Document:

Exhibit 10.23

	 	 
	 	Dated
    22 December 2021	 
	
    HOUATORRIS
    Finance Limited

    as Existing Borrower

     

    ROYAL CARIBBEAN CRUISES LTD.

    as New Borrower 

     

    citibank
    europe plC, uk branch

    as Facility Agent 

     

    Citicorp
    trustee company limited

    as Security Trustee

     

    CITIBANK N.A., LONDON BRANCH

    as Global Coordinator 

     

    HSBC CONTINENTAL EUROPE

    as French Coordinating Bank 

     

    SMBC BANK INTERNATIONAL PLC

    as ECA Agent

     

    CITIBANK N.A., LONDON BRANCH,
    banco santander s.a., paris branch, bnp 

paribas, HSBC CONTINENTAL EUROPE , societe generale
    

     

    and 

     

    SMBC
    BANK INTERNATIONAL PLC

    as Mandated Lead Arrangers

     

    and

     

    THE BANKS AND FINANCIAL INSTITUTIONS LISTED
    IN SCHEDULE 1

    as Lenders

     

	 	Amendment Agreement in connection with

the Credit Agreement in respect of

Hull No. M34 at Chantiers de l’Atlantique S.A.	 
	 	 	 	 	 	 

     

     

    

 

Contents

 

	Clause	Page
	 	 	 
	1	Interpretation and definitions	2
	2	Amendment of the Novation Agreement and the form of Novated Credit Agreement	2
	3	Conditions of effectiveness	3
	4	Representations and Warranties	4
	5	Incorporation of Terms	5
	6	Fees, Costs and Expenses	5
	7	Counterparts	5
	8	Governing Law	5
	Schedule 1 Lenders	6
	Schedule 2 Form of Amendment Effective Date confirmation – Hull M34	7
	Schedule 3 Amendments to the Form of Novated Credit Agreement	8

 

     

     

    

 

THIS AMENDMENT AGREEMENT (this Amendment)
is dated 22 December 2021 and made BETWEEN:

 

	(1)	HOUATORRIS FINANCE LIMITED as transferor (the Existing Borrower);

 

	(2)	ROYAL CARIBBEAN CRUISES LTD. as transferee (the New Borrower); 

 

	(3)	CITIBANK EUROPE PLC, UK BRANCH as facility agent for the other Finance Parties (the Facility Agent);

 

	(4)	CITICORP TRUSTEE COMPANY LIMITED as security trustee for the other Finance Parties (the Security Trustee);

 

	(5)	CITIBANK N.A. LONDON BRANCH as global coordinator (the Global Coordinator);
	 	 
	(6)	HSBC CONTINENTAL EUROPE (previously known as HSBC France) as French coordinating bank (the French Coordinating Bank);

 

	(7)	SMBC BANK INTERNATIONAL PLC (previously known as Sumitomo Mitsui Banking Corporation Europe limited, Paris Branch) as ECA agent (the ECA Agent);

 

	(8)	CITIBANK N.A., LONDON BRANCH, HSBC CONTINENTAL EUROPE (previously known as HSBC France), BANCO SANTANDER S.A., PARIS BRANCH, BNP PARIBAS, SOCIÉTÉ GÉNÉRALE and SMBC BANK INTERNATIONAL PLC as Mandated Lead Arrangers; and

 

	(9)	THE BANKS AND FINANCIAL INSTITUTIONS listed in Schedule 1 as Lenders.

 

WHEREAS:

 

		(A)	Reference is made to the facility agreement dated 24 July 2017 (as supplemented, amended and restated
from time to time, the Facility Agreement) and made between (1) the Existing Borrower as borrower, (2) the banks and financial
institutions named therein as original lenders, (3) the Mandated Lead Arrangers as mandated lead arrangers, (4) the Facility Agent as
facility agent, (5) the Security Trustee as security trustee (6) the Global Coordinator as global coordinator, (7) the French Coordinating
Bank as French coordinating bank and (8) the ECA Agent as ECA agent, pursuant to which the Lenders have agreed to make available a loan
of up to €630,622,480 to the Existing Borrower in connection with the purchase by the Existing Borrower of the Receivable from the
Seller pursuant to the Receivable Purchase Agreement.

 

		(B)	This Amendment is supplemental to the novation agreement dated 24 July 2017 (as supplemented, amended
and restated from time to time, the Novation Agreement) in respect of the financing of the acquisition of the Vessel pursuant to
the Facility Agreement and made between, amongst others, (1) the Existing Borrower as the existing borrower, (2) the New Borrower as the
new borrower, (3) the banks and financial institutions named therein as original lenders, (4) the Mandated Lead Arrangers as mandated
lead arrangers, (5) the Facility Agent as facility agent, (6) the Security Trustee as security trustee, (7) the Global Coordinator as
global coordinator, (8) the French Coordinating Bank as French coordinating bank and (9) SMBC Bank International plc as ECA agent.

 

		(C)	The New Borrower has requested, pursuant to a consent request letter dated 8 December 2021, that the form
of Novated Credit Agreement scheduled to the Novation Agreement (as such Novated Credit Agreement was previously amended and restated
pursuant to the Fourth Novation Agreement Supplement) be amended on the basis set out in this Amendment to reflect certain amendments
to the financial covenants set out in Section 7.2.4 of the form of Novated Credit Agreement.

 

		(D)	In connection with the arrangements referred to in Recital (C) above, the Parties wish to amend the form
of Novated Credit Agreement scheduled to the Novation Agreement on the basis set out in this Amendment.

 

     
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NOW IT IS AGREED as follows:

 

		1	Interpretation and definitions

 

		1.1	Definitions in the Facility Agreement and the Novation Agreement

 

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

 

		(b)	The principles of construction set out in clause 1.3 of the Novation Agreement shall have effect as if
set out in this Amendment.

 

		1.2	Definitions

 

In this Amendment:

 

Amendment Effective Date means the date
specified as such in the certificate signed by the

Facility Agent in accordance with clause
3.2.

 

ECA Financing has the meaning
given to it in the form of Novated Credit Agreement.

 

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

 

Party means each of the parties
to this Amendment.

 

		1.3	Third party rights

 

Other than BpiFAE in respect of the
rights of BpiFAE under the Finance Document and the Loan Documents, unless expressly provided to the contrary in a Finance Document or
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 for the purposes of the replacement Novated Credit Agreement and a Finance Document for the purposes of the
Facility Agreement.

 

		1.5	Security Trustee

 

Each of the parties acknowledges that
the Security Trustee is entering into this Amendment on the irrevocable and unconditional instructions of the Facility Agent and the Security
Trustee shall have all of the rights, powers and protections conferred on it under the Finance Documents hereunder.

 

		2	Amendment of the Novation Agreement and the form of Novated 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, the form of the Novated Credit Agreement
set out in Schedule 3 of the Novation Agreement shall, with effect from the Amendment Effective Date, be (and it is hereby) amended in
accordance with the amendments set out in Schedule 3.

 

     
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		3	Conditions of effectiveness

 

		3.1	The agreement of the Parties referred to in clause 2 shall be subject to each of the following conditions
being satisfied to the reasonable satisfaction of the Facility Agent:

 

		(a)	the Facility Agent shall have received from the New 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 New Borrower cancelling or amending such prior certificate; and

 

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

 

		(b)	the Facility Agent shall have received from the Existing Borrower:

 

		(i)	a certificate from an authorised officer of the Existing Borrower, confirming that there have been no
changes or amendments to its constitutional documents, certified copies of which were previously delivered to the Facility Agent pursuant
to the Facility Agreement, or attaching revised versions in case of any changes or amendments; and

 

		(ii)	a copy, certified by an authorised officer of the Existing Borrower, of (A) resolutions of its board of
directors approving the transactions contemplated by this Amendment and authorising a person or persons to execute this Amendment and
any notices or other documents to be given pursuant hereto and (B) any power of attorney issued pursuant to such resolutions (which shall
be certified as being in full force and effect and not revoked or withdrawn);

 

		(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 New Borrower pursuant to clause 6 below, and
all other documented fees and expenses that the New 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 ECA Agent and the Facility Agent shall have received evidence satisfactory to the ECA Agent and the
Facility Agent (acting on the instructions of the Lenders) that BpiFAE has approved the arrangements referred to in this Amendment;

 

		(f)	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 New 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 Novation Agreement Supplement);
and

 

		(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 Novation Agreement Supplement),

 

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

 

		(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;

 

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

 

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

 

		(j)	the Facility Agent shall have received from the Existing Borrower and the New 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; and

 

		(k)	the Facility Agent shall have received evidence that, as required pursuant to clause 9.6(c) of the Receivable
Purchase Agreement, the Seller has consented to the amendments to the Novation Agreement set out in this Amendment.

 

		3.2	The Facility Agent shall notify the Lenders, the Existing Borrower and the New 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, Warranties and Undertakings

 

		4.1	The Existing Borrower shall be deemed to repeat the representations and warranties in clause 7.1 of the
Facility Agreement on the date of this Amendment and the Amendment Effective Date, in each case, as if made with reference to the facts
and circumstances existing on such dates.

 

		4.2	The New Borrower represents and warrants that each of the representations set out in Article VI of the
form of the Novated Credit Agreement (other than Section 6.10) set out in Schedule 3 of the Novation Agreement are true and correct as
if made at the date of this Amendment and at the Amendment Effective Date, in each case with reference to the facts and circumstances
existing on such day, as if references to the Loan Documents include this Amendment and as if the form of Novated Credit Agreement was
effective at the time of each such repetition.

 

		4.3	In addition to the representations and warranties referred to in clause 4.2 above, the New Borrower:

 

		(a)	represents and warrants to the Facility Agent and each Lender that if and to the extent any of the New
Borrower’s Bank Indebtedness (as defined in the form of Novated Credit Agreement) include a fixed charge coverage ratio and/or net
debt to capitalisation ratio commitment, such fixed charge coverage ratio and/or net debt to capitalization ratio commitment (and their
definitions) are substantially aligned with the Fixed Charge Coverage Ratio and the Net Debt to Capitalization Ratio respectively (and
their definitions) (each as defined in the form of Novated Credit Agreement) ignoring for this purpose, if applicable, any differences
in their definitions which the New Borrower in good faith considers immaterial in giving this representation and any differences arising
from the application of differing governing laws applicable to any such Bank Indebtedness;

 

		(b)	represents and warrants to the Facility Agent and each Lender that the New Borrower is negotiating amendments
to each other ECA Financing which shall, upon entry into of the relevant amendment agreement in respect of that ECA Financing, contain
amendments that will be consistent with, and on the same substantive terms as, the amendments to be contained in the form of Novated Credit
Agreement (as amended by this Amendment); and

 

		(c)	covenants and undertakes with the Facility Agent that, in relation to each amendment agreement to the
finance documents in respect of each other ECA Financing containing the amendments referred to in paragraph (b) above, it will liaise
with counsel to the facility agent under each such other ECA Financing to sign and lodge counterparts of such amendment agreements on
the understanding that they will become effective at or around the same time as the Amendment Effective Date or, if and to the extent
that the Facility Agent receives evidence satisfactory to it that BpiFAE has permitted this and provided that all such amendment agreements
shall take effect no later than 31 December 2021, promptly after the Amendment Effective Date.

 

     
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		5	Incorporation of Terms

 

The provisions of clauses 13 (Miscellaneous
and notices), 14.2 (Submission to jurisdiction) and 14.3 (Waiver of immunity) of the Novation Agreement shall be incorporated
into this Amendment as if set out in full in this Amendment and as if (a) references to each Party are references to each Party to this
Amendment and (b) references to ‘this Agreement’ include this Amendment.

 

		6	Fees, Costs and Expenses

 

		6.1	The New 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 New Borrower
of in advance or, where applicable, in the relevant Fee Letter.

 

		6.3	The New Borrower agrees to pay on demand, on an after-tax basis, all reasonable out-of-pocket costs and
expenses in connection with:

 

		(a)	the preparation, execution and delivery of; and

 

		(b)	the administration, modification and amendment of,

 

this Amendment and
all other documents to be delivered hereunder or thereunder, including, without limitation, the reasonable fees and out-of-pocket expenses
of Norton Rose Fulbright LLP as the legal adviser to the Lenders and the Facility Agent and the Security Trustee.

 

		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

Lenders

 

Banco Santander, S.A, Paris Branch

BNP Paribas Citibank N.A., London Branch

HSBC Continental Europe

Société Générale 

SMBC Bank International plc

SFIL

 

     
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Schedule 2

Form of Amendment Effective Date confirmation – Hull M34

 

To:         Royal Caribbean Cruises Ltd.

 

Hull No. M34 Amendment Agreement dated [●]
2021 (the Amendment Agreement)

 

We, CITIBANK EUROPE PLC, UK BRANCH, refer
to the Amendment Agreement and confirm that all conditions precedent referred to in clause 3.1 of the Amendment Agreement have been satisfied
and, accordingly, the “Amendment Effective Date” for the purposes of the Amendment Agreement is [●] 2021.

 

Facility Agent

 

	Signed by	 	 

 

For and on behalf of CITIBANK EUROPE PLC, UK
BRANCH

 

     
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Schedule 3

Amendments to the Form of Novated Credit Agreement

 

LIST OF AMENDMENTS TO THE RCCL EDGE 4 CREDIT
AGREEMENT

 

Schedule 3

 

It is acknowledged and agreed
that, with effect from the Amendment Effective Date, the form of Novated Credit Agreement scheduled to the Novation Agreement shall be
amended as follows:

 

		1	the following new definitions shall be inserted into Section 1.1 (Defined Terms) of Article 1 (Definitions
and accounting terms) in alphabetical order to read:

 

“2023
Converted Debt” means the aggregate amount of debt securities issued by the Borrower pursuant to the 2023 Convertible Notes Indenture
which are, in accordance with the provisions of the said 2023 Convertible Notes Indenture, converted, or to be converted, into equity
securities of the Borrower on the 2023 Maturity Date.”

 

“2023
Convertible Notes 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 $1,150,000,000 4.250% convertible senior notes due 2023, by and
among the Borrower as issuer and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as trustee.”

 

“2023
Maturity Date” has the meaning given to the term Maturity Date in the 2023 Convertible Notes Indenture (and being June 15, 2023).”

 

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

 

		(a)	in the case of the period of four consecutive Fiscal Quarters ending with the first Fiscal Quarter ending
after the last day of the Fiscal Quarter ending on September 30, 2022, the product of (A) net cash from operating activities for such
first Fiscal Quarter and (B) four,

 

		(b)	in the case of the period of four consecutive Fiscal Quarters ending with the second Fiscal Quarter ending
after the last day of the Fiscal Quarter ending on September 30, 2022, the product of (i) the sum of net cash from operating activities
for such second Fiscal Quarter and the immediately preceding Fiscal Quarter and (ii) two; and

 

		(c)	in the case of the period of four consecutive Fiscal Quarters ending with the third Fiscal Quarter ending
after the last day of the Fiscal Quarter ending on September 30, 2022, the product of (i) the sum of net cash from operating activities
for such third Fiscal Quarter and the two immediately preceding Fiscal Quarters and (ii) four-thirds,

 

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

 

     
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		2	the definition of "Covenant Modification Date" in Section 1.1 (Defined Terms) of Article
1 (Definitions and accounting terms) shall be deleted in its entirety

 

		3	the definition of "Financial Covenant Waiver Period" in Section 1.1 (Defined Terms) of
Article 1 (Definitions and accounting terms) shall be deleted in its entirety and replaced as follows to read:

 

"Financial
Covenant Waiver Period" means the period from and including the Novation Effective Time to and including December 31, 2022.”

 

		4	the definition of "Fixed Charge Coverage Ratio" in Section 1.1 (Defined Terms) of Article
1 (Definitions and accounting terms) shall be deleted in its entirety and replaced as follows to read:

 

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

 

		a)	

 

		(i)	save as provided in a) ii) below, net cash from operating activities (determined in accordance with GAAP) for such period; or

 

		(ii)	in the case of the end of each of the first three Fiscal Quarters ending after the last day of the Fiscal Quarter ending on September
30, 2022, the Annualized Net Cash from Operating Activities for such relevant Fiscal Quarter, to;

 

		b)	the sum of:

 

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

 

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

 

		5	the definition of "Stockholders' Equity" in Section 1.1 (Defined Terms) of Article 1
(Definitions and accounting terms) shall be deleted in its entirety and replaced as follows to read:

 

"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 and which shall, for the purposes of determining the level of Stockholders’ Equity
for the purposes of assessing compliance with the financial covenant contained in Section 7.2.4.c.:

 

		1)	for the Fiscal Quarter ended March 31, 2023, also include the 2023 Converted Debt in the amount of $1,150,000,000
as reduced by (i) the value of the 2023 Converted Debt that the Borrower has elected to settle in cash (rather than equity) in accordance
with section 14.02 of the 2023 Convertible Notes Indenture and (ii) the value of any new equity the Borrower issues in order to settle
in equity that 2023 Converted Debt obligation; and

 

		2)	for the avoidance of doubt, when calculating the Stockholders’ Equity for the purposes of determining
the Borrower’s compliance with the financial covenant in Section 7.2.4.c.:

 

		A	for all periods starting after December 31, 2022, any outstanding 2023 Converted Debt will be accounted
for as equity at any time until the 2023 Maturity Date (and, in the case of the Fiscal Quarter ended March 31, 2023, in accordance with
calculations set out in paragraph 1) above); and

 

		B	from the 2023 Maturity Date, only such part of the 2023 Converted Debt as has actually been converted
into equity securities by the 2023 Maturity Date shall be included in determining the level of Stockholders’ Equity for the purposes
of assessing compliance with the financial covenant contained in Section 7.2.4.c

 

     
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provided that:

 

		a)	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;

 

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

 

		c)	any non-cash write-off to Stockholders’ Equity with respect to the Fiscal Year ended December 31,
2021 or December 31, 2022 (excluding any such write-offs to goodwill with respect to either such Fiscal Year) shall be disregarded in
the computation of Stockholders’ Equity such that the amount of any reduction thereof resulting from such write-off shall be added
back to Stockholders’ Equity; provided that the aggregate amount of such write-offs added back to Stockholders’ Equity pursuant
to this clause (c) shall not exceed the greater of (i) 10.0% of the total assets of the Borrower and its Subsidiaries taken as a whole
as determined in accordance with GAAP as at the last day of the most recently ended Fiscal Quarter and (ii) $3,000,000,000;

 

		d)	any non-cash write-off to such part of the Borrower’s goodwill as existed on the Borrower’s
balance sheet as of December 31, 2020 (namely $809,480,000) in respect of the Fiscal Years ended December 31, 2021, December 31, 2022,
December 31, 2023 and December 31, 2024, shall be disregarded in the computation of Stockholders’ Equity such that the amount of
any reduction thereof resulting from such write-offs shall be added back to Stockholders’ Equity; and

 

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

 

and provided further that unless the
Borrower, the Facility Agent and the ECA Agent (acting upon the instructions of BpiFAE) have agreed otherwise in writing:

 

		(i)	if, by no later than the date (the “Add Back End Date”) falling 30 days after the end
of the Fiscal Quarter ending June 30, 2025, BpiFAE has issued its written consent (the “Add Back Transition Consent”)
to the arrangements set out below, the aggregate amount of the add backs made pursuant to paragraphs (b) to (e) above shall automatically
be reduced successively by 25 per cent of such aggregate amount in the last Fiscal Quarter of each of the four (4) Fiscal Years commencing
January 1, 2025 so as to reduce to zero any such add backs by, and in the assessment of, the Fiscal Year ended December 31, 2028; and

 

		(ii)	if BpiFAE has not issued the Add Back Transition Consent by the Add Back End Date, with effect from the
Add Back End Date the add backs set out in paragraphs (b) to (e) above shall be removed and accordingly
the add backs set out in paragraphs (b) to (e) above shall be reduced to zero for the purposes of, and in the assessment of, the Fiscal
Quarter ending September 30, 2025, and any Fiscal Quarter and Fiscal Year occurring thereafter.

 

For the avoidance
of doubt, no item added back to Stockholders’ Equity pursuant to paragraphs (b), to (e) above shall be added back pursuant to any
other clause, section or paragraph of this Agreement. For the purposes of paragraphs (i) and (ii) above, where BpiFAE issues the Add Back
Transition Consent the ECA Agent shall communicate such consent promptly to the other parties to this Agreement."

 

		6	Paragraphs (c) and (k) of Section 7.1.1 (Financial Information, Reports, Notices, etc.) of Article
VII (Covenants) shall each be deleted in their entirety and replaced as follows to read:

 

		"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, setting out, as of the last day of the relevant Fiscal Quarter or
Fiscal Year, computations as to 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) it being understood and agreed that any such certificate
supplied in respect of any Fiscal Quarter ending during the Financial Covenant Waiver Period shall still contain such calculations and
computations but shall not be required to demonstrate compliance with the covenants set forth in Section 7.2.4;” ;

 

		“k.	during the period from the Novation Effective Time until the Minimum Liquidity Cut-off Date (as defined
in Section 7.2.4(C)), 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;”;

 

     
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		7	The last line of Paragraph (o) and the final 4 lines of Section 7.1.1 (Financial Information, Reports,
Notices, etc.) of Article VII (Covenants) shall be deleted and replaced and a new Paragraph (p) shall be added as follows to
read:

 

“that has,
or may, result in a breach of section 7.1.10; and

 

(p) following the
later to occur of (i) the end of the Financial Covenant Waiver Period and (ii) the repayment of all sums described as 'Deferred Tranches'
in each ECA Financing of the Borrower and its Subsidiaries for which “Deferred Tranches” exist, within 5 Business Days of
any Group Member agreeing to any new, modified or substitute financial covenants of the type or similar to the financial covenants set
out in Section 7.2.4 in respect of any of its Indebtedness for borrowed money, the Borrower shall provide written notice to the Facility
Agent of such agreement (and setting out full details of the relevant new, modified or substitute financial covenants) and, if requested
by the Facility Agent (acting upon the instructions of the Required Lenders), the Borrower and the Lenders shall discuss in good faith
whether or not such new, modified or substitute financial covenants shall be incorporated into this Agreement and, if agreed, the parties
shall promptly enter into an amendment agreement to reflect such agreement,

 

provided that information
required to be furnished to the Facility Agent under subsections (a), (b), (g) and (m) 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.”

 

		8	Section 7.2.4. (Financial Condition) of Article VII (Covenants) shall be deleted in its
entirety and replaced as follows to read:

 

"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 the applicable level set forth below opposite
such Fiscal Quarter under the below heading “Net Debt to Capitalization Ratio”:

 

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

 

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

 

		c.	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, Stockholders' Equity to be less than, as at the last day of any Fiscal Quarter, the sum of (i) $4,150,000,000 plus
(ii) 50% of the consolidated net income of the Borrower and its Subsidiaries for the period commencing on January 1, 2007 and ending on
the last day of the Fiscal Quarter most recently ended (treated for these purposes as a single accounting period, but in any event excluding
any Fiscal Quarters for which the Borrower and its Subsidiaries have a consolidated net loss).

 

     
Page 11

     

    

 

In connection with the determination of
Stockholders’ Equity for the Fiscal Quarter ended March 31, 2023, the Borrower hereby undertakes that it will act in good faith
and will provide to the Facility Agent no later than March 25, 2023 written confirmation of the actual amount of 2023 Converted Debt it
has elected to settle (i) in equity, (ii) in cash and (iii) in cash generated from equity issued for the purpose of settling the 2023
Converted Debt obligation in cash, together with copies all notices of conversion provided to the noteholders pursuant to section 14.02
of the 2023 Convertible Notes Indenture.”

 

		9	Section 7.2.4(A) (Most favored lender with respect to Financial Covenants.) of Article VII (Covenants)
shall be deleted in its entirety and replaced as follows to read:

 

“SECTION 7.2.4(A).
Most favored lender with respect to Financial Covenants. If from the start of the Financial Covenant Waiver Period until the later to
occur of (i) the end of the Financial Covenant Waiver Period and (ii) the repayment of all sums described as 'Deferred Tranches' in each
ECA Financing of the Borrower and its Subsidiaries for which “Deferred Tranches” exist 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 (a) 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 (b) 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.”

 

		10	Section 7.2.4(C) (Minimum Liquidity) shall be deleted in its entirety and replaced as follows to
read:

 

"SECTION 7.2.4(C). Minimum liquidity.

 

		a.	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 (a) the last day of any calendar
month from the Fourth Supplement Effective Date until the earlier to occur of (i) the date of repayment or prepayment of all sums described
as 'Deferred Tranches' in each ECA Financing of the Borrower and its Subsidiaries for which “Deferred Tranches” exist and
(ii) the Add Back End Date (the “Minimum Liquidity Cut-off Date”), or (b) 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 falling prior to the Minimum Liquidity Cut-off Date,
the date that the certificate required by Section 7.1.1(k) with respect to such month is delivered to the Facility Agent demonstrating
such compliance; and

 

		b.	for the purposes of this Section 7.2.4(C) (Minimum Liquidity), on and from 1 October 2022, the
calculation of unrestricted cash and Cash Equivalents shall also include the aggregate amount of 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 where such amounts
are to be made available for general corporate purposes or which would, once utilised, otherwise increase the liquidity of the Borrower
or the relevant Subsidiary.”

 

		11	Section 9.1.4 (Non-Performance of Certain Covenants and Obligations.) of Article IX (Prepayment
Events) shall be deleted in its entirety and replaced as follows to read:

 

“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, 7.1.1(m), 7.1.1(p), 7.1.4(e) or 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 is regulated in accordance with Section 8.1.3)
and, in the case of Sections 7.1.1(m) and 7.1.4(e), 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); provided that any such default
in respect of Section 7.2.4 (but again excluding Section 7.2.4(A) to Section 7.2.4(C) inclusive) 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 Section 9.1.12 has occurred, in each case during the Financial Covenant Waiver Period)
constitute a Prepayment Event.”

 

     
Page 12

     

    

 

SIGNATORIES

 

Amendment Agreement in respect of
Hull M34

 

	Existing Borrower	 	 
	 	 	 
	SIGNED by JACOBUS PIETERSEN, Director

for and on behalf of

HOUATORRIS FINANCE LIMITED	)

)

)	/s/ JACOBUS PIETERSEN
	 	)	 
	 	 	 
	New Borrower	 	 
	 	 	 
	SIGNED by ANTJE M. GIBSON, Treasurer

for and on behalf of

ROYAL CARIBBEAN CRUISES LTD.	)

)

)	/s/ ANTJE M. GIBSON
	 	)	 
	 	 	 
	Facility Agent	 	 
	 	 	 
	SIGNED by CLAIRE CRAWFORD, Signatory

for and on behalf of 

CITIBANK EUROPE PLC, UK BRANCH	)

)

)	/s/ CLAIRE CRAWFORD
	 	)	 
	 	 	 
	Security Trustee	 	 
	 	 	 
	SIGNED by VANESSA EVANS, Attorney

for and on behalf of

CITICORP TRUSTEE COMPANY LIMITED	)

)

)	/s/ VANESSA EVANS
	 	)	 
	 	 	 
	Global Coordinator	 	 
	 	 	 
	SIGNED by ALEX C TAYLOR, Managing Director

for and on behalf of

CITIBANK N.A., LONDON BRANCH	)

)

)	/s/ ALEX C TAYLOR
	 	)	 
	 	 	 
	The ECA Agent	 	 
	 	 	 
	SIGNED
by HERVE BILLI and H KIMURA, Signatories

for and on behalf of	)

)	
    /s/ HERVE BILLI

    

	SMBC BANK INTERNATIONAL PLC	)	/s/ H KIMURA
	 	)	 
	 	 	 
	French Coordinating Bank	 	 
	 	 	 
	SIGNED by JULIE BELLAIS, Signatory

for and on behalf of

HSBC CONTINENTAL EUROPE	)

)

)	/s/ JULIE BELLAIS
	 	)	 

 

     
Page 13

     

    

 

	The
    Lenders	 	 
	 	 	 
	SIGNED
    by ALEX C TAYLOR, Managing Director

    for and on behalf of

    CITIBANK N.A., LONDON BRANCH	)

    )

    )	/s/
    ALEX C TAYLOR
	 	)	 
	 	 	 
	SIGNED
    by JULIE BELLAIS, Signatory

    for and on behalf of

    HSBC CONTINENTAL EUROPE	)

    )

    )	/s/
    JULIE BELLAIS
	 	)	 
	 	 	 
	SIGNED
    by VERONIQUE DE BLIC, Head of Export Finance EMEA and ALEXANDRE DE VATHAIRE,

    Head of France & UK Export Finance

    for and on behalf of	)

    )

    )	/s/ VERONIQUE DE BLIC

    

	BNP PARIBAS	 	/s/ ALEXANDRE DE VATHAIRE
	 	)	 
	 	 	 
	SIGNED
    by KENJI YANAGAWA and MASAO 

    YOKOYAMA, Signatories

    for and on behalf of	)

    )

    )	/s/
    KENJI YANAGAWA
	SMBC BANK INTERNATIONAL PLC	 	/s/ MASAO YOKOYAMA
	 	)	 
	 	 	 
	SIGNED
    by VALERIE MACE, Director, Development Structured & Export Finance

    for and on behalf of

    SOCIÉTÉ GÉNÉRALE	)

    )

    )	/s/
    VALERIE MACE
	 	)	 
	 	 	 
	SIGNED by PIERRE-MARIE DEBREUILLE

    /s/ EMILLE BOISSIER, Signatories

    for and on behalf of

	)

    )

    )	/s/ PIERRE-MARIE DEBREUILLE

    

	SFIL	 	/s/ EMILLE BOISSIER
	 	)	 
	 	 	 
	SIGNED
    by CAROLINE PANTALEAO, Head of Middle Office and PIERRE 

    ROSEROT DE MELIN, Chief Administrative Officer

    for and on behalf of	)

    )

    )	/s/ CAROLINE PANTALEAO

    

	BANCO SANTANDER S.A., PARIS BRANCH	 	/s/ PIERRE ROSEROT DE MELIN
	 	)	 

 

     
Page 14

     

    

 

	The
    Mandated Lead Arrangers	 	 
	 	 	 
	SIGNED
    by ALEX C TAYLOR, Managing Director

    for and on behalf of

    CITIBANK N.A., LONDON BRANCH	)

    )

    )	/s/
    ALEX C TAYLOR
	 	)	 
	 	 	 
	SIGNED
    by JULIE BELLAIS, Signatory

    for and on behalf of

    HSBC CONTINENTAL EUROPE	)

    )

    )	/s/
    JULIE BELLAIS
	 	)	 
	 	 	 
	SIGNED
    by CAROLINE PANTALEAO, Head of Middle Office and PIERRE ROSEROT DE MELLN, Chief Administrative Officer

    for and on behalf of	)

    )	/s/ CAROLINE PANTALEAO

    

	BANCO SANTANDER S.A., PARIS BRANCH	)	/s/ PIERRE ROSEROT DE MELIN
	 	)	 
	 	 	 
	SIGNED
    by VERONIQUE DE BLIC, Head of Export Finance EMEA and ALEXANDRE DE VATHAIRE, Head of France & UK Export Finance

    for and on behalf of	)

    )

    )	/s/ VERONIQUE DE BLIC

    

	BNP PARIBAS	 	/s/ ALEXANDRE DE VATHAIRE
	 	)	 
	 	 	 
	SIGNED by KENJI YANAGAWA

    /s/ MASAO YOKOYAMA, Signatories

    for and on behalf of

	)

    )

    )	/s/
    KENJI YANAGAWA
	SMBC BANK INTERNATIONAL PLC	 	/s/
    MASAO YOKOYAMA
	 	)	 
	 	 	 
	SIGNED
    by VALERIE MACE, Director, Development Structured & Export Finance

    for and on behalf of

    SOCIÉTÉ GÉNÉRALE	)

    )

    )	/s/
    VALERIE MACE
	 	)	 

 

     
Page 15Exhibit 10.24

 

	 	Dated 22
    December 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)	 
	 	 	 

 

 

	 	Amendment 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, Warranties and Undertakings	4
	 	 	 
	5	Incorporation of Terms	5
	 	 	 
	6	Fees, Costs and Expenses	5
	 	 	 
	7	Counterparts	5
	 	 	 
	8	Governing Law	5
	 	 	 
	Schedule 1 Finance Parties	6
	 	 
	Schedule 2 Form of Amendment Effective Date confirmation – Hull A34 	7
	 	 
	Schedule 3 Amendments to the Existing Credit Agreement 	8
	 	 
	Schedule 4 Form of Guarantor Confirmation Certificate	14

 

     

     

    

 

THIS AMENDMENT AGREEMENT (this Amendment)
is dated 22 December 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)	The banks and financial institutions listed in Schedule 1 as mandated lead arrangers (the Mandated
Lead Arrangers); and

 

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

 

WHEREAS:

 

		(A)	The Borrower, the Facility Agent, the Mandated Lead Arrangers and the Lenders are parties to a credit
agreement, dated as of 9 July 2013 (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, pursuant to a consent request letter dated on or about 8 December 2021, requested that
the Existing Credit Agreement be amended on the basis set out in this Amendment to reflect certain amendments to the financial covenants
set out in Clause 9.4 of the Existing Credit Agreement.

 

		(C)	In connection with the arrangements referred to in Recital (B) above, the Parties wish to amend the Existing
Credit Agreement on the basis 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 in accordance with this Amendment.

 

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 Mandated Lead Arrangers and the Lenders.

 

Party means each of the parties
to this Amendment.

 

     
Page 1

     

    

 

		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 3.1, the
Existing Credit Agreement shall, with effect on and from the Amendment Effective Date, be (and it is hereby) amended in accordance
with the amendments set out in Schedule 3 and (as so amended) will continue to be binding upon each of the Borrower and the Finance
Parties in accordance with its terms as so amended.

 

		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:

 

		(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 of the Existing Credit Agreement pursuant to this Amendment;

 

		(C)	the relevant Guarantee shall extend to any new obligations assumed by the Borrower under the Amended Credit
Agreement; 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

 

     
Page 2

     

    

 

		(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 arrangements
contemplated by this Amendment;

 

		(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 evidence that the amendments to the Existing Credit Agreement contemplated
by this Amendment have been approved by the Funding Entity and that accordingly the Funding Agreement remains in full force and effect;

 

		(f)	the Facility Agent shall have received evidence satisfactory to the Facility Agent (acting on the instructions
of the Lenders) that BpiFAE has approved the arrangements referred to in this Amendment;

 

		(g)	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.6); and

 

		(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.6),

 

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;

 

     
Page 3

     

    

 

		(h)	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;

 

		(i)	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;

 

		(j)	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; 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.

 

		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, Warranties and Undertakings

 

		(a)	Each of the representations and warranties in:

 

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

 

		(ii)	clause 3(b) of Amendment and Restatement No. 5,

 

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 3.1(b), and as if the Amended Credit Agreement
was effective at the time of each such repetition.

 

		(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 if and to the extent any of the Borrower’s
Bank Indebtedness include a fixed charge coverage ratio and/or net debt to capitalisation ratio commitment, such fixed charge coverage
ratio and/or net debt to capitalization ratio commitment (and their definitions) are substantially aligned with the Fixed Charge Coverage
Ratio and the Net Debt to Capitalization Ratio respectively (and their definitions) ignoring for this purpose, if applicable, any differences
in their definitions which the Borrower in good faith considers immaterial in giving this representation and any differences arising from
the application of differing governing laws applicable to any such Bank Indebtedness;

 

		(ii)	represents and warrants to the Facility Agent and each Lender that the Borrower is negotiating amendments
to each other ECA Financing which shall, upon entry into of the relevant amendment agreement in respect of that ECA Financing, contain
amendments that will be consistent with, and on the same substantive terms as, the amendments to be contained in the Amended Credit Agreement;
and

 

		(iii)	covenants and undertakes with the Facility Agent that, in relation to each amendment agreement to the
finance documents in respect of each other ECA Financing containing the amendments referred to in paragraph (ii) above, it will liaise
with counsel to the facility agent under each such other ECA Financing to sign and lodge counterparts of such amendment agreements on
the understanding that they will become effective at or around the same time as the Amendment Effective Date or, if and to the extent
that the Facility Agent receives evidence satisfactory to it that BpiFAE has permitted this and provided that all such amendment agreements
shall take effect no later than 31 December 2021, promptly after the Amendment Effective Date.

 

     
Page 4

     

    

 

		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:

 

		(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.

 

		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 5

     

    

 

Schedule 1

Finance Parties

 

Facility Agent

 

Société Générale

 

 

Mandated Lead Arrangers 

 

BNP Paribas

 

Société Générale

 

HSBC Continental Europe

  

 

Lenders

 

BNP Paribas

 

Société Générale

 

HSBC Continental Europe

 

Natixis

 

     
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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 amendment agreement dated [l]
2021 (the Amendment) relating to a credit agreement dated as of 9 July 2013 (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 3 of the Amendment, the Amendment Effective
Date is the date of this confirmation and the amendment 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)

 

     
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Schedule 3

Amendments to the Existing Credit Agreement

 

LIST OF AMENDMENTS TO THE RCCL OASIS 3 EUR CREDIT
AGREEMENT

 

Schedule 3

 

It is acknowledged and agreed
that, with effect from the Amendment Effective Date, the Existing Credit Agreement shall be amended as follows:

 

		1	the following new definitions shall be inserted into sub-clause 1.1 (Defined Terms) of Clause 1
(Definitions and interpretation) in alphabetical order to read:

 

“2023
Converted Debt” means the aggregate amount of debt securities issued by the Borrower pursuant to the 2023 Convertible Notes Indenture
which are, in accordance with the provisions of the said 2023 Convertible Notes Indenture, converted, or to be converted, into equity
securities of the Borrower on the 2023 Maturity Date.”

 

“2023
Convertible Notes 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 $1,150,000,000 4.250% convertible senior notes due 2023, by and
among the Borrower as issuer and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as trustee.”

 

“2023
Maturity Date” has the meaning given to the term Maturity Date in the 2023 Convertible Notes Indenture (and being June 15, 2023).”

 

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

 

		(a)	in the case of the period of four consecutive Fiscal Quarters ending with the first Fiscal Quarter ending
after the last day of the Fiscal Quarter ending on September 30, 2022, the product of (A) net cash from operating activities for such
first Fiscal Quarter and (B) four,

 

		(b)	in the case of the period of four consecutive Fiscal Quarters ending with the second Fiscal Quarter ending
after the last day of the Fiscal Quarter ending on September 30, 2022, the product of (i) the sum of net cash from operating activities
for such second Fiscal Quarter and the immediately preceding Fiscal Quarter and (ii) two; and

 

		(c)	in the case of the period of four consecutive Fiscal Quarters ending with the third Fiscal Quarter ending
after the last day of the Fiscal Quarter ending on September 30, 2022, the product of (i) the sum of net cash from operating activities
for such third Fiscal Quarter and the two immediately preceding Fiscal Quarters and (ii) four-thirds,

 

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

 

     
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		2	the definition of "Covenant Modification Date" in sub-clause 1.1 (Defined Terms) of Clause
1 (Definitions and interpretation) shall be deleted in its entirety

 

		3	the definition of "Fixed Charge Coverage Ratio" in sub-clause 1.1 (Defined Terms) of
Clause 1 (Definitions and interpretation) shall be deleted in its entirety and replaced as follows to read:

 

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

 

		a)	

 

		(i)	save as provided in a) ii) below, net cash from operating activities (determined in accordance with GAAP) for such period; or

 

		(ii)	in the case of the end of each of the first three Fiscal Quarters ending after the last day of the Fiscal Quarter ending on September
30, 2022, the Annualized Net Cash from Operating Activities for such relevant Fiscal Quarter, to;

 

		b)	the sum of:

 

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

 

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

 

		4	the definition of "Stockholders' Equity" in sub-clause 1.1 (Defined Terms) of Clause
1 (Definitions and interpretation) shall be deleted in its entirety and replaced as follows to read:

 

"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 and which shall, for the purposes of determining the level of Stockholders’ Equity
for the purposes of assessing compliance with the financial covenant contained in Clause 9.4(a)(iii):

 

		1)	for the Fiscal Quarter ended March 31, 2023, also include the 2023 Converted Debt in the amount of $1,150,000,000
as reduced by (i) the value of the 2023 Converted Debt that the Borrower has elected to settle in cash (rather than equity) in accordance
with section 14.02 of the 2023 Convertible Notes Indenture and (ii) the value of any new equity the Borrower issues in order to settle
in equity that 2023 Converted Debt obligation; and

 

		2)	for the avoidance of doubt, when calculating the Stockholders’ Equity for the purposes of determining
the Borrower’s compliance with the financial covenant in Clause 9.4(a)(iii):

 

		A	for all periods starting after December 31, 2022, any outstanding 2023 Converted Debt will be accounted
for as equity at any time until the 2023 Maturity Date (and, in the case of the Fiscal Quarter ended March 31, 2023, in accordance with
calculations set out in paragraph 1) above); and

 

		B	from the 2023 Maturity Date, only such part of the 2023 Converted Debt as has actually been converted
into equity securities by the 2023 Maturity Date shall be included in determining the level of Stockholders’ Equity for the purposes
of assessing compliance with the financial covenant contained in Clause 9.4(a)(iii) provided that:

 

     
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a)         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;

 

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

 

c)          any non-cash write-off to Stockholders’ Equity with respect to the Fiscal Year ended December 31, 2021 or December 31, 2022 (excluding
any such write-offs to goodwill with respect to either such Fiscal Year) shall be disregarded in the computation of Stockholders’
Equity such that the amount of any reduction thereof resulting from such write-off shall be added back to Stockholders’ Equity;
provided that the aggregate amount of such write-offs added back to Stockholders’ Equity pursuant to this clause (c) shall not exceed
the greater of (i) 10.0% of the total assets of the Borrower and its Subsidiaries taken as a whole as determined in accordance with GAAP
as at the last day of the most recently ended Fiscal Quarter and (ii) $3,000,000,000;

 

d)          any non-cash write-off to such part of the Borrower’s goodwill as existed on the Borrower’s balance sheet as of December 31,
2020 (namely $809,480,000) in respect of the Fiscal Years ended December 31, 2021, December 31, 2022, December 31, 2023 and December 31,
2024, shall be disregarded in the computation of Stockholders’ Equity such that the amount of any reduction thereof resulting from
such write-offs shall be added back to Stockholders’ Equity; and

 

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

 

and provided further that unless the Borrower and the Facility
Agent (acting upon the instructions of BpiFAE) have agreed otherwise in writing:

 

		(i)	if, by no later than the date (the “Add Back End Date”) falling 30 days after the end
of the Fiscal Quarter ending June 30, 2025, BpiFAE has issued its written consent (the “Add Back Transition Consent”)
to the arrangements set out below, the aggregate amount of the add backs made pursuant to paragraphs (b) to (e) above shall automatically
be reduced successively by 25 per cent of such aggregate amount in the last Fiscal Quarter of each of the four (4) Fiscal Years commencing
January 1, 2025 so as to reduce to zero any such add backs by, and in the assessment of, the Fiscal Year ended December 31, 2028; and

 

		(ii)	if BpiFAE has not issued the Add Back Transition Consent by the Add Back End Date, with effect from the
Add Back End Date the add backs set out in paragraphs (b) to (e) above shall be removed and accordingly
the add backs set out in paragraphs (b) to (e) above shall be reduced to zero for the purposes of, and in the assessment of, the Fiscal
Quarter ending September 30, 2025, and any Fiscal Quarter and Fiscal Year occurring thereafter.

 

For the avoidance
of doubt, no item added back to Stockholders’ Equity pursuant to paragraphs (b), to (e) above shall be added back pursuant to any
other clause, section or paragraph of this Agreement. For the purposes of paragraphs (i) and (ii) above, where BpiFAE issues the Add Back
Transition Consent the Facility Agent shall communicate such consent promptly to the other parties to this Agreement."

 

     
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		5	Paragraphs (c) and (p) of Sub-clause 8.1 (Financial Information, Reports, Notices etc.) of Clause
8 (Affirmative Covenants) shall each be deleted in their entirety and replaced as follows to read:

 

	 	"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, setting out, as of the last day of the relevant Fiscal Quarter or
Fiscal Year, computations as to compliance with the covenants set forth in Clause 9.4(a) (Financial condition) (in reasonable
detail and with appropriate calculations and computations in all respects reasonably satisfactory to the Facility Agent) it being understood
and agreed that any such certificate supplied in respect of any Fiscal Quarter ending during the Financial Covenant Waiver Period shall
still contain such calculations and computations but shall not be required to demonstrate compliance with the covenants set forth in
Clause 9.4(a);” ;

 

		“p.	during the period from the Second Deferred Tranche Effective Date until the Minimum Liquidity Cut-off
Date (as defined in Clause 9.4(d)), 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;”

 

		6	The last line of Paragraph (s) and the final 8 lines of Sub-clause 8.1 (Financial Information, Reports,
Notices, etc.) of Clause 8 (Affirmative Covenants) shall be deleted and replaced and a new Paragraph (t) shall be added as
follows to read:

 

“Restricted
Voluntary Prepayment); and

 

t. following the
later to occur of (i) the end of the Financial Covenant Waiver Period and (ii) the repayment of all sums described as 'Deferred Tranches'
in each ECA Financing of the Borrower and its Subsidiaries for which “Deferred Tranches” exist, within 5 Business Days of
any Group Member agreeing to any new, modified or substitute financial covenants of the type or similar to the financial covenants set
out in Clause 9.4(a)(i) to (iii) in respect of any of its Indebtedness for borrowed money, the Borrower shall provide written notice to
the Facility Agent of such agreement (and setting out full details of the relevant new, modified or substitute financial covenants) and,
if requested by the Facility Agent (acting upon the instructions of the Required Lenders), the Borrower and the Lenders shall discuss
in good faith whether or not such new, modified or substitute financial covenants shall be incorporated into this Agreement and, if agreed,
the parties shall promptly enter into an amendment agreement to reflect such agreement,

 

provided that information
required to be furnished to the Facility Agent under subsections (a), (b), (j) 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 or
the Funding Agents (as applicable) may disclose to BpiFAE and the Funding Entity 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 or that the Funding Entity may reasonably request from time to time
in connection with the Funding Agreement (subject, in all cases with respect to the Funding Entity, to the Funding Entity’s agreement
to keep such information confidential on terms equivalent to those in Clause 13.15 (Confidentiality))”

 

     
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		7	Sub-clause 9.4(a) (Financial Condition) of Clause 9 (Negative Covenants) shall be deleted in its
entirety and replaced as follows to read:

 

"(a) The Borrower will not permit:

 

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

 

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

 

		ii.	the Fixed Charge Coverage Ratio to be less than 1.25 to 1 as at the last day of any Fiscal Quarter; and

 

		iii.	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, Stockholders' Equity to be less than, as at the last day of any Fiscal Quarter, the sum of (i) $4,150,000,000 plus
(ii) 50% of the consolidated net income of the Borrower and its Subsidiaries for the period commencing on January 1, 2007 and ending on
the last day of the Fiscal Quarter most recently ended (treated for these purposes as a single accounting period, but in any event excluding
any Fiscal Quarters for which the Borrower and its Subsidiaries have a consolidated net loss).

 

In connection with the determination of
Stockholders’ Equity for the Fiscal Quarter ended March 31, 2023, the Borrower hereby undertakes that it will act in good faith
and will provide to the Facility Agent no later than March 25, 2023 written confirmation of the actual amount of 2023 Converted Debt it
has elected to settle (i) in equity, (ii) in cash and (iii) in cash generated from equity issued for the purpose of settling the 2023
Converted Debt obligation in cash, together with copies all notices of conversion provided to the noteholders pursuant to section 14.02
of the 2023 Convertible Notes Indenture.”

 

		8	Sub-clause 9.4(b) of Clause 9 (Negative Covenants) shall be deleted in its entirety and replaced as follows
to read:

 

“CLAUSE 9.4(b).
If from the start of the Financial Covenant Waiver Period until the later to occur of (i) the end of the Financial Covenant Waiver Period
and (ii) the repayment of all sums described as 'Deferred Tranches' in each ECA Financing of the Borrower and its Subsidiaries for which
 “Deferred Tranches” exist 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.”

 

     
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		9	Sub-clause 9.4(d) (Minimum Liquidity) of Clause 9 (Negative Covenants) shall be deleted in its
entirety and replaced as follows to read:

 

		“(d)	

 

		(i)	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 (a) the last day of any calendar
month from the Second Deferred Tranche Effective Date until the earlier to occur of (i) the date of repayment or prepayment of all sums
described as 'Deferred Tranches' in each ECA Financing of the Borrower and its Subsidiaries for which “Deferred Tranches”
exist and (ii) the Add Back End Date (the “Minimum Liquidity Cut-off Date”), or (b) if the Borrower is not in compliance
with the requirements of this Clause 9.4(d) as of the last day of any calendar month falling prior to the Minimum Liquidity Cut-off Date,
the date that the certificate required by Clause 8.1(p) with respect to such month is delivered to the Facility Agent demonstrating such
compliance; and

 

		(ii)	for the purposes of this Clause 9.4(d), on and from 1 October 2022, the calculation of unrestricted cash
and Cash Equivalents shall also include the aggregate amount of 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 where such amounts are to be made available for general
corporate purposes or which would, once utilised, otherwise increase the liquidity of the Borrower or the relevant Subsidiary.”

 

		10	Sub-clause 11.1(e) (Non-Performance of Certain Covenants and Obligations.) of Clause 11.1 (Mandatory
Prepayment Events) shall be deleted in its entirety and replaced as follows to read:

 

“(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 6.17 (Use of Proceeds) or Clause 9.4(a)
(Financial Condition) or Clause 8.1(t); 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(o) (Framework
Prohibited Events) or Clause 11.1(p) (Breach of Principles or Framework) has occurred, in each case during the Financial Covenant
Waiver Period) constitute a Mandatory Prepayment Event.”

 

     
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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 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 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 an amendment
of the existing financial covenants and their application (whether or not applicable to some or all of the fixed charge coverage ratio,
the net debt to capitalization ratio, the minimum stockholders' equity level and/or minimum liquidity) for the purposes of amending some
or all of (i) the method of calculation of cash for purposes of testing the fixed charge coverage ratio during the first 3 quarters following
the expiry of the Financial Covenant Waiver Period (as such term is defined in each Agreement), (ii) the method of calculation of stockholders'
equity, (iii) the improvement of the level of net debt to capitalization ratio and (iv) the timing of disapplication of the financial
covenant applicable to minimum liquidity and to reduce the frequency of the provision of certain financial reporting under some or all
of the Agreements, and further to make any other changes to such Agreements and to enter into or amend any other agreements to the extent
deemed appropriate by the Borrower.

 

		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 acknowledged;

 

		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
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; 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.

 

     
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		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 [[18][21] December 2020][21 April 2021] (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 Schedule
[...] 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.]

 

		9.	This
Certificate shall be governed by and construed in accordance with New York law.

 

[Signature Pages Follow]

 

     
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IN WITNESS WHEREOF, I have set my hand hereto this _____ day
of _____________, 2021.

 

	 	 	 
	 	[insert
    name]	 
	 	[state the
    signatory’s office]	 
	 	 	 
	 		 
	 	[insert
    name]	 
	 	[state the
    signatory’s office]	 

 

     
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Schedule 1

 

Agreements

 

[for each Guarantor’s Certificate, include only those Facility
Agreements [and Novation Agreements] in respect of which such entity is a Guarantor]

 

Facility Agreements

 

OASIS CLASS

 

		1.	Oasis of the Seas: Facility agreement dated as of May 7, 2009 (as amended, supplemented and restated
from time to time) in respect of the passenger cruise vessel m.v. “Oasis of the Seas” entered into between, amongst others,
RCCL as borrower and the BNP Paribas Fortis S.A./N.V. as Administrative Agent pursuant to which the Lenders agreed to advance (and have
advanced) to RCCL as borrower an aggregate amount not exceeding the aggregate of $840,000,000 and Euro 159,429,092.

 

2.    
Harmony of the Seas: 

 

		a.	Facility agreement dated 9 July 2013 (as amended, supplemented
and restated from time to time) entered into between, amongst others, RCCL as borrower, Société Générale
as the Facility Agent (SocGen Facility Agent) and the banks and financial institutions listed therein as Lenders in relation to
a Euro term loan facility in respect of the passenger cruise vessel m.v. “Harmony of the Seas” (ex Hull A.34); and

 

		b.	Facility agreement dated 15 April 2014 (as amended, supplemented
and restated from time to time) entered into between, amongst others, RCCL as borrower, the SocGen Facility Agent and the banks and financial
institutions listed therein as Lenders in relation to a US Dollar term loan facility in respect of m.v. “Harmony of the Seas”
(ex Hull A.34).

 

3.    
Symphony of the Seas: Facility agreement dated 30 January 2015 (as amended, supplemented and restated from time to time) entered
into between, amongst others, RCCL as borrower, Citibank Euro Plc, UK Branch as the Facility Agent (Citi Facility Agent) and the
banks and financial institutions listed therein as Lenders in relation to a US term loan facility in respect of the passenger cruise vessel
m.v. “Symphony of the Seas” (ex Hull B.34).

 

QUANTUM CLASS

 

		1.	Quantum of the Seas: Facility agreement dated 8 June 2011 (as amended, supplemented and restated
from time to time) in respect of m.v. “Quantum of the Seas” (builder’s hull no. S-697) entered into between, amongst
others, RCCL as borrower, KfW IPEX-Bank GmbH as Hermes agent (in this capacity, the Hermes Agent), KfW IPEX-Bank GmbH as facility agent
(in this capacity, the Facility Agent) and the banks and financial institutions listed therein as Lenders in relation to a term loan facility
not exceeding the US dollar equivalent of eighty per cent. (80%) of the Contract Price and one hundred per cent (100%) of the Hermes Fee
(as such terms are defined therein).

 

		2.	Anthem of the Seas: Facility agreement dated 8 June 2011 (as amended, supplemented and restated
from time to time) in respect of m.v. “Anthem of the Seas” (builder’s hull no. S-698) entered into between, amongst
others, RCCL as borrower, the Hermes Agent, the Facility Agent and the banks and financial institutions listed therein as Lenders in relation
to a term loan facility not exceeding the US dollar equivalent of eighty per cent. (80%) of the Contract Price and one hundred per cent
(100%) of the Hermes Fee (as such terms are defined therein).

 

     
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		3.	Ovation of the Seas: Facility agreement dated 31 March 2016 (as amended, supplemented and restated
from time to time) in respect of m.v. “Ovation of the Seas” (builder’s hull no. S-699) entered into between, amongst
others, RCCL as borrower, the Hermes Agent, the Facility Agent and the banks and financial institutions listed therein as Lenders in relation
to a term loan facility not exceeding the US dollar equivalent of eighty per cent. (80%) of the Contract Price and one hundred per cent
(100%) of the Hermes Fee (as such terms are defined therein).

 

		4.	Spectrum of the Seas: Facility agreement dated 13 November 2015 (as amended, supplemented and restated
from time to time) in respect of m.v. “Spectrum of the Seas” (builder’s hull no. S-700) entered into between, amongst
others, RCCL as borrower, the Hermes Agent, the Facility Agent and the banks and financial institutions listed therein as Lenders in relation
to a term loan facility not exceeding the US dollar equivalent of eighty per cent. (80%) of the Contract Price and one hundred per cent
(100%) of the Hermes Fee (as such terms are defined therein),

 

		5.	Odyssey of the Seas: A facility agreement dated 13 November 2015 (as amended from time to time
including by an amendment agreement dated 30 April 2020) in respect of m.v. "Odyssey of the Seas" (builder's hull no. S-713)
entered into between, amongst others, RCCL as borrower, the Hermes Agent, the Facility Agent and the banks and financial institutions
listed therein as Lenders in relation to a term loan facility not exceeding the US dollar equivalent of eighty per cent. (80%) of the
Contract Price and one hundred per cent (100%) of the Hermes Fee (as such terms are defined therein).

 

SOLSTICE CLASS

 

		1.	Celebrity Solstice: Facility agreement dated 7 August 2008 (as amended from time to time, including
by way of a supplemental agreement dated 23 April 2020) in respect of m.v. “Celebrity Solstice” (builder’s hull no.
S-675) entered into between, amongst others, RCCL as borrower, the Hermes Agent, KfW IPEX-Bank GmbH as administrative agent (in this capacity,
the Administrative Agent) and the banks and financial institutions listed therein as Lenders in relation to a term loan facility not exceeding
the US dollar equivalent of €412,000,000.

 

		2.	Celebrity Equinox: Facility agreement dated 15 April 2009 (as amended, supplemented and restated
from time to time) in respect of m.v. “Celebrity Equinox” (builder’s hull no. S-676) entered into between, amongst others,
Royal Caribbean Cruises Ltd. (RCCL) as borrower, KFW IPEX-Bank GmbH as the Hermes Agent (in this capacity, the Hermes Agent), the Administrative
Agent (in this capacity, the Administrative Agent) and the banks and financial institutions listed therein as Lenders in relation to a
term loan facility not exceeding the US dollar equivalent of €412,000,000.

 

		3.	Celebrity Eclipse: Facility agreement dated 26 November 2009 (as amended, supplemented and restated
from time to time) in respect of m.v. “Celebrity Eclipse” (builder’s hull no. S-677) entered into between, amongst others,
RCCL as borrower, the Hermes Agent, the Administrative Agent and the banks and financial institutions listed therein as Lenders in relation
to a term loan facility not exceeding the US dollar equivalent of €420,000,000.

 

		4.	Celebrity Silhouette: Facility agreement dated 27 February 2009 (as amended from time to time,
including by way of a supplemental agreement dated 22 April 2020) in respect of m.v. “Celebrity Silhouette” (builder’s
hull no. S-679) entered into between, amongst others, RCCL as borrower, the Hermes Agent, the Administrative Agent and the banks and financial
institutions listed therein as Lenders in relation to a term loan facility not exceeding the US dollar equivalent of €444,000,000.

 

		5.	Celebrity Reflection: Facility agreement dated 19 December 2008 (as amended from time to time,
including by way of a supplemental agreement dated 8 April 2020) in respect of m.v. “Celebrity Reflection” (builder’s
hull no. S-691) entered into between, amongst others, RCCL as borrower, the Hermes Agent, the Administrative Agent and the banks and financial
institutions listed therein as Lenders in relation to a term loan facility not exceeding the US dollar equivalent of €485,600,000.

 

     
Page 18

     

    

 

EDGE CLASS

 

1.    
Celebrity Edge: Facility agreement dated 22 June 2016 (as novated, amended and restated pursuant to a novation agreement dated
22 June 2016, as further amended and restated from time to time) entered into between, amongst others, RCCL as borrower, the Citi Facility
Agent and the banks and financial institutions listed therein as Lenders in relation to a US Dollar term loan facility in respect of m.v.
 “Celebrity Edge” (ex Hull J34).

 

2.    
Celebrity Apex: Facility agreement dated 22 June 2016 (as novated, amended and restated pursuant to a novation agreement dated
22 June 2016, as further amended and restated from time to time) entered into between, amongst others, RCCL as borrower, the Citi Facility
Agent and the banks and financial institutions listed therein as Lenders in relation to a US Dollar term loan facility in respect of m.v.
 “Celebrity Apex” (ex Hull K34).

 

ICON CLASS

 

		1.	ICON 1: Facility agreement dated 11 October 2017 (as amended from time to time) in respect of the
passenger cruise vessel with builder’s hull no. 1400 entered into between, amongst others, RCCL as borrower, the Hermes Agent, the
Facility Agent and the banks and financial institutions listed therein as Lenders in relation to a term loan facility not exceeding the
US dollar equivalent of eighty per cent. (80%) of the Contract Price and one hundred per cent (100%) of the Hermes Fee, the Finnvera Premium
and (if applicable) the Finnvera Balancing Premium (as such terms are defined therein).

 

		2.	ICON 2: Facility agreement dated 11 October 2017 (as amended from time to time) in respect of the
passenger cruise vessel with builder’s hull no. 1401 entered into between, amongst others, RCCL as borrower, the Hermes Agent, the
Facility Agent and the banks and financial institutions listed therein as Lenders in relation to a term loan facility not exceeding the
US dollar equivalent of eighty per cent. (80%) of the Contract Price and one hundred per cent (100%) of the Hermes Fee, the Finnvera Premium
and (if applicable) the Finnvera Balancing Premium (as such terms are defined therein).

 

		3.	ICON 3: Facility agreement dated 18 December 2019 (as amended from time to time) in respect of
the passenger cruise vessel with builder’s hull no. 1402 entered into between, amongst others, RCCL as borrower, the Hermes Agent,
the Facility Agent and the banks and financial institutions listed therein as Lenders in relation to a term loan facility not exceeding
the US dollar equivalent of eighty per cent. (80%) of the Contract Price and one hundred per cent (100%) of the Hermes Fee, the Finnvera
Premium and (if applicable) the Finnvera Balancing Premium (as such terms are defined therein).

 

SILVERSEA SHIPS

 

		1.	Evolution 1: Facility agreement dated as of 19 September 2019 (as amended from time to time) in
respect of the passenger cruise vessel with builder's hull no. S-719 entered into between, amongst others, RCCL as borrower, the Hermes
Agent, the Facility Agent and the banks and financial institutions listed therein as Lenders in relation to a term loan facility not exceeding
the US dollar equivalent of eighty per cent (80%) of the Contract Price and one hundred per cent (100%) of the Hermes Fee (as such terms
are defined therein).

 

		2.	Evolution 2: Facility agreement dated as of 19 September 2019 (as amended from time to time) in
respect of the passenger cruise vessel with builder's hull no. S-720 entered into between, amongst others, RCCL as borrower, the Hermes
Agent, the Facility Agent and the banks and financial institutions listed therein as Lenders in relation to a term loan facility not exceeding
the US dollar equivalent of eighty per cent (80%) of the Contract Price and one hundred per cent (100%) of the Hermes Fee (as such terms
are defined therein).

 

The facility agreements listed in this Schedule
1, the Agreements.

 

     
Page 19

     

    

 

SIGNATORIES

 

Amendment Agreement in respect of
Hull A34 (EUR)

 

	Borrower	 
	 	 
	Royal Caribbean Cruises Ltd.	)
	Name: Antje M. Gibson	)	 /s/ ANTJE M. GIBSON
	Title: Treasurer	)
	 	 
	 	 
	Facility Agent	 
	 	 
	Société Générale	)
	Name: Mauriel Baumann	)	 /s/ MAURIEL BAUMANN
	Title: Structured Finance Middle Office	 
	Senior Officer	)

 

     

     

    

 

	Mandated Lead Arrangers	 
	 	 
	 	 
	BNP Paribas	)
	Name: Veronique de Blic and Alexandre de 	)
	Vathaire	)	 /s/ VERONIQUE DE BLIC
	Title: Head of Export Finance EMEA and	)	 /s/ ALEXANDRE DE VATHAIRE
	Head of France & UK Export Finance	)
	 	 
	Société Générale	)
	Name: Valerie Mace	)	 /s/ VALERIE MACE
	Title: Director, Development Structured & 	)
	Export Finance	)
	 	 
	HSBC Continental Europe	)
	Name: Julie Bellais	)	 /s/ JULIE BELLAIS
	Title: Signatory 	)

 

     

     

    

 

	Lenders	 
	 	 
	BNP Paribas	)
	Name: Veronique de Blic and Alexandre de 	)
	Vathaire	)	 /s/ VERONIQUE DE BLIC
	Title: Head of Export Finance EMEA and	)	 /s/ ALEXANDRE DE VATHAIRE
	Head of France & UK Export Finance	)
	 	 
	Société Générale	)
	Name: Valerie Mace	)	 /s/ VALERIE MACE
	Title: Director, Development Structured & 	)
	Export Finance	)
	 	 
	HSBC Continental Europe	)
	Name: Julie Bellais	)	 /s/ JULIE BELLAIS
	Title: Signatory 	)
	 	 
	Natixis	)
	Name: F. Marechal and Laurent Delage	)	 /s/ F. MARECHAL
	Title: Directors	)	 /s/ LAURENT DELAGE

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