Document:

Exhibit 10.1

 

WAIVER

 

This Waiver, dated as
of March 17, 2020 (this “Waiver”), with respect to that certain Credit Agreement, dated as of March 22, 2017
(as amended by Amendment No. 1, dated as of February 22, 2018 and Amendment No. 2, dated as of December 19, 2018 and as further
amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among PROPETRO HOLDING
CORP., a Delaware corporation (“Holdings”), PROPETRO SERVICES, INC., a Texas corporation (“Borrower”),
the institutions from time to time party thereto as lenders and letter of credit issuers, BARCLAYS BANK PLC, as Administrative
Agent, is entered into among Holdings, the Borrower, the Administrative Agent and the Lenders party hereto. Capitalized terms used
herein and not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement.

 

W I T N E S S E T H:

 

WHEREAS, certain Defaults
may arise under Section 6.2(a) of the Credit Agreement if the Borrower fails to deliver the audited annual financial statements
of Holdings, the Borrower and its Restricted Subsidiaries and related reports, statements and auditors’ opinion for the fiscal
year ended December 31, 2019 (the “2019 Audit”) by the date that is ninety (90) days after the close of such Fiscal
Year (the “Anticipatory Defaults”); and

 

WHEREAS the Borrower
has requested, and the Administrative Agent and the Lenders party hereto (which constitute the Required Lenders) have agreed, to
waive during the Waiver Period (as defined below) the requirements set forth in Section 6.2(a) of the Credit Agreement with respect
to the 2019 Audit as set forth herein, in each case, subject to the terms and conditions contained herein.

 

Now,
Therefore, in consideration of the premises and for other good and valuable consideration (the receipt and sufficiency of
which are hereby acknowledged), the parties hereto hereby agree as follows:

 

Section
1.       Limited Waivers.

 

(a)               
The Administrative Agent and the Lenders hereby waive during the Waiver Period (as defined below), the requirements
set forth in Section 6.2(a) of the Credit Agreement with respect to delivery of the 2019 Audit. This is a limited waiver and shall
not be deemed to constitute a waiver of any Default or Event of Default or any prior, current or future breach of the Credit Agreement
or any of the other Loan Documents or any other requirements of any provision of the Credit Agreement or any other Loan Documents
(other than, for the avoidance of doubt, the Anticipatory Defaults).

 

(b)               
As used herein, the term “Waiver Period” means the waiver of the requirements in Section 6.2(a)
of the Credit Agreement with respect to delivery of the 2019 Audit for the period commencing on March 13, 2020 and ending at 11:59
p.m. (New York City time) on July 31, 2020.

 

     

     

    

 

Section
2.       Conditions Precedent to the Effectiveness of
this Waiver

 

This
Waiver shall become effective when, and only when, the following conditions precedent have been satisfied (the date of such
effectiveness, the “Waiver Effective Date”):

 

(a)               
The Administrative Agent shall have received counterparts of this Waiver, duly executed by Holdings, the Borrower
and Lenders sufficient to constitute the Required Lenders, and this Waiver shall have become effective prior to 11:59 p.m. (New
York City time) on March 17, 2020.

 

(b)               
After giving effect to the limited waivers set forth in Section 1 hereof, all of the representations and warranties
set forth in Section 3 hereof shall be true and correct in all respects as of the Waiver Effective Date and the Administrative
Agent shall have received a certificate of a Financial Officer of the Borrower certifying as to such representations.

 

(c)               
The Borrower shall have paid all reasonable and documented out-of-pocket costs and expenses of the Administrative
Agent in connection with the preparation, reproduction, execution and delivery of this Waiver (including, without limitation, the
reasonable and documented fees and out-of-pocket expenses of Cahill Gordon & Reindel LLP, counsel for the Administrative Agent).

 

Section
3.       Representations and Warranties

 

On and as of the Waiver
Effective Date after giving effect to this Waiver, each of Holdings and the Borrower hereby represents and warrants to the Administrative
Agent and each Lender party hereto as follows:

 

(a)               
each of Holdings and the Borrower has the power and authority to execute, deliver and perform this Waiver. Each of
Holdings and the Borrower has taken all necessary corporate action (including obtaining approval of its shareholders, if necessary)
to authorize its execution, delivery and performance of this Waiver. This Waiver has been duly executed and delivered by each of
Holdings and the Borrower, and constitutes the legal, valid and binding obligations of each of Holdings and the Borrower, enforceable
against it in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization,
winding up, moratorium and other similar Laws relating to or affecting creditors’ rights generally and general equitable
principles (whether considered in a proceeding in equity or at Law) and an implied covenant of good faith and fair dealing. Each
of Holdings’ and the Borrower’s execution, delivery and performance of this Waiver does not (x) conflict with, or constitute
a violation or breach of, the terms of (a) any contract, mortgage, lease, agreement, indenture, or instrument to which Holdings
and/or the Borrower is a party or which is binding upon it, (b) any Requirement of Law applicable to Holdings and/or the Borrower,
or (c) any Organization Document of Holdings and/or the Borrower in any respect that would reasonably be expected to have a Material
Adverse Effect or (y) result in the imposition of any Lien upon the property of Holdings or the Borrower by reason of any of the
foregoing;

 

    -2-

     

    

 

(b)              
no Default or Event of Default has occurred and is continuing or would result from the consummation of this Waiver
and the transactions contemplated hereby; and

 

(c)               
the representations and warranties contained in Article VII of the Credit Agreement and in each other Loan Document
are true and correct in all material respects (and any representation and warranty that is qualified as to materiality or Material
Adverse Effect is true and correct in all respects) on and as of the Waiver Effective Date as though made on and as of such date,
other than any such representation or warranty which relates to a specified prior date, in which case they shall be true and correct
in all material respects (and in all respects with respect to representations qualified by materiality) as of such specified prior
date.

 

Section
4.       Reference to and Effect on the Loan Documents

 

(a)               
Once this Waiver shall become effective, each reference in the Credit Agreement to “this Agreement,”
 “hereunder,” “hereof,” “herein,” or words of like import, and each reference in the other Loan
Documents to the Credit Agreement (including, without limitation, by means of words like “thereunder,” “thereof”
and words of like import), shall mean and be a reference to the Credit Agreement as modified hereby and this Waiver and the Credit
Agreement shall be read together and construed as a single instrument.

 

(b)               
Except as specifically waived above, all of the terms and provisions of the Credit Agreement and all other Loan Documents
are and shall remain in full force and effect and are hereby ratified and confirmed. Except as modified pursuant hereto, no other
changes or modifications to the Credit Agreement are intended or implied, and in all other respects the Obligations, Credit Agreement
and Loan Documents are hereby specifically ratified, restated and confirmed by Holdings and the Borrower as of the effective date
hereof. Holdings and the Borrower hereby agree that this Waiver shall in no manner affect or impair the Obligations or the Liens
securing the payment and performance thereof. Each of Holdings and the Borrower hereby ratifies and confirms all of its respective
obligations and liabilities under the Credit Agreement and each other Loan Document to which it is party, as expressly modified
herein, and ratifies and confirms all Liens securing such obligations and liabilities.

 

(c)               
The execution, delivery and effectiveness of this Waiver shall not, except as expressly provided herein, operate
as a waiver of any right, power or remedy of the Lenders, Holdings, the Borrower or the Administrative Agent under any of the Loan
Documents or serve to effect a novation of the Obligations or for any purpose except as expressly set forth herein.

 

(d)               
This Waiver shall constitute a Loan Document under the terms of the Credit Agreement. To the extent of conflict between
the terms of this Waiver and the Credit Agreement, the terms of this Waiver shall control.

 

    -3-

     

    

 

Section
5.       Execution in Counterparts

 

This Waiver may be
executed by one or more of the parties to this Waiver on any number of separate counterparts, and all of said counterparts taken
together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Agreement by
facsimile or other electronic transmission (including without limitation Adobe pdf file) shall be effective as delivery of a manually
executed counterpart hereof.

 

Section
6.       Reaffirmation

 

Each of Holdings and
the Borrower, by its signature below, hereby affirms and confirms that on and after the Waiver Effective Date (i) its obligations
under each of the Loan Documents to which it is a party and (ii) its guarantee of the Obligations and the pledge of and/or grant
of a security interest in its assets as Collateral to secure the Obligations, and acknowledges and agrees that such guarantee,
pledge and/or grant continue in full force and effect in respect of, and to secure, the Obligations.

 

Section
7.       Lender Signatures

 

Each Lender that signs
a signature page to this Waiver shall be deemed to have approved this Waiver and shall be further deemed for the purposes of the
Loan Documents to have approved this Waiver. Each Lender signatory to this Waiver agrees that such Lender shall not be entitled
to receive a copy of any other Lender’s signature page to this Waiver, but agrees that a copy of such signature page may
be delivered to Holdings, the Borrower and the Administrative Agent.

 

Section
8.       Governing Law

 

THIS WAIVER AND THE RIGHTS
AND OBLIGATIONS OF THE PARTIES UNDER THIS WAIVER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW
OF THE STATE OF NEW YORK.

 

Section
9.       Section Titles

 

The section titles contained
in this Waiver are and shall be without substantive meaning or content of any kind whatsoever and are not a part of the agreement
between the parties hereto, except when used to reference a section.

 

Section
10.     Notices

 

All communications and
notices hereunder shall be given as provided in the Credit Agreement.

 

Section
11.     Severability

 

Any provision of this
Waiver that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

    -4-

     

    

 

Section
12.     Successors

 

The terms of this Waiver
shall be binding upon, and shall inure to the benefit of, the Lenders, the parties hereto and their respective successors and permitted
assigns.

 

Section
13.     Submission to Jurisdiction; Waiver of Jury Trial

 

Sections 14.3 and 14.4 of the Credit Agreement
are incorporated by reference herein mutatis mutandis.

 

Section
14.     Acknowledgements.

 

Each of Holdings and
the Borrower hereby acknowledges that:

 

(a)               
it has been advised by counsel in the negotiation, execution and delivery of this Waiver;

 

(b)               
neither any Agent nor any Lender has any fiduciary relationship with or duty to each of Holdings and the Borrower
arising out of or in connection with this Agreement or any of the other Loan Documents, and the relationship between any Agent
and Lenders, on one hand, and each of Holdings and the Borrower, on the other hand, in connection herewith or therewith is solely
that of debtor and creditor; and

 

(c)               
no joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions
contemplated hereby among the Lenders or among Holdings, the Borrower and the Lenders.

 

[Signature pages follow.]

 

    -5-

     

    

 

In
Witness Whereof, the parties hereto have caused this Waiver to be executed by their respective officers thereunto
duly authorized, as of the date first written above.

 

		PROPETRO
    SERVICES, INC., as
    Borrower
	 	 
	 	By:	/s/ Darin G. Holderness
	 	 	Name: 	Darin G. Holderness
	 	 	Title: 	Interim Chief Financial Officer
	 	 	 
		PROPETRO HOLDING CORP, as Holdings
	 	 
	 	By:	/s/ Darin G. Holderness
	 	 	Name: 	Darin G. Holderness
	 	 	Title: 	Interim Chief Financial Officer

 

[Signature Page to ABL Facility Waiver]

 

    

     

    

 

	 	BARCLAYS BANK PLC, as Administrative Agent and a Lender
	 	 
	 	By:	/s/ Sydney G. Dennis
	 	 	Name: 	Sydney G. Dennis
	 	 	Title: 	Director

 

[Signature Page to ABL Facility
Waiver]

 

    

     

    

 

	 	JPMorgan Chase Bank, N.A., as a Lender
	 	 	 
	 	By:	/s/ Jorge Diaz Granados
	 	 	Name: 	Jorge Diaz Granados
	 	 	Title: 	Authorized Officer

 

[Signature Page to ABL Facility
Waiver]

 

    

     

    

 

	 	Goldman Sachs Bank USA, as a Lender
	 	 	 
	 	By:	/s/ Jamie Minieri
	 	 	Name:	 Jamie Minieri
	 	 	Title: 	Authorized Signatory

 

[Signature Page to ABL Facility
Waiver]

 

    

     

    

 

	 	ROYAL BANK OF CANADA, as a Lender
	 	 	 
	 	By:	/s/ Katy
Berkemeyer
	 	 	Name: 	Katy Berkemeyer
	 	 	Title: 	Authorized Signatory

 

[Signature Page to ABL Facility
Waiver]

 

    

     

    

 

	 	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender
	 	 	 
	 	By:	/s/ Nupur
Kumar
	 	 	Name: 	Nupur Kumar
	 	 	Title: 	Authorized Signatory
	 	 	 
	 	By:	/s/ Andrew Griffin
	 	 	Name: Andrew Griffin
	 	 	Title: Authorized Signatory

 

[Signature Page to ABL Facility
Waiver]

 

    

     

    

 

	 	Siemens Financial Services, Inc., as a Lender
	 	 	 
	 	By:	/s/ Michael L. Zion
	 	 	Name: 	Michael L. Zion
	 	 	Title: 	Vice President
	 	 	 
	 	By:	/s/ John Finore
	 	 	Name: 	John Finore
	 	 	Title: 	Vice President

 

[Signature Page to ABL Facility
Waiver]Exhibit 10.1

 

Execution
Version

 

 

 

U.S. $2,200,000,000

 

TERM LOAN AGREEMENT,

 

dated as of March 23, 2020

 

among

 

ROYAL CARIBBEAN CRUISES LTD.,

as the Borrower,

 

and

 

MORGAN STANLEY SENIOR FUNDING, INC.,

JPMORGAN CHASE BANK, N.A.,

BOFA SECURITIES, INC.,

BNP PARIBAS SECURITIES CORP.,

and

GOLDMAN SACHS BANK USA,

 

as Joint Lead Arrangers and Joint Bookrunners

 

and

 

MORGAN STANLEY SENIOR FUNDING, INC.

as Administrative Agent and Collateral Agent

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	PAGE
	 	 	 
	Article I
	 	 	 
	DEFINITIONS AND ACCOUNTING TERMS
	 	 	 
	Section 1.1.	Defined Terms	1
	 	 	 
	Section 1.2.	Use of Defined Terms; Other Definitional Provisions	19
	 	 	 
	Section 1.3.	Cross-References	20
	 	 	 
	Section 1.4.	Accounting and Financial Determinations	20
	 	 	 
	Section 1.5.	LIBOR Replacement	21
	 	 	 
	Article II
	 	 	 
	COMMITMENTS, BORROWING PROCEDURES AND NOTES
	 	 	 
	Section 2.1.	The Advances	21
	 	 	 
	Section 2.2.	Making the Advances	21
	 	 	 
	Section 2.3.	[Intentionally omitted]	23
	 	 	 
	Section 2.4.	Fees	23
	 	 	 
	Section 2.5.	[Intentionally omitted]	23
	 	 	 
	Section 2.6.	Repayment of Advances	23
	 	 	 
	Section 2.7.	Interest on Advances	23
	 	 	 
	Section 2.8.	Interest Rate Determination	24
	 	 	 
	Section 2.9.	Optional Conversion of Advances	25
	 	 	 
	Section 2.10.	Optional Prepayments of Advances	25
	 	 	 
	Section 2.11.	Payments and Computations	26
	 	 	 
	Section 2.12.	Sharing of Payments, Etc.	27
	 	 	 
	Section 2.13.	Evidence of Debt	27
	 	 	 
	Section 2.14.	Mandatory Prepayments	28
	 	 	 
	Section 2.15.	Defaulting Lenders	28
	 	 	 
	Section 2.16.	Extension Option	29
	 	 	 
	Section 2.17.	Increase Option	30

 

    i

     

    

 

	 	 	 
	Article III
	 
	CERTAIN LIBO RATE AND OTHER PROVISIONS
	 	 	 
	Section 3.1.	LIBO Rate Lending Unlawful	31
	 	 	 
	Section 3.2.	Deposits Unavailable	31
	 	 	 
	Section 3.3.	Increased Costs, etc.	31
	 	 	 
	Section 3.4.	Funding Losses	33
	 	 	 
	Section 3.5.	Increased Capital Costs	33
	 	 	 
	Section 3.6.	Taxes	34
	 	 	 
	Section 3.7.	Reserve Costs	36
	 	 	 
	Section 3.8.	Replacement Lenders, etc.	36
	 	 	 
	Section 3.9.	Setoff	37
	 	 	 
	Section 3.10.	Use of Proceeds	37
	 	 	 
	Article IV
	 	 	 
	CONDITIONS TO BORROWING
	 	 	 
	Section 4.1.	Effectiveness	37
	 	 	 
	Section 4.2.	All Borrowings	39
	 	 	 
	Section 4.3.	Determinations Under Section 4.1	39
	 	 	 
	Article V
	 	 	 
	REPRESENTATIONS AND WARRANTIES
	 	 	 
	Section 5.1.	Organization, etc.	40
	 	 	 
	Section 5.2.	Due Authorization, Non-Contravention, etc.	40
	 	 	 
	Section 5.3.	Government Approval, Regulation, etc.	40
	 	 	 
	Section 5.4.	Compliance with Environmental Laws	40
	 	 	 
	Section 5.5.	Validity, etc.	41
	 	 	 
	Section 5.6.	Financial Information; Material Adverse Effect	41

 

    ii

     

    

 

	Section 5.7.	No Default, Event of Default or Prepayment Event	41
	 	 	 
	Section 5.8.	Litigation	41
	 	 	 
	Section 5.9.	Vessels	41
	 	 	 
	Section 5.10.	Subsidiaries	41
	 	 	 
	Section 5.11.	Obligations rank pari passu	42
	 	 	 
	Section 5.12.	No Filing, etc. Required	42
	 	 	 
	Section 5.13.	No Immunity	42
	 	 	 
	Section 5.14.	Pension Plans	42
	 	 	 
	Section 5.15.	Investment Company Act	42
	 	 	 
	Section 5.16.	Regulation U	42
	 	 	 
	Section 5.17.	Accuracy of Information	42
	 	 	 
	Section 5.18.	Compliance with Laws	43
	 	 	 
	Section 5.19.	ERISA	43
	 	 	 
	Section 5.20.	EEA Financial Institution	43
	 	 	 
	Section 5.21.	USA PATRIOT Act	43
	 	 	 
	Section 5.22.	Collateral Documents	43
	 	 	 
	Article VI
	 	 	 
	COVENANTS
	 	 	 
	Section 6.1.	Affirmative Covenants	43
	 	 	 
	SECTION 6.1.1.	Financial Information, Reports, Notices, etc.	44
	 	 	 
	SECTION 6.1.2.	Approvals and Other Consents	45
	 	 	 
	SECTION 6.1.3.	Compliance with Laws, etc.	45
	 	 	 
	SECTION 6.1.4.	Vessel Registration; Maintenance of Vessels	45
	 	 	 
	SECTION 6.1.5.	Insurance	45
	 	 	 
	SECTION 6.1.6.	Books and Records	46
	 	 	 
	SECTION 6.1.7.	Further Assurances; Additional Collateral	46

 

    iii

     

    

 

	SECTION 6.1.8.	Post-Closing Obligations	46
	 	 	 
	SECTION 6.1.9.	Future Developments	46
	 	 	 
	SECTION 6.1.10.	Lender Calls	47
	 	 	 
	Section 6.2.	Negative Covenants	47
	 	 	 
	SECTION 6.2.1.	Business Activities	47
	 	 	 
	SECTION 6.2.2.	Indebtedness	47
	 	 	 
	SECTION 6.2.3.	Liens	48
	 	 	 
	SECTION 6.2.4.	Financial Condition	50
	 	 	 
	SECTION 6.2.5.	[Intentionally omitted]	50
	 	 	 
	SECTION 6.2.6.	Consolidation, Merger, etc.	50
	 	 	 
	SECTION 6.2.7.	Asset Dispositions, etc.	51
	 	 	 
	SECTION 6.2.8.	Use of Proceeds	51
	 	 	 
	SECTION 6.2.9.	Investments	51
	 	 	 
	SECTION 6.2.10.	Restricted Payments	53
	 	 	 
	SECTION 6.2.11.	Transactions with Affiliates	53
	 	 	 
	Article VII
	 	 	 
	EVENTS OF DEFAULT
	 	 	 
	Section 7.1.	Listing of Events of Default	54
	 	 	 
	SECTION 7.1.1.	Non-Payment of Obligations	54
	 	 	 
	SECTION 7.1.2.	Breach of Warranty	54
	 	 	 
	SECTION 7.1.3.	Non-Performance of Certain Covenants and Obligations	54
	 	 	 
	SECTION 7.1.4.	Default on Other Indebtedness	54
	 	 	 
	SECTION 7.1.5.	Pension Plans	55
	 	 	 
	SECTION 7.1.6.	Bankruptcy, Insolvency, etc.	55
	 	 	 
	SECTION 7.1.7.	Change of Control	56
	 	 	 
	SECTION 7.1.8.	Liens	56
	 	 	 
	Section 7.2.	Action if Bankruptcy	56
	 	 	 
	Section 7.3.	Action if Other Event of Default	56
	 	 	 
	Section 7.4.	Application of Funds	56

 

    iv

     

    

 

	Article VIII
	 	 	 
	PREPAYMENT EVENTS
	 	 	 
	Section 8.1.	Listing of Prepayment Events	57
	 	 	 
	SECTION 8.1.1.	[Intentionally omitted]	57
	 	 	 
	SECTION 8.1.2.	Unenforceability	57
	 	 	 
	SECTION 8.1.3.	Approvals	57
	 	 	 
	SECTION 8.1.4.	Non-Performance of Certain Covenants and Obligations	57
	 	 	 
	SECTION 8.1.5.	Judgments	57
	 	 	 
	Section 8.2.	Mandatory Prepayment	57
	 	 	 
	Article IX
	 	 	 
	[Intentionally omitted]
	 	 	 
	Article X
	 	 	 
	THE AGENTS
	 	 	 
	Section 10.1.	Actions	58
	 	 	 
	Section 10.2.	Rights as a Lender	58
	 	 	 
	Section 10.3.	Lender Indemnification	59
	 	 	 
	Section 10.4.	Exculpation	59
	 	 	 
	Section 10.5.	Reliance by Administrative Agent	60
	 	 	 
	Section 10.6.	Delegation of Duties	60
	 	 	 
	Section 10.7.	Resignation of Administrative Agent	61
	 	 	 
	Section 10.8.	Non-Reliance on Administrative Agent and Other Lenders	62
	 	 	 
	Section 10.9.	No Other Duties	62
	 	 	 
	Section 10.10.	[Intentionally Omitted]	62
	 	 	 
	Section 10.11.	Agency Fee	62
	 	 	 
	Section 10.12.	Lender ERISA Matters	62
	 	 	 
	Section 10.13.	Collateral and Guaranty Matters	63

 

    v

     

    

 

	Article XI
	 	 	 
	MISCELLANEOUS PROVISIONS
	 	 	 
	Section 11.1.	Waivers, Amendments, etc.	64
	 	 	 
	Section 11.2.	Notices	65
	 	 	 
	Section 11.3.	Payment of Costs and Expenses	66
	 	 	 
	Section 11.4.	Indemnification	67
	 	 	 
	Section 11.5.	Survival	68
	 	 	 
	Section 11.6.	Severability	68
	 	 	 
	Section 11.7.	Headings	68
	 	 	 
	Section 11.8.	Execution in Counterparts, Effectiveness, etc.	69
	 	 	 
	Section 11.9.	Governing Law; Entire Agreement	69
	 	 	 
	Section 11.10.	Successors and Assigns	69
	 	 	 
	Section 11.11.	Sale and Transfer of Advances and Note; Participations in Advances	69
	 	 	 
	SECTION 11.11.1.	Assignments	69
	 	 	 
	SECTION 11.11.2.	Participations	72
	 	 	 
	SECTION 11.11.3.	Register	72
	 	 	 
	SECTION 11.11.4.	Competitor List	73
	 	 	 
	Section 11.12.	Other Transactions	73
	 	 	 
	Section 11.13.	Forum Selection and Consent to Jurisdiction	73
	 	 	 
	Section 11.14.	Process Agent	74
	 	 	 
	Section 11.15.	Judgment	74
	 	 	 
	Section 11.16.	[Intentionally omitted]	74
	 	 	 
	Section 11.17.	WAIVER OF JURY TRIAL	74
	 	 	 
	Section 11.18.	Confidentiality	74
	 	 	 
	Section 11.19.	No Fiduciary Relationship	75
	 	 	 
	Section 11.20.	Electronic Execution of Assignments and Certain Other Documents	75
	 	 	 
	Section 11.21.	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	75
	 	 	 
	Section 11.22.	Acknowledgement Regarding Any Supported QFCs	76

 

    vi

     

    

 

	SCHEDULES	 	 
	 	 	 
	SCHEDULE I	-	Commitments
	 	 	 
	SCHEDULE II	-	Disclosure Schedule
	 	 	 
	SCHEDULE III	-	Notices
	 	 	 
	SCHEDULE IV 	-	Post-Closing Obligations
	 	 	 
	EXHIBITS	 	 
	 	 	 
	Exhibit A	-	Form of Note
	 	 	 
	Exhibit B	-	Form of Notice of Borrowing
	 	 	 
	Exhibit C	-	Form of Interest Period Notice
	 	 	 
	Exhibit D	-	Form of Lender Assignment Agreement
	 	 	 
	Exhibit E	-	Form of Increase Option Agreement
	 	 	 
	Exhibit F	-	Form of Added Lender Agreement

 

    vii

     

    

 

TERM
LOAN AGREEMENT

 

THIS
TERM LOAN AGREEMENT, dated as of March 23, 2020, is among ROYAL CARIBBEAN CRUISES LTD., a Liberian corporation (the
 “Borrower”), the various financial institutions as are or shall become parties hereto as Lenders (as defined
herein) and MORGAN STANLEY SENIOR FUNDING, INC. (“Morgan Stanley”), as administrative agent (in such capacity,
the “Administrative Agent”) for the Lenders and as collateral agent (in such capacity, the “Collateral
Agent”) for the Secured Parties.

 

W
I T N E S S E T H:

 

WHEREAS,
the Borrower desires to obtain Commitments from the Lenders pursuant to which Advances will be made to the Borrower in a maximum
aggregate principal amount not to exceed $2,200,000,000;

 

WHEREAS,
the Lenders are willing, on the terms and subject to the conditions hereinafter set forth (including Article IV),
to extend Advances to the Borrower; and

 

WHEREAS,
the proceeds of such Advances will be used for working capital and other general corporate purposes, including capital expenditures
and acquisition financing, of the Borrower and its Subsidiaries;

 

NOW,
THEREFORE, the parties hereto agree as follows:

 

Article I

 

DEFINITIONS
AND ACCOUNTING TERMS

 

Section 1.1.     Defined
Terms. The following terms (whether or not underscored) when used in this Agreement, including its preamble and recitals,
shall, when capitalized, except where the context otherwise requires, have the following meanings (such meanings to be equally
applicable to the singular and plural forms thereof):

 

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

 

“Added
Lender” is defined in Section 2.17(a).

 

“Added
Lender Agreement” means an Added Lender Agreement substantially in the form of Exhibit F, with such changes
as are reasonably acceptable to the Borrower and the Administrative Agent.

 

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

 

“Administrative
Agent’s Account” means (a) the account of the Administrative Agent maintained by the Administrative Agent
at its office in New York, NY, Account Wiring Instructions: Citibank, N.A., New York, NY 10043, ABA #: 021-000-089, Account Name:
Morgan Stanley Senior Funding, Inc., Account Number: 406-99-776, Reference: Royal Caribbean Cruises, Attention: Loan Servicing,
and (b) such other account of the Administrative Agent as is designated in writing from time to time by the Administrative
Agent to the Borrower and the Lenders for such purpose.

 

     

     

    

 

“Administrative
Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.

 

“Advance”
means an advance by a Lender to the Borrower as part of a Borrowing and refers to a Base Rate Advance or a LIBO Rate Advance (each
of which shall be a “Type” of Advance).

 

“Affected
Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.

 

“Affiliate”
of any Person means any other Person which, directly or indirectly, controls, is controlled by or is under common control with
such Person. A Person shall be deemed to be “controlled by” any other Person if such other Person possesses, directly
or indirectly, power to direct or cause the direction of the management and policies of such Person whether by contract or otherwise.

 

“Agents”
means (a) the Administrative Agent, (b) the Collateral Agent and (c) the Lenders listed as the co-syndication agents
on the cover page hereof in their respective capacities as agents under Article X, together with their respective successors
(if any) in such capacity.

 

“Aggregate
Collateral Vessel Value” means the aggregate net book value of all Collateral Vessels calculated in accordance with
GAAP, as certified by a senior officer of the Borrower in a certificate delivered to the Administrative Agent together with the
financial statements delivered pursuant to Section 6.1.1(a) or (b) hereof (or, prior to the delivery
of the first such financial statements hereunder, as certified by a senior officer of the Borrower in a certificate delivered
to the Administrative Agent on or prior to the Effective Date).

 

“Agreement”
means, on any date, this Term Loan Agreement as originally in effect on the Effective Date and as thereafter from time to time
further amended, supplemented, amended and restated, or otherwise modified and in effect on such date.

 

“Anti-Corruption
Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or any of its Affiliates
from time to time concerning or relating to bribery or corruption, including the United States Foreign Corrupt Practices Act of
1977, as amended.

 

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

 

“Applicable
Lending Office” means, with respect to each Lender, such Lender’s Domestic Lending Office in the case of a Base
Rate Advance and such Lender’s LIBO Lending Office in the case of a LIBO Rate Advance.

 

“Applicable
Margin” means as of any date, a percentage per annum determined by reference to the elapsed number of days since the
Initial Funding Date, as set forth below:

 

	Date	 	Applicable Margin for 

LIBO Rate Advances	 	 	Applicable Margin for 

Base Rate Advances	 
	Initial Funding Date through 179 days after the Initial Funding Date	 	 	2.25	%	 	 	1.25	%
	180 days after the Initial Funding Date through 364 days after the Initial Funding Date	 	 	2.50	%	 	 	1.50	%
	365 days after the Initial Funding Date and thereafter	 	 	2.75	%	 	 	1.75	%

 

    2

     

    

 

“Approved
Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an
entity or an Affiliate of an entity that administers or manages a Lender.

 

“Arrangers”
means Morgan Stanley Senior Funding, Inc., JPMorgan Chase Bank, N.A., BofA Securities, Inc., BNP Paribas Securities
Corp. and Goldman Sachs Bank USA, in their capacities as joint lead arrangers and joint bookrunners.

 

“Availability
Period” means the Effective Date.

 

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

 

“Bail-In
Legislation” means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU
of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement
for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect
to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation
or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other
financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

 

“Base
Rate” means, for any day, a fluctuating interest rate per annum in effect from time to time, which rate per annum shall
at all times be equal to the highest of:

 

(a)            the
rate of interest in effect for such day as publicly announced from time to time by Morgan Stanley as its “prime rate”;

 

(b)            1⁄2
of 1.00% per annum above the Federal Funds Rate in effect on such day; and

 

(c)            the
rate per annum appearing on the applicable Bloomberg screen page (or such other commercially available source providing such
quotations as may be designated by the Administrative Agent from time to time) as the London interbank offered rate for deposits
in Dollars (“LIBOR”), at approximately 11:00 A.M. (London time) on such date for a period of one month
(“One Month LIBOR”); provided that if One Month LIBOR shall be less than zero, such rate shall be deemed zero
for purposes of this Agreement, plus 1.00%.

 

The
 “prime rate” is a rate set by Morgan Stanley based upon various factors including Morgan Stanley’s costs and
desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which
may be priced at, above, or below such announced rate. Any change in such prime rate announced by Morgan Stanley shall take effect
at the opening of business on the day specified in the public announcement of such change.

 

“Base
Rate Advance” means an Advance that bears interest as provided in Section 2.7(a)(i).

 

    3

     

    

 

“Benchmark
Replacement” means the sum of: (a) the alternate benchmark rate (which may include a SOFR-Based Rate) that has
been selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation
of a replacement rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving
or then-prevailing market convention for determining a rate of interest as a replacement to the LIBO Rate and LIBOR for U.S. dollar-denominated
syndicated credit facilities and (b) the Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement
as so determined would be less than 1.00%, the Benchmark Replacement will be deemed to be 1.00% for the purposes of this Agreement.

 

“Benchmark
Replacement Adjustment” means, with respect to any replacement of the LIBO Rate and LIBOR with an Unadjusted Benchmark
Replacement for each applicable Interest Period, the spread adjustment, or method for calculating or determining such spread adjustment,
(which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving
due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining
such spread adjustment, for the replacement of the LIBO Rate and LIBOR with the applicable Unadjusted Benchmark Replacement by
the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a spread adjustment,
or method for calculating or determining such spread adjustment, for the replacement of the LIBO Rate and LIBOR with the applicable
Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated credit facilities at such time.

 

“Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational
changes (including changes to the definition of Base Rate, Interest Period, timing and frequency of determining rates and
making payments of interest and other administrative matters that the Administrative Agent in consultation with the Borrower decides
may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof
by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides
that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines
that no market practice for the administration of the Benchmark Replacement exists, in such other manner of administration as
the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement).

 

“Benchmark
Replacement Date” means the earlier to occur of the following events with respect to the LIBOR Rate or LIBOR:

 

(1)            in
the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the
date of the public statement or publication of information referenced therein and (b) the date on which the administrator
of the LIBO Rate or LIBOR permanently or indefinitely ceases to provide the LIBO Rate or LIBOR; or

 

(2)            in
the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or
publication of information referenced therein.

 

“Benchmark
Transition Event” means the occurrence of one or more of the following events with respect to the LIBO Rate and LIBOR:

 

(1)            a
public statement or publication of information by or on behalf of the administrator of the LIBO Rate and LIBOR announcing that
such administrator has ceased or will cease to provide the LIBO Rate and LIBOR, permanently or indefinitely, provided that, at
the time of such statement or publication, there is no successor administrator that will continue to provide the LIBO Rate and
LIBOR;

 

    4

     

    

 

(2)            a
public statement or publication of information by the regulatory supervisor for the administrator of the LIBO Rate and LIBOR,
the U.S. Federal Reserve System, an insolvency official with jurisdiction over the administrator for the LIBO Rate and LIBOR,
a resolution authority with jurisdiction over the administrator for the LIBO Rate and LIBOR or a court or an entity with similar
insolvency or resolution authority over the administrator for the LIBO Rate and LIBOR, which states that the administrator of
the LIBO Rate and LIBOR has ceased or will cease to provide the LIBO Rate and LIBOR permanently or indefinitely, provided that,
at the time of such statement or publication, there is no successor administrator that will continue to provide the LIBO Rate
and LIBOR; or

 

(3)            a
public statement or publication of information by the regulatory supervisor for the administrator of the LIBO Rate and LIBOR announcing
that the LIBO Rate and LIBOR is no longer representative.

 

“Benchmark
Transition Start Date” means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable
Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information
of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information
(or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such
statement or publication) and (b) in the case of an Early Opt-in Election, the date specified by the Administrative Agent
or the Required Lenders, as applicable, by notice to the Borrower, the Administrative Agent (in the case of such notice by the
Required Lenders) and the Lenders.

 

“Benchmark
Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred
with respect to the LIBO Rate and LIBOR and solely to the extent that the LIBO Rate and LIBOR have not been replaced with a Benchmark
Replacement, the period (x) beginning at the time that such Benchmark Replacement Date has occurred if, at such time, no
Benchmark Replacement has replaced the LIBO Rate and LIBOR for all purposes hereunder in accordance with Section 2.8(c) and
(y) ending at the time that a Benchmark Replacement has replaced the LIBO Rate and LIBOR for all purposes hereunder pursuant
to Sections 2.8(c) through (f).

 

“Beneficial
Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership
Regulation.

 

“Beneficial
Ownership Regulation” means 31 C.F.R. § 1010.230.

 

“Benefit
Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I
of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person whose
assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of
the Code) the assets of any such “employee benefit plan” or “plan”.

 

“BHC
Act Affiliate” is defined in Section 11.22(b).

 

“Borrower”
is defined in the preamble.

 

“Borrowing”
means a borrowing consisting of simultaneous Advances of the same Type and, in the case of LIBO Rate Advances, having the same
Interest Period, made by each of the Lenders.

 

“Business
Day” means a day of the year on which banks are not required or authorized by law to close in New York City or
London, and, if the applicable Business Day relates to any LIBO Rate Advances, on which dealings are carried on in the London
interbank market.

 

    5

     

    

 

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

 

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

 

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

 

“CCHI”
means Celebrity Cruises Holdings, Inc., a Liberian corporation.

 

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

 

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

 

“Collateral”
is defined in the Pledge and Security Agreement.

 

“Collateral
Agent” is defined in the preamble and includes each other Person as shall have subsequently been appointed as the successor
Collateral Agent, and as shall have accepted such appointment, pursuant to Section 10.7.

 

“Collateral
Coverage Ratio” means, as of any date of determination, the ratio of (a) the Aggregate Collateral Vessel Value
to (b) the aggregate amount of outstanding Advances, as of such date.

 

“Collateral
Documents” means, collectively, the Pledge and Security Agreement and each of the other agreements, instruments or documents
(including, without limitation, any intellectual property security agreements, vessel mortgages and deed of covenants) that creates
or purports to create a Lien in favor of the Collateral Agent for the benefit of the Secured Parties.

 

    6

     

    

 

“Collateral
Vessels” means Vessels owned by any Person whose equity constitutes Pledged Collateral.

 

“Commitment”
means as to any Lender the Dollar amount set forth opposite such Lender’s name on Schedule I hereto as such Lender’s
 “Commitment”. The initial aggregate amount of the Lenders’ Commitments as of the Effective Date is $2,200,000,000.

 

“Communications”
is defined in Section 11.2(b).

 

“Competitor”
is defined in Section 11.11.1(f).

 

“Compounded
SOFR” means the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for
this rate, and conventions for this rate (which may include compounding in arrears with a lookback and/or suspension period as
a mechanism to determine the interest amount payable prior to the end of each Interest Period) being established by the Administrative
Agent in accordance with:

 

(1)            the
rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for
determining compounded SOFR; provided that:

 

(2)            if,
and to the extent that, the Administrative Agent determines that Compounded SOFR cannot be determined in accordance with clause
(1) above, then the rate, or methodology for this rate, and conventions for this rate that the Administrative Agent determines
are substantially consistent with at least five currently outstanding U.S. dollar-denominated syndicated credit facilities at
such time (as a result of amendment or as originally executed) that are publicly available for review;

 

provided,
further, that if the Administrative Agent decides that any such rate, methodology or convention determined in accordance
with clause (1) or clause (2) is not administratively feasible for the Administrative Agent, then Compounded SOFR will
be deemed unable to be determined for purposes of the definition of “Benchmark Replacement.”

 

“Controlled
Group” means all members of a controlled group of corporations and all members of a controlled group of trades or businesses
(whether or not incorporated) under common control which, together with the Borrower, are treated as a single employer under Section 414(b) or
414(c) of the Code or Section 4001 of ERISA.

 

“Convert”,
 “Conversion” and “Converted” each refers to a conversion of Advances of one Type into Advances
of the other Type pursuant to Section 2.9.

 

“Covered
Entity” is defined in Section 11.22(b).

 

“Corresponding
Tenor” with respect to a Benchmark Replacement means a tenor (including overnight) having approximately the same length
(disregarding business day adjustment) as the applicable tenor for the applicable Interest Period with respect to the then-current
Benchmark.

 

    7

     

    

 

“Debt
Incurrence” means any incurrence of indebtedness for borrowed money by the Borrower or any of its Subsidiaries, whether
pursuant to a public offering or a Rule 144A or other private placement of debt securities (including debt securities convertible
into equity securities) or an incurrence of loans under any loan or credit facility, other than (a) unsecured indebtedness
provided by banks or other financial institutions, in each case, under the Borrower’s senior unsecured revolving credit
facilities in an aggregate amount not greater than the commitments thereunder plus the amount of any existing uncommitted incremental
facilities, in each case, as in effect on the Effective Date; (b) indebtedness owed by the Borrower or any of its Subsidiaries
to the Borrower or any of its Subsidiaries, (c) issuances of commercial paper incurred in the ordinary course of business
of the Borrower and its Subsidiaries, (d) Capitalized Lease Liabilities incurred in the ordinary course of business of the
Borrower and its Subsidiaries, (e) purchase money indebtedness incurred in the ordinary course of business of the Borrower
and its Subsidiaries, (f) indebtedness under overdraft facilities, (g) obligations in connection with repurchase agreements
and/or securities lending arrangements, (h) vessel financings, amendments thereto, and refinancings thereof (except to the
extent any such financing is secured by liens that are not related to newly-acquired or constructed vessels that are being financed
with such indebtedness), (i) unsecured debt securities of the Borrower (which are not guaranteed by any Subsidiary) in an
aggregate principal amount not to exceed $1,000,000,000; provided that the Arrangers shall have approved of the underwriters
or initial purchasers with respect to the issuance of such debt securities, (j) other indebtedness in an aggregate principal
amount not to exceed $100,000,000 and (k) any unsecured short-term loan provided by the U.S. Federal government to the Borrower
(and which is not guaranteed by any Subsidiary).

 

 

“Debtor
Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy,
assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor
relief laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors
generally.

 

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

 

“Default
Right” is defined in Section 11.22(b).

 

“Defaulting
Lender” means, subject to Section 2.15(a), at any time, any Lender that, at such time (a) has failed to (i) fund
all or any portion of its Advances within two Business Days of the date such Advances were required to be funded hereunder unless
such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s
determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable
default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent
or any other Lender any other amount required to be paid by it hereunder within two Business Days of the date when due, (b) has
notified the Borrower or the Administrative Agent in writing that it does not intend to comply with its funding obligations hereunder,
or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation
to fund an Advance hereunder and states that such position is based on such Lender’s determination that a condition precedent
to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing
or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the Administrative
Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective
funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause
(c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct
or indirect parent company that has, (i) become the subject of a proceeding under any debtor relief law, (ii) had appointed
for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged
with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other
state or federal regulatory authority acting in such a capacity or (iii) become the subject of a Bail-In Action; provided
that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in
that Lender or any direct or indirect parent company thereof by a governmental authority so long as such ownership interest does
not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement
of judgments or writs of attachment on its assets or permit such Lender (or such governmental authority) to reject, repudiate,
disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender
is a Defaulting Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding absent
manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.15(a)) upon delivery of written
notice of such determination to the Borrower and each Lender.

 

    8

     

    

 

“Designated
Assets” means (a) the Pledged Collateral, (b) any Collateral Vessel and (c) any Equity Interests of any
Subsidiary of the Borrower that owns, directly or indirectly through its Subsidiaries, the issuer of any Pledged Collateral.

 

“Determination
Notice” is defined in Section 3.2.

 

“Disclosure
Schedule” means the Disclosure Schedule attached hereto as Schedule II.

 

“Disposition”
or “Dispose” means the sale, transfer, license, lease or other disposition (including any sale and leaseback
transaction) of any Collateral or Collateral Vessel by any Person.

 

“Disqualified
Equity Interests” means any Equity Interest which, by its terms (or by the terms of any security or other Equity Interests
into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (a) matures
or is mandatorily redeemable (other than solely for Qualified Equity Interests), pursuant to a sinking fund obligation or otherwise
(except as a result of a change of control, public equity offering or asset sale so long as any rights of the holders thereof
upon the occurrence of a change of control, public equity offering or asset sale event shall be subject to the prior repayment
in full of the Advances and all other Obligations that are accrued and payable), (b) is redeemable at the option of the holder
thereof (other than solely for Qualified Equity Interests and except as permitted in clause (a) above), in whole or in part,
(c) requires the scheduled payments of dividends in cash (for this purpose, dividends shall not be considered required if
the issuer has the option to permit them to accrue, cumulate, accrete or increase in liquidation preference or if the Borrower
has the option to pay such dividends solely in Qualified Equity Interests), or (d) is or becomes convertible into or exchangeable
for Indebtedness or any other Equity Interests that would constitute Disqualified Equity Interests, in each case, prior to the
date that is 91 days after the Maturity Date. Notwithstanding the foregoing, (A) if such Equity Interest is issued pursuant
to any plan for the benefit of directors, officers, employees, members of management, managers or consultants or by any such plan
to such directors, officers, employees, members of management, managers or consultants, in each case, in the ordinary course of
business of the Borrower or any Subsidiary of the Borrower, such Equity Interest shall not constitute Disqualified Equity Interests
solely because it may be required to be repurchased by the issuer thereof in order to satisfy applicable statutory or regulatory
obligations, and (B) no Equity Interest held by any future, present or former employee, director, officer, manager, member
of management or consultant (or their respective Affiliates or immediate family members) of the Borrower (or any Subsidiary of
the Borrower) shall be considered Disqualified Equity Interests because such stock is redeemable or subject to repurchase pursuant
to any management equity subscription agreement, stock option, stock appreciation right or other stock award agreement, stock
ownership plan, put agreement, stockholder agreement or similar agreement that may be in effect from time to time.

 

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

 

“Domestic
Lending Office” means, with respect to any Lender, the office of such Lender specified as its “Domestic Lending
Office” in the Administrative Questionnaire of such Lender or such other office of such Lender as such Lender may from time
to time specify to the Borrower and the Administrative Agent.

 

    9

     

    

 

“Downgrade”
is defined in Section 4.1(e).

 

“Early
Opt-in Election” means the occurrence of:

 

(1)            (i) a
determination by the Administrative Agent or (ii) a notification by the Required Lenders to the Administrative Agent (with
a copy to the Borrower) that the Required Lenders have determined that U.S. dollar-denominated syndicated credit facilities being
executed at such time, or that include language similar to that contained in Section 2.8 are being executed or amended,
as applicable, to incorporate or adopt a new benchmark interest rate to replace the LIBO Rate and LIBOR, and

 

(2)            (i) the
election by the Administrative Agent or (ii) the election by the Required Lenders to declare that an Early Opt-in Election
has occurred and the provision, as applicable, by the Administrative Agent of written notice of such election to the Borrower
and the Lenders or by the Required Lenders of written notice of such election to the Administrative Agent.

 

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

 

“Early
Repayment Event” means (a) any Notes Issuance or Debt Incurrence and (b) any Equity Issuance.

 

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

 

“EEA
Resolution Authority” means any public administrative authority or any person entrusted with public administrative authority
of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

“Effective
Date” means March 23, 2020.

 

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

 

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

 

“Equity
Issuance” means any issuance of Equity Interests by the Borrower, whether pursuant to a public offering or in a Rule 144A
or other private placement, other than issuances pursuant to employee and/or director stock plans or employee and/or director
compensation plans.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, and any successor statute of similar import, together with
the regulations thereunder, in each case as in effect from time to time. References to sections of ERISA also refer to any successor
sections.

 

    10

     

    

 

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

 

“Event
of Default” is defined in Section 7.1.

 

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

 

“Extraordinary
Receipt” means any cash received by or paid to or for the account of any Person from proceeds of casualty insurance
and condemnation awards related to a Collateral Vessel.

 

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

 

“Federal
Funds Rate” means, for any period, a fluctuating interest rate per annum equal for each day during such period to the
weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published
for such day (or, if such day is not a Business Day, for the immediately preceding Business Day) by the Federal Reserve Bank of
New York, or, if such rate is not so published for any day that is a Business Day, the average rate (rounded upward, if necessary,
to a whole multiple of 1/100 of 1%) charged to Morgan Stanley on such day on such transactions as determined by the Administrative
Agent; provided that if the Federal Funds Rate shall be less than zero, such rate shall be deemed to be zero for purposes
of this Agreement.

 

“Federal
Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org,
or any successor source.

 

“Fee
Letter” means that certain fee letter, dated as of the date hereof, by and between the Borrower and the Arrangers.

 

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

 

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

 

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

 

“Fund”
means any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding or otherwise investing
in commercial loans and similar extensions of credit in the ordinary course of its activities.

 

“GAAP”
is defined in Section 1.4.

 

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

 

    11

     

    

 

“Guarantee”
by any Person shall mean any obligation, contingent or otherwise, of such Person directly or indirectly guaranteeing any Indebtedness
or other obligation of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect,
contingent or otherwise, of such Person (a) to purchase or pay (or advance or supply funds for the purchase or payment of)
such Indebtedness or other obligation (whether arising by virtue of partnership arrangements, by agreements to keep-well, to purchase
assets, goods, securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise) or (b) entered
into for the purpose of assuring in any other manner the obligee of such Indebtedness or other obligation of the payment thereof
(in whole or in part); provided that the term Guarantee shall not include endorsements for collection or deposit in the
ordinary course of business.

 

“Guarantee
Notice” is defined in Section 6.1.9.

 

“Guarantors”
means CCHI, Celebrity Cruises Inc., a Liberian corporation, and any other Subsidiary of the Borrower that guarantees the Obligations.

 

“Guaranty”
means the Guaranty, dated the date hereof, made by the Guarantors in favor of the Administrative Agent on behalf of the Secured
Parties.

 

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

 

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

 

“IFRS”
is defined in Section 1.4.

 

“Increase
Option” is defined in Section 2.17(a).

 

“Increase
Option Date” is defined in Section 2.17(b).

 

“Increasing
Lender” is defined in Section 2.17(a).

 

“Indebtedness”
means, for any Person: (a) obligations created, issued or incurred by such Person for borrowed money (whether by loan, the
issuance and sale of debt securities or the sale of property to another Person subject to an understanding or agreement, contingent
or otherwise, to repurchase such property from such Person); (b) obligations of such Person to pay the deferred purchase
or acquisition price of property or services, other than (i) trade accounts payable (other than for borrowed money) arising,
and accrued expenses incurred, in the ordinary course of business so long as such trade accounts payable are payable within 180
days of the date the respective goods are delivered or the respective services are rendered and (ii) any purchase price adjustment,
earnout or deferred payment of a similar nature incurred in connection with an acquisition (but only to the extent that no payment
has at the time accrued pursuant to such purchase price adjustment, earnout or deferred payment obligation); (c) Indebtedness
of others secured by a Lien on the property of such Person, whether or not the respective indebtedness so secured has been assumed
by such Person; (d) obligations of such Person in respect of letters of credit or similar instruments issued or accepted
by banks and other financial institutions for the account of such Person; (e) Capital Lease Obligations of such Person; (f) guarantees
by such Person of Indebtedness of others, up to the amount of Indebtedness so guaranteed by such Person; (g) obligations
of such Person in respect of surety bonds and similar obligations; and (h) liabilities arising under Hedging Instruments.

 

    12

     

    

 

“Indemnified
Parties” is defined in Section 11.4.

 

“Initial
Funding Date” means the date in the Availability Period of the first funding of Advances pursuant to Section 2.1
hereof.

 

“Interest
Period” means, for each LIBO Rate Advance comprising part of the same Borrowing, the period commencing on the date of
such LIBO Rate Advance or the date of the Conversion of any Base Rate Advance into such LIBO Rate Advance and ending on the last
day of the period selected by the Borrower pursuant to the provisions below and, thereafter, each subsequent period commencing
on the last day of the immediately preceding Interest Period and ending on the last day of the period selected by the Borrower
pursuant to the provisions below. The duration of each such Interest Period shall be seven days or one, two, three, six or twelve
months as the Borrower may, upon notice in substantially the form of Exhibit C received by the Administrative Agent not later
than 11:00 A.M. (New York City time) on the third Business Day prior to the first day of such Interest Period,
select; provided, however, that:

 

(a)            the
Borrower may not select any Interest Period that ends after the Maturity Date;

 

(b)            Interest
Periods commencing on the same date for LIBO Rate Advances comprising part of the same Borrowing shall be of the same duration
(without limiting the ability of the Borrower to have more than one Borrowing on the same date);

 

(c)            [intentionally
omitted];

 

(d)            whenever
the last day of any Interest Period would otherwise occur on a day other than a Business Day, the last day of such Interest Period
shall be extended to occur on the next succeeding Business Day, provided, however, that, if in the case of an Interest
Period of longer than seven days such extension would cause the last day of such Interest Period to occur in the next following
calendar month, the last day of such Interest Period shall occur on the immediately preceding Business Day; and

 

(e)            whenever
the first day of any Interest Period of longer than seven days occurs on a day of an initial calendar month for which there is
no numerically corresponding day in the calendar month that succeeds such initial calendar month by the number of months equal
to the number of months in such Interest Period, such Interest Period shall end on the last Business Day of such succeeding calendar
month.

 

“Investment”
means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase
or other acquisition of Equity Interests or debt or other securities of another Person or (b) a loan, advance or capital
contribution to, Guarantee of Indebtedness of, assumption of Indebtedness of, or purchase or other acquisition of any other debt
or equity participation or interest in, another Person, including any partnership or joint venture interest in such other Person
or (c) the purchase or other acquisition (in one transaction or a series of transactions) of all or substantially all of
the property and assets or business of another Person or assets constituting a business unit, line of business or division of
such Person. For purposes of Section 6.2.9, the amount of any Investment shall be the amount actually invested, without
adjustment for subsequent increases or decreases in the value of such Investment, less any amount paid, repaid, returned, distributed
or otherwise received in cash in respect of such Investment not to exceed the original amount of such Investment.

 

    13

     

    

 

“Lender”
means each Lender listed on Schedule I hereto with a Commitment, and each Added Lender and, in each case, their respective
successors and assigns.

 

“Lender
Assignment Agreement” means a Lender Assignment Agreement substantially in the form of Exhibit D.

 

“LIBO
Lending Office” means, with respect to any Lender, the office of such Lender specified as its “LIBO Lending Office”
in the Administrative Questionnaire of such Lender (or, if no such office is specified, its Domestic Lending Office), or such
other office of such Lender as such Lender may from time to time specify to the Borrower and the Administrative Agent.

 

“LIBO
Rate” means, for any Interest Period for each LIBO Rate Advance comprising part of the same Borrowing, the rate per
annum appearing on the applicable Bloomberg screen page (or such other commercially available source providing such quotations
as may be designated by the Administrative Agent from time to time) as the London interbank offered rate for deposits in Dollars,
at approximately 11:00 A.M. (London time) three Business Days prior to the first day of such Interest Period, for a term
comparable to such Interest Period; provided that if the LIBO Rate shall be less than 1.00%, such rate shall be deemed
1.00% for purposes of this Agreement.

 

“LIBO
Rate Advance” means an Advance that bears interest as provided in Section 2.7(a)(ii).

 

“LIBOR”
has the meaning specified in the definition of Base Rate.

 

“LIBOR
Screen Rate” means the LIBOR quote on the applicable screen page the Administrative Agent reasonably designates
to determine LIBOR (or such other commercially available source providing such quotations as may be reasonably designated by the
Administrative Agent from time to time).

 

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

 

“Loan
Document” means this Agreement, the Collateral Documents, the Fee Letter, the Notes, if any, and each amendment hereto.

 

“Loan
Party” means, collectively, the Borrower and the Guarantors.

 

“Material
Adverse Effect” means a material adverse effect on (a) the business, operations or financial condition of the Borrower
and its Subsidiaries taken as a whole, (b) the rights and remedies of the Administrative Agent or any Lender under the Loan
Documents or (c) the ability of the Borrower to perform its payment Obligations under the Loan Documents.

 

“Material
Litigation” is defined in Section 5.8.

 

“Maturity
Date” means the date that is 364 days after the Initial Funding Date (the “Initial Maturity Date”);
provided, however, that if the extension option described in Section 2.16 has been exercised by the
Borrower, the date that is 364 days after the Initial Maturity Date; provided, further, that if such date is not
a Business Day, the Maturity Date shall be the immediately preceding Business Day.

 

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

 

    14

     

    

 

“Morgan
Stanley” is defined in the preamble.

 

“Net
Cash Proceeds” means, with respect to any Disposition of Collateral or Collateral Vessels by the Borrower or any of
its Subsidiaries or any Extraordinary Receipt received by or paid to the account of the Borrower or any of its Subsidiaries, the
excess, if any, of (i) the sum of the cash and Cash Equivalents received in connection with such event over (ii) the
sum of (A) the out-of-pocket fees, costs and other expenses (including underwriting discounts, investment banking fees, commissions,
collection expenses and other customary transaction costs) incurred or reasonably expected to be incurred by the Borrower or such
Subsidiary in connection with such event, (B) in the case of any such Disposition, casualty, condemnation or similar event
by a non-wholly-owned Subsidiary of the Borrower, the pro rata portion of the Net Cash Proceeds thereof (calculated without
regard to this clause (B)) attributable to minority interests and not available for distribution to or for the account
of the Borrower or a wholly-owned Subsidiary of the Borrower as a result thereof, (C) the amount of any reserves established
by the Borrower and its Subsidiaries to fund contingent liabilities reasonably estimated to be payable, in each case, that are
directly attributable to such event (as determined reasonably and in good faith by a senior officer of the Borrower) and (D) income
and other taxes paid or reasonably estimated to be actually payable within one years of the date of such transaction as a result
of any gain recognized in connection therewith.

 

“Non-Consenting
Lender” means any Lender that does not approve any consent, waiver or amendment that (i) requires the approval
of all or all affected Lenders in accordance with the terms of Section 11.1 and (ii) has been approved by the Required
Lenders.

 

“Non-Defaulting
Lenders” means the Lenders that are not Defaulting Lenders.

 

“Note”
means a promissory note of the Borrower payable to the order of any Lender, delivered pursuant to a request made under Section 2.13
in substantially the form of Exhibit A hereto, evidencing the aggregate indebtedness of the Borrower to such
Lender resulting from the Advances made by such Lender.

 

“Notes
Issuance” means the issuance by the Borrower or any of its Subsidiaries of one or more series of debt securities (including
debt securities convertible or exchangeable into equity securities) pursuant to one or more registered public offerings or Rule 144A
or other private placements.

 

“Notice”
is defined in Section 11.2(c).

 

“Notice
of Borrowing” is defined in Section 2.2(a).

 

“Obligations”
means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan Document
or otherwise with respect to any Advance (in each case, other than non-monetary obligations), in each case whether direct or indirect
(including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and
including interest and fees that accrue after the commencement by or against any Loan Party of any proceeding under any Debtor
Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims
in such proceeding.

 

“Organic
Document” means, relative to the Borrower, each Guarantor and each Subsidiary whose Equity Interests constitute Pledged
Equity, its articles of incorporation (inclusive of any articles of amendment to its articles of incorporation) and its by-laws.

 

“Participant”
is defined in Section 11.11.2.

 

“Participant
Register” is defined in Section 11.11.2(f).

 

    15

     

    

 

“Patriot
Act” is defined in Section 11.2(d).

 

“Pension
Plan” means a “pension plan”, as such term is defined in section 3(2) of ERISA, which is subject to
Title IV of ERISA (other than a multiemployer plan as defined in section 4001(a)(3) of ERISA), and to which the Borrower
or any corporation, trade or business that is, along with the Borrower, a member of a Controlled Group, may have liability, including
any liability by reason of being deemed to be a contributing sponsor under section 4069 of ERISA.

 

“Permitted
Affiliate Participants” means any existing Affiliate (including for the purposes of this definition only, any member
of the Borrower’s board of directors) of the Borrower (including any investment vehicle or investment office managed primarily
for the benefit of such Person and such Person’s family members and related persons) disclosed (by name and participation
amount) by the Borrower prior to the Effective Date to Lenders on the Effective Date, so long as (i) the relevant participation
documentation does not permit such Person to vote on any matters hereunder that require a vote of Lenders and (ii) the Participant
will not receive information provided solely to Lenders and will not be permitted to attend or participate in (or receive any
notice of) Lender meetings or conference calls.

 

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

 

“Platform”
is defined in Section 11.2(b)(1).

 

“Pledge
and Security Agreement” means the Pledge and Security Agreement executed by the Borrower, CCHI and Celebrity Cruises
Inc., a Liberian corporation, in favor of the Collateral Agent.

 

“Pledged
Collateral” is defined in the Pledge and Security Agreement.

 

“Prepayment
Event” is defined in Section 8.1.

 

“Primary
Currency” is defined in Section 11.15(c).

 

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

 

“Property”
means any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and whether tangible or
intangible, including Equity Interests.

 

“Protesting
Lender” is defined in Section 6.2.6(b)(ii).

 

“PTE”
means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from
time to time.

 

“QFC”
is defined in Section 11.22(b).

 

“QFC
Credit Support” is defined in Section 11.22.

 

“Qualified
Equity Interests” means Equity Interests of the Borrower other than Disqualified Equity Interests.

 

“Ratable
Share” of any amount means, with respect to any Lender at any time, the product of such amount times a fraction,
the numerator of which is the amount of such Lender’s Commitment or Advances, as applicable, at such time (or, if the Commitments
shall have been terminated, such Lender’s Commitment as in effect immediately prior to such termination) and the denominator
of which is the aggregate amount of all Commitments or Advances, as applicable, at such time (or, if the Commitments shall have
been terminated, the aggregate amount of all Commitments as in effect immediately prior to such termination); provided
that in the case of Section 2.15 when a Defaulting Lender shall exist, “Ratable Share” shall mean
the percentage of the total Commitments or Advances, as applicable (disregarding any Defaulting Lender’s Commitments or
Advances, as applicable), represented by such Lender’s Commitments or Advances, as applicable.

 

    16

     

    

 

“Register”
is defined in Section 11.11.3.

 

“Related
Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees,
agents, trustees, administrators, managers, advisors (including lawyers and accountants) and representatives of such Person and
of such Person’s Affiliates.

 

“Relevant
Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially
endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York for the purpose of recommending
a benchmark rate to replace the LIBO Rate and LIBOR in loan agreements similar to this Agreement or any successor thereto.

 

“Repricing
Event” is defined in Section 2.10(b).

 

“Required
Lenders” means, at any time, Lenders that, in the aggregate, hold more than 50% of the aggregate unpaid principal amount
(based on the equivalent in Dollars at such time) of the Advances then outstanding; provided that if any Lender shall be
a Defaulting Lender at such time, there shall be excluded from the determination of Required Lenders at such time the Advances
of such Lender at such time.

 

“Resignation
Effective Date” is defined in Section 10.7(a).

 

“Resolution
Authority” means (a) an EEA Resolution Authority or (b) with respect to any UK Financial Institution, a UK
Resolution Authority.

 

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

 

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

 

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

 

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

 

    17

     

    

 

“Secured
Parties” shall mean, collectively, the Administrative Agent, the Collateral Agent, the Lenders and each co-agent or
sub-agent appointed by the Administrative Agent from time to time pursuant to Section 10.6.

 

“S&P”
means S&P Global Ratings.

 

“Senior
Debt Rating” means, as of any date, (a) the implied senior debt rating of the Borrower for its long term senior
unsecured, non-credit enhanced debt as given by Moody’s and S&P or (b) in the event the Borrower receives an actual
unsecured senior debt rating (apart from an implied rating) from Moody’s and/or S&P, such actual rating or ratings,
as the case may be (and in such case the Senior Debt Rating shall not be determined by reference to any implied senior debt rating
from either agency).

 

“Silversea”
is defined in Section 6.2.2(e).

 

“SOFR”
with respect to any day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York,
as the administrator of the benchmark (or a successor administrator) on the Federal Reserve Bank of New York’s website (or
any successor source) and, in each case, that has been selected or recommended by the Relevant Governmental Body.

 

“SOFR-Based
Rate” means SOFR, Term SOFR or Compounded SOFR.

 

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

 

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

 

“Supported
QFC” is defined in Section 11.22.

 

“Swap
Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate
transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or
bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate
options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions,
cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination
of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed
by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which
are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps
and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any
such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations
or liabilities under any Master Agreement.

 

    18

     

    

 

“Taxes”
is defined in Section 3.6.

 

“Term
SOFR” means the forward-looking term rate for any period that is approximately (as determined by the Administrative
Agent) as long as any of the Interest Period options set forth in the definition of “Interest Period” and that is
based on SOFR and that has been selected or recommended by the Relevant Governmental Body, in each case as published on an information
service as selected by the Administrative Agent from time to time in its reasonable discretion.

 

“Trade
Date” is defined in Section 11.11.1(a)(ii).

 

“Type”
means the distinction of an Advance as a LIBO Rate Advance or a Base Rate Advance.

 

“UK
Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time
to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA
Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain
credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

 

“UK
Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for
the resolution of any UK Financial Institution.

 

“Unadjusted
Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

 

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

 

“U.S.
Special Resolution Regimes” is defined in Section 11.22.

 

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

 

“Write-Down
and Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers
of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which
write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United
Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the
form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert
all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such
contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of
that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

 

Section 1.2.     Use
of Defined Terms; Other Definitional Provisions.

 

(a) Unless otherwise defined or the context otherwise requires, terms for
which meanings are provided in this Agreement shall, when capitalized, have such meanings when used in the Disclosure Schedule
and in each Note, Notice of Borrowing, notice and other communication delivered from time to time in connection with this Agreement
or any other Loan Document.

 

    19

     

    

 

(b) Any
reference herein to a merger, transfer, consolidation, amalgamation, assignment, sale, Disposition or transfer, or similar term,
shall be deemed to apply to a division of or by a limited liability company, or an allocation of assets to a series of a limited
liability company (or the unwinding of such a division or allocation), as if it were a merger, transfer, consolidation, amalgamation,
assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person. Any division of a
limited liability company shall constitute a separate Person hereunder (and each division of any limited liability company that
is a Subsidiary, joint venture or any other like term shall also constitute such a Person or entity).

 

(c) The
definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes”
and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will”
shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise
(i) any definition of or reference to any agreement, instrument or other document (including any Loan Document) herein shall
be construed as referring to such agreement, instrument or other document (including any Loan Document) as from time to time amended,
restated, amended and restated, supplemented, extended, renewed, replaced, refinanced or otherwise modified (subject to any restrictions
on such amendments, restatements, amendments and restatements, supplements, extensions, renewals, replacements, refinancings or
modifications set forth herein), (ii) any reference herein or in any Loan Document to any Person shall be construed to include
such Person’s successors and permitted assigns, (iii) the words “herein”, “hereof” and “hereunder”,
and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision
hereof or thereof, (iv) all references herein or in any Loan Document to Articles, Sections, clauses, paragraphs, Exhibits
and Schedules shall be construed to refer to Articles and Sections, clauses and paragraphs of, and Exhibits and Schedules to,
this Agreement or such Loan Document, as applicable, and (v) the words “asset” and “Property”, when
used in any Loan Document, shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible
assets and properties, including cash, securities, accounts and contract rights.

 

Section 1.3.     Cross-References.
Unless otherwise specified, references in this Agreement and in each other Loan Document to any Article or Section are
references to such Article or Section of this Agreement or such other Loan Document, as the case may be, and, unless
otherwise specified, references in any Article, Section or definition to any clause are references to such clause of such
Article, Section or definition.

 

Section 1.4.     Accounting
and Financial Determinations. Unless otherwise specified, all accounting terms used herein or in any other Loan Document shall
be interpreted, all accounting determinations and computations hereunder or thereunder (including under Section 6.2.4)
shall be made, and all financial statements required to be delivered hereunder or thereunder shall be prepared, in accordance
with United States generally accepted accounting principles (“GAAP”) consistently applied (or, if not consistently
applied, accompanied by details of the inconsistencies); provided that if the Borrower elects to apply or is required to
apply International Financial Reporting Standards (“IFRS”) accounting principles in lieu of GAAP, upon any
such election and notice to the Administrative Agent, references herein to GAAP shall thereafter be construed to mean IFRS (except
as otherwise provided in this Agreement); provided, further, that if, as a result of (i) any change in GAAP
or IFRS or in the interpretation thereof or (ii) the application by the Borrower of IFRS in lieu of GAAP, in each case, after
the date of the financial statements referred to in Section 5.6, there is a change in the manner of determining any
of the items referred to herein that are to be determined by reference to GAAP, and the effect of such change would (in the reasonable
opinion of the Borrower or the Administrative Agent) be such as to affect the basis or efficacy of the covenants contained in
Section 6.2.4 in ascertaining the financial condition of the Borrower or the consolidated financial condition of the
Borrower and its Subsidiaries and the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any
provision hereof to eliminate such change occurring after the date hereof in GAAP or the application thereof on the operation
of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any
provision hereof for such purpose), then such item shall for the purposes of such Sections of this Agreement continue to be determined
in accordance with GAAP relating thereto as GAAP were applied immediately prior to such change in GAAP or in the interpretation
thereof until such notice shall have been withdrawn or such provision amended in accordance herewith. Notwithstanding the foregoing,
all obligations of any person that are or would be characterized as operating lease obligations in accordance with GAAP as in
effect on December 31, 2018 (whether or not such operating lease obligations were in effect on such date) shall continue
to be accounted for as operating lease obligations for purposes of this Agreement regardless of any change in GAAP following December 31,
2018 that would otherwise require such obligations to be recharacterized (on a prospective or retroactive basis or otherwise)
as capitalized leases; provided that, for clarification purposes, operating leases recorded as liabilities on the balance sheet
due to a change in accounting treatment, or otherwise, shall for all purposes not be treated as Indebtedness, Capital Lease Obligations
or Capitalized Lease Liabilities.

 

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Section 1.5.     LIBOR
Replacement. The Administrative Agent does not warrant nor accept any responsibility nor shall the Administrative Agent have any
liability with respect to (i) any Benchmark Replacement Conforming Changes, (ii) the administration, submission or any
matter relating to the rates in the definitions of LIBO Rate or LIBOR or with respect to any rate that is an alternative, comparable
or successor rate thereto or (iii) the effect of any of the foregoing.

 

Article II

 

COMMITMENTS,
BORROWING PROCEDURES AND NOTES

 

Section 2.1.     The
Advances.

 

(a)            Each
Lender severally agrees, on the terms and conditions hereinafter set forth, to make Advances to the Borrower on the Effective
Date in an aggregate principal amount not to exceed such Lender’s Commitment.

 

(b)            The
initial Borrowing shall consist of Advances of the same Type made on the same day by the Lenders ratably according to their respective
Commitments. Any Advances prepaid may not be reborrowed.

 

Section 2.2.     Making
the Advances.

 

(a)            Each
Borrowing shall be made on notice, given not later than (i) the Effective Date in the case of the proposed Borrowing on the
Effective Date, and (ii) in each other case, (x) 11:00 A.M. (New York City time) on the third Business
Day prior to the date of the proposed Borrowing in the case of a Borrowing consisting of LIBO Rate Advances or (y) 11:00
A.M. (New York City time) on the date of the proposed Borrowing in the case of a Borrowing consisting of Base Rate Advances,
by the Borrower to the Administrative Agent by telecopier or other electronic transmission, which shall give to each Lender prompt
notice (in the case of a proposed Borrowing consisting of Base Rate Advances, by 12:00 P.M. (New York City time)) thereof
by telecopier or other electronic transmission. Each such notice of a Borrowing (a “Notice of Borrowing”) shall
be by telephone, confirmed promptly in writing, telecopier or other electronic transmission in substantially the form of Exhibit B
hereto, specifying therein (in the case of any Borrowing on an Increase Option Date, subject to Section 2.17(c))
the requested (i) date of such Borrowing, (ii) Type of Advances comprising such Borrowing, (iii) aggregate amount
of such Borrowing, and (iv) in the case of a Borrowing consisting of LIBO Rate Advances, initial Interest Period for each
such Advance. Each Lender shall, before 11:00 A.M. (New York City time) on the date of such Borrowing, in the case
of a Borrowing consisting of LIBO Rate Advances and before 1:00 P.M. (New York City time) on the date of such Borrowing,
in the case of a Borrowing consisting of Base Rate Advances, make available for the account of its Applicable Lending Office to
the Administrative Agent at the applicable Administrative Agent’s Account, in same day funds, such Lender’s ratable
portion of such Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable
conditions set forth in Section 4.2 the Administrative Agent will make such funds available to the Borrower at the
account of the Borrower specified in the applicable Notice of Borrowing.

 

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(b)            [Intentionally
omitted].

 

(c)            Anything
in subsection (a) above to the contrary notwithstanding, (i) the Borrower may not select LIBO Rate Advances for
any Borrowing if the aggregate amount of such Borrowing is less than $5,000,000 or if the obligation of the Lenders to make LIBO
Rate Advances shall then be suspended pursuant to Section 2.8 or 3.1 and (ii) the LIBO Rate Advances may
not be outstanding as part of more than two separate Borrowings.

 

(d)            Each
Notice of Borrowing shall be irrevocable and binding on the Borrower. In the case of any Borrowing that the related Notice of
Borrowing specifies is to be comprised of LIBO Rate Advances, the Borrower shall indemnify each Lender in accordance with Section 3.4.

 

(e)            Unless
the Administrative Agent shall have received notice from a Lender prior to the time of any Borrowing that such Lender will not
make available to the Administrative Agent such Lender’s ratable portion of such Borrowing, the Administrative Agent may
assume that such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance
with subsection (a) of this Section 2.2, and the Administrative Agent may, in reliance upon such assumption,
make available to the Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made
such ratable portion available to the Administrative Agent, such Lender and the Borrower severally agree to repay to the Administrative
Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is
made available to the Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of the
Borrower, the interest rate applicable at the time to the Advances comprising such Borrowing and (ii) in the case of such
Lender the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so
repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement.

 

(f)            The
failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its
obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure
of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

 

(g)            If
any Lender shall default in its obligations under Section 2.1, the Agents shall, at the request of the Borrower, use
reasonable efforts to find a bank or other financial institution acceptable to the Borrower and reasonably acceptable to the Administrative
Agent to replace such Lender on terms acceptable to the Borrower and to have such bank or other financial institution replace
such Lender.

 

(h)            Each
Lender may, if it so elects, fulfill its obligation to make or continue Advances hereunder by causing one of its foreign branches
or Affiliates (or an international banking facility created by such Lender) to make or maintain such Advance; provided
that such Advance shall nonetheless be deemed to have been made and to be held by such Lender, and the obligation of the Borrower
to repay such Advance shall nevertheless be to such Lender for the account of such foreign branch, Affiliate or international
banking facility.

 

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Section 2.3.     [Intentionally
omitted].

 

Section 2.4.     Fees.

 

(a)            [Intentionally
omitted].

 

(b)            [Intentionally
omitted].

 

(c)            Extension
Fees. If the Maturity Date shall have been extended in accordance with Section 2.16, in addition to the extension
fee payable pursuant to Section 2.16(b), the Borrower agrees to pay to the Administrative Agent for the account of
each Lender (subject to Section 2.15, in the case of a Defaulting Lender) an additional extension fee on the 545th
calendar day following the Initial Funding Date, equal to 0.50% multiplied by the aggregate outstanding principal amount
of the Advances of such Lender as of such day; provided that, for the avoidance of doubt, no fee shall be payable pursuant
to this Section 2.4(c) if there are no outstanding Advances and the Commitments have been terminated.

 

(d)            Other
Fees. The Borrower agrees to pay the Administrative Agent on the Effective Date all fees due and payable on such date as set
forth in the Fee Letter.

 

(e)            Payment
of Fees. All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative
Agent for distribution, in the case of fees, to the Lenders entitled thereto. Fees paid shall not be refundable under any circumstances.

 

Section 2.5.     [Intentionally
omitted].

 

Section 2.6.     Repayment
of Advances. The Borrower shall repay (i) on the last day of each Fiscal Year, to the Administrative Agent for the account
of each Lender, the aggregate principal amount of Advances made by such Lender multiplied by 1.00% and (ii) on the Maturity
Date, to the Administrative Agent for the account of each Lender, the aggregate principal amount of the Advances made by such
Lender and then outstanding.

 

Section 2.7.     Interest
on Advances.

 

(a)            Scheduled
Interest. The Borrower shall pay interest on the unpaid principal amount of each Advance made to it and owing to each Lender
from the date of such Advance until such principal amount shall be paid in full, at the following rates per annum:

 

(i)            Base
Rate Advances. During such periods as such Advance is a Base Rate Advance, a rate per annum equal at all times to the result
of (x) the Base Rate in effect from time to time plus (y) the Applicable Margin for Base Rate Advances in effect
from time to time, payable in arrears quarterly on the last day of each March, June, September and December during such
periods and on the date such Base Rate Advance shall be Converted or paid in full.

 

(ii)            LIBO
Rate Advances. During such periods as such Advance is a LIBO Rate Advance, a rate per annum equal at all times during each
Interest Period for such Advance to the result of (x) the LIBO Rate for such Interest Period for such LIBO Rate Advance plus
(y) the Applicable Margin for LIBO Rate Advances in effect from time to time, payable in arrears on the last day of such
Interest Period and, if such Interest Period has a duration of more than three months, on each day that occurs during such Interest
Period every three months from the first day of such Interest Period and on the date such LIBO Rate Advance shall be Converted
or paid in full.

 

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(b)            Default
Interest. After the date any principal amount of any Advance is due and payable (whether on the Maturity Date, upon acceleration
or otherwise), or after any other monetary Obligation of the Borrower shall have become due and payable, the Borrower shall pay,
but only to the extent permitted by law, interest (after as well as before judgment) on (i) the unpaid principal amount of
each Advance owing to each Lender, payable in arrears on the dates referred to in clause (a)(i) or (a)(ii) above,
at a rate per annum equal at all times to 2% per annum above the rate per annum required to be paid on such Advance pursuant to
clause (a)(i) or (a)(ii) above and (ii) to the fullest extent permitted by law, the amount of any interest,
fee or other amount payable hereunder that is not paid when due, from the date such amount shall be due until such amount shall
be paid in full, payable in arrears on the date such amount shall be paid in full and on demand, at a rate per annum equal at
all times to 2% per annum above the rate per annum required to be paid on Base Rate Advances pursuant to clause (a)(i) above
as certified by the Administrative Agent to the Borrower (which certification shall be conclusive in the absence of manifest error).

 

Section 2.8.     Interest
Rate Determination.

 

(a)            The
Administrative Agent shall furnish to the Borrower and to the Lenders each determination of the LIBO Rate.

 

(b)            If
the Borrower shall fail to select the duration of any Interest Period for any LIBO Rate Advances in accordance with the provisions
contained in the definition of “Interest Period” in Section 1.1, the Administrative Agent will
forthwith so notify the Borrower and the Lenders and such Advances shall, on such last day, automatically be continued as an Advance
with an Interest Period having a duration of one month.

 

(c)            Benchmark
Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark
Transition Event or an Early Opt-in Election, as applicable, the Administrative Agent and the Borrower may amend this Agreement
to replace the LIBO Rate and LIBOR with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event
will become effective at 5:00 p.m. on the fifth (5th) Business Day after the Administrative Agent has posted such
proposed amendment to all Lenders and the Borrower so long as the Administrative Agent has not received, by such time, written
notice from Lenders comprising the Required Lenders that such Required Lenders (A) in the case of an amendment to replace
the LIBO Rate and LIBOR with a SOFR-Based Rate, object to the Benchmark Replacement Adjustment; or (B) in the case of an
amendment to replace the LIBO Rate and LIBOR with a Benchmark Replacement that is not a SOFR-Based Rate, object to such amendment;
provided that for the avoidance of doubt, in the case of clause (A), the Required Lenders shall not be entitled to object
to any SOFR-Based Rate contained in any such amendment. Any such amendment with respect to an Early Opt-in Election will become
effective on the date that Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that
such Required Lenders accept such amendment. No replacement of the LIBO Rate and LIBOR with a Benchmark Replacement pursuant to
this Section 2.8(c) will occur prior to the applicable Benchmark Transition Start Date. Notwithstanding anything
else herein, any definition of Benchmark Replacement shall provide that in no event shall such Benchmark Replacement be less than
1.00% for purposes of this Agreement.

 

(d)            Benchmark
Adjustment Conforming Changes. In connection with the implementation of a Benchmark Replacement, the Administrative Agent
will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary
herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective
without any further action or consent of any other party to this Agreement.

 

(e)            Notices;
Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and the Lenders of
(i) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark
Replacement Date and Benchmark Transition Start Date, (ii) the implementation of any Benchmark Replacement,
(iii) the effectiveness of any Benchmark Replacement Conforming Changes and (iv) the commencement or conclusion of
any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or
Lenders pursuant to this Section 2.8 including any determination with respect to a tenor, rate or
adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from
taking any action, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and
without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section 2.8.

 

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(f)            Benchmark
Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period,
the Borrower may revoke any request for a Borrowing of LIBO Rate Advances, or conversion to or continuation of LIBO Rate Advances
to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to
have converted any such request into a request for a Borrowing of or conversion to Base Rate Advances. During any Benchmark Unavailability
Period, the component of the Base Rate based upon LIBOR will not be used in any determination of the Base Rate.

 

Section 2.9.     Optional
Conversion of Advances. The Borrower may on any Business Day, upon notice given to the Administrative Agent in substantially
the form of Exhibit C not later than 11:00 A.M. (New York City time) on the third Business Day prior to the
date of the proposed Conversion and subject to the provisions of Sections 2.8 and 3.1, Convert all Advances
of one Type comprising the same Borrowing into Advances of the other Type; provided, however, that any Conversion
of LIBO Rate Advances into Base Rate Advances shall be made only on the last day of an Interest Period for such LIBO Rate Advances,
any Conversion of Base Rate Advances into LIBO Rate Advances shall be in an amount not less than the minimum amount specified
in Section 2.2(c) and no Conversion of any Advances shall result in more separate Borrowings than permitted under
Section 2.2(c). Each such notice of a Conversion shall, within the restrictions specified above, specify (i) the
date of such Conversion, (ii) the Advances to be Converted, and (iii) if such Conversion is into LIBO Rate Advances,
the duration of the initial Interest Period for each such Advance. Each notice of Conversion shall be irrevocable and binding
on the Borrower.

 

Section 2.10.     Optional
Prepayments of Advances.

 

(a)            The
Borrower may, upon notice at least three Business Days prior to the date of such prepayment, in the case of LIBO Rate Advances,
and not later than 11:00 A.M. (New York City time) on the date of such prepayment, in the case of Base Rate Advances, to
the Administrative Agent stating the proposed date and aggregate principal amount of the prepayment, and if such notice is given
the Borrower shall, prepay the outstanding principal amount of the Advances comprising part of the same Borrowing in whole or
ratably in part, together with accrued interest to the date of such prepayment on the principal amount prepaid; provided,
however, that each partial prepayment of LIBO Rate Advances shall be in an aggregate principal amount of not less than
$5,000,000 or an integral multiple of $1,000,000 in excess thereof and in the event of any such prepayment of a LIBO Rate Advance,
the Borrower shall be obligated to reimburse the Lenders in respect thereof pursuant to Section 3.4.

 

(b)            In
the event that on or prior to the date that is six months after the Initial Funding Date, (i) all or any portion of the Advances
are prepaid or repaid from the proceeds of an issuance or incurrence of Indebtedness by the Borrower or any of its Subsidiaries
and the effective yield (in each case, to be determined in the reasonable discretion of the Administrative Agent consistent with
generally accepted financial practices, after giving effect to margins and any applicable interest rate “floors”,
recurring fees and all other upfront or similar fees or original issue discount, but excluding the effect of any bona fide arrangement,
structuring, syndication or other fees payable in connection therewith that are not shared with all lenders or holders thereof)
is, or upon satisfaction of specified conditions could be, lower than the effective yield in respect of the Advances (as determined
on the same basis) or (ii) a Lender is deemed a Non-Consenting Lender and must assign its Advances pursuant to Section 11.1
in connection with any waiver, amendment or modification that would reduce the effective yield in effect with respect to such
Advances (each of clauses (i) and (ii), a “Repricing Event”), then in each case the aggregate principal
amount so prepaid or repaid or assigned will be subject to a fee payable by the Borrower equal to 1.00% of the principal amount
of Advances prepaid or repaid or assigned in connection with such Repricing Event, on the date of such Repricing Event. Such fee
shall be paid by the Borrower to the Agent, for the account of the Lenders or such Non-Consenting Lenders, on the date of such
Repricing Event.

 

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Section 2.11.     Payments
and Computations.

 

(a)            The
Borrower shall make each payment hereunder, irrespective of any right of counterclaim or set-off, not later than 11:00 A.M. (New York
City time) on the day when due in Dollars to the Administrative Agent at the applicable Administrative Agent’s Account in
same day funds. The Administrative Agent will promptly thereafter cause to be distributed like funds relating to the payment of
principal or interest or fees ratably (other than amounts payable pursuant to Section 3.3, 3.4, 3.5,
3.6 or 3.7) to the Lenders for the account of their respective Applicable Lending Offices, and like funds relating
to the payment of any other amount payable to any Lender to such Lender for the account of its Applicable Lending Office, in each
case to be applied in accordance with the terms of this Agreement. Upon any Added Lender becoming a Lender hereunder as a result
of an exercise of the Increase Option pursuant to Section 2.17, and upon the Administrative Agent’s receipt
of such Lender’s Added Lender Agreement and recording of the information contained therein in the Register, from and after
the applicable Increase Option Date, the Administrative Agent shall make all payments hereunder and under any Notes issued in
connection therewith in respect of the interest assumed thereby to the Added Lender. Upon its acceptance of a Lender Assignment
Agreement and recording of the information contained therein in the Register pursuant to Section 11.11.3, from and
after the effective date specified in such Lender Assignment Agreement, the Administrative Agent shall make all payments hereunder
and under the Notes in respect of the interest assigned thereby to the Lender assignee thereunder, and the parties to such Lender
Assignment Agreement shall make all appropriate adjustments in such payments for periods prior to such effective date directly
between themselves.

 

(b)            All
computations of interest based on the Base Rate (including Base Rate determined by reference to the LIBO Rate or the Federal Funds
Rate) shall be made by the Administrative Agent on the basis of a year of 365 or 366 days, as the case may be, and all computations
of interest based on the LIBO Rate or the Federal Funds Rate and of fees shall be made by the Administrative Agent on the basis
of a year of 360 days, in each case for the actual number of days (including the first day but excluding the last day) occurring
in the period for which such interest or fees are payable. Each determination by the Administrative Agent of an interest rate
hereunder shall be conclusive and binding for all purposes, absent manifest error.

 

(c)            Whenever
any payment hereunder or under the Notes shall be stated to be due on a day other than a Business Day, such payment shall be made
on the next succeeding Business Day; provided, however, that, if such extension would cause payment of interest
on or principal of LIBO Rate Advances to be made in the next following calendar month, such payment shall be made on the immediately
preceding Business Day and provided, further, that any such adjustment to the payment date shall in each case be
made in the computation of payment of interest or fee, as the case may be.

 

(d)            Unless
the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Lenders
hereunder that the Borrower will not make such payment in full, the Administrative Agent may assume that the Borrower has made
such payment in full to the Administrative Agent on such date and the Administrative Agent may, in reliance upon such assumption,
cause to be distributed to each Lender on such due date an amount equal to the amount then due such Lender. If and to the extent
the Borrower shall not have so made such payment in full to the Administrative Agent, each Lender shall repay to the Administrative
Agent forthwith on demand such amount distributed to such Lender together with interest thereon, for each day from the date such
amount is distributed to such Lender until the date such Lender repays such amount to the Administrative Agent, at the Federal
Funds Rate.

 

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(e)            To
the extent that the Administrative Agent receives funds for application to the amounts owing by the Borrower under or in respect
of this Agreement or any Note in currencies other than the currency or currencies required to enable the Administrative Agent
to distribute funds to the Lenders in accordance with the terms of this Section 2.11, the Administrative Agent, to
the extent permitted by applicable law, shall be entitled to convert or exchange such funds into Dollars to the extent necessary
to enable the Administrative Agent to distribute such funds in accordance with the terms of this Section 2.11; provided
that the Borrower and each of the Lenders hereby agree that the Administrative Agent shall not be liable or responsible for
any loss, cost or expense suffered by the Borrower or such Lender as a result of any conversion or exchange of currencies affected
pursuant to this Section 2.11(e) or as a result of the failure of the Administrative Agent to effect any such
conversion or exchange; and provided further that the Borrower agrees, to the extent permitted by applicable law,
to indemnify the Administrative Agent and each Lender, and hold the Administrative Agent and each Lender harmless, for any and
all losses, costs and expenses incurred by the Administrative Agent or any Lender for any conversion or exchange of currencies
(or the failure to convert or exchange any currencies) in accordance with this Section 2.11(e).

 

Section 2.12.     Sharing
of Payments, Etc. If any Lender shall obtain any payment (whether voluntary, involuntary, through the exercise of any right
of set-off, or otherwise) on account of the Advances owing to it (other than (x) pursuant to Section 3.3, 3.4,
3.5, 3.6 or 3.7 or (y) any payments made in accordance with the express terms of this Agreement at any
time that a Defaulting Lender exists and any payment obtained by a Lender as consideration for the assignment of or sale of a
participation in any of its Commitments or Advances in accordance with Section 2.15, Section 11.11.1 or
Section 11.11.2) in excess of its Ratable Share of payments on account of the Advances obtained by all the Lenders,
such Lender shall forthwith purchase from the other Lenders such participations in the Advances owing to them as shall be necessary
to cause such purchasing Lender to share the excess payment ratably with each of them; provided, however, that if
all or any portion of such excess payment is thereafter recovered from such purchasing Lender, such purchase from each Lender
shall be rescinded and such Lender shall repay to the purchasing Lender the purchase price to the extent of such recovery together
with an amount equal to such Lender’s ratable share (according to the proportion of (i) the amount of such Lender’s
required repayment to (ii) the total amount so recovered from the purchasing Lender) of any interest or other amount paid
or payable by the purchasing Lender in respect of the total amount so recovered. The Borrower agrees that any Lender so purchasing
a participation from another Lender pursuant to this Section 2.12 may, to the fullest extent permitted by law, exercise
all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Lender were
the direct creditor of the Borrower in the amount of such participation.

 

Section 2.13.     Evidence
of Debt.

 

(a)            Each
Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower
to such Lender resulting from each Advance owing to such Lender from time to time, including the amounts of principal and interest
payable and paid to such Lender from time to time hereunder in respect of Advances. The Borrower agrees that upon notice by any
Lender to the Borrower (with a copy of such notice to the Administrative Agent) to the effect that a Note is required or appropriate
in order for such Lender to evidence (whether for purposes of pledge, enforcement or otherwise) the Advances owing to, or to be
made by, such Lender, the Borrower shall promptly execute and deliver to such Lender a Note payable to the order of such Lender
in a principal amount up to the Commitment of such Lender.

 

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(b)            The
Register maintained by the Administrative Agent pursuant to Section 11.11.3 shall include a control account, and a
subsidiary account for each Lender, in which accounts (taken together) shall be recorded (i) the date, currency and amount
of each Borrowing made hereunder, the Type of Advances comprising such Borrowing and, if appropriate, the Interest Period applicable
thereto, (ii) the terms of each Lender Assignment Agreement delivered to and accepted by it, (iii) the amount of any
principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iv) the
amount of any sum received by the Administrative Agent from the Borrower hereunder and each Lender’s share thereof.

 

(c)            Entries
made in good faith by the Administrative Agent in the Register pursuant to subsection (b) above, and by each Lender in its
account or accounts pursuant to subsection (a) above, shall be prima facie evidence of the amount of principal
and interest due and payable or to become due and payable from the Borrower to, in the case of the Register, each Lender and,
in the case of such account or accounts, such Lender, under this Agreement, absent manifest error.

 

Section 2.14.     Mandatory
Prepayments.

 

(a)            Upon
any Extraordinary Receipt received by or paid to or for the account of the Borrower or any of its Subsidiaries in respect of the
Designated Assets, the Borrower shall prepay an aggregate principal amount of Advances equal to 100% of all Net Cash Proceeds
received therefrom within three Business Days after the date of receipt thereof by the Borrower or such Subsidiary.

 

(b)            If
the Borrower or any of its Subsidiaries Disposes of any Designated Assets, the Borrower shall prepay an aggregate principal amount
of Advances equal to 100% of such Net Cash Proceeds received therefrom within three Business Days after the date of receipt thereof
by the Borrower or such Subsidiary.

 

(c)            In
the event and on each occasion that, after the making of the Advances hereunder on the Initial Funding Date, any Net Cash Proceeds
are received by or on behalf of the Borrower or any of its Subsidiaries in respect of any Early Repayment Event, (i) the
Borrower shall, on the date of such receipt, deliver to the Agent a notice thereof setting forth the nature of such Early Repayment
Event and the amount of such Net Cash Proceeds (together with a reasonably detailed calculation thereof) and (ii) within
three Business Days after such Net Cash Proceeds are received, the Borrower shall prepay Advances in an amount equal to such Net
Cash Proceeds (or, if less, an amount equal to the aggregate amount of the Advances then outstanding).

 

(d)            To
the extent no Advances are outstanding after giving effect to any prepayment made under this Section 2.14 and there
remains any unapplied Net Cash Proceeds, the Borrower may retain such unapplied Net Cash Proceeds.

 

Section 2.15.     Defaulting
Lenders.

 

(a)            If
the Borrower and the Administrative Agent agree in writing in their reasonable determination that a Defaulting Lender should no
longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective
date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to
any cash collateral or letters of credit), that Lender will, to the extent applicable, purchase at par that portion of outstanding
Advances of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the
Advances to be held on a pro rata basis by the Lenders in accordance with their Ratable Shares, whereupon
such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect
to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided,
further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting
Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from such Lender’s having
been a Defaulting Lender.

 

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(b)            Notwithstanding
anything to the contrary contained in this Agreement, any payment of principal, interest or other amounts received by the Administrative
Agent for the account of any Defaulting Lender under this Agreement (whether voluntary or mandatory, at maturity, pursuant to
Article VII or otherwise) shall be applied at such time or times as may be determined by the Administrative Agent as follows:
first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second,
as the Borrower may request (so long as no Default and no Prepayment Event shall have occurred and be continuing), to the funding
of any Advance in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement,
as determined by the Administrative Agent; third, to the payment of any amounts owing to the Lenders as a result of any
judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting
Lender’s breach of its obligations under this Agreement; fourth, so long as no Default and no Prepayment Event shall
have occurred and be continuing, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of
competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach
of its obligations under this Agreement; and fifth, to such Defaulting Lender or as otherwise directed by a court of competent
jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Advance in respect of
which such Defaulting Lender has not fully funded its appropriate share, and (y) such Advances were made at a time when the
applicable conditions set forth in Article IV were satisfied or waived, such payment shall be applied solely to pay the Advances
of all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Advances of such Defaulting Lender
and provided further that any amounts held as cash collateral for funding obligations of a Defaulting Lender shall be returned
to such Defaulting Lender upon the termination of this Agreement and the satisfaction of such Defaulting Lender’s obligations
hereunder. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay
amounts owed by a Defaulting Lender or to post cash collateral pursuant to this Section 2.15 shall be deemed paid
to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

 

Section 2.16.     Extension
Option.

 

(a)            At
least 15 days prior to the Initial Maturity Date, the Borrower, by written notice to the Administrative Agent, may request an
extension of the Maturity Date.

 

(b)            If
the Borrower has delivered written notice of its request to extend the Maturity Date in accordance with clause (a) above,
then upon the satisfaction of the following conditions, the Maturity Date in effect at such time shall be automatically extended
by 364 days on the 15th day following delivery of such notice:

 

(i)            no
Default or Event of Default shall have occurred and been continuing;

 

(ii)            within
five Business Days following the delivery such notice, the Borrower shall have paid to the Administrative Agent for the ratable
account of the Lenders a fee equal to 1.00% of the aggregate principal amount of the Advances outstanding on the date such notice
was delivered; and

 

(iii)            together
with such notice, the Borrower shall have furnished to the Administrative Agent a certificate of one of its senior officers certifying
that as of the date such notice was delivered, the Borrower was in compliance with Section 6.2.4 after giving pro
forma effect to the proposed maturity extension and setting forth a reasonably detailed calculation of the pro forma Collateral
Coverage Ratio; provided, however, that for purposes of calculating such Collateral Coverage Ratio, the Aggregate
Collateral Vessel Value shall be determined on the basis of a recent valuation report or appraisal conducted by an independent
firm of recognized skill and experience in valuing or appraising such assets, which appraiser and the form and substance of such
report or appraisal shall each be reasonably satisfactory to the Administrative Agent.

 

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Section 2.17.     Increase
Option.

 

(a)            The
Borrower shall have the right following the Effective Date but prior to the occurrence of a Downgrade, by notice to the Administrative
Agent, to effectuate on a single occasion, additional Advances under this Agreement (such right to increase, the “Increase
Option”) by adding to this Agreement one or more commercial banks or financial institutions (who shall, upon completion
of the requirements of this Section 2.14 constitute “Lenders” hereunder) (an “Added Lender”),
or by allowing one or more Lenders in their sole discretion to make additional Advances hereunder (each an “Increasing
Lender”); provided that (x) no additional Advance on any occasion shall be less than $10,000,000, (y) no
additional Advances pursuant to this Section 2.17 shall result in aggregate Advances exceeding $2,350,000,000, and
(z) no Lender shall be required to make any additional Advances under this Section 2.17 without the consent of
such Lender. The Borrower shall deliver to the Administrative Agent on or before the applicable Increase Option Date each of the
following items:

 

(i)            with
respect to each Added Lender and Increasing Lender:

 

(A)            a
written notice of the Borrower’s intention to borrow the aggregate amount of Advances pursuant to this Section 2.17,
which shall specify each Added Lender and the amount of such Added Lender’s Advance (if any), each Increasing Lender and
the amount of the additional Advance of such Increasing Lender’s Advance (if any), and such other information as is reasonably
requested by the Administrative Agent;

 

(B)            documents
in the form of Exhibit E or Exhibit F, as applicable, executed and delivered by each Added Lender and
each Increasing Lender, pursuant to which such Lender becomes a party hereto or makes an additional Advance, as the case may be;
and

 

(C)            if
requested by the applicable Lender, Notes or replacement Notes, as the case may be, executed and delivered by the Borrower; and

 

(ii)            a
certificate of a senior officer of the Borrower certifying that, as of the Increase Option Date (immediately prior to the funding
of the Advances to be made on such date), there shall have been no communication to the Borrower or public announcement of any
kind from S&P and Moody’s that the Senior Debt Rating has been subject to a Downgrade.

 

(b)            Upon
receipt of any notice referred to in clause (a)(i) above, the Administrative Agent shall promptly notify each Lender
thereof. Upon execution and delivery of such documents (the “Increase Option Date”), such new Lender shall
constitute a “Lender” hereunder with an Advance as specified therein, or such Increasing Lender’s Advance shall
increase as specified therein, as the case may be. Immediately upon the effectiveness of the addition of such Added Lender or
the increase in the Advance of such Increasing Lender under this Section 2.17, the respective Ratable Shares of the
Lenders shall be deemed modified as appropriate to correspond to such changed aggregate Advances. The Advances of each Added Lender
and Increasing Lender shall constitute Advances constitute either additional LIBO Rate Advances or additional Base Rate Advances,
as the case may be, of the same class and having the same initial Interest Period, as the Advances made by the initial Lenders
on the Effective Date; provided that interest shall accrue on the Advances of each Added Lender and Increasing Lender from
the applicable Increase Option Date.

 

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(c)            The
Borrower shall borrow up to the full amount of the additional Advances in accordance with Section 2.2 on the Increase
Option Date.

 

Article III

CERTAIN LIBO RATE AND OTHER PROVISIONS

 

Section 3.1.     LIBO
Rate Lending Unlawful. If the introduction of or any change in or in the interpretation of any law makes it unlawful, or any
central bank or other governmental authority having jurisdiction over such Lender asserts that it is unlawful, for such Lender
to make, continue or maintain any Advance bearing interest at a rate based on the LIBO Rate, the obligations of such Lender to
make, continue or maintain any Advances bearing interest at a rate based on the LIBO Rate shall, upon notice thereof to the Borrower,
the Administrative Agent and each other Lender, forthwith be suspended until the circumstances causing such suspension no longer
exist, provided that such Lender’s obligation to make, continue and maintain Advances hereunder shall be automatically
converted into an obligation to make, continue and maintain Advances bearing interest at a rate to be negotiated between such
Lender and the Borrower that is the equivalent of the sum of the LIBO Rate for the relevant Interest Period plus the Applicable
Margin applicable to LIBO Rate Advances or, if such negotiated rate is not agreed upon by the Borrower and such Lender within
fifteen Business Days, a rate equal to the Federal Funds Rate from time to time in effect plus the Applicable Margin applicable
to LIBO Rate Advances.

 

Section 3.2.     Deposits
Unavailable.

 

If
the Administrative Agent shall have determined that:

 

(a)            deposits
in the relevant amount, in the relevant currency and for the relevant Interest Period are not available to it in the London interbank
market; or

 

(b)            by
reason of circumstances affecting the London interbank market, adequate or reasonable means do not exist for ascertaining the
interest rate applicable hereunder to LIBO Rate Advances,

 

then
the Administrative Agent shall give notice of such determination (hereinafter called a “Determination Notice”)
to the Borrower and each of the Lenders. The Borrower, the Lenders and the Administrative Agent shall then negotiate in good faith
in order to agree upon a mutually satisfactory interest rate and interest period (or interest periods) to be substituted for those
which would otherwise have applied under this Agreement. If the Borrower, the Lenders and the Administrative Agent are unable
to agree upon an interest rate (or rates) and interest period (or interest periods) prior to the date occurring fifteen Business
Days after the giving of such Determination Notice, the interest rate to take effect at the end of the Interest Period current
at the date of the Determination Notice shall be equal to the sum of the Applicable Margin applicable to LIBO Rate Advances plus
the Federal Funds Rate in effect from time to time.

 

Section 3.3.     Increased
Costs, etc. If a change in any applicable treaty, law, regulation or regulatory requirement (including by
introduction or adoption of any new treaty, law, regulation or regulatory requirement) or in the interpretation thereof or in
its application to the Borrower, or if compliance by any Lender with any applicable direction, request, requirement or
guideline (whether or not having the force of law, and for the avoidance of doubt, including any changes resulting from
(i) requests, rules, guidelines or directives concerning capital adequacy or liquidity issued in connection with the
Dodd-Frank Wall Street Reform and Consumer Protection Act and (ii) all requests, rules, guidelines or directives
promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or
similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, and in each
case for both clauses (i) and (ii), regardless of the date enacted, adopted or issued) of any governmental or other
authority including, without limitation, any agency of the United States or the United Kingdom, the European Union or similar
monetary or multinational authority insofar as it may be changed or imposed after the date hereof, shall:

 

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(a)            subject
any Lender to any taxes, levies, duties, charges, fees, deductions or withholdings of any nature with respect to its commitment
to lend and other commitments of such type or any part thereof imposed, levied, collected, withheld or assessed by any jurisdiction
or any political subdivision or taxing authority thereof (other than taxation on overall net income and, to the extent such taxes
are described in Section 3.6, withholding taxes); or

 

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

 

(c)            impose,
modify or deem applicable any reserve, liquidity or capital adequacy requirements (other than the reserve costs described in Section 3.7)
or other banking or monetary controls or requirements which affect the manner in which a Lender shall allocate its capital resources
to its obligations hereunder or require the making of any special deposits against or in respect of any assets or liabilities
of, deposits with or for the account of, or loans by, any Lender (provided that such Lender shall, unless prohibited by
law, allocate its capital resources to its obligations hereunder in a manner which is consistent with its present treatment of
the allocation of its capital resources); or

 

(d)            impose
on any Lender any other condition affecting its commitment to lend hereunder,

 

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

 

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Section 3.4.     Funding
Losses. In the event any Lender shall incur any loss or expense (other than loss of profits, business or anticipated savings)
by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to make, continue or maintain
any portion of the principal amount of any Advance as a LIBO Rate Advance as a result of:

 

(a)            any
conversion or repayment or prepayment of the principal amount of any LIBO Rate Advances on a date other than the scheduled last
day of the Interest Period applicable thereto, whether pursuant to Section 3.1 or otherwise; or

 

(b)            any
LIBO Rate Advances not being made in accordance with the Notice of Borrowing therefor due to the fault of the Borrower or as a
result of any of the conditions precedent set forth in Article IV not being satisfied,

 

then,
upon the written notice of such Lender to the Borrower (with a copy to the Administrative Agent), the Borrower shall, within five
Business Days of its receipt thereof, pay directly to such Lender such amount as will reimburse such Lender for such loss or expense.
Such written notice shall include calculations in reasonable detail setting forth the loss or expense to such Lender.

 

Section 3.5.     Increased
Capital Costs. If any change in, or the introduction, adoption, effectiveness, interpretation, reinterpretation or phase-in
of, any law or regulation, directive, guideline, decision or request (whether or not having the force of law and for the avoidance
of doubt, including any changes resulting from (i) requests, rules, guidelines or directives concerning capital adequacy
or liquidity issued in connection with the Dodd-Frank Wall Street Reform and Consumer Protection Act and (ii) all requests,
rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision
(or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel
III, and in each case for both clauses (i) and (ii), regardless of the date enacted, adopted or issued) of any court, central
bank, regulator or other governmental authority increases the amount of capital required to be maintained by any Lender or any
Person controlling such Lender, and the rate of return on its or such controlling Person’s capital as a consequence of its
Commitments or the Advances made by such Lender is reduced to a level below that which such Lender or such controlling Person
would have achieved but for the occurrence of any such change in circumstance, then, in any such case upon notice from time to
time by such Lender to the Borrower, the Borrower shall immediately pay directly to such Lender additional amounts sufficient
to compensate such Lender or such controlling Person for such reduction in rate of return. Any such notice shall (i) describe
in reasonable detail the capital adequacy or liquidity requirements which have been imposed, together with the approximate date
of the effectiveness thereof, (ii) set forth the amount of such lowered return, (iii) describe the manner in which such
amount has been calculated, (iv) certify that the method used to calculate such amount is such Lender’s standard method
of calculating such amount, (v) certify that such request for such additional amounts is consistent with its treatment of
other borrowers that are subject to similar provisions and (vi) certify that, to the best of its knowledge, such change in
circumstances is of general application to the commercial banking industry in the jurisdictions in which such Lender does business.
In determining such amount, such Lender may use any method of averaging and attribution that it shall, subject to the foregoing
sentence, deem applicable. Each Lender agrees to use reasonable efforts (consistent with its internal policy and legal and regulatory
restrictions) to designate a different Applicable Lending Office if the making of such a designation would avoid such reduction
in such rate of return and would not, in the reasonable judgment of such Lender, be otherwise disadvantageous to such Lender.
Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver
of such Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate
a Lender pursuant to this Section for any increased costs or reductions incurred more than three months prior to the date
that such Lender notifies the Borrower of the circumstance giving rise to such reductions and of such Lender’s intention
to claim compensation therefor; provided further that, if the circumstance giving rise to such reductions is retroactive,
then the three-month period referred to above shall be extended to include the period of retroactive effect thereof, but not more
than six months prior to the date that such Lender notifies the Borrower of the circumstance giving rise to such reductions and
of such Lender’s intention to claim compensation therefor.

 

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Section 3.6.     Taxes.
All payments by the Borrower of principal of, and interest on, the Advances and all other amounts payable hereunder shall be made
free and clear of and without deduction for any present or future income, excise, stamp or franchise taxes and other taxes, fees,
duties, withholdings or other charges of any nature whatsoever imposed by any taxing authority, but excluding, with respect to
each Lender, taxes imposed on or measured by such Lender’s net income or receipts and franchise taxes imposed in lieu of
net income taxes or taxes on receipts, by the jurisdiction under the laws of which such Lender is organized or any political subdivision
thereof or the jurisdiction of such Lender’s Applicable Lending Office or any political subdivision thereof or any other
jurisdiction unless such net income taxes are imposed solely as a result of the Borrower’s activities in such other jurisdiction,
and any taxes imposed under FATCA (such non-excluded items being called “Taxes”). In the event that any withholding
or deduction from any payment to be made by the Borrower hereunder is required in respect of any Taxes pursuant to any applicable
law, rule or regulation, then the Borrower will:

 

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

 

(b)            promptly
forward to the Administrative Agent an official receipt or other documentation satisfactory to the Administrative Agent evidencing
such payment to such authority; and

 

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

 

Moreover,
if any Taxes are directly asserted against the Administrative Agent or any Lender with respect to any payment received by the
Administrative Agent or such Lender hereunder, the Administrative Agent or such Lender may pay such Taxes and the Borrower will
promptly pay such additional amounts (including any penalties, interest or expenses) as is necessary in order that the net amount
received by such Person after the payment of such Taxes (including any Taxes on such additional amount) shall equal the amount
such Person would have received had no such Taxes been asserted.

 

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Any
Lender claiming any additional amounts payable pursuant to this Section agrees to use reasonable efforts (consistent with
its internal policy and legal and regulatory restrictions) to change the jurisdiction of its Applicable Lending Office if the
making of such a change would avoid the need for, or reduce the amount of, any such additional amounts that may thereafter accrue
and would not, in the reasonable judgment of such Lender, be otherwise disadvantageous to such Lender.

 

If
the Borrower fails to pay any Taxes when due to the appropriate taxing authority or fails to remit to the Administrative Agent,
for the account of the respective Lenders, the required receipts or other required documentary evidence, the Borrower shall indemnify
the Lenders for any incremental withholding Taxes, interest or penalties that may become payable by any Lender as a result of
any such failure (so long as such amount did not become payable as a result of the failure of such Lender to provide timely notice
to the Borrower of the assertion of a liability related to the payment of Taxes). For purposes of this Section 3.6,
a distribution hereunder by the Administrative Agent or any Lender to or for the account of any Lender shall be deemed a payment
by the Borrower.

 

If
any Lender is entitled to any refund, credit, deduction or other reduction in tax by reason of any payment made by the Borrower
in respect of any tax under this Section 3.6 or by reason of any payment made by the Borrower pursuant to Section 3.3,
such Lender shall use reasonable efforts to obtain such refund, credit, deduction or other reduction and, promptly after receipt
thereof, will pay to the Borrower such amount (plus any interest received by such Lender in connection with such refund, credit,
deduction or reduction) as is equal to the net after-tax value to such Lender of such part of such refund, credit, deduction or
reduction as such Lender reasonably determines is allocable to such tax or such payment (less out-of-pocket expenses incurred
by such Lender), provided that no Lender shall be obligated to disclose to the Borrower any information regarding its tax
affairs or tax computations.

 

Each
Lender (and each Participant) agrees with the Borrower and the Administrative Agent that it will (i) in the case of a
Lender or a Participant that is organized under the laws of a jurisdiction other than the United States (a) provide to
the Administrative Agent and the Borrower an appropriately executed copy of Internal Revenue Service Form W-8ECI
certifying that any payments made to or for the benefit of such Lender or such Participant are effectively connected with a
trade or business in the United States (or, alternatively, an Internal Revenue Service Form W-8BEN or W-8BEN-E claiming
the benefits of a tax treaty, but only if the applicable treaty described in such form provides for a complete exemption from
U.S. federal income tax withholding), or any successor form, on or prior to the date hereof (or, in the case of any assignee
as provided for in Section 11.11.1 or Participant, on or prior to the date of the relevant assignment or
participation) in each case attached to an Internal Revenue Service Form W-8IMY, if appropriate, (b) notify the
Administrative Agent and the Borrower if the certifications made on any form provided pursuant to this paragraph are no
longer accurate and true in all material respects and (c) provide such other tax forms or other documents as shall be
prescribed by applicable law, if any, or as otherwise reasonably requested, to demonstrate, to the extent applicable, that
payments to such Lender (or Participant) hereunder are exempt from withholding under FATCA, and (ii) in all cases,
provide such forms, certificates or other documents or information, as and when reasonably requested by the Borrower,
necessary to claim any applicable exemption from, or reduction of, Taxes or any payments made to or for benefit of such
Lender or such Participant, provided that the Lender or Participant is legally able to deliver such forms, certificates or
other documents. For any period with respect to which a Lender (or Participant) has failed to provide the Borrower with the
foregoing forms (other than if such failure is due to a change in law occurring after the date on which a form originally was
required to be provided (which, in the case of an assignee as provided for in Section 11.11.1, would be the date
on which the original assignor was required to provide such form) or if such form otherwise is not required hereunder) such
Lender (or Participant) shall not be entitled to the benefits of this Section 3.6 with respect to Taxes imposed
by reason of such failure.

 

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Section 3.7.     Reserve
Costs. Without in any way limiting the Borrower’s obligations under Section 3.3, the Borrower shall pay
to each Lender on the last day of each Interest Period of each LIBO Rate Advance, so long as the relevant Applicable Lending Office
of such Lender is required to maintain reserves against “Eurocurrency liabilities” under Regulation D of the F.R.S.
Board, upon notice from such Lender, an additional amount equal to the product of the following for each LIBO Rate Advance for
each day during such Interest Period:

 

(i)            the
principal amount of such LIBO Rate Advance outstanding on such day; and

 

(ii)            the
remainder of (x) a fraction the numerator of which is the rate (expressed as a decimal) at which interest accrues on such
LIBO Rate Advance for such Interest Period as provided in this Agreement (less the Applicable Margin applicable to LIBO Rate Advances)
and the denominator of which is one minus any increase after the Effective Date in the effective rate (expressed as a decimal)
at which such reserve requirements are imposed on such Lender minus (y) such numerator; and

 

(iii)            1/360.

 

Such
notice shall (i) describe in reasonable detail the reserve requirement that has been imposed, together with the approximate
date of the effectiveness thereof, (ii) set forth the applicable reserve percentage, (iii) certify that such request
is consistent with such Lender’s treatment of other borrowers that are subject to similar provisions and (iv) certify
that, to the best of its knowledge, such requirements are of general application in the commercial banking industry in the United
States.

 

Each
Lender agrees to use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to avoid the
requirement of maintaining such reserves (including by designating a different Applicable Lending Office) if such efforts would
not, in the reasonable judgment of such Lender, be otherwise disadvantageous to such Lender.

 

Section 3.8.     Replacement
Lenders, etc. If the Borrower shall be required to make any payment to any Lender pursuant to Section 3.3, 3.4, 3.5, 3.6
or 3.7, the Borrower shall be entitled at any time (so long as no Default and no Prepayment Event shall have occurred
and be continuing) within 180 days after receipt of notice from such Lender of such required payment to (a) terminate
such Lender’s Commitment (whereupon the Ratable Shares of each other Lender shall automatically be adjusted to an
amount equal to each such Lender’s ratable share of the remaining Commitments), and such Lender’s right to
receive any facility fee accruing after such termination, (b) prepay the affected portion of such Lender’s
Advances in full, together with accrued interest thereon through the date of such prepayment (provided that the
Borrower shall not prepay any such Lender pursuant to this clause (b) without replacing such Lender pursuant to the
following clause (c) until a 30-day period shall have elapsed during which the Borrower and the Agents shall have
attempted in good faith to replace such Lender), and/or (c) replace such Lender with another financial institution
reasonably acceptable to the Administrative Agent, provided that (i) each such assignment shall be either an
assignment of all of the rights and obligations of the assigning Lender under this Agreement or an assignment of a portion of
such rights and obligations made concurrently with another such assignment or other such assignments that together cover all
of the rights and obligations of the assigning Lender under this Agreement and (ii) no Lender shall be obligated to make
any such assignment as a result of a demand by the Borrower pursuant to this Section unless and until such Lender shall
have received one or more payments from either the Borrower or one or more assignees in an aggregate amount at least equal to
the aggregate outstanding principal amount of the Advances owing to such Lender, together with accrued interest thereon to
the date of payment of such principal amount and all other amounts payable to such Lender under this Agreement. Each Lender
represents and warrants to the Borrower that, as of the date of this Agreement (or, with respect to any Lender not a party
hereto on the date hereof, on the date that such Lender becomes a party hereto), there is no existing treaty, law,
regulation, regulatory requirement, interpretation, directive, guideline, decision or request pursuant to which such Lender
would be entitled to request any payments under any of Sections 3.3, 3.4, 3.5, 3.6 and 3.7
to or for account of such Lender.

 

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Section 3.9.     Setoff.
Upon the occurrence and during continuance of an Event of Default or Prepayment Event, each Lender shall have, to the extent permitted
by applicable law, the right to appropriate and apply to the payment of the Obligations then due and owing to it any and all balances,
credits, deposits, accounts or moneys of the Borrower then or thereafter maintained with such Lender; provided that any
such appropriation and application shall be subject to the provisions of Section 2.12; provided, further,
that in the event that any Defaulting Lender exercises any such right of setoff, (x) all amounts so set off will be paid
over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.15(b) and,
pending such payment, will be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit
of the Administrative Agent and the Lenders and (y) the Defaulting Lender will provide promptly to the Administrative Agent
a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right
of setoff. Each Lender agrees promptly to notify the Borrower and the Administrative Agent after any such setoff and application
made by such Lender; provided that the failure to give such notice shall not affect the validity of such setoff and application.
The rights of each Lender under this Section are in addition to other rights and remedies (including other rights of setoff
under applicable law or otherwise) which such Lender may have.

 

Section 3.10.     Use
of Proceeds. The Borrower shall apply the proceeds of each Borrowing in accordance with the third recital; without limiting the
foregoing, no proceeds of any Advance will be used to acquire any equity security of a class which is registered pursuant to Section 12
of the Securities Exchange Act of 1934 or any “margin stock”, as defined in F.R.S. Board Regulation U.

 

Article IV

 

CONDITIONS
TO BORROWING

 

Section 4.1.     Effectiveness.
The obligations of the Lenders to fund any Borrowing shall be subject to the satisfaction or waiver of the conditions precedent
set forth in this Section 4.1.

 

(a)            Resolutions, etc.
The Administrative Agent shall have received from the Borrower and CCHI:

 

(i)            a
certificate, dated the Effective Date, of the Secretary or Assistant Secretary of each of the Borrower and CCHI as to the incumbency
and signatures of those of its officers authorized to act with respect to this Agreement and each other Loan Document and as to
the truth and completeness of the attached:

 

(x) resolutions
of its respective Board of Directors, and with respect to CCHI, resolutions of its shareholders, in each case, as then in full
force and effect authorizing the execution, delivery and performance of this Agreement and each other Loan Document to which it
is a party; and

 

(y) Organic
Documents of the Borrower and CCHI;

 

and
upon which certificate each Lender may conclusively rely until it shall have received a further certificate of the Secretary of
the Borrower or CCHI, as applicable, canceling or amending such prior certificate;

 

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(ii)            with
respect to each Guarantor other than CCHI, resolutions of such Guarantor’s Board of Directors and resolutions of its shareholders,
in each case, as then in full force and effect authorizing the execution, delivery and performance of this Agreement and each
other Loan Documents to which such Guarantor is a party;

 

(iii)            a
certificate of good standing issued by the relevant Liberian authorities in respect of the Borrower and each Guarantor; and

 

(iv)            a
copy of the share register and issued and outstanding share certificate for each Guarantor whose Equity Interests constitute Pledged
Equity.

 

(b)            Delivery
of Notes. The Administrative Agent shall have received, for the account of the respective Lenders, the Notes requested by
Lenders pursuant to Section 2.13, duly executed and delivered by the Borrower.

 

(c)            Opinions
of Counsel. The Administrative Agent shall have received opinions, dated the Effective Date and addressed to the Agents and
each Lender, from:

 

(i)            Skadden,
Arps, Slate, Meagher & Flom LLP, counsel to the Borrower, as to New York law, in a form reasonably satisfactory to the
Administrative Agent;

 

(ii)            Watson
Farley & Williams LLP, counsel to the Borrower, as to Liberian law, in a form reasonably satisfactory to the Administrative
Agent; and

 

(iii)            Holland &
Knight LLP, counsel to the Borrower, as to Florida law, in a form reasonably satisfactory
to the Administrative Agent.

 

(d)            Loan
Documents. The Administrative Agent (or its counsel) shall have received a copy of each of the following, duly executed and
delivered by each party thereto:

 

(i)            this
Agreement;

 

(ii)            the
Guaranty; and

 

(iii)            the
Pledge and Security Agreement (and any intellectual property security agreements required thereunder to be delivered on the Effective
Date).

 

(e)            No
Downgrade. As of the Effective Date (immediately prior to the funding of the Advances to be made on such date), there shall
have been no communication to the Borrower or public announcement of any kind from S&P and Moody’s that the Senior Debt
Rating provided (i) by S&P has been downgraded such that it is below BBB- and (ii) by Moody’s has been downgraded
such that it is below Baa3 (the occurrence of both such ratings declines, a “Downgrade”).

 

(f)            Closing
Fees, Expenses, etc. The Administrative Agent shall have received for its own account, or for the account of each Lender,
as the case may be, all fees that the Borrower shall have agreed in writing to pay to the Administrative Agent (whether for its
own account or for account of any of the Lenders) and all invoiced expenses of the Administrative Agent (including the agreed
fees and expenses of counsel to the Administrative Agent) on or prior to the Effective Date.

 

(g)            Know
your Customer. Each Lender shall have received all documentation and other information required by bank regulatory authorities
under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation
the Patriot Act to the extent reasonably requested by such Lender.

 

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(h)            Beneficial
Ownership Certifications. If the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership
Regulation, it shall deliver, to each Lender that so requests, a Beneficial Ownership Certification in relation to the Borrower.

 

(i)            Pledged
Collateral. The Collateral Agent shall have received certificates, if any, representing the Pledged Collateral of each Guarantor
accompanied by undated stock powers executed in blank.

 

(j)            The
conditions set forth in Section 4.2(a) shall have been satisfied (as if a Borrowing occurred on the Effective
Date).

 

Section 4.2.     All
Borrowings. The obligation of each Lender to fund any Advance on the occasion of any Borrowing shall be subject to the satisfaction
or waiver of each of the conditions precedent set forth in this Section 4.2.

 

(a)            Compliance
with Warranties, No Default, etc. Both before and immediately after giving effect to any Borrowing the following
statements shall be true and correct:

 

(i)            the
representations and warranties set forth in Article V and in each other Loan Document shall be true and correct in
all material respects except for those representations and warranties that are qualified by materiality or Material Adverse Effect,
which shall be true and correct, with the same effect as if then made;

 

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

 

(iii)            there
has been no communication to the Borrower or public announcement of any kind from S&P and Moody’s that the Senior Debt
Rating has been subject to a Downgrade.

 

(b)            Request.
The Administrative Agent shall have received a Notice of Borrowing. Each of the delivery of a Notice of Borrowing, and the acceptance
by the Borrower of the proceeds of such Borrowing shall constitute a representation and warranty by the Borrower that on the date
of such Borrowing (both immediately before and after giving effect to such Borrowing and the application of the proceeds thereof)
the statements made in Section 4.2(a) are true and correct.

 

Section 4.3.     Determinations
Under Section 4.1. For purposes of determining compliance with the conditions specified in Section 4.1, each
Lender shall be deemed to have consented to, approved or accepted or to be satisfied with each document or other matter required
thereunder to be consented to or approved by or acceptable or satisfactory to the Lenders unless an officer of the Administrative
Agent responsible for the transactions contemplated by this Agreement shall have received notice from such Lender prior to the
date that the Borrower, by notice to the Lenders, designates as the proposed Effective Date, specifying its objection thereto.
The Administrative Agent shall promptly notify the Lenders of the occurrence of the Effective Date.

 

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Article V

 

REPRESENTATIONS
AND WARRANTIES

 

To
induce the Lenders and the Administrative Agent to enter into this Agreement, to make Advances hereunder, the Borrower represents
and warrants to the Administrative Agent and each Lender as set forth in this Article V as of the Effective Date and
as of the date of each Borrowing.

 

Section 5.1.     Organization, etc.
The Borrower, each of the Guarantors and each of the Principal Subsidiaries is a corporation validly organized and existing
and in good standing under the laws of its jurisdiction of incorporation; the Borrower and each of the Guarantors is duly
qualified to do business and is in good standing as a foreign corporation in each jurisdiction where the nature of its
business requires such qualification, except where the failure to be so qualified would not have a Material Adverse Effect;
and the Borrower and each Guarantor has full power and authority, has taken all corporate action and holds all governmental
and creditors’ licenses, permits, consents and other approvals necessary to enter into each Loan Document to which they
are a party and to perform the Obligations.

 

Section 5.2.     Due
Authorization, Non-Contravention, etc.The execution, delivery and performance by the Borrower and each of the Guarantors
of this Agreement and each other Loan Document to which they are a party, are within the Borrower’s or Guarantor’s
respective corporate powers, have been duly authorized by all necessary corporate action, and do not:

 

(a)            contravene
the Borrower’s or any Guarantor’s Organic Documents;

 

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

 

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

 

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

 

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

 

Section 5.3.     Government
Approval, Regulation, etc. No authorization or approval or other action by, and no notice to or filing with, any
governmental authority or regulatory body or other Person is required for the due execution, delivery or performance by the
Borrower or any Guarantor of this Agreement or any other Loan Document to which they are a party (except (i) such as
have been obtained or made and are in full force and effect and (ii) filings necessary to perfect Liens created under
the Loan Documents). Each of the Borrower, each Guarantor and each Principal Subsidiary holds all governmental licenses,
permits and other approvals required to conduct its business as conducted by it on the Effective Date, except to the extent
the failure to hold any such licenses, permits or other approvals would not have a Material Adverse Effect.

 

Section 5.4.     Compliance
with Environmental Laws. The Borrower, each Guarantor and each Principal Subsidiary is in compliance with all applicable Environmental
Laws, except to the extent that the failure to so comply would not have a Material Adverse Effect.

 

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Section 5.5.     Validity, etc.
This Agreement constitutes, the Guaranty constitutes, the Collateral Documents constitute, and the Notes will, on the due
execution and delivery thereof, constitute, the legal, valid and binding obligations of the Borrower and each Guarantor party
thereto, enforceable in accordance with their respective terms, except as the enforceability thereof may be limited by
bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally or by general equitable
principles.

 

Section 5.6.     Financial
Information; Material Adverse Effect.

 

(a)            The
consolidated balance sheet of the Borrower and its Subsidiaries as at December 31, 2019, and the related consolidated statements
of operations and cash flows of the Borrower and its Subsidiaries, copies of which have been furnished to the Administrative Agent
and each Lender, have been prepared in accordance with GAAP, and present fairly in all material respects the consolidated financial
condition of the Borrower and its Subsidiaries as at December 31, 2019 and the results of their operations for the Fiscal
Year then ended.

 

(b)            Since
December 31, 2019, there has been no change, occurrence, development or effect that, individually or taken together with
any other change, occurrence, development or effect, is, or would reasonably be likely to be, materially adverse to the business,
operations or financial condition of the Borrower and its Subsidiaries taken as a whole; provided that the impacts of COVID-19
or any flu, virus or disease on the business, operations or financial condition of the Borrower or any of its Subsidiaries that
occurred and were disclosed to the Lenders as of the Effective Date or otherwise publicly available on or prior to the Effective
Date will be disregarded.

 

Section 5.7.     No
Default, Event of Default or Prepayment Event. No Default, Event of Default or Prepayment Event has occurred and is continuing.

 

Section 5.8.     Litigation.
There is no action, suit, litigation, investigation or proceeding pending or, to the knowledge of the Borrower, threatened against
the Borrower, any Guarantor or any Principal Subsidiary, that (i) except as set forth in filings made by the Borrower with
the Securities and Exchange Commission, in the Borrower’s reasonable opinion might reasonably be expected to materially
adversely affect the business, operations or financial condition of the Borrower and its Subsidiaries (taken as a whole) (collectively,
 “Material Litigation”) or (ii) purports to affect the legality, validity or enforceability of the Loan
Documents or the consummation of the transactions contemplated hereby.

 

Section 5.9.     Vessels.
Each Vessel is

 

(a)            legally
and beneficially owned by the Borrower or a Principal Subsidiary,

 

(b)            registered
in the name of the Borrower or such Principal Subsidiary under the flag identified in Item 5.9(b) of the Disclosure
Schedule,

 

(c)            free
of all recorded Liens, other than Liens permitted by Section 6.2.3, and

 

(d)            insured
against loss or damage in compliance with Section 6.1.5.

 

Section 5.10.     Subsidiaries.
The Borrower has no Existing Principal Subsidiaries on the Effective Date, except those Existing Principal Subsidiaries which
are identified in Item 5.10 of the Disclosure Schedule. All Existing Principal Subsidiaries are direct or indirect wholly-owned
Subsidiaries of the Borrower, except to the extent any such Existing Principal Subsidiary or an interest therein has been sold
in accordance with Section 6.2.7 or such Existing Principal Subsidiary no longer owns a Vessel. All Pledged Collateral
owned by any Loan Party is owned free and clear of all security interests of any Person except (i) those created under the
Collateral Documents and (ii) any nonconsensual Lien that is permitted under Section 6.2. All Collateral Vessels
are owned free and clear of all security interests of any Person except any Lien that is permitted under Section 6.2.

 

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Section 5.11.     Obligations
rank pari passu. The Obligations rank at least pari passu in right of payment with all other
unsubordinated Indebtedness of the Borrower other than Indebtedness preferred as a matter of law.

 

Section 5.12.     No
Filing, etc. Required. No filing, recording or registration and no payment of any stamp, registration or similar tax is necessary
under the laws of any Applicable Jurisdiction to ensure the legality, validity, enforceability, priority or admissibility in evidence
of this Agreement or the other Loan Documents (except (i) such as have been obtained or made and are in full force and effect
and (ii) filings necessary to perfect Liens created under the Loan Documents).

 

Section 5.13.     No
Immunity. The Borrower and each Guarantor is subject to civil and commercial law with respect to the Obligations. Neither the
Borrower, any Guarantor nor any of their properties or revenues is entitled to any right of immunity in any Applicable Jurisdiction
from suit, court jurisdiction, judgment, attachment (whether before or after judgment), set-off or execution of a judgment or
from any other legal process or remedy relating to the Obligations (to the extent such suit, court jurisdiction, judgment, attachment,
set-off, execution, legal process or remedy would otherwise be permitted or exist).

 

Section 5.14.     Pension
Plans. To the extent that, at any time after the Effective Date, there are any Pension Plans, no Pension Plan shall have been
terminated, and no contribution failure will have occurred with respect to any Pension Plan, in each case which could (a) give
rise to a Lien under section 302(f) of ERISA and (b) result in the incurrence by the Borrower or any member of the Controlled
Group of any material liability, fine or penalty which, in either case, would have a Material Adverse Effect.

 

Section 5.15.     Investment
Company Act. Neither the Borrower nor any Guarantor is required to register as an “investment company” within the
meaning of the Investment Company Act of 1940, as amended.

 

Section 5.16.     Regulation
U. Neither the Borrower nor any Guarantor is engaged in the business of extending credit for the purpose of purchasing or carrying
margin stock, and no proceeds of any Advances will be used for a purpose which violates, or would be inconsistent with, F.R.S.
Board Regulation U. Terms for which meanings are provided in F.R.S. Board Regulation U or any regulations substituted therefor,
as from time to time in effect, are used in this Section with such meanings.

 

Section 5.17.     Accuracy
of Information. The financial and other information (other than financial projections or other forward looking information) furnished
to the Administrative Agent and the Lenders in writing by or on behalf of the Borrower by its chief financial officer, treasurer
or corporate controller in connection with the negotiation of this Agreement is, when taken as a whole, to the best knowledge
and belief of the Borrower, true and correct and contains no misstatement of a fact of a material nature. All financial projections,
if any, that have been furnished to the Administrative Agent and the Lenders in writing by or on behalf of the Borrower by its
chief financial officer, treasurer or corporate controller in connection with this Agreement have been or will be prepared in
good faith based upon assumptions believed by the Borrower to be reasonable at the time made (it being understood that such projections
are subject to significant uncertainties and contingencies, many of which are beyond the Borrower’s control, and that no
assurance can be given that the projections will be realized). All financial and other information furnished to the Administrative
Agent and the Lenders in writing by or on behalf of the Borrower by its chief financial officer, treasurer or corporate controller
after the date of this Agreement shall have been prepared by the Borrower in good faith. As of the Effective Date, to the knowledge
of the Borrower, the information included in the Beneficial Ownership Certification of the Borrower (to the extent required to
be delivered hereunder) is true and correct in all respects.

 

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Section 5.18.     Compliance
with Laws. The Borrower and each Guarantor is in compliance with all applicable laws, rules, regulations and orders, except to
the extent that the failure to so comply does not and could not reasonably be expected to have a Material Adverse Effect, and
the Borrower and each Guarantor has implemented and maintains in effect policies and procedures reasonably designed to ensure
compliance by the Borrower, each Guarantor, the Borrower’s Subsidiaries and their respective directors, officers, employees
and agents with Anti-Corruption Laws and applicable Sanctions. The Borrower and its Subsidiaries and, to the knowledge of the
Borrower, their respective officers, employees, directors and agents, are in compliance with Anti-Corruption Laws and applicable
Sanctions, in all material respects and are not knowingly engaged in any activity that would reasonably be expected to result
in Borrower being designated as a Sanctioned Person.  None of (a) the Borrower, any Subsidiary or to the knowledge of
the Borrower or such Subsidiary any of their respective directors, officers or employees, or (b) to the knowledge of the
Borrower, any agent of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit from the credit
facility established hereby, is a Sanctioned Person.

 

Section 5.19.     ERISA.
As of the date hereof, the Borrower is not and will not be (1) an employee benefit plan subject to Title I of ERISA, (2) a
plan or account subject to Section 4975 of the Code; (3) an entity deemed to hold “plan assets” of any such
plans or accounts for purposes of ERISA or the Code; or (4) a “governmental plan” within the meaning of ERISA.

 

Section 5.20.     EEA
Financial Institution. The Borrower is not an EEA Financial Institution.

 

Section 5.21.     USA
PATRIOT Act. To the extent applicable, the Borrower and each of its Subsidiaries is in compliance, in all material respects, with
(i) the Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury
Department (31 CFR Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto and
(ii) the Patriot Act. No part of the proceeds of the Advances will be used, directly or indirectly, for any payments to any
governmental official or employee, political party, official of a political party, candidate for political office, or anyone else
acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of
the United States Foreign Corrupt Practices Act of 1977, as amended.

 

Section 5.22.     Collateral
Documents. Except as otherwise contemplated hereby or under any other Loan Documents, including pursuant to Section 6.1.8
of this Agreement, the provisions of the Collateral Documents, together with such filings and other actions required to be
taken hereby or by the applicable Collateral Documents (including the delivery to Collateral Agent of any Pledged Collateral
required to be delivered pursuant to the applicable Collateral Documents), are effective to create in favor of the Collateral
Agent for the benefit of the Secured Parties a legal, valid and enforceable first priority Lien (subject to Liens permitted
by Section 6.2.3) on all right, title and interest of the respective Loan Parties in the Collateral described
therein.

 

Article VI

 

COVENANTS

 

Section 6.1.     Affirmative
Covenants. The Borrower agrees with the Administrative Agent and each Lender that, until all Commitments have terminated and
all Obligations (other than the contingent amounts for which no claim or demand has been made) have been paid in full, the Borrower
will perform the obligations set forth in this Section 6.1.

 

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SECTION 6.1.1.     Financial
Information, Reports, Notices, etc.

 

The
Borrower will furnish, or will cause to be furnished, to the Administrative Agent (with sufficient copies for distribution to
each Lender) the following financial statements, reports, notices and information:

 

(a)            as
soon as available and in any event within 60 days after the end of each of the first three Fiscal Quarters of each Fiscal Year
of the Borrower, a copy of the Borrower’s report on Form 10-Q (or any successor form) as filed by the Borrower with
the Securities and Exchange Commission for such Fiscal Quarter, containing unaudited consolidated financial statements of the
Borrower for such Fiscal Quarter (including a balance sheet and profit and loss statement) prepared in accordance with GAAP, subject
to normal year-end audit adjustments;

 

(b)            as
soon as available and in any event within 120 days after the end of each Fiscal Year of the Borrower, a copy of the Borrower’s
annual report on Form 10-K (or any successor form) as filed by the Borrower with the Securities and Exchange Commission for
such Fiscal Year, containing audited consolidated financial statements of the Borrower for such Fiscal Year prepared in accordance
with GAAP (including a balance sheet and profit and loss statement) and audited by PricewaterhouseCoopers LLP or another firm
of independent public accountants of similar standing;

 

(c)            together
with each of the statements delivered pursuant to the foregoing clause (a) or (b), a certificate, executed by the chief financial
officer, the treasurer or the corporate controller of the Borrower, showing, as of the last day of the relevant Fiscal Quarter
or Fiscal Year compliance with the covenants set forth in Section 6.2.4 (in reasonable detail and with appropriate
calculations and computations in all respects reasonably satisfactory to the Administrative Agent);

 

(d)            as
soon as possible after the occurrence of a Default or Prepayment Event, a statement of the chief financial officer of the Borrower
setting forth details of such Default or Prepayment Event (as the case may be) and the action which the Borrower has taken and
proposes to take with respect thereto;

 

(e)            as
soon as the Borrower becomes aware thereof, notice of any Material Litigation except to the extent that such Material Litigation
is disclosed by the Borrower in filings with the SEC;

 

(f)            promptly
after the sending or filing thereof, copies of all reports which the Borrower sends to all holders of each security issued by
the Borrower, and all registration statements which the Borrower or any of its Subsidiaries files with the Securities and Exchange
Commission or any national securities exchange;

 

(g)            such
other information respecting the condition or operations, financial or otherwise, of the Borrower or any of its Subsidiaries as
any Lender through the Administrative Agent may from time to time reasonably request;

 

provided that
information required to be furnished to the Administrative Agent under subsections (a) through (f) of this Section 6.1.1
shall be deemed furnished to the Administrative Agent when available free of charge on the Borrower’s website at http://www.rclinvestor.com
or the website of the U.S. Securities and Exchange Commission at http://www.sec.gov; provided, however, that
the Borrower shall as soon as reasonably practicable notify the Administrative Agent when such information required to be
furnished to the Administrative Agent under subsections (c) and (d) of this Section 6.1.1 is made
available free of charge on one of the websites listed in the preceding proviso.

 

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SECTION 6.1.2.     Approvals
and Other Consents. The Borrower will obtain (or cause to be obtained) all such governmental licenses, authorizations, consents,
permits and approvals as may be required for (a) the Borrower and each Guarantor to perform its obligations under this Agreement
and the other Loan Documents and (b) except to the extent that failure to obtain (or cause to be obtained) such governmental
licenses, authorizations, consents, permits and approvals would not be expected to have a Material Adverse Effect, the operation
of each Vessel in compliance with all applicable laws.

 

SECTION 6.1.3.     Compliance
with Laws, etc. The Borrower will, and will cause each of its Subsidiaries to, comply in all material respects with all
applicable laws, rules, regulations and orders, except (other than as described in clause (a) below) to the extent that
the failure to so comply would not have a Material Adverse Effect, which compliance shall in any case include (but not be
limited to):

 

(a)            in
the case of each of the Borrower and the Principal Subsidiaries, the maintenance and preservation of its corporate existence (subject
to the provisions of Section 6.2.6);

 

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

 

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

 

(d)            compliance
with all applicable Environmental Laws;

 

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

 

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

 

SECTION 6.1.4.     Vessel
Registration; Maintenance of Vessels. Each Collateral Vessel shall remain (i) in the sole and absolute ownership of the
Subsidiary identified for such Vessel in Item 5.9(b) of the Disclosure Schedule; (ii)  registered under the law
of the flag identified for such Vessel in Item 5.9(b) of the Disclosure Schedule; (iii) seaworthy for hull and machinery
insurance warranty purposes and in every way fit for its intended purpose; and (iv) insured in accordance with the requirements
of Section 6.1.5. The Borrower will, and will cause each of the Guarantors to, keep and maintain each of the
Collateral Vessels in good working order and condition consistent with industry practice, ordinary wear and tear excepted.

 

SECTION 6.1.5.     Insurance.
The Borrower will, or will cause one or more of its Subsidiaries to, maintain or cause to be maintained with responsible insurance
companies insurance with respect to all of the material properties and operations of the Borrower and each Principal Subsidiary
against such casualties, third-party liabilities and contingencies and in such amounts as is customary for other businesses of
similar size in the passenger cruise line industry (provided that in no event will the Borrower or any Subsidiary be required
to obtain any business interruption, loss of hire or delay in delivery insurance) and will, upon request of the Administrative
Agent, furnish to the Administrative Agent (with sufficient copies for distribution to each Lender) at reasonable intervals a
certificate of a senior officer of the Borrower setting forth the nature and extent of all insurance maintained by the Borrower
and the Subsidiaries and certifying as to compliance with this Section.

 

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SECTION 6.1.6.     Books
and Records. The Borrower will, and will cause each of its Principal Subsidiaries to, keep books and records that accurately reflect
all of its business affairs and transactions and permit the Administrative Agent and each Lender or any of their respective representatives,
at reasonable times and intervals and upon reasonable prior notice, to visit each of its offices, to discuss its financial matters
with its officers and to examine any of its books or other corporate records.

 

SECTION 6.1.7.     Further
Assurances; Additional Collateral.

 

(a)            Subject
to any applicable limitations in any Collateral Document and in each case at the expense of the Loan Parties, the Loan Parties
shall promptly upon reasonable request by the Administrative Agent or the Collateral Agent or as may be required by applicable
law (i) correct any material defect or error that may be discovered in the execution, acknowledgment, filing or recordation
of any Collateral Document or other document or instrument relating to any Collateral, and (ii) do, execute, acknowledge,
deliver, record, re-record, file, re-file, register and re-register any and all such further acts, deeds, certificates, assurances,
financing statements, continuations, terminations and other instruments as the Administrative Agent or Collateral Agent may reasonably
request from time to time in order to carry out more effectively the purposes of the Collateral Documents.

 

(b)            Each
Loan Party may, in its sole discretion (i) pledge additional Collateral to the Collateral Agent by executing such documentation
and taking such actions as the Collateral Agent may reasonably request (provided that no Loan Party shall be required to take
any action that would conflict with any of its material contracts) and (ii) cause any Subsidiary to become a Guarantor under
the Loan Documents in accordance with the terms thereof.

 

SECTION 6.1.8.     Post-Closing
Obligations. As promptly as practicable, and in any event within the time periods after the Effective Date specified in Schedule
IV or such later date as the Administrative Agent reasonably agrees to in writing, including to reasonably accommodate circumstances
unforeseen on the Effective Date, deliver the documents or take the actions specified on Schedule IV, in each case, except
to the extent otherwise agreed by the Administrative Agent.

 

SECTION 6.1.9.     Future
Developments. In the event the U.S. Federal government agrees to provide an unconditional guarantee in full of all of the
Obligations, which guarantee by its terms does not expire and cannot be terminated or revoked prior to the Maturity Date (as it
may be extended pursuant to Section 2.16), then upon the effectiveness of such guarantee and delivery of written notice
thereof (the “Guarantee Notice”) from the Borrower to the Administrative Agent and each Lender and (a) the
written consent of the Administrative Agent and each Lender as of the Initial Funding Date which remains a Lender as of the date
the Guarantee Notice is delivered and (b) the Administrative Agent shall not have received the written objection of Lenders
constituting the Required Lenders within five (5) Business Days following the date the Guarantee Notice is delivered: (i) all
Liens in the Collateral and all Guarantees granted under any Loan Document shall automatically terminate and be released and (ii) the
Borrower and the Administrative Agent hereby agree to negotiate in good faith to enter into one or more amendments to this Agreement
and any other Loan Document to modify the terms of this Agreement to be consistent, as appropriate, with, but no less favorable
to the Lenders than, the Borrower’s term loan agreement, dated as of April 5, 2019, among the Borrower, the lenders
party thereto, and Bank of America, N.A., as administrative agent.

 

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SECTION 6.1.10.     Lender
Calls. Not later than the fifth (5) Business Day following the end of each calendar month, the Borrower will hold a conference
call with Lenders to discuss its liquidity.

 

Section 6.2.     Negative
Covenants. The Borrower agrees with the Administrative Agent and each Lender that, until all Commitments have terminated and
all Obligations (other than the contingent amounts for which no claim or demand has been made) have been paid and performed in
full, the Borrower will perform the obligations set forth in this Section 6.2.

 

SECTION 6.2.1.     Business
Activities. The Borrower will not, and will not permit any of its Subsidiaries to, engage in any principal business activity other
than those engaged in by the Borrower and its Subsidiaries on the date hereof and other business activities reasonably related,
ancillary or complimentary thereto or that are reasonable extensions thereof.

 

SECTION 6.2.2.     Indebtedness.
The Borrower will not permit any of its Subsidiaries to create, incur, assume or suffer to exist or otherwise become or be liable
in respect of any Indebtedness, other than, without duplication, the following:

 

(a)            Indebtedness
secured by Liens of the type described in Section 6.2.3;

 

(b)            Indebtedness
by and among the Borrower and any Subsidiary of the Borrower;

 

(c)            Indebtedness
incurred to finance, refinance or refund the cost (including the cost of construction) of assets acquired after the Effective
Date;

 

(d)            Indebtedness
in an aggregate principal amount, together with (but without duplication of) the sum of (i) the aggregate principal amount
of Advances and Commitments hereunder plus (ii) other Indebtedness permitted to be secured under Section 6.2.3(b),
at any one time outstanding not exceeding (determined at the time of creation of such Lien or the incurrence by any Subsidiary
of such Indebtedness, as applicable) 10.0% of the total assets of the Borrower and its Subsidiaries taken as a whole as determined
in accordance with GAAP as at the last day of the most recent ended Fiscal Quarter;

 

(e)            Indebtedness
of Silversea Cruise Holding Ltd. and its subsidiaries (“Silversea”) outstanding on the Effective Date and identified
in Item 6.2.2 of the Disclosure Schedule;

 

(f)            other
Indebtedness in an aggregate principal amount at any one time outstanding not exceeding $100,000,000; and

 

(g)            other
Indebtedness other than Indebtedness for borrowed money; and

 

(h)            Indebtedness
of Subsidiaries of the Borrower (including any unfunded commitments with respect to such Indebtedness) outstanding on the Effective
Date and extensions, renewals, refinancings and replacements thereof that do not increase the outstanding principal amount thereof
(except by the amount of any accrued interest and premiums with respect to such Indebtedness and transaction fees, costs and expenses
in connection with such extension, renewal or replacement thereof) and that do not result in such Indebtedness being secured by
a Lien on any property other than that which secured the Indebtedness being extended, renewed, refinanced or replaced.

 

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SECTION 6.2.3.     Liens.

 

The
Borrower will not, and will not permit any of its Subsidiaries to, create, incur, assume or suffer to exist any Lien upon any
of its property, revenues or assets, whether now owned or hereafter acquired, except:

 

(a)            Liens
on assets (including, without limitation, shares of capital stock of corporations and assets owned by any corporation that becomes
a Subsidiary of the Borrower after the Effective Date) acquired after the Effective Date (whether by purchase, construction or
otherwise) by the Borrower or any of its Subsidiaries (other than (x) an Existing Principal Subsidiary, (y) any other
Principal Subsidiary which, at any time, after three months after the acquisition of a Vessel, owns a Vessel free of any mortgage
Lien or (z) any Principal Subsidiary that owns a Collateral Vessel), which Liens were created solely for the purpose of securing
Indebtedness representing, or incurred to finance, refinance or refund, the cost (including the cost of construction) of such
assets, so long as (i) the acquisition of such assets is not otherwise prohibited by the terms of this Agreement and (ii) each
such Lien is created within three months after the acquisition of the relevant assets;

 

(b)            in
addition to other Liens permitted under this Section 6.2.3, Liens on assets other than Pledged Collateral or Collateral
Vessels securing Indebtedness in an aggregate principal amount, together with (but without duplication of) the sum of (i) the
aggregate principal amount of Advances and Commitments hereunder plus (ii) other Indebtedness permitted under Section 6.2.2(d),
at any one time outstanding not exceeding (determined at the time of creation of such Lien or the incurrence by any Subsidiary
of such indebtedness, as applicable) 10.0% of the total assets of the Borrower and its Subsidiaries taken as a whole as determined
in accordance with GAAP as at the last day of the most recent ended Fiscal Quarter;

 

(c)            Liens
on assets acquired after the Effective Date by the Borrower or any of its Subsidiaries (other than by (x) any Subsidiary
that is an Existing Principal Subsidiary or (y) any other Principal Subsidiary which, at any time, owns a Collateral Vessel)
so long as (i) the acquisition of such assets is not otherwise prohibited by the terms of this Agreement and (ii) each
of such Liens existed on such assets before the time of its acquisition and was not created by the Borrower or any of its Subsidiaries
in anticipation thereof;

 

(d)            Liens
on any asset of any corporation that becomes a Subsidiary of the Borrower (other than a corporation that also becomes a Subsidiary
of an Existing Principal Subsidiary) on or after the Effective Date so long as (i) the acquisition or creation of such corporation
by the Borrower is not otherwise prohibited by the terms of this Agreement and (ii) such Liens are in existence at the time
such corporation becomes a Subsidiary of the Borrower and were not created by the Borrower or any of its Subsidiaries in anticipation
thereof;

 

(e)            Liens
securing Government-related Obligations;

 

(f)            Liens
for taxes, assessments or other governmental charges or levies not at the time delinquent or thereafter payable without penalty
or being diligently contested in good faith by appropriate proceedings;

 

(g)            Liens
of carriers, warehousemen, mechanics, materialmen and landlords incurred in the ordinary course of business for sums not overdue
by more than 60 days or being diligently contested in good faith by appropriate proceedings;

 

(h)            Liens
incurred in the ordinary course of business in connection with workers’ compensation, unemployment insurance or other forms
of governmental insurance or benefits;

 

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(i)            Liens
for current crew’s wages and salvage;

 

(j)            Liens
arising by operation of law as the result of the furnishing of necessaries for any Vessel so long as the same are discharged in
the ordinary course of business or are being diligently contested in good faith by appropriate proceedings; and

 

(k)            Liens
on Vessels that:

 

(i)            secure
obligations covered (or reasonably expected to be covered) by insurance;

 

(ii)            were
incurred in the course of or incidental to trading such Vessel in connection with repairs or other work to such Vessel; or

 

(iii)            were
incurred in connection with work to such Vessel that is required to be performed pursuant to applicable law, rule, regulation
or order;

 

provided
that, in each case described in this clause (k), such Liens are either (x) discharged in the ordinary course of
business or (y) being diligently contested in good faith by appropriate proceedings;

 

(l)            normal
and customary rights of setoff upon deposits of cash or other Liens originating solely by virtue of any statutory or common law
provision relating to bankers’ liens, rights of setoff or similar rights in favor of banks or other depository institutions;

 

(m)            Liens
in respect of rights of setoff, recoupment and holdback in favor of credit card processors securing obligations in connection
with credit card processing services incurred in the ordinary course of business;

 

(n)            Liens
on cash collateral required to be provided by the Borrower pursuant to the Borrower’s existing credit facilities as in effect
on the date hereof;

 

(o)            Liens
on cash, cash equivalents or marketable securities of the Borrower or any Subsidiary securing obligations under Hedging Instruments
not incurred for speculative purposes;

 

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

 

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

 

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

 

(s)            Liens
on any property of Silversea in existence as of the Effective Date and identified in Item 6.2.3 of the Disclosure Schedule;

 

(t)            Liens
in favor of the Collateral Agent and the Secured Parties; and

 

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(u)            Liens
securing Indebtedness of the type described in Section 6.2.2(f), so long as (x) such Liens do not attach to the
Collateral and (y) the aggregate principal amount at any one time outstanding of such Indebtedness secured by a Lien on one
or more Collateral Vessels shall not exceed $50,000,000.

 

SECTION 6.2.4.     Financial
Condition. The Borrower will not permit the Collateral Coverage Ratio to be less than 2.50:1.00 as at the last day of any Fiscal
Quarter.

 

SECTION 6.2.5.     [Intentionally
omitted].

 

SECTION 6.2.6.     Consolidation,
Merger, etc. The Borrower will not, and will not permit any of its Subsidiaries to, liquidate or dissolve, consolidate
with, or merge into or with, any other Person except:

 

(a)            any
such Subsidiary may (i) liquidate or dissolve voluntarily, and may merge with and into, the Borrower or any other Subsidiary,
and the assets or stock of any Subsidiary may be purchased or otherwise acquired by the Borrower or any other Subsidiary or (ii) merge
with and into another Person in connection with a sale or other disposition permitted by Section 6.2.7; and

 

(b)            so
long as no Event of Default or Prepayment Event has occurred and is continuing or would occur after giving effect thereto, the
Borrower or any of its Subsidiaries may merge into any other Person, or any other Person may merge into the Borrower or any such
Subsidiary, or the Borrower or any of its Subsidiaries may purchase or otherwise acquire all or substantially all of the assets
of any Person, in each case so long as:

 

(i)            after
giving effect thereto, the Stockholders’ Equity of the Borrower and its Subsidiaries is at least equal to 90% of such Stockholders’
Equity immediately prior thereto; and

 

(ii)            in
the case of a merger involving the Borrower where the Borrower is not the surviving corporation:

 

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

 

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

 

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

 

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provided,
however, that notwithstanding any provision to the contrary in this Section 6.2.6, no merger of any Subsidiary
whose Equity Interests constitute Collateral shall be permitted unless either (A) such Subsidiary shall be the surviving
Person of such merger or (B) if such Subsidiary is not the surviving Person of such merger, concurrently with the consummation
of such merger, the Collateral Agent shall have received a valid and perfected pledge of, and first priority security interest
in, 100% of the Equity Interests (which shall constitute Collateral and Pledged Collateral) and certificates representing such
Pledged Collateral shall have been delivered to the Collateral Agent (together with such legal opinions, financing statements
and supporting documentation reasonably requested by the Collateral Agent).

 

SECTION 6.2.7.     Asset
Dispositions, etc. The Borrower will not, and will not permit any of its Subsidiaries to, make any Disposition of Designated
Assets; provided, that any such Disposition will be permitted, so long as, (i) at the time of such Disposition,
no Default shall exist or would result from such Disposition, (ii) the price for such asset shall be paid to the Borrower
or such Subsidiary for at least 75% cash consideration and (iii) the proceeds are applied in accordance with Section 2.14(b).

 

SECTION 6.2.8.     Use
of Proceeds. The Borrower will not request any Borrowing, and the Borrower and its Subsidiaries shall not use the proceeds of
any Borrowing (a) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money,
or anything else of value, to any Person in violation of any Anti-Corruption Laws, or (b) for the purpose of funding, financing
or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, in violation
of Sanctions applicable to any party hereto.

 

SECTION 6.2.9.     Investments.
The Borrower will not, and will not allow any of its Subsidiaries to make or hold any Investments, except:

 

(a)            Investments
by the Borrower or a Subsidiary in cash and Cash Equivalents;

 

(b)            loans
or advances to officers, directors, consultants and employees of the Borrower and the Subsidiaries (i) for reasonable and
customary business-related travel, entertainment, relocation and analogous ordinary business purposes, (ii) in connection
with such Person’s purchase of Equity Interests of the Borrower, provided that the amount of such loans and advances shall
be contributed to the Borrower in cash as common equity, and (iii) for purposes not described in the foregoing subclauses
(i) and (ii), in the ordinary course of business consistent with past practice;

 

(c)            Investments
by the Borrower or any Subsidiary in the Borrower or any Subsidiary or in any other Person that contemporaneously therewith becomes
a Subsidiary; provided that no such Investment shall result in (x) any Pledged Collateral failing to be owned directly
by any Person other than the Borrower or a Guarantor, or (y) any Collateral Vessel failing to be owned by any Person other
than a Guarantor whose Equity Interests constitute Pledged Collateral;

 

(d)            (i) Investments
consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit
in the ordinary course of business, and (ii) Investments (including debt obligations and Equity Interests) received in satisfaction
or partial satisfaction thereof from financially troubled account debtors and other credits to suppliers in the ordinary course
of business or received in connection with the bankruptcy or reorganization of suppliers and customers or in settlement of delinquent
obligations of, or other disputes with, customers and suppliers arising in the ordinary course of business or upon the foreclosure
with respect to any secured Investment or other transfer of title with respect to any secured Investment;

 

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(e)            Investments
existing or contemplated on the Effective Date and any modification, replacement, renewal, reinvestment or extension thereof;
provided that the amount of the original Investment is not increased except by the terms of such Investment or as otherwise
permitted by this Section 6.2.9;

 

(f)            Investments
made in respect of non-speculative Hedging Instruments;

 

(g)            Investments
in the ordinary course of business in prepaid expenses, negotiable instruments held for collection and lease, utility and worker’s
compensation, performance and other similar deposits provided to third parties;

 

(h)            Investments
in the ordinary course of business consisting of endorsements for collection or deposit;

 

(i)            Investments
in the ordinary course of business consisting of the licensing or contribution of intellectual property pursuant to development,
marketing or manufacturing agreements or arrangements or similar agreements or arrangements with other Persons;

 

(j)            Investments
in joint ventures made after the Effective Date in an aggregate amount not to exceed $250,000,000 per calendar year; provided
that no such Investment shall result in (x) any Pledged Collateral failing to be owned directly by any Person other than
the Borrower or a Guarantor, or (y) any Collateral Vessel failing to be owned by any Person other than a Guarantor whose
Equity Interests constitute Pledged Collateral;

 

(k)            advances
of payroll payments, fees or other compensation to officers, directors, consultants or employees, in the ordinary course of business;

 

(l)            Investments
to the extent that payment for such Investments is made solely with Qualified Equity Interests of the Borrower;

 

(m)            lease,
utility and other similar deposits in the ordinary course of business;

 

(n)            Investments
resulting from the receipt of promissory notes and other non-cash consideration in connection with any disposition not prohibited
under this Agreement or Restricted Payments permitted by Section 6.2.10, so long as no Event of Default has occurred
and is continuing at the time of such agreement relating to such disposition or Restricted Payment;

 

(o)            Investments
to finance, refinance or refund the cost (including the cost of construction) of assets acquired after the Effective Date;

 

(p)            Guarantees
in the ordinary course of business of obligations that do not constitute Indebtedness; and

 

(q)            other
Investments made after the Effective Date in an aggregate amount not to exceed $250,000,000 per calendar year; provided
that no such Investment shall result in (x) any Pledged Collateral failing to be owned directly by any Person other than
the Borrower or a Guarantor, or (y) any Collateral Vessel failing to be owned by any Person other than a Guarantor whose
Equity Interests constitute Pledged Collateral.

 

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SECTION 6.2.10.     Restricted
Payments. The Borrower will not declare, pay or make, directly or indirectly, any Restricted Payment, except (a) the Borrower
may declare and pay dividends or other distributions with respect to its Equity Interests payable solely in additional shares
of its Qualified Equity Interests or options to purchase Qualified Equity Interests; (b) the Borrower may make Restricted
Payments pursuant to and in accordance with stock option plans or other benefit plans (including with respect to performance shares
issued in the ordinary course of business) for present or former officers, directors, consultants or employees of the Borrower
in the ordinary course of business consistent with past practice; (c) so long as no Default or Event of Default has occurred
and is continuing, the Borrower may make Restricted Payments in an aggregate principal amount not to exceed $125,000,000 in the
aggregate during the term of this Agreement; (d) repurchases of Equity Interests in any Loan Party or any Subsidiary deemed
to occur upon exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price of such
options or warrants; (e) the payment of cash in lieu of the issuance of fractional shares in connection with the exercise
of warrants, options or other securities convertible into or exercisable for Qualified Equity Interests of the Borrower; and (f) the
Borrower may declare and pay quarterly cash dividends with respect to its Equity Interests on a per share basis in an amount not
to exceed $0.78 per share (as adjusted after the Effective Date to give effect to any share dividends, splits, reverse splits
and combinations).

 

SECTION 6.2.11.     Transactions
with Affiliates. The Borrower will not, and will not permit any of its Subsidiaries to, sell, lease or otherwise transfer
any Property to, or purchase, lease or otherwise acquire any Property from, or otherwise engage in any other transactions
with, any of its Affiliates involving aggregate payments, for any such transaction or series of related transactions, in
excess of $10,000,000, except (a) at prices and on terms and conditions substantially as favorable to the Borrower or
such Subsidiary (in the good faith determination of the Borrower) as could reasonably be obtained on an arm’s-length
basis from unrelated third parties, (b) transactions between or among the Borrower and its Subsidiaries or any entity
that becomes a Subsidiary as a result of such transaction not involving any other Affiliate, (c) the payment of
customary compensation and benefits and reimbursements of out-of-pocket costs to, and the provision of indemnity on behalf
of, directors, officers, consultants, employees and members of the Boards of Directors of the Borrower or such Subsidiary,
(d) loans and advances to officers, directors, consultants and employees in the ordinary course of business,
(e) Restricted Payments and other payments permitted under Section 6.2.10, (f) employment, incentive,
benefit, consulting and severance arrangements entered into in the ordinary course of business with officers, directors,
consultants and employees of the Borrower or its Subsidiaries, (g) transactions in the ordinary course of business
pursuant to agreements in existence on the Effective Date or any amendment thereto to the extent such an amendment, taken as
a whole, is not adverse to the Lenders in any material respect (as determined in good faith by the Borrower), (h) the
issuance of Qualified Equity Interests of the Borrower and the granting of registration or other customary rights in
connection therewith, (i) the existence of, and the performance by the Borrower or any Subsidiary of its obligations
under the terms of, any limited liability company agreement, limited partnership or other organizational document or
securityholders agreement (including any registration rights agreement or purchase agreement related thereto) to which it is
a party on the Effective Date, and similar agreements that it may enter into thereafter, provided that the existence of, or
the performance by the Borrower or any Subsidiary of obligations under, any amendment to any such existing agreement or any
such similar agreement entered into after the Effective Date shall only be permitted by this Section 6.2.11(i)
to the extent not more adverse to the interest of the Lenders in any material respect when taken as a whole (in the good
faith determination of the Borrower) than any of such documents and agreements as in effect on the Effective Date and
(j) transactions with joint ventures entered into in the ordinary course of business.

 

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Article VII

 

EVENTS
OF DEFAULT

 

Section 7.1.     Listing
of Events of Default. Each of the following events or occurrences described in this Section 7.1 shall constitute
an “Event of Default”.

 

SECTION 7.1.1.     Non-Payment
of Obligations. The Borrower shall default in the payment when due of any principal of or interest on any Advance or the agency
fee provided for in Section 10.11, provided that, in the case of any default in the payment of any interest
on any Advance, such default shall continue unremedied for a period of at least five Business Days after notice thereof shall
have been given to the Borrower by any Lender; and provided further that, in the case of any default in the payment
of such agency fee, such default shall continue unremedied for a period of at least ten days after notice thereof shall have been
given to the Borrower by the Administrative Agent.

 

SECTION 7.1.2.     Breach
of Warranty. Any representation or warranty of the Borrower or any Guarantor made or deemed to be made hereunder or under any
other Loan Document (including any certificates delivered pursuant to Article IV) is or shall be incorrect in any material
respect when made.

 

SECTION 7.1.3.     Non-Performance
of Certain Covenants and Obligations. The Borrower or any Guarantor shall default in the due performance and observance of
(i) Section 6.2.4 or (ii) any other agreement contained herein or in any other Loan Document (other than
the obligations referred to in Section 7.1.1) and, in the case of this clause (ii), such default shall continue unremedied
for a period of five days after notice thereof shall have been given to the Borrower or the relevant Guarantor by the Administrative
Agent or any Lender (or, if (a) such default under this clause (ii) is capable of being remedied within 30 days (commencing
on the first day following such five-day period) and (b) the Borrower or the relevant Guarantor is actively seeking to remedy
the same during such period, such default under this clause (ii) shall continue unremedied for at least 35 days after such
notice to the Borrower).

 

SECTION 7.1.4.     Default
on Other Indebtedness. (a) The Borrower, any Guarantor or any of the Borrower’s Principal Subsidiaries shall fail
to pay any Indebtedness that is outstanding in a principal amount of at least $100,000,000 (or the equivalent in other currencies)
in the aggregate (but excluding Indebtedness hereunder or with respect to the Hedging Instruments) when the same becomes due and
payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue
after the applicable grace period, if any, specified in the agreement or instrument relating to such Indebtedness, (b) the
occurrence under any Hedging Instrument of an Early Termination Date (as defined in such Hedging Instrument) resulting from (A) any
event of default under such Hedging Instrument as to which the Borrower is the Defaulting Party (as defined in such Hedging Instrument)
or (B) any Termination Event (as defined therein) as to which the Borrower is an Affected Party (as defined therein) and,
in either event, the termination value with respect to any such Hedging Instrument owed by the Borrower or any Guarantor as a
result thereof is greater than $100,000,000 and the Borrower or such Guarantor fails to pay such termination value when due after
applicable grace periods, (c) any other event shall occur or condition shall exist under any agreement or instrument evidencing,
securing or relating to any such Indebtedness and shall continue after the applicable grace period, if any, specified in such
agreement or instrument, if the effect of such event or condition is to cause or permit the holder or holders of such Indebtedness
to cause such Indebtedness to become due and payable prior to its scheduled maturity (other than as a result of any sale or other
disposition of any property or assets under the terms of such Indebtedness), or (d) any such Indebtedness shall be declared
to be due and payable or required to be prepaid or redeemed (other than by a regularly scheduled required prepayment or redemption
or by voluntary agreement), purchased or defeased, or an offer to prepay, redeem, purchase or defease such Indebtedness is required
to be made, in each case prior to the scheduled maturity thereof (other than as a result of any sale or other disposition of any
property or assets under the terms of such Indebtedness); provided that any required prepayment or right to require prepayment
triggered by terms that are certified by the Borrower to be unique to, but customary in, ship financings shall not constitute
an Event of Default under this Section 7.1.4 so long as any required prepayment is made when due. For purposes of
determining Indebtedness for any Hedging Instrument, the principal amount of the obligations under any such instrument at any
time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Borrower or any Principal Subsidiary
would be required to pay if such instrument were terminated at such time.

 

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SECTION 7.1.5.     Pension
Plans. Any of the following events shall occur with respect to any Pension Plan:

 

(a)            Any
termination of a Pension Plan by the Borrower, any member of its Controlled Group or any other Person if, as a result of such
termination, the Borrower or any such member could be required to make a contribution to such Pension Plan, or could reasonably
expect to incur a liability or obligation to such Pension Plan, in excess of $100,000,000; or

 

(b)            a
contribution failure occurs with respect to any Pension Plan sufficient to give rise to a Lien under Section 302(f) of
ERISA.

 

and,
in each case, such event shall continue unremedied for a period of five Business Days after notice thereof shall have been given
to the Borrower by the Administrative Agent or any Lender (or, if (a) such default is capable of being remedied within 15
days (commencing on the first day of such five-Business Day period) and (b) the Borrower or relevant Guarantor is actively
seeking to remedy the same during such period, such default shall continue unremedied for at least 15 days).

 

SECTION 7.1.6.     Bankruptcy, Insolvency, etc.
The Borrower, each Guarantor or any of the Principal Subsidiaries (or any of its other Subsidiaries to the extent that the
relevant event described below would have a Material Adverse Effect) shall:

 

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

 

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

 

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

 

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

 

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

 

SECTION 7.1.7.     Change
of Control. There occurs any Change of Control.

 

SECTION 7.1.8.     Liens.
(i) Any Collateral Document after delivery thereof pursuant to Section 4.1 shall for any reason (other than
pursuant to the terms hereof or thereof including as a result of a transaction permitted under Section 6.2.6 or 6.2.7)
cease to create a valid and perfected lien, with the priority required by the Collateral Documents (or other security
purported to be created on the applicable Collateral) on and security interest in any material portion of the Collateral
purported to be covered thereby, subject to Liens permitted under Section 6.2.3, except to the extent that any
such loss of perfection or priority results from the failure of the Administrative Agent or the Collateral Agent to maintain
possession of certificates actually delivered to it representing securities pledged under the Collateral Documents or to file
Uniform Commercial Code continuation statements, or (ii) any of the Equity Interests of the Borrower ceasing to be
pledged pursuant to the Pledge and Security Agreement free of Liens other than Liens created by the Pledge and Security
Agreement or any nonconsensual Liens arising solely by operation of law;

 

Section 7.2.     Action
if Bankruptcy. If any Event of Default described in clauses (b) through (d) of Section 7.1.6
shall occur with respect to the Borrower, the Commitments (if not theretofore terminated) shall automatically terminate and
the outstanding principal amount of all outstanding Advances and all other Obligations shall automatically be and become
immediately due and payable, without notice or demand.

 

Section 7.3.     Action
if Other Event of Default. If any Event of Default (other than any Event of Default described in clauses (b) through
(d) of Section 7.1.6 with respect to the Borrower) shall occur for any reason, whether voluntary or involuntary,
and be continuing, the Administrative Agent, upon the direction of the Required Lenders, shall by notice to the Borrower declare
all of the outstanding principal amount of the Advances and other Obligations to be due and payable and/or the Commitments (if
not theretofore terminated) to be terminated, whereupon the full unpaid amount of such Advances and other Obligations shall be
and become immediately due and payable, without further notice, demand or presentment, and/or, as the case may be, the Commitments
shall terminate.

 

Section 7.4.     Application
of Funds. After the exercise of remedies provided for in Section 7.3 (or after the Advances have automatically
become immediately due and payable as set forth in Section 7.2), any amounts received on account of the Obligations
shall, subject to the provisions of Section 2.15, be applied by the Administrative Agent in the following order:

 

First,
to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges
and disbursements of counsel to the Administrative Agent and amounts payable under Sections 3.3, 3.6 and 3.7)
payable to the Administrative Agent in its capacity as such;

 

Second,
to payment of that portion of the Obligations constituting fees, indemnities and other amounts payable to the Lenders (including
fees, charges and disbursements of counsel to the respective Lenders arising under the Loan Documents and amounts payable under
Article III), ratably among them in proportion to the respective amounts described in this clause Second payable to
them;

 

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Third,
to payment of that portion of the Obligations constituting accrued and unpaid interest on the Advances and other Obligations arising
under the Loan Documents, ratably among the Lenders in proportion to the respective amounts described in this clause Third payable
to them;

 

Fourth,
to payment of that portion of the Obligations constituting unpaid principal of the Advances, ratably among the Lenders;

 

Last,
the balance, to the Person entitled thereto as directed by the Borrower.

 

Article VIII

 

PREPAYMENT
EVENTS

 

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

 

SECTION 8.1.1.     [Intentionally
omitted].

 

SECTION 8.1.2.     Unenforceability.
Any Loan Document shall cease to be the legally valid, binding and enforceable obligation of the Borrower or any Guarantor (in
each case, other than with respect to provisions of any Loan Document (i) identified as unenforceable in the opinion of the
Borrower’s counsel delivered pursuant to Section 4.1(c)(i) or (ii) that a court of competent jurisdiction
has determined are not material) and such event shall continue unremedied for 15 days after notice thereof has been given to the
Borrower by any Lender.

 

SECTION
8.1.3.         
Approvals. Any material license, consent, authorization, registration or approval at any time necessary to
enable the Borrower, each Guarantor or any Principal Subsidiary to conduct its business shall be revoked, withdrawn or otherwise
cease to be in full force and effect, unless the same would not have a Material Adverse Effect.

 

SECTION
8.1.4.         Non-Performance of Certain Covenants and Obligations. The Borrower shall default in the due performance and
observance of any of the covenants set forth in Section 6.2.4.

 

SECTION
8.1.5.         
Judgments. Any judgment or order for the payment of money in excess of $100,000,000 shall be rendered against
the Borrower, each Guarantor or any of the Principal Subsidiaries by a court of competent jurisdiction and the Borrower, such Guarantor
or such Principal Subsidiary shall have failed to satisfy such judgment and either:

 

(a)               
enforcement proceedings in respect of any material assets of the Borrower or such Principal Subsidiary shall have
been commenced by any creditor upon such judgment or order and shall not have been stayed or enjoined within five Business Days
after the commencement of such enforcement proceedings; or

 

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

 

Section
8.2.        
Mandatory Prepayment. If any Prepayment Event shall occur and be continuing, the Administrative Agent, upon
the direction of the Required Lenders, shall by notice to the Borrower (a) require the Borrower to prepay in full on the date
of such notice all principal of and interest on the Advances and all other Obligations (and, in such event, the Borrower agrees
to so pay the full unpaid amount of each Advance and all accrued and unpaid interest thereon and all other Obligations) and (b)
terminate the Commitments (if not theretofore terminated).

 

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Article
IX

[Intentionally omitted]

 

Article
X

THE AGENTS

 

Section
10.1.      Actions. Each of the Lenders hereby irrevocably appoints Morgan Stanley to act on its behalf as the Administrative
Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and
to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions
and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative
Agent and the Lenders, and the Borrower shall not have rights as a third-party beneficiary of any of such provisions. It is
understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or any other similar
term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations
arising under agency doctrine of any applicable law. Instead such term is used as a matter of market custom, and is intended to
create or reflect only an administrative relationship between contracting parties. The Administrative Agent shall also act as the
 “collateral agent” under the Loan Documents, and each of the Lenders hereby irrevocably appoints and authorizes the
Administrative Agent to act as the agent of (and to hold any security interest created by the Collateral Documents for and on behalf
of or in trust for) such Lender for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any
of the Loan Parties to secure any of the Obligations, together with such powers and discretion as are reasonably incidental thereto.
In this connection, the Administrative Agent, as “collateral agent” (and any co-agents and sub-agents appointed by
the Administrative Agent pursuant to Section 10.6 for purposes of holding or enforcing any Lien on the Collateral (or any
portion thereof) granted under the Collateral Documents, or for exercising any rights and remedies thereunder at the direction
of the Administrative Agent), shall be entitled to the benefits of all provisions of this Article X as if set forth in full
herein with respect thereto. Without limiting the generality of the foregoing, the Lenders hereby expressly authorize the Administrative
Agent to execute any and all documents (including releases) with respect to the Collateral and the rights of the Secured Parties
with respect thereto, as contemplated by and in accordance with the provisions of this Agreement and the Collateral Documents and
acknowledge and agree that any such action by any Agent shall bind the Lenders.

 

Section
10.2.      Rights as a Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and
powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent,
and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise
requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates
may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for,
and generally engage in any kind of business with, the Borrower or any Subsidiary or other Affiliate thereof as if such Person
were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders.

 

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Section
10.3.       
Lender Indemnification.

 

(a)               
Each Lender hereby severally indemnifies (which indemnity shall survive any termination of this Agreement) the Administrative
Agent (to the extent not reimbursed by the Borrower) from and against such Lender’s Ratable Share of any and all claims,
damages, losses, liabilities and expenses (including, without limitation, reasonable fees and disbursements of counsel) that be
incurred by or asserted or awarded against, the Administrative Agent in any way relating to or arising out of this Agreement, the
Notes and any other Loan Document or any action taken or omitted by the Administrative Agent under this Agreement, the Notes or
any other Loan Document; provided that no Lender shall be liable for the payment of any portion of such claims, damages,
losses, liabilities and expenses which have resulted from the Administrative Agent’s gross negligence or willful misconduct.
Without limitation of the foregoing, each Lender agrees to reimburse the Administrative Agent promptly upon demand for its ratable
share of any out-of-pocket and documented expenses (including reasonable counsel fees) incurred by the Administrative Agent in
connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations,
legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, to the extent
that the Administrative Agent is not reimbursed for such expenses by the Borrower. In the case of any investigation, litigation
or proceeding giving rise to any such indemnified costs, this Section applies whether any such investigation, litigation or proceeding
is brought by the Administrative Agent, any Lender or a third party.

 

(b)               
[Intentionally omitted].

 

(c)               
The failure of any Lender to reimburse the Administrative Agent promptly upon demand for its Ratable Share of any
amount required to be paid by the Lenders to the Administrative Agent as provided herein shall not relieve any other Lender of
its obligation hereunder to reimburse the Administrative Agent for its Ratable Share of such amount, but no Lender shall be responsible
for the failure of any other Lender to reimburse the Administrative Agent for such other Lender’s Ratable Share of such amount.
Without prejudice to the survival of any other agreement of any Lender hereunder, the agreement and obligations of each Lender
contained in this Section 10.3 shall survive the payment in full of principal, interest and all other amounts payable hereunder
and under the Notes. The Administrative Agent agrees to promptly return to the Lenders their respective Ratable Shares of any amounts
paid under this Section 10.3 that are subsequently reimbursed by the Borrower.

 

Section
10.4.      
Exculpation.

 

(a)               
The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in
the other Loan Documents, and its duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing,
the Administrative Agent:

 

(i)                
shall not be subject to any fiduciary or other implied duties, regardless of whether an Event of Default or Prepayment
Event has occurred and is continuing;

 

(ii)              
shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary
rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise
as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided
for herein or in the other Loan Documents); provided that the Administrative Agent shall not be required to take any action
that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any
Loan Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay
under any debtor relief law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in
violation of any debtor relief law; and

 

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(iii)            
shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall
not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated
to or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity.

 

(b)               
The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or
at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative
Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 11.1 and 7.3),
or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by
final and nonappealable judgment. The Administrative Agent shall be deemed not to have knowledge of any Event of Default or Prepayment
Event unless and until notice describing such Event of Default or Prepayment Event is given to the Administrative Agent in writing
by the Borrower or a Lender.

 

(c)               
The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement,
warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate,
report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance
of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default,
(iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement,
instrument or document, or the creation, perfection or priority of any Lien purported to be created by the Collateral Documents,
(v) the value or the sufficiency of any Collateral or (vi) the satisfaction of any condition set forth in Article IV or
elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.

 

(d)               
The Administrative Agent shall not be responsible or have any liability for, or have any duty to ascertain, inquire
into, monitor or enforce, compliance with the provisions of this Agreement relating to Competitors or Affiliates thereof. Without
limiting the generality of the foregoing, the Administrative Agent shall not ‎(x) be obligated to ascertain, monitor or inquire
as to whether any Lender or Participant or prospective Lender or Participant is a Competitor or an Affiliate thereof or (y) have
any liability with respect to or arising out of any assignment or participation of Advances, or disclosure of confidential information,
to any ‎Competitor or Affiliate thereof.

 

Section
10.5.      Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur
any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including
any electronic message, Internet or intranet website posting or other distribution) reasonably believed by it to be genuine and
to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement
made to it orally or by telephone and reasonably believed by it to have been made by the proper Person, and shall not incur any
liability for relying thereon. In determining compliance with any condition hereunder to the making of an Advance that by its terms
must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition is satisfactory to
such Lender unless the Administrative Agent shall have received notice to the contrary from such Lender prior to the making of
such Advance. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants
and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice
of any such counsel, accountants or experts. Nothing in this Section 10.5 shall limit the exclusion for gross negligence
or willful misconduct referred to in Section 10.3.

 

Section
10.6.      
Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights
and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative
Agent. The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers
by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and
to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection
with the syndication of the credit facility established hereby as well as activities as Administrative Agent. The Administrative
Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent
jurisdiction determines in a final and non-appealable judgment that the Administrative Agent acted with gross negligence or willful
misconduct in the selection of such sub-agents, provided, however, that the foregoing release of the Administrative
Agent shall not apply with respect to negligence or misconduct of any Affiliates, directors, officers or employees of the Administrative
Agent.

 

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Section
10.7.         
Resignation of Administrative Agent.

 

(a)               
The Administrative Agent or Collateral Agent may at any time give notice of its resignation to the Lenders and the
Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, with the consent of the Borrower,
to appoint a successor Administrative Agent or successor Collateral Agent, which shall be a commercial banking institution having
a combined capital and surplus of at least $500,000,000 (or the equivalent in other currencies). If no such successor Administrative
Agent or successor Collateral Agent shall have been so appointed by the Required Lenders with the consent of the Borrower and shall
have accepted such appointment within 30 days after the retiring Administrative Agent or retiring Collateral Agent gives notice
of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the “Resignation Effective Date”),
then the retiring Administrative Agent or retiring Collateral Agent may (but shall not be obligated to), on behalf of the Lenders,
appoint a successor Administrative Agent or successor Collateral Agent meeting the qualifications set forth above, subject to the
consent of such proposed successor Administrative Agent or successor Collateral Agent to such appointment. Whether or not a successor
has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date.

 

(b)               
Anything herein to the contrary notwithstanding, if at any time the Required Lenders determine that the Person serving
as Administrative Agent or Collateral Agent is (without taking into account any provision in the definition of “Defaulting
Lender” requiring notice from the Administrative Agent or any other party) a Defaulting Lender pursuant to clause (d) of
the definition thereof, the Required Lenders (determined after giving effect to Section 11.1) may by notice to the Borrower
and such Person remove such Person as Administrative Agent or Collateral Agent and, with the consent of the Borrower, appoint a
replacement Administrative Agent or replacement Collateral Agent hereunder. Such removal will, to the fullest extent permitted
by applicable law, be effective on the earlier of (i) the date a replacement Administrative Agent or replacement Collateral Agent
is appointed and (ii) the date 30 days after the giving of such notice by the Required Lenders (regardless of whether a replacement
Administrative Agent or replacement Collateral Agent has been appointed).

 

(c)               
With effect from the Resignation Effective Date (1) the retiring or removed Administrative Agent or Collateral Agent
shall be discharged from its duties and obligations hereunder and under the other Loan Documents and (2) all payments, communications
and determinations provided to be made by, to or through the Administrative Agent or Collateral Agent shall instead be made by
or to each Lender directly, until such time, if any, as the Required Lenders appoint a successor Administrative Agent or successor
Collateral Agent as provided for above. Upon the acceptance of a successor’s appointment as Administrative Agent or Collateral
Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the
retiring or removed Administrative Agent or Collateral Agent, and the retiring or removed Administrative Agent or Collateral Agent
shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents. The fees payable by the
Borrower to a successor Administrative Agent or successor Collateral Agent shall be the same as those payable to its predecessor
unless otherwise agreed between the Borrower and such successor. After the retiring or removed Administrative Agent’s or
Collateral Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions of this Article and
Sections 11.3 and 11.4 shall continue in effect for the benefit of such retiring or removed Administrative Agent
or Collateral Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken
by any of them while the retiring or removed Administrative Agent or Collateral Agent was acting as Administrative Agent or Collateral
Agent, as applicable.

 

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Section
10.8.        Non-Reliance on Administrative Agent and Other Lenders. Each Lender acknowledges that it has, independently
and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents
and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender
also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of
their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make
its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement
or any document furnished hereunder or thereunder.

 

Section
10.9.        No Other Duties. Anything herein to the contrary notwithstanding, none of the Arrangers or Agents listed on
the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents,
except in its capacity, as applicable, as the Administrative Agent or a Lender hereunder.

 

Section
10.10.       [Intentionally
Omitted].

 

Section
10.11.       Agency
Fee. The Borrower agrees to pay to the Administrative Agent for its own account an annual agency fee in an amount, and at such
times, heretofore agreed to in writing between the Borrower and the Administrative Agent.

 

Section
10.12.       Lender
ERISA Matters.

 

(a)               
Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants,
from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit
of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party,
that at least one of the following is and will be true:

 

(i)               such Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise)
of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance
of the Advances, the Commitments or this Agreement,

 

(ii)              
the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions
determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving
insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate
accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class
exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance
into, participation in, administration of and performance of Advances, the Commitments and this Agreement,

 

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(iii)            
(A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the
meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such
Lender to enter into, participate in, administer and perform the Advances, the Commitments and this Agreement, (C) the entrance
into, participation in, administration of and performance of the Advances, the Commitments and this Agreement satisfies the requirements
of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection
(a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of
and performance of the Advances, the Commitments and this Agreement, or

 

(iv)             
such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in
its sole discretion, and such Lender.

 

(b)               
In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect
to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv)
in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender
party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being
a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit
of the Borrower or any other Loan Party, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender
involved in such Lender’s entrance into, participation in, administration of and performance of the Advances, the Commitments
and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this
Agreement, any Loan Document or any documents related hereto or thereto).

 

Section
10.13.       Collateral
and Guaranty Matters. Each of the Lenders irrevocably authorizes the Administrative Agent and the Collateral Agent, and each
of the Administrative Agent and the Collateral Agent, agrees that it will:

 

(a)               
release any Lien on any property granted to or held by the Administrative Agent or the Collateral Agent under any
Credit Document (i) upon termination of the Commitments and payment in full of all Obligations, (ii) at the time the property subject
to such Lien is transferred or to be transferred as part of or in connection with any transfer permitted hereunder or under any
other Loan Document to any Person other than the Borrower or any of the Subsidiaries that are Guarantors, (iii) subject to Section
11.1, if the release of such Lien is approved, authorized or ratified in writing by the Required Lenders, or (iv) if the property
subject to such Lien is owned by a Guarantor, upon release of such Guarantor from its obligations under its Guaranty pursuant to
clause (c) below; and

 

(b)               
release or subordinate any Lien on any property granted to or held by the Administrative Agent or the Collateral
Agent under any Loan Document to the holder of any Lien on such property that is permitted by Section 6.2.3(r).

 

(c)               
Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Collateral
Agent’s authority to release or subordinate its interest in particular types or items of property, or to release any Guarantor
from its obligations under the Guaranty pursuant to this Section 10.13. In each case as specified in this Section 10.13,
the applicable Agent will (and each Lender irrevocably authorizes the applicable Agent to), at the Borrower’s expense, execute
and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release or subordination
of such item of Collateral from the assignment and security interest granted under the Collateral Documents, or to evidence the
release of such Guarantor from its obligations under the Guaranty, in each case in accordance with the terms of the Loan Documents
and this Section 10.13.

 

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Article
XI

MISCELLANEOUS PROVISIONS

 

Section
11.1.         
Waivers, Amendments, etc. Subject to Sections 2.8(c) and (d), the provisions of this Agreement
and of each other Loan Document (other than the Fee Letter, which may be amended in accordance with its terms) may from time to
time be amended, modified or waived, if such amendment, modification or waiver is in writing and consented to by the Borrower or
the relevant Guarantor and the Required Lenders and acknowledged by the Administrative Agent; provided that no such amendment,
modification or waiver which would:

 

(a)               
modify any requirement hereunder that any particular action be taken by all the Lenders or by the Required Lenders
shall be effective unless consented to by each Lender;

 

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

 

(c)               
reduce any fees described in Section 2.4 payable to any Lender or, other than as contemplated by Section
2.16, extend the Maturity Date with respect to any Lender shall be made without the consent of such Lender;

 

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

 

(e)               
subject to Section 6.1.9, release all or substantially all of the Guarantors under the Guaranty (except as
expressly permitted by the Guaranty), or release all or substantially all of the Collateral under the Collateral Documents, in
each case, shall be made without the consent of each affected Lender; or

 

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

 

Notwithstanding the foregoing, this Agreement
may be amended solely with the consent of the Administrative Agent and the Borrower without the need to obtain the consent of any
other Lender if such amendment is entered into (i) pursuant to Section 6.1.9 or (ii) for the purpose of implementing any
increase to the Applicable Margin or to provide for the payment of any applicable OID or upfront fee in connection with the exercise
of any “flex” provisions in the Fee Letter.

 

No failure or delay on the part of the
Administrative Agent or any Lender in exercising any power or right under this Agreement or any other Loan Document shall operate
as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise
thereof or the exercise of any other power or right. No notice to or demand on the Borrower or any Guarantor in any case shall
entitle it to any notice or demand in similar or other circumstances. No waiver or approval by the Administrative Agent or any
Lender under this Agreement or any other Loan Document shall, except as may be otherwise stated in such waiver or approval, be
applicable to subsequent transactions. No waiver or approval hereunder shall require any similar or dissimilar waiver or approval
thereafter to be granted hereunder.

 

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If any Lender is a Non-Consenting
Lender, the Borrower shall be entitled at any time to replace such Lender with another financial institution willing to take such
assignment and reasonably acceptable to the Administrative Agent; provided that (i) each such assignment shall be either
an assignment of all of the rights and obligations of the assigning Lender under this Agreement or an assignment of a portion of
such rights and obligations made concurrently with another such assignment or other such assignments that together cover all of
the rights and obligations of the assigning Lender under this Agreement, (ii) such assignment shall not conflict with applicable
law and (iii) no Non-Consenting Lender shall be obligated to make any such assignment as a result of a demand by the Borrower pursuant
to this Section unless and until such Non-Consenting Lender shall have received one or more payments from either the Borrower or
one or more assignees in an aggregate amount at least equal to the aggregate outstanding principal amount of the Advances owing
to such Non-Consenting Lender, together with accrued interest thereon to the date of payment of such principal amount and all other
amounts payable to such Non-Consenting Lender under this Agreement.

 

Section
11.2.         
Notices.

 

(a)               
All notices and other communications provided to any party hereto under this Agreement or any other Loan Document
shall be in writing or by facsimile or by electronic mail and addressed, delivered or transmitted to such party at its address,
or facsimile number, or e-mail address, as follows:

 

(i)                
if to the Borrower or the Administrative Agent, at its address, facsimile number, electronic mail address or telephone
number specified for such Person on Schedule III hereto; and

 

(ii)              
if to a Lender, to it at its address (or facsimile number or e-mail address), set forth in its Administrative Questionnaire,
or at such other address, or facsimile number, or e-mail address as may be designated by such party in a notice to the other parties;

 

provided that notices,
information, documents and other materials that the Borrower is required to deliver hereunder may be delivered to the Administrative
Agent and the Lenders as specified in Section 11.1(b). Any notice, if mailed and properly addressed with postage prepaid
or if properly addressed and sent by pre-paid courier service, shall be deemed given when received.

 

(b)               
So long as Morgan Stanley is the Administrative Agent, the Borrower may provide to the Administrative Agent all information,
documents and other materials that it furnishes to the Administrative Agent hereunder or any other Loan Document (and any guaranties,
security agreements and other agreements relating thereto), including, without limitation, all notices, requests, financial statements,
financial and other reports, certificates and other materials, but excluding any such communication that (i) relates to a request
for a new, or a conversion of an existing Borrowing or other extension of credit (including any election of an interest rate or
interest period relating thereto), (ii) relates to the payment of any principal or other amount due hereunder or any other Loan
Document prior to the scheduled date therefor, (iii) provides notice of any Default, Event of Default or Prepayment Event or (iv)
is required to be delivered to satisfy any condition precedent to the effectiveness of the Agreement and/or any Borrowing or other
extension of credit hereunder (all such non-excluded communications being referred to herein collectively as “Communications”),
by transmitting the Communications in an electronic/soft medium in a format acceptable to the Administrative Agent to the applicable
email address specified in Schedule II; provided that any Communication requested pursuant to Section 6.1.1(g)
shall be in a format acceptable to the Borrower and the Administrative Agent.

 

(1)               
The Borrower agrees that the Administrative Agent may make such items included in the Communications as the Borrower
may specifically agree available to the Lenders by posting such notices, at the option of the Borrower, on Debt Domain, Intralinks,
Syndtrak or a substantially similar electronic transmission system (the “Platform”). Although the primary web
portal is secured with a dual firewall and a User ID/Password Authorization System and the Platform is secured through a single
user per deal authorization method whereby each user may access the Platform only on a deal-by-deal basis, the Borrower acknowledges
that (i) the distribution of material through an electronic medium is not necessarily secure and that there are confidentiality
and other risks associated with such distribution, (ii) the Platform is provided “as is” and “as available”
and (iii) neither the Administrative Agent nor any of its Affiliates warrants the accuracy, adequacy or completeness of the Communications
or the Platform and each expressly disclaims liability for errors or omissions in the Communications or the Platform. No warranty
of any kind, express, implied or statutory, including, without limitation, any warranty of merchantability, fitness for a particular
purpose, non-infringement of third party rights or freedom from viruses or other code defects, is made by the Administrative Agent
or any of its Affiliates in connection with the Platform.

 

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(2)               
The Administrative Agent agrees that the receipt of Communications by the Administrative Agent at its e-mail address
set forth above shall constitute effective delivery of such Communications to the Administrative Agent for purposes hereunder and
any other Loan Document (and any guaranties, security agreements and other agreements relating thereto).

 

(c)               
Each Lender agrees that notice to it (as provided in the next sentence) (a “Notice”) specifying
that any Communications have been posted to the Platform shall constitute effective delivery of such Communications to such Lender
for purposes of this Agreement. Each Lender agrees (i) to notify the Administrative Agent in writing (including by electronic communication)
of such Lender’s e-mail address to which a Notice may be sent by electronic transmission on or before the date such Lender
becomes a party to this Agreement (and from time to time thereafter to ensure that the Administrative Agent has on record an effective
e-mail address for such Lender) and (ii) that any Notice may be sent to such e-mail address.

 

(d)               
Patriot Act. Each Lender hereby notifies the Borrower that pursuant to the requirements of the USA Patriot
Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001) (the “Patriot Act”)), that it is required
to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower
and other information that will allow such Lender to identify the Borrower in accordance with the Patriot Act.

 

Section
11.3.         
Payment of Costs and Expenses. The Borrower agrees to pay on demand all reasonable and documented expenses
of the Administrative Agent (including in its capacity as collateral agent) (including the reasonable and documented fees and expenses
of counsel to the Administrative Agent) in connection with the preparation, execution and delivery of, and any amendments, waivers,
consents, supplements or other modifications to, this Agreement or any other Loan Document; provided that the Administrative Agent
may retain and be reimbursed for one counsel and one local counsel in the event of a negotiation or execution of any amendment,
waiver, consent, or other modification of this Agreement or other Loan Document. The Borrower further agrees to pay, and to save
the Administrative Agent and the Lenders harmless from all liability for, any stamp, recording, documentary or other similar taxes
which may be payable in connection with the execution or delivery of this Agreement, the borrowings hereunder, or the issuance
of the Notes or any other Loan Documents. The Borrower also agrees to reimburse the Administrative Agent and each Lender upon demand
for all reasonable and documented out-of-pocket expenses (including reasonable and documented attorneys’ fees and legal expenses)
incurred by the Administrative Agent (including in its capacity as collateral agent) or such Lender in connection with (x) the
negotiation of any restructuring or “work-out”, whether or not consummated, of any Obligations and (y) the enforcement
of any Obligations or the enforcement or preservation of any rights under this Agreement and the other Loan Documents.

 

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Section
11.4.         
Indemnification. The Borrower shall indemnify and hold harmless each of the Administrative Agent (including
in its capacity as collateral agent), each Arranger and each Lender and each of their respective affiliates and each of their
respective officers, directors, employees, agents, representatives and advisors (each, an “Indemnified Party”)
from and against any and all claims, damages, losses, liabilities and related expenses (including, without limitation, reasonable
and documented out-of-pocket fees and disbursements of one primary counsel and of one local counsel to the Arrangers in each relevant
jurisdiction and, in the case of an actual or perceived conflict of interest, one additional counsel in each appropriate jurisdiction
to the affected Indemnified Parties), joint or several, that may be incurred by or asserted or awarded against any Indemnified
Party (including, without limitation, in connection with any claims, investigation, litigation or proceeding or the preparation
of a defense in connection therewith), in each case arising out of or in connection with or by reason of this Agreement, the Notes
or the other Loan Documents or the transactions contemplated hereby or thereby or any actual or proposed use of the proceeds of
the Advances, except to the extent such claim, damage, loss, liability or expense is found in a final, non-appealable judgment
by a court of competent jurisdiction to have resulted from (x) such Indemnified Party’s gross negligence, bad faith or willful
misconduct, (y) the material breach by such Indemnified Party of its obligations under this Agreement or any other Loan Document
or (z) any dispute not involving an act or omission by the Borrower or any of its affiliates and solely among the Indemnified
Parties (other than claims against any Arranger solely in its capacity as Administrative Agent or Arranger or similar role under
this Agreement). In the case of a claim, investigation, litigation or other proceeding to which the indemnity in this paragraph
applies, such indemnity shall be effective whether or not such claim, investigation, litigation or proceeding is brought by the
Borrower, any of its directors, security holders or creditors, an Indemnified Party or any other person or an Indemnified Party
is otherwise a party thereto and whether or not the transactions contemplated hereby are consummated.

 

In relation to any
matters which may give rise to a liability under the immediately preceding paragraph or the conduct of any defense or response
to any proceedings or any matter relating to a liability in respect of which indemnification may be claimed hereunder (including,
avoiding, contesting, resisting and appealing any claim), each Arranger agrees to:

 

(a)               
Provide prompt written notification to the Borrower of the assertion of any claim with respect to which indemnification
will be claimed hereunder, provided that the failure to give such notification shall not relieve the Borrower of its obligations
under this Section except to the extent it is prejudiced thereby;

 

(b)               
Permit the Borrower to assume control of the defense of any such claim, other than regulatory, supervisory or similar
investigations, provided that (i) the Borrower acknowledges in writing its obligations to indemnify the Indemnified Party in accordance
with the terms herein in connection with such claims, (ii) the Borrower shall keep the Indemnified Party fully informed with respect
to the conduct of the defense of such claim, (iii) the Borrower shall consult in good faith with the Indemnified Party (from time
to time and before taking any material decision) about the conduct of the defense of such claim, (iv) the Borrower shall conduct
the defense of such claim properly and diligently taking into account its own interests and those of the Indemnified Party, (v)
the Borrower shall employ counsel reasonably acceptable to the Indemnified Party and at the Borrower’s expense, and (vi)
the Borrower shall not enter into a settlement with respect to such claim unless either (A) such settlement involves only the payment
of a monetary sum, does not include any performance by or an admission of liability or responsibility on the part of the Indemnified
Party, and contains a provision unconditionally releasing the Indemnified Party and each other indemnified party from all liability
in respect of claims by any releasing party or (B) the Indemnified Party provides written consent to such settlement (such consent
not to be unreasonably withheld or delayed). Notwithstanding the Borrower’s election to assume the defense of such action,
the Indemnified Party shall have the right to employ separate counsel and to participate in the defense of such action and the
Borrower shall bear the fees, costs and expenses of such separate counsel if (1) the use of counsel chosen by the Borrower to represent
the Indemnified Party would present such counsel with an actual or perceived conflict of interest arising out of such counsel’s
involvement in any claim unrelated to the claim that is the subject of the indemnity hereunder, (2) the actual or potential defendants
in, or targets of, any such action include both the Borrower and the Indemnified Party, and the Indemnified Party shall have concluded
that there may be legal defenses available to it which are different from or additional to those available to the Borrower and
reasonably determined that it is appropriate to employ separate counsel in order to pursue such defenses (in which case the Borrower
shall not have the right to assume the defense of such action on the Indemnified Party’s behalf), (3) the Borrower shall
not have employed counsel reasonably acceptable to the Indemnified Party to represent the Indemnified Party within a reasonable
time after notice of the institution of such action, or (4) the Borrower authorizes the Indemnified Party to employ separate counsel
at the Borrower’s expense.

 

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(c)               
Cooperate fully in connection with the Borrower’s defense of such claim, subject to such Indemnified Party’s
rights under the last sentence of the foregoing clause (b); and

 

(d)               
Not settle any such claim without the Borrower’s written consent, subject to such Indemnified Party’s
rights under the last sentence of the foregoing clause (b).

 

No Indemnified Party shall have any liability
(whether direct or indirect, in contract, tort or otherwise) to the Borrower or any of its security holders or creditors for or
in connection with the transactions contemplated hereby, except to the extent such liability is determined in a final non-appealable
judgment by a court of competent jurisdiction to have resulted from (x) such Indemnified Party’s gross negligence, bad faith
or willful misconduct, (y) the material breach by such Indemnified Party of its obligations under this Agreement or any other Loan
Document or (z) any dispute not involving an act or omission by the Borrower or any of its Affiliates and solely among the Indemnified
Parties (other than claims against the Administrative Agent, the Collateral Agent, or any Arranger, in each case, solely in its
capacity as such). In no event, however, shall any Indemnified Party or the Borrower be liable on any theory of liability for any
special, indirect, consequential or punitive damages (including, without limitation, any loss of profits, business or anticipated
savings).

 

The Borrower acknowledges that information
and other materials relative to this Agreement and the transactions contemplated hereby may be transmitted through the Platform.
No Indemnified Party will be liable to the Borrower or any of its affiliates or any of their respective security holders or creditors
for any damages arising from the use by unauthorized persons of information or other materials sent through the Platform that are
intercepted by such persons, except to the extent such damages are found in a final, non-appealable judgment by a court of competent
jurisdiction to have resulted from such Indemnified Party’s gross negligence, bad faith or willful misconduct.

 

Section
11.5.        Survival. The obligations of the Borrower under Sections 3.3, 3.4, 3.5, 3.6, 3.7,
11.3 and 11.4, and the obligations of the Lenders under Section 10.3, shall in each case survive any termination
of this Agreement, the payment in full of all Obligations and the termination of all Commitments. The representations and warranties
made by the Borrower in this Agreement and in each other Loan Document shall survive the execution and delivery of this Agreement
and each such other Loan Document.

 

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

 

Section
11.7.        
Headings. The various headings of this Agreement and of each other Loan Document are inserted for convenience
only and shall not affect the meaning or interpretation of this Agreement or such other Loan Document or any provisions hereof
or thereof.

 

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Section
11.8.         
Execution in Counterparts, Effectiveness, etc. This Agreement may be executed by the parties hereto in several
counterparts, each of which shall be deemed to be an original and all of which shall constitute together but one and the same agreement.
This Agreement shall become effective when counterparts hereof executed on behalf of the Borrower and each Lender (or notice thereof
satisfactory to the Administrative Agent and the Borrower) shall have been received by the Administrative Agent and the Borrower
(or, in the case of any Lender, receipt of signature pages transmitted by facsimile) and notice thereof shall have been given by
the Administrative Agent to the Borrower and each Lender.

 

Section
11.9.        Governing Law; Entire Agreement. THIS AGREEMENT AND THE NOTES SHALL EACH BE DEEMED TO BE A CONTRACT MADE UNDER,
AND SHALL BE GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS THAT WOULD REQUIRE
THE APPLICATION OF LAWS OF ANOTHER JURISDICTION. This Agreement, the Notes and the other Loan Documents constitute the entire understanding
among the parties hereto with respect to the subject matter hereof and supersede any prior agreements, written or oral, with respect
thereto.

 

Section
11.10.       Successors
and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective
successors and assigns; provided that:

 

(a)               
except to the extent permitted under Section 6.2.6, the Borrower may not assign or transfer its rights or
obligations hereunder without the prior written consent of the Administrative Agent and all Lenders; and

 

(b)               
the rights of sale, assignment and transfer of the Lenders are subject to Section 11.11.

 

Section
11.11.       Sale
and Transfer of Advances and Note; Participations in Advances. Each Lender may assign, or sell participations in, its Advances
and Commitment(s) to one or more other Persons in accordance with this Section 11.11.

 

SECTION
11.11.1.   Assignments.
Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement
(including all or a portion of its Commitments and the Advances at the time owing to it); provided that any such assignment
shall be subject to the following conditions:

 

(a)               
Minimum Amounts.

 

(i)                
in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitments and/or the
Advances at the time owing to it or contemporaneous assignments to related Approved Funds (determined after giving effect to such
assignments) that equal at least the amount specified in paragraph (a)(ii) of this Section in the aggregate or in the case of an
assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and

 

(ii)              
in any case not described in paragraph (a)(i) of this Section, the aggregate amount of the Commitment (which for
this purpose includes Advances outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding
balance of the Advances of the assigning Lender subject to each such assignment (determined as of the date the Lender Assignment
Agreement with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified
in the Lender Assignment Agreement, as of the Trade Date) shall not be less than $25,000,000, unless each of the Administrative
Agent and, so long as no Event of Default under Sections 7.1.1, 7.1.4(a) or 7.1.6 has occurred and is continuing,
the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed).

 

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(b)               
Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all
the assigning Lender’s rights and obligations under this Agreement with respect to the Advance or the Commitments assigned.

 

(c)               
Required Consents. No consent shall be required for any assignment except to the extent required by paragraph
(a)(ii) of this Section and, in addition:

 

(i)                
the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (x)
an Event of Default under Sections 7.1.1, 7.1.4(a) or 7.1.6 has occurred and is continuing at the time of
such assignment, or (y) such assignment is to a Lender, an Affiliate of a Lender, an Approved Fund or to any Federal Reserve Bank
as collateral security pursuant to Regulation A of the F.R.S. Board and any Operating Circular issued by such Federal Reserve
Bank; provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written
notice to the Administrative Agent within 10 Business Days after having received notice thereof; provided, further that in the
case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, so long as no Event of Default or a Prepayment
Event has occurred and is continuing at the time of such assignment, such assignment shall be made in consultation with the Borrower;
and

 

(ii)              
the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required
for assignments in respect of the Commitments if such assignment is to a Person that is not (i) a Lender with, prior to the effectiveness
of the assignment, a Commitment in respect of Commitments or (ii) an Affiliate of such Lender or an Approved Fund, unless such
assignment is to any Federal Reserve Bank, or with the Borrower’s consent (such consent not to be unreasonably withheld or
delayed), to any central governmental authority as collateral security pursuant to Regulation A of the F.R.S. Board and any Operating
Circular issued by such Federal Reserve Bank.

 

(d)               
Lender Assignment Agreement. The parties to each assignment shall execute and deliver to the Administrative
Agent a Lender Assignment Agreement, together with a processing and recordation fee of $3,500; provided that the Administrative
Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment; provided,
further, no processing and recordation fee shall be required upon any assignment to an Affiliate of a Lender or any Federal
Reserve Bank or, with the Borrower’s consent (such consent not to be unreasonably withheld or delayed), to any central governmental
authority as collateral security pursuant to Regulation A of the F.R.S. Board and any Operating Circular issued by such Federal
Reserve Bank. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

 

(e)               
[Intentionally omitted].

 

(f)                
No Assignment to Certain Persons. No such assignment shall be made to (A) the Borrower or any of the Borrower’s
Affiliates or Subsidiaries or any Permitted Affiliate Participant, (B) to any Defaulting Lender or any of their respective Subsidiaries,
or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (f),
or (C) (x) competitors of the Borrower or any of its Subsidiaries that are in the same or a similar line of business and that are
designated in writing by the Borrower prior to the Effective Date or from time to time thereafter (each such entity, a “Competitor”)
or (y) Affiliates of Competitors to the extent such Affiliates are reasonably identifiable on the basis of such Affiliates’
names or designated in writing by the Borrower from time to time and to the extent such Affiliates are not bona fide debt funds
or investment vehicles that are primarily engaged in making, purchasing, holding or otherwise investing in commercial loans and
similar extensions of credit in the ordinary course of business; provided that no written notice delivered after the Effective
Date shall apply retroactively to disqualify any person that has acquired an assignment or participation interest in the Commitments
or Advances prior to the delivery of such notice.

 

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(g)               
No Assignment to Natural Persons. No such assignment shall be made to a natural Person or any holding company,
investment vehicle or trust for, or owned and operated for the primary benefit of, a natural Person.

 

(h)               
Certain Pledges. Notwithstanding anything to the contrary contained herein, any Lender may at any time pledge
or assign a security interest in all or any portion of its rights under this Agreement (including under its Note, if any) to secure
obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or, with the Borrower’s
consent (such consent not to be unreasonably withheld or delayed), to any central governmental authority; provided that no such
pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee
for such Lender as a party hereto.

 

(i)                
Certain Additional Payments. In connection with any assignment of rights and obligations of any Defaulting
Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth
herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient,
upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations, or other
compensating actions, including funding, with the consent of the Borrower and the Administrative Agent, the applicable Ratable
Share of Advances previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor
hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the
Administrative Agent and each other Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate)
its full Ratable Share of all Advances. Notwithstanding the foregoing, in the event that any assignment of rights and obligations
of any Defaulting Lender hereunder shall become effective under applicable law without compliance with the provisions of this paragraph,
then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance
occurs.

 

Subject to acceptance
and recording thereof by the Administrative Agent pursuant to Section 11.11.3, from and after the effective date specified
in each Lender Assignment Agreement, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest
assigned by such Lender Assignment Agreement, have the rights and obligations of a Lender under this Agreement, and the assigning
Lender thereunder shall, to the extent of the interest assigned by such Lender Assignment Agreement, be released from its obligations
under this Agreement (and, in the case of a Lender Assignment Agreement covering all of the assigning Lender’s rights and
obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits
of Sections 3.3, 3.4, 3.5, 3.7, 3.9, 10.2, 11.3 and 11.4 with respect to
facts and circumstances occurring prior to the effective date of such assignment; provided, that except to the extent otherwise
expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim
of any party hereunder arising from that Lender’s having been a Defaulting Lender. Any assignment or transfer by a Lender
of rights or obligations under this Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement
as a sale by such Lender of a participation in such rights and obligations in accordance with Section 11.11.2. Notwithstanding
the foregoing, in no event shall the Borrower be required to pay to any assignee any amount under Sections 3.3, 3.4,
3.5, 3.6 and 3.7 that is greater than the amount which it would have been required to pay at the time of the
relevant assignment had no such assignment been made.

 

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SECTION
11.11.2.   Participations.
Any Lender may at any time sell to any Person (other than any Person identified in Section 11.1.1(f) or (g); provided
that nothing in this Section 11.11.2 shall prohibit a participation to a Permitted Affiliate Participant) (each of such
Persons being herein called a “Participant”) participating interests in any of its Advances, its Commitment,
or other interests of such Lender hereunder without the consent of the Borrower or the Administrative Agent; provided that:

 

(a)               
no participation contemplated in this Section 11.11.2 shall relieve such Lender from its Commitment(s) or
its other obligations hereunder;

 

(b)               
such Lender shall remain solely responsible for the performance of its Commitment(s) and such other obligations;

 

(c)               
the Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection
with such Lender’s rights and obligations under this Agreement and each of the other Loan Documents;

 

(d)               
no Participant, unless such Participant is an Affiliate of such Lender, shall be entitled to require such Lender
to take or refrain from taking any action hereunder or under any other Loan Document, except that such Lender may agree with any
Participant that such Lender will not, without such Participant’s consent, take any actions of the type described in clause
(c) or (d) of Section 11.1;

 

(e)               
the Borrower shall not be required to pay any amount under Sections 3.3, 3.4, 3.5, 3.6
and 3.7 that is greater than the amount which it would have been required to pay had no participating interest been sold;
and

 

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

 

The Borrower acknowledges and agrees that
each Participant, for purposes of Sections 3.3, 3.4, 3.5, 3.6 and clause (g) of 6.1.1,
shall be considered a Lender.

 

SECTION
11.11.3.   Register. The
Administrative Agent, acting as agent for the Borrower, shall maintain at its address referred to in Section 11.2 a
copy of each Added Lender Agreement and Lender Assignment Agreement delivered to and accepted by it and a register for the recordation
of the names and addresses of the Lenders and the Commitment(s) of, and principal amount of the Advances owing to, each Lender
from time to time (the “Register”). The entries in the Register shall be conclusive and binding for all purposes,
absent manifest error, and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded
in the Register as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the
Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice.

 

    72

     

    

 

SECTION
11.11.4.   Competitor List.
The Administrative Agent shall have the right, and the Borrower hereby expressly authorizes the Administrative Agent, to (A) post
the list of Competitors provided by the Borrower and any updates thereto from time to time on the Platform, including that portion
of the Platform that is designated for “public side” Lenders or (B) provide such list to each Lender requesting the
same.

 

Section
11.12.       Other
Transactions. Nothing contained herein shall preclude the Administrative Agent or any Lender from engaging in any transaction,
in addition to those contemplated by this Agreement or any other Loan Document, with the Borrower or any of its Affiliates in which
the Borrower or such Affiliate is not restricted hereby from engaging with any other Person.

 

Section
11.13.       Forum
Selection and Consent to Jurisdiction.

 

(a)               
EACH OF THE PARTIES HERETO HEREBY EXPRESSLY AND IRREVOCABLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION
OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST ANY OTHER
PARTY IN ANY WAY RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM
OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY, AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN
DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY
SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY
BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT.
EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY
BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. EACH OF THE PARTIES HERETO FURTHER
IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS BY REGISTERED MAIL, POSTAGE PREPAID, OR BY PERSONAL SERVICE WITHIN OR WITHOUT THE
STATE OF NEW YORK. TO THE EXTENT THAT THE BORROWER, THE ADMINISTRATIVE AGENT OR ANY LENDER HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY
FROM JURISDICTION OF ANY COURT OF FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT
IN AID OF EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS PROPERTY, THE BORROWER, THE ADMINISTRATIVE AGENT AND SUCH LENDER
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THIS AGREEMENT
AND THE OTHER LOAN DOCUMENTS.

 

(b)              
EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (a) OF THIS SECTION. EACH OF THE PARTIES HERETO
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE
OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

    73

     

    

 

Section
11.14.       Process
Agent. If at any time the Borrower ceases to have a place of business in the United States, the Borrower shall appoint an agent
for service of process (reasonably satisfactory to the Administrative Agent) located in New York City and shall furnish to the
Administrative Agent evidence that such agent shall have accepted such appointment for a period of time ending no earlier than
one year after the Maturity Date.

 

Section
11.15.       Judgment.
(a) If for the purposes of obtaining judgment in any court it is necessary to convert a sum due hereunder in Dollars into another
currency, the parties hereto agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall
be that at which in accordance with normal banking procedures the Administrative Agent could purchase Dollars with such other currency
at Morgan Stanley’s principal office in New York at 11:00 A.M. (New York time) on the Business Day preceding that on which
final judgment is given.

 

(b)               
[Intentionally omitted].

 

(c)               
The obligation of the Borrower in respect of any sum due from it in any currency (the “Primary Currency”)
to any Lender or the Administrative Agent hereunder shall, notwithstanding any judgment in any other currency, be discharged only
to the extent that on the Business Day following receipt by such Lender or the Administrative Agent (as the case may be), of any
sum adjudged to be so due in such other currency, such Lender or the Administrative Agent (as the case may be) may in accordance
with normal banking procedures purchase the applicable Primary Currency with such other currency; if the amount of the applicable
Primary Currency so purchased is less than such sum due to such Lender or the Administrative Agent (as the case may be) in the
applicable Primary Currency, the Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify
such Lender or the Administrative Agent (as the case may be) against such loss, and if the amount of the applicable Primary Currency
so purchased exceeds such sum due to any Lender or the Administrative Agent (as the case may be) in the applicable Primary Currency,
such Lender or the Administrative Agent (as the case may be) agrees to remit to the Borrower such excess.

 

Section
11.16.       [Intentionally
omitted].

 

Section
11.17.       WAIVER
OF JURY TRIAL. THE ADMINISTRATIVE AGENT, THE LENDERS AND THE BORROWER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE
ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION
WITH, THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT. EACH OF THE PARTIES HERETO ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND
SUFFICIENT CONSIDERATION FOR THIS PROVISION (AND EACH OTHER PROVISION OF EACH OTHER LOAN DOCUMENT) AND THAT THIS PROVISION IS A
MATERIAL INDUCEMENT FOR EACH OTHER PARTY ENTERING INTO THIS AGREEMENT AND EACH OTHER LOAN DOCUMENT.

 

Section
11.18.       Confidentiality.
Each of the Administrative Agent and the Lenders agree to maintain the confidentiality of the Information (as defined below), except
that Information may be disclosed (a) to its Affiliates and to its Related Parties (it being understood that the Persons to whom
such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information
confidential); (b) to the extent required or requested by any regulatory authority purporting to have jurisdiction over such Person
or its Related Parties (including any self-regulatory authority, such as the National Association of Insurance Commissioners);
(c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process; (d) to any other party
hereto; (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding
relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder; (f) subject to an agreement
containing provisions substantially the same as those of this Section, to any assignee of or Participant in, or any prospective
assignee of or Participant in, any of its rights and obligations under this Agreement or actual or prospective counterparty to
any swap or derivative transaction relating to the Borrower; (g) with the consent of the Borrower; or (h) to the extent such Information
(x) becomes publicly available other than as a result of a breach of this Section, or (y) becomes available to any Lender or any
of their respective Affiliates on a nonconfidential basis from a source other than the Borrower. In addition, the Administrative
Agent and the Lenders may disclose the existence of this Agreement and information about this Agreement to market data collectors,
similar service providers to the lending industry and service providers to the Administrative Agent and the Lenders in connection
with the administration of this Agreement, the other Loan Documents, and the Commitments.

 

    74

     

    

 

For purposes of this
Section, “Information” means all information received from the Borrower or any of its Subsidiaries relating to the
Borrower or any of its Subsidiaries or any of their respective businesses, other than any such information that is available to
any Lender on a nonconfidential basis prior to disclosure by the Borrower or any of its Subsidiaries. Any Person required to maintain
the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so
if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord
to its own confidential information.

 

Section
11.19.       No
Fiduciary Relationship. The Borrower acknowledges that the Lenders have no fiduciary relationship with, or fiduciary duty to,
the Borrower arising out of or in connection with this Agreement or the other Loan Documents, and the relationship between each
Lender and the Borrower is solely that of creditor and debtor. This Agreement and the other Loan Documents do not create a joint
venture among the parties hereto. The Borrower acknowledges that the Arrangers and each Lender may have economic interests that
conflict with those of the Borrower, its stockholders and/or its Affiliates. To the fullest extent permitted by law, the Borrower
hereby waives and releases any claims that it may have against the Administrative Agent, the Arrangers and the Lenders with respect
to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.

 

Section
11.20.       Electronic
Execution of Assignments and Certain Other Documents. The words “execute,” “execution,” “signed,”
 “signature,” and words of like import in or related to any document to be signed in connection with this Agreement
and the transactions contemplated hereby (including, without limitation, assignment and assumptions, amendments or other modifications,
Notices of Borrowing, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment
terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic
form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of
a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the
Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or
any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained
herein to the contrary the Administrative Agent is under no obligation to agree to accept electronic signatures in any form or
in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it.

 

Section
11.21.       Acknowledgement
and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or
in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability
of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject
to the write-down and conversion powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and
agrees to be bound by:

 

    75

     

    

 

(a)               
the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities
arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and

 

(b)               
the effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)       a
reduction in full or in part or cancellation of any such liability;

 

(ii)       a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or
other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement
or any other Loan Document; or

 

(iii)       the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of the applicable
Resolution Authority.

 

Section
11.22.       Acknowledgement
Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for
any Swap Contract or any other agreement or instrument that is a QFC (such support, “QFC Credit Support”, and
each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution
power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall
Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution
Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding
that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or
of the United States or any other state of the United States):

 

(a)               
In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes
subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC
Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property
securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer
would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest,
obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event
a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime,
Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be
exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised
under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States
or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the
parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported
QFC or any QFC Credit Support.

 

(b)               
As used in this Section 11.22, the following terms have the following meanings:

 

“BHC
Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance
with, 12 U.S.C. 1841(k)) of such party.

 

    76

     

    

 

“Covered
Entity” means any of the following: (i) a “covered entity” as that term is defined in, and interpreted in
accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance
with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance
with, 12 C.F.R. § 382.2(b).

 

“Default
Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§
252.81, 47.2 or 382.1, as applicable.

 

“QFC”
has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with,
12 U.S.C. 5390(c)(8)(D).

 

 

 

[Remainder of page intentionally left
blank.]

 

    77

     

    

 

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

 

 

	 	ROYAL CARIBBEAN CRUISES LTD.
	 	 
	 	 
	 	 
	 	By:	/s/ Jason T. Liberty
	 	Name:    Jason T. Liberty
	 	Title:      Chief Financial Officer

 

 

 

Signature page to Royal Caribbean Cruises
Ltd.

Term Loan
Agreement (2020)

 

     

     

    

 

 

	 	MORGAN STANLEY SENIOR FUNDING, INC.,
	 	as Administrative Agent and Collateral Agent 
	 	 
	 	By:	 /s/ Chance Moreland
	 	Name:    Chance Moreland
	 	Title:      Authorized Signatory
	 	 
	 	 
	 	MORGAN STANLEY SENIOR FUNDING, INC., as Lender
	 	 
	 	By:	/s/ Chance Moreland
	 	Name:    Chance Moreland
	 	Title:      Authorized Signatory
	 	 
	 	 
	 	MORGAN STANLEY BANK, N.A., as Lender
	 	 
	 	By:	/s/ Chance Moreland
	 	Name:    Chance Moreland
	 	Title:      Authorized Signatory

 

 

 

Signature page to Royal Caribbean Cruises
Ltd.

Term Loan
Agreement (2020)

 

     

     

    

 

	 	JPMORGAN CHASE BANK, N.A., as Lender
	 	 
	 	By:	/s/ Richard H. Huttenlocher
	 	Name:    Richard H. Huttenlocher
	 	Title:      Managing Director

 

 

 

Signature page to Royal Caribbean Cruises
Ltd.

Term Loan
Agreement (2020)

 

     

     

    

 

	 	BANK OF AMERICA, N.A., as Lender
	 	 
	 	By:	/s/ Andrew Stinson
	 	Name:    Andrew Stinson
	 	Title:      Managing Director

 

 

 

Signature page to Royal Caribbean Cruises
Ltd.

Term Loan
Agreement (2020)

 

     

     

    

 

	 	BNP PARIBAS, as Lender
	 	 
	 	By:	/s/ Christopher Sked
	 	Name:    Christopher Sked
	 	Title:      Managing Director
	 	 
	 	 
	 	By:	/s/ Ade Adedji
	 	Name:    Ade Adedji
	 	Title:      Director

 

 

 

Signature page to Royal Caribbean Cruises
Ltd.

Term Loan
Agreement (2020)

 

     

     

    

 

	 	GOLDMAN SACHS BANK USA, as Lender
	 	 
	 	By:	 /s/ Robert Ehudin
	 	Name:    Robert Ehudin
	 	Title:      Authorized Signatory

 

 

 

Signature page to Royal Caribbean Cruises
Ltd.

Term
Loan Agreement (2020)

 

     

     

    

 

SCHEDULE I

 

ROYAL CARIBBEAN CRUISES LTD.

TERM LOAN AGREEMENT

 

	Name of Lender	 	Commitment	 
	Morgan Stanley Senior Funding, Inc.	 	$	750,000,000	 
	Morgan Stanley Bank, N.A.	 	$	500,000,000	 
	JPMorgan Chase Bank, N.A.	 	$	450,000,000	 
	Bank of America, N.A.	 	$	250,000,000	 
	BNP Paribas	 	$	150,000,000	 
	Goldman Sachs Bank USA	 	$	100,000,000	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	Total:	 	$	2,200,000,000	 

 

     

     

    

 

SCHEDULE II

 

DISCLOSURE SCHEDULE

 

Item 5.9(b): Vessels

 

	Vessel	 	Owner	 	Flag
	Sovereign	 	RCL Sovereign LLC	 	Malta
	Empress of the Seas	 	Nordic Empress Shipping Inc.	 	Bahamas
	Monarch	 	RCL Monarch LLC	 	Malta
	Majesty of the Seas	 	Majesty of the Seas Inc.	 	Bahamas
	Grandeur of the Seas	 	Grandeur of the Seas Inc.	 	Bahamas
	Rhapsody of the Seas	 	Rhapsody of the Seas Inc.	 	Bahamas
	Enchantment of the Seas	 	Enchantment of the Seas Inc.	 	Bahamas
	Vision of the Seas	 	Vision of the Seas Inc.	 	Bahamas
	Voyager of the Seas	 	Voyager of the Seas Inc.	 	Bahamas
	Horizon	 	RCL Horizon LLC	 	Malta
	Mariner of the Seas	 	Mariner of the Seas Inc.	 	Bahamas
	Celebrity Millennium	 	Millennium Inc.	 	Malta
	Explorer of the Seas	 	Explorer of the Seas Inc.	 	Bahamas
	Celebrity Infinity	 	Infinity Inc.	 	Malta
	Radiance of the Seas	 	Radiance of the Seas Inc.	 	Bahamas
	Celebrity Summit	 	Summit Inc.	 	Malta
	Adventure of the Seas	 	Adventure of the Seas Inc.	 	Bahamas
	Navigator of the Seas	 	Navigator of the Seas Inc.	 	Bahamas
	Celebrity Constellation	 	Constellation Inc.	 	Malta
	Serenade of the Seas	 	Serenade of the Seas Inc.	 	Bahamas
	Jewel of the Seas	 	Jewel of the Seas Inc.	 	Bahamas
	Celebrity Xpedition	 	Oceanadventures S.A.	 	Ecuador
	Freedom of the Seas	 	Freedom of the Seas Inc.	 	Bahamas
	Azamara Journey	 	Azamara Journey Inc.	 	Malta
	Azamara Quest	 	Azamara Quest Inc.	 	Malta
	Liberty of the Seas	 	Liberty of the Seas Inc.	 	Bahamas
	Independence of the Seas	 	Independence of the Seas Inc.	 	Bahamas
	Celebrity Solstice	 	Celebrity Solstice Inc.	 	Malta

 

    SCHEDULE II -1

     

    

 

	Vessel	 	Owner	 	Flag
	Celebrity Equinox	 	Celebrity Equinox Inc.	 	Malta
	Oasis of the Seas	 	Oasis of the Seas Inc.	 	Bahamas
	Celebrity Eclipse	 	Celebrity Eclipse Inc.	 	Malta
	Allure of the Seas	 	Allure of the Seas Inc.	 	Bahamas
	Celebrity Silhouette	 	Celebrity Silhouette Inc.	 	Malta
	Celebrity Reflection	 	Celebrity Reflection Inc.	 	Malta
	Quantum of the Seas	 	Quantum of the Seas Inc.	 	Bahamas
	Brilliance of the Seas	 	Brilliance of the Seas Shipping Inc.	 	Bahamas
	Anthem of the Seas	 	Anthem of the Seas Inc.	 	Bahamas
	Celebrity Xperience	 	Oceanadventures S.A.	 	Ecuador
	Celebrity Xploration	 	Oceanadventures S.A.	 	Ecuador
	Ovation of the Seas	 	Ovation of the Seas Inc.	 	Bahamas
	Harmony of the Seas	 	Harmony of the Seas Inc.	 	Bahamas
	Symphony of the Seas	 	Symphony of the Seas Inc.	 	Bahamas
	Celebrity Edge	 	Celebrity Edge Inc.	 	Malta
	Azamara Pursuit	 	Azamara Pursuit Inc.	 	Malta
	Silver Cloud	 	Silver Cloud Shipping Co. Ltd.	 	Bahamas
	Silver Wind	 	Silver Wind Shipping Ltd.	 	Bahamas
	Silver Shadow	 	Silver Shadow Shipping Co. Ltd.	 	Bahamas
	Silver Spirit	 	Silver Spirit Shipping Co. Ltd.	 	Bahamas
	Silver Muse	 	Silver Muse Shipping Co. Ltd.	 	Bahamas
	Silver Galapagos	 	Conodros CL	 	Ecuador
	Spectrum of the Seas	 	Spectrum of the Seas Inc.	 	Bahamas
	Celebrity Flora	 	Islas Galápagos Turismo y Vapores C.A.	 	Ecuador

 

Item 5.10: Existing Principal Subsidiaries

 

	Name of the Subsidiary	 	Jurisdiction of Organization
	Jewel of the Seas Inc.	 	Liberia
	Majesty of the Seas Inc.	 	Liberia
	Grandeur of the Seas Inc.	 	Liberia
	Enchantment of the Seas Inc.	 	Liberia
	Rhapsody of the Seas Inc.	 	Liberia

 

    SCHEDULE II -2

     

    

 

	Name of the Subsidiary	 	Jurisdiction of Organization
	Vision of the Seas Inc.	 	Liberia
	Voyager of the Seas Inc.	 	Liberia
	Explorer of the Seas Inc.	 	Liberia
	Radiance of the Seas Inc.	 	Liberia
	Adventure of the Seas Inc.	 	Liberia
	Navigator of the Seas Inc.	 	Liberia
	Serenade of the Seas Inc.	 	Liberia
	Mariner of the Seas Inc.	 	Liberia
	Millennium Inc.	 	Liberia
	Infinity Inc.	 	Liberia
	Summit Inc.	 	Liberia
	Constellation Inc.	 	Liberia
	Islas Galápagos Turismo y Vapores C.A.	 	Ecuador
	Freedom of the Seas Inc.	 	Liberia
	Azamara Journey Inc.	 	Liberia
	Azamara Quest Inc.	 	Liberia
	Nordic Empress Shipping Inc.	 	Liberia
	Liberty of the Seas Inc.	 	Liberia
	Independence of the Seas Inc.	 	Liberia
	Celebrity Solstice Inc.	 	Liberia
	Oasis of the Seas Inc.	 	Liberia
	Celebrity Eclipse Inc.	 	Liberia
	Celebrity Equinox Inc.	 	Liberia
	RCL Horizon LLC	 	Liberia
	RCL Sovereign LLC	 	Liberia
	Allure of the Seas Inc.	 	Liberia
	Celebrity Silhouette Inc.	 	Liberia
	Celebrity Reflection Inc.	 	Liberia
	RCL Monarch LLC	 	Liberia
	Quantum of the Seas Inc.	 	Liberia
	Brilliance of the Seas Shipping Inc.	 	Liberia
	Anthem of the Seas Inc.	 	Liberia
	Oceanadventures S.A.	 	Ecuador

 

    SCHEDULE II -3

     

    

 

	Name of the Subsidiary	 	Jurisdiction of Organization
	Ovation of the Seas Inc.	 	Liberia
	Harmony of the Seas Inc.	 	Liberia
	Symphony of the Seas Inc.	 	Liberia
	Celebrity Edge Inc.	 	Liberia
	Azamara Pursuit Inc.	 	Liberia
	Silver Cloud Shipping Co. Ltd.	 	Bahamas
	Silver Wind Shipping Ltd.	 	Bahamas
	Silver Shadow Shipping Co. Ltd.	 	Bahamas
	Silver Spirit Shipping Co. Ltd.	 	Bahamas
	Silver Muse Shipping Co. Ltd.	 	Bahamas
	Conodros CL	 	Ecuador
	Spectrum of the Seas Inc.	 	Liberia

 

Item 6.2.2: Existing Indebtedness of Silversea

 

(a)            The
obligations of the Borrower or its Subsidiaries in connection with those certain Bareboat Charterparties with respect to (i) the
vessel SILVER EXPLORER dated July 22, 2011 between Silversea Cruises Ltd. and Hammonia Adventure and Cruise Shipping Company
Ltd. and (ii) the vessel SILVER WHISPER dated March 15, 2012 between Whisper S.p.A. and various lessors, and the replacement,
extension, renewal or amendment of each of the foregoing without increase in the amount or change in any direct or contingent obligor
of such obligations, (the “Existing Silversea Leases”);

 

(b)            Indebtedness
arising pursuant to that certain Bareboat Charterparty dated May 17, 2018 by and between Hai Xing 1702 Limited and Silversea
New Build Eight Ltd., as such agreement may be amended from time to time; and

 

(c)            Indebtedness
secured by Liens of the type described in Item 6.2.3 of the Disclosure Schedule.

 

Item 6.2.3: Existing Liens of Silversea

 

(a)            Liens
securing the $620 million in principal amount of 7.25% senior secured notes due 2025 issued by Silversea Cruise Finance Ltd. pursuant
that that Indenture dated as of January 30, 2017;

 

(b)            Liens
on the vessels SILVER WHISPER and SILVER EXPLORER existing as of the Effective Date and securing the Existing Silversea Leases
(and any Lien on such vessels securing any refinancing of the Existing Silversea Leases, so long as such Vessel was subject to
a Lien securing the Indebtedness being refinanced immediately prior to such refinancing);

 

(c)            Liens
on the Vessel with Hull 6280 currently being built at Fincantieri S.p.A. and arising pursuant to that certain Bareboat Charterparty
dated May 17, 2018 by and between Hai Xing 1702 Limited and Silversea New Build Eight Ltd., as such agreement may be amended
from time to time (and any Lien on such vessel securing any refinancing of such bareboat charterparty); and

 

(d)            Liens
securing Indebtedness of the type described in Item 6.2.2 of the Disclosure Schedule.

 

    SCHEDULE II -4

     

    

 

SCHEDULE III

 

NOTICES

 

If to the Borrower:

 

Royal Caribbean Cruises Ltd.

Attention:  Antje Gibson, Vice President and Treasurer

1050 Caribbean Way

Miami, FL 33132-2096

Phone: (305) 539-6440

Facsimile: (305) 539-0562

Email: agibson@rccl.com

 

If to the Administrative Agent for Notices of Borrowing and
other notices relating to Advances under this Agreement: 

 

Morgan Stanley Senior Funding, Inc.

1300 Thames Street Wharf, 4th Floor

Baltimore, MD 21231

Attention: Morgan Stanley Loan Servicing

Telephone: 443-627-4355

Facsimile (Notices Only, 1st Preference): 718-233-2140

Email (Notices Only, 2nd Preference): MSLoanNotices@morganstanley.com

Email (Questions/Queries Only): MSLoanServicing@morganstanley.com

 

If to the Administrative Agent for any other notices delivered
pursuant to this Agreement:

 

Morgan Stanley Senior Funding, Inc.

1300 Thames Street Wharf, 4th Floor

Baltimore, MD 21231 

Attention: Documentation Team

Telephone: 443-627-5900

Email: doc4secportfolio@morganstanley.com

 

    SCHEDULE III -1

     

    

 

SCHEDULE IV

 

POST-CLOSING OBLIGATIONS

 

		1.	Within 30 days of the Effective Date, the Borrower shall deliver (or cause to be delivered) to the Collateral Agent an endorsement,
as appropriate, of each policy of insurance required by Section 6.1.5 that applies to a Collateral Vessel to (i) name
the Collateral Agent, on behalf of the Lenders, as an additional insured thereunder as its interests may appear and/or (ii) in
the case of each casualty insurance policy, contain a loss payable clause or endorsement that names the Collateral Agent, on behalf
of the Lenders as the loss payee thereunder.

 

		2.	Within seven (7) days of the Effective Date, the Borrower shall deliver (or cause to be delivered) to the Administrative
Agent (i) executed but undated resignations of all directors for each Guarantor that has issued any of the Equity Interests
comprising the Pledged Collateral and (ii) an irrevocable shareholder proxy from the pledgor of such Equity Interests with
respect to such Guarantor.

 

		3.	Within seven (7) days of the Effective Date, the Borrower shall deliver (or cause to be delivered) to the Administrative
Agent a certificate of the Secretary or Assistant Secretary for each Guarantor whose equity constitutes Pledged Equity, as to the
incumbency and signatures of those of its officers authorized to act with respect to this Agreement and each other Loan Document
and as to the truth and completeness of the attached (i) Organic Documents of such Guarantor and (ii) a copy of the share
register and issued and outstanding share certificate for such Guarantor.

 

		4.	The Borrower shall use commercially reasonable efforts to deliver (or cause to be delivered) to the Collateral Agent, a first
priority statutory mortgage and deed of covenants over each of the Collateral Vessels, together with any additional documentation
reasonably requested by the Collateral Agent, to grant a first priority, perfected lien (subject to liens permitted under the Credit
Agreement) promptly following the Effective Date; provided that this covenant and requirement shall terminate and not be
effective from and after the occurrence of a Downgrade (but any such liens granted prior to the occurrence of a Downgrade shall
remain in effect).

 

    SCHEDULE IV -1

     

    

 

EXHIBIT A

FORM OF NOTE

 

 

 

	$________________	________ ___, _____

 

 

 

FOR VALUE RECEIVED, the undersigned, Royal
Caribbean Cruises Ltd., a Liberian corporation (the “Borrower”), promises to pay to __________ (the “Lender”)
on the Maturity Date (as defined in the Loan Agreement described below) applicable to the Lender the principal sum of __________
DOLLARS ($__________) or, if less, the aggregate unpaid principal amount of all Advances shown on the schedule attached hereto
(and any continuation thereof) made by the Lender pursuant to that certain Term Loan Agreement, dated as of March 23, 2020 (together
with all amendments and other modifications, if any, from time to time thereafter made thereto, the “Loan Agreement”),
among the Borrower, Morgan Stanley Senior Funding, Inc., as Administrative Agent, and the various financial institutions (including
the Lender) as are, or shall from time to time become, parties thereto.

 

The Borrower also promises to pay interest
on the unpaid principal amount hereof from time to time outstanding from the date hereof until maturity (whether by acceleration
or otherwise) and, after maturity, until paid, at the rates per annum and on the dates specified in the Loan Agreement. Both principal
and interest in respect of each Advance are payable in lawful money of the United States of America to the Administrative Agent
at the applicable Administrative Agent’s Account in same day funds.

 

This Note is a Note referred to in, and
evidences Indebtedness incurred under, the Loan Agreement, to which reference is made for a statement of the terms and conditions
on which the Borrower is permitted and required to make prepayments and repayments of principal of the Indebtedness evidenced by
this Note and on which such Indebtedness may be declared to be immediately due and payable. Unless otherwise defined, terms used
herein have the meanings provided in the Loan Agreement.

 

All Advances made by the Lender to the Borrower
under the Loan Agreement and all payments of principal hereof by the Borrower to the Lender shall be recorded by the Lender and
endorsed on the Schedule attached hereto (and any continuation thereof); provided that the failure by the Lender to set
forth such Advances, payments and other information on such Schedule shall not in any manner affect the obligation of the Borrower
to repay such Advances in accordance with the terms thereof.

 

    	 

     

    

 

All parties hereto, whether as makers, endorsers,
or otherwise, severally waive presentment for payment, demand, protest and notice of dishonor. THIS NOTE HAS BEEN DELIVERED
IN THE STATE OF NEW YORK AND SHALL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

 

 

	 	ROYAL CARIBBEAN CRUISES LTD.
	 	 
	 	 
	 	 
	 	By:                                                                                   
	 	Name:                                                                              
	 	Title:                                                                                

 

 

    A-2

     

    

 

SCHEDULE TO EXHIBIT A

 

ADVANCES AND
PRINCIPAL PAYMENTS

 

 

 

	
         

         

        Date
	
         

        Amount of

        Advance Made
	
         

        Interest Period
	Amount of Principal Repaid	Unpaid Principal Balance	
         

         

        Total
	
         

        Notation Made By

	
         

         
	 	 	 	 	 	 
	
         

         
	 	 	 	 	 	 
	
         

         
	 	 	 	 	 	 
	
         

         
	 	 	 	 	 	 
	
         

         
	 	 	 	 	 	 
	
         

         
	 	 	 	 	 	 
	
         

         
	 	 	 	 	 	 
	
         

         
	 	 	 	 	 	 
	
         

         
	 	 	 	 	 	 
	
         

         
	 	 	 	 	 	 
	
         

         
	 	 	 	 	 	 

 

    A-3

     

    

 

EXHIBIT B

 

BORROWING REQUEST

 

Morgan Stanley Senior Funding, Inc.

1300 Thames Street Wharf, 4th floor

Baltimore, MD 21231

 

		Attention:	Morgan Stanley Loan Servicing

 

ROYAL CARIBBEAN CRUISES LTD.

 

Gentlemen and Ladies:

 

This Borrowing Request is delivered to you
pursuant to Section 2.2(a) of the Term Loan Agreement, dated as of March 23, 2020 (together with all amendments, if any,
from time to time made thereto, the “Loan Agreement”), among Royal Caribbean Cruises Ltd., a Liberian corporation
(the “Borrower”), certain financial institutions and Morgan Stanley Senior Funding, Inc., as Administrative
Agent (the “Administrative Agent”). Unless otherwise defined herein or the context otherwise requires, terms
used herein have the meanings provided in the Loan Agreement.

 

The undersigned hereby gives you notice,
irrevocably, pursuant to Section 2.2 of the Loan Agreement that the undersigned hereby requests a Borrowing under the
Loan Agreement, and in that connection sets forth below the information relating to such Borrowing (the “Proposed Borrowing”)
as required by Section 2.2(a) of the Loan Agreement:

 

(i)        The
Business Day of the Proposed Borrowing is _______________, 202_.

 

(ii)       The
Type of Advances comprising the Proposed Borrowing is [Base Rate Advances] [LIBO Rate Advances].

 

(iii)      The
aggregate amount of the Proposed Borrowing is $_______________.

 

[(iv)     The initial Interest
Period for each LIBO Rate Advance made as part of the Proposed Borrowing is [seven days] [_____ month[s].]

 

 

The Borrower hereby acknowledges that, pursuant
to Section 4.2(b) of the Loan Agreement, each of the delivery of this Borrowing Request and the acceptance by the Borrower
of the proceeds of the Advances requested hereby constitute a representation and warranty by the Borrower that, on the date of
such Advances (before and after giving effect thereto and to the application of the proceeds therefrom), all statements set forth
in Section 4.2(a) are true and correct in all material respects.

 

The Borrower agrees that if prior to the
time of the Borrowing requested hereby any matter certified to herein by it will not be true and correct at such time as if then
made, it will immediately so notify the Administrative Agent. Except to the extent, if any, that prior to the time of the Borrowing
requested hereby the Administrative Agent shall receive written notice to the contrary from the Borrower, each matter certified
to herein shall be deemed once again to be certified as true and correct at the date of such Borrowing as if then made.

 

    	 

     

    

 

Please wire transfer the proceeds of the
Borrowing to the accounts of the following persons at the financial institutions indicated respectively:

 

	Amount to be	Person to be Paid	 	Name, Address, etc.
	Transferred	Name	Account No.	 	of Transferee Lender
	 	 	 	 	 
	                               	                               	                               	 	                                                              
	 	 	 	 	                                                              
	 	 	 	 	Attention:                                            
	 	 	 	 	 
	                               	                               	                               	 	                                                              
	 	 	 	 	                                                              
	 	 	 	 	Attention:                                            
	 	 	 	 	 
	Balance of	The Borrower	                               	 	                                                              
	such proceeds	 	 	 	                                                              
	 	 	 	 	Attention:                                            

 

The Borrower has caused this Borrowing Request
to be executed and delivered, and the certification and warranties contained herein to be made, by its duly Authorized Officer
this ___ day of ___________, 20__.

 

	 	          ROYAL CARIBBEAN CRUISES LTD.
	 	 
	 	By:                                                                      
	 	          Name: 
	 	          Title:

 

    B-2

     

    

 

EXHIBIT C

 

INTEREST PERIOD NOTICE

 

Morgan Stanley Senior Funding, Inc.

1300 Thames Street Wharf, 4th floor

Baltimore, MD 21231

 

		Attention:	Morgan Stanley Loan Servicing

 

ROYAL CARIBBEAN CRUISES LTD.

 

Gentlemen and Ladies:

 

This Interest Period Notice is delivered
to you pursuant to Section 2.9 of the Term Loan Agreement, dated as of March 23, 2020 (together with all amendments, if
any, from time to time made thereto, the “Loan Agreement”), among Royal Caribbean Cruises Ltd., a Liberian corporation
(the “Borrower”), certain financial institutions and Morgan Stanley Senior Funding, Inc., as Administrative
Agent (the “Administrative Agent”). Unless otherwise defined herein or the context otherwise requires, terms
used herein have the meanings provided in the Loan Agreement.

 

The Borrower hereby requests that on                               ,
20    ,

 

(1)        $______________
of the presently outstanding principal amount of the Advances originally made on _______________, ____ [and $______________ of
the presently outstanding principal amount of the Advances originally made on _______________, ____],

 

(2)       be
[Converted to] [continued as] [Base Rate Advances]1
[LIBO Rate Advances having an Interest Period of [seven days] [_____ months]2.

 

The Borrower has caused this Interest Period
Notice to be executed and delivered by its Authorized officer this __________ day of ___________, 202_.

 

 

	 	ROYAL CARIBBEAN CRUISES LTD.
	 	 
	 	By:                                                                                
	 	                 Name:
	 	                 Title:

 

 

 

                                                  

1 any Conversion of Base Rate
Advances into LIBO Rate Advances shall be in an amount not less than $5,000,000 and no Conversion of any Advances shall result
in more than 15 separate Borrowings.

 

2 any Conversion of LIBO Rate
Advances into Base Rate Advances shall be made only on the last day of an Interest Period for such LIBO Rate Advances.

 

     

     

    

 

EXHIBIT D

 

 

 

LENDER ASSIGNMENT AGREEMENT

 

This Lender Assignment Agreement (the “Lender
Assignment Agreement”) is dated as of the effective date (the “Effective Date”) set forth below and
is entered into by and between [the][each]3
Assignor identified in item 1 below ([the][each, an] “Assignor”) and [the][each]4
Assignee identified in item 2 below ([the][each, an] “Assignee”). [It is understood and agreed that the rights
and obligations of [the Assignors][the Assignees]5
hereunder are several and not joint.]6
Capitalized terms used but not defined herein shall have the meanings given to them in the Loan Agreement identified below (as
amended, the “Loan Agreement”), receipt of a copy of which is hereby acknowledged by [the][each] Assignee. The
Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and
made a part of this Lender Assignment Agreement as if set forth herein in full.

 

For an agreed consideration, [the][each] Assignor
hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and [the][each] Assignee hereby irrevocably purchases
and assumes from [the Assignor][the respective Assignors], subject to and in accordance with the Standard Terms and Conditions
and the Loan Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of [the Assignor’s][the
respective Assignors’] rights and obligations in [its capacity as a Lender][their respective capacities as Lenders] under
the Loan Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage
interest identified below of all of such outstanding rights and obligations of [the Assignor][the respective Assignors] under the
respective facilities identified below (including without limitation any letters of credit, guarantees, and swingline loans included
in such facilities), and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action
and any other right of [the Assignor (in its capacity as a Lender)][the respective Assignors (in their respective capacities as
Lenders)] against any Person, whether known or unknown, arising under or in connection with the Loan Agreement, any other documents
or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of
the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other
claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and
obligations sold and assigned by [the][any] Assignor to [the][any] Assignee pursuant to clauses (i) and (ii) above being referred
to herein collectively as [the][an] “Assigned Interest”). Each such sale and assignment is without recourse
to [the][any] Assignor and, except as expressly provided in this Lender Assignment Agreement, without representation or warranty
by [the][any] Assignor.

 

		1.	Assignor[s]:	________________________________
	 	 	 	 
	 	 	 	 
	 	 	 	________________________________

 

[Assignor [is] [is not] a Defaulting
Lender]

 

		2.	Assignee[s]:	______________________________
	 	 	 	 
	 	 	 	 
	 	 	 	________________________________

 

[for each Assignee, indicate [Affiliate]
of [identify Lender]

 

 

                                                  

5 Select as appropriate.

6 Include bracketed language if there are either
multiple Assignors or multiple Assignees.

 

     

     

    

 

		3.	Borrower:	Royal Caribbean Cruises Ltd.

 

		4.	Administrative Agent:	Morgan Stanley Senior Funding, Inc., as the administrative agent under the Loan Agreement

 

		5.	Loan Agreement:	The U.S. $2,200,000,000 Term Loan Agreement dated as of March 23, 2020, among Royal Caribbean Cruises Ltd., the Lenders parties
thereto, Morgan Stanley Senior Funding, Inc., as Administrative Agent, and the other agents parties thereto

 

		6.	Assigned Interest[s]:

 

	Assignor[s]7	Assignee[s]8	Aggregate Amount of Commitment/Loans for all Lenders9	Amount of Commitment/Loans Assigned8	Percentage Assigned of Commitment/

Loans10
	 	 	$	$	%
	 	 	$	$	%
	 	 	$	$	%

 

[7.            Trade Date:                                           ______________]11

 

 

                                                  

7 List each Assignor, as appropriate.

8 List each Assignee, as appropriate.

9 Amount to be adjusted by the counterparties to
take into account any payments or prepayments made between the Trade Date and the Effective Date.

10 Set forth, to at least 9 decimals, as a percentage
of the Commitment/Loans of all Lenders thereunder.

11 To be completed if the Assignor(s) and the Assignee(s)
intend that the minimum assignment amount is to be determined as of the Trade Date.

 

    D-2

     

    

 

Effective Date: _____________ ___, 20___ [TO BE INSERTED BY
ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

 

The terms set forth in this Lender Assignment Agreement are
hereby agreed to:

 

	 	ASSIGNOR[S]12
	 	[NAME OF ASSIGNOR]
	 	 
	 	 
	 	By:______________________________
	 	   Title:
	 	 
	 	[NAME OF ASSIGNOR]
	 	 
	 	 
	 	By:______________________________
	 	   Title:
	 	 
	 	ASSIGNEE[S]13
	 	[NAME OF ASSIGNEE]
	 	 
	 	 
	 	By:______________________________
	 	   Title:
	 	 
	 	 
	 	[NAME OF ASSIGNEE]
	 	 
	 	 
	 	By:______________________________
	 	   Title:

 

[Consented to and]14
Accepted:

 

MORGAN STANLEY SENIOR FUNDING, INC., as

Administrative Agent

 

 

By: _________________________________

Title:

 

[Consented to:]15

 

                                                  

12 Add additional signature blocks as needed.

13 Add additional signature blocks as needed.

14 To be added only if the consent of the Administrative
Agent is required by the terms of the Loan Agreement.

15 To be added only if the consent of the Borrower
and/or other parties is required by Section 11.11.1 of the Loan Agreement.

 

    D-3

     

    

 

[NAME OF RELEVANT PARTY]

 

 

By: ________________________________

       Title:

 

    D-4

     

    

 

ANNEX 1

 

STANDARD TERMS AND CONDITIONS FOR

LENDER ASSIGNMENT AGREEMENT

 

1.       Representations
and Warranties.

 

1.1       Assignor[s].
[The][Each] Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of [the][the relevant] Assigned
Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full
power and authority, and has taken all action necessary, to execute and deliver this Lender Assignment Agreement and to consummate
the transactions contemplated hereby and (iv) it is [not] a Defaulting Lender; and (b) assumes no responsibility with respect to
(i) any statements, warranties or representations made in or in connection with the Loan Agreement or any other Loan Document,
(ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral
thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated
in respect of any Loan Document, or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or
any other Person of any of their respective obligations under any Loan Document.

 

1.2.       Assignee[s].
[The][Each] Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary,
to execute and deliver this Lender Assignment Agreement and to consummate the transactions contemplated hereby and to become a
Lender under the Loan Agreement, (ii) it meets all the requirements to be an assignee under Section 11.11.1(f) and (g) of
the Loan Agreement (subject to such consents, if any, as may be required under Section 11.11.1(c) of the Loan Agreement),
(iii) from and after the Effective Date, it shall be bound by the provisions of the Loan Agreement as a Lender thereunder and,
to the extent of [the][the relevant] Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated
with respect to decisions to acquire assets of the type represented by the Assigned Interest and either it, or the Person exercising
discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type, (v) it has
received a copy of the Loan Agreement, and has received or has been accorded the opportunity to receive copies of the most recent
financial statements delivered pursuant to Section 6.1.1 thereof, as applicable, and such other documents and information
as it deems appropriate to make its own credit analysis and decision to enter into this Lender Assignment Agreement and to purchase
[the][such] Assigned Interest, (vi) it has, independently and without reliance upon the Administrative Agent or any other Lender
and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into
this Lender Assignment Agreement and to purchase [the][such] Assigned Interest, and (vii) attached to the Lender Assignment Agreement
is any documentation required to be delivered by it pursuant to the terms of the Loan Agreement, duly completed and executed by
[the][such] Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, [the][any]
Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to
make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with
their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.

 

2.       Payments.
From and after the Effective Date, the Administrative Agent shall make all payments in respect of [the][each] Assigned Interest
(including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have accrued
to but excluding the Effective Date and to [the][the relevant] Assignee for amounts which have accrued from and after the Effective
Date. Notwithstanding the foregoing, the Administrative Agent shall make all payments of interest, fees or other amounts paid or
payable in kind from and after the Effective Date to [the][the relevant] Assignee.

 

3.       General
Provisions. This Lender Assignment Agreement shall be binding upon, and inure to the benefit of, the parties hereto and their
respective successors and assigns. This Lender Assignment Agreement may be executed in any number of counterparts, which together
shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Lender Assignment Agreement by
telecopy shall be effective as delivery of a manually executed counterpart of this Lender Assignment Agreement. This Lender Assignment
Agreement shall be deemed to be a contract made under, and shall be governed by, the laws of the State of New York.

 

    D-A-2

     

    

 

EXHIBIT E

 

FORM OF INCREASE OPTION AGREEMENT

Date: ___________________

 

Morgan Stanley Senior Funding, Inc.

1300 Thames Street Wharf, 4th Floor

Baltimore, MD 21231

Attention: Documentation Team

Telephone: 443-627-5900

Email: doc4secportfolio@morganstanley.com

 

Royal Caribbean Cruises Ltd.

1050 Caribbean Way

Miami, Florida 33132

 

Ladies and Gentlemen:

 

We refer to the Term Loan Agreement dated
as of March 23, 2020 (as amended, restated, modified, supplemented or renewed from time to time, the “Credit Agreement”)
among Royal Caribbean Cruises Ltd. (the “Borrower”), the Lenders referred to therein, and Morgan Stanley Senior
Funding, Inc., as administrative agent (in such capacity, the “Administrative Agent”). Terms defined in the
Credit Agreement are used herein as therein defined.

 

This Increase Option Agreement is made and
delivered pursuant to Section 2.17 of the Credit Agreement.

 

Subject to the terms and conditions of Section
2.17 of the Credit Agreement, _______________________________ (the “Increasing Lender”) will make additional
Advances in an amount equal to $___________, on the Increase Option Date. The Increasing Lender hereby confirms and agrees that
with effect on and after such Increase Option Date, it shall make additional Advances in the amount set forth above, and the Increasing
Lender shall have all of the rights and be obligated to perform all of the obligations of a Lender under the Credit Agreement with
an additional Advance in the amount set forth above.

 

This Increase Option Agreement shall constitute
a Loan Document under the Credit Agreement.

 

THIS INCREASE OPTION AGREEMENT SHALL BE
DEEMED TO BE A CONTRACT MADE UNDER, AND SHALL BE GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICT
OF LAW PROVISIONS THAT WOULD REQUIRE THE APPLICATION OF LAWS OF ANOTHER JURISDICTION .

 

IN WITNESS WHEREOF, the Increasing Lender
has caused this Increase Option Agreement to be duly executed and delivered in _____________, ______________, by its proper and
duly authorized officer as of the day and year first above written. 

 

	 	[INCREASING BANK]
	 	 
	 	 
	 	By:                                                                                             
	 	Title:                                                                                          

 

 

     

     

    

 

CONSENTED TO as of                                                                 

 

ROYAL CARIBBEAN CRUISES LTD.

 

 

By:                                                                                                   

Title:                                                                                                

 

 

ACKNOWLEDGED as of                                                             

 

MORGAN STANLEY SENIOR FUNDING, INC.,

as Administrative Agent

 

 

By:                                                                                                   

Title:                                                                                                

 

 

    E-2

     

    

 

EXHIBIT F

 

 

FORM OF ADDED LENDER AGREEMENT

Date: ___________________

 

Morgan Stanley Senior Funding, Inc.

1300 Thames Street Wharf, 4th Floor

Baltimore, MD 21231

Attention: Documentation Team

Telephone: 443-627-5900

Email: doc4secportfolio@morganstanley.com

 

Royal Caribbean Cruises Ltd.

1050 Caribbean Way

Miami, Florida 33132

 

Ladies and Gentlemen:

 

We refer to the Term Loan Agreement dated
as of March 23, 2020 (as amended, restated, modified, supplemented or renewed from time to time, the “Credit Agreement”)
among Royal Caribbean Cruises Ltd. (the “Borrower”), the Lenders referred to therein, and Morgan Stanley Senior
Funding, Inc., as administrative agent (in such capacity, the “Administrative Agent”). Terms defined in the
Credit Agreement are used herein as therein defined.

 

This Added Lender Agreement is made and
delivered pursuant to Section 2.17 of the Credit Agreement.

 

Subject to the terms and conditions of Section
2.17 of the Credit Agreement, _________________________ (the “Added Lender”) will become a party to the
Credit Agreement as a Lender, shall make Advances in an aggregate amount equal to $___________, on the Increase Option Date applicable
to it. The Added Lender hereby confirms and agrees that with effect on and after such Increase Option Date, the Added Lender shall
be and become a party to the Credit Agreement as a Lender and have all of the rights and be obligated to perform all of the obligations
of a Lender thereunder with an Advance in the amount set forth above.

 

 

The following administrative details apply
to the Added Lender:

 

	(A)	Lending Office(s):	
	 	 	 
	 	Lender name:	                                                                                          
	 	Address:	                                                                                          
	 	 	                                                                                          
	 	 	                                                                                          
	 	 	                                                                                          
	 	Attention:	                                                                                          
	 	Telephone:	(    )                                                                                   
	 	Facsimile:	(    )                                                                                   

 

     

     

    

 

	 	Lender name:	                                                                                          
	 	Address:	                                                                                          
	 	 	                                                                                          
	 	 	                                                                                          
	 	 	                                                                                          
	 	Attention:	                                                                                          
	 	Telephone:	(    )                                                                                   
	 	Facsimile:	(    )                                                                                   
	 	 	 
	(B)	Notice Address:	
	 	 	 
	 	Lender name:	                                                                                          
	 	Address:	                                                                                          
	 	 	                                                                                          
	 	 	                                                                                          
	 	 	                                                                                          
	 	Attention:	                                                                                          
	 	Telephone:	(    )                                                                                   
	 	Facsimile:	(    )                                                                                   
	 	 	 
	(C)	Payment Instructions:	
	 	 	 
	 	Account No.:	                                                                                          
	 	At:	                                                                                          
	 	 	                                                                                          
	 	 	                                                                                          
	 	 	                                                                                          
	 	Reference:	                                                                                          
	 	Attention:	                                                                                          

 

This Added Lender Agreement shall constitute
a Loan Document under the Credit Agreement. THIS ADDED LENDER AGREEMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER, AND SHALL
BE GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS THAT WOULD REQUIRE THE APPLICATION
OF LAWS OF ANOTHER JURISDICTION .

 

 

IN WITNESS WHEREOF, the Added Lender has
caused this Added Lender Agreement to be duly executed and delivered in _____________, ______________, by its proper and duly
authorized officer as of the day and year first above written.

 

	 	[ADDED LENDER]
	 	 
	 	 
	 	By:                                                                                             
	 	Title:                                                                                           
	 	 

 

 

CONSENTED TO as of                                                           

 

ROYAL CARIBBEAN CRUISES LTD.

 

 

    F-2

     

    

 

By:                                                                                             

Title:                                                                                          

 

 

ACKNOWLEDGED as of                                                      

 

MORGAN STANLEY SENIOR FUNDING, INC.,

as Administrative Agent

 

 

By:                                                                                             

Title:                                                                                          

 

    F-3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}]]