expenses pursuant to any hedging agreement or other
swap or similar arrangements entered into for the purposes of or in connection with making, continuing to make or maintaining any
portion of the principal amount of the Loan or pursuant to or in connection with the CIRR,

 

in any such case
in the maximum amount specified in paragraph (c) below (“Funding Losses”) and in each case which are incurred
by any Lender as a direct result of any of the following events (each a “Funding Losses Event”):

 

		(A)	any total or partial cancellation of the Commitments by
or attributable to the Borrower if such cancellation is made or occurs later than the date on which the Borrower issues the Drawing
Request (which has not been withdrawn pursuant to Clause 2.6 (Delayed Delivery));

 

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		(B)	after the date on which the Borrower issues a Drawing Request, any failure of the Loan to be made
in accordance with such Drawing Request, other than (I) where a Pre-Disbursement Delay has occurred, if the Loan is made within
five (5) Business Days of the proposed Disbursement Date as specified in such Drawing Request or (II) to the extent attributable
to the relevant Lender’s gross negligence or wilful misconduct;

 

		(C)	any prepayment by the Borrower of all or any part of the Loan for any reason whatsoever (whether
voluntary, involuntary or mandatory, including following the acceleration of the Loan), except for:

 

		(I)	where the Floating Rate applies, any prepayment made on an Interest Payment Date; and

 

		(II)	irrespective of whether the Floating Rate or the Fixed Rate applies, any mandatory prepayment attributable
solely to the fact that the BpiFAE Insurance Policy is no longer in full force and effect, is terminated or cancelled or is no
longer valid, or it is suspended for more than six (6) months, in each case where the same is due to the gross negligence or wilful
misconduct of the relevant Lender;

 

		(D)	any payment not being made on its due date, including following acceleration of the Loan; or

 

		(E)	any prepayment not being made after a notice of prepayment has been provided to the Facility Agent
pursuant to Clause 5.2 (Prepayment) or any other clause of this Agreement.

 

		(b)	The Borrower shall make payment of all Funding Losses,
on the later of the seventh (7th) Business Day after its receipt of a written notice of a
Funding Losses Event from the Facility Agent (a “Funding Losses Notice”) and the effective date of the relevant
Funding Losses Event, to the Facility Agent for the account of the relevant Lender.

 

		(c)	The amount of the Funding Losses payable by the Borrower
shall be:

 

		(i)	the amount by which:

 

		(A)	interest calculated by applying the Floating Rate (whether the Borrower has elected the Floating
Rate or the Fixed Rate) to the amount of such Lender’s participation in the Loan received or recovered by it (or which such
Lender was entitled to have received or recovered under this Agreement, as the case may be) as a result of a Funding Losses Event
which would be payable by the Borrower under this Agreement if (I) such Funding Losses Event had not occurred and (II) where the
Fixed Rate applies, the Borrower had elected the Floating Rate, for the period starting on the date of such Lender’s receipt
or recovery of such amount (or the date on which such Lender was entitled to receive or recover such amount, as the case may be)
and ending on the last day of the applicable Interest Period (the “Relevant Period”) 

 

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exceeds

 

		(B)	the amount which such Lender would be able to obtain by placing an amount equal to the amount received
or recovered by it (or which it was entitled to have received or recovered, as the case may be) on deposit with a leading bank
in the London interbank market for the Relevant Period; and

 

		(ii)	where the Fixed Rate applies, since the Lenders commit themselves irrevocably to the French Authorities
in charge of monitoring the CIRR mechanism, any prepayment (whether voluntary, involuntary or mandatory, including following the
acceleration of the Loan) will be subject to the mandatory payment by the Borrower of the amount calculated in liaison with the
French Authorities two (2) Business Days prior to the prepayment date by taking into account the differential (the “Rate
Differential”) between the CIRR and the prevailing market yield (currently ISDAFIX) for each installment to be prepaid and
applying such Rate Differential to the remaining residual period of such installment and discounting to the net present value as
described below. Each of these Rate Differentials will be applied to the corresponding installment to be prepaid during the period
starting on the date on which such prepayment is required to be made and ending on the original Repayment Date (as adjusted following
any previous prepayments) for such installment and
	 	 	 

		(A)	the net present value of each corresponding amount resulting from the above calculation will be
determined at the corresponding market yield; and

 

		(B)	if the cumulated amount of such present values is negative, no amount shall be due to the Borrower
or from the Borrower.

 

		(d)	Any Funding Losses Notice with respect to Funding Losses
suffered by a Finance Party shall include calculations in reasonable detail of the relevant amounts and set forth the relevant
loss and expense.

 

		(e)	The Facility Agent shall notify the Borrower, in writing, of the amount of the Funding Losses due
from the Borrower by sending a Funding Losses Notice to the Borrower as soon as is reasonably practicable after the occurrence
of the relevant Funding Losses Event and after it has received notice of the amount of Funding Losses calculated by the relevant
Lender or the French Authorities, as applicable.

 

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		6.6	Increased Capital Costs

 

		(a)	If, after the date hereof any change in, or the introduction, adoption, effectiveness, interpretation,
reinterpretation or phase-in of, any law or regulation, directive, guideline, decision or request (whether or not having the force
of law) of any court, central bank, regulator or other governmental authority increases the amount of capital required to be maintained
by any Lender or any Person controlling such and the rate of return on its or such controlling Person’s capital as a consequence
of its Commitment or the Loan made by such Lender is reduced to a level below that which such Lender or such controlling Person
would have achieved but for the occurrence of any such change in circumstance, then, in any such case upon notice from time to
time by the Facility Agent to the Borrower, the Borrower shall immediately pay directly to such Lender additional amounts sufficient
to compensate such Lender or such controlling Person, as applicable, for such reduction in rate of return.

 

		(b)	Any notice pursuant to paragraph (a) above shall (i) describe in reasonable detail the capital
adequacy requirements which have been imposed, together with the approximate date of the effectiveness thereof and (ii) set forth
the amount of such lowered return.

 

		(c)	In determining such amount, such Lender may use any method of averaging and attribution that it
shall, subject to paragraph (b) above, deem applicable.

 

		(d)	Each Lender agrees to use reasonable efforts (consistent with its internal policy and legal and
regulatory restrictions) to designate a different Lending Office if the making of such a designation would avoid such reduction
in such rate of return and would not, in the reasonable judgment of such Lender, be otherwise disadvantageous to such Lender.

 

		(e)	Failure or delay on the part of any Lender to demand compensation pursuant to this Clause 6.6 (Increased
Capital Costs) shall not constitute a waiver of such Lender’s right to demand such compensation.

 

		6.7	Taxes

 

		(a)	All payments by any Obligor of principal of, and interest on, the Loan and all other amounts payable
under any Finance Document (including, for the avoidance of doubt, under any Fee Letters) shall be made free and clear of and without
deduction for any Covered Taxes.

 

		(b)	In the event that any withholding or deduction from any payment to be made by an Obligor under
any Finance Document is required in respect of any Covered Taxes pursuant to any applicable law, rule or regulation, then the Borrower
will:

 

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

 

		(ii)	promptly (and in any event within thirty (30) days) forward to the Facility Agent an official receipt
or other documentation satisfactory to the Facility Agent evidencing such payment to such authority; and

 

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

 

		(c)	If any Covered Taxes are directly asserted against the
Facility Agent or any Lender with respect to any payment received or paid by the Facility Agent or such Lender hereunder or under
any other Finance Document, the Facility Agent or such Lender (as applicable) may pay such Covered Taxes and the Borrower will,
promptly after (and in any event within five (5) Business Days of) demand, pay such additional amounts (including any penalties,
interest or expenses) as is necessary in order that the net amount received by such Person after the payment of such Covered Taxes
(including any Covered Taxes on such additional amount) shall equal the amount such Person would have received had no such Covered
Taxes been asserted.

 

		(d)	If the Borrower fails to pay any Covered Taxes when due to the appropriate taxing authority or
fails to remit to the Facility Agent for the account of the respective Lenders the required receipts or other required documentary
evidence, the Borrower shall indemnify the Lenders for any incremental withholding Covered Taxes, interest or penalties that may
become payable by any Lender as a result of any such failure (so long as such amount did not become payable as a result of the
failure of such Lender to provide timely notice to the Borrower (directly or through the Facility Agent) of the assertion of a
liability related to the payment of Covered Taxes). For purposes of this Clause 6.7 (Taxes), a distribution hereunder by
the Facility Agent or any Lender to or for the account of any Lender shall be deemed a payment by the Borrower.

 

		(e)	If any Lender is entitled to any refund, credit, deduction or other reduction in tax by reason
of any payment made by the Borrower in respect of any Covered Tax under this Clause 6.7 (Taxes) or by reason of any payment
made on account of Tax by the Borrower pursuant to Clause 6.4 (Increased Loan Costs, etc.), such Lender shall in its absolute
discretion use reasonable efforts to obtain such refund, credit, deduction or other reduction and, promptly after receipt thereof,
will pay to the Borrower such amount (plus any interest received by such Lender in connection with such refund, credit, deduction
or reduction) as is equal to the net after-tax value to such Lender of such part of such refund, credit, deduction or reduction
as such Lender reasonably determines is allocable to such Covered Tax or such payment (less out-of-pocket expenses incurred by
such Lender), provided that no Lender shall be obligated to disclose to the Borrower any information regarding its tax affairs
or tax computations.

 

		(f)	Each Lender agrees with the Borrower and the Facility Agent that it will:

 

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		(i)	in the case of a Lender organised under the laws of a jurisdiction
other than the United States:

 

		(A)	provide to the Facility Agent and the Borrower an appropriately executed copy of Internal Revenue
Service Form W-8ECI certifying that any payments made to or for the benefit of such Lender are effectively connected with a trade
or business in the United States (or alternatively, an Internal Revenue Service Form W-8BEN claiming the benefits of a tax treaty,
but only if the applicable treaty described in such form provides for a complete exemption from U.S. federal income tax withholding),
or any successor form, on or prior to the date hereof (or, in the case of any New Lender, on or prior to the date of the relevant
assignment), in each case attached to an Internal Revenue Service Form W-8IMY, if appropriate;

 

		(B)	notify the Facility Agent and the Borrower if the certifications made on any form provided pursuant
to clause (A) above are no longer accurate and true in all material respects; and

 

		(C)	provide such other tax forms or other documents as shall be prescribed by applicable law, if any,
or as otherwise reasonably requested, to demonstrate, to the extent applicable, that payments to such Lender hereunder and under
the other Finance Documents are exempt from withholding under FATCA; and

 

		(ii)	in all cases, provide such forms, certificates or other
documents, as and when reasonably requested by the Borrower, necessary to claim any applicable exemption from, or reduction of,
Covered Taxes or any payments made to or for benefit of such Lender, provided that the Lender is legally able to deliver
such forms, certificates or other documents.

 

		(g)	For any period with respect to which a Lender (or New Lender) has failed to provide the Borrower
with the applicable forms described in paragraph (f) above (other than if such failure is due to a change in law occurring after
the date on which a form originally was required to be provided (which, in the case of an New Lender, would be the date on which
the original assignor was required to provide such form) or if such form otherwise is not required hereunder) such Lender (or New
Lender) shall not be entitled to the benefits of this Clause 6.7 (Taxes) with respect to Covered Taxes imposed by reason
of such failure.

 

		(h)	Without prejudice to the foregoing, all consideration expressed to be payable under a Finance Document
by any party thereto to a Finance Party shall be deemed to be exclusive of any VAT. If VAT is chargeable on any supply made by
any Finance Party to another party in connection with a Finance Document, that party shall pay to such Finance Party (in addition
to and at the same time as paying the consideration) an amount equal to the amount of the VAT (subject to such Finance Party having
provided an appropriate VAT invoice to such party) or, where applicable, directly account for such VAT at the appropriate rate
under the reverse charge procedure provided for by article 56 of the European Directive 2006/112/EC and any relevant Tax provision
of the jurisdiction in which such party receives such supply.

 

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		(i)	Where a Finance Document requires any party to reimburse a Finance Party for any costs or expenses,
that party shall also at the same time pay and indemnify such Finance Party against all VAT incurred by such Finance Party in respect
of the costs or expenses to the extent that such Finance Party reasonably determines that neither it nor any other member of the
group of which it is a member for VAT purposes is entitled to credit or repayment of full VAT incurred. In case such Finance Party
is entitled to benefit from partial recovery of VAT incurred, it shall be indemnified and held harmless by the reimbursing party
against the portion of VAT that it or any other member of the group of which it is a member for VAT purposes has not recovered
or for which it has not benefited from a credit.

 

		(j)	Each party to this Agreement shall, within ten (10) Business Days of a reasonable request by another
party hereto:

 

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

 

		(A)	a FATCA Exempt Party; or

 

		(B)	not a FATCA Exempt Party; and

 

		(ii)	with effect from 2014, supply to that other party such forms, documentation and other information
relating to its status under FATCA (including its applicable “passthru payment percentage” or other information required
under the U.S. Treasury Regulations or other official guidance including intergovernmental agreements) as that other party reasonably
requests for the purposes of that other party’s compliance with FATCA.

 

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

 

		(l)	If a party to this Agreement fails to confirm its status
or to supply forms, documentation or other information requested in accordance with paragraph (j) above, then:

 

		(i)	if that party failed to confirm whether it is (and/or remains) a FATCA Exempt Party then such party
shall be treated for the purposes of the Finance Documents as if it is not a FATCA Exempt Party; and

 

		(ii)	if that party failed to confirm its applicable “passthru payment percentage” then such
party shall be treated for the purposes of the Finance Documents (and payments made thereunder) as if its applicable “passthru
payment percentage” is one hundred per cent. (100%),

 

until (in each
case) such time as the party in question provides the requested confirmation, forms, documentation or other information.

 

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		6.8	Reserve Costs

 

		(a)	Without in any way limiting the Borrower’s obligations
under Clause 6.5 (Increased Loan Costs, etc.), the Borrower shall, on and after the First Deferred Tranche Effective Date,
if applicable, pay to the Facility Agent for the account of each Lender on the last day of each Interest Period in which there
remains an amount of the First Deferred Tranche, or as the case may be, the Second Deferred Tranche, outstanding, and so long
as the relevant Lending Office of such Lender is required to maintain reserves against “Eurocurrency liabilities”
under Regulation D of the F.R.S. Board, upon notice from such Lender, an additional amount equal to the product of the following
for the First Deferred Tranche, or as the case may be, the Second Deferred Tranche, for each day during such Interest Period:

 

		(i)	the principal amount of the First Deferred Tranche, or
as the case may be, the Second Deferred Tranche, outstanding on such day; and

 

		(ii)	the remainder of (i) a fraction, the numerator of which is the rate (expressed as a decimal) at
which interest accrues on the relevant Deferred Tranche for such Interest Period as provided in this Agreement (less, if applicable,
the applicable Floating Rate Margin) and the denominator of which is one (1) minus any increase after the First Deferred
Tranche Effective Date, or as the case may be, the Second Deferred Tranche Effective Date, in the effective rate (expressed as
a decimal) at which such reserve requirements are imposed on such Lender minus (ii) such numerator; and

 

		(iii)	1/360.

 

		(b)	Such notice shall (i) describe in reasonable detail the reserve requirement that has been imposed,
together with the approximate date of the effectiveness thereof and (ii) set forth the applicable reserve percentage.

 

		6.9	Payments

 

		(a)	Unless otherwise expressly provided, all payments by an Obligor pursuant to any Finance Document
shall be made by such Obligor to the Facility Agent for the pro rata account of the Lenders entitled to receive such payment.
All such payments required to be made to the Facility Agent shall be made not later than 4:00 p.m. (London time) on the date due,
in same day or immediately available funds, to such account as the Facility Agent shall specify from time to time by notice to
the Borrower. Funds received after that time shall be deemed to have been received by the Lenders on the next succeeding Business
Day.

 

		(b)	The Facility Agent shall promptly (but in any event on the same Business Day that the same are
received or, as contemplated in paragraph (a) above, deemed received) remit in same day funds to each Lender or such Lender’s
designee its share, if any, of such payments received by the Facility Agent for the account of such Lender without any set-off,
deduction or counterclaim.

 

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		(c)	If the Facility Agent receives a payment that is insufficient
to discharge all the amounts then due and payable by the Borrower under the Finance Documents, the Facility Agent shall apply
that payment towards the Borrower’s obligations under the Finance Documents in the following order:

 

		(i)	first, in or towards payment of any unpaid fees, costs and expenses of the Facility Agent
under the Finance Documents;

 

		(ii)	secondly, in or towards payment pro rata among the relevant Finance Parties of any
fees, costs, expenses or commission due but unpaid under this Agreement or the other Finance Documents;

 

		(iii)	thirdly, in or towards payment pro rata among the relevant Finance Parties of any
accrued interest due but unpaid under Clause 5.3(c) (Post-Maturity Rates);

 

		(iv)	fourthly, in or towards payment pro rata among the relevant Finance Parties of any
other accrued interest and deferred costs due but unpaid under this Agreement;

 

		(v)	fifthly, in or towards payment pro rata among the Lenders of any principal due but
unpaid under this Agreement; and

 

		(vi)	sixthly, in or towards payment pro rata among the relevant Finance Parties and to
the Account Bank of any other sum due to the Finance Parties and/or the Account Bank, as applicable, but unpaid under the Finance
Documents,

 

in each case in the inverse
order of the maturity thereof, provided that the Facility Agent shall, if so directed by the Required Lenders, vary the
order set out in clauses (ii) to (iv) above and, provided further that any such appropriation will override any appropriation
made by the Borrower.

 

		(d)	Whenever any payment to be made under any Finance Document shall otherwise be due on a day which
is not a Business Day, such payment shall be made on the next succeeding Business Day (except that, if such next succeeding Business
Day does not fall in the same calendar month as the original payment due date, then the relevant payment shall be made on the last
Business Day in the calendar month of the original payment due date) and any such extension of time shall be included in computing
interest and fees, if any, in connection with such payment. If any payment date under a Finance Document is altered by the application
of this paragraph (d), the subsequent payment date shall not be altered unless that subsequent payment date also requires alteration
pursuant to the preceding sentence.

 

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		(e)	For any payment of principal or interest to be made by the Borrower under this Agreement, the Borrower
shall procure that the Facility Agent receives (i) a SWIFT advice in the form of an MT 199 of such payment from the Borrower’s
payment bank on or before the second (2nd) Business Day prior to the payment date and (ii) a written confirmation in the form of
an MT 103 that such payment has been made from the Borrower’s payment bank by no later than 3:00 p.m. (London time) on the
payment date.

 

		6.10	No Double Counting

 

Any payment required to be
made by the Borrower pursuant to any of Clauses 6.4 (Increased Loan Costs, etc.), 6.5 (Funding Losses), 6.6 (Increased
Capital Costs), 6.7(c), (d), (h) or (i) (Taxes) or 6.8 (Reserve Costs) shall be calculated without double-counting
under any other such Clauses or payment under any other provision of this Agreement, and on the basis that the Borrower shall not
be liable to make any payment pursuant to any such Clause to the extent that such amount has been compensated under Clause 6.7
(Taxes) or would have been so compensated but for any exclusions applicable thereunder, is attributable to a Lender’s
failure to satisfy its obligations under Clause 6.7(f) (Taxes) or is attributable to a Lender’s breach by its gross
negligence or wilful misconduct of any applicable treaty, law, regulation or regulatory requirement.

 

		6.11	Cancellation of Commitment or Prepayment of Affected Lender

 

If the Borrower shall be required to make any
payment to any Lender pursuant to Clauses 6.3 (Market Disruption), 6.4 (Increased Loan Costs, etc.), 6.5 (Funding
Losses), 6.6 (Increased Capital Costs), 6.7 (Taxes) or 6.8 (Reserve Costs), the Borrower shall be entitled
at any time (so long as no Default and/or Mandatory Prepayment Event shall have occurred and be continuing) within one hundred
and eighty (180) days after receipt of notice from such Lender of such required payment to cancel or prepay the affected portion
of such Lender’s Commitment or participation in the Loan (as applicable), together with (in the case of prepayment) any accrued
interest thereon through the date of such prepayment. Any such prepayment shall include a prepayment of principal and interest
in respect of the relevant Lender’s Commitment in relation to the Deferred Tranches.

 

		6.12	Sharing of Payments

 

		(a)	If a Lender (a “Recovering Party”) receives or recovers any amount from an Obligor
other than in accordance with Clause 6.9(a)(a “Recovered Amount”) and applies that amount to a payment due under
the Finance Documents then:

 

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

 

		(ii)	the Facility Agent shall determine whether the receipt or recovery is in excess of the amount the
Recovering Party would have been paid had the receipt or recovery been received or made by the Facility Agent and distributed in
accordance with Clause 6.9 (Payments), without taking account of any tax which would be imposed on the Facility Agent in
relation to the receipt, recovery or distribution; and

 

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		(iii)	the Recovering Party shall, within three (3) Business Days of demand by the Facility Agent, pay
to the Facility Agent an amount (the “Sharing Payment”) equal to such receipt or recovery less any amount which
the Facility Agent determines may be retained by the Recovering Party as its share of any payment to be made, in accordance with
Clause 6.9 (Payments).

 

		(b)	The Facility Agent shall treat the Sharing Payment as if
it had been paid by the Borrower and distribute it between the Lenders (other than the Recovering Party) (the “Sharing
Parties”) in accordance with Clause 6.9(Payments) towards the obligations of the Borrower to the Sharing Parties.

 

		(c)	On a distribution by the Facility Agent under paragraph (b) above of a payment received by a Recovering
Party from the relevant Obligor, as between that Obligor and the Recovering Party, an amount of the Recovered Amount equal to the
Sharing Payment will be treated as not having been paid by the relevant Obligor.

 

		(d)	If any part of the Sharing Payment received or recovered by a Recovering Party becomes repayable
and is repaid by that Recovering Party to the Borrower, then:

 

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

 

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

 

		(e)	This Clause 6.12 (Sharing of Payments) shall not apply to the extent that the Recovering
Party would not, after making any payment pursuant to this Clause 6.12 (Sharing of Payments), have a valid and enforceable
claim against the relevant Obligor.

 

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

 

		(i)	it notified that other Lender of the legal or arbitration proceedings; and

 

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

 

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		6.13	No Borrower Set-off

 

All payments required to be made by the
Borrower under this Agreement and the other Finance Documents shall be made without set-off, deduction or counterclaim.

 

		6.14	Finance Party Set-off

 

Upon the occurrence
of an Event of Default or Mandatory Prepayment Event and while it is continuing, each Finance Party shall have, to the extent permitted
by applicable law, the right to appropriate and apply to the payment of the Obligations then due and owing to it any and all balances,
credits, deposits, accounts or monies of any Obligor then or thereafter maintained with such Finance Party (collectively, the “Borrower
Amounts”); provided that any such appropriation and application shall be subject to the provisions of Clause 6.12
(Sharing of Payments). If any Borrower Amount is in a different currency than the Obligations, the relevant Finance Party
may convert such Borrower Amount at a market rate of exchange in its usual course of business for the purpose of the set-off. Each
Finance Party agrees promptly to notify the applicable Obligor and the Facility Agent (unless such Finance Party is the Facility
Agent) after any such set-off and application made by such Finance Party; provided that the failure to give such notice
shall not affect the validity of such set-off and application. The rights of each Finance Party under this Clause 6.14 (Finance
Party Set-off) are in addition to other rights and remedies (including other rights of set-off under applicable law or otherwise)
which such Finance Party may have.

 

		6.15	Use of Proceeds

 

		(a)	The proceeds of the Loan shall be applied in accordance with Clause 2.2 (Purpose) and Clause
3.7 (Disbursement; Hedging Arrangements).

 

		(b)	Without prejudice to paragraph (a) above, no proceeds of the Loan will be used to acquire any equity
security of a class which is registered pursuant to section 12 of the Securities Exchange Act of 1934 or any “margin stock”,
as defined in F.R.S. Board Regulation U.

 

		6.16	Deferred Costs

 

Independently of any other
obligation to pay costs, expenses or interest under or in connection with this Agreement, the Borrower shall as a separate obligation,
also pay to the Facility Agent (for distribution to each Lender) deferred costs in respect of any drawn portion of the First Deferred
Tranche at the Deferred Costs Percentage for each Interest Period during which any part of the First Deferred Tranche remains outstanding.
Whilst not an interest liability, such deferred costs shall be charged from and including the first day of the applicable Interest
Period in which an amount of the First Deferred Tranche is outstanding to (but not including) the last day of such Interest Period,
and will be payable semi-annually in arrears on each Repayment Date. Any deferred costs payable in accordance with this Clause
6.16 shall be calculated on the basis of the actual number of days elapsed over a year comprised of 360 days.

 

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		6.17	Unavailability of Screen Rate

 

Notwithstanding anything to the
contrary in this Agreement or any other Finance Document, if the Facility Agent determines (which determination shall, in the absence
of manifest error, be conclusive) or the Borrower or the Required Lenders notify the Facility Agent (with, in the case of the Required
Lenders, a copy to Borrower) that the Borrower or the Required Lenders (as applicable) have determined that:

 

		(a)	adequate and reasonable means would not exist for ascertaining
(should the Floating Rate apply) the Screen Rate for the relevant Interest Period including, without limitation, because the Screen
Rate is not available or published on a current basis and such circumstances are unlikely to be temporary; or

 

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

 

		(c)	syndicated loans currently being executed, or existing syndicated loans that include language similar
to that contained in this Clause 6.17, are being executed and/or amended (as applicable) to incorporate or adopt a new benchmark
interest rate to replace the Screen Rate,

 

then, reasonably promptly after
such determination by the Facility Agent or receipt by the Facility Agent of such notice, as applicable, or if the Borrower otherwise
requests, the Facility Agent and the Borrower may amend this Agreement to replace the Screen Rate with an alternate benchmark rate
(including any mathematical or other adjustments to the benchmark (if any) incorporated therein), giving due consideration to any
evolving or then existing convention for similar Dollars denominated syndicated credit facilities for such alternative benchmarks
(any such proposed rate, a “Dollar Successor Rate”), and also together with any proposed Dollar Successor Rate
Conforming Changes (as defined below) and any such amendment shall become effective at 5:00 P.M. (London time) on the fifth (5)
Business Day after the Facility Agent shall have posted such proposed amendment to all Lenders and the Borrower unless, prior to
such time, Lenders comprising the Required Lenders have delivered to the Facility Agent written notice that such Required Lenders
do not accept such amendment. Such Dollar Successor Rate shall be applied in a manner consistent with market practice; provided
that to the extent such market practice is not administratively feasible for the Facility Agent, such Dollar Successor Rate shall
be applied in a manner as otherwise reasonably determined by the Facility Agent.

 

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If
no Dollar Successor Rate has been determined and the circumstances under paragraph (a) above exist or the Scheduled Unavailability
Date has occurred (as applicable), the Facility Agent will promptly notify the Borrower and each Lender. Thereafter, the obligation
of the Lenders to fund or maintain the relevant portion of the Loan (including a Deferred Tranche) at the Screen Rate (to the extent
of the affected part of the Loan, the Deferred Tranches or Interest Periods) shall be suspended and the Borrower shall pay interest
on such part of the Loan at a rate equal to the sum of the applicable Floating
Rate Margin and the weighted average of the cost to the Lenders of funding the respective portions of the affected part of the
Loan (as notified to the Facility Agent and the Borrower no later than five (5) Business Days prior to the start of the relevant
Interest Period). Upon receipt of such notice, the Borrower may revoke any pending request for a borrowing of, conversion to or
continuation of any part of the Loan (to the extent of the affected part of the Loan, a Deferred Tranche or Interest Periods).

 

The Facility
Agent (acting on the instructions of the Required Lenders) and the Borrower shall, during the period between 1 April 2021 and 30
June 2021, enter into negotiations in good faith with a view to agreeing a basis upon which a Dollar Successor Rate can be used
in replacement of the Screen Rate, together with any associated Dollar Successor Rate Conforming Changes, and a timetable for the
implementation of these changes so that the appropriate changes can be made prior to the Scheduled Unavailability Date.

 

Notwithstanding
anything else herein, any definition of Dollar Successor Rate shall provide that in no event shall such Dollar Successor Rate be
less than zero for purposes of this Agreement.

 

For the purposes
of this Agreement, “Dollar Successor Rate Conforming Changes” means, with respect to any proposed Dollar Successor
Rate, any conforming changes to the definition of Floating Rate, Screen Rate, Interest Period, timing and frequency of determining
rates and making payments of interest and other administrative matters as may be appropriate, in the discretion of the Facility
Agent in consultation with the Borrower, to reflect the adoption of such Dollar Successor Rate and to permit the administration
thereof by the Facility Agent in a manner substantially consistent with market practice (or, if the Facility Agent determines that
adoption of any portion of such market practice is not administratively feasible or that no market practice for the administration
of such Dollar Successor Rate exists, in such other manner of administration as the Facility Agent determines is reasonably necessary
in connection with the administration of this Agreement).

 

		7.	REPRESENTATIONS AND WARRANTIES

 

To induce the Finance
Parties to enter into this Agreement and to make the Loan hereunder, the Borrower hereby represents and warrants to the Finance
Parties as set forth in this Clause 7 (Representations and Warranties).

 

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		7.1	Organisation, etc.

 

The Borrower:

 

		(a)	is a corporation validly organised and existing and in good standing under the laws of its jurisdiction of incorporation;

 

		(b)	is duly qualified to do business and is in good standing as a foreign corporation in each jurisdiction
where the nature of its business requires such qualification, except where the failure to be so qualified would not have a Material
Adverse Effect; and

 

		(c)	has full power and authority, has taken all corporate action and holds all governmental and creditors’
licenses, permits, consents and other approvals necessary to enter into each Finance Document to which it is a party and to perform
the Obligations.

 

		7.2	Due Authorisation, Non-Contravention, etc.

 

The execution, delivery
and performance by the Borrower of this Agreement and each other Finance Document are within the Borrower’s corporate powers,
have been duly authorised by all necessary corporate action and do not:

 

		(a)	contravene the Borrower’s Organic Documents;

 

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

 

		(c)	contravene any court decree or order binding on the Borrower or any of its property, except as
would not reasonably be expected to have a Material Adverse Effect;

 

		(d)	contravene any contractual restriction binding on the Borrower or any of its property, except as
would not reasonably be expected to have a Material Adverse Effect; or

 

		(e)	result in, or require the creation or imposition of, any Lien on any of the Borrower’s properties,
except as would not reasonably be expected to have a Material Adverse Effect.

 

		7.3	Government Approval, Regulation, etc.

 

		(a)	No authorisation or approval or other action by, and no notice to or filing with, any governmental
authority or regulatory body or other Person is required for the due execution, delivery or performance by the Borrower of this
Agreement or any other Finance Document (except for authorisations or approvals not required to be obtained on or prior to the
Disbursement Date or that have been obtained or actions not required to be taken on or prior to the Disbursement Date or that have
been taken).

 

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		(b)	The Borrower holds all governmental licenses, permits and other approvals (including Environmental
Approvals) required to conduct its business as conducted by it on the date of this Agreement and on the Disbursement Date, except
to the extent the failure to hold any such licenses, permits or other approvals would not have a Material Adverse Effect.

 

		7.4	Compliance with Laws

 

The Borrower is
in compliance with all applicable laws, rules, regulations and orders, except (other than as described in paragraph (a) or (b)
below) to the extent that the failure to so comply does not and could not reasonably be expected to have a Material Adverse Effect,
which compliance includes:

 

		(a)	the maintenance and preservation of the Borrower’s corporate existence (subject to the provisions
of Clause 9.6 (Consolidation, Merger, etc.));

 

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

 

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

 

		(d)	compliance with all anti-money laundering and anti-corrupt practices laws and regulations applicable
to the Borrower, including by not making or causing to be made any offer, gift or payment, consideration or benefit of any kind
to anyone, either directly or indirectly, as an inducement or reward for the award or execution of this Agreement, the Hedging
Agreements, the Construction Contract or any of the other Transaction Documents to which the Borrower is a party or the performance
of any of the transactions contemplated hereby and/or thereby to the extent the same would be in contravention of such applicable
laws and regulations; and

 

		(e)	compliance with all applicable Environmental Laws.

 

		7.5	Sanctions

 

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

 

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		7.6	Validity, etc.

 

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

 

		7.7	No Default, Event of Default or Mandatory Prepayment Event

 

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

 

		7.8	Litigation

 

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

 

		7.9	The Purchased Vessel

 

Immediately following the
delivery of the Purchased Vessel to the Borrower or one of the Borrower’s wholly-owned Subsidiaries as assignee, transferee
or novatee under the Construction Contract, the Purchased Vessel will be:

 

		(a)	legally and beneficially owned by the Borrower or one of the Borrower’s wholly-owned Subsidiaries;

 

		(b)	registered in the name of the Borrower or one of the Borrower’s wholly-owned Subsidiaries
under the Bahamian flag or such other flag reasonably acceptable to the Lenders and BpiFAE;

 

		(c)	classed as required by Clause 8.4(b);

 

		(d)	free of all recorded Liens;

 

		(e)	insured against loss or damage in compliance with Clause 8.5 (Insurance); and

 

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		(f)	exclusively operated by or chartered to the Borrower or one of the Borrower’s wholly-owned
Subsidiaries.

 

		7.10	Obligations rank pari passu; Liens

 

		(a)	The Obligations rank at least pari passu in right of payment and in all other respects with
all other unsecured and unsubordinated Indebtedness of the Borrower, other than Indebtedness mandatorily preferred as a matter
of law.

 

		(b)	As at the date of this Agreement, the provisions of this Agreement which permit or restrict the
granting of Liens are not less favorable than the provisions permitting or restricting the granting of Liens in any other agreement
entered into by the Borrower with any other person providing financing or credit to the Borrower.

 

		7.11	Withholding, etc.

 

As at the date
of this Agreement, no payment to be made by the Borrower under this Agreement or any other Finance Document is subject to any withholding
or similar tax imposed by any Applicable Jurisdiction.

 

		7.12	No Filing, etc. Required

 

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

 

		7.13	No Immunity

 

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

 

		7.14	Investment Company Act

 

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

 

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		7.15	Regulation U

 

The Borrower is not engaged
in the business of extending credit for the purpose of purchasing or carrying margin stock, and no proceeds of the Loan will be
used for a purpose which violates, or would be inconsistent with, F.R.S. Board Regulation U. Terms for which meanings are provided
in F.R.S. Board Regulation U or any regulations substituted therefor, as from time to time in effect, are used in this Clause 7.15
(Regulation U) with such meanings.

 

		7.16	Accuracy of Information

 

		(a)	The financial and other information (other than financial projections or other forward looking
information) furnished to the Facility Agent and the Lenders in writing by or on behalf of the Borrower by its chief financial
officer, treasurer or corporate controller in connection with the negotiation of this Agreement and the other Finance Documents
is, when taken as a whole, to the best knowledge and belief of the Borrower, true and correct and contains no misstatement of a
fact of a material nature.

 

		(b)	All financial projections, if any, that have been furnished to the Facility Agent and the Lenders
in writing by or on behalf of the Borrower by its chief financial officer, treasurer or corporate controller in connection with
this Agreement and the other Finance Documents have been prepared in good faith based upon assumptions believed by the Borrower
to be reasonable at the time made (it being understood that such projections are subject to significant uncertainties and contingencies,
many of which are beyond the Borrower’s control, and that no assurance can be given that the projections will be realised).

 

		(c)	All financial and other information furnished to the Facility Agent and the Lenders in writing
by or on behalf of the Borrower by its chief financial officer, treasurer or corporate controller after the date of this Agreement
shall have been prepared by the Borrower in good faith.

 

		7.17	Construction Contract

 

The Construction Contract
is not suspended, repudiated, invalidated, terminated or cancelled (in whole or in part) and is otherwise in full force and effect
and there are (to the best knowledge and belief of the Borrower) no circumstances which entitle any party to the Construction Contract
to terminate the Construction Contract and there is no action, suit, litigation, investigation or proceeding (including arbitration
and administrative proceedings) pending or, to the knowledge of the Borrower, threatened in connection with the Construction Contract.

 

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		7.18	No Winding-up

 

The Borrower has not taken
any corporate action, nor have any other steps been taken or legal proceedings been started or (to the best of the Borrower’s
knowledge and belief) threatened against it, for its bankruptcy, postponement of bankruptcy, financial restructuring, suspension
of payments, a moratorium of any of its Indebtedness, winding-up, dissolution, administration, re-organisation (by way of voluntary
arrangement, scheme of arrangement or otherwise), a composition, compromise, assignment or arrangement with any of its creditors
or for the appointment of a liquidator, receiver, administrator, administrative receiver, compulsory manager, conservator, custodian,
trustee or similar officer of it or all or a material part of its assets or revenues, except, in respect of any such action, steps
or proceedings started or threatened against the Borrower, to the extent that the same would not have a Material Adverse Effect.

 

		7.19	Repetition

 

The representations and warranties set forth
in this Clause 7 (Representations and Warranties) are made by the Borrower on the date of this Agreement, and each such
representation and warranty (other than as set forth in Clause 7.10(b) (Obligations rank pari passu; Liens), Clause 7.11
(Withholding, etc.) and Clause 7.17 (Construction Contract)) is deemed to be made and given again by the Borrower
on the date of the Drawing Request, on the date of any Drawing Request Amendment Request, on the Disbursement Date, on the Loan
Release Date, on the date of each deemed advance of a Deferred Tranche and on the Guarantee Release Date by reference to the facts
and circumstances then existing.

 

		7.20	Sanctions and KfW

 

The representations and warranties set out
in Clause 7.5 (Sanctions) (except to the extent that any such representations and warranties relate to sanctions imposed
by the United Nations Security Council or the European Union) shall not be made (or deemed to be made) to or for the benefit of
KfW IPEX-Bank GmbH (“KfW”) and KfW shall have no right or remedy to enforce any such representation or warranty.
KfW will not instruct, and will not be involved in any decision to be taken by the Required Lenders to instruct, the Facility Agent
to exercise its rights under Clause 10.3 (Action if Other Event of Default) if such rights result from an Event of Default
under Clause 10.1(b) (Breach of Warranty) insofar as that Event of Default relates to a misrepresentation under Clause 7.5
(Sanctions) (but except where such misrepresentation also relates to sanctions imposed by the United Nations or the European
Union). Nothing in this Clause 7.20 (Sanctions and KfW) shall affect any other right of KfW under any other provision of
any Finance Document.

 

		8.	AFFIRMATIVE COVENANTS

 

The Borrower agrees with the Facility Agent
and each Lender that, from the date hereof (or, in the case of Clauses 8.2(b) (Government Approvals and Other Consents),
8.4 (The Purchased Vessel) and 8.5 (Insurance), from the Disbursement Date) until all Obligations have been paid
in full, the Borrower will perform the obligations set forth in this Clause 8 (Affirmative Covenants).

 

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		8.1	Financial Information, Reports, Notices, etc.

 

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

 

		(a)	as soon as available and in any event within sixty (60) days after the end of each of the first
three (3) Fiscal Quarters of each Fiscal Year of the Borrower, a copy of the Borrower’s report on Form 10-Q (or any successor
form) as filed by the Borrower with the SEC for such Fiscal Quarter, containing unaudited consolidated financial statements of
the Borrower for such Fiscal Quarter (including a balance sheet and profit and loss statement) prepared in accordance with GAAP,
subject to normal year-end audit adjustments;

 

		(b)	as soon as available and in any event within one hundred and twenty (120) days after the end of
each Fiscal Year of the Borrower, a copy of the Borrower’s annual report on Form 10-K (or any successor form) as filed by
the Borrower with the SEC for such Fiscal Year, containing audited consolidated financial statements of the Borrower for such Fiscal
Year prepared in accordance with GAAP (including a balance sheet and profit and loss statement) and audited by PricewaterhouseCoopers
LLP or another firm of independent public accountants of similar standing;

 

		(c)	together with each of the statements delivered pursuant to the foregoing paragraph (a) or (b),
a certificate, executed by the chief financial officer, the treasurer or the corporate controller of the Borrower, showing, as
of the last day of the relevant Fiscal Quarter or Fiscal Year, compliance with the covenants set forth in Clause 9.4 (Financial
Condition) (in reasonable detail and with appropriate calculations and computations in all respects reasonably satisfactory
to the Facility Agent);

 

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

 

		(e)	as soon as practicable after the occurrence thereof, notice of any written amendment to or written
modification of the Construction Contract that relates to (i) the amount of the Initial Basic Cash Contract Price, (ii) the date
on which the Purchased Vessel is to be delivered or (iii) a decrease in the dimensions or capacity of the Purchased Vessel in terms
of the number of passengers and/or staterooms by two per cent. (2%) or more;

 

		(f)	as soon as available and in any event within thirty (30) days after the end of each calendar year,
written confirmation of the then current amount of the Basic Cash Contract Price, the cumulated amount of effective Change Orders
and utilised NYC Allowance;

 

		(g)	as soon as the Borrower becomes aware thereof, notice of any suspension, repudiation, invalidation,
termination or cancellation (in whole or in part) of the Construction Contract or any failure of the Construction Contract to otherwise
be in full force and effect or any circumstances which entitle any party to the Construction Contract to terminate the Construction
Contract or any action, suit, litigation, investigation or proceeding (including arbitration and administrative proceedings) pending
or, to the knowledge of the Borrower, threatened in connection with the Construction Contract.

 

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		(h)	as soon as reasonably practicable after the Borrower becomes aware thereof, notice of any Material
Litigation, except to the extent that such Material Litigation is disclosed by the Borrower in its filings with the SEC;

 

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

 

		(j)	such other information regarding the condition or operations, financial or otherwise, of the Borrower
or any of its Principal Subsidiaries as any Lender (through the Facility Agent) may from time to time reasonably request;

 

		(k)	such other documentation and information as is requested by the Facility Agent (for itself or on
behalf of any Lender) in order for the Facility Agent (or such Lender, as the case may be) to carry out and be satisfied that it
has complied with all necessary “know your customer” and other similar checks under all applicable laws and regulations
(including all applicable anti-money laundering and anti-corrupt practices laws and regulations) in connection with the transactions
contemplated by this Agreement and the other Finance Documents (including, for the avoidance of doubt, with respect to the Borrower
and each of the Borrower's hedging counterparties under the Hedging Agreements as identified in paragraph 3(a) (Hedging Euros
Purchase) of the Drawing Request); and

 

		(l)	such other documentation and information that BpiFAE may from time to time request;

 

		(m)	as soon as the Borrower becomes aware thereof, notice (with a copy to BpiFAE) of any matter that
has, or may, result in a breach of Clause 8.10 (Performance of Building Contract Obligations);

 

		(n)	whilst any Deferred Tranche is outstanding, as soon as available and in any event within respectively
five (5) Business Days, ten (10) and forty (40) days (or such other period as BpiFAE may require from time to time) after the end
of each monthly, bi-monthly and quarterly period (save that the period in respect of the final quarter of each Fiscal Year shall
be sixty (60) days) from the Second Deferred Tranche Effective Date, the information required by the Debt Deferral Extension Regular
Monitoring Requirements (as such information requirements may be amended on the basis set out in the Debt Deferral Extension Regular
Monitoring Requirements) (in reasonable detail and with appropriate calculations and computations in all respects reasonably satisfactory
to the Facility Agent);

 

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		(o)	whilst any Deferred Tranche is outstanding, upon the request of the Facility Agent (acting on the
instructions of BpiFAE), the Borrower and the Lenders shall provide information in form and substance satisfactory to BpiFAE regarding
arrangements in respect of Indebtedness for borrowed money of the Group then existing or any such Indebtedness to be incurred by
or made available to (as the case may be) the Group pursuant to binding commitments (such information to be provided to BpiFAE
in accordance with terms of the Facility Agent’s request);

 

		(p)	during the period from the Second Deferred Tranche Effective Date until the Covenant Modification
Date, within five Business Days after the end of each month falling during such period, a certificate, executed by the chief financial
officer, the treasurer or the corporate controller of the Borrower, showing, as of the last day of the immediately preceding month,
compliance with the covenant set forth in Clause 9.4(d); provided that if, during such period, the Borrower is not
in compliance with the covenant set forth in Clause 9.4(d) as of the last day of such month, the Borrower shall show compliance
with such covenant as of the date such certificate is delivered;

 

		(q)	within 15 Business Days of the end of each month throughout the Early Warning Monitoring Period,
a certificate, executed by the chief financial officer, the treasurer or the corporate controller of the Borrower, showing, as
of the last day of the relevant month (i) the ratio of Adjusted Cash Balance as of the last day of the most recently completed
month to the Monthly Outflow for the month most recently ended (and showing whether the Adjusted Cash Balance covers the Monthly
Outflow for at least the subsequent five-month period), (ii) the Borrower’s Adjusted EBITDA After Principal and Interest
for the two consecutive Last Reported Quarters and (iii) in the case of the next certificate to be submitted immediately following
the Borrower’s publishing of results for each Last Reported Quarter, a comparison of Adjusted EBITDA After Principal and
Interest with the figure from the corresponding Fiscal Quarter in the 2019 Fiscal Year (in each case in reasonable detail and with
appropriate calculations and computations in all respects reasonably satisfactory to the Facility Agent);

 

		(r)	on one occasion during each calendar year from the start of the Financial Covenant Waiver Period
until the Deferred Tranches have been repaid in full, the environmental plan of the Borrower (and including the Group’s carbon
emissions for the past two years (calculated according to methodologies defined by the IMO or any other public methodology specified
by the Borrower)) as required to be published pursuant to each letter of the Borrower issued pursuant to Amendment and Restatement
No.3 and Amendment and Restatement No.5 (as applicable); and

 

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

 

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provided that information
required to be furnished to the Facility Agent under paragraphs (a), (b), (h) and (r) of this Clause 8.1 (Financial Information,
Reports, Notices, etc.) shall be deemed furnished to the Facility Agent when available free of charge on the Borrower’s
website at http://www.rclinvestor.com or the SEC’s website at http://www.sec.gov; and provided further that the Facility
Agent may disclose to BpiFAE the documentation and information received by or available to them pursuant to this Clause 8.1 (Financial
Information, Reports, Notices, etc.) and any other documentation and information concerning the Borrower that BpiFAE may request
from time to time.

 

		8.2	Government Approvals and Other Consents

 

The Borrower will obtain
and maintain (or cause to be obtained and maintained) all such governmental licenses, authorisations, consents, permits and approvals
(including Environmental Approvals) as may be required for:

 

		(a)	each Obligor to perform its obligations under the Finance Documents to which it is a party; and

 

		(b)	the operation of the Purchased Vessel in compliance with all applicable laws, except to the extent
that the failure to obtain and/or maintain (or cause to be obtained and/or maintained) such governmental licenses, authorisations,
consents, permits and approvals as may be required for the operation of the Purchased Vessel in compliance with all applicable
laws does not and could not reasonably be expected to have a Material Adverse Effect.

 

		8.3	Compliance with Laws, etc.

 

		(a)	The Borrower will, and will cause each of its Subsidiaries to, comply in all material respects
with all applicable laws, rules, regulations and orders, except (other than as described in paragraph (i) or (ii) below) to the
extent that the failure to so comply would not have a Material Adverse Effect, which compliance shall in any case include:

 

		(i)	the maintenance and preservation of the Borrower’s corporate existence (subject to the provisions
of Clause 9.6 (Consolidation, Merger, etc.));

 

		(ii)	the maintenance of its qualification as a foreign corporation in the State of Florida, United States;

 

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

 

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		(iv)	compliance with all anti-money laundering and anti-corrupt practices laws and regulations applicable
to the Borrower, including by not making or causing to be made any offer, gift or payment, consideration or benefit of any kind
to anyone, either directly or indirectly, as an inducement or reward for the performance of any of the transactions contemplated
by this Agreement, the Hedging Agreements, the Construction Contract or any of the other Transaction Documents to which the Borrower
is a party to the extent the same would be in contravention of such applicable laws; and

 

		(v)	compliance with all applicable Environmental Laws.

 

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

 

		8.4	The Purchased Vessel

 

The Borrower will:

 

		(a)	cause the Purchased Vessel to be exclusively operated by
or chartered to the Borrower or one of the Borrower’s wholly owned Subsidiaries, provided that the Borrower or such
Subsidiary may charter (or sub-charter, as the case may be) out the Purchased Vessel (i) to entities other than the Borrower and
the Borrower’s wholly owned Subsidiaries and (ii) on a time charter with a stated duration not in excess of one (1) year;

 

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

 

		(c)	promptly upon delivery of the Purchased Vessel, provide
the following to the Facility Agent with respect to the Purchased Vessel:

 

		(i)	evidence that there are no Liens recorded over the Purchased
Vessel;

 

		(ii)	evidence as to the ownership of the Purchased Vessel by the Borrower or one of its wholly-owned Subsidiaries;

 

		(iii)	evidence that the Purchased Vessel is registered under the Bahamian flag or such other flag reasonably acceptable to the Lenders
and BpiFAE; and

 

		(iv)	a copy of the Builder’s duly executed invoice for the Delivery Installment marked “Paid” and certified as
a true and complete copy by an Authorised Officer; and

 

		(d)	within seven (7) days after delivery of the Purchased Vessel,
provide the following to the Facility Agent with respect to the Purchased Vessel:

 

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

 

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		(ii)	evidence as to all required insurance being in effect with respect to the Purchased Vessel in compliance
with Clause 8.5 (Insurance); and

 

		(e)	on or before the later of (i) 31 July and (ii) 30 days
after its own receipt of a Statement of Compliance in each calendar year, supply, or procure the supply, to the Facility Agent
(for distribution to BpiFAE and the Lenders) (in each case at the cost of the Borrower) of all information necessary in order
for any Lender to comply with its obligations under the Poseidon Principles in respect of the preceding year, including, without
limitation, all ship fuel oil consumption data required to be collected and reported in accordance with Regulation 22A of Annex
VI (as collated and reported to the Purchased Vessel’s flag state using the verification report submitted to that flag state)
and any Statement of Compliance, in each case relating to the Purchased Vessel for the preceding calendar year, provided always
that such information shall be confidential information for the purposes of Clause 13.15 (Confidentiality) and, accordingly,
no Lender shall publicly disclose such information with the identity of the Purchased Vessel or the Borrower (or, if applicable,
the Borrower’s wholly owned Subsidiary that then owns the Purchased Vessel) without the prior written consent of the Borrower
(it being expressly agreed however that, in accordance with the Poseidon Principles, such information will form part of the information
published regarding the relevant Lender’s portfolio climate alignment).

 

		8.5	Insurance

 

The Borrower, will or will
cause one or more of its Subsidiaries to, maintain or cause to be maintained with responsible insurance companies insurance with
respect to the Purchased Vessel against such casualties, third-party liabilities and contingencies and in such amounts, in each
case, as is customary for other businesses of similar size in the passenger cruise line industry (provided that in no event
will the Borrower or any Subsidiary be required to obtain any business interruption, loss of hire or delay in delivery insurance)
and will, upon request of the Facility Agent, furnish to the Facility Agent (with sufficient copies for distribution to each Lender)
at reasonable intervals a certificate of a senior officer of the Borrower setting forth the nature and extent of all insurance
maintained or caused to be maintained by the Borrower and the Subsidiaries and certifying as to compliance with this Clause 8.5
(Insurance).

 

		8.6	Books and Records

 

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

 

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		8.7	Cessation of Business

 

The Borrower will ensure
that its principal business is and continues to be the operation of cruise vessels.

 

		8.8	BpiFAE Insurance Policy Requirements

 

The Borrower shall, on the reasonable request
of the Facility Agent, provide such other information as required under or in connection with the BpiFAE Insurance Policy as necessary
to enable the Facility Agent to obtain the full support of BpiFAE pursuant to the BpiFAE Insurance Policy. The Borrower must pay
to the Facility Agent the amount of all reasonable costs and expenses reasonably incurred by the Facility Agent in connection with
complying with a request by BpiFAE for any additional information necessary or desirable in connection with the BpiFAE Insurance
Policy; provided that the Borrower is consulted before the Facility Agent incurs any such cost or expense (it being understood
and agreed that such consultation shall not constitute grounds for the Borrower to not comply with the first sentence of this Clause8.8
(BpiFAE Insurance Policy Requirements)).

 

		8.9	Starting Date of Repayment

 

The Borrower will promptly following the delivery
of the Purchased Vessel on the Effective Delivery Date, provide to the Facility Agent a notice of the Starting Date of Repayment
duly signed by the EUR Facility Agent substantially in the form of Schedule G (Form of Notice of Starting Date of Repayment),
it being agreed that this Clause 8.9 does not apply to the Starting Date of Repayment in respect of the Deferred Tranches.

 

		8.10	Performance of Building Contract Obligations

 

The Borrower shall (and shall procure that
each of its Subsidiaries shall) comply with its contractual commitments under and in respect of (a) each shipbuilding contract
in existence as at the First Deferred Tranche Effective Date (or which comes into existence at any time in which an amount of either
Deferred Tranche remains outstanding) entered into with the Builder and (b) any option agreements or similar binding contractual
commitments (whether in respect of a firm order of a vessel or otherwise) in existence at the First Deferred Tranche Effective
Date (or which comes into existence at any time in which an amount of either Deferred Tranche remains outstanding) entered into
by the Borrower (or its Subsidiary) and the Builder in connection with the potential entry into a shipbuilding contract at a future
point in time (it being agreed that such obligation shall not require the Borrower or the relevant Subsidiary (as applicable) to
exercise any option or other contractual right thereunder), save that this Clause 8.10 shall be subject to any change of any such
shipbuilding contract, option agreement, contract or other related document if such change has, in consultation with BpiFAE, been
agreed between the Borrower or, as the case may be, relevant Subsidiary and the Builder.

 

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		8.11	Further assurances in respect of the Framework

 

While either Deferred Tranche is outstanding,
the Borrower will from time to time at the request of the Facility Agent promptly enter into good faith negotiations in respect
of (a) amending this Agreement to remove the carve-out of Clause 9.4(a) from the provisions of Clause 11.1(e) and/or (b) amending
the financial covenants set forth in this Agreement, resetting the testing of such financial covenants and/or supplementing those
financial covenants with additional financial covenants. A failure to reach an agreement under this paragraph following such good
faith negotiations shall not constitute an Event of Default or a Mandatory Prepayment Event.

 

		8.12	Equal treatment with Pari Passu Creditors

 

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

 

(a)       the
Borrower shall enter into similar debt deferral, covenant amendment and replacement and mandatory prepayment arrangements to those
contemplated by Amendment and Restatement No.5 in respect of each ECA Financing (and for this purpose excluding any ECA Financings
where the lenders under that ECA Financing do not provide their consent to such arrangements in circumstances where the arrangements
contemplated in respect of that ECA Financing are on substantially the same basis as set out in this Agreement (as amended by Amendment
and Restatement No.5) but including any financing which will, upon novation of the relevant facility agreement to the Borrower,
become an ECA Financing) as soon as reasonably practicable after the Second Deferred Tranche Effective Date (with such amendments
being on terms which shall not prejudice the rights of BpiFAE under this Agreement);

 

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

 

		(c)	to enable the Borrower to comply with the requirements under paragraph (d) below, prior to any
Group Member entering into any Restricted Credit Enhancement with a Pari Passu Creditor (other than a Restricted Credit Enhancement
granted in accordance with Clause 9.11(a)(ii)), the Borrower shall promptly notify the Facility Agent (and such notification shall
include details of the new Lien or Group Member Guarantee and shall otherwise be in form and substance reasonably satisfactory
to the Facility Agent); and

 

		(d)	at the same time as any relevant Restricted Credit Enhancement is provided to the relevant Pari
Passu Creditor (other than a Restricted Credit Enhancement granted in accordance with Clause 9.11(a)(ii)), the Borrower, any relevant
Group Member and the Lenders shall enter into such documentation as may be necessary in the reasonable opinion of the Facility
Agent to ensure that the Lenders benefit from that Restricted Credit Enhancement on the same terms as the relevant Pari Passu Creditor(s)
and, where that Restricted Credit Enhancement is a Lien or a Group Member Guarantee, to share in that Lien or Group Member Guarantee
on a pari passu basis (and the Lenders agree to enter into such intercreditor documentation to reflect such pari passu ranking
(in a form and substance satisfactory to the Lenders (acting reasonably)) as may be required in connection with such arrangements).

 

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		9.	NEGATIVE COVENANTS

 

The Borrower agrees with
the Facility Agent and each Lender that, from the date hereof until all Obligations have been paid and performed in full, the Borrower
will perform the obligations set forth in this Clause 9 (Negative Covenants).

 

		9.1	Business Activities

 

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

 

		9.2	Indebtedness

 

Until the occurrence of the
Guarantee Release Date (whereupon Clause 9.2 of Schedule R shall apply in accordance with Clause 9.12), the Borrower will not permit
any of the Existing Principal Subsidiaries to create, incur, assume or suffer to exist or otherwise become or be liable in respect
of any Indebtedness, other than, without duplication, the following:

 

		(a)	Indebtedness secured by Liens permitted under paragraphs (c) to (p) of Clause 9.3 (Liens);

 

		(b)	Indebtedness owing to the Borrower or any direct or indirect Subsidiary of the Borrower;

 

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

 

		(d)	Indebtedness in an aggregate principal amount, together with (but without duplication of) Indebtedness
secured by Liens permitted under paragraph (d) of Clause 9.3 (Liens), at any one time outstanding and not exceeding (determined
at the time of creation of any such Lien or the incurrence by any Existing Principal Subsidiary of such Indebtedness, as applicable)
ten per cent. (10%) of the total assets of the Borrower and its Subsidiaries taken as a whole as determined in accordance with
GAAP as at the last day of the most recent ended Fiscal Quarter;

 

		(e)	[Intentionally Omitted];

 

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

 

		(g)	Indebtedness of Silversea Cruise Holding Ltd. and its Subsidiaries (“Silversea”) identified
in Section 1 of Schedule J (Silversea Liens and Indebtedness) hereto.

 

		9.3	Liens

 

Until the occurrence of the
Guarantee Release Date (whereupon Clause 9.2 of Schedule R shall apply in accordance with Clause 9.12), the Borrower will not,
and will not permit any of its Subsidiaries to, create, incur, assume or suffer to exist any Lien upon any of its property, revenues
or assets (including the Purchased Vessel), whether now owned or hereafter acquired, except:

 

		(a)	Liens on the Purchased Vessel under the Mortgage;

 

		(b)	[Intentionally Omitted];

 

		(c)	Liens on assets (including shares of capital stock of corporations and assets owned by any corporation
that becomes a Subsidiary of the Borrower after the date of this Agreement) acquired after the date hereof (whether by purchase,
construction or otherwise) by the Borrower or any of its Subsidiaries (other than (i) an Existing Principal Subsidiary or (ii)
any other Principal Subsidiary which, at any time, after three (3) months after the acquisition of a Vessel, owns such Vessel free
of any mortgage Lien), which Liens were created solely for the purpose of securing Indebtedness representing, or incurred to finance,
refinance or refund, the cost (including the cost of construction) of such assets, so long as (A) the acquisition of such assets
is not otherwise prohibited by the terms of this Agreement and (B) each such Lien is created within three (3) months after the
acquisition of the relevant assets;

 

		(d)	in addition to other Liens permitted under this Clause 9.3 (Liens), Liens securing Indebtedness
in an aggregate principal amount, together with (but without duplication of) Indebtedness permitted under paragraph (d) of Clause
9.2 (Indebtedness), at any one time outstanding and not exceeding the greater of (determined at the time of creation of
such Lien or the incurrence by any Existing Principal Subsidiary of such Indebtedness, as applicable) ten per cent. (10%) of the
total assets of the Borrower and its Subsidiaries (the “Lien Basket Amount”) taken as a whole as determined
in accordance with GAAP as at the last day of the most recent ended Fiscal Quarter; provided, however that, if, at any time, the
Senior Debt Rating of the Borrower is less than Investment Grade as given by both Moody’s and S&P, the Lien Basket Amount
shall be the greater of (i) five per cent. (5%) of the total assets of the Borrower and its Subsidiaries taken as a whole as determined
in accordance with GAAP as at the last day of the most recent ended Fiscal Quarter and $735,000,000;

 

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

 

		(f)	Liens on any asset of any corporation that becomes a Subsidiary of the Borrower (other than a corporation
that also becomes a Subsidiary of an Existing Principal Subsidiary) after the date hereof so long as (i) the acquisition or creation
of such corporation by the Borrower is not otherwise prohibited by the terms of this Agreement and (ii) such Liens are in existence
at the time such corporation becomes a Subsidiary of the Borrower and were not created by the Borrower or any of its Subsidiaries
in anticipation thereof;

 

		(g)	Liens securing Government-related Obligations;

 

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

 

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

 

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

 

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

 

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

 

		(m)	Liens on the Purchased Vessel and/or any Other Vessel that:

 

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

 

		(ii)	were incurred in the course of or incidental to trading the Purchased Vessel and/or such Other
Vessels (as applicable) in connection with repairs or other work to the Purchased Vessel and/or such Other Vessels (as applicable);
or

 

		(iii)	were incurred in connection with work to the Purchased Vessel and/or such Other Vessels (as applicable)
that is required to be performed pursuant to applicable law, rule, regulation or order,

 

provided that,
in each case described in this paragraph (m), such Liens are either (A) discharged in the ordinary course of business or (B) being
diligently contested in good faith by appropriate proceedings;

 

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

 

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

 

		(p)	Liens on cash or Cash Equivalents or marketable securities securing obligations in respect of Hedging
Instruments permitted under Clause 9.2(f) or securing letters of credit that support such obligations;

 

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

 

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

 

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

 

		(t)	Liens on any property of Silversea identified in Section 2 of Schedule J (Silversea Liens and Indebtedness) hereto,

 

provided, however, that from the Second
Deferred Tranche Effective Date until the Guarantee Release Date, no Group Member shall be entitled to grant any Lien of the type
referred to in paragraphs (a) to (f) above over any ECA Financed Vessel.

 

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		9.4	Financial Condition

 

The Borrower will not permit:

 

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

 

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

 

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

 

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

 

(e)

		(i)	If, other than as notified in writing by the Borrower to
the Facility Agent prior to the date of Amendment and Restatement No.5, at any time during the Financial Covenant Waiver Period
the last day of a financial covenant waiver period under any of the agreements in respect of any of the Borrower’s other
Indebtedness shall be amended such that it falls prior to 30 September 2022, the Borrower shall notify the Facility Agent and
that revised date, save as provided below, shall be the last date of the Financial Covenant Waiver Period for the purposes of
this Agreement.

 

		(ii)	If, following receipt of the notice referred to in sub-paragraph (i) above, the relevant date referred
to above is then extended, the Borrower shall be entitled to notify the Facility Agent of the same and, upon receipt of that notice,
such revised date or, if earlier, 30 September 2022, shall then become the final date of the Financial Covenant Waiver Period for
the purposes of this Agreement.

 

		(f)	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 from the Second Deferred Tranche Effective Date until the Covenant Modification
Date, or (ii) if the Borrower is not in compliance with the requirements of this paragraph (d) as of the last day of any calendar
month during the Financial Covenant Waiver Period (or, if earlier, prior to the Covenant Modification Date), the date that the
certificate required by Clause 8.1(q) with respect to such month is delivered to the Facility Agent (it being understood that
the Borrower shall not be required to comply with this paragraph (d) at any time on or after the Covenant Modification Date).

 

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(g)

 

		9.5	Additional Undertakings.

 

From the effectiveness
of the Amendment and Restatement No.4, and notwithstanding anything to the contrary set out in this Agreement or any other Finance
Document:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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		(B)	if the fair market value thereof, together with the fair market value of all other Dispositions
of First Priority Assets made after the effectiveness of the Amendment and Restatement No.4 (but for this purpose excluding any
Disposition of the type referred to in the foregoing clause (A) and any Disposition, the net proceeds of which are applied in accordance
with the following clause (C)) is less than the sum of:

 

		(x)	$250,000,000 plus

 

		(y)	the fair market value of any asset (other than (1) current assets, intercompany debt or equity
instruments and (2) First Priority Assets or other assets owned by another First Priority Guarantor immediately prior to acquisition)
acquired by any First Priority Guarantor after the effectiveness of the Amendment and Restatement No.4; or

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		(B)	if the fair market value thereof, together with the fair market value of all other Dispositions
of Second Priority Assets made after the effectiveness of the Amendment and Restatement No.4 (but for this purpose excluding any
Disposition of the type referred to in the foregoing clause (A)) is less than the sum of:

 

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		(x)	$250,000,000 plus

 

		(y)	the fair market value of any asset (other than (1) current assets, intercompany debt or equity
instruments and (2) Second Priority Assets or other assets owned by another Second Priority Guarantor immediately prior to acquisition)
acquired by any Second Priority Guarantor after the effectiveness of the Amendment and Restatement No.4.

 

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

 

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

 

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

 

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

 

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

 

		(B)	if the fair market value thereof, together with the fair market value of all other Dispositions
of Third Priority Assets made after the effectiveness of the Amendment and Restatement No.4 (but for this purpose excluding any
Disposition of the type referred to in the foregoing clause (A) and any Disposition, the net proceeds of which are applied in accordance
with the following clause (C)) is less than the sum of:

 

		(x)	$250,000,000 plus

 

		(y)	the fair market value of any asset (other than (1) current assets, intercompany debt or equity
instruments and (2) Third Priority Assets or other assets owned by another Third Priority Guarantor immediately prior to acquisition)
acquired by any Third Priority Guarantor after the effectiveness of the Amendment and Restatement No.4; or

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		(D)	notwithstanding the provisions of Sections 9.2 and 9.3, the Borrower will not, and will not permit
any of its Subsidiaries to create, incur, assume or suffer to exist any Lien upon the relevant ECA Financed Vessel, orther than
Liens permitted under Section 9.3 that do not Indebtedness for borrowed money.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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provided (1) in
each case, and subject to proviso (2) below, that upon the Borrower's request, the Facility Agent shall promptly confirm in writing
the release of the applicable Guarantee following the occurrence of the relevant release event and (2) where the Borrower is of
the opinion that it would, if the Guarantee Release Date was to occur, be in breach of the provisions of Clause 9.2 as set out
in Schedule R (and which would otherwise come into effect on that Guarantee Release Date) on the Guarantee Release Date, the Borrower
shall be entitled, by serving written notice on the Facility Agent, to request that the Guarantee Release Date be postponed until
such time as the Borrower is satisfied that it will be able to comply with the provisions of the said Clause 9.2. Where the Borrower
issues a notice pursuant to this proviso (2) it agrees that it shall use all reasonable endeavours and take all appropriate action
as may be practicable at such time to enable it to comply with the said Clause 9.2 as soon as practicable following the date that
the Guarantee Release Date would have occurred but for this proviso (2) so that the Guarantee Release Date can then occur and,
as soon as it is satisfied that it will be able to comply with the said Clause 9.2 it will promptly serve a further written notice
on the  Facility Agent. Upon receipt of this further notice, the provisions of this paragraph (g) shall once again apply and
the Facility Agent shall then take the action required of it to enable the Guarantee Release Date to occur.

 

		9.6	Consolidation, Merger, etc.

 

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

 

		(a)	any such Subsidiary may (i) liquidate or dissolve voluntarily into, and may merge with and into,
the Borrower or any other Subsidiary of the Borrower, and the assets or stock (or other ownership interests) of any Subsidiary
of the Borrower may be purchased or otherwise acquired by the Borrower or any other Subsidiary of the Borrower or (ii) merge with
and into another Person in connection with a sale or other disposition permitted by Clause 9.7 (Asset Dispositions, etc.);
and

 

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

 

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

 

		(ii)	in the case of a merger involving the Borrower where the Borrower is not the surviving entity:

 

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

 

		(B)	the Borrower shall have provided such documentation and information as is requested by the Facility
Agent (for itself or on behalf of any Lender) in order for the Facility Agent (or such Lender, as the case may be) to carry out
and be satisfied that it has complied with all necessary “know your customer” and other similar checks under all applicable
laws and regulations (including all applicable anti-money laundering and anti-corrupt practices laws and regulations) in connection
with the surviving entity; and

 

		(C)	BpiFAE shall have consented to the merger.

 

		9.7	Asset Dispositions, etc.

 

Subject to Section 9.5, the
Borrower will not, and will not permit any of its Subsidiaries to, sell, transfer, contribute or otherwise convey, or grant options,
warrants or other rights with respect to all or substantially all of the assets of (a) the Borrower or (b) the Subsidiaries of
the Borrower, taken as a whole except sales of assets between or among the Borrower and Subsidiaries of the Borrower.

 

		9.8	Use of Proceeds

 

The Borrower will not request
any Loan, and the Borrower shall not use the proceeds of any Loan (a) in furtherance of an offer, payment, promise to pay, or authorization
of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, or (b) for
the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or
in any Sanctioned Country, in violation of Sanctions applicable to any party hereto.

 

		9.9	Construction Contract

 

The Borrower will not amend
or modify any term or condition of the Construction Contract that relates to (a) the type, size or capacity of the Purchased Vessel
or its ability to comply with applicable laws (including Environmental Laws), (b) the Cash Contract Price, any element thereof
or the way in which the Cash Contract Price or any element thereof is determined or (c) the delivery date of the Purchased Vessel
or the way in which such delivery date is determined, in any such case in a manner which, in the reasonable opinion of the Lenders
after consultation with BpiFAE, has or could reasonably be expected to have a Material Adverse Effect, except where such amendment
or modification (i) shall have been consented to by the Required Lenders after consultation with BpiFAE or (ii) relates to a decrease
in the dimensions or capacity of the Purchased Vessel in terms of the number of passengers and/or staterooms by less two per cent.
(2%).

 

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		9.10	Borrower’s Procurement Undertaking.

 

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

 

		9.11	Framework Lien and Guarantee restriction

 

From the Second Deferred Tranche Effective
Date until the Guarantee Release Date, and without prejudice to Clause 9.3, the Borrower shall not (and shall procure that each
other Group Member shall not, save in respect of a Restricted Credit Enhancement of the type referred to in Clause 8.12(d) (and
in respect of which the Lenders therefore receive the benefit)):

 

		(a)	Grant any Restricted Credit Enhancement in respect of any Indebtedness for borrowed money provided
that:

 

		(i)	subject to the limitations set out in paragraph (b) below,
this paragraph (a) shall not prohibit any Group Member from providing any Lien or Group Member Guarantee in connection with Indebtedness
incurred after the Second Deferred Tranche Effective Date (provided that such Lien and/or Group Member Guarantee is issued at
the same time, and in connection with, the initial incurrence of that Indebtedness (and is therefore not by way of additional
credit support));

 

		(ii)	in connection with a Permitted Refinancing of any Indebtedness, the relevant Group Member shall
be entitled to provide the creditors under that Permitted Refinancing with Liens and/or Group Member Guarantees (as applicable)
which:

 

		(A)	in the case where the existing Indebtedness being refinanced
was previously supported by Liens, the Liens and/or the Group Member Guarantees securing or supporting the Permitted Refinancing
(as applicable) are over some or all of the same assets and;

 

		(1)	with respect to any Liens, are with the same or lower priority
as the Liens in respect of such assets that secured the Indebtedness being refinanced; and

 

		(2)	with respect to any Group Member Guarantees, are Group Member Guarantees provided by a Group Member
that owns (directly or indirectly) only those Vessels (or some of those Vessels but not any other Vessel) that were previously
secured pursuant to the Liens referred to in the first sentence of this paragraph (A); and

 

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		(B)	in the case where the existing Indebtedness being refinanced was previously supported by any Group
Member Guarantee, the Group Member Guarantee(s) supporting such Permitted Refinancing are:

 

		(1)	guarantees of obligations in an amount no greater than the guarantees granted in connection with
the original Indebtedness being refinanced;

 

		(2)	in the case where the entity providing the relevant Group Member Guarantee(s) supporting such Permitted
Refinancing is the same entity providing the Group Member Guarantees that are being replaced, provided by entities owning (directly
or indirectly) only those Vessels (or some of those Vessels but not any other Vessel) that it owned when the previous Group Member
Guarantee was provided;

 

		(3)	in the case where the entity providing the relevant Group Member Guarantee(s) supporting such Permitted
Refinancing differs from the entity providing the Group Member Guarantees being replaced, provided by entities that directly or
indirectly own Vessels with an aggregate book value no greater than the Vessels that were owned (directly or indirectly) by the
previous provider of the relevant Group Member Guarantee(s) that supported the existing Indebtedness; and

 

		(4)	the same or lower priority as the original Group Member Guarantee(s) and are issued by either the
same entities or from shareholders of those entities,

 

provided that
this paragraph (a) shall not prohibit any Group Member from providing or maintaining any Lien in accordance with the provisions
of Clauses 9.3(d) through to (r) inclusive, provided, however, that the proviso at the end of Clause 9.3(d) shall apply with respect
to Liens granted pursuant that provision; and

 

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		(b)	incur any new Indebtedness (including Indebtedness of the
type referred to in paragraph (a)(i) above but excluding any Permitted Refinancing Indebtedness in connection with paragraph (a)(ii)
above) which is secured by a Lien or is supported by a Group Member Guarantee and which, when taken with all other Indebtedness
incurred by the Group since the Second Deferred Tranche Effective Date and which is also secured by a Lien or supported by a Group
Member Guarantee, is greater than $1,300,000,000 (but deducting from this amount for this purpose, (i) the amount of any additional
Indebtedness incurred by the Borrower in connection with the drawing of the DDTL Indebtedness (whether pursuant to the accordion
option or otherwise) or (ii) any Indebtedness borrowed in lieu of the drawing of the DDTL Indebtedness
in the foregoing clause) or its equivalent in any other currency, and provided that no Group Member shall, as contemplated
by the proviso to Clause 9.3, from the Second Deferred Tranche Effective Date until the Guarantee Release Date (whereupon the
relevant provisions of Schedule R shall apply), be permitted to grant any Lien over an ECA Financed Vessel as security for any
Indebtedness permitted to be incurred under this Agreement after the Second Deferred Tranche Effective Date.

 

		9.12	covenant replacemenT

 

With effect on and from the
Guarantee Release Date, it is agreed that Clauses 9.2 and 9.3 shall be deleted in their entirety and replaced with the covenants
and other provisions set out in Schedule R, which shall become part of this Agreement and effective and binding on all Parties.

 

		10.	EVENTS OF DEFAULT

 

		10.1	Listing of Events of Default

 

Each of the following events or occurrences described in this Clause
10.1 (Listing of Events of Default) shall constitute an “Event of Default”.

 

		(a)	Non-Payment of Obligations

 

The Borrower shall
default in the payment when due of any amount payable by it under the Finance Documents in the manner required under the Finance
Documents unless such failure is solely as a result of either (a) administrative or technical error or (b) a Disruption Event,
and, in either case, payment is made within 3 Business Days of its due date.

 

		(b)	Breach of Warranty

 

Any representation
or warranty of the Borrower made or deemed to be made hereunder (including in any documents delivered pursuant to Clause 4 (Conditions
Precedent)) or under any other Finance Document is or shall be incorrect in any material respect when made.

 

		(c)	Non-Performance of Certain Covenants and Obligations

 

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		(i)	The Borrower shall default in the due performance and observance of any other agreement contained
herein (including, from the Guarantee Release Date, Schedule R) or in any other Finance Document (other than the covenants set
forth in Clause 8.1(m), Clause 8.1(n), Clause 8.1(q), Clause 8.1(s),Clause 8.4(e), Clause 8.10, Clause 8.11, Clause 8.12 and Clause
9.4(a) to (c) (but excluding Clauses 9.4(b) and 9.4(c) (which shall be regulated in accordance with Clause 11.1(m)(iv)) and also
excluding Clause 9.4(d), a breach of which shall, subject to the cure periods set out in this Clause 10.1(c), result in an Event
of Default)and the obligations referred to in paragraph (a) above) and such default shall continue unremedied for a period of five
(5) days after notice thereof shall have been given to the Borrower by the Facility Agent or any Lender (or, if (a) such default
is capable of being remedied within thirty (30) days (commencing on the first day following such five-day period) and (b) the Borrower
is actively seeking to remedy the same during such period, such default shall continue unremedied for at least thirty five (35)
days after such notice to the Borrower).

 

		(ii)	The Borrower shall default in the due performance and observance of its obligations under Clause
5.1(c), it being provided that if the default consists of a payment default, the remedy periods provided in Clause 10.1(a) (Non-Payment
of Obligations) shall apply.

 

		(d)	Default on Other Indebtedness

 

		(i)	The Borrower or any of the Principal Subsidiaries shall fail to pay:

 

		(A)	any Indebtedness under the EUR Facility Agreement; or

 

		(B)	any Indebtedness that is outstanding in a principal amount of at least one hundred million Dollars
($100,000,000) (or the equivalent in any other currency) in the aggregate (but excluding the Indebtedness hereunder or with respect
to Hedging Instruments)

 

(hereinafter called
the “Relevant Indebtedness”) when the same becomes due and payable (whether by scheduled maturity, required
prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified
in the agreement or instrument relating to such Relevant Indebtedness;

 

		(ii)	any other event shall occur or condition shall exist under any agreement or instrument evidencing,
securing or relating to any Relevant Indebtedness and shall continue after the applicable grace period, if any, specified in such
agreement or instrument, if the effect of such event or condition is to cause or permit the holder or holders of such Relevant
Indebtedness to cause such Relevant Indebtedness to become due and payable prior to its scheduled maturity (other than as a result
of any sale or other disposition of any property or assets under the terms of such Indebtedness);

 

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		(iii)	any such Relevant Indebtedness shall be declared to be due and payable or required to be prepaid
or redeemed (other than by a regularly scheduled required prepayment or redemption or by voluntary agreement), purchased or defeased,
or an offer to prepay, redeem, purchase or defease such Relevant Indebtedness is required to be made, in each case prior to the
scheduled maturity thereof (other than as a result of any sale or other disposition of any property or assets under the terms of
such Relevant Indebtedness); or

 

		(iv)	the occurrence under any Hedging Instrument of an Early Termination Date (as defined in such Hedging
Instrument) resulting from (A) any event of default under such Hedging Instrument as to which the Borrower is the Defaulting Party
(as defined in such Hedging Instrument) or (B) any Termination Event (as so defined) as to which the Borrower is an Affected Party
(as so defined) and, in either event, the termination value with respect to any such Hedging Instrument owed by the Borrower as
a result thereof is greater than $100,000,000 and the Borrower fails to pay such termination value when due after applicable grace
periods. For purposes of determining Indebtedness for any Hedging Instrument, the principal amount of the obligations under any
such instrument at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Borrower or
any Principal Subsidiary would be required to pay if such instrument were terminated at such time,

 

provided that
any required prepayment or right to require prepayment triggered by terms that are certified by the Borrower to be unique to, but
customary in, ship financings shall not constitute an Event of Default under this paragraph 10.1(d) so long as any required prepayment
is made when due.

 

		(e)	Bankruptcy, Insolvency, etc.

 

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

 

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

 

		(ii)	enter into a binding settlement with all, or which is enforceable against each, of its creditors
with respect to its Indebtedness;

 

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

 

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

 

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

 

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

 

		(f)	Cessation of Business

 

The Borrower ceases to carry
on all or substantially all of its business.

 

		(g)	Execution or Distress

 

Any execution,
expropriation, attachment, sequestration or distress is levied against, or an encumbrancer takes possession of, all or a substantial
part of the assets of the Borrower (a “Distress Event”) and such Distress Event continues for a period of thirty
(30) Business Days, unless, upon the expiry of any such thirty (30) Business Day period if such Distress Event is still continuing,
the Borrower demonstrates to the satisfaction of the Facility Agent that it is diligently and in good faith contesting such Distress
Event by appropriate proceedings and that such Distress Event does not and could not reasonably be expected to have a Material
Adverse Effect.

 

		10.2	Action if Bankruptcy

 

If any Event of Default described
in clauses (ii) to (v) of Clause 10.1(e) (Bankruptcy, Insolvency, etc.) shall occur with respect to any Group Member:

 

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		(a)	the Commitments (if not theretofore terminated) shall automatically
terminate and the outstanding principal amount of the Loan and all other Obligations shall automatically be and become immediately
due and payable, without notice or demand; and

 

		(b)	without prejudice to (a) above, the deemed advances of
the Deferred Tranches (and accordingly all book entries related to such deemed advances) shall be reversed and (i) the Borrower
shall repay the Loan in accordance with the original repayment schedule for the Loan existing prior to the amendment of such repayment
schedule in connection with the Deferred Tranche arrangements pursuant to Amendment and Restatement No.3 and Amendment and Restatement
No.5 and (ii) any part of either Deferred Tranche which, at that time, is unutilised shall be automatically cancelled.

 

		10.3	Action if Other Event of Default

 

If any Event of Default (other
than any Event of Default described in clauses (ii) to (v) of Clause 10.1(e) (Bankruptcy, Insolvency, etc.) with respect
to the Borrower) shall occur for any reason, whether voluntary or involuntary, and be continuing, the Facility Agent, upon the
direction of the Required Lenders, shall by notice to the Borrower declare the outstanding principal amount of the Loan and all
other Obligations to be immediately due and payable and/or the Commitments (if not theretofore terminated) to be terminated, whereupon
the full unpaid amount of the Loan and all other Obligations shall be and become immediately due and payable, without further notice,
demand or presentment.

 

		11.	MANDATORY PREPAYMENT EVENTS

 

		11.1	Listing of Mandatory Prepayment Events

 

Each of the following events or occurrences
described in this Clause 11.1 (Listing of Mandatory Prepayment Events) shall constitute a “Mandatory Prepayment
Event”.

 

		(a)	Change of Control

 

There occurs any
Change of Control.

 

		(b)	[Intentionally Omitted]

 

		(c)	Unenforceability

 

Any Finance Document shall
cease to be the legally valid, binding and enforceable obligation of the Borrower or, to the extent applicable, any Material Guarantor
(in each case, other than with respect to provisions of any Finance Document (a) identified as unenforceable in any opinion of
the Borrower’s counsel provided pursuant to Clause 4 (Conditions Precedent) or in any opinion delivered to the Facility
Agent after the effectiveness of this Agreement in connection with this Agreement or (b) that a court of competent jurisdiction
has determined are not material) and such event shall continue unremedied for fifteen (15) days after notice thereof has been given
to the Borrower by the Facility Agent.

 

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		(d)	Approvals

 

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

 

		(e)	Non-Performance of Certain Covenants and Obligations

 

The Borrower shall default in the
due performance and observance of any of the covenants set forth in Clause 6.15 (Use of Proceeds) or Clause 9.4(a) (Financial
Condition), provided that any such default in respect of Clause 9.4(a) (Financial Condition) that occurs during the
Financial Covenant Waiver Period (but without prejudice to the rights of the Lenders in respect of any further breach that may
occur following the expiry of the Financial Covenant Waiver Period) shall not (as long as no Event of Default under any of Clauses
10.1(e) to 10.1(g) (inclusive) has occurred and is continuing, or no Mandatory Prepayment Event under Clause 11.1(m) (Framework
Prohibited Events) or Clause 11.1(n) (Breach of Principles or Framework) has occurred, in each case during the Financial
Covenant Waiver Period) constitute a Mandatory Prepayment Event.

 

		(f)	Judgments

 

Any judgment
or order for the payment of money in excess of one hundred million Dollars ($100,000,000) shall be rendered against the Borrower
or any of the Principal Subsidiaries by a court of competent jurisdiction and the Borrower or such Principal Subsidiary shall have
failed to satisfy such judgment and either:

 

		(i)	enforcement proceedings in respect of any material assets of the Borrower or such Principal Subsidiary
shall have been commenced by any creditor upon such judgment or order and shall not have been stayed or enjoined within five (5)
Business Days after the commencement of such enforcement proceedings; or

 

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

 

		(g)	Condemnation, etc.

 

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

 

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		(h)	Total Loss

 

The Purchased Vessel
is or becomes a Total Loss and a period of one hundred eighty (180) days from the occurrence of the Total Loss has elapsed.For
purposes of this paragraph (h):

 

		(i)	“Total Loss” means:

 

		(A)	the actual total loss of the Purchased Vessel;

 

		(B)	the constructive, compromised, agreed or arranged total loss of the Purchased Vessel;

 

		(C)	any expropriation, confiscation, requisition, appropriation, forfeiture or acquisition of the Purchased
Vessel, whether for full consideration, a consideration less than its proper value, a nominal consideration or without any consideration,
which is effected by any government or official authority or by any Person or Persons claiming to be or to represent a government
or official authority (excluding a requisition for hire not involving a requisition of title); or

 

		(D)	any arrest, capture, seizure, confiscation, restraint, disappearance or detention of the Purchased
Vessel (including any hijacking or theft) other than as described in clause (C) above,

 

		(E)	unless, in the case of clause (C) or (D) above, the Purchased Vessel is redelivered to the Borrower’s
full control, possession and enjoyment before the date on which prepayment is required to be made under Clause 11.2 (Mandatory
Prepayment); and

 

		(ii)	a Total Loss shall be deemed to have occurred:

 

		(A)	in the case of a Total Loss under clause (A) of the definition thereof, at 12:00 p.m. (London time)
on the date of the actual loss of the Purchased Vessel or, if that is not known, on the date on which the Purchased Vessel was
last heard from;

 

		(B)	in the case of a Total Loss under clause (B) of the definition thereof, on the earlier of (I) the
date on which a notice of abandonment is given to the insurers and (II) the date of any compromise, arrangement or agreement made
by or on behalf of the Borrower with the Purchased Vessel’s insurers in which such insurers agree to treat the Purchased
Vessel as a total loss; and

 

		(C)	in the case of a Total Loss under clause (C) or (D) of the definition thereof, at 12:00 p.m. (London
time) on the date on which the relevant event is expressed to take effect by the Person making the same.

 

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		(i)	Arrest

 

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

 

		(j)	Sale of the Purchased Vessel

 

The Purchased Vessel
is sold to a company which is not the Borrower or a wholly-owned Subsidiary of the Borrower (other than for the purpose of a lease
back to the Borrower or a wholly-owned Subsidiary of the Borrower) or any wholly-owned Subsidiary of the Borrower that owns the
Purchased Vessel ceases to be a wholly-owned Subsidiary of the Borrower while it owns the Purchased Vessel.

 

		(k)	BpiFAE Insurance Policy

 

		(i)	The BpiFAE Insurance Policy is no longer in full force
and effect, is terminated or cancelled or is no longer valid.

 

		(ii)	The BpiFAE Insurance Policy is suspended for more than six (6) months.

 

		(l)	Illegality for Lenders

 

It becomes unlawful
in any applicable jurisdiction for any Lender (such Lender being an “affected Lender” for the purposes of this Clause
11.1(l) and Clause 11.2 (Mandatory Prepayment)) to perform its obligations as contemplated by this Agreement and/or any
other Finance Document (an “Illegality Event”) and no later than the close of business on the last day
of the Option Period related to the giving of any Illegality Notice by an affected Lender pursuant to the paragraph below, either:
(x) the Borrower has not elected to take an action specified in sub-clause (1) or (2) below, (y) if the Borrower has elected to
act as set forth in clause (1) below, the Borrower has failed to take the action required in respect of such election, or (z) if
the Borrower has elected to act as set forth in sub-clause (2) below, the affected Lender’s participation in the Loan has
not been transferred to one or more Affiliates, other Lenders or financial institutions.

 

Upon the occurrence
of an Illegality Event, the affected Lender may give written notice (the “Illegality Notice”) to the Borrower
and the Facility Agent of such event, including reasonable details of the relevant circumstances. If an affected Lender delivers
an Illegality Notice, the Borrower and the affected Lender shall discuss in good faith (but without obligation) what steps may
be open to the relevant Lender to mitigate or remove such circumstances in accordance with the provisions of Clause 13.3(a), but,
if they are unable to agree such steps within the Option Period or if the Borrower so elects, the Borrower shall have the right,
exercisable at any time during the Option Period, either:

 

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(1)       to prepay the
affected Lender’s participation in the Loan in full on or before the expiry of the Option Period, together with all unpaid
interest and fees thereon accrued to but excluding the date of such prepayment, or

 

(2)       to exercise
its rights in accordance with the terms and conditions of Clause 13.11(g) (Borrower’s Lender Replacement Rights).

 

For the purpose
of this Clause “Option Period” means the occurrence of the first of the two following dates: the last day of
the Interest Period occurring after the delivery of the Illegality Notice or, if earlier, the date specified by the Lender in the
Illegality Notice (being no earlier than the last day of any applicable grace period permitted by law).

 

		(m)	Framework Prohibited Events

 

		(i)	The Borrower declares, pays or makes or agrees to pay or make, directly or indirectly, any Restricted
Payment, except for (A) dividends or other distributions with respect to its Equity Interests payable solely in additional shares
of its Equity Interests or options to purchase Equity Interests and (B) Restricted Payments pursuant to and in accordance with
stock option plans or other benefit plans (including with respect to performance shares issued in the ordinary course of business)
for present or former officers, directors, consultants or employees of the Borrower in the ordinary course of business consistent
with past practice;

 

		(ii)	a Group Member makes any payment of any kind under any shareholder loan;

 

		(iii)	a Group Member sells, transfers, leases or otherwise disposes of any its assets, whether by one
or a series of related transactions and that disposal or action was not conducted on arms' length terms between a willing seller
and a willing buyer and for fair market value;

 

		(iv)	any Group Member breaches any of the requirements of Clause 8.1(m), Clause 8.1(n), Clause 8.1(q),
Clause 8.1(r), Clause 8.1(s), Clause 8.4(e), Clause 8.10, Clause 8.11, Clause 8.12 or Clause 9.4(b) to (c);

 

		(v)	a Group Member completes a Debt Incurrence;

 

		(vi)	a Group Member enters into a Restricted Loan Arrangement; and/or

 

		(vii)	a Group Member makes a Restricted Voluntary Prepayment and the Facility Agent (acting upon the
instructions of BpiFAE) notifies the Borrower that BpiFAE has requested that the Borrower prepay the Deferred Tranches.

 

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		(n)	Breach of Principles or Framework

 

The Borrower shall default in the
due performance and observance of the Principles, and/or the Framework (it being agreed that if there is inconsistency between
the terms of the Principles and the Framework, the Framework shall prevail) and, if capable of remedy, such default shall continue
unremedied for a period of ten (10) days after notice thereof shall have been given to the Borrower by the Facility Agent, provided
that, if the default does not otherwise constitute a Default or a Mandatory Prepayment Event under another section of this Agreement,
the Borrower, the Facility Agent and BpiFAE shall seek to negotiate a resolution in good faith for a maximum period of fifteen
(15) days after notice thereof shall have been given to the Borrower by the Facility Agent.

 

		11.2	Mandatory Prepayment

 

		(a)	If any Mandatory Prepayment Event shall occur and be continuing,
the Facility Agent, upon the direction of the Required Lenders, shall, by notice to the Borrower and without prejudice to the
Borrower’s obligations in Clause 6.5 (Funding Losses), require the Borrower to prepay in full on the date of such
notice:

 

		(i)	the Loan or (A) (in the case of Clause 11.1(l) (Illegality for Lenders)) each affected Lender’s
participation in the Loan (as applicable) or (B) in the case of Clauses 11.1(m) (Framework Prohibited Events) and 11.1(n)
(Breach of Principles or Framework), any drawn amount of the Deferred Tranches;

 

		(ii)	all accrued and unpaid interest on the Loan or (A) (in the case of Clause 11.1(l) (Illegality
for Lenders)) each affected Lender’s participation in the Loan (as applicable) or (B) in the case of Clauses 11.1(m)
(Framework Prohibited Events) and 11.1(n) (Breach of Principles or Framework), in respect of any drawn amount of
the Deferred Tranches; and

 

		(iii)	all other Obligations payable to the Lenders or (in the case of Clause 11.1(l) (Illegality for
Lenders)) each affected Lender (as applicable),

 

and, in such event,
the Borrower agrees to so pay all such amounts.

 

		(b)	In addition to any prepayment made pursuant to paragraph
(a) above, in the case of a Mandatory Prepayment Event arising under Clause 11.1(m) (Framework Prohibited Events) or Clause
11.1(n) (Breach of Principles or Framework), the Facility Agent shall, by notice to the Borrower (i) require that any part
of the Deferred Tranches that has not been advanced as at the time of such Mandatory Prepayment Event be automatically cancelled
and, on the Repayment Date on which that portion of such Deferred Tranche would have otherwise been advanced, the Borrower shall
continue to be obliged to make the relevant repayment of the Loan (and thus no deemed advance in respect of that Deferred Tranche
shall occur) and (ii) immediately terminate the waiver contained in Clause 11.1(e) (Non-Performance of Certain Covenants and
Obligations) relating to the occurrence of any Mandatory Prepayment Event in respect of Clause 9.4 (Financial Condition),
such that any breach of Clause 9.4 (Financial Condition) in existence as at the date of the notice from the Facility Agent
referred to above or any breach occurring at any time after such notice, shall constitute a Mandatory Prepayment Event with all
attendant consequences.

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		12.	THE FACILITY AGENT, MANDATED LEAD ARRANGERS AND DOCUMENTATION BANK

 

		12.1	Appointment and Duties

 

		(a)	Each Finance Party (other than the Facility Agent) hereby appoints Société Générale
as Facility Agent, as its agent under and for purposes of this Agreement and each other Transaction Document to which the Facility
Agent is a party.

 

		(b)	Each Finance Party (other than the Facility Agent) irrevocably authorises the Facility Agent to
sign the Funds Flow Amendment, the Funding Accounts Charge and the relevant Fee Letters on behalf of such Finance Party and to
act on behalf of such Finance Party under and in respect of this Agreement and each other Transaction Document to which it is a
party, including by giving the payment instructions set forth in the Funds Flow Agreement as amended pursuant to the Funds Flow
Amendment, and, in the absence of other written instructions from the Required Lenders received from time to time by the Facility
Agent (with respect to which the Facility Agent agrees that it will comply, except as otherwise provided in this Clause 12 (The
Facility Agent, Mandated Lead Arrangers and Documentation Bank), as otherwise advised by counsel or as otherwise instructed
by any French Authority, it being understood and agreed that any instructions provided by a French Authority shall prevail), to
exercise such powers hereunder and thereunder as are specifically delegated to or required of the Facility Agent by the terms hereof
and thereof, together with such powers as may be reasonably incidental thereto.

 

		(c)	The Facility Agent shall not be obliged to act on the instructions of any Finance Party or the
Required Lenders if to do so would, in the opinion of the Facility Agent, be contrary to any provision of this Agreement, any other
Transaction Document to which the Facility Agent is a party or the BpiFAE Insurance Policy or to any law or the conflicting instructions
of any French Authority, or would expose the Facility Agent to any actual or potential liability to any third party.

 

		(d)	The Facility Agent’s duties under the Transaction Documents to which it is a party are solely
mechanical and administrative in nature.

 

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		12.2	Indemnity

 

Without prejudice to the
Borrower’s indemnity obligations hereunder, each Lender hereby indemnifies (which indemnity shall survive any termination
of this Agreement) the Facility Agent, pro rata according to such Lender’s Commitment, from and against any and all
claims, damages, losses, liabilities and expenses (including reasonable fees and disbursements of counsel) that be incurred by
or asserted or awarded against the Facility Agent in any way relating to or arising out of this Agreement and any other Transaction
Document or any action taken or omitted by the Facility Agent under this Agreement or any other Transaction Document; provided
that no Lender shall be liable for the payment of any portion of such claims, damages, losses, liabilities and expenses which have
resulted from the Facility Agent’s gross negligence or wilful misconduct. Without limitation of the foregoing, each Lender
agrees to reimburse the Facility Agent promptly upon demand for its ratable share of any out-of-pocket expenses (including reasonable
counsel fees) incurred by the Facility Agent in connection with the preparation, execution, delivery, administration, modification,
amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights
or responsibilities under, this Agreement, to the extent that the Facility Agent is not reimbursed for such expenses by the Borrower.
In the case of any investigation, litigation or proceeding giving rise to any such indemnified costs, this Clause 12.2 (Indemnity)
applies whether any such investigation, litigation or proceeding is brought by the Facility Agent, any Lender or any third party.
The Facility Agent shall not be required to take any action hereunder or under any other Transaction Document, or to prosecute
or defend any suit in respect of this Agreement or any other Transaction Document, unless it is expressly required to do so under
this Agreement or is indemnified hereunder to its satisfaction. If any indemnity in favor of the Facility Agent shall be or become,
in the Facility Agent’s determination, inadequate, the Facility Agent may call for additional indemnification from the Lenders
and cease to do the acts indemnified against hereunder until such additional indemnity is given.

 

		12.3	Funding Reliance, etc.

 

Each Lender shall notify
the Facility Agent by 9:00 a.m. (London time), one (1) day prior to the advance of the Loan if it is not able to fund the following
day. Unless the Facility Agent shall have been notified by telephone, confirmed in writing, by any Lender by 9:00 a.m. (London
time), on the day prior to the advance of the Loan that such Lender will not make available the amount which would constitute its
percentage (based upon its Commitment) of the Loan on the date specified therefor, the Facility Agent may assume that such Lender
has made such amount available to the Facility Agent and, in reliance upon such assumption, may, but shall not be obliged to, make
available to the Borrower a corresponding amount. If and to the extent that such Lender shall not have made such amount available
to the Facility Agent, such Lender and the Borrower severally agree to repay the Facility Agent forthwith on demand such corresponding
amount together with interest thereon, for each day from the date the Facility Agent made such amount available to the Borrower
to the date such amount is repaid to the Facility Agent, at the interest rate applicable at the time to the Loan without premium
or penalty.

 

		12.4	Exculpation

 

The Facility Agent shall
not be liable to any other Finance Party for any action taken or omitted to be taken by it under this Agreement or any other Transaction
Document, or in connection herewith or therewith, except for the Facility Agent’s own gross negligence or wilful misconduct.
No director, officer, employee or agent of the Facility Agent shall be liable to any Finance Party other than the Facility Agent
for any action taken or omitted to be taken by it under this Agreement or any other Transaction Document, or in connection herewith
or therewith. Without limitation of the generality of the foregoing, the Facility Agent:

 

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		(a)	may consult with legal counsel (including counsel for the Borrower), independent public accountants
and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it and in
accordance with the advice of such counsel, accountants or experts;

 

		(b)	makes no warranty or representation to any other Finance Party and shall not be responsible to
any other Finance Party for any statements, warranties or representations (whether written or oral) made in or in connection with
this Agreement;

 

		(c)	shall not have any duty to ascertain or to inquire as to the performance, observance or satisfaction
of any of the terms, covenants or conditions of this Agreement on the part of the Obligors or the existence at any time of any
Default, Event of Default or Mandatory Prepayment Event or to inspect the property (including the books and records) of the Obligors;

 

		(d)	shall not be responsible to any other Finance Party for the due execution, legality, validity,
enforceability, genuineness, sufficiency or value of this Agreement or any other instrument or document furnished pursuant hereto;

 

		(e)	shall incur no liability under or in respect of this Agreement by action upon any notice, consent,
certificate or other instrument or writing (which may be by facsimile or electronic mail) believed by it to be genuine and signed
or sent by the proper party or parties; and

 

		(f)	shall have no responsibility to the Borrower or any other Finance Party on account of:

 

		(i)	the failure of another Finance Party or the Obligors to perform any of its obligations under this
Agreement, any other Transaction Document or any Hedging Agreement;

 

		(ii)	the financial condition of the Obligors;

 

		(iii)	the completeness or accuracy of any statements, representations or warranties made in or pursuant
to this Agreement, any other Transaction Document or any Hedging Agreement, or in or pursuant to any document delivered pursuant
to or in connection with this Agreement, any other Transaction Document or any Hedging Agreement; or

 

		(iv)	the negotiation, execution, effectiveness, genuineness, validity, enforceability, admissibility
in evidence or sufficiency of this Agreement, any other Transaction Document or any Hedging Agreement or of any document executed
or delivered pursuant to or in connection with any Transaction Document or any Hedging Agreement.

 

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		12.5	Successor/Replacement

 

		(a)	The Facility Agent may resign and be replaced as such by all of the Lenders at any time upon at
least two (2) Business Days’ prior notice to the Borrower (and, in the case of a resignation, all Lenders), and a successor
Facility Agent shall be appointed.

 

		(b)	Upon the Borrower’s receipt of notice of a proposed successor Facility Agent under paragraph
(a) above, the Borrower shall, as soon as reasonably practicable and in any event within two (2) Business Days, advise the existing
Facility Agent in writing whether the Borrower approves or objects to such proposed successor Facility Agent; provided that,
if the Borrower fails to so advise the Facility Agent in writing within such two (2) Business Days, then the Borrower shall be
deemed to have approved of such proposed successor Facility Agent.

 

		(c)	Any successor Facility Agent hereunder shall be entitled to receive from the resigning or otherwise
replaced Facility Agent such documents of transfer and assignment as such successor Facility Agent may request, and shall thereupon
succeed to and become vested with all rights, powers, privileges and duties of the resigning or otherwise replaced Facility Agent,
and the resigning or otherwise replaced Facility Agent shall be discharged from its duties and obligations under this Agreement.

 

		(d)	After any resigning or otherwise replaced Facility Agent’s resignation or replacement hereunder
as the Facility Agent, the provisions of:

 

		(i)	this Clause 12 (The Facility Agent, Mandated Lead Arrangers
and Documentation Bank) shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Facility
Agent under this Agreement; and

 

		(ii)	Clause 13.5 (Payment of Costs and Expenses) and Clause 13.6 (Indemnification) shall
continue to inure to its benefit.

 

		(e)	The Facility Agent shall resign in accordance with paragraph (a) above (and, to the extent applicable,
shall use reasonable endeavours to appoint a successor Facility Agent pursuant to paragraphs (a) and (b) above) if, on or after
the date which is three (3) months before the earliest FATCA Application Date relating to any payment to the Facility Agent under
the Finance Documents, either:

 

		(i)	the Facility Agent fails to respond to a request under Clause 6.7(j) and a Lender reasonably believes
that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;

 

		(ii)	the information supplied by the Facility Agent pursuant to Clause 6.7(j) or (k) indicates that
the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or

 

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		(iii)	the Facility Agent notifies the Lenders and the Borrower that the Facility Agent will not be (or
will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;

 

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

 

		12.6	Loans by the Facility Agent

 

The Facility Agent and its
Affiliates may accept deposits from, lend money to, and generally engage in any kind of business with the Borrower or any Affiliate
of the Borrower as if the Facility Agent were not the Facility Agent hereunder and without any duty to account therefor to the
other Finance Parties. The Facility Agent shall have no duty to disclose information obtained or received by it or any of its Affiliates
relating to the Borrower or its Subsidiaries to the extent such information was obtained or received in any capacity other than
as the Facility Agent.

 

		12.7	Credit Decisions

 

Each Lender acknowledges
that it has, independently of the Facility Agent and each other Finance Party, and based on such Lender’s review of the financial
information of the Obligors, this Agreement, the other Transaction Documents, the Hedging Agreements and such other documents,
information and investigations as such Lender has deemed appropriate, made its own credit decision to extend its Commitment or
otherwise participate in the Loan. Each Lender also acknowledges that it will, independently of the Facility Agent and each other
Finance Party, and based on such other documents, information and investigations as it shall deem appropriate at any time, continue
to make its own credit decisions as to exercising or not exercising from time to time any rights and privileges available to it
under this Agreement, any other Transaction Document or the Hedging Agreements.

 

		12.8	Copies, etc.

 

The Facility Agent shall
give prompt notice to each Lender of each notice or request required or permitted to be given to the Facility Agent by the Borrower
pursuant to the terms of this Agreement (unless concurrently delivered to the Lenders by the Borrower). The Facility Agent will
distribute to each Lender each document or instrument received for its account and copies of all other communications received
by the Facility Agent from the Borrower for distribution to the Lenders by the Facility Agent in accordance with the terms of this
Agreement.

 

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		12.9	The Facility Agent’s Rights

 

The Facility Agent may (a)
assume that all representations or warranties made or deemed repeated by the Obligors in or pursuant to this Agreement or any other
Transaction Document are true and complete, unless, in its capacity as the Facility Agent, it has acquired actual knowledge to
the contrary; (b) assume that no Default, Event of Default or Mandatory Prepayment Event has occurred unless, in its capacity as
Facility Agent, it has acquired actual knowledge to the contrary; (c) rely on any document or notice believed by it to be genuine;
(d) rely as to legal or other professional matters on opinions and statements of any legal or other professional advisers selected
or approved by it; (e) rely as to any factual matters which might reasonably be expected to be within the knowledge of the Borrower
on a certificate or other document signed by or on behalf of the Borrower; and (f) refrain from exercising any right, power, discretion
or remedy unless and until instructed to exercise that right, power, discretion or remedy and as to the manner of such exercise
by the Lenders (or, where applicable, by the Required Lenders) and unless and until it has received from the Lenders any payment
which it may require on account of, or any security which it may require for, any costs, claims, expenses (including legal and
other professional fees) and liabilities which it considers it may incur or sustain in complying with those instructions.

 

		12.10	The Facility Agent’s Duties

 

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

 

		(b)	The Facility Agent shall not be deemed to have actual knowledge of the falsehood or incompleteness
of any representation or warranty made or deemed repeated by the Obligors or actual knowledge of the occurrence of any Default
unless a Lender, or the Borrower, shall have given written notice thereof to the Facility Agent in its capacity as the Facility
Agent. Any information acquired by the Facility Agent other than specifically in its capacity as the Facility Agent shall not be
deemed to be information acquired by the Facility Agent in its capacity as the Facility Agent.

 

		(c)	The Facility Agent may, without any liability to account to the Lenders, generally engage in any
kind of banking or trust business with the Borrower or with the Borrower’s Subsidiaries or associated companies or with a
Lender as if it were not the Facility Agent.

 

	 	 	 

		12.11	Employment of Agents

 

In performing its duties
and exercising its rights, powers, discretions and remedies under or pursuant to this Agreement, the Facility Agent shall be entitled
to:

 

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		(a)	employ and pay agents to do anything which the Facility Agent is empowered to do under or pursuant
to this Agreement or the other Transaction Documents (including the receipt of money and documents and the payment of money); provided
that, unless otherwise provided herein, including Clause 13.5 (Payment of Costs and Expenses), the employment of such agents
shall be for the Facility Agent’s account; and

 

		(b)	to act or refrain from taking action in reliance on the opinion of, or advice or information obtained
from, any lawyer, banker, broker, accountant, valuer or any other Person believed by the Facility Agent in good faith to be competent
to give such opinion, advice or information.

 

		12.12	Distribution of Payments

 

The Facility Agent shall
pay promptly to the order of each Lender such Lender’s pro rata share of every sum of money received by the Facility
Agent pursuant to this Agreement and the other Finance Documents (with the exception of any amounts which, by the terms of this
Agreement or any Fee Letter, as the case may be, are payable to the Facility Agent for its own account or specifically for the
account of one or more Lenders) and until so paid such amount shall be held by the Facility Agent on trust absolutely for such
Lender.

 

		12.13	Reimbursement

 

The Facility Agent shall
have no liability to pay any sum to a Lender until it has itself received payment of that sum. If, however, the Facility Agent
does pay any sum to a Lender on account of any amount prospectively due to such Lender pursuant to Clause 12.12 (Distribution
of Payments) before it has itself received payment of that amount, and the Facility Agent does not in fact receive payment
within five (5) Business Days after the date on which that payment was required to be made by the terms of this Agreement or the
other Finance Documents, as applicable, then that Lender will, on demand by the Facility Agent and without prejudice to the Borrower’s
obligations hereunder, refund to the Facility Agent an amount equal to the amount received by it, together with an amount sufficient
to reimburse the Facility Agent for any amount which the Facility Agent may certify that it has been required to pay by way of
interest on money borrowed to fund the amount in question during the period beginning on the date on which that amount was required
to be paid by the terms of this Agreement or the other Finance Documents, as applicable, and ending on the date on which the Facility
Agent receives reimbursement.

 

		12.14	Instructions

 

Where the Facility Agent
is authorised or directed to act or refrain from acting in accordance with the instructions of the Lenders or of the Required Lenders,
each of the Lenders shall provide the Facility Agent with instructions within three (3) Business Days of the Facility Agent’s
request (which request may be made orally or in writing). If a Lender does not provide the Facility Agent with instructions within
that period, that Lender shall be bound by the decision of the Facility Agent. Nothing in this Clause 12.14 (Instructions)
shall limit the right of the Facility Agent to take, or refrain from taking, any action without obtaining the instructions of the
Lenders or the Required Lenders, as applicable, if the Facility Agent in its discretion considers it necessary or appropriate to
take, or refrain from taking, such action in order to preserve the rights of the Lenders under or in connection with this Agreement
and/or the other Finance Documents. In that event, the Facility Agent will notify the Lenders of the action taken by it as soon
as reasonably practicable, and the Lenders agree to ratify any action taken by the Facility Agent pursuant to this Clause 12.14
(Instructions).

 

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		12.15	Payments

 

All amounts payable to a Lender under this
Clause 12 (The Facility Agent, Mandated Lead Arrangers and Documentation Bank) shall be paid to such account at such bank
as that Lender may from time to time direct in writing to the Facility Agent.

 

		12.16	“Know your customer” Checks

 

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

 

		12.17	No Fiduciary Relationship

 

Except as provided in Clause
12.12 (Distribution of Payments), the Facility Agent shall not have any fiduciary relationship with or be deemed to be a
trustee of or for any other Person and nothing contained in this Agreement or any other Transaction Document shall constitute a
partnership between any two or more Lenders or between the Facility Agent and any other Person.

 

		12.18	The Mandated Lead Arrangers and the Documentation Bank

 

Except as specifically provided
herein, none of the Mandated Lead Arrangers or the Documentation Bank has any obligations of any kind to any Person under or in
connection with any Transaction Document.

 

		13.	MISCELLANEOUS PROVISIONS

 

		13.1	Waivers and Amendments

 

		(a)	The provisions of this Agreement and the other Finance Documents may from time to time be amended,
modified or waived, if such amendment, modification or waiver is in writing and consented to by the Borrower and the Required Lenders;
provided that no such amendment, modification or waiver which would:

 

    	147 	 	 

     

    

  

		(i)	contravene or be in breach of the terms of the BpiFAE Insurance
Policy or the arrangements with Natixis DAI relating to the CIRR (if the Fixed Rate applies) shall be effective unless consented
to by, as applicable, BpiFAE and/or Natixis DAI;

 

		(ii)	modify any requirement hereunder that any particular action be taken by all the Lenders or by the
Required Lenders shall be effective unless consented to by each Lender;

 

		(iii)	modify this Clause 13.1 (Waivers and Amendments) or change the definition of “Required
Lenders” shall be effective without the consent of each Lender;

 

		(iv)	increase the Commitment of any Lender shall be effective without the consent of such Lender;

 

		(v)	reduce any fees described in Clause 5 (Repayment, Prepayments, Interest and Fees) payable
to any Lender shall be effective without the consent of such Lender;

 

		(vi)	extend the Longstop Date shall be effective without the consent of each Lender;

 

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

 

		(viii)	modify the currency in which any payment is to be made under any Finance Document shall be effective
without the consent of each Finance Party who is to receive such payment; or

 

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

 

		(b)	The Borrower agrees to pay to the Facility Agent for its
own account a fee in the amount of fifteen thousand Dollars (USD 15,000) for each waiver of or amendment (i) required to be made
to the Finance Documents during the term of the Loan to correspond to changes to the Construction Contract, (ii) requested by
the Borrower or (iii) required due to the occurrence of a Default.

 

		(c)	Neither the Borrower’s rights nor its obligations under the Finance Documents shall be changed,
directly or indirectly, as a result of any amendment, supplement, modification, variance or novation of the BpiFAE Insurance Policy,
except any amendments, supplements, modifications, variances or novations, as the case may be, which occur (i) with the Borrower’s
consent, (ii) at the Borrower’s request or (iii) in order to conform to amendments, supplements, modifications, variances
or novations effected in respect of the Finance Documents in accordance with their terms.

 

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		(d)	The Borrower agrees that, without the prior written consent of the Facility Agent, it shall not:

 

		(i)	agree to any change (A) to the definition of “Repayment Date” under the EUR Facility
Agreement, (B) to the definition of “Business Day” under the EUR Facility Agreement (but only to the extent the same
would result in a change in the definition of “Repayment Date” under the EUR Facility Agreement) or (C) that will result
in a change of the payment dates of any amount of scheduled payments of principal or interest under clause 5.1(a) (as may be varied
pursuant to clause 5.1(b)(ii)) or clause 5.3(a)(Rates) of the EUR Facility Agreement;

 

		(ii)	agree to any change to the provisions of clause 7 (Representations and Warranties), clause
8 (Affirmative Covenants) and/or clause 9 (Negative Covenants) of the EUR Facility Agreement but only to the extent
those provisions are, as at the date of this Agreement, substantially the same in their terms, scope and effect as, respectively,
the provisions of Clause 7 (Representations and Warranties), Clause 8 (Affirmative Covenants) and Clause 9 (Negative
Covenants);

 

		(iii)	agree to any change to the provisions of clause 10.1 (Listing of Events of Default) of the
EUR Facility Agreement but, with regards to clauses 10.1(a) (Non-Payment of Obligations), 10.1(b) (Breach of Warranty)
and/or 10.1(c) (Non-Performance of Certain Covenants and Obligations) of the EUR Facility Agreement, but only to the extent
the same concern breaches of or defaults under those provisions of the EUR Facility Agreement which are, as at the date of this
Agreement, substantially the same in their terms, scope and effect as, respectively, the provisions of Clauses 10.1(a) (Non-Payment
of Obligations), 10.1(b) (Breach of Warranty) and/or 10.1(c) (Non-Performance of Certain Covenants and Obligations);

 

		(iv)	agree to any change to the provisions of clause 11.1 (Listing of Mandatory Prepayment Events)
of the EUR Facility Agreement but only to the extent those provisions are, as at the date of this Agreement, substantially the
same in their terms, scope and effect as the provisions of Clause 11.1 (Listing of Mandatory Prepayment Events); and/or

 

		(v)	agree to any change to the obligations to make pari-passu and pro-rata payments under
the Facility and the EUR Facility as provided under Clause 5.1(c) and under clause 5.1 (c) of the EUR Facility Agreement.

 

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		13.2	Exercise of Remedies

 

No failure or delay on the
part of the Facility Agent or any Lender in exercising any power or right under this Agreement or any other Finance Document shall
operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or further
exercise thereof or the exercise of any other power or right. No notice to or demand on the Borrower in any case shall entitle
it to any notice or demand in similar or other circumstances. No waiver or approval by the Facility Agent or any Lender under this
Agreement or any other Finance Document shall, except as may be otherwise stated in such waiver or approval, be applicable to subsequent
transactions. No waiver or approval hereunder shall require any similar or dissimilar waiver or approval thereafter to be granted
hereunder.

 

		13.3	Mitigation, Borrower Challenges, etc.

 

		(a)	Each Lender agrees to use reasonable efforts (consistent with its internal policies and legal and
regulatory restrictions and the terms of the BpiFAE Insurance Policy and (if the Fixed Rate applies) the arrangements with Natixis
DAI relating to the CIRR), in consultation with the Borrower, to avoid any circumstances which arise and which would result in
any Commitments becoming cancellable or amounts becoming payable or prepayable pursuant to Clauses 2.5 (Cancellation due to
Lender Illegality), 2.7 (Automatic Cancellation), 6.3 (Market Disruption), 6.4 (Increased Loan Costs, etc.),
6.6 (Increased Capital Costs), 6.7(c), (d), (h) or (i) (Taxes), 6.8 (Reserve Costs) and/or 11.1(l) (Illegality
for Lenders), including using reasonable efforts (consistent with its internal policies and legal and regulatory restrictions
and the terms of the BpiFAE Insurance Policy and (if the Fixed Rate applies) the arrangements with Natixis DAI relating to the
CIRR) to designate a different Lending Office, if such efforts would avoid such Commitments becoming cancellable or such amounts
becoming payable or prepayable, provided that, in each such case, such efforts shall not, in the reasonable judgment of
such Lender, be prejudicial or otherwise disadvantageous to such Lender and/or its Affiliates.

 

		(b)	For the avoidance of doubt, the Facility Agent shall not be required to take or omit to take any
action pursuant to paragraph (a) above if it would put the Facility Agent in default under the Funds Flow Agreement (as amended
by the Funds Flow Amendment).

 

		13.4	Notices

 

		(a)	All notices and other communications provided to any party hereto under this Agreement or any of
the other Finance Documents shall be in writing, by facsimile or by electronic mail, shall be in the English language (or, if not
in the English language, and if so required by the Facility Agent, accompanied by a certified English translation and, in this
case, the English translation thereof will prevail unless the document is a constitutional, statutory or other official document)
and shall be addressed, delivered or transmitted to such party at its following address, facsimile number or electronic mail address:

 

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		(i)	in the case of the Borrower:

 

Royal Caribbean Cruises
Ltd.

1050 Caribbean Way

 

Miami, Florida 33132-2096

U.S.A.

 

	Attention:	Antje Gibson, Vice President and Treasurer
	Tel:	+1 305 539 6440
	Fax:	+1 305 539 0562
	Email:	agibson@rccl.com

 

		(ii)	in the case of the Facility Agent (and all notices and
communications addressed to any Lender or Mandated Lead Arranger from any party other than the Facility Agent shall be delivered
to the Facility Agent for forwarding to such Lender or Mandated Lead Arranger, as applicable):

 

Société
Générale

189 rue d’Aubervilliers

75886 PARIS
Cedex 18

France

 

	Attention:	Muriel Baumann / Edouard Rutin
	Tel:	+33 (0)1 58 98 22 76 / +33 (0)1 57 29 37 79
	Fax:	+33 (0)1 46 92 45 97
	Email:	muriel.baumann@sgcib.com
	 	edouard.rutin@sgcib.com
	 	par-oper-fin-smo-ext@sgcib.com

 

		and	

 

	Attention:	Catherine Ferreira
	Tel:	+33 (0)1 42 14 48 45
	Fax:	+33 (0)1 70 71 95 63
	Email:	catherine.ferreira@sgcib.com
	 	par-oper-caf-dmt6@sgcib.com

 

		(iii)	in the case of the BpiFAE Agent:

 

Société
Générale

189 rue
d’Aubervilliers

75886 PARIS
Cedex 18

France

 

    	151 	 	 

     

    

 

 

	Attention:	Muriel Baumann / Edouard Rutin
	Tel:	+33 (0)1 58 98 22 76 / +33 (0)1 57 29 37 79
	Fax:	+33 (0)1 46 92 45 97
	Email:	muriel.baumann@sgcib.com
	 	edouard.rutin@sgcib.com
	 	par-oper-fin-smo-ext@sgcib.com

 

and

 

	Attention:	Catherine Ferreira 
	Tel:	+33 (0)1 42 14 48 45 
	Fax:	+33 (0)1 70 71 95 63
	Email:	catherine.ferreira@sgcib.com
	 	par-oper-caf-dmt6@sgcib.com

 

		(iv)	in the case of each of the Mandated Lead Arrangers and
Original Lenders, that identified with its name below:

 

		(A)	Banco Santander, S.A. (as both Mandated Lead Arranger and Original Lender):

 

Banco Santander, S.A.

Ciudad Grupo Santander

Avda. De Cantabria s/n

28660 Boadilla del Monte
Madrid

Spain

 

	Attention:	Elise Regnault / Julián Arroyo / Angela Rabanal / Ecaterina Mucuta / Vanessa Berrio Vélez / Ana Sanz Gómez
	 	 
	Tel:	+34 912893722 / +1 212-297-2919 / +1 212-297-2942 / +33 1 53 53 70 46 / +34 91 289 10 28 / +34 91 289 17 90
	 	 
	Fax:	+34 91 257 1682
	Email:	elise.regnault@gruposantander.com / Julian.Arroyo@santander.us / arabanal@santander.us / ecaterina.mucuta@gruposantander.com / vaberrio@gruposantander.com  / anasanz@gruposantander.com

 

		(B)	KfW IPEX-Bank GmbH (as both Mandated Lead Arranger and Original Lender):

 

KfW IPEX-Bank GmbH

Palmengartenstrasse
5-9

60325 Frankfurt
am Main

Germany

 

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	Attention:	Maritime Industries – Celine Brochard
	Tel:	+49 69 7431 6537
	Fax:	+49 69 7431 3768
	Email:	celine.brochard@kfw.de

 

or, in the case
of any Lender that is not an Original Lender, as set forth in the applicable Lender Transfer Certificate or Lender Assignment Agreement,
or, in any case, at such other address, facsimile number or electronic mail address as may be designated by such party in a notice
to the other parties.

 

		(b)	Any notice:

 

		(i)	if mailed and properly addressed with postage prepaid or
if properly addressed and sent by pre-paid courier service, shall be deemed given when received;

 

		(ii)	if transmitted by facsimile, shall be deemed given when transmitted provided it is received in
legible form; and

 

		(iii)	subject to paragraph (c) below, if transmitted by electronic mail, shall be deemed given upon acknowledgment
of receipt by the recipient in readable form (it being agreed that any electronic mail so acknowledged after 5:00 p.m. in the location
of receipt shall be deemed to have been given on the following day).

		 	 

		(c)	Any communication to be made between any two parties under
or in connection with this Agreement or any of the other Finance Documents may be made by electronic mail or other electronic
means to the extent that those two parties agree that, unless and until notified to the contrary, this is to be an accepted form
of communication and if those two parties:

 

		(i)	notify each other in writing of their electronic mail address
and/or any other information required to enable the sending and receipt of information by that means; and

 

		(ii)	notify each other of any change to their address or any other such information supplied by them
by not less than five (5) Business Days’ notice.

 

		(d)	Subject to Clause 4.4 (Form of Conditions Precedent)
and the proviso in Clause 8.1 (Financial Information, Reports, Notices, etc.), the Borrower may provide to the Facility
Agent all information, documents and other materials that it furnishes to the Facility Agent hereunder, including all notices,
requests, financial statements, financial and other reports, certificates and other materials, by transmitting the same to the
Facility Agent in an electronic/soft medium in a format acceptable to the Facility Agent, promptly followed by an original thereof
(unless the Facility Agent agrees otherwise); provided that any such items requested pursuant to Clause 8.1(j) or 8.1(k)
shall be in a format acceptable to the Borrower and the Facility Agent and any such items requested pursuant to Clause 8.1(l)
shall be in a format acceptable to BpiFAE.

 

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		13.5	Payment of Costs and Expenses

 

(a)       The
Borrower agrees to pay on demand all reasonable and documented fees and expenses of the Finance Parties (including the reasonable
and documented fees and out-of-pocket expenses of external counsel to the Finance Parties in France, England and the United States;
provided that the Borrower shall only be required to pay the fees of one collective counsel to the Finance Parties per each
such jurisdiction) in connection with (i) structuring the transactions contemplated hereby and (ii) the negotiation, preparation,
review, printing and execution of this Agreement and the other Finance Documents and the completion of the transactions contemplated
hereby and thereby, in each case whether or not the transactions contemplated hereby are consummated.

 

		(b)	In addition, the Borrower agrees to pay the documented fees and out-of-pocket expenses of external
counsel to the Finance Parties and of local counsel, if any, who may be retained by counsel to the Finance Parties (provided
that, except after acceleration of the Obligations pursuant to Clause 10.3 (Action if Other Event of Default), the Borrower
shall only be required to pay the fees of one collective counsel to the Finance Parties per relevant jurisdiction) in connection
with (A) any amendments, waivers, consents, supplements or other modifications to this Agreement and/or the other Finance Documents
as may from time to time hereafter be requested or required, (B) the Finance Parties monitoring the transactions contemplated hereby
or preserving their rights under the Finance Documents and (C) the Finance Parties exercising remedies or otherwise enforcing their
rights under the Finance Documents, in each case whether or not the transactions contemplated hereby are consummated.

 

	 	 	 

		(c)	The Borrower further agrees to pay, and to keep the Finance Parties harmless from all liability
for, any stamp, recording, documentary or other similar taxes arising from the execution, delivery or enforcement of this Agreement
or the borrowing hereunder.

 

	 	 	 

		(d)	Without prejudice to paragraph (b) above, the Borrower agrees to reimburse the Finance Parties
upon demand for all out-of-pocket expenses incurred by the Finance Parties in connection with (a) the negotiation of any restructuring
or “work-out”, whether or not consummated, of any Obligations and (b) the enforcement of any Obligations.

 

		13.6	Indemnification

 

		(a)	The Borrower hereby indemnifies and holds harmless each Finance Party, the Account Bank and each
of their respective Affiliates and their (and their Affiliates’) respective officers, advisors, directors and employees (collectively,
the “Indemnified Parties”) from and against any and all claims, damages, losses, liabilities, costs and expenses
(including fees and disbursements of counsel, which must be reasonable so long as no Event of Default is continuing), joint or
several, that may be incurred by or asserted or awarded against any Indemnified Party (including in connection with any investigation,
litigation or proceeding or the preparation of a defence in connection therewith), in each case arising out of or in connection
with or by reason of this Agreement, the other Finance Documents or the transactions contemplated hereby or thereby or any actual
or proposed use of the proceeds of the Loans (collectively, the “Indemnified Liabilities”), except (i) to the
extent such claim, damage, loss, liability or expense is found in a final, non-appealable judgment by a court of competent jurisdiction
to have resulted primarily from such Indemnified Party’s gross negligence or wilful misconduct or is a claim, damage, loss,
liability or expense which would have been compensated under other provisions of the Finance Documents but for any exclusions applicable
thereunder and (ii) with respect to claims, damages, losses, liability or expenses arising solely under the Funds Flow Agreement
or the Funds Flow Amendment, to the extent the same are not attributable to the Borrower’s breach of the terms thereof.

 

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		(b)	In the case of an investigation, litigation or other proceeding to which the indemnity in this
Clause 13.6 (Indemnification) applies, such indemnity shall be effective whether or not such investigation, litigation or
proceeding is brought by the Borrower, any of its directors, security holders or creditors, an Indemnified Party or any other Person
or an Indemnified Party is otherwise a party thereto.

 

		(c)	Each Indemnified Party shall:

 

		(i)	furnish the Borrower with prompt notice of any action, suit or other claim covered by this Clause
13.6 (Indemnification);

 

		(ii)	not agree to any settlement or compromise of any such action, suit or claim without the Borrower’s
prior consent;

 

		(iii)	cooperate fully in the Borrower’s defence of any such action, suit or other claim (provided
that the Borrower shall reimburse such Indemnified Party for its out-of-pocket expenses incurred pursuant hereto, which must be
reasonable so long as no Event of Default is continuing); and

 

		(iv)	at the Borrower’s request, permit the Borrower to assume control of the defence of any such
claim, other than regulatory, supervisory or similar investigations, provided that:

 

		(A)	the Borrower acknowledges in writing its obligations to indemnify such Indemnified Party in accordance
with the terms herein in connection with such claims;

 

		(B)	the Borrower shall keep such Indemnified Party fully informed with respect to the conduct of the
defence of such claim;

 

		(C)	the Borrower shall consult in good faith with such Indemnified Party (from time to time and before
taking any material decision) about the conduct of the defence of such claim;

 

		(D)	the Borrower shall conduct the defence of such claim properly and diligently taking into account
its own interests and those of such Indemnified Party;

 

    	155 	 	 

     

    

  

		(E)	the Borrower shall employ counsel reasonably acceptable to such Indemnified Party and at the Borrower’s
expense; and

 

		(F)	the Borrower shall not enter into a settlement with respect to such claim unless either:

 

		(I)	such settlement involves only the payment of a monetary sum, does not include any performance by or an admission of liability
or responsibility on the part of such Indemnified Party and contains a provision unconditionally releasing such Indemnified Party
and each other Indemnified Party from, and holding all such Persons harmless against, all liability in respect of claims by any
releasing party; or

 

		(II)	such Indemnified Party provides written consent to such settlement (such consent not to be unreasonably withheld or delayed).

 

		(d)	Notwithstanding the Borrower’s election to assume
the defence of an action, suit or other claim pursuant to paragraph (c) above, the Indemnified Party shall have the right to employ
separate counsel and to participate in the defence of such action, suit or claim and the Borrower shall bear the fees, costs and
expenses of such separate counsel if:

 

		(i)	the use of counsel chosen by the Borrower to represent such Indemnified Party would present such
counsel with an actual or potential conflict of interest;

 

		(ii)	the actual or potential defendants in, or targets of, any such action include both the Borrower
and such Indemnified Party and such Indemnified Party shall have concluded that there may be legal defences available to it which
are different from or additional to those available to the Borrower and determined that it is necessary to employ separate counsel
in order to pursue such defences (in which case the Borrower shall not have the right to assume the defence of such action on such
Indemnified Party’s behalf);

 

		(iii)	the Borrower shall not have employed counsel reasonably acceptable to such Indemnified Party to
represent such Indemnified Party within a reasonable time after notice of the institution of such action; or

 

		(iv)	the Borrower authorises such Indemnified Party to employ separate counsel at the Borrower’s
expense.

 

		(e)	If any sum due from the Borrower under the Finance Documents
(a “Sum”), or any order, judgment or award given or made in relation to a Sum, has to be converted from the
currency (the “First Currency”) in which that Sum is payable into another currency (the “Second Currency”)
for the purpose of:

 

		(i)	making or filing a claim or proof against the Borrower;

 

    	156 	 	 

     

    

  

		(ii)	obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration
proceedings;

 

the Borrower shall
as an independent obligation, within three (3) Business Days of demand, indemnify each Indemnified Party to whom that Sum is due
against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate
of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of exchange available
to that Indemnified Party at the time of its receipt of that Sum.

 

		13.7	Survival

 

The obligations of the Borrower under Clauses
6.4 (Increased Loan Costs, etc.), 6.5 (Funding Losses), 6.6 (Increased Capital Costs), 6.7 (Taxes),
6.8 (Reserve Costs), 13.5 (Payment of Costs and Expenses) and 13.6 (Indemnification) and the obligations of
the Lenders under Clause 12.2 (Indemnity), shall in each case survive any termination of this Agreement and the payment
in full of all Obligations. The representations and warranties made by the Borrower in this Agreement shall survive the execution
and delivery of this Agreement.

 

		13.8	Severability

 

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

 

		13.9	Execution in Counterparts

 

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

 

		13.10	Successors and Assigns

 

This Agreement shall be binding
upon and shall inure to the benefit of the parties hereto and their respective successors and assigns; provided that:

 

		(a)	except to the extent permitted by Clause 9.6 (Consolidation,
Merger, etc.), the Borrower may not assign or transfer its rights or obligations hereunder without the prior written consent
of the Facility Agent, each Lender and BpiFAE; and

 

		(b)	the rights of sale, assignment and transfer of the Lenders
are subject to Clause 13.11 (Lender Transfers, Assignments and Participations).

 

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		13.11	Lender Transfers, Assignments and Participations

 

Each Lender may transfer
by novation all or any of its rights and obligations under the Finance Documents or assign all or any such rights or sell participations
in its portion of any part of the Loan or grant security over its rights under the Finance Documents to one or more other Persons
in accordance with this Clause 13.11 (Lender Transfers, Assignments and Participations).

 

		(a)	Transfers and Assignments

 

		(i)	Any Lender, upon prior notice to BpiFAE and with the prior written consent of Natixis DAI (if the
Loan is accruing interest at the Fixed Rate) and the Borrower (the consent of the Borrower not to be unreasonably withheld or delayed),
may at any time (and from time to time) transfer by novation all or any of its rights and obligations under the Finance Documents
or assign all or any of its rights under the Finance Documents to any bank or financial institution (including any financial institution
presented to the Lenders by the Borrower, which shall be subject to the approval of the Lenders (acting reasonably)) and/or to
BpiFAE (any such transferee or assignee, as the case may be, a “New Lender”); provided that any New Lender
(other than BpiFAE) shall, if the Fixed Rate applies, be eligible to benefit from the CIRR stabilisation.

 

		(ii)	Notwithstanding clause (i) above, the consent of the Borrower shall not be required:
	 	 	 

		(A)	in the case of any transfer or assignment:

 

		(I)	to BpiFAE;

		(II)	to any other existing Lender; or

		(III)	by KfW IPEX-Bank GmbH to its ultimate German holding company; and/or

 

		(B)	for any transfer or assignment during the continuation of an Event of Default under Clauses 10.1(a)
(Non-Payment of Obligations), 10.1(d)(i) (Default on other Indebtedness) and 10.1(e) (Bankruptcy, Insolvency,
etc.).

 

		(iii)	The consent of the Borrower to a transfer or assignment shall be deemed to be given in the absence
of a written notice delivered by the Borrower to the Facility Agent, on or before the fifth (5th)
Business Day after receipt by the Borrower of such Lender’s request for consent, stating, in reasonable detail, the reasons
why the Borrower proposes to withhold such consent.

 

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		(iv)	Any transfer or assignment by a Lender under this paragraph (a) (other than a transfer or assignment
to BpiFAE and/or where a Default is continuing and/or where the transfer or assignment is at the Borrower’s request) shall
not result in an increase of the Borrower’s obligations under Clauses 6.4 (Increased Loan Costs, etc.), 6.5 (Funding
Losses), 6.6 (Increased Capital Costs), 6.7 (Taxes) and 6.8 (Reserve Costs) or any other additional costs
to the Borrower which the Borrower would not have been obligated to pay to the transferring or assigning Lender had the transfer
or assignment (as the case may be) not occurred.

 

		(b)	Procedure for Transfer or Assignment

 

		(i)	The Borrower and the Facility Agent shall be entitled to continue to deal solely and directly with
the existing Lender in connection with the interests to be transferred or assigned to a New Lender until (i) such New Lender and
the transferring/assigning Lender shall have executed and delivered to the Facility Agent a duly completed Lender Transfer Certificate
or Lender Assignment Agreement, as applicable, (ii) the Facility Agent shall have executed such Lender Transfer Certificate or
Lender Assignment Agreement, as applicable, and (iii) the processing fee described in clause (viii) below shall have been paid.

 

		(ii)	Subject to the Facility Agent performing all necessary “know your customer” or other
similar checks under all applicable laws and regulations in relation to the New Lender, the Facility Agent shall, as soon as reasonably
practicable after receipt by it of a duly completed Lender Transfer Certificate or Lender Assignment Agreement appearing on its
face to comply with the terms of this Agreement, execute that Lender Transfer Certificate or Lender Assignment Agreement, as applicable,
and promptly thereafter provide a copy thereof to the Borrower.

 

		(iii)	Any transfers or assignment must be in a minimum aggregate amount of fifteen million Dollars (USD
15,000,000) (or, if less, all of the existing Lender’s Commitment or portion of the Loan, as applicable).

 

		(iv)	From and after the date that the Facility Agent executes the Lender Transfer Certificate or Lender
Assignment Agreement, as applicable, (A) the New Lender thereunder shall be deemed automatically to have become a party hereto
and, to the extent that rights and/or obligations hereunder have been transferred or assigned to such New Lender in connection
with such Lender Transfer Certificate or Lender Assignment Agreement, shall have the rights and/or obligations, as the case may
be, of a Lender hereunder and under the other Finance Documents, and (B) the transferring/assigning Lender, to the extent that
rights and/or obligations hereunder have been transferred or assigned by it, shall be released from its obligations hereunder and
under the other Finance Documents.

 

		(v)	Except to the extent resulting from a change in law occurring after the date of a transfer or assignment
(as the case may be), in no event shall the Borrower be required to pay to any New Lender any amount under Clauses 6.4 (Increased
Loan Costs, etc.), 6.5 (Funding Losses), 6.6 (Increased Capital Costs), 6.7 (Taxes) or 6.8 (Reserve
Costs) that is greater than the amount which it would have been required to pay had no such transfer or assignment been made.

 

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		(vi)	Each New Lender, by executing the relevant Lender Transfer Certificate or Lender Assignment Agreement,
confirms, for the avoidance of doubt, that the Facility Agent has authority to execute on its behalf any amendment or waiver that
has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the Transfer
Date and that it is bound by that decision to the same extent as the existing Lender would have been had it remained a Lender.

 

		(vii)	Any transferring/assigning Lender or the relevant New Lender must pay a processing fee to the Facility
Agent upon delivery of any Lender Transfer Certificate or Lender Assignment Agreement in the amount of two thousand Dollars (USD
2,000) (and shall also reimburse the Facility Agent for any reasonable out-of-pocket costs, including reasonable attorneys’
fees and expenses, incurred in connection with the assignment, unless a Default is continuing, in which case the Borrower shall
be liable for such costs, fees and expenses).

 

		(c)	Limitation on Responsibility of Existing Lenders

 

		(i)	Unless expressly agreed to the contrary, an existing Lender makes no representation or warranty
and assumes no responsibility to a New Lender for:
	 	 	 

		(A)	the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any
other documents;

 

		(B)	the financial condition of the Borrower;

 

		(C)	the performance and observance by the Borrower of its obligations under the Finance Documents or
any other documents; or

 

		(D)	the accuracy of any statements (whether written or oral) made in or in connection with any Finance
Document or any other document,

 

and any representations or warranties
implied by law are excluded.

 

		(ii)	Each New Lender confirms to the relevant existing Lender and the other Finance Parties that it:

 

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

 

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

 

		(iii)	Nothing in any Finance Document obliges any existing Lender to:

 

		(A)	accept a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned
or transferred under this Clause 13.11 (Lender Transfers, Assignments and Participations); or

 

		(B)	support any losses directly or indirectly incurred by the New Lender by reason of the non-performance
by the Borrower of its obligations under the Finance Documents or otherwise.

 

		(d)	Participations

 

Any Lender may at
any time sell to one or more commercial banks or other financial institutions participating interests in its portion of the Loan
without informing, consulting with or obtaining the consent of any other party to the Finance Documents; provided that:

 

		(i)	no participation contemplated in this paragraph (d) shall relieve such Lender from its obligations hereunder;

 

		(ii)	such Lender shall remain solely responsible for the performance of its obligations hereunder;

 

		(iii)	the Borrower and the Facility Agent shall continue to deal solely and directly with such Lender
in connection with such Lender’s rights and obligations under this Agreement and each of the other Finance Documents; and

 

		(iv)	the Borrower shall not be required to pay any amount under Clauses 6.4 (Increased Loan Costs,
etc.), 6.5 (Funding Losses), 6.6 (Increased Capital Costs), 6.7 (Taxes) or 6.8 (Reserve Costs)
that is greater than the amount which it would have been required to pay had no participating interest been sold.

 

		(e)	Lender Screen

 

The Facility Agent shall
maintain in its internal data system an electronic file (the “Lender Screen”) identifying, at any time, (i)
the then current Lenders, (ii) each such Lender’s then current Commitments or participations in the Loan, as the case may
be, (iii) after the Disbursement Date, the amount of the then outstanding Loan owed to each such Lender and (iv) if applicable,
the fact that such Lender acquired or sold its Commitments or participations in the Loan, as the case may be, pursuant to a Lender
Transfer Certificate or Lender Assignment Agreement. The entries on the Lender Screen shall be conclusive, absent manifest error.
Upon reasonable prior notice, the Facility Agent shall make a screen-shot of the Lender Screen available to the Borrower and/or
any Finance Party.

 

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		(f)	Security Over Lenders’ rights

 

		(i)	In addition to the other rights provided to Lenders under this Clause 13.11 (Lender Transfers,
Assignments and Participations), each Lender may at any time charge, assign or otherwise create security in or over (whether
by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender, including:

 

		(A)	any charge, assignment or other security to secure obligations
to its federal reserve or central bank;

 

		(B)	upon at least three (3) Business Days’ prior written notice to the Borrower, any charge,
assignment or other security to secure obligations of that Lender for the benefit of any of its Affiliates; and

 

		(C)	in the case of any Lender which is a fund, any charge, assignment or other security granted to
any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security for
those obligations or securities,

 

provided that
any such charge, assignment or security shall:

 

		(I)	be made only with the Borrower’s prior written consent (such consent not to be unreasonably
withheld or delayed), except if it is made pursuant to clause (A), (B) or (C) above in which case no such consent shall be required;

 

		(II)	not release a Lender from any of its obligations under the Finance Documents or substitute the
beneficiary of the relevant charge, assignment or other security for the Lender as a party to any of the Finance Documents; and

 

		(III)	not require any payments to be made by the Borrower or grant to any Person any more extensive rights
than those required to be made or granted to the relevant Lender under the Finance Documents.

 

		(ii)	Any Lender charging, assigning or otherwise creating security
in or over any of its rights under the Finance Documents pursuant to this paragraph (f) or the relevant chargee, assignee or secured
party (as applicable) shall reimburse the Facility Agent for any reasonable out-of-pocket costs, including reasonable attorneys’
fees and expenses, incurred in connection with the relevant charge, assignment or other security.

 

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		(g)	Borrower’s Lender Replacement Rights

 

In respect of any Lender (an “affected
Lender”), if the Commitments of such affected Lender become cancellable pursuant to Clause 2.5 (Cancellation due to
Lender Illegality) or the Borrower is at any time required or entitled to cancel any Commitments of the affected Lender pursuant
to Clause 6.11 (Cancellation of Commitment or Prepayment of Affected Lender) or prepay the affected Lender’s participation
in the Loan pursuant to Clause 11.1(l) (Illegality for Lenders), the Borrower shall be entitled:

 

		(i)	in the case of any such cancellation of Commitments, within thirty (30) days of receiving notice
of the relevant underlying event (which shall be at least thirty (30) days prior to the Scheduled Delivery Date or, if the requirement
to cancel is due to an illegality, such shorter period as is required by law); and

 

		(ii)	in the case of any such prepayment, within thirty (30) days of receiving notice of the relevant
underlying event or, if the requirement to prepay is due to an illegality, such shorter period as is required by law,

 

and (so long
as no Default has occurred and is continuing) without liability for the Borrower for any premium or penalties but subject to any
liability for Funding Losses to the extent provided for in Clause 6.5 (Funding Losses), to request that the affected Lender
shall, and the affected Lender shall, use reasonable efforts (consistent with its internal policies and legal and regulatory restrictions
and the terms of the BpiFAE Insurance Policy and (if the Fixed Rate applies) the arrangements with Natixis DAI relating to the
CIRR) to:

 

		(I)	in consultation with the Borrower (solely if no Default has occurred and is continuing), replace
itself with one or more Affiliates and/or one or more other financial institutions (including any financial institution(s) presented
to the Lenders by the Borrower, which must have a minimum rating of at least A- by Standard & Poor’s and/or A3 by Moody’s);
or

 

		(II)	transfer its Commitment and its rights and obligations under this Agreement, the other Finance
Documents and the BpiFAE Insurance Policy to one or more unaffected Lenders,

 

in each case
in accordance with the terms of this Agreement and provided that such efforts would avoid such cancellation or prepayment and would
not, in the reasonable judgment of the affected Lender, be prejudicial or otherwise disadvantageous to the affected Lender and/or
its Affiliates.

 

This paragraph (g) is without prejudice
to the Lenders’ obligations under Clause 13.3 (Mitigation, Borrower Challenges, etc.).

 

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		13.12	Other Transactions

 

Nothing contained herein
shall preclude the Facility Agent or any other Finance Party from engaging in any transaction, in addition to those contemplated
by this Agreement or any other Finance Document, with the Borrower or any of its Affiliates in which the Borrower or such Affiliate
is not restricted hereby from engaging with any other Person.

 

		13.13	BpiFAE Premium

 

		(a)	The Borrower shall exclusively bear the cost of the BpiFAE Premium. The Borrower shall pay the
BpiFAE Premium to the Facility Agent (for the account of BpiFAE) with the proceeds of the disbursement of the Loan as specified
in the Drawing Request.

 

		(b)	Subject to paragraphs (c) and (d) below, the BpiFAE Premium shall be in an aggregate amount of
two point three five per cent. (2.35%) of the aggregate of the amounts made available under the Facility as described in Clause
2.2(a)(i)(A) to (D). The estimated maximum amount of the BpiFAE Premium as of the date of this Agreement is set out in Clause 2.2(a)(ii).

 

		(c)	The Borrower acknowledges that the maximum amount of the BpiFAE Premium set out in Clause 2.2(a)(ii)
is based on the Maximum Loan Amount and the Final Maturity Date, and that the actual amount of the BpiFAE Premium will be equal
to two point three five per cent. (2.35%) of the portion of the Loan which is actually borrowed by the Borrower in respect of the
items listed in Clause 2.2(a)(i)(A) to (D). The Borrower shall make payment of the actual amount of the BpiFAE Premium notwithstanding
that such actual amount may be different from the estimated maximum amount set out in Clause 2.2(a)(ii).

 

		(d)	If the Longstop Date is extended by agreement between the Borrower and the Lenders, the BpiFAE
Premium may be redetermined by BpiFAE and notified to the Borrower by the Facility Agent, and any increase thereof shall be promptly
paid by the Borrower to the Facility Agent with the Borrower’s own funds.

 

		(e)	Notwithstanding the above, a minimum premium being, as of the date of this Agreement, in an amount
of one thousand five hundred and fifteen Euros (EUR 1,515) shall be paid to BpiFAE by the Borrower in respect of the BpiFAE Insurance
Policy upon the execution of the BpiFAE Insurance Policy. Such amount shall remain the property of BpiFAE and is accordingly payable
by the Borrower to BpiFAE in any event.

 

		(f)	The Borrower acknowledges that the obligation to pay one hundred per cent. (100%) of the BpiFAE
Premium out of, and subject to, the disbursement of the Loan (subject to paragraph (d) above) and to pay all other duly documented
costs of BpiFAE incurred in connection with the BpiFAE Insurance Policy at the times required under the foregoing paragraphs of
this Clause 13.13 (BpiFAE Premium) is absolute and unconditional.

 

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		(g)	If, following the Effective Delivery Date, the Borrower:

 

		(i)	voluntarily prepays all or part of the Loan, BpiFAE will refund to the Facility Agent, for the
account of the Lenders and ultimately the Borrower, eighty per cent. (80%) of the unexpired BpiFAE Premium (save in respect of
the additional BpiFAE Premium payable in relation to any Deferred Tranche), calculated in accordance with the following formula:

 

R = P x (1 – (1 / (1+2.35%)) x
(N / (12 * 365)) x 80%

 

where:

 

“R” means the amount
of the refund;

 

“P” means the amount
of the prepayment;

 

“N” means the number
of days between the effective prepayment date and the Final Maturity Date; and

 

P x (1 – (1 / (1+2.35%)) corresponds
to the share of the financed BpiFAE Premium corresponding to P; and

 

		(ii)	prepays all or part of the Loan for any reason other than a voluntary prepayment, the Facility
Agent shall promptly request that BpiFAE refund to the Facility Agent, for the account of the Lenders and ultimately the Borrower,
eighty per cent. (80%) of the unexpired BpiFAE Premium, calculated in accordance with the formula set out in clause (i) above,

 

and in any such
case, upon the Facility Agent’s receipt of any such reimbursement from BpiFAE, the full amount of such reimbursement shall
be repaid by the Facility Agent to the Borrower. For the avoidance of doubt, should the Facility Agent not receive any such reimbursement
from BpiFAE, it shall have no payment obligations towards the Borrower. However, the Facility Agent shall duly demand the payment
of such reimbursement from BpiFAE in each case in which the right to such reimbursement arises under this paragraph (g).

 

		(h)	Subject only to paragraph (g) above, the BpiFAE Premium is not refundable to the Borrower for any
reason whatsoever and the portion of the Loan made for purposes of financing the BpiFAE Premium shall be repaid in full by the
Borrower in accordance with the terms hereof.

 

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		13.14	Law and Jurisdiction

 

		(a)	Governing Law

 

This Agreement and any non-contractual
obligations arising out of or in connection with this Agreement shall in all respects be governed by and construed in accordance
with English law.

 

		(b)	Jurisdiction

 

For the exclusive benefit
of the Finance Parties, the parties to this Agreement irrevocably agree that the courts of England are to have exclusive jurisdiction
to settle any disputes which may arise out of or in connection with this Agreement and, for such purposes, each party hereto irrevocably
submits to the jurisdiction of such courts. The Borrower irrevocably waives any objection which it may now or in the future have
to the laying of the venue of any proceedings in any court referred to in this Clause 13.14 (Law and Jurisdiction), and
any claim that those proceedings have been brought in an inconvenient or inappropriate forum.

 

		(c)	Alternative Jurisdiction

 

Nothing contained in this
Clause 13.14 (Law and Jurisdiction) shall limit the rights of the Finance Parties to commence any proceedings against the
Borrower in any other court of competent jurisdiction, nor shall the commencement of any proceedings against the Borrower in one
or more jurisdictions preclude the commencement of any proceedings in any other jurisdiction, whether concurrently or not.

 

		(d)	Service of Process

 

Without prejudice
to the rights of the Finance Parties to use any other method of service permitted by law, the Borrower irrevocably agrees that
any writ, notice, judgment or other legal process shall be sufficiently served on it if addressed to it and left at or sent by
post to RCL Cruises Ltd., presently at Building 3, The Heights – Brooklands, Weybridge, Surrey KT13 0NY, England, Attention:
General Counsel, and in any such event the Borrower shall be conclusively deemed to have been served at the time of leaving or,
if posted, at 9:00 a.m. on the third (3rd) Business Day after posting by prepaid first class
registered post. If the appointment of the Person mentioned in this paragraph (d) ceases to be effective in respect of the Borrower,
the Borrower shall immediately notify the Facility Agent and appoint a further Person in England to accept service of process on
its behalf in England and, failing such appointment within fifteen (15) days, the Facility Agent shall be entitled, at the cost
of the Borrower, to appoint such Person by notice to the Borrower.

 

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		(e)	Waiver of Immunity

 

To the extent that
the Borrower may in any jurisdiction claim for itself or its assets or revenues immunity from suit, execution, attachment (whether
in aid of execution, before judgment or otherwise) or other legal process and to the extent that in any such jurisdiction there
may be attributed to itself, its assets or revenues such immunity (whether or not claimed), the Borrower irrevocably agrees not
to claim, and irrevocably waives, such immunity to the full extent permitted by the laws of such jurisdiction.

 

		13.15	Confidentiality

 

		(a)	Each party hereto (a “first party”) agrees to maintain the confidentiality of
all non-public information provided to it by any other party hereto (a “second party”), and the first party
shall not use any such information other than in connection with or in enforcement of this Agreement or in connection with other
business now or hereafter existing or contemplated with the second party, except to the extent such information (a) was or becomes
generally available to the public other than as a result of disclosure by the first party or its directors, officers, employees
and agents or (b) was or becomes available on a non-confidential basis from a source other than the second party so long as such
source is not, to its knowledge, prohibited from disclosing such information by a legal, contractual or fiduciary obligation to
the second party; provided, however, that the first party may disclose such information without consulting with or
obtaining the consent of any other party hereto:

 

		(i)	at the request or pursuant to any requirement of any self-regulatory body, governmental, banking
or taxation body, agency or official to which the first party is subject or in connection with an examination of the first party
by any such authority, body, agency or official, including the Republic of France and any French Authority;

 

		(ii)	pursuant to subpoena or other court process;

 

		(iii)	when required to do so in accordance with the provisions of any applicable requirement of law or
the rules of any relevant stock exchange;

 

		(iv)	to the extent required in connection with any litigation, arbitration, administrative or other
investigations, proceedings or disputes to which it may be party;

 

		(v)	to rating agencies, auditors, insurance and reinsurance brokers, insurers and reinsurers;

 

		(vi)	to the extent reasonably required in connection with the exercise of any remedy hereunder;

 

		(vii)	to its independent auditors, counsel, and any other professional advisors who are advised of the
confidentiality of such information;

 

		(viii)	to any potential participant or transferee/assignee or any Affiliate thereof (each a “Primary
Transfer Disclosee”), provided that such Primary Transfer Disclosee agrees to keep such information confidential
to the same extent required of the first party hereunder;

 

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		(ix)	to any Person to whom or for whose benefit any Lender charges, assigns or otherwise creates security
(or may do so) pursuant to Clause 13.11(f) (Security Over Lenders’ Rights) (each a “Primary Security Disclosee”);

 

		(x)	in connection with:

 

		(A)	any potential participation, transfer or assignment contemplated by subclause (viii) above (a “Potential
Transfer”), to any Person who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly
or indirectly, such participation or transfer/assignment; or

 

		(B)	any Potential Transfer or any charge, assignment or security creation contemplated by subclause
(ix) above, to any relevant bank or financial institution, special purpose securitisation vehicle or their management or any investor,
agent, arranger or dealer who is or might wish to be involved in relevant securitisation schemes, hedging arrangements, participations
or other risk transfer arrangements,

 

(each a “Secondary
Disclosee”), in each case which is not itself the Primary Transfer Disclosee or Primary Security Disclosee, provided
that:

 

		(I)	such Secondary Disclosee agrees to keep such information confidential to the same extent required
of the first party hereunder on terms that, to the extent permitted under applicable law, are enforceable by the Borrower; and

 

		(II)	notwithstanding the foregoing, in the case of the disclosure of any non-public financial information
(including any non-public financial projections) related to the Borrower, the Borrower's advance written consent has been obtained;

 

		(xi)	in accordance with paragraph (b) below;

 

		(xii)	as expressly permitted under the terms of any other document or agreement regarding confidentiality
to which the second party or any of its Subsidiaries is party with the first party;

 

		(xiii)	to its Affiliates and its Affiliates’ directors, officers, employees, professional advisors
and agents, provided that each such Affiliate, director, officer, employee, professional advisor or agent shall keep such
information confidential to the same extent required of the first party hereunder;

 

		(xiv)	to any other party to this Agreement;

 

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		(xv)	to the EUR Funding Agents and the EUR Funding Entity;

 

		(xvi)	to the French Authorities and any Person to whom information is required or requested to be disclosed
by the French Authorities; and

 

		(xvii)	with the consent of the applicable second party.

 

		(b)	(i)Any Finance Party may disclose to any national or international numbering service provider
appointed by that Finance Party to provide identification numbering services in respect of this Agreement, the Facility and/or
the Borrower the following information:

 

		(A)	the Borrower’s name;

 

		(B)	the Borrower’s country of domicile;

 

		(C)	the Borrower’s place of incorporation;

 

		(D)	the date of this Agreement;

 

		(E)	the names of the Facility Agent, the BpiFAE Agent, each Mandated Lead Arranger and the Documentation Bank;

 

		(F)	the date of each amendment and/or restatement of this Agreement;

 

		(G)	the amount of the total Commitments;

 

		(H)	the currency of the Facility;

 

		(I)	the type of the Facility;

 

		(J)	the ranking of the Facility;

 

		(K)	the Longstop Date and Final Maturity Date for the Facility;

 

		(L)	changes to any of the information previously supplied pursuant to clauses (A) to (K) above; and

 

		(M)	such other information agreed between such Finance Party and the Borrower,

 

to enable such numbering service provider
to provide its usual syndicated loan numbering identification services.

 

		(ii)	The parties hereto acknowledge and agree that each identification number assigned to this Agreement,
the Facility and/or the Borrower by a numbering service provider and the information associated with each such number may be disclosed
to users of its services in accordance with the standard terms and conditions of that numbering service provider.

 

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		(iii)	The Borrower represents that none of the information set out in clause (i)(A) to (M) above is,
nor will it at any time be, unpublished price-sensitive information.

 

		(iv)	The Facility Agent shall notify the Borrower and the other Finance Parties of:

 

		(A)	the name of any numbering service provider appointed by the Facility Agent in respect of this Agreement,
the Facility and/or the Borrower; and

 

		(B)	the number or, as the case may be, numbers assigned to this Agreement, the Facility and/or the
Borrower by such numbering service provider.

 

		(c)	Each of the parties hereto shall be responsible for any
breach of this Clause 13.15 (Confidentiality) by any of its directors, officers or employees operating within the scope
of his/her professional duties.

 

		13.16	Acknowledgment and Consent to Bail-In

 

Notwithstanding anything to the contrary in
any Finance Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges
that any liability of any EEA Financial Institution arising under any Finance Document, to the extent such liability is unsecured,
may be subject to the write-down and conversion powers of a Resolution Authority and agrees and consents to, and acknowledges and
agrees to be bound by:

 

		(a)	the application of any Write-Down and Conversion Powers by a Resolution Authority to any such liabilities
arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and

 

		(b)	the effects of any Bail-in Action on any such liability, including, if applicable:

 

		(i)	a reduction in full or in part or cancellation of any such liability;

 

		(ii)	a conversion of all, or a portion of, such liability into shares or other instruments of ownership
in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred
on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any
such liability under this Agreement or any other Finance Document; or

 

		(iii)	the variation of the terms of such liability in connection with the exercise of the write-down
and conversion powers of any Resolution Authority.

 

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SIGNATURE PAGE (1 OF 2)

 

FACILITY AGREEMENT

(Harmony of the Seas (ex

Hull No. A34))

 

This Agreement has been signed on the date set
forth at the beginning of this Agreement.

 

The Borrower

 

ROYAL CARIBBEAN CRUISES LTD.

 

	By:		
	Name:	 
	Title:	 

 

The Facility Agent

 

SOCIÉTÉ GÉNÉRALE

 

	By: 	 	 
	Name:	 
	Title:	 

 

The BpiFAE Agent

 

SOCIÉTÉ GÉNÉRALE

 

	By: 	 	 
	Name:	 
	Title:	 

 

    	 	 	 

     

    

  

SIGNATURE PAGE
(2 OF 2)

 

FACILITY AGREEMENT

(Harmony of the Seas (ex Hull
No. A34))

 

The Mandated Lead Arrangers

 

BANCO SANTANDER, S.A.

 

	By: 	 	 
	Name:	 
	Title:	 

 

KfW IPEX-BANK GmbH

 

	By: 	 	 
	Name:	 
	Title:	 

 

The Lenders

 

BANCO SANTANDER, S.A.

 

	By: 	 	 
	Name:	 
	Title:	 

 

KfW IPEX-BANK GmbH

 

	By: 	 	 
	Name:	 
	Title:	 

 

    	 	 	 Page 2

     

    

  

SOCIÉTÉ GÉNÉRALE

 

	By: 	 	 
	Name:	 
	Title:	 

 

    	 	 	 Page 3

     

    

  

Schedule 4

Form of Guarantor Confirmation
Certificate

 

[Insert name of relevant Guarantor here]

GUARANTOR’S CERTIFICATE

[●], 2021

This Certificate is delivered on behalf of [Insert name of
relevant Guarantor entity here] (the Guarantor)], a [company][corporation] incorporated in [●].

 

[I][We], [insert name of the authorized officers/directors],
the undersigned, in [my][our] capacity as [[a] duly authorized officer[s]] [or][director] of the Guarantor and not in any individual
capacity, do hereby confirm in relation to the Agreements (each as more particularly defined in Schedule 1 of this Certificate)
as follows:

 

		1.	Unless otherwise defined in this Certificate, words and expressions defined in the Agreements shall
have the meanings when used in this Certificate.

 

		2.	The Guarantor is a guarantor under each Agreement.

 

		3.	[I][We] hereby acknowledge on behalf of the Guarantor that, in the context of the Debt Deferral
Extension Framework published by each ECA backing the Agreements, each Agreement shall be amended or, as the case may be, amended
and restated pursuant to an amendment agreement (each a Vessel Loan Amendment) in order to record the agreement of the respective
parties to:

		a.	add a new debt deferral tranche (the Applicable Debt Deferral Tranche) in those Agreements
where there are principal repayments scheduled to occur between approximately April 2021 and March 2022 (or, in the case of the
facility agreement for m.v. “Ovation of the Seas”, approximately between May 2021 and April 2022) (in each case, the
Applicable Debt Deferral Period), in order to effectively defer principal repayments due under each Agreement falling due
during such Applicable Debt Deferral Period, which Applicable Debt Deferral Tranche shall, in the case of each relevant Agreement:

		i.	be in an amount of approximately the aggregate principal amount of the repayment installments falling
due under such relevant Agreement during the Applicable Debt Deferral Period applicable to it (including payments due during such
period on any first debt deferral if and to the extent already agreed); and

		ii.	bear interest on the terms provided in that Vessel Loan Amendment;

		b.	extend the waiver of the applicable Borrower’s compliance with the financial covenants set
forth in each Agreement:

		i.	in each case where the relevant Agreement is BpiFAE-backed, through the end of the third quarter
of 2022; and

		ii.	in each case where the relevant Agreement is Hermes and/or Finnvera-backed, through to the end
of the fourth quarter of 2022,

provided, however, that if the relevant ECA and Lenders
under any Agreement approve a longer waiver period, the applicable Vessel Loan Amendment relating to such Agreement shall include
the longer such waiver period; and

		c.	any adjustments to the financial, indebtedness, negative pledge or other covenants as are required
by the relevant Lenders and ECAs in order to give effect to the amendments contemplated in (a) and (b) above.

 

		4.	This Certificate is one of the “certificates” required to be provided pursuant to clause
3.1(b) of each Vessel Loan Amendment and in the context of the requirements of clause 3.1(b) of each Vessel Loan Amendment, [I][we]
hereby further acknowledge and confirm on behalf of the Guarantor the following:

		a.	the amendments contemplated in the Vessel Loan Amendment for each Agreement and the contents thereof
are approved;

 

    	 	 	 Page 4

     

    

  

		b.	the Guarantee given by the Guarantor in each Agreement and each other Loan Document or Finance
Document, as the case may be (as defined in each such Agreement) to which the Guarantor is a party shall remain and continue in
full force and effect notwithstanding the amendment and restatement of each such Agreement pursuant to the Vessel Loan Amendment
applicable to it;

		c.	the Guarantee given by the Guarantor in each Agreement shall extend to any new obligations assumed
by the Borrower under such Agreement as amended by the Vessel Loan Amendment applicable to it (including pursuant to the Applicable
Debt Deferral Tranche) and the floating rate applicable to such Applicable Debt Deferral Tranche (as more particularly set out
in sub-paragraphs (i) and (ii) of 3(a) above)); and

		d.	continuing to guarantee the amended obligations of the Borrower under the Agreements as amended
by the Vessel Loan Amendment applicable to it does not cause any borrowing, guaranteeing or similar limit binding on the Guarantor
to be exceeded.

 

		5.	[I][We] hereby confirm that:

		a.	the copy of the certificate or articles of incorporation, formation or organization or other comparable
organizational document of the Guarantor (collectively, the Organizational Documents); and

		b.	the by-laws or operating, management or similar agreements of the Guarantor (collectively, the
Operating Documents),

in each case, appended to the Secretary’s Certificate
dated 21 December 2020 (the Original Secretary’s Certificate) remain true and correct on the date of this Certificate
and have not been amended, modified or revoked and remain in full force and effect.

 

		6.	[I][we] hereby represent and warrant on behalf of the Guarantor that [I][we] have the authority
to sign this Certificate as evidenced by [●] of the Original Secretary’s Certificate (the Authorization). The
Authorization has not been modified or rescinded and remains in full force and effect.

 

		7.	[The Guarantor does not have its management or control in Liberia nor does it undertake any business
activity in Liberia.

 

		8.	Less than a majority of the shareholders of the Guarantor hereto by vote or value are resident
in Liberia.][7 and 8 to be included in the Certificate for RCL Cruise Holdings LLC and RCI Holdings LLC only as Liberian
entities]

 

		9.	This Certificate shall be governed by and construed in accordance with New York law.

 

[Signature Pages Follow]

 

    	 	 	 Page 5

     

    

  

Annex A

Repayment Schedule

 

 

    	 	 	 Page 6

     

    

 

Annex B

Debt Deferral Extension
Regular Monitoring Requirements

 

Debt Deferral Extension
- Regular Monitoring Requirements

 

Monitoring Period:

-        Starting point: approval

-        End: Until the Existing and the New Debt Deferral
Tranches are repaid, whereby the list of documents and frequency shall be reviewed and adjusted annually by the Facility Agent.

 

	 	Rhythm 	Description 
	1. 	monthly 	
        Reporting of the: 

        1. Total Free Liquidity Position
        – def.: free cash + free undrawn credit lines;

        2. Free Net Liquidity Position
        – Total Free Liquidity Position minus all planned debt repayments

        (bank loan, commercial papers, bonds) which are due
        within the following 6 months.;

        3. In case the Free Net Liquidity
        Position does decease to 6x the average of the monthly operational cash burn rate the ECA can decide on its own discretion
        whether a shorter reporting rhythm shall be implemented (e.g. weekly).;

        4. Description of additional
        measures implemented to increase the liquidity position (debt, mezzanine and equity measures) / Whereby details of the respective
        terms and conditions shall be included (e.g. securities, ranking), for easy reference an ongoing list would be preferred with (a)
        measures taken, (b) additional measures finalized in the respective month and (c) additional measures planned.;

        5. Description of of additional
        cost cutting measures implemented to reduce the outflow of liquidity (OPEX, CAPEX, Debt Deferrals etc.);

        6. Repayment or refinancing of
        existing debt

 

    	 	 	 Page 7

     

    

  

	2. 	monthly	
        Cash Flow Projection of the cruise line on a monthly
        basis

        The Projection means cash
        flow statements in excel format, complete with formulas, shall cover the following period:

        1. Actual figures: The current
        financial year (whereby at least 1 quarter with actual historical figures have to be included);

        2. Projection: At least the
        following 24 months starting from the respective current month

        (including shut down period and recovery phase)

        Cash Flow Projection showing:

        1.    operating
        cash flow including and separately listed Cruise-Revenues (including but not limited to occupancy rate, ticket prices, capacity
        of the overall fleet, capacity of fleet in operation), Cruise-OPEX, other COGS, net customer deposits collection (providing details
        of deposit refund separately), working capital and SG&A;

        2.    cash
        flow from investing activities (separately: detailing capex in vessels, general capex and disposals / In addition for information
        purposes the newbuilding capex which will be paid out of equity.),

        3.    cash
        flow from financing activities (detailing proceeds from equity, proceeds from debt separated by type of funding and ECA facilities,
        debt repayments separately), etc.

        4.    Interest
        expenses

        Such Cash Flow Projection shall be accompanied by a descriptive
        Note of Assumptions which does include comments on:

        1. Changes:

        (i)   The main changes
        to the underlying assumptions with respect to revenue / cash collections and disbursement of operational costs and SG&A,

        (ii)  The main changes
        to the underlying assumptions with respect to Debt Deferrals (with the ECA backed transactions or other class of creditors)

 

	 	 	
        (iii) The main changes with respect
        to Major Capex (and such Equity payments in relation to Major Capex)

        And in each case whether those changes are due to timing
        issues or more fundamental changes compared to the initial Test Scheme Template for the Debt Deferral Extension (if not previously
        disclosed), or the previous Liquidity Forecast.

        2. Mitigants or additional
liquidity measure that are incorporated in the Liquidity Forecast, or planned but not yet incorporated in the Liquidity Forecast.

	3. 	monthly 	Testing of the applicable Minimum Liquidity Covenant according to the amended loan documentation 

 

    	 	 	 Page 8

     

    

  

	4. 	monthly 	
        1.    Cash
        Burn Rate

        2.    Cash
        Burn Rate adjusted to net deposits collection

        3.    Net
        Liquidity position to Cash Burn rate

         

        Def. Cash
        Burn rate means operating costs plus debt service plus capital expenditure (net of financing) Def. Cash Burn
        rate adjusted means operating costs plus debt service plus capital expenditure (net of financing) plus net
        deposits collection.

         

        To be reported as long as the company
        achieves a positive (adj.) EBITDA after interest costs in two consecutive months

	5. 	monthly 	
        Booking Curve - Average ticket price and occupancy
        for the season 2021 and season 2022 including a comparison of both parameters at the same point in time for bookings in 2019 for
        the season 2020

         

        Format tbd with the ECA Agent / Figures to be provided
        in table / split by quarter mandatory

	6. 	monthly 	
        Status of the fleet on a per vessel basis: Active
        vessels (+ occupancy level) / Vessels in layup / Vessels classified for sale

         

        Fleet wide average of occupancy (incl. active and
        idle vessels)

	7. 	monthly 	Confirmation that no dividends have been declared / paid within the current month.
	8. 	monthly 	
        Development of the customer deposits: 

        1.    For cancelled
        cruises with starting dates in the past: Percentage of customers which requested a refund and percentage of those who re-booked
        or accepted a voucher.

        2.    Overview
        of the amount of deposits which have been collected in connection with cruises in the next 4 quarters (split by quarter).

        3.    Customer
        Deposits for cruises starting within the next 3 months

        4.    Amount
of collected deposits which are at risk to be refunded, based on the company’s own assumption of how many passengers of
future cancelled cruises might chose a refund instead of a re-booking or a voucher.

	9. 	monthly 	
        Other Creditors and Debtors:

        1.    Please
        state clearly whenever terms and conditions (amount, interest, tenor, maturity schedule and securities) of existing credit facilities
        (incl. other debt holiday agreements) have been amended which fall into the same class as the ECAs or other classes.

        2.    How are
        generally unsecured and secured financings treated?

        3.    How do
        the debtors (like credit card companies) currently act? Do creditors withhold payments?

        4.    Other
        Creditors and Debtors: What is the company asking from the other creditors (e.g. Bondholder, LeaseCos, FactorCos etc.) and what
        is their response? Do the respective documentation include cross default clauses?

 

    	 	 	 Page 9

     

    

  

	10 	
        bi-monthly
	
        Update about the changes of signed building contracts

         

        The ECA shall be updated about the company`s current plans
        to amendment any building contract or about any upcoming negotiations with the national yard.

	11 	quarterly	Unaudited financial statements or management accounts (incl. P&L (incl. EBITDA), balance sheet and cash flow statement)
	12 	quarterly	Company shall provide the calculation of the financial covenants which currently are waived.

 

    	 	 	 Page 10

     

    

  

Annex C

Replacement covenants with
effect from the Guarantee Release Date

 

    	 	 	 Page 11

     

    

  

Schedule R

Replacement covenants with effect from the
Guarantee Release Date

 

It is acknowledged and agreed, with effect
from the Guarantee Release Date, this Agreement shall be amended as follows:

 

“incur” means
to create, incur, assume, guarantee or otherwise become directly or indirectly liable and “incurred” or “incurrence”
shall have a correlative meaning.

 

“Inherited Indebtedness”
means any Indebtedness (other than any Indebtedness that would, following the acquisition or creation of the relevant Subsidiary,
become Permitted Principal Subsidiary Indebtedness or Permitted Non-Principal Subsidiary Indebtedness) of any corporation that
becomes a Subsidiary of the Borrower after the Guarantee Release Date so long as (i) the acquisition or creation of such corporation
by the Borrower is not otherwise prohibited by the terms of this Agreement and (ii) such Indebtedness is in existence at the time
such corporation becomes a Subsidiary of the Borrower and was not incurred by the Borrower or any of its Subsidiaries in anticipation
thereof.

 

“Inherited Lien”
means any Lien (other than a Lien that would, following the acquisition or creation of the relevant Subsidiary, become a Permitted
Lien) in respect of any Inherited Indebtedness on any asset of any corporation that becomes a Subsidiary of the Borrower after
the Guarantee Release Date so long as (i) the acquisition or creation of such corporation by the Borrower is not otherwise prohibited
by the terms of this Agreement and (ii) such Liens are in existence at the time such corporation becomes a Subsidiary of the Borrower
and were not created by the Borrower or any of its Subsidiaries in anticipation thereof.

 

“Non-Principal Subsidiary”
means a Subsidiary other than a Principal Subsidiary.

 

“Permitted Principal Subsidiary
Indebtedness” means:

 

		a.	Indebtedness owing to the Borrower or a direct or indirect Subsidiary of the Borrower; and

 

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

 

“Permitted Liens”
means:

 

		a.	Liens securing Government-related Obligations;

 

    	 	 	 

     

    

  

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

 

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

 

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

 

		e.	Liens for current crew's wages and salvage;

 

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

 

		g.	Liens on Vessels that:

 

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

 

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

 

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

 

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

 

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

 

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

 

		j.	Liens on cash or Cash Equivalents or marketable securities securing:

 

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

 

(ii)       letters
of credit that support such obligations;

 

    	 	 	 

     

    

  

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

 

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

 

		m.	licenses, sublicenses, leases or subleases granted to other Persons not materially interfering
with the conduct of the business of the Borrower or any of its Subsidiaries; and

 

		n.	Liens on any property of Silversea identified in Section 2 of Exhibit J hereto.

 

“Permitted Non-Principal
Subsidiary Indebtedness” means:

 

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

 

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

 

		c.	other Indebtedness other than Indebtedness for borrowed money (it being agreed for this purpose
that any Group Member Guarantee granted in connection with Indebtedness for borrowed money shall be considered to be Indebtedness
for borrowed money).

 

    	 	 	 

     

    

  

		1.	Clauses 9.2 and 9.3 shall be deleted in their entirety
and replaced with the following (and all other provisions and clause references shall be construed accordingly):

 

Clause 9.2 Subsidiary
Indebtedness and Liens 

 

		(a)	With effect from the Guarantee Release Date and except to the extent permitted by paragraph (b)
below:

 

		(i)	the Borrower will not permit:

 

		A.	any of its Principal Subsidiaries to incur any Indebtedness other than Permitted Principal Subsidiary
Indebtedness; and

 

		B.	any of its Non-Principal Subsidiaries to incur any Indebtedness other than Permitted Non-Principal
Subsidiary Indebtedness; and

 

		(ii)	the Borrower (having regard, in the case of any ECA Financed Vessel, to Clause 9.12) will not,
and will not permit any of its Subsidiaries to, permit to exist any Lien upon any of its property, revenues or assets, whether
now owned or hereafter acquired other than Permitted Liens.

 

		(b)	Paragraph (a) above shall not, however, prohibit any Indebtedness or Lien provided that (but
again having regard, in the case of any ECA Financed Vessel, to Clause 9.12) immediately following the incurrence (including any
Group Member Guarantees) of the Indebtedness or Lien (as applicable):

 

		(i)	the sum of the aggregate principal amount (without duplication) of (x) Indebtedness incurred by
Principal Subsidiaries (excluding Permitted Principal Subsidiary Indebtedness), (y) Indebtedness incurred by Non-Principal Subsidiaries
(excluding Permitted Non-Principal Subsidiary Indebtedness) and (z) the Indebtedness secured by Liens (other than Permitted Liens)
granted by any Group Member does not exceed 20.0% of the total assets of the Borrower and its Subsidiaries taken as a whole as
determined in accordance with GAAP as at the last day of the most recent ended Fiscal Quarter;

 

		(ii)	in the event the Senior Debt Rating of the Borrower is at Investment Grade as given by either Moody’s
and S&P (determined at the time of the incurrence of the Indebtedness or Lien), the sum of the aggregate principal amount (without
duplication) of (x) Indebtedness incurred by Principal Subsidiaries (excluding Permitted Principal Subsidiary Indebtedness) and
(y) the Indebtedness secured by Liens (excluding Permitted Liens) granted by any Group Member does not exceed 10.0% of the total
assets of the Borrower and its Subsidiaries taken as a whole as determined in accordance with GAAP as at the last day of the most
recent ended Fiscal Quarter;

 

    	 	 	 

     

    

  

		(iii)	in the event the Senior Debt Rating of the Borrower is below Investment Grade as given by both
Moody’s and S&P (determined at the time of creation of the Lien or the granting of a Group Member Guarantee (as applicable)):

 

		A.	the aggregate principal amount of Indebtedness secured by first priority Liens (excluding Permitted
Liens) granted by any Group Member does not exceed 5% of the total assets of the Borrower and its Subsidiaries taken as a whole
as determined in accordance with GAAP as at the last day of the most recent ended Fiscal Quarter;

 

		B.	the aggregate principal amount of Indebtedness secured by second (or lower) priority Liens (excluding
Permitted Liens) granted by any Group Member does not exceed 5% of the total assets of the Borrower and its Subsidiaries taken
as a whole as determined in accordance with GAAP as at the last day of the most recent ended Fiscal Quarter; and

 

		C.	the sum of the aggregate principal amount (without duplication) of (x) Indebtedness (including
any Group Member Guarantees) incurred by Principal Subsidiaries (excluding Permitted Principal Subsidiary Indebtedness) and (y)
Indebtedness secured by Liens (excluding Permitted Liens) granted by any Group Member pursuant to (iii)(A) and (B) above does not
exceed 10.0% of the total assets of the Borrower and its Subsidiaries taken as a whole as determined in accordance with GAAP as
at the last day of the most recent ended Fiscal Quarter,

 

provided that
if, following the Guarantee Release Date, the Borrower enters into a transaction which results in the existence of any Inherited
Lien or Inherited Indebtedness, and solely as a result of that Inherited Lien (and the related Inherited Indebtedness secured by
that Inherited Lien) or Inherited Indebtedness, the thresholds referred to in this paragraph (b) are exceeded, whilst no breach
of this clause shall be deemed to have occurred at the time of such transaction, no further Indebtedness or Liens of the type referred
to in this paragraph (b) shall be permitted to be incurred or, as the case may, permitted to exist until such time as the Borrower
is in compliance with the thresholds referred to above (and taking into account for such purpose any unsecured Inherited Indebtedness
or Inherited Indebtedness secured by any Inherited Lien).

 

		2.	Clause 9.3 shall be deleted in its entirety and replaced
with “Intentionally Omitted”.

 

		3.	A new Clause 9.12 shall be inserted as follows:

 

Clause 9.12 Negative
Pledge Over ECA Financed Vessels

 

For the purposes
of this Clause 9.12:

 

    	 	 	 

     

    

  

“repaid”
means scheduled repayments or voluntary or mandatory prepayment and not repayments arising following the acceleration of the relevant
ECA Financing after the occurrence of an Event of Default; and

 

“credit
support” means a Lien over any ECA Financed Vessel granted by any Group Member or a Group Member Guarantee from a Group
Member (other than the Borrower) that owns (directly or indirectly) any ECA Financed Vessel.

 

In connection with the granting
of any Lien or Group Member Guarantee pursuant to Clause 9.2(b) above, no Group Member shall use any ECA Financed Vessel as credit
support in respect of any Indebtedness except:

 

(i)       if
more than 75.0% of the aggregate principal amount of Indebtedness originally incurred under the ECA Financing in respect of that
ECA Financed Vessel has been repaid by the relevant Group Member, that Group Member shall be entitled to grant credit support over
or in respect of that ECA Financed Vessel on the basis, and in compliance with the terms of, Clause 9.2(b); and

 

(ii)       if
an amount equal to or higher than 15.0% but less than or equal to 75% of the aggregate principal amount of Indebtedness originally
incurred under the ECA Financing in respect of that ECA Financed Vessel has been repaid by the relevant Group Member (determined
at the time the relevant credit support is provided), the relevant Group Member shall be entitled to provide such credit support
over that ECA Financed Vessel on the basis of, and subject to the compliance with, the terms of, Clause 9.2(b), provided that the
amount of Indebtedness secured or supported (as applicable) by that credit support shall not exceed an amount equal to FV x (A
/ B) where:

 

FV = the fair value
of that ECA Financed Vessel at the time of the provision of that credit support (as evidenced by the information to be provided
pursuant to sub-paragraph (v) below);

 

A = the aggregate
principal amount of Indebtedness incurred under the ECA Financing in respect of that ECA Financed Vessel which has been repaid
by the relevant Group Member at the time the credit support is provided; and

 

B = the amount
of Indebtedness originally incurred by the relevant Group Member under the ECA Financing in respect of that ECA Financed Vessel,

 

it being acknowledged
and agreed that:

 

(iii)       where
the relevant credit support being provided in accordance with this Clause 9.12 is a Group Member Guarantee from a Group Member
that owns (directly or indirectly) one or more ECA Financed Vessels but does not own (directly or indirectly) any other Vessels,
the amount of Indebtedness that can be supported by such Group Member Guarantee shall be equal to the aggregate amount of Indebtedness
that would be permitted to be secured under this Clause 9.12 if, instead of a Group Member Guarantee, each relevant Principal Subsidiary
owning each relevant ECA Financed Vessel was to provide a Lien as credit support in respect of that Indebtedness;

 

    	 	 	 

     

    

  

(iv)       
where the relevant credit support being provided in accordance with this Clause 9.12 is a Group Member Guarantee from a Group Member
that owns (directly or indirectly) one or more ECA Financed Vessels and other Vessels, the restrictions contained in this Clause
9.12 as to the amount of the Indebtedness that can be supported by such credit support must be preserved at all times and, not
later than five Business Days after the date upon which that Group Member grants the relevant Group Member Guarantee, the Borrower
shall notify the Facility Agent in writing of such event and shall provide any information as may be reasonably requested by the
Facility Agent to verify that the requirements of this Clause 9.12 have been complied with following the provision of such Group
Member Guarantee; and

 

(v)       not
later than five Business Days after the date upon which a Group Member provides any credit support, the Borrower shall provide
the Facility Agent with evidence as to its compliance with this Clause 9.12, which evidence shall include all required calculations
and other information required by the Facility Agent (acting reasonably) to determine such compliance; and

 

(vi)       no
Group Member shall be entitled to use any ECA Financed Vessel as credit support in the manner contemplated by this Clause 9.12:

 

		(A)	until such time as the relevant Group Member has repaid at least 15.0% of the aggregate principal
amount of Indebtedness originally incurred under the ECA Financing in respect of that ECA Financed Vessel; and/or

 

		(B)	at any time in which a Default has occurred and is continuing.

 

    	 	 	 

     

    

  

SIGNATORIES

 

Fifth Amendment and Restatement
Agreement in respect of Hull A34 (USD)

 

Borrower

 

	Royal Caribbean Cruises Ltd.	)	 
	Name: Lucy Shtekno	)	/S/ LUCY SHTEKNO
	Title: Attorney-in-fact	)	 

 

    	 	 	 

     

    

  

	Facility Agent	 	 
	 	 	 
	Société Générale	)	 
	Name: Jean-Etienne Errera	)	/S/ JEAN-ETIENNE ERRERA
	Title: Structured Finance Middle Office - Head	)	 
	 	 	 
	BpiFAE Agent	 	 
	 	 	 
	Société Générale	)	 
	Name: Jean-Etienne Errera	) 	/S/ JEAN-ETIENNE ERRERA
	Title: Structured Finance Middle Office - Head	)	 
	 	 	 
	Mandated Lead Arrangers	 	 
	 	 	 
	Banco Santander S.A.	)	 
	Name: Vanessa Berrio	)	/S/ VANESSA BERRIO
	Title: Vice President	)	 
	 	 	 
	Name: Carmen Molina	) 	/S/ CARMEN MOLINA
	Title: Vice President	)	 
	 	 	 
	KfW IPEX Bank GmbH	)	 
	Name: Volker Neuenburg	) 	/S/ VOLKER NEUNBURG
	Title: Vice President	)	 
	 	 	 
	Name: Pia Röder	) 	/S/ PIA RODER
	Title: Associate	)	 

 

    	 	 	 

     

    

  

Lenders

 

	Société Générale	)	 
	Name: AGNES DESCHENES VOIRIN	) 	/S/ AGNES DESCHENES VOIRIN
	Title: Director	)	 
	 	 	 
	Banco Santander S.A.	)	 
	Name: Vanessa Berrio	)	/S/ VANESSA BERRIO
	Title: Vice President	)	 
	 	 	 
	Name: Carmen Molina	) 	/S/ CARMEN MOLINA
	Title: Vice President	)	 
	 	 	 
	KfW IPEX Bank GmbH	)	 
	Name: Volker Neuenburg	) 	/S/ VOLKER NEUNBURG
	Title: Vice President	)	 
	 	 	 
	Name: Pia Röder	) 	/S/ PIA RODER
	Title: Associate	)Exhibit
10.15 

 

	 	Dated 17 February 2021	 
	 	 	 
	 	Royal Caribbean Cruises Ltd.	(1)
	 	(the Borrower)	 
	 	 	 
	 	Citibank N.A., London Branch	(3)
	 	(the ECA Agent)	 
	 	 	 
	 	Citibank Europe plc, UK Branch	(4)
	 	(the Facility Agent)	 
	 	 	 
	 	The banks and financial institutions listed in Schedule 1	(5)
	 	(the Mandated Lead Arrangers)	 
	 	 	 
	 	The banks and financial institutions listed in Schedule 1	(5)
	 	(the Lenders)	 

 

 

 

Amendment Agreement
in connection with

the Credit Agreement
in respect of

“SYMPHONY
OF THE SEAS” (ex Hull B34)  

 

 

 

    

     

    

    

Contents

 

	Clause	Page
	 	 	 
	1	Interpretation and definitions	1
	 	 	 
	2	Amendment of the Existing Credit Agreement	2
	 	 	 
	3	Conditions of effectiveness of Amended Credit Agreement	2
	 	 	 
	4	Representations and Warranties	4
	 	 	 
	5	Incorporation of Terms	5
	 	 	 
	6	Fees, Costs and Expenses	5
	 	 	 
	7	Counterparts	6
	 	 	 
	8	Governing Law	6
	 	 	 
	Schedule 1 Finance Parties	1
	 	 
	Schedule 2 Form of Amendment Effective Date confirmation – Hull
    B34	2
	 	 
	Schedule 3 Amended and Restated Credit Agreement	3
	 	 
	Schedule 4 Form of Guarantor Confirmation Certificate	5
	 	 
	Annex A Repayment Schedule	7
	 	 
	Annex B Debt Deferral Extension Regular Monitoring
    Requirements	8
	 	 
	Annex C Replacement covenants with effect from the
    Guarantee Release Date	12

 

    

     

    

  

THIS AMENDMENT AGREEMENT (this
Amendment) is dated 17 February 2021 and made BETWEEN:

 

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

 

	(2)	Citibank Europe plc, UK Branch as
                                         facility agent (the Facility Agent);

 

	(3)	Citibank N.A., London Branch as ECA
                                         agent (the ECA Agent);

 

	(4)	The banks and financial institutions
                                         listed in Schedule 1 as mandated lead arrangers (the Mandated Lead Arrangers);
                                         and

 

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

 

WHEREAS:

 

	(A)	The Borrower, the Facility Agent, the ECA
                                         Agent, the Mandated Lead Arrangers and the Lenders are parties to a credit agreement,
                                         dated as of 30 January 2015 (as novated, amended and restated pursuant to a novation
                                         agreement dated 30 January 2015, and as further amended and restated from time to time
                                         prior to the date of this Amendment, the Existing Credit Agreement), in respect
                                         of the vessel named “SYMPHONY OF THE SEAS” (formerly Hull no. B34) (the Vessel)
                                         whereby it was agreed that, subject to the terms and conditions therein, the Lenders
                                         would advance (and have advanced) their respective Commitment of an aggregate amount
                                         not exceeding the Maximum Loan Amount (as each such term is defined in the Existing Credit
                                         Agreement).

 

	(B)	The Borrower has requested that the Existing
                                         Credit Agreement be amended and restated on the basis set out in this Amendment in order
                                         to reflect the Debt Deferral Extension Framework published by certain Export Credit Agencies
                                         (including BpiFAE) (the Framework).

 

	(C)	Pursuant to the Framework, the Lenders have
                                         agreed to (i) the further deferral of any scheduled repayments of principal of the Loan
                                         (including the first Deferred Tranche) arising during the Second Deferral Period and
                                         (ii) certain amendments to the financial covenants set out in Section 7.2.4 of the Existing
                                         Credit Agreement, in each case on the basis set out in the Promesse de Garantie dated
                                         22 January 2021.

 

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

 

NOW IT IS AGREED as follows:

 

	1	Interpretation and definitions

 

	1.1	Definitions in the Existing Credit Agreement

 

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

 

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

 

	1.2	Definitions

 

In this Amendment:

 

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

 

    Page 1

     

    

 

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

 

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

 

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

 

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

 

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

 

Party means each of the
parties to this Amendment.

 

Second Deferral Period means
the period from and including 1 April 2021 to and including 31 March 2022.

 

Second Deferred Tranche has
the meaning given to such term in the form of the Amended Credit Agreement set out in Schedule 3.

 

	1.3	Third party rights

 

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

 

	1.4	Designation

 

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

 

	2	Amendment of the Existing Credit Agreement

 

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

 

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

 

		(b)	Exhibits B to Exhibit D hereto
                                         shall be attached to the Amended Credit Agreement as new Exhibit O to Exhibit Q thereto,
                                         and Exhibit A hereto shall replace the repayment schedule set out in Exhibit E thereto.

 

	3	Conditions of effectiveness of Amended Credit Agreement

 

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

 

    Page 2

     

    

 

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

 

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

 

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

 

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

 

		(i)	confirming that:

 

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

 

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

 

		(C)	the relevant Guarantee shall extend
                                         to any new obligations assumed by the Borrower under the Amended Credit Agreement (including
                                         pursuant to the Second Deferred Tranche and the Floating Rate Margin applicable to such
                                         Second Deferred Tranche); and

 

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

 

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

 

together with such evidence
from legal counsel to the Facility Agent as the Lenders may require as to the continued effectiveness of the Guarantees relative
to the further deferral arrangements;

 

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

 

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

 

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

 

		(i)	Watson Farley & Williams
                                         LLP, counsel to the Borrower, as to matters of Liberian law (and being issued in substantially
                                         the same form as the corresponding Liberian legal opinion issued in respect of the Fourth
                                         Supplemental Agreement); and

 

    Page 3

     

    

 

		(ii)	Norton Rose Fulbright LLP, counsel
                                         to the Facility Agent as to matters of English law (and being issued in substantially
                                         the same form as the corresponding English legal opinion issued in respect of the Fourth
                                         Supplemental Agreement),

 

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

 

		(f)	evidence that the Borrower has
                                         submitted the Framework Information Package to BpiFAE (including information related
                                         to crisis-related liquidity measures) as a basis for BpiFAE to assess the adequacy of
                                         the Borrower’s crisis-related liquidity measures with regard to utilisation of
                                         the Second Deferred Tranche;

 

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

 

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

 

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

 

		(j)	the Facility Agent shall have received
                                         a letter from the Borrower, signed by its Chief Financial Officer, containing a commitment
                                         to publish on an annual basis until the repayment of the Second Deferred Tranche in full,
                                         a publicly available environmental plan that includes (i) an annual measure (in accordance
                                         with other public methodology, including IMO methodology) of the greenhouse gas emissions
                                         of the Borrower and its Subsidiaries (including the emissions of their respective vessels)
                                         for the two years preceding the date of the relevant publication and (ii) the Borrower’s
                                         strategy to reduce the group’s greenhouse emissions, including details of specific
                                         measures implemented (or to be implemented) in order to achieve such reduction; and

 

		(k)	the Facility Agent shall have received
                                         from the Borrower such documentation and information as any Finance Party may reasonably
                                         request through the Facility Agent to comply with “know your customer” or
                                         similar identification procedures under all laws and regulations applicable to that Finance
                                         Party,

 

it being acknowledged and agreed
by the Facility Agent that the conditions referred to in paragraphs (c), (f), (i), (j) and (k) above have, at the date of this
Amendment, been satisfied.

 

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

 

	4	Representations and Warranties

 

		(a)	Each of the representations and
                                         warranties in:

 

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

 

		(ii)	clause 3(b) of the Fifth Supplemental
                                         Agreement,

 

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

 

    Page 4

     

    

 

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

 

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

 

		(ii)	covenants and undertakes with the
                                         Facility Agent that it shall, on or before the Amendment Effective Date, or as soon as
                                         reasonably practicable thereafter enter into an amendment agreement (with such amendments
                                         being on substantially the same terms as those set out in this Amendment and the Amended
                                         Credit Agreement (as applicable)) to the finance documents in respect of each other ECA
                                         Financing in existence as at the date of this Amendment in order to substantially reflect
                                         the amendments set out in the Amended Credit Agreement provided, however, that this clause(b)(ii)
                                         shall not apply in respect of any other ECA Financing where the lenders under that ECA
                                         Financing do not provide their consent to such amendment agreement where the arrangements
                                         contemplated by that amendment were proposed to be on substantially the same basis as
                                         set out in this Amendment (subject to logical and factual changes),

 

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

 

	5	Incorporation of Terms

 

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

 

	6	Fees, Costs and Expenses

 

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

 

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

 

    Page 5

     

    

 

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

 

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

 

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

 

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

 

	6.4	The Borrower shall pay any additional premium payable to BpiFAE
                                 in respect of the matters contemplated by this Amendment and the Framework in the agreed amount
                                 prior to the first deemed advance of the Second Deferred in accordance Section 5.1.13(c) of the
                                 Amended Credit Agreement.

 

	6.5	The Borrower also agrees to pay to the Facility Agent for the
                                 account of each Lender and for distribution to each such Lender in proportion to their respective
                                 Commitments under the Second Deferred Tranche, on and from the date of this Amendment until the
                                 earlier of (a) the date of the second deemed advance of the Second Deferred Tranche, (b) the
                                 last day of the Second Deferral Period and (c) the date of cancellation of the Second Deferred
                                 Tranche (or such part of the Second Deferred Tranche that has not at that point been advanced),
                                 a commitment fee in Dollars equal to the sum of 0.15% per annum on each Lender’s daily
                                 Commitment in respect of the Second Deferred Tranche that has not at that point been deemed to
                                 be advanced. The commitment fee shall be payable in arrears on the day of each deemed advance
                                 of the Second Deferred Tranche or, if cancelled, on the date of cancellation of the Second Deferred
                                 Tranche.

 

	7	Counterparts

 

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

 

	8	Governing Law

 

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

 

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

 

    Page 6

     

    

 

Schedule 1

Finance Parties

 

Facility Agent

 

Citibank Europe plc, UK Branch

 

ECA Agent

 

Citibank N.A., London Branch

 

Mandated Lead Arrangers 

 

Banco Santander, S.A.

 

MUFG Bank Ltd.

 

Citibank N.A., London Branch

 

HSBC Continental Europe

 

SMBC Bank International plc

 

Société Générale

 

Skandinaviska Enskilda Banken AB (publ)

 

	Oasis
    4	 	Original
    

    Commitments as 

    at 28/02/21	 	 	First
    Deferred 

    Tranche	 	 	Second
    Deferred Tranche	 	 	For
    reference 

    only - Original 

    Commitments as 

    at 31/3/20	 
	MUFG	 	$	69,710,926	 	 	$	7,337,992	 	 	$	9,172,490	 	 	$	73,379,922	 
	Banco Santander, S.A.
    Paris Branch	 	$	133,878,799	 	 	$	14,092,505	 	 	$	17,615,631	 	 	$	140,925,052	 
	Citibank N.A., London
    Branch	 	$	87,091,682	 	 	$	9,167,545	 	 	$	11,459,432	 	 	$	91,675,455	 
	HSBC France	 	$	261,368,996	 	 	$	27,512,526	 	 	$	34,390,657	 	 	$	275,125,259	 
	SEB	 	$	69,710,926	 	 	$	7,337,992	 	 	$	9,172,490	 	 	$	73,379,922	 
	Société
    Générale	 	$	130,684,498	 	 	$	13,756,263	 	 	$	17,195,329	 	 	$	137,562,630	 
	SMBC Bank International
    plc	 	$	187,054,519	 	 	$	19,689,949	 	 	$	24,612,437	 	 	$	196,899,494	 
	Total	 	$	939,500,346	 	 	$	98,894,773	 	 	$	123,618,467	 	 	$	988,947,733	 

 

Note that the Original Commitments, the
First Deferred Tranche and the Second Deferred Tranche on a cumulated basis cannot exceed at any point in time the Original Commitments
prior to the First Deferred Tranche Deemed Advance, shown under the column headed “For reference only - Original Commitments
as at 31/3/20”

 

    

     

    

  

  

Schedule 2

Form of Amendment Effective Date confirmation – Hull B34

 

	To:	Royal Caribbean Cruises Ltd.

 

“CELEBRITY EDGE” (Hull
no. B34)

 

We,
Citibank Europe plc, UK Branch, refer to the amendment agreement dated [•] 2021 (the Amendment) relating to
a credit agreement dated as of 30 January 2015 (as previously novated, amended, supplemented and/or restated from time to time)
(the Credit Agreement) made between (among others) the above named Royal Caribbean Cruises Ltd. as the Borrower,
the financial institutions listed in it as the Lenders and ourselves as the Facility Agent in respect of a loan to the Borrower
from the Lenders of up to the Maximum Loan Amount (as defined in the Credit Agreement).

 

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

 

Dated
                                                    
2021

 

	Signed:	 	 	 
	 	 	 
	For and on behalf of	 	 
	Citibank Europe plc, UK Branch	 	 
	(as Facility Agent)	 	 

 

    2

     

    

 

Schedule 3

Amended and Restated Credit Agreement

 

    3

     

    

 

 

 

SYMPHONY OF THE SEAS (EX HULL NO. B34) 

CREDIT AGREEMENT 

 

 

  

dated 30 January 2015 as novated,
amended and restated

on the Actual Delivery Date pursuant to

a novation agreement dated 30 January 2015 (as amended)

 

(as amended and restated by a first supplemental
agreement dated 9 February 2016, a second supplemental agreement dated 7 February 2017, a third supplemental agreement dated 16
March 2018, and a fourth supplemental agreement dated 29 April 2020, as supplemented by a supplemental agreement dated 28 July
2020 and as further amended and restated by a sixth supplemental agreement dated 30 October 2020 and as further amended and restated
by a seventh supplemental agreement dated February 19, 2021)

 

BETWEEN

 

Royal Caribbean Cruises Ltd.

 

as the Borrower,

 

the Lenders from time to time party hereto,

 

Citibank N.A., London Branch

as ECA Agent

 

and

 

Citibank Europe plc, UK Branch

as Facility Agent

 

and

 

Banco Santander, S.A., Citibank N.A., London
Branch, HSBC Continental Europe (formerly known as HSBC France), Société Générale, SMBC Bank International
plc, MUFG Bank, Ltd. (formerly known as The Bank of Tokyo-Mitsubishi UFJ, Ltd.) and Skandinaviska Enskilda Banken AB (publ)

as Mandated Lead Arrangers

 

    4

     

    

 

TABLE OF CONTENTS

 

 

	 	PAGE

	 	 
	ARTICLE
    I DEFINITIONS AND ACCOUNTING TERMS	 
	 	 
	SECTION
    1.1. Defined Terms	3
	SECTION
    1.2. Use of Defined Terms	32
	SECTION
    1.3. Cross-References	32
	SECTION
    1.4. Accounting and Financial Determinations	32
	 	 
	ARTICLE
    II COMMITMENTS AND BORROWING PROCEDURES	 
	 	 
	SECTION
    2.1. Commitment	33
	SECTION
    2.2. Commitment of the Lenders; Termination and Reduction of Commitments	33
	SECTION
    2.3. Borrowing Procedure	34
	SECTION
    2.4. Funding	37
	 	 
	ARTICLE
    III REPAYMENTS, PREPAYMENTS, INTEREST AND FEES	 
	 	 
	SECTION
    3.1. Repayments	37
	SECTION
    3.2. Prepayment	38
	SECTION
    3.3. Interest Provisions	39
	SECTION
    3.3.1. Rates	39
	SECTION
    3.3.2. Election of Floating or Fixed Rate	40
	SECTION
    3.3.3. Interest stabilisation.	40
	SECTION
    3.3.4. Post-Maturity Rates	40
	SECTION
    3.3.5. Payment Dates	41
	SECTION
    3.3.6. Interest Rate Determination; Replacement Reference Banks	41
	SECTION
    3.3.7. Unavailability of LIBO Rate	42
	SECTION
    3.4. Commitment Fees	43
	SECTION
    3.4.1. Payment	44
	SECTION
    3.5. Other Fees	44
	 	 
	ARTICLE
    IV CERTAIN LIBO RATE AND OTHER PROVISIONS	 
	 	 
	SECTION
    4.1. LIBO Rate Lending Unlawful	44
	SECTION
    4.2. Deposits Unavailable	44
	SECTION
    4.3. Increased LIBO Rate Loan Costs, etc.	45
	SECTION
    4.4. Funding Losses	47
	SECTION
    4.4.1. Indemnity	47
	SECTION
    4.4.2. Exclusion	49
	SECTION
    4.5. Increased Capital Costs	49
	SECTION
    4.6. Taxes	50
	SECTION
    4.7. Reserve Costs	52
	SECTION
    4.8. Payments, Computations, etc.	53
	SECTION
    4.9. Replacement Lenders, etc.	54
	SECTION
    4.10. Sharing of Payments	54
	SECTION
    4.10.1. Payments to Lenders	54
	SECTION
    4.10.2. Redistribution of payments	55
	SECTION
    4.10.3. Recovering Lender’s rights	55
	SECTION
    4.10.4. Reversal of redistribution	55
	SECTION
    4.10.5. Exceptions	55
	SECTION
    4.11. Set-off	56

 

    i

     

    

 

	SECTION
    4.12. Use of Proceeds	56
	SECTION
    4.13. FATCA Information	56
	SECTION
    4.14. Resignation of the Facility Agent	57
	SECTION
    4.15. Deferred Costs	57
	 	 
	ARTICLE
    V CONDITIONS TO BORROWING	 
	 	 
	SECTION
    5.1. Advance of the Loan	58
	SECTION
    5.1.1. Resolutions, etc.	58
	SECTION
    5.1.2. Opinions of Counsel	58
	SECTION
    5.1.3. BpiFAE Insurance Policy	59
	SECTION
    5.1.4. Closing Fees, Expenses, etc.	59
	SECTION
    5.1.5. Compliance with Warranties, No Default, etc	59
	SECTION
    5.1.6. Loan Request	60
	SECTION
    5.1.7. Foreign Exchange Counterparty Confirmations	60
	SECTION
    5.1.8. Protocol of delivery	60
	SECTION
    5.1.9. Title to Purchased Vessel	60
	SECTION
    5.1.10. Interest Stabilisation.	60
	SECTION
    5.1.11. Escrow Account Security	60
	SECTION
    5.1.12. First Deferred Tranche	61
	SECTION
    5.1.13. Second Deferred Tranche	61
	 	 
	ARTICLE
    VI REPRESENTATIONS AND WARRANTIES	 
	 	 
	SECTION
    6.1. Organization, etc.	62
	SECTION
    6.2. Due Authorization, Non-Contravention, etc.	63
	SECTION
    6.3. Government Approval, Regulation, etc.	63
	SECTION
    6.4. Compliance with Environmental Laws	63
	SECTION
    6.5. Validity, etc.	63
	SECTION
    6.6. No Default, Event of Default or Prepayment Event	63
	SECTION
    6.7. Litigation	64
	SECTION
    6.8. The Purchased Vessel	64
	SECTION
    6.9. Obligations rank pari passu; Liens	64
	SECTION
    6.10. Withholding, etc.	64
	SECTION
    6.11. No Filing, etc. Required	65
	SECTION
    6.12. No Immunity	65
	SECTION
    6.13. Investment Company Act	65
	SECTION
    6.14. Regulation U	65
	SECTION
    6.15. Accuracy of Information	65
	SECTION
    6.16. Compliance with Laws	66
	 	 
	ARTICLE
    VII COVENANTS	 
	 	 
	SECTION
    7.1. Affirmative Covenants	66
	SECTION
    7.1.1. Financial Information, Reports, Notices, etc.	66
	SECTION
    7.1.2. Approvals and Other Consents	69
	SECTION
    7.1.3. Compliance with Laws, etc.	69
	SECTION
    7.1.4. The Purchased Vessel	69
	SECTION
    7.1.5. Insurance	71
	SECTION
    7.1.6. Books and Records	71
	SECTION
    7.1.7. BpiFAE Insurance Policy/French Authority Requirements	71
	SECTION
    7.1.8. Performance of building contract obligations	71
	SECTION
    7.1.9. Further Assurances in respect of the Framework	72

 

    ii

     

    

 

	Section
    7.1.10 Equal Treatment with Pari Passu Creditors	72
	SECTION
    7.2. Negative Covenants	73
	SECTION
    7.2.1. Business Activities	73
	SECTION
    7.2.2. Indebtedness	73
	SECTION
    7.2.3. Liens	74
	SECTION
    7.2.4. Financial Condition	76
	SECTION
    7.2.4(C). Minimum liquidity	77
	SECTION
    7.2.5. Additional Undertakings	77
	SECTION
    7.2.6. Consolidation, Merger, etc.	85
	SECTION
    7.2.7. Asset Dispositions, etc.	86
	SECTION
    7.2.9. Framework Lien and Guarantee Restriction	86
	SECTION
    7.3.	88
	SECTION
    7.4. Lender incorporated in the Federal Republic of Germany	88
	 	 
	ARTICLE
    VIII EVENTS OF DEFAULT	 
	 	 
	SECTION
    8.1. Listing of Events of Default	89
	SECTION
    8.1.1. Non-Payment of Obligations	89
	SECTION
    8.1.2. Breach of Warranty	89
	SECTION
    8.1.3. Non-Performance of Certain Covenants and Obligations	89
	SECTION
    8.1.4. Default on Other Indebtedness	90
	SECTION
    8.1.5. Bankruptcy, Insolvency, etc.	90
	SECTION
    8.2. Action if Bankruptcy	91
	SECTION
    8.3. Action if Other Event of Default	91
	 	 
	ARTICLE
    IX PREPAYMENT EVENTS	 
	 	 
	SECTION
    9.1. Listing of Prepayment Events	91
	SECTION
    9.1.1. Change of Control	91
	SECTION
    9.1.2. Unenforceability	92
	SECTION
    9.1.3. Approvals	92
	SECTION
    9.1.4. Non-Performance of Certain Covenants and Obligations	92
	SECTION
    9.1.5. Judgments	92
	SECTION
    9.1.6. Condemnation, etc.	92
	SECTION
    9.1.7. Arrest	93
	SECTION
    9.1.8. Sale/Disposal of the Purchased Vessel	93
	SECTION
    9.1.9. BpiFAE Insurance Policy	93
	SECTION
    9.1.10. Illegality	93
	SECTION
    9.1.11. Framework Prohibited Events	93
	SECTION
    9.1.12. Breach of Principles and Framework	94
	SECTION
    9.2. Mandatory Prepayment	94
	SECTION
    9.3. Mitigation	94
	 	 
	ARTICLE
    X THE FACILITY AGENT AND THE ECA AGENT	 
	 	 
	SECTION
    10.1. Actions	95
	SECTION
    10.2. Indemnity	95
	SECTION
    10.3. Funding Reliance, etc	96
	SECTION
    10.4. Exculpation	96
	SECTION
    10.5. Successor	97
	SECTION
    10.6. Loans by the Facility Agent	98
	SECTION
    10.7. Credit Decisions	98
	SECTION
    10.8. Copies, etc	98

 

    iii

     

    

 

	SECTION
    10.9. The Agents’ Rights	98
	SECTION
    10.10. The Facility Agent’s Duties	99
	SECTION
    10.11. Employment of Agents	99
	SECTION
    10.12. Distribution of Payments	99
	SECTION
    10.13. Reimbursement	99
	SECTION
    10.14. Instructions	100
	SECTION
    10.15. Payments	100
	SECTION
    10.16. “Know your customer” Checks	100
	SECTION
    10.17. No Fiduciary Relationship	100
	SECTION
    10.18. Illegality	100
	 	 
	ARTICLE
    XI MISCELLANEOUS PROVISIONS	 
	 	 
	SECTION
    11.1. Waivers, Amendments, etc.	101
	SECTION
    11.2. Notices	102
	SECTION
    11.3. Payment of Costs and Expenses	103
	SECTION
    11.4. Indemnification	104
	SECTION
    11.5. Survival	105
	SECTION
    11.6. Severability	105
	SECTION
    11.7. Headings	105
	SECTION
    11.8. Execution in Counterparts, Effectiveness, etc.	105
	SECTION
    11.9. Third Party Rights	106
	SECTION
    11.10. Successors and Assigns	106
	SECTION
    11.11. Sale and Transfer of the Loan; Participations in the Loan	106
	SECTION
    11.11.1. Assignments	106
	SECTION
    11.11.2. Participations	108
	SECTION
    11.11.3. Register	109
	SECTION
    11.12. Other Transactions	109
	SECTION
    11.13. BpiFAE Insurance Policy	109
	SECTION
    11.13.1. Terms of BpiFAE Insurance Policy	109
	SECTION
    11.13.2. Obligations of the Borrower	110
	SECTION
    11.13.3. Obligations of the ECA Agent and the Lenders.	110
	SECTION
    11.14. Law and Jurisdiction	111
	SECTION
    11.14.1. Governing Law	111
	SECTION
    11.14.2. Jurisdiction	111
	SECTION
    11.14.3. Alternative Jurisdiction	111
	SECTION
    11.14.4. Service of Process	111
	SECTION
    11.15. Confidentiality	112
	SECTION
    11.16. French Authority Requirements	112
	SECTION
    11.17. Waiver of immunity	113
	SECTION
    11.18. Acknowledgement and Consent to Bail-In of EEA Financial Institutions	113

 

    iv

     

    

  

	EXHIBITS	 	 
	 	 	 
	Exhibit A	-	Form of Loan Request
	 	 	 
	Exhibit B-1	-	Form of Opinion of Liberian Counsel to Borrower
	 	 	 
	Exhibit B-2	-	Form of Opinion of English Counsel to the Facility Agent and the Lenders
	 	 	 
	Exhibit B-3	-	Form of Opinion of French Counsel to the Facility Agent and the Lenders
	 	 	 
	Exhibit B-4	-	Form of Opinion of US Tax Counsel to the Lenders
	 	 	 
	Exhibit C	-	Form of Lender Assignment Agreement
	 	 	 
	Exhibit D-1	-	Form of Delivery Non-Yard Costs Certificate
	 	 	 
	Exhibit D-2	-	Form of Final Non-Yard Costs Certificate
	 	 	 
	Exhibit E	-	Repayment Schedule
	 	 	 
	Exhibit F	-	The Principles
	 	 	 
	Exhibit G	-	Information Package
	 	 	 
	Exhibit H	-	Silversea Indebtedness and Liens
	 	 	 
	Exhibit I	-	Form of First Priority Guarantee
	 	 	 
	Exhibit J	-	Form of Second Priority Guarantee
	 	 	 
	Exhibit K	-	Form of Third Priority Guarantee
	 	 	 
	Exhibit L	-	Form of Senior Parties Subordination Agreement
	 	 	 
	Exhibit M	-	Form of Other Senior Parties Subordination Agreement
	 	 	 
	Exhibit O	-	Framework
	 	 	 
	Exhibit P	-	Debt Deferral Extension Regular Monitoring Requirements
	 	 	 
	Exhibit Q	-	Replacement covenants with effect from the Guarantee Release Date

 

    v

     

    

 

CREDIT
AGREEMENT

 

SYMPHONY
OF THE SEAS (EX HULL NO. B34) CREDIT AGREEMENT, dated 30 January 2015 as novated, amended and restated on the Actual Delivery
Date (as defined below), and as further amended and restated by a first supplemental agreement dated 9 February 2016, a second
supplemental agreement dated 7 February 2017, a third supplemental agreement dated 16 March 2018 and a fourth supplemental agreement
dated 29 April 2020, as supplemented by a supplemental agreement dated 28 July 2020 and as further amended and restated by a sixth
supplement agreement dated 30 October 2020, is among Royal Caribbean Cruises Ltd., a Liberian corporation (the “Borrower”),
Citibank N.A., London Branch in its capacity as agent for the Lenders referred to below in respect of matters related to BpiFrance
Assurance Export (in such capacity, the “ECA Agent”), Citibank Europe plc, UK Branch in its capacity as facility
agent (in such capacity, the “Facility Agent”) and the financial institutions listed in Schedule 1 to the Novation
Agreement (as defined below) as lenders (in such capacity, together with each of the other Persons that shall become a “Lender”
in accordance with clause 12 of the Novation Agreement or Section 11.11.1 hereof, each of them individually a “Lender”
and, collectively, the “Lenders”).

 

W
I T N E S S E T H:

 

WHEREAS,

 

		(A)	The
                                         Borrower and Chantiers de l’Atlantique S.A. (previously known as STX France S.A.)
                                         (the “Builder”) have entered on 6 June 2014 into a Contract for the
                                         Construction and Sale of m.v. Symphony of the Seas (ex hull no. B34) (as amended from
                                         time to time, the “Construction Contract”) pursuant to which the Builder
                                         has agreed to design, construct, equip, complete, sell and deliver the passenger cruise
                                         vessel Symphony of the Seas bearing Builder’s hull number B34, which shall be owned
                                         by a Subsidiary of the Borrower, Symphony of the Seas Inc. (the “Purchased Vessel”);

 

		(B)	The
                                         Lenders have agreed to make available to the Borrower, upon the terms and conditions
                                         contained herein, a US dollar loan facility calculated on the amount (the “Maximum
                                         Loan Amount”) equal to the EUR sum of:

 

		(i)	eighty
                                         per cent (80%) of the Contract Price (as defined below) of the Purchased Vessel, and
                                         including Non-Yard Costs of up to EUR100,000,000 (the “Maximum Non-Yard Costs
                                         Amount”), but which amount shall not exceed in aggregate EUR1,159,852,994;

 

		(ii)	eighty
                                         per cent (80%) of the change orders of up to EUR66,542,359.27 (representing up to 6.28%
                                         of the Basic Contract Price) effected in accordance with the Construction Contract; and

 

		(iii)	100%
                                         of the BpiFAE Premium (as defined below),

 

    1

     

    

 

being
an amount no greater than EUR1,004,172,515.27 and being made available in the US Dollar Equivalent of that Maximum Loan Amount
(as such Dollar amount may be adjusted pursuant to clause 5.3 of the Novation Agreement);

 

		(C)	Of
                                         the amounts referred to in recital (B)(i) and (ii) above, the Lenders have made certain
                                         amounts available to the Original Borrower during the period prior to the Actual Delivery
                                         Date pursuant to this Agreement (the liability for which amount has been assumed by the
                                         Borrower following the novation of this Agreement pursuant to the Novation Agreement)
                                         and, in relation to the amount referred to in recital (B)(i) the balance (namely, EUR137,600,000)
                                         has been or shall be made available to the Borrower as an Additional Advance pursuant
                                         to the Novation Agreement and this Agreement.

 

		(D)	The
                                         Lenders have also (but without increasing the Maximum Loan Amount and/or the Commitment
                                         of each Lender) agreed to make available to the Borrower, upon the terms and conditions
                                         contained herein:

 

		i.	a
                                         US dollar loan facility in the amount equal to the aggregate of the principal portion
                                         of the repayment installments of the Loan payable on the Repayment Dates (as defined
                                         below) falling during the First Deferral Period (as defined below) (the “First
                                         Deferred Tranche Maximum Loan Amount”). An advance under the First Deferred Tranche
                                         (as defined below) will be available for the purpose of paying the principal portion
                                         of the repayment instalment due on each Repayment Date falling during such First Deferral
                                         Period; and

 

		ii.	a
                                         US dollar loan facility in the amount equal to the aggregate of the principal portion
                                         of the repayment installments of the Loan (and for this purpose including the repayment
                                         installments of the First Deferred Tranche) in each case payable on the Repayment Dates
                                         falling during the Second Deferral Period (as defined below) (the “Second Deferred
                                         Tranche Maximum Loan Amount” and together with the First Deferred Tranche Maximum
                                         Loan Amount, the “Deferred Tranches Maximum Loan Amount”). An advance under
                                         the Second Deferred Tranche (as defined below) will be available for the purpose of paying
                                         the principal portion of the repayment instalment due on each Repayment Date falling
                                         during such Second Deferral Period.

 

		(E)	The
                                         Parties have previously amended this Agreement pursuant to the Sixth Supplemental Agreement
                                         (as defined below) pursuant to which the Borrower agreed to procure (and did procure)
                                         the execution of the Guarantees (as defined below) and to make certain other amendments
                                         to this Agreement to reflect the existence of such Guarantees.

 

    2

     

    

 

		(F)	Pursuant
                                         to the Seventh Supplemental Agreement (as defined below), and upon satisfaction of the
                                         conditions set forth therein, this Agreement is being amended and restated in the form
                                         of this Agreement.

 

NOW,
THEREFORE, the parties hereto agree as follows:

 

ARTICLE
I

DEFINITIONS AND ACCOUNTING TERMS

 

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

 

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

 

“Actual
Delivery Date” means the date on which the Purchased Vessel is delivered by the Builder to, and accepted by, the Borrower
under the Construction Contract, being also the date on which the final balance of the Loan is advanced by way of the Additional
Advances.

 

“Additional
Advances” is defined in the Novation Agreement.

 

“Additional
Basic Contract Price” is defined in the Novation Agreement.

 

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

 

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

 

“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.

 

    3

     

    

 

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

 

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

 

“Advanced
Loan Deferral Period” means the First Deferral Period and/or the Second Deferral Period (as the context may require).

 

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

 

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

 

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

 

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

 

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

 

    4

     

    

 

“Applicable
Commitment Rate” means (x) from the Signing Date through and including April 12, 2016, 0.15% per annum, (y) from April
12, 2016 through and including April 12, 2017, 0.25% per annum, and (z) from April 12, 2017 until the Commitment Fee Termination
Date, 0.30% per annum.

 

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

 

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

 

“Assignee
Lender” is defined in Section 11.11.1.

 

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

 

“Bail-In
Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect
of any liability of an EEA Financial Institution.

 

“Bail-In
Legislation” means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the
European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time
which is described in the EU Bail-In Legislation Schedule; and (b) in relation to any state other than such an EEA Member Country
or (to the extent that the United Kingdom is not such an EEA Member Country) 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.

 

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

 

    5

     

    

 

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

 

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

 

“Borrower”
is defined in the preamble.

 

“BpiFAE”
means BpiFrance Assurance Export, the French export credit agency, a French société par action simplifiée
 à associé unique with its registered office at 27-31, avenue du Général Leclerc, 94710 Maisons-Alfort
Cedex, France, registered at the trade and companies registry of Créteil under number 815 276 308 and includes its successors
in title or any other person succeeding to BpiFrance Assurance Export in the role as export credit agency of the Republic of France
to manage and provide under its control, on its behalf and in its name the public export guarantees as provided by article L 432-1
of the French insurance code.

 

“BpiFAE
Insurance Policy” means the export credit insurance policy in respect of the Loan issued by BpiFAE for the benefit of
the Lenders.

 

“BpiFAE
Premium” means the premium payable to BpiFAE under and in respect of the BpiFAE Insurance Policy.

 

“Builder”
is defined in the preamble.

 

“Business
Day” means any day which is neither a Saturday or Sunday nor a legal holiday on which banks are authorized or required
to be closed in New York City, London, Madrid, Stockholm or Paris, and if the applicable Business Day relates to an advance of
all or part of the Loan, an Interest Period, prepayment or conversion, in each case with respect to the Loan bearing interest
by reference to the LIBO Rate, a day on which dealings in deposits in Dollars are carried on in the London interbank market.

 

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

 

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

 

    6

     

    

 

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

 

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

 

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

 

“CIRR”
means 3.27% per annum being the Commercial Interest Reference Rate determined in accordance with the OECD Arrangement for Officially
Supported Export Credits to be applicable to the Loan hereunder.

 

“Citibank”
means Citibank N.A., London Branch.

 

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

 

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

 

“Commitment
Fees” is defined in Section 3.4.

 

“Commitment
Fee Termination Date” is defined in Section 3.4.

 

    7

     

    

 

“Commitment
Termination Date” means (a) in respect of the Loan other than the Deferred Tranches, the Back Stop Date (as defined
in the Receivable Purchase Agreement) (or such later date as the Lenders and BpiFAE may agree), (b) in respect of the First Deferred
Tranche, March 31, 2021 and (c) in respect of the Second Deferred Tranche, March 31, 2022.

 

“Construction
Contract” is defined in the preamble.

 

“Contract
Price” is as defined in the Construction Contract and which includes a lump sum amount in respect of the Non-Yard Costs.

 

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

 

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

 

“Covered
Taxes” is defined in Section 4.6.

 

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

 

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

 

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

 

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

 

		(a)	any
                                         Indebtedness (but having regard, in respect of any secured and/or guaranteed Indebtedness,
                                         to the restrictions set out in Section 7.2.9(b)) incurred by a Group Member between 1
                                         April 2020 and the earlier of (i) the end of the Early Warning Monitoring Period and
                                         (ii) 31 December 2023 (or such later date as may, with the prior consent of BpiFAE, be
                                         agreed between the Borrower and the Lenders) (the “Debt Incurrence Trigger Date”);

 

    8

     

    

 

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

 

		(c)	Indebtedness
                                         incurred to refinance (and for this purpose having regard to the applicable provisions
                                         of Clause 7.2.9) a maturity payment under any existing loan or credit facility (including
                                         any crisis and/or recovery-related Indebtedness incurred by a Group Member prior to the
                                         Debt Incurrence Trigger Date) or issued bonds of a Group Member, provided that;

 

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

 

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

 

		(d)	Indebtedness
                                         provided by banks or other financial institutions under the Borrower’s senior unsecured
                                         revolving credit facilities in an aggregate amount not greater than the commitments thereunder
                                         as in effect on the Second Deferred Tranche Effective Date plus the amount of any existing
                                         uncommitted incremental facilities (i.e. any unused accordion) on such facilities;

 

		(e)	Indebtedness
                                         provided by banks or other financial institutions which, as at the Second Deferred Tranche
                                         Effective Date, is committed but yet to be incurred in respect of the DDTL Indebtedness
                                         (but, in respect of that DDTL Indebtedness, up to a maximum amount of $700,000,000);

 

		(f)	any
                                         of the following types of Indebtedness in each case incurred in the ordinary course of
                                         business of any Group Member and with the prior written consent of BpiFAE:

 

		(i)	the
                                         issuances of commercial paper;

 

    9

     

    

 

		(ii)	Capitalized
                                         Lease Liabilities;

		(iii)	purchase
                                         money Indebtedness;

		(iv)	Indebtedness
                                         under overdraft facilities; and

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

 

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

 

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

 

Deferred
Costs Percentage” means:

 

		(a)	in
                                         respect of the First Deferred Tranche, 0.60% per annum; and

 

		(b)	in
                                         respect of the Second Deferred Tranche, 0.60% or such other percentage as may be agreed
                                         by the Facility Agent and the Borrower prior to the Second Deferred Tranche Effective
                                         Date.

 

“Deferred
Tranches” means, together, the First Deferred Tranche and the Second Deferred Tranche, and being in an aggregate amount
not to exceed the Deferred Tranches Maximum Loan Amount and “Deferred Tranche” means either of them.

 

“Deferred
Tranches Maximum Loan Amount” has the meaning given to it in Recital (D).

 

“Delivery
Non-Yard Costs Certificate” means the certificate to be provided to the Facility Agent in the form of Exhibit D-1 on
or prior to the Actual Delivery Date certifying the amount in EUR and Dollars of the Paid Non-Yard Costs and the Unpaid Non-Yard
Costs as at the Actual Delivery Date, duly signed by the Borrower and endorsed by the Builder.

 

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

 

“Disruption
Event” means either or both of:

 

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

 

    10

     

    

 

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

 

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

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

 

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

 

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

 

“Early
Warning Monitoring Period” means the period beginning on the Second Deferred Tranche Effective Date and ending on the
last day of two consecutive Fiscal Quarters in which the Borrower has achieved a higher Adjusted EBITDA After Principal and Interest
for such Fiscal Quarters when compared with the same calculation for the corresponding Fiscal Quarters of the 2019 Fiscal Year,
as evidenced pursuant to the certificate to be submitted by the Borrower pursuant to Section 7.1.1(m) (and such date shall be
notified to the Borrower by the Facility Agent).

 

“EBITDA
After Principal and Interest” means, for any Last Reported Fiscal Quarter, the Borrower’s consolidated operating
income for such period plus any depreciation and amortization expenses that were deducted in calculating consolidated operating
income for such period and minus (a) any scheduled amortization or maturity payments made during such period and (b) consolidated
interest expense of the Borrower for such period (net of any capitalized interest and interest income), in each relevant case
as determined in accordance with GAAP.

 

“ECA
Agent” is defined in the preamble.

 

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

 

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

 

    11

     

    

 

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

 

“EEA
Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which
is subject to the supervision of a Resolution Authority, (b) any entity established in an EEA Member Country which is a parent
of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country
which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision
with its parent.

 

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

 

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

 

“Effective
Time” means the Novation Effective Time as defined in the Novation Agreement.

 

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

 

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

 

“Escrow
Account” means the Dollar escrow account of the Borrower opened or to be opened with the Escrow Account Bank for the
purpose of receiving the relevant amount of the Additional Advances in respect of Unpaid Non-Yard Costs in accordance with Section
2.3h).

 

“Escrow
Account Bank” means Citibank N.A., London Branch of Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB.

 

“Escrow
Account Security” means the account security in respect of the Escrow Account executed or, as the context may require,
to be executed by the Borrower in favour of the Security Trustee in the form agreed by the Lenders and the Borrower.

 

“EU
Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or
any successor Person), as in effect from time to time.

 

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

 

    12

     

    

 

“Event
of Default” is defined in Section 8.1.

 

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

 

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

 

“FATCA”
means (a) Sections 1471 through 1474 of the Code, as in effect at the date hereof, and any current or future regulations promulgated
thereunder or official interpretations thereof, (b) any treaty, law or regulation of any other jurisdiction, or relating to an
intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation of
any law or regulation referred to in paragraph (a) above; or (c) any agreement pursuant to the implementation of any treaty, law
or regulation referred to in paragraphs (a) or (b) above with the US Internal Revenue Service, the US government or any governmental
or taxation authority in any other jurisdiction.

 

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

 

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

 

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

 

“Fifth
Supplemental Agreement” means the supplemental agreement dated July 28, 2020 and made between the parties hereto, pursuant
to which this Agreement was supplemented.

 

“Final
Maturity” means (a) in respect of the Loan (other than the Deferred Tranches) twelve (12) years after the Actual Delivery
Date, (b) in respect of the First Deferred Tranche, March 23, 2025 and (c) in respect of the Second Deferred Tranche, March 23,
2027.

 

“Final
Non-Yard Costs Certificate” means the certificate to be provided to the Facility Agent in the form of Exhibit D-2 on
or prior to the NYC Cut Off Date certifying the amount of the Paid Non-Yard Costs as at the date of that certificate, duly signed
by the Borrower.

 

“Financial
Covenant Waiver Period” means the period from and including 1 April 2020 to and including 30 September 2022.

 

“First
Deferred Tranche” means the aggregate of the advances deemed to be made by the Lenders under this Agreement from time
to time during the First Deferral Period and in an aggregate amount not exceeding the First Deferred Tranche Maximum Amount or,
as the case may be, the aggregate outstanding amount of such advances from time to time.

 

    13

     

    

 

“First
Deferred Tranche Effective Date” has the meaning given to it in the Second Supplemental Agreement.

 

“First
Deferral Period” means the period from and including the First Deferred Tranche Effective Date to and including March
31, 2021.

 

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

 

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

 

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

 

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

 

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

 

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

 

    14

     

    

 

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

 

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

 

“First
Supplemental Agreement” means the supplemental agreement dated February 9, 2017 and made between, amongst others, the
parties hereto, pursuant to which this Agreement was amended.

 

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

 

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

 

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

 

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

 

		b)	the
                                         sum of:

 

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

 

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

 

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

 

“Fixed
Rate Loan” means the Loan (including any undrawn portion of the Deferred Tranche) bearing interest at the Fixed Rate.

 

“Fixed
Rate Margin” means 0.55% per annum.

 

    15

     

    

 

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

 

“Floating
Rate Loan” means any drawn portion of the Deferred Tranches and all or any part of the outstanding Loan bearing interest
at the Floating Rate.

 

“Floating
Rate Margin” means for each Interest Period in respect of (a) a Floating Rate Loan (but for this purpose excluding any
drawn portion of the Deferred Tranches), 1.10% per annum, (b) the First Deferred Tranche, 1.10% per annum and (c) the Second Deferred
Tranche, 1.10% per annum.

 

“Fourth
Supplemental Agreement” means the supplemental agreement dated April 29, 2020 and made between the parties hereto, pursuant
to which this Agreement was amended in connection with, amongst other things, the Principles.

 

“Framework”
means the document titled “Debt Deferral Extension Framework” in the form set out in Exhibit O to this Agreement,
and which sets out certain key principles and parameters relating to, amongst other things, the further temporary suspension of
repayments of principal in connection with certain qualifying Loan Agreements (as defined therein) and being applicable to BpiFAE-covered
loan agreements such as this Agreement and more particularly, the Second Deferred Tranche hereunder.

 

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

 

“French
Authorities” means the Direction Générale du Trésor of the French Ministry of Economy and
Finance, any successors thereto, or any other governmental authority in or of France involved in the provision, management or
regulation of the terms, conditions and issuance of export credits including, among others, such entities to whom authority in
respect of the extension or administration of export financing matters have been delegated, such as BpiFAE and Natixis DAI.

 

“Funding
Losses Event” is defined in Section 4.4.1.

 

“GAAP”
is defined in Section 1.4.

 

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

 

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

 

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

 

    16

     

    

 

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

 

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

 

“Guarantee
Release Date” means the date upon which the First Priority Release Event, the Second Priority Release Event and the
Third Priority Release Event have all occurred and accordingly, subject to Section 7.2.5(g) (and in particular proviso (2) to
such Section 7.2.5(g)) each of the Guarantees has been released by the Facility Agent, and also being the date upon which, in
accordance with Section 7.3, certain provisions of this Agreement shall be replaced by the provisions set out in Exhibit Q.

 

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

 

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

 

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

 

“Historic
Screen Rate” means, in relation to the Loan, the most applicable recent rate which appeared on Thomson Reuters LIBOR
01 Page (or any similar page) for the currency of the Loan and for a period equal to the applicable Interest Period for the Loan
and which is no more than 7 days before the commencement of the applicable Interest Period for which such rate may be applicable.

 

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

 

“Indebtedness”
means, for any Person: (a) obligations created, issued or incurred by such Person for borrowed money (whether by loan, the issuance
and sale of debt securities or the sale of property to another Person subject to an understanding or agreement, contingent or
otherwise, to repurchase such property from such Person); (b) obligations of such Person to pay the deferred purchase or acquisition
price of property or services, other than (i) trade accounts payable (other than for borrowed money) arising, and accrued expenses
incurred, in the ordinary course of business so long as such trade accounts payable are payable within 180 days of the date the
respective goods are delivered or the respective services are rendered and (ii) any purchase price adjustment, earnout or deferred
payment of a similar nature incurred in connection with an acquisition (but only to the extent that no payment has at the time
accrued pursuant to such purchase price adjustment, earnout or deferred payment obligation); (c) Indebtedness of others secured
by a Lien on the property of such Person, whether or not the respective Indebtedness so secured has been assumed by such Person;
(d) obligations of such Person in respect of letters of credit or similar instruments issued or accepted by banks and other financial
institutions for the account of such Person; (e) Capital Lease Obligations of such Person; (f) guarantees by such Person of Indebtedness
of others, up to the amount of Indebtedness so guaranteed; (g) obligations of such Person in respect of surety bonds and similar
obligations; and (h) liabilities arising under Hedging Instruments.

 

    17

     

    

 

“Indemnified
Liabilities” is defined in Section 11.4.

 

“Indemnified
Parties” is defined in Section 11.4.

 

“Interest
Payment Date” means each Repayment Date.

 

“Interest
Period” means the period between the Actual Delivery Date and the first Repayment Date, and subsequently each succeeding
period between two consecutive Repayment Dates.

 

“Interest
Stabilisation Agreement” means an agreement on interest stabilisation entered into between Natixis and each Lender in
connection with the Loan.

 

“Investment”
means, relative to any Person,

 

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

 

		b)	any
                                         ownership or similar interest held by such Person in any other Person.

 

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

 

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

 

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

 

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

 

    18

     

    

 

“LIBO
Rate” means the rate per annum of the offered quotation for deposits in Dollars for six months (or for such other period
as shall be agreed by the Borrower and the Facility Agent) which appears on Thomson Reuters LIBOR01 Page (or any successor page)
at or about 11:00 a.m. (London time) two (2) Business Days before the commencement of the relevant Interest Period; provided
that:

 

		a)	subject
                                         to Section 3.3.6, if no such offered quotation appears on Thomson Reuters LIBOR01
                                         Page (or any successor page) at the relevant time the LIBO Rate shall be the Historic
                                         Screen Rate or, if it is not possible to calculate an Historic Screen Rate, it shall
                                         be the rate per annum certified by the Facility Agent to be the average of the rates
                                         quoted by the Reference Banks as the rate at which each of the Reference Banks was (or
                                         would have been) offered deposits of Dollars by prime banks in the London interbank market
                                         in an amount approximately equal to the amount of the Loan and for a period of six months;

 

		b)	for
                                         the purposes of determining the post-maturity rate of interest under Section 3.3.4,
                                         the LIBO Rate shall be determined by reference to deposits on an overnight or call basis
                                         or for such other period or periods as the Facility Agent may determine after consultation
                                         with the Lenders, which period shall be no longer than one month unless the Borrower
                                         otherwise agrees; and

 

		c)	if
                                         that rate is less than zero, the LIBO Rate shall be deemed to be zero.

 

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

 

“Loan”
means the advances made by the Lenders under this Agreement from time to time in an aggregate amount not to exceed the Maximum
Loan Amount (and including for this purpose, the Deferred Tranches Maximum Loan Amount) or, as the case may be, the aggregate
outstanding amount of such advances from time to time.

 

“Loan
Documents” means this Agreement, the Novation Agreement, the First Supplemental Agreement, the Second Supplemental Agreement,
the Third Supplemental Agreement, the Fourth Supplemental Agreement, the Fifth Supplemental Agreement, the Sixth Supplemental
Agreement, the Seventh Supplemental Agreement, the First Priority Guarantee, the Second Priority Guarantee, the Third Priority
Guarantee, any Additional Guarantee, the Subordination Agreements, any Additional Subordination Agreement, any New Guarantor Subordination
Agreement, the Fee Letters and the Escrow Account Security and any other document designated as a Loan Document by the Borrower
and the Facility Agent.

 

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

 

    19

     

    

 

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

 

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

 

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

 

“Material
Litigation” is defined in Section 6.7.

 

“Maximum
Loan Amount” is defined in the preamble.

 

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

 

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

 

		(b)	three,

 

as
evidenced pursuant to the relevant certificate to be submitted by the Borrower pursuant to Section 7.1.1(m).

 

“Natixis”
means Natixis, a French société anonyme with its registered office at 30, avenue Pierre Mendès France,
75013 Paris, France, registered with the Paris Commercial and Companies Registry under number 542 044 524 RCS Paris.

 

“Natixis
DAI” means Natixis DAI Direction des Activités Institutionnelles.

 

    20

     

    

 

“Net
Debt” means, at any time, the aggregate outstanding principal amount of all debt (including, without limitation, the
principal portion of all capitalized leases) of the Borrower and its Subsidiaries (determined on a consolidated basis in accordance
with GAAP) less the sum of (without duplication);

 

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

 

b)       all
Cash Equivalents.

 

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

 

“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 (a) amounts
borrowed (that were previously undrawn) under committed term loan facilities existing as of such date and (b) Indebtedness borrowed
in lieu of the committed term loan facilities described in the foregoing clause (a) if the incurrence of such Indebtedness results
in a reduction or termination of such commitments); provided that proceeds of any capital raise which are used substantially
concurrently for (i) the purchase price of a new Vessel or (ii) repayment of existing Indebtedness (other than Indebtedness (A)
maturing no later than the end of the first full calendar year following the date of such repayment or (B) under any revolving
credit agreement the repayment of which is not accompanied by a corresponding permanent reduction in the related revolving credit
commitments), in each case, shall not constitute New Capital.

 

“New
Financings” means proceeds from:

 

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

 

b)       the
issuance and sale of equity securities.

 

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

 

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

 

    21

     

    

 

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

 

“Non-Yard
Costs” has the meaning assigned to “NYC Allowance” in Article II.1 of the Construction Contract and, when
such expression is prefaced by the word “incurred”, shall mean such amount of the Non-Yard Costs, not exceeding EUR
100,000,000, as shall at the relevant time have been paid, or become payable, to the Builder by the Borrower under the Construction
Contract as part of the Contract Price.

 

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

 

“Novated
Loan Balance” is as defined in the Novation Agreement.

 

“Novation
Agreement” means the novation agreement dated 30 January 2015 (as amended) and made between the Original Borrower and
the parties hereto pursuant to which (amongst other things) this Agreement was novated, amended and restated.

 

“NYC
Cut Off Date” means the date falling 60 days after the Actual Delivery Date or such later date as the Lenders (with
the approval of BpiFAE) may agree.

 

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

 

“Obligors”
means the Borrower and the Guarantors.

 

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

 

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

 

“Original
Borrower” means Frosaitomi Finance Ltd. of 190 Elgin Avenue, George Town, Grand Cayman KY1-9005, Cayman Islands.

 

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

 

    22

     

    

 

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

 

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

 

“Paid
Non-Yard Costs” means as at any relevant date, the amount in Euro of the Non-Yard Costs which have been paid for by
the Borrower and, where applicable, supplied, installed and completed on the Purchased Vessel and as determined in accordance
with the relevant amounts certified in the Delivery Non-Yard Costs Certificate or, as the case may be, the Final Non-Yard Costs
Certificate as at such time.

 

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

 

“Participant”
is defined in Section 11.11.2.

 

“Participant
Register” is defined in Section 11.11.2.

 

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

 

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

 

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

 

    23

     

    

 

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

 

“Prepayment
Event” is defined in Section 9.1.

 

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

 

“Principles”
means the document titled “Cruise Debt Holiday Principles” and dated April 6, 2020 in the form of Exhibit F hereto,
which document sets out certain key principles and parameters relating to, amongst other things, the temporary suspension of repayments
of principal in connection with certain qualifying Loan Agreements (as defined therein) and being applicable to BpiFAE-covered
loan agreements such as this Agreement.

 

“Purchased
Vessel” is defined in the preamble.

 

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

 

“Receivable
Purchase Agreement” is as defined in the Novation Agreement.

 

“Reference
Banks” means three leading international banks active in the London interbank market as are nominated by the Facility
Agent before the Actual Delivery Date or such other banks as are nominated by the Facility Agent at any time thereafter and, in
each case, as are reasonably acceptable to the Borrower and each additional Reference Bank and/or each replacement Reference Bank
appointed by the Facility Agent pursuant to Section 3.3.6.

 

“Register”
is defined in Section 11.11.3.

 

“Repayment
Date” means, subject to Section 4.8(c), each of the dates for payment of the repayment installments of the Loan
(including the Deferred Tranches) pursuant to Section 3.1.

 

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

 

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

 

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

 

    24

     

    

 

“Restricted
Loan Arrangement” means any loan or credit (including any seller’s credit granted in connection with the sale
of a Vessel or other assets (and provided that any such sale complies with the provisions of Section 9.1.11(c))) made available
by a Group Member to any Person but excluding any such loan or credit that is provided:

 

		(a)	to
                                         another Group Member:

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

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

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

 

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

 

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

 

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

 

		(a)	any
                                         Indebtedness which is scheduled to mature on or prior to the end of the following calendar
                                         year (and whether pursuant to an amendment and extension of the agreements evidencing
                                         such Indebtedness and/or using proceeds raised by any Group Member in connection with
                                         any issuance of capital (whether in the form of Indebtedness for borrowed money, equity
                                         or otherwise but, in the case of any Indebtedness, subject to that Indebtedness being
                                         incurred in compliance with the carve-out provision set out in paragraph (c) of the definition
                                         of Debt Incurrence) or pursuant to the exercise of the equity claw feature in the Secured
                                         Note Indenture), provided, however, that the Borrower may, with the prior written consent
                                         of BpiFAE, prepay, repay or redeem any notes issued under indentures which are callable
                                         in accordance with their terms, including any call date through the use of the equity
                                         claw feature;

 

    25

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

“Second
Deferral Period” means the period between and, in each case, including the Second Deferred Tranche Effective Date and
March 31, 2022.

 

“Second
Deferred Tranche” means the aggregate of the advances deemed to be made by the Lenders under this Agreement from time
to time during the Second Deferral Period (and corresponding to each repayment installment of the Loan (including the First Deferred
Tranche) falling due during such period) and in an aggregate amount not exceeding the Second Deferred Tranche Maximum Loan Amount
or, as the case may be, the aggregate outstanding amount of such advances from time to time.

 

    26

     

    

 

“Second
Deferred Tranche Effective Date” has the meaning given to the term “Amendment Effective Date” in the Seventh
Supplemental Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    27

     

    

 

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

 

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

 

“Second
Supplemental Agreement” means the supplemental agreement dated February 7, 2017 and made between, amongst others, the
parties hereto, pursuant to which this Agreement was amended.

 

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

 

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

 

“Security
Trustee” means Citicorp Trustee Company Limited of Citigroup Centre, Canada Square, London E14 5LB in its capacity as
security trustee for the purpose of the Escrow Account Security.

 

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

 

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

 

“Seventh
Supplemental Agreement” means the supplemental agreement dated February 19, 2021 and made between the parties hereto,
pursuant to which this Agreement was amended in connection with the Framework.

 

“Signing
Date” means the date of the Novation Agreement.

 

    28

     

    

 

“Sixth
Supplemental Agreement” means the supplemental agreement dated 30 October 2020 and made between the parties hereto,
pursuant to which this Agreement was amended.

 

“Spot
Rate of Exchange” means, for the purposes of determining an equivalent amount in EUR of Dollars on any relevant date,
the FX Rate EUR/USD (published on the basis of the 1:00pm London BFIX rate) two (2) Business Days before that date.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    29

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

“Third
Restatement Date” means March 20, 2018, being the date on which the form of this Agreement was further amended and restated
pursuant to the Third Supplemental Agreement.

 

“Third
Supplemental Agreement” means the supplemental agreement dated March 16, 2018 and made between, amongst others, the
parties hereto, pursuant to which this Agreement was amended.

 

“UK
Bail-In Legislation” means (to the extent that the United Kingdom is not an EEA Member Country which has implemented,
or implements, Article 55 of Directive 2014/59/EU) 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).

 

    30

     

    

 

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

 

“Unpaid Non-Yard
Costs” means, as at the Actual Delivery Date, the amount in Euro of the Non-Yard Costs which have not been paid for
by the Borrower and/or where applicable, supplied, installed and completed on the Purchased Vessel as at the Actual Delivery Date
and as determined in accordance with the relevant amounts certified in the Delivery Non-Yard Costs Certificate.

 

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

 

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

 

“US Dollar
Equivalent” means (a) for all EUR amounts payable in respect of the Additional Advances for the amount of the Non-Yard
Costs referred to in clause 5.2(a) of the Novation Agreement (and disregarding for the purposes of this definition that the Additional
Advance in respect of such amounts shall be drawn in Dollars), such EUR amounts converted to a corresponding Dollar amount at
the Weighted Average Rate of Exchange and (b) for the EUR amount payable in respect of the Additional Advance for the BpiFAE Premium
referred to in clause 5.2(c) of the Novation Agreement, the Additional Advance for the Additional Basic Contract Price referred
to in clause 5.2(b) of the Novation Agreement and for the calculation and payment of the Novated Loan Balance (as defined in the
Novation Agreement), the amount thereof in EUR converted to a corresponding Dollar amount as determined by the Facility Agent
on the basis of the Spot Rate of Exchange. The US Dollar Equivalent of the Maximum Loan Amount shall be calculated by the Borrower
in consultation with the Facility Agent no less than two (2) Business Days prior to the proposed Actual Delivery Date.

 

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

 

“Weighted
Average Rate of Exchange” means the weighted average rate of exchange that the Borrower has agreed, either in the spot
or forward currency markets, to pay its counterparties for the purchase of the relevant amounts of euro with Dollars for the payment
of the euro amount of the Contract Price (including the portion thereof comprising the change orders and the Non-Yard Costs) and
including in such weighted average calculation (a) the NYC Applicable Rate (as defined in the Novation Agreement) in relation
to the portion of the Contract Price comprising the Non-Yard Costs and (b) the spot rates for any other euro amounts that have
not been hedged by the Borrower.

 

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“Write-Down
and Conversion Powers” means (a) with respect to any Resolution Authority, the write-down and conversion powers of such
Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and
conversion powers are described in the EU Bail-In Legislation Schedule and (b) in relation to any UK Bail-In Legislation: (i)
any powers under that 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 that UK Bail-In Legislation that are related to or ancillary to any of those powers;
and (ii) any similar or analogous powers under that UK Bail-In Legislation.

 

SECTION 1.2. Use
of Defined Terms. Unless otherwise defined or the context otherwise requires, terms for which meanings are provided in this
Agreement shall, when capitalized, have such meanings when used in the Loan Request and each notice and other communication delivered
from time to time in connection with this Agreement or any other Loan Document.

 

SECTION 1.3. Cross-References.
Unless otherwise specified, references in this Agreement and in each other Loan Document to any Article or Section are references
to such Article or Section of this Agreement or such other Loan Document, as the case may be, and, unless otherwise specified,
references in any Article, Section or definition to any clause are references to such clause of such Article, Section or definition.

 

SECTION 1.4. Accounting
and Financial Determinations. Unless otherwise specified, all accounting terms used herein or in any other Loan Document shall
be interpreted, all accounting determinations and computations hereunder or thereunder (including under Section 7.2.4)
shall be made, and all financial statements required to be delivered hereunder or thereunder shall be prepared, in accordance
with United States generally accepted accounting principles (“GAAP”) consistently applied (or, if not consistently
applied, accompanied by details of the inconsistencies); provided that if the Borrower elects to apply or is required to
apply International Financial Reporting Standards (“IFRS”) accounting principles in lieu of GAAP, upon any
such election and notice to the Facility Agent, references herein to GAAP shall thereafter be construed to mean IFRS (except as
otherwise provided in this Agreement); provided further that if, as a result of (i) any change in GAAP or IFRS
or in the interpretation thereof or (ii) the application by the Borrower of IFRS in lieu of GAAP, in each case, after the date
of the financial statements referred to in Section 6.15, there is a change in the manner of determining any of the items
referred to herein or thereunder that are to be determined by reference to GAAP, and the effect of such change would (in the reasonable
opinion of the Borrower or the Facility Agent) be such as to affect the basis or efficacy of the financial covenants contained
in Section 7.2.4 in ascertaining the consolidated financial condition of the Borrower and its Subsidiaries and the Borrower
notifies the Facility Agent that the Borrower requests an amendment to any provision hereof to eliminate such change occurring
after the date hereof in GAAP or the application thereof on the operation of such provision (or if the Facility Agent notifies
the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), then such item shall for
the purposes of Section 7.2.4 continue to be determined in accordance with GAAP relating thereto as if GAAP were applied
immediately prior to such change in GAAP or in the interpretation thereof until such notice shall have been withdrawn or such
provision amended in accordance herewith. Notwithstanding the foregoing, all obligations of any person that are or would be characterized
as operating lease obligations in accordance with GAAP on the Third Restatement Date (whether or not such operating lease obligations
were in effect on such date) shall continue to be accounted for as operating lease obligations for the purposes of this Agreement
regardless of any change in GAAP following the Third Restatement Date that would otherwise require such obligations to be recharacterized
(on a prospective or retroactive basis or otherwise) as capital leases.

 

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ARTICLE II

COMMITMENTS AND BORROWING PROCEDURES

 

SECTION 2.1. Commitment.
On the terms and subject to the conditions of this Agreement (including Article V), each Lender severally agrees to make
its portion of the Loan pursuant to its Commitment described in Section 2.2. No Lender’s obligation to make its portion
of the Loan shall be affected by any other Lender’s failure to make its portion of the Loan.

 

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

 

		a)	Each Lender will make its portion
                                         of the relevant part of the Loan available to the Borrower in accordance with relevant
                                         provisions of Section 2.3 either (i) in the case of the Loan (other than the Deferred
                                         Tranches) on the Actual Delivery Date or (ii) in the case of each Deferred Tranche, on
                                         each relevant Repayment Date falling during the Advanced Loan Deferral Period applicable
                                         to that Deferred Tranche. The commitment of each Lender described in this Section
                                         2.2 (herein referred to as its “Commitment”) shall be the commitment
                                         of such Lender to make available to the Borrower its portion of (y) the Loan (excluding
                                         for this purpose the Deferred Tranche) and (z) the Deferred Tranches. The Commitment
                                         referred to in (y) above is expressed as the initial amount set forth opposite such Lender’s
                                         name on its signature page attached hereto and the Commitment referred to in (z) above
                                         is expressed as that Lender’s share of each Deferred Tranche as at the Second Deferred
                                         Tranche Effective Date (being the initial percentage set forth opposite such Lender’s
                                         name in Schedule 1 of the Seventh Supplemental Agreement), in each such case, as such
                                         amount may be reduced from time to time pursuant clause 10.2 of the Novation Agreement
                                         or reduced or increased from time to time pursuant to assignments by or to such Lender
                                         pursuant to Section 11.11.1. If any Lender becomes a Lender pursuant to an assignment
                                         pursuant to Section 11.11.1, its Commitment shall be the amount set forth as such
                                         Lender’s Commitment in the related Lender Assignment Agreement. Notwithstanding
                                         the foregoing, each Lender’s Commitment shall (A) in the case of the Loan (other
                                         than the Deferred Tranches), terminate on the earlier of (1) the Commitment Termination
                                         Date if the Purchased Vessel is not delivered prior to such date and (2) the Actual
                                         Delivery Date, (B) in the case of the First Deferred Tranche, terminate on the last Repayment
                                         Date falling during the First Deferral Period and (C) in the case of the Second Deferred
                                         Tranche, terminate on the last Repayment Date falling during the Second Deferral Period.

 

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

 

SECTION
2.3. Borrowing Procedure.

 

		a)	Subject to the satisfaction of
                                         the conditions precedent referred to in Sections 5.1.12 and 5.1.13 (as applicable), any
                                         advance under a Deferred Tranche shall be automatically made available in the manner
                                         contemplated by Recital (D) and, accordingly, other than this paragraph a), the provisions
                                         of this Section 2.3 shall not apply to a deemed advance of any part of the Deferred Tranches,
                                         and all references to Loan in the remainder of this Section 2.3 shall be deemed to exclude
                                         the Deferred Tranches.

 

		b)	Part of the Loan in an amount
                                         equal to the Novated Loan Balance shall be assumed by the Borrower and be deemed to be
                                         advanced to, and borrowed by the Borrower, pursuant to the provisions of clause 3 of
                                         the Novation Agreement and thereafter converted into Dollars pursuant to clause 5.1 of
                                         the Novation Agreement.

 

		c)	In relation to the amount of the
                                         Loan comprised by the Additional Advances, the Borrower shall deliver a Loan Request
                                         and the documents required to be delivered pursuant to Section 5.1.1.a) to the
                                         Facility Agent on or before 3:00 p.m., London time, not less than two (2) Business Days
                                         prior to the anticipated Actual Delivery Date. The Additional Advances shall be drawn
                                         in Dollars.

 

		d)	The Facility Agent shall promptly
                                         notify each Lender of the Loan Request in respect of the Additional Advances by forwarding
                                         a copy thereof to each Lender, together with its attachments. On the terms and subject
                                         to the conditions of this Agreement, the portion of the Loan in respect of the Additional
                                         Advances shall be made on the Actual Delivery Date. On or before 11:00 a.m., London time,
                                         on the Actual Delivery Date, the Lenders shall, without any set-off or counterclaim,
                                         deposit with the Facility Agent same day funds in an amount equal to such Lender’s
                                         Percentage of the requested portion of the Additional Advances in Dollars. Such deposits
                                         will be made to such account which the Facility Agent shall specify from time to time
                                         by notice to the Lenders. To the extent funds are so received from the Lenders (and having
                                         regard, where applicable, to Sections 2.3 e), f), g) and h) below, the Facility
                                         Agent shall, without any set-off or counterclaim, make such funds available to the Borrower
                                         on the Actual Delivery Date by wire transfer of same day funds to the accounts the Borrower
                                         shall have specified in its Loan Request.

 

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		e)	If the Borrower elects to finance
                                         that part of the BpiFAE Premium payable by the Borrower with an Additional Advance under
                                         clause 5.2(c)(i) of the Novation Agreement, the Borrower shall indicate such election
                                         in the Loan Request. The amount of the advance in Dollars (the “US Dollar BpiFAE
                                         Advance Amount”) that will fund the BpiFAE Premium shall be equal to the Dollar
                                         amount that corresponds to the EUR amount of the BpiFAE Premium to be financed with such
                                         advance, which amount shall be determined by the Facility Agent based on the Spot Rate
                                         of Exchange. The Facility Agent shall notify the Borrower and the Lenders of the US Dollar
                                         BpiFAE Advance Amount on the date such Loan Request is delivered, and the Lenders shall
                                         deposit such US Dollar BpiFAE Advance Amount with the Facility Agent in accordance with
                                         Section 2.3.d). The Facility Agent shall furnish a certificate to the Borrower
                                         on the date such Loan Request is delivered setting forth such Spot Rate of Exchange,
                                         its derivation and the calculation of the US Dollar BpiFAE Advance Amount. If the Borrower
                                         elects to so finance the BpiFAE Premium, the Borrower will be deemed to have directed
                                         the Facility Agent to pay over directly to BpiFAE on behalf of the Borrower that portion
                                         of the EUR amount of the BpiFAE Premium to be financed with the proceeds of the advance
                                         on the Actual Delivery Date and to retain for its own account deposits made by the Lenders
                                         in Dollars in an amount equal to the portion of the US Dollar BpiFAE Advance Amount attributable
                                         to the BpiFAE Premium paid by the Facility Agent to BpiFAE on behalf of the Borrower.

 

		f)	If the Borrower elects to finance
                                         that part of the BpiFAE Premium payable by the Borrower with an Additional Advance under
                                         clause 5.2(c)(ii) of the Novation Agreement, the Borrower shall indicate such election
                                         in the Loan Request (and whether it wishes to receive such amount in EUR or in Dollars).
                                         The amount of the advance in Dollars (the “US Dollar BpiFAE Balance Amount”)
                                         that will fund the BpiFAE Premium shall be equal to the Dollar amount that corresponds
                                         to the EUR amount of the BpiFAE Premium to be financed with such advance, which amount
                                         shall be determined by the Facility Agent based on the Spot Rate of Exchange. The Facility
                                         Agent shall notify the Borrower and the Lenders of the US Dollar BpiFAE Balance Amount
                                         on the date such Loan Request is delivered, and the Lenders shall deposit such US Dollar
                                         BpiFAE Balance Amount with the Facility Agent in accordance with Section 2.3.d).
                                         The Facility Agent shall furnish a certificate to the Borrower on the date such Loan
                                         Request is delivered setting forth such Spot Rate of Exchange, its derivation and the
                                         calculation of the US Dollar BpiFAE Balance Amount. If the Borrower elects to so finance
                                         the BpiFAE Premium and receive the proceeds in EUR, the Borrower will be deemed to have
                                         directed the Facility Agent to pay over to the Borrower or, if the Borrower so requires
                                         in a Loan Request, directly to the Builder on behalf of the Borrower that portion of
                                         the EUR amount of the BpiFAE Premium to be financed with the proceeds of the advance
                                         on the Actual Delivery Date and to retain for its own account deposits made by the Lenders
                                         in Dollars in an amount equal to the US Dollar BpiFAE Balance Amount.

 

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		g)	If the Borrower elects to finance
                                         the Additional Basic Contract Price payable by the Borrower with an Additional Advance
                                         under clause 5.2(b) of the Novation Agreement, the Borrower shall indicate such election
                                         in the Loan Request (and whether it wishes such amount to be made available in EUR or
                                         in Dollars). The amount of the advance in Dollars (the “US Dollar ABCP Amount”)
                                         that will fund the Additional Basic Contract Price shall be equal to the Dollar amount
                                         that corresponds to eighty per cent (80%) of the EUR amount of the Additional Basic Contract
                                         Price, which amount shall be determined by the Facility Agent based on the Spot Rate
                                         of Exchange. The Facility Agent shall notify the Borrower and the Lenders of the US Dollar
                                         ABCP Amount on the date such Loan Request is delivered, and the Lenders shall deposit
                                         such US Dollar ABCP Amount with the Facility Agent in accordance with Section 2.3
                                         d). The Facility Agent shall furnish a certificate to the Borrower on the date such
                                         Loan Request is delivered setting forth such Spot Rate of Exchange, its derivation and
                                         the calculation of the US Dollar ABCP Amount. If the Borrower elects to so finance the
                                         relevant part of the Additional Basic Contract Price and requests that the proceeds of
                                         that advance be made available in EUR then (i) the Facility Agent will acquire EUR in
                                         an amount equal to the relevant Additional Basic Contract Price to be financed with that
                                         advance, (ii) the Borrower will be deemed to have directed the Facility Agent to pay
                                         over directly to the Builder on behalf of the Borrower the said portion of the EUR amount
                                         of the Additional Basic Contract Price to be financed with the proceeds of that advance
                                         on the Actual Delivery Date and (iii) the Facility Agent shall retain for its own account
                                         deposits made by the Lenders in Dollars in an amount equal to the US Dollar ABCP Amount.

 

		h)	In relation to any Additional
                                         Advance that is to be advanced to the Borrower in respect of the Non-Yard Costs it is
                                         agreed that:

 

		i)	an amount equal to the US Dollar
                                         Equivalent of eighty per cent (80%) of the Paid Non-Yard Costs shall be advanced to the
                                         Borrower on the Actual Delivery Date in accordance with the provisions of Section
                                         2.3 d), which amount shall be determined by the Facility Agent based on the amounts
                                         contained in the Delivery Non-Yard Costs Certificate; and

 

		ii)	an amount equal to the US Dollar
                                         Equivalent of eighty per cent (80%) of the Unpaid Non-Yard Costs, which amount shall
                                         be determined by the Facility Agent based on the amounts contained in the Delivery Non-Yard
                                         Costs Certificate (the “Escrow Amount”), shall be remitted by the
                                         Facility Agent (and the Borrower hereby instructs the Facility Agent to make such remittance)
                                         to the Escrow Account and such amount shall be regulated in accordance with the following
                                         provisions of this Section 2.3 h) and the Escrow Account Security,

 

subject to the aggregate of
the amounts referred to in i) and ii) above not exceeding the Maximum Non-Yard Costs Amount.

 

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Where an
Escrow Amount payment is made to the Escrow Account pursuant to ii) above, the Borrower shall be entitled at any time prior to
the NYC Cut Off Date to provide the Facility Agent with the Final Non-Yard Cost Certificate setting out the final amount of the
Paid Non-Yard Costs. Where the Final Non-Yard Costs Certificate is so received by the Facility Agent, the Facility Agent shall
determine promptly the final EUR amount of the Paid Non-Yard Costs based on the amounts contained in the Final Non-Yard Costs
Certificate and the US Dollar Equivalent of such EUR amount and within one Business Day thereafter shall authorize the release
of the Escrow Amount (or, if less, an amount equal to the US Dollar Equivalent of eighty per cent of the Final Paid Non-Yard Costs
(as determined above) less the amount previously advanced to the Borrower under i) above) to the Borrower. Any interest accruing
on the Escrow Account shall be released to the Borrower at the same time as the release of the Escrow Amount (or, if applicable,
part thereof) to the Borrower pursuant to this provision.

 

If any amount
of the Escrow Amount remains on the Escrow Account on the day falling immediately after the NYC Cut Off Date (having regard to
any applicable permitted release of moneys from the Escrow Account to the Borrower referred to above) then on the Business Day
thereafter the Facility Agent shall be entitled to request the withdrawal of that amount from the Escrow Account and shall apply
the amount so received, on behalf of the Borrower, in or towards prepayment of the Loan.

 

The basis
on which the Escrow Account Security is held by the Security Trustee for the benefit of the Lenders is regulated under the agency
and trust deed dated 30 January 2015 (as amended and restated and as acceded to by the Borrower) between the parties to this Agreement
and the Security Trustee.

 

SECTION 2.4. Funding.
Each Lender may, if it so elects, fulfill its obligation to make or continue its portion of the Loan hereunder by causing a branch
or Affiliate (or an international banking facility created by such Lender) other than that indicated next to its signature to
this Agreement or, as the case may be, in the relevant Lender Assignment Agreement, to make or maintain such portion of the Loan;
provided that such portion of the Loan shall nonetheless be deemed to have been made and to be held by such Lender, and
the obligation of the Borrower to repay such portion of the Loan shall nevertheless be to such Lender for the account of such
foreign branch, Affiliate or international banking facility; provided, further, that the Borrower shall not be required
to pay any amount under Sections 4.2.c), 4.3, 4.4, 4.5, 4.6 and 4.7 that is greater
than the amount which it would have been required to pay had the Lender not caused such branch or Affiliate (or international
banking facility) to make or maintain such portion of the Loan.

 

ARTICLE III

 

REPAYMENTS, PREPAYMENTS,
INTEREST AND FEES

 

SECTION
3.1. Repayments.

 

		a)	The Borrower shall repay (i) the
                                         Loan (but for this purpose excluding the Deferred Tranches) in the instalments and on
                                         the dates set out in Part A of Exhibit E and (ii) the Deferred Tranches in the instalments
                                         and on the dates set out in Part B of Exhibit E. It is acknowledged and agreed that the
                                         repayment installments of the Loan falling during the Second Deferral Period (and for
                                         this purpose including the repayment installments of the First Deferred Tranche falling
                                         due during this period) shall be deemed to be repaid pursuant to a deemed advance of
                                         the Second Deferred Tranche to be made on each relevant Repayment Date falling during
                                         such Second Deferral Period and being, in each case, in an amount equal to the principal
                                         amount of the Loan (including the relevant part of the First Deferred Tranche) falling
                                         due for payment on those Repayment Dates.

 

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		b)	Without prejudice to the availability
                                         of the Deferred Tranches, no such amounts repaid by the Borrower pursuant to this Section
                                         3.1 may be re-borrowed under the terms of this Agreement.

 

SECTION
3.2. Prepayment.

 

		a)	The
                                         Borrower

 

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

 

		(A)	all
                                         such voluntary prepayments shall require at least five (5) Business Days’ prior
                                         written notice to the Facility Agent; and

 

		(B)	all
                                         such voluntary partial prepayments shall be in an aggregate minimum amount of $10,000,000
                                         and a multiple of $1,000,000 (or in the remaining amount of the Loan) and shall be applied
                                         in inverse order of maturity or ratably among all remaining installments, as the Borrower
                                         shall designate to the Facility Agent, in satisfaction of the remaining repayment installments
                                         of the Loan, save that where there is an outstanding amount of the Deferred Tranches,
                                         any such prepayment shall first be applied against the Deferred Tranches and either in
                                         inverse order of maturity or ratably across the remaining installments of the Deferred
                                         Tranches (as the Borrower shall designate in writing); and

 

		ii)	shall,
                                         immediately upon any acceleration of the repayment of the installments of the Loan pursuant
                                         to Section 8.2 or 8.3 or the mandatory prepayment of the Loan pursuant
                                         to Section 9.2, repay the Loan (or, in the case of a Prepayment Event arising
                                         pursuant to Section 9.1.11 or 9.1.12, repay the Deferred Tranches).

 

		b)	If
                                         it becomes unlawful in any jurisdiction for any Lender to perform any of its obligations
                                         under the Loan Documents or to maintain or fund its portion of the Loan, the affected
                                         Lender may give written notice (the “Illegality Notice”) to the Borrower
                                         and the Facility Agent of such event, including reasonable details of the relevant circumstances.

 

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		c)	If an affected Lender delivers
                                         an Illegality Notice, the Borrower, the Facility Agent and the affected Lender shall
                                         discuss in good faith (but without obligation) what steps may be open to the relevant
                                         Lender to mitigate or remove such circumstances but, if they are unable to agree such
                                         steps within 20 Business Days or if the Borrower so elects, the Borrower shall have the
                                         right, but not the obligation, exercisable at any time within 50 days after receipt of
                                         such Illegality Notice or, if earlier, the date upon which the unlawful event referred
                                         to in (b) above will apply (but not being a date falling earlier than the end of the
                                         20 Business Day period referred to above) (the “Option Period”), either
                                         (1) to prepay the portion of the Loan (including the relevant portion of the Deferred
                                         Tranches) held by such Lender in full on or before the expiry of the Option Period, together
                                         with all unpaid interest and fees thereon accrued to but excluding the date of such prepayment,
                                         or (2) to replace such Lender on or before the expiry of the Option Period with one or
                                         more financial institutions (I) acceptable to the Facility Agent (such consent not to
                                         be unreasonably withheld or delayed) and (II) where relevant, eligible to benefit from
                                         an Interest Stabilisation Agreement, pursuant to assignment(s) notified to and consented
                                         in writing by BpiFAE and, where relevant Natixis DAI, provided that (x) in the case of
                                         a single assignment, any such assignment shall be either an assignment of all of the
                                         rights and obligations of the assigning Lender under this Agreement or, in the case of
                                         more than one assignment, an assignment of a portion of such rights and obligations made
                                         concurrently with another such assignment or other such assignments that collectively
                                         cover all of the rights and obligations of the assigning Lender under this Agreement
                                         and (y) no Lender shall be obliged to make any such assignment as a result of an election
                                         by the Borrower pursuant to this Section 3.2.c) unless and until such Lender shall
                                         have received one or more payments from one or more Assignee Lenders and/or the Borrower
                                         in an aggregate amount at least equal to the portion of the Loan (including the relevant
                                         part of the Deferred Tranches) held by such Lender, together with all unpaid interest
                                         and fees thereon accrued to but excluding the date of such assignment (and all other
                                         amounts then owing to such Lender under this Agreement).

 

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

 

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

 

SECTION 3.3.1. Rates.
The Loan (but for this purpose excluding the Deferred Tranches) shall accrue interest from the Actual Delivery Date to the date
of repayment or prepayment of the Loan in full to the Lenders at either the Fixed Rate or the Floating Rate (as elected by the
Borrower pursuant to Section 3.3.2). Any drawn portion of the Deferred Tranches shall accrue interest at the Floating Rate
without requiring an election pursuant to Section 3.3.2. Interest calculated at the Fixed Rate or the Floating Rate shall
be payable semi-annually in arrears on each Repayment Date. The Loan (including the Deferred Tranches) shall bear interest from
and including the first day of the applicable Interest Period to (but not including) the last day of such Interest Period at the
interest rate determined as applicable to the Loan or, as the case may be, the Deferred Tranches. A Deferred Tranche shall accrue
interest from the first Repayment Date to fall during the Advanced Loan Deferral Period applicable to that Deferred Tranche(or,
in the case of a further advance in respect of a Deferred Tranche after the first advance and in respect of that further advance,
from the relevant Repayment Date in respect of the Loan to which that further advance of that Deferred Tranche relates) to the
date of repayment or prepayment of that Deferred Tranche in full to the Lenders at the Floating Rate. The first deemed advance
and the second deemed advance in respect of a Deferred Tranche shall be consolidated at, and run concurrently from, the time of
the making of the second advance in respect of that Deferred Tranche and interest on the advances in respect of that Deferred
Tranche shall be payable on each Repayment Date. All interest shall be calculated on the basis of the actual number of days elapsed
over a year comprised of 360 days.

 

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SECTION
3.3.2. Election of Floating or Fixed Rate.

 

		a)	By written notice to the Facility
                                         Agent and delivered in accordance with clause 7 of the Novation Agreement prior to the
                                         date that is not less than seven Business Days prior to the expected Actual Delivery
                                         Date, the Borrower shall elect whether to pay interest on the Loan at the Floating Rate
                                         or the Fixed Rate.

 

		b)	The election made under Section
                                         3.3.2.a) and clause 7 of the Novation Agreement may only be made one time during
                                         the term of the Loan and shall be irrevocable.

 

		c)	If the Borrower fails to make
                                         an election under Section 3.3.2.a) by the date referred to in that Section, it
                                         shall be deemed to have elected to pay interest on the Loan at the Floating Rate.

 

		d)	It is acknowledged that the Borrower
                                         has by written notice to the Facility Agent on 3 December 2015 elected to pay interest
                                         on the Loan at the Fixed Rate.

 

		e)	It is agreed that this Section
                                         3.3.2 shall not apply to the Deferred Tranches, and that any drawn portion of the
                                         Deferred Tranches shall accrue interest at the Floating Rate notwithstanding the absence
                                         of any election pursuant to this Section 3.3.2.

 

SECTION 3.3.3. Interest
stabilisation. Each Lender who is a party hereto on the Third Restatement Date represents and warrants to the Borrower that it
has entered into an Interest Stabilisation Agreement and any Lender not a party hereto on the Third Restatement Date represents
and warrants to the Borrower on the date that such Lender becomes a party hereto that it has entered into an Interest Stabilisation
Agreement on or prior to becoming a party hereto.

 

SECTION 3.3.4. Post-Maturity
Rates. After the date any principal amount of the Loan is due and payable (whether on any Repayment Date, upon acceleration or
otherwise), or after any other monetary Obligation of the Borrower shall have become due and payable, the Borrower shall pay,
but only to the extent permitted by law, interest (after as well as before judgment) on such amounts for each day during the period
of such default at a rate per annum certified by the Facility Agent to the Borrower (which certification shall be conclusive in
the absence of manifest error) to be equal to the sum of the Floating Rate plus 2% per annum.

 

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

 

		a)	each Interest Payment Date;

 

		b)	each Repayment Date;

 

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

 

		d)	on that portion of the Loan the
                                         repayment of which is accelerated pursuant to Section 8.2 or Section 8.3,
                                         immediately upon such acceleration.

 

SECTION 3.3.6. Interest
Rate Determination; Replacement Reference Banks. Where Section 3.3.4 or the Floating Rate applies, the Facility Agent shall
obtain from each Reference Bank timely information for the purpose of determining the LIBO Rate in the event that no offered quotation
appears on Thomson Reuters LIBOR01 Page (or any successor page) and the LIBO Rate is to be determined by reference to quotations
supplied by the Reference Banks and not by reference to the Historic Screen Rate. If any one or more of the Reference Banks shall
fail to furnish in a timely manner such information to the Facility Agent for any such interest rate, the Facility Agent shall
determine such interest rate on the basis of the information furnished by the remaining Reference Banks. If the Borrower elects
to add an additional Reference Bank hereunder or a Reference Bank ceases for any reason to be able and willing to act as such,
the Facility Agent shall, at the direction of the Required Lenders and after consultation with the Borrower and the Lenders, appoint
a replacement for such Reference Bank reasonably acceptable to the Borrower, and such replaced Reference Bank shall cease to be
a Reference Bank hereunder. The Facility Agent shall furnish to the Borrower and to the Lenders each determination of the LIBO
Rate made by reference to quotations of interest rates furnished by Reference Banks (it being understood that the Facility Agent
shall not be required to disclose to any party hereto (other than the Borrower) any information regarding any Reference Bank or
any rate quoted by a Reference Bank, including, without limitation, whether a Reference Bank has provided a rate or the rate provided
by any individual Reference Bank).

 

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

 

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SECTION 3.3.7. Unavailability
of LIBO Rate

 

Notwithstanding anything to
the contrary in this Agreement or any other Loan Documents, if the Facility Agent determines (which determination shall, in the
absence of manifest error, be conclusive) or the Borrower or the Required Lenders notify the Facility Agent (with, in the case
of the Required Lenders, a copy to Borrower) that the Borrower or the Required Lenders (as applicable) have determined that:

 

		a)	adequate and reasonable means
                                         would not exist for ascertaining (should the Floating Rate apply) the LIBO Rate for the
                                         relevant Interest Period including, without limitation, because the LIBO Rate is not
                                         available or published on a current basis and such circumstances are unlikely to be temporary;
                                         or

 

		b)	the administrator of the LIBO
                                         Rate or a governmental authority having jurisdiction over the Facility Agent has made
                                         a public statement identifying a specific date after which the LIBO Rate shall no longer
                                         be made available or used for determining the interest rate of loans (such specific date,
                                         the “Scheduled Unavailability Date”); or

 

		c)	syndicated loans currently being
                                         executed, or existing syndicated loans that include language similar to that contained
                                         in this section 3.3.7, are being executed and/or amended (as applicable) to incorporate
                                         or adopt a new benchmark interest rate to replace the LIBO Rate,

 

then, reasonably promptly
after such determination by the Facility Agent or receipt by the Facility Agent of such notice, as applicable, or if the Borrower
otherwise requests, the Facility Agent and the Borrower may amend this Agreement to replace the LIBO Rate with an alternate benchmark
rate (including any mathematical or other adjustments to the benchmark (if any) incorporated therein), giving due consideration
to any evolving or then existing convention for similar U.S. dollar denominated syndicated credit facilities for such alternative
benchmarks (any such proposed rate, a “LIBO Successor Rate”), and also together with any proposed LIBO Successor Rate
Conforming Changes (as defined below) and any such amendment shall become effective at 5:00 P.M. (London time) on the fifth (5)
Business Day after the Facility Agent shall have posted such proposed amendment to all Lenders and the Borrower unless, prior
to such time, Lenders comprising the Required Lenders have delivered to the Facility Agent written notice that such Required Lenders
do not accept such amendment. Such LIBO Successor Rate shall be applied in a manner consistent with market practice; provided
that to the extent such market practice is not administratively feasible for the Facility Agent, such LIBO Successor Rate shall
be applied in a manner as otherwise reasonably determined by the Facility Agent.

 

If no
LIBO Successor Rate has been determined and the circumstances under paragraph a) above exist or the Scheduled Unavailability Date
has occurred (as applicable), the Facility Agent will promptly notify the Borrower and each Lender. Thereafter, the obligation
of the Lenders to fund or maintain the affected part of the Loan (including the Deferred Tranche) at the LIBO Rate (to the extent
of the affected part of the Loan, the Deferred Tranches or Interest Periods) shall be suspended and the Borrower shall pay interest
on such part of the Loan at a rate equal to the sum of the applicable Floating Rate Margin and the weighted average of the cost
to the Lenders of funding the respective portions of the affected part of the Loan (as notified to the Facility Agent and the
Borrower no later than five (5) Business Days prior to the start of the relevant Interest Period). Upon receipt of such notice,
the Borrower may revoke any pending request for a borrowing of, conversion to or continuation of any part of the Loan (to the
extent of the affected part of the Loan, the Deferred Tranches or Interest Periods).

 

    42

     

    

 

The Facility
Agent (acting on the instructions of the Required Lenders) and the Borrower shall, during the period between 1 April 2021 and
30 June 2021, enter into negotiations in good faith with a view to agreeing a basis upon which a LIBO Successor Rate can be used
in replacement of the Screen Rate, together with any associated LIBO Successor Rate Conforming Changes, and a timetable for the
implementation of these changes so that the appropriate changes can be made prior to the Scheduled Unavailability Date.

 

Notwithstanding
anything else herein, any definition of LIBO Successor Rate shall provide that in no event shall such LIBO Successor Rate be less
than zero for purposes of this Agreement.

 

For the
purposes of this Agreement, “LIBO Successor Rate Conforming Changes” means, with respect to any proposed LIBO Successor
Rate, any conforming changes to the definition of Floating Rate, Interest Period, timing and frequency of determining rates and
making payments of interest and other administrative matters as may be appropriate, in the discretion of the Facility Agent in
consultation with the Borrower, to reflect the adoption of such LIBO Successor Rate and to permit the administration thereof by
the Facility Agent in a manner substantially consistent with market practice (or, if the Facility Agent determines that adoption
of any portion of such market practice is not administratively feasible or that no market practice for the administration of such
LIBO Successor Rate exists, in such other manner of administration as the Facility Agent determines is reasonably necessary in
connection with the administration of this Agreement).

 

SECTION 3.4. Commitment
Fees. a) Subject to clause 10.1 of the Novation Agreement, the Borrower agrees to pay to the Facility Agent for the account
of each Lender a commitment fee (the “Commitment Fee”) on its daily unused portion of Maximum Loan Amount (as such
amount may be adjusted from time to time), for the period commencing on the Signing Date and continuing through the earliest to
occur (the “Commitment Fee Termination Date”) of (i) the Actual Delivery Date, (ii) the date upon which the Facility
Agent has provided the Borrower with written notice that the Lenders will not advance the Loan because the Commitments have been
terminated pursuant to Section 8.2 or 8.3, (iii) the Commitment Termination Date and (iv) the date the Commitments
shall have been terminated in full pursuant to clause 10.2 of the Novation Agreement. b) Paragraph a) above shall not (but without
prejudice to any commitment commission that has been paid by the Borrower to the Lenders prior to the First Deferred Tranche Effective
Date) apply to any Lender’s Commitment in respect of the Deferred Tranches, in respect of which the Borrower agrees to pay
to the Facility Agent for the account of each Lender a commitment fee on the basis, and at the times, set out in (i) the Fee Letter
to be entered into on or about the date of the Fourth Supplemental Agreement (in respect of the First Deferred Tranche) and (ii)
the Seventh Supplemental Agreement (in respect of the Second Deferred Tranche) (as applicable).

 

    43

     

    

 

SECTION 3.4.1. Payment.
The Commitment Fee shall be payable by the Borrower to the Facility Agent for the account of each Lender six-monthly in arrears,
with the first such payment (the “First Commitment Fee Payment”) to be made on the day falling six months following
the Signing Date and the final such payment to be made on the Commitment Fee Termination Date (each date on which a Commitment
Fee payment is required to be made in accordance with this Section 3.4.1 referred to herein as a “Commitment Fee
Payment Date”). The Commitment Fee shall be in the amount in EUR equal to the product of the Applicable Commitment Rate,
multiplied by, for each day elapsed since the preceding Commitment Fee Payment Date (or, in the case of the First Commitment Fee
Payment, the Signing Date), the daily unused portion of the Maximum Loan Amount, divided by 360 days.

 

SECTION 3.5. Other
Fees. The Borrower agrees to pay to the Facility Agent the agreed-upon fees set forth in the Fee Letters on the dates and
in the amounts set forth therein.

 

ARTICLE IV

CERTAIN LIBO RATE AND OTHER PROVISIONS

 

SECTION 4.1. LIBO
Rate Lending Unlawful. If after the Signing Date the introduction of or any change in or in the interpretation of any law
makes it unlawful, or any central bank or other governmental authority having jurisdiction over such Lender asserts that it is
unlawful for such Lender to make, continue or maintain its portion of the Loan bearing interest at a rate based on the LIBO Rate
(including the Deferred Tranches) or at the Fixed Rate where the relevant Lender has funded itself in the interbank market at
a rate based on the LIBO Rate, the obligation of such Lender to make, continue or maintain its portion of the Loan shall, upon
notice thereof to the Borrower, the Facility Agent and each other Lender, forthwith be suspended until the circumstances causing
such suspension no longer exist, provided that such Lender’s obligation to make, continue and maintain its portion
of the Loan hereunder shall be automatically converted into an obligation to make, continue and maintain its portion of the Loan
bearing interest at a rate to be negotiated between such Lender and the Borrower that is the equivalent of the sum of the LIBO
Rate for the relevant Interest Period plus the applicable Floating Rate Margin.

 

SECTION 4.2. Deposits
Unavailable. If (i) in respect of any drawn portion of the Deferred Tranches, (ii) on or after the date the Borrower elects
the Floating Rate pursuant to Section 3.3.2 and/or (iii) where the Fixed Rate applies and any Lender has funded itself
in the interbank market, the Facility Agent shall have determined that:

 

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

 

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

 

		c)	the cost to Lenders that in the
                                         aggregate hold more than 50% of the aggregate outstanding principal amount of the Loan
                                         (including the Deferred Tranches) then held by Lenders of obtaining matching deposits
                                         in the relevant interbank market for the relevant Interest Period would be in excess
                                         of the LIBO Rate (provided, that no Lender may exercise its rights under this
                                         Section 4.2.c) for amounts up to the difference between such Lender’s cost
                                         of obtaining matching deposits on the date such Lender becomes a Lender hereunder less
                                         the LIBO Rate on such date),

 

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

 

SECTION 4.3. Increased
LIBO Rate Loan Costs, etc. If after the Signing Date a change in any applicable treaty, law, regulation or regulatory requirement
or in the interpretation thereof or in its application to the Borrower, or if compliance by any Lender with any applicable direction,
request, requirement or guideline (whether or not having the force of law) of any governmental or other authority including, without
limitation, any agency of the European Union or similar monetary or multinational authority insofar as it may be changed or imposed
after the date hereof, shall:

 

    45

     

    

 

		a.	subject any Lender to any taxes,
                                         levies, duties, charges, fees, deductions or withholdings of any nature with respect
                                         to its portion of the Loan or any part thereof imposed, levied, collected, withheld or
                                         assessed by any jurisdiction or any political subdivision or taxing authority thereof
                                         (other than taxation on overall net income and, to the extent such taxes are described
                                         in Section 4.6, withholding taxes); or

 

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

 

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

 

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

 

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

 

    46

     

    

 

It is acknowledged that the Borrower shall
have no liability to compensate any Lender under this Section for amounts of increased costs that accrue before the Effective
Time on the Actual Delivery Date (with any such amounts arising before the Effective Time being the responsibility of the Original
Borrower).

 

SECTION 4.4. Funding
Losses.

 

SECTION 4.4.1. Indemnity.
In the event any Lender shall incur any loss or expense (for the avoidance of doubt excluding loss of profit) by reason of the
liquidation or re-employment (at not less than the market rate) of deposits or other funds acquired by such Lender, to make, continue
or maintain any portion of the principal amount of its portion of the Loan (including the Deferred Tranches) as a result of:

 

	i)	if at the time interest is calculated at
                                         the Floating Rate on such Lender’s portion of the Loan (including the Deferred
                                         Tranches), any repayment or prepayment or acceleration of the principal amount of such
                                         Lender’s portion of the Loan or, as the case may be, the Deferred Tranches on a
                                         date other than the scheduled last day of an Interest Period or otherwise scheduled date
                                         for repayment or payment;

 

	ii)	if at the time interest is calculated at
                                         the Fixed Rate on such Lender’s portion of the Loan, any repayment or prepayment
                                         or acceleration of the principal amount of such Lender’s portion of the Loan, other
                                         than any repayment made on the date scheduled for such repayment; or

 

	iii)	the relevant portion of the Loan (including
                                         the Deferred Tranches) not being made in accordance with the Loan Request therefor due
                                         to the fault of the Borrower or as a result of any of the conditions precedent set forth
                                         in clause 6.1(b) of the Novation Agreement and Article V not being satisfied,

 

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(a “Funding Losses Event”)
then, upon the written notice of such Lender to the Borrower (with a copy to the Facility Agent), the Borrower shall, within three
(3) days of its receipt thereof:

 

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

 

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

 

exceeds:

 

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

 

		b.	if
                                         at that time interest is calculated at the Fixed Rate on such Lender’s portion
                                         of the Loan (or any part thereof), pay to the Facility Agent the amount notified to it
                                         following the calculation referred to in the next paragraph.

 

Since the Lenders commit themselves
irrevocably to the French Authorities in charge of monitoring the CIRR mechanism, any prepayment (whether voluntary, involuntary
or mandatory, including following the acceleration of the Loan) will be subject to the mandatory payment by the Borrower of the
amount calculated in liaison with the French Authorities two (2) Business Days prior to the prepayment date by taking into account
the differential (the “Rate Differential”) between the CIRR and the prevailing market yield (currently ISDAFIX)
for each installment to be prepaid and applying such Rate Differential to the remaining residual period of such installment and
discounting to the net present value as described below. Each of these Rate Differentials will be applied to the corresponding
installment to be prepaid during the period starting on the date on which such prepayment is required to be made and ending on
the original Repayment Date (as adjusted following any previous prepayments) for such installment and:

 

		(A)	the
                                         net present value of each corresponding amount resulting from the above calculation will
                                         be determined at the corresponding market yield; and

 

		(B)	if
                                         the cumulated amount of such present values is negative, no amount shall be due to the
                                         Borrower or from the Borrower.

 

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

 

SECTION 4.4.2. Exclusion
In the event that a Lender’s wilful misconduct or gross negligence has caused the loss or cancellation of the BpiFAE Insurance
Policy, the Borrower shall not be liable to indemnify that Lender under Section 4.4.1 for its loss or expense arising due
to the occurrence of the Prepayment Event referred to in Section 9.1.9.

 

SECTION 4.5. Increased
Capital Costs. If after the Signing Date any change in, or the introduction, adoption, effectiveness, interpretation, reinterpretation
or phase-in of, any law or regulation, directive, guideline, decision or request (whether or not having the force of law) of any
court, central bank, regulator or other governmental authority increases the amount of capital required to be maintained by any
Lender or any Person controlling such Lender, and the rate of return on its or such controlling Person’s capital as a consequence
of its Commitment or its portion of the Loan made by such Lender is reduced to a level below that which such Lender or such controlling
Person would have achieved but for the occurrence of any such change in circumstance, then, in any such case upon notice from
time to time by such Lender to the Borrower, the Borrower shall immediately pay directly to such Lender additional amounts sufficient
to compensate such Lender or such controlling Person for such reduction in rate of return. Any such notice shall (i) describe
in reasonable detail the capital adequacy requirements which have been imposed, together with the approximate date of the effectiveness
thereof, (ii) set forth the amount of such lowered return, (iii) describe the manner in which such amount has been calculated,
(iv) certify that the method used to calculate such amount is such Lender’s standard method of calculating such amount,
(v) certify that such request for such additional amounts is consistent with its treatment of other borrowers that are subject
to similar provisions and (vi) certify that, to the best of its knowledge, such change in circumstances is of general application
to the commercial banking industry in the jurisdictions in which such Lender does business. In determining such amount, such Lender
may use any method of averaging and attribution that it shall, subject to the foregoing sentence, deem applicable. Each Lender
agrees to use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions and the terms of the
BpiFAE Insurance Policy and (if the Fixed Rate applies) the arrangements with Natixis DAI relating to the CIRR) to designate a
different Lending Office if the making of such a designation would avoid such reduction in such rate of return and would not,
in the reasonable judgment of such Lender, be otherwise disadvantageous to such Lender. Failure or delay on the part of any Lender
to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s right to demand such compensation;
provided that in relation to increased costs or reductions arising after the Effective Date the Borrower shall not be required
to compensate a Lender pursuant to this Section for any increased costs or reductions incurred more than three months prior to
the date that such Lender notifies the Borrower of the circumstance giving rise to such reductions and of such Lender’s
intention to claim compensation therefor; provided further that, if the circumstance giving rise to such reductions is
retroactive, then the three-month period referred to above shall be extended to include the period of retroactive effect thereof,
but not more than six months prior to the date that such Lender notifies the Borrower of the circumstance giving rise to such
reductions and of such Lender’s intention to claim compensation therefor.

 

    49

     

    

 

It is acknowledged that
the Borrower shall have no liability to compensate any Lender under this Section for reduced returns that accrue before the Effective
Time on the Actual Delivery Date (with any compensation liability to the Lenders arising before the Effective Time being the responsibility
of the Original Borrower).

 

SECTION 4.6. Taxes.
All payments by any Obligor of principal of, and interest on, the Loan and all other amounts payable under any Loan Document shall
be made free and clear of and without deduction for any present or future income, excise, stamp or franchise taxes and other taxes,
fees, duties, withholdings or other charges of any nature whatsoever imposed by any taxing authority, but excluding franchise
taxes and taxes imposed on or measured by any Lender’s net income or receipts of such Lender and franchise taxes imposed
in lieu of net income taxes or taxes on receipts, by the jurisdiction under the laws of which such Lender is organized or any
political subdivision thereof or the jurisdiction of such Lender’s Lending Office or any political subdivision thereof or
any other jurisdiction unless such net income taxes are imposed solely as a result of the applicable Obligor’s activities
in such other jurisdiction, and any taxes imposed under FATCA (such non-excluded items being called “Covered Taxes”).
In the event that any withholding or deduction from any payment to be made by an Obligor under any Loan Document is required in
respect of any Covered Taxes pursuant to any applicable law, rule or regulation, then the Borrower will:

 

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

 

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

 

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

 

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

 

Any Lender claiming
any additional amounts payable pursuant to this Section agrees to use reasonable efforts (consistent with its internal policy
and legal and regulatory restrictions and the terms of the BpiFAE Insurance Policy and (if the Fixed Rate applies) the arrangements
with Natixis DAI relating to the CIRR) to change the jurisdiction of its Lending Office if the making of such a change would avoid
the need for, or reduce the amount of, any such additional amounts that may thereafter accrue and would not, in the reasonable
judgment of such Lender, be otherwise disadvantageous to such Lender.

 

    50

     

    

 

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

 

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

 

Each Lender (and each
Participant) agrees with the Borrower and the Facility Agent that it will (i) in the case of a Lender or a Participant organized
under the laws of a jurisdiction other than the United States (a) provide to the Facility Agent and the Borrower an appropriately
executed copy of Internal Revenue Service Form W-8ECI certifying that any payments made to or for the benefit of such Lender or
such Participant are effectively connected with a trade or business in the United States (or alternatively, an Internal Revenue
Service Form W-8BEN claiming the benefits of a tax treaty, but only if the applicable treaty described in such form provides for
a complete exemption from U.S. federal income tax withholding), or any successor form, on or prior to the date hereof (or, in
the case of any Assignee Lender or Participant, on or prior to the date of the relevant assignment or participation), in each
case attached to an Internal Revenue Service Form W-8IMY, if appropriate, (b) notify the Facility Agent and the Borrower if the
certifications made on any form provided pursuant to this paragraph are no longer accurate and true in all material respects and
(c) without prejudice to its obligations under Section 4.13, provide such other tax forms or other documents as shall be
prescribed by applicable law, if any, or as otherwise reasonably requested, to demonstrate, to the extent applicable, that payments
to such Lender Party (or Participant) hereunder are exempt from withholding under FATCA, and (ii) in all cases, provide such forms,
certificates or other documents, as and when reasonably requested by the Borrower, necessary to claim any applicable exemption
from, or reduction of, Covered Taxes or any payments made to or for benefit of such Lender Party or such Participant, provided
that the Lender Party or Participant is legally able to deliver such forms, certificates or other documents. For any period
with respect to which a Lender (or Assignee Lender or Participant) has failed to provide the Borrower with the foregoing forms
(other than if such failure is due to a change in law occurring after the date on which a form originally was required to be provided
(which, in the case of an Assignee Lender, would be the date on which the original assignor was required to provide such form)
or if such form otherwise is not required hereunder) such Lender (or Assignee Lender or Participant) shall not be entitled to
the benefits of this Section 4.6 with respect to Covered Taxes imposed by reason of such failure.

 

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All fees and expenses
payable pursuant to Section 11.3 shall be paid together with value added tax or any similar tax (if any) properly chargeable
thereon. Any value added tax chargeable in respect of any services supplied by a Lender or an Agent under this Agreement shall,
on delivery of the value added tax invoice, be paid in addition to any sum agreed to be paid hereunder.

 

SECTION 4.7. Reserve
Costs. Without in any way limiting the Borrower’s obligations under Section 4.3, the Borrower shall, with effect
from the First Deferred Tranche Effective Date, pay to the Facility Agent for the account of each Lender on the last day of each
Interest Period in which there remains an amount of a Deferred Tranche outstanding, so long as the relevant Lending Office of
such Lender is required to maintain reserves against “Eurocurrency liabilities” under Regulation D of the F.R.S. Board,
upon notice from such Lender, an additional amount equal to the product of the following for a Deferred Tranche for each day during
such Interest Period:

 

(i)          the
principal amount of each Deferred Tranche outstanding on such day; and

 

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

 

(iii)        1/360.

 

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

 

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

 

SECTION 4.8. Payments,
Computations, etc.

 

		a.	Unless
                                         otherwise expressly provided, all payments by an Obligor pursuant to any Loan Document
                                         shall be made by such Obligor to the Facility Agent for the pro rata account of the Lenders
                                         entitled to receive such payment. All such payments required to be made to the Facility
                                         Agent shall be made, without set-off, deduction or counterclaim, not later than 11:00
                                         a.m., New York time, on the date due, in same day or immediately available funds through
                                         the New York Clearing House Interbank Payments System (or such other funds as may be
                                         customary for the settlement of international banking transactions in Dollars), to such
                                         account as the Facility Agent shall specify from time to time by notice to the Borrower.
                                         Funds received after that time shall be deemed to have been received by the Lenders on
                                         the next succeeding Business Day.

 

		b.	Each
                                         Lender hereby instructs the Facility Agent, with respect to any portion of the Loan held
                                         by such Lender, to pay directly to such Lender interest thereon at the Fixed Rate or
                                         (in respect of any drawn portion of the Deferred Tranche, or otherwise where applicable)
                                         the Floating Rate, on the basis that, if interest on such portion of the Loan is then
                                         calculated at the Fixed Rate, such Lender will, where amounts are payable to Natixis
                                         by that Lender under the Interest Stabilisation Agreement, account directly to Natixis
                                         for any such amounts payable by that Lender under the Interest Stabilisation Agreement
                                         to which such Lender is a party.

 

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

 

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SECTION 4.9. Replacement
Lenders, etc. If the Borrower shall be required to make any payment to any Lender pursuant to Section 4.2.c), 4.3,
4.4, 4.5, 4.6 or 4.7, the Borrower shall be entitled at any time (so long as no Default and no Prepayment
Event shall have occurred and be continuing) within 180 days after receipt of notice from such Lender of such required payment
to (a) terminate such Lender’s Commitment (where upon the Percentage of each other Lender shall automatically be adjusted
to an amount equal to such Lender’s ratable share of the remaining Commitments), (b) prepay the affected portion of such
Lender’s Loan in full, together with accrued interest thereon through the date of such prepayment (provided that
the Borrower shall not terminate any Lender’s Commitment pursuant to clause (a) or prepay any such Lender pursuant to this
clause (b) without replacing such Lender pursuant to the following clause (c) until a 30-day period shall have elapsed during
which the Borrower and the Facility Agent shall have attempted in good faith to replace such Lender), and/or (c) replace such
Lender with another financial institution reasonably acceptable to the Facility Agent and (if the Fixed Rate applies) Natixis
DAI, provided that (i) each such transfer shall be either a transfer of all of the rights and obligations of the transferring
Lender under this Agreement or a transfer of a portion of such rights and obligations made concurrently with another such transfer
or other such transfers that together cover all of the rights and obligations of the transferring Lender under this Agreement
and (ii) no Lender shall be obligated to make any such transfer as a result of a demand by the Borrower pursuant to this Section
unless and until such Lender shall have received one or more payments from either the Borrower or one or more Assignee Lenders
in an aggregate amount at least equal to the aggregate outstanding principal amount of the Loan owing to such Lender, together
with accrued interest thereon to the date of payment of such principal amount and all other amounts payable to such Lender under
this Agreement. Each Lender represents and warrants to the Borrower that, as of the Signing Date (or, with respect to any Lender
not a party hereto on the Signing Date, on the date that such Lender becomes a party hereto), there is no existing treaty, law,
regulation, regulatory requirement, interpretation, directive, guideline, decision or request pursuant to which such Lender would
be entitled to request any payments under any of Sections 4.3, 4.4, 4.5, 4.6 and 4.7 to or
for account of such Lender.

 

SECTION 4.10. Sharing
of Payments.

 

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

 

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

 

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

 

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

 

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SECTION 4.10.2. Redistribution
of payments. The Facility Agent shall treat the Sharing Payment as if it had been paid by the Borrower and distribute it between
the Lenders (other than the Recovering Lender) (the “Sharing Lenders”) in accordance with the provisions of this Agreement
towards the obligations of the Borrower to the Sharing Lenders.

 

SECTION 4.10.3. Recovering
Lender’s rights. On a distribution by the Facility Agent under Section 4.10.2 of a payment received by a Recovering
Lender from the relevant Obligor, as between that Obligor and the Recovering Lender, an amount of the Recovered Amount equal to
the Sharing Payment will be treated as not having been paid by the relevant Obligor.

 

SECTION 4.10.4. Reversal
of redistribution If any part of the Sharing Payment received or recovered by a Recovering Lender becomes repayable and is repaid
by that Recovering Lender, then:

 

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

 

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

 

SECTION
4.10.5. Exceptions.

 

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

 

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

 

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

 

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

 

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SECTION 4.11. Set-off.
Upon the occurrence and during the continuance of an Event of Default or a Prepayment Event, each Lender shall have, to the extent
permitted by applicable law, the right to appropriate and apply to the payment of the Obligations then due and owing to it any
and all balances, credits, deposits, accounts or moneys of any Obligor then or thereafter maintained with such Lender; provided
that any such appropriation and application shall be subject to the provisions of Section 4.10. Each Lender agrees
promptly to notify the applicable Obligor and the Facility Agent after any such set-off and application made by such Lender; provided
that the failure to give such notice shall not affect the validity of such set-off and application. The rights of each Lender
under this Section are in addition to other rights and remedies (including other rights of set-off under applicable law or otherwise)
which such Lender may have.

 

SECTION 4.12. Use
of Proceeds. a) The Borrower shall apply the proceeds of the Loan made available to the Borrower in respect of the Additional
Advances for the purpose of making payments of, or reimbursing the Borrower for payments already made for, the amounts referred
to in clauses 5.2, 5.3 and/or 5.4 of the Novation Agreement and, without limiting the foregoing, no proceeds of the Loan will
be used to acquire any equity security of a class which is registered pursuant to Section 12 of the Securities Exchange Act of
1934 or any “margin stock”, as defined in F.R.S. Board Regulation U. b) The Deferred Tranches shall be used for the
purpose set out in Recital (D) and, accordingly, the provisions of sub-section a) above shall not apply to the proceeds of the
Deferred Tranches.

 

SECTION 4.13. FATCA
Information.

 

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

 

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

 

		(A)	a FATCA Exempt Party; or

 

		(B)	not a FATCA Exempt Party;

 

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

 

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

 

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

 

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

 

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(i)          any
law or regulation;

 

(ii)         any
fiduciary duty; or

 

(iii)        any
duty of confidentiality.

 

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

 

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

 

SECTION 4.14. Resignation
of the Facility Agent. The Facility Agent shall resign (and, to the extent applicable, shall use reasonable endeavours to
appoint a successor Facility Agent) if, either:

 

		a.	the Facility Agent fails to respond
                                         to a request under Section 4.13 and a Lender reasonably believes that the Facility
                                         Agent will not be (or will have ceased to be) a FATCA Exempt Party;

 

		b.	the information supplied by the
                                         Facility Agent pursuant to Section 4.13 indicates that the Facility Agent will
                                         not be (or will have ceased to be) a FATCA Exempt Party; or

 

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

 

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

 

SECTION
4.15. Deferred Costs. Independently to any other obligation to pay costs, expenses or interest under or in connection with
this Agreement, the Borrower shall as a separate obligation, also pay to the Facility Agent (for distribution to each Lender)
deferred costs in respect of any drawn portion of a Deferred Tranche at the Deferred Costs Percentage applicable to the relevant
Deferred Tranche for each Interest Period during which any part of that Deferred Tranche remains outstanding. Whilst not an interest
liability, such deferred costs shall be charged from and including the first day of the applicable Interest Period in which an
amount of a Deferred Tranche is outstanding to (but not including) the last day of such Interest Period, and will be payable semi-annually
in arrears on each Repayment Date. Any deferred costs payable in accordance with this Section 4.15 shall be calculated on the
basis of the actual number of days elapsed over a year comprised of 360 days.

 

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ARTICLE V

 

CONDITIONS TO BORROWING

 

SECTION 5.1. Advance
of the Loan. The obligation of the Lenders to fund the relevant portion of the Loan to be made available on the Actual Delivery
Date shall be subject to the prior or concurrent satisfaction of each of the conditions precedent set forth in this Section
5.1. The Facility Agent shall advise the Lenders of the satisfaction of the conditions precedent set forth in this Section
5.1 prior to funding on the Actual Delivery Date. Save for Section 5.1.12 and 5.1.13 below, no provision of this Section
5 shall be applicable to a deemed advance of the Deferred Tranches.

 

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

 

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

 

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

 

(y) Organic
Documents of the Borrower,

 

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

 

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

 

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

 

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		a.	Watson Farley & Williams LLP,
                                         counsel to the Borrower, as to Liberian Law, covering the matters set forth in Exhibit
                                         B-1 hereto (and which shall be updated to include reference to the Escrow Account
                                         Security);

 

		b.	Norton Rose Fulbright LLP, counsel
                                         to the Facility Agent and the Lenders, covering the matters set forth in Exhibit B-2
                                         hereto (and which shall be updated to include reference to the Escrow Account Security)
                                         and, if the BpiFAE Insurance Policy is to be re-issued or replaced or amended on or about
                                         the Actual Delivery Date, Exhibit B-3 hereto; and

 

		c.	Clifford Chance US LLP, United
                                         States tax counsel to the Facility Agent for the benefit of the Lenders, covering the
                                         matters set forth in Exhibit B-4 hereto,

 

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

 

SECTION 5.1.3. BpiFAE
Insurance Policy. The Facility Agent or the ECA Agent shall have received the BpiFAE Insurance Policy duly issued and BpiFAE shall
not have, prior to the advance of the Loan, delivered to the Facility Agent or the ECA Agent any notice seeking the cancellation,
suspension or termination of the BpiFAE Insurance Policy or the suspension of the drawing of the Additional Advances under this
Agreement.

 

SECTION 5.1.4. Closing
Fees, Expenses, etc. The Facility Agent shall have received for its own account, or for the account of each Lender or BpiFAE,
as the case may be, all fees that the Borrower shall have agreed in writing to pay to the Facility Agent (whether for its own
account or for the account of any of the Lenders) that are due and owing as of the date of such funding and all invoiced expenses
of the Facility Agent (including the agreed fees and expenses of counsel to the Facility Agent and the BpiFAE Premium) required
to be paid by the Borrower pursuant to Section 11.3 or that the Borrower has otherwise agreed in writing to pay to the
Facility Agent, in each case on or prior to the date of such funding.

 

SECTION 5.1.5. Compliance
with Warranties, No Default, etc. Both before and after giving effect to the funding of the Loan the following statements shall
be true and correct:

 

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

 

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

 

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SECTION 5.1.6. Loan
Request. The Facility Agent shall have received a Loan Request duly executed by the Borrower together with:

 

		a.	where an Additional Advance is
                                         requested in respect of the Non-Yard Costs, the Delivery Non-Yard Costs Certificate;

 

		b.	certified as true (by the Builder)
                                         copies of the invoice and supporting documents received by the Builder from the Borrower
                                         pursuant to Appendix C of the Construction Contract in relation to the Paid Non-Yard
                                         Costs as at the time of issue;

 

		c.	a copy of the final commercial
                                         invoice from the Builder showing the amount of the Contract Price (including the Non-Yard
                                         Costs) and the portion thereof payable to the Builder on the Actual Delivery Date under
                                         the Construction Contract; and

 

		d.	copies of the wire transfers for
                                         all payments by the Borrower to the Builder under the Construction Contract in respect
                                         of the Basic Contract Price to the extent not already provided as part of the drawdown
                                         conditions for drawdowns made by the Original Borrower.

 

SECTION 5.1.7. Foreign
Exchange Counterparty Confirmations. The Facility Agent shall have received the documentation and other information referred to
in clause 5.6 of the Novation Agreement.

 

SECTION 5.1.8. Protocol
of delivery. The Facility Agent shall have received a copy of the protocol of delivery and acceptance under the Construction Contract
duly signed by the Builder and the Borrower or Symphony of the Seas Inc.

 

SECTION 5.1.9. Title
to Purchased Vessel. The Facility Agent shall have received evidence that the Purchased Vessel is legally and beneficially owned
by the Borrower or Symphony of the Seas Inc., free of all recorded Liens, other than Liens permitted by Section 7.2.3 and,
to the extent not yet discharged, the Mortgage (as defined in the Novation Agreement).

 

SECTION 5.1.10. Interest
Stabilisation. If the Fixed Rate applies, the ECA Agent shall have received a duly executed fixed rate approval from Natixis DAI
issued to the Lenders in respect of the CIRR applicable to the Loan and shall have been informed by the French Authorities of
the conditions of the interest make-up mechanisms (stabilisation du taux d’intérêt) applicable to the
Loan under the applicable Interest Stabilisation Agreement in respect of the Lenders, such conditions to specify, among other
things, that the CIRR has been retained under the interest make-up mechanisms applicable to the Loan.

 

SECTION 5.1.11. Escrow
Account Security. The Facility Agent shall have received the Escrow Account Security duly executed by the Borrower together with
a duly executed notice of charge and acknowledgement thereto executed by the Borrower and the Escrow Account Bank respectively.

 

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SECTION
5.1.12. First Deferred Tranche. The First Deferred Tranche shall only be advanced pursuant to Section 2.3 and Recital (D) if prior
to the date of the first such advance, the ECA Agent and the Facility Agent shall have received:

 

		a.	the BpiFAE Insurance Policy duly
                                         signed and issued in respect of the First Deferred Tranche either (i) in an original
                                         with ‘wet-ink’ signature(s) or (ii) if the execution of an original of the
                                         BpiFAE Insurance Policy is not practicable at the relevant time (having regard to the
                                         logistical difficulties caused by COVID-19), electronically signed and initialed, together
                                         with written confirmation from BpiFAE that (A) such electronic signature is binding upon
                                         BpiFAE, (B) BpiFAE will send an original executed ‘wet-ink’ version of the
                                         BpiFAE Insurance Policy to the ECA Agent and the Facility Agent as soon as practicable
                                         (again, having regard to the logistical difficulties caused by COVID-19) and (C) such
                                         electronically signed BpiFAE Insurance Policy is valid and enforceable irrespective of
                                         whether the signed and regularized ‘wet-ink’ policy has at that time been
                                         produced and circulated, and in each case, BpiFAE shall not have, prior to any deemed
                                         advance of the First Deferred Tranche, delivered to the Facility Agent or the ECA Agent
                                         any notice seeking the cancellation, suspension or termination of the BpiFAE Insurance
                                         Policy or the suspension of the deemed advance of the First Deferred Tranche under this
                                         Agreement;

 

		b.	an opinion from Norton Rose Fulbright
                                         LLP, counsel to the Facility Agent and the Lenders, on matters relating to the conformity
                                         of the BpiFAE Insurance Policy issued by BpiFAE in accordance with paragraph a) above
                                         with the arrangements relating to the First Deferred Tranche set out in this Agreement;

 

		c.	written confirmation from BpiFAE
                                         that the Borrower has paid any additional BpiFAE Premium then due and payable in respect
                                         of the issuance of the BpiFAE Insurance Policy referred to in paragraph a) above (and
                                         as contemplated by clause 5.3 of the Fourth Supplemental Agreement); and

 

		d.	written confirmation from the Borrower
                                         that no Prepayment Event under Section 9.1.11 or 9.1.12 has occurred and is continuing.

 

SECTION
5.1.13. Second Deferred Tranche. The first advance of the Second Deferred Tranche shall only be advanced pursuant to Section 2.3
and Recital (D) if prior to the date of the first such advance, the ECA Agent and the Facility Agent shall have received:

 

		a.	the BpiFAE Insurance Policy duly
                                         signed and issued in respect of the Second Deferred Tranche either (i) in an original
                                         with ‘wet-ink’ signature(s) or (ii) if the execution of an original of the
                                         BpiFAE Insurance Policy is not practicable at the relevant time (having regard to the
                                         logistical difficulties caused by COVID-19), electronically signed and initialed, together
                                         with written confirmation from BpiFAE that (A) such electronic signature is binding upon
                                         BpiFAE, (B) BpiFAE will send an original executed ‘wet-ink’ version of the
                                         BpiFAE Insurance Policy to the ECA Agent and the Facility Agent as soon as practicable
                                         (again, having regard to the logistical difficulties caused by COVID-19) and (C) such
                                         electronically signed BpiFAE Insurance Policy is valid and enforceable irrespective of
                                         whether the signed and regularized ‘wet-ink’ policy has at that time been
                                         produced and circulated, and in each case, BpiFAE shall not have, prior to the Second
                                         Deferred Tranche Effective Date, delivered to the Facility Agent or the ECA Agent any
                                         notice seeking the cancellation, suspension or termination of the BpiFAE Insurance Policy
                                         or the suspension of an advance (deemed or otherwise) of the Second Deferred Tranche
                                         under this Agreement;

 

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		b.	an opinion from Norton Rose Fulbright
                                         LLP, counsel to the Facility Agent and the Lenders, on matters relating to the conformity
                                         of the BpiFAE Insurance Policy issued by BpiFAE in accordance with paragraph a) above
                                         with the arrangements relating to the Second Deferred Tranche set out in this Agreement;

 

		c.	evidence that, as contemplated
                                         by Clause 6.4 of the Seventh Supplemental Agreement, the Borrower has paid any additional
                                         BpiFAE Premium then due and payable in respect of the amendment to the BpiFAE Insurance
                                         Policy required to be made in connection with the arrangements set out in the Seventh
                                         Supplemental Agreement;

 

		d.	written confirmation from the Borrower
                                         that no Prepayment Event under Section 9.1.11 or 9.1.12 has occurred and is continuing;
                                         and

 

		e.	written confirmation from each
                                         Lender that it has obtained the necessary credit and other internal approvals to enable
                                         it to make its Commitment available in respect of the Second Deferred Tranche and to
                                         participate in the Second Deferred Tranche in the manner contemplated by this Agreement.

 

ARTICLE VI

REPRESENTATIONS AND WARRANTIES

 

To induce the Lenders and the Facility
Agent to enter into this Agreement and to make the Loan hereunder, the Borrower represents and warrants to the Facility Agent
and each Lender as set forth in this Article VI as of the Actual Delivery Date, the date of each deemed advance of any
Deferred Tranche and on the Guarantee Release Date (except as otherwise stated).

 

SECTION 6.1. Organization,
etc. The Borrower is a corporation validly organized and existing and in good standing under the laws of its jurisdiction
of incorporation; the Borrower is duly qualified to do business and is in good standing as a foreign corporation in each jurisdiction
where the nature of its business requires such qualification, except where the failure to be so qualified would not have a Material
Adverse Effect; and the Borrower has full power and authority, has taken all corporate action and holds all governmental and creditors’
licenses, permits, consents and other approvals necessary to enter into each Loan Document to which it is a party and to perform
the Obligations.

 

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

 

		a.	contravene the Borrower’s
                                         Organic Documents;

 

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

 

		c.	contravene any court decree or
                                         order binding on the Borrower or any of its property except as would not reasonably be
                                         expected to result in a Material Adverse Effect;

 

		d.	contravene any contractual restriction
                                         binding on the Borrower or any of its property except as would not reasonably be expected
                                         to result in a Material Adverse Effect; or

 

		e.	result in, or require the creation
                                         or imposition of, any Lien on any of the Borrower’s properties except as would
                                         not reasonably be expected to result in a Material Adverse Effect.

 

SECTION 6.3. Government
Approval, Regulation, etc. No authorization or approval or other action by, and no notice to or filing with, any governmental
authority or regulatory body or other Person is required for the due execution, delivery or performance by the Borrower of this
Agreement or any other Loan Document (except for authorizations or approvals not required to be obtained on or prior to the Actual
Delivery Date or that have been obtained or actions not required to be taken on or prior to the Actual Delivery Date or that have
been taken). The Borrower holds all governmental licenses, permits and other approvals required to conduct its business as conducted
by it on the Actual Delivery Date, except to the extent the failure to hold any such licenses, permits or other approvals would
not have a Material Adverse Effect.

 

SECTION 6.4. Compliance
with Environmental Laws. The Borrower is in compliance with all applicable Environmental Laws, except to the extent that the
failure to so comply would not have a Material Adverse Effect.

 

SECTION 6.5. Validity,
etc. This Agreement constitutes the legal, valid and binding obligation of the Borrower enforceable in accordance with its
terms, except as the enforceability hereof may be limited by bankruptcy, insolvency or similar laws affecting the enforcement
of creditors’ rights generally or by general equitable principles.

 

SECTION 6.6. No
Default, Event of Default or Prepayment Event. No Default, Event of Default or Prepayment Event has occurred and is continuing.

 

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SECTION 6.7. Litigation.
There is no action, suit, litigation, investigation or proceeding pending or, to the knowledge of the Borrower, threatened against
the Borrower, that (i) except as set forth in filings made by the Borrower with the SEC in the Borrower’s reasonable opinion
might reasonably be expected to materially adversely affect the business, operations or financial condition of the Borrower and
its Subsidiaries (taken as a whole) (collectively, “Material Litigation”) or (ii) purports to affect the legality,
validity or enforceability of the Loan Documents or the consummation of the transactions contemplated hereby.

 

SECTION 6.8. The
Purchased Vessel. Immediately following the delivery of the Purchased Vessel to the Borrower under the Construction Contract,
the Purchased Vessel will be:

 

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

 

		b.	registered in the name of the Borrower
                                         or one of the Borrower’s wholly owned Subsidiaries under the Bahamian or Maltese
                                         flag or such other flag as the parties may mutually agree,

 

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

 

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

 

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

 

		f.	exclusively operated by or chartered
                                         to the Borrower or one of the Borrower’s wholly owned Subsidiaries.

 

SECTION 6.9. Obligations
rank pari passu; Liens.

 

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

 

		b.	As at the date of this Agreement,
                                         the provisions of this Agreement which permit or restrict the granting of Liens are no
                                         less favorable than the provisions permitting or restricting the granting of Liens in
                                         any other agreement entered into by the Borrower with any other person providing financing
                                         or credit to the Borrower.

 

SECTION 6.10. Withholding,
etc.. As of the Signing Date, no payment to be made by the Borrower under any Loan Document is subject to any withholding
or like tax imposed by any Applicable Jurisdiction.

 

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SECTION 6.11. No
Filing, etc. Required. No filing, recording or registration and no payment of any stamp, registration or similar tax is necessary
under the laws of any Applicable Jurisdiction to ensure the legality, validity, enforceability, priority or admissibility in evidence
of this Agreement or the other Loan Documents (except for filings, recordings, registrations or payments not required to be made
on or prior to the Actual Delivery Date or that have been made).

 

SECTION 6.12. No
Immunity. The Borrower is subject to civil and commercial law with respect to the Obligations. Neither the Borrower nor any
of its properties or revenues is entitled to any right of immunity in any Applicable Jurisdiction from suit, court jurisdiction,
judgment, attachment (whether before or after judgment), set-off or execution of a judgment or from any other legal process or
remedy relating to the Obligations (to the extent such suit, court jurisdiction, judgment, attachment, set-off, execution, legal
process or remedy would otherwise be permitted or exist).

 

SECTION 6.13. Investment
Company Act. The Borrower is not required to register as an “investment company” within the meaning of the Investment
Company Act of 1940, as amended.

 

SECTION 6.14. Regulation
U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying margin stock,
and no proceeds of the Loan will be used for a purpose which violates, or would be inconsistent with, F.R.S. Board Regulation
U. Terms for which meanings are provided in F.R.S. Board Regulation U or any regulations substituted therefor, as from time to
time in effect, are used in this Section with such meanings.

 

SECTION 6.15. Accuracy
of Information. The financial and other information (other than financial projections or other forward looking information)
furnished to the Facility Agent and the Lenders in writing by or on behalf of the Borrower by its chief financial officer, treasurer
or corporate controller in connection with the negotiation of this Agreement is, when taken as a whole, to the best knowledge
and belief of the Borrower, true and correct and contains no misstatement of a fact of a material nature. All financial projections,
if any, that have been furnished to the Facility Agent and the Lenders in writing by or on behalf of the Borrower by its chief
financial officer, treasurer or corporate controller in connection with this Agreement have been or will be prepared in good faith
based upon assumptions believed by the Borrower to be reasonable at the time made (it being understood that such projections are
subject to significant uncertainties and contingencies, many of which are beyond the Borrower’s control, and that no assurance
can be given that the projections will be realized). All financial and other information furnished to the Facility Agent and the
Lenders in writing by or on behalf of the Borrower by its chief financial officer, treasurer or corporate controller after the
date of this Agreement shall have been prepared by the Borrower in good faith.

 

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SECTION 6.16. Compliance
with Laws. The Borrower is in compliance with all applicable laws, rules, regulations and orders, except to the extent that
the failure to so comply does not and could not reasonably be expected to have a Material Adverse Effect, and the Borrower has
implemented and maintains in effect policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and
their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. The Borrower and
its Subsidiaries and, to the knowledge of the Borrower, their respective officers, employees, directors and agents, are in compliance
with Anti-Corruption Laws and applicable Sanctions, in all material respects and are not knowingly engaged in any activity that
would reasonably be expected to result in Borrower being designated as a Sanctioned Person. None of (a) the Borrower, any Subsidiary
or to the knowledge of the Borrower or such Subsidiary any of their respective directors, officers or employees, or (b) to the
knowledge of the Borrower, any agent of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit
from the credit facility established hereby, is a Sanctioned Person.

 

ARTICLE VII

COVENANTS

 

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

 

SECTION 7.1.1. Financial
Information, Reports, Notices, etc. The Borrower will furnish, or will cause to be furnished, to the Facility Agent or, in the
case of paragraphs j) and k) below, the Facility Agent and the ECA Agent (in each case with sufficient copies for distribution
to each Lender) the following financial statements, reports, notices and information:

 

		a.	as soon as available and in any
                                         event within 60 days after the end of each of the first three Fiscal Quarters of each
                                         Fiscal Year of the Borrower, a copy of the Borrower’s report on Form 10-Q (or any
                                         successor form) as filed by the Borrower with the SEC for such Fiscal Quarter, containing
                                         unaudited consolidated financial statements of the Borrower for such Fiscal Quarter (including
                                         a balance sheet and profit and loss statement) prepared in accordance with GAAP, subject
                                         to normal year-end audit adjustments;

 

		b.	as soon as available and in any
                                         event within 120 days after the end of each Fiscal Year of the Borrower, a copy of the
                                         Borrower’s annual report on Form 10-K (or any successor form) as filed by the Borrower
                                         with the SEC for such Fiscal Year, containing audited consolidated financial statements
                                         of the Borrower for such Fiscal Year prepared in accordance with GAAP (including a balance
                                         sheet and profit and loss statement) and audited by PricewaterhouseCoopers LLP or another
                                         firm of independent public accountants of similar standing;

 

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

 

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

 

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

 

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

 

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

 

		h.	such other information respecting
                                         the condition or operations, financial or otherwise, of the Borrower or any of its Subsidiaries
                                         as any Lender through the Facility Agent may from time to time reasonably request (including
                                         an update to any information and projections previously provided to the Lenders where
                                         these have been prepared and are available);

 

		i.	as soon as the Borrower becomes
                                         aware thereof, notice (with a copy to the ECA Agent and BpiFAE) of any matter that has,
                                         or may, result in a breach of section 7.1.8;

 

		j.	whilst any Deferred Tranche is
                                         outstanding, as soon as available and in any event within respectively five (5) Business
                                         Days, ten (10) and forty (40) days (or such other period as BpiFAE may require from time
                                         to time) after the end of each monthly, bi-monthly and quarterly period (save that the
                                         period in respect of the final quarter of each Fiscal Year shall be sixty (60) days)
                                         from the Second Deferred Tranche Effective Date, the information required by the Debt
                                         Deferral Extension Regular Monitoring Requirements (as such information requirements
                                         may be amended on the basis set out in the Debt Deferral Extension Regular Monitoring
                                         Requirements) (in reasonable detail and with appropriate calculations and computations
                                         in all respects reasonably satisfactory to the Facility Agent);

 

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		k.	whilst any Deferred Tranche is
                                         outstanding, upon the request of the Facility Agent (acting on the instructions of BpiFAE),
                                         the Borrower and the Lenders shall provide information in form and substance satisfactory
                                         to BpiFAE regarding arrangements in respect of Indebtedness for borrowed money of the
                                         Group then existing or any such Indebtedness to be incurred by or made available to (as
                                         the case may be) the Group pursuant to binding commitments (such information to be provided
                                         to BpiFAE in accordance with terms of the Facility Agent’s request);

 

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

 

		m.	within 15 Business Days of the
                                         end of each month throughout the Early Warning Monitoring Period, a certificate, executed
                                         by the chief financial officer, the treasurer or the corporate controller of the Borrower,
                                         showing, as of the last day of the relevant month (i) the ratio of Adjusted Cash Balance
                                         as of the last day of the most recently completed month to the Monthly Outflow for the
                                         month most recently ended (and showing whether the Adjusted Cash Balance covers the Monthly
                                         Outflow for at least the subsequent five-month period), (ii) the Borrower’s Adjusted
                                         EBITDA After Principal and Interest for the two consecutive Last Reported Quarters and
                                         (iii) in the case of the next certificate to be submitted immediately following the Borrower’s
                                         publishing of results for each Last Reported Quarter, a comparison of Adjusted EBITDA
                                         After Principal and Interest with the figure from the corresponding Fiscal Quarter in
                                         the 2019 Fiscal Year (in each case in reasonable detail and with appropriate calculations
                                         and computations in all respects reasonably satisfactory to the Facility Agent);

 

		n.	on one occasion during each calendar
                                         year from the start of the Financial Covenant Waiver Period until the Deferred Tranches
                                         have been repaid in full, the environmental plan of the Borrower (and including the Group’s
                                         carbon emissions for the past two years (calculated according to methodologies defined
                                         by the IMO or any other public methodology specified by the Borrower) as required to
                                         be published pursuant to each letter of the Borrower issued pursuant to the Second Supplemental
                                         Agreement and the Seventh Supplemental Agreement (as applicable); and

 

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

 

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

 

SECTION 7.1.2. Approvals
and Other Consents. The Borrower will obtain (or cause to be obtained) all such governmental licenses, authorizations, consents,
permits and approvals as may be required for (a) each Obligor to perform its obligations under the Loan Documents to which it
is a party and (b) the operation of the Purchased Vessel in compliance with all applicable laws, except, in each case, to the
extent that failure to obtain (or cause to be obtained) such governmental licenses, authorizations, consents, permits and approvals
would not be expected to have a Material Adverse Effect.

 

SECTION 7.1.3. Compliance
with Laws, etc. The Borrower will, and will cause each of its Subsidiaries to, comply in all material respects with all applicable
laws, rules, regulations and orders, except (other than as described in clauses (a) and (f) below) to the extent that the failure
to so comply would not have a Material Adverse Effect, which compliance shall in any case include (but not be limited to):

 

		a.	in the case of the Borrower, the
                                         maintenance and preservation of its corporate existence (subject to the provisions of
                                         Section 7.2.6);

 

		b.	in the case of the Borrower, maintenance
                                         of its qualification as a foreign corporation in the State of Florida;

 

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

 

		d.	compliance with all applicable
                                         Environmental Laws;

 

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

 

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

 

SECTION 7.1.4. The
Purchased Vessel. The Borrower will:

 

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

 

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		b.	cause the Purchased Vessel to
                                         be kept in such condition as will entitle her to classification by a classification society
                                         of recognized standing;

 

		c.	provide the following to the
                                         Facility Agent with respect to the Purchased Vessel:

 

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

 

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

 

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

 

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

 

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

 

		e.	on or before the later of (i)
                                         31 July and (ii) 30 days after its own receipt of a Statement of Compliance in each calendar
                                         year, supply, or procure the supply, to the Facility Agent (for distribution to BpiFAE
                                         and the Lenders) (in each case at the cost of the Borrower) of all information necessary
                                         in order for any Lender to comply with its obligations under the Poseidon Principles
                                         in respect of the preceding year, including, without limitation, all ship fuel oil consumption
                                         data required to be collected and reported in accordance with Regulation 22A of Annex
                                         VI (as collated and reported to the Purchased Vessel’s flag state using the verification
                                         report submitted to that flag state) and any Statement of Compliance, in each case relating
                                         to the Purchased Vessel for the preceding calendar year, provided always that such information
                                         shall be confidential information for the purposes of Section 11.15 and, accordingly,
                                         no Lender shall publicly disclose such information with the identity of the Purchased
                                         Vessel or the Borrower (or, if applicable, the Borrower’s wholly owned Subsidiary
                                         that then owns the Purchased Vessel) without the prior written consent of the Borrower
                                         (it being expressly agreed however that, in accordance with the Poseidon Principles,
                                         such information will form part of the information published regarding the relevant Lender’s
                                         portfolio climate alignment).

 

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SECTION 7.1.5. Insurance.
The Borrower will maintain or cause to be maintained with responsible insurance companies insurance with respect to the Purchased
Vessel against such casualties, third-party liabilities and contingencies and in such amounts, in each case, as is customary for
other businesses of similar size in the passenger cruise line industry (provided that in no event will the Borrower or
any Subsidiary be required to obtain any business interruption, loss of hire or delay in delivery insurance) and will, upon request
of the Facility Agent, furnish to the Facility Agent (with sufficient copies for distribution to each Lender) at reasonable intervals
a certificate of a senior officer of the Borrower setting forth the nature and extent of all insurance maintained by the Borrower
and certifying as to compliance with this Section.

 

SECTION 7.1.6. Books
and Records. The Borrower will keep books and records that accurately reflect all of its business affairs and transactions and
permit the Facility Agent and each Lender or any of their respective representatives, at reasonable times and intervals and upon
reasonable prior notice, to visit each of its offices, to discuss its financial matters with its officers and to examine any of
its books or other corporate records.

 

SECTION 7.1.7. BpiFAE
Insurance Policy/French Authority Requirements. The Borrower shall, on the reasonable request of the ECA Agent or the Facility
Agent, provide such other information as required under the BpiFAE Insurance Policy and/or the Interest Stabilisation Agreement
as necessary to enable the ECA Agent or the Facility Agent to obtain the full support of the relevant French Authority pursuant
to the BpiFAE Insurance Policy and/or the Interest Stabilisation Agreement (as the case may be). The Borrower must pay to the
ECA Agent or the Facility Agent the amount of all reasonable costs and expenses reasonably incurred by the ECA Agent or the Facility
Agent in connection with complying with a request by any French Authority for any additional information necessary or desirable
in connection with the BpiFAE Insurance Policy or the Interest Stabilisation Agreement (as the case may be); provided that
the Borrower is consulted before the ECA Agent or Natixis incurs any such cost or expense.

 

SECTION
7.1.8. Performance of building contract obligations. The Borrower shall (and shall procure that each of its Subsidiaries shall)
comply with its contractual commitments under and in respect of (i) each shipbuilding contract in existence as at the First Deferred
Tranche Effective Date (or which comes into existence at any time in which an amount of any Deferred Tranche remains outstanding)
entered into with the Builder and (ii) any option agreements or similar binding contractual commitments (whether in respect of
a firm order of a vessel or otherwise) in existence at the First Deferred Tranche Effective Date (or which comes into existence
at any time in which an amount of any Deferred Tranche remains outstanding) entered into by the Borrower (or its Subsidiary) and
the Builder in connection with the potential entry into a shipbuilding contract at a future point in time (it being agreed that
such obligation shall not require the Borrower or the relevant Subsidiary (as applicable) to exercise any option or other contractual
right thereunder), save that this section 7.1.8 shall be subject to any change of any such shipbuilding contract, option agreement,
contract or other related document if such change has, in consultation with BpiFAE, been agreed between the Borrower or, as the
case may be, relevant Subsidiary and the Builder.

 

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SECTION 7.1.9. Further
Assurances in respect of the Framework. While either Deferred Tranche is outstanding, the Borrower will from time to time at the
request of the Facility Agent promptly enter into good faith negotiations in respect of (a) amending this Agreement to remove
the carve-out of Section 7.2.4 set out in Section 9.1.4 and/or (b) amending the financial covenants set forth in this Agreement,
resetting the testing of such financial covenants and/or supplementing those financial covenants with additional financial covenants.
A failure to reach an agreement under this paragraph following such good faith negotiations shall not constitute an Event of Default
or a Prepayment Event.

 

Section 7.1.10 Equal Treatment with Pari
Passu Creditors. The Borrower undertakes with the Facility Agent that it shall ensure (and shall procure that each other Group
Member shall ensure) that the Lenders are treated equally in all respects with all other Pari Passu Creditors, and accordingly:

 

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

 

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

 

(iii)        to
enable the Borrower to comply with the requirements under paragraph (iv) below, prior to any Group Member entering into any Restricted
Credit Enhancement with a Pari Passu Creditor (other than a Restricted Credit Enhancement granted in accordance with Section 7.2.9(a)(ii)),
the Borrower shall promptly notify the Facility Agent (and such notification shall include details of the new Lien or Group Member
Guarantee and shall otherwise be in form and substance reasonably satisfactory to the Facility Agent); and

 

(iv)      
at the same time as any relevant Restricted Credit Enhancement is provided to the relevant Pari Passu Creditor (other than
a Restricted Credit Enhancement granted in accordance with Section 7.2.9(a)(ii)), the Borrower, any relevant Group Member and
the Lenders shall enter into such documentation as may be necessary in the reasonable opinion of the Facility Agent to ensure
that the Lenders benefit from that Restricted Credit Enhancement on the same terms as the relevant Pari Passu Creditor(s) and,
where that Restricted Credit Enhancement is a Lien or a Group Member Guarantee, to share in that Lien or Group Member Guarantee
on a pari passu basis (and the Lenders agree to enter into such intercreditor documentation to reflect such pari passu ranking
(in a form and substance satisfactory to the Lenders (acting reasonably)) as may be required in connection with such arrangements).

 

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SECTION 7.2. Negative
Covenants. The Borrower agrees with the Facility Agent and each Lender that, from the Effective Date until all Commitments
have terminated and all Obligations have been paid and performed in full, the Borrower will perform the obligations set forth
in this Section 7.2.

 

SECTION 7.2.1. Business
Activities. Until the occurrence of the Guarantee Release Date (whereupon Section 7.2.2 of Exhibit Q shall apply in accordance
with Section 7.3), the Borrower will not, and will not permit any of its Subsidiaries to, engage in any principal business activity
other than those engaged in by the Borrower and its Subsidiaries on the date hereof and other business activities reasonably related,
ancillary or complimentary thereto or that are reasonable extensions thereof.

 

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

 

		a.	Indebtedness secured by Liens of
                                         the type described in Section 7.2.3;

 

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

 

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

 

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

 

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

 

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		f.	Indebtedness
                                         of Silversea Cruise Holding Ltd. and its Subsidiaries (“Silversea”) identified
                                         in Section 1 of Exhibit H hereto.

 

SECTION
7.2.3. Liens. The Borrower will not, and will not permit any of its Subsidiaries to, create, incur, assume or suffer to exist
any Lien upon any of its property, revenues or assets, whether now owned or hereafter acquired, except:

 

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

 

		b.	in
                                         addition to other Liens permitted under this Section 7.2.3, Liens securing Indebtedness
                                         in an aggregate principal amount, together with (but without duplication of) Indebtedness
                                         permitted under Section 7.2.2.d), at any one time outstanding not exceeding (determined
                                         at the time of creation of such Lien or the incurrence by any Existing Principal Subsidiary
                                         of such Indebtedness, as applicable) 10.0% of the total assets of the Borrower and its
                                         Subsidiaries taken as a whole as determined in accordance with GAAP as at the last day
                                         of the most recent ended Fiscal Quarter;

 

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

 

		d.	Liens
                                         on any asset of any corporation that becomes a Subsidiary of the Borrower (other than
                                         a corporation that also becomes a Subsidiary of an Existing Principal Subsidiary) after
                                         the Effective Date so long as (i) the acquisition or creation of such corporation by
                                         the Borrower is not otherwise prohibited by the terms of this Agreement and (ii) such
                                         Liens are in existence at the time such corporation becomes a Subsidiary of the Borrower
                                         and were not created by the Borrower or any of its Subsidiaries in anticipation thereof;

 

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		e.	Liens
                                         securing Government-related Obligations;

 

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

 

		g.	Liens
                                         of carriers, warehousemen, mechanics, material-men and landlords incurred in the ordinary
                                         course of business for sums not overdue by more than 60 days or being diligently contested
                                         in good faith by appropriate proceedings;

 

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

 

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

 

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

 

		k.	Liens
                                         on Vessels that:

 

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

 

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

 

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

 

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

 

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

 

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

 

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		n.	Liens
                                         on cash or Cash Equivalents or marketable securities securing obligations in respect
                                         of Hedging Instruments not incurred for speculative purposes or securing letters of credit
                                         that support such obligations;

 

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

 

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

 

		q.	licenses,
                                         sublicenses, leases or subleases granted to other Persons not materially interfering
                                         with the conduct of the business of the Borrower or any of its Subsidiaries; and

 

		r.	Liens
                                         on any property of Silversea identified in Section 2 of Exhibit H hereto,

 

provided,
however, that from the Second Deferred Tranche Effective Date until the Guarantee Release Date, no Group Member shall be entitled
to grant any Lien of the type referred to in paragraphs (a) to (d) above over any ECA Financed Vessel

 

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

 

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

 

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

 

SECTION
7.2.4(A). Most favored lender with respect to Financial Covenants. If any Group Member agrees, in respect of any of its
Indebtedness for borrowed money, to any new, modified or substitute financial covenants of the type, or similar to, the financial
covenants set out in Section 7.2.4 above then (i) the Borrower shall notify the Facility Agent in writing within 5 Business Days
of such new, modified or substitute financial covenants being agreed with the relevant creditor(s) and (ii) if required by the
Lenders, the Borrower and the Lenders shall, as soon as practicable thereafter, enter into an amendment to this Agreement to incorporate
the new, modified or substitute financial covenants.

 

SECTION
7.2.4(B). Notification of change to financial covenants. (i) If, other than as notified in writing by the Borrower to the
Facility Agreement prior to the date of the Seventh Supplemental Agreement, at any time during the Financial Covenant Waiver Period
the last day of a financial covenant waiver period under any of the agreements in respect of any of the Borrower’s other
Indebtedness shall be amended such that it falls prior to September 30, 2022, the Borrower shall notify the Facility Agent and
that revised date, save as provided below, shall be the last date of the Financial Covenant Waiver Period for the purposes of
this Agreement.

 

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(ii)       If,
other than as notified in writing by the Borrower to the Facility Agent prior to the date of the Seventh Supplemental Agreement,
following receipt of the notice referred to in sub-paragraph (i) above, the relevant date referred to above is then extended,
the Borrower shall be entitled to notify the Facility Agent of the same and, upon receipt of that notice, such revised date or,
if earlier, September 30, 2022, shall then become the final date of the Financial Covenant Waiver Period for the purposes of this
Agreement.

 

SECTION
7.2.4(C). 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 from the Second Deferred Tranche Effective Date until the Covenant Modification Date, or (ii) if the Borrower
is not in compliance with the requirements of this Section 7.2.4(C) as of the last day of any calendar month during the Financial
Covenant Waiver Period (or, if earlier, prior to the Covenant Modification Date), the date the certificate required by Section
7.1.1(l) with respect to such month is delivered to the Facility Agent (it being understood that the Borrower shall not be required
to comply with this Section 7.2.4(C) at any time on or after the Covenant Modification Date).

 

SECTION
7.2.5. Additional Undertakings.SECTION 7.2.6. From the effectiveness of the Sixth Supplemental Agreement, and notwithstanding
anything to the contrary set out in this Agreement or any other Loan Document:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		(1)	$250,000,000
                                         plus 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		(1)	$250,000,000
                                         plus 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		(2)	$250,000,000
                                         plus

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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provided
(1) in each case, and subject to proviso (2) below, that upon the Borrower’s request, the Facility Agent shall promptly
confirm in writing the release of the applicable Guarantee following the occurrence of the relevant release event and (2) where
the Borrower is of the opinion that it would, if the Guarantee Release Date was to occur, be in breach of the provisions of Section
7.2.2 as set out in Exhibit Q (and which would otherwise come into effect on that Guarantee Release Date) on the Guarantee Release
Date, the Borrower shall be entitled, by serving written notice on the Facility Agent, to request that the Guarantee Release Date
be postponed until such time as the Borrower is satisfied that it will be able to comply with the provisions of the said Section
7.2.2. Where the Borrower issues a notice pursuant to this proviso (2) it agrees that it shall use all reasonable endeavors and
take all appropriate action as may be practicable at such time to enable it to comply with the said Section 7.2.2 as soon as practicable
following the date that the Guarantee Release Date would have occurred but for this proviso (2) so that the Guarantee Release
Date can then occur and, as soon as it is satisfied that it will be able to comply with the said Section 7.2.2 it will promptly
serve a further written notice on the  Facility Agent. Upon receipt of this further notice, the provisions of this paragraph
(g) shall once again apply and the Facility Agent shall then take the action required of it to enable the Guarantee Release Date
to occur.

 

SECTION
7.2.6. Consolidation, Merger, etc. The Borrower will not, and will not permit any of its Subsidiaries to, liquidate or dissolve,
consolidate with, or merge into or with, any other corporation except:

 

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

 

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

 

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

 

(ii)          
in the case of a merger involving the Borrower where the Borrower is not the surviving corporation (and without prejudice to the
provisions of Sections 3.2b) and c) and 9.1.10, which shall not restrict the proposed merger but which can still apply to the
extent that the proposed merger would give rise to any of the events or circumstances contemplated by such Sections):

 

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

 

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

 

SECTION
7.2.7. Asset Dispositions, etc. Subject to Section 7.2.5, the Borrower will not, and will not permit any of its Subsidiaries to,
sell, transfer, contribute or otherwise convey, or grant options, warrants or other rights with respect to, all or substantially
all of the assets of (a) the Borrower or (b) the Subsidiaries of the Borrower, taken as a whole, except sales of assets between
or among the Borrower and Subsidiaries of the Borrower.

 

SECTION
7.2.8. Borrower’s Procurement Undertaking. Where any of the covenants set out in this Agreement require performance
by any Subsidiary of the Borrower, the Borrower shall procure the performance of that obligation by such Subsidiary.

 

SECTION
7.2.9. Framework Lien and Guarantee Restriction. From the Second Deferred Tranche Effective Date until the Guarantee Release Date,
and without prejudice to Section 7.2.3, the Borrower shall not (and shall procure that each other Group Member shall not, save
in respect of a Restricted Credit Enhancement of the type referred to in Section 7.1.10(iv) (and in respect of which the Lenders
therefore receive the benefit)):

 

		a.	grant
                                         any Restricted Credit Enhancement in respect of any Indebtedness for borrowed money,
                                         provided that:

 

		(i)	subject
                                         to the limitations set out in paragraph (b) below, this paragraph (a) shall not prohibit
                                         any Group Member from providing any Lien or Group Member Guarantee in connection with
                                         Indebtedness incurred after the Second Deferred Tranche Effective Date (provided that
                                         such Lien and/or Group Member Guarantee is issued at the same time, and in connection
                                         with, the initial incurrence of that Indebtedness (and is therefore not by way of additional
                                         credit support));

 

		(ii)	in
                                         connection with a Permitted Refinancing of any Indebtedness, the relevant Group Member
                                         shall be entitled to provide the creditors under that Permitted Refinancing with Liens
                                         and/or Group Member Guarantees (as applicable) which:

 

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		(A)	in
                                         the case where the existing Indebtedness being refinanced was previously supported by
                                         Liens, the Liens and/or the Group Member Guarantees securing or supporting the Permitted
                                         Refinancing (as applicable) are over some or all of the same assets and

 

		(1)	with
                                         respect to any Liens, are with the same or lower priority as the Liens in respect of
                                         such assets that secured the Indebtedness being refinanced; and

 

		(2)	with
                                         respect to any Group Member Guarantees, are Group Member Guarantees provided by a Group
                                         Member that owns (directly or indirectly) only those Vessels (or some of those Vessels
                                         but not any other Vessel) that were previously secured pursuant to the Liens referred
                                         to in the first sentence of this paragraph (A); and

 

		(B)	in
                                         the case where the existing Indebtedness being refinanced was previously supported by
                                         any Group Member Guarantee, the Group Member Guarantee(s) supporting such Permitted Refinancing
                                         are:

 

		(1)	guarantees
                                         of obligations in an amount no greater than the guarantees granted in connection with
                                         the original Indebtedness being refinanced;

 

		(2)	in
                                         the case where the entity providing the relevant Group Member Guarantee(s) supporting
                                         such Permitted Refinancing is the same entity providing the Group Member Guarantees that
                                         are being replaced, provided by entities owning (directly or indirectly) only those Vessels
                                         (or some of those Vessels but not any other Vessel) that it owned when the previous Group
                                         Member Guarantee was provided;

 

		(3)	in
                                         the case where the entity providing the relevant Group Member Guarantee(s) supporting
                                         such Permitted Refinancing differs from the entity providing the Group Member Guarantees
                                         being replaced, provided by entities that directly or indirectly own Vessels with an
                                         aggregate book value no greater than the Vessels that were owned (directly or indirectly)
                                         by the previous provider of the relevant Group Member Guarantee(s) that supported the
                                         existing Indebtedness; and

 

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		(4)	the
                                         same or lower priority as the original Group Member Guarantee(s) and are issued by either
                                         the same entities or from shareholders of those entities,

 

provided
that this paragraph (a) shall not prohibit any Group Member from providing or maintaining any Lien in accordance with the provisions
of Section 7.2.3 (d) through to (q) inclusive, provided, however, that the proviso at the end of Section 7.2.3(d) shall apply
with respect to Liens granted pursuant to that provision; and

 

		b.	incur
                                         any new Indebtedness (including Indebtedness of the type referred to in paragraph (a)(i)
                                         above but excluding any Permitted Refinancing Indebtedness in connection with paragraph
                                         (a)(ii) above) which is secured by a Lien or is supported by a Group Member Guarantee
                                         and which, when taken with all other Indebtedness incurred by the Group since the Second
                                         Deferred Tranche Effective Date and which is also secured by a Lien or supported by a
                                         Group Member Guarantee, is greater than $1,300,000,000 (but deducting from this amount
                                         for this purpose, (i) the amount of any additional Indebtedness incurred by the Borrower
                                         in connection with the drawing of the DDTL Indebtedness (whether pursuant to the accordion
                                         option or otherwise) or (ii) any Indebtedness borrowed in lieu of the drawing of the
                                         DDTL Indebtedness in the foregoing clause) or its equivalent in any other currency, and
                                         provided that no Group Member shall, as contemplated by the proviso to Section 7.2.3,
                                         from the Second Deferred Tranche Effective Date, from the Second Deferred Tranche Effective
                                         Date until the Guarantee Release Date (whereupon the relevant provisions of Exhibit Q
                                         shall apply) be permitted to grant any Lien over an ECA Financed Vessel as security for
                                         any Indebtedness permitted to be incurred under this Agreement after the Second Deferred
                                         Tranche Effective Date.

 

SECTION
7.3. Covenant Replacement With effect on and from the Guarantee Release Date, it is agreed that Sections 7.2.2 and 7.2.3
shall be deleted in their entirety and replaced with the covenants and other provisions set out in Exhibit Q, which shall become
part of this Agreement and effective and binding on all Parties.

 

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

 

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ARTICLE
VIII

EVENTS OF DEFAULT

 

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

 

SECTION
8.1.1. Non-Payment of Obligations. The Borrower shall default in the payment when due of any amount payable by it under the Loan
Documents in the manner required under the Loan Documents unless such failure is solely as a result of either (a) administrative
or technical error or (b) a Disruption Event, and, in either case, payment is made within 3 Business Days of its due date.

 

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

 

SECTION
8.1.3. Non-Performance of Certain Covenants and Obligations. The Borrower shall default in the due performance and observance
of any other agreement contained herein or in any other Loan Document (other than the covenants set forth in Section 7.1.1(i),
Section 7.1.1(j), Section 7.1.1(m), Section 7.1.1(n), Section 7.1.1(o), Section 7.1.4(e), Section 7.1.8, Section 7.1.9, Section
7.1.10 and Section 7.2.4 (but excluding Sections 7.2.4(A) and 7.2.4(B) (which shall be regulated in accordance with Section
9.1.11(d)) and also excluding Section 7.2.4(C), a breach of which shall, subject to the cure periods set out in this Section 8.1.3,
result in an Event of Default) and the obligations referred to in Section 8.1.1) and such default shall continue unremedied
for a period of five days after notice thereof shall have been given to the Borrower by the Facility Agent or any Lender (or,
if (a) such default is capable of being remedied within 30 days (commencing on the first day following such five-day period) and
(b) the Borrower is actively seeking to remedy the same during such period, such default shall continue unremedied for at least
35 days after such notice to the Borrower).

 

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SECTION
8.1.4. Default on Other Indebtedness. (a) The Borrower or any of the Principal Subsidiaries shall fail to pay any Indebtedness
that is outstanding in a principal amount of at least $100,000,000 (or the equivalent in other currencies) in the aggregate (but
excluding Indebtedness hereunder or with respect to Hedging Instruments) when the same becomes due and payable (whether by scheduled
maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace
period, if any, specified in the agreement or instrument relating to such Indebtedness; (b) the occurrence under any Hedging Instrument
of an Early Termination Date (as defined in such Hedging Instrument) resulting from (A) any event of default under such Hedging
Instrument as to which the Borrower is the Defaulting Party (as defined in such Hedging Instrument) or (B) any Termination Event
(as so defined) as to which the Borrower is an Affected Party (as so defined) and, in either event, the termination value with
respect to any such Hedging Instrument owed by the Borrower as a result thereof is greater than $100,000,000 and the Borrower
fails to pay such termination value when due after applicable grace periods; or (c) any other event shall occur or condition shall
exist under any agreement or instrument evidencing, securing or relating to any such Indebtedness and shall continue after the
applicable grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to cause
or permit the holder or holders of such Indebtedness to cause such Indebtedness to become due and payable prior to its scheduled
maturity; or (d) any such Indebtedness shall be declared to be due and payable or required to be prepaid or redeemed (other than
by a regularly scheduled required prepayment or redemption or by voluntary agreement), purchased or defeased, or an offer to prepay,
redeem, purchase or defease such Indebtedness is required to be made, in each case prior to the scheduled maturity thereof (other
than as a result of any sale or other disposition of any property or assets under the terms of such Indebtedness); provided that
any required prepayment or right to require prepayment triggered by terms that are certified by the Borrower to be unique to,
but customary in, ship financings shall not constitute an Event of Default under this Section 8.1.4 so long as any required prepayment
is made when due. For purposes of determining Indebtedness for any Hedging Instrument, the principal amount of the obligations
under any such instrument at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the
Borrower or any Principal Subsidiary would be required to pay if such instrument were terminated at such time.

 

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

 

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

 

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

 

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

 

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

 

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		e.	take
                                         any corporate action authorizing, or in furtherance of, any of the foregoing.

 

SECTION
8.2. Action if Bankruptcy. If any Event of Default described in clauses (b) through (d) of Section 8.1.5
shall occur with respect to any Group Member:

 

		(a)	the
                                         Commitments (if not theretofore terminated) shall automatically terminate and the outstanding
                                         principal amount of the Loan and all other Obligations shall automatically be and become
                                         immediately due and payable, without notice or demand; and

 

		(b)	without
                                         prejudice to (a) above, the deemed advances of the Deferred Tranches (and accordingly
                                         all book entries related to such deemed advances) shall be reversed and (i) the Borrower
                                         shall repay the Loan in accordance with the original repayment schedule for the Loan
                                         existing prior to the amended of such repayment schedule in connection with the Deferred
                                         Tranche arrangements pursuant to the Fourth Supplemental Agreement and the Seventh Supplemental
                                         Agreement and (ii) any part of either Deferred Tranche which, at that time, is unutilised
                                         shall be automatically cancelled.

 

SECTION
8.3. Action if Other Event of Default. If any Event of Default (other than any Event of Default described in clauses
(b) through (d) of Section 8.1.5 with respect to a Group Member) shall occur for any reason, whether voluntary
or involuntary, and be continuing, the Facility Agent, upon the direction of the Required Lenders (after consultation with BpiFAE
who shall have the right to instruct the Lenders to waive such Event of Default), shall by notice to the Borrower declare all
of the outstanding principal amount of the Loan and other Obligations to be due and payable and/or the Commitments (if not theretofore
terminated) to be terminated, whereupon the full unpaid amount of the Loan and other Obligations shall be and become immediately
due and payable, without further notice, demand or presentment, and/or, as the case may be, the Commitments shall terminate.

 

ARTICLE
IX

PREPAYMENT EVENTS

 

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

 

SECTION
9.1.1. Change of Control. There occurs any Change of Control.

 

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SECTION
9.1.2. Unenforceability. Any Loan Document shall cease to be the legally valid, binding and enforceable obligation of the Borrower
or, to the extent applicable, any Material Guarantor (in each case, other than with respect to provisions of any Loan Document
(i) identified as unenforceable in the form of the opinion of the Borrower’s counsel set forth as Exhibit B-1 or in any
opinion delivered to the Facility Agent after the Signing Date in connection with this Agreement or (ii) that a court of competent
jurisdiction has determined are not material) and such event shall continue unremedied for 15 days after notice thereof has been
given to the Borrower by the Facility Agent.

 

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

 

SECTION
9.1.4. Non-Performance of Certain Covenants and Obligations. The Borrower shall default in the due performance and observance
of any of the covenants set forth in Sections 4.12 or 7.2.4 (but excluding Section 7.2.4(C)), provided that any such default
in respect of Section 7.2.4 (but again excluding Section 7.2.4(C)) that occurs during the Financial Covenant Waiver Period
(but without prejudice to the rights of the Lenders in respect of any further breach that may occur following the expiry of the
Financial Covenant Waiver Period) shall not (as long as no Event of Default under Section 8.1.5 has occurred and is continuing,
or no Prepayment Event under Section 9.1.11 or 9.1.12 has occurred, in each case during the Financial Covenant Waiver Period)
constitute a Prepayment Event.

 

SECTION
9.1.5. Judgments. Any judgment or order for the payment of money in excess of $100,000,000 shall be rendered against the Borrower
or any of the Principal Subsidiaries by a court of competent jurisdiction and the Borrower or such Principal Subsidiary shall
have failed to satisfy such judgment and either:

 

		a.	enforcement
                                         proceedings in respect of any material assets of the Borrower or such Principal Subsidiary
                                         shall have been commenced by any creditor upon such judgment or order and shall not have
                                         been stayed or enjoined within five (5) Business Days after the commencement of such
                                         enforcement proceedings; or

 

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

 

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

 

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

 

SECTION
9.1.8. Sale/Disposal of the Purchased Vessel. The Purchased Vessel is sold to a company which is not the Borrower or any other
Subsidiary of the Borrower (other than for the purpose of a lease back to the Borrower or any other Subsidiary of the Borrower).

 

SECTION
9.1.9. BpiFAE Insurance Policy. The BpiFAE Insurance Policy is cancelled for any reason or ceases to be in full force and effect.

 

SECTION
9.1.10. Illegality. No later than the close of business on the last day of the Option Period related to the giving of any Illegality
Notice by an affected Lender pursuant to Section 3.2.b), either: (x) the Borrower has not elected to take an action specified
in clause (1) or (2) of Section 3.2.c) or (y) if any such election shall have been made, the Borrower has failed to take
the action required in respect of such election. In such circumstances the Facility Agent (at the direction of the affected Lender)
shall by notice to the Borrower require the Borrower to prepay in full all principal and interest and all other Obligations owing
to such Lender either (i) forthwith or, as the case may be, (ii) on a future specified date not being earlier than the latest
date permitted by the relevant law.

 

SECTION
9.1.11. Framework Prohibited Events

 

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

 

		b.	a
                                         Group Member makes any payment of any kind under any shareholder loan;

 

		c.	a
                                         Group Member sells, transfers, leases or otherwise disposes of any its assets, whether
                                         by one or a series of related transactions and that disposal or action was not conducted
                                         on arms’ length terms between a willing seller and a willing buyer and for fair
                                         market value;

 

		d.	any
                                         Group Member breaches any of the requirements of Section 7.1.1(i), Section 7.1.1(j),
                                         Section 7.1.1(m), Section 7.1.1(n), Section 7.1.1(o), Section 7.1.4(e), Section 7.1.8,
                                         Section 7.1.9, Section 7.1.10, Section 7.2.4(A) or Section 7.2.4(B);

 

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		e.	a
                                         Group Member completes a Debt Incurrence;

 

		f.	a
                                         Group Member enters into a Restricted Loan Arrangement; and/or

 

		g.	a
                                         Group Member makes a Restricted Voluntary Prepayment and the Facility Agent (acting upon
                                         the instructions of BpiFAE) notifies the Borrower that BpiFAE has requested that the
                                         Borrower prepay the Deferred Tranches.

 

SECTION
9.1.12. Breach of Principles and Framework. The Borrower shall default in the due performance and observance of the Principles
and/or the Framework (it being agreed that if there is inconsistency between the terms of the Principles and the Framework, the
Framework shall prevail) and, if capable of remedy, such default shall continue unremedied for a period of ten (10) days after
notice thereof shall have been given to the Borrower by the Facility Agent, provided that, if the default does not otherwise constitute
a Default or a Prepayment Event under another section of this Agreement as amended to date, the Borrower, the Facility Agent,
the ECA Agent and BpiFAE shall negotiate a resolution in good faith for a maximum period of fifteen (15) days after notice thereof
shall have been given to the Borrower by the Facility Agent.

 

SECTION
9.2. Mandatory Prepayment. If any Prepayment Event (other than a Prepayment Event under Section 9.1.10) shall occur
and be continuing, the Facility Agent, upon the direction of the Required Lenders, shall by notice to the Borrower (a) in the
case of a Prepayment Event (other than a Prepayment Event under Sections 9.1.10, 9.1.11 or 9.1.12), require the Borrower
to prepay in full on the date of such notice all principal of and interest on the Loan and all other Obligations or, in the case
of a Prepayment Event arising under Sections 9.1.11 or 9.1.12, require the Borrower to prepay in full on the date of such
notice all principal of and interest on the Deferred Tranches (and, in such event, the Borrower agrees to so pay the full unpaid
amount of the Loan or the Deferred Tranches, as the case may be, and all accrued and unpaid interest thereon and all other Obligations
in respect thereof), (b) in the case of a Prepayment Event arising under Sections 9.1.11 or 9.1.12, require that any part
of a Deferred Tranche that has not been advanced as at the time of such Prepayment Event shall be automatically cancelled and,
on the Repayment Date on which that portion of the that Tranches would have otherwise been advanced, the Borrower shall continue
to be obliged to make the relevant repayment of the Loan (and thus no deemed advance in respect of the relevant Deferred Tranche
shall occur) and (c) immediately terminate the waiver contained in Section 9.1.4 relating to the occurrence of any Prepayment
Event in respect of Section 7.2.4, such that any breach of Section 7.2.4 in existence as at the date of the notice from the Facility
Agent referred to above or any breach occurring at any time after such notice, shall constitute a Prepayment Event with all attendant
consequences.

 

SECTION
9.3. Mitigation. If the ECA Agent, the Facility Agent or any of the Lenders become aware that an event or circumstance
has arisen which will cause the BpiFAE Insurance Policy to be cancelled for any reason or no longer remain in full force and effect
they shall notify the Borrower and the Lenders, the Borrower, the ECA Agent and the Facility Agent shall negotiate in good faith
for a period of up to 30 days or, if less, the date by which the BpiFAE Insurance Policy shall be terminated or cease to be in
full force and effect to determine whether the facility can be restructured and/or the Loan refinanced in a manner acceptable
to each of the Lenders in their absolute discretion. The Lenders will use reasonable efforts to involve BpiFAE in such negotiations.

 

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ARTICLE
X

THE FACILITY AGENT AND THE ECA AGENT

 

SECTION
10.1. Actions. Each Lender hereby appoints Citibank Europe plc, UK Branch, as Facility Agent and Citibank as ECA Agent,
as its agent under and for purposes of this Agreement and each other Loan Document (for purposes of this Article X, the
Facility Agent and the ECA Agent are referred to collectively as the “Agents”). Each Lender authorizes the
Agents to act on behalf of such Lender under this Agreement and each other Loan Document and, in the absence of other written
instructions from the Required Lenders received from time to time by the Agents (with respect to which each Agent agrees that
it will comply, except as otherwise provided in this Section 10.1 or as otherwise advised by counsel or as otherwise instructed
by any French Authority, it being understood and agreed that any instructions provided by a French Authority shall prevail), to
exercise such powers hereunder and thereunder as are specifically delegated to or required of the Agents by the terms hereof and
thereof, together with such powers as may be reasonably incidental thereto. Neither Agent shall be obliged to act on the instructions
of any Lender or the Required Lenders if to do so would, in the opinion of such Agent, be contrary to any provision of this Agreement
or any other Loan Document or the BpiFAE Insurance Policy or to any law or the conflicting instructions of any French Authority,
or would expose such Agent to any actual or potential liability to any third party. As between the Lenders and the Agents, it
is acknowledged that each Agent’s duties under this Agreement and the other Loan Documents are solely mechanical and administrative
in nature.

 

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

 

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

 

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

 

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SECTION
10.5. Successor. The Facility Agent may resign as such at any time upon at least 30 days’ prior notice to the Borrower
and all Lenders and shall resign where required to do in accordance with Section 4.14, provided that any such resignation
shall not become effective until a successor Facility Agent has been appointed as provided in this Section 10.5 and such
successor Facility Agent has accepted such appointment. If the Facility Agent at any time shall resign, the Required Lenders shall,
subject to the immediately preceding proviso and subject to the consent of the Borrower (such consent not to be unreasonably withheld),
appoint another Lender as a successor to the Facility Agent which shall thereupon become such Facility Agent’s successor
hereunder (provided that the Required Lenders shall, subject to the consent of the Borrower unless an Event or Default
or a Prepayment Event shall have occurred and be continuing (such consent not to be unreasonably withheld or delayed) offer to
each of the other Lenders in turn, in the order of their respective Percentages of the Loan, the right to become successor Facility
Agent). If no successor Facility Agent shall have been so appointed by the Required Lenders, and shall have accepted such appointment,
within 30 days after the Facility Agent’s giving notice of resignation, then the Facility Agent may, on behalf of the Lenders,
appoint a successor Facility Agent, which shall be one of the Lenders or a commercial banking institution having a combined capital
and surplus of at least $1,000,000,000 (or the equivalent in other currencies), subject, in each case, to the consent of the Borrower
(such consent not to be unreasonably withheld). Upon the acceptance of any appointment as Facility Agent hereunder by a successor
Facility Agent, such successor Facility Agent shall be entitled to receive from the resigning Facility Agent such documents of
transfer and assignment as such successor Facility Agent may reasonably request, and shall thereupon succeed to and become vested
with all rights, powers, privileges and duties of the resigning Facility Agent, and the resigning Facility Agent shall be discharged
from its duties and obligations under this Agreement. After any resigning Facility Agent’s resignation hereunder as the
Facility Agent, the provisions of:

 

		a.	this
                                         Article X shall inure to its benefit as to any actions taken or omitted to be
                                         taken by it while it was the Facility Agent under this Agreement; and

 

		b.	Section
                                         11.3 and Section 11.4 shall continue to inure to its benefit.

 

If
a Lender acting as the Facility Agent assigns its Loan to one of its Affiliates, such Facility Agent may, subject to the consent
of the Borrower (such consent not to be unreasonably withheld or delayed) assign its rights and obligations as Facility Agent
to such Affiliate.

 

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SECTION
10.6. Loans by the Facility Agent. The Facility Agent shall have the same rights and powers with respect to the Loan made
by it or any of its Affiliates. The Facility Agent and its Affiliates may accept deposits from, lend money to, and generally engage
in any kind of business with the Borrower or any Affiliate of the Borrower as if the Facility Agent were not the Facility Agent
hereunder and without any duty to account therefor to the Lenders. The Facility Agent shall have no duty to disclose information
obtained or received by it or any of its Affiliates relating to the Borrower or its Subsidiaries to the extent such information
was obtained or received in any capacity other than as the Facility Agent.

 

SECTION
10.7. Credit Decisions. Each Lender acknowledges that it has, independently of each Agent and each other Lender, and based
on such Lender’s review of the financial information of the Obligors, this Agreement, the other Loan Documents (the terms
and provisions of which being satisfactory to such Lender) and such other documents, information and investigations as such Lender
has deemed appropriate, made its own credit decision to extend its Commitment. Each Lender also acknowledges that it will, independently
of each Agent and each other Lender, and based on such other documents, information and investigations as it shall deem appropriate
at any time, continue to make its own credit decisions as to exercising or not exercising from time to time any rights and privileges
available to it under this Agreement or any other Loan Document.

 

SECTION
10.8. Copies, etc. Each Agent shall give prompt notice to each Lender of each notice or request required or permitted to
be given to such Agent by the Borrower pursuant to the terms of this Agreement (unless concurrently delivered to the Lenders by
the Borrower). Each Agent will distribute to each Lender each document or instrument received for its account and copies of all
other communications received by such Agent from the Borrower for distribution to the Lenders by such Agent in accordance with
the terms of this Agreement.

 

SECTION
10.9. The Agents’ Rights. Each Agent may (i) assume that all representations or warranties made or deemed repeated
by the Obligors in or pursuant to this Agreement or any Loan Document are true and complete, unless, in its capacity as the Facility
Agent, it has acquired actual knowledge to the contrary, (ii) assume that no Default has occurred unless, in its capacity as an
Agent, it has acquired actual knowledge to the contrary, (iii) rely on any document or notice believed by it to be genuine, (iv)
rely as to legal or other professional matters on opinions and statements of any legal or other professional advisers selected
or approved by it, (v) rely as to any factual matters which might reasonably be expected to be within the knowledge of the Borrower
on a certificate signed by or on behalf of the Borrower and (vi) refrain from exercising any right, power, discretion or remedy
unless and until instructed to exercise that right, power, discretion or remedy and as to the manner of its exercise by the Lenders
(or, where applicable, by the Required Lenders) and unless and until such Agent has received from the Lenders any payment which
such Agent may require on account of, or any security which such Agent may require for, any costs, claims, expenses (including
legal and other professional fees) and liabilities which it considers it may incur or sustain in complying with those instructions.

 

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

 

The
Facility Agent shall not be deemed to have actual knowledge of the falsehood or incompleteness of any representation or warranty
made or deemed repeated by the Obligors or actual knowledge of the occurrence of any Default unless a Lender or the Borrower shall
have given written notice thereof to the Facility Agent in its capacity as the Facility Agent. Any information acquired by the
Facility Agent other than specifically in its capacity as the Facility Agent shall not be deemed to be information acquired by
the Facility Agent in its capacity as the Facility Agent.

 

The
Facility Agent may, without any liability to account to the Lenders, generally engage in any kind of banking or trust business
with the Borrower or with the Borrower’s Subsidiaries or associated companies or with a Lender as if it were not the Facility
Agent.

 

SECTION
10.11. Employment of Agents. In performing its duties and exercising its rights, powers, discretions and remedies under
or pursuant to this Agreement or the Loan Documents, each Agent shall be entitled to employ and pay agents to do anything which
such Agent is empowered to do under or pursuant to this Agreement or the Loan Documents (including the receipt of money and documents
and the payment of money); provided that, unless otherwise provided herein, including without limitation Section 11.3,
the employment of such agents shall be for such Agent’s account, and to act or refrain from taking action in reliance on
the opinion of, or advice or information obtained from, any lawyer, banker, broker, accountant, valuer or any other person believed
by such Agent in good faith to be competent to give such opinion, advice or information.

 

SECTION
10.12. Distribution of Payments. The Facility Agent shall pay promptly to the order of each Lender that Lender’s
Percentage Share of every sum of money received by the Facility Agent pursuant to this Agreement or the Loan Documents (with the
exception of any amounts payable pursuant to the Fee Letter and any amounts which, by the terms of this Agreement or the Loan
Documents, are paid to the Facility Agent for the account of the Facility Agent alone or specifically for the account of one or
more Lenders) and until so paid such amount shall be held by the Facility Agent on trust absolutely for that Lender.

 

SECTION
10.13. Reimbursement. The Facility Agent shall have no liability to pay any sum to a Lender until it has itself received
payment of that sum. If, however, the Facility Agent does pay any sum to a Lender on account of any amount prospectively due to
that Lender pursuant to Section 10.12 before it has itself received payment of that amount, and the Facility Agent does
not in fact receive payment within two (2) Business Days after the date on which that payment was required to be made by the terms
of this Agreement or the Loan Documents, that Lender will, on demand by the Facility Agent, refund to the Facility Agent an amount
equal to the amount received by it, together with an amount sufficient to reimburse the Facility Agent for any amount which the
Facility Agent may certify that it has been required to pay by way of interest on money borrowed to fund the amount in question
during the period beginning on the date on which that amount was required to be paid by the terms of this Agreement or the Loan
Documents and ending on the date on which the Facility Agent receives reimbursement.

 

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SECTION
10.14. Instructions. Where an Agent is authorized or directed to act or refrain from acting in accordance with the instructions
of the Lenders or of the Required Lenders each of the Lenders shall provide such Agent with instructions within three (3) Business
Days of such Agent’s request (which request may be made orally or in writing). If a Lender does not provide such Agent with
instructions within that period, that Lender shall be bound by the decision of such Agent. Nothing in this Section 10.14
shall limit the right of such Agent to take, or refrain from taking, any action without obtaining the instructions of the Lenders
or the Required Lenders if such Agent in its discretion considers it necessary or appropriate to take, or refrain from taking,
such action in order to preserve the rights of the Lenders under or in connection with this Agreement or the Loan Documents. In
that event, such Agent will notify the Lenders of the action taken by it as soon as reasonably practicable, and the Lenders agree
to ratify any action taken by the Facility Agent pursuant to this Section 10.14.

 

SECTION
10.15. Payments. All amounts payable to a Lender under this Section 10 shall be paid to such account at such
bank as that Lender may from time to time direct in writing to the Facility Agent.

 

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

 

SECTION
10.17. No Fiduciary Relationship. Except as provided in Section 10.12, no Agent shall have any fiduciary relationship
with or be deemed to be a trustee of or for any other person and nothing contained in this Agreement or any Loan Document shall
constitute a partnership between any two or more Lenders or between either Agent and any other person.

 

SECTION
10.18. Illegality. The Agent shall refrain from doing anything which it reasonably believes would be contrary to any law
of any jurisdiction (including but not limited to England and Wales, the United States of America or any jurisdiction forming
part of it) or any regulation or directive of any agency of such state or jurisdiction or which would or might render it liable
to any person and may without liability do anything which is, in its opinion, necessary to comply with any such law, directive
or regulation.

 

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ARTICLE
XI

MISCELLANEOUS PROVISIONS

 

SECTION
11.1. Waivers, Amendments, etc. The provisions of this Agreement and of each other Loan Document may from time to time
be amended, modified or waived, if such amendment, modification or waiver is in writing and consented to by the Borrower and the
Required Lenders; provided that no such amendment, modification or waiver which would:

 

		a.	contravene
                                         or be in breach of the terms of the BpiFAE Insurance Policy or the arrangements with
                                         Natixis DAI relating to the CIRR (if the Fixed Rate applies) shall be effective unless
                                         consented to by, as applicable, BpiFAE and/or Natixis DAI;

 

		b.	modify
                                         any requirement hereunder that any particular action be taken by all the Lenders or by
                                         the Required Lenders shall be effective unless consented to by each Lender;

 

		c.	modify
                                         this Section 11.1 or change the definition of “Required Lenders” shall
                                         be made without the consent of each Lender;

 

		d.	increase
                                         the Commitment of any Lender shall be made without the consent of such Lender;

 

		e.	reduce
                                         any fees described in Article III payable to any Lender shall be made without
                                         the consent of such Lender;

 

		f.	extend
                                         the Commitment Termination Date of any Lender shall be made without the consent of such
                                         Lender;

 

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

 

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

 

No
failure or delay on the part of the Facility Agent or any Lender in exercising any power or right under this Agreement or any
other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude
any other or further exercise thereof or the exercise of any other power or right. No notice to or demand on the Borrower in any
case shall entitle it to any notice or demand in similar or other circumstances. No waiver or approval by any the Facility Agent
or any Lender under this Agreement or any other Loan Document shall, except as may be otherwise stated in such waiver or approval,
be applicable to subsequent transactions. No waiver or approval hereunder shall require any similar or dissimilar waiver or approval
thereafter to be granted hereunder. The Lenders hereby agree, at any time and from time to time that the Nordea Agreement or the
Bank of Nova Scotia Agreement is amended or refinanced, to negotiate in good faith to amend this Agreement to conform any representations,
warranties, covenants or events of default in this Agreement to the amendments made to any substantively comparable provisions
in the Nordea Agreement or the Bank of Nova Scotia Agreement or any refinancing thereof.

 

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Neither
the Borrower’s rights nor its obligations under the Loan Documents shall be changed, directly or indirectly, as a result
of any amendment, supplement, modification, variance or novation of the BpiFAE Insurance Policy, except any amendments, supplements,
modifications, variances or novations, as the case may be, which occur (i) with the Borrower’s consent, (ii) at the Borrower’s
request or (iii) in order to conform to amendments, supplements, modifications, variances or novations effected in respect of
the Loan Documents in accordance with their terms.

 

SECTION
11.2. Notices.

 

		a.	All
                                         notices and other communications provided to any party hereto under this Agreement or
                                         any other Loan Document shall be in writing, by facsimile or by electronic mail and addressed,
                                         delivered or transmitted to such party at its address, facsimile number or electronic
                                         mail address set forth below its signature hereto or set forth in the Lender Assignment
                                         Agreement or at such other address, or facsimile number as may be designated by such
                                         party in a notice to the other parties. Any notice, if mailed and properly addressed
                                         with postage prepaid or if properly addressed and sent by pre-paid courier service, shall
                                         be deemed given when received; any notice, if transmitted by facsimile, shall be deemed
                                         given when transmitted provided it is received in legible form; any notice, if transmitted
                                         by electronic mail, shall be deemed given upon acknowledgment of receipt by the recipient.

 

		b.	So
                                         long as Citibank Europe plc, UK Branch is the Facility Agent, the Borrower may provide
                                         to the Facility Agent all information, documents and other materials that it furnishes
                                         to the Facility Agent hereunder or any other Loan Document (and any guaranties, security
                                         agreements and other agreements relating thereto), including, without limitation, all
                                         notices, requests, financial statements, financial and other reports, certificates and
                                         other materials, but excluding any such communication that (i) relates to a request for
                                         a new, or a conversion of an existing advance or other extension of credit (including
                                         any election of an interest rate or interest period relating thereto), (ii) relates to
                                         the payment of any principal or other amount due hereunder or any other Loan Document
                                         prior to the scheduled date therefor, (iii) provides notice of any Default or Event of
                                         Default or (iv) is required to be delivered to satisfy any condition precedent to the
                                         effectiveness of the Agreement and/or any advance or other extension of credit hereunder
                                         (all such non-excluded communications being referred to herein collectively as “Communications”),
                                         by transmitting the Communications in an electronic/soft medium in a format acceptable
                                         to the Facility Agent to such email address notified by the Facility Agent to the Borrower;
                                         provided that any Communication requested pursuant to Section 7.1.1.h)
                                         shall be in a format acceptable to the Borrower and the Facility Agent.

 

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		c.	The
                                         Borrower agrees that the Facility Agent may make such items included in the Communications
                                         as the Borrower may specifically agree available to the Lenders by posting such notices,
                                         at the option of the Borrower, on Intralinks or any similar such platform (the “Platform”)
                                         acceptable to the Borrower. Although the primary web portal is secured with a dual firewall
                                         and a User ID/Password Authorization System and the Platform is secured through a single
                                         user per deal authorization method whereby each user may access the Platform only on
                                         a deal-by-deal basis, the Borrower acknowledges that (i) the distribution of material
                                         through an electronic medium is not necessarily secure and that there are confidentiality
                                         and other risks associated with such distribution, (ii) the Platform is provided “as
                                         is” and “as available” and (iii) neither the Facility Agent nor any
                                         of its Affiliates warrants the accuracy, adequacy or completeness of the Communications
                                         or the Platform and each expressly disclaims liability for errors or omissions in the
                                         Communications or the Platform. No warranty of any kind, express, implied or statutory,
                                         including, without limitation, any warranty of merchantability, fitness for a particular
                                         purpose, non-infringement of third party rights or freedom from viruses or other code
                                         defects, is made by the Facility Agent or any of its Affiliates in connection with the
                                         Platform.

 

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

 

SECTION
11.3. Payment of Costs and Expenses. The Borrower agrees to pay on demand all reasonable expenses of the Facility Agent
(including the reasonable fees and out-of-pocket expenses of counsel to the Facility Agent and of local counsel, if any, who may
be retained by counsel to the Facility Agent) in connection with any amendments, waivers, consents, supplements or other modifications
to, this Agreement or any other Loan Document as may from time to time hereafter be required, whether or not the transactions
contemplated hereby are consummated. The Borrower further agrees to pay, and to save the Facility Agent and the Lenders harmless
from all liability for, any stamp, recording, documentary or other similar taxes arising from the execution, delivery or enforcement
of this Agreement or the borrowing hereunder or any other Loan Documents. The Borrower also agrees to reimburse the Facility Agent
and each Lender upon demand for all reasonable out-of-pocket expenses (including reasonable attorneys’ fees and legal expenses)
incurred by the Facility Agent or such Lender in connection with (x) the negotiation of any restructuring or “work-out”,
whether or not consummated, of any Obligations and (y) the enforcement of any Obligations.

 

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SECTION
11.4. Indemnification. In consideration of the execution and delivery of this Agreement by each Lender and the extension
of the Commitments, the Borrower hereby indemnifies and holds harmless the Facility Agent, each Lender and each of their respective
Affiliates and their respective officers, advisors, directors and employees (collectively, the “Indemnified Parties”)
from and against any and all claims, damages, losses, liabilities and expenses (including, without limitation, reasonable fees
and disbursements of counsel), joint or several, that may be incurred by or asserted or awarded against any Indemnified Party
(including, without limitation, in connection with any investigation, litigation or proceeding or the preparation of a defense
in connection therewith), in each case arising out of or in connection with or by reason of this Agreement or the other Loan Documents
or the transactions contemplated hereby or thereby or any actual or proposed use of the proceeds of the Loans (collectively, the
 “Indemnified Liabilities”), except to the extent such claim, damage, loss, liability or expense is found in
a final, non-appealable judgment by a court of competent jurisdiction to have resulted primarily from such Indemnified Party’s
gross negligence or willful misconduct or the material breach by such Indemnified Party of its obligations under this Agreement,
any other Loan Document, the BpiFAE Insurance Policy or Interest Stabilisation Agreement and which breach is not attributable
to the Borrower’s own breach of the terms of this Agreement or any other Loan Document or is a claim, damage, loss, liability
or expense which would have been compensated under other provisions of the Loan Documents but for any exclusions applicable thereunder.

 

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

 

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SECTION
11.5. Survival. The obligations of the Borrower under Sections 4.3, 4.4, 4.5, 4.6, 4.7,
11.3 and 11.4 and the obligations of the Lenders under Section 10.1, shall in each case survive any termination
of this Agreement and the payment in full of all Obligations. The representations and warranties made by the Borrower in this
Agreement and in each other Loan Document shall survive the execution and delivery of this Agreement and each such other Loan
Document.

 

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

 

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

 

SECTION
11.8. Execution in Counterparts, Effectiveness, etc. This Agreement may be executed by the parties hereto in several counterparts,
each of which shall be deemed to be an original and all of which shall constitute together but one and the same agreement. This
Agreement, as a novated and amended Agreement, shall become effective upon the occurrence of the Novation Effective Time under,
and as defined in, the Novation Agreement.

 

    105

     

    

 

SECTION
11.9. Third Party Rights. Notwithstanding the provisions of the Contracts (Rights of Third Parties) Act 1999, no term of
this Agreement is enforceable by a person who is not a party to it with the exception of BpiFAE and Natixis.

 

SECTION
11.10. Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto
and their respective successors and assigns; provided that:

 

		a.	except
                                         to the extent permitted under Section 7.2.6, the Borrower may not assign or transfer
                                         its rights or obligations hereunder without the prior written consent of the Facility
                                         Agent, each Lender and BpiFAE; and

 

		b.	the
                                         rights of sale, assignment and transfer of the Lenders are subject to Section 11.11.

 

SECTION
11.11. Sale and Transfer of the Loan; Participations in the Loan. Each Lender may assign its Percentage or portion of the
Loan to one or more other Persons (a “New Lender”), or sell participations in its Percentage or portion of
the Loan to one or more other Persons; provided that, in the case of assignments where the Fixed Rate applies, such New
Lender enters into an Interest Stabilisation Agreement.

 

SECTION
11.11.1. Assignments

 

(i)
Any Lender with the written consents of the Borrower and the Facility Agent (which consents shall not be unreasonably delayed
or withheld and which consent, in the case of the Borrower, shall be deemed to have been given in the absence of a written notice
delivered by the Borrower to the Facility Agent, on or before the fifth Business Day after receipt by the Borrower of such Lender’s
request for consent, stating, in reasonable detail, the reasons why the Borrower proposes to withhold such consent) may at any
time (and from time to time) assign or transfer to one or more commercial banks or other financial institutions all or any fraction
of such Lender’s portion of the Loan.

 

(ii)
Any Lender, with notice to the Borrower and the Facility Agent, and, notwithstanding the foregoing clauses (i) and (ii),
without the consent of the Borrower, or the Facility Agent may assign or transfer (A) to any of its Affiliates or (B) following
the occurrence and during the continuance of an Event of Default under Sections 8.1.1, 8.1.4(a) or 8.1.5,
to any other Person, in each case, all or any fraction of such Lender’s portion of the Loan.

 

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

 

    106

     

    

 

(iv)
No Lender may (notwithstanding the foregoing clauses) assign or transfer any of its rights under this Agreement unless it has
given prior written notification of the transfer to BpiFAE and (if any part of the Loan is accruing interest at the Fixed Rate)
Natixis DAI and has obtained a prior written consent from BpiFAE and (where relevant) Natixis DAI and any Assignee Lender (other
than BpiFAE) is, if the Fixed Rate applies, eligible to benefit from the CIRR stabilisation. Any assignment or transfer shall
comply with the terms of the BpiFAE Insurance Policy.

 

(v)
Nothing in this Section 11.11.1 shall prejudice the right of the Lender to assign its rights under this Agreement to BpiFAE,
if such assignment is required to be made by that Lender to BpiFAE in accordance with the BpiFAE Insurance Policy.

 

Each
Person described in the foregoing clauses as being the Person to whom such assignment or transfer is to be made, is hereinafter
referred to as an “Assignee Lender”. Assignments in a minimum aggregate amount of $25,000,000 (or, if less,
all of such Lender’s portion of the Loan and Commitment) (which assignment or transfer shall be of a constant, and not a
varying, percentage of such Lender’s portion of the Loan) are permitted; provided that the Borrower and the Facility
Agent shall be entitled to continue to deal solely and directly with such Lender in connection with the interests so assigned
or transferred to an Assignee Lender until:

 

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

 

		b.	such
                                         Assignee Lender shall have executed and delivered to the Borrower and the Facility Agent
                                         a Lender Assignment Agreement, accepted by the Facility Agent and, if the applicable
                                         portion of the Loan is a Fixed Rate Loan, any other agreements required by the Facility
                                         Agent or Natixis in connection therewith; and

 

		c.	the
                                         processing fees described below shall have been paid.

 

From
and after the date that the Facility Agent accepts such Lender Assignment Agreement, (x) the Assignee Lender thereunder shall
be deemed automatically to have become a party hereto and to the extent that rights and obligations hereunder have been assigned
or transferred to such Assignee Lender in connection with such Lender Assignment Agreement, shall have the rights and obligations
of a Lender hereunder and under the other Loan Documents, and (y) the assignor Lender, to the extent that rights and obligations
hereunder have been assigned or transferred by it, shall be released from its obligations hereunder and under the other Loan Documents,
other than any obligations arising prior to the effective date of such assignment. Except to the extent resulting from a subsequent
change in law, in no event shall the Borrower be required to pay to any Assignee Lender any amount under Sections 4.2.c),
4.3, 4.4, 4.5, 4.6 and 4.7 that is greater than the amount which it would have been required
to pay had no such assignment been made. Such assignor Lender or such Assignee Lender must also pay a processing fee to the Facility
Agent upon delivery of any Lender Assignment Agreement in the amount of $5,000 (and shall also reimburse the Facility Agent and
Natixis for any reasonable out-of-pocket costs, including reasonable attorneys’ fees and expenses, incurred in connection
with the assignment).

 

    107

     

    

 

SECTION
11.11.2. Participations. Any Lender may at any time sell to one or more commercial banks or other financial institutions (each
of such commercial banks and other financial institutions being herein called a “Participant”) participating
interests in its Loan; provided that:

 

		a.	no
                                         participation contemplated in this Section 11.11.2 shall relieve such Lender from
                                         its obligations hereunder;

 

		b.	such
                                         Lender shall remain solely responsible for the performance of its obligations hereunder;

 

		c.	the
                                         Borrower and the Facility Agent shall continue to deal solely and directly with such
                                         Lender in connection with such Lender’s rights and obligations under this Agreement
                                         and each of the other Loan Documents;

 

		d.	no
                                         Participant, unless such Participant is an Affiliate of such Lender, shall be entitled
                                         to require such Lender to take or refrain from taking any action hereunder or under any
                                         other Loan Document, except that such Lender may agree with any Participant that such
                                         Lender will not, without such Participant’s consent, take any actions of the type
                                         described in clauses (b) through (f) of Section 11.1;

 

		e.	the
                                         Borrower shall not be required to pay any amount under Sections 4.2.c), 4.3,
                                         4.4, 4.5, 4.6 and 4.7 that is greater than the amount which
                                         it would have been required to pay had no participating interest been sold; and

 

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

 

The
Borrower acknowledges and agrees that each Participant, for purposes of Sections 4.2.c), 4.3, 4.4, 4.5,
4.6 and clause (e) of 7.1.1, shall be considered a Lender.

 

    108

     

    

 

SECTION
11.11.3. Register. The Facility Agent shall maintain at its address referred to in Section 11.2 a copy of each Lender Assignment
Agreement delivered to and accepted by it and a register for the recordation of the names and addresses of the Lenders and the
Commitment(s) of, and principal amount of the Loan owing to, each Lender from time to time (the “Register”).
The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower, the Facility
Agent and the Lenders may treat each Person whose name is recorded in the Register as a Lender hereunder for all purposes of this
Agreement. The Register shall be available for inspection by the Borrower or any Lender at any reasonable time and from time to
time upon reasonable prior notice.

 

SECTION
11.12. Other Transactions. Nothing contained herein shall preclude the Facility Agent or any Lender from engaging in any
transaction, in addition to those contemplated by this Agreement or any other Loan Document, with the Borrower or any of its Affiliates
in which the Borrower or such Affiliate is not restricted hereby from engaging with any other Person.

 

SECTION
11.13. BpiFAE Insurance Policy.

 

SECTION
11.13.1. Terms of BpiFAE Insurance Policy

 

		a.	The
                                         BpiFAE Insurance Policy will cover 100% of the Loan.

 

		b.	The
                                         BpiFAE Premium will equal 2.35% of the aggregate principal amount of the Loan as at the
                                         Actual Delivery Date.

 

		c.	If,
                                         after the Actual Delivery Date, the Borrower prepays all or part of the Loan in accordance
                                         with this Agreement, BpiFAE shall reimburse to the ECA Agent for the account of the Borrower
                                         an amount equal to 80% of all or a corresponding proportion of the unexpired portion
                                         of the BpiFAE Premium (save in respect of the additional BpiFAE Premium payable in relation
                                         to the Deferred Tranches), having regard to the amount of the prepayment and the remaining
                                         term of the Loan, such amount to be calculated in accordance with the following formula:

 

R
= P x (1 – (1 / (1+2.35%)) x (N / (12 * 365)) x 80%

 

where:

 

“R”
means the amount of the refund;

 

“P”
means the amount of the prepayment;

 

“N”
means the number of days between the effective prepayment date and Final Maturity; and

 

P
x (1 – (1 / (1+2.35%)) corresponds to the share of the financed BpiFAE Premium corresponding to P.

 

    109

     

    

 

SECTION
11.13.2. Obligations of the Borrower. Provided that the BpiFAE Insurance Policy complies with Section 11.13.1 and remains in full
force and effect, the Borrower shall pay the balance of the BpiFAE Premium calculated in accordance with Section 11.3.1.b) and
still owing to BpiFAE on the Actual Delivery Date to BpiFAE on the Actual Delivery Date by directing the Agent in the Loan Request
to pay the Additional Advance in respect of the BpiFAE Premium directly to BpiFAE.

 

SECTION
11.13.3. Obligations of the ECA Agent and the Lenders.

 

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

 

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

 

		c.	Each
                                         Lender will co-operate with the ECA Agent, the Facility Agent and each other Lender,
                                         and take such action and/or refrain from taking such action as may be reasonably necessary,
                                         to ensure that the BpiFAE Insurance Policy and each Interest Stabilisation Agreement
                                         continues in full force and effect and shall indemnify and hold harmless each other Lender
                                         in the event that the BpiFAE Insurance Policy or such Interest Stabilisation Agreement
                                         (as the case may be) does not continue in full force and effect due to its gross negligence
                                         or willful default or due to a voluntary change in status which results in it no longer
                                         being eligible for CIRR interest stabilisation.

 

		d.	The
                                         ECA Agent shall:

 

(i)
        make written requests to BpiFAE seeking a reimbursement of the BpiFAE Premium in the
circumstances described in Section 11.13.1.c) promptly after the relevant cancellation or prepayment and (subject to any
confidentiality undertakings given to BpiFAE by the ECA Agent pursuant to the terms of the BpiFAE Insurance Policy) provide a
copy of the request to the Borrower;

 

(ii)       use
its reasonable endeavours to maximize the amount of any reimbursement of the BpiFAE Premium to which the ECA Agent is entitled;

 

(iii)      pay
to the Borrower (in the same currency as the refund received from BpiFAE) the full amount of any reimbursement of the BpiFAE Premium
that the ECA Agent receives from BpiFAE within two (2) Business Days of receipt with same day value; and

 

    110

     

    

 

(iv)       relay
the good faith concerns of the Borrower to BpiFAE regarding the amount of any reimbursement to which the ECA Agent is entitled,
it being agreed that the ECA Agent’s obligation shall be no greater than simply to pass on to BpiFAE the Borrower’s
concerns.

 

SECTION
11.14. Law and Jurisdiction

 

SECTION
11.14.1. Governing Law. This Agreement and any non-contractual obligations arising out of or in respect of this Agreement shall
in all respects be governed by and interpreted in accordance with English Law.

 

SECTION
11.14.2. Jurisdiction. For the exclusive benefit of the Facility Agent and the Lenders, the parties to this Agreement irrevocably
agree that the courts of England are to have jurisdiction to settle any disputes which may arise out of or in connection with
this Agreement and that any proceedings may be brought in those courts. The Borrower irrevocably waives any objection which it
may now or in the future have to the laying of the venue of any proceedings in any court referred to in this Section, and any
claim that those proceedings have been brought in an inconvenient or inappropriate forum.

 

SECTION
11.14.3. Alternative Jurisdiction. Nothing contained in this Section shall limit the right of the Facility Agent or the Lenders
to commence any proceedings against the Borrower in any other court of competent jurisdiction nor shall the commencement of any
proceedings against the Borrower in one or more jurisdictions preclude the commencement of any proceedings in any other jurisdiction,
whether concurrently or not.

 

SECTION
11.14.4. Service of Process. Without prejudice to the right of the Facility Agent or the Lenders to use any other method of service
permitted by law, the Borrower irrevocably agrees that any writ, notice, judgment or other legal process shall be sufficiently
served on it if addressed to it and left at or sent by post to RCL Cruises Ltd., presently at Building 3, The Heights –
Brooklands, Weybridge, Surrey, KT13 ONY, Attention: General Counsel, and in that event shall be conclusively deemed to have been
served at the time of leaving or, if posted, at 9:00 am on the third Business Day after posting by prepaid first class registered
post.

 

    111

     

    

 

SECTION
11.15. Confidentiality. Each of the Facility Agent and the Lenders agrees to maintain and to cause its Affiliates to maintain
the confidentiality of all information provided to it by the Borrower or any Subsidiary of the Borrower, or by the Facility Agent
on the Borrower’s or such Subsidiary’s behalf, under this Agreement, and neither it nor any of its Affiliates shall
use any such information other than in connection with or in enforcement of this Agreement or in connection with other business
now or hereafter existing or contemplated with the Borrower or any Subsidiary, except to the extent such information (i) was or
becomes generally available to the public other than as a result of disclosure by it or its Affiliates or their respective directors,
officers, employees and agents, or (ii) was or becomes available on a non-confidential basis from a source other than the Borrower
or any of its Subsidiaries so long as such source is not, to its knowledge, prohibited from disclosing such information by a legal,
contractual or fiduciary obligation to the Borrower or any of its Affiliates; provided, however, that it may disclose
such information (A) at the request or pursuant to any requirement of any self-regulatory body, governmental body, agency or official
to which the Facility Agent, any Lender or any of their respective Affiliates is subject or in connection with an examination
of the Facility Agent, such Lender or any of their respective Affiliates by any such authority or body, including without limitation
the Republic of France and any French Authority; (B) pursuant to subpoena or other court process; (C) when required to do so in
accordance with the provisions of any applicable requirement of law; (D) to the extent reasonably required in connection with
any litigation or proceeding to which the Facility Agent, any Lender or their respective Affiliates may be party; (E) to the extent
reasonably required in connection with the exercise of any remedy hereunder; (F) to the Facility Agent or such Lender’s
independent auditors, counsel, and any other professional advisors of the Facility Agent or such Lender who are advised of the
confidentiality of such information; (G) to any participant or assignee, provided that such Person agrees to keep such
information confidential to the same extent required of the Facility Agent and the Lenders hereunder; (H) as to the Facility Agent,
any Lender or their respective Affiliates, as expressly permitted under the terms of any other document or agreement regarding
confidentiality to which the Borrower or any Subsidiary is party with the Facility Agent, such Lender or such Affiliate; (I) to
its Affiliates and its Affiliates’ directors, officers, employees, professional advisors and agents, provided that
each such Affiliate, director, officer, employee, professional advisor or agent shall keep such information confidential to the
same extent required of the Facility Agent and the Lenders hereunder; (J) to any other party to the Agreement and (K) to the French
Authorities and any Person to whom information is required to be disclosed by the French Authorities. Each of the Facility Agent
and the Lenders shall be responsible for any breach of this Section 11.15 by any of its Affiliates or any of its or its
Affiliates’ directors, officers, employees, professional advisors and agents.

 

SECTION
11.16. French Authority Requirements. The Borrower acknowledges that:

 

		a.	the
                                         Republic of France and any French Authority or any authorised representatives specified
                                         by these bodies shall be authorised at any time to inspect and make or demand copies
                                         of the records, accounts, documents and other deeds of any or all of the Lenders relating
                                         to this Agreement;

 

		b.	in
                                         the course of its activity as the Facility Agent, the Facility Agent may:

 

		(i)	provide
                                         the Republic of France and any French Authority with information concerning the transactions
                                         to be handled by it under this Agreement; and

 

		(ii)	disclose
                                         information concerning the subsidized transaction contemplated by this Agreement in the
                                         context of internationally agreed consultation/notification proceedings and statutory
                                         specifications, including information received from the Lenders relating to this Agreement.

 

    112

     

    

 

SECTION
11.17. Waiver of immunity. To the extent that the Borrower has or hereafter may acquire any immunity from jurisdiction
of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of
execution, execution or otherwise) with respect to itself or its assets, the Borrower hereby irrevocably waives such immunity
in respect of its obligations under this Agreement and the other Loan Documents.

 

SECTION
11.18. Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in
any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges
that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured,
may be subject to the write-down and conversion powers of a Resolution Authority and agrees and consents to, and acknowledges
and agrees to be bound by:

 

		a.	the
                                         application of any Write-Down and Conversion Powers by a Resolution Authority to any
                                         such liabilities arising hereunder which may be payable to it by any party hereto that
                                         is an EEA Financial Institution; and

 

		b.	the
                                         effects of any Bail-in Action on any such liability, including, if applicable:

 

		(i)	a
                                         reduction in full or in part or cancellation of any such liability;

 

		(ii)	a
                                         conversion of all, or a portion of, such liability into shares or other instruments of
                                         ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution
                                         that may be issued to it or otherwise conferred on it, and that such shares or other
                                         instruments of ownership will be accepted by it in lieu of any rights with respect to
                                         any such liability under this Agreement or any other Loan Document; or

 

		(iii)	the
                                         variation of the terms of such liability in connection with the exercise of the write-down
                                         and conversion powers of any Resolution Authority.

 

    113

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Symphony of the Seas (ex hull no. B34) Credit Agreement to be executed by
their respective officers thereunto duly authorized as of the day and year first above written.

 

	 	ROYAL CARIBBEAN CRUISES LTD.	 
	 	 	 	 
	 	By	 	 
	 	Name:	 
	 	Title:	 

 

	 	Address:	1050 Caribbean Way
	 	 	Miami, Florida 33132
	 	Facsimile No.:	(305) 539-0562
	 	Email:	agibson@rccl.com
	 	 	bstein@rccl.com
	 	Attention:	Vice President, Treasurer
	 	With a copy to: General Counsel

  

    114

     

    

 

	 	CITIBANK N.A., LONDON BRANCH as
    ECA	 
	 	Agent and a Lender	 
	 	 	 	 
	Commitment	 	 	 
	 	 	 	 
	9.27% of the	By	 	 
	Maximum Loan	Name:	 
	Amount	Title:	 

 

	 	Citigroup Centre
	 	Canada Square
	 	London E14 5LB
	 	United Kingdom
	 	Attention:	Wei-Fong Chan
	 	 	Kara Catt
	 	 	Romina Coates
	 	 	Antoine Paycha
	 	 	 
	 	Fax No:	+44 20 7986 4881
	 	Tel No:	+44 20 7986 3036 /
	 	 	+44 20 7508 0344
	 	 	+44 20 7986 4824
	 	 	+44 20 7500 0907 /
	 	 	 
	 	E-mail:	 
	 	weifong.chan@citi.com
	 	kara.catt@citi.com
	 	romina.coates@citi.com
	 	antoine.paycha@citi.com
	 	 	 

  

    115

     

    

 

	 	BANCO SANTANDER, S.A., as Lender	 
	 	 	 	 
	Commitment	 	 	 
	 	 	 	 
	14.25% of the	By	 	 
	Maximum Loan	Name:	 
	Amount	Title:	 

 

	 	Ciudad Financiera
	 	Avenida de Cantabria s/n
	 	Edificio Encinar 2a planta
	 	28600 Boadilla del Monte
	 	Spain	 
	 	 	 
	 	Fax No: +34 91 257 1682
	 	 	 
	 	Attention:	Elise Regnault
	 	 	Julián Arroyo
	 	 	Angela Rabanal
	 	 	Ecaterina Mucuta
	 	 	Vanessa Berrio Vélez
	 	 	Ana Sanz Gómez
	 	 	 
	 	Tel No:	+34 912893722
	 	 	+1 212-297-2919
	 	 	+1 212-297-2942
	 	 	+33 1 53 53 70 46
	 	 	+34 91 289 10 28
	 	 	+34 91 289 17 90
	 	 	 
	 	E-mail:	 
	 	elise.regnault@gruposantander.com
	 	Julian.Arroyo@santander.us
	 	arabanal@santander.us
	 	ecaterina.mucuta@gruposantander.com
	 	vaberrio@gruposantander.com
	 	anasanz@gruposantander.com
	 	 	 

 

    116

     

    

	 	MUFG Bank, Ltd. (formerly known
    as The Bank of	 
	 	Tokyo-Mitsubishi UFJ, Ltd.) as Lender	 
	 	 	 	 
	Commitment	 	 	 
	 	 	 	 
	7.42% of the	By	 	 
	Maximum Loan	Name:	 
	Amount	Title:	 

 

	 	Immeuble Le Centorial
	 	16-18 rue du Quatre Septembre
	 	75002 Paris
	 	France
	 	 
	 	Tel No: 	+44207 577 5803 / 5804
	 	Email: 	Eca.finance@uk.mufg.jp
	 	 
	 	with a copy to:
	 	 
	 	ECA Finance
	 	Ropemaker Place
	 	25 Ropemaker Street
	 	London EC2Y 9AN
	 	Great Britain
	 	 
	 	Fax No: 	+44 207 577 1559
	 	Tel No:	+44 207 577 5803 / 5804
	 	 
	 	Email: Eca.finance@uk.mufg.jp

 

    117

     

    

	 	HSBC CONTINENTAL EUROPE as Lender	 
	 	 	 	 
	Commitment	 	 	 
	 	 	 	 
	27.82% of the	By	 	 
	Maximum Loan	Name:	 
	Amount	Title:	 

 

	 	HSBC Continental Europe
	 	38 avenue Kléber
	 	75116 PARIS
	 	France	 
	 	 	 
	 	Attention:	Rabiyatou Diallo /
	 	Alexandra Penda
	 	 	 
	 	Fax No: +33 (0)1 40 70 28 80
	 	Tel No: +33 (0)1 58 13 08 38 /
	 	+33 (0)1 41 02 67 50
	 	 	 
	 	Email:	rabiyatou.diallo@hsbc.fr
	 	 	alexandra.penda@hsbc.fr
	 	 	 
	 	and	 
	 	 	 
	 	HSBC Continental Europe
	 	38 avenue Kléber
	 	75116 Paris
	 	France	 
	 	 	 
	 	Attention:	Graham D Meek / Julie
	 	Bellais	 
	 	 	 
	 	Tel No: 	+44 (0) 207 992 2344 /
	 	 	+33 (0)1 40 70 28 59
	 	 	 
	 	Email:	julie.bellais@hsbc.fr /
	 	graham.d.meek@hsbc.com
	 	 	 

 

    118

     

    

 

	 	SKANDINAVISKA ENSKILDA BANKEN AB	 
	 	(PUBL) as Lender	 
	 	 	 	 
	Commitment	 	 	 
	 	 	 	 
	7.42% of the	By	 	 
	Maximum Loan	Name:	 
	Amount	Title:	 

 

	 	Facility Office:
	 	 	 
	 	Kungsträdgårdsgatan 8
	 	106 40 Stockholm
	 	Sweden	 
	 	 	 
	 	Address for Notices:
	 	 	 
	 	One Carter Lane
	 	London EC4V 5AN
	 	United Kingdom
	 	 	 
	 	Attention:	Malcolm Stonehouse
	 	 	 
	 	Fax No: +44 20 7588 0929
	 	Tel No: +44 20 7246 4310
	 	 	 
	 	E-mail:	 
	 	malcolm.stonehouse@seb.co.uk
	 	 	 
	 	With a copy to:
	 	 	 
	 	One Carter Lane
	 	London EC4V 5AN
	 	United Kingdom
	 	 	 
	 	Attention:	Ina Kuliese
	 	 	 
	 	Fax No:	+44 20 7588 0929
	 	Tel No:	+44 20 7246 4069
	 	 	 
	 	E-mail:	ina.kuliese@seb.co.uk

 

    119

     

    

	 	SOCIÉTÉ GÉNÉRALE
    as Lender
	 	 	 	 
	Commitment	 	 	 
	 	 	 	 
	13.91% of the	By	 	 
	Maximum Loan	Name:	 
	Amount	Title:	 
		 	 	 

	 	Société Générale
    Facility Office
	 	29 Boulevard Haussmann
	 	75009 Paris	 
	 	France	 
	 	 	 
	 	For operational/servicing matters:
	 	 	 
	 	Laetitia TOUMI / Tatiana BYCHKOVA
	 	Société Générale 189,
    rue d’Aubervilliers
	 	75886	 
	 	PARIS CEDEX 18
	 	OPER/FIN/CAF/DMT6
	 	 	 
	 	Phone: +33 1 57 29 13 12 / +33 1
    58 98 43
	 	05	 
	 	 	 

	 	Email: 	laetitia.toumi@sgcib.com
	 	 	tatiana.bychkova@sgcib.com
	 	 	par-oper-caf-dmt6@sgcib.com

	 	 	 
	 	For credit matters:
	 	 	 
	 	Attention:	Tingting YU
	 	 	Patricia SACCO
	 	 	 
	 	Address:	189, rue d’Aubervilliers
	 	 	75886 Paris
	 	 	CEDEX 18
	 	 	OPER/FIN/SMO/EXT
	 	 	 
	 	Tel No:	+33 1 57 29 54 19 /
	 	 	+33 1 42 14 58 15
	 	 	 
	 	Email:	tingting.yu@sgcib.com
	 	 	patricia.sacco@sgcib.com 

 

    120

     

    

 

	 	SMBC BANK INTERNATIONAL PLC	 
	 	as Lender	 
	 	 	 	 
	Commitment	 	 	 
	 	 	 	 
	19.91% of the	By	 	 
	Maximum Loan	Name:	 
	Amount	Title:	 

 

	 	1/3/5 rue Paul Cézanne
	 	75008 Paris	 
	 	France	 
	 	 	 
	 	Attention:	Cedric le Duigou
	 	 	Guillaume Branco
	 	 	Herve Billi
	 	 	Claire Lucien
	 	 	 
	 	Fax No:	+33 1 44 90 48 01

 

	 	Tel No:	 
	 	Cedric le Duigou: 	+ 33 1 44 90 48 83
	 	Guillaume Branco: 	+ 33 1 44 90 48 71
	 	Herve Billi:	+33 1 44 90 48 48
	 	Claire Lucien:	+ 33 1 44 90 48 49
	 	Helene Ly:	+33 1 44 90 48 76

	 	 
	 	E-mail:
	 	cedric_leduigou@fr.smbcgroup.com
	 	guillaume_branco@fr.smbcgroup.com
	 	herve_billi@fr.smbcgroup.com
	 	claire_lucien@fr.smbcgroup.com
	 	helene_ly@fr.smbcgroup.com
	 	 

 

    121

     

    

 

	 	CITIBANK
    EUROPE PLC, UK BRANCH	 
	 	as Facility
    Agent	 
	 	 	 	 
	 	By	 	 
	 	Name:	 
	 	Title:	 

 

	 	5th Floor Citigroup Centre
	 	Mail drop CGC2 05-65
	 	25 Canada Square Canary Wharf
	 	London E14 5LB
	 	U.K.	 
	 	 	 
	 	Fax no.:	+44 20 7492 3980
	 	Attention:	EMEA Loans Agency
	 	 	 

 

    122

     

    

 

Schedule
4

Form of Guarantor Confirmation Certificate

 

[Insert
name of relevant Guarantor here] 

GUARANTOR’S
CERTIFICATE 

[•],
2021

 

This
Certificate is delivered on behalf of [Insert name of relevant Guarantor entity here] (the Guarantor)], a
[company][corporation] incorporated in [•].

 

[I][We],
[insert name of the authorized officers/directors], the undersigned, in [my][our] capacity as [[a] duly authorized officer[s]]
[or][director] of the Guarantor and not in any individual capacity, do hereby confirm in relation to the Agreements (each as more
particularly defined in Schedule 1 of this Certificate) as follows:

 

		1.	Unless
                                         otherwise defined in this Certificate, words and expressions defined in the Agreements
                                         shall have the meanings when used in this Certificate.

 

		2.	The
                                         Guarantor is a guarantor under each Agreement.

 

		3.	[I][We]
                                         hereby acknowledge on behalf of the Guarantor that, in the context of the Debt Deferral
                                         Extension Framework published by each ECA backing the Agreements, each Agreement shall
                                         be amended or, as the case may be, amended and restated pursuant to an amendment agreement
                                         (each a Vessel Loan Amendment) in order to record the agreement of the respective
                                         parties to:

a.             add
a new debt deferral tranche (the Applicable Debt Deferral Tranche) in those Agreements where there are principal repayments
scheduled to occur between approximately April 2021 and March 2022 (or, in the case of the facility agreement for m.v. “Ovation
of the Seas”, approximately between May 2021 and April 2022) (in each case, the Applicable Debt Deferral Period),
in order to effectively defer principal repayments due under each Agreement falling due during such Applicable Debt Deferral Period,
which Applicable Debt Deferral Tranche shall, in the case of each relevant Agreement: 

		i.	be
                                         in an amount of approximately the aggregate principal amount of the repayment installments
                                         falling due under such relevant Agreement during the Applicable Debt Deferral Period
                                         applicable to it (including payments due during such period on any first debt deferral
                                         if and to the extent already agreed); and

		ii.	bear
                                         interest on the terms provided in that Vessel Loan Amendment;

		b.	extend
                                         the waiver of the applicable Borrower’s compliance with the financial covenants
                                         set forth in each Agreement:

		i.	in
                                         each case where the relevant Agreement is BpiFAE-backed, through the end of the third
                                         quarter of 2022; and

		ii.	in
                                         each case where the relevant Agreement is Hermes and/or Finnvera-backed, through to the
                                         end of the fourth quarter of 2022,

provided,
however, that if the relevant ECA and Lenders under any Agreement approve a longer waiver period, the applicable Vessel Loan Amendment
relating to such Agreement shall include the longer such waiver period; and 

		c.	any
                                         adjustments to the financial, indebtedness, negative pledge or other covenants as are
                                         required by the relevant Lenders and ECAs in order to give effect to the amendments contemplated
                                         in (a) and (b) above.

 

		4.	This
                                         Certificate is one of the “certificates” required to be provided pursuant
                                         to clause 3.1(b) of each Vessel Loan Amendment and in the context of the requirements
                                         of clause 3.1(b) of each Vessel Loan Amendment, [I][we] hereby further acknowledge and
                                         confirm on behalf of the Guarantor the following:

		a.	the
                                         amendments contemplated in the Vessel Loan Amendment for each Agreement and the contents
                                         thereof are approved;

    5

     

    

 

		b.	the
                                         Guarantee given by the Guarantor in each Agreement and each other Loan Document or Finance
                                         Document, as the case may be (as defined in each such Agreement) to which the Guarantor
                                         is a party shall remain and continue in full force and effect notwithstanding the amendment
                                         and restatement of each such Agreement pursuant to the Vessel Loan Amendment applicable
                                         to it;

		c.	the
                                         Guarantee given by the Guarantor in each Agreement shall extend to any new obligations
                                         assumed by the Borrower under such Agreement as amended by the Vessel Loan Amendment
                                         applicable to it (including pursuant to the Applicable Debt Deferral Tranche) and the
                                         floating rate applicable to such Applicable Debt Deferral Tranche (as more particularly
                                         set out in sub-paragraphs (i) and (ii) of 3(a) above)); and

		d.	continuing
                                         to guarantee the amended obligations of the Borrower under the Agreements as amended
                                         by the Vessel Loan Amendment applicable to it does not cause any borrowing, guaranteeing
                                         or similar limit binding on the Guarantor to be exceeded.

 

		5.	[I][We]
                                         hereby confirm that:

		a.	the
                                         copy of the certificate or articles of incorporation, formation or organization or other
                                         comparable organizational document of the Guarantor (collectively, the Organizational
                                         Documents); and

		b.	the
                                         by-laws or operating, management or similar agreements of the Guarantor (collectively,
                                         the Operating Documents),

in
each case, appended to the Secretary’s Certificate dated 21 December 2020 (the Original Secretary’s Certificate)
remain true and correct on the date of this Certificate and have not been amended, modified or revoked and remain in full force
and effect.

 

		6.	[I][we]
                                         hereby represent and warrant on behalf of the Guarantor that [I][we] have the authority
                                         to sign this Certificate as evidenced by [•] of the Original Secretary’s Certificate
                                         (the Authorization). The Authorization has not been modified or rescinded and
                                         remains in full force and effect.

 

		7.	[The
                                         Guarantor does not have its management or control in Liberia nor does it undertake any
                                         business activity in Liberia.

 

		8.	Less
                                         than a majority of the shareholders of the Guarantor hereto by vote or value are resident
                                         in Liberia.][7 and 8 to be included in the Certificate for RCL Cruise Holdings
                                         LLC and RCI Holdings LLC only as Liberian entities]

 

		9.	This
                                         Certificate shall be governed by and construed in accordance with New York law.

[Signature
Pages Follow]

 

    6

     

    

 

Annex A

Repayment Schedule

 

	Oasis
    4 – Original Commitments 	 	Deferred
    Tranche 1	 	 	 	Deferred
    Tranche 2	 	 	 	 	 	Commitment	 	 	 
	 	Opening	Repayment	Closing	 	Opening	Deferred
    Payts	Repayment	Closing	 	Opening	Deferred
    Payts	Repayment	Closing	 	Combined
    repay	 	Original	Def
    Tranche 1	Def
    Tranche 2	Total
	 	 	 	 	 	 	$98,894,773	 	 	 	 	$123,618,467	 	 	 	 	 	 	 	 	 
	23-Mar-18	 	 	$1,186,737,279	 	 	 	 	 	 	 	 	 	 	 	 	 	$1,186,737,279	-	-	$1,186,737,279
	23-Sep-18	$1,186,737,279	($49,447,387)	$1,137,289,893	 	 	 	 	-	 	 	 	 	-	 	$1,137,289,893	 	$1,137,289,893	-	-	$1,137,289,893
	23-Mar-19	$1,137,289,893	($49,447,387)	$1,087,842,506	 	-	 	 	-	 	-	 	 	-	 	$1,038,395,120	 	$1,087,842,506	-	-	$1,087,842,506
	23-Sep-19	$1,087,842,506	($49,447,387)	$1,038,395,120	 	-	 	 	-	 	-	 	 	-	 	$988,947,733	 	$1,038,395,120	-	-	$1,038,395,120
	23-Mar-20	$1,038,395,120	($49,447,387)	$988,947,733	 	-	 	 	-	 	-	 	 	-	 	$988,947,733	 	$988,947,733	-	-	$988,947,733
	23-Sep-20	$988,947,733	($49,447,387)	$939,500,346	 	-	$49,447,387	 	$49,447,387	 	-	 	 	-	 	$939,500,346	 	$939,500,346	$49,447,387	-	$988,947,733
	23-Mar-21	$939,500,346	($49,447,387)	$890,052,960	 	$49,447,387	$49,447,387	 	$98,894,773	 	-	 	 	-	 	$890,052,960	 	$890,052,960	$98,894,773	-	$988,947,733
	23-Sep-21	$890,052,960	($49,447,387)	$840,605,573	 	$98,894,773	 	($12,361,847)	$86,532,927	 	-	$61,809,233	 	$61,809,233	 	$840,605,573	 	$840,605,573	$86,532,927	$61,809,233	$988,947,733
	23-Mar-22	$840,605,573	($49,447,387)	$791,158,186	 	$86,532,927	 	($12,361,847)	$74,171,080	 	$61,809,233	$61,809,233	 	$123,618,467	 	$716,987,106	 	$791,158,186	$74,171,080	$123,618,467	$988,947,733
	23-Sep-22	$791,158,186	($49,447,387)	$741,710,800	 	$74,171,080	 	($12,361,847)	$61,809,233	 	$123,618,467	 	($12,361,847)	$111,256,620	 	$667,539,720	 	$741,710,800	$61,809,233	$111,256,620	$914,776,653
	23-Mar-23	$741,710,800	($49,447,387)	$692,263,413	 	$61,809,233	 	($12,361,847)	$49,447,387	 	$111,256,620	 	($12,361,847)	$98,894,773	 	$618,092,333	 	$692,263,413	$49,447,387	$98,894,773	$840,605,573
	23-Sep-23	$692,263,413	($49,447,387)	$642,816,026	 	$49,447,387	 	($12,361,847)	$37,085,540	 	$98,894,773	 	($12,361,847)	$86,532,927	 	$568,644,946	 	$642,816,026	$37,085,540	$86,532,927	$766,434,493
	23-Mar-24	$642,816,026	($49,447,387)	$593,368,640	 	$37,085,540	 	($12,361,847)	$24,723,693	 	$86,532,927	 	($12,361,847)	$74,171,080	 	$519,197,560	 	$593,368,640	$24,723,693	$74,171,080	$692,263,413
	23-Sep-24	$593,368,640	($49,447,387)	$543,921,253	 	$24,723,693	 	($12,361,847)	$12,361,847	 	$74,171,080	 	($12,361,847)	$61,809,233	 	$469,750,173	 	$543,921,253	$12,361,847	$61,809,233	$618,092,333
	23-Mar-25	$543,921,253	($49,447,387)	$494,473,866	 	$12,361,847	 	($12,361,847)	-	 	$61,809,233	 	($12,361,847)	$49,447,387	 	$432,664,633	 	$494,473,866	-	$49,447,387	$543,921,253
	23-Sep-25	$494,473,866	($49,447,387)	$445,026,480	 	-	 	 	-	 	$49,447,387	 	($12,361,847)	$37,085,540	 	$383,217,246	 	$445,026,480	-	$37,085,540	$482,112,020
	23-Mar-26	$445,026,480	($49,447,387)	$395,579,093	 	-	 	 	-	 	$37,085,540	 	($12,361,847)	$24,723,693	 	$333,769,860	 	$395,579,093	-	$24,723,693	$420,302,786
	23-Sep-26	$395,579,093	($49,447,387)	$346,131,707	 	-	 	 	-	 	$24,723,693	 	($12,361,847)	$12,361,847	 	$284,322,473	 	$346,131,707	-	$12,361,847	$358,493,553
	23-Mar-27	$346,131,707	($49,447,387)	$296,684,320	 	-	 	 	-	 	$12,361,847	 	($12,361,847)	-	 	$247,236,933	 	$296,684,320	-	-	$296,684,320
	23-Sep-27	$296,684,320	($49,447,387)	$247,236,933	 	-	 	 	-	 	-	 	 	-	 	$197,789,547	 	$247,236,933	-	-	$247,236,933
	23-Mar-28	$247,236,933	($49,447,387)	$197,789,547	 	-	 	 	-	 	-	 	 	-	 	$148,342,160	 	$197,789,547	-	-	$197,789,547
	23-Sep-28	$197,789,547	($49,447,387)	$148,342,160	 	-	 	 	-	 	-	 	 	-	 	$98,894,773	 	$148,342,160	-	-	$148,342,160
	23-Mar-29	$148,342,160	($49,447,387)	$98,894,773	 	-	 	 	-	 	-	 	 	-	 	$49,447,387	 	$98,894,773	-	-	$98,894,773
	23-Sep-29	$98,894,773	($49,447,387)	$49,447,387	 	-	 	 	-	 	-	 	 	-	 	-	 	$49,447,387	-	-	$49,447,387
	23-Mar-30	$49,447,387	($49,447,387)	-	 	-	 	 	-	 	-	 	 	-	 	-	 	-	-	-	-

    7

     

    

 

Annex B

Debt Deferral Extension Regular Monitoring Requirements

 

Debt Deferral
Extension - Regular Monitoring Requirements

 

Monitoring Period:

-            Starting
point: approval

-            End:
Until the Existing and the New Debt Deferral Tranches are repaid, whereby the list of documents and frequency shall be reviewed
and adjusted annually by the Facility Agent.

 

	 	Rhythm
    	Description
    
	1.
    	monthly
    	Reporting of the: 

         

        1.  
        Total Free Liquidity Position – def.: free cash + free undrawn credit lines;

        2.  
        Free Net Liquidity Position – Total Free Liquidity Position minus all planned debt repayments

        (bank loan, commercial
        papers, bonds) which are due within the following 6 months.;

        3.  
        In case the Free Net Liquidity Position does decease to 6x the average of the monthly operational cash burn rate
        the ECA can decide on its own discretion whether a shorter reporting rhythm shall be implemented (e.g. weekly).;

        4.  
        Description of additional measures implemented to increase the liquidity position (debt, mezzanine and equity measures)
        / Whereby details of the respective terms and conditions shall be included (e.g. securities, ranking), for easy reference
        an ongoing list would be preferred with (a) measures taken, (b) additional measures finalized in the respective month
        and (c) additional measures planned.;

        5.  
        Description of of additional cost cutting measures implemented to reduce the outflow of liquidity (OPEX, CAPEX, Debt Deferrals
        etc.);

        6.  
        Repayment or refinancing of existing debt

         

 

    8

     

    

 

	2.
    	monthly
    	Cash Flow Projection
        of the cruise line on a monthly basis

         

        The Projection
        means cash flow statements in excel format, complete with formulas, shall cover the following period:

        1.  
        Actual figures: The current financial year (whereby at least 1 quarter with actual historical figures have to be included);

        2.  
        Projection: At least the following 24 months starting from the respective current month

        (including shut down
        period and recovery phase)

         

        Cash Flow Projection
        showing:

        1.   
        operating cash flow including and separately listed Cruise-Revenues (including but not limited to occupancy rate, ticket
        prices, capacity of the overall fleet, capacity of fleet in operation), Cruise-OPEX, other COGS, net customer deposits
        collection (providing details of deposit refund separately), working capital and SG&A;

        2.   
        cash flow from investing activities (separately: detailing capex in vessels, general capex and disposals / In addition
        for information purposes the newbuilding capex which will be paid out of equity.),

        3.   
        cash flow from financing activities (detailing proceeds from equity, proceeds from debt separated by type of funding and
        ECA facilities, debt repayments separately), etc.

        4.   
        Interest expenses

         

        Such Cash Flow Projection
        shall be accompanied by a descriptive Note of Assumptions which does include comments on:

        1. Changes:

        (i)   
        The main changes to the underlying assumptions with respect to revenue / cash collections and disbursement of operational
        costs and SG&A,

        (ii)  
        The main changes to the underlying assumptions with respect to Debt Deferrals (with the ECA backed transactions or other
        class of creditors)

         

 

	 	 	(iii)  
         The main changes with respect to Major Capex (and such Equity payments in relation to Major Capex)

        And in each case whether
        those changes are due to timing issues or more fundamental changes compared to the initial Test Scheme Template for the
        Debt Deferral Extension (if not previously disclosed), or the previous Liquidity Forecast.

        2.   
        Mitigants or additional liquidity measure that are incorporated in the Liquidity Forecast, or planned but not yet incorporated
        in the Liquidity Forecast.

         

	3.
    	monthly	Testing
                                         of the applicable Minimum Liquidity Covenant according to the amended loan documentation

                                                                                 

 

    9

     

    

 

	4.
    	monthly	1.      
        Cash Burn Rate

        2.      
        Cash Burn Rate adjusted to net deposits collection

        3.      
        Net Liquidity position to Cash Burn rate

         

        Def.
        Cash Burn rate means operating costs plus debt service plus capital expenditure (net of financing)
        Def. Cash Burn rate adjusted means operating costs plus debt service plus capital expenditure (net
        of financing) plus net deposits collection.

         

        To be reported as long
        as the company achieves a positive (adj.) EBITDA after interest costs in two consecutive months

         

	5.
    	monthly
    	Booking Curve
        - Average ticket price and occupancy for the season 2021 and season 2022 including a comparison of both parameters at
        the same point in time for bookings in 2019 for the season 2020

         

        Format tbd with the
        ECA Agent / Figures to be provided in table / split by quarter mandatory

         

	6.
    	monthly
    	Status of the fleet
        on a per vessel basis: Active vessels (+ occupancy level) / Vessels in layup / Vessels classified for sale

         

        Fleet wide average
        of occupancy (incl. active and idle vessels)

         

	7.
    	monthly
    	Confirmation
                                         that no dividends have been declared / paid within the current month.

                                                                                 

	8.
    	monthly
    	Development of the
        customer deposits: 

        1.   
        For cancelled cruises with starting dates in the past: Percentage of customers which requested a refund and percentage
        of those who re-booked or accepted a voucher.

        2.   
        Overview of the amount of deposits which have been collected in connection with cruises in the next 4 quarters (split
        by quarter).

        3.   
        Customer Deposits for cruises starting within the next 3 months

        4.   
        Amount of collected deposits which are at risk to be refunded, based on the company’s own assumption of how many
        passengers of future cancelled cruises might chose a refund instead of a re-booking or a voucher.

         

	9.
    	monthly
    	Other Creditors and
        Debtors:

        1.   
        Please state clearly whenever terms and conditions (amount, interest, tenor, maturity schedule and securities) of existing
        credit facilities (incl. other debt holiday agreements) have been amended which fall into the same class as the ECAs or
        other classes.

        2.   
        How are generally unsecured and secured financings treated?

        3.   
        How do the debtors (like credit card companies) currently act? Do creditors withhold payments?

        4.   
        Other Creditors and Debtors: What is the company asking from the other creditors (e.g. Bondholder, LeaseCos, FactorCos
        etc.) and what is their response? Do the respective documentation include cross default clauses?

        

	 	 	 

 

    10

     

    

 

	10
    	bi-monthly

         
	Update about the
        changes of signed building contracts

         

        The ECA shall be updated
        about the company`s current plans to amendment any building contract or about any upcoming negotiations with the national
        yard.

         

	11
    	quarterly	Unaudited
                                         financial statements or management accounts (incl. P&L (incl. EBITDA), balance
                                         sheet and cash flow statement)

                                                                                 

	12
    	quarterly	Company
    shall provide the calculation of the financial covenants which currently are waived.

 

    11

     

    

Annex C

Replacement covenants with effect from the Guarantee Release Date

 

Exhibit Q

Replacement covenants with effect from
the Guarantee Release Date

 

It is acknowledged and agreed, with effect
from the Guarantee Release Date, this Agreement shall be amended as follows:

 

“incur”
means to create, incur, assume, guarantee or otherwise become directly or indirectly liable and “incurred”
or “incurrence” shall have a correlative meaning.

 

“Inherited Indebtedness”
means any Indebtedness (other than any Indebtedness that would, following the acquisition or creation of the relevant Subsidiary,
become Permitted Principal Subsidiary Indebtedness or Permitted Non-Principal Subsidiary Indebtedness) of any corporation that
becomes a Subsidiary of the Borrower after the Guarantee Release Date so long as (i) the acquisition or creation of such corporation
by the Borrower is not otherwise prohibited by the terms of this Agreement and (ii) such Indebtedness is in existence at the time
such corporation becomes a Subsidiary of the Borrower and was not incurred by the Borrower or any of its Subsidiaries in anticipation
thereof.

 

“Inherited Lien”
means any Lien (other than a Lien that would, following the acquisition or creation of the relevant Subsidiary, become a Permitted
Lien) in respect of any Inherited Indebtedness on any asset of any corporation that becomes a Subsidiary of the Borrower after
the Guarantee Release Date so long as (i) the acquisition or creation of such corporation by the Borrower is not otherwise prohibited
by the terms of this Agreement and (ii) such Liens are in existence at the time such corporation becomes a Subsidiary of the Borrower
and were not created by the Borrower or any of its Subsidiaries in anticipation thereof.

 

“Non-Principal Subsidiary”
means a Subsidiary other than a Principal Subsidiary.

 

“Permitted Principal
Subsidiary Indebtedness” means:

 

		c.	Indebtedness
                                         owing to the Borrower or a direct or indirect Subsidiary of the Borrower; and

 

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

 

    12

     

    

 

“Permitted Liens”
means:

 

		a.	Liens securing
                                         Government-related Obligations;

 

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

 

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

 

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

 

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

 

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

 

		g.	Liens on Vessels
                                         that:

 

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

 

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

 

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

 

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

 

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

 

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

 

		j.	Liens on cash
                                         or Cash Equivalents or marketable securities securing:

 

    13

     

    

 

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

 

(ii)            
letters of credit that support such obligations;

 

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

 

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

 

		m.	licenses, sublicenses,
                                         leases or subleases granted to other Persons not materially interfering with the conduct
                                         of the business of the Borrower or any of its Subsidiaries; and

 

		n.	Liens on any
                                         property of Silversea identified in Section 2 of Exhibit I hereto,

 

“Permitted Non-Principal
Subsidiary Indebtedness” means:

 

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

 

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

 

		c.	other Indebtedness
                                         other than Indebtedness for borrowed money (it being agreed for this purpose that any
                                         Group Member Guarantee granted in connection with Indebtedness for borrowed money shall
                                         be considered to be Indebtedness for borrowed money).

 

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	1.	Sections 7.2.2 and 7.2.3 shall be deleted in
                                         their entirety and replaced with the following (and all other provisions and clause references
                                         shall be construed accordingly):

 

SECTION 7.2.2       Subsidiary
Indebtedness and Liens.

 

		(a)	With effect
                                         from the Guarantee Release Date and except to the extent permitted by Section 7.2.2(b)
                                         below:

 

		(i)	the Borrower will
                                         not permit:

 

A.     any
of its Principal Subsidiaries to incur any Indebtedness other than Permitted Principal Subsidiary Indebtedness; and

 

B.     any
of its Non-Principal Subsidiaries to incur any Indebtedness other than Permitted Non-Principal Subsidiary Indebtedness; and

 

		(ii)	the Borrower (having regard, in
                                         the case of any ECA Financed Vessel, to Section 7.2.10) will not, and will not permit
                                         any of its Subsidiaries to, permit to exist any Lien upon any of its property, revenues
                                         or assets, whether now owned or hereafter acquired other than Permitted Liens.

 

		(b)	Section 7.2.2(a) shall
                                         not, however, prohibit any Indebtedness or Lien provided that (but again having regard,
                                         in the case of any ECA Financed Vessel, to Section 7.2.10) immediately following the
                                         incurrence (including any Group Member Guarantees) of the Indebtedness or Lien (as applicable):

 

		(i)	the sum of the aggregate principal
                                         amount (without duplication) of (x) Indebtedness incurred by Principal Subsidiaries (excluding
                                         Permitted Principal Subsidiary Indebtedness), (y) Indebtedness incurred by Non-Principal
                                         Subsidiaries (excluding Permitted Non-Principal Subsidiary Indebtedness) and (z) the
                                         Indebtedness secured by Liens (other than Permitted Liens) granted by any Group Member
                                         does not exceed 20.0% of the total assets of the Borrower and its Subsidiaries taken
                                         as a whole as determined in accordance with GAAP as at the last day of the most recent
                                         ended Fiscal Quarter;

 

		(ii)	in the event the Senior Debt Rating
                                         of the Borrower is at Investment Grade as given by either Moody’s and S&P (determined
                                         at the time of the incurrence of the Indebtedness or Lien), the sum of the aggregate
                                         principal amount (without duplication) of (x) Indebtedness incurred by Principal Subsidiaries
                                         (excluding Permitted Principal Subsidiary Indebtedness) and (y) the Indebtedness secured
                                         by Liens (excluding Permitted Liens) granted by any Group Member does not exceed 10.0%
                                         of the total assets of the Borrower and its Subsidiaries taken as a whole as determined
                                         in accordance with GAAP as at the last day of the most recent ended Fiscal Quarter;

 

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		(iii)	in the event the Senior Debt Rating
                                         of the Borrower is below Investment Grade as given by both Moody’s and S&P
                                         (determined at the time of creation of the Lien or the granting of a Group Member Guarantee
                                         (as applicable)):

 

		 	A.    the
                                         aggregate principal amount of Indebtedness secured by first priority Liens (excluding
                                         Permitted Liens) granted by any Group Member does not exceed 5% of the total assets of
                                         the Borrower and its Subsidiaries taken as a whole as determined in accordance with GAAP
                                         as at the last day of the most recent ended Fiscal Quarter;

 

		 	B.     the
                                         aggregate principal amount of Indebtedness secured by second (or lower) priority Liens
                                         (excluding Permitted Liens) granted by any Group Member does not exceed 5% of the total
                                         assets of the Borrower and its Subsidiaries taken as a whole as determined in accordance
                                         with GAAP as at the last day of the most recent ended Fiscal Quarter; and

 

		 	C.     the
                                         sum of the aggregate principal amount (without duplication) of (x) Indebtedness (including
                                         any Group Member Guarantees) incurred by Principal Subsidiaries (excluding Permitted
                                         Principal Subsidiary Indebtedness) and (y) Indebtedness secured by Liens (excluding Permitted
                                         Liens) granted by any Group Member pursuant to (iii)(A) and (B) above does not exceed
                                         10.0% of the total assets of the Borrower and its Subsidiaries taken as a whole as determined
                                         in accordance with GAAP as at the last day of the most recent ended Fiscal Quarter,

 

provided that
if, following the Guarantee Release Date, the Borrower enters into a transaction which results in the existence of any Inherited
Lien or Inherited Indebtedness, and solely as a result of that Inherited Lien (and the related Inherited Indebtedness secured
by that Inherited Lien) or Inherited Indebtedness, the thresholds referred to in this paragraph (b) are exceeded, whilst no breach
of this clause shall be deemed to have occurred at the time of such transaction, no further Indebtedness or Liens of the type
referred to in this paragraph (b) shall be permitted to be incurred or, as the case may, permitted to exist until such time as
the Borrower is in compliance with the thresholds referred to above (and taking into account for such purpose any unsecured Inherited
Indebtedness or Inherited Indebtedness secured by any Inherited Lien).

 

	2.	Section 7.2.3 shall be deleted in its entirety and replaced with
                                 “Intentionally Omitted”.

 

	3.	A new Section 7.2.10 shall be inserted as follows:

 

SECTION
7.2.10                 Negative Pledge Over
ECA Financed Vessels.

 

For the purposes
of this Section 7.2.10:

 

“repaid”
means scheduled repayments or voluntary or mandatory prepayment and not repayments arising following the acceleration of the relevant
ECA Financing after the occurrence of an Event of Default; and

 

    16

     

    

 

 

“credit
support” means a Lien over any ECA Financed Vessel granted by any Group Member or a Group Member Guarantee from a Group
Member (other than the Borrower) that owns (directly or indirectly) any ECA Financed Vessel.

 

In connection with the granting
of any Lien or Group Member Guarantee pursuant to Section 7.2.2(b) above, no Group Member shall use any ECA Financed Vessel as
credit support in respect of any Indebtedness except: : [Note: thresholds subject to confirmation due to slight inconsistency
with Hermes (and they will need to be the same)]

 

(i)         
if more than 75.0% of the aggregate principal amount of Indebtedness originally incurred under the ECA Financing in respect
of that ECA Financed Vessel has been repaid by the relevant Group Member, that Group Member shall be entitled to grant credit
support over or in respect of that ECA Financed Vessel on the basis, and in compliance with the terms of, Section 7.2.2(b); and

 

(ii)        
if an amount equal to or higher than 15.0% but less than or equal to 75% of the aggregate principal amount of Indebtedness
originally incurred under the ECA Financing in respect of that ECA Financed Vessel has been repaid by the relevant Group Member
(determined at the time the relevant credit support is provided), the relevant Group Member shall be entitled to provide such
credit support over that ECA Financed Vessel on the basis of, and subject to the compliance with, the terms of, Section 7.2.2(b),
provided that the amount of Indebtedness secured or supported (as applicable) by that credit support shall not exceed an amount
equal to FV x (A / B) where:

 

FV = the fair
value of that ECA Financed Vessel at the time of the provision of that credit support (as evidenced by the information to be provided
pursuant to sub-paragraph (v) below);

 

A = the aggregate
principal amount of Indebtedness incurred under the ECA Financing in respect of that ECA Financed Vessel which has been repaid
by the relevant Group Member at the time the credit support is provided; and

 

B = the amount
of Indebtedness originally incurred by the relevant Group Member under the ECA Financing in respect of that ECA Financed Vessel,

 

it being
acknowledged and agreed that:

 

(iii)       
where the relevant credit support being provided in accordance with this Section 7.2.10 is a Group Member Guarantee from
a Group Member that owns (directly or indirectly) one or more ECA Financed Vessels but does not own (directly or indirectly) any
other Vessels, the amount of Indebtedness that can be supported by such Group Member Guarantee shall be equal to the aggregate
amount of Indebtedness that would be permitted to be secured under this Section 7.2.10 if, instead of a Group Member Guarantee,
each relevant Principal Subsidiary owning each relevant ECA Financed Vessel was to provide a Lien as credit support in respect
of that Indebtedness;

 

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(iv)        where
the relevant credit support being provided in accordance with this Section 7.2.10 is a Group Member Guarantee from a Group Member
that owns (directly or indirectly) one or more ECA Financed Vessels and other Vessels, the restrictions contained in this Section
7.2.10 as to the amount of the Indebtedness that can be supported by such credit support must be preserved at all times and, not
later than five Business Days after the date upon which that Group Member grants the relevant Group Member Guarantee, the Borrower
shall notify the Facility Agent in writing of such event and shall provide any information as may be reasonably requested by the
Facility Agent to verify that the requirements of this Section 7.2.10 have been complied with following the provision of such
Group Member Guarantee; and

 

(v)         not
later than five Business Days after the date upon which a Group Member provides any credit support, the Borrower shall provide
the Facility Agent with evidence as to its compliance with this Section 7.2.10, which evidence shall include all required calculations
and other information required by the Facility Agent (acting reasonably) to determine such compliance; and

 

(vi)        no
Group Member shall be entitled to use any ECA Financed Vessel as credit support in the manner contemplated by this Section 7.2.10:

 

		(A)	until such time
                                         as the relevant Group Member has repaid at least 15.0% of the aggregate principal amount
                                         of Indebtedness originally incurred under the ECA Financing in respect of that ECA Financed
                                         Vessel; and/or

 

		(B)	at any time in which a Default
                                         has occurred and is continuing.

 

    18

     

    

 

SIGNATORIES

 

Amendment agreement in respect
of Hull B34

 

Borrower

 

	Royal Caribbean Cruises Ltd.	)	 
	Name: Antje M. Gibson	)	/S/ ANTJE M. GIBSON
	Title: Vice President, Treasurer	)	 

 

[Signature Page to Amendment No. 7 - Hull
no. B34]

 

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Facility Agent

 

	Citibank Europe plc, UK Branch	)	 
	Name: Claire Crawford	)	/S/ CLAIRE CRAWFORD
	Title: AVP	)	 

 

ECA Agent

 

	Citibank N.A., London Branch	)	 
	Name: Christopher Conway	)	/S/ CHRISTOPHER CONWAY
	Title:   Managing Director	)	 

 

[Signature Page to
Amendment No. 7 - Hull no. B34]

 

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Mandated Lead Arrangers

 

	Banco Santander, S.A.	)	 
	Name: Vanessa Berrio	)	/S/ VANESSA BERRIO
	Title:   Vice President	)	 
	 	 	 
	Name: Carmen Molina	)	/ S/ CARMEN MOLINA
	Title:   Vice President	)	 
	 	 	 
	Citibank N.A., London Branch	)	 
	Name: Christopher Conway	)	/S/ CHRISTOPHER CONWAY
	Title:   Managing Director	)	 
	 	 	 
	HSBC Continental Europe	)	 
	Name: Guy Woelfel	)	/S/ GUY WOELFEL
	Title:   Managing Director	)	 
	 	 	 
	Name: Julie Bellais	)	/S/ JULIE BELLAIS
	Title:   Director	)	 
	 	 	 
	Société Générale	)	 
	Name: Agnes Deschenes Voirin	)	/S/ AGNES DESCHENES VOIRIN
	Title:   Director	)	 
	 	 	 
	SMBC Bank International plc	)	 
	Name: Kenji Yanagawa	)	/S/ KENJI YANAGAWA
	Title:   Executive Director	)	 
	 	 	 
	Name: Kuniaki Nagano	)	/S/ KUNIAKI NAGANO
	Title:   Executive Director	)	 
	 	 	 
	MUFG Bank Ltd.	)	 
	Name: Jean-Marie Le Fouest	)	/S/ JEAN-MARIE LE FOUEST
	Title:   Managing Director	)	 
	 	 	 
	Skandinaviska Enskilda Banken AB (publ)	)	 
	Name: Malcolm Stonehouse	)	/S/ MALCOLM STONEHOUSE
	Title:   Client Executive	)	 
	 	 	 
	Name: GLENN FRANCIS	)	/S/ GLENN FRANCIS
	Title:   Head of Corporate Banking, SEB UK	)	 

 

[Signature Page to
Amendment No. 7 - Hull no. B34]

 

    21

     

    

 

	Lenders	 	 
	 	 	 
	Banco Santander, S.A.	)	 
	Name: Vanessa Berrio	)	/S/ VANESSA BERRIO
	Title:   Vice President	)	 
	 	 	 
	Name: Carmen Molina	)	/ S/ CARMEN MOLINA
	Title:   Vice President	)	 
	 	 	 
	Citibank N.A., London Branch	)	 
	Name: Christopher Conway	)	/S/ CHRISTOPHER CONWAY
	Title: Managing Director	)	 
	 	 	 
	HSBC Continental Europe	)	 
	Name: Guy Woelfel	)	/S/ GUY WOELFEL
	Title: Managing Director	)	 
	 	 	 
	Name: Julie Bellais	)	/S/ JULIE BELLAIS
	Title: Director	)	 
	 	 	 
	Société Générale	)	 
	Name: Agnes Deschenes Voirin	)	/S/ AGNES DESCHENES VOIRIN
	Title: Director	)	 
	 	 	 
	SMBC Bank International plc	)	 
	Name: Kenji Yanagawa	)	/S/ KENJI YANAGAWA
	Title: Executive Director	)	 
	 	 	 
	Name: Kuniaki Nagano	)	/S/ KUNIAKI NAGANO
	Title: Executive Director	)	 
	 	 	 
	MUFG Bank Ltd.	)	 
	Name: Jean-Marie Le Fouest	)	/S/ JEAN-MARIE LE FOUEST
	Title: Managing Director	)	 

 

[Signature
Page to Amendment No. 7 - Hull no. B34]

 

    22

     

    

 

	Skandinaviska Enskilda Banken AB (publ)	)	 
	Name: Malcolm Stonehouse	)	/S/ MALCOLM STONEHOUSE
	Title: Client Executive	)	 
	 	 	 
	Name: GLENN FRANCIS	)	/S/ GLENN FRANCIS
	Title: Head of Corporate Banking, SEB UK	)	 
	)	 	 

 

[Signature Page to
Amendment No. 7 - Hull no. B34]

 

    23

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