Document:

Exhibit 10.10

 

Dated
18 February 2021

 

 

 

		Royal Caribbean Cruises Ltd.	    (1)

(the Borrower)

 

		KfW IPEX-Bank
                                         GmbH
	    (2)

(the Facility
Agent)
 

		KfW IPEX-Bank
                                         GmbH
	    (3)

(the Hermes Agent)

 

The banks
and financial institutions listed in Schedule 1      (4)

(the Mandated Lead Arrangers)

 

The banks and
financial institutions listed in Schedule 1     (5)

(the Lenders)

 

 

 

Amendment No. 5 in connection with

the Credit Agreement in respect of

"OVATION OF
THE SEAS" – Hull S-699

 

 

 

 

     

     

    

 

Contents

 

	Clause	 	Page

 

	1	Interpretation
and definitions	2
	 	 	 
	2	Amendment
of the Existing Credit Agreement	3
	 	 	 
	3	Conditions
of effectiveness of Amended Credit Agreement	3
	 	 	 
	4	Representations
and Warranties	5
	 	 	 
	5	Incorporation
of Terms	6
	 	 	 
	6	Fees,
Costs and Expenses	6
	 	 	 
	7	Counterparts	7
	 	 	 
	8	Governing
Law	7

 

	Schedule 1 Finance Parties	8
	 	 
	Schedule 2 Form of Amendment Effective Date confirmation
 – Hull S-699	9
	 	 
	Schedule 3 Amended and Restated Credit Agreement	10
	 	 
	Schedule 4 Form of Guarantor Confirmation Certificate	91
	 	 
	 Exhibit A Repayment Schedule	93
	 	 
	Exhibit B Framework	96
	 	 
	Exhibit C Debt Deferral Extension Regular Monitoring Requirements	102
	 	 
	Exhibit D Replacement covenants with effect from the Guarantee
Release Date	106
	 	 
	Exhibit E Silversea Liens and Indebtedness	114

 

     

     

    

 

THIS AMENDMENT NO. 5 (this Amendment)
is dated 18 February 2021 and made BETWEEN:

 

 (1)

 

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

 

		(3)	KfW IPEX-Bank GmbH as facility agent (the Facility Agent);

 

		(4)	KfW IPEX-Bank GmbH as Hermes agent (the Hermes Agent);

 

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

 

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

 

WHEREAS:

 

		(A)	The Borrower, the Facility Agent, the Hermes Agent, the Mandated Lead Arrangers and the Lenders
are parties to a credit agreement, dated as of 27 November 2013, as amended and restated on 31 March 2016, as further
amended and restated on 3 July 2018, as further amended on 6 May 2020, and as further amended by a financial covenant
waiver extension consent letter dated 28 July 2020 and as further amended and restated on 21 December 2020 (together,
the Existing Credit Agreement), in respect of the vessel named “OVATION OF THE SEAS” (formerly Hull S-699) (the
Vessel) whereby it was agreed that the Lenders would make available to the Borrower, upon the terms and conditions therein,
a US dollar loan facility (the Facility) calculated on the amount equal to the sum of (a) up to eighty per cent (80%)
of the Contract Price of the Vessel but which Contract Price will not exceed EUR777,000,000, (b) up to 100% of the Hermes
Fee and (c) the Deferred Tranche Maximum Loan Amount (as each such term is defined in the Existing Credit Agreement).

 

		(B)	The Borrower, by a consent request letter dated 9 December 2020 relating to the Debt Deferral
Extension Framework published by certain Export Credit Agencies (including Hermes) (the Framework), requested that the Existing
Credit Agreement be amended and restated on the basis set out in this Amendment.

 

		(C)	Pursuant to the Framework, the Lenders have agreed to (i) the further deferral of any scheduled
repayments of principal of the Loan (including the first Deferred Tranche) arising during the Second Deferral Period and (ii) certain
amendments to the financial covenants set out in Section 7.2.4 of the Existing Credit Agreement, in each case on the basis
set out in that letter.

 

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

 

    	 	1	 

     

    

 

NOW IT IS AGREED as follows:

 

	1		Interpretation and definitions

 

	1.1		Definitions in the Existing Credit Agreement

 

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

 

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

 

	1.2		Definitions

 

In this Amendment:

 

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

 

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

 

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

 

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

 

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

 

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

 

Party means each of the
parties to this Amendment.

 

Second Deferral Period means
the period from and including 1 May 2021 to and including 30 April 2022

 

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

 

	1.3		Third party rights

 

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

 

	1.4		Designation

 

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

 

    	 	2	 

     

    

 

 

	2		Amendment of the Existing Credit Agreement

 

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

 

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

 

		(b)	Exhibits B to Exhibit E hereto shall be attached to the Amended Credit Agreement as new Exhibit N
to Exhibit Q thereto, and Exhibit A hereto shall replace the repayment schedule set out in Exhibit F thereto.

 

	3		Conditions of effectiveness of Amended Credit Agreement

 

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

 

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

 

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

 

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

 

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

 

		(i)	confirming that:

 

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

 

    	 	3	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		(i)	Watson Farley & Williams LLP, counsel to the Borrower, as to matters of Liberian law (and
being issued in substantially the same form as the corresponding Liberian legal opinion issued in respect of Amendment Number Four);
and

 

		(ii)	Norton Rose Fulbright LLP, counsel to the Facility Agent as to matters of English law (and being
issued in substantially the same form as the corresponding English legal opinion issued in respect of Amendment Number Four),

 

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

 

		(f)	final approval of the Framework by Hermes and evidence that the Second Deferred Tranche is covered
under the Hermes Insurance Policy;

 

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

 

    	 	4	 

     

    

 

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

 

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

 

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

 

		(k)	the CIRR Representative has confirmed to the Facility Agent that all relevant Lenders have executed
respective amendments to their Option A Refinancing Agreements required in connection with the arrangements contemplated by this
Amendment; and

 

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

 

			it being acknowledged by the Facility Agent that the conditions referred to in
                                                                        paragraphs (c), (f), (g), (j) and (l) have, as at the date of this Agreement, been satisfied.

 

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

 

	4		Representations and Warranties

 

		(a)	Each of the representations and warranties in:

 

		(i)	Article VI of the Amended Credit Agreement (excluding Section 6.10 of the Amended Credit
Agreement); and

 

		(ii)	clause 4(b) of Amendment Number Four,

 

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

 

    	 	5	 

     

    

 

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

 

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

 

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

 

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

 

	5		Incorporation of Terms

 

The provisions
of Section 11.2 (Notices), Section 11.6 (Severability) and Subsections 11.14.2 (Jurisdiction), 11.14.3
(Alternative Jurisdiction) and 11.14.4 (Service of Process) of the Existing Credit Agreement shall be incorporated
into this Amendment as if set out in full in this Amendment and as if references in those sections to “this Agreement”
were references to this Amendment and references to each Party are references to each Party to this Amendment.

 

	6		Fees, Costs and Expenses

 

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

 

	6.2		The Borrower shall also pay to the Facility Agent (for the account of the CIRR Representative)
a non-refundable refinancing fee in an amount of €1,000 per Option A Refinancing Agreement to which the CIRR Representative
is a party.

 

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

 

    	 	6	 

     

    

 

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

 

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

 

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

 

(including
the reasonable and documented fees and expenses of counsel for the Facility Agent and the CIRR Representative with respect hereto
and thereto as agreed with the Facility Agent and the CIRR Representative) in accordance with the terms of Section 11.3 (Payment
of Costs and Expenses) of the Existing Credit Agreement and as if references in that section to the Facility Agent are references
to the Facility Agent and the CIRR Representative.

 

	6.5		The Borrower agrees to pay on demand any additional imputed or calculative funding cost on the
Second Deferred Tranche incurred by a Lender or the CIRR Representative as a consequence of the parties entering into this Amendment
which shall not exceed the difference between the interest payable on the Loan (other than the first Deferred Tranche and the Second
Deferred Tranche) in accordance with the Existing Credit Agreement and the interest payable on the Second Deferred Tranche at the
applicable Floating Rate. The Facility Agent shall furnish to the Borrower a determination of such a funding cost reflecting the
respective determinations which the Facility Agent has received from the CIRR Representative and each of the Lenders, which determination
will then be applicable to all Lenders. None of the Facility Agent, a Lender nor the CIRR Representative is required to provide
to the Facility Agent (if applicable) or the Borrower evidence of how the determination of the funding cost has been made nor that
it has been suffered.

 

	7		Counterparts

 

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

 

	8		Governing Law

 

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

 

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

 

    	 	7	 

     

    

 

Schedule 1

Finance Parties

 

Facility Agent

 

KfW IPEX-Bank GmbH

 

Hermes Agent

 

KfW IPEX-Bank GmbH

 

Mandated Lead Arrangers

 

KfW IPEX-Bank GmbH as Initial Mandated Lead Arranger

together with:

BNP Paribas Fortis S.A./N.V.

 

Lenders

 

	Lender	Commitments of each Lender
	KfW IPEX-Bank GmbH	First Deferred Tranche: $38,932,722.32 

Second Deferred Tranche: $50,056,357.26
	BNP Paribas Fortis S.A./N.V.	First Deferred Tranche: $5,969,096.46

Second Deferred Tranche: $7,674,552.60
	DNB Bank ASA, Grand Cayman Branch	First Deferred Tranche: $5,969,096.46

Second Deferred Tranche: $7,674,552.60
	Banco Santander, S.A.	First Deferred Tranche: $2,754,543.82

Second Deferred Tranche: $3,541,556.34
	HSBC Bank plc	First Deferred Tranche: $4,958,178.88

Second Deferred Tranche: $6,374,801.42
	Commerzbank AG, New York Branch	First Deferred Tranche: $3,856,361.34

Second Deferred Tranche: $4,958,178.86
	MUFG Bank, Ltd.	First Deferred Tranche: $4,958,178.88

Second Deferred Tranche: $6,374,801.42
	Société Générale	First Deferred Tranche: $2,754,543.82

Second Deferred Tranche: $3,541,556.34

 

    	 	8	 

     

    

 

Schedule 2

Form of Amendment Effective Date
confirmation – Hull S-699

 

	To:	Royal Caribbean Cruises Ltd.

 

	To:	KfW

 

"OVATION OF THE SEAS" (Hull
S-699)

 

We,
KfW IPEX-Bank GmbH, refer to amendment no. 5 dated [l]
2021 (the Amendment) relating to a credit agreement dated as of 27 November 2013 (as previously amended, supplemented
and/or restated from time to time) (the Credit Agreement) made between (among others) the above named Royal Caribbean
Cruises Ltd. as the Borrower, the financial institutions listed in it as the Lenders and ourselves as the Hermes Agent and
the Facility Agent in respect of a loan to the Borrower from the Lenders of up to the Maximum Loan Amount (as defined in the Credit
Agreement).

 

We hereby confirm that all conditions precedent
referred to in clause 3.1 of the Amendment have been satisfied. In accordance with clause 3 of the Amendment, the Amendment Effective
Date is the date of this confirmation and the amendment and restatement of the Credit Agreement in accordance with the Amendment
is now effective.

 

	Dated:	2021	 

 

	Signed: 	 	 

For and on behalf of

KfW IPEX-Bank GmbH

(as Facility Agent)

 

    	 	9	 

     

    

 

Schedule 3

Amended and Restated Credit Agreement

 

    	 	10	 

     

    

 

 

 

 

AMENDED AND RESTATED

HULL NO. S-699 CREDIT AGREEMENT

 

 

 

dated as of November 27, 2013

 

amended and restated on March 31, 2016

 

further amended and restated on July 3,
2018

 

further amended on May 6, 2020

 

further amended on July 28, 2020

 

further amended and restated on December 21,
2020

 

and further amended and restated on February 19,
2021

 

BETWEEN

 

Royal Caribbean Cruises Ltd.

 

as the Borrower,

 

the Lenders from time to time party hereto,

 

KfW IPEX-Bank GmbH

as Hermes Agent and Facility Agent

 

and

 

KfW IPEX-Bank GmbH

as Initial Mandated Lead Arranger

 

     

     

    

 

TABLE OF CONTENTS

 

		PAGE
	ARTICLE I DEFINITIONS AND ACCOUNTING TERMS	 
	 	 
	SECTION 1.1. Defined Terms	2
	 	 
	SECTION 1.2. Use of Defined Terms	26
	 	 
	SECTION 1.3. Cross-References	26
	 	 
	SECTION 1.4. Application of this Agreement to KfW IPEX as an Option A Lender	26
	 	 
	SECTION 1.5. Accounting and Financial Determinations	26
	 	 
	SECTION 1.6. Contractual Recognition of Bail-In	27
	 	 
	ARTICLE II COMMITMENTS AND BORROWING PROCEDURES	 
	 	 
	SECTION 2.1. Commitment	28
	 	 
	SECTION 2.2. Commitment of the Lenders; Termination and Reduction of Commitments	28
	 	 
	SECTION 2.3. Borrowing Procedure	29
	 	 
	SECTION 2.4. Funding	30
	 	 
	ARTICLE III REPAYMENTS, PREPAYMENTS, INTEREST AND FEES	 
	 	 
	SECTION 3.1. Repayments	31
	 	 
	SECTION 3.2. Prepayment	31
	 	 
	SECTION 3.3. Interest Provisions.	32
	 	 
	SECTION 3.3.1. Rates.	32
	SECTION 3.3.2. Election of Floating Rate.	32
	SECTION 3.3.3. Conversion to Floating Rate.	33
	SECTION 3.3.4. Post-Maturity Rates.	33
	SECTION 3.3.5. Payment Dates.	33
	SECTION 3.3.6. Interest Rate Determination; Replacement Reference Banks	33
	SECTION 3.4. Commitment Fees.	34
	 	 
	SECTION 3.4.1. Payment.	34
	SECTION 3.5. CIRR Fees.	34
	 	 
	SECTION 3.5.1. Payment.	34
	SECTION 3.6. Other Fees.	35
	 	 
	ARTICLE IV CERTAIN LIBO RATE AND OTHER PROVISIONS	 

 

     

     

    

 

	SECTION 4.1. LIBO Rate Lending Unlawful.	35
	 	 
	SECTION 4.2. Deposits Unavailable	36
	 	 
	SECTION 4.3. Increased LIBO Rate Loan Costs, etc.	36
	 	 
	SECTION 4.4. Funding Losses	38
	 	 
	SECTION 4.4.1. Indemnity	38
	 	 
	SECTION 4.5. Increased Capital Costs	39
	 	 
	SECTION 4.6. Taxes	40
	 	 
	SECTION 4.7. Reserve Costs	42
	 	 
	SECTION 4.8. Payments, Computations, etc.	42
	 	 
	SECTION 4.9. Replacement Lenders, etc.	43
	 	 
	SECTION 4.10. Sharing of Payments	44
	 	 
	SECTION 4.10.1. Payments to Lenders	44
	SECTION 4.10.2. Redistribution of payments	44
	SECTION 4.10.3. Recovering Lender's rights	44
	SECTION 4.10.4. Reversal of redistribution	44
	SECTION 4.10.5. Exceptions	44
	SECTION 4.11. Set-off	45
	 	 
	SECTION 4.12. Use of Proceeds	45
	 	 
	ARTICLE V CONDITIONS TO BORROWING	 
	 	 
	SECTION 5.1. Advance of the Loan	46
	 	 
	SECTION 5.1.1. Resolutions, etc.	46
	SECTION 5.1.2. Opinions of Counsel	46
	SECTION 5.1.3. Hermes Insurance Policy	46
	SECTION 5.1.4. Closing Fees, Expenses, etc.	47
	SECTION 5.1.5. Compliance with Warranties, No Default, etc	47
	SECTION 5.1.6. Loan Request	47
	SECTION 5.1.7. Foreign Exchange Counterparty Confirmations.	47
	SECTION 5.1.8. Pledge Agreement.	47
	ARTICLE VI REPRESENTATIONS AND WARRANTIES	 
	 	 
	SECTION 6.1. Organization, etc.	48
	 	 
	SECTION 6.2. Due Authorization, Non-Contravention, etc.	48
	 	 
	SECTION 6.3. Government Approval, Regulation, etc.	48

 

     

     

    

 

	SECTION 6.4. Compliance with Laws	48
	 	 
	SECTION 6.5. Validity, etc.	49
	 	 
	SECTION 6.6. No Default, Event of Default or Prepayment Event	49
	 	 
	SECTION 6.7. Litigation	49
	 	 
	SECTION 6.8. The Purchased Vessel	49
	 	 
	SECTION 6.9. Obligations rank pari passu	49
	 	 
	SECTION 6.10. Withholding, etc.	50
	 	 
	SECTION 6.11. No Filing, etc. Required	50
	 	 
	SECTION 6.12. No Immunity	50
	 	 
	SECTION 6.13. Investment Company Act	50
	 	 
	SECTION 6.14. Regulation U	50
	 	 
	SECTION 6.15. Accuracy of Information	50
	 	 
	ARTICLE VII COVENANTS	 
	 	 
	SECTION 7.1. Affirmative Covenants	50
	 	 
	SECTION 7.1.1. Financial Information, Reports, Notices, etc.	51
	SECTION 7.1.2. Approvals and Other Consents.	53
	SECTION 7.1.3. Compliance with Laws, etc.	53
	SECTION 7.1.4. The Purchased Vessel.	53
	SECTION 7.1.5. Insurance	54
	SECTION 7.1.6. Books and Records	54
	SECTION 7.1.7. Hermes Insurance Policy/Federal Republic of Germany Requirement	54
	SECTION 7.1.8. Notice of written amendments to Construction Contract	55
	SECTION 7.2. Negative Covenants	56
	 	 
	SECTION 7.2.1. Business Activities	56
	SECTION 7.2.2. Indebtedness	56
	SECTION 7.2.3. Liens	57
	SECTION 7.2.4. Financial Condition	59
	SECTION 7.2.5. Additional Undertakings	60
	SECTION 7.2.6. Consolidation, Merger, etc.	65
	SECTION 7.2.7. Asset Dispositions, etc.	66
	SECTION 7.2.8. [RESERVED]	66
	SECTION 7.2.9. Construction Contract	66
	SECTION 7.2.10. Borrower’s Procurement Undertaking	66

 

     

     

    

 

	SECTION 7.3. Limitation in respect of Certain Representations, Warranties and Covenants	66
	 	 
	ARTICLE VIII EVENTS OF DEFAULT	 
	 	 
	SECTION 8.1. Listing of Events of Default	68
	 	 
	SECTION 8.1.1. Non-Payment of Obligations	68
	SECTION 8.1.2. Breach of Warranty	68
	SECTION 8.1.3. Non-Performance of Certain Covenants and Obligations	69
	SECTION 8.1.4. Default on Other Indebtedness	69
	SECTION 8.1.5. Bankruptcy, Insolvency, etc	69
	SECTION 8.2. Action if Bankruptcy	70
	 	 
	SECTION 8.3. Action if Other Event of Default	70
	 	 
	ARTICLE IX PREPAYMENT EVENTS	 
	 	 
	SECTION 9.1. Listing of Prepayment Events	71
	 	 
	SECTION 9.1.1. Change of Control	71
	SECTION 9.1.2. [RESERVED]	71
	SECTION 9.1.3. Unenforceability	71
	SECTION 9.1.4. Approvals	71
	SECTION 9.1.5. Non-Performance of Certain Covenants and Obligations	71
	SECTION 9.1.6. Judgments	71
	SECTION 9.1.7. Condemnation, etc.	72
	SECTION 9.1.8. Arrest	72
	SECTION 9.1.9. Sale/Disposal of the Purchased Vessel	72
	SECTION 9.1.10. Delayed Delivery of the Purchased Vessel	72
	SECTION 9.1.11. Termination of the Construction Contract	72
	SECTION 9.1.12. Dividend or New Debt.	72
	SECTION 9.1.13. Principles	73
	SECTION 9.2. Mandatory Prepayment	73
	 	 
	ARTICLE X THE FACILITY AGENT AND THE HERMES AGENT	 
	 	 
	SECTION 10.1. Actions	73
	 	 
	SECTION 10.2. Indemnity	74
	 	 
	SECTION 10.3. Funding Reliance, etc	74
	 	 
	SECTION 10.4. Exculpation	74
	 	 
	SECTION 10.5. Successor	75
	 	 
	SECTION 10.6. Loans by the Facility Agent	75

 

     

     

    

 

	SECTION 10.7. Credit Decisions	 	 	76	 
	 	 	 	 	 
	SECTION 10.8. Copies, etc	 	 	76	 
	 	 	 	 	 
	SECTION 10.9. The Agents' Rights	 	 	76	 
	 	 	 	 	 
	SECTION 10.10. The Facility Agent's Duties	 	 	76	 
	 	 	 	 	 
	SECTION 10.11. Employment of Agents	 	 	77	 
	 	 	 	 	 
	SECTION 10.12. Distribution of Payments	 	 	77	 
	 	 	 	 	 
	SECTION 10.13. Reimbursement	 	 	77	 
	 	 	 	 	 
	SECTION 10.14. Instructions	 	 	77	 
	 	 	 	 	 
	SECTION 10.15. Payments	 	 	77	 
	 	 	 	 	 
	SECTION 10.16. "Know your customer" Checks	 	 	77	 
	 	 	 	 	 
	SECTION 10.17. No Fiduciary Relationship	 	 	77	 
	 	 	 	 	 
	ARTICLE XI MISCELLANEOUS PROVISIONS	 	 	 	 
	 	 	 	 	 
	SECTION 11.1. Waivers, Amendments, etc.	 	 	78	 
	 	 	 	 	 
	SECTION 11.2. Notices	 	 	79	 
	 	 	 	 	 
	SECTION 11.3. Payment of Costs and Expenses	 	 	80	 
	 	 	 	 	 
	SECTION 11.4. Indemnification	 	 	80	 
	 	 	 	 	 
	SECTION 11.5. Survival	 	 	81	 
	 	 	 	 	 
	SECTION 11.6. Severability	 	 	81	 
	 	 	 	 	 
	SECTION 11.7. Headings	 	 	81	 
	 	 	 	 	 
	SECTION 11.8. Execution in Counterparts; Effectiveness.	 	 	81	 
	 	 	 	 	 
	SECTION 11.9. Third Party Rights	 	 	81	 
	 	 	 	 	 
	SECTION 11.10. Successors and Assigns	 	 	82	 
	 	 	 	 	 
	SECTION 11.11. Sale and Transfer of the Loan; Participations in the Loan	 	 	82	 
	 	 	 	 	 
	SECTION 11.11.1. Assignments	 	 	82	 
	SECTION 11.11.2. Participations	 	 	84	 
	SECTION 11.12. Other Transactions	 	 	85	 
	 	 	 	 	 
	SECTION 11.13. Hermes Insurance Policy.	 	 	85	 

 

     

     

    

 

	 	 	 	 	 
	SECTION 11.13.1. Terms of Hermes Insurance Policy	 	 	85	 
	SECTION 11.13.2. Obligations of the Borrower.	 	 	86	 
	SECTION 11.13.3. Obligations of the Hermes Agent and the Lenders.	 	 	86	 
	SECTION 11.14. Law and Jurisdiction	 	 	87	 
	 	 	 	 	 
	SECTION 11.14.1. Governing Law	 	 	87	 
	SECTION 11.14.2. Jurisdiction	 	 	87	 
	SECTION 11.14.3. Alternative Jurisdiction	 	 	87	 
	SECTION 11.14.4. Service of Process	 	 	87	 
	 	 	 	 	 
	SECTION 11.15. Confidentiality	 	 	87	 
	 	 	 	 	 
	SECTION 11.16. CIRR requirements	 	 	88	 
	 	 	 	 	 
	SECTION 11.17. Modification and/or Discontinuation of Benchmarks.	 	 	89	 

 

     

     

    

 

	EXHIBITS	 	 
	 	 	 
	Exhibit A	-	Form of Loan Request
	 	 	 
	Exhibit B-1	-	Form of Opinion of Liberian Counsel to Borrower
	 	 	 
	Exhibit B-2	-	Form of Opinion of English Counsel to Facility Agent
    and Lenders
	 	 	 
	Exhibit B-3	-	Form of Opinion of German Counsel to Facility Agent
    and Lenders
	 	 	 
	Exhibit B-4	-	Form of Opinion of US Tax Counsel to Lenders
	 	 	 
	Exhibit C	-	Form of Lender Assignment Agreement
	 	 	 
	Exhibit D	-	Form of Option A Refinancing Agreement
	 	 	 
	Exhibit E	-	Form of Pledge Agreement
	 	 	 
	Exhibit F	-	Repayment Schedule
	 	 	 
	Exhibit G	-	Principles
	 	 	 
	Exhibit H	-	Form of Information Package
	 	 	 
	Exhibit I	-	Form of First Priority Guarantee
	 	 	 
	Exhibit J	-	Form of Second Priority Guarantee
	 	 	 
	Exhibit K	-	Form of Third Priority Guarantee
	 	 	 
	Exhibit L	-	Form of Senior Parties Subordination Agreement
	 	 	 
	Exhibit M	-	Form of Other Senior Parties Subordination
    Agreement
	 	 	 
	Exhibit N	-	Framework
	 	 	 
	Exhibit O	-	Debt Deferral Extension Regular Monitoring Requirements
	 	 	 
	Exhibit P	-	Replacement covenants with effect from the Guarantee Release Date
	 	 	 
	Exhibit Q	     	Silversea Liens and Indebtedness

 

     

     

    

 

CREDIT AGREEMENT

 

HULL NO. S-699 CREDIT AGREEMENT, dated
as of November 27, 2013, as amended and restated on March 31, 2016, as further amended and restated on July 3, 2018,
as further amended on May 6, 2020, as further amended on July 28, 2020, as further amended and restated on December 21,
2020 and further amended and restated on February 19, 2021, among Royal Caribbean Cruises Ltd., a Liberian corporation (the
 "Borrower"), KfW IPEX-Bank GmbH, in its capacity as agent for the Lenders referred to below in respect of Hermes-related
matters (in such capacity, the "Hermes Agent"), in its capacity as facility agent (in such capacity, the "Facility
Agent") and in its capacity as a lender (in such capacity, together with each of the other Persons that shall become a
 "Lender" in accordance with Section 11.11.1 hereof, each of them individually a "Lender"
and, collectively, the "Lenders").

 

W I T N E S S
E T H:

 

WHEREAS:

 

		(A)	The Borrower and Meyer Werft GmbH, Papenburg (the "Builder") have entered on May 30,
2013 into a Contract for the Construction and Sale of Hull No. S-699 (as amended from time to time, the "Construction
Contract") pursuant to which the Builder has agreed to design, construct, equip, complete, sell and deliver the passenger
cruise vessel bearing Builder's hull number S-699 (the "Purchased Vessel");

 

		(B)	The Lenders have agreed to make available to the Borrower, upon the terms and conditions contained
herein, a US dollar loan facility calculated on the amount (the "Maximum Loan Amount") equal to the sum of (x) up
to eighty per cent (80%) of the Contract Price (as defined below) of the Purchased Vessel (as defined below), as adjusted from
time to time in accordance with the Construction Contract to reflect, among other adjustments, change orders, but which Contract
Price shall not exceed for this purpose EUR 777,000,000 (the "Contract Price Proceeds") and (y) up to
100% of the Hermes Fee (as defined below) (the "Hermes Fee Proceeds") and being made available in the US Dollar
Equivalent of that Maximum Loan Amount.

 

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

 

		i.	a US dollar loan facility in the amount equal to the aggregate of the principal portion of the
repayment installments of the Loan payable on the Repayment Dates (as defined below) falling during the First Deferral Period (as
defined below) (the "First Deferred Tranche Maximum Loan Amount"); and

 

		ii.	a US dollar loan facility in the amount equal to the aggregate of the principal portion of the
repayment installments of the Loan (and for this purpose including the repayment installments of the First Deferred Tranche) in
each case payable, subject to payment by the Borrower of the Hermes Debt Deferral Extension Premium in accordance with Section 11.13.3,
on the Repayment Dates (as defined below) falling during the Second Deferral Period (as defined below) (the "Second Deferred
Tranche Maximum Loan Amount" and together with the First Deferred Tranche Maximum Loan Amount, the “Deferred
Tranches Maximum Loan Amount”);

 

    1

     

    

 

		(D)	The Contract Price Proceeds will be provided to the Borrower two (2) Business Days prior to
the delivery of the Purchased Vessel for the purpose of paying a portion of the Contract Price in connection with the Borrower's
purchase of the Purchased Vessel. The Hermes Fee Proceeds will be provided on the Disbursement Date and paid as set forth in Section 2.3(c) and
(d). An advance under the relevant Deferred Tranche (as defined below) will, subject to payment by the Borrower of the Hermes Debt
Deferral Extension Premium in accordance with Section 11.13.3, be available for the purpose of paying the principal portion
of the repayment installment due on each Repayment Date falling during the Advanced Loan Deferral Period (as defined below) applicable
to that relevant Deferred Tranche (and which, in respect of the Second Deferred Tranche, shall also include the principal portion
of the repayment installments of the First Deferred Tranche falling due on each Repayment Date falling during the Second Deferral
Period). Each advance of a Deferred Tranche will, subject to the satisfaction of the condition precedent referred to in Section 5.1.9,
be automatic and notional only, effected by means of a book entry to finance the repayment installment then due;

 

		(E)	The Parties hereto have previously amended and restated this Agreement pursuant to the Amendment
Number One, the Amendment Number Two and the Amendment Number Three (each as defined below);

 

		(F)	The Parties hereto have previously amended this Agreement pursuant to an amendment agreement dated
as of December 21, 2020 (the "Amendment Number Four") pursuant to which the Borrower agreed to procure the
execution of the Guarantees and to make certain other amendments to this Agreement to reflect the existence of such Guarantees;
and

 

		(G)	Pursuant to an amendment agreement, dated as of February 19, 2021, (the “Amendment
Number Five”), and upon satisfaction of the conditions set forth therein, this Agreement is being amended and restated
in the form of this Agreement.

 

NOW, THEREFORE, the parties hereto agree
as follows:

 

ARTICLE I

 

DEFINITIONS AND ACCOUNTING TERMS

 

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

 

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

 

"Additional Guarantee"
means a guarantee of the Obligations provided by a New Guarantor in a form and substance substantially the same as the other Guarantees
(reflecting any necessary logical and factual changes), with such changes, or otherwise in form and substance, reasonably satisfactory
to each of the Agents.

 

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

 

    2

     

    

 

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

 

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

 

“Adjusted EBITDA after Interest”
means, for any Last Reported Fiscal Quarter, the Borrower’s EBITDA for such period, excluding those items, if any, that the
Borrower has excluded in determining “Adjusted Net Income” for such period as disclosed in the Borrower’s annual
report on 10-K or quarterly report on 10-Q, as applicable, for such Last Reported Fiscal Quarter, as evidenced pursuant to the
relevant certificate to be submitted by the Borrower pursuant to Section 7.1.1.l.

 

"Advanced Loan Deferral Period"
means the First Deferral Period and/or the Second Deferral Period (as the context may require).

 

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

 

"Agent" means either the
Hermes Agent or the Facility Agent and "Agents" means both of them.

 

"Agreement" means, on
any date, this credit agreement as originally in effect on the Effective Date and as thereafter from time to time amended, supplemented,
amended and restated, or otherwise modified and in effect on such date.

 

"Amendment Number Five"
is defined in the preamble.

 

"Amendment Number Four"
is defined in the preamble.

 

"Amendment Number One"
means the amendment agreement dated 31 March 2016 and made between the parties hereto and the Mandated Lead Arrangers (as
therein defined) pursuant to which this Agreement was amended and restated.

 

"Amendment Number Three"
is defined in the preamble.

 

"Amendment Number Two"
is defined in the preamble.

 

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

 

    3

     

    

 

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

 

"Applicable Commitment Rate"
means (x) from the Effective Date through and including April 14, 2014, 0.15% per annum, (y) from April 15,
2014 through and including April 14, 2015, 0.25% per annum, and (z) from April 15, 2015 until the Commitment Fee
Termination Date, 0.30% per annum.

 

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

 

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

 

"Assignee Lender" is defined
in Section 11.11.1.

 

"Authorized Officer" means
those officers of the Borrower authorized to act with respect to the Loan Documents and whose signatures and incumbency shall have
been certified to the Facility Agent by the Secretary or an Assistant Secretary of the Borrower.

 

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

 

"Bank of Nova Scotia Agreement"
means the U.S. $1,925,000,000 amended and restated credit agreement dated as of December 4, 2017 among the Borrower, as borrower,
the various financial institutions as are or shall become parties thereto, as lenders, and The Bank of Nova Scotia, as administrative
agent, as amended, restated, supplemented or otherwise modified from time to time.

 

"Benchmark Successor Rate"
is defined in Section 11.17.

 

"Benchmark Successor Rate Conforming
Changes" means, with respect to any proposed Benchmark Successor Rate, any conforming changes to the definition of Screen
Rate, Interest Period, timing and frequency of determining rates, making payments of interest, yield protection provisions
relating to the cost element of any Floating Rate Loan (including but not limited to any break costs relating to any early repayment
or prepayment of any Floating Rate Loan), fallback (and market disruption) provisions for that Benchmark Successor Rate and other
administrative matters as may be appropriate, in the discretion of the Facility Agent in consultation with the Borrower, to reflect
the adoption of such Benchmark Successor Rate and to permit the administration thereof by the Facility Agent in a manner substantially
consistent with market practice (or, if the Facility Agent determines that adoption of any portion of such market practice is not
administratively feasible or that no market practice for the administration of such Benchmark Successor Rate exists, in such other
manner of administration as the Facility Agent determines is reasonably necessary in connection with the administration of this
Agreement).

 

    4

     

    

 

"Borrower" is defined
in the preamble.

 

"Builder" is defined in
the preamble.

 

"Business Day" means any
day which is neither a Saturday or Sunday nor a legal holiday on which banks are authorized or required to be closed in New York
City, London or Frankfurt, and if the applicable Business Day relates to an advance of all or part of the Loan, an Interest Period,
prepayment or conversion, in each case with respect to the Loan bearing interest by reference to the LIBO Rate, a day on which
dealings in deposits in Dollars are carried on in the London interbank market.

 

"Buyer's Allowance" has
the meaning assigned thereto in Article II.1 of the Construction Contract and, when such expression is prefaced by the word
 "incurred", shall mean such amount of the Buyer's Allowance, not exceeding EUR 57,000,000, as shall at the relevant time
have been paid, or become payable, to the Builder by the Borrower under the Construction Contract as part of the Contract Price.

 

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

 

"Capitalization" means,
at any date, the sum of (a) Net Debt on such date, plus (b) Stockholders' Equity on such date.

 

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

 

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

 

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

 

    5

     

    

 

"CIRR" means 2.71% per
annum being the Commercial Interest Reference Rate determined in accordance with the OECD Arrangement for Officially Supported
Export Credits to be applicable to the Loan hereunder (and includes the CIRR administrative margin of 0.39% per annum).

 

"CIRR Representative"
means KfW, acting in its capacity as CIRR mandatary in connection with this Agreement.

 

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

 

"Commitment" is defined
in Section 2.2 and means, relative to any Lender, such Lender's obligation to make the Loan pursuant to Section 2.1.

 

"Commitment Fees" is defined
in Section 3.4.

 

"Commitment Fee Termination Date"
is defined in Section 3.4.

 

"Commitment Termination Date"
means (a) January 9, 2017 in respect of the Loan other than the Deferred Tranches, (b) April 30, 2021 in respect
of the First Deferred Tranche and (c) April 30, 2022 in respect of the Second Deferred Tranche.

 

"Construction Contract"
is defined in the preamble.

 

"Construction Mortgage"
means the first ranking shipbuilding mortgage (Hoechstbetragsschiffshypothek) in the maximum amount of EUR 581, 000,000 executed
or to be executed by the Borrower in favour of banks and financial institutions designated by the Builder to secure loans made
or to be made to the Builder to finance the construction of the Purchased Vessel.

 

"Contract Price" is as
defined in the Construction Contract and which includes a lump sum amount in respect of the Buyer's Allowance.

 

"Contractual Delivery Date"
means, at any time, the date which at such time is the date specified for delivery of the Purchased Vessel under the Construction
Contract, as such date may be modified from time to time pursuant to the terms of the Construction Contract.

 

“Covenant Modification Date”
means the later to occur of (a) the expiry of the Financial Covenant Waiver Period and (b) the date upon which the financial
covenants set out in Section 7.2.4 have been modified in this Agreement in a form and substance satisfactory to Hermes, the
Borrower and the Lenders.

 

"Covered Taxes" is defined
in Section 4.6.

 

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

 

"DDTL Indebtedness" means
the Borrower's Indebtedness (or, if such Indebtedness has not yet been incurred, the commitments by lenders to provide Indebtedness
to the Borrower as of the effectiveness of Amendment Number Four) in connection with that certain Commitment Letter, dated as of
August 12, 2020, between the Borrower and MORGAN STANLEY SENIOR FUNDING INC. (as amended, restated, extended, supplemented,
refinanced, replaced or otherwise modified from time to time).

 

    6

     

    

 

“Debt Deferral
Extension Regular Monitoring Requirements" means the general test scheme/reporting package in the form set out in Exhibit O
to this Agreement submitted or to be submitted (as the case may be) by the Borrower in accordance with Section 7.1.1.i.

 

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

 

		(a)	any indebtedness (but having regard,
in respect of any secured and/or guaranteed indebtedness, to the restrictions set out in Section 7.2.11(b)) incurred by a
Group Member between April 1, 2020 and December 31, 2022 (or such later date as may, with the prior consent of Hermes,
be agreed between the Borrower and the Lenders) for the purpose of providing crisis and/or recovery-related funding;

 

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

 

		(c)	indebtedness incurred to refinance
(and for this purpose having regard to the applicable provisions of Section 7.2.11) a maturity payment under any existing
loan or credit facility (including any crisis and/or recovery-related indebtedness incurred by a Group Member between April 1,
2020 and December 31, 2022) or issued bonds of a Group Member, provided that:

 

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

 

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

 

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

 

		(e)	indebtedness provided by banks or other
financial institutions which, as at the Second Deferred Tranche Effective Date, is committed but yet to be incurred in respect
of the DDTL Indebtedness (but, in respect of that DDTL Indebtedness, up to a maximum amount of $700,000,000 or, where the Borrower
has exercised the pre-existing accordion option in respect of that DDTL Indebtedness, a maximum amount of $1,000,000,000 (but on
the basis that, following the exercise of that accordion option, an amount equal to the additional $300,000,000 or, if the amount
of indebtedness incurred under such accordion option is less, the relevant amount made available under the DDTL Indebtedness shall
be included in the overall limit on secured and/or guaranteed indebtedness set out in Section 7.2.11(b)));

 

    7

     

    

 

 

		(f)	any of the following types of indebtedness
in each case incurred in the ordinary course of business of any Group Member:

 

		(i)	the issuances of commercial paper;

 

		(ii)	Capitalized Lease Liabilities;

 

		(iii)	purchase money indebtedness;

 

		(iv)	indebtedness under overdraft facilities; and

 

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

 

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

 

There shall be a presumption
that any indebtedness incurred by the Borrower between April 1, 2020 and December 31, 2022 shall be for the purpose of
providing crisis and/or recovery-related funding unless the intended use of proceeds from such indebtedness are specifically identified
to be used for an alternative purpose. In the event there is any question as to whether funding qualifies as "crisis and/or
recovery-related", Hermes, the Facility Agent and the Borrower shall negotiate a resolution in good faith for a maximum period
of fifteen (15) Business Days.

 

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

 

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

 

"Deferred Tranches Maximum Loan
Amount" is defined in the preamble.

 

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

 

"Disbursement Date" means
the date on which the Loan (other than the Deferred Tranches) is advanced; provided that if the Loan (excluding the Deferred Tranches)
is re-borrowed pursuant to Section 3.7, then, for all purposes of this Agreement concerning such re-borrowed Loan,
the Disbursement Date shall be the date of such re-borrowing. When such expression is prefaced by the word "expected",
it shall denote the date on which the Borrower then reasonably expects the Loan (excluding the Deferred Tranches) to be disbursed
based upon the then-scheduled Delivery Date of the Vessel.

 

    8

     

    

 

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

 

"Disruption Event" means
either or both of:

 

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

 

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

 

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

 

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

 

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

 

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

 

"Dollar Pledged Account"
means the Dollar account referred to in the Pledge Agreement.

 

“Early Warning
Monitoring Period” means the period beginning on the Second Deferred Tranche Effective Date and ending on the last day
of two consecutive Fiscal Quarters where the Borrower’s Adjusted EBITDA after Interest for each such Fiscal Quarter is a
positive number, as evidenced pursuant to the certificate to be submitted by the Borrower pursuant to Section 7.1.1.l (and
such day shall be notified to the Borrower by the Facility Agent).

 

“EBITDA”
means, for any Last Reported Fiscal Quarter, the Borrower’s consolidated operating income for such period plus any depreciation
and amortization expenses that were deducted in calculating consolidated operating income for such period and minus consolidated
interest expense of the Borrower for such period (net of any capitalized interest and interest income), in each case as determined
in accordance with GAAP.

 

"ECA Financed Vessel"
means any Vessel subject to any ECA Financing.

 

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

 

    9

     

    

 

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

 

"Effective Date" means
the date this Agreement becomes effective pursuant to Section 11.8.

 

"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.

 

"EUR" and the sign "€"
mean the currency of participating member states of the European Monetary Union pursuant to Council Regulation (EC) 974/98 of 3
May 1998, as amended from time to time.

 

"EUR Pledged Account"
means the EUR account referred to in the Pledge Agreement.

 

"Event of Default" is
defined in Section 8.1.

 

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

 

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

 

"FATCA" means Sections
1471 through 1474 of the Code, as in effect at the date hereof, and any current or future regulations promulgated thereunder or
official interpretations thereof.

 

"Fee Letter" means any
letter entered into by reference to this Agreement between any or all of the Facility Agent, the Initial Mandated Lead Arranger,
the Lenders and/or the Borrower setting out the amount of certain fees referred to in, or payable in connection with, this Agreement.

 

"Final Maturity" means
(a) twelve (12) years after the Delivery Date in the case of the Loan (other than the Deferred Tranche) and (b) October 8,
2024 in the case of the Deferred Tranche..

 

"Financial Covenant Waiver Period"
means the period from and including April 1, 2020 to and including December 31, 2022 (inclusive).

 

"First Deferral Period"
means the period between and, in each case, the First Deferred Tranche Effective Date to and including April 30, 2021.

 

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

 

“First Deferred Tranche Effective
Date” means May 6, 2020.

 

    10

     

    

 

"First Fee" is defined
in Section 11.13.

 

"First Priority Assets"
means the Vessels known on the date Amendment Number Four becomes effective as or that sailed under the name (i) Celebrity
Constellation, (ii) Celebrity Equinox, (iii) Celebrity Millennium, (iv) Celebrity Silhouette, (v) Celebrity
Summit, (vi) Celebrity Eclipse, (vii) Celebrity Infinity, (viii) Celebrity Reflection and (ix) Celebrity Solstice
(it being understood that such Vessels shall remain "First Priority Assets" regardless of any change in name or ownership
after such date).

 

"First Priority Guarantee"
means the first priority guarantee granted by the First Priority Guarantor on or prior to the Amendment Effective Date (as defined
in Amendment Number Four) (and any other first priority guarantee granted by a First Priority Holdco Subsidiary in connection with
becoming a First Priority Guarantor) in favour of the Facility Agent for the benefit of the Agents and the Lenders, in each case
substantially in the form attached hereto as Exhibit I.

 

"First Priority Guarantor"
means Celebrity Cruise Lines Inc. (and any of its successors) and any other First Priority Holdco Subsidiary that has granted or,
prior to that entity becoming a First Priority Holdco Subsidiary pursuant to a Disposal of a First Priority Asset in accordance
with Section 7.2.5(a)(v)(A), will grant a First Priority Guarantee.

 

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

 

"First Priority Release Event"
means the occurrence of any event or other circumstance that results in either (x) 80% of the aggregate principal amount of
Bank Indebtedness outstanding as of the effectiveness of Amendment Number Four (being $5,300,000,000 (and 80% of which is $4,240,000,000))
or (y) 100% of the aggregate principal amount of Secured Note Indebtedness outstanding as of the effectiveness of Amendment
Number Four (being $3,320,000,000):

 

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

 

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

 

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

 

"Fiscal Quarter" means
any quarter of a Fiscal Year.

 

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

 

    11

     

    

 

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

 

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

                                                                                 

                                                                                

	 	(b)	the sum of:

 

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

 

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

 

"Fixed Rate" means a rate
per annum equal to the sum of the CIRR plus the Fixed Rate Margin.

 

"Fixed Rate Loan" means
the Loan (other than the Deferred Tranches) bearing interest at the Fixed Rate, or that portion of the Loan (other than the Deferred
Tranches) that continues to bear interest at the Fixed Rate after the termination of any Interest Make-Up Agreement pursuant to
Section 3.3.3.

 

"Fixed Rate Margin" means
0.61% per annum.

 

"Floating Rate" means
a rate per annum equal to the sum of the LIBO Rate plus the applicable Floating Rate Margin.

 

"Floating Rate Indemnity Amount"
is defined in Section 4.4.1(a).

 

"Floating Rate Loan" means
all or any portion of the Loan (including the drawn portion of each Deferred Tranche) bearing interest at the Floating Rate.

 

"Floating
Rate Margin" means for each Interest Period in respect of (a) a Floating Rate Loan (but for this purpose excluding
any drawn portion of the Deferred Tranches), the Original Floating Rate Margin, (b) the First Deferred Tranche, the Original
Floating Rate Margin and (c) the Second Deferred Tranche, the sum of (i) the Original Floating Rate Margin and (ii) 0.20%.

 

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

 

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

 

"Funding Losses Event"
is defined in Section 4.4.1.

 

"GAAP" is defined in Section 1.5.

 

    12

     

    

 

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

 

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

 

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

 

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

 

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

 

“Guarantee Release Date”
means the date upon which the First Priority Release Event, the Second Priority Release Event and the Third Priority Release
Event have all occurred and accordingly, subject to Section 7.2.5(g) (and in particular proviso (2) to such Section 7.2.5(g)),
each of the Guarantees has been released by the Facility Agent, and also being the date upon which, in accordance with Section 7.3,
certain provisions of this Agreement shall be replaced by the provisions set out in Exhibit O.

 

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

 

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

 

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

 

"Hermes" means Euler Hermes
Aktiengesellschaft, Gasstraße 27, 22761 Hamburg, Germany acting in its capacity as representative of the Federal Republic
of Germany in connection with the issuance of export credit guarantees.

 

"Hermes Agent" is defined
in the preamble.

 

“Hermes Debt
Deferral Extension Premium” means the additional premium payable to Hermes as a result of the increase to the amount
covered by the Hermes Insurance Policy arising as a consequence of the making of the Second Deferred Tranche, such amount as notified
in writing by the Hermes Agent to the Borrower.

 

"Hermes Fee" means the
premium payable to Hermes under and in respect of the Hermes Insurance Policy.

 

"Hermes Insurance Policy"
means the guarantee (Deckungsdokument) issued by the Federal Republic of Germany, represented by Hermes, in favour of the Lenders.

 

    13

     

    

 

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

 

"Indemnified Liabilities"
is defined in Section 11.4.

 

"Indemnified Parties"
is defined in Section 11.4.

 

"Interest Make-Up Agreement"
means either an Option A Refinancing Agreement or an Option B Interest Make-Up Agreement

 

"Interest Period" means
the period between the Disbursement Date and the first Repayment Date, and subsequently each succeeding period between two consecutive
Repayment Dates, except that:

 

		(a)	any Interest Period which would otherwise end on a day which is not a Business Day shall end
on the next Business Day to occur, except if such Business Day does not fall in the same calendar month, the Interest Period will
end on the last Business Day in that calendar month, the interest amount due in respect of the Interest Period in question and
in respect of the next following Interest Period being adjusted accordingly; and

 

		(b)	if any Interest Period is altered by the application of a) above, the subsequent Interest Period
shall end on the day on which it would have ended if the preceding Interest Period had not been so altered.

 

"Investment Grade" means,
with respect to Moody's, a Senior Debt Rating of Baa3 or better and, with respect to S&P, a Senior Debt Rating of BBB- or better.

 

"KfW" means KfW of Palmengartenstrasse
5-9, 60325 Frankfurt am Main, Germany acting in its own name for the account of the government of the Federal Republic of Germany.

 

"KfW IPEX" means KfW IPEX-Bank
GmbH.

 

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

 

"Lender" and "Lenders"
are defined in the preamble.

 

    14

     

    

 

"Lender Assignment Agreement"
means any Lender Assignment Agreement substantially in the form of Exhibit C.

 

"Lending Office" means,
relative to any Lender, the office of such Lender designated as such below its signature hereto or designated in a Lender Assignment
Agreement or such other office of a Lender as designated from time to time by notice from such Lender to the Borrower and the Facility
Agent, whether or not outside the United States, which shall be making or maintaining the Loan of such Lender hereunder.

 

"LIBO Rate" means the
Screen Rate at or about 11:00 a.m. (London time) two (2) Business Days before the commencement of the relevant Interest
Period; provided that:

 

(a)            subject
to Section 3.3.6, if the Screen Rate is not available at the relevant time, the LIBO Rate shall be the rate per annum certified
by the Facility Agent to be the average of the rates quoted by the Reference Banks as the rate at which each of the Reference Banks
was (or would have been) offered deposits of Dollars by prime banks in the London interbank market in an amount approximately equal
to the amount of the Loan and for a period of six months;

 

(b)           for
the purposes of determining the post-maturity rate of interest under Section 3.3.4, the LIBO Rate shall be determined by reference
to deposits on an overnight or call basis or for such other period or periods as the Facility Agent may determine after consultation
with the Lenders, which period shall be no longer than one month unless the Borrower otherwise agrees; and

 

(c)            for
the purposes of determining the Floating Rate in respect of the Deferred Tranches, if the LIBO Rate determined in accordance with
the foregoing provisions of this definition is less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

 

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

 

"Loan" means the principal
sum in Dollars, not exceeding the US Dollar Maximum Loan Amount (and including for this purpose the Deferred Tranches Maximum Loan
Amount), available to be advanced by the Lenders to the Borrower upon the conditions of this Agreement or (as the context may require),
the amount thereof for the time advanced and outstanding under this Agreement.

 

"Loan Documents" means
this Agreement, Amendment Number One, Amendment Number Two, Amendment Number Three, Amendment Number Four, Amendment Number Five,
the Pledge Agreement, the Fee Letters, the First Priority Guarantee, the Second Priority Guarantee, the Third Priority Guarantee,
any Additional Guarantee, the Subordination Agreements, any Additional Subordination Agreement, any New Guarantor Subordination
Agreement, the Loan Request and any other document jointly designated as a "Loan Document" by the Facility Agent and
the Borrower.

 

"Loan Request" means the
loan request and certificate duly executed by an Authorized Officer of the Borrower, substantially in the form of Exhibit A
hereto.

 

"Margin" means the Fixed
Rate Margin and/or (as the context requires hereunder) the applicable Floating Rate Margin.

 

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

 

    15

     

    

 

"Material Guarantor" means
(i) each of Celebrity Cruise Lines Inc., RCI Holdings LLC, RCL Cruise Holdings LLC and RCL Cruises Ltd (and each of their
respective successors) and (ii) any other entity that becomes a First Priority Guarantor, a Second Priority Guarantor or a
Third Priority Guarantor after the effectiveness of Amendment Number Four.

 

"Material Litigation"
is defined in Section 6.7.

 

"Maximum Loan Amount"
is defined in the preamble.

 

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

 

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

 

		(b)	three,

 

as evidenced pursuant to the
relevant certificate to be submitted by the Borrower pursuant to Section 7.1.1(l).

 

"Moody's" means Moody's
Investors Service Inc.

 

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

 

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

 

(b)           all
Cash Equivalents.

 

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

 

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

 

    16

     

    

 

"New Financings" means
proceeds from:

 

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

                                                                                 

	 	(b)	the issuance and sale of equity securities.

 

"New Guarantor" means,
with respect to any Vessel delivered after the effectiveness of Amendment Number Four, the Subsidiary of the Borrower that (a) directly
owns the Equity Interests of the Principal Subsidiary that acquired such Vessel and (b) delivers an Additional Guarantee.

 

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

 

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

 

"Nordea Agreement" means
the U.S.$1,150,000,000 amended and restated credit agreement dated as of October 12, 2017, among the Borrower, as the borrower,
the various financial institutions as are or shall become parties thereto and Nordea Bank AB (publ), New York Branch as administrative
agent, as amended, restated, supplemented or otherwise modified from time to time.

 

"Obligations" means all
obligations (payment or otherwise) of the Borrower arising under or in connection with this Agreement.

 

"Obligors" means the Borrower
and the Guarantors.

 

"Option A Refinancing Agreement"
means a refinancing agreement entered into between the Refinancing Bank and any Lender pursuant to Sections 1.2.1 and 1.2.2
of the Terms and Conditions, substantially in the form of Exhibit D hereto.

 

"Option A Lender" means
each Lender that has executed an Option A Refinancing Agreement.

 

"Option B Interest Make-Up Agreement"
means an interest make-up agreement entered into between the CIRR Representative and any Lender pursuant to Section 1.2.4
of the Terms and Conditions.

 

"Option B Lender" means
each Lender that has executed an Option B Interest Make-Up Agreement.

 

    17

     

    

 

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

 

"Original Deferral Period"
means the period from and including April 1, 2020 to and including March 31, 2021.

 

"Original Floating
Rate Margin" means, for each Interest Period, 1.00% per annum.

 

"Other ECA Parties" means
the facility agents acting on behalf of the creditors under any ECA Financing, whether existing on or after the effectiveness of
Amendment Number Four (excluding the Facility Agent acting in any representative capacity in connection with this Agreement).

 

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

 

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

 

“Pari Passu
Creditor” means with respect to any Group Member, any creditor under or in respect of any Indebtedness incurred by such
Group Member (including in respect of any ECA Financing) which is not, as at December 31, 2020, secured by a Lien over a Vessel
or which, at any time (whether pursuant to the operation of Section 7.1.10(iv) or otherwise), shares in the same security
and/or guarantee package as the Lenders.

 

"Participant" is defined
in Section 11.11.2.

 

"Participant Register"
is defined in Section 11.11.2.

 

"Percentage" means, relative
to any Lender, the percentage set forth opposite its signature hereto or as set out in the applicable Lender Assignment Agreement,
as such percentage may be adjusted from time to time pursuant to Section 4.9 or pursuant to Lender Assignment Agreement(s) executed
by such Lender and its Assignee Lender(s) and delivered pursuant to Section 11.11.1.

 

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

 

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

 

"Pledge Agreement" means
a pledge agreement substantially in the form of Exhibit E.

 

    18

     

    

 

"Pledged Accounts" means
the EUR Pledged Account and the Dollar Pledged Account and "Pledged Account" means either of them.

 

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

 

“Prepayment Event" is
defined in Section 9.1.

 

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

 

"Principles" means the
document titled "Cruise Debt Holiday Principles" and dated March 26, 2020 in the form of Exhibit G hereto which
sets out certain key principles and parameters relating to, amongst other things, the temporary suspension of repayments of principal
in connection with certain qualifying Loan Agreements (as defined therein) and being applicable to Hermes-covered loan agreements
such as this Agreement.

 

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

 

"Purchased Vessel" is
defined in the preamble.

 

"Reference Banks" means,
if the LIBO Rate for any Interest Period cannot be determined pursuant to paragraph (a) of the definition of "LIBO
Rate", those banks designated as Reference Banks by the Facility Agent from time to time that are reasonably acceptable to
the Borrower, and each additional Reference Bank and/or each replacement Reference Bank appointed by the Facility Agent pursuant
to Section 3.3.6.

 

"Refinancing Bank" means
KfW in its capacity as the provider of refinancing pursuant to Section 1.2.2 of the Terms and Conditions.

 

"Register" is defined
in Section 11.11.3.

 

"Repayment Date" means
each of the dates for payment of the repayment installments of the Loan pursuant to Section 3.1.

 

"Required Lenders" means,
at any time, Lenders that in the aggregate, hold more than 50% of the aggregate unpaid principal amount of the Loan or, if no such
principal amount is then outstanding, Lenders that in the aggregate have more than 50% of the Commitments.

 

"Restatement Date" means
July 3, 2018, being the date on which the form of this Agreement was further amended and restated pursuant to the Amendment
Number Two.

 

“Restricted Credit Enhancement”
means any Group Member Guarantee, Lien or other security or other similar or analogous credit support arrangement granted by a
Group Member in respect of any Indebtedness of a Group Member.

 

    19

     

    

 

“Restricted Loan Arrangement”
means any loan or credit (including any seller’s credit granted in connection with the sale of a Vessel or other assets (and
providing that any such sale complies with the provisions of Section 9.1.12(c))) made available by a Group Member to any Person
but excluding any such loan or credit that is provided:

 

		(a)	to another Group Member:

 

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

 

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

 

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

 

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

 

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

 

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

 

		(a)	any Indebtedness incurred (i) prior to March 1, 2020 or (ii) between March 1,
2020 and December 31, 2022 (but for this purpose excluding Indebtedness incurred pursuant to an ECA Financing) and whether
pursuant to an amendment and extension of the agreements evidencing such Indebtedness and/or using proceeds raised by any Group
Member in connection with any issuance of capital (whether in the form of Indebtedness for borrowed money, equity or otherwise
but, in the case of any Indebtedness, subject to that Indebtedness being incurred in compliance with the carve-out provision set
out in paragraph (c) of the definition of Debt Incurrence) or pursuant to the exercise of the equity claw feature in the Secured
Note Indenture;

 

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

 

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

 

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

 

    20

     

    

 

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

 

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

 

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

 

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

 

"Scheduled Unavailability Date"
means, where the administrator of the Screen Rate or a governmental authority having jurisdiction over the Facility Agent has made
a public statement identifying a specific date after which the Screen Rate shall no longer be made available, or used for determining
the interest rate of loans, that specific date.

 

"Screen Rate" means the
London interbank offered rate as administered by the ICE Benchmark Administration (or any other Person that takes over the administration
of such rate) for Dollars for a period equal in length to six (6) months (or for such other period as shall be agreed by the
Borrower and the Facility Agent) which appears on pages LIBOR01 or LIBOR02 of the Thomson Reuters screen (or any replacement
Thomson Reuters page which displays that rate).

 

"Screen Rate Replacement Event"
means:

 

		(a)	if the Facility Agent determines (which determination shall be conclusive absent manifest error),
or the Borrower or Required Lenders notify the Facility Agent (with, in the case of the Required Lenders, a copy to the Borrower)
that the Borrower or Required Lenders (as applicable) have determined, that:

 

		(i)	adequate and reasonable means do not exist for ascertaining the LIBO Rate for any requested Interest
Period, including, without limitation, because the Screen Rate is not available or published on a current basis and such circumstances
are unlikely to be temporary; or

 

		(ii)	a Scheduled Unavailability Date has occurred; or

 

		(iii)	syndicated loans currently being executed, or that include language similar to that contained in
this definition, are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace
the LIBO Rate; or

 

		(b)	in the opinion of the Facility Agent and the Borrower, that Screen Rate is no longer appropriate
for the purposes of calculating interest under this Agreement, including, but not limited to, as a result of (A) a substantial
change in the economic characteristics or method of calculation of the Screen Rate, (B) any withdrawal of the administrator's
right to publish the Screen Rate or (C) any prohibition for financial institutions to use the Screen Rate.

 

    21

     

    

 

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

 

"Second Deferred Tranche Effective
Date" has the meaning given to the term “Amendment Effective Date” in Amendment Number Five.

 

“Second Deferral
Period” means the period between and, in each case, including (a) the later of (i) May 1, 2021 and (ii) the
Second Deferred Tranche Effective Date, and (b) April 30, 2022.

 

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

 

"Second Fee" is defined
in Section 11.13.

 

"Second Priority Assets"
means the Vessels known on the date Amendment Number Four becomes effective as or that sailed under the name (i) Azamara Quest,
(ii) Azamara Pursuit, (iii) Azamara Journey, (iv) Celebrity Edge, (v) Celebrity Apex, (vi) Celebrity Flora,
(vii) Celebrity Xpedition, (viii) Celebrity Xperience, (ix) Celebrity Xploration, (x) Monarch, (xi) Horizon
and (xii) Sovereign (it being understood that such Vessels shall remain "Second Priority Assets" regardless of any
change in name or ownership after such date).

 

"Second Priority Guarantee"
means the second priority guarantee granted by the Second Priority Guarantors on or prior to the Amendment Effective Date (as defined
in Amendment Number Four) (and any other second priority guarantee granted by a Second Priority Holdco Subsidiary in connection
with becoming a Second Priority Guarantor) in favour of the Facility Agent for the benefit of the Agents and the Lenders, in each
case substantially in the form attached hereto as Exhibit J.

 

"Second Priority Guarantors"
means RCL Cruise Holdings LLC, Torcatt Enterprises Limitada, RCL Holdings Cooperatief UA, RCL Cruises Ltd and RCL Investments Ltd
(and any of their respective successors) and any other Second Priority Holdco Subsidiary that has granted or, prior to that entity
becoming a Second Priority Holdco Subsidiary pursuant to a Disposal of a Second Priority Asset in accordance with Section 7.2.5(b)(iii)(A),
will grant a Second Priority Guarantee.

 

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

 

    22

     

    

 

"Second Priority Release Event"
means the occurrence of any event or other circumstance that results in either (x) 80% of the aggregate principal amount of
Bank Indebtedness outstanding as of the effectiveness of Amendment Number Four (being $5,300,000,000 (and 80% of which is $4,240,000,000))
or (y) 100% of the aggregate principal amount of Secured Note Indebtedness outstanding as of the effectiveness of Amendment
Number Four (being $3,320,000,000):

 

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

 

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

 

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

 

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

 

"Secured Note Indebtedness"
means the Borrower's Indebtedness under the Secured Note Indenture.

 

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

 

"Senior Debt Rating" means,
as of any date, (a) the implied senior debt rating of the Borrower for debt pari passu in right of payment and in right of
collateral security with the Obligations 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).

 

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

 

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

 

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

 

"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.

 

    23

     

    

 

 

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

 

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

 

"Terms and Conditions"
means the general terms and conditions for CIRR Interest Make-Up for Ship Financing issued by the Federal Republic of Germany on
August 29, 2012.

 

"Third Priority Assets"
means the Vessels known on the date Amendment Number Four becomes effective as (i) Symphony of the Seas, (ii) Oasis of
the Seas, (iii) Harmony of the Seas, (iv) Spectrum of the Seas, (v) Quantum of the Seas, (vi) Ovation of the
Seas and (vii) Anthem of the Seas (it being understood that such Vessels shall remain "Third Priority Assets" regardless
of any change in name or ownership after the such date).

 

"Third Priority Guarantee"
means the third priority guarantee granted by RCI Holdings LLC on or prior to the Amendment Effective Date (as defined in Amendment
Number Four) (and any other third priority guarantee granted by a Third Priority Holdco Subsidiary in connection with becoming
a Third Priority Guarantor) in favour of the Facility Agent for the benefit of the Agents and the Lenders, in each case substantially
in the form attached hereto as Exhibit K.

 

"Third Priority Guarantor"
means RCI Holdings LLC (and any of its successors) and any other Third Priority Holdco Subsidiary that has granted or, prior to
that entity becoming a Third Priority Holdco Subsidiary pursuant to a Disposal of a Third Priority Asset in accordance with Section 7.2.5(c)(iii)(A),
will grant a Third Priority Guarantee.

 

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

 

"Third Priority Release Event"
means the occurrence of any event or other circumstance that results in either (x) 80% of the aggregate principal amount of
Bank Indebtedness outstanding as of the effectiveness of Amendment Number Four (being $5,300,000,000 (and 80% of which is $4,240,000,000))
or (y) 100% of the aggregate principal amount of Unsecured Note Indebtedness and the DDTL Indebtedness outstanding as of the
effectiveness of Amendment Number Four (being, in aggregate, $1,700,000,000):

 

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

 

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

 

    24 

     

    

 

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

 

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

 

"Unsecured Note Indebtedness"
means the Borrower's Indebtedness under the Unsecured Note Indenture.

 

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

 

"US Dollar Equivalent"
means:

 

		(a)	for the EUR amount payable in respect of the final (delivery) instalment of the Contract Price
(excluding the portion thereof comprising the Buyer's Allowance), the total of such EUR amount converted to a corresponding Dollar
amount as determined using the weighted average rate of exchange that the Borrower has agreed, either in the spot or forward currency
markets, to pay its counterparties for the purchase of the relevant amount of EUR with Dollars for the payment of that final installment
of the Contract Price and including in such weighted average the spot rates for any EUR amounts due that have not been hedged by
the Borrower;

 

		(b)	for all EUR amounts payable in respect of the Buyer's Allowance, the total of such EUR amounts
converted to a corresponding Dollar amount as determined using the USD-to-EUR rate used by the Borrower to convert the relevant
USD amount of the amount of the Buyer's Allowance into EUR for the purpose of the Builder invoicing the same to the Borrower in
EUR in accordance with the Construction Contract; and

 

		(c)	for the calculation and payment of the Hermes Fee in Dollars, the amount thereof in EUR converted
to a corresponding Dollar amount as determined by Hermes on the basis of the latest rate for the purchase of EUR with Dollars to
be published by the German Federal Ministry of Finance prior to the time that Hermes issues its invoice for the Hermes Fee.

 

Such rate of exchange under (a) above
(whether forward or spot) shall be evidenced by foreign exchange counterparty confirmations. The US Dollar Equivalent of the portion
of the Maximum Loan Amount under (a) above shall be calculated by the Borrower in consultation with the Facility Agent no
less than three (3) Business Days prior to the proposed Disbursement Date. Such rate of exchange under (b) above shall
be evidenced by the production prior to the Disbursement Date of the invoice from the Borrower to the Builder in respect of the
Buyer's Allowance, which invoice shall contain the USD/EUR exchange rate used for determining the EUR amount of the Buyer's Allowance.
The US Dollar amount of the Hermes Fee shall be calculated by Hermes and notified by the Facility Agent in writing to the Borrower
as soon as practicable after Hermes issues its invoice therefor.

 

    25 

     

    

 

"US Dollar Maximum Loan Amount"
means the US Dollar Equivalent of the Maximum Loan Amount.

 

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

 

"Vessel" means a passenger
cruise vessel owned by a Group Member.

 

SECTION 1.2. Use
of Defined Terms. Unless otherwise defined or the context otherwise requires, terms for which meanings are provided in
this Agreement shall, when capitalized, have such meanings when used in each Loan Request and each notice and other communication
delivered from time to time in connection with this Agreement or any other Loan Document.

 

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

 

SECTION 1.4. Application
of this Agreement to KfW IPEX as an Option A Lender. The parties to this Agreement are aware that KfW IPEX will not enter
into an Option A Refinancing Agreement with the CIRR Representative. However, for the purposes of this Agreement, KfW IPEX will
be deemed to have entered into an Option A Refinancing Agreement with the CIRR Representative in the form of Exhibit D. Consequently,
any reference to an Option A Lender shall include KfW IPEX and any reference to an Option A Refinancing Agreement shall include
the Option A Refinancing Agreement deemed to have been entered into by KfW IPEX.

 

SECTION 1.5. Accounting
and Financial Determinations. Unless otherwise specified, all accounting terms used herein or in any other Loan Document
shall be interpreted, all accounting determinations and computations hereunder or thereunder (including under Section 7.2.4)
shall be made, and all financial statements required to be delivered hereunder or thereunder shall be prepared, in accordance with
United States generally accepted accounting principles ("GAAP") consistently applied (or, if not consistently
applied, accompanied by details of the inconsistencies); provided that if the Borrower elects to apply or is required to
apply International Financial Reporting Standards ("IFRS") accounting principles in lieu of GAAP, upon any such
election and notice to the Facility Agent, references herein to GAAP shall thereafter be construed to mean IFRS (except as otherwise
provided in this Agreement); provided further that if, as a result of (i) any change in GAAP or IFRS or in the interpretation
thereof or (ii) the application by the Borrower of IFRS in lieu of GAAP, in each case, after the date of the financial statements
referred to in Section 6.6, there is a change in the manner of determining any of the items referred to herein or thereunder
that are to be determined by reference to GAAP, and the effect of such change would (in the reasonable opinion of the Borrower
or the Facility Agent) be such as to affect the basis or efficacy of the financial covenants contained in Section 7.2.4
in ascertaining the consolidated financial condition of the Borrower and its Subsidiaries and the Borrower notifies the Facility
Agent that the Borrower requests an amendment to any provision hereof to eliminate such change occurring after the date hereof
in GAAP or the application thereof on the operation of such provision (or if the Facility Agent notifies the Borrower that the
Required Lenders request an amendment to any provision hereof for such purpose), then such item shall for the purposes of Section 7.2.4
continue to be determined in accordance with GAAP relating thereto as if GAAP were applied immediately prior to such change in
GAAP or in the interpretation thereof until such notice shall have been withdrawn or such provision amended in accordance herewith.
Notwithstanding the foregoing, all obligations of any person that are or would be characterized as operating lease obligations
in accordance with GAAP on the Restatement Date (whether or not such operating lease obligations were in effect on such date) shall
continue to be accounted for as operating lease obligations for the purposes of this Agreement regardless of any change in GAAP
following the Restatement Date that would otherwise require such obligations to be recharacterized (on a prospective or retroactive
basis or otherwise) as capital leases.

 

    26 

     

    

 

SECTION 1.6. Contractual
Recognition of Bail-In Notwithstanding any other term of any Loan Document or any other agreement, arrangement or understanding
between the parties to this Agreement, each such party acknowledges and accepts that any liability of any party to this Agreement
to any other party to this Agreement under or in connection with the Loan Documents may be subject to Bail-In Action by the relevant
Resolution Authority and acknowledges and accepts to be bound by the effect of:

 

		(a)	any Bail-In Action in relation to any such liability, including (without limitation):

 

		(i)	a reduction, in full or in part, in the principal amount, or outstanding amount due (including
any accrued but unpaid interest) in respect of any such liability;

 

		(ii)	a conversion of all, or part of, any such liability into shares or other instruments of ownership
that may be issued to, or conferred on, it; and

 

		(iii)	a cancellation of any such liability; and

 

		(b)	a variation of any term of any Loan Document to the extent necessary to give effect to any Bail-In
Action in relation to any such liability.

 

In this Section 1.6:

 

"Article 55
BRRD" means Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit
institutions and investment firms.

 

"Bail-In Action"
means the exercise of any Write-down and Conversion Powers.

 

"Bail-In Legislation"
means:

 

		(a)	in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55
BRRD, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time;

 

		(b)	in relation to any state other than such an EEA Member Country and the United Kingdom, any analogous
law or regulation from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in
that law or regulation; and

 

		(c)	in relation to the United Kingdom, the UK Bail-In Legislation.

 

"EEA Member
Country" means any Member State of the European Union, Iceland, Liechtenstein and Norway.

 

"EU Bail-In
Legislation Schedule" means the document described as such and published by the Loan Market Association (or any successor
person) from time to time.

 

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

 

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

 

    27 

     

    

 

"Write-down
and Conversion Powers" means:

 

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

 

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

 

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

 

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

 

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

 

ARTICLE II

COMMITMENTS AND BORROWING PROCEDURES

 

SECTION 2.1. Commitment.
On the terms and subject to the conditions of this Agreement (including Article V), each Lender severally agrees to
make its portion of the Loan pursuant to its Commitment described in Section 2.2. No Lender's obligation to make its
portion of the Loan shall be affected by any other Lender's failure to make its portion of the Loan.

 

SECTION 2.2. Commitment
of the Lenders; Termination and Reduction of Commitments.

 

		(a)	Each Lender will make its portion of the
relevant part of the Loan available to the Borrower in accordance with Section 2.3 either (i) two (2) Business Days
prior to the delivery of the Purchased Vessel to the Borrower under the Construction Contract or (ii) on the relevant Repayment
Date falling during the relevant Advanced Loan Deferral Period in the case of the Deferred Tranches. The commitment of each Lender
described in this Section 2.2 (herein referred to as its "Commitment") shall be the commitment of such Lender to
make available to the Borrower its portion of (y) the Loan (excluding for this purpose the Deferred Tranches) and (z) the
Deferred Tranches. The Commitment referred to in paragraph (y) above is expressed as the initial amount opposite such Lender’s
name in Schedule 1 of Amendment Number Five. The Commitment referred to in paragraph (z) above is expressed as that Lender's
Percentage of the amount of the each Deferred Tranche as at the Second Deferred Tranche Effective Date, being the initial percentage
set forth opposite such Lender's name in Schedule 1 of Amendment Number Three (in the case of the First Deferred Tranche) and in
Schedule 1 of Amendment Number Five (in the case of the Second Deferred Tranche). If any Lender becomes a Lender pursuant to an
assignment pursuant to Section 11.11.1, its Commitment shall be the aggregate of (A) the amount set forth as such Lender's
Commitment in the related Lender Assignment Agreement and (B) its Percentage of the amount of each Deferred Tranche as at
the Second Deferred Tranche Effective Date calculated by reference to the Percentage set forth as such Lender's Commitment in the
related Lender Assignment Agreement. In each case such amount may be reduced from time to time pursuant to Section 2.2(b) or
reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 11.11.1.

 

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Notwithstanding the foregoing,
each Lender's Commitment shall terminate (a) in the case of the Loan (other than the Deferred Tranches), on the earlier of
(i) the Commitment Termination Date if the Purchased Vessel is not delivered prior to such date and (ii) the delivery
of the Purchased Vessel, (b) in the case of the First Deferred Tranche, on the last Repayment Date falling during the First
Deferral Period and (c) in the case of the Second Deferred Tranche, on the last Repayment Date falling during the Second Deferral
Period.

 

		(b)	The Borrower may, by notice to the Facility
Agent, at any time (i) prior to the date that is not less than 62 days prior to the expected Disbursement Date in respect
of the Loan (other than in respect of the Deferred Tranches), without premium or penalty, terminate, or from time to time reduce,
the Commitments and (ii) prior to the date on which the Commitments have been terminated but less than 62 days prior to the
expected Disbursement Date in respect of the Loan (other than in respect of the Deferred Tranches), and subject to Section 4.4,
terminate, or from time to time reduce, the Commitments. Any such termination or reduction of the Commitments shall be applied
to the respective Commitments of the Lenders, pro rata according to the amounts of their respective Commitments. Where the Commitments
are cancelled in full or in part the Borrower shall pay on the date of such cancellation all amounts, including any fees and commissions
which have accrued but remain unpaid at such date, which are due and owing to the Facility Agent and the Lenders at such date to
the extent that such amounts, other than principal of the Loan, are the subject of invoices from the Facility Agent to the Borrower
received by the Borrower not less than two (2) Business Days prior to the date of such cancellation. Otherwise, such amounts
shall be payable by the Borrower following the date of such cancellation upon the second (2nd) Business Day following receipt of
the relevant invoices.

 

		(c)	If any Lender shall default in its obligations
under Section 2.1, the Facility Agent shall, at the request of the Borrower, use reasonable efforts to assist the Borrower
in finding a bank or financial institution acceptable to the Borrower to replace such Lender.

 

SECTION 2.3. Borrowing
Procedure.

 

		(a)	In the case of the Loan (other than in
respect an advance under a Deferred Tranche), the Borrower shall deliver a Loan Request and the documents required to be delivered
pursuant to Section 5.1.1(a) to the Facility Agent on or before 11:00 a.m., London time, not less than two (2) Business
Days in advance of the date that is two (2) Business Days prior to the anticipated Delivery Date. The aggregate amount of
the Loan (excluding the Deferred Tranches) to be advanced shall not exceed the US Dollar Maximum Loan Amount.

 

Subject to the satisfaction of
the condition precedent referred to in Section 5.1.9, drawings under the Deferred Tranches shall be automatically advanced
in the manner contemplated by Recital (C).

 

    29 

     

    

 

		(b)	The Facility Agent shall promptly notify
each Lender of any Loan Request by forwarding a copy thereof to each Lender, together with its attachments. On the terms and subject
to the conditions of this Agreement, the Loan shall be made on the Business Day specified in such Loan Request. On or before 2:00
p.m., London time, on the Business Day specified in such Loan Request, the Lenders shall, without any set-off or counterclaim,
deposit with the Facility Agent same day Dollar funds in an amount equal to such Lender's Percentage of the requested Loan. Such
deposit will be made to an account which the Facility Agent shall specify from time to time by notice to the Lenders. To the extent
funds are so received from the Lenders, the Facility Agent shall, without any set-off or counterclaim, make such funds available
to the Borrower on the Business Day specified in the Loan Request by wire transfer of same day funds to the account or accounts
the Borrower shall have specified in its Loan Request.

 

		(c)	The Borrower shall, upon receipt of the
Dollar funds into the account referred to in Section 2.3(b) above, (i) complete the purchase of EUR with
its counterparties or otherwise as set out in the Loan Request (by authorising and instructing the Facility Agent to remit the
necessary Dollar funds to the said counterparties) and shall procure the payment of all EUR proceeds of such transactions to the
EUR Pledged Account no later than the Business Day immediately following the Business Day specified in the Loan Request and (ii) to
the extent of any such Dollar funds as shall not be used to purchase EUR, shall procure (by authorising and instructing the Facility
Agent accordingly) the payment of such Dollar funds to the Dollar Pledged Account on the Disbursement Date. This Section 2.3(c) is
not applicable to the Deferred Tranches.

 

		(d)	Upon the date of delivery to the Borrower
of the Purchased Vessel, the Facility Agent shall direct that moneys standing to the credit of the Pledged Accounts shall, in the
manner set out in the Loan Request and in accordance with the requirements and provisions of the Pledge Agreement, be disbursed
as follows:

 

		(i)	in EUR, to the account of the Builder, as designated by the Builder and identified by the Borrower
in the Loan Request, to the extent necessary to meet the final instalment of the Contract Price (including any portion thereof
attributable to the Buyer's Allowance); and

 

		(ii)	in Dollars, (y) to Hermes in payment of the Second Fee; and (z) to the account of the
Borrower, as designated by the Borrower and identified by the Borrower in the Loan Request, in reimbursement of the First Fee and
in respect of any additional amounts standing to the Dollar Pledged Account as of the date of such disbursement,

 

and such moneys shall be so disbursed
on the said date of delivery.

 

SECTION 2.4. Funding.
Each Lender may, if it so elects, fulfill its obligation to make or continue its portion of the Loan hereunder by causing a branch
or Affiliate (or an international banking facility created by such Lender) other than that indicated next to its signature to this
Agreement or, as the case may be, in the relevant Lender Assignment Agreement, to make or maintain such portion of the Loan; provided
that such portion of the Loan shall nonetheless be deemed to have been made and to be held by such Lender, and the obligation of
the Borrower to repay such portion of the Loan shall nevertheless be to such Lender for the account of such foreign branch, Affiliate
or international banking facility; provided, further, that the Borrower shall not be required to pay any amount under
Sections 4.2(c), 4.3, 4.4, 4.5, 4.6 and 4.7 that is greater than the amount which it
would have been required to pay had the Lender not caused such branch or Affiliate (or international banking facility) to make
or maintain such portion of the Loan.

 

    30 

     

    

 

ARTICLE III

  

REPAYMENTS, PREPAYMENTS, INTEREST AND FEES

 

SECTION 3.1. Repayments.

 

		(a)	Subject to Section 3.1.b), the
Borrower shall repay the Loan in the instalments and on the dates set out in Exhibit F, it being acknowledged and agreed that
the repayment installments of the Loan falling during the Second Deferral Period (and for this purpose including the repayment
installments of the First Deferred Tranche falling due during this period) shall be deemed to be repaid pursuant to a deemed advance
of the Second Deferred Tranche to be made on each relevant Repayment Date falling during such Second Deferral Period and being,
in each case, in an amount equal to the principal amount of the Loan (including the relevant part of the First Deferred Tranche)
falling due for payment on those Repayment Dates.

 

		(b)	If, on the date of delivery of the
Purchased Vessel, the outstanding principal amount of the Loan exceeds the US Dollar Maximum Loan Amount (as a result of a reduction
in the Contract Price after the Disbursement Date and before the delivery of the Purchased Vessel), the Borrower shall repay the
Loan in an amount equal to such excess within two (2) Business Days after the date of delivery of the Purchased Vessel. Any
such partial prepayment shall be applied pro rata in satisfaction of the remaining repayment installments of the Loan.

 

		(c)	Without prejudice to the availability
of the Deferred Tranches, no such amounts repaid by the Borrower pursuant to this Section 3.1 may be re-borrowed under
the terms of this Agreement.

 

SECTION 3.2. Prepayment.
The Borrower:

 

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

 

		(i)	all such voluntary prepayments shall require (x) for prepayments on or after the Disbursement
Date made prior to delivery of the Purchased Vessel in respect of the advance made on the Disbursement Date, at least two (2) Business
Days' prior written notice to the Facility Agent, and (y) for all other prepayments, at least 30 calendar days' prior written
notice, if all or any portion of the Loan is a Fixed Rate Loan, and at least five (5) Business Days' (or, if such prepayment
is to be made on the last day of an Interest Period for such Loan, four (4) Business Days') prior written notice, if the Loan
is a Floating Rate Loan, in each case to the Facility Agent; and

 

		(ii)	all such voluntary partial prepayments shall be in an aggregate minimum amount of $10,000,000 and
a multiple of $1,000,000 (or in the remaining amount of the Loan) and shall be applied in inverse order of maturity or ratably
among all remaining installments, as the Borrower shall designate to the Facility Agent, in satisfaction of the remaining repayment
installments of the Loan; and

 

		(b)	shall, immediately upon any acceleration
of the repayment of the installments of the Loan pursuant to Section 8.2 or 8.3 or the mandatory prepayment
of the Loan pursuant to Section 9.2, repay the Loan.

 

    31 

     

    

 

Each prepayment of the Loan made pursuant
to this Section shall be without premium or penalty, except as may be required by Section 4.4. No amounts prepaid
by the Borrower may be re-borrowed under the terms of this Agreement except as provided in Section 3.7 and the last paragraph
of Section 9.1 (which follows Section 9.1.11).

 

SECTION 3.3. Interest
Provisions. Interest on the outstanding principal amount of the Loan shall accrue and be payable in accordance with this
Section 3.3.

 

SECTION 3.3.1.
Rates. The Loan (other than the Deferred Tranches) shall accrue interest from the Disbursement Date to the date of repayment or
prepayment of the Loan (other than the Deferred Tranches) in full to the Lenders at the Fixed Rate, subject to (i) any election
made by the Borrower to elect the Floating Rate pursuant to Section 3.3.2 or (ii) any conversion of any portion
of the Loan (other than the Deferred Tranches) held by a Lender to a Floating Rate Loan upon the termination of the Interest Make-Up
Agreement to which such Lender is a party in accordance with Section 3.3.3. A Deferred Tranche shall accrue interest
from the first Repayment Date to fall during the relevant Advanced Loan Deferral Period applicable to that Deferred Tranche (or,
in the case of a further advance in respect of a Deferred Tranche after the first advance and in respect of that further advance,
from the relevant Repayment Date in respect of the Loan to which that further advance of that Deferred Tranche relates) to the
date of repayment or prepayment of that Deferred Tranche in full to the Lenders at the Floating Rate. The first advance and the
second advance in respect of a Deferred Tranche shall be consolidated at and run concurrently from the time of the making of the
second advance in respect of that Deferred Tranche and interest on the advances in respect of that Deferred Tranche shall be payable
on each Repayment Date (it being acknowledged and agreed that repayment installments for the First Deferred Tranche which are deemed
to be repaid by advances under the Second Deferred Tranche in accordance with Section 3.1(a) shall become subject to
the Floating Rate for the Second Deferred Tranche as at the time of such deemed repayment). Interest calculated at the Fixed Rate
or the applicable Floating Rate shall be payable semi-annually in arrears on each Interest Payment Date and on the Repayment Dates.
The Loan shall bear interest from and including the first day of the applicable Interest Period to (but not including) the last
day of such Interest Period at the interest rate determined as applicable to the Loan. All interest shall be calculated on the
basis of the actual number of days elapsed over a year comprised of 360 days.

 

SECTION 3.3.2.
Election of Floating Rate.

 

		(a)	By written notice to the Facility Agent
delivered prior to the date that is not less than 62 days prior to the expected Disbursement Date, the Borrower may elect, without
incurring any liability to make any payments pursuant to Section 4.4 or to pay any other indemnity or compensation obligation,
to pay interest on the Loan at the Floating Rate.

 

		(b)	By written notice to the Facility Agent
delivered less than 62 days prior to the expected Disbursement Date, the Borrower may elect, subject to Section 4.4, to pay
interest on the Loan at the Floating Rate.

 

		(c)	By written notice to the Facility Agent
no later than 2:00 p.m. Frankfurt time 32 days prior to the end of an Interest Period, the Borrower may elect, subject to
Section 4.4, to pay interest on all of the Loan for the remainder of the term of the Loan at the Floating Rate, with effect
from the end of that Interest Period.

 

		(d)	Any election made under any of Section 3.3.2.a),
Section 3.3.2.b) or Section 3.3.2.c) may only be made one time during the term of the Loan and shall be irrevocable.

 

    32 

     

    

 

SECTION 3.3.3.
Conversion to Floating Rate. If, during any Interest Period, the Interest Make-Up Agreement in effect with any Lender is terminated
for any reason (other than as a result of the negligence or willful misconduct of such Lender), then the portion of the Loan held
by such Lender which is not already a Floating Rate Loan shall convert to a Floating Rate Loan on the last day of such Interest
Period, and the Borrower shall pay interest on such portion of the Loan at the Floating Rate on such portion for the remainder
of the term of the Loan. The Borrower shall not incur any liability to make any payments pursuant to Section 4.4 or
to pay any other indemnity or compensation obligation in connection with any such conversion. For the avoidance of doubt, Section 3.3.3
shall not apply as a result of any action by the Borrower, including the termination of the Commitment, any voluntary or mandatory
prepayment other than pursuant to Section 9.1.10 or Section 3.2(a)(i)(x), as the case may be, acceleration of
the Loan due to the occurrence of an Event of Default or an election by the Borrower pursuant to Section 3.3.2.

 

SECTION 3.3.4.
Post-Maturity Rates. After the date any principal amount of the Loan is due and payable (whether on any Repayment Date, upon acceleration
or otherwise), or after any other monetary Obligation of the Borrower shall have become due and payable, the Borrower shall pay,
but only to the extent permitted by law, interest (after as well as before judgment) on such amounts for each day during the period
of such default at a rate per annum certified by the Facility Agent to the Borrower (which certification shall be conclusive in
the absence of manifest error) to be equal to (a) in the case of (i) principal of and interest on the Loan payable to
each Option A Lender or (ii) interest on the Loan payable to each Option B Lender, the sum of the Floating Rate plus 3% per
annum and (b) in the case of any other monetary Obligation, the sum of the Floating Rate plus 2% per annum.

 

SECTION 3.3.5.
Payment Dates. Interest accrued on the Loan shall be payable, without duplication, on the earliest of:

 

		(a)	each Interest Payment Date;

 

		(b)	each Repayment Date;

 

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

 

		(d)	on that portion of the Loan the repayment
of which is accelerated pursuant to Section 8.2 or Section 8.3, immediately upon such acceleration.

 

SECTION 3.3.6.
Interest Rate Determination; Replacement Reference Banks. The Facility Agent shall obtain from each Reference Bank timely information
for the purpose of determining the LIBO Rate in the event that no offered quotation appears on Reuters LIBOR01 Page (or any
successor page) and the LIBO Rate is to be determined by reference to quotations supplied by the Reference Banks. If any one or
more of the Reference Banks shall fail to furnish in a timely manner such information to the Facility Agent for any such interest
rate, the Facility Agent shall determine such interest rate on the basis of the information furnished by the remaining Reference
Banks. If the Borrower elects to add an additional Reference Bank hereunder or a Reference Bank ceases for any reason to be able
and willing to act as such, the Facility Agent shall, at the direction of the Required Lenders and after consultation with the
Borrower and the Lenders, appoint a replacement for such Reference Bank reasonably acceptable to the Borrower, and such replaced
Reference Bank shall cease to be a Reference Bank hereunder. The Facility Agent shall furnish to the Borrower and to the Lenders
each determination of the LIBO Rate made by reference to quotations of interest rates furnished by Reference Banks.

 

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

 

    33 

     

    

 

SECTION 3.4. Commitment
Fees. The Borrower agrees to pay to the Facility Agent for the account of each Lender a commitment fee (the "Commitment
Fee") on its daily unused portion of the Maximum Loan Amount (as such Maximum Loan Amount may be adjusted from time to
time), for the period commencing on the Effective Date and continuing through the earliest to occur (the "Commitment Fee
Termination Date") of (i) the Disbursement Date, (ii) the date upon which the Facility Agent has provided the
Borrower with written notice that the Lenders will not advance the Loan because the Commitments have been terminated pursuant to
Section 8.2 or 8.3, (iii) the Commitment Termination Date and (iv) the date the Commitments shall
have been terminated pursuant to Section 2.2(b). Should the Facility Agent provide the Borrower notice that the Lenders
will not advance the Loan because Hermes has cancelled the Hermes Insurance Policy, the Commitment Fees paid by the Borrower for
the account of each Lender shall be promptly refunded to the Borrower by such Lender Provided however that (i) no Lender shall
be obliged to refund any Commitment Fees to the Borrower in these circumstances if the cancellation of the Hermes Policy by Hermes
is primarily attributable to the Borrower and (ii) (where a refund is applicable) a Lender shall only be obliged to refund
to the Borrower amounts equal to (x) the portion of the Commitment Fes that that Lender has not paid to the Refinancing Bank
in accordance with the applicable Interest Make-Up Agreement and (y) the portion of the Commitment Fees that that Lender has
so paid to the Refinancing Bank and that such Lender actually recovers from the Refinancing Bank in the event of the cancellation
of the Hermes Policy (and each Lender agrees to request from the Refinancing Bank the amount of Commitment Fees that it has paid
to the Refinancing Bank).

 

SECTION 3.4.1.
Payment. The Commitment Fee shall be payable by the Borrower to the Facility Agent for the account of each Lender six-monthly in
arrears, with the first such payment (the "First Commitment Fee Payment") to be made on the day falling six months following
the Effective Date and the final such payment to be made on the Commitment Fee Termination Date (each date on which a Commitment
Fee payment is required to be made in accordance with this Section 3.4.1 referred to herein as a "Commitment Fee
Payment Date"). The Commitment Fee shall be in the amount in EUR equal to the product of the Applicable Commitment Rate, multiplied
by, for each day elapsed since the preceding Commitment Fee Payment Date (or, in the case of the First Commitment Fee Payment,
the Effective Date), the Maximum Loan Amount, divided by 360 days; provided that the Borrower may elect to pay the Commitment
Fee on any Commitment Fee Payment Date in Dollars by giving notice to the Facility Agent five (5) Business Days before such
date. If the Borrower elects to pay the Commitment Fee in Dollars, the exchange rate used to convert the fee from EUR to Dollars
shall be the 10 A.M. midpoint market fixing for the conversion of EUR to Dollars set by the Federal Reserve Bank of New
York two (2) Business Days prior to the relevant Commitment Fee Payment Date.

 

SECTION 3.5. CIRR
Fees. The Borrower agrees to pay to the Facility Agent for the account of the CIRR Representative a fee of 0.01% per annum
(the "CIRR Fee") on the Maximum Loan Amount as at the Effective Date, for the period commencing on November 30,
2013 and continuing until the earliest of (i) the date falling sixty (60) days prior to the expected Disbursement Date, (ii) the
date falling thirty-two (32) days after the date on which the Borrower elects the Floating Rate pursuant to Section 3.3.2
or, as to any portion of the Loan converted to a Floating Rate Loan pursuant to Section 3.3.3, the date on which such
portion so converts to a Floating Rate Loan, (iii) the date upon which the Facility Agent has provided written notice to the
Borrower that the Lenders will not advance the Loan because the Commitments shall have been terminated pursuant to Section 8.2
or 8.3 and (iv) any other date on which the Commitments shall have been terminated.

 

SECTION 3.5.1.
Payment. The CIRR Fee shall be payable by the Borrower in EUR quarterly in arrears from the date of commencement of the period
described in Section 3.5 and, if applicable, on the earliest of (i) the date falling sixty (60) days prior to
the expected Disbursement Date, (ii) the date falling thirty-two (32) days after the date on which the Borrower elects the
Floating Rate pursuant to Section 3.3.2 or, as to any portion of the Loan converted to a Floating Rate Loan pursuant
to Section 3.3.3, the date on which such portion so converts to a Floating Rate Loan, (iii) the date upon which
the Facility Agent has provided written notice to the Borrower that the Lenders will not advance the Loan because the Commitments
shall have been terminated pursuant to Section 8.2 or 8.3 and (iv) any other date on which the Commitments
shall have been terminated.

 

    34 

     

    

 

SECTION 3.6. Other
Fees. The Borrower agrees to pay to the Facility Agent the agreed-upon fees set forth in the Fee Letters on the dates and
in the amounts set forth therein.

 

SECTION 3.7. Temporary Repayment.
If the proceeds of the Loan have not been utilised directly or indirectly to pay for delivery of the Purchased Vessel within 15
days after the initial Disbursement Date and have been deposited in accordance with Section 4.12, the Borrower may,
by notice to the Facility Agent in accordance with Section 3.2(a) and specifying that such prepayment may be re-borrowed
under this Agreement, prepay the Loan, together with accrued interest on the Loan so prepaid, and shall be entitled to utilise
funds standing to the credit of the Pledged Accounts for the purpose of applying these in or towards satisfaction of such prepayment
obligation. If the Purchased Vessel is subsequently delivered, the Borrower shall be permitted to submit one additional Loan Request
in accordance with Section 2.3 to re-borrow the Loan previously prepaid under this Section; provided, however,
that the date of funding of any such re-borrowed Loan shall not be later than the Commitment Termination Date and provided,
further, that such date of funding shall be the Disbursement Date for all purposes hereunder with respect to such re-borrowed
Loan. Prepayment of the Loan made pursuant to this Section shall be without premium or penalty, except as may be required
by Section 4.4.

 

SECTION 3.8. Limit on Interest Make-Up.     If,
in relation to any Interest Period during which any portion of the Loan held by a Lender carries interest at the Fixed Rate, the
amount of the interest make-up to be received by such Lender pursuant to the applicable Interest Make-Up Agreement entered into
by such Lender is limited to an annual rate of twelve per cent. (12%) per annum by virtue of the provisions of Section 1.1
of the Terms and Conditions, the Borrower shall pay to the Facility Agent for the account of such Lender an additional amount by
way of interest equal to the amount of the interest make-up forgone by the relevant Lender as a consequence of such limitation.
Such additional amount shall be payable by the Borrower within five (5) Business Days following receipt by the Borrower from
the Facility Agent of the relevant Lender's invoice accompanied by reasonable calculation and explanation of the additional amount
in question.

 

SECTION 3.9. Cancellation
of Interest Make-Up Agreements. No Lender shall be entitled to cancel or terminate the Interest Make-Up Agreement to which it is
a party without the prior written consent of the Borrower.

 

ARTICLE IV

 

CERTAIN LIBO RATE AND OTHER PROVISIONS

 

SECTION 4.1. LIBO
Rate Lending Unlawful. If after the Effective Date the introduction of or any change in or in the interpretation of any
law makes it unlawful, or any central bank or other governmental authority having jurisdiction over such Lender asserts that it
is unlawful, for such Lender to make, continue or maintain its portion of the Loan bearing interest at a rate based on the LIBO
Rate, the obligation of such Lender to make, continue or maintain its portion of the Loan bearing interest at a rate based on the
LIBO Rate shall, upon notice thereof to the Borrower, the Facility Agent and each other Lender, forthwith be suspended until the
circumstances causing such suspension no longer exist, provided that such Lender's obligation to make, continue and maintain
its portion of the Loan hereunder shall be automatically converted into an obligation to make, continue and maintain its portion
of the Loan bearing interest at a rate to be negotiated between such Lender and the Borrower that is the equivalent of the sum
of the LIBO Rate for the relevant Interest Period plus the applicable Floating Rate Margin.

 

    35 

     

    

 

SECTION 4.2. Deposits
Unavailable. If, on or after the date the Borrower elects the Floating Rate pursuant to Section 3.3.2 or if
any Lender shall have entered into an Option B Interest Make-Up Agreement (an "Option B Lender") or at any time
in which a Deferred Tranche is outstanding, the Facility Agent shall have determined that:

 

		(a)	Dollar deposits in the relevant amount
and for the relevant Interest Period are not available to each Reference Bank in its relevant market, or

 

		(b)	by reason of circumstances affecting
the Reference Banks' relevant markets, adequate means do not exist for ascertaining the interest rate applicable hereunder to LIBO
Rate loans for the relevant Interest Period, or

 

		(c)	the cost to Option B Lenders that in
the aggregate hold more than 50% of the aggregate outstanding principal amount of the Loan then held by Option B Lenders, if any
Lender shall have entered into an Option B Interest Make-Up Agreement, of obtaining matching deposits in the relevant interbank
market for the relevant Interest Period would be in excess of the LIBO Rate (provided that no Option B Lender may exercise its
rights under this Section 4.2(c)) for amounts up to the difference between such Option B Lender's cost of obtaining matching
deposits on the date such Option B Lender becomes a Lender hereunder less the LIBO Rate on such date),

 

then the Facility Agent shall
give notice of such determination (hereinafter called a "Determination Notice") to the Borrower and each of the
Lenders. The Borrower, the Lenders and the Facility Agent shall then negotiate in good faith in order to agree upon a mutually
satisfactory interest rate and interest period (or interest periods) to be substituted for those which would otherwise have applied
under this Agreement. If the Borrower, the Lenders and the Facility Agent are unable to agree upon an interest rate (or rates)
and interest period (or interest periods) prior to the date occurring fifteen (15) Business Days after the giving of such Determination
Notice, the Facility Agent shall (after consultation with the Lenders) set an interest rate and an interest period (or interest
periods), in each case to take effect at the end of the Interest Period current at the date of the Determination Notice, which
rate (or rates) shall be equal to the sum of the applicable Floating Rate Margin and the weighted average of the corresponding
interest rates at or about 11:00 a.m. (London time) two (2) Business Days before the commencement of the relevant Interest
Period on Reuters' pages KLIEMMM, GARBIC01 and FINA01 (or such other pages as may replace Reuters' pages KLIEMMM,
GARBIC01 or FINA01 on Reuters' service) (or, in the case of clause (c) above, the lesser of (x) the respective cost to
the Option B Lenders of funding the respective portions of the Loan held by such Option B Lenders and (y) such weighted average).
The Facility Agent shall furnish a certificate to the Borrower as soon as reasonably practicable after the Facility Agent has given
such Determination Notice setting forth such rate(s). In the event that the circumstances described in this Section 4.2
shall extend beyond the end of an interest period agreed or set pursuant hereto, the foregoing procedure shall be repeated as often
as may be necessary.

 

SECTION 4.3. Increased
LIBO Rate Loan Costs, etc. If after the Effective Date a change in any applicable treaty, law, regulation or regulatory
requirement or in the interpretation thereof or in its application to the Borrower, or if compliance by any Lender with any applicable
direction, request, requirement or guideline (whether or not having the force of law) of any governmental or other authority including,
without limitation, any agency of the European Union or similar monetary or multinational authority insofar as it may be changed
or imposed after the date hereof, shall:

 

		(a)	subject any Lender to any taxes, levies,
duties, charges, fees, deductions or withholdings of any nature with respect to its portion of the Loan or any part thereof imposed,
levied, collected, withheld or assessed by any jurisdiction or any political subdivision or taxing authority thereof (other than
taxation on overall net income and, to the extent such taxes are described in Section 4.6, withholding taxes); or

 

    36 

     

    

 

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

 

		(c)	impose, modify or deem applicable any
reserve or capital adequacy requirements (other than the increased capital costs described in Section 4.5 and the reserve
costs described in Section 4.7) or other banking or monetary controls or requirements which affect the manner in which a Lender
shall allocate its capital resources to its obligations hereunder or require the making of any special deposits against or in respect
of any assets or liabilities of, deposits with or for the account of, or loans by, any Lender (provided that such Lender
shall, unless prohibited by law, allocate its capital resources to its obligations hereunder in a manner which is consistent with
its present treatment of the allocation of its capital resources); or

 

		(d)	impose on any Lender any other condition
affecting its portion of the Loan or any part thereof,

 

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

 

    37 

     

    

 

SECTION 4.4. Funding
Losses.

 

SECTION 4.4.1.
Indemnity. In the event any Lender shall incur any loss or expense (for the avoidance of doubt excluding loss of profit in the
event the Borrower has elected the Floating Rate pursuant to Section 3.3.2), by reason of the liquidation or re-employment
(at not less than the market rate) of deposits or other funds acquired by such Lender, to make, continue or maintain any portion
of the principal amount of its portion of the Loan as a result of:

 

		(a)	if at the time interest is calculated
at the Floating Rate on such Lender's portion of the Loan, any conversion or repayment or prepayment or acceleration of the principal
amount of such Lender's portion of the Loan (or relevant part thereof) on a date other than the scheduled last day of an Interest
Period or otherwise scheduled date for repayment or payment (including payments made in accordance with Section 3.1(b));

 

		(b)	if at the time interest is calculated
at the Fixed Rate on such Lender's portion of the Loan, any repayment or prepayment or acceleration of the principal amount of
such Lender's portion of the Loan, other than any repayment made on the date scheduled for such repayment;

 

		(c)	an election by the Borrower of the
Floating Rate in accordance with Section 3.3.2.b) or Section 3.3.2.c);

 

		(d)	a reduction or termination of the Commitments
by the Borrower pursuant to Section 2.2.b)(ii); or

 

		(e)	the Loan not being made in accordance
with the Loan Request therefor due to the fault of the Borrower or as a result of any of the conditions precedent set forth in
Article V not being satisfied,

 

		(i)	(a "Funding Losses Event") then, upon the written notice of such Lender to the
Borrower (with a copy to the Facility Agent), the Borrower shall, within five (5) Business Days of its receipt thereof:

 

		(A)	if at that time interest on the Loan (or any part thereof) is calculated at the Floating Rate on
such Lender's portion of the Loan, pay directly to the Facility Agent for the account of such Lender an amount (the "Floating
Rate Indemnity Amount") equal to the amount by which:

 

		(1)	interest calculated at the Floating Rate which such Lender would have received on its share of
the relevant amount of the Loan subject to such Funding Losses Event for the period from the date of receipt of any part of its
share in the relevant amount of the Loan to the last day of the applicable Interest Period,

 

		(B)	exceeds:

 

		(2)	the amount which such Lender would be able to obtain by placing an amount equal to the amount received
by it on deposit with a leading bank in the appropriate interbank market for a period starting on the Business Day following receipt
and ending on the last day of the applicable Interest Period; or

 

    38 

     

    

 

		(ii)	if at that time interest is calculated at the Fixed Rate on such Lender's portion of the Loan,
pay to the Facility Agent the sum of:

 

		(iii)	an amount equal to the amount by which:

 

 (A) interest calculated at the Fixed Rate which such Lender would have received on its share of the amount of the Loan subject to such Funding Losses Event for the period from the date of receipt of any part of its share of the Loan to the final scheduled date for the repayment of Loan in full pursuant to Section 3.1,

 

		(iv)	exceeds:

 

 (B) the amount by which such Lender would be able to obtain by placing an equal amount to the amount received by it on deposit and receiving interest equal to the money market rate then applicable to Dollars on the Reuters page "ICAP1" (the "Reinvestment Rate"),

 

		(v)	such amount to be discounted to present value at the Reinvestment Rate; and

 

 (A) an amount equal to the Floating Rate Indemnity Amount (and assuming for the purpose of this calculation that the interest on the Loan is calculated at the Floating Rate and not the Fixed Rate).

 

Any amounts received by the Facility
Agent under b.(A) above shall, unless otherwise advised by the CIRR Representative, be for the account of, and shall be payable
to, the CIRR Representative on behalf of the Federal Republic of Germany; and any amounts received by the Facility Agent under
b.(B) above in respect of a Lender's portion of the Loan shall be for the account of, and shall be payable to, the Refinancing
Bank (where such Lender is an Option A Lender) or to that Lender (where such Lender is an Option B Lender)

 

		(vi)	Such written notice shall include calculations in reasonable detail setting forth the loss or expense
to such Lender.

 

SECTION 4.5. Increased
Capital Costs. If after the Effective Date any change in, or the introduction, adoption, effectiveness, interpretation,
reinterpretation or phase-in of, any law or regulation, directive, guideline, decision or request (whether or not having the force
of law) of any court, central bank, regulator or other governmental authority increases the amount of capital required to be maintained
by any Lender or any Person controlling such Lender, and the rate of return on its or such controlling Person's capital as a consequence
of its Commitment or its portion of the Loan made by such Lender is reduced to a level below that which such Lender or such controlling
Person would have achieved but for the occurrence of any such change in circumstance, then, in any such case upon notice from time
to time by such Lender to the Borrower, the Borrower shall immediately pay directly to such Lender additional amounts sufficient
to compensate such Lender or such controlling Person for such reduction in rate of return. Any such notice shall (i) describe
in reasonable detail the capital adequacy requirements which have been imposed, together with the approximate date of the effectiveness
thereof, (ii) set forth the amount of such lowered return, (iii) describe the manner in which such amount has been calculated,
(iv) certify that the method used to calculate such amount is such Lender's standard method of calculating such amount, (v) certify
that such request for such additional amounts is consistent with its treatment of other borrowers that are subject to similar provisions
and (vi) certify that, to the best of its knowledge, such change in circumstances is of general application to the commercial
banking industry in the jurisdictions in which such Lender does business. In determining such amount, such Lender may use any method
of averaging and attribution that it shall, subject to the foregoing sentence, deem applicable. Each Lender agrees to use reasonable
efforts (consistent with its internal policy and legal and regulatory restrictions) to designate a different Lending Office if
the making of such a designation would avoid such reduction in such rate of return and would not, in the reasonable judgment of
such Lender, be otherwise disadvantageous to such Lender. Failure or delay on the part of any Lender to demand compensation pursuant
to this Section shall not constitute a waiver of such Lender's right to demand such compensation; provided that 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.

 

    39 

     

    

 

SECTION 4.6. Taxes.
All payments by any Obligor of principal of, and interest on, the Loan and all other amounts payable under any Loan Document, including
for the avoidance of doubt under any Fee Letter, shall be made free and clear of and without deduction for any present or future
income, excise, stamp or franchise taxes and other taxes, fees, duties, withholdings or other charges of any nature whatsoever
imposed by any taxing authority, but excluding franchise taxes and taxes imposed on or measured by any Lender's net income or receipts
of such Lender and franchise taxes imposed in lieu of net income taxes or taxes on receipts, by the jurisdiction under the laws
of which such Lender is organized or any political subdivision thereof or the jurisdiction of such Lender's Lending Office or any
political subdivision thereof or any other jurisdiction unless such net income taxes are imposed solely as a result of the applicable
Obligor’s activities in such other jurisdiction, and any taxes imposed under FATCA (such non-excluded items being called
 "Covered Taxes"). In the event that any withholding or deduction from any payment to be made by an Obligor under
any Loan Document is required in respect of any Covered Taxes pursuant to any applicable law, rule or regulation, then the
Borrower will:

 

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

 

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

 

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

 

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

 

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

 

    40 

     

    

 

 

If the Borrower fails to pay
any Covered Taxes when due to the appropriate taxing authority or fails to remit to the Facility Agent for the account of the
respective Lenders the required receipts or other required documentary evidence, the Borrower shall indemnify the Lenders for
any incremental withholding Covered Taxes, interest or penalties that may become payable by any Lender as a result of any such
failure (so long as such amount did not become payable as a result of the failure of such Lender to provide timely notice to the
Borrower of the assertion of a liability related to the payment of Covered Taxes). For purposes of this Section 4.6,
a distribution hereunder by the Facility Agent or any Lender to or for the account of any Lender shall be deemed a payment by
the Borrower.

 

If any Lender is entitled to
any refund, credit, deduction or other reduction in tax by reason of any payment made by the Borrower in respect of any Covered
Tax under this Section 4.6 or by reason of any payment made by the Borrower pursuant to Section 4.3, such
Lender shall use reasonable efforts to obtain such refund, credit, deduction or other reduction and, promptly after receipt thereof,
will pay to the Borrower such amount (plus any interest received by such Lender in connection with such refund, credit, deduction
or reduction) as is equal to the net after-tax value to such Lender of such part of such refund, credit, deduction or reduction
as such Lender reasonably determines is allocable to such Covered Tax or such payment (less out-of-pocket expenses incurred by
such Lender), provided that no Lender shall be obligated to disclose to the Borrower any information regarding its tax affairs
or tax computations.

 

Each Lender (and each Participant)
agrees with the Borrower and the Facility Agent that it will (i) in the case of a Lender or a Participant organized under
the laws of a jurisdiction other than the United States (a) provide to the Facility Agent and the Borrower an appropriately
executed copy of Internal Revenue Service Form W-8ECI certifying that any payments made to or for the benefit of such Lender
or such Participant are effectively connected with a trade or business in the United States (or alternatively, an Internal Revenue
Service Form W-8BEN claiming the benefits of a tax treaty, but only if the applicable treaty described in such form provides
for a complete exemption from U.S. federal income tax withholding), or any successor form, on or prior to the date hereof (or,
in the case of any assignee Lender or Participant, on or prior to the date of the relevant assignment or participation), in each
case attached to an Internal Revenue Service Form W-8IMY, if appropriate, (b) notify the Facility Agent and the Borrower
if the certifications made on any form provided pursuant to this paragraph are no longer accurate and true in all material respects
and (c) provide such other tax forms or other documents as shall be prescribed by applicable law, if any, or as otherwise
reasonably requested, to demonstrate, to the extent applicable, that payments to such Lender Party (or Participant) hereunder are
exempt from withholding under FATCA, and (ii) in all cases, provide such forms, certificates or other documents, as and when
reasonably requested by the Borrower, necessary to claim any applicable exemption from, or reduction of, Covered Taxes or any payments
made to or for benefit of such Lender Party or such Participant, provided that the Lender Party or Participant is legally
able to deliver such forms, certificates or other documents. For any period with respect to which a Lender (or assignee Lender
or Participant) has failed to provide the Borrower with the foregoing forms (other than if such failure is due to a change in law
occurring after the date on which a form originally was required to be provided (which, in the case of an Assignee Lender, would
be the date on which the original assignor was required to provide such form) or if such form otherwise is not required hereunder)
such Lender (or assignee Lender or Participant) shall not be entitled to the benefits of this Section 4.6 with respect
to Covered Taxes imposed by reason of such failure.

 

    	 	41	 

     

    

 

SECTION 4.7. Reserve
Costs. Without in any way limiting the Borrower's obligations under Section 4.3, the Borrower shall, in respect
of any Floating Rate Loan, pay to the Facility Agent for the account of each Lender on the last day of each Interest Period, so
long as the relevant Lending Office of such Lender is required to maintain reserves against "Eurocurrency liabilities"
under Regulation D of the F.R.S. Board, upon notice from such Lender, an additional amount equal to the product of the following
for the relevant amount of the Floating Rate Loan for each day during such Interest Period:

 

		(i)	the principal amount of the Floating Rate Loan outstanding on such day; and

 

		(ii)	the remainder of (x) a fraction the numerator of which is the rate (expressed as a decimal)
at which interest accrues on the Floating Rate Loan for such Interest Period as provided in this Agreement (less, if applicable,
the applicable Floating Rate Margin) and the denominator of which is one minus any increase after the 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 Lending Office) if such efforts would not, in the reasonable judgment of such Lender, be
otherwise disadvantageous to such Lender.

 

SECTION 4.8. Payments,
Computations, etc.

 

		(a)	Unless otherwise expressly provided,
all payments by an Obligor pursuant to this Agreement or any other Loan Document shall be made by such Obligor to the Facility
Agent for the pro rata account of the Lenders entitled to receive such payment. All such payments required to be made to the Facility
Agent shall be made, without set-off, deduction or counterclaim, not later than 11:00 a.m., New York time, on the date due, in
same day or immediately available funds through the New York Clearing House Interbank Payments System (or such other funds as may
be customary for the settlement of international banking transactions in Dollars), to such account as the Facility Agent shall
specify from time to time by notice to the Borrower. Funds received after that time shall be deemed to have been received by the
Lenders on the next succeeding Business Day.

 

		(b)	Each Option A Lender hereby instructs
the Facility Agent to remit all payments of interest made with respect to any portion of the Loan held by such Option A Lender
to the Refinancing Bank (A) less (x) the Fixed Rate Margin and (y) the CIRR administrative fee of 0.39% but plus
(z) an agreed refinancing margin and agreed bank margin, if interest on the portion of the Loan made by that Lender is then
calculated at the Fixed Rate, or (B) less (x) the applicable Floating Rate Margin but plus (y) an agreed
refinancing margin and bank margin, if interest on that portion of the Loan (or any part thereof) is then calculated at the Floating
Rate.

 

		(i)	Each Option B Lender hereby instructs the Facility Agent, with respect to any portion of the Loan
held by such Option B Lender, to pay directly to such Lender interest thereon at the Fixed Rate or the Floating Rate (whichever
is applicable), on the basis that, if interest on such portion of the Loan is then calculated at the Fixed Rate, such Option B
Lender will, where amounts are payable to the CIRR Representative by that Option B Lender under the Interest Make-Up Agreement,
account directly to the CIRR Representative on behalf of the Federal Republic of Germany for any such amounts payable by that Lender
under the Interest Make-Up Agreement to which such Lender is a party.

 

    	 	42	 

     

    

 

		(c)	The Facility Agent shall promptly (but
in any event on the same Business Day that the same are received or, as contemplated in clause (a) of this Section, deemed
received) remit in same day funds to each Lender its share, if any, of such payments received by the Facility Agent for the account
of such Lender without any set-off, deduction or counterclaim. All interest and fees shall be computed on the basis of the actual
number of days (including the first day but excluding the last day) occurring during the period for which such interest or fee
is payable over a year comprised of 360 days. Whenever any payment to be made shall otherwise be due on a day which is not a Business
Day, such payment shall (except as otherwise required by clause (a) of the definition of the term "Interest Period")
be made on the next succeeding Business Day and such extension of time shall be included in computing interest and fees, if any,
in connection with such payment.

 

SECTION 4.9. Replacement
Lenders, etc. If the Borrower shall be required to make any payment to any Lender pursuant to Section 4.2(c),
4.3, 4.4, 4.5, 4.6 or 4.7, the Borrower shall be entitled at any time (so long as no Default
and no Prepayment Event shall have occurred and be continuing) within 180 days after receipt of notice from such Lender of such
required payment to (a) terminate such Lenders Commitment (where upon the Percentage of each other Lender shall automatically
be adjusted to an amount equal to such Lender's ratable share of the remaining Commitments), (b) prepay the affected portion
of such Lender's Loan in full, together with accrued interest thereon through the date of such prepayment (provided that
the Borrower shall not terminate any Lender's Commitment pursuant to clause (a) or prepay any such Lender pursuant to this
clause (b) without replacing such Lender pursuant to the following clause (c) until a 30-day period shall have elapsed
during which the Borrower and the Facility Agent shall have attempted in good faith to replace such Lender), and/or (c) replace
such Lender with another financial institution (A) reasonably acceptable to the Facility Agent and (B) in the case of
a replacement Option A Lender, reasonably acceptable to the Refinancing Bank or, in the case of a replacement Option B Lender,
meeting the criteria set out in Section 2.2 of the Terms and Conditions, 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 Assignee Lenders in an aggregate amount at least
equal to the aggregate outstanding principal amount of the Loans 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 4.3, 4.4, 4.5, 4.6 and 4.7 to or for account of such Lender.

 

    	 	43	 

     

    

 

SECTION 4.10.
Sharing of Payments

 

SECTION 4.10.1.
Payments to Lenders

 

If a Lender (a "Recovering
Lender") receives or recovers any amount from an Obligor other than in accordance with Section 4.8 (Payments,
Computations, etc. ) (a "Recovered Amount") and applies that amount to a payment due under the Loan Documents
then:

 

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

 

		(b)	the Facility Agent shall determine
whether the receipt or recovery is in excess of the amount the Recovering Lender would have been paid had the receipt or recovery
been received or made by the Facility Agent and distributed in accordance with the said Section 4.8, without taking account
of any taxes which would be imposed on the Facility Agent in relation to the receipt, recovery or distribution; and

 

		(c)	the Recovering Lender shall, within
three (3) Business Days of demand by the Facility Agent, pay to the Facility Agent an amount (the "Sharing Payment")
equal to such receipt or recovery less any amount which the Facility Agent determines may be retained by the Recovering Lender
as its share of any payment to be made, in accordance with any applicable provisions of this Agreement.

 

SECTION 4.10.2.
Redistribution of payments

 

The Facility Agent shall treat
the Sharing Payment as if it had been paid by the Borrower and distribute it between the Lenders (other than the Recovering Lender)
(the "Sharing Lenders") in accordance with the provisions of this Agreement towards the obligations of the Borrower
to the Sharing Lenders.

 

SECTION 4.10.3.
Recovering Lender's rights

 

On a distribution by the Facility
Agent under Section 4.10.2 of a payment received by a Recovering Lender from the relevant Obligor, as between that Obligor
and the Recovering Lender, an amount of the Recovered Amount equal to the Sharing Payment will be treated as not having been paid
by the relevant Obligor.

 

SECTION 4.10.4.
Reversal of redistribution

 

If any
part of the Sharing Payment received or recovered by a Recovering Lender becomes repayable to the Obligor and is repaid by that
Recovering Lender, then:

 

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

 

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

 

SECTION 4.10.5.
Exceptions

 

		(a)	This Section 4.10 shall not apply
to the extent that the Recovering Lender would not, after making any payment pursuant to this Section 4.10, have a valid and
enforceable claim against the relevant Obligor.

 

    	 	44	 

     

    

 

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

 

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

 

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

 

SECTION 4.11.
Set-off. Upon the occurrence and during the continuance of an Event of Default or a Prepayment Event, each Lender
shall have, to the extent permitted by applicable law, the right to appropriate and apply to the payment of the Obligations then
due and owing to it any and all balances, credits, deposits, accounts or moneys of any Obligor then or thereafter maintained with
such Lender; provided that any such appropriation and application shall be subject to the provisions of Section 4.10.
Each Lender agrees promptly to notify the applicable Obligor and the Facility Agent after any such set-off and application made
by such Lender; provided that the failure to give such notice shall not affect the validity of such set-off and application.
The rights of each Lender under this Section are in addition to other rights and remedies (including other rights of set-off
under applicable law or otherwise) which such Lender may have.

 

SECTION 4.12.
Use of Proceeds.

 

		(a)	The Borrower shall apply the proceeds
of the Loan in accordance with Section 2.3(c) and (d) and, in relation to the Disbursement Date, prior to such application,
such proceeds shall be held in an account or accounts of the Facility Agent in accordance with the provisions of Section 2.3(c);
without limiting the foregoing, no proceeds of the Loan will be used to acquire any equity security of a class which is registered
pursuant to Section 12 of the Securities Exchange Act of 1934 or any "margin stock", as defined in F.R.S. Board
Regulation U. If the proceeds of the Loan have not been paid either (A) to the Builder or its order in accordance with Section 2.3(d)(i) and
to Hermes and the Borrower in accordance with Section 2.3(d)(ii) or (B) to the Facility Agent (directly or indirectly)
in prepayment of the Loan under Sections 3.2(a) or 3.7 by 9:59 p.m. (London time) on the second Business Day after the
Disbursement Date, such proceeds shall continue to be pledged by the Borrower upon receipt in accordance with Section 2.3(c) as
collateral pursuant to the Pledge Agreement. On or prior to the date that is 15 days after the Disbursement Date, the Borrower
shall notify the Facility Agent whether the proceeds of the Loan are to be returned to the Facility Agent as prepayment in accordance
with Section 3.7 or to be held as cash collateral until the earlier of (A) disbursement in accordance with Section 2.3(d) or
(B) prepayment of the Loan pursuant to Sections 3.2(a) or 9.2.

 

		(b)	The Deferred Tranches shall be used
for the purpose set out in Recital (C) and accordingly the provisions of sub-section a. above shall not apply to the proceeds
of either Deferred Tranche.

 

    	 	45	 

     

    

 

ARTICLE V

 

CONDITIONS TO BORROWING

 

SECTION 5.1. Advance
of the Loan. The obligation of the Lenders to fund all or any portion of the Loan on the Disbursement Date shall be subject
to the prior or concurrent satisfaction of each of the conditions precedent set forth in this Section 5.1. The Facility
Agent shall advise the Lenders of the satisfaction of the conditions precedent set forth in this Section 5.1 prior
to funding on the Disbursement Date. Save for Section 5.1.9 below, no provision of this Section 5 shall be applicable
to a deemed advance of the Deferred Tranches.

 

SECTION 5.1.1.
Resolutions, etc. The Facility Agent shall have received from the Borrower:

 

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

 

		(i)	resolutions of its Board of Directors then in full force and effect authorizing the execution,
delivery and performance of this Agreement and each other Loan Document, and

 

		(ii)	Organic Documents of the Borrower,

 

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

 

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

 

SECTION 5.1.2.
Opinions of Counsel. The Facility Agent shall have received opinions, addressed to the Facility Agent and each Lender from:

 

		(a)	Watson Farley & Williams LLP,
counsel to the Borrower, as to Liberian Law, covering the matters set forth in Exhibit B-1 hereto;

 

		(b)	Norton Rose Fulbright LLP, counsel
to the Facility Agent and the Lenders, covering the matters set forth in Exhibit B-2 hereto; and

 

		(c)	Norton Rose Fulbright LLP, counsel
to the Facility Agent and the Lenders as to German law, an opinion addressed to the Facility Agent and the Lenders covering the
matters set forth in Exhibit B-3 hereto.

 

		(d)	Clifford Chance US LLP, United States
tax counsel to the Facility Agent for the benefit of Lenders, covering the matters set forth in Exhibit B-4 hereto,

 

		(e)	each such opinion to be updated to
take into account all relevant and applicable Loan Documents at the time of issue thereof.

 

SECTION 5.1.3.
Hermes Insurance Policy. (a) The Facility Agent or the Hermes Agent shall have received the Hermes Insurance Policy duly issued
and (b) Hermes shall not have, prior to the advance of the Loan, delivered to the Facility Agent or the Hermes Agent any notice
that the Federal Republic of Germany has determined that the Loan is excluded from cover under the Hermes Insurance Policy..

 

    	 	46	 

     

    

 

SECTION 5.1.4.
Closing Fees, Expenses, etc. The Facility Agent shall have received for its own account, or for the account of each Lender,
as the case may be, all fees that the Borrower shall have agreed in writing to pay to the Facility Agent (whether for its own account
or for the account of any of the Lenders) that are due and owing as of the date of such funding and all invoiced expenses of the
Facility Agent (including the agreed fees and expenses of counsel to the Facility Agent and the Hermes Fees) required to be paid
by the Borrower pursuant to Section 11.3 or that the Borrower has otherwise agreed in writing to pay to the Facility
Agent, in each case on or prior to the date of such funding.

 

SECTION 5.1.5.
Compliance with Warranties, No Default, etc. Both before and after giving effect to the funding of the Loan the following
statements shall be true and correct:

 

		(a)	the representations and warranties
set forth in Article VI (excluding, however, those set forth in Section 6.10) shall be true and correct in all
material respects except for those representations and warranties that are qualified by materiality or Material Adverse Effect,
which shall be true and correct, with the same effect as if then made; and

 

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

 

SECTION 5.1.6.
Loan Request. The Facility Agent shall have received a Loan Request duly executed by the Borrower together with:

 

		(a)	certified as true (by the Builder)
copies of the reimbursement request and supporting documents received by the Builder from the Borrower pursuant to Article XVII.1(b) of
the Construction Contract in relation to the incurred Buyer's Allowance;

 

		(b)	a copy of the final invoice from the
Builder showing the amount of the Contract Price (including the Buyer's Allowance) and the portion thereof payable to the Builder
on the Delivery Date under the Construction Contract; and

 

		(c)	copies of the wire transfers for all
payments by the Borrower to the Builder under the Construction Contract in respect of the Contract Price.

 

SECTION 5.1.7.
Foreign Exchange Counterparty Confirmations. The Facility Agent shall have received a copy of each foreign exchange counterparty
confirmation entered into by the Borrower in respect of the payment of the installments of the Contract Price (other than that
relating to the Buyer's Allowance).

 

SECTION 5.1.8.
Pledge Agreement. The Pledge Agreement shall be duly executed by the parties thereto and delivered to the Facility Agent on or
prior to the Disbursement Date.

 

SECTION 5.1.9.
Second Deferred Tranche.     No part of the Second Deferred Tranche shall be advanced pursuant to
Section 2.3 and Recital (C) unless the Facility Agent has, prior to the date of such advance, received written confirmation
from each Lender that it has obtained the necessary credit and other internal approvals to enable it to make its Commitment available
in respect of the Second Deferred Tranche and to participate in the Second Deferred Tranche in the manner contemplated by this
Agreement (and the Facility Agent shall inform the Borrower and the CIRR Representative once this condition has been satisfied).

 

    	 	47	 

     

    

 

ARTICLE VI

 

REPRESENTATIONS AND WARRANTIES

 

To induce the Lenders and the
Facility Agent to enter into this Agreement and to make the Loan hereunder, the Borrower represents and warrants to the Facility
Agent and each Lender as set forth in this Article VI as of the Effective Date, the Disbursement Date, the date of each additional
advance or deemed advance of any portion of the Loan (including any Deferred Tranche) after the Disbursement Date and on the Guarantee
Release Date (except as otherwise stated).

 

SECTION 6.1. Organization, etc.
The Borrower is a corporation validly organized and existing and in good standing under the laws of its jurisdiction of incorporation;
the Borrower is duly qualified to do business and is in good standing as a foreign corporation in each jurisdiction where the nature
of its business requires such qualification, except where the failure to be so qualified would not have a Material Adverse Effect;
and the Borrower has full power and authority, has taken all corporate action and holds all governmental and creditors' licenses,
permits, consents and other approvals necessary to enter into each Loan Document to which it is a party and to perform the Obligations.

 

SECTION 6.2. Due
Authorization, Non-Contravention, etc. The execution, delivery and performance by the Borrower of this Agreement and
each other Loan Document, are within the Borrower's corporate powers, have been duly authorized by all necessary corporate action,
and do not:

 

		(a)	contravene the Borrower's Organic Documents;

 

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

 

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

 

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

 

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

 

SECTION 6.3. Government
Approval, Regulation, etc. No authorization or approval or other action by, and no notice to or filing with, any governmental
authority or regulatory body or other Person is required for the due execution, delivery or performance by the Borrower of this
Agreement or any other Loan Document to which it is a party (except for authorizations or approvals not required to be obtained
on or prior to the Disbursement Date or that have been obtained or actions not required to be taken on or prior to the Disbursement
Date or that have been taken). The Borrower holds all governmental licenses, permits and other approvals required to conduct its
business as conducted by it on the Disbursement Date, except to the extent the failure to hold any such licenses, permits or other
approvals would not have a Material Adverse Effect.

 

SECTION 6.4. Compliance
with Laws.

 

		(a)	The Borrower is in compliance with
all applicable laws, rules, regulations and orders, except to the extent that the failure to so comply does not and would not reasonably
be expected to have a Material Adverse Effect.

 

    	 	48	 

     

    

 

		(b)	The Borrower has implemented and maintains
in effect policies and procedures designed to procure compliance by the Borrower, its Subsidiaries and their respective directors,
officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. The Borrower and its Subsidiaries and, to the
knowledge of the Borrower, their respective officers, employees, directors and agents, are in compliance with Anti-Corruption Laws
and applicable Sanctions, in all material respects and are not knowingly engaged in any activity that would reasonably be expected
to result in Borrower being designated as a Sanctioned Person.  None of (i) the Borrower, any Subsidiary or to the
knowledge of the Borrower or such Subsidiary any of their respective directors, officers or employees, or (ii) 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.

 

		(c)	The Borrower is in compliance with
all applicable Environmental Laws, except to the extent that the failure to so comply would not have a Material Adverse Effect.

 

SECTION 6.5. Validity, etc.
This Agreement constitutes the legal, valid and binding obligation of the Borrower enforceable in accordance with its terms, except
as the enforceability hereof may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors' rights
generally or by general equitable principles.

 

SECTION 6.6. No
Default, Event of Default or Prepayment Event. No Default, Event of Default or Prepayment Event has occurred and is continuing.

 

SECTION 6.7. Litigation.
There is no action, suit, litigation, investigation or proceeding pending or, to the knowledge of the Borrower, threatened against
the Borrower, that (i) except as set forth in filings made by the Borrower with the SEC in the Borrower's reasonable opinion
might reasonably be expected to materially adversely affect the business, operations or financial condition of the Borrower and
its Subsidiaries (taken as a whole) (collectively, "Material Litigation") or (ii) purports to affect the
legality, validity or enforceability of the Loan Documents or the consummation of the transactions contemplated hereby.

 

SECTION 6.8. The
Purchased Vessel. Immediately following the delivery of the Purchased Vessel to the Borrower under the Construction Contract,
the Purchased Vessel will be:

 

		(a)	legally and beneficially owned by the
Borrower or one of the Borrower's wholly owned Subsidiaries,

 

		(b)	registered in the name of the Borrower
or one of the Borrower's wholly owned Subsidiaries under the Bahamian or Maltese flag or such other flag as the parties may mutually
agree,

 

		(c)	classed as required by Section 7.1.4(b),

 

		(d)	free of all recorded Liens, other than
Liens permitted by Section 7.2.3,

 

		(e)	insured against loss or damage in compliance
with Section 7.1.5, and

 

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

 

SECTION 6.9. Obligations
rank pari passu. The Obligations rank at least pari passu in right of payment and in all other respects with all
other unsecured unsubordinated Indebtedness of the Borrower other than Indebtedness preferred as a matter of law.

 

    	 	49	 

     

    

 

SECTION 6.10.
Withholding, etc.. As of the Effective Date, no payment to be made by the Borrower under any Loan Document
is subject to any withholding or like tax imposed by any Applicable Jurisdiction.

 

SECTION 6.11.
No Filing, etc. Required. No filing, recording or registration and no payment of any stamp, registration or
similar tax is necessary under the laws of any Applicable Jurisdiction to ensure the legality, validity, enforceability, priority
or admissibility in evidence of this Agreement or the other Loan Documents (except for filings, recordings, registrations or payments
not required to be made on or prior to the Disbursement Date or that have been made).

 

SECTION 6.12.
No Immunity. The Borrower is subject to civil and commercial law with respect to the Obligations. Neither the Borrower
nor any of its properties or revenues is entitled to any right of immunity in any Applicable Jurisdiction from suit, court jurisdiction,
judgment, attachment (whether before or after judgment), set-off or execution of a judgment or from any other legal process or
remedy relating to the Obligations (to the extent such suit, court jurisdiction, judgment, attachment, set-off, execution, legal
process or remedy would otherwise be permitted or exist).

 

SECTION 6.13.
Investment Company Act. The Borrower is not required to register as an "investment company" within the
meaning of the Investment Company Act of 1940, as amended.

 

SECTION 6.14.
Regulation U. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying
margin stock, and no proceeds of the Loan will be used for a purpose which violates, or would be inconsistent with, F.R.S. Board
Regulation U. Terms for which meanings are provided in F.R.S. Board Regulation U or any regulations substituted therefor, as from
time to time in effect, are used in this Section with such meanings.

 

SECTION 6.15.
Accuracy of Information. The financial and other information (other than financial projections or other forward looking
information) furnished to the Facility Agent and the Lenders in writing by or on behalf of the Borrower by its chief financial
officer, treasurer or corporate controller in connection with the negotiation of this Agreement is, when taken as a whole, to the
best knowledge and belief of the Borrower, true and correct and contains no misstatement of a fact of a material nature. All financial
projections, if any, that have been furnished to the Facility Agent and the Lenders in writing by or on behalf of the Borrower
by its chief financial officer, treasurer or corporate controller in connection with this Agreement have been or will be prepared
in good faith based upon assumptions believed by the Borrower to be reasonable at the time made (it being understood that such
projections are subject to significant uncertainties and contingencies, many of which are beyond the Borrower's control, and that
no assurance can be given that the projections will be realized). All financial and other information furnished to the Facility
Agent and the Lenders in writing by or on behalf of the Borrower by its chief financial officer, treasurer or corporate controller
after the date of this Agreement shall have been prepared by the Borrower in good faith.

 

ARTICLE VII

COVENANTS

 

SECTION 7.1. Affirmative
Covenants. The Borrower agrees with the Facility Agent and each Lender that, from the Effective Date (or, where applicable,
from such time as may be stated in any applicable provision below) until all Commitments have terminated and all Obligations have
been paid in full, the Borrower will perform the obligations set forth in this Section 7.1.

 

    	 	50	 

     

    

 

SECTION 7.1.1.
Financial Information, Reports, Notices, Poseidon Principles etc. The Borrower will furnish, or will cause to be furnished, to
the Facility Agent (with sufficient copies for distribution to each Lender) the following financial statements, reports, notices
and information:

 

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

 

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

 

		(c)	together with each of the statements
delivered pursuant to the foregoing clause (a) or (b), a certificate, executed by the chief financial officer, the treasurer
or the corporate controller of the Borrower, showing, as of the last day of the relevant Fiscal Quarter or Fiscal Year compliance
with the covenants set forth in Section 7.2.4 (in reasonable detail and with appropriate calculations and computations in
all respects reasonably satisfactory to the Facility Agent);

 

		(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 SEC 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 Facility
Agent may from time to time reasonably request;

 

		(h)	on or before the later of (i) 31
July and (ii) 30 days after its own receipt of a Statement of Compliance in each calendar year, supply, or procure the
supply, to the Facility Agent (for distribution to Hermes and the Lenders) (in each case at the cost of the Borrower) of all information
necessary in order for any Lender to comply with its obligations under the Poseidon Principles in respect of the preceding year,
including, without limitation, all ship fuel oil consumption data required to be collected and reported in accordance with Regulation
22A of Annex VI (as collated and reported to the Purchased Vessel’s flag state using the verification report submitted to
that flag state) and any Statement of Compliance, in each case relating to the Purchased Vessel for the preceding calendar year,
provided always that such information shall be confidential information for the purposes of Section 11.15 and, accordingly,
no Lender shall publicly disclose such information with the identity of the Purchased Vessel or the Borrower (or, if applicable,
the Borrower’s wholly owned Subsidiary that then owns the Purchased Vessel) without the prior written consent of the Borrower
(it being expressly agreed however that, in accordance with the Poseidon Principles, such information will form part of the information
published regarding the relevant Lender’s portfolio climate alignment);

 

    	 	51	 

     

    

 

		(i)	whilst any Deferred Tranche is outstanding,
as soon as available and in any event within respectively five (5) Business Days, ten (10) and forty (40) days (or such
other period as Hermes or the Lenders may require from time to time) after the end of each monthly, bi-monthly and quarterly period
(save that the period in respect of the final quarter of each Fiscal Year shall be sixty (60) days) from the Second Deferred Tranche
Effective Date, the information required by the Debt Deferral Extension Regular Monitoring Requirements (as such information requirements
may be amended on the basis set out in the Debt Deferral Extension Regular Monitoring Requirements) (in reasonable detail and with
appropriate calculations and computations in all respects reasonably satisfactory to the Facility Agent);

 

		(j)	whilst any Deferred Tranche is outstanding,
upon the request of the Hermes Agent (acting on the instructions of Hermes), the Borrower and the Lenders shall provide information
in form and substance satisfactory to Hermes regarding arrangements in respect of Indebtedness for borrowed money of the Group
then existing or any such Indebtedness to be incurred by or made available to (as the case may be) the Group pursuant to binding
commitments (such information to be provided to Hermes in accordance with terms of the Hermes Agent’s request);

 

		(k)	during the period from the Second Deferred
Tranche Effective Date until the Covenant Modification Date, within five Business Days after the end of each month falling during
such period, a certificate, executed by the chief financial officer, the treasurer or the corporate controller of the Borrower,
showing, as of the last day of the immediately preceding month, compliance with the covenant set forth in Section 7.2.4(C); provided that
if, during such period, the Borrower is not in compliance with the covenant set forth in Section 7.2.4(C) as of
the last day of such month, the Borrower shall show compliance with such covenant as of the date such certificate is delivered;

 

		(l)	within 15 Business Days of the end
of each month throughout the Early Warning Monitoring Period, a certificate, executed by the chief financial officer, the treasurer
or the corporate controller of the Borrower, showing, as of the last day of the relevant month (i) the ratio of Adjusted Cash
Balance as of the last day of the most recently completed month to the Monthly Outflow for the month most recently ended (and showing
whether the Adjusted Cash Balance covers the Monthly outflow for at least the subsequent five-month period) and (ii) the Borrower’s
Adjusted EBITDA after Interest for the two consecutive Last Reported Quarters (in each case in reasonable detail and with appropriate
calculations and computations in all respects reasonably satisfactory to the Facility Agent);

 

		(m)	if the Borrower intends to make a Restricted
Voluntary Prepayment, not less than ten Business Days prior to the anticipated making of a Restricted Voluntary Prepayment, the
Borrower shall provide written notice to the Facility Agent of that Restricted Voluntary Prepayment (which notice shall set out
in reasonable detail the terms of that Restricted Voluntary Prepayment);

 

		(n)	as soon as the Borrower becomes aware
thereof, notice (with a copy to the Hermes Agent and Hermes) of any matter that has, or may, result in a breach of Section 7.1.11;
and

 

		(o)	on one occasion during each calendar
year from the start of the Financial Covenant Waiver Period until the Deferred Tranches have been repaid in full, the environmental
plan of the Borrower (and including the Group’s carbon emissions for the past two years (calculated according to methodologies
defined by the IMO or any other public methodology specified by the Borrower)) as required to be published pursuant to letter of
the Borrower issued pursuant to Amendment Number Five,

 

    	 	52	 

     

    

 

provided that information
required to be furnished to the Facility Agent under subsections (a), (b), (f) and (n) of this Section 7.1.1
shall be deemed furnished to the Facility Agent when available free of charge on the Borrower's website at http://www.rclinvestor.com
or the SEC's website at http://www.sec.gov.

 

SECTION 7.1.2.
Approvals and Other Consents.The Borrower will obtain (or cause to be obtained) all such governmental licenses, authorizations,
consents, permits and approvals as may be required for (a) each Obligor to perform its obligations under the Loan Documents
to which it is a party and (b) the operation of the Purchased Vessel in compliance with all applicable laws, except, in each
case, to the extent that failure to obtain (or cause to be obtained) such governmental licenses, authorizations, consents, permits
and approvals would not be expected to have a Material Adverse Effect.

 

SECTION 7.1.3.
Compliance with Laws, etc.The Borrower will, and will cause each of its Subsidiaries to, comply in all material respects with
all applicable laws, rules, regulations and orders, except (other than as described in 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 the Borrower, the maintenance
and preservation of its corporate existence (subject to the provisions of Section 7.2.6);

 

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

 

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

 

		(d)	compliance with all applicable Environmental
Laws;

 

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

 

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

 

SECTION 7.1.4.
The Purchased Vessel. The Borrower will:

 

		(a)	from the Delivery Date, cause the Purchased
Vessel to be exclusively operated by or chartered to the Borrower or one of the Borrower's wholly owned Subsidiaries, provided
that the Borrower or such Subsidiary may charter out the Purchased Vessel (i) to entities other than the Borrower and the
Borrower's wholly owned Subsidiaries and (ii) on a time charter with a stated duration not in excess of one year;

 

    	 	53	 

     

    

 

		(b)	from the Delivery Date, cause the Purchased
Vessel to be kept in such condition as will entitle her to classification by a classification society of recognized standing;

 

		(c)	from the Delivery Date, provide the
following to the Facility Agent with respect to the Purchased Vessel:

 

		(i)	evidence as to the ownership of the Purchased Vessel by the Borrower or one of the Borrower's wholly
owned Subsidiaries;

 

		(ii)	evidence of no recorded Liens on the Purchased Vessel, other than Liens permitted pursuant to Section 7.2.3;
and

 

		(iii)	a copy of the final commercial invoice in respect of the Purchased Vessel as provided by the Builder,
certified as a true and complete copy by an Authorized Officer of the Borrower, and including specific reference to the Buyer's
Allowance as part of the Contract Price; and

 

		(d)	within seven days after the Delivery
Date, provide the following to the Facility Agent with respect to the Purchased Vessel:

 

		(i)	evidence of the class of the Purchased Vessel; and

 

		(ii)	evidence as to all required insurance being in effect with respect to the Purchased Vessel.

 

SECTION 7.1.5.
Insurance. The Borrower will, from the Delivery Date, maintain or cause to be maintained with responsible insurance companies insurance
with respect to the Purchased Vessel against such casualties, third-party liabilities and contingencies and in such amounts, in
each case, as is customary for other businesses of similar size in the passenger cruise line industry (provided that in
no event will the Borrower or any Subsidiary be required to obtain any business interruption, loss of hire or delay in delivery
insurance) and will, upon request of the Facility Agent, furnish to the Facility Agent (with sufficient copies for distribution
to each Lender) at reasonable intervals a certificate of a senior officer of the Borrower setting forth the nature and extent of
all insurance maintained by the Borrower and certifying as to compliance with this Section.

 

SECTION 7.1.6.
Books and Records. The Borrower will keep books and records that accurately reflect all of its business affairs and transactions
and permit the Facility Agent and each Lender or any of their respective representatives, at reasonable times and intervals and
upon reasonable prior notice, to visit each of its offices, to discuss its financial matters with its officers and to examine any
of its books or other corporate records.

 

SECTION 7.1.7.
Hermes Insurance Policy/Federal Republic of Germany Requirement. The Borrower shall, on the reasonable request of the Hermes Agent
or the Facility Agent, provide such other information as required under the Hermes Insurance Policy and/or the Terms and Conditions
as necessary to enable the Hermes Agent or the Facility Agent to obtain the full support of Hermes and/or the government of the
Federal Republic of Germany (as the case may be) pursuant to the Hermes Insurance Policy and/or the Terms and Conditions (as the
case may be). The Borrower must pay to the Hermes Agent or the Facility Agent the amount of all reasonable costs and expenses reasonably
incurred by the Hermes Agent or the Facility Agent in connection with complying with a request by Hermes or the government of the
Federal Republic of Germany (as the case may be) for any additional information necessary or desirable in connection with the Hermes
Insurance Policy or the Terms and Conditions (as the case may be); provided that the Borrower is consulted before the Hermes
Agent or the CIRR Representative incurs any such cost or expense.

 

    	 	54	 

     

    

 

SECTION 7.1.8.
Notice of written amendments to Construction Contract. The Borrower shall furnish to the Facility Agent, as soon as practicable
after such amendment or modification is entered into, notice of any written amendment to or written modification of the Construction
Contract that (i) relates to the amount of the Cash Contract Price, (ii) relates to the date on which the Purchased Vessel
is to be delivered or (iii) (either by itself or when aggregated with earlier amendments or modifications, if any) results
in a decrease in the dimensions or capacity of the Purchased Vessel in terms of the number of passengers and/or staterooms by more
than five per cent. (5%).

 

SECTION 7.1.9.
Further assurances in respect of the Framework. While any Deferred Tranche is outstanding, the Borrower will from time to time
at the request of the Facility Agent promptly enter into good faith negotiations in respect of (a) amending this Agreement
to remove the carve-out of Section 7.2.4 from the provisions of Section 9.1.5 and/or (b) amending the financial
covenants set forth in this Agreement, resetting the testing of such financial covenants and/or supplementing those financial covenants
with additional financial covenants. A failure to reach an agreement under this paragraph following such good faith negotiations
shall not constitute an Event of Default or a Prepayment Event.

 

SECTION 7.1.10.
Equal treatment with Pari Passu Creditors. The Borrower undertakes with the Facility Agent that it shall ensure (and shall procure
that each other Group Member shall ensure) that the Lenders are treated equally in all respects with all other Pari Passu Creditors,
and accordingly:

 

		(i)	the Borrower shall enter into similar debt deferral, covenant amendment and replacement and mandatory
prepayment arrangements to those contemplated by Amendment Number Five in respect of each ECA Financing (and for this purpose excluding
any ECA Financings where the lenders under that ECA Financing do not provide their consent to such arrangements in circumstances
where the arrangements contemplated in respect of that ECA Financing are on substantially the same basis as set out in this Agreement
(as amended by Amendment Number Five) but including any financing which will, upon novation of the relevant facility agreement
to the Borrower, become an ECA Financing) as soon as reasonably practicable after the Second Deferred Tranche Effective Date (with
such amendments being on terms which shall not prejudice the rights of Hermes under this Agreement);

 

		(ii)	the Borrower shall promptly upon written request, supply the Facility Agent and the Hermes Agent
with information (in a form and substance satisfactory to the Facility Agent and Hermes Agent) regarding the status of the amendments
to be entered into in accordance with paragraph (i) above;

 

		(iii)	to enable the Borrower to comply with the requirements under paragraph (iv) below, prior to
any Group Member entering into any Restricted Credit Enhancement with a Pari Passu Creditor (other than a Restricted Credit Enhancement
granted in accordance with Section 7.2.11(a)(ii)), the Borrower shall promptly notify the Facility Agent (and such notification
shall include details of the new Lien or Group Member Guarantee and shall otherwise be in form and substance reasonably satisfactory
to the Facility Agent); and

 

		(iv)	at the same time as any relevant Restricted Credit Enhancement is provided to the relevant Pari
Passu Creditor (other than a Restricted Credit Enhancement granted in accordance with Section 7.2.11(a)(ii)), the Borrower,
any relevant Group Member and the Lenders shall enter into such documentation as may be necessary in the reasonable opinion of
the Facility Agent to ensure that the Lenders benefit from that Restricted Credit Enhancement on the same terms as the relevant
Pari Passu Creditor(s) and, where that Restricted Credit Enhancement is a Lien or a Group Member Guarantee, to share in that
Lien or Group Member Guarantee on a pari passu basis (and the Lenders agree to enter into such intercreditor documentation to reflect
such pari passu ranking (in a form and substance satisfactory to the Lenders (acting reasonably)) as may be required in connection
with such arrangements).

 

    	 	55	 

     

    

 

 

SECTION 7.1.11.
Performance of shipbuilding contract obligations. The Borrower shall (and shall procure that each of its Subsidiaries shall) comply
with its contractual commitments under and in respect of (i) each shipbuilding contract in existence as at the First Deferred
Tranche Effective Date (or which comes into existence at any time during which an amount of any Deferred Tranche remains outstanding)
entered into with the Builder and (ii) any option agreements or similar binding contractual commitments (whether in respect
of a firm order of a vessel or otherwise) in existence at the First Deferred Tranche Effective Date (or which comes into existence
at any time during which an amount of any Deferred Tranche remains outstanding) entered into by the Borrower (or any of its Subsidiaries)
and the Builder in connection with the potential entry into of a shipbuilding contract at a future point in time (it being agreed
that such obligation shall not require the Borrower or the relevant Subsidiary (as applicable) to exercise any option or other
contractual right thereunder), save that this Section 7.1.11 shall be subject to any amendment to any such shipbuilding contract,
option agreement, contract or other related document if such amendment has, in consultation with the Hermes Agent (acting on the
instructions of Hermes), been agreed between the Borrower or, as the case may be, relevant Subsidiary and the Builder.

 

SECTION 7.2. Negative
Covenants. The Borrower agrees with the Facility Agent and each Lender that, from the Effective Date until all Commitments
have terminated and all Obligations have been paid and performed in full, the Borrower will perform the obligations set forth in
this Section 7.2.

 

SECTION 7.2.1.
Business Activities. 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 complementary thereto or that are reasonable extensions thereof.

 

SECTION 7.2.2.
Indebtedness. Until the occurrence of the Guarantee Release Date (whereupon Section 7.2.2 of Exhibit O shall apply in
accordance with Section 7.3), the Borrower will not permit any of the Existing Principal Subsidiaries to create, incur, assume
or suffer to exist or otherwise become or be liable in respect of any Indebtedness, other than, without duplication, the following:

 

		(a)	Indebtedness secured by Liens of the
type described in Section 7.2.3;

 

		(b)	Indebtedness owing to the Borrower
or a direct or indirect Subsidiary of the Borrower;

 

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

 

		(d)	Indebtedness in an aggregate principal
amount, together with (but without duplication of) Indebtedness permitted to be secured under Section 7.2.3(d), at any one
time outstanding not exceeding (determined at the time of creation of such Lien or the incurrence by any Existing Principal Subsidiary
of such Indebtedness, as applicable) 10.0% of the total assets of the Borrower and its Subsidiaries taken as a whole as determined
in accordance with GAAP as at the last day of the most recent ended Fiscal Quarter;

 

		(e)	[RESERVED];

 

		(f)	obligations in respect of Hedging Instruments
entered into for the purpose of managing interest rate, foreign currency exchange or commodity exposure risk and not for speculative
purposes; and

 

		(g)	Indebtedness of Silverseas Cruise Holding
Ltd. And its Subsidiaries (“Silversea”) identified in Section 1 of Exhibit P hereto.

 

    	 	56	 

     

    

 

SECTION 7.2.3.
Liens. Until the occurrence of the Guarantee Release Date (whereupon Section 7.2.2 of Exhibit O shall apply in accordance
with Section 7.3), 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)	[RESERVED];

 

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

 

		(c)	the Construction Mortgage but only
to the extent that the same is discharged on the Delivery Date;

 

		(d)	in addition to other Liens permitted
under this Section 7.2.3, Liens securing Indebtedness in an aggregate principal amount, together with (but without
duplication of) Indebtedness permitted under Section 7.2.2(d), at any one time outstanding not exceeding (determined
at the time of creation of such Lien or the incurrence by any Existing Principal Subsidiary of such Indebtedness, as applicable)
(i) 10.0% of the total assets of the Borrower and its Subsidiaries (the "Lien Basket Amount") taken as a whole as
determined in accordance with GAAP as at the last day of the most recent ended Fiscal Quarter; provided, however that, if, at any
time, the Senior Debt Rating of the Borrower is less than Investment Grade as given by both Moody's and S&P, the Lien Basket
Amount shall be the greater of (x) 5.0% 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 and (y) $735,000,000;

 

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

 

		(f)	Liens on any asset of any corporation
that becomes a Subsidiary of the Borrower (other than a corporation that also becomes a Subsidiary of an Existing Principal Subsidiary)
after the 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;

 

    	 	57	 

     

    

 

		(g)	Liens securing Government-related Obligations;

 

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

 

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

 

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

 

		(k)	Liens for current crew's wages and
salvage;

 

		(l)	Liens arising by operation of law as
the result of the furnishing of necessaries for 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;

 

		(m)	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;

 

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

 

		(o)	normal and customary rights of set-off
upon deposits of cash or other Liens originating solely by virtue of any statutory or common law provision relating to bankers'
liens, rights of set-off or similar rights in favour of banks or other depository institutions;

 

		(p)	Liens in respect of rights of set-off,
recoupment and holdback in favour of credit card processors securing obligations in connection with credit card processing services
incurred in the ordinary course of business;

 

		(q)	Liens on cash or Cash Equivalents or
marketable securities securing:

 

		(i)	obligations in respect of Hedging Instruments entered into for the purpose of managing interest
rate, foreign currency exchange or commodity exposure risk and not for speculative purposes; or

 

		(ii)	letters of credit that support such obligations;

 

		(r)	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;

 

    	 	58	 

     

    

 

		(s)	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;

 

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

 

		(u)	Liens on any property of Silversea
identified in Section 2 of Exhibit P,

 

provided,
however, that from the Second Deferred Tranche Effective Date until the Guarantee Release Date, no Group Member shall be entitled
to grant any Lien of the type referred to in paragraphs (a) to (e) over any ECA Financed Vessel.

 

SECTION 7.2.4.
Financial Condition. The Borrower will not permit:

 

		(a)	Net Debt to Capitalization Ratio, as
at the end of any Fiscal Quarter, to be greater than 0.625 to 1.

 

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

 

		(c)	In addition, if, at any time, the Senior
Debt Rating of the Borrower is less than Investment Grade as given by both Moody's and S&P, the Borrower will not permit Stockholders'
Equity to be less than, as at the last day of any Fiscal Quarter, the sum of (i) $4,150,000,000 plus (ii) 50%
of the consolidated net income of the Borrower and its Subsidiaries for the period commencing on January 1, 2007 and ending
on the last day of the Fiscal Quarter most recently ended (treated for these purposes as a single accounting period, but in any
event excluding any Fiscal Quarters for which the Borrower and its Subsidiaries have a consolidated net loss).

 

SECTION 7.2.4(A).
Most favored lender with respect to Financial Covenants.      If any Group Member agrees, in respect of any of its Indebtedness
for borrowed money, to any new, modified or substitute financial covenants of the type or similar to the financial covenants set
out in Section 7.2.4 above then (a) the Borrower shall notify the Facility Agent in writing within 5 Business Days of
such new, modified or substitute financial covenants being agreed with the relevant creditor(s) and (b) if required by
the Lenders, the Borrower and the Lenders shall, as soon as practicable thereafter, enter into an amendment to this Agreement to
incorporate the new, modified or substitute financial covenants.

 

SECTION 7.2.4(B).
Notification of change to financial covenants. If, other than as notified in writing by
the Borrower to the Facility Agent prior to the date of Amendment Number Five, at any time during the Financial Covenant Waiver
Period the last day of a financial covenant waiver period under any of the agreements in respect of any of the Borrower’s
other Indebtedness shall be amended such that it falls prior to December 31, 2022, the Borrower shall notify the Facility
Agent.

 

SECTION 7.2.4(C).
Minimum liquidity.     The Borrower will not allow the aggregate amount of unrestricted cash and
Cash Equivalents of the Borrower and its Subsidiaries as determined in accordance with GAAP to be less than the Adjustable Amount
as of (a) the last day of any calendar month from the Second Deferred Tranche Effective Date until the Covenant Modification
Date, or (b) if the Borrower is not in compliance with the requirements of this Section 7.2.4(C) as of the last
day of any calendar month during the Financial Covenant Waiver Period (or, if earlier, prior to the Covenant Modification Date),
the date that the certificate required by Section 7.1.1(k) with respect to such month is delivered to the Facility Agent
(it being understood that the Borrower shall not be required to comply with this Section 7.2.4(C) at any time on or
after the Covenant Modification Date).

 

    	 	59	 

     

    

 

SECTION 7.2.5.
 Additional Undertakings

 

From the effectiveness of Amendment
Number Four, and notwithstanding anything to the contrary set out in this Agreement or any other Loan Document:

 

		(a)	First Priority Guarantee Matters.
Until the occurrence of a First Priority Release Event:

 

		(i)	the Borrower will not form, create, acquire or otherwise establish any new Subsidiaries that own,
directly or indirectly, the Equity Interests of the First Priority Guarantor (and will not permit any such new Subsidiary to own,
directly or indirectly, any such Equity Interests);

 

		(ii)	the First Priority Guarantor will not form, create, acquire or otherwise establish any new Subsidiaries
that own, directly or indirectly, the Equity Interests of any Principal Subsidiary (and will not permit any such new Subsidiary
to own, directly or indirectly, any such Equity Interests);

 

		(iii)	the First Priority Guarantor will not incur any additional Indebtedness for borrowed money (including
any guarantees in respect of Indebtedness), except in connection with any Other Guarantees;

 

		(iv)	neither Celebrity Cruises Holdings Inc. nor Celebrity Cruises Inc will incur any additional Indebtedness
for borrowed money (including any guarantees in respect of Indebtedness), except in connection with the Secured Note Indebtedness
or any Permitted Refinancing thereof; and

 

		(v)	the Borrower shall not, and shall procure that each other Subsidiary will not, Dispose of any First
Priority Assets or any Equity Interests in a Subsidiary that owns, directly or indirectly, any First Priority Assets, other than:

 

		(A)	to any other entity that is a First Priority Guarantor;

 

		(B)	if the fair market value thereof, together with the fair market value of all other Dispositions
of First Priority Assets made after the effectiveness of Amendment Number Four (but for this purpose excluding any Disposition
of the type referred to in the foregoing clause (A) and any Disposition, the net proceeds of which are applied in accordance
with the following clause (C)) is less than the sum of:

 

		(x)	$250,000 plus (y)the fair market value of any asset (other than (1) current assets,
intercompany debt or equity instruments and (2) First Priority Assets or other assets owned by another First Priority Guarantor
immediately prior to acquisition) acquired by any First Priority Guarantor after the effectiveness of Amendment Number Four; or

 

    	 	60	 

     

    

 

		(C)	if the net proceeds therefrom are applied in accordance with Section 4.09(b)(i) or 4.09(b)(iii) of
the Secured Note Indenture, to the extent applicable at such time; provided, however, that if, within 450 days of such Disposition,
any net proceeds of such Disposition have not been utilized in accordance with such provisions and are retained by the Borrower
or any Subsidiary after such application (such retained net proceeds, “Excess Proceeds”), then:

 

		(1)	if not already held by a First Priority Guarantor, such Excess Proceeds shall be promptly transferred
to a First Priority Guarantor to be (x) retained in an account and on the balance sheet of that First Priority Guarantor and
(y) used solely (i) for capital expenditures for the benefit of the remaining First Priority Assets or for the purposes
of any asset purchase by that First Priority Guarantor or (ii) to make an offer to each ECA Guarantor in accordance with the
following sub-clause (2); or

 

		(2)	where the Borrower has elected to utilize the Excess Proceeds in the manner referred to in (ii) above,
the Borrower shall make a written offer contemporaneously to each ECA Guarantor to apply such Excess Proceeds as a pro rata prepayment
of the Loan and the Indebtedness under each other ECA Financing that is pari passu in right of payment to the Obligations. If any
ECA Guarantor provides written notice to the Borrower within 90 days of such offer accepting such offer, the Borrower shall prepay
the relevant Indebtedness notified to it within 10 Business Days (or such longer period as may be agreed with the lenders under
each relevant ECA Financing being prepaid) of the date of receipt of such notice. If any ECA Guarantor fails to accept such offer
within the said 90 days referred to above, then the pro rata portion of such Excess Proceeds that would have been applied to prepay
the ECA Financings with respect to such ECA Guarantor if such offer was accepted shall be retained and applied in accordance with
the foregoing sub-clause (1)(i).

 

		(b)	Second Priority Guarantee Matters.
Until the occurrence of a Second Priority Release Event:

 

		(i)	the Borrower will not, and will not permit any of its Subsidiaries to, form, create, acquire or
otherwise establish any new Subsidiaries that own, directly or indirectly, the Equity Interests of any Second Priority Guarantor
(and will not permit any such new Subsidiary to own, directly or indirectly, any such Equity Interests);

 

		(ii)	no Second Priority Guarantor will form, create, acquire or otherwise establish any new Subsidiaries
that own, directly or indirectly, the Equity Interests of any Principal Subsidiary (and will not permit any such new Subsidiary
to own, directly or indirectly, any such Equity Interests); and

 

		(iii)	the Borrower shall not, and shall procure that each other Subsidiary shall not, Dispose of any
Second Priority Assets or any Equity Interests in a Subsidiary that owns, directly or indirectly, any Second Priority Assets, other
than:

 

		(A)	to any other entity that is a Second Priority Guarantor; or

 

    	 	61	 

     

    

 

		(B)	if the fair market value thereof, together with the fair market value of all other Dispositions
of Second Priority Assets made after the effectiveness of Amendment Number Four (but for this purpose excluding any Disposition
of the type referred to in the foregoing clause (A)) is less than the sum of:

 

		(x)	$250,000,000 plus

 

		(y)	the fair market value of any asset (other than (1) current assets, intercompany debt or equity
instruments and (2) Second Priority Assets or other assets owned by another Second Priority Guarantor immediately prior to
acquisition) acquired by any Second Priority Guarantor after the effectiveness of Amendment Number Four.

 

		(c)	Third Priority Guarantee Matters.
Until the occurrence of a Third Priority Release Event:

 

		(i)	the Borrower will not form, create, acquire or otherwise establish any new Subsidiaries that own,
directly or indirectly, the Equity Interests of the Third Priority Guarantor (and will not permit any such new Subsidiary to own,
directly or indirectly, any such Equity Interests);

 

		(ii)	the Third Priority Guarantor will not form, create, acquire or otherwise establish any new Subsidiaries
that own, directly or indirectly, the Equity Interests of any Principal Subsidiary (and will not permit any such new Subsidiary
to own, directly or indirectly, any such Equity Interests); and

 

		(iii)	the Borrower shall not, and shall procure that each other Subsidiary will not, Dispose of any Third
Priority Assets or any Equity Interests in a Subsidiary that owns, directly or indirectly, any Third Priority Assets, other than:

 

		(A)	to any other entity that is a Third Priority Guarantor;

 

		(B)	if the fair market value thereof, together with the fair market value of all other Dispositions
of Third Priority Assets made after the effectiveness of Amendment Number Four (but for this purpose excluding any Disposition
of the type referred to in the foregoing clause (A) and any Disposition, the net proceeds of which are applied in accordance
with the following clause (C)) is less than the sum of:

 

		(x)	$250,000,000 plus

 

		(y)	the fair market value of any asset (other than (1) current assets, intercompany debt or equity
instruments and (2) Third Priority Assets or other assets owned by another Third Priority Guarantor immediately prior to acquisition)
acquired by any Third Priority Guarantor after the effectiveness of Amendment Number Four; or

 

    	 	62	 

     

    

 

		(C)	if the net proceeds therefrom are applied in accordance with those provisions of the Unsecured
Note Indenture and/or the definitive documentation governing the DDTL Indebtedness to the extent applicable at the time which allow
the Borrower to make an offer to prepay and/or repay the debt evidenced by the Unsecured Note Indenture and/or DDTL Indebtedness,
as applicable; provided that, if any such net proceeds are retained by the Borrower or any Subsidiary after such application, the
Borrower shall promptly repay or redeem all or any portion of any Indebtedness that is pari passu or senior in right of payment
to the Obligations and for which a Third Priority Guarantor is a guarantor, in each case, subject to the terms of the documentation
governing such Indebtedness (including the DDTL Indebtedness, the Unsecured Note Indebtedness, any Bank Indebtedness, any Credit
Card Obligations, the Loan and any other Indebtedness under an ECA Financing); provided, further, that any repayment of Indebtedness
under any revolving credit agreement pursuant to this paragraph shall be accompanied by a corresponding permanent reduction in
the related revolving credit commitments.

 

		(d)	New Guarantor Matters. In the
event the Borrower or any of its Subsidiaries acquires an ECA Financed Vessel:

 

		(i)	the Borrower will, within 15 Business Days of the purchase of the relevant ECA Financed Vessel,
cause the applicable New Guarantor to provide (A) an Additional Guarantee, together with each equivalent Other Guarantee required
to be provided under the terms of the other ECA Financings (as amended from time to time) and (B) all documents and information
required by the Lenders in order to satisfy any applicable “know your customer” checks and any other reasonable condition
precedent requirements of the Lenders (excluding, for the avoidance of doubt, legal opinions); provided that, in each case, if
such New Guarantor is party to a Senior Guarantee at such time, the Facility Agent shall have contemporaneously entered into a
New Guarantor Subordination Agreement; and

 

		(ii)	until the occurrence of a Second Priority Release Event and a Third Priority Release Event:

 

		(A) the Borrower will not permit the applicable New Guarantor to incur any Indebtedness for borrowed money (including any guarantees in respect of Indebtedness) other than the applicable Additional Guarantee, any Other Guarantee and any Senior Guarantee;

 

		(B) the Borrower will not permit the Principal Subsidiary that acquires the relevant ECA Financed Vessel to incur any Indebtedness for borrowed money (including any guarantees in respect of Indebtedness);

 

		(C) notwithstanding any other provision of this Agreement, the Borrower will not, and shall procure that no other Subsidiary shall, Dispose of (whether to a Group Member or otherwise) the relevant ECA Financed Vessel (or any equity interests in a Subsidiary that owns, directly or indirectly, such ECA Financed Vessel); provided that (1) such ECA Financed Vessel may be exclusively operated by or chartered to the Borrower or one of the Borrower’s wholly owned Subsidiaries and (2) the Borrower or such Subsidiary may charter out such ECA Financed Vessel (x) to entities other than the Borrower and the Borrower’s wholly owned Subsidiaries and (y) on a time charter with a stated duration not in excess of one year; and

 

		(D) notwithstanding the provisions of Sections 7.2.2 and 7.2.3, the Borrower will not, and will not permit any of its Subsidiaries to create, incur, assume or suffer to exist any Lien upon the relevant ECA Financed Vessel, other than Liens permitted under Section 7.2.3 that do not secure Indebtedness for borrowed money.

 

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		(e)	Further Assurances. At the Borrower’s
reasonable request, the Facility Agent shall execute (i) any Additional Subordination Agreement or any Subordination Agreement,
in substantially the form attached hereto as Exhibit L or Exhibit M with such changes, or otherwise in form and substance,
reasonably satisfactory to the Facility Agent (acting upon the instructions of the Required Lenders) to ensure the required priority
of the Second Priority Guarantee and the Third Priority Guarantee and (ii) any New Guarantor Subordination Agreement contemporaneously
with the execution of any Senior Guarantee by a New Guarantor if such New Guarantor has granted an Additional Guarantee at such
time.

 

		(f)	Amount of Indebtedness. The
Borrower shall ensure that:

 

		(i)	the maximum aggregate principal amount of Bank Indebtedness (or any Permitted Refinancing thereof)
guaranteed by the Second Priority Guarantors shall not exceed, in the aggregate, $5,300,000,000 (or its equivalent in any other
currency) until the occurrence of a First Priority Release Event, a Second Priority Release Event, and a Third Priority Release
Event;

 

		(ii)	the maximum aggregate principal amount of Unsecured Note Indebtedness and DDTL Indebtedness (or
any Permitted Refinancing of either of them), in each case, guaranteed by the Third Priority Guarantor shall not exceed, in the
aggregate, $1,700,000,000 (or its equivalent in any other currency) until the occurrence of a Third Priority Release Event;

 

		(iii)	until the occurrence of a Second Priority Release Event, none of the Second Priority Guarantors
will grant any guarantee that is pari passu with or senior to its obligations under the Second Priority Guarantee, except in connection
with (A) any Bank Indebtedness or any Permitted Refinancing thereof, (B) any Credit Card Obligations or (C) any
Other Guarantees, provided that each Other Guarantee shall be on terms no more favourable in any material respect (including for
this purpose the priority of that guarantee) than that currently provided by that Second Priority Guarantor in connection with
the relevant Indebtedness; and

 

		(iv)	until the occurrence of a Third Priority Release Event, the Third Priority Guarantor will not grant
any guarantee that is pari passu with or senior to its obligations under the Third Priority Guarantee, except in connection with
(A) any Bank Indebtedness, Unsecured Note Indebtedness, DDTL Indebtedness or any Permitted Refinancing of any thereof, (B) any
Credit Card Obligations or (C) any Other Guarantees, provided that each Other Guarantee shall be on terms no more favourable
in any material respect (including for this purpose the priority of that guarantee) than that currently provided by the Third Priority
Guarantor in connection with the relevant Indebtedness.

 

		(g)	Release of Guarantees. The Borrower
agrees to give the Facility Agent written notice of the occurrence of any First Priority Release Event, Second Priority Release
Event or Third Priority Release Event. The Facility Agent agrees, subject to the proviso (2) below, that:

 

		(i)	the First Priority Guarantee shall be automatically released upon the occurrence of a First Priority
Release Event;

 

    	 	64	 

     

    

 

		(ii)	the Second Priority Guarantee shall be automatically released upon the occurrence of a Second Priority
Release Event;

 

		(iii)	the Third Priority Guarantee shall be automatically released upon the occurrence of a Third Priority
Release Event; and

 

		(iv)	each Additional Guarantee shall be automatically released upon the occurrence of both a Second
Priority Release Event and a Third Priority Release Event,

 

provided (1) in each case,
and subject to proviso (2) below, that upon the Borrower’s request, the Facility Agent shall promptly confirm in writing
the release of the applicable Guarantee following the occurrence of the relevant release event and (2) where the Borrower
is of the opinion that it would, if the Guarantee Release Date was to occur, be in breach of the provisions of Section 7.2.2
as set out in Exhibit P (and which would otherwise come into effect on that Guarantee Release Date) on the Guarantee Release
Date, the Borrower shall be entitled, by serving written notice on the Facility Agent and the Hermes Agent, to request that the
Guarantee Release Date be postponed until such time as the Borrower is satisfied that it will be able to comply with the provisions
of the said Section 7.2.2. Where the Borrower issues a notice pursuant to this proviso (2) it agrees that it shall use
all reasonable endeavors and take all appropriate action as may be practicable at such time to enable it to comply with the said
Section 7.2.2 as soon as practicable following the date that the Guarantee Release Date would have occurred but for this proviso
(2) so that the Guarantee Release Date can then occur and, as soon as it is satisfied that it will be able to comply with
the said Section 7.2.2, it will promptly serve a further written notice on the  Facility Agent and the Hermes Agent.
Upon receipt of this further notice, the provisions of this paragraph (g) shall once again apply and the Facility Agent shall
then take the action required of it to enable the Guarantee Release Date to occur.

 

SECTION 7.2.6.
Consolidation, Merger, etc. The Borrower will not, and will not permit any of its Subsidiaries to, liquidate or dissolve,
consolidate with, or merge into or with, any other corporation except:

 

		(a)	any such Subsidiary may (i) liquidate
or dissolve voluntarily into, and may merge with and into, the Borrower or any other Subsidiary, and the assets or stock of any
Subsidiary may be purchased or otherwise acquired by the Borrower or any other Subsidiary or (ii) merge with and into another
Person in connection with a sale or other disposition permitted by Section 7.2.7; and

 

		(b)	so long as no Event of Default 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:

 

		(x)	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

 

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

 

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

 

    	 	65	 

     

    

 

		(B) the surviving corporation shall, promptly upon the request of the Facility Agent or any Lender, supply such documentation and other evidence as is reasonably requested by the Facility Agent or any Lender in order for the Facility Agent or such Lender to carry out and be satisfied it has complied with the results of all necessary "know your customer" or other similar checks under all applicable laws and regulations; 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 Facility 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 Facility Agent and such Protesting Lender that the Commitments of such Protesting Lender shall be terminated; provided that 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 Loan 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.

 

SECTION 7.2.7.
Asset Dispositions, etc. Subject to Section 7.2.5, the Borrower will not, and will not permit any of its Subsidiaries
to, sell, transfer, contribute or otherwise convey, or grant options, warrants or other rights with respect to all or substantially
all of the assets of (a) the Borrower or (b) the Subsidiaries of the Borrower, taken as a whole, except sales of assets
between or among the Borrower and Subsidiaries of the Borrower.

 

SECTION 7.2.8.
[RESERVED]

 

SECTION 7.2.9.
Construction Contract The Borrower will not amend or modify any term or condition of the Construction Contract if such amendment
or modification results in (i) a change of type of the Purchased Vessel or (ii) (either by itself or when aggregated
with earlier amendments or modifications, if any) a decrease in the capacity of the Purchased Vessel in terms of the number of
passengers and/or staterooms by more than five per cent. (5%) or (iii) the Purchased Vessel being unable to comply with applicable
laws (including Environmental Laws) if, in the reasonable opinion of the Hermes Agent, such inability has or could reasonably be
expected to have a Material Adverse Effect, without, in any such case, the consent of the Hermes Agent.

 

SECTION 7.2.10.
Borrower’s Procurement Undertaking Where any of the covenants set out in this Agreement require performance by any Subsidiary
of the Borrower, the Borrower shall procure the performance of that obligation by such Subsidiary.

 

SECTION 7.2.11.
Framework Lien and Guarantee Restriction. From the Second Deferred Tranche Effective Date until the Guarantee Release Date, and
without prejudice to Section 7.2.3, the Borrower shall not (and shall procure that each other Group Member shall not, save
in respect of a Restricted Credit Enhancement of the type referred to in Section 7.1.10(iv) (and in respect of which
the Lenders therefore receive the benefit)):

 

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		(a)	grant any Restricted Credit Enhancement
in respect of any Indebtedness for borrowed money, provided that:

 

		(i)	subject to the limitations set out in paragraph (b) below, this paragraph (a) shall not
prohibit any Group Member from providing any Lien or Group Member Guarantee in connection with Indebtedness incurred after the
Second Deferred Tranche Effective Date (provided that such Lien and/or Group Member Guarantee is issued at the same time, and in
connection with, the initial incurrence of that Indebtedness (and is therefore not by way of additional credit support));

 

		(ii)	in connection with a Permitted Refinancing of any Indebtedness, the relevant Group Member shall
be entitled to provide the creditors under that Permitted Refinancing with Liens and/or Group Member Guarantees (as applicable)
which:

 

		(A)	in the case where the existing Indebtedness being refinanced was previously supported by Liens,
the Liens and/or the Group Member Guarantees securing or supporting the Permitted Refinancing (as applicable) are over some or
all of the same assets and:

 

		(1)	with respect to any Liens, are with the same or lower priority as the Liens in respect of such
assets that secured the Indebtedness being refinanced; and

 

		(2)	with respect to any Group Member Guarantees, are Group Member Guarantees provided by a Group Member
that owns (directly or indirectly) only those Vessels (or some of those Vessels but not any other Vessel) that were previously
secured pursuant to the Liens referred to in the first sentence of this paragraph (A); and

 

		(B)	in the case where the existing Indebtedness being refinanced was previously supported by any Group
Member Guarantee, the Group Member Guarantee(s) supporting such Permitted Refinancing are:

 

		(1)	guarantees of obligations in an amount no greater than the guarantees granted in connection with
the original Indebtedness being refinanced;

 

		(2)	in the case where the entity providing the relevant Group Member Guarantee(s) supporting such
Permitted Refinancing is the same entity providing the Group Member Guarantees that are being replaced, provided by entities owning
(directly or indirectly) only those Vessels (or some of those Vessels but not any other Vessel) that it owned when the previous
Group Member Guarantee was provided;

 

		(3)	in the case where the entity providing the relevant Group Member Guarantee(s) supporting such
Permitted Refinancing differs from the entity providing the Group Member Guarantees being replaced, provided by entities that directly
or indirectly own Vessels with an aggregate book value no greater than the Vessels that were owned (directly or indirectly) by
the previous provider of the relevant Group Member Guarantee(s) that supported the existing Indebtedness; and

 

    	 	67	 

     

    

 

		(4)	the same or lower priority as the original Group Member Guarantee(s) and are issued by either
the same entities or from shareholders of those entities,

 

this paragraph (a) shall not
prohibit any Group Member from providing or maintaining any Lien in accordance with the provisions of Section 7.2.3(f) through
to (u) inclusive; provided, however, that the proviso at the end Section 7.2.3(f) shall apply with respect to Liens
granted pursuant to that provision; and

 

		(b)	incur any new Indebtedness (including
Indebtedness of the type referred to in paragraph 7.2.11(a)(i) above but excluding any Permitted Refinancing Indebtedness
in connection with paragraph 7.2.11(a)(ii) above) which is secured by a Lien or is supported by a Group Member Guarantee and
which, when taken with all other Indebtedness incurred by the Group since the Second Deferred Tranche Effective Date and which
is also secured by a Lien or supported by a Group Member Guarantee, is greater than $1,300,000,000 (but deducting from this amount
for this purpose, (i) the amount of any additional Indebtedness incurred by the Borrower in connection with the drawing of
the DDTL Indebtedness (whether pursuant to the accordion option or otherwise) or (ii) any Indebtedness borrowed in lieu of
the drawing of the DDTL Indebtedness in the foregoing clause) or its equivalent in any other currency, and provided that no Group
Member shall, as contemplated by the proviso to Section 7.2.3, from the Second Deferred Tranche Effective Date until the Guarantee
Release Date (whereupon the provisions of Exhibit P shall apply), be permitted to grant any Lien over an ECA Financed Vessel
as security for any Indebtedness permitted to be incurred under this Agreement after the Second Deferred Tranche Effective Date.

 

SECTION 7.3. Covenant
Replacement. With effect on and from the Guarantee Release Date, it is agreed that Sections 7.2.2 and 7.2.3 shall be deleted
in their entirety and replaced with the covenants and other provisions set out in Exhibit P, which shall become part of this
Agreement and effective and binding on all parties.

 

SECTION 7.4. Limitation
in respect of Certain Representations, Warranties and Covenants . The representations and warranties and covenants given
in Section 6.4(b) and 7.1.3(f), respectively, shall only be given, and be applicable to, a Lender incorporated in the
Federal Republic of Germany insofar as the giving of and compliance with such representations and warranties do not result ins
a violation of or conflict with section 7 of the German Foreign Trade Regulation (Außenwirtschaftsverordnung) (in
conjunction with section 4 paragraph 1 a no.3 foreign trade law (AWG) (Außenwirtschaftsgesetz)), any provision of
Council Regulation (EC) 2271/1996 or any similar applicable anti-boycott law or regulation.

 

ARTICLE VIII

EVENTS OF DEFAULT

 

SECTION 8.1. Listing
of Events of Default. Each of the following events or occurrences described in this Section 8.1 shall constitute
an "Event of Default".

 

SECTION 8.1.1.
Non-Payment of Obligations. The Borrower shall default in the payment when due of any amount payable by it under the Loan Documents
in the manner required under the Loan Documents unless such failure is solely as a result of either a technical error or (b) a
Disruption Event, and, in either case, payment is made within 3 Business Days of its due date.

 

SECTION 8.1.2.
Breach of Warranty. Any representation or warranty of the Borrower made or deemed to be made hereunder (including any certificates
delivered pursuant to Article V) or under any other Loan Document is or shall be incorrect in any material respect
when made.

 

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SECTION 8.1.3.
Non-Performance of Certain Covenants and Obligations. The Borrower shall default in the due performance and observance of any other
agreement contained herein (including from the Guarantee Release Date, Exhibit O) or in any other Loan Document (other than
the covenants set forth in Section 7.1.1.h, Section 7.1.1i, Section 7.1.1l, Section 7.1.1m, Section 7.1.1n,
Section 7.1.9, Section 7.1.10, Section 7.1.11, Section 7.2.4 (but excluding Section 7.2.4(A) and
(B) (a breach of which shall be regulated in accordance with Section 9.1.12(d)) and also excluding Section 7.2.3(C),
a breach of which shall, subject to the cure periods set out in this Section 8.1.3, result in an Event of Default) (and the
obligations referred to in Section 8.1.1) and such default shall continue unremedied for a period of five days after
notice thereof shall have been given to the Borrower by the Facility Agent or any Lender (or, if (a) such default is capable
of being remedied within 30 days (commencing on the first day following such five-day period) and (b) the Borrower is actively
seeking to remedy the same during such period, such default shall continue unremedied for at least 35 days after such notice to
the Borrower).

 

SECTION 8.1.4.
Default on Other Indebtedness. (a) The Borrower or any of the Principal Subsidiaries shall fail to pay any Indebtedness that
is outstanding in a principal amount of at least $100,000,000 (or the equivalent in other currencies) in the aggregate (but excluding
Indebtedness hereunder or with respect to Hedging Instruments) when the same becomes due and payable (whether by scheduled maturity,
required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if
any, specified in the agreement or instrument relating to such Indebtedness; (b) the occurrence under any Hedging Instrument
of an Early Termination Date (as defined in such Hedging Instrument) resulting from (A) any event of default under such Hedging
Instrument as to which the Borrower is the Defaulting Party (as defined in such Hedging Instrument) or (B) any Termination
Event (as so defined) as to which the Borrower is an Affected Party (as so defined) and, in either event, the termination value
with respect to any such Hedging Instrument owed by the Borrower as a result thereof is greater than $100,000,000 and the Borrower
fails to pay such termination value when due after applicable grace periods; (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 8.1.4 so long as any required prepayment
is made when due. For purposes of determining Indebtedness for any Hedging Instrument, the principal amount of the obligations
under any such instrument at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the
Borrower or any Principal Subsidiary would be required to pay if such instrument were terminated at such time.

 

SECTION 8.1.5.
Bankruptcy, Insolvency, etc. The Borrower, any of the Material Guarantors or any of the Principal Subsidiaries (or any
of its other Subsidiaries to the extent that the relevant event described below would have a Material Adverse Effect) shall:

 

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

 

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

 

    	 	69	 

     

    

 

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

 

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

 

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

 

SECTION 8.2. Action
if Bankruptcy. If any Event of Default described in clauses (b) through (d) of Section 8.1.5
shall occur with respect to any Group Member:

 

		(a)	the Commitments (if not theretofore
terminated) shall automatically terminate and the outstanding principal amount of the Loan and all other Obligations shall automatically
be and become immediately due and payable, without notice or demand; and

 

		(b)	without prejudice to (a) above,
the deemed advances of the Deferred Tranches (and accordingly all book entries related to such deemed advances) shall be reversed
and (i) the Borrower shall repay the Loan in accordance with the original repayment schedule for the Loan existing prior to
the amendment of such repayment schedule in connection with the Deferred Tranche arrangements pursuant to Amendment Number Three
and Amendment Number Five and (ii) any part of either Deferred Tranche which, at that time, is unutilised shall be automatically
cancelled, it being acknowledged and agreed that where this paragraph (b) applies, interest on that part of the Loan which
is represented by the outstanding Deferred Tranches at such time shall continue to be payable by the Borrower at the applicable
Floating Rate for such Deferred Tranches.

 

SECTION 8.3. Action
if Other Event of Default. If any Event of Default (other than any Event of Default described in clauses (b) through
(d) of Section 8.1.5 with respect to the Borrower) shall occur for any reason, whether voluntary or involuntary,
and be continuing, the Facility Agent, upon the direction of the Required Lenders, shall by notice to the Borrower declare all
of the outstanding principal amount of the Loan and other Obligations to be due and payable and/or the Commitments (if not theretofore
terminated) to be terminated, whereupon the full unpaid amount of the Loan and other Obligations shall be and become immediately
due and payable, without further notice, demand or presentment, and/or, as the case may be, the Commitments shall terminate.

 

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ARTICLE IX

 

PREPAYMENT EVENTS

 

SECTION 9.1. Listing
of Prepayment Events. Each of the following events or occurrences described in this Section 9.1 shall constitute
a "Prepayment Event".

 

SECTION 9.1.1.
Change of Control. There occurs any Change of Control.

 

SECTION 9.1.2.
[RESERVED]

 

SECTION 9.1.3.
Unenforceability. Any Loan Document shall cease to be the legally valid, binding and enforceable obligation of the Borrower or,
to the extent applicable, any Material Guarantor (in each case, other than with respect to provisions of any Loan Document (i) identified
as unenforceable in the form of the opinion of the Borrower's counsel set forth as Exhibit D-1 or in any opinion delivered
to the Facility Agent after the Effective Date in connection with this Agreement or (ii) that a court of competent jurisdiction
has determined are not material) and such event shall continue unremedied for 15 days after notice thereof has been given to the
Borrower by the Facility Agent.

 

SECTION 9.1.4.
Approvals. Any material license, consent, authorization, registration or approval at any time necessary to enable the Borrower,
any Material Guarantor or any Principal Subsidiary to conduct its business shall be revoked, withdrawn or otherwise cease to be
in full force and effect, unless the same would not have a Material Adverse Effect.

 

SECTION 9.1.5.
Non-Performance of Certain Covenants and Obligations. The Borrower shall default in the due performance and observance of any of
the covenants set forth in Sections 4.12 or 7.2.4 (but excluding Sections 7.2.4(A) and 7.2.4(B) (which
shall be regulated in accordance with Section 9.1.12(d)) and also excluding Section 7.2.4(C), a breach
of which is regulated in accordance with Section 8.1.3); provided that any default in respect of the due performance
or observance of any of the covenants set forth in Section 7.2.4 (but excluding Section 7.2.4(A) to Section 7.2.4(C) inclusive)
that occurs during the Financial Covenant Waiver Period (but without prejudice to the rights of the Lenders in respect of any further
breach that may occur following the expiry of the Financial Covenant Waiver Period) shall not (as long as no Event of Default under
Section 8.1.5 has occurred and is continuing, or no Prepayment Event under Section 9.1.12 or Section 9.1.13
has occurred, in each case during the Financial Covenant Waiver Period) constitute a Prepayment Event.

 

SECTION 9.1.6.
Judgments. Any judgment or order for the payment of money in excess of $100,000,000 shall be rendered against the Borrower or any
of the Principal Subsidiaries by a court of competent jurisdiction and the Borrower or such Principal Subsidiary shall have failed
to satisfy such judgment and either:

 

		(a)	enforcement proceedings in respect
of any material assets of the Borrower or such Principal Subsidiary shall have been commenced by any creditor upon such judgment
or order and shall not have been stayed or enjoined within five (5) Business Days after the commencement of such enforcement
proceedings; or

 

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

 

    71

     

    

 

SECTION 9.1.7.
Condemnation, etc.. The Purchased Vessel shall be condemned or otherwise taken under color of law or requisitioned and the
same shall continue unremedied for at least 20 days, unless such condemnation or other taking would not have a Material Adverse
Effect.

 

SECTION 9.1.8.
Arrest. The Purchased Vessel shall be arrested and the same shall continue unremedied for at least 20 days, unless such arrest
would not have a Material Adverse Effect.

 

SECTION 9.1.9.
Sale/Disposal of the Purchased Vessel. The Purchased Vessel is sold to a company which is not the Borrower or any other Subsidiary
of the Borrower (other than for the purpose of a lease back to the Borrower or any other Subsidiary of the Borrower).

 

SECTION 9.1.10.
Delayed Delivery of the Purchased Vessel. If, within 15 days after the Disbursement Date, the Loan has not been utilized to pay
for delivery of the Purchased Vessel, unless (i) the Loan has been returned to the Facility Agent as prepayment in accordance
with Section 3.2(a) or 3.7 or (ii) the proceeds of the Loan have been deposited to the Pledged Accounts
in accordance with Section 4.12.

 

SECTION 9.1.11.
Termination of the Construction Contract. If the Construction Contract is terminated in accordance with its terms or by other lawful
means prior to delivery of the Purchased Vessel and the parties thereto do not reach an agreement to reinstate the Construction
Contract within 30 days after such termination.

 

Notwithstanding anything else
contained in this Agreement, if, prior to delivery of the Purchased Vessel, the Borrower makes a Mandatory Prepayment pursuant
to Section 9.2 as a result of Section 9.1.10 or a voluntary prepayment pursuant to Section 3.2(a) and
the Purchased Vessel is delivered prior to the Commitment Termination Date, the Borrower shall be entitled to make an additional
Loan Request prior to the Commitment Termination Date as if the funds had not been previously advanced. Payment of the Loan made
pursuant to this Section shall be without premium or penalty, except as may be required by Section 4.4.

 

SECTION 9.1.12.
Framework Prohibited Events.

 

		(a)	The Borrower declares, pays or makes
or agrees to pay or make, directly or indirectly, any Restricted Payment, except for (i) dividends or other distributions
with respect to its Equity Interests payable solely in additional shares of its Equity Interests or options to purchase Equity
Interests, (ii) Restricted Payments pursuant to and in accordance with stock option plans or other benefit plans (including
with respect to performance shares issued in the ordinary course of business) for present or former officers, directors, consultants
or employees of the Borrower in the ordinary course of business consistent with past practice and (iii) the payment of cash
in lieu of the issuance of fractional shares in connection with the exercise of warrants, options or other securities convertible
into or exercisable for Equity Interests of the Borrower;

 

		(b)	a Group Member makes any payment of
any kind under any shareholder loan;

 

		(c)	a Group Member sells, transfers, leases
or otherwise disposes of any its assets, whether by one or a series of related transactions and that disposal or action was not
conducted on arms' length terms between a willing seller and a willing buyer and for fair market value;

 

		(d)	any Group Member breaches any of the
requirements of Section 7.1.1.h, Section 7.1.1.i, Section 7.1.1.l, Section 7.1.1.m, Section 7.1.1.n, Section 7.1.9,
Section 7.1.10, Section 7.1.11, Section 7.2.4(A) or Section 7.2.4(B);

 

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		(e)	a Group Member completes a Debt Incurrence;

 

		(f)	a Group Member enters into a Restricted
Loan Arrangement; and/or

 

		(g)	a Group Member makes a Restricted Voluntary
Prepayment and the Hermes Agent (acting upon the instructions of Hermes) notifies the Borrower that Hermes has requested that the
Borrower prepay the Deferred Tranches.

 

SECTION 9.1.13.
Principles and Framework. The Borrower shall default in the due performance and observance of the Principles and/or the
Framework (it being agreed that if there is inconsistency between the terms of the Principles and the Framework, the Framework
shall prevail) and, if capable of remedy such default shall continue unremedied for a period of ten (10) days after notice
thereof shall have been given to the Borrower by the Facility Agent; provided that, if the default does not otherwise constitute
a Default or a Prepayment Event under another section of this Agreement, as amended to date, the Borrower, the Facility Agent and
Hermes shall negotiate a resolution in good faith for a maximum period of fifteen (15) days after notice thereof shall have been
given to the Borrower by the Facility Agent.

 

SECTION 9.2. Mandatory
Prepayment. If any Prepayment Event shall occur and be continuing, the Facility Agent, upon the direction of the Required
Lenders, shall by notice to the Borrower (a) if the Disbursement Date has occurred and the Loan disbursed (but without prejudice
to the last paragraph of Section 9.1), require the Borrower to prepay in full on the date of such notice all principal of
and interest on the Loan and all other Obligations or, in the case of a Prepayment Event under Section 9.1.12 or Section 9.1.13,
all principal of and interest on the Deferred Tranches (and, in such event, the Borrower agrees to so pay the full unpaid amount
of the Loan or the Deferred Tranches, as the case may be, and all accrued and unpaid interest thereon and all other Obligations
in respect thereof), (b) if the Disbursement Date has not occurred (and except in the case of a Prepayment Event under Sections
9.1.12 or 9.1.13), terminate the Commitments, c) in the case of a Prepayment Event arising under Sections 9.1.12 or 9.1.13, require
that any part of a Deferred Tranche that has not been advanced as at the time of such Prepayment Event shall be automatically cancelled
and, on the Repayment Date on which that portion of the relevant Deferred Tranche would have otherwise been advanced, the Borrower
shall continue to be obliged to make the relevant repayment of the Loan (and thus no deemed advance in respect of the relevant
Deferred Tranche shall occur) and (d) immediately terminate the waiver of the occurrence of any Prepayment Event in respect
of Section 7.2.4 contained in Section 9.1.5, such that any breach of Section 7.2.4 in existence as at the date of
the notice from the Facility Agent referred to in paragraph (a) of this Section 9.2 or any breach occurring at any time
after such notice shall constitute a Prepayment Event with all attendant consequences.

 

ARTICLE X

 

THE FACILITY AGENT AND THE HERMES AGENT

 

SECTION 10.1.
Actions. Each Lender hereby appoints KfW IPEX, as Facility Agent and as Hermes Agent, as its agent under and for
purposes of this Agreement and each other Loan Document (for purposes of this Article X, the Facility Agent and the
Hermes Agent are referred to collectively as the "Agents"). Each Lender authorizes the Agents to act on behalf
of such Lender under this Agreement and each other Loan Document and, in the absence of other written instructions from the Required
Lenders received from time to time by the Agents (with respect to which each Agent agrees that it will comply, except as otherwise
provided in this Section 10.1 or as otherwise advised by counsel), to exercise such powers hereunder and thereunder
as are specifically delegated to or required of the Agents by the terms hereof and thereof, together with such powers as may be
reasonably incidental thereto. Neither Agent shall be obliged to act on the instructions of any Lender or the Required Lenders
if to do so would, in the opinion of such Agent, be contrary to any provision of this Agreement or any other Loan Document or to
any law, or would expose such Agent to any actual or potential liability to any third party.

 

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SECTION 10.2.
Indemnity. Each Lender hereby indemnifies (which indemnity shall survive any termination of this Agreement) each
Agent, pro rata according to such Lender's Percentage, from and against any and all claims, damages, losses, liabilities and expenses
(including, without limitation, reasonable fees and disbursements of counsel) that be incurred by or asserted or awarded against,
such Agent in any way relating to or arising out of this Agreement and any other Loan Document or any action taken or omitted by
such Agent under this Agreement or any other Loan Document; provided that no Lender shall be liable for the payment of any
portion of such claims, damages, losses, liabilities and expenses which have resulted from such Agent's gross negligence or willful
misconduct. Without limitation of the foregoing, each Lender agrees to reimburse each Agent promptly upon demand for its ratable
share of any out-of-pocket expenses (including reasonable counsel fees) incurred by such Agent in connection with the preparation,
execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or
otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, to the extent that such Agent is
not reimbursed for such expenses by the Borrower. In the case of any investigation, litigation or proceeding giving rise to any
such indemnified costs, this Section applies whether any such investigation, litigation or proceeding is brought by any Agent,
any Lender or a third party. Neither Agent shall be required to take any action hereunder or under any other Loan Document, or
to prosecute or defend any suit in respect of this Agreement or any other Loan Document, unless it is expressly required to do
so under this Agreement or is indemnified hereunder to its satisfaction. If any indemnity in favour of an Agent shall be or become,
in such Agent's determination, inadequate, such Agent may call for additional indemnification from the Lenders and cease to do
the acts indemnified against hereunder until such additional indemnity is given.

 

SECTION 10.3.
Funding Reliance, etc. Each Lender shall notify the Facility Agent by 4:00 p.m., Frankfurt time, one day prior
to the advance of the Loan if it is not able to fund the following day. Unless the Facility Agent shall have been notified by telephone,
confirmed in writing, by any Lender by 4:00 p.m., Frankfurt time, on the day prior to the advance of the Loan that such Lender
will not make available the amount which would constitute its Percentage of the Loan on the date specified therefor, the Facility
Agent may assume that such Lender has made such amount available to the Facility Agent and, in reliance upon such assumption, may,
but shall not be obliged to, make available to the Borrower a corresponding amount. If and to the extent that such Lender shall
not have made such amount available to the Facility Agent, such Lender and the Borrower severally agree to repay the Facility Agent
forthwith on demand such corresponding amount together with interest thereon, for each day from the date the Facility Agent made
such amount available to the Borrower to the date such amount is repaid to the Facility Agent, at the interest rate applicable
at the time to the Loan without premium or penalty.

 

SECTION 10.4.
Exculpation. Neither of the Agents nor any of their respective directors, officers, employees or agents shall be
liable to any Lender for any action taken or omitted to be taken by it under this Agreement or any other Loan Document, or in connection
herewith or therewith, except for its own willful misconduct or gross negligence. Without limitation of the generality of the foregoing,
each Agent (i) may consult with legal counsel (including counsel for the Borrower), independent public accountants and other
experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it and in accordance
with the advice of such counsel, accountants or experts, (ii) makes no warranty or representation to any Lender and shall
not be responsible to any Lender for any statements, warranties or representations (whether written or oral) made in or in connection
with this Agreement, (iii) shall not have any duty to ascertain or to inquire as to the performance, observance or satisfaction
of any of the terms, covenants or conditions of this Agreement on the part of the Obligors or the existence at any time of any
Default or Prepayment Event or to inspect the property (including the books and records) of the Obligors, (iv) shall not be
responsible to any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this
Agreement or any other instrument or document furnished pursuant hereto, (v) shall incur no liability under or in respect
of this Agreement by action upon any notice, consent, certificate or other instrument or writing (which may be by telecopier) believed
by it to be genuine and signed or sent by the proper party or parties, and (vi) shall have no responsibility to the Borrower
or any Lender on account of (A) the failure of a Lender or the Obligors to perform any of its obligations under this Agreement
or any Loan Document; (B) the financial condition of the Obligors; (C) the completeness or accuracy of any statements,
representations or warranties made in or pursuant to this Agreement or any Loan Document, or in or pursuant to any document delivered
pursuant to or in connection with this Agreement or any Loan Document; or (D) the negotiation, execution, effectiveness, genuineness,
validity, enforceability, admissibility in evidence or sufficiency of this Agreement or any Loan Document or of any document executed
or delivered pursuant to or in connection with any Loan Document.

 

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SECTION 10.5.
Successor. The Facility Agent may resign as such at any time upon at least 30 days' prior notice to the Borrower
and all Lenders, provided that any such resignation shall not become effective until a successor Facility Agent has been
appointed as provided in this Section 10.5 and such successor Facility Agent has accepted such appointment. If the
Facility Agent at any time shall resign, the Required Lenders shall, subject to the immediately preceding proviso and subject to
the consent of the Borrower (such consent not to be unreasonably withheld), appoint another Lender as a successor to the Facility
Agent which shall thereupon become such Facility Agent's successor hereunder (provided that the Required Lenders shall,
subject to the consent of the Borrower unless an Event or Default or a Prepayment Event shall have occurred and be continuing (such
consent not to be unreasonably withheld or delayed) offer to each of the other Lenders in turn, in the order of their respective
Percentages of the Loan, the right to become successor Facility Agent). If no successor Facility Agent shall have been so appointed
by the Required Lenders, and shall have accepted such appointment, within 30 days after the Facility Agent's giving notice of resignation,
then the Facility Agent may, on behalf of the Lenders, appoint a successor Facility Agent, which shall be one of the Lenders or
a commercial banking institution having a combined capital and surplus of at least $1,000,000,000 (or the equivalent in other currencies),
subject, in each case, to the consent of the Borrower (such consent not to be unreasonably withheld). Upon the acceptance of any
appointment as Facility Agent hereunder by a successor Facility Agent, such successor Facility Agent shall be entitled to receive
from the resigning Facility Agent such documents of transfer and assignment as such successor Facility Agent may reasonably request,
and shall thereupon succeed to and become vested with all rights, powers, privileges and duties of the resigning Facility Agent,
and the resigning Facility Agent shall be discharged from its duties and obligations under this Agreement. After any resigning
Facility Agent's resignation hereunder as the Facility Agent, the provisions of:

 

		(a)	this Article X shall inure to
its benefit as to any actions taken or omitted to be taken by it while it was the Facility Agent under this Agreement; and

 

		(b)	Section 11.3 and Section 11.4
shall continue to inure to its benefit.

 

If a Lender acting as the Facility Agent assigns its Loan to one of its Affiliates, such Facility Agent may, subject to the consent
of the Borrower (such consent not to be unreasonably withheld or delayed) assign its rights and obligations as Facility Agent
to such Affiliate.

 

SECTION 10.6.
Loans by the Facility Agent. The Facility Agent shall have the same rights and powers with respect to the Loan made
by it or any of its Affiliates. The Facility Agent and its Affiliates may accept deposits from, lend money to, and generally engage
in any kind of business with the Borrower or any Affiliate of the Borrower as if the Facility Agent were not the Facility Agent
hereunder and without any duty to account therefor to the Lenders. The Facility Agent shall have no duty to disclose information
obtained or received by it or any of its Affiliates relating to the Borrower or its Subsidiaries to the extent such information
was obtained or received in any capacity other than as the Facility Agent.

 

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SECTION 10.7.
Credit Decisions. Each Lender acknowledges that it has, independently of each Agent and each other Lender, and based
on such Lender's review of the financial information of the Obligors, this Agreement, the other Loan Documents (the terms and provisions
of which being satisfactory to such Lender) and such other documents, information and investigations as such Lender has deemed
appropriate, made its own credit decision to extend its Commitment. Each Lender also acknowledges that it will, independently of
each Agent and each other Lender, and based on such other documents, information and investigations as it shall deem appropriate
at any time, continue to make its own credit decisions as to exercising or not exercising from time to time any rights and privileges
available to it under this Agreement or any other Loan Document.

 

SECTION 10.8.
Copies, etc. Each Agent shall give prompt notice to each Lender of each notice or request required or permitted
to be given to such Agent by the Borrower pursuant to the terms of this Agreement (unless concurrently delivered to the Lenders
by the Borrower). Each Agent will distribute to each Lender each document or instrument received for its account and copies of
all other communications received by such Agent from the Borrower for distribution to the Lenders by such Agent in accordance with
the terms of this Agreement.

 

SECTION 10.9.
The Agents' Rights. Each Agent may (i) assume that all representations or warranties made or deemed repeated
by the Obligors in or pursuant to this Agreement or any Loan Document are true and complete, unless, in its capacity as the Facility
Agent, it has acquired actual knowledge to the contrary, (ii) assume that no Default has occurred unless, in its capacity
as an Agent, it has acquired actual knowledge to the contrary, (iii) rely on any document or notice believed by it to be genuine,
(iv) rely as to legal or other professional matters on opinions and statements of any legal or other professional advisers
selected or approved by it, (v) rely as to any factual matters which might reasonably be expected to be within the knowledge
of the Borrower on a certificate signed by or on behalf of the Borrower and (vi) refrain from exercising any right, power,
discretion or remedy unless and until instructed to exercise that right, power, discretion or remedy and as to the manner of its
exercise by the Lenders (or, where applicable, by the Required Lenders) and unless and until such Agent has received from the Lenders
any payment which such Agent may require on account of, or any security which such Agent may require for, any costs, claims, expenses
(including legal and other professional fees) and liabilities which it considers it may incur or sustain in complying with those
instructions.

 

SECTION 10.10.
The Facility Agent's Duties. The Facility Agent shall (i) if requested in writing to do so by a Lender, make
enquiry and advise the Lenders as to the performance or observance of any of the provisions of this Agreement or any Loan Document
by any Obligor or as to the existence of an Event of Default and (ii) inform the Lenders promptly of any Event of Default
of which the Facility Agent has actual knowledge.

 

The Facility Agent shall not
be deemed to have actual knowledge of the falsehood or incompleteness of any representation or warranty made or deemed repeated
by the Obligors or actual knowledge of the occurrence of any Default unless a Lender or the Borrower shall have given written notice
thereof to the Facility Agent in its capacity as the Facility Agent. Any information acquired by the Facility Agent other than
specifically in its capacity as the Facility Agent shall not be deemed to be information acquired by the Facility Agent in its
capacity as the Facility Agent.

 

The Facility Agent may, without
any liability to account to the Lenders, generally engage in any kind of banking or trust business with the Borrower or with the
Borrower's subsidiaries or associated companies or with a Lender as if it were not the Facility Agent.

 

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SECTION 10.11.
Employment of Agents. In performing its duties and exercising its rights, powers, discretions and remedies under
or pursuant to this Agreement or the Loan Documents, each Agent shall be entitled to employ and pay agents to do anything which
such Agent is empowered to do under or pursuant to this Agreement or the Loan Documents (including the receipt of money and documents
and the payment of money); provided that, unless otherwise provided herein, including without limitation Section 11.3,
the employment of such agents shall be for such Agent's account, and to act or refrain from taking action in reliance on the opinion
of, or advice or information obtained from, any lawyer, banker, broker, accountant, valuer or any other person believed by such
Agent in good faith to be competent to give such opinion, advice or information.

 

SECTION 10.12.
Distribution of Payments. The Facility Agent shall pay promptly to the order of each Lender that Lender's Percentage
Share of every sum of money received by the Facility Agent pursuant to this Agreement or the Loan Documents (with the exception
of any amounts payable pursuant to the Fee Letter and any amounts which, by the terms of this Agreement or the Loan Documents,
are paid to the Facility Agent for the account of the Facility Agent alone or specifically for the account of one or more Lenders)
and until so paid such amount shall be held by the Facility Agent on trust absolutely for that Lender.

 

SECTION 10.13.
Reimbursement. The Facility Agent shall have no liability to pay any sum to a Lender until it has itself received
payment of that sum. If, however, the Facility Agent does pay any sum to a Lender on account of any amount prospectively due to
that Lender pursuant to Section 10.12 before it has itself received payment of that amount, and the Facility Agent
does not in fact receive payment within two (2) Business Days after the date on which that payment was required to be made
by the terms of this Agreement or the Loan Documents, that Lender will, on demand by the Facility Agent, refund to the Facility
Agent an amount equal to the amount received by it, together with an amount sufficient to reimburse the Facility Agent for any
amount which the Facility Agent may certify that it has been required to pay by way of interest on money borrowed to fund the amount
in question during the period beginning on the date on which that amount was required to be paid by the terms of this Agreement
or the Loan Documents and ending on the date on which the Facility Agent receives reimbursement.

 

SECTION 10.14.
Instructions. Where an Agent is authorized or directed to act or refrain from acting in accordance with the instructions
of the Lenders or of the Required Lenders each of the Lenders shall provide such Agent with instructions within three (3) Business
Days of such Agent's request (which request may be made orally or in writing). If a Lender does not provide such Agent with instructions
within that period, that Lender shall be bound by the decision of such Agent. Nothing in this Section 10.14 shall limit
the right of such Agent to take, or refrain from taking, any action without obtaining the instructions of the Lenders or the Required
Lenders if such Agent in its discretion considers it necessary or appropriate to take, or refrain from taking, such action in order
to preserve the rights of the Lenders under or in connection with this Agreement or the Loan Documents. In that event, such Agent
will notify the Lenders of the action taken by it as soon as reasonably practicable, and the Lenders agree to ratify any action
taken by the Facility Agent pursuant to this Section 10.14.

 

SECTION 10.15.
Payments. All amounts payable to a Lender under this Section 10.15 shall be paid to such account at such
bank as that Lender may from time to time direct in writing to the Facility Agent.

 

SECTION 10.16.
"Know your customer" Checks. Each Lender shall promptly upon the request of the Facility Agent supply,
or procure the supply of, such documentation and other evidence as is reasonably requested by the Facility Agent (for itself) in
order for the Facility Agent to carry out and be satisfied it has complied with all necessary "know your customer" or
other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in this Agreement or the
Loan Documents.

 

SECTION 10.17.
No Fiduciary Relationship. Except as provided in Section 10.12, no Agent shall have any fiduciary relationship
with or be deemed to be a trustee of or for any other person and nothing contained in this Agreement or any Loan Document shall
constitute a partnership between any two or more Lenders or between either Agent and any other person.

 

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ARTICLE XI

 

MISCELLANEOUS PROVISIONS

 

SECTION 11.1.
Waivers, Amendments, etc. The provisions of this Agreement and of each other Loan Document may from time to
time be amended, modified or waived, if such amendment, modification or waiver is in writing and consented to by the Borrower and
the Required Lenders; provided that no such amendment, modification or waiver which would:

 

		(a)	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)	increase the Commitment of any Lender
shall be made without the consent of such Lender;

 

		(d)	reduce any fees described in Article III
payable to any Lender shall be made without the consent of such Lender;

 

		(e)	extend the Commitment Termination Date
of any Lender shall be made without the consent of such Lender;

 

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

 

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

 

No failure or delay on the part of the
Facility Agent or any Lender in exercising any power or right under this Agreement or any other Loan Document shall operate as
a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise thereof
or the exercise of any other power or right. No notice to or demand on the Borrower in any case shall entitle it to any notice
or demand in similar or other circumstances. No waiver or approval by the Facility Agent or any Lender under this Agreement or
any other Loan Document shall, except as may be otherwise stated in such waiver or approval, be applicable to subsequent transactions.
No waiver or approval hereunder shall require any similar or dissimilar waiver or approval thereafter to be granted hereunder.
The Lenders hereby agree, at any time and from time to time that the Nordea Agreement or the Citibank Agreement is amended or refinanced,
to negotiate in good faith to amend this Agreement to conform any representations, warranties, covenants or events of default in
this Agreement to the amendments made to any substantively comparable provisions in the Nordea Agreement or the Citibank Agreement
or any refinancing thereof.

 

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SECTION 11.2.
Notices.

 

		(a)	All notices and other communications
provided to any party hereto under this Agreement or any other Loan Document shall be in writing, by facsimile or by electronic
mail and addressed, delivered or transmitted to such party at its address, facsimile number or electronic mail address set forth
below its signature hereto or set forth in the Lender Assignment Agreement or at such other address, or facsimile number as may
be designated by such party in a notice to the other parties. Any notice, if mailed and properly addressed with postage prepaid
or if properly addressed and sent by pre-paid courier service, shall be deemed given when received; any notice, if transmitted
by facsimile, shall be deemed given when transmitted provided it is received in legible form; any notice, if transmitted by electronic
mail, shall be deemed given upon acknowledgment of receipt by the recipient.

 

		(b)	So long as KfW IPEX is the Facility
Agent, the Borrower may provide to the Facility Agent all information, documents and other materials that it furnishes to the Facility
Agent hereunder or any other Loan Document (and any guaranties, security agreements and other agreements relating thereto), including,
without limitation, all notices, requests, financial statements, financial and other reports, certificates and other materials,
but excluding any such communication that (i) relates to a request for a new, or a conversion of an existing advance or other
extension of credit (including any election of an interest rate or interest period relating thereto), (ii) relates to the
payment of any principal or other amount due hereunder or any other Loan Document prior to the scheduled date therefor, (iii) provides
notice of any Default or Event of Default or (iv) is required to be delivered to satisfy any condition precedent to the effectiveness
of the Agreement and/or any advance or other extension of credit hereunder (all such non-excluded communications being referred
to herein collectively as "Communications"), by transmitting the Communications in an electronic/soft medium in
a format acceptable to the Facility Agent at celine.brochard@kfw.de and maritime-industries-administration@kfw.de (or such other
email address notified by the Facility Agent to the Borrower); provided that any Communication requested pursuant to Section 7.1.1(h) shall
be in a format acceptable to the Borrower and the Facility Agent.

 

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

 

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

 

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SECTION 11.3.
Payment of Costs and Expenses. The Borrower agrees to pay on demand all reasonable expenses of the Facility Agent
(including the reasonable fees and out-of-pocket expenses of counsel to the Facility Agent and of local counsel, if any, who may
be retained by counsel to the Facility Agent) in connection with any amendments, waivers, consents, supplements or other modifications
to, this Agreement or any other Loan Document as may from time to time hereafter be required, whether or not the transactions contemplated
hereby are consummated. In addition, the Borrower agrees to pay (i) reasonable fees and out of pocket expenses of counsel
to the Facility Agent and (if and to the extent that the Refinancing Bank uses the same counsel as that of the Facility Agent)
of counsel to the Refinancing Bank in connection with the funding under this Agreement. The Borrower further agrees to pay, and
to save the Facility Agent and the Lenders harmless from all liability for, any stamp, recording, documentary or other similar
taxes arising from the execution, delivery or enforcement of this Agreement or the borrowing hereunder or any other Loan Documents.
The Borrower also agrees to reimburse the Facility Agent and each Lender upon demand for all reasonable out-of-pocket expenses
(including reasonable attorneys' fees and legal expenses) incurred by the Facility Agent or such Lender in connection with (x) the
negotiation of any restructuring or "work-out", whether or not consummated, of any Obligations and (y) the enforcement
of any Obligations.

 

SECTION 11.4.
Indemnification. In consideration of the execution and delivery of this Agreement by each Lender and the extension
of the Commitments, the Borrower hereby indemnifies and holds harmless the Facility Agent, each Lender and each of their respective
Affiliates and their respective officers, advisors, directors and employees (collectively, the "Indemnified Parties")
from and against any and all claims, damages, losses, liabilities and expenses (including, without limitation, reasonable fees
and disbursements of counsel), joint or several, that may be incurred by or asserted or awarded against any Indemnified Party (including,
without limitation, in connection with any investigation, litigation or proceeding or the preparation of a defense in connection
therewith), in each case arising out of or in connection with or by reason of this Agreement or the other Loan Documents or the
transactions contemplated hereby or thereby or any actual or proposed use of the proceeds of the Loans (collectively, the "Indemnified
Liabilities"), except to the extent such claim, damage, loss, liability or expense is found in a final, non-appealable
judgment by a court of competent jurisdiction to have resulted primarily from such Indemnified Party's gross negligence or willful
misconduct or the material breach by such Indemnified Party of its obligations under this Agreement or any other Loan Document
and which breach is not attributable to the Borrower's own breach of the terms of this Agreement or any other Loan Document. In
the case of an investigation, litigation or other proceeding to which the indemnity in this paragraph applies, such indemnity shall
be effective whether or not such investigation, litigation or proceeding is brought by the Borrower, any of its directors, security
holders or creditors, an Indemnified Party or any other person or an Indemnified Party is otherwise a party thereto. Each Indemnified
Party shall (a) furnish the Borrower with prompt notice of any action, suit or other claim covered by this Section 11.4,
(b) not agree to any settlement or compromise of any such action, suit or claim without the Borrower's prior consent, (c) shall
cooperate fully in the Borrower's defense of any such action, suit or other claim (provided that the Borrower shall reimburse
such indemnified party for its reasonable out-of-pocket expenses incurred pursuant hereto) and (d) at the Borrower's request,
permit the Borrower to assume control of the defense of any such claim, other than regulatory, supervisory or similar investigations,
provided that (i) the Borrower acknowledges in writing its obligations to indemnify the Indemnified Party in accordance
with the terms herein in connection with such claims, (ii) the Borrower shall keep the Indemnified Party fully informed with
respect to the conduct of the defense of such claim, (iii) the Borrower shall consult in good faith with the Indemnified Party
(from time to time and before taking any material decision) about the conduct of the defense of such claim, (iv) the Borrower
shall conduct the defense of such claim properly and diligently taking into account its own interests and those of the Indemnified
Party, (v) the Borrower shall employ counsel reasonably acceptable to the Indemnified Party and at the Borrower's expense,
and (vi) the Borrower shall not enter into a settlement with respect to such claim unless either (A) such settlement
involves only the payment of a monetary sum, does not include any performance by or an admission of liability or responsibility
on the part of the Indemnified Party, and contains a provision unconditionally releasing the Indemnified Party and each other indemnified
party from, and holding all such persons harmless, against, all liability in respect of claims by any releasing party or (B) the
Indemnified Party provides written consent to such settlement (such consent not to be unreasonably withheld or delayed). Notwithstanding
the Borrower's election to assume the defense of such action, the Indemnified Party shall have the right to employ separate counsel
and to participate in the defense of such action and the Borrower shall bear the fees, costs and expenses of such separate counsel
if (i) the use of counsel chosen by the Borrower to represent the Indemnified Party would present such counsel with an actual
or potential conflict of interest, (ii) the actual or potential defendants in, or targets of, any such action include both
the Borrower and the Indemnified Party and the Indemnified Party shall have concluded that there may be legal defenses available
to it which are different from or additional to those available to the Borrower and determined that it is necessary to employ separate
counsel in order to pursue such defenses (in which case the Borrower shall not have the right to assume the defense of such action
on the Indemnified Party's behalf), (iii) the Borrower shall not have employed counsel reasonably acceptable to the Indemnified
Party to represent the Indemnified Party within a reasonable time after notice of the institution of such action, or (iv) the
Borrower authorizes the Indemnified Party to employ separate counsel at the Borrower's expense. The Borrower acknowledges that
none of the Indemnified Parties shall have any liability (whether direct or indirect, in contract, tort or otherwise) to the Borrower
or any of its security holders or creditors for or in connection with the transactions contemplated hereby, except to the extent
such liability is determined in a final non-appealable judgment by a court of competent jurisdiction to have resulted primarily
from such Indemnified Party's gross negligence or willful misconduct. In no event, however, shall any Indemnified Party be liable
on any theory of liability for any special, indirect, consequential or punitive damages (including, without limitation, any loss
of profits, business or anticipated savings). If and to the extent that the foregoing undertaking may be unenforceable for any
reason, the Borrower hereby agrees to make the maximum contribution to the payment and satisfaction of each of the Indemnified
Liabilities which is permissible under applicable law.

 

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SECTION 11.5.
Survival. The obligations of the Borrower under Sections 4.3, 4.4, 4.5, 4.6, 4.7,
11.3 and 11.4 and the obligations of the Lenders under Section 10.1, shall in each case survive any termination
of this Agreement and the payment in full of all Obligations. The representations and warranties made by the Borrower in this Agreement
and in each other Loan Document shall survive the execution and delivery of this Agreement and each such other Loan Document.

 

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

 

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

 

SECTION 11.8.
Execution in Counterparts; Effectiveness. 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 either the Agreement has been signed by all the parties or, where execution is in counterparts,
when counterparts hereof have been executed by each of the parties and notice of such execution shall have been given by each party
to the other parties.

 

SECTION 11.9.
Third Party Rights. Notwithstanding the provisions of the Contracts (Rights of Third Parties) Act 1999, no term of
this Agreement is enforceable by a person who is not a party to it.

 

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

 

		(a)	except to the extent permitted under
Section 7.2.6, the Borrower may not assign or transfer its rights or obligations hereunder without the prior written
consent of the Facility Agent and each Lender; and

 

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

 

SECTION 11.11.
Sale and Transfer of the Loan; Participations in the Loan. Each Lender may assign its Percentage or portion of the
Loan to one or more other Persons (a "New Lender"), or sell participations in its Percentage or portion of the
Loan to one or more other Persons; provided that, in the case of assignments, such New Lender enters into an Interest Make-Up
Agreement; and provided further that, in the case of assignments, such Lender shall use commercially reasonable efforts
to assign only to a New Lender that has agreed to enter into an Option A Refinancing Agreement.

 

SECTION 11.11.1.
Assignments (i) KfW IPEX, as Lender, (A)(1) with the written consent of the Borrower (which consent shall not be unreasonably
delayed or withheld but which consent shall be deemed to have been given in the absence of a written notice delivered by the Borrower
to KfW IPEX, on or before the fifth Business Day after receipt by the Borrower of KfW IPEX's request for consent, stating, in reasonable
detail, the reasons why the Borrower proposes to withhold such consent) may at any time (and from time to time) assign or transfer
(including by way of novation) to one or more commercial banks or other financial institutions, when taken together with participations
sold by KfW IPEX pursuant to Section 11.11.2, such part of its share of the aggregate principal amount of the Loan
or the total aggregate Commitments as does not reduce its share below 50% of the total Loan or total Commitments and (2) after
having assigned or transferred, when taken together with participations sold by KfW IPEX pursuant to Section 11.11.2,
such part of its share of the aggregate principal amount of the Loan or total aggregate Commitments so as to reduce its said share
to 50% of the total Loan or total Commitments (pursuant to the foregoing clause (1) and/or Section 11.11.2), with
the written consent of the Borrower (which consent may be withheld at the discretion of the Borrower) may at any time (and from
time to time) assign or transfer (including by way of novation) to one or more commercial banks or other financial institutions
all or any fraction of KfW IPEX's remaining portion of the Loan or remaining Commitment and (B) in connection with the primary
syndication of the Loan, at any time (and from time to time) assign or transfer to one or more commercial banks or other financial
institutions identified by the Borrower in consultation with KfW IPEX that fraction of KfW IPEX's Loan or Commitment that it is
directed by the Borrower to assign or transfer.

 

		(a)	Any Lender (other than KfW IPEX) with
the written consents of the Borrower and the Facility Agent (which consents shall not be unreasonably delayed or withheld and which
consent, in the case of the Borrower, shall be deemed to have been given in the absence of a written notice delivered by the Borrower
to the Facility Agent, on or before the fifth Business Day after receipt by the Borrower of such Lender's request for consent,
stating, in reasonable detail, the reasons why the Borrower proposes to withhold such consent) may at any time (and from time to
time) assign or transfer to one or more commercial banks or other financial institutions all or any fraction of such Lender's Loan;
provided that (A) any Affiliate of KfW IPEX shall be subject to the provisions of Section 11.11.1(i) and
11.11.2(f) as if such Affiliate were KfW IPEX and (B) (i) in the case of a proposed assignment or transfer
by an Option A Lender, the proposed assignee or transferee shall be reasonably acceptable to the Refinancing Bank and (ii) in
the case of a proposed assignment or transfer by an Option B Lender, the proposed assignee or transferee shall meet the criteria
set out in Section 2.2 of the Terms and Conditions.

 

		(b)	Any Lender, with notice to the Borrower
and the Facility Agent, and, notwithstanding the foregoing clauses (i) and (ii), without the consent of the
Borrower, or the Facility Agent may assign or transfer (A) to any of its Affiliates (including, in the case of KfW IPEX, KfW)
or (B) following the occurrence and during the continuance of an Event of Default under Sections 8.1.1, 8.1.4(a) or
8.1.5, to any other Person, in either case, all or any fraction of such Lender's Loan.

 

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		(c)	Any Lender may (notwithstanding the
foregoing clauses, and without notice to, or consent from, the Borrower or the Facility Agent) assign or charge all or any fraction
of its portion of the Loan to (i) 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 all or any fraction of such Lender's portion of the Loan or (ii) to
the Refinancing Bank as collateral security pursuant to the terms of any Option A Refinancing Agreement entered into by such Lender.

 

		(d)	No Lender may (notwithstanding the
foregoing clauses) assign or transfer any of its rights under this Agreement unless it has given prior written notification of
the transfer to Hermes and (if it is then funded by the Refinancing Bank) the Refinancing Bank and has obtained a prior written
consent from Hermes and (if it is then funded by the Refinancing Bank) the Refinancing Bank.

 

		(e)	Nothing in this Section 11.11.1
shall prejudice the right of the Lender to assign its rights under this Agreement to Hermes, if such assignment is required to
be made by that Lender to Hermes in accordance with the Hermes Insurance Policy.

 

Each Person described in the foregoing
clauses as being the Person to whom such assignment or transfer is to be made, is hereinafter referred to as an "Assignee
Lender". Assignments in a minimum aggregate amount of $25,000,000 (or, if less, all of such Lender's portion of the Loan
and Commitment) (which assignment or transfer shall be of a constant, and not a varying, percentage of such Lender's portion of
the Loan) are permitted; provided that the Borrower and the Facility Agent shall be entitled to continue to deal solely
and directly with such Lender in connection with the interests so assigned or transferred to an Assignee Lender until:

 

		(a)	written notice of such assignment or
transfer, together with payment instructions, addresses and related information with respect to such Assignee Lender, shall have
been given to the Borrower and the Facility Agent by such Lender and such Assignee Lender;

 

		(b)	such Assignee Lender shall have executed
and delivered to the Borrower and the Facility Agent a Lender Assignment Agreement, accepted by the Facility Agent and, if the
applicable portion of the Loan is a Fixed Rate Loan, any other agreements required by the Facility Agent or the CIRR Representative
in connection therewith; and

 

		(c)	the processing fees described below
shall have been paid.

 

From and after the date that the Facility
Agent accepts such Lender Assignment Agreement, (x) the Assignee Lender thereunder shall be deemed automatically to have become
a party hereto and to the extent that rights and obligations hereunder have been assigned or transferred to such Assignee Lender
in connection with such Lender Assignment Agreement, shall have the rights and obligations of a Lender hereunder and under the
other Loan Documents, and (y) the assignor Lender, to the extent that rights and obligations hereunder have been assigned
or transferred by it, shall be released from its obligations hereunder and under the other Loan Documents, other than any obligations
arising prior to the effective date of such assignment. Except to the extent resulting from a subsequent change in law, in no event
shall the Borrower be required to pay to any Assignee Lender any amount under Sections 4.2(c), 4.3, 4.4, 4.5,
4.6 and 4.7 that is greater than the amount which it would have been required to pay had no such assignment been
made. Such assignor Lender or such Assignee Lender must also pay a processing fee to the Facility Agent upon delivery of any Lender
Assignment Agreement in the amount of $2,000 (and shall also reimburse the Facility Agent and the CIRR Representative for any reasonable
out-of-pocket costs, including reasonable attorneys' fees and expenses, incurred in connection with the assignment).

 

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SECTION 11.11.2.
Participations. Any Lender may at any time sell to one or more commercial banks or other financial institutions (each of such commercial
banks and other financial institutions being herein called a "Participant") participating interests in its Loan;
provided that:

 

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

 

		(b)	such Lender shall remain solely responsible
for the performance of its obligations hereunder;

 

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

 

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

 

		(e)	the Borrower shall not be required
to pay any amount under Sections 4.2(c), 4.3, 4.4, 4.5, 4.6 and 4.7 that is greater than the amount which it would have been required
to pay had no participating interest been sold; and

 

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

 

		(g)	KfW IPEX may not sell participating
interests pursuant to this Section 11.11.2 that, when taken together with Loans and/or Commitments sold by KfW IPEX
pursuant to Section 11.11.1, result in KfW IPEX's share of the aggregate principal amount of the Loan and/or the aggregate
Commitments being less than 50% of the total Loan or total Commitments, without the written consent of the Borrower (which consent
shall not be required following the occurrence and during the continuance of an Event of Default or a Prepayment Event).

 

The Borrower acknowledges and agrees that
each Participant, for purposes of Sections 4.2(c), 4.3, 4.4, 4.5, 4.6 and clause (e) of
7.1.1, shall be considered a Lender.

 

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

 

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

 

SECTION 11.13.
Hermes Insurance Policy.

 

SECTION 11.13.1.
Terms of Hermes Insurance Policy

 

		(a)	The Hermes Insurance Policy will cover
95% of the Loan.

 

		(b)	The Hermes Fee will equal 2.37% of
the aggregate principal amount of the Loan as at the Delivery Date.

 

		(c)	The parties have entered into this
Agreement on the basis that the Hermes Insurance Policy shall contain the following terms and should such terms not be included
within the Hermes Insurance Policy, then the Borrower may cancel the Commitment(s):

 

		(x)	25% of the Hermes Fee as in effect on the date of issuance of the Hermes Insurance Policy ("First
Fee") will be payable to the Hermes Agent or Hermes in Dollars within two (2) Business Days of receipt by the Borrower
of demand from the Hermes Agent following the later to occur of (i) the issue of the Hermes Insurance Policy and (ii) the
Effective Date;

 

		(xi)	the balance of the Hermes Fee (being the amount thereof under paragraph (b) above less the
First Fee) ("Second Fee") will be payable in Dollars to the Hermes Agent or Hermes on the Delivery Date;

 

		(xii)	if the Commitments are cancelled in full by the Borrower or the Lenders on or prior to the Delivery
Date (including, for the avoidance of doubt, subsequent to disbursement of the Loan and prepayment thereof by the Borrower under
Section 3.7), Hermes shall be required to reimburse the Hermes Agent the amount of the First Fee less an administration fee
(such administration fee to be no greater than 5% of the amount refunded but in any event not exceeding EUR 2,500);

 

		(xiii)	if the Commitments are cancelled in part by the Borrower on or prior to the Delivery Date (including,
for the avoidance of doubt, subsequent to disbursement of the Loan and prepayment thereof by the Borrower under Section 3.7),
Hermes shall be required to reimburse the Hermes Agent an amount equal to a corresponding proportion of the First Fee, based on
the proportion of the aggregate Commitments prior to such cancellation to the aggregate Commitments after giving effect to such
cancellation, less an administration fee (such administration fee to be no greater than 5% of the amount refunded but in any event
not exceeding EUR 2,500); and

 

		(xiv)	if, after the Delivery Date, the Borrower prepays all or part of the Loan in accordance with this
Agreement, Hermes shall be required to reimburse the Hermes Agent an amount equal to a corresponding proportion of the unexpired
portion of the Hermes Fee, having regard to the amount of the prepayment and the remaining term of the Loan less the sum of (x) a
break funding fee equal to 20% of the unexpired portion of the Hermes Fee and (y) an administration fee (such fee to be no
greater than 5% of the amount refunded but in any event not exceeding EUR 2,500).

 

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SECTION 11.13.2.
Obligations of the Borrower.

 

		(a)	Provided that the Hermes Insurance
Policy complies with Section 11.13.1, the Borrower shall pay (a) the First Fee to the Hermes Agent or Hermes in
accordance with section 11.13.1(c)(i) and (b) the Second Fee to the Hermes Agent or Hermes on the Delivery Date. In each
case, if received by the Hermes Agent, the Hermes Agent shall pay such amount to Hermes.

 

		(b)	Provided that the Hermes Insurance
Policy complies with Section 11.13.1, the Borrower shall pay to the Hermes Agent or Hermes an issue fee of EUR 12,500
for the issue of the Hermes Insurance Policy at the same time that the First Fee is payable.

 

SECTION 11.13.3.
Hermes Debt Deferral Extension Premium It is acknowledged and agreed that following receipt of the premium invoice issued by Hermes
in respect of the Hermes Debt Deferral Extension Premium, such Hermes Debt Deferral Extension Premium shall be payable directly
by the Borrower to Hermes or, where the Facility Agent on behalf of the Borrower has paid the Hermes Debt Deferral Extension Premium
to Hermes, by way of reimbursement to the Facility Agent, in either case promptly and in any event within five Business Days of
receipt of the premium invoice issued by Hermes. It is further acknowledged and agreed that no advance of the Second Deferred Tranche
shall be capable of being made available to the Borrower until the Hermes Debt Deferral Extension Premium has been paid.

 

SECTION 11.13.4.
Obligations of the Hermes Agent and the Lenders.

 

		(a)	Promptly upon receipt of the Hermes
Insurance Policy from Hermes, the Hermes Agent shall (subject to any confidentiality undertakings given to Hermes by the Hermes
Agent pursuant to the terms of the Hermes Insurance Policy) send a copy thereof to the Borrower.

 

		(b)	The Hermes Agent shall perform such
acts or provide such information which are, acting reasonably, within its power so to perform or so to provide, as required by
Hermes under the Hermes Insurance Policy and as are necessary to ensure that the Lenders obtain the support of Hermes pursuant
to the Hermes Insurance Policy.

 

		(c)	The Hermes Agent shall (in the circumstances
described in Section 11.13.1(c)(iii), (iv) or (v)):

 

		(x)	make written requests to Hermes seeking a reimbursement of the Hermes Fee promptly after the relevant
cancellation or prepayment and (subject to any confidentiality undertakings given to Hermes by the Hermes Agent pursuant to the
terms of the Hermes Insurance Policy) provide a copy of the request to the Borrower;

 

		(xi)	use its reasonable endeavours to maximize the amount of any reimbursement of the Hermes Fee to
which the Hermes Agent is entitled;

 

		(xii)	pay to the Borrower the full amount of any reimbursement of the Hermes Fee that the Hermes Agent
receives from Hermes within two (2) Business Days of receipt with same day value; and

 

		(xiii)	relay the good faith concerns of the Borrower to Hermes regarding the amount it is required to
pay to Hermes or the amount of any reimbursement to which the Hermes Agent is entitled, it being agreed that the Hermes Agent's
obligation shall be no greater than simply to pass on to Hermes the Borrower's concerns.

 

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		(d)	Each Lender will co-operate with the
Hermes Agent, the Facility Agent and each other Lender, and take such action and/or refrain from taking such action as may be reasonably
necessary, to ensure that the Hermes Insurance Policy and each Interest Make-Up Agreement (as defined in and entered into in accordance
with the Terms and Conditions) continue in full force and effect and shall indemnify and hold harmless each other Lender in the
event that the Hermes Insurance Policy or such Interest Make-Up Agreement (as the case may be) does not continue in full force
and effect due to its gross negligence or willful default.

 

SECTION 11.14.
Law and Jurisdiction

 

SECTION 11.14.1.
Governing Law. This Agreement and any non-contractual obligations arising out of or in respect of this Agreement shall in all respects
be governed by and interpreted in accordance with English Law.

 

SECTION 11.14.2.
Jurisdiction. For the exclusive benefit of the Facility Agent and the Lenders, the parties to this Agreement irrevocably agree
that the courts of England are to have jurisdiction to settle any disputes which may arise out of or in connection with this Agreement
and that any proceedings may be brought in those courts. The Borrower irrevocably waives any objection which it may now or in the
future have to the laying of the venue of any proceedings in any court referred to in this Section, and any claim that those proceedings
have been brought in an inconvenient or inappropriate forum.

 

SECTION 11.14.3.
Alternative Jurisdiction. Nothing contained in this Section shall limit the right of the Facility Agent or the Lenders to
commence any proceedings against the Borrower in any other court of competent jurisdiction nor shall the commencement of any proceedings
against the Borrower in one or more jurisdictions preclude the commencement of any proceedings in any other jurisdiction, whether
concurrently or not.

 

SECTION 11.14.4.
Service of Process. Without prejudice to the right of the Facility Agent or the Lenders to use any other method of service permitted
by law, the Borrower irrevocably agrees that any writ, notice, judgment or other legal process shall be sufficiently served on
it if addressed to it and left at or sent by post to RCL Cruises Ltd., presently at Building 2, Aviator Park, Station Road, Addlestone,
Surrey KT15 2PG, Attention: General Counsel, and in that event shall be conclusively deemed to have been served at the time of
leaving or, if posted, at 9:00 am on the third Business Day after posting by prepaid first class registered post.

 

SECTION 11.15.
Confidentiality. Each of the Facility Agent and the Lenders agrees to maintain and to cause its Affiliates to maintain
the confidentiality of all information provided to it by the Borrower or any Subsidiary of the Borrower, or by the Facility Agent
on the Borrower's or such Subsidiary's behalf, under this Agreement, and neither it nor any of its Affiliates shall use any such
information other than in connection with or in enforcement of this Agreement or in connection with other business now or hereafter
existing or contemplated with the Borrower or any Subsidiary, except to the extent such information (i) was or becomes generally
available to the public other than as a result of disclosure by it or its Affiliates or their respective directors, officers, employees
and agents, or (ii) was or becomes available on a non-confidential basis from a source other than the Borrower or any of its
Subsidiaries so long as such source is not, to its knowledge, prohibited from disclosing such information by a legal, contractual
or fiduciary obligation to the Borrower or any of its Affiliates; provided, however, that it may disclose such information
(A) at the request or pursuant to any requirement of any self-regulatory body, governmental body, agency or official to which
the Facility Agent, any Lender or any of their respective Affiliates is subject or in connection with an examination of the Facility
Agent, such Lender or any of their respective Affiliates by any such authority or body, including without limitation the Federal
Republic of Germany; (B) pursuant to subpoena or other court process; (C) when required to do so in accordance with the
provisions of any applicable requirement of law; (D) to the extent reasonably required in connection with any litigation or
proceeding to which the Facility Agent, any Lender or their respective Affiliates may be party; (E) to the extent reasonably
required in connection with the exercise of any remedy hereunder; (F) to the Facility Agent or such Lender's independent auditors,
counsel, and any other professional advisors of the Facility Agent or such Lender who are advised of the confidentiality of such
information; (G) to any participant or assignee, provided that such Person agrees to keep such information confidential
to the same extent required of the Facility Agent and the Lenders hereunder; (H) as to the Facility Agent, any Lender or their
respective Affiliates, as expressly permitted under the terms of any other document or agreement regarding confidentiality to which
the Borrower or any Subsidiary is party with the Facility Agent, such Lender or such Affiliate; (I) to its Affiliates and
its Affiliates' directors, officers, employees, professional advisors and agents, provided that each such Affiliate, director,
officer, employee, professional advisor or agent shall keep such information confidential to the same extent required of the Facility
Agent and the Lenders hereunder; and (J) to any other party to the Agreement. Each of the Facility Agent and the Lenders shall
be responsible for any breach of this Section 11.15 by any of its Affiliates or any of its or its Affiliates' directors,
officers, employees, professional advisors and agents.

 

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SECTION 11.16.
CIRR requirements.

 

		(a)	The Borrower acknowledges that:

 

		(x)	the government of the Federal Republic of Germany, the Federal Audit Court or any authorised representatives
specified by these bodies shall be authorised at any time to inspect and make or demand copies of the records, accounts, documents
and other deeds of any or all of the Lenders relating to this Agreement;

 

		(xi)	in the course of its activity as the Facility Agent, the Facility Agent may:

 

		(A)	provide the government of the Federal Republic of Germany with information concerning the transactions
to be handled by it under this Agreement; and

 

		(B)	disclose information concerning the subsidized transaction contemplated by this Agreement in the
context of internationally agreed consultation/notification proceedings and statutory specifications, including information received
from the Lenders relating to this Agreement; and

 

		(xii)	the Facility Agent and (to the extent the Lenders have entered into an Option A Refinancing Agreement
with the Refinancing Bank) the Lenders are entitled to disclose to the Refinancing Bank:

 

		(A)	circumstances pertaining to the Loan, proper repayment and collateralization;

 

		(B)	extraordinary events which may jeopardize the proper servicing of the Loan;

 

		(C)	any information required by the Refinancing Bank with respect to the proper use of any refinancing
funds granted to the respective Lender in respect of the Loan; and

 

		(D)	the Loan Documents;

 

provided that the Refinancing
Bank agrees to keep such information confidential to the same extent required of Lenders pursuant to Section 11.15.

 

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SECTION 11.17.
Modification and/or Discontinuation of Benchmarks.

 

		(a)	If a Screen Rate Replacement Event
has occurred then, promptly thereafter, the Facility Agent and the Borrower will enter into negotiations with a view to amend this
Agreement to replace the LIBO Rate with an alternate benchmark rate (including any mathematical or other adjustments to the benchmark
(if any) incorporated therein), giving due consideration to any evolving or then existing convention for similar US dollar denominated
syndicated credit facilities for such alternative benchmarks where such negotiations will take into account the then current market
standards and will be conducted with a view to reducing or eliminating, to the extent reasonably practicable, any transfer of economic
value from one party to another party (any such proposed rate, a "Benchmark Successor Rate"), together with any proposed
Benchmark Successor Rate Conforming Changes and any such amendment shall become effective at 5:00 p.m., New York City time, on
the fifth Business Day after the Facility Agent shall have posted such proposed amendment to all Lenders and the Borrower unless,
prior to such time, the Required Lenders have delivered to the Facility Agent written notice that such Lenders do not accept such
amendment. Such Benchmark Successor Rate shall be applied in a manner consistent with market practice; provided that to the extent
such market practice is not administratively feasible for the Facility Agent, such Benchmark Successor Rate shall be applied in
a manner as otherwise reasonably determined by the Facility Agent.

 

		(b)	If no Benchmark Successor Rate has
been determined and either (x) the circumstances set out in paragraph (a) of the definition of "Screen Rate Replacement
Event" in Section 1.1 exist or (y) the Scheduled Unavailability Date has occurred, the Facility Agent will promptly
so notify the Borrower and each Lender. Thereafter, (i) the obligation of the Lenders to make or maintain the Loan shall be
suspended and (ii) the Screen Rate shall no longer be utilized in determining the LIBO Rate. Upon receipt of such notice,
the Borrower may revoke any pending Loan Request.

 

		(c)	Until such time as a Benchmark Successor
Rate and Benchmark Successor Rate Conforming Changes have been determined and agreed and without prejudice to the obligation of
the parties to enter into negotiations with a view to determining or agreeing a Benchmark Successor Rate pursuant to paragraph
(a) above, for any Interest Period starting after the Screen Rate Replacement Event, the LIBO Rate shall be replaced by the
weighted average of the rates notified to the Facility Agent by each Lender five (5) Business Days prior to the first day
of that Interest Period, to be that which expresses as a percentage rate per annum the cost the relevant Lender would have of funding
an amount equal to its participation in the Loan during the relevant Interest Period from whatever source it may reasonably select.
If such amount is less than zero, it shall be deemed to be zero.

 

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

 

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

 

    89

     

    

 

		(f)	Section 3.3.6 shall not apply
following the occurrence of a Screen Rate Replacement Event.

 

		(g)	Where paragraph (a) above applies,
the Borrower shall, within three (3) Business Days of demand, reimburse the Facility Agent for the amount of all costs and
expenses (including legal fees) reasonably incurred by the Facility Agent in responding to, evaluating, negotiating or complying
with the requirements set out in that paragraph.

 

    90

     

    

 

Schedule 4

Form of Guarantor Confirmation Certificate

 

[Insert name of relevant Guarantor
here]

 

GUARANTOR’S CERTIFICATE

 

[●], 2021

 

This Certificate is delivered on behalf
of [Insert name of relevant Guarantor entity here] (the Guarantor)], a [company][corporation] incorporated
in [●].

 

[I][We], [insert name of the authorized
officers/directors], the undersigned, in [my][our] capacity as [[a] duly authorized officer[s]] [or][director] of the Guarantor
and not in any individual capacity, do hereby confirm in relation to the Agreements (each as more particularly defined in Schedule
1 of this Certificate) as follows:

 

		1.	Unless otherwise defined in this Certificate, words and expressions defined in the Agreements shall
have the meanings when used in this Certificate.

 

		2.	The Guarantor is a guarantor under each Agreement.

 

		3.	[I][We] hereby acknowledge on behalf of the Guarantor that, in the context of the Debt Deferral
Extension Framework published by each ECA backing the Agreements, each Agreement shall be amended or, as the case may be, amended
and restated pursuant to an amendment agreement (each a Vessel Loan Amendment) in order to record the agreement of the respective
parties to:

 

		a.	add a new debt deferral tranche (the Applicable Debt Deferral Tranche) in those Agreements
where there are principal repayments scheduled to occur between approximately April 2021 and March 2022 (or, in the case
of the facility agreement for m.v. “Ovation of the Seas”, approximately between May 2021 and April 2022)
(in each case, the Applicable Debt Deferral Period), in order to effectively defer principal repayments due under each Agreement
falling due during such Applicable Debt Deferral Period, which Applicable Debt Deferral Tranche shall, in the case of each relevant
Agreement:

 

		i.	be in an amount of approximately the aggregate principal amount of the repayment installments falling
due under such relevant Agreement during the Applicable Debt Deferral Period applicable to it (including payments due during such
period on any first debt deferral if and to the extent already agreed); and

 

		ii.	bear interest on the terms provided in that Vessel Loan Amendment;

 

		b.	extend the waiver of the applicable Borrower’s compliance with the financial covenants set
forth in each Agreement:

 

		i.	in each case where the relevant Agreement is BpiFAE-backed, through the end of the third quarter
of 2022; and

 

		ii.	in each case where the relevant Agreement is Hermes and/or Finnvera-backed, through to the end
of the fourth quarter of 2022,

 

provided, however, that if the
relevant ECA and Lenders under any Agreement approve a longer waiver period, the applicable Vessel Loan Amendment relating to such
Agreement shall include the longer such waiver period; and

 

		c.	any adjustments to the financial, indebtedness, negative pledge or other covenants as are required
by the relevant Lenders and ECAs in order to give effect to the amendments contemplated in (a) and (b) above.

 

    91

     

    

 

		4.	This Certificate is one of the “certificates” required to be provided pursuant to clause
3.1(b) of each Vessel Loan Amendment and in the context of the requirements of clause 3.1(b) of each Vessel Loan Amendment,
[I][we] hereby further acknowledge and confirm on behalf of the Guarantor the following:

 

		a.	the amendments contemplated in the Vessel Loan Amendment for each Agreement and the contents thereof
are approved;

 

		b.	the Guarantee given by the Guarantor in each Agreement and each other Loan Document or Finance
Document, as the case may be (as defined in each such Agreement) to which the Guarantor is a party shall remain and continue in
full force and effect notwithstanding the amendment and restatement of each such Agreement pursuant to the Vessel Loan Amendment
applicable to it;

 

		c.	the Guarantee given by the Guarantor in each Agreement shall extend to any new obligations assumed
by the Borrower under such Agreement as amended by the Vessel Loan Amendment applicable to it (including pursuant to the Applicable
Debt Deferral Tranche) and the floating rate applicable to such Applicable Debt Deferral Tranche (as more particularly set out
in sub-paragraphs (i) and (ii) of 3(a) above)); and

 

		d.	continuing to guarantee the amended obligations of the Borrower under the Agreements as amended
by the Vessel Loan Amendment applicable to it does not cause any borrowing, guaranteeing or similar limit binding on the Guarantor
to be exceeded.

 

		5.	[I][We] hereby confirm that:

 

		a.	the copy of the certificate or articles of incorporation, formation or organization or other comparable
organizational document of the Guarantor (collectively, the Organizational Documents); and

 

		b.	the by-laws or operating, management or similar agreements of the Guarantor (collectively, the
Operating Documents),

 

in each case, appended to the
Secretary’s Certificate dated 21 December 2020 (the Original Secretary’s Certificate) remain true and correct
on the date of this Certificate and have not been amended, modified or revoked and remain in full force and effect.

 

		6.	[I][we] hereby represent and warrant on behalf of the Guarantor that [I][we] have the authority
to sign this Certificate as evidenced by [●] of the Original Secretary’s Certificate (the Authorization). The
Authorization has not been modified or rescinded and remains in full force and effect.

 

		7.	[The Guarantor does not have its management or control in Liberia nor does it undertake any business
activity in Liberia.

 

		8.	Less than a majority of the shareholders of the Guarantor hereto by vote or value are resident
in Liberia.][7 and 8 to be included in the Certificate for RCL Cruise Holdings LLC and RCI Holdings LLC only as Liberian
entities]

 

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

 

[Signature Pages Follow]

 

    92

     

    

 

Exhibit A

Repayment Schedule

 

Repayment Schedule – Loan (other than Deferred Tranche)
 Payments 09 to 10 fall in the Deferral Period I
 Payments 11 to 12 fall in the Deferral Period II

US Dollars ($)  

 

	No.	 	 	Repayment Dates	 	Balance	 	 	Principal	 
	 	0	 	 	8-Apr-2016	 	$	841,832,663.35	 	 	$	0.00	 
	 	1	 	 	8-Oct-2016	 	$	806,756,302.36	 	 	$	35,076,360.99	 
	 	2	 	 	8-Apr-2017	 	$	771,679,941.37	 	 	$	35,076,360.99	 
	 	3	 	 	8-Oct-2017	 	$	736,603,580.38	 	 	$	35,076,360.99	 
	 	4	 	 	8-Apr-2018	 	$	701,527,219.39	 	 	$	35,076,360.99	 
	 	5	 	 	8-Oct-2018	 	$	666,450,858.40	 	 	$	35,076,360.99	 
	 	6	 	 	8-Apr-2019	 	$	631,374,497.41	 	 	$	35,076,360.99	 
	 	7	 	 	8-Oct-2019	 	$	596,298,136.42	 	 	$	35,076,360.99	 
	 	8	 	 	8-Apr-2020	 	$	561,221,775.43	 	 	$	35,076,360.99	 
	 	9	 	 	8-Oct-2020	 	$	526,145,414.44	 	 	$	35,076,360.99	 
	 	10	 	 	8-Apr-2021	 	$	491,069,053.45	 	 	$	35,076,360.99	 
	 	11	 	 	8-Oct-2021	 	$	455,992,692.46	 	 	$	35,076,360.99	 
	 	12	 	 	8-Apr-2022	 	$	420,916,331.47	 	 	$	35,076,360.99	 
	 	13	 	 	8-Oct-2022	 	$	385,839,970.48	 	 	$	35,076,360.99	 
	 	14	 	 	8-Apr-2023	 	$	350,763,609.49	 	 	$	35,076,360.99	 
	 	15	 	 	8-Oct-2023	 	$	315,687,248.50	 	 	$	35,076,360.99	 
	 	16	 	 	8-Apr-2024	 	$	280,610,887.51	 	 	$	35,076,360.99	 
	 	17	 	 	8-Oct-2024	 	$	245,534,526.52	 	 	$	35,076,360.99	 
	 	18	 	 	8-Apr-2025	 	$	210,458,165.53	 	 	$	35,076,360.99	 
	 	19	 	 	8-Oct-2025	 	$	175,381,804.54	 	 	$	35,076,360.99	 
	 	20	 	 	8-Apr-2026	 	$	140,305,443.55	 	 	$	35,076,360.99	 
	 	21	 	 	8-Oct-2026	 	$	105,229,082.56	 	 	$	35,076,360.99	 
	 	22	 	 	8-Apr-2027	 	$	70,152,721.57	 	 	$	35,076,360.99	 
	 	23	 	 	8-Oct-2027	 	$	35,076,360.58	 	 	$	35,076,360.99	 
	 	24	 	 	8-Apr-2028	 	$	0.00	 	 	$	35,076,360.58	 
	 	 	 	 	 	 	 	 	 	 	$	841,832,663.35	 

 

    93

     

    

 

Repayment Schedule – Deferred Tranche I
 Payments 1 to 2 fall in the Deferral Period II

US Dollars ($)  

 

	No.	 	 	Repayment Dates	 	Balance	 	 	Principal	 
	 	0	 	 	8-Oct-2020	 	$	35,076,360.99	 	 	$	0.00	 
	 	0	 	 	8-Apr-2021	 	$	70,152,721.98	 	 	$	0.00	 
	 	1	 	 	8-Oct-2021	 	$	60,130,904.55	 	 	$	10,021,817.43	 
	 	2	 	 	8-Apr-2022	 	$	50,109,087.12	 	 	$	10,021,817.43	 
	 	3	 	 	8-Oct-2022	 	$	40,087,269.69	 	 	$	10,021,817.43	 
	 	4	 	 	8-Apr-2023	 	$	30,065,452.26	 	 	$	10,021,817.43	 
	 	5	 	 	8-Oct-2023	 	$	20,043,634.83	 	 	$	10,021,817.43	 
	 	6	 	 	8-Apr-2024	 	$	10,021,817.40	 	 	$	10,021,817.43	 
	 	7	 	 	8-Oct-2024	 	$	0.00	 	 	$	10,021,817.40	 
	 	 	 	 	 	 	 	 	 	 	$	70,152,721.98	 

 

    94

     

    

 

Repayment Schedule – Deferred Tranche II

US Dollars ($)  

 

	No.	 	 	Repayment Dates	 	Balance	 	 	Principal	 
	 	0	 	 	8-Oct-2021	 	$	45,098,178.42	 	 	$	0.00	 
	 	0	 	 	8-Apr-2022	 	$	90,196,356.84	 	 	$	0.00	 
	 	1	 	 	8-Oct-2022	 	$	80,174,539.41	 	 	$	10,021,817.43	 
	 	2	 	 	8-Apr-2023	 	$	70,152,721.98	 	 	$	10,021,817.43	 
	 	3	 	 	8-Oct-2023	 	$	60,130,904.55	 	 	$	10,021,817.43	 
	 	4	 	 	8-Apr-2024	 	$	50,109,087.12	 	 	$	10,021,817.43	 
	 	5	 	 	8-Oct-2024	 	$	40,087,269.69	 	 	$	10,021,817.43	 
	 	6	 	 	8-Apr-2025	 	$	30,065,452.26	 	 	$	10,021,817.43	 
	 	7	 	 	8-Oct-2025	 	$	20,043,634.83	 	 	$	10,021,817.43	 
	 	8	 	 	8-Apr-2026	 	$	10,021,817.40	 	 	$	10,021,817.43	 
	 	9	 	 	8-Oct-2026	 	$	0.00	 	 	$	10,021,817.40	 
	 	 	 	 	 	 	 	 	 	 	$	90,196,356.84	 

 

    95

     

    

 

Exhibit B

Framework

 

Preamble

 

The Corona-pandemic continues to heavily
affect the global tourism industry, including all cruise ship operators (“Companies”, a cruise operator the
 “Company” - including, if any, the guarantor and/or the holding company and/or the group). Almost all cruise
ship operations are still suspended with various “no-sail orders” still in place.

 

As the cruise ship operations are still
largely suspended, several cruise ship operators are expected to require an extension of the existing debt deferral initiative.
The European ECAs (“ECAs”) intend to provide a coordinated response to these requests on a pan-European basis.

 

This document sets out the key principles
(the “Terms and Conditions”) of a framework for a debt deferral extension of principal repayments and testing
of financial covenants (the “Debt Deferral Extension” or “DDFE”) for already executed ECAs
covered loan agreements (“Loan Agreement”) in connection with the financing of cruise vessels.

 

The terms of the Debt Deferral Extension
are preliminary and informative in nature and shall not be deemed to be binding nor shall they represent any commitment by the
ECAs in respect thereof. All Companies that are not already in formal debt restructuring proceedings can apply for the Debt Deferral
Extension. ECAs are available to evaluate granting of the Debt Deferral Extension on a case by case basis subject to specific terms
and conditions to be agreed upon with any of the Companies and nonetheless subject to approval by the respective ECAs competent
bodies.

 

The European ECAs jointly are providing unilateral support to
the cruise industry, for the benefit of the yards and the supply chain associated, by providing an extension to the initial temporary
relief already given to the Companies, by deferring principal payments falling due from 1st April 2021 to 31st
March 2022.

 

Such support is based on the firm mutual
understanding that the Companies, taking advantage of the Debt Deferral Extension, shall use their best endeavours fulfilling their
contractual obligations under their existing shipbuilding contracts with the yard, i.e. do not unreasonably, unduly, and without
consultation delay instalments and scheduled vessel deliveries and work in good faith with the yards to resolve any crisis-related
construction delays. In particular, the Companies should avoid to cancel existing orders, either already effective and to become
effective in the future.

 

Furthermore, the ECAs believe this initiative
to be an important step to safeguard and strengthen the financial position of the Companies. Such support may enable the Companies
in dealing with other existing creditors or bondholders in order to receive similar relief. In addition, it is our firm expectation
that the Companies engage intensively with their respective shareholders and potential new shareholders to provide all possible
support. It is the ECAs understanding that all relevant and involved stakeholders contribute to the efforts of stabilising the
liquidity situation of the Companies during the current difficult market conditions in order to avoid formal debt restructuring
proceedings. Such shareholders’ and debtholders support will be a major element in the evaluation and decision-making process.

 

All Companies have implemented liquidity
initiatives by raising substantial liquidity throughout the crisis to face the halt of their operations and they will continue
to do so if so requested. The ECAs are providing their support on the assumption that the Companies are still in an overall sound
financial position and their business model is still well founded, so that as soon as the current travel restrictions will be discharged,
the Companies will be able to resume “business as usual” and meet their future financial obligations.

 

    96

     

    

 

Generic
Terms & Conditions of the Debt Deferral Extension

 

Deferred
Payments on ECA-covered debt

 

1.1.1 Debt
Deferral shall be extended to all principal payments under the original ECA loans and the Existing Deferral Tranche payable between
1st  April  2021 and 31st March

 

2022 ("New Deferred
Payments"). The New Deferred Payments shall be expected to be documented and administered as an additional Debt Deferral
Tranche (“New Debt Deferral Tranche”).

 

1.1.2 The
repayment schedules of the previously agreed deferred payments until 31.03.2021 (“Existing Deferral Tranche”)
and the repayment schedule of the Original Loan will remain unchanged. The repayments under both repayment schedules which are
due between 1st April 2021 and 31st March  2022 shall be covered by drawings under the New Debt
Deferral Tranche.

 

1.1.3 The
New Debt Deferral Tranche shall be repaid within 5 years starting from April 1st 2022, if commercially feasible
on the same due dates as the originally scheduled payments, until 31.03.2027, irrespective of remaining tenor of each individual
export financing and subject to 1.1.6 below.

 

1.1.4 Interest
(floating or fixed; commitment fee on undisbursed amounts) and any scheduled ECA premium payments shall continue to be payable.

 

1.1.5 ECA
cover remains effective and extended also on New Deferred Payments. ECAs coverage on any potential additional interest margin arising
from the New Debt Deferral Tranche will be at discretion of each ECAs.

 

1.1.6 In
the event that the payment of New Deferred Payments on the same due dates as the originally scheduled payments will result not
feasible or advisable for the ECAs, repayment schedule of New Deferred Payments may be determined individually on the basis of
a case-by- case examination by the ECA (for example the maturity date under the existing ECA financing (as amended by the Existing
Debt Deferral) is less than the theoretical final maturity of the New Debt Deferral Tranche.

 

Suspension
of Financial Covenant Testing

 

1.2.1 Testing
of all agreed Financial Covenants (in disbursed and undisbursed facilities) shall continue to be suspended until 31.03.2022 ("Testing
Suspension" with non-compliance does not trigger an Event of Default).

 

1.2.2 Over
the next 18 months, the financing banks and ECAs shall have the right / option to trigger on their own discretion the negotiation
to reset the individual financial covenants of a Company. The basic idea behind is that a corridor for the financial covenants
shall be set for the coming years as soon the operational performance is in a ramp-up phase and the financial visibility does improve.

 

    97

     

    

 

1.2.3 Although
Testing Suspension remains in place, reasonable minimum liquidity requirement shall apply, if the Company has no liquidity covenant
in place, minimum liquidity covenants for Debt Deferral Extension shall be introduced (however, aligned with any relevant liquidity
covenants included in other financings)

 

1.3 ECA Premium, Interest and Fees:

 

1.3.1 Additional
upfront/one-off ECA premium on New Debt Deferral Tranche Payments ("Additional ECA Premium") shall apply.

 

1.3.2 Additional
ECA Premium shall be calculated by each ECAs based on its evaluation of the Debt Holiday request.

 

1.3.3 Additional
ECA Premium shall be due and payable at signing of the Debt Deferral Extension. The Additional ECA Premium is not refundable.

 

1.3.4 The
Company shall bear any incurred adjustment on funding cost (CIRR and/or bank funding) for New Debt Deferral Tranche (for New Deferred
Payments).

 

1.3.5 The
Company shall agree on reasonable upfront and coordination fees, due and payable at signing of Debt Deferral Extension. A fee of
the same amount than the one payable to the lenders may also be payable to the ECA, if the ECA so requests.

 

1.3.6 The
Company shall bear any incurred legal and administrative cost to implement New Deferred Payments including but not limited to CIRR
agreements.

 

1.3.7 In
case there are several financings supported by different ECAs, the Company shall apply for the Debt Deferral Extension to all the
ECAs. However, if the consent of the ECA lenders for one or more of these ECA financings is not obtained (due to the refusal of
the ECA lenders of said financing), that should not prevent the Debt Deferral Extension to be implemented for the other ECA financings

 

		Undertakings	

 

2.1 All conditions and
undertakings of the Existing Debt Deferral shall remain in place, especially:

 

		(i)	dividend restriction,

		(ii)	mandatory redemption events,

		(iii)	information covenant and monitoring

		(iv)	specific ECA’s requirements (including, but not limited to, environmental covenant).

 

2.2
In particular, additional covenants will be added in the Debt Deferral Extension including but not limited to:

 

		(i)	Any dividend payment, any share buy-back program or any other distribution or payment to share
capital or shareholders (including repayment of shareholder loans), and/or

		(ii)	new financing granted by the Company [(including inter-company loans)], and/or

		(iii)	any non-arm length disposal of asset and/or

 

    98

     

    

 

		(iv)	any additional security in favour of existing debts (unless the ECA lenders benefit from this new
security on a pari passu basis), and/or

		(v)	any new regular debt or equity issue (such as bond or new equity emission) or other form of indebtedness
by the Company

		(vi)	any debt deferral or covenant waivers of existing debts, or any new debt raising intended to reimburse
existing debt that benefit from additional securities or more favourable terms on existing security packages (unless they are granted
to ECA lender on a pari passu basis),

 

shall trigger mandatory prepayment,
to be made through an hard prepayment in a lump sum of any outstanding amount under the New Debt Deferral Tranche and immediate
cessation of Testing Suspension, in any case subject to the provisions below.

 

		2.3	Utilisation of the New Tranche shall be subject to proof of evidence of sufficient crisis-related
liquidity measures by the Company, including equity, which shall be documented in the application process based on the Information
Package (see paragraph 3.4. below).

 

		2.4	During and until the end of the New Debt Deferral Tranche, the mandatory prepayment provision and
the cessation of the Testing Suspension will not apply in relation to:

 

		(i)	debt issuances by the Company due to financing of any scheduled ship building contract instalments,
including, but not limited to, final instalment at delivery;

 

		(ii)	(i) crisis and recovery related debt provided either (a) on unsecured basis and in accordance
within the limitation provided under the documentation or (b) on secured basis if so requested by a State supported arrangement
and in any case within the limitation provided under the documentation or

 

(ii) equity issuances by
the Company

 

in both cases (i) and (ii) made
until 31 December 2021;

 

		(iii)	after 31 December 2021, crisis and recovery related debt or equity issuances by the Company
made with the prior written consent of the ECA;

		(iv)	extension (or renewal of) revolving credit facilities, with the prior consent of the ECA if any
additional security shall be granted on this occasion.

 

		2.5	Additional redemption mechanism

 

ECAs shall have the right to
request mandatory redemption of Existing and New Deferred Payments if the Company wishes to redeem other commercial lenders and/or
bondholders early (pari passu redemption). For the avoidance of doubt, the refinancing of debt or mandatory prepayments necessary
to avoid an event of default ECAs will not request a pari passu redemption. Voluntary prepayment and/or cash sweep shall trigger
a mandatory prepayment and drawstop of the Existing and New Debt Deferral Tranches, unless those are applied across the ECAS facilities
under the New Debt Deferral Tranches.

 

		2.6	Additional security

 

		1.	The Company shall grant additional security or credit enhancements to ECA lenders (and consequently
to the ECA) to be negotiated in good faith, if so requested by the ECAS. Without prejudice to paragraph 3.6(b) below with
respect to new ECA financings, it is the ECAs firm understanding that additional securities will have to be provided on a pari
passu basis to all the involved ECAs for any of the existing loan agreements.

 

    99

     

    

 

		2.	Additional Security may be requested by each and every ECA at their own sole discretion, in case
such ECA is requested by the Company to support a new ECA financing in relation to any scheduled or new ship building contract,
including the financing of new change orders and/or owner’s supplies.

 

2.7 Early Termination
of New and Existing Debt Deferrals

 

If the Company and/or the obligors
enters all-creditor and/or formal debt restructuring proceedings including but not limited to US Chapter 11 proceedings, all Deferred
Payments of the Existing and the New Debt Deferral Tranche shall be void [or not effective] and the Company shall reimburse the
ECAs financings according to original repayment schedule. For the avoidance of doubt, all sums deferred shall be immediately repaid
and undrawn amounts under the Existing and New Debt Deferral Tranches shall be subject of a draw stop.

 

Procedure
for Debt Deferral Extension application

 

3.1
Each cruise operator ("Company" or the “Borrower” or the “Obligor”) may
apply through its ECAAgent bank, for the Debt Deferral Extension with each ECA for all its disbursed and undisbursed

 

ECA-backed existing export financings.
In one application, several financings can be bundled. Each Company shall apply Debt Deferral Extension also with CIRR Mandatory
for all its disbursed ECA-backed CIRR export financings in an application via the respective CIRR-Agent bank.

 

3.2
The Facility Agent in coordination with ECA- and CIRR-Agent shall coordinate Lenders' consent immediately after Company launched
application for Debt Deferral Extension. For the avoidance of doubt, ECA- and CIRR-approval shall be decided in a timely fashion
based on prior ECA coordination.

 

3.3 Similar to Debt Deferral Application in
Q2 2020 Company shall provide an updated information package as may be required by the relevant ECA based on its standardized template
as described in the Annex.

 

3.4 The Borrower/Company/Obligor
shall provide the following information:

 

		(i)	Treatment of other (new) creditors during Debt Holiday 1.0

 

		(ii)	Overview of already collected crisis liquidity

 

		(iii)	Overview of already concluded and further planned equity measures

 

		(iv)	Overview of any debt deferral already negotiated/agreed with other creditors as of the date of
application for the Debt Deferral Extension and description of the steps which the Borrower/Company/Obligor intends to take in
order to agree any additional debt deferral with other creditors, alongside the Debt Deferral Extension.

 

		(v)	[Detailed information in relation to any security or additional security granted in favour of any class of creditors (lenders/financiers,
bondholders or other relevant creditors) which has been created or agreed as of the date of application for the Debt Deferral Extension]

 

    100

     

    

 

 

		(vi)	[Exhaustive and detailed description of any financial covenant which has been included within the
terms and conditions of any debt issuance carried out within [1 February 2020] and the date of application for the Debt Deferral
Extension and/or included in financing agreement in place as of the same date]

 

		(vii)	Detailed information of future repayment obligations over the repayment tenor of the Debt Deferral
Extension.

 

		(viii)	Presentation of previous and future measures to secure the situation of shipyards and their order
books

 

		(ix)	Status of the Application with other ECAs

 

		(x)	Rough estimate of the Company’s economic co ntribution to the ECAs’ respective economic
systems.

 

		(xi)	Detailed cash flow projections (Management Base Case and Management Stress Case)to illustrate the
positive impact of the Debt Deferral Extension (at least 5 years projection) plus additional stress case scenarios, if requested
by the respective ECAs, including cases with no substantial and cash generating operations prior to 01.06.2021 and 01.10.2021.
Projections shall demonstrate the ability of the Applicant to meet its payment obligations towards its creditors until the end
of the New Debt Deferral Tranche repayment period.

 

		(xii)	Agreed repayment schedule of New Debt Deferral Tranche for all affected financings.

 

		3.5	The Company and any of the Insured Banks shall also provide information regarding their commercial
exposure and the arrangements taken (or under negotiation) towards this Applicant’s commercial exposure.

 

		3.6	The Application should also cover:

(a) a declaration of the
Company to use its best efforts to:

 

     1.            enter
into similar agreements or arrangements with other class of its creditors; and to

     2.            finalize
agreement which won’t put in jeopardy the ECAS position or the shipyard and (b) a confirmation that the application
is sent to all the ECAs involved at once.

 

Please refer to the Annex for the comprehensive list of information
and monitoring process to be implemented.

 

    101

     

    

 

Exhibit C

Debt Deferral Extension Regular Monitoring Requirements

 

Debt Deferral
Extension - Regular Monitoring Requirements

 

Monitoring
Period:

		-	Starting point: approval
		-	End: Until the Existing and the New Debt Deferral Tranches are repaid, whereby the list of documents and frequency shall be
reviewed and adjusted annually by the Facility Agent.

 

	 	Rhythm 	Description 
	1. 	monthly 	
        Reporting of the: 

        1.     
        Total Free Liquidity Position – def.: free cash + free undrawn credit lines;

        2.     
        Free Net Liquidity Position – Total Free Liquidity Position minus all planned debt repayments

         (bank
loan, commercial papers, bonds) which are due within the following 6 months.;

        3.     
        In case the Free Net Liquidity Position does decease to 6x the average of the monthly operational cash burn rate the ECA
        can  decide on its own discretion whether a shorter reporting rhythm shall be implemented (e.g. weekly).;

        4.     
Description of additional measures implemented to increase the liquidity position (debt, mezzanine and equity measures) /  Whereby
details of the respective terms and conditions shall be included (e.g. securities, ranking), for easy reference an  ongoing
list would be preferred with (a) measures taken, (b) additional measures finalized in the respective month and (c)  additional
measures planned.;

        5.     
Description of of additional cost cutting measures implemented to reduce the outflow of liquidity (OPEX, CAPEX, Debt  Deferrals
etc.);

        6.     
        Repayment or refinancing of existing debt

         

 

    102

     

    

 

	2. 	monthly 	
        Cash Flow Projection of
the cruise line on a monthly basis

         

        The Projection means cash flow statements
        in excel format, complete with formulas, shall cover the following period:

        

        1.    
        Actual figures: The current financial year (whereby at least 1 quarter with actual historical figures have to be included);

        

        2.     Projection: At least the following 24 months starting from the respective current month (including shut down period and  recovery
        phase)

         

        Cash Flow Projection showing:

        1.    
        operating cash flow including and separately listed Cruise-Revenues (including but not limited to occupancy rate, ticket prices,
         capacity of the overall fleet, capacity of fleet in operation), Cruise-OPEX, other COGS, net customer deposits collection  (providing
        details of deposit refund separately), working capital and SG&A;

        

        2.    
        cash flow from investing activities (separately: detailing capex in vessels, general capex and disposals / In addition for  information
        purposes the newbuilding capex which will be paid out of equity.),

        

        3.    
        cash flow from financing activities (detailing proceeds from equity, proceeds from debt separated by type of funding and ECA  facilities,
        debt repayments separately), etc.

        

        4.    
        Interest expenses

         

        Such Cash Flow Projection shall be accompanied
        by a descriptive Note of Assumptions which does include comments on:

        1. Changes:

         (i)   The
        main changes to the underlying assumptions with respect to revenue / cash collections and disbursement of operational costs
        and SG&A,

         (ii)  The
        main changes to the underlying assumptions with respect to Debt Deferrals (with the ECA backed transactions or other class of
        creditors)

 

	 	 	
        (iii)
The main changes with respect to Major Capex (and such Equity payments in relation to Major Capex)

         And in each case
whether those changes are due to timing issues or more fundamental changes compared to the initial Test  Scheme Template for the
Debt Deferral Extension (if not previously disclosed), or the previous Liquidity Forecast.

        2.    Mitigants
        or additional liquidity measure that are incorporated in the Liquidity Forecast, or planned but not yet incorporated in the Liquidity
        Forecast.

         

	3. 	monthly 	Testing of the applicable Minimum Liquidity Covenant according to the amended loan documentation

                                                                                 

 

    103

     

    

 

	4. 	monthly 	
        1.   
        Cash Burn Rate

         

        2.   
        Cash Burn Rate adjusted to net deposits collection

         

        3.   
        Net Liquidity position to Cash Burn rate

         

        Def. Cash Burn rate
        means operating costs plus debt service plus capital expenditure (net of financing) Def. Cash Burn rate adjusted
        means operating costs plus debt service plus capital expenditure (net of financing) plus net deposits
        collection.

         

        To be reported as long as the company achieves
        a positive (adj.) EBITDA after interest costs in two consecutive months

	5. 	monthly 	
        Booking Curve - Average ticket price
        and occupancy for the season 2021 and season 2022 including a comparison of both parameters at the same point in time for bookings
        in 2019 for the season 2020

         

        Format tbd with the ECA Agent / Figures
        to be provided in table / split by quarter mandatory

	6. 	monthly 	
        Status of the fleet on a per vessel
        basis: Active vessels (+ occupancy level) / Vessels in layup / Vessels classified for sale

         

        Fleet wide average of occupancy
        (incl. active and idle vessels)

	7. 	monthly 	Confirmation that no dividends have been declared / paid within the current month.
	8. 	monthly 	
        Development of the customer deposits:
        

         

        1.    
        For cancelled cruises with starting dates in the past: Percentage of customers which requested a refund and percentage of  those
        who re-booked or accepted a voucher.

         

        2.    
        Overview of the amount of deposits which have been collected in connection with cruises in the next 4 quarters (split by quarter).

         

        3.    Customer Deposits for cruises starting within the next 3 months

        4.    Amount of collected deposits which are at risk to be refunded, based on the company’s own assumption of how many passengers
        of future cancelled cruises might chose a refund instead of a re-booking or a voucher.

         

	9. 	monthly 	
        Other Creditors and Debtors:

         

        1.    
        Please state clearly whenever terms and conditions (amount, interest, tenor, maturity schedule and securities) of existing credit
        facilities (incl. other debt holiday agreements) have been amended which fall into the same class as the ECAs or other classes.

         

        2.    
        How are generally unsecured and secured financings treated?

        3.    
        How do the debtors (like credit card companies) currently act? Do creditors withhold payments?

         

        4.    
        Other Creditors and Debtors: What is the company asking from the other creditors (e.g. Bondholder, LeaseCos, FactorCos etc.)  and
        what is their response? Do the respective documentation include cross default clauses?

 

    104

     

    

 

	10 	bimonthly	
        Update about the changes of signed building
        contracts

         

        The ECA shall be updated about the company`s
        current plans to amendment any building contract or about any upcoming negotiations with the national yard.

	11 	quarterly	Unaudited financial statements or management accounts (incl. P&L (incl. EBITDA), balance sheet and cash flow statement)
	12 	quarterly	Company shall provide the calculation of the financial covenants which currently are waived.

 

    105

     

    

 

Exhibit D

Replacement covenants with effect from the Guarantee Release Date

 

    106

     

    

	 

                                                                   
Exhibit
                                         P

                                                                   
Replacement
                                         covenants with effect from the Guarantee Release Date

                                                                    

                                                                   
It
                                         is acknowledged and agreed, with effect from the Guarantee Release Date, this Agreement
                                         shall be amended as follows:

 

“incur” means to
create, incur, assume, guarantee or otherwise become directly or indirectly liable and “incurred” or “incurrence”
shall have a correlative meaning.

 

“Inherited Indebtedness”
means any Indebtedness (other than any Indebtedness that would, following the acquisition or creation of the relevant Subsidiary,
become Permitted Principal Subsidiary Indebtedness or Permitted Non-Principal Subsidiary Indebtedness) of any corporation that
becomes a Subsidiary of the Borrower after the Guarantee Release Date so long as (i) the acquisition or creation of such corporation
by the Borrower is not otherwise prohibited by the terms of this Agreement and (ii) such Indebtedness is in existence at the time
such corporation becomes a Subsidiary of the Borrower and was not incurred by the Borrower or any of its Subsidiaries in anticipation
thereof.

 

“Inherited Lien”
means any Lien (other than a Lien that would, following the acquisition or creation of the relevant Subsidiary, become a Permitted
Lien) in respect of any Inherited Indebtedness on any asset of any corporation that becomes a Subsidiary of the Borrower after
the Guarantee Release Date so long as (i) the acquisition or creation of such corporation by the Borrower is not otherwise prohibited
by the terms of this Agreement and (ii) such Liens are in existence at the time such corporation becomes a Subsidiary of the Borrower
and were not created by the Borrower or any of its Subsidiaries in anticipation thereof.

 

“Non-Principal Subsidiary” means a Subsidiary
other than a Principal Subsidiary.

 

	

                                                                   “Permitted
                                         Principal Subsidiary Indebtedness” means:

                                                                    

		a.	Indebtedness owing to the Borrower or a direct or indirect Subsidiary of the Borrower; and

 

		b.	obligations in respect of Hedging Instruments entered into for the purpose of managing interest
rate, foreign currency exchange or commodity exposure risk and not for speculative purposes.

 

	“Permitted
Liens” means:
                                                                    

		a.	Liens securing Government-related Obligations;

 

    107

     

    

 

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

 

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

 

		d.	Liens incurred in the ordinary course of business in connection with workers' compensation,
unemployment insurance or other forms of governmental insurance or benefits;

 

		e.	Liens for current crew's wages and salvage;

 

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

 

		g.	Liens on Vessels that:

 

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

 

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

 

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

 

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

 

		h.	normal and customary rights of set-off upon deposits of cash or other Liens originating solely
by virtue of any statutory or common law provision relating to bankers' liens, rights of set-off or similar rights in favour of
banks or other depository institutions;

 

		i.	Liens in respect of rights of set-off, recoupment and holdback in favour of credit card processors
securing obligations in connection with credit card processing services incurred in the ordinary course of business;

 

		j.	Liens on cash or Cash Equivalents or marketable securities securing:

 

(i)            obligations
in respect of Hedging Instruments entered into for the purpose of managing interest rate, foreign currency exchange or commodity
exposure risk and not for speculative purposes; or

 

(ii)          letters
of credit that support such obligations;

 

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

 

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

 

    108

     

    

 

		m.	licenses, sublicenses, leases or subleases granted to other Persons not materially interfering
with the conduct of the business of the Borrower or any of its Subsidiaries.

 

“Permitted Non-Principal Subsidiary
Indebtedness” means:    

 

		a.	Indebtedness owing to the Borrower or a direct or indirect Subsidiary of the Borrower;

 

		b.	obligations in respect of Hedging Instruments entered into for the purpose of managing interest
rate, foreign currency exchange or commodity exposure risk and not for speculative purposes; and

 

		c.	other Indebtedness other than Indebtedness for borrowed money (it being agreed for this purpose
that any Group Member Guarantee granted in connection with Indebtedness for borrowed money shall be considered to be Indebtedness
for borrowed money).

 

    109

     

    

 

		1.	Sections 7.2.2 and 7.2.3 shall be deleted in their entirety and replaced with the following
(and all other provisions and clause references shall be construed accordingly):

 

SECTION 7.2.2           Subsidiary
Indebtedness and Liens.

 

		(a)	With effect from the Guarantee Release Date and except to the extent permitted by Section 7.2.2(b) below:

 

		(i)	the Borrower will not permit:

 

		A.	any of its Principal Subsidiaries to incur any Indebtedness other than Permitted Principal Subsidiary
Indebtedness; and

 

		B.	any of its Non-Principal Subsidiaries to incur any Indebtedness other than Permitted Non-Principal
Subsidiary Indebtedness; and

 

		(ii)	the Borrower (having regard, in the case of any ECA Financed Vessel, to Section 7.2.12) will
not, and will not permit any of its Subsidiaries to, permit to exist any Lien upon any of its property, revenues or assets, whether
now owned or hereafter acquired other than Permitted Liens.

 

		(b)	Section 7.2.2(a) shall not, however, prohibit any Indebtedness or Lien provided that
(but again having regard, in the case of any ECA Financed Vessel, to Section 7.2.12) immediately following the incurrence
(including any Group Member Guarantees) of the Indebtedness or Lien (as applicable):

 

		(i)	the sum of the aggregate principal amount (without duplication) of (x) Indebtedness incurred
by Principal Subsidiaries (excluding Permitted Principal Subsidiary Indebtedness), (y) Indebtedness incurred by Non-Principal
Subsidiaries (excluding Permitted Non-Principal Subsidiary Indebtedness) and (z) the Indebtedness secured by Liens (other
than Permitted Liens) granted by any Group Member does not exceed 20.0% of the total assets of the Borrower and its Subsidiaries
taken as a whole as determined in accordance with GAAP as at the last day of the most recent ended Fiscal Quarter;

 

		(ii)	in the event the Senior Debt Rating of the Borrower is at Investment Grade as given by either Moody’s
and S&P (determined at the time of the incurrence of the Indebtedness or Lien), the sum of the aggregate principal amount (without
duplication) of (x) Indebtedness incurred by Principal Subsidiaries (excluding Permitted Principal Subsidiary Indebtedness)
and (y) the Indebtedness secured by Liens (excluding Permitted Liens) granted by any Group Member does not exceed 10.0% of
the total assets of the Borrower and its Subsidiaries taken as a whole as determined in accordance with GAAP as at the last day
of the most recent ended Fiscal Quarter;

 

    110

     

    

 

		(iii)	in the event the Senior Debt Rating of the Borrower is below Investment Grade as given by both
Moody’s and S&P (determined at the time of creation of the Lien or the granting of a Group Member Guarantee (as applicable)):

 

		A.	the aggregate principal amount of Indebtedness secured by first priority Liens (excluding Permitted
Liens) granted by any Group Member does not exceed 5% of the total assets of the Borrower and its Subsidiaries taken as a whole
as determined in accordance with GAAP as at the last day of the most recent ended Fiscal Quarter;

 

		B.	the aggregate principal amount of Indebtedness secured by second (or lower) priority Liens (excluding
Permitted Liens) granted by any Group Member does not exceed 5% of the total assets of the Borrower and its Subsidiaries taken
as a whole as determined in accordance with GAAP as at the last day of the most recent ended Fiscal Quarter; and

 

		C.	the sum of the aggregate principal amount (without duplication) of (x) Indebtedness (including
any Group Member Guarantees) incurred by Principal Subsidiaries (excluding Permitted Principal Subsidiary Indebtedness) and (y) Indebtedness
secured by Liens (excluding Permitted Liens) granted by any Group Member pursuant to (iii)(A) and (B) above does not
exceed 10.0% of the total assets of the Borrower and its Subsidiaries taken as a whole as determined in accordance with GAAP as
at the last day of the most recent ended Fiscal Quarter,

 

provided that if, following
the Guarantee Release Date, the Borrower enters into a transaction which results in the existence of any Inherited Lien or Inherited
Indebtedness, and solely as a result of that Inherited Lien (and the related Inherited Indebtedness secured by that Inherited Lien)
or Inherited Indebtedness, the thresholds referred to in this paragraph (b) are exceeded, whilst no breach of this clause
shall be deemed to have occurred at the time of such transaction, no further Indebtedness or Liens of the type referred to in this
paragraph (b) shall be permitted to be incurred or, as the case may, permitted to exist until such time as the Borrower is
in compliance with the thresholds referred to above (and taking into account for such purpose any unsecured Inherited Indebtedness
or Inherited Indebtedness secured by any Inherited Lien).

 

Section 7.2.3 shall be deleted in
its entirety and replaced with “Intentionally Omitted”.

 

A new Section 7.2.12 shall be inserted
as follows:

 

SECTION 7.2.12      Negative
Pledge over ECA Financed Vessels.

 

For the purposes of this Section 7.2.12:

 

“repaid”
means scheduled repayments or voluntary or mandatory prepayment and not repayments arising following the acceleration of the relevant
ECA Financing after the occurrence of an Event of Default; and

 

“credit support”
means a Lien over any ECA Financed Vessel granted by any Group Member or a Group Member Guarantee from a Group Member (other than
the Borrower) that owns (directly or indirectly) any ECA Financed Vessel.

 

    111

     

    

 

In connection with the granting
of any Lien or Group Member Guarantee pursuant to Section 7.2.2(b) above, no Group Member shall use any ECA Financed
Vessel as credit support in respect of any Indebtedness except:

 

(i)            if
more than 75.0% of the aggregate principal amount of Indebtedness originally incurred under the ECA Financing in respect of that
ECA Financed Vessel has been repaid by the relevant Group Member, that Group Member shall be entitled to grant credit support over
or in respect of that ECA Financed Vessel on the basis, and in compliance with the terms of, Section 7.2.2(b); and

 

(ii)            if
an amount equal to or higher than 15.0% but less than or equal to 75% of the aggregate principal amount of Indebtedness originally
incurred under the ECA Financing in respect of that ECA Financed Vessel has been repaid by the relevant Group Member (determined
at the time the relevant credit support is provided), the relevant Group Member shall be entitled to provide such credit support
over that ECA Financed Vessel on the basis of, and subject to the compliance with, the terms of, Section 7.2.2(b), provided
that the amount of Indebtedness secured or supported (as applicable) by that credit support shall not exceed an amount equal to
BV x (A / B) where:

 

BV = the book value of that ECA
Financed Vessel at the time of the provision of that credit support (as evidenced by the information to be provided pursuant to
sub-paragraph (v) below);

 

A = the aggregate principal amount
of Indebtedness incurred under the ECA Financing in respect of that ECA Financed Vessel which has been repaid by the relevant Group
Member at the time the credit support is provided; and

 

B = the amount of Indebtedness
originally incurred by the relevant Group Member under the ECA Financing in respect of that ECA Financed Vessel,

 

it being acknowledged and agreed
that:

 

(iii)            where
the relevant credit support being provided in accordance with this Section 7.2.12 is a Group Member Guarantee from a Group
Member that owns (directly or indirectly) one or more ECA Financed Vessels but does not own (directly or indirectly) any other
Vessels, the amount of Indebtedness that can be supported by such Group Member Guarantee shall be equal to the aggregate amount
of Indebtedness that would be permitted to be secured under this Section 7.2.12 if, instead of a Group Member Guarantee, each
relevant Principal Subsidiary owning each relevant ECA Financed Vessel was to provide a Lien as credit support in respect of that
Indebtedness;

 

(iv)            where
the relevant credit support being provided in accordance with this Section 7.2.12 is a Group Member Guarantee from a Group
Member that owns (directly or indirectly) one or more ECA Financed Vessels and other Vessels, the restrictions contained in this
Section 7.2.12 as to the amount of the Indebtedness that can be supported by such credit support must be preserved at all
times and, not later than five Business Days after the date upon which that Group Member grants the relevant Group Member Guarantee,
the Borrower shall notify the Facility Agent in writing of such event and shall provide any information as may be reasonably requested
by the Facility Agent to verify that the requirements of this Section 7.2.12 have been complied with following the provision
of such Group Member Guarantee; and

 

(v)            not
later than five Business Days after the date upon which a Group Member provides any credit support, the Borrower shall provide
the Facility Agent with evidence as to its compliance with this Section 7.2.12, which evidence shall include all required
calculations and other information required by the Facility Agent (acting reasonably) to determine such compliance; and

 

    112

     

    

 

(vi)            no
Group Member shall be entitled to use any ECA Financed Vessel as credit support in the manner contemplated by this Section 7.2.12:

 

		(A)	until such time as the relevant Group Member has repaid at least 15.0% of the aggregate principal
amount of Indebtedness originally incurred under the ECA Financing in respect of that ECA Financed Vessel; and/or

 

		(B)	at any time in which a Default has occurred and is continuing.

 

    113

     

    

 

Exhibit E

Silversea Liens and Indebtedness

 

 

	
        SECTION 1: 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 Section 2 of this Exhibit Q.

         

        SECTION 2: Existing Liens of Silversea

         

        (a)       Liens
        securing the $620,000,000 in principal amount of 7.25% senior secured notes due 2025 issued by Silversea Cruise Finance Ltd. pursuant
        that certain Indenture dated as of January 30, 2017;

         

        (b)       Liens
        on the vessels SILVER WHISPER and SILVER EXPLORER existing as of 29 April 2020 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 built or 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 Section 1 of this Exhibit Q.

         

 

    114

     

    

 

SIGNATORIES

Amendment No. 5 in respect of Hull S-699

 

	Borrower	 	 
	 	 	 
	Royal
                                         Caribbean Cruises Ltd.

                                                                                Name: Lucy Shtenko

                                                                                Title: Attorney-in-fact
	)

                                                                                )/S/ LUCY SHTENKO

                                                                                )
	 
	 	 	 
	 	 	 
	Facility Agent	 	 
	 	 	 
	KfW IPEX-Bank
                                         GmbH

                                                                                Name: Joanna Tuft

                                                                                Title: Attorney-in-fact
	)

                                                                                ) /S/ JOANNA TUFT
 )
	 
	 	 	 
	 	 	 
	Hermes Agent	 	 
	 	 	 
	KfW IPEX-Bank
                                         GmbH

                                                                                Name: Joanna Tuft

                                                                                Title: Attorney-in-fact
	)

                                                                                ) /S/
                                         JOANNA TUFT
 )
	 
	 	 	 
	 	 	 
	Mandated Lead Arrangers	 	 
	 	 	 
	KfW IPEX-Bank
                                         GmbH

                                                                                Name: Joanna Tuft

                                                                                Title: Attorney-in-fact
	)

                                                                                ) /S/ JOANNA TUFT
 )
	 
	 	 	 
	BNP Paribas
                                         Fortis S.A./N.V.

                                                                                Name: Matthew Bambury

                                                                                Title: Attorney-in-fact
	)

                                                                                ) /S/ MATTHEW BAMBURY
 )
	 
	 	 	 
	Lenders	 	 
	 	 	 
	KfW IPEX-Bank
                                         GmbH

                                                                                Name: Joanna Tuft

                                                                                Title: Attorney-in-fact
	)

                                                                                ) /S/ JOANNA TUFT
 )
	 
	 	 	 
	 	 	 
	BNP Paribas
                                         Fortis S.A./N.V.

                                                                                Name: Matthew Bambury

                                                                                Title: Attorney-in-fact
	)

                                                                                ) /S/ MATTHEW BAMBURY
 )
	 

 

 

 

[Signature Page to Amendment No. 5
- Hull S-699]

 

    

     

    

 

	DNB
                                         Bank ASA, Grand Cayman Branch

                                                                                Name: Jan Schneidereit 

                                                                                Title: Attorney-in-fact
	)

                                                                                )/S/ JAY SCHNEIDEREIT

                                                                                )
	 
	 	 	 
	 	 	 
	Banco
                                         Santander, S.A.

                                                                                Name: Carmen Molina

                                                                                Title: Vice President
	)

                                                                                ) /S/ CARMEN MOLINA
 )
	 
	 	 	 
	Name: ANTONIA TEKKI

                                                                                

                                                                                Title: Vice President
	

                                                                                ) /S/
                                         CARMEN
MOLINA
 )
	 
	 	 	 
	HSBC Bank plc

                                                                                Name: Mark Looi

                                                                                Title: Attorney-in-fact
	)

                                                                                ) /S/ MARK LOOI
 )
	 
	 	 	 
	 	 	 
	Commerzbank AG, New York Branch

                                                                                Name: Christina Serrano

                                                                                Title: Project Manager
	)

                                                                                ) /S/ CHRISTINA SERRANO
 )
	 
	 	 	 
	Name: Bianca Notari

                                                         Title: Corporate Banker
	) /S/ BIANCA NOTARI

                                                  )
	 
	 	 	 
	 	 	 
	MUFG Bank, Ltd.

                                                                                Name: Jean-Marie Le Fouest

                                                                                Title: Managing Director
	)

                                                                                ) /S/JEAN-MARIE LE FOUEST
 )
	 
	 	 	 
	 	 	 
	Société Générale

                                                                                Name: Agnes Deschenes Voirin

                                                                                Title:Director
	)

                                                                                ) /S/ AGNES DESCHENES VOIRIN
 )
	 

 

 

 

[Signature Page to Amendment No. 5
- Hull S-699]Exhibit 10.11

 

Dated
18 February 2021

 

	 	Royal Caribbean Cruises
    Ltd.	(1)
	 	(the Borrower)	 
	 	 	 
	 	Citibank N.A., London Branch	(2)
	 	(the Global Coordinator)	 
	 	 	 
	 	SMBC Bank International plc	(3)
	 	(the ECA Agent)	 
	 	 	 
	 	Citibank Europe plc, UK Branch	(4)
	 	(the Facility Agent)	 
	 	 	 
	 	The banks and financial institutions
    listed in Schedule 1	(5)
	 	(the Mandated Lead Arrangers)	 
	 	 	 
	 	The banks and financial institutions
    listed in Schedule 1	(5)
	 	(the Lenders)	 

         

	 	 	 
	Amendment Agreement
    in connection with
	the Credit Agreement
    in respect of
	“CELEBRITY EDGE”
    (ex Hull J34)
	 	 	 

 

    

     

    

 

Contents

 

	Clause	Page
	 	 
	1	Interpretation and definitions	1 
	 	 	 
	2	Amendment of the Existing Credit Agreement	2 
	 	 	 
	3	Conditions of effectiveness of Amended Credit
    Agreement	3 
	 	 	 
	4	Representations and Warranties	5 
	 	 	 
	5	Incorporation of Terms	6 
	 	 	 
	6	Fees, Costs and Expenses	6 
	 	 	 
	7	Counterparts	7 
	 	 	 
	8	Governing Law	7 
	 	 	 
	Schedule 1 Finance Parties	1 
	 	 
	Schedule 2 Form of Amendment Effective
    Date confirmation – Hull J34	2 
	 	 
	Schedule 3 Amended and Restated
    Credit Agreement	3 
	 	 
	Schedule 4 Form of Guarantor Confirmation
    Certificate	5 
	 	 
	Annex A Repayment Schedule	7 
	 	 
	Annex B Debt Deferral Extension
    Regular Monitoring Requirements	8 
	 	 
	Annex C Replacement covenants with
    effect from the Guarantee Release Date	12 

 

    

     

    

 

THIS
AMENDMENT AGREEMENT (this Amendment) is dated 18 February 2021 and made BETWEEN:

 

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

 

		(2)	Citibank
                                         N.A., London Branch as global coordinator (the Global Coordinator);

 

		(3)	Citibank
                                         Europe plc, UK Branch as facility agent (the Facility Agent);

 

		(4)	SMBC
                                         Bank International plc as ECA agent (the ECA Agent);

 

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

 

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

 

WHEREAS:

 

		(A)	The
                                         Borrower, the Global Coordinator, the Facility Agent, the ECA Agent, the Mandated Lead
                                         Arrangers and the Lenders are parties to a credit agreement, dated as of 22 June 2016
                                         (as novated, amended and restated pursuant to a novation agreement dated 22 June 2016,
                                         and as further amended and restated from time to time prior to the date of this Amendment,
                                         the Existing Credit Agreement), in respect of the vessel named “CELEBRITY
                                         EDGE” (formerly Hull no. J34) (the Vessel) whereby it was agreed that, subject
                                         to the terms and conditions therein, the Lenders would advance (and have advanced) their
                                         respective Commitment of an aggregate amount not exceeding the Maximum Loan Amount (as
                                         each such term is defined in the Existing Credit Agreement).

 

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

 

		(C)	Pursuant
                                         to the Framework, the Lenders have agreed to (i) the further deferral of any scheduled
                                         repayments of principal of the Loan (including the first Deferred Tranche) arising during
                                         the Second Deferral Period and (ii) certain amendments to the financial covenants set
                                         out in Section 7.2.4 of the Existing Credit Agreement, in each case on the basis set
                                         out in the Promesse de Garantie dated 22 January 2021.

 

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

 

NOW
IT IS AGREED as follows:

 

		1	Interpretation
                                         and definitions

 

		1.1	Definitions
                                         in the Existing Credit Agreement

 

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

 

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

 

    Page 1

     

    

 

		1.2	Definitions

 

In
this Amendment:

 

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

 

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

 

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

 

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

 

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

 

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

 

Party
means each of the parties to this Amendment.

 

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

 

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

 

		1.3	Third
                                         party rights

 

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

 

		1.4	Designation

 

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

 

		2	Amendment
                                         of the Existing Credit Agreement

 

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

 

    Page 2

     

    

 

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

 

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

 

		3	Conditions
                                         of effectiveness of Amended Credit Agreement

 

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

 

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

 

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

 

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

 

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

 

		(i)	confirming
                                         that:

 

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

 

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

 

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

 

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

 

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

 

    Page 3

     

    

 

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

 

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

 

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

 

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

 

		(i)	Watson
                                         Farley & Williams LLP, counsel to the Borrower, as to matters of Liberian law (and
                                         being issued in substantially the same form as the corresponding Liberian legal opinion
                                         issued in respect of the Second Supplemental Agreement); and

 

		(ii)	Norton
                                         Rose Fulbright LLP, counsel to the Facility Agent as to matters of English law (and being
                                         issued in substantially the same form as the corresponding English legal opinion issued
                                         in respect of the Second Supplemental Agreement),

 

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

 

    Page 4

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		4	Representations
                                         and Warranties

 

		(a)	Each
                                         of the representations and warranties in:

 

		(i)	Article
                                         VI of the Amended Credit Agreement (excluding Section 6.10 of the Amended Credit Agreement);
                                         and

 

		(ii)	clause
                                         3(b) of the Fourth Supplemental Agreement,

 

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

 

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

 

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

 

    Page 5

     

    

 

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

 

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

 

		5	Incorporation
                                         of Terms

 

The
provisions of Section 11.2 (Notices), Section 11.6 (Severability) and Subsections 11.14.2 (Jurisdiction),
11.14.3 (Alternative Jurisdiction) and 11.14.4 (Service of Process) of the Existing Credit Agreement shall be incorporated
into this Amendment as if set out in full in this Amendment and as if references in those sections to “this Agreement”
were references to this Amendment and references to each Party are references to each Party to this Amendment.

 

		6	Fees,
                                         Costs and Expenses

 

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

 

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

 

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

 

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

 

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

 

(including
the reasonable and documented fees and expenses of counsel for the Facility Agent with respect hereto and thereto as agreed with
the Facility Agent) in accordance with the terms of Section 11.3 (Payment of Costs and Expenses) of the Existing Credit
Agreement.

 

		6.4	The
                                         Borrower shall pay any additional premium payable to BpiFAE in respect of the matters
                                         contemplated by this Amendment and the Framework in the agreed amount prior to the first
                                         deemed advance of the Second Deferred in accordance Section 5.1.13(c) of the Amended
                                         Credit Agreement.

 

    Page 6

     

    

 

		6.5	The
                                         Borrower also agrees to pay to the Facility Agent for the account of each Lender and
                                         for distribution to each such Lender in proportion to their respective Commitments under
                                         the Second Deferred Tranche, on and from the date of this Amendment until the earlier
                                         of (a) the date of the second deemed advance of the Second Deferred Tranche, (b) the
                                         last day of the Second Deferral Period and (c) the date of cancellation of the Second
                                         Deferred Tranche (or such part of the Second Deferred Tranche that has not at that point
                                         been advanced), a commitment fee in Dollars equal to the sum of 0.15% per annum on each
                                         Lender’s daily Commitment in respect of the Second Deferred Tranche that has not
                                         at that point been deemed to be advanced. The commitment fee shall be payable in arrears
                                         on the day of each deemed advance of the Second Deferred Tranche or, if cancelled, on
                                         the date of cancellation of the Second Deferred Tranche.

 

		7	Counterparts

 

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

 

		8	Governing
                                         Law

 

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

 

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

 

    Page 7

     

    

 

Schedule
1

Finance Parties

 

Facility
Agent

 

Citibank
Europe plc, UK Branch

 

ECA
Agent

 

SMBC
Bank International plc

 

Mandated
Lead Arrangers 

 

Banco
Bilbao Vizcaya Argentaria, S.A., Paris Branch

 

Banco
Santander, S.A. Paris Branch

 

Citibank
N.A., London Branch

 

HSBC
Continental Europe

 

Société
Générale

 

SMBC
Bank International plc

 

	Edge 1	 	Original
    
 Commitments as at 
 28/02/21	 	 	First
    Deferred
 Tranche	 	 	Second
    Deferred 
 Tranche	 	 	For
    reference
 only - Original 
 Commitments as 
 at 31/3/20	 
	Banco Bilbao Vizcaya Argentaria, S.A., Paris Branch	 	$	3,037,453	 	 	$	303,745	 	 	$	379,682	 	 	$	3,341,198	 
	Banco Santander, S.A. Paris Branch	 	$	72,898,863	 	 	$	7,289,886	 	 	$	9,112,358	 	 	$	80,188,749	 
	Citibank N.A., London Branch	 	$	127,573,010	 	 	$	12,757,301	 	 	$	15,946,626	 	 	$	140,330,311	 
	HSBC France	 	$	31,893,253	 	 	$	3,189,325	 	 	$	3,986,657	 	 	$	35,082,578	 
	Société Générale	 	$	73,012,437	 	 	$	7,301,244	 	 	$	9,126,555	 	 	$	80,313,681	 
	SMBC Bank International plc	 	$	30,374,526	 	 	$	3,037,453	 	 	$	3,796,816	 	 	$	33,411,979	 
	SFIL	 	$	268,700,982	 	 	$	26,870,098	 	 	$	33,587,623	 	 	$	295,571,081	 
	Total	 	$	607,490,524	 	 	$	60,749,052	 	 	$	75,936,315	 	 	$	668,239,576	 

 

Note
that the Original Commitments, the First Deferred Tranche and the Second Deferred Tranche on a cumulated basis cannot exceed at
any point in time the Original Commitments prior to the First Deferred Tranche Deemed Advance, shown under the column headed “For
reference only - Original Commitments as at 31/3/20”

 

    

     

    

 

Schedule
2

Form of Amendment Effective Date confirmation – Hull J34

 

	To:	Royal
                                         Caribbean Cruises Ltd.

 

“CELEBRITY
EDGE” (Hull no. J34)

 

We,
Citibank Europe plc, UK Branch, refer to the amendment agreement dated [•] 2021 (the Amendment) relating to
a credit agreement dated as of 22 June 2016 (as previously novated, amended, supplemented and/or restated from time to time) (the
Credit Agreement) made between (among others) the above named Royal Caribbean Cruises Ltd. as the Borrower, the
financial institutions listed in it as the Lenders and ourselves as the Facility Agent in respect of a loan to the Borrower from
the Lenders of up to the Maximum Loan Amount (as defined in the Credit Agreement).

 

We
hereby confirm that all conditions precedent referred to in clause 3.1 of the Amendment have been satisfied. In accordance with
clause 3 of the Amendment, the Amendment Effective Date is the date of this confirmation and the amendment and restatement of
the Credit Agreement in accordance with the Amendment is now effective.

 

Dated
                               2021

 

Signed:___________________________________

 

For
and on behalf of 

Citibank
Europe plc, UK Branch 

(as
Facility Agent)

 

    2

     

    

 

Schedule
3

Amended and Restated Credit Agreement

 

    3

     

    

_________________________________________

 

CELEBRITY
EDGE (EX HULL NO. J34)

CREDIT
AGREEMENT

_________________________________________

 

dated
22 June 2016 as novated, amended and restated

on the Actual Delivery Date pursuant to

a novation agreement dated 22 June 2016

 

(as
amended and restated by a first supplemental agreement dated 5 October 2018 and

a second supplemental agreement dated 28 April 2020,

and as supplemented by a third supplemental agreement dated 28 July 2020, and

as further amended and restated by a fourth supplemental agreement dated 30 October 2020, and as further amended and restated
by a fifth supplemental agreement dated February 19, 2021)

 

BETWEEN

 

Royal
Caribbean Cruises Ltd.

 

as
the Borrower,

 

the
Lenders from time to time party hereto,

 

Citibank
N.A., London Branch

as Global Coordinator

 

SMBC
Bank International plc

as ECA Agent

 

and

 

Citibank
Europe plc, UK Branch

as Facility Agent

 

and

 

Banco
Bilbao Vizcaya Argentaria, S.A., Paris Branch, Banco Santander, S.A. Paris branch,

Citibank N.A., London Branch, HSBC Continental Europe (previously known as HSBC France), Société Générale
and

SMBC Bank International plc (previously known as Sumitomo Mitsui Banking Corporation Europe Limited, Paris Branch) as Mandated
Lead Arrangers

 

    4

     

    

 

TABLE
OF CONTENTS

 

PAGE

 

	ARTICLE
    I DEFINITIONS AND ACCOUNTING TERMS	 
	 	 
	SECTION
    1.1. Defined Terms	3
	SECTION
    1.2. Use of Defined Terms	30
	SECTION
    1.3. Cross-References	30
	SECTION
    1.4. Accounting and Financial Determinations	31
	 	 
	ARTICLE
    II COMMITMENTS AND BORROWING PROCEDURES	 
	 	 
	SECTION
    2.1. Commitment	31
	SECTION
    2.2. Commitment of the Lenders; Termination and Reduction of Commitments	32
	SECTION
    2.3. Borrowing Procedure	32
	SECTION
    2.4. Funding	35
	 	 
	ARTICLE
    III REPAYMENTS, PREPAYMENTS, INTEREST AND FEES	 
	 	 
	SECTION
    3.1. Repayments	35
	SECTION
    3.2. Prepayment	36
	SECTION
    3.3. Interest Provisions	37
	SECTION
    3.3.1. Rates.	37
	SECTION
    3.3.2. [Intentionally omitted]	38
	SECTION
    3.3.3. Interest stabilisation	38
	SECTION
    3.3.4. Post-Maturity Rates	38
	SECTION
    3.3.5. Payment Dates	38
	SECTION
    3.3.6. Interest Rate Determination; Replacement Reference Banks	39
	SECTION
    3.3.7. Unavailability of LIBO Rate	39
	SECTION
    3.4. Commitment Fees	41
	SECTION
    3.4.1. Payment	41
	SECTION
    3.5. Other Fees	41
	 	 
	ARTICLE
    IV CERTAIN LIBO RATE AND OTHER PROVISIONS	 
	 	 
	SECTION
    4.1. LIBO Rate Lending Unlawful	42
	SECTION
    4.2. Deposits Unavailable	42
	SECTION
    4.3. Increased LIBO Rate Loan Costs, etc.	43
	SECTION
    4.4. Funding Losses	44
	SECTION
    4.4.1. Indemnity	44
	SECTION
    4.4.2. Exclusion	46
	SECTION
    4.5. Increased Capital Costs	46
	SECTION
    4.6. Taxes	47
	SECTION
    4.7. Reserve Costs	49
	SECTION
    4.8. Payments, Computations, etc.	50
	SECTION
    4.9. Replacement Lenders, etc.	50
	SECTION
    4.10. Sharing of Payments	51
	SECTION
    4.10.1. Payments to Lenders	51
	SECTION
    4.10.2. Redistribution of payments	51
	SECTION
    4.10.3. Recovering Lender’s rights	51
	SECTION
    4.10.4. Reversal of redistribution	52
	SECTION
    4.10.5. Exceptions	52
	SECTION
    4.11. Set-off	52
	SECTION
    4.12. Use of Proceeds	52
	SECTION
    4.13. FATCA Information	53
	SECTION
    4.14. Resignation of the Facility Agent	54
	SECTION
    4.15. Deferred Costs	54

 

    i

     

    

 

	ARTICLE
    V CONDITIONS TO BORROWING	 
	 	 
	SECTION
    5.1. Advance of the Loan	54
	SECTION
    5.1.1. Resolutions, etc.	55
	SECTION
    5.1.2. Opinions of Counsel	55
	SECTION
    5.1.3. BpiFAE Insurance Policy	55
	SECTION
    5.1.4. Closing Fees, Expenses, etc.	56
	SECTION
    5.1.5. Compliance with Warranties, No Default, etc	56
	SECTION
    5.1.6. Loan Request	56
	SECTION
    5.1.7. Foreign Exchange Counterparty Confirmations	56
	SECTION
    5.1.8. Protocol of delivery	57
	SECTION
    5.1.9. Title to Purchased Vessel	57
	SECTION
    5.1.10. Interest Stabilisation	57
	SECTION
    5.1.11. Escrow Account Security	58
	SECTION
    5.1.12. First Deferred Tranche	58
	SECTION
    5.1.13. Second Deferred Tranche	59
	 	 
	ARTICLE
    VI REPRESENTATIONS AND WARRANTIES	 
	 	 
	SECTION
    6.1. Organization, etc.	60
	SECTION
    6.2. Due Authorization, Non-Contravention, etc.	60
	SECTION
    6.3. Government Approval, Regulation, etc.	60
	SECTION
    6.4. Compliance with Environmental Laws	60
	SECTION
    6.5. Validity, etc.	61
	SECTION
    6.6. No Default, Event of Default or Prepayment Event	61
	SECTION
    6.7. Litigation	61
	SECTION
    6.8. The Purchased Vessel	61
	SECTION
    6.9. Obligations rank pari passu; Liens	61
	SECTION
    6.10. Withholding, etc.	62
	SECTION
    6.11. No Filing, etc. Required	62
	SECTION
    6.12. No Immunity	62
	SECTION
    6.13. Investment Company Act	62
	SECTION
    6.14. Regulation U	62
	SECTION
    6.15. Accuracy of Information	62
	SECTION
    6.16. Compliance with Laws	63
	 	 
	ARTICLE
    VII COVENANTS	 
	 	 
	SECTION
    7.1. Affirmative Covenants	63
	SECTION
    7.1.1. Financial Information, Reports, Notices, etc.	63
	SECTION
    7.1.2. Approvals and Other Consents	65
	SECTION
    7.1.3. Compliance with Laws, etc.	66
	SECTION
    7.1.4. The Purchased Vessel	66
	SECTION
    7.1.5. Insurance	67
	SECTION
    7.1.6. Books and Records	67
	SECTION
    7.1.7. BpiFAE Insurance Policy/French Authority Requirements	67
	SECTION
    7.1.8. Performance of shipbuilding contract obligations	68
	SECTION
    7.1.9. Further Assurances in respect of the Framework.	68
	Section
    7.1.10 Equal Treatment with Pari Passu Creditors	68
	SECTION
    7.2. Negative Covenants	69
	SECTION
    7.2.1. Business Activities	69
	SECTION
    7.2.2. Indebtedness	70
	SECTION
    7.2.3. Liens	70
	SECTION
    7.2.4. Financial Condition	73
	SECTION
    7.2.4(C). Minimum liquidity	73
	SECTION
    7.2.5. Additional Undertakings	74
	SECTION
    7.2.6. Consolidation, Merger, etc.	81
	SECTION
    7.2.7. Asset Dispositions, etc.	81
	SECTION
    7.2.8. Borrower’s procurement undertaking	82
	SECTION
    7.2.9. Framework Lien and Guarantee Restriction	82

 

    ii

     

    

 

	SECTION
    7.3. Covenant Replacement	84
	SECTION
    7.4. Lender incorporated in the Federal Republic of Germany	84
	 	 
	ARTICLE
    VIII EVENTS OF DEFAULT	 
	 	 
	SECTION
    8.1. Listing of Events of Default	84
	SECTION
    8.1.1. Non-Payment of Obligations	84
	SECTION
    8.1.2. Breach of Warranty	84
	SECTION
    8.1.3. Non-Performance of Certain Covenants and Obligations	85
	SECTION
    8.1.4. Default on Other Indebtedness	85
	SECTION
    8.1.5. Bankruptcy, Insolvency, etc.	85
	SECTION
    8.2. Action if Bankruptcy	86
	SECTION
    8.3. Action if Other Event of Default	87
	 	 
	ARTICLE
    IX PREPAYMENT EVENTS	 
	 	 
	SECTION
    9.1. Listing of Prepayment Events	87
	SECTION
    9.1.1. Change of Control	87
	SECTION
    9.1.2. Unenforceability	87
	SECTION
    9.1.3. Approvals	87
	SECTION
    9.1.4. Non-Performance of Certain Covenants and Obligations	87
	SECTION
    9.1.5. Judgments	88
	SECTION
    9.1.6. Condemnation, etc.	88
	SECTION
    9.1.7. Arrest	88
	SECTION
    9.1.8. Sale/Disposal of the Purchased Vessel	88
	SECTION
    9.1.9. BpiFAE Insurance Policy	88
	SECTION
    9.1.10. Illegality.	88
	SECTION
    9.1.11. Dividend or New Debt	88
	SECTION
    9.1.12. Breach of Principles and Framework	89
	SECTION
    9.2. Mandatory Prepayment	89
	SECTION
    9.3. Mitigation	90
	 	 
	ARTICLE
    X THE FACILITY AGENT AND THE ECA AGENT	 
	 	 
	SECTION
    10.1. Actions	90
	SECTION
    10.2. Indemnity	91
	SECTION
    10.3. Funding Reliance, etc	91
	SECTION
    10.4. Exculpation	91
	SECTION
    10.5. Successor	92
	SECTION
    10.6. Loans by the Facility Agent	93
	SECTION
    10.7. Credit Decisions	93
	SECTION
    10.8. Copies, etc	93
	SECTION
    10.9. The Agents’ Rights	93
	SECTION
    10.10. The Facility Agent’s Duties	94
	SECTION
    10.11. Employment of Agents	94
	SECTION
    10.12. Distribution of Payments	94
	SECTION
    10.13. Reimbursement	94
	SECTION
    10.14. Instructions	95
	SECTION
    10.15. Payments	95
	SECTION
    10.16. “Know your customer” Checks	95
	SECTION
    10.17. No Fiduciary Relationship	95
	SECTION
    10.18. Illegality	95
	 	 
	ARTICLE
    XI MISCELLANEOUS PROVISIONS	 
	 	 
	SECTION
    11.1. Waivers, Amendments, etc.	95
	SECTION
    11.2. Notices	97
	SECTION
    11.3. Payment of Costs and Expenses	98
	SECTION
    11.4. Indemnification	98
	SECTION
    11.5. Survival	100

 

    iii

     

    

 

	SECTION
    11.6. Severability	100
	SECTION
    11.7. Headings	100
	SECTION
    11.8. Execution in Counterparts, Effectiveness, etc.	100
	SECTION
    11.9. Third Party Rights	100
	SECTION
    11.10. Successors and Assigns	100
	SECTION
    11.11. Sale and Transfer of the Loan; Participations in the Loan	101
	SECTION
    11.11.1. Assignments	101
	SECTION
    11.11.2. Participations	103
	SECTION
    11.11.3. Register	104
	SECTION
    11.11.4. Rights of BpiFAE to payments	104
	SECTION
    11.12. Other Transactions	104
	SECTION
    11.13. BpiFAE Insurance Policy	104
	SECTION
    11.13.1. Terms of BpiFAE Insurance Policy	104
	SECTION
    11.13.2. Obligations of the Borrower	105
	SECTION
    11.13.3. Obligations of the ECA Agent and the Lenders	105
	SECTION
    11.14. Law and Jurisdiction	106
	SECTION
    11.14.1. Governing Law	106
	SECTION
    11.14.2. Jurisdiction	106
	SECTION
    11.14.3. Alternative Jurisdiction	106
	SECTION
    11.14.4. Service of Process	106
	SECTION
    11.15. Confidentiality	107
	SECTION
    11.16. French Authority Requirements	107
	SECTION
    11.17. Waiver of immunity	108
	SECTION
    11.18. Acknowledgement and Consent to Bail-In of EEA Financial Institutions	108

 

    iv

     

    

 

EXHIBITS

 

	Exhibit
    A	-	Form
    of Loan Request
	Exhibit B-1	-	Form of Opinion
    of Liberian Counsel to Borrower
	Exhibit B-2	-	Form of Opinion
    of English Counsel to the Facility Agent and the Lenders
	Exhibit B-3	-	Form of Opinion
    of French Counsel to the Facility Agent and the Lenders
	Exhibit B-4	-	Form of Opinion
    of US Tax Counsel to the Lenders
	Exhibit C	-	Form of Lender Assignment
    Agreement
	Exhibit D	-	Form of Certificate
    of French Content
	Exhibit E-1	-	Form of Delivery
    Non-Yard Costs Certificate
	Exhibit E-2	-	Form of Final Non-Yard
    Costs Certificate
	Exhibit F	-	Repayment Schedule
	Exhibit G	-	The Principles
	Exhibit H	-	Information Package
	Exhibit I	-	Silversea Indebtedness
    and Liens
	Exhibit J	-	Form of First Priority
    Guarantee
	Exhibit K	-	Form of Second Priority
    Guarantee
	Exhibit L	-	Form of Third Priority
    Guarantee
	Exhibit M	-	Form of Senior Parties
    Subordination Agreement
	Exhibit N	-	Form of Other Senior
    Parties Subordination Agreement
	Exhibit O	-	Framework
	Exhibit P	-	Debt Deferral Extension
    Regular Monitoring Requirements
	Exhibit Q	-	Replacement covenants
    with effect from the Guarantee Release Date

 

    v

     

    

 

CREDIT
AGREEMENT

 

CELEBRITY
EDGE (EX HULL NO. J34) CREDIT AGREEMENT, dated 22 June 2016 as novated, amended and restated on the Actual Delivery Date (as defined
below), and as further amended and restated by a first supplemental agreement dated 5 October 2018 and a second supplemental agreement
dated 28 April 2020, and as supplemented by a third supplemental agreement dated 28 July 2020, and as further amended and restated
by a fourth supplemental agreement dated 30 October 2020, and as further amended and restated by a fifth supplemental agreement
dated February 19, 2021, is among Royal Caribbean Cruises Ltd., a Liberian corporation (the “Borrower”), SMBC
Bank International plc in its capacity as agent for the Lenders referred to below in respect of matters related to BpiFrance Assurance
Export (in such capacity, the “ECA Agent”), Citibank Europe plc, UK Branch in its capacity as facility agent
(in such capacity, the “Facility Agent”) and the financial institutions listed in Schedule 1 to the Novation
Agreement (as defined below) as lenders (in such capacity, together with each of the other Persons that shall become a “Lender”
in accordance with clause 12 of the Novation Agreement or Section 11.11.1 hereof, each of them individually a “Lender”
and, collectively, the “Lenders”).

 

W
I T N E S S E T H:

 

WHEREAS,

 

		(A)	The
                                         Borrower and Chantiers de l’Atlantique S.A. (previously known as STX France S.A.)
                                         (the “Builder”) have entered on 16 February 2015 into a Contract for
                                         the Construction and Sale of m.v. Celebrity Edge (ex hull no. J34) (as amended from time
                                         to time, the “Construction Contract”) pursuant to which the Builder
                                         has agreed to design, construct, equip, complete, sell and deliver the passenger cruise
                                         vessel Celebrity Edge, bearing Builder’s hull number J34 which shall be owned by
                                         a Subsidiary of the Borrower, Celebrity Edge, Inc. (the “Purchased Vessel”);

 

		(B)	The
                                         Lenders have agreed to make available to the Borrower, upon the terms and conditions
                                         contained herein, a US dollar loan facility calculated on the amount (the “Maximum
                                         Loan Amount”) equal to the EUR sum of:

 

		(i)	eighty
                                         per cent (80%) of the Contract Price (as defined below) of the Purchased Vessel, and
                                         including Non-Yard Costs of up to EUR 76,000,000 (the “Maximum Non-Yard Costs Amount”)
                                         and the Other Basic Contract Price Increases (as defined below) for the Purchased Vessel
                                         of an amount which, when aggregated with the Non-Yard Costs, does not exceed EUR 78,300,000,
                                         but which amount shall not exceed in the aggregate EUR 661,300,000;

 

		(ii)	eighty
                                         per cent (80%) of the change orders of up to EUR 99,110,000 (representing up to 17% of
                                         the Basic Contract Price) effected in accordance with the Construction Contract; and

 

		(iii)	100%
                                         of the BpiFAE Premium (as defined below),

 

    1

     

    

 

being
an amount no greater than EUR 622,623,708 and being made available in the US Dollar Equivalent of that Maximum Loan Amount (as
such Dollar amount may be adjusted pursuant to clause 5.3 of the Novation Agreement);

 

		(C)	Of
                                         the amounts referred to in recital (B)(i) and (ii) above, the Lenders have made certain
                                         amounts available to the Original Borrower during the period prior to the Actual Delivery
                                         Date pursuant to this Agreement (the liability for which amount has been assumed by the
                                         Borrower following the novation of this Agreement pursuant to the Novation Agreement)
                                         and, in relation to the amount referred to in recital (B)(i), the balance has been or
                                         shall be made available to the Borrower as an Additional Advance pursuant to the Novation
                                         Agreement and this Agreement.

 

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

 

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

 

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

 

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

 

		(E)	The
                                         Parties have previously amended this Agreement pursuant to the Fourth Supplemental Agreement
                                         (as defined below) pursuant to which the Borrower agreed to procure (and did procure)
                                         the execution of the Guarantees (as defined below) and to make certain other amendments
                                         to this Agreement to reflect the existence of such Guarantees.

 

    2

     

    

 

		(F)	Pursuant
                                         to the Fifth Supplemental Agreement (as defined below), and upon satisfaction of the
                                         conditions set forth therein, this Agreement is being amended and restated in the form
                                         of this Agreement.

 

NOW,
THEREFORE, the parties hereto agree as follows:

 

ARTICLE
I

DEFINITIONS AND ACCOUNTING TERMS

 

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

 

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

 

“Actual
Delivery Date” means the date on which the Purchased Vessel is delivered by the Builder to, and accepted by, the Borrower
under the Construction Contract, being also the date on which the final balance of the Loan is advanced by way of the Additional
Advances.

 

“Additional
Advances” is defined in the Novation Agreement.

 

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

 

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

 

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

 

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

 

    3

     

    

 

“Adjusted
EBITDA After Principal and Interest” means, for any Last Reported Fiscal Quarter, the Borrower’s EBITDA After
Principal and Interest for such period, excluding those items, if any, that the Borrower has excluded in determining “Adjusted
Net Income” for such period as disclosed in the Borrower’s annual report on 10-K or quarterly report on 10-Q, as applicable,
for such Last Reported Fiscal Quarter, as evidenced pursuant to the relevant certificate to be submitted by the Borrower pursuant
to Section 7.1.1(m).

 

“Advanced
Loan Deferral Period” means the First Deferral Period and/or the Second Deferral Period (as the context may require).

 

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

 

“Agent”
means either the ECA Agent or the Facility Agent and “Agents” means both of them.

 

“Agreement”
means, on any date, this credit agreement as originally in effect on the Signing Date and as novated, amended and restated by
the Novation Agreement and as thereafter from time to time amended, supplemented, amended and restated, or otherwise modified
and in effect on such date.

 

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

 

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

 

“Applicable
Commitment Rate” means (x) from the Signing Date up to but excluding October 31, 2016, 0.15% per annum, (y) from October
31, 2016 up to but excluding October 31, 2017, 0.25% per annum, and (z) from October 31, 2017 until the Commitment Fee Termination
Date, 0.30% per annum.

 

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

 

    4

     

    

 

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

 

“Assignee
Lender” is defined in Section 11.11.1.

 

“Authorized
Officer” means those officers of the Borrower authorized to act with respect to the Loan Documents and whose signatures
and incumbency shall have been certified to the Facility Agent by the Secretary or an Assistant Secretary of the Borrower.

 

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

 

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

 

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

 

“Bank
of Nova Scotia Agreement” means the U.S. $1,925,000,000 amended and restated credit agreement dated as of December 4,
2017 among the Borrower, as borrower, the various financial institutions as are or shall become parties thereto, as lenders, and
The Bank of Nova Scotia, as administrative agent, as amended, restated, supplemented or otherwise modified from time to time.

 

“Basic
Contract Price” is as defined in the Construction Contract.

 

“Borrower”
is defined in the preamble.

 

    5

     

    

 

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

 

“BpiFAE
Enhanced Guarantee” means the enhanced guarantee (garantie rehaussée) issued or to be issued by BpiFAE
to the benefit of CAFFIL in accordance with article 84 of the French Amending Finance Law 2012 (as amended) in relation to the
refinancing of SFIL’s participation and Commitments under the Loan, and any other documents (including any security) entered
into or to be entered into by SFIL with CAFFIL and/or BpiFAE in relation thereto.

 

“BpiFAE
Insurance Policy” means the export credit insurance policy in respect of the Loan issued by BpiFAE for the benefit of
the Lenders.

 

“BpiFAE
Premium” means the premium payable to BpiFAE under and in respect of the BpiFAE Insurance Policy.

 

“Builder”
is defined in the preamble.

 

“Business
Day” means any day which is neither a Saturday or Sunday nor a legal holiday on which banks are authorized or required
to be closed in New York City, London, Madrid or Paris, and if the applicable Business Day relates to an advance of all or part
of the Loan, an Interest Period, prepayment or conversion, in each case with respect to the Loan bearing interest by reference
to the LIBO Rate, a day on which dealings in deposits in Dollars are carried on in the London interbank market.

 

“CAFFIL”
means Caisse Française de Financement Local, a French société anonyme, with its registered office
at 1-3 rue du Passeur de Boulogne, 92130 Issy-les-Moulineaux, France, registered at the trade and companies registry of Nanterre
under number 421 318 064.

 

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

 

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

 

“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.

 

    6

     

    

 

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

 

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

 

“CIRR”
means 2.93% per annum being the Commercial Interest Reference Rate determined in accordance with the OECD Arrangement for Officially
Supported Export Credits to be applicable to the Loan hereunder.

 

“Citibank”
means Citibank N.A., London Branch.

 

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

 

“Commitment”
is defined in Section 2.2 and means, relative to any Lender, such Lender’s obligation to make the Loan pursuant to
Section 2.1.

 

“Commitment
Fees” is defined in Section 3.4.

 

“Commitment
Fee Termination Date” is defined in Section 3.4.

 

“Commitment
Termination Date” means (a) in respect of the Loan other than the Deferred Tranches, the Back Stop Date (as defined
in the Receivable Purchase Agreement) (or such later date as the Lenders and BpiFAE may agree), (b) in respect of the First Deferred
Tranche, March 31, 2021 and (c) in respect of the Second Deferred Tranche, March 31, 2022.

 

“Construction
Contract” is defined in the preamble.

 

    7

     

    

 

“Contract
Price” is as defined in the Construction Contract and which includes a lump sum amount in respect of the Non-Yard Costs.

 

“Contractual
Delivery Date” means, at any time, the date which at such time is the date specified for delivery of the Purchased Vessel
under the Construction Contract, as such date may be modified from time to time pursuant to the terms of the Construction Contract.

 

“Covenant
Modification Date” means the later to occur of (a) the expiry of the Financial Covenant Waiver Period and (b) the date
upon which the financial covenants set out in Section 7.2.4 have been modified in this Agreement in a form and substance satisfactory
to BpiFAE, the Borrower and the Lenders.

 

“Covered
Taxes” is defined in Section 4.6.

 

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

 

“DDTL
Indebtedness” means the Borrower’s Indebtedness (or, if such Indebtedness has not yet been incurred, the commitments
by lenders to provide Indebtedness to the Borrower as of the effectiveness of the Fourth Supplemental Agreement) in connection
with that certain Commitment Letter, dated as of August 12, 2020, between the Borrower and MORGAN STANLEY SENIOR FUNDING INC.
(as amended, restated, extended, supplemented, refinanced, replaced or otherwise modified from time to time).

 

“Debt
Deferral Extension Regular Monitoring Requirements” means the general test scheme/reporting package in the form set
out in Schedule Exhibit P to this Agreement submitted or to be submitted (as the case may be) by the Borrower in accordance with
Section 7.1.1(j).

 

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

 

		(a)	any
                                         Indebtedness (but having regard, in respect of any secured and/or guaranteed Indebtedness,
                                         to the restrictions set out in Section 7.2.9(b)) incurred by a Group Member between 1
                                         April 2020 and the earlier of (i) the end of the Early Warning Monitoring Period and
                                         (ii) 31 December 2023 (or such later date as may, with the prior consent of BpiFAE, be
                                         agreed between the Borrower and the Lenders) (the “Debt Incurrence Trigger Date”);

 

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

 

    8

     

    

 

		(c)	Indebtedness
                                         incurred to refinance (and for this purpose having regard to the applicable provisions
                                         of Clause 7.2.9) a maturity payment under any existing loan or credit facility (including
                                         any crisis and/or recovery-related Indebtedness incurred by a Group Member prior to the
                                         Debt Incurrence Trigger Date) or issued bonds of a Group Member, provided that;

  

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

 

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

 

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

 

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

 

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

 

		(i)	the
                                         issuances of commercial paper;

		(ii)	Capitalized
                                         Lease Liabilities;

		(iii)	purchase
                                         money indebtedness;

		(iv)	indebtedness
                                         under overdraft facilities; and

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

 

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

 

    9

     

    

 

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

 

“Deferred
Costs Percentage” means:

 

		(a)	in
                                         respect of the First Deferred Tranche, 0.35% per annum; and

 

		(b)	in
                                         respect of the Second Deferred Tranche, 0.35% or such other percentage as may be agreed
                                         by the Facility Agent and the Borrower prior to the Second Deferred Tranche Effective
                                         Date.

 

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

 

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

 

“Delivery
Non-Yard Costs Certificate” means the certificate to be provided to the Facility Agent in the form of Exhibit E-1 on
or prior to the Actual Delivery Date certifying the amount in EUR of the Paid Non-Yard Costs and the Unpaid Non-Yard Costs as
at the Actual Delivery Date, duly signed by the Borrower and endorsed by the Builder.

 

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

 

“Disruption
Event” means either or both of:

 

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

 

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

 

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

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

 

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

 

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

 

    10

     

    

 

“Early
Warning Monitoring Period” means the period beginning on the Second Deferred Tranche Effective Date and ending on the
last day of two consecutive Fiscal Quarters in which the Borrower has achieved a higher Adjusted EBITDA After Principal and Interest
for such Fiscal Quarters when compared with the same calculation for the corresponding Fiscal Quarters of the 2019 Fiscal Year,
as evidenced pursuant to the certificate to be submitted by the Borrower pursuant to Section 7.1.1(m) (and such date shall be
notified to the Borrower by the Facility Agent).

 

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

 

“ECA
Agent” is defined in the preamble.

 

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

 

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

 

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

 

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

 

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

 

“Effective
Date” means the date this Agreement becomes effective pursuant to Section 11.8.

 

“Effective
Time” means the Novation Effective Time as defined in the Novation Agreement.

 

    11

     

    

 

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

 

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

 

“Escrow
Account” means the Dollar escrow account of the Borrower opened or to be opened with the Escrow Account Bank for the
purpose of receiving the relevant amount of the Additional Advances in respect of Unpaid Non-Yard Costs in accordance with Section
2.3h).

 

“Escrow
Account Bank” means Citibank N.A., London Branch of Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB.

 

“Escrow
Account Security” means the account security in respect of the Escrow Account executed or, as the context may require,
to be executed by the Borrower in favour of the Security Trustee in the form agreed by the Lenders and the Borrower.

 

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

 

“EUR”
and the sign “€” mean the currency of participating member states of the European Monetary Union pursuant
to Council Regulation (EC) 974/98 of 3 May 1998, as amended from time to time.

 

“Event
of Default” is defined in Section 8.1.

 

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

 

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

 

“FATCA”
means (a) Sections 1471 through 1474 of the Code, as in effect at the date hereof, and any current or future regulations promulgated
thereunder or official interpretations thereof, (b) any treaty, law or regulation of any other jurisdiction, or relating to an
intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation of
any law or regulation referred to in paragraph (a) above; or (c) any agreement pursuant to the implementation of any treaty, law
or regulation referred to in paragraphs (a) or (b) above with the US Internal Revenue Service, the US government or any governmental
or taxation authority in any other jurisdiction.

 

    12

     

    

 

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

 

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

 

“Fee
Letter” means any letter entered into by reference to this Agreement between any or all of the Facility Agent, the Mandated
Lead Arrangers, the Arrangers, the Lenders and/or the Borrower setting out the amount of certain fees referred to in, or payable
in connection with, this Agreement, and including the fee letters entered into in connection with the Second Supplemental Agreement.

 

“Fifth
Supplemental Agreement” means the supplemental agreement dated February 19, 2021 and made between the parties hereto,
pursuant to which this Agreement was amended in connection with the Framework.

 

“Final
Maturity” means (a) in respect of the Loan (other than the Deferred Tranches) twelve (12) years after the Actual Delivery
Date, (b) in respect of the First Deferred Tranche, October 31, 2024 and (c) in respect of the Second Deferred Tranche, October
31, 2026.

 

“Final
Non-Yard Costs Certificate” means the certificate to be provided to the Facility Agent in the form of Exhibit E-2 on
or prior to the NYC Cut Off Date certifying the amount in Euro of the Paid Non-Yard Costs as at the date of that certificate,
duly signed by the Borrower.

 

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

 

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

 

“First
Deferred Tranche Effective Date” has the meaning given to it in the Second Supplemental Agreement.

 

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

 

“First
Priority Assets” means the Vessels known on the date the Fourth Supplemental Agreement becomes effective as or that
sailed under the name (i) Celebrity Constellation, (ii) Celebrity Equinox, (iii) Celebrity Millennium, (iv) Celebrity Silhouette,
(v) Celebrity Summit, (vi) Celebrity Eclipse, (vii) Celebrity Infinity, (viii) Celebrity Reflection and (ix) Celebrity Solstice
(it being understood that such Vessels shall remain “First Priority Assets” regardless of any change in name or ownership
after such date).

 

“First
Priority Guarantee” means the first priority guarantee granted by the First Priority Guarantor prior to the Amendment
Effective Date (as defined in the Fourth Supplemental Agreement) (and any other first priority guarantee granted by a First Priority
Holdco Subsidiary in connection with becoming a First Priority Guarantor) in favor of the Facility Agent for the benefit of the
Agents and the Lenders, in each case substantially in the form attached hereto as Exhibit J.

 

    13

     

    

 

“First
Priority Guarantor” means Celebrity Cruise Lines Inc. (and any of its successors) and any other First Priority Holdco
Subsidiary that has granted or, prior to that entity becoming a First Priority Holdco Subsidiary pursuant to a Disposal of a First
Priority Asset in accordance with Section 7.2.5(a)(v)(A), will grant a First Priority Guarantee.

 

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

 

“First
Priority Release Event” means the occurrence of any event or other circumstance that results in either (x) 80% of the
aggregate principal amount of Bank Indebtedness outstanding as of the effectiveness of the Fourth Supplemental Agreement (being
$5,300,000,000 (and 80% of which is $4,240,000,000)) or (y) 100% of the aggregate principal amount of Secured Note Indebtedness
outstanding as of the effectiveness of the Fourth Supplemental Agreement (being $3,320,000,000):

 

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

 

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

 

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

 

“First
Restatement Date” means October 12, 2018, being the date on which the form of this Agreement was amended and restated
pursuant to the First Supplemental Agreement.

 

“First
Supplemental Agreement” means the supplemental agreement dated October 5, 2018 and made between, amongst others, the
parties hereto, pursuant to which this Agreement was amended.

 

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

 

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

 

    14

     

    

 

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

 

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

 

		b)	the
                                         sum of:

 

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

 

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

 

“Fixed
Rate” means a rate per annum equal to the sum of the CIRR plus the Fixed Rate Margin.

 

“Fixed
Rate Margin” means 0.295% per annum.

 

“Floating
Rate” means a rate per annum equal to the sum of the LIBO Rate plus the applicable Floating Rate Margin.

 

“Floating
Rate Margin” means for each Interest Period in respect of (a) a Floating Rate Loan (but for this purpose excluding any
drawn portion of the Deferred Tranches), 0.90% per annum, (b) the First Deferred Tranche, 0.90% per annum and (c) the Second Deferred
Tranche, 0.90% per annum.

 

“Fourth
Supplemental Agreement” means the supplemental agreement dated 30 October 2020 and made between the parties hereto,
pursuant to which this Agreement was amended.

 

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

 

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

 

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

 

“Funding
Losses Event” is defined in Section 4.4.1.

 

    15

     

    

 

“GAAP”
is defined in Section 1.4.

 

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

 

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

 

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

 

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

 

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

 

“Guarantee
Release Date”  means the date upon which the First Priority Release Event, the Second Priority Release Event and
the Third Priority Release Event have all occurred and accordingly, subject to Section 7.2.5(g) (and in particular proviso (2)
to such Section 7.2.5(g)) each of the Guarantees has been released by the Facility Agent, and also being the date upon which,
in accordance with Section 7.3, certain provisions of this Agreement shall be replaced by the provisions set out in Exhibit Q.

 

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

 

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

 

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

 

“Historic
Screen Rate” means, in relation to the Loan, the most applicable recent rate which appeared on Thomson Reuters LIBOR
01 Page (or any similar page) for the currency of the Loan and for a period equal to the applicable Interest Period for the Loan
and which is no more than 7 days before the commencement of the applicable Interest Period for which such rate may be applicable.

 

“Illegality
Notice” is defined in Section 3.2(b).

  

    16

     

    

 

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

 

“Indemnified
Liabilities” is defined in Section 11.4.

 

“Indemnified
Parties” is defined in Section 11.4.

 

“Interest
Payment Date” means each Repayment Date.

 

“Interest
Period” means the period between the Actual Delivery Date and the first Repayment Date (save that where the first advance
of the First Deferred Tranche is made by way of reimbursement pursuant to Section 2.3.b), the first Interest Period for such amount
shall begin on the utilization date of that part of the First Deferred Tranche and shall end on the next Repayment Date falling
after that date (and being the date of the deemed drawdown of the second portion of the First Deferred Tranche)), and subsequently
each succeeding period between two consecutive Repayment Dates.

 

“Interest
Stabilisation Agreement” means an agreement on interest stabilisation entered into between Natixis and each Lender (other
than BpiFAE or CAFFIL as assignee of all or any of SFIL’s rights as Lender following the enforcement of any security granted
pursuant to paragraph (iv) of Section 11.11.1 in connection with the BpiFAE Enhanced Guarantee, subject as provided in
Section 11.11.1) in connection with the Loan.

 

“Investment
Grade” means, with respect to Moody’s, a Senior Debt Rating of Baa3 or better and, with respect to S&P, a
Senior Debt Rating of BBB- or better.

 

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

 

“Lender”
and “Lenders” are defined in the preamble.

 

“Lender
Assignment Agreement” means any Lender Assignment Agreement substantially in the form of Exhibit C.

 

    17

     

    

 

“Lending
Office” means, relative to any Lender, the office of such Lender designated as such below its signature hereto or designated
in a Lender Assignment Agreement or such other office of a Lender as designated from time to time by notice from such Lender to
the Borrower and the Facility Agent, whether or not outside the United States but subject in all cases to the agreement of Natixis
DAI in relation to the CIRR, which shall be making or maintaining the Loan of such Lender hereunder.

 

“LIBO
Rate” means the rate per annum of the offered quotation for deposits in Dollars for six months (or for such other period
as shall be agreed by the Borrower and the Facility Agent, and being in the case of the first Interest Period of the first portion
of the Deferred Tranches where such portion has been advanced to the Borrower pursuant to Section 2.3.b), the LIBO Rate
resulting from interpolating on a linear basis the three month LIBO Rate and the six month LIBO Rate most recently available prior
to submission of the utilization request in respect of that portion of the Deferred Tranches) which appears on Thomson Reuters
LIBOR01 Page (or any successor page) at or about 11:00 a.m. (London time) two (2) Business Days before the commencement of the
relevant Interest Period; provided that:

 

		a)	subject
                                         to Section 3.3.6, if no such offered quotation appears on Thomson Reuters LIBOR01
                                         Page (or any successor page) at the relevant time the LIBO Rate shall be the Historic
                                         Screen Rate or, if it is not possible to calculate an Historic Screen Rate, it shall
                                         be the rate per annum certified by the Facility Agent to be the average of the rates
                                         quoted by the Reference Banks as the rate at which each of the Reference Banks was (or
                                         would have been) offered deposits of Dollars by prime banks in the London interbank market
                                         in an amount approximately equal to the amount of the Loan and for a period of six months;

 

		b)	for
                                         the purposes of determining the post-maturity rate of interest under Section 3.3.4,
                                         the LIBO Rate shall be determined by reference to deposits on an overnight or call basis
                                         or for such other period or periods as the Facility Agent may determine after consultation
                                         with the Lenders, which period shall be no longer than one month unless the Borrower
                                         otherwise agrees; and

 

		c)	if
                                         that rate is less than zero, the LIBO Rate shall be deemed to be zero.

 

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

 

“Lien
Basket Amount” is defined in Section 7.2.3 b).

 

“Loan”
means the advances made by the Lenders under this Agreement from time to time in an aggregate amount not to exceed the Maximum
Loan Amount (and including for this purpose, the Deferred Tranches Maximum Loan Amount) or, as the case may be, the aggregate
outstanding amount of such advances from time to time.

 

    18

     

    

 

“Loan
Documents” means this Agreement, the Novation Agreement, the First Supplemental Agreement, the Second Supplemental Agreement,
the Third Supplemental Agreement, the Fourth Supplemental Agreement, the Fifth Supplemental Agreement, the Fee Letters, the First
Priority Guarantee, the Second Priority Guarantee, the Third Priority Guarantee, any Additional Guarantee, the Subordination Agreements,
any Additional Subordination Agreement, any New Guarantor Subordination Agreement, the Escrow Account Security and any other document
designated as a Loan Document by the Borrower and the Facility Agent.

 

“Loan
Request” means the loan request and certificate duly executed by an Authorized Officer of the Borrower, substantially
in the form of Exhibit A hereto.

 

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

 

“Material
Guarantor” means (i) each of Celebrity Cruise Lines Inc., RCI Holdings LLC, RCL Cruise Holdings LLC and RCL Cruises
Ltd (and each of their respective successors) and (ii) any other entity that becomes a First Priority Guarantor, a Second Priority
Guarantor or a Third Priority Guarantor after the effectiveness of the Fourth Supplemental Agreement.

 

“Material
Litigation” is defined in Section 6.7.

 

“Maximum
Loan Amount” is defined in the preamble.

 

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

 

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

 

		(b)	three,

 

    19

     

    

 

as
evidenced pursuant to the relevant certificate to be submitted by the Borrower pursuant to Section 7.1.1(m).

 

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

 

“Natixis”
means Natixis, a French société anonyme with its registered office at 30, avenue Pierre Mendès France,
75013 Paris, France, registered with the Paris Commercial and Companies Registry under number 542 044 524 RCS Paris.

 

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

 

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

 

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

 

b)       all
Cash Equivalents.

 

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

 

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

 

“New
Financings” means proceeds from:

 

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

 

b)       the
issuance and sale of equity securities.

 

“New
Guarantor” means, with respect to any Vessel delivered after the effectiveness of the Fourth Supplemental Agreement,
the Subsidiary of the Borrower that (a) directly owns the Equity Interests of the Principal Subsidiary that acquired such Vessel
and (b) delivers an Additional Guarantee.

 

    20

     

    

 

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

 

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

 

“Non-Yard
Costs” has the meaning assigned to “NYC Allowance” in Article II.1 of the Construction Contract and, when
such expression is prefaced by the word “incurred”, shall mean such amount of the Non-Yard Costs, not exceeding EUR76,000,000
and when aggregated with the Other Basic Contract Price Increases in an amount not exceeding EUR78,300,000, as shall at the relevant
time have been paid, or become payable, to the Builder by the Borrower under the Construction Contract as part of the Contract
Price.

 

“Nordea
Agreement” means the U.S. $1,150,000,000 amended and restated credit agreement dated as of October 12, 2017, among the
Borrower, as the borrower, the various financial institutions as are or shall become parties thereto and Nordea Bank AB (publ),
New York Branch as administrative agent, as amended, restated, supplemented or otherwise modified from time to time.

 

“Novated
Loan Balance” is as defined in the Novation Agreement.

 

“Novation
Agreement” means the novation agreement dated 22 June 2016 (as amended) and made between the Original Borrower
and the parties hereto pursuant to which (amongst other things) this Agreement was novated, amended and restated.

 

“NYC
Cut Off Date” means the date falling 60 days after the Actual Delivery Date or such later date as the Lenders (with
the approval of BpiFAE) may agree.

 

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

 

“Obligors”
means the Borrower and the Guarantors.

 

“Option
Period” is defined in Section 3.2(c).

 

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

 

“Original
Borrower” means Saintiami Finance Limited of Cayman Corporate Centre, 27 Hospital Road, George Town, Grand Cayman KY1-9008,
Cayman Islands.

 

“Other
Basic Contract Price Increases” is defined in the Novation Agreement.

 

    21

     

    

 

“Other
ECA Parties” means the facility agents acting on behalf of the creditors under any ECA Financing, whether existing on
or after the effectiveness of the Fourth Supplemental Agreement (excluding the Facility Agent acting in any representative capacity
in connection with this Agreement).

 

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

 

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

 

“Paid
Non-Yard Costs” means as at any relevant date, the amount in Euro of the Non-Yard Costs which have been paid for by
the Borrower and, where applicable, supplied, installed and completed on the Purchased Vessel and as determined in accordance
with the relevant amounts certified in the Delivery Non-Yard Costs Certificate or, as the case may be, the Final Non-Yard Costs
Certificate as at such time.

 

“Pari
Passu Creditor” means with respect to any Group Member, any creditor under or in respect of any Indebtedness incurred
by such Group Member (including in respect of any ECA Financing) which is not, as at December 31, 2020, secured by a Lien over
a Vessel or which, at any time (whether pursuant to the operation of Section 7.1.10(iv) or otherwise), shares in the same security
and/or guarantee package as the Lenders.

 

“Participant”
is defined in Section 11.11.2.

 

“Participant
Register” is defined in Section 11.11.2.

 

“Percentage”
means, relative to any Lender, the percentage set forth opposite its signature hereto or as set out in the applicable Lender Assignment
Agreement, as such percentage may be adjusted from time to time pursuant to Section 4.9 or pursuant to Lender Assignment
Agreement(s) executed by such Lender and its Assignee Lender(s) and delivered pursuant to Section 11.11.1.

 

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

 

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

 

    22

     

    

 

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

 

“Prepayment
Event” is defined in Section 9.1.

 

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

 

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

 

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

 

“Purchased
Vessel” is defined in the preamble.

 

“Receivable
Purchase Agreement” is as defined in the Novation Agreement.

 

“Reference
Banks” means Société Générale and SMBC Bank International plc and such other Lender as shall
be so named by the Borrower and agrees to serve in such role and each additional Reference Bank and/or each replacement Reference
Bank appointed by the Facility Agent pursuant to Section 3.3.6.

 

“Register”
is defined in Section 11.11.3.

 

“Repayment
Date” means, subject to Section 4.8(c), each of the dates for payment of the repayment installments of the Loan
(including the Deferred Tranches) pursuant to Section 3.1.

 

“Required
Lenders” means, at any time, Lenders that in the aggregate, hold more than 50% of the aggregate unpaid principal amount
of the Loan or, if no such principal amount is then outstanding, Lenders that in the aggregate have more than 50% of the Commitments.

 

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

 

“Restricted
Credit Enhancement” means any Group Member Guarantee, Lien or other security or other similar or analogous credit support
arrangement granted by a Group Member in respect of any Indebtedness of a Group Member.

 

“Restricted
Loan Arrangement” means any loan or credit (including any seller’s credit granted in connection with the sale
of a Vessel or other assets (and provided that any such sale complies with the provisions of Section 9.1.11(c))) made available
by a Group Member to any Person but excluding any such loan or credit that is provided:

 

		(a)	to
                                         another Group Member:

 

    23

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    24

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Second
Deferred Tranche Effective Date” has the meaning given to the term “Amendment Effective Date” in the Fifth
Supplemental Agreement.

 

“Second
Priority Assets” means the Vessels known on the date the Fourth Supplemental Agreement becomes effective as or that
sailed under the name (i) Azamara Quest, (ii) Azamara Pursuit, (iii) Azamara Journey, (iv) Celebrity Edge, (v) Celebrity Apex,
(vi) Celebrity Flora, (vii) Celebrity Xpedition, (viii) Celebrity Xperience, (ix) Celebrity Xploration, (x) Monarch, (xi) Horizon
and (xii) Sovereign (it being understood that such Vessels shall remain “Second Priority Assets” regardless of any
change in name or ownership after such date).

 

    25

     

    

 

“Second
Priority Guarantee” means the second priority guarantee granted by the Second Priority Guarantors prior to the Amendment
Effective Date (as defined in the Fourth Supplemental Agreement) (and any other second priority guarantee granted by a Second
Priority Holdco Subsidiary in connection with becoming a Second Priority Guarantor) in favor of the Facility Agent for the benefit
of the Agents and the Lenders, in each case substantially in the form attached hereto as Exhibit K.

 

“Second
Priority Guarantors” means RCL Cruise Holdings LLC, Torcatt Enterprises S.A., RCL Holdings Cooperatief UA, RCL Cruises
Ltd and RCL Investments Ltd (and any of their respective successors) and any other Second Priority Holdco Subsidiary that has
granted or, prior to that entity becoming a Second Priority Holdco Subsidiary pursuant to a Disposal of a Second Priority Asset
in accordance with Section 7.2.5(b)(iii)(A), will grant a Second Priority Guarantee.

 

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

 

“Second
Priority Release Event” means the occurrence of any event or other circumstance that results in either (x) 80% of the
aggregate principal amount of Bank Indebtedness outstanding as of the effectiveness of the Fourth Supplemental Agreement (being
$5,300,000,000 (and 80% of which is $4,240,000,000)) or (y) 100% of the aggregate principal amount of Secured Note Indebtedness
outstanding as of the effectiveness of the Fourth Supplemental Agreement (being $3,320,000,000):

 

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

 

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

 

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

 

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

 

    26

     

    

 

“Second
Supplemental Agreement” means the supplemental agreement dated 28 April 2020 and made between the parties hereto, pursuant
to which this Agreement was amended in connection with, amongst other things, the Principles.

 

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

 

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

 

“Security
Trustee” means Citicorp Trustee Company Limited of Citigroup Centre, Canada Square, London E14 5LB in its capacity as
security trustee for the purpose of the Escrow Account Security.

 

“Senior
Debt Rating” means, as of any date, (a) the implied senior debt rating of the Borrower for debt pari passu in right
of payment and in right of collateral security with the Obligations 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).

 

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

 

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

 

“SFIL”
means SFIL, a French société anonyme with is registered office at 1-3 rue du Passeur de Boulogne, 92130 Issy-les-Moulineaux,
France, registered at the trade and companies registry of Nanterre under number 428 782 585.

 

“Signing
Date” means the date of the Novation Agreement.

 

“Spot
Rate of Exchange” means, for the purposes of determining an equivalent amount in EUR of Dollars on any relevant date,
the FX Rate EUR/USD (published on the basis of the 1:00pm London BFIX rate) two (2) Business Days before that date.

 

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

  

    27

     

    

 

 

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

 

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

 

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

 

“Third
Priority Assets” means the Vessels known on the date the Fourth Supplemental Agreement becomes effective as (i) Symphony
of the Seas, (ii) Oasis of the Seas, (iii) Harmony of the Seas, (iv) Spectrum of the Seas, (v) Quantum of the Seas, (vi) Ovation
of the Seas and (vii) Anthem of the Seas (it being understood that such Vessels shall remain “Third Priority Assets”
regardless of any change in name or ownership after the such date).

 

“Third
Priority Guarantee” means the third priority guarantee granted by RCI Holdings LLC prior to the Amendment Effective
Date (as defined in the Fourth Supplemental Agreement) (and any other third priority guarantee granted by a Third Priority Holdco
Subsidiary in connection with becoming a Third Priority Guarantor) in favor of the Facility Agent for the benefit of the Agents
and the Lenders, in each case substantially in the form attached hereto as Exhibit L.

 

“Third
Priority Guarantor” means RCI Holdings LLC (and any of its successors) and any other Third Priority Holdco Subsidiary
that has granted or, prior to that entity becoming a Third Priority Holdco Subsidiary pursuant to a Disposal of a Third Priority
Asset in accordance with Section 7.2.5(c)(iii)(A), will grant a Third Priority Guarantee.

 

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

 

“Third
Priority Release Event” means the occurrence of any event or other circumstance that results in either (x) 80% of the
aggregate principal amount of Bank Indebtedness outstanding as of the effectiveness of the Fourth Supplemental Agreement (being
$5,300,000,000 (and 80% of which is $4,240,000,000)) or (y) 100% of the aggregate principal amount of Unsecured Note Indebtedness
and the DDTL Indebtedness outstanding as of the effectiveness of the Fourth Supplemental Agreement (being, in aggregate, $1,700,000,000):

 

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

 

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

 

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

 

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

 

“Third
Supplemental Agreement” means the supplemental agreement dated 28 July 2020 and made between the parties hereto, pursuant
to which this Agreement was supplemented.

 

“UK
Bail-In Legislation” means (to the extent that the United Kingdom is not an EEA Member Country which has implemented,
or implements, Article 55 of Directive 2014/59/EU) Part I of the United Kingdom Banking Act 2009 and any other law or regulation
applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions
or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings).

 

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

 

“Unpaid
Non-Yard Costs” means, as at the Actual Delivery Date, the amount in Euro of the Non-Yard Costs which have not been
paid for by the Borrower and/or where applicable, supplied, installed and completed on the Purchased Vessel as at the Actual Delivery
Date and as determined in accordance with the relevant amounts certified in the Delivery Non-Yard Costs Certificate.

 

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

 

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

 

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“US
Dollar Equivalent” means (a) for all EUR amounts payable in respect of the Additional Advances for the amount of the
Non-Yard Costs or the Other Basic Contract Price Increases referred to in clause 5.2(a) of the Novation Agreement (and disregarding
for the purposes of this definition that the Additional Advance in respect of such amounts shall be drawn in Dollars), such EUR
amounts converted to a corresponding Dollar amount at the Weighted Average Rate of Exchange and (b) for the EUR amount payable
in respect of the Additional Advance for the BpiFAE Premium referred to in clause 5.2(b) of the Novation Agreement, and for the
calculation and payment of the Novated Loan Balance (as defined in the Novation Agreement), the amount thereof in EUR converted
to a corresponding Dollar amount as determined by the Facility Agent on the basis of the Spot Rate of Exchange. The US Dollar
Equivalent of the Maximum Loan Amount shall be calculated by the Borrower in consultation with the Facility Agent no less than
two (2) Business Days prior to the proposed Actual Delivery Date.

 

“Vessel”
means a passenger cruise vessel owned by a Group Member.

 

“Weighted
Average Rate of Exchange” means the weighted average rate of exchange that the Borrower has agreed, either in the spot
or forward currency markets, to pay its counterparties for the purchase of the relevant amounts of euro with Dollars for the payment
of the euro amount of the Contract Price (including the portion thereof comprising the change orders, any Other Basic Contract
Price Increases and the Non-Yard Costs) and including in such weighted average calculation (a) the NYC Applicable Rate (as defined
in the Novation Agreement) in relation to the portion of the Contract Price comprising the Non-Yard Costs and (b) the spot rates
for any other euro amounts that have not been hedged by the Borrower.

 

“Write-Down
and Conversion Powers” means (a) with respect to any Resolution Authority, the write-down and conversion powers of such
Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and
conversion powers are described in the EU Bail-In Legislation Schedule and (b) in relation to any UK Bail-In Legislation: (i)
any powers under that UK Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment
firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce,
modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to
convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that
any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect
of that liability or any of the powers under that UK Bail-In Legislation that are related to or ancillary to any of those powers;
and (ii) any similar or analogous powers under that UK Bail-In Legislation.

 

SECTION
1.2. Use of Defined Terms. Unless otherwise defined or the context otherwise requires, terms for which meanings are provided
in this Agreement shall, when capitalized, have such meanings when used in the Loan Request and each notice and other communication
delivered from time to time in connection with this Agreement or any other Loan Document.

 

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

 

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SECTION
1.4. Accounting and Financial Determinations. Unless otherwise specified, all accounting terms used herein or in any other
Loan Document shall be interpreted, all accounting determinations and computations hereunder or thereunder (including under Section
7.2.4) shall be made, and all financial statements required to be delivered hereunder or thereunder shall be prepared, in
accordance with United States generally accepted accounting principles (“GAAP”) consistently applied (or, if
not consistently applied, accompanied by details of the inconsistencies); provided that if the Borrower elects to apply
or is required to apply International Financial Reporting Standards (“IFRS”) accounting principles in lieu
of GAAP, upon any such election and notice to the Facility Agent, references herein to GAAP shall thereafter be construed to mean
IFRS (except as otherwise provided in this Agreement); provided further that if, as a result of (i) any change in GAAP
or IFRS or in the interpretation thereof or (ii) the application by the Borrower of IFRS in lieu of GAAP, in each case, after
the date of the financial statements referred to in Section 6.15, there is a change in the manner of determining any of
the items referred to herein or thereunder that are to be determined by reference to GAAP, and the effect of such change would
(in the reasonable opinion of the Borrower or the Facility Agent) be such as to affect the basis or efficacy of the financial
covenants contained in Section 7.2.4 in ascertaining the consolidated financial condition of the Borrower and its Subsidiaries
and the Borrower notifies the Facility Agent that the Borrower requests an amendment to any provision hereof to eliminate such
change occurring after the date hereof in GAAP or the application thereof on the operation of such provision (or if the Facility
Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), then such
item shall for the purposes of Section 7.2.4 continue to be determined in accordance with GAAP relating thereto as if GAAP
were applied immediately prior to such change in GAAP or in the interpretation thereof until such notice shall have been withdrawn
or such provision amended in accordance herewith. Notwithstanding the foregoing, all obligations of any person that are or would
be characterized as operating lease obligations in accordance with GAAP on the First Restatement Date (whether or not such operating
lease obligations were in effect on such date) shall continue to be accounted for as operating lease obligations for the purposes
of this Agreement regardless of any change in GAAP following the First Restatement Date that would otherwise require such obligations
to be recharacterized (on a prospective or retroactive basis or otherwise) as capital leases.

 

ARTICLE
II

COMMITMENTS AND BORROWING PROCEDURES

 

SECTION
2.1. Commitment. On the terms and subject to the conditions of this Agreement (including Article V), each Lender
severally agrees to make its portion of the Loan pursuant to its Commitment described in Section 2.2. No Lender’s
obligation to make its portion of the Loan shall be affected by any other Lender’s failure to make its portion of the Loan.

 

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SECTION
2.2. Commitment of the Lenders; Termination and Reduction of Commitments.

 

		a)	Each
                                         Lender will make its portion of the relevant part of the Loan available to the Borrower
                                         in accordance with relevant provisions of Section 2.3 either (i) in the case of
                                         the Loan (other than the Deferred Tranches) on the Actual Delivery Date or (ii) in the
                                         case of each Deferred Tranche, on each relevant Repayment Date falling during the Advanced
                                         Loan Deferral Period applicable to that Deferred Tranche. The commitment of each Lender
                                         described in this Section 2.2 (herein referred to as its “Commitment”)
                                         shall be the commitment of such Lender to make available to the Borrower its portion
                                         of (y) the Loan (excluding for this purpose the Deferred Tranches) and (z) the Deferred
                                         Tranches. The Commitment referred to in (y) above is expressed as the initial amount
                                         set forth opposite such Lender’s name on its signature page attached hereto and
                                         the Commitment referred to in (z) above is expressed as that Lender’s share of
                                         each Deferred Tranche as at the Second Deferred Tranche Effective Date (being the initial
                                         percentage set forth opposite such Lender’s name in Schedule 1 of Fifth Supplemental
                                         Agreement (in the case of the First Deferred Tranche) and in Schedule 1 of Fifth Supplemental
                                         Agreement (in the case of the Second Deferred Tranche), in each such case as such amount
                                         may be reduced from time to time pursuant clause 10.2 of the Novation Agreement or reduced
                                         or increased from time to time pursuant to assignments by or to such Lender pursuant
                                         to Section 11.11.1. If any Lender becomes a Lender pursuant to an assignment pursuant
                                         to Section 11.11.1, its Commitment shall be the amount set forth as such Lender’s
                                         Commitment in the related Lender Assignment Agreement. Notwithstanding the foregoing,
                                         each Lender’s Commitment shall (A) in the case of the Loan (other than the Deferred
                                         Tranches), terminate on the earlier of (1) the Commitment Termination Date if the
                                         Purchased Vessel is not delivered prior to such date and (2) the Actual Delivery
                                         Date, (B) in the case of the First Deferred Tranche, terminate on the last Repayment
                                         Date falling during the First Deferral Period and (C) in the case of the Second Deferred
                                         Tranche, terminate on the last Repayment Date falling during the Second Deferral Period.

 

		b)	If
                                         any Lender shall default in its obligations under Section 2.1, the Facility Agent
                                         shall, at the request of the Borrower, use reasonable efforts to assist the Borrower
                                         in finding a bank or financial institution acceptable to the Borrower to replace such
                                         Lender.

 

SECTION
2.3. Borrowing Procedure.

 

		a)	Subject
                                         to paragraph b) below and the satisfaction of the conditions precedent referred to in
                                         Sections 5.1.12 or 5.1.13 (as applicable), any advance under a Deferred Tranche shall
                                         be automatically made available in the manner contemplated by Recital (D) and, accordingly,
                                         other than this paragraph a) and (if applicable) paragraph b) below, the provisions of
                                         this Section 2.3 shall not apply to an advance or deemed advance (as the case may be)
                                         of any part of the Deferred Tranches, and all references to Loan in the remainder of
                                         this Section 2.3 shall be deemed to exclude the Deferred Tranches.

 

		b)	In
                                         circumstances where the Borrower has paid the repayment installment of the Loan due on
                                         the first Repayment Date falling within the First Deferral Period, the Borrower shall
                                         be entitled to be reimbursed from the First Deferred Tranche by utilizing an advance
                                         of that First Deferred Tranche in an amount equal to such repayment installment. In order
                                         to utilize the First Deferred Tranche, the Borrower shall deliver a utilization request
                                         (in a form to be agreed between the Borrower and the Facility Agent), together with any
                                         documents required to be delivered pursuant to Section 5.1.12, to the Facility
                                         Agent on or prior to 11:00 a.m., London time, not less than three (3) Business Days (or
                                         such shorter period as may be agreed with the Facility Agent) prior to the date of such
                                         advance of the First Deferred Tranche. Each Lender shall be responsible to make a reimbursement
                                         contribution in an amount equal to the amount received by that Lender in respect of the
                                         repayment installment being reimbursed.

 

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		c)	Part
                                         of the Loan in an amount equal to the Novated Loan Balance shall be assumed by the Borrower
                                         and be deemed to be advanced to, and borrowed by the Borrower, pursuant to the provisions
                                         of clause 3 of the Novation Agreement and thereafter converted into Dollars pursuant
                                         to clause 5.1 of the Novation Agreement.

 

		d)	In
                                         relation to the amount of the Loan comprised by the Additional Advances, the Borrower
                                         shall deliver a Loan Request and the documents required to be delivered pursuant to Section
                                         5.1.1(a) to the Facility Agent on or before 4:00 p.m., London time, not less than
                                         two (2) Business Days prior to the anticipated Actual Delivery Date. The Additional Advances
                                         shall be drawn in Dollars.

 

		e)	The
                                         Facility Agent shall promptly notify each Lender of the Loan Request in respect of the
                                         Additional Advances by forwarding a copy thereof to each Lender, together with its attachments.
                                         On the terms and subject to the conditions of this Agreement, the portion of the Loan
                                         in respect of the Additional Advances shall be made on the Actual Delivery Date. On or
                                         before 11:00 a.m., London time, on the Actual Delivery Date, the Lenders shall, without
                                         any set-off or counterclaim, deposit with the Facility Agent same day funds in an amount
                                         equal to such Lender’s Percentage of the requested portion of the Additional Advances
                                         in Dollars. Such deposits will be made to such account which the Facility Agent shall
                                         specify from time to time by notice to the Lenders. To the extent funds are so received
                                         from the Lenders (and having regard, where applicable, to Sections 2.3 f), g)
                                         and h) below), the Facility Agent shall, without any set-off or counterclaim,
                                         make such funds available to the Borrower on the Actual Delivery Date by wire transfer
                                         of same day funds to the accounts the Borrower shall have specified in its Loan Request.

 

		f)	If
                                         the Borrower elects to finance that part of the BpiFAE Premium payable by the Borrower
                                         with an Additional Advance under clause 5.2(b)(i) of the Novation Agreement, the Borrower
                                         shall indicate such election in the Loan Request. The amount of the advance in Dollars
                                         (the “US Dollar BpiFAE Advance Amount”) that will fund the BpiFAE
                                         Premium shall be equal to the Dollar amount that corresponds to the EUR amount of the
                                         BpiFAE Premium to be financed with such advance, which amount shall be determined by
                                         the Facility Agent based on the Spot Rate of Exchange. The Facility Agent shall notify
                                         the Borrower and the Lenders of the US Dollar BpiFAE Advance Amount on the date such
                                         Loan Request is delivered, and the Lenders shall deposit such US Dollar BpiFAE Advance
                                         Amount with the Facility Agent in accordance with Section 2.3.e). The Facility
                                         Agent shall furnish a certificate to the Borrower on the date such Loan Request is delivered
                                         setting forth such Spot Rate of Exchange, its derivation and the calculation of the US
                                         Dollar BpiFAE Advance Amount. If the Borrower elects to so finance the BpiFAE Premium,
                                         the Borrower will be deemed to have directed the Facility Agent to pay over directly
                                         to BpiFAE on behalf of the Borrower that portion of the EUR amount of the BpiFAE Premium
                                         to be financed with the proceeds of the advance on the Actual Delivery Date and to retain
                                         for its own account deposits made by the Lenders in Dollars in an amount equal to the
                                         portion of the US Dollar BpiFAE Advance Amount attributable to the BpiFAE Premium paid
                                         by the Facility Agent to BpiFAE on behalf of the Borrower.

 

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		g)	If
                                         the Borrower elects to finance that part of the BpiFAE Premium payable by the Borrower
                                         with an Additional Advance under clause 5.2(b)(ii) of the Novation Agreement, the Borrower
                                         shall indicate such election in the Loan Request (and whether it wishes to receive such
                                         amount in EUR or in Dollars). The amount of the advance in Dollars (the “US
                                         Dollar BpiFAE Balance Amount”) that will fund the BpiFAE Premium shall be equal
                                         to the Dollar amount that corresponds to the EUR amount of the BpiFAE Premium to be financed
                                         with such advance, which amount shall be determined by the Facility Agent based on the
                                         Spot Rate of Exchange. The Facility Agent shall notify the Borrower and the Lenders of
                                         the US Dollar BpiFAE Balance Amount on the date such Loan Request is delivered, and the
                                         Lenders shall deposit such US Dollar BpiFAE Balance Amount with the Facility Agent in
                                         accordance with Section 2.3.e). The Facility Agent shall furnish a certificate
                                         to the Borrower on the date such Loan Request is delivered setting forth such Spot Rate
                                         of Exchange, its derivation and the calculation of the US Dollar BpiFAE Balance Amount.
                                         If the Borrower elects to so finance the BpiFAE Premium and receive the proceeds in EUR,
                                         the Borrower will be deemed to have directed the Facility Agent to pay over to the Borrower
                                         or, if the Borrower so requires in a Loan Request, directly to the Builder on behalf
                                         of the Borrower that portion of the EUR amount of the BpiFAE Premium to be financed with
                                         the proceeds of the advance on the Actual Delivery Date and to retain for its own account
                                         deposits made by the Lenders in Dollars in an amount equal to the US Dollar BpiFAE Balance
                                         Amount.

 

		h)	In
                                         relation to any Additional Advance that is to be advanced to the Borrower in respect
                                         of the Non-Yard Costs it is agreed that:

 

		i)	an
                                         amount equal to the US Dollar Equivalent of eighty per cent (80%) of the Paid Non-Yard
                                         Costs shall be advanced to the Borrower on the Actual Delivery Date in accordance with
                                         the provisions of Section 2.3e), which amount shall be determined by the Facility
                                         Agent based on the amounts contained in the Delivery Non-Yard Costs Certificate; and

 

		ii)	an
                                         amount equal to the US Dollar Equivalent of eighty per cent (80%) of the Unpaid Non-Yard
                                         Costs, which amount shall be determined by the Facility Agent based on the amounts contained
                                         in the Delivery Non-Yard Costs Certificate (the “Escrow Amount”),
                                         shall be remitted by the Facility Agent (and the Borrower hereby instructs the Facility
                                         Agent to make such remittance) to the Escrow Account and such amount shall be regulated
                                         in accordance with the following provisions of this Section 2.3 h) and the Escrow
                                         Account Security,

 

subject
to the aggregate of the amounts referred to in i) and ii) above not exceeding the Maximum Non-Yard Costs Amount.

 

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Where
an Escrow Amount payment is made to the Escrow Account pursuant to ii) above, the Borrower shall be entitled at any time prior
to the NYC Cut Off Date to provide the Facility Agent with the Final Non-Yard Cost Certificate setting out the final amount of
the Paid Non-Yard Costs. Where the Final Non-Yard Costs Certificate is so received by the Facility Agent, the Facility Agent shall
determine promptly the final EUR amount of the Paid Non-Yard Costs based on the amounts contained in the Final Non-Yard Costs
Certificate and the US Dollar Equivalent of such EUR amount and within one Business Day thereafter shall authorize the release
of the Escrow Amount (or, if less, an amount equal to the US Dollar Equivalent of eighty per cent of the Final Paid Non-Yard Costs
(as determined above) less the amount previously advanced to the Borrower under i) above) to the Borrower. Any interest accruing
on the Escrow Account shall be released to the Borrower at the same time as the release of the Escrow Amount (or, if applicable,
part thereof) to the Borrower pursuant to this provision.

 

If
any amount of the Escrow Amount remains on the Escrow Account on the day falling immediately after the NYC Cut Off Date (having
regard to any applicable permitted release of moneys from the Escrow Account to the Borrower referred to above) then on the Business
Day thereafter the Facility Agent shall be entitled to request the withdrawal of that amount from the Escrow Account and shall
apply the amount so received, on behalf of the Borrower, in or towards prepayment of the Loan.

 

The
basis on which the Escrow Account Security is held by the Security Trustee for the benefit of the Lenders is regulated under the
agency and trust deed dated 22 June 2016 (as amended and restated and as acceded to by the Borrower) between the parties to this
Agreement and the Security Trustee.

 

SECTION
2.4. Funding. Each Lender may, if it so elects, fulfill its obligation to make or continue its portion of the Loan hereunder
by causing a branch or Affiliate (or an international banking facility created by such Lender) other than that indicated next
to its signature to this Agreement or, as the case may be, in the relevant Lender Assignment Agreement, to make or maintain such
portion of the Loan; provided that such portion of the Loan shall nonetheless be deemed to have been made and to be held
by such Lender, and the obligation of the Borrower to repay such portion of the Loan shall nevertheless be to such Lender for
the account of such foreign branch, Affiliate or international banking facility; provided, further, that the Borrower
shall not be required to pay any amount under Sections 4.2(c), 4.3, 4.4, 4.5, 4.6 and 4.7
that is greater than the amount which it would have been required to pay had the Lender not caused such branch or Affiliate
(or international banking facility) to make or maintain such portion of the Loan.

 

ARTICLE
III

 

REPAYMENTS,
PREPAYMENTS, INTEREST AND FEES

 

SECTION
3.1. Repayments.

 

		a)	The
                                         Borrower shall repay (i) the Loan (but for this purpose excluding the Deferred Tranches)
                                         in the instalments and on the dates set out in Part A of Exhibit F and (ii) the Deferred
                                         Tranches in the instalments and on the dates set out in Part B of Exhibit F. It is acknowledged
                                         and agreed that the repayment installments of the Loan falling during the Second Deferral
                                         Period (and for this purpose including the repayment installments of the First Deferred
                                         Tranche falling due during this period) shall be deemed to be repaid pursuant to a deemed
                                         advance of the Second Deferred Tranche to be made on each relevant Repayment Date falling
                                         during such Second Deferral Period and being, in each case, in an amount equal to the
                                         principal amount of the Loan (including the relevant part of the First Deferred Tranche)
                                         falling due for payment on those Repayment Dates.

 

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		b)	Without
                                         prejudice to the availability of the Deferred Tranches, no such amounts repaid by the
                                         Borrower pursuant to this Section 3.1 may be re-borrowed under the terms of this
                                         Agreement.

 

SECTION
3.2. Prepayment.

 

		a)	The
                                         Borrower

 

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

 

		(A)	all
                                         such voluntary prepayments shall require at least five (5) Business Days’ prior
                                         written notice to the Facility Agent; and

 

		(B)	all
                                         such voluntary partial prepayments shall be in an aggregate minimum amount of $10,000,000
                                         and a multiple of $1,000,000 (or in the remaining amount of the Loan) and shall be applied
                                         in inverse order of maturity or ratably among all remaining installments, as the Borrower
                                         shall designate to the Facility Agent, in satisfaction of the remaining repayment installments
                                         of the Loan, save that where there is an outstanding amount of the Deferred Tranches,
                                         any such prepayment shall first be applied against the Deferred Tranches and either in
                                         inverse order of maturity or ratably across the remaining installments of the Deferred
                                         Tranches (as the Borrower shall designate in writing); and

 

		ii)	shall,
                                         immediately upon any acceleration of the repayment of the installments of the Loan pursuant
                                         to Section 8.2 or 8.3 or the mandatory prepayment of the Loan pursuant
                                         to Section 9.2, repay the Loan (or, in the case of a Prepayment Event arising
                                         pursuant to Section 9.1.11 or 9.1.12, repay the Deferred Tranches).

 

		b)	If
                                         it becomes unlawful in any jurisdiction for any Lender to perform any of its obligations
                                         under the Loan Documents or to maintain or fund its portion of the Loan, the affected
                                         Lender may give written notice (the “Illegality Notice”) to the Borrower
                                         and the Facility Agent of such event, including reasonable details of the relevant circumstances.

 

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		c)	If
                                         an affected Lender delivers an Illegality Notice, the Borrower, the Facility Agent and
                                         the affected Lender shall discuss in good faith (but without obligation) what steps may
                                         be open to the relevant Lender to mitigate or remove such circumstances but, if they
                                         are unable to agree such steps within 20 Business Days or if the Borrower so elects,
                                         the Borrower shall have the right, but not the obligation, exercisable at any time within
                                         50 days after receipt of such Illegality Notice or, if earlier, the date upon which the
                                         unlawful event referred to in (b) above will apply (but not being a date falling earlier
                                         than the end of the 20 Business Day period referred to above) (the “Option Period”),
                                         either (1) to prepay the portion of the Loan (including the relevant portion of the Deferred
                                         Tranches) held by such Lender in full on or before the expiry of the Option Period, together
                                         with all unpaid interest and fees thereon accrued to but excluding the date of such prepayment,
                                         or (2) to replace such Lender on or before the expiry of the Option Period with one or
                                         more financial institutions (I) acceptable to the Facility Agent (such consent not to
                                         be unreasonably withheld or delayed) and (II) where relevant, eligible to benefit from
                                         an Interest Stabilisation Agreement, pursuant to assignment(s) notified to and consented
                                         in writing by BpiFAE and, where relevant Natixis DAI, provided that (x) in the case of
                                         a single assignment, any such assignment shall be either an assignment of all of the
                                         rights and obligations of the assigning Lender under this Agreement or, in the case of
                                         more than one assignment, an assignment of a portion of such rights and obligations made
                                         concurrently with another such assignment or other such assignments that collectively
                                         cover all of the rights and obligations of the assigning Lender under this Agreement
                                         and (y) no Lender shall be obliged to make any such assignment as a result of an election
                                         by the Borrower pursuant to this Section 3.2(c) unless and until such Lender shall
                                         have received one or more payments from one or more Assignee Lenders and/or the Borrower
                                         in an aggregate amount at least equal to the portion of the Loan (including the relevant
                                         part of the Deferred Tranches) held by such Lender, together with all unpaid interest
                                         and fees thereon accrued to but excluding the date of such assignment (and all other
                                         amounts then owing to such Lender under this Agreement).

 

Each
prepayment of the Loan made pursuant to this Section shall be without premium or penalty, except as may be required by Section
4.4. No amounts prepaid by the Borrower may be re-borrowed under the terms of this Agreement.

 

SECTION
3.3. Interest Provisions. Interest on the outstanding principal amount of the Loan shall accrue and be payable in accordance
with this Section 3.3.

 

SECTION
3.3.1. Rates. The Loan (but for this purpose excluding the Deferred Tranches) shall accrue interest from the Actual Delivery Date
to the date of repayment or prepayment of the Loan in full to the Lenders at the Fixed Rate or, in the case of any drawn portion
of the Deferred Tranches, or otherwise where the proviso to Section 5.1.10 applies, the Floating Rate. Interest calculated
at the Fixed Rate or the Floating Rate shall be payable semi-annually in arrears on each Repayment Date. The Loan (including the
Deferred Tranches) shall bear interest from and including the first day of the applicable Interest Period to (but not including)
the last day of such Interest Period at the interest rate determined as applicable to the Loan or, as the case may be, the relevant
Deferred Tranche. A Deferred Tranche shall accrue interest from the date it is advanced or deemed to be advanced (as the case
may be) pursuant to Section 2.3 (or, in the case of a further advance in respect of a Deferred Tranche after the first advance
and in respect of that further advance, from the relevant Repayment Date in respect of the Loan to which that further advance
of that Deferred Tranche relates) to the date of repayment or prepayment of that Deferred Tranche in full to the Lenders at the
Floating Rate. The first advance or deemed advance (as the case may be) and the second deemed advance in respect of a Deferred
Tranche shall be consolidated at, and run concurrently from, the time of the making of the second advance in respect of that Deferred
Tranche and interest on the advances in respect of that Deferred Tranche shall be payable on each Repayment Date. All interest
shall be calculated on the basis of the actual number of days elapsed over a year comprised of 360 days.

 

    37

     

    

 

SECTION
3.3.2. [Intentionally omitted]

 

SECTION
3.3.3. Interest stabilisation. Each Lender who is a party hereto on the First Restatement Date represents and warrants to the
Borrower that it has entered into an Interest Stabilisation Agreement and any Lender not a party hereto on the First Restatement
Date (other than BpiFAE or CAFFIL as assignee of all or any of SFIL’s rights as Lender following the enforcement of the
security granted pursuant to paragraph (iv) of Section 11.11.1 in connection with the BpiFAE Enhanced Guarantee, subject
as provided in Section 11.11.1(iv))represents and warrants to the Borrower on the date that such Lender becomes a party
hereto that it has entered into an Interest Stabilisation Agreement on or prior to becoming a party hereto.

 

SECTION
3.3.4. Post-Maturity Rates. After the date any principal amount of the Loan is due and payable (whether on any Repayment Date,
upon acceleration or otherwise), or after any other monetary Obligation of the Borrower shall have become due and payable, the
Borrower shall pay, but only to the extent permitted by law, interest (after as well as before judgment) on such amounts for each
day during the period of such default at a rate per annum certified by the Facility Agent to the Borrower (which certification
shall be conclusive in the absence of manifest error) to be equal to the sum of the Floating Rate plus 1.5% per annum.

 

SECTION
3.3.5. Payment Dates. Interest accrued on the Loan shall be payable, without duplication, on the earliest of:

 

		a)	each
                                         Interest Payment Date;

 

		b)	each
                                         Repayment Date;

 

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

 

		d)	on
                                         that portion of the Loan the repayment of which is accelerated pursuant to Section
                                         8.2 or Section 8.3, immediately upon such acceleration.

 

    38

     

    

 

SECTION
3.3.6. Interest Rate Determination; Replacement Reference Banks. Where Section 3.3.4 or the Floating Rate applies, the
Facility Agent shall obtain from each Reference Bank timely information for the purpose of determining the LIBO Rate in the event
that no offered quotation appears on Thomson Reuters LIBOR01 Page (or any successor page) and the LIBO Rate is to be determined
by reference to quotations supplied by the Reference Banks and not by reference to the Historic Screen Rate. If any one or more
of the Reference Banks shall fail to furnish in a timely manner such information to the Facility Agent for any such interest rate,
the Facility Agent shall determine such interest rate on the basis of the information furnished by the remaining Reference Banks.
If the Borrower elects to add an additional Reference Bank hereunder or a Reference Bank ceases for any reason to be able and
willing to act as such, the Facility Agent shall, at the direction of the Required Lenders and after consultation with the Borrower
and the Lenders, appoint a replacement for such Reference Bank reasonably acceptable to the Borrower, and such replaced Reference
Bank shall cease to be a Reference Bank hereunder. The Facility Agent shall furnish to the Borrower and to the Lenders each determination
of the LIBO Rate made by reference to quotations of interest rates furnished by Reference Banks (it being understood that the
Facility Agent shall not be required to disclose to any party hereto (other than the Borrower) any information regarding any Reference
Bank or any rate quoted by a Reference Bank, including, without limitation, whether a Reference Bank has provided a rate or the
rate provided by any individual Reference Bank).

 

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

 

SECTION
3.3.7. Unavailability of LIBO Rate

 

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

 

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

 

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

 

		c)	syndicated
                                         loans currently being executed, or existing syndicated loans that include language similar
                                         to that contained in this section 3.3.7, are being executed and/or amended (as applicable)
                                         to incorporate or adopt a new benchmark interest rate to replace the LIBO Rate,

 

    39

     

    

 

 

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

 

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

 

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

 

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

 

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

 

    40

     

    

 

SECTION
3.4. Commitment Fees.

 

		(a)	Subject
                                         to clause 10.1 of the Novation Agreement, the Borrower agrees to pay to the Facility
                                         Agent for the account of each Lender a commitment fee (the “Commitment Fee”)
                                         on its daily unused portion of Maximum Loan Amount (as such amount may be adjusted from
                                         time to time), for the period commencing on the Signing Date and continuing through the
                                         earliest to occur (the “Commitment Fee Termination Date”) of (i) the Actual
                                         Delivery Date, (ii) the date upon which the Facility Agent has provided the Borrower
                                         with written notice that the Lenders will not advance the Loan because the Commitments
                                         have been terminated pursuant to Section 8.2 or 8.3, (iii) the Commitment Termination
                                         Date and (iv) the date the Commitments shall have been terminated in full pursuant to
                                         clause 10.2 of the Novation Agreement.

 

		(b)	Paragraph
                                         (a) above shall not (but without prejudice to any commitment commission that has been
                                         paid by the Borrower to the Lenders prior to the First Deferred Tranche Effective Date)
                                         apply to any Lender’s Commitment in respect of the Deferred Tranches, in respect
                                         of which the Borrower agrees to pay to the Facility Agent for the account of each Lender
                                         a commitment fee on the basis, and at the times, set out in (i) the Fee Letter to be
                                         entered into on or about the date of the Second Supplemental Agreement (in respect of
                                         the First Deferred Tranche) and (ii) the Fifth Supplemental Agreement (in respect of
                                         the Second Deferred Tranche) (as applicable).

 

SECTION
3.4.1. Payment. The Commitment Fee shall be payable by the Borrower to the Facility Agent for the account of each Lender six-monthly
in arrears, with the first such payment (the “First Commitment Fee Payment”) to be made on the day falling six months
following the Signing Date and the final such payment to be made on the Commitment Fee Termination Date (each date on which a
Commitment Fee payment is required to be made in accordance with this Section 3.4.1 referred to herein as a “Commitment
Fee Payment Date”). The Commitment Fee shall be in the amount in EUR equal to the product of the Applicable Commitment Rate,
multiplied by, for each day elapsed since the preceding Commitment Fee Payment Date (or, in the case of the First Commitment Fee
Payment, the Signing Date), 75% of the Maximum Loan Amount, divided by 360 days.

 

SECTION
3.5. Other Fees. The Borrower agrees to pay to the Facility Agent the agreed-upon fees set forth in the Fee Letters on
the dates and in the amounts set forth therein.

 

    41

     

    

 

ARTICLE
IV

CERTAIN LIBO RATE AND OTHER PROVISIONS

 

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

 

SECTION
4.2. Deposits Unavailable. If any Lender has funded itself in the interbank market or at any time in which a Deferred Tranche
is outstanding and the Facility Agent shall have determined that:

 

		a)	Dollar
                                         deposits in the relevant amount and for the relevant Interest Period are not available
                                         to each Reference Bank in its relevant market, or

 

		b)	by
                                         reason of circumstances affecting the Reference Banks’ relevant markets, adequate
                                         means do not exist for ascertaining the interest rate applicable hereunder to LIBO Rate
                                         loans for the relevant Interest Period, or

 

		c)	the
                                         cost to Lenders that in the aggregate hold more than 50% of the aggregate outstanding
                                         principal amount of the Loan (including the Deferred Tranches) then held by Lenders of
                                         obtaining matching deposits in the relevant interbank market for the relevant Interest
                                         Period would be in excess of the LIBO Rate (provided, that no Lender may exercise
                                         its rights under this Section 4.2.c) for amounts up to the difference between
                                         such Lender’s cost of obtaining matching deposits on the date such Lender becomes
                                         a Lender hereunder less the LIBO Rate on such date),

 

then
the Facility Agent shall give notice of such determination (hereinafter called a “Determination Notice”) to
the Borrower and each of the Lenders. The Borrower, the Lenders and the Facility Agent shall then negotiate in good faith in order
to agree upon a mutually satisfactory interest rate and interest period (or interest periods) to be substituted for those which
would otherwise have applied under this Agreement. If the Borrower, the Lenders and the Facility Agent are unable to agree upon
an interest rate (or rates) and interest period (or interest periods) prior to the date occurring fifteen (15) Business Days after
the giving of such Determination Notice, the Facility Agent shall (after consultation with the Lenders) set an interest rate and
an interest period (or interest periods), in each case to take effect at the end of the Interest Period current at the date of
the Determination Notice, which rate (or rates) shall be equal to the sum of the applicable Floating Rate Margin and the
weighted average of the corresponding interest rates at or about 11:00 a.m. (London time) two (2) Business Days before the commencement
of the relevant Interest Period on Thomson Reuters’ pages KLIEMMM, GARBIC01 and FINA01 (or such other pages as may replace
Thomson Reuters’ pages KLIEMMM, GARBIC01 or FINA01 on Thomson Reuters’ service) (or, in the case of clause (c) above,
the lesser of (x) the respective cost to the Lenders of funding the respective portions of the Loan (including the Deferred
Tranches) held by the Lenders and (y) such weighted average). The Facility Agent shall furnish a certificate to the Borrower
as soon as reasonably practicable after the Facility Agent has given such Determination Notice setting forth such rate(s). In
the event that the circumstances described in this Section 4.2 shall extend beyond the end of an interest period agreed
or set pursuant hereto, the foregoing procedure shall be repeated as often as may be necessary.

 

    42

     

    

 

SECTION
4.3. Increased LIBO Rate Loan Costs, etc. If after the Signing Date a change in any applicable treaty, law, regulation
or regulatory requirement or in the interpretation thereof or in its application to the Borrower, or if compliance by any Lender
with any applicable direction, request, requirement or guideline (whether or not having the force of law) of any governmental
or other authority including, without limitation, any agency of the European Union or similar monetary or multinational authority
insofar as it may be changed or imposed after the date hereof, shall:

 

		a.	subject
                                         any Lender to any taxes, levies, duties, charges, fees, deductions or withholdings of
                                         any nature with respect to its portion of the Loan or any part thereof imposed, levied,
                                         collected, withheld or assessed by any jurisdiction or any political subdivision or taxing
                                         authority thereof (other than taxation on overall net income and, to the extent such
                                         taxes are described in Section 4.6, withholding taxes); or

 

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

 

		c.	impose,
                                         modify or deem applicable any reserve or capital adequacy requirements (other than the
                                         increased capital costs described in Section 4.5 and the reserve costs described
                                         in Section 4.7) or other banking or monetary controls or requirements which affect
                                         the manner in which a Lender shall allocate its capital resources to its obligations
                                         hereunder or require the making of any special deposits against or in respect of any
                                         assets or liabilities of, deposits with or for the account of, or loans by, any Lender
                                         (provided that such Lender shall, unless prohibited by law, allocate its capital
                                         resources to its obligations hereunder in a manner which is consistent with its present
                                         treatment of the allocation of its capital resources); or

 

		d.	impose
                                         on any Lender any other condition affecting its portion of the Loan or any part thereof,

  

    43

     

    

 

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

 

It
is acknowledged that the Borrower shall have no liability to compensate any Lender under this Section for amounts of increased
costs that accrue before the Effective Time on the Actual Delivery Date (with any such amounts arising before the Effective Time
being the responsibility of the Original Borrower).

 

SECTION
4.4. Funding Losses.

 

SECTION
4.4.1. Indemnity. In the event any Lender shall incur any loss or expense (for the avoidance of doubt excluding loss of profit)
by reason of the liquidation or re-employment (at not less than the market rate) of deposits or other funds acquired by such Lender,
to make, continue or maintain any portion of the principal amount of its portion of the Loan (including the Deferred Tranches)
as a result of:

 

		i)	any
                                         repayment or prepayment or acceleration of the principal amount of such Lender’s
                                         portion of the Loan (including the Deferred Tranches), other than any repayment made
                                         on the date scheduled for such repayment or (if the Floating Rate applies) any repayment
                                         or prepayment or acceleration on a date other than the scheduled last day of an Interest
                                         Period or otherwise scheduled date for repayment or payment; or

 

    44

     

    

 

		ii)	the
                                         relevant portion of the Loan (including the Deferred Tranches) not being made in accordance
                                         with the Loan Request therefor due to the fault of the Borrower or as a result of any
                                         of the conditions precedent set forth in clause 6.1(c) of the Novation Agreement and
                                         Article V not being satisfied,

 

(a
 “Funding Losses Event”) then, upon the written notice of such Lender to the Borrower (with a copy to the Facility
Agent), the Borrower shall, within three (3) days of its receipt thereof:

 

		a.	if
                                         at that time interest is calculated at the Floating Rate on such Lender’s portion
                                         of the Loan (or relevant part thereof), pay directly to the Facility Agent for the account
                                         of such Lender an amount equal to the amount by which:

 

		(i)	interest
                                         calculated at the Floating Rate (excluding the applicable Floating Rate Margin) which
                                         such Lender would have received on its share of the relevant amount of the Loan subject
                                         to such Funding Losses Event for the period from the date of receipt of any part of its
                                         share in the relevant amount of the Loan to the last day of the applicable Interest Period,

 

exceeds:

 

		(ii)	the
                                         amount which such Lender would be able to obtain by placing an amount equal to the amount
                                         received by it on deposit with a leading bank in the appropriate interbank market for
                                         a period starting on the Business Day following receipt and ending on the last day of
                                         the applicable Interest Period; or

 

		b.	if
                                         at that time interest is calculated at the Fixed Rate on such Lender’s portion
                                         of the Loan (or any part thereof), pay to the Facility Agent the amount notified to it
                                         following the calculation referred to in the next paragraph.

 

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

 

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

 

    45

     

    

 

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

 

Such
written notice shall include calculations in reasonable detail setting forth the loss or expense to such Lender.

 

SECTION
4.4.2. Exclusion In the event that a Lender’s wilful misconduct or gross negligence has caused the loss or cancellation
of the BpiFAE Insurance Policy, the Borrower shall not be liable to indemnify that Lender under Section 4.4.1 for its loss
or expense arising due to the occurrence of the Prepayment Event referred to in Section 9.1.9.

 

SECTION
4.5. Increased Capital Costs. If after the Signing Date any change in, or the introduction, adoption, effectiveness, interpretation,
reinterpretation or phase-in of, any law or regulation, directive, guideline, decision or request (whether or not having the force
of law) of any court, central bank, regulator or other governmental authority increases the amount of capital required to be maintained
by any Lender or any Person controlling such Lender, and the rate of return on its or such controlling Person’s capital
as a consequence of its Commitment or its portion of the Loan made by such Lender is reduced to a level below that which such
Lender or such controlling Person would have achieved but for the occurrence of any such change in circumstance, then, in any
such case upon notice from time to time by such Lender to the Borrower, the Borrower shall immediately pay directly to such Lender
additional amounts sufficient to compensate such Lender or such controlling Person for such reduction in rate of return. Any such
notice shall (i) describe in reasonable detail the capital adequacy requirements which have been imposed, together with the
approximate date of the effectiveness thereof, (ii) set forth the amount of such lowered return, (iii) describe the
manner in which such amount has been calculated, (iv) certify that the method used to calculate such amount is such Lender’s
standard method of calculating such amount, (v) certify that such request for such additional amounts is consistent with
its treatment of other borrowers that are subject to similar provisions and (vi) certify that, to the best of its knowledge,
such change in circumstances is of general application to the commercial banking industry in the jurisdictions in which such Lender
does business. In determining such amount, such Lender may use any method of averaging and attribution that it shall, subject
to the foregoing sentence, deem applicable. Each Lender agrees to use reasonable efforts (consistent with its internal policy
and legal and regulatory restrictions and the terms of the BpiFAE Insurance Policy and (if the Fixed Rate applies) the arrangements
with Natixis DAI relating to the CIRR) to designate a different Lending Office if the making of such a designation would avoid
such reduction in such rate of return and would not, in the reasonable judgment of such Lender, be otherwise disadvantageous to
such Lender. Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a
waiver of such Lender’s right to demand such compensation; provided that in relation to increased costs or reductions
arising after the Effective Date the Borrower shall not be required to compensate a Lender pursuant to this Section for any increased
costs or reductions incurred more than three months prior to the date that such Lender notifies the Borrower of the circumstance
giving rise to such reductions and of such Lender’s intention to claim compensation therefor; provided further
that, if the circumstance giving rise to such reductions is retroactive, then the three-month period referred to above shall be
extended to include the period of retroactive effect thereof, but not more than six months prior to the date that such Lender
notifies the Borrower of the circumstance giving rise to such reductions and of such Lender’s intention to claim compensation
therefor.

 

    46

     

    

 

It
is acknowledged that the Borrower shall have no liability to compensate any Lender under this Section for reduced returns that
accrue before the Effective Time on the Actual Delivery Date (with any compensation liability to the Lenders arising before the
Effective Time being the responsibility of the Original Borrower).

 

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

 

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

 

		b.	promptly
                                         forward to the Facility Agent an official receipt or other documentation satisfactory
                                         to the Facility Agent evidencing such payment to such authority; and

 

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

 

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

 

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

 

    47

     

    

 

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

 

If
any Lender is entitled to any refund, credit, deduction or other reduction in tax by reason of any payment made by the Borrower
in respect of any Covered Tax under this Section 4.6 or by reason of any payment made by the Borrower pursuant to Section
4.3, such Lender shall use reasonable efforts to obtain such refund, credit, deduction or other reduction and, promptly after
receipt thereof, will pay to the Borrower such amount (plus any interest received by such Lender in connection with such refund,
credit, deduction or reduction) as is equal to the net after-tax value to such Lender of such part of such refund, credit, deduction
or reduction as such Lender reasonably determines is allocable to such Covered Tax or such payment (less out-of-pocket expenses
incurred by such Lender), provided that no Lender shall be obligated to disclose to the Borrower any information regarding
its tax affairs or tax computations.

 

Each
Lender (and each Participant) agrees with the Borrower and the Facility Agent that it will (i) in the case of a Lender or a Participant
organized under the laws of a jurisdiction other than the United States (a) provide to the Facility Agent and the Borrower an
appropriately executed copy of Internal Revenue Service Form W-8ECI certifying that any payments made to or for the benefit of
such Lender or such Participant are effectively connected with a trade or business in the United States (or alternatively, an
Internal Revenue Service Form W-8BEN claiming the benefits of a tax treaty, but only if the applicable treaty described in such
form provides for a complete exemption from U.S. federal income tax withholding), or any successor form, on or prior to the date
hereof (or, in the case of any Assignee Lender or Participant, on or prior to the date of the relevant assignment or participation),
in each case attached to an Internal Revenue Service Form W-8IMY, if appropriate, (b) notify the Facility Agent and the Borrower
if the certifications made on any form provided pursuant to this paragraph are no longer accurate and true in all material respects
and (c) without prejudice to its obligations under Section 4.13, provide such other tax forms or other documents as shall
be prescribed by applicable law, if any, or as otherwise reasonably requested, to demonstrate, to the extent applicable, that
payments to such Lender Party (or Participant) hereunder are exempt from withholding under FATCA, and (ii) in all cases, provide
such forms, certificates or other documents, as and when reasonably requested by the Borrower, necessary to claim any applicable
exemption from, or reduction of, Covered Taxes or any payments made to or for benefit of such Lender Party or such Participant,
provided that the Lender Party or Participant is legally able to deliver such forms, certificates or other documents. For
any period with respect to which a Lender (or Assignee Lender or Participant) has failed to provide the Borrower with the foregoing
forms (other than if such failure is due to a change in law occurring after the date on which a form originally was required to
be provided (which, in the case of an Assignee Lender, would be the date on which the original assignor was required to provide
such form) or if such form otherwise is not required hereunder) such Lender (or Assignee Lender or Participant) shall not be entitled
to the benefits of this Section 4.6 with respect to Covered Taxes imposed by reason of such failure.

 

    48

     

    

 

All
fees and expenses payable pursuant to Section 11.3 shall be paid together with value added tax or any similar tax (if any)
properly chargeable thereon. Any value added tax chargeable in respect of any services supplied by a Lender or an Agent under
this Agreement shall, on delivery of the value added tax invoice, be paid in addition to any sum agreed to be paid hereunder.

 

SECTION
4.7. Reserve Costs. Without in any way limiting the Borrower’s obligations under Section 4.3, the Borrower
shall, with effect from the Effective Time, pay to the Facility Agent for the account of each Lender on the last day of each Interest
Period, so long as the relevant Lending Office of such Lender is required to maintain reserves against “Eurocurrency liabilities”
under Regulation D of the F.R.S. Board, upon notice from such Lender, an additional amount equal to the product of the following
for the Loan for each day during such Interest Period:

 

(i)         the
principal amount of the Loan outstanding on such day; and

 

(ii)        the
remainder of (x) a fraction the numerator of which is the rate (expressed as a decimal) at which interest accrues on the Loan
(or any part thereof (including the Deferred Tranches) for such Interest Period as provided in this Agreement (less, if applicable,
the applicable Floating Rate Margin) and the denominator of which is one minus any increase after the Signing 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 and the terms
of the BpiFAE Insurance Policy and (if the Fixed Rate applies) the arrangements with Natixis DAI relating to the CIRR) to avoid
the requirement of maintaining such reserves (including by designating a different Lending Office) if such efforts would not,
in the reasonable judgment of such Lender, be otherwise disadvantageous to such Lender.

 

    49

     

    

 

SECTION
4.8. Payments, Computations, etc.

 

		a.	Unless
                                         otherwise expressly provided, all payments by an Obligor pursuant to any Loan Document
                                         shall be made by such Obligor to the Facility Agent for the pro rata account of the Lenders
                                         entitled to receive such payment. All such payments required to be made to the Facility
                                         Agent shall be made, without set-off, deduction or counterclaim, not later than 11:00
                                         a.m., New York time, on the date due, in same day or immediately available funds through
                                         the New York Clearing House Interbank Payments System (or such other funds as may be
                                         customary for the settlement of international banking transactions in Dollars), to such
                                         account as the Facility Agent shall specify from time to time by notice to the Borrower.
                                         Funds received after that time shall be deemed to have been received by the Lenders on
                                         the next succeeding Business Day.

 

		b.	Each
                                         Lender hereby instructs the Facility Agent, with respect to any portion of the Loan held
                                         by such Lender, to pay directly to such Lender interest thereon at the Fixed Rate or
                                         (in the case of any advanced portion of a Deferred Tranche, or otherwise if the proviso
                                         to Section 5.1.10 applies) the Floating Rate, on the basis that (if the Fixed
                                         Rate applies) such Lender will, where amounts are payable to Natixis by that Lender under
                                         the Interest Stabilisation Agreement, account directly to Natixis for any such amounts
                                         payable by that Lender under the Interest Stabilisation Agreement to which such Lender
                                         is a party.

 

		c.	The
                                         Facility Agent shall promptly (but in any event on the same Business Day that the same
                                         are received or, as contemplated in clause (a) of this Section, deemed received) remit
                                         in same day funds to each Lender its share, if any, of such payments received by the
                                         Facility Agent for the account of such Lender without any set-off, deduction or counterclaim.
                                         All interest and fees shall be computed on the basis of the actual number of days (including
                                         the first day but excluding the last day) occurring during the period for which such
                                         interest or fee is payable over a year comprised of 360 days. Whenever any payment to
                                         be made shall otherwise be due on a day which is not a Business Day, such payment shall
                                         be made on the next succeeding Business Day and such extension of time shall be included
                                         in computing interest and fees, if any, in connection with such payment.

 

SECTION
4.9. Replacement Lenders, etc. If the Borrower shall be required to make any payment to any Lender pursuant to Section
4.2(c), 4.3, 4.4, 4.5, 4.6 or 4.7, the Borrower shall be entitled at any time (so long
as no Default and no Prepayment Event shall have occurred and be continuing) within 180 days after receipt of notice from such
Lender of such required payment to (a) terminate such Lender’s Commitment (where upon the Percentage of each other Lender
shall automatically be adjusted to an amount equal to such Lender’s ratable share of the remaining Commitments), (b) prepay
the affected portion of such Lender’s Loan in full, together with accrued interest thereon through the date of such prepayment
(provided that the Borrower shall not terminate any Lender’s Commitment pursuant to clause (a) or prepay any such
Lender pursuant to this clause (b) without replacing such Lender pursuant to the following clause (c) until a 30-day period shall
have elapsed during which the Borrower and the Facility Agent shall have attempted in good faith to replace such Lender), and/or
(c) replace such Lender with another financial institution reasonably acceptable to the Facility Agent and (if the Fixed Rate
applies) Natixis DAI, provided that (i) each such transfer shall be either a transfer of all of the rights and obligations
of the transferring Lender under this Agreement or a transfer of a portion of such rights and obligations made concurrently with
another such transfer or other such transfers that together cover all of the rights and obligations of the transferring Lender
under this Agreement and (ii) no Lender shall be obligated to make any such transfer as a result of a demand by the Borrower pursuant
to this Section unless and until such Lender shall have received one or more payments from either the Borrower or one or more
Assignee Lenders in an aggregate amount at least equal to the aggregate outstanding principal amount of the Loan owing to such
Lender, together with accrued interest thereon to the date of payment of such principal amount and all other amounts payable to
such Lender under this Agreement. Each Lender represents and warrants to the Borrower that, as of the Signing Date (or, with respect
to any Lender not a party hereto on the Signing Date, on the date that such Lender becomes a party hereto), there is no existing
treaty, law, regulation, regulatory requirement, interpretation, directive, guideline, decision or request pursuant to which such
Lender would be entitled to request any payments under any of Sections 4.3, 4.4, 4.5, 4.6 and 4.7
to or for account of such Lender.

 

    50

     

    

 

SECTION
4.10. Sharing of Payments.

 

SECTION
4.10.1. Payments to Lenders. If a Lender (a “Recovering Lender”) receives or recovers any amount from an Obligor
other than in accordance with Section 4.8 (Payments, Computations, etc.) (a “Recovered Amount”) and
applies that amount to a payment due under the Loan Documents then:

 

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

 

		b.	the
                                         Facility Agent shall determine whether the receipt or recovery is in excess of the amount
                                         the Recovering Lender would have been paid had the receipt or recovery been received
                                         or made by the Facility Agent and distributed in accordance with the said Section 4.8,
                                         without taking account of any taxes which would be imposed on the Facility Agent in relation
                                         to the receipt, recovery or distribution; and

 

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

 

SECTION
4.10.2. Redistribution of payments. The Facility Agent shall treat the Sharing Payment as if it had been paid by the Borrower
and distribute it between the Lenders (other than the Recovering Lender) (the “Sharing Lenders”) in accordance
with the provisions of this Agreement towards the obligations of the Borrower to the Sharing Lenders.

 

SECTION
4.10.3. Recovering Lender’s rights.  On a distribution by the Facility Agent under Section 4.10.2 of a payment
received by a Recovering Lender from the relevant Obligor, as between that Obligor and the Recovering Lender, an amount of the
Recovered Amount equal to the Sharing Payment will be treated as not having been paid by the relevant Obligor.

 

    51

     

    

 

SECTION
4.10.4. Reversal of redistribution If any part of the Sharing Payment received or recovered by a Recovering Lender becomes repayable
and is repaid by that Recovering Lender, then:

 

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

 

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

 

SECTION
4.10.5. Exceptions.

 

		a.	This
                                         Section 4.10 shall not apply to the extent that the Recovering Lender would not,
                                         after making any payment pursuant to this Section 4.10, have a valid and enforceable
                                         claim against the relevant Obligor.

 

		b.	A
                                         Recovering Lender is not obliged to share with any other Lender any amount which the
                                         Recovering Lender has received or recovered as a result of taking legal or arbitration
                                         proceedings, if:

 

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

 

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

 

SECTION
4.11. Set-off. Upon the occurrence and during the continuance of an Event of Default or a Prepayment Event, each Lender
shall have, to the extent permitted by applicable law, the right to appropriate and apply to the payment of the Obligations then
due and owing to it any and all balances, credits, deposits, accounts or moneys of any Obligor then or thereafter maintained with
such Lender; provided that any such appropriation and application shall be subject to the provisions of Section 4.10.
Each Lender agrees promptly to notify the applicable Obligor and the Facility Agent after any such set-off and application made
by such Lender; provided that the failure to give such notice shall not affect the validity of such set-off and application.
The rights of each Lender under this Section are in addition to other rights and remedies (including other rights of set-off under
applicable law or otherwise) which such Lender may have.

 

SECTION
4.12. Use of Proceeds. a). The Borrower shall apply the proceeds of the Loan made available to the Borrower in respect
of the Additional Advances for the purpose of making payments of, or reimbursing the Borrower for payments already made for, the
amounts referred to in clauses 5.2, 5.3 and/or 5.4 of the Novation Agreement and, without limiting the foregoing, no proceeds
of the Loan will be used to acquire any equity security of a class which is registered pursuant to Section 12 of the Securities
Exchange Act of 1934 or any “margin stock”, as defined in F.R.S. Board Regulation U. b) The Deferred Tranches shall
be used for the purpose set out in Recital (D) and, accordingly, the provisions of sub-section a) above shall not apply to the
proceeds of the Deferred Tranches.

 

    52

     

    

 

SECTION
4.13. FATCA Information.

 

		a.	Subject
                                         to paragraph c) below, each party (other than the Borrower) shall, within ten Business
                                         Days of a reasonable request by another party (other than the Borrower):

 

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

 

		(A)	a
                                         FATCA Exempt Party; or

 

		(B)	not
                                         a FATCA Exempt Party;

 

(ii)        supply
to that other party such forms, documentation and other information relating to its status under FATCA as that other party reasonably
requests for the purposes of that other party’s compliance with FATCA;

 

(iii)       supply
to that other party such forms, documentation and other information relating to its status as that other party reasonably requests
for the purposes of that other party’s compliance with any other law, regulation, or exchange of information regime.

 

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

 

		c.	Paragraph
                                         a) above shall not oblige any Lender or the Facility Agent to do anything, and paragraph
                                         a)(iii) above shall not oblige any other party to do anything, which would or might in
                                         its reasonable opinion constitute a breach of:

 

(i)         any
law or regulation;

 

(ii)        any
fiduciary duty; or

 

(iii)       any
duty of confidentiality.

 

		d.	If
                                         a party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms,
                                         documentation or other information requested in accordance with paragraph (a)(i) or (ii)
                                         above (including, for the avoidance of doubt, where paragraph (c) above applies), then
                                         such party shall be treated for the purposes of the Loan Documents (and payments under
                                         them) as if it is not a FATCA Exempt Party until such time as the party in question provides
                                         the requested confirmation, forms, documentation or other information.

 

		e.	Each
                                         party may make a FATCA Deduction from a payment under this Agreement that it is required
                                         to be made by FATCA, and any payment required in connection with that FATCA Deduction,
                                         and no party shall be required to increase any payment in respect of which it makes such
                                         a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA
                                         Deduction.

 

    53

     

    

 

SECTION
4.14. Resignation of the Facility Agent. The Facility Agent shall resign (and, to the extent applicable, shall use reasonable
endeavours to appoint a successor Facility Agent) if, either:

 

		a.	the
                                         Facility Agent fails to respond to a request under Section 4.13 and a Lender reasonably
                                         believes that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt
                                         Party;

 

		b.	the
                                         information supplied by the Facility Agent pursuant to Section 4.13 indicates that the
                                         Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party; or

 

		c.	the
                                         Facility Agent notifies the Lenders that the Facility Agent will not be (or will have
                                         ceased to be) a FATCA Exempt Party;

 

and
(in each case) a Lender reasonably believes that a party to this Agreement will be required to make a FATCA Deduction that would
not be required if the Facility Agent were a FATCA Exempt Party, and that Lender, by notice to the Facility Agent, requires it
to resign.

 

SECTION
4.15. Deferred Costs. Independently to any other obligation to pay costs, expenses or interest under or in connection with
this Agreement, the Borrower shall as a separate obligation, also pay to the Facility Agent (for distribution to each Lender)
deferred costs in respect of any drawn portion of a Deferred Tranche at the Deferred Costs Percentage applicable to the relevant
Deferred Tranche for each Interest Period during which any part of that Deferred Tranche remains outstanding. Whilst not an interest
liability, such deferred costs shall be charged from and including the first day of the applicable Interest Period in which an
amount of a Deferred Tranche is outstanding to (but not including) the last day of such Interest Period, and will be payable semi-annually
in arrears on each Repayment Date. Any deferred costs payable in accordance with this Section 4.15 shall be calculated on the
basis of the actual number of days elapsed over a year comprised of 360 days.

 

ARTICLE
V

CONDITIONS TO BORROWING

 

SECTION
5.1. Advance of the Loan. The obligation of the Lenders to fund the relevant portion of the Loan to be made available on
the Actual Delivery Date shall be subject to the prior or concurrent satisfaction of each of the conditions precedent set forth
in this Sectsion 5.1. The Facility Agent shall advise the Lenders of the satisfaction of the conditions precedent set forth
in this Section 5.1 prior to funding on the Actual Delivery Date. Save for Section 5.1.12 and 5.1.13 below, no provision
of this Section 5 shall be applicable to an advance of the Deferred Tranches.

 

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SECTION
5.1.1. Resolutions, etc. The Facility Agent shall have received from the Borrower:

 

		a.	a
                                         certificate of its Secretary or Assistant Secretary as to the incumbency and signatures
                                         of those of its officers authorized to act with respect to this Agreement and each other
                                         Loan Document and as to the truth and completeness of the attached:

 

(x)
resolutions of its Board of Directors then in full force and effect authorizing the execution, delivery and performance of this
Agreement and each other Loan Document, and

 

(y)
Organic Documents of the Borrower,

 

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

 

		b.	a
                                         Certificate of Good Standing issued by the relevant Liberian authorities in respect of
                                         the Borrower.

 

SECTION
5.1.2. Opinions of Counsel. The Facility Agent shall have received opinions, addressed to the Facility Agent and each Lender from:

 

		a.	Watson
                                         Farley & Williams LLP, counsel to the Borrower, as to Liberian Law, covering the
                                         matters set forth in Exhibit B-1 hereto (and which shall be updated to include
                                         reference to the Escrow Account Security);

 

		b.	Norton
                                         Rose Fulbright LLP, counsel to the Facility Agent and the Lenders, covering the matters
                                         set forth in Exhibit B-2 hereto (and which shall be updated to include reference
                                         to the Escrow Account Security) and, if the BpiFAE Insurance Policy is to be re-issued
                                         or replaced on or about the Actual Delivery Date, Exhibit B-3 hereto; and

 

		c.	Clifford
                                         Chance US LLP, United States tax counsel to the Facility Agent for the benefit of the
                                         Lenders, covering the matters set forth in Exhibit B-4 hereto,

 

each
such opinion to be updated to take into account all relevant and applicable Loan Documents at the time of issue thereof.

 

SECTION
5.1.3. BpiFAE Insurance Policy. The Facility Agent or the ECA Agent shall have received the BpiFAE Insurance Policy duly issued
and BpiFAE shall not have, prior to the advance of the Loan, delivered to the Facility Agent or the ECA Agent any notice seeking
the cancellation, suspension or termination of the BpiFAE Insurance Policy or the suspension of the drawing of the Additional
Advances under this Agreement.

 

    55

     

    

 

SECTION
5.1.4. Closing Fees, Expenses, etc. The Facility Agent shall have received for its own account, or for the account of each Lender
or BpiFAE, as the case may be, all fees that the Borrower shall have agreed in writing to pay to the Facility Agent (whether for
its own account or for the account of any of the Lenders) that are due and owing as of the date of such funding and all invoiced
expenses of the Facility Agent (including the agreed fees and expenses of counsel to the Facility Agent and the BpiFAE Premium)
required to be paid by the Borrower pursuant to Section 11.3 or that the Borrower has otherwise agreed in writing to pay
to the Facility Agent, in each case on or prior to the date of such funding.

 

SECTION
5.1.5. Compliance with Warranties, No Default, etc. Both before and after giving effect to the funding of the Loan the following
statements shall be true and correct:

 

		a.	the
                                         representations and warranties set forth in Article VI (excluding, however, those
                                         set forth in Section 6.10) shall be true and correct in all material respects except
                                         for those representations and warranties that are qualified by materiality or Material
                                         Adverse Effect, which shall be true and correct, with the same effect as if then made;
                                         and

 

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

 

SECTION
5.1.6. Loan Request. The Facility Agent shall have received a Loan Request duly executed by the Borrower together with:

 

		a.	where
                                         an Additional Advance is requested in respect of the Non-Yard Costs, the Delivery Non-Yard
                                         Costs Certificate;

 

		b.	certified
                                         as true (by the Builder) copies of the invoice and supporting documents received by the
                                         Builder from the Borrower pursuant to Appendix C of the Construction Contract in relation
                                         to the Paid Non-Yard Costs to be financed as at the time of issue and a declaration from
                                         the Borrower and the Builder in substantially the form set forth in Exhibit D hereto
                                         that the requirement for a minimum 30% French content in respect of Non-Yard Costs and
                                         change orders in aggregate has been fulfilled;

 

		c.	a
                                         copy of the final commercial invoice from the Builder showing the amount of the Contract
                                         Price (including the Non-Yard Costs and the Other Basic Contract Price Increases) and
                                         the portion thereof payable to the Builder on the Actual Delivery Date under the Construction
                                         Contract; and

 

		d.	copies
                                         of the wire transfers for all payments by the Borrower to the Builder under the Construction
                                         Contract in respect of the Basic Contract Price to the extent not already provided as
                                         part of the drawdown conditions for drawdowns made by the Original Borrower.

 

SECTION
5.1.7. Foreign Exchange Counterparty Confirmations. The Facility Agent shall have received the documentation and other information
referred to in clause 5.6 of the Novation Agreement.

 

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SECTION
5.1.8. Protocol of delivery. The Facility Agent shall have received a copy of the protocol of delivery and acceptance under the
Construction Contract duly signed by the Builder and the Borrower or Celebrity Edge Inc.

 

SECTION
5.1.9. Title to Purchased Vessel. The Facility Agent shall have received evidence that the Purchased Vessel is legally and beneficially
owned by the Borrower or Celebrity Edge Inc., free of all recorded Liens, other than Liens permitted by Section 7.2.3
and, to the extent not yet discharged, the Mortgage (as defined in the Novation Agreement).

 

SECTION
5.1.10. Interest Stabilisation. The ECA Agent shall have received a duly executed fixed rate approval from Natixis DAI issued
to the Lenders in respect of the CIRR applicable to the Loan and shall have been informed by the French Authorities of the conditions
of the interest make-up mechanisms (stabilisation du taux d’intérêt) applicable to the Loan under the
applicable Interest Stabilisation Agreement in respect of the Lenders, such conditions to specify, among other things, that the
CIRR has been retained under the interest make-up mechanisms applicable to the Loan.

 

In
relation to Section 5.1.10, if a Lender (an “Ineligible Lender”) becomes ineligible or otherwise ceases
to be a party to an Interest Stabilisation Agreement, it shall promptly upon becoming aware thereof (and by no later than 15 Business
Days before the anticipated Actual Delivery Date) notify the Borrower, the ECA Agent and the Facility Agent.

 

Following
receipt of such a notice, the ECA Agent (through the Facility Agent) shall give to the Borrower at least 10 Business Days’
prior notice stating if the condition precedent in Section 5.1.10 will not be satisfied due to the Ineligible Lender but
would be satisfied by the replacement of the Ineligible Lender as set out below, with such replacement to take effect for the
purpose of this Section on the Actual Delivery Date.

 

On
its receipt of such notice from the ECA Agent, the Borrower shall be entitled, at any time thereafter and without prejudice to
any rights and remedies it may have against such Ineligible Lender pursuant to Section 3.3.3, to replace such Ineligible
Lender with another bank or financial institution reasonably acceptable to the Facility Agent, BpiFAE and Natixis DAI with effect
from the Actual Delivery Date, provided that (i) each such transfer shall be either a transfer of all of the rights and obligations
of the Ineligible Lender under this Agreement or a transfer of a portion of such rights and obligations made concurrently with
another such transfer or other such transfers that together cover all of the rights and obligations of the Ineligible Lender under
this Agreement and (ii) no Lender shall be obligated to make effective any such transfer as a result of a demand by the Borrower
pursuant to this Section unless and until such Lender shall have received one or more payments from one or more Assignee Lenders
in an aggregate amount equal to the aggregate outstanding principal amount of the portion of the Novated Loan Balance which, immediately
following the Novation Effective Time, would have been owing to such Lender pursuant to Section 2.3 c) had that Lender
not been replaced prior to the Novation Effective Time. The ECA Agent and the Facility Agent shall, at the request of the Borrower,
use reasonable efforts to assist the Borrower in finding a bank or financial institution acceptable to the Borrower to replace
such Ineligible Lender, and taking such other steps that may be reasonably required and which are within the control of the ECA
Agent and the Facility Agent to assist with the satisfaction of the condition precedent in Section 5.1.10 prior to funding on
the Actual Delivery Date.

 

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Provided
however the Borrower shall be entitled, without prejudice to its rights and remedies pursuant to Section 3.3.3, to elect
that if at the Actual Delivery Date the condition precedent in Section 5.1.10 is not satisfied the Floating Rate should
apply to the Loan, such election to be made by notice in writing to the Facility Agent not less than five (5) Business Days prior
to the anticipated Actual Delivery Date in which event, subject to the approval of BpiFAE, the Loan shall bear interest at the
Floating Rate and the condition set out in Section 5.1.10 shall be deemed waived by the Lenders.

 

The
ECA Agent (through the Facility Agent) shall, promptly after the Borrower’s request, advise the Borrower whether it is aware
(based solely on information obtained from Natixis DAI and other French Authorities and/or received from the Lenders at the time
of any such request and without any liability on the ECA Agent for the accuracy of that information) that the condition precedent
in Section 5.1.10 will not or may not be satisfied as required by Section 5.1.10.

 

SECTION
5.1.11. Escrow Account Security. The Facility Agent shall have received the Escrow Account Security duly executed by the Borrower
together with a duly executed notice of charge and acknowledgement thereto executed by the Borrower and the Escrow Account Bank
respectively.

 

SECTION
5.1.12. First Deferred Tranche. The first advance of a First Deferred Tranche shall only be advanced pursuant to Section 2.3 and
Recital (D) if prior to the date of the first such advance, the ECA Agent and the Facility Agent shall have received:

 

		a.	the
                                         BpiFAE Insurance Policy duly signed and issued in respect of the First Deferred Tranche
                                         either (i) in an original with ‘wet-ink’ signature(s) or (ii) if the execution
                                         of an original of the BpiFAE Insurance Policy is not practicable at the relevant time
                                         (having regard to the logistical difficulties caused by COVID-19), electronically signed
                                         and initialed, together with written confirmation from BpiFAE that (A) such electronic
                                         signature is binding upon BpiFAE, (B) BpiFAE will send an original executed ‘wet-ink’
                                         version of the BpiFAE Insurance Policy to the ECA Agent and the Facility Agent as soon
                                         as practicable (again, having regard to the logistical difficulties caused by COVID-19)
                                         and (C) such electronically signed BpiFAE Insurance Policy is valid and enforceable irrespective
                                         of whether the signed and regularized ‘wet-ink’ policy has at that time been
                                         produced and circulated, and in each case, BpiFAE shall not have, prior to any advance
                                         or deemed advance (as the case may be) of the First Deferred Tranche, delivered to the
                                         Facility Agent or the ECA Agent any notice seeking the cancellation, suspension or termination
                                         of the BpiFAE Insurance Policy or the suspension of an advance (deemed or otherwise)
                                         of the First Deferred Tranche under this Agreement;

 

		b.	an
                                         opinion from Norton Rose Fulbright LLP, counsel to the Facility Agent and the Lenders,
                                         on matters relating to the conformity of the BpiFAE Insurance Policy issued by BpiFAE
                                         in accordance with paragraph a) above with the arrangements relating to the First Deferred
                                         Tranche set out in this Agreement;

 

		c.	written
                                         confirmation from BpiFAE that the Borrower has paid any additional BpiFAE Premium then
                                         due and payable in respect of the issuance of the BpiFAE Insurance Policy referred to
                                         in paragraph a) above (and as contemplated by clause 5.3 of the Second Supplemental Agreement);
                                         and

 

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		d.	written
                                         confirmation from the Borrower that no Prepayment Event under Section 9.1.11 or 9.1.12
                                         has occurred and is continuing.

 

SECTION
5.1.13. Second Deferred Tranche. The first advance of a Second Deferred Tranche shall only be advanced pursuant to Section 2.3
and Recital (D) if prior to the date of the first such advance, the ECA Agent and the Facility Agent shall have received:

 

		a.	the
                                         BpiFAE Insurance Policy duly signed and issued in respect of the Second Deferred Tranche
                                         either (i) in an original with ‘wet-ink’ signature(s) or (ii) if the execution
                                         of an original of the BpiFAE Insurance Policy is not practicable at the relevant time
                                         (having regard to the logistical difficulties caused by COVID-19), electronically signed
                                         and initialed, together with written confirmation from BpiFAE that (A) such electronic
                                         signature is binding upon BpiFAE, (B) BpiFAE will send an original executed ‘wet-ink’
                                         version of the BpiFAE Insurance Policy to the ECA Agent and the Facility Agent as soon
                                         as practicable (again, having regard to the logistical difficulties caused by COVID-19)
                                         and (C) such electronically signed BpiFAE Insurance Policy is valid and enforceable irrespective
                                         of whether the signed and regularized ‘wet-ink’ policy has at that time been
                                         produced and circulated, and in each case, BpiFAE shall not have, prior to the Second
                                         Deferred Tranche Effective Date, delivered to the Facility Agent or the ECA Agent any
                                         notice seeking the cancellation, suspension or termination of the BpiFAE Insurance Policy
                                         or the suspension of an advance (deemed or otherwise) of the Second Deferred Tranche
                                         under this Agreement;

 

		b.	an
                                         opinion from Norton Rose Fulbright LLP, counsel to the Facility Agent and the Lenders,
                                         on matters relating to the conformity of the BpiFAE Insurance Policy issued by BpiFAE
                                         in accordance with paragraph a) above with the arrangements relating to the Second Deferred
                                         Tranche set out in this Agreement;

 

		c.	evidence
                                         that, as contemplated by Clause 6.4 of the Fifth Supplemental Agreement, the Borrower
                                         has paid any additional BpiFAE Premium then due and payable in respect of the amendment
                                         to the BpiFAE Insurance Policy required to be made in connection with the arrangements
                                         set out in the Fifth Supplemental Agreement; and

 

		d.	written
                                         confirmation from the Borrower that no Prepayment Event under Section 9.1.11 or 9.1.12
                                         has occurred and is continuing.

 

ARTICLE
VI

REPRESENTATIONS AND WARRANTIES

 

To
induce the Lenders and the Facility Agent to enter into this Agreement and to make the Loan hereunder, the Borrower represents
and warrants to the Facility Agent and each Lender as set forth in this Article VI as of the Actual Delivery Date, the
date of each advance or deemed advance (as the case may be) of any Deferred Tranche and on the Guarantee Release Date (except
as otherwise stated).

 

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

 

SECTION
6.2. Due Authorization, Non-Contravention, etc. The execution, delivery and performance by the Borrower of this Agreement
and each other Loan Document, are within the Borrower’s corporate powers, have been duly authorized by all necessary corporate
action, and do not:

 

		a.	contravene
                                         the Borrower’s Organic Documents;

 

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

 

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

 

		d.	contravene
                                         any contractual restriction binding on the Borrower or any of its property except as
                                         would not reasonably be expected to result in a Material Adverse Effect; or

 

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

 

SECTION
6.3. Government Approval, Regulation, etc. No authorization or approval or other action by, and no notice to or filing
with, any governmental authority or regulatory body or other Person is required for the due execution, delivery or performance
by the Borrower of this Agreement or any other Loan Document (except for authorizations or approvals not required to be obtained
on or prior to the Actual Delivery Date or that have been obtained or actions not required to be taken on or prior to the Actual
Delivery Date or that have been taken). The Borrower holds all governmental licenses, permits and other approvals required to
conduct its business as conducted by it on the Actual Delivery Date, except to the extent the failure to hold any such licenses,
permits or other approvals would not have a Material Adverse Effect.

 

SECTION
6.4. Compliance with Environmental Laws. The Borrower is in compliance with all applicable Environmental Laws, except to
the extent that the failure to so comply would not have a Material Adverse Effect.

 

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SECTION
6.5. Validity, etc. This Agreement constitutes the legal, valid and binding obligation of the Borrower enforceable in accordance
with its terms, except as the enforceability hereof may be limited by bankruptcy, insolvency or similar laws affecting the enforcement
of creditors’ rights generally or by general equitable principles.

 

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

 

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

 

SECTION
6.8. The Purchased Vessel. Immediately following the delivery of the Purchased Vessel to the Borrower under the Construction
Contract, the Purchased Vessel will be:

 

		a.	legally
                                         and beneficially owned by the Borrower or one of the Borrower’s wholly owned Subsidiaries,

 

		b.	registered
                                         in the name of the Borrower or one of the Borrower’s wholly owned Subsidiaries
                                         under the Bahamian or Maltese flag or such other flag as the parties may mutually agree,

 

		c.	classed
                                         as required by Section 7.1.4(b),

 

		d.	free
                                         of all recorded Liens, other than Liens permitted by Section 7.2.3,

 

		e.	insured
                                         against loss or damage in compliance with Section 7.1.5, and

 

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

 

SECTION
6.9. Obligations rank pari passu; Liens.

 

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

 

		b.	As
                                         at the date of this Agreement, the provisions of this Agreement which permit or restrict
                                         the granting of Liens are no less favorable than the provisions permitting or restricting
                                         the granting of Liens in any other agreement entered into by the Borrower with any other
                                         person providing financing or credit to the Borrower.

 

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SECTION
6.10. Withholding, etc.. As of the Signing Date, no payment to be made by the Borrower under any Loan Document is subject
to any withholding or like tax imposed by any Applicable Jurisdiction.

 

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

 

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

 

SECTION
6.13. Investment Company Act. The Borrower is not required to register as an “investment company” within the
meaning of the Investment Company Act of 1940, as amended.

 

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

 

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

 

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

 

ARTICLE
VII

COVENANTS

 

SECTION
7.1. Affirmative Covenants. The Borrower agrees with the Facility Agent and each Lender that, from the Effective Date (or,
where applicable, from such time as may be stated in any applicable provision below) until all Commitments have terminated and
all Obligations have been paid in full, the Borrower will perform the obligations set forth in this Section 7.1.

 

SECTION
7.1.1. Financial Information, Reports, Notices, etc. The Borrower will furnish, or will cause to be furnished, to the Facility
Agent or, in the case of paragraphs j) and k) below, the Facility Agent and the ECA Agent (in each case with sufficient copies
for distribution to each Lender) the following financial statements, reports, notices and information:

 

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

 

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

 

		c.	together
                                         with each of the statements delivered pursuant to the foregoing clause (a) or (b), a
                                         certificate, executed by the chief financial officer, the treasurer or the corporate
                                         controller of the Borrower, showing, as of the last day of the relevant Fiscal Quarter
                                         or Fiscal Year compliance with the covenants set forth in Section 7.2.4 (in reasonable
                                         detail and with appropriate calculations and computations in all respects reasonably
                                         satisfactory to the Facility Agent);

 

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

 

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

 

		f.	as
                                         soon as the Borrower becomes aware thereof, notice of any event which, in its reasonable
                                         opinion, would be expected to materially adversely affect the business, operations or
                                         financial condition of the Borrower and its Subsidiaries taken as a whole;

 

		g.	promptly
                                         after the sending or filing thereof, copies of all reports which the Borrower sends to
                                         all holders of each security issued by the Borrower, and all registration statements
                                         which the Borrower or any of its Subsidiaries files with the SEC or any national securities
                                         exchange;

 

		h.	such
                                         other information respecting the condition or operations, financial or otherwise, of
                                         the Borrower or any of its Subsidiaries as any Lender through the Facility Agent may
                                         from time to time reasonably request (including an update to any information and projections
                                         previously provided to the Lenders where these have been prepared and are available);

 

		i.	as
                                         soon as the Borrower becomes aware thereof, notice (with a copy to the ECA Agent and
                                         BpiFAE) of any matter that has, or may, result in a breach of section 7.1.8;

 

		j.	whilst
                                         any Deferred Tranche is outstanding, as soon as available and in any event within respectively
                                         five (5) Business Days, ten (10) and forty (40) days (or such other period as BpiFAE
                                         may require from time to time) after the end of each monthly, bi-monthly and quarterly
                                         period (save that the period in respect of the final quarter of each Fiscal Year shall
                                         be sixty (60) days) from the Second Deferred Tranche Effective Date, the information
                                         required by the Debt Deferral Extension Regular Monitoring Requirements (as such information
                                         requirements may be amended on the basis set out in the Debt Deferral Extension Regular
                                         Monitoring Requirements) (in reasonable detail and with appropriate calculations and
                                         computations in all respects reasonably satisfactory to the Facility Agent);

 

		k.	whilst
                                         any Deferred Tranche is outstanding, upon the request of the Facility Agent (acting on
                                         the instructions of BpiFAE), the Borrower and the Lenders shall provide information in
                                         form and substance satisfactory to BpiFAE regarding arrangements in respect of Indebtedness
                                         for borrowed money of the Group then existing or any such Indebtedness to be incurred
                                         by or made available to (as the case may be) the Group pursuant to binding commitments
                                         (such information to be provided to BpiFAE in accordance with terms of the Facility Agent’s
                                         request);

 

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		l.	during
                                         the period from the Second Deferred Tranche Effective Date until the Covenant Modification
                                         Date, within five Business Days after the end of each month falling during such period,
                                         a certificate, executed by the chief financial officer, the treasurer or the corporate
                                         controller of the Borrower, showing, as of the last day of the immediately preceding
                                         month, compliance with the covenant set forth in Section 7.2.4(C); provided that
                                         if, during such period, the Borrower is not in compliance with the covenant set forth
                                         in Section 7.2.4(C) as of the last day of such month, the Borrower shall show compliance
                                         with such covenant as of the date such certificate is delivered;

 

		m.	within
                                         15 Business Days of the end of each month throughout the Early Warning Monitoring Period,
                                         a certificate, executed by the chief financial officer, the treasurer or the corporate
                                         controller of the Borrower, showing, as of the last day of the relevant month (i) the
                                         ratio of Adjusted Cash Balance as of the last day of the most recently completed month
                                         to the Monthly Outflow for the month most recently ended (and showing whether the Adjusted
                                         Cash Balance covers the Monthly Outflow for at least the subsequent five-month period),
                                         (ii) the Borrower’s Adjusted EBITDA After Principal and Interest for the two consecutive
                                         Last Reported Quarters and (iii) in the case of the next certificate to be submitted
                                         immediately following the Borrower’s publishing of results for each Last Reported
                                         Quarter, a comparison of Adjusted EBITDA After Principal and Interest with the figure
                                         from the corresponding Fiscal Quarter in the 2019 Fiscal Year (in each case in reasonable
                                         detail and with appropriate calculations and computations in all respects reasonably
                                         satisfactory to the Facility Agent);

 

		n.	on
                                         one occasion during each calendar year from the start of the Financial Covenant Waiver
                                         Period until the Deferred Tranches have been repaid in full, the environmental plan of
                                         the Borrower (and including the Group’s carbon emissions for the past two years
                                         (calculated according to methodologies defined by the IMO or any other public methodology
                                         specified by the Borrower) as required to be published pursuant to each letter of the
                                         Borrower issued pursuant to the Second Supplemental Agreement and the Fifth Supplemental
                                         Agreement (as applicable); and

 

		o.	if
                                         the Borrower intends to make a Restricted Voluntary Prepayment, not less than ten Business
                                         Days prior to the anticipated making of a Restricted Voluntary Prepayment, the Borrower
                                         shall provide written notice to the Facility Agent of that Restricted Voluntary Prepayment
                                         (which notice shall set out in reasonable detail the terms of that Restricted Voluntary
                                         Prepayment),

 

provided
that information required to be furnished to the Facility Agent under subsections (a), (b), (g) and (n) of this Section
7.1.1 shall be deemed furnished to the Facility Agent when available free of charge on the Borrower’s website at http://www.rclinvestor.com
or the SEC’s website at http://www.sec.gov.

 

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

 

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

 

		a.	in
                                         the case of the Borrower, the maintenance and preservation of its corporate existence
                                         (subject to the provisions of Section 7.2.6);

 

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

 

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

 

		d.	compliance
                                         with all applicable Environmental Laws;

 

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

 

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

 

SECTION
7.1.4. The Purchased Vessel. The Borrower will:

 

		a.	cause
                                         the Purchased Vessel to be exclusively operated by or chartered to the Borrower or one
                                         of the Borrower’s wholly owned Subsidiaries, provided that the Borrower
                                         or such Subsidiary may charter out the Purchased Vessel (i) to entities other than the
                                         Borrower and the Borrower’s wholly owned Subsidiaries and (ii) on a time charter
                                         with a stated duration not in excess of one year;

 

		b.	cause
                                         the Purchased Vessel to be kept in such condition as will entitle her to classification
                                         by a classification society of recognized standing;

 

		c.	provide
                                         the following to the Facility Agent with respect to the Purchased Vessel:

 

(i)       evidence
as to the ownership of the Purchased Vessel by the Borrower or one of the Borrower’s wholly owned Subsidiaries; and

 

(ii)      evidence
of no recorded Liens on the Purchased Vessel, other than Liens permitted pursuant to Section 7.2.3;

 

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		d.	within
                                         seven days after the Actual Delivery Date, provide the following to the Facility Agent
                                         with respect to the Purchased Vessel:

 

(i)       evidence
of the class of the Purchased Vessel; and

 

(ii)      evidence
as to all required insurance being in effect with respect to the Purchased Vessel; and

 

		e.	on
                                         or before the later of (i) 31 July and (ii) 30 days after its own receipt of a Statement
                                         of Compliance in each calendar year, supply, or procure the supply, to the Facility Agent
                                         (for distribution to BpiFAE and the Lenders) (in each case at the cost of the Borrower)
                                         of all information necessary in order for any Lender to comply with its obligations under
                                         the Poseidon Principles in respect of the preceding year, including, without limitation,
                                         all ship fuel oil consumption data required to be collected and reported in accordance
                                         with Regulation 22A of Annex VI (as collated and reported to the Purchased Vessel’s
                                         flag state using the verification report submitted to that flag state) and any Statement
                                         of Compliance, in each case relating to the Purchased Vessel for the preceding calendar
                                         year, provided always that such information shall be confidential information for the
                                         purposes of Section 11.15 and, accordingly, no Lender shall publicly disclose such information
                                         with the identity of the Purchased Vessel or the Borrower (or, if applicable, the Borrower’s
                                         wholly owned Subsidiary that then owns the Purchased Vessel) without the prior written
                                         consent of the Borrower (it being expressly agreed however that, in accordance with the
                                         Poseidon Principles, such information will form part of the information published regarding
                                         the relevant Lender’s portfolio climate alignment).

 

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

 

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

 

SECTION
7.1.7. BpiFAE Insurance Policy/French Authority Requirements. The Borrower shall, on the reasonable request of the ECA Agent or
the Facility Agent, provide such other information as required under the BpiFAE Insurance Policy and/or the Interest Stabilisation
Agreement as necessary to enable the ECA Agent or the Facility Agent to obtain the full support of the relevant French Authority
pursuant to the BpiFAE Insurance Policy and/or the Interest Stabilisation Agreement (as the case may be). The Borrower must pay
to the ECA Agent or the Facility Agent the amount of all reasonable costs and expenses reasonably incurred by the ECA Agent or
the Facility Agent in connection with complying with a request by any French Authority for any additional information necessary
or desirable in connection with the BpiFAE Insurance Policy or the Interest Stabilisation Agreement (as the case may be); provided
that the Borrower is consulted before the ECA Agent or Natixis incurs any such cost or expense.

 

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SECTION
7.1.8. Performance of shipbuilding contract obligations. The Borrower shall (and shall procure that each of its Subsidiaries
shall) comply with its contractual commitments under and in respect of (i) each shipbuilding contract in existence as at the First
Deferred Tranche Effective Date (or which comes into existence at any time in which an amount of any Deferred Tranche remains
outstanding) entered into with the Builder and (ii) any option agreements or similar binding contractual commitments (whether
in respect of a firm order of a vessel or otherwise) in existence at the First Deferred Tranche Effective Date (or which comes
into existence at any time in which an amount of any Deferred Tranche remains outstanding) entered into by the Borrower (or its
Subsidiary) and the Builder in connection with the potential entry into a shipbuilding contract at a future point in time (it
being agreed that such obligation shall not require the Borrower or the relevant Subsidiary (as applicable) to exercise any option
or other contractual right thereunder), save that this section 7.1.8 shall be subject to any change of any such shipbuilding contract,
option agreement, contract or other related document if such change has, in consultation with BpiFAE, been agreed between the
Borrower or, as the case may be, relevant Subsidiary and the Builder.

 

SECTION
7.1.9. Further Assurances in respect of the Framework. While either Deferred Tranche is outstanding, the Borrower will from time
to time at the request of the Facility Agent promptly enter into good faith negotiations in respect of (a) amending this Agreement
to remove the carve-out of Section 7.2.4 set out in Section 9.1.4 and/or (b) amending the financial covenants set forth in this
Agreement, resetting the testing of such financial covenants and/or supplementing those financial covenants with additional financial
covenants. A failure to reach an agreement under this paragraph following such good faith negotiations shall not constitute an
Event of Default or a Prepayment Event.

 

Section
7.1.10 Equal Treatment with Pari Passu Creditors. The Borrower undertakes with the Facility Agent that it shall ensure (and shall
procure that each other Group Member shall ensure) that the Lenders are treated equally in all respects with all other Pari Passu
Creditors, and accordingly:

 

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(i)       the
Borrower shall enter into similar debt deferral, covenant amendment and replacement and mandatory prepayment arrangements to those
contemplated by the Fifth Supplemental Agreement in respect of each ECA Financing (and for this purpose excluding any ECA Financings
where the lenders under that ECA Financing do not provide their consent to such arrangements in circumstances where the arrangements
contemplated in respect of that ECA Financing are on substantially the same basis as set out in this Agreement (as amended by
the Fifth Supplemental Agreement) but including any financing which will, upon novation of the relevant facility agreement to
the Borrower, become an ECA Financing) as soon as reasonably practicable after the Second Deferred Tranche Effective Date (with
such amendments being on terms which shall not prejudice the rights of BpiFAE under this Agreement);

 

(ii)      the
Borrower shall promptly upon written request, supply the Facility Agent and the ECA Agent with information (in a form and substance
satisfactory to the Facility Agent and ECA Agent) regarding the status of the amendments to be entered into in accordance with
paragraph (i) above;

 

(iii)     to
enable the Borrower to comply with the requirements under paragraph (iv) below, prior to any Group Member entering into any Restricted
Credit Enhancement with a Pari Passu Creditor (other than a Restricted Credit Enhancement granted in accordance with Section 7.2.9(a)(ii)),
the Borrower shall promptly notify the Facility Agent (and such notification shall include details of the new Lien or Group Member
Guarantee and shall otherwise be in form and substance reasonably satisfactory to the Facility Agent); and

 

(iv)    
at the same time as any relevant Restricted Credit Enhancement is provided to the relevant Pari Passu Creditor (other than a Restricted
Credit Enhancement granted in accordance with Section 7.2.9(a)(ii)), the Borrower, any relevant Group Member and the Lenders shall
enter into such documentation as may be necessary in the reasonable opinion of the Facility Agent to ensure that the Lenders benefit
from that Restricted Credit Enhancement on the same terms as the relevant Pari Passu Creditor(s) and, where that Restricted Credit
Enhancement is a Lien or a Group Member Guarantee, to share in that Lien or Group Member Guarantee on a pari passu basis (and
the Lenders agree to enter into such intercreditor documentation to reflect such pari passu ranking (in a form and substance satisfactory
to the Lenders (acting reasonably)) as may be required in connection with such arrangements).

 

SECTION
7.2. Negative Covenants. The Borrower agrees with the Facility Agent and each Lender that, from the Effective Date until
all Commitments have terminated and all Obligations have been paid and performed in full, the Borrower will perform the obligations
set forth in this Section 7.2.

 

SECTION
7.2.1. Business Activities. 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.

 

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SECTION
7.2.2. Indebtedness. Until the occurrence of the Guarantee Release Date (whereupon Section 7.2.2 of Exhibit Q shall apply in accordance
with Section 7.3), the Borrower will not permit any of the Existing Principal Subsidiaries to create, incur, assume or suffer
to exist or otherwise become or be liable in respect of any Indebtedness, other than, without duplication, the following:

 

		a.	Indebtedness
                                         secured by Liens of the type described in Section 7.2.3;

 

		b.	Indebtedness
                                         owing to the Borrower or a direct or indirect Subsidiary of the Borrower;

 

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

 

		d.	Indebtedness
                                         in an aggregate principal amount, together with (but without duplication of) Indebtedness
                                         permitted to be secured under Section 7.2.3(b), at any one time outstanding not
                                         exceeding (determined at the time of creation of such Lien or the incurrence by any Existing
                                         Principal Subsidiary of such Indebtedness, as applicable) 10.0% of the total assets of
                                         the Borrower and its Subsidiaries taken as a whole as determined in accordance with GAAP
                                         as at the last day of the most recent ended Fiscal Quarter;

 

		e.	obligations
                                         in respect of Hedging Instruments entered into for the purpose of managing interest rate,
                                         foreign currency exchange or commodity exposure risk and not for speculative purposes;
                                         and

 

		f)	Indebtedness
                                         of Silversea Cruise Holding Ltd. and its Subsidiaries (“Silversea”) identified
                                         in Section 1 of Exhibit I hereto.

 

SECTION
7.2.3. Liens . Until the occurrence of the Guarantee Release Date (whereupon Section 7.2.2 of Exhibit Q shall apply in accordance
with Section 7.3), the Borrower will not, and will not permit any of its Subsidiaries to, create, incur, assume or suffer to exist
any Lien upon any of its property, revenues or assets, whether now owned or hereafter acquired, except:

 

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

 

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		b.	in
                                         addition to other Liens permitted under this Section 7.2.3, Liens securing Indebtedness
                                         in an aggregate principal amount, together with (but without duplication of) Indebtedness
                                         permitted under Section 7.2.2(d), at any one time outstanding not exceeding (determined
                                         at the time of creation of such Lien or the incurrence by any Existing Principal Subsidiary
                                         of such Indebtedness, as applicable) 10.0% of the total assets of the Borrower and its
                                         Subsidiaries (the “Lien Basket Amount”) taken as a whole as determined in
                                         accordance with GAAP as at the last day of the most recent ended Fiscal Quarter; provided,
                                         however that, if, at any time, the Senior Debt Rating of the Borrower is less than Investment
                                         Grade as given by both Moody’s and S&P, the Lien Basket Amount shall be the
                                         greater of (x) 5.0% 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 and (y) $735,000,000;

 

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

 

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

 

		e.	Liens
                                         securing Government-related Obligations;

 

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

 

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

 

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

 

		i.	Liens
                                         for current crew’s wages and salvage;

 

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

 

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		k.	Liens
                                         on Vessels that:

 

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

 

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

 

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

 

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

 

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

 

		m.	Liens
                                         in respect of rights of set-off, recoupment and holdback in favor of credit card processors
                                         securing obligations in connection with credit card processing services incurred in the
                                         ordinary course of business;

 

		n.	Liens
                                         on cash or Cash Equivalents or marketable securities securing obligations in respect
                                         of Hedging Instruments not incurred for speculative purposes or securing letters of credit
                                         that support such obligations;

 

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

 

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

 

		q.	licenses,
                                         sublicenses, leases or subleases granted to other Persons not materially interfering
                                         with the conduct of the business of the Borrower or any of its Subsidiaries; and

 

		r)	Liens
                                         on any property of Silversea identified in Section 2 of Exhibit I hereto,

 

provided,
however, that from the Second Deferred Tranche Effective Date until the Guarantee Release Date, no Group Member shall be entitled
to grant any Lien of the type referred to in paragraphs (a) to (d) above over any ECA Financed Vessel

 

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SECTION
7.2.4. Financial Condition. The Borrower will not permit:

 

		a.	Net
                                         Debt to Capitalization Ratio, as at the end of any Fiscal Quarter, to be greater than
                                         0.625 to 1.

 

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

 

In
addition, if, at any time, the Senior Debt Rating of the Borrower is less than Investment Grade as given by both Moody’s
and S&P, the Borrower will not permit Stockholders’ Equity to be less than, as at the last day of any Fiscal Quarter,
the sum of (i) $4,150,000,000 plus (ii) 50% of the consolidated net income of the Borrower and its Subsidiaries for the
period commencing on January 1, 2007 and ending on the last day of the Fiscal Quarter most recently ended (treated for these purposes
as a single accounting period, but in any event excluding any Fiscal Quarters for which the Borrower and its Subsidiaries have
a consolidated net loss).

 

SECTION
7.2.4(A). Most favored lender with respect to Financial Covenants. If any Group Member agrees, in respect of any of its
Indebtedness for borrowed money, to any new, modified or substitute financial covenants of the type, or similar to, the financial
covenants set out in Section 7.2.4 above then (i) the Borrower shall notify the Facility Agent in writing within 5 Business Days
of such new, modified or substitute financial covenants being agreed with the relevant creditor(s) and (ii) if required by the
Lenders, the Borrower and the Lenders shall, as soon as practicable thereafter, enter into an amendment to this Agreement to incorporate
the new, modified or substitute financial covenants.

 

SECTION
7.2.4(B). Notification of change to financial covenants.

(i)
        If, other than as notified in writing by the Borrower to the Facility Agreement prior
to the date of the Fifth Supplemental Agreement, at any time during the Financial Covenant Waiver Period the last day of a financial
covenant waiver period under any of the agreements in respect of any of the Borrower’s other Indebtedness shall be amended
such that it falls prior to September 30, 2022, the Borrower shall notify the Facility Agent and that revised date, save as provided
below, shall be the last date of the Financial Covenant Waiver Period for the purposes of this Agreement.

 

(ii)       If,
other than as notified in writing by the Borrower to the Facility Agent prior to the date of the Fifth Supplemental Agreement,
following receipt of the notice referred to in sub-paragraph (i) above, the relevant date referred to above is then extended,
the Borrower shall be entitled to notify the Facility Agent of the same and, upon receipt of that notice, such revised date or,
if earlier, September 30, 2022, shall then become the final date of the Financial Covenant Waiver Period for the purposes of this
Agreement.

 

SECTION
7.2.4(C). Minimum liquidity. The Borrower will not allow the aggregate amount of unrestricted cash and Cash Equivalents of the
Borrower and its Subsidiaries as determined in accordance with GAAP to be less than the Adjustable Amount as of (i) the last day
of any calendar month from the Second Deferred Tranche Effective Date until the Covenant Modification Date, or (ii) if the Borrower
is not in compliance with the requirements of this Section 7.2.4(C) as of the last day of any calendar month during the Financial
Covenant Waiver Period (or, if earlier, prior to the Covenant Modification Date), the date the certificate required by Section
7.1.1(l) with respect to such month is delivered to the Facility Agent (it being understood that the Borrower shall not be required
to comply with this Section 7.2.4(C) at any time on or after the Covenant Modification Date).

 

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SECTION
7.2.5. Additional Undertakings. From the effectiveness of the Fourth Supplemental Agreement, and notwithstanding anything
to the contrary set out in this Agreement or any other Loan Document:

 

		a.	First
                                         Priority Guarantee Matters. Until the occurrence of a First Priority Release Event:

 

(i)       the
Borrower will not form, create, acquire or otherwise establish any new Subsidiaries that own, directly or indirectly, the Equity
Interests of the First Priority Guarantor (and will not permit any such new Subsidiary to own, directly or indirectly, any such
Equity Interests);

 

(ii)      the
First Priority Guarantor will not form, create, acquire or otherwise establish any new Subsidiaries that own, directly or indirectly,
the Equity Interests of any Principal Subsidiary (and will not permit any such new Subsidiary to own, directly or indirectly,
any such Equity Interests);

 

(iii)     the
First Priority Guarantor will not incur any additional Indebtedness for borrowed money (including any guarantees in respect of
Indebtedness), except in connection with any Other Guarantees;

 

(iv)     neither
Celebrity Cruises Holdings Inc. nor Celebrity Cruises Inc. will incur any additional Indebtedness for borrowed money (including
any guarantees in respect of Indebtedness), except in connection with the Secured Note Indebtedness or any Permitted Refinancing
thereof; and

 

(v)      the
Borrower shall not, and shall procure that each other Subsidiary will not, Dispose of any First Priority Assets or any Equity
Interests in a Subsidiary that owns, directly or indirectly, any First Priority Assets, other than:

 

		(A)	to
                                         any other entity that is a First Priority Guarantor;

 

		(B)	if
                                         the fair market value thereof, together with the fair market value of all other Dispositions
                                         of First Priority Assets made after the effectiveness of the Fourth Supplemental Agreement
                                         (but for this purpose excluding any Disposition of the type referred to in the foregoing
                                         clause (A) and any Disposition, the net proceeds of which are applied in accordance with
                                         the following clause (C)) is less than the sum of:

 

		(x)	$250,000,000
                                         plus

 

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		(y)	the
                                         fair market value of any asset (other than (1) current assets, intercompany debt or equity
                                         instruments and (2) First Priority Assets or other assets owned by another First Priority
                                         Guarantor immediately prior to acquisition) acquired by any First Priority Guarantor
                                         after the effectiveness of the Fourth Supplemental Agreement; or

 

		(C)	if
                                         the net proceeds therefrom are applied in accordance with Section 4.09(b)(i) or 4.09(b)(iii)
                                         of the Secured Note Indenture, to the extent applicable at such time; provided, however,
                                         that if, within 450 days of such Disposition, any net proceeds of such Disposition have
                                         not been utilized in accordance with such provisions and are retained by the Borrower
                                         or any Subsidiary after such application (such retained net proceeds, “Excess
                                         Proceeds”), then:

 

		(1)	if
                                         not already held by a First Priority Guarantor, such Excess Proceeds shall be promptly
                                         transferred to a First Priority Guarantor to be (x) retained in an account and on the
                                         balance sheet of that First Priority Guarantor and (y) used solely (i) for capital expenditures
                                         for the benefit of the remaining First Priority Assets or for the purposes of any asset
                                         purchase by that First Priority Guarantor or (ii) to make an offer to each ECA Guarantor
                                         in accordance with the following sub-clause (2); or

 

		(2)	where
                                         the Borrower has elected to utilize the Excess Proceeds in the manner referred to in
                                         (ii) above, the Borrower shall make a written offer contemporaneously to each ECA Guarantor
                                         to apply such Excess Proceeds as a pro rata prepayment of the Loan and the Indebtedness
                                         under each other ECA Financing that is pari passu in right of payment to the Obligations.
                                         If any ECA Guarantor provides written notice to the Borrower within 90 days of such offer
                                         accepting such offer, the Borrower shall prepay the relevant Indebtedness notified to
                                         it within 10 Business Days (or such longer period as may be agreed with the lenders under
                                         each relevant ECA Financing being prepaid) of the date of receipt of such notice. If
                                         any ECA Guarantor fails to accept such offer within the said 90 days referred to above,
                                         then the pro rata portion of such Excess Proceeds that would have been applied to prepay
                                         the ECA Financings with respect to such ECA Guarantor if such offer was accepted shall
                                         be retained and applied in accordance with the foregoing sub-clause (1)(i).

 

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		b.	Second
                                         Priority Guarantee Matters. Until the occurrence of a Second Priority Release Event:

 

(i)       the
Borrower will not, and will not permit any of its Subsidiaries to, form, create, acquire or otherwise establish any new Subsidiaries
that own, directly or indirectly, the Equity Interests of any Second Priority Guarantor (and will not permit any such new Subsidiary
to own, directly or indirectly, any such Equity Interests);

 

(ii)      no
Second Priority Guarantor will form, create, acquire or otherwise establish any new Subsidiaries that own, directly or indirectly,
the Equity Interests of any Principal Subsidiary (and will not permit any such new Subsidiary to own, directly or indirectly,
any such Equity Interests); and

 

(iii)     the
Borrower shall not, and shall procure that each other Subsidiary will not, Dispose of any Second Priority Assets or any Equity
Interests in a Subsidiary that owns, directly or indirectly, any Second Priority Assets, other than:

 

		(A)	to
                                         any other entity that is a Second Priority Guarantor; or

 

		(B)	if
                                         the fair market value thereof, together with the fair market value of all other Dispositions
                                         of Second Priority Assets made after the effectiveness of the Fourth Supplemental Agreement
                                         (but for this purpose excluding any Disposition of the type referred to in the foregoing
                                         clause (A)) is less than the sum of:

 

		(x)	$250,000,000
                                         plus

 

		(y)	the
                                         fair market value of any asset (other than (1) current assets, intercompany debt or equity
                                         instruments and (2) Second Priority Assets or other assets owned by another Second Priority
                                         Guarantor immediately prior to acquisition) acquired by any Second Priority Guarantor
                                         after the effectiveness of the Fourth Supplemental Agreement.

 

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		c.	Third
                                         Priority Guarantee Matters. Until the occurrence of a Third Priority Release Event:

 

(i)       the
Borrower will not form, create, acquire or otherwise establish any new Subsidiaries that own, directly or indirectly, the Equity
Interests of the Third Priority Guarantor (and will not permit any such new Subsidiary to own, directly or indirectly, any such
Equity Interests);

 

(ii)      the
Third Priority Guarantor will not form, create, acquire or otherwise establish any new Subsidiaries that own, directly or indirectly,
the Equity Interests of any Principal Subsidiary (and will not permit any such new Subsidiary to own, directly or indirectly,
any such Equity Interests); and

 

(iii)      the
Borrower shall not, and shall procure that each other Subsidiary will not, Dispose of any Third Priority Assets or any Equity
Interests in a Subsidiary that owns, directly or indirectly, any Third Priority Assets, other than:

 

		(A)	to
                                         any other entity that is a Third Priority Guarantor;

 

		(B)	if
                                         the fair market value thereof, together with the fair market value of all other Dispositions
                                         of Third Priority Assets made after the effectiveness of the Fourth Supplemental Agreement
                                         (but for this purpose excluding any Disposition of the type referred to in the foregoing
                                         clause (A) and any Disposition, the net proceeds of which are applied in accordance with
                                         the following clause (C)) is less than the sum of:

 

		(x)	$250,000,000
                                         plus

 

		(y)	the
                                         fair market value of any asset (other than (1) current assets, intercompany debt or equity
                                         instruments and (2) Third Priority Assets or other assets owned by another Third Priority
                                         Guarantor immediately prior to acquisition) acquired by any Third Priority Guarantor
                                         after the effectiveness of the Fourth Supplemental Agreement; or

 

		(C)	if
                                         the net proceeds therefrom are applied in accordance with those provisions of the Unsecured
                                         Note Indenture and/or the definitive documentation governing the DDTL Indebtedness to
                                         the extent applicable at the time which allow the Borrower to make an offer to prepay
                                         and/or repay the debt evidenced by the Unsecured Note Indenture and/or DDTL Indebtedness,
                                         as applicable; provided that, if any such net proceeds are retained by the Borrower or
                                         any Subsidiary after such application, the Borrower shall promptly repay or redeem all
                                         or any portion of any Indebtedness that is pari passu or senior in right of payment to
                                         the Obligations and for which a Third Priority Guarantor is a guarantor, in each case,
                                         subject to the terms of the documentation governing such Indebtedness (including the
                                         DDTL Indebtedness, the Unsecured Note Indebtedness, any Bank Indebtedness, any Credit
                                         Card Obligations, the Loan and any other Indebtedness under an ECA Financing); provided,
                                         further, that any repayment of Indebtedness under any revolving credit agreement pursuant
                                         to this paragraph shall be accompanied by a corresponding permanent reduction in the
                                         related revolving credit commitments.

 

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		d.	New
                                         Guarantor Matters. In the event the Borrower or any of its Subsidiaries acquires
                                         an ECA Financed Vessel:

 

(i)        the
Borrower will, within 15 Business Days of the purchase of the relevant ECA Financed Vessel, cause the applicable New Guarantor
to provide (A) an Additional Guarantee, together with each equivalent Other Guarantee required to be provided under the terms
of the other ECA Financings (as amended from time to time) and (B) all documents and information required by the Lenders in order
to satisfy any applicable “know your customer” checks and any other reasonable condition precedent requirements of
the Lenders (excluding, for the avoidance of doubt, legal opinions); provided that, in each case, if such New Guarantor is party
to a Senior Guarantee at such time, the Facility Agent shall have contemporaneously entered into a New Guarantor Subordination
Agreement; and

 

(ii)       until
the occurrence of a Second Priority Release Event and a Third Priority Release Event:

 

		(A)	the
                                         Borrower will not permit the applicable New Guarantor to incur any Indebtedness for borrowed
                                         money (including any guarantees in respect of Indebtedness) other than the applicable
                                         Additional Guarantee, any Other Guarantee and any Senior Guarantee;

 

		(B)	the
                                         Borrower will not permit the Principal Subsidiary that acquires the relevant ECA Financed
                                         Vessel to incur any Indebtedness for borrowed money (including any guarantees in respect
                                         of Indebtedness);

 

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		(C)	notwithstanding
                                         any other provision of this Agreement, the Borrower will not, and shall procure that
                                         no other Subsidiary shall Dispose (whether to a Group Member or otherwise) of the relevant
                                         ECA Financed Vessel (or any equity interests in a Subsidiary that owns, directly or indirectly,
                                         such ECA Financed Vessel); provided that (1) such ECA Financed Vessel may be exclusively
                                         operated by or chartered to the Borrower or one of the Borrower’s wholly owned
                                         Subsidiaries and (2) the Borrower or such Subsidiary may charter out such ECA Financed
                                         Vessel (x) to entities other than the Borrower and the Borrower’s wholly owned
                                         Subsidiaries and (y) on a time charter with a stated duration not in excess of one year;
                                         and

 

		(D)	notwithstanding
                                         the provisions of Sections 7.2.2 and 7.2.3, the Borrower will not, and will not permit
                                         any of its Subsidiaries to create, incur, assume or suffer to exist any Lien upon the
                                         relevant ECA Financed Vessel, other than Liens permitted under Section 7.2.3 that do
                                         not secure Indebtedness for borrowed money.

 

		e.	Further
                                         Assurances. At the Borrower’s reasonable request, the Facility Agent shall
                                         execute (i) any Additional Subordination Agreement or any Subordination Agreement, in
                                         substantially the form attached hereto as Exhibit M or Exhibit N with such changes, or
                                         otherwise in form and substance, reasonably satisfactory to the Facility Agent (acting
                                         upon the instructions of the Required Lenders and BpiFAE), to ensure the required priority
                                         of the Second Priority Guarantee and the Third Priority Guarantee and (ii) any New Guarantor
                                         Subordination Agreement contemporaneously with the execution of any Senior Guarantee
                                         by a New Guarantor if such New Guarantor has granted an Additional Guarantee at such
                                         time.

 

		f.	Amount
                                         of Indebtedness. The Borrower shall ensure that:

 

(i)        the
maximum aggregate principal amount of Bank Indebtedness (or any Permitted Refinancing thereof) guaranteed by the Second Priority
Guarantors shall not exceed, in the aggregate, $5,300,000,000 (or its equivalent in any other currency) until the occurrence of
a First Priority Release Event, a Second Priority Release Event, and a Third Priority Release Event;

 

(ii)      
the maximum aggregate principal amount of Unsecured Note Indebtedness and DDTL Indebtedness (or any Permitted Refinancing of either
of them), in each case, guaranteed by the Third Priority Guarantor shall not exceed, in the aggregate, $1,700,000,000 (or its
equivalent in any other currency) until the occurrence of a Third Priority Release Event;

 

(iii)      until
the occurrence of a Second Priority Release Event, none of the Second Priority Guarantors will grant any guarantee that is pari
passu with or senior to its obligations under the Second Priority Guarantee, except in connection with (A) any Bank Indebtedness
or any Permitted Refinancing thereof, (B) any Credit Card Obligations or (C) any Other Guarantees, provided that each Other Guarantee
shall be on terms no more favourable in any material respect (including for this purpose the priority of that guarantee) than
that currently provided by that Second Priority Guarantor in connection with the relevant Indebtedness; and

 

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(iv)      until
the occurrence of a Third Priority Release Event, the Third Priority Guarantor will not grant any guarantee that is pari passu
with or senior to its obligations under the Third Priority Guarantee, except in connection with (A) any Bank Indebtedness, Unsecured
Note Indebtedness, DDTL Indebtedness or any Permitted Refinancing of any thereof, (B) any Credit Card Obligations or (C) any Other
Guarantees, provided that each Other Guarantee shall be on terms no more favourable in any material respect (including for this
purpose the priority of that guarantee) than that currently provided by the Third Priority Guarantor in connection with the relevant
Indebtedness.

 

		g.	Release
                                         of Guarantees. The Borrower agrees to give the Facility Agent written notice of the
                                         occurrence of any First Priority Release Event, Second Priority Release Event or Third
                                         Priority Release Event. The Facility Agent agrees, subject to the proviso (2) below,
                                         that:

 

(i)        the
First Priority Guarantee shall be automatically released upon the occurrence of a First Priority Release Event;

 

(ii)       the
Second Priority Guarantee shall be automatically released upon the occurrence of a Second Priority Release Event;

 

(iii)      the
Third Priority Guarantee shall be automatically released upon the occurrence of a Third Priority Release Event; and

 

(iv)      each
Additional Guarantee shall be automatically released upon the occurrence of both a Second Priority Release Event and a Third Priority
Release Event,

 

provided
(1) in each case, and subject to proviso (2) below, that upon the Borrower’s request, the Facility Agent shall promptly
confirm in writing the release of the applicable Guarantee following the occurrence of the relevant release event and (2) where
the Borrower is of the opinion that it would, if the Guarantee Release Date was to occur, be in breach of the provisions of Section
7.2.2 as set out in Exhibit Q (and which would otherwise come into effect on that Guarantee Release Date) on the Guarantee Release
Date, the Borrower shall be entitled, by serving written notice on the Facility Agent, to request that the Guarantee Release Date
be postponed until such time as the Borrower is satisfied that it will be able to comply with the provisions of the said Section
7.2.2. Where the Borrower issues a notice pursuant to this proviso (2) it agrees that it shall use all reasonable endeavors and
take all appropriate action as may be practicable at such time to enable it to comply with the said Section 7.2.2 as soon as practicable
following the date that the Guarantee Release Date would have occurred but for this proviso (2) so that the Guarantee Release
Date can then occur and, as soon as it is satisfied that it will be able to comply with the said Section 7.2.2 it will promptly
serve a further written notice on the Facility Agent. Upon receipt of this further notice, the provisions of this paragraph (g)
shall once again apply and the Facility Agent shall then take the action required of it to enable the Guarantee Release Date to
occur..

 

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

 

		a.	any
                                         such Subsidiary may (i) liquidate or dissolve voluntarily into, and may merge with and
                                         into, the Borrower or any other Subsidiary, and the assets or stock of any Subsidiary
                                         may be purchased or otherwise acquired by the Borrower or any other Subsidiary or (ii)
                                         merge with and into another Person in connection with a sale or other disposition permitted
                                         by Section 7.2.7; and

 

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

 

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

 

(ii)       in
the case of a merger involving the Borrower where the Borrower is not the surviving corporation, (and without prejudice to the
provisions of Sections 3.2b) and c) and 9.1.10, which shall not restrict the proposed merger but which can
still apply to the extent that the proposed merger would give rise to any of the events or circumstances contemplated by such
Sections):

 

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

 

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

 

SECTION
7.2.7. Asset Dispositions, etc. Subject to section 7.2.5, the Borrower will not, and will not permit any of its Subsidiaries
to, sell, transfer, contribute or otherwise convey, or grant options, warrants or other rights with respect to, all or substantially
all of the assets of (a) the Borrower or (b) the Subsidiaries of the Borrower, taken as a whole, except sales of assets between
or among the Borrower and Subsidiaries of the Borrower.

 

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SECTION
7.2.8. Borrower’s procurement undertaking. Where any of the covenants set out in this Agreement require performance by any
Subsidiary of the Borrower, the Borrower shall procure the performance of that obligation by such Subsidiary.

 

SECTION
7.2.9. Framework Lien and Guarantee Restriction. From the Second Deferred Tranche Effective Date until the Guarantee Release Date,
and without prejudice to Section 7.2.3, the Borrower shall not (and shall procure that each other Group Member shall not, save
in respect of a Restricted Credit Enhancement of the type referred to in Section 7.1.10(iv) (and in respect of which the Lenders
therefore receive the benefit)):

 

		a.	grant
                                         any Restricted Credit Enhancement in respect of any Indebtedness for borrowed money,
                                         provided that:

 

		(i)	subject
                                         to the limitations set out in paragraph (b) below, this paragraph (a) shall not prohibit
                                         any Group Member from providing any Lien or Group Member Guarantee in connection with
                                         Indebtedness incurred after the Second Deferred Tranche Effective Date (provided that
                                         such Lien and/or Group Member Guarantee is issued at the same time, and in connection
                                         with, the initial incurrence of that Indebtedness (and is therefore not by way of additional
                                         credit support));

 

		(ii)	in
                                         connection with a Permitted Refinancing of any Indebtedness, the relevant Group Member
                                         shall be entitled to provide the creditors under that Permitted Refinancing with Liens
                                         and/or Group Member Guarantees (as applicable) which:

 

		(A)	in
                                         the case where the existing Indebtedness being refinanced was previously supported by
                                         Liens, the Liens and/or the Group Member Guarantees securing or supporting the Permitted
                                         Refinancing (as applicable) are over some or all of the same assets and

 

		(1)	with
                                         respect to any Liens, are with the same or lower priority as the Liens in respect of
                                         such assets that secured the Indebtedness being refinanced; and 

 

		(2)	with
                                         respect to any Group Member Guarantees, are Group Member Guarantees provided by a Group
                                         Member that owns (directly or indirectly) only those Vessels (or some of those Vessels
                                         but not any other Vessel) that were previously secured pursuant to the Liens referred
                                         to in the first sentence of this paragraph (A); and

 

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		(B)	in
                                         the case where the existing Indebtedness being refinanced was previously supported by
                                         any Group Member Guarantee, the Group Member Guarantee(s) supporting such Permitted Refinancing
                                         are:

 

		(1)	guarantees
                                         of obligations in an amount no greater than the guarantees granted in connection with
                                         the original Indebtedness being refinanced;

 

		(2)	in
                                         the case where the entity providing the relevant Group Member Guarantee(s) supporting
                                         such Permitted Refinancing is the same entity providing the Group Member Guarantees that
                                         are being replaced, provided by entities owning (directly or indirectly) only those Vessels
                                         (or some of those Vessels but not any other Vessel) that it owned when the previous Group
                                         Member Guarantee was provided;

 

		(3)	in
                                         the case where the entity providing the relevant Group Member Guarantee(s) supporting
                                         such Permitted Refinancing differs from the entity providing the Group Member Guarantees
                                         being replaced, provided by entities that directly or indirectly own Vessels with an
                                         aggregate book value no greater than the Vessels that were owned (directly or indirectly)
                                         by the previous provider of the relevant Group Member Guarantee(s) that supported the
                                         existing Indebtedness; and

 

		(4)	the
                                         same or lower priority as the original Group Member Guarantee(s) and are issued by either
                                         the same entities or from shareholders of those entities,

 

provided
that this paragraph (a) shall not prohibit any Group Member from providing or maintaining any Lien in accordance with the provisions
of Section 7.2.3 (d) through to (q) inclusive, provided, however, that the proviso at the end of Section 7.2.3(d) shall apply
with respect to Liens granted pursuant to that provision; and

 

		b.	incur
                                         any new Indebtedness (including Indebtedness of the type referred to in paragraph (a)(i)
                                         above but excluding any Permitted Refinancing Indebtedness in connection with paragraph
                                         (a)(ii) above) which is secured by a Lien or is supported by a Group Member Guarantee
                                         and which, when taken with all other Indebtedness incurred by the Group since the Second
                                         Deferred Tranche Effective Date and which is also secured by a Lien or supported by a
                                         Group Member Guarantee, is greater than $1,300,000,000 (but deducting from this amount
                                         for this purpose, (i) the amount of any additional Indebtedness incurred by the Borrower
                                         in connection with the drawing of the DDTL Indebtedness (whether pursuant to the accordion
                                         option or otherwise) or (ii) any Indebtedness borrowed in lieu of the drawing of the
                                         DDTL Indebtedness in the foregoing clause) or its equivalent in any other currency, and
                                         provided that no Group Member shall, as contemplated by the proviso to Section 7.2.3,
                                         from the Second Deferred Tranche Effective Date, from the Second Deferred Tranche Effective
                                         Date until the Guarantee Release Date (whereupon the relevant provisions of Exhibit Q
                                         shall apply) be permitted to grant any Lien over an ECA Financed Vessel as security for
                                         any Indebtedness permitted to be incurred under this Agreement after the Second Deferred
                                         Tranche Effective Date.

 

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SECTION
7.3. Covenant Replacement.

 

With
effect on and from the Guarantee Release Date, it is agreed that Sections 7.2.2 and 7.2.3 shall be deleted in their entirety and
replaced with the covenants and other provisions set out in Exhibit Q, which shall become part of this Agreement and effective
and binding on all Parties.

 

SECTION
7.4. Lender incorporated in the Federal Republic of Germany. The representations and warranties and covenants given in
Sections 6.16 and 7.1.3(f) respectively shall only be given, and be applicable to, a Lender incorporated in the
Federal Republic of Germany insofar as the giving of and compliance with such representations and warranties do not result in
a violation of or conflict with section 7 of the German Foreign Trade Regulation (Außenwirtschaftsverordnung) (in conjunction
with section 4 paragraph 1 a no.3 foreign trade law (AWG) (Außenwirtschaftsgesetz)), any provision of Council Regulation
(EC) 2271/1996 or any similar applicable anti-boycott law or regulation.

 

ARTICLE
VIII

EVENTS OF DEFAULT

 

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

 

SECTION
8.1.1. Non-Payment of Obligations. The Borrower shall default in the payment when due of any amount payable by it under the Loan
Documents in the manner required under the Loan Documents unless such failure is solely as a result of either (a) administrative
or technical error or (b) a Disruption Event, and, in either case, payment is made within 3 Business Days of its due date.

 

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

 

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SECTION
8.1.3. Non-Performance of Certain Covenants and Obligations. The Borrower shall default in the due performance and observance
of any other agreement contained herein or in any other Loan Document (other than the covenants set forth in Section 7.1.1(i),
Section 7.1.1(j), Section 7.1.1(m), Section 7.1.1(n), Section 7.1.1(o), Section 7.1.4(e), Section 7.1.8, Section 7.1.9, Section
7.1.10 and Section 7.2.4 (but excluding Sections 7.2.4(A) and 7.2.4(B) (which shall be regulated in accordance with Section
9.1.11(d)) and also excluding Section 7.2.4(C), a breach of which shall, subject to the cure periods set out in this Section 8.1.3,
result in an Event of Default) and the obligations referred to in Section 8.1.1) and such default shall continue unremedied
for a period of five days after notice thereof shall have been given to the Borrower by the Facility Agent or any Lender (or,
if (a) such default is capable of being remedied within 30 days (commencing on the first day following such five-day period) and
(b) the Borrower is actively seeking to remedy the same during such period, such default shall continue unremedied for at least
35 days after such notice to the Borrower).

 

SECTION
8.1.4. Default on Other Indebtedness. (a) The Borrower or any of the Principal Subsidiaries shall fail to pay any Indebtedness
that is outstanding in a principal amount of at least $100,000,000 (or the equivalent in other currencies) in the aggregate (but
excluding Indebtedness hereunder or with respect to Hedging Instruments) when the same becomes due and payable (whether by scheduled
maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace
period, if any, specified in the agreement or instrument relating to such Indebtedness; (b) the occurrence under any Hedging Instrument
of an Early Termination Date (as defined in such Hedging Instrument) resulting from (A) any event of default under such Hedging
Instrument as to which the Borrower is the Defaulting Party (as defined in such Hedging Instrument) or (B) any Termination Event
(as so defined) as to which the Borrower is an Affected Party (as so defined) and, in either event, the termination value with
respect to any such Hedging Instrument owed by the Borrower as a result thereof is greater than $100,000,000 and the Borrower
fails to pay such termination value when due after applicable grace periods; or (c) any other event shall occur or condition shall
exist under any agreement or instrument evidencing, securing or relating to any such Indebtedness and shall continue after the
applicable grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to cause
or permit the holder or holders of such Indebtedness to cause such Indebtedness to become due and payable prior to its scheduled
maturity; or (d) any such Indebtedness shall be declared to be due and payable or required to be prepaid or redeemed (other than
by a regularly scheduled required prepayment or redemption or by voluntary agreement), purchased or defeased, or an offer to prepay,
redeem, purchase or defease such Indebtedness is required to be made, in each case prior to the scheduled maturity thereof (other
than as a result of any sale or other disposition of any property or assets under the terms of such Indebtedness); provided that
any required prepayment or right to require prepayment triggered by terms that are certified by the Borrower to be unique to,
but customary in, ship financings shall not constitute an Event of Default under this Section 8.1.4 so long as any required prepayment
is made when due. For purposes of determining Indebtedness for any Hedging Instrument, the principal amount of the obligations
under any such instrument at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the
Borrower or any Principal Subsidiary would be required to pay if such instrument were terminated at such time.

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION
8.2. Action if Bankruptcy. If any Event of Default described in clauses (b) through (d) of Section 8.1.5
shall occur with respect to any Group Member:

 

		(a)	the
                                         Commitments (if not theretofore terminated) shall automatically terminate and the outstanding
                                         principal amount of the Loan and all other Obligations shall automatically be and become
                                         immediately due and payable, without notice or demand; and

 

		(b)	without
                                         prejudice to (a) above, the deemed advances of the Deferred Tranches (and accordingly
                                         all book entries related to such deemed advances) shall be reversed and (i) the Borrower
                                         shall repay the Loan in accordance with the original repayment schedule for the Loan
                                         existing prior to the amended of such repayment schedule in connection with the Deferred
                                         Tranche arrangements pursuant to the Second Supplemental Agreement and the Fifth Supplemental
                                         Agreement and (ii) any part of either Deferred Tranche which, at that time, is unutilised
                                         shall be automatically cancelled.

 

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SECTION
8.3. Action if Other Event of Default. If any Event of Default (other than any Event of Default described in clauses
(b) through (d) of Section 8.1.5 with respect to a Group Member) shall occur for any reason, whether voluntary
or involuntary, and be continuing, the Facility Agent, upon the direction of the Required Lenders (after consultation with BpiFAE
who shall have the right to instruct the Lenders to waive such Event of Default), shall by notice to the Borrower declare all
of the outstanding principal amount of the Loan and other Obligations to be due and payable and/or the Commitments (if not theretofore
terminated) to be terminated, whereupon the full unpaid amount of the Loan and other Obligations shall be and become immediately
due and payable, without further notice, demand or presentment, and/or, as the case may be, the Commitments shall terminate.

 

ARTICLE
IX

PREPAYMENT EVENTS

 

SECTION
9.1. Listing of Prepayment Events. Each of the following events or occurrences described in this Section 9.1 shall
constitute a “Prepayment Event”.

 

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

 

SECTION
9.1.2. Unenforceability. Any Loan Document shall cease to be the legally valid, binding and enforceable obligation of the Borrower
or, to the extent applicable, any Material Guarantor (in each case, other than with respect to provisions of any Loan Document
(i) identified as unenforceable in the form of the opinion of the Borrower’s counsel set forth as Exhibit B-1 or in any
opinion delivered to the Facility Agent after the Signing Date in connection with this Agreement or (ii) that a court of competent
jurisdiction has determined are not material) and such event shall continue unremedied for 15 days after notice thereof has been
given to the Borrower by the Facility Agent.

 

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

 

SECTION
9.1.4. Non-Performance of Certain Covenants and Obligations. The Borrower shall default in the due performance and observance
of any of the covenants set forth in Sections 4.12 or 7.2.4 (but excluding Section 7.2.4(C)), provided that any such default
in respect of Section 7.2.4 (but again excluding Section 7.2.4(C)), that occurs during the Financial Covenant Waiver Period
(but without prejudice to the rights of the Lenders in respect of any further breach that may occur following the expiry of the
Financial Covenant Waiver Period) shall not (as long as no Event of Default under Section 8.1.5 has occurred and is continuing,
or no Prepayment Event under Section 9.1.11 or 9.1.12 has occurred, in each case during the Financial Covenant Waiver Period)
constitute a Prepayment Event.

 

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

 

		a.	enforcement
                                         proceedings in respect of any material assets of the Borrower or such Principal Subsidiary
                                         shall have been commenced by any creditor upon such judgment or order and shall not have
                                         been stayed or enjoined within five (5) Business Days after the commencement of such
                                         enforcement proceedings; or

 

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

 

SECTION
9.1.6. Condemnation, etc. The Purchased Vessel shall be condemned or otherwise taken under color of law or requisitioned
and the same shall continue unremedied for at least 20 days, unless such condemnation or other taking would not have a Material
Adverse Effect.

 

SECTION
9.1.7. Arrest. The Purchased Vessel shall be arrested and the same shall continue unremedied for at least 20 days, unless such
arrest would not have a Material Adverse Effect.

 

SECTION
9.1.8. Sale/Disposal of the Purchased Vessel. The Purchased Vessel is sold to a company which is not the Borrower or any other
Subsidiary of the Borrower (other than for the purpose of a lease back to the Borrower or any other Subsidiary of the Borrower).

 

SECTION
9.1.9. BpiFAE Insurance Policy. The BpiFAE Insurance Policy is cancelled for any reason or ceases to be in full force and effect.

 

SECTION
9.1.10. Illegality. No later than the close of business on the last day of the Option Period related to the giving of any
Illegality Notice by an affected Lender pursuant to Section 3.2(b), either: (x) the Borrower has not elected to take an
action specified in clause (1) or (2) of Section 3.2(c) or (y) if any such election shall have been made, the Borrower has failed
to take the action required in respect of such election. In such circumstances the Facility Agent (at the direction of the affected
Lender) shall by notice to the Borrower require the Borrower to prepay in full all principal and interest and all other Obligations
owing to such Lender either (i) forthwith or, as the case may be, (ii) on a future specified date not being earlier than the latest
date permitted by the relevant law.

 

SECTION
9.1.11. Framework Prohibited Events

 

		a.	The
                                         Borrower declares, pays or makes or agrees to pay or make, directly or indirectly, any
                                         Restricted Payment, except for (i) dividends or other distributions with respect to its
                                         Equity Interests payable solely in additional shares of its Equity Interests or options
                                         to purchase Equity Interests, (ii) Restricted Payments pursuant to and in accordance
                                         with stock option plans or other benefit plans (including with respect to performance
                                         shares issued in the ordinary course of business) for present or former officers, directors,
                                         consultants or employees of the Borrower in the ordinary course of business consistent
                                         with past practice and (iii) the payment of cash in lieu of the issuance of fractional
                                         shares in connection with the exercise of warrants, options or other securities convertible
                                         into or exercisable for Equity Interests of the Borrower;

 

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		b.	a
                                         Group Member makes any payment of any kind under any shareholder loan;

 

		c.	a
                                         Group Member sells, transfers, leases or otherwise disposes of any its assets, whether
                                         by one or a series of related transactions and that disposal or action was not conducted
                                         on arms’ length terms between a willing seller and a willing buyer and for fair
                                         market value;

 

		d.	any
                                         Group Member breaches any of the requirements of Section 7.1.1(i), Section 7.1.1(j),
                                         Section 7.1.1(m), Section 7.1.1(n), Section 7.1.1(o), Section 7.1.4(e), Section 7.1.8,
                                         Section 7.1.9, Section 7.1.10, Section 7.2.4(A) or Section 7.2.4(B);

 

		e.	a
                                         Group Member completes a Debt Incurrence;

 

		f.	a
                                         Group Member enters into a Restricted Loan Arrangement; and/or

 

		g.	a
                                         Group Member makes a Restricted Voluntary Prepayment and the Facility Agent (acting upon
                                         the instructions of BpiFAE) notifies the Borrower that BpiFAE has requested that the
                                         Borrower prepay the Deferred Tranches.

 

SECTION
9.1.12. Breach of Principles and Framework. The Borrower shall default in the due performance and observance of the
Principles and/or the Framework (it being agreed that if there is inconsistency between the terms of the Principles and the Framework,
the Framework shall prevail) and, if capable of remedy, such default shall continue unremedied for a period of ten (10) days after
notice thereof shall have been given to the Borrower by the Facility Agent, provided that, if the default does not otherwise constitute
a Default or a Prepayment Event under another section of this Agreement as amended to date, the Borrower, the Facility Agent,
the ECA Agent and BpiFAE shall negotiate a resolution in good faith for a maximum period of fifteen (15) days after notice thereof
shall have been given to the Borrower by the Facility Agent.

 

SECTION
9.2. Mandatory Prepayment. If any Prepayment Event (other than a Prepayment Event under Section 9.1.10) shall occur
and be continuing, the Facility Agent, upon the direction of the Required Lenders, shall by notice to the Borrower (a) in the
case of a Prepayment Event (other than a Prepayment Event under Sections 9.1.10, 9.1.11 or 9.1.12), require the Borrower
to prepay in full on the date of such notice all principal of and interest on the Loan and all other Obligations or, in the case
of a Prepayment Event arising under Sections 9.1.11 or 9.1.12, require the Borrower to prepay in full on the date of such
notice all principal of and interest on the Deferred Tranches (and, in such event, the Borrower agrees to so pay the full unpaid
amount of the Loan or the Deferred Tranches, as the case may be, and all accrued and unpaid interest thereon and all other Obligations
in respect thereof), (b) in the case of a Prepayment Event arising under Sections 9.1.11 or 9.1.12, require that any part
of a Deferred Tranche that has not been advanced as at the time of such Prepayment Event shall be automatically cancelled and,
on the Repayment Date on which that portion of that Deferred Tranche would have otherwise been advanced, the Borrower shall continue
to be obliged to make the relevant repayment of the Loan (and thus no advance or deemed advance (as applicable) in respect of
the relevant Deferred Tranche shall occur) and (c) immediately terminate the waiver contained in Section 9.1.4 relating to the
occurrence of any Prepayment Event in respect of Section 7.2.4, such that any breach of Section 7.2.4 in existence as at the date
of the notice from the Facility Agent referred to above or any breach occurring at any time after such notice, shall constitute
a Prepayment Event with all attendant consequences.

 

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SECTION
9.3. Mitigation. If the ECA Agent, the Facility Agent or any of the Lenders become aware that an event or circumstance
has arisen which will cause the BpiFAE Insurance Policy to be cancelled for any reason or no longer remain in full force and effect
they shall notify the Borrower and the Lenders, the Borrower, the ECA Agent and the Facility Agent shall negotiate in good faith
for a period of up to 30 days or, if less, the date by which the BpiFAE Insurance Policy shall be terminated or cease to be in
full force and effect to determine whether the facility can be restructured and/or the Loan refinanced in a manner acceptable
to each of the Lenders in their absolute discretion. The Lenders will use reasonable efforts to involve BpiFAE in such negotiations.

 

ARTICLE
X

THE FACILITY AGENT AND THE ECA AGENT

 

SECTION
10.1. Actions. Each Lender hereby appoints Citibank Europe plc, UK Branch, as Facility Agent and SMBC Bank International
plc as ECA Agent, as its agent under and for purposes of this Agreement and each other Loan Document (for purposes of this Article
X, the Facility Agent and the ECA Agent are referred to collectively as the “Agents”). Each Lender authorizes
the Agents to act on behalf of such Lender under this Agreement and each other Loan Document and, in the absence of other written
instructions from the Required Lenders received from time to time by the Agents (with respect to which each Agent agrees that
it will comply, except as otherwise provided in this Section 10.1 or as otherwise advised by counsel or as otherwise instructed
by any French Authority, it being understood and agreed that any instructions provided by a French Authority shall prevail), to
exercise such powers hereunder and thereunder as are specifically delegated to or required of the Agents by the terms hereof and
thereof, together with such powers as may be reasonably incidental thereto. Neither Agent shall be obliged to act on the instructions
of any Lender or the Required Lenders if to do so would, in the opinion of such Agent, be contrary to any provision of this Agreement
or any other Loan Document or the BpiFAE Insurance Policy or to any law or the conflicting instructions of any French Authority,
or would expose such Agent to any actual or potential liability to any third party. As between the Lenders and the Agents, it
is acknowledged that each Agent’s duties under this Agreement and the other Loan Documents are solely mechanical and administrative
in nature.

 

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SECTION
10.2. Indemnity. Each Lender hereby indemnifies (which indemnity shall survive any termination of this Agreement) each
Agent, pro rata according to such Lender’s Percentage, from and against any and all claims, damages, losses, liabilities
and expenses (including, without limitation, reasonable fees and disbursements of counsel) that be incurred by or asserted or
awarded against, such Agent in any way relating to or arising out of this Agreement and any other Loan Document or any action
taken or omitted by such Agent under this Agreement or any other Loan Document; provided that no Lender shall be liable
for the payment of any portion of such claims, damages, losses, liabilities and expenses which have resulted from such Agent’s
gross negligence or willful misconduct. Without limitation of the foregoing, each Lender agrees to reimburse each Agent promptly
upon demand for its ratable share of any out-of-pocket expenses (including reasonable counsel fees) incurred by such Agent in
connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through
negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement,
to the extent that such Agent is not reimbursed for such expenses by the Borrower. In the case of any investigation, litigation
or proceeding giving rise to any such indemnified costs, this Section applies whether any such investigation, litigation or proceeding
is brought by any Agent, any Lender or a third party. Neither Agent shall be required to take any action hereunder or under any
other Loan Document, or to prosecute or defend any suit in respect of this Agreement or any other Loan Document, unless it is
expressly required to do so under this Agreement or is indemnified hereunder to its satisfaction. If any indemnity in favor of
an Agent shall be or become, in such Agent’s determination, inadequate, such Agent may call for additional indemnification
from the Lenders and cease to do the acts indemnified against hereunder until such additional indemnity is given.

 

SECTION
10.3. Funding Reliance, etc. Each Lender shall notify the Facility Agent by 4:00 p.m., London time, one day prior to the
advance of the Loan if it is not able to fund the following day. Unless the Facility Agent shall have been notified by telephone,
confirmed in writing, by any Lender by 4:00 p.m., London time, on the day prior to the advance of the Loan that such Lender will
not make available the amount which would constitute its Percentage of the Loan on the date specified therefor, the Facility Agent
may assume that such Lender has made such amount available to the Facility Agent and, in reliance upon such assumption, may, but
shall not be obliged to, make available to the Borrower a corresponding amount. If and to the extent that such Lender shall not
have made such amount available to the Facility Agent, such Lender and the Borrower severally agree to repay the Facility Agent
forthwith on demand such corresponding amount together with interest thereon, for each day from the date the Facility Agent made
such amount available to the Borrower to the date such amount is repaid to the Facility Agent, at the interest rate applicable
at the time to the Loan without premium or penalty.

 

SECTION
10.4. Exculpation. Neither of the Agents nor any of their respective directors, officers, employees or agents shall be
liable to any Lender for any action taken or omitted to be taken by it under this Agreement or any other Loan Document, or in
connection herewith or therewith, except for its own willful misconduct or gross negligence. Without limitation of the generality
of the foregoing, each Agent (i) may consult with legal counsel (including counsel for the Borrower), independent public accountants
and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it and in
accordance with the advice of such counsel, accountants or experts, (ii) makes no warranty or representation to any Lender and
shall not be responsible to any Lender for any statements, warranties or representations (whether written or oral) made in or
in connection with this Agreement, (iii) shall not have any duty to ascertain or to inquire as to the performance, observance
or satisfaction of any of the terms, covenants or conditions of this Agreement on the part of the Obligors or the existence at
any time of any Default or Prepayment Event or to inspect the property (including the books and records) of the Obligors, (iv)
shall not be responsible to any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or
value of this Agreement or any other instrument or document furnished pursuant hereto, (v) shall incur no liability under or in
respect of this Agreement by action upon any notice, consent, certificate or other instrument or writing (which may be by telecopier)
believed by it to be genuine and signed or sent by the proper party or parties, and (vi) shall have no responsibility to the Borrower
or any Lender on account of (A) the failure of a Lender or the Obligors to perform any of its obligations under this Agreement
or any Loan Document; (B) the financial condition of the Obligors; (C) the completeness or accuracy of any statements, representations
or warranties made in or pursuant to this Agreement or any Loan Document, or in or pursuant to any document delivered pursuant
to or in connection with this Agreement or any Loan Document; or (D) the negotiation, execution, effectiveness, genuineness, validity,
enforceability, admissibility in evidence or sufficiency of this Agreement or any Loan Document or of any document executed or
delivered pursuant to or in connection with any Loan Document.

 

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SECTION
10.5. Successor. The Facility Agent may resign as such at any time upon at least 30 days’ prior notice to the Borrower
and all Lenders and shall resign where required to do in accordance with Section 4.14, provided that any such resignation
shall not become effective until a successor Facility Agent has been appointed as provided in this Section 10.5 and such
successor Facility Agent has accepted such appointment. If the Facility Agent at any time shall resign, the Required Lenders shall,
subject to the immediately preceding proviso and subject to the consent of the Borrower (such consent not to be unreasonably withheld),
appoint another Lender as a successor to the Facility Agent which shall thereupon become such Facility Agent’s successor
hereunder (provided that the Required Lenders shall, subject to the consent of the Borrower unless an Event or Default
or a Prepayment Event shall have occurred and be continuing (such consent not to be unreasonably withheld or delayed) offer to
each of the other Lenders in turn, in the order of their respective Percentages of the Loan, the right to become successor Facility
Agent). If no successor Facility Agent shall have been so appointed by the Required Lenders, and shall have accepted such appointment,
within 30 days after the Facility Agent’s giving notice of resignation, then the Facility Agent may, on behalf of the Lenders,
appoint a successor Facility Agent, which shall be one of the Lenders or a commercial banking institution having a combined capital
and surplus of at least $1,000,000,000 (or the equivalent in other currencies), subject, in each case, to the consent of the Borrower
(such consent not to be unreasonably withheld). Upon the acceptance of any appointment as Facility Agent hereunder by a successor
Facility Agent, such successor Facility Agent shall be entitled to receive from the resigning Facility Agent such documents of
transfer and assignment as such successor Facility Agent may reasonably request, and shall thereupon succeed to and become vested
with all rights, powers, privileges and duties of the resigning Facility Agent, and the resigning Facility Agent shall be discharged
from its duties and obligations under this Agreement. After any resigning Facility Agent’s resignation hereunder as the
Facility Agent, the provisions of:

 

		a.	this
                                         Article X shall inure to its benefit as to any actions taken or omitted to be taken by
                                         it while it was the Facility Agent under this Agreement; and

 

		b.	Section
                                         11.3 and Section 11.4 shall continue to inure to its benefit.

 

If
a Lender acting as the Facility Agent assigns its Loan to one of its Affiliates, such Facility Agent may, subject to the consent
of the Borrower (such consent not to be unreasonably withheld or delayed) assign its rights and obligations as Facility Agent
to such Affiliate.

 

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SECTION
10.6. Loans by the Facility Agent. The Facility Agent shall have the same rights and powers with respect to the Loan made
by it or any of its Affiliates. The Facility Agent and its Affiliates may accept deposits from, lend money to, and generally engage
in any kind of business with the Borrower or any Affiliate of the Borrower as if the Facility Agent were not the Facility Agent
hereunder and without any duty to account therefor to the Lenders. The Facility Agent shall have no duty to disclose information
obtained or received by it or any of its Affiliates relating to the Borrower or its Subsidiaries to the extent such information
was obtained or received in any capacity other than as the Facility Agent.

 

SECTION
10.7. Credit Decisions. Each Lender acknowledges that it has, independently of each Agent and each other Lender, and based
on such Lender’s review of the financial information of the Obligors, this Agreement, the other Loan Documents (the terms
and provisions of which being satisfactory to such Lender) and such other documents, information and investigations as such Lender
has deemed appropriate, made its own credit decision to extend its Commitment. Each Lender also acknowledges that it will, independently
of each Agent and each other Lender, and based on such other documents, information and investigations as it shall deem appropriate
at any time, continue to make its own credit decisions as to exercising or not exercising from time to time any rights and privileges
available to it under this Agreement or any other Loan Document.

 

SECTION
10.8. Copies, etc. Each Agent shall give prompt notice to each Lender of each notice or request required or permitted to
be given to such Agent by the Borrower pursuant to the terms of this Agreement (unless concurrently delivered to the Lenders by
the Borrower). Each Agent will distribute to each Lender each document or instrument received for its account and copies of all
other communications received by such Agent from the Borrower for distribution to the Lenders by such Agent in accordance with
the terms of this Agreement.

 

SECTION
10.9. The Agents’ Rights. Each Agent may (i) assume that all representations or warranties made or deemed repeated
by the Obligors in or pursuant to this Agreement or any Loan Document are true and complete, unless, in its capacity as the Facility
Agent, it has acquired actual knowledge to the contrary, (ii) assume that no Default has occurred unless, in its capacity as an
Agent, it has acquired actual knowledge to the contrary, (iii) rely on any document or notice believed by it to be genuine, (iv)
rely as to legal or other professional matters on opinions and statements of any legal or other professional advisers selected
or approved by it, (v) rely as to any factual matters which might reasonably be expected to be within the knowledge of the Borrower
on a certificate signed by or on behalf of the Borrower and (vi) refrain from exercising any right, power, discretion or remedy
unless and until instructed to exercise that right, power, discretion or remedy and as to the manner of its exercise by the Lenders
(or, where applicable, by the Required Lenders) and unless and until such Agent has received from the Lenders any payment which
such Agent may require on account of, or any security which such Agent may require for, any costs, claims, expenses (including
legal and other professional fees) and liabilities which it considers it may incur or sustain in complying with those instructions.

 

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SECTION
10.10. The Facility Agent’s Duties. The Facility Agent shall (i) if requested in writing to do so by a Lender, make
enquiry and advise the Lenders as to the performance or observance of any of the provisions of this Agreement or any Loan Document
by the Borrower or as to the existence of an Event of Default and (ii) inform the Lenders promptly of any Event of Default of
which the Facility Agent has actual knowledge.

 

The
Facility Agent shall not be deemed to have actual knowledge of the falsehood or incompleteness of any representation or warranty
made or deemed repeated by the Obligors or actual knowledge of the occurrence of any Default unless a Lender or the Borrower shall
have given written notice thereof to the Facility Agent in its capacity as the Facility Agent. Any information acquired by the
Facility Agent other than specifically in its capacity as the Facility Agent shall not be deemed to be information acquired by
the Facility Agent in its capacity as the Facility Agent.

 

The
Facility Agent may, without any liability to account to the Lenders, generally engage in any kind of banking or trust business
with the Borrower or with the Borrower’s Subsidiaries or associated companies or with a Lender as if it were not the Facility
Agent.

 

SECTION
10.11. Employment of Agents. In performing its duties and exercising its rights, powers, discretions and remedies under
or pursuant to this Agreement or the Loan Documents, each Agent shall be entitled to employ and pay agents to do anything which
such Agent is empowered to do under or pursuant to this Agreement or the Loan Documents (including the receipt of money and documents
and the payment of money); provided that, unless otherwise provided herein, including without limitation Section 11.3,
the employment of such agents shall be for such Agent’s account, and to act or refrain from taking action in reliance on
the opinion of, or advice or information obtained from, any lawyer, banker, broker, accountant, valuer or any other person believed
by such Agent in good faith to be competent to give such opinion, advice or information.

 

SECTION
10.12. Distribution of Payments. The Facility Agent shall pay promptly to the order of each Lender that Lender’s
Percentage Share of every sum of money received by the Facility Agent pursuant to this Agreement or the Loan Documents (with the
exception of any amounts payable pursuant to the Fee Letter and any amounts which, by the terms of this Agreement or the Loan
Documents, are paid to the Facility Agent for the account of the Facility Agent alone or specifically for the account of one or
more Lenders) and until so paid such amount shall be held by the Facility Agent on trust absolutely for that Lender.

 

SECTION
10.13. Reimbursement. The Facility Agent shall have no liability to pay any sum to a Lender until it has itself received
payment of that sum. If, however, the Facility Agent does pay any sum to a Lender on account of any amount prospectively due to
that Lender pursuant to Section 10.12 before it has itself received payment of that amount, and the Facility Agent does
not in fact receive payment within two (2) Business Days after the date on which that payment was required to be made by the terms
of this Agreement or the Loan Documents, that Lender will, on demand by the Facility Agent, refund to the Facility Agent an amount
equal to the amount received by it, together with an amount sufficient to reimburse the Facility Agent for any amount which the
Facility Agent may certify that it has been required to pay by way of interest on money borrowed to fund the amount in question
during the period beginning on the date on which that amount was required to be paid by the terms of this Agreement or the Loan
Documents and ending on the date on which the Facility Agent receives reimbursement.

 

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SECTION
10.14. Instructions. Where an Agent is authorized or directed to act or refrain from acting in accordance with the instructions
of the Lenders or of the Required Lenders each of the Lenders shall provide such Agent with instructions within three (3) Business
Days of such Agent’s request (which request may be made orally or in writing). If a Lender does not provide such Agent with
instructions within that period, that Lender shall be bound by the decision of such Agent. Nothing in this Section 10.14
shall limit the right of such Agent to take, or refrain from taking, any action without obtaining the instructions of the Lenders
or the Required Lenders if such Agent in its discretion considers it necessary or appropriate to take, or refrain from taking,
such action in order to preserve the rights of the Lenders under or in connection with this Agreement or the Loan Documents. In
that event, such Agent will notify the Lenders of the action taken by it as soon as reasonably practicable, and the Lenders agree
to ratify any action taken by the Facility Agent pursuant to this Section 10.14.

 

SECTION
10.15. Payments. All amounts payable to a Lender under this Section 10 shall be paid to such account at such bank
as that Lender may from time to time direct in writing to the Facility Agent.

 

SECTION
10.16. “Know your customer” Checks. Each Lender shall promptly upon the request of the Facility Agent supply,
or procure the supply of, such documentation and other evidence as is reasonably requested by the Facility Agent (for itself)
in order for the Facility Agent to carry out and be satisfied it has complied with all necessary “know your customer”
or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in this Agreement
or the Loan Documents.

 

SECTION
10.17. No Fiduciary Relationship. Except as provided in Section 10.12, no Agent shall have any fiduciary relationship
with or be deemed to be a trustee of or for any other person and nothing contained in this Agreement or any Loan Document shall
constitute a partnership between any two or more Lenders or between either Agent and any other person.

 

SECTION
10.18. Illegality. The Agent shall refrain from doing anything which it reasonably believes would be contrary to any law
of any jurisdiction (including but not limited to England and Wales, the United States of America or any jurisdiction forming
part of it) or any regulation or directive of any agency of such state or jurisdiction or which would or might render it liable
to any person and may without liability do anything which is, in its opinion, necessary to comply with any such law, directive
or regulation.

 

ARTICLE
XI

MISCELLANEOUS PROVISIONS

 

SECTION
11.1. Waivers, Amendments, etc. The provisions of this Agreement and of each other Loan Document may from time to
time be amended, modified or waived, if such amendment, modification or waiver is in writing and consented to by the Borrower
and the Required Lenders; provided that no such amendment, modification or waiver which would:

 

		a.	contravene
                                         or be in breach of the terms of the BpiFAE Insurance Policy or the arrangements with
                                         Natixis DAI relating to the CIRR (if the Fixed Rate applies) shall be effective unless
                                         consented to by, as applicable, BpiFAE and/or Natixis DAI;

 

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

 

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

 

		d.	increase
                                         the Commitment of any Lender shall be made without the consent of such Lender;

 

		e.	reduce
                                         any fees described in Article III payable to any Lender shall be made without
                                         the consent of such Lender;

 

		f.	extend
                                         the Commitment Termination Date of any Lender shall be made without the consent of such
                                         Lender;

 

		g.	extend
                                         the due date for, or reduce the amount of, any scheduled repayment or prepayment of principal
                                         of or interest on the Loan (or reduce the principal amount of or rate of interest on
                                         the Loan) owed to any Lender shall be made without the consent of such Lender; or

 

		h.	affect
                                         adversely the interests, rights or obligations of the Facility Agent in its capacity
                                         as such shall be made without consent of the Facility Agent.

 

No
failure or delay on the part of the Facility Agent or any Lender in exercising any power or right under this Agreement or any
other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude
any other or further exercise thereof or the exercise of any other power or right. No notice to or demand on the Borrower in any
case shall entitle it to any notice or demand in similar or other circumstances. No waiver or approval by any the Facility Agent
or any Lender under this Agreement or any other Loan Document shall, except as may be otherwise stated in such waiver or approval,
be applicable to subsequent transactions. No waiver or approval hereunder shall require any similar or dissimilar waiver or approval
thereafter to be granted hereunder. The Lenders hereby agree, at any time and from time to time that the Nordea Agreement or the
Bank of Nova Scotia Agreement is amended or refinanced, to negotiate in good faith to amend this Agreement to conform any representations,
warranties, covenants or events of default in this Agreement to the amendments made to any substantively comparable provisions
in the Nordea Agreement or the Bank of Nova Scotia Agreement or any refinancing thereof.

 

Neither
the Borrower’s rights nor its obligations under the Loan Documents shall be changed, directly or indirectly, as a result
of any amendment, supplement, modification, variance or novation of the BpiFAE Insurance Policy, except any amendments, supplements,
modifications, variances or novations, as the case may be, which occur (i) with the Borrower’s consent, (ii) at the Borrower’s
request or (iii) in order to conform to amendments, supplements, modifications, variances or novations effected in respect of
the Loan Documents in accordance with their terms.

 

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SECTION
11.2. Notices.

 

		a.	All
                                         notices and other communications provided to any party hereto under this Agreement or
                                         any other Loan Document shall be in writing, by facsimile or by electronic mail and addressed,
                                         delivered or transmitted to such party at its address, facsimile number or electronic
                                         mail address set forth below its signature hereto or set forth in the Lender Assignment
                                         Agreement or at such other address, or facsimile number as may be designated by such
                                         party in a notice to the other parties. Any notice, if mailed and properly addressed
                                         with postage prepaid or if properly addressed and sent by pre-paid courier service, shall
                                         be deemed given when received; any notice, if transmitted by facsimile, shall be deemed
                                         given when transmitted provided it is received in legible form; any notice, if transmitted
                                         by electronic mail, shall be deemed given upon acknowledgment of receipt by the recipient.

 

		b.	So
                                         long as Citibank Europe plc, UK Branch is the Facility Agent, the Borrower may provide
                                         to the Facility Agent all information, documents and other materials that it furnishes
                                         to the Facility Agent hereunder or any other Loan Document (and any guaranties, security
                                         agreements and other agreements relating thereto), including, without limitation, all
                                         notices, requests, financial statements, financial and other reports, certificates and
                                         other materials, but excluding any such communication that (i) relates to a request for
                                         a new, or a conversion of an existing advance or other extension of credit (including
                                         any election of an interest rate or interest period relating thereto), (ii) relates to
                                         the payment of any principal or other amount due hereunder or any other Loan Document
                                         prior to the scheduled date therefor, (iii) provides notice of any Default or Event of
                                         Default or (iv) is required to be delivered to satisfy any condition precedent to the
                                         effectiveness of the Agreement and/or any advance or other extension of credit hereunder
                                         (all such non-excluded communications being referred to herein collectively as “Communications”),
                                         by transmitting the Communications in an electronic/soft medium in a format acceptable
                                         to the Facility Agent to such email address notified by the Facility Agent to the Borrower;
                                         provided that any Communication requested pursuant to Section 7.1.1(h)
                                         shall be in a format acceptable to the Borrower and the Facility Agent.

 

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

 

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

 

SECTION
11.3. Payment of Costs and Expenses. The Borrower agrees to pay on demand all reasonable expenses of the Facility Agent
(including the reasonable fees and out-of-pocket expenses of counsel to the Facility Agent and of local counsel, if any, who may
be retained by counsel to the Facility Agent) in connection with any amendments, waivers, consents, supplements or other modifications
to, this Agreement or any other Loan Document as may from time to time hereafter be required, whether or not the transactions
contemplated hereby are consummated. The Borrower further agrees to pay, and to save the Facility Agent and the Lenders harmless
from all liability for, any stamp, recording, documentary or other similar taxes arising from the execution, delivery or enforcement
of this Agreement or the borrowing hereunder or any other Loan Documents. The Borrower also agrees to reimburse the Facility Agent
and each Lender upon demand for all reasonable out-of-pocket expenses (including reasonable attorneys’ fees and legal expenses)
incurred by the Facility Agent or such Lender in connection with (x) the negotiation of any restructuring or “work-out”,
whether or not consummated, of any Obligations and (y) the enforcement of any Obligations.

 

SECTION
11.4. Indemnification. In consideration of the execution and delivery of this Agreement by each Lender and the extension
of the Commitments, the Borrower hereby indemnifies and holds harmless the Facility Agent, each Lender and each of their respective
Affiliates and their respective officers, advisors, directors and employees (collectively, the “Indemnified Parties”)
from and against any and all claims, damages, losses, liabilities and expenses (including, without limitation, reasonable fees
and disbursements of counsel), joint or several, that may be incurred by or asserted or awarded against any Indemnified Party
(including, without limitation, in connection with any investigation, litigation or proceeding or the preparation of a defense
in connection therewith), in each case arising out of or in connection with or by reason of this Agreement or the other Loan Documents
or the transactions contemplated hereby or thereby or any actual or proposed use of the proceeds of the Loans (collectively, the
 “Indemnified Liabilities”), except to the extent such claim, damage, loss, liability or expense is found in
a final, non-appealable judgment by a court of competent jurisdiction to have resulted primarily from such Indemnified Party’s
gross negligence or willful misconduct or the material breach by such Indemnified Party of its obligations under this Agreement,
any other Loan Document, the BpiFAE Insurance Policy or Interest Stabilisation Agreement and which breach is not attributable
to the Borrower’s own breach of the terms of this Agreement or any other Loan Document or is a claim, damage, loss, liability
or expense which would have been compensated under other provisions of the Loan Documents but for any exclusions applicable thereunder.

 

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In
the case of an investigation, litigation or other proceeding to which the indemnity in this paragraph applies, such indemnity
shall be effective whether or not such investigation, litigation or proceeding is brought by the Borrower, any of its directors,
security holders or creditors, an Indemnified Party or any other person or an Indemnified Party is otherwise a party thereto.
Each Indemnified Party shall (a) furnish the Borrower with prompt notice of any action, suit or other claim covered by this Section
11.4, (b) not agree to any settlement or compromise of any such action, suit or claim without the Borrower’s prior consent,
(c) shall cooperate fully in the Borrower’s defense of any such action, suit or other claim (provided that the Borrower
shall reimburse such indemnified party for its reasonable out-of-pocket expenses incurred pursuant hereto) and (d) at the Borrower’s
request, permit the Borrower to assume control of the defense of any such claim, other than regulatory, supervisory or similar
investigations, provided that (i) the Borrower acknowledges in writing its obligations to indemnify the Indemnified Party
in accordance with the terms herein in connection with such claims, (ii) the Borrower shall keep the Indemnified Party fully informed
with respect to the conduct of the defense of such claim, (iii) the Borrower shall consult in good faith with the Indemnified
Party (from time to time and before taking any material decision) about the conduct of the defense of such claim, (iv) the Borrower
shall conduct the defense of such claim properly and diligently taking into account its own interests and those of the Indemnified
Party, (v) the Borrower shall employ counsel reasonably acceptable to the Indemnified Party and at the Borrower’s expense,
and (vi) the Borrower shall not enter into a settlement with respect to such claim unless either (A) such settlement involves
only the payment of a monetary sum, does not include any performance by or an admission of liability or responsibility on the
part of the Indemnified Party, and contains a provision unconditionally releasing the Indemnified Party and each other indemnified
party from, and holding all such persons harmless, against, all liability in respect of claims by any releasing party or (B) the
Indemnified Party provides written consent to such settlement (such consent not to be unreasonably withheld or delayed). Notwithstanding
the Borrower’s election to assume the defense of such action, the Indemnified Party shall have the right to employ separate
counsel and to participate in the defense of such action and the Borrower shall bear the fees, costs and expenses of such separate
counsel if (i) the use of counsel chosen by the Borrower to represent the Indemnified Party would present such counsel with an
actual or potential conflict of interest, (ii) the actual or potential defendants in, or targets of, any such action include both
the Borrower and the Indemnified Party and the Indemnified Party shall have concluded that there may be legal defenses available
to it which are different from or additional to those available to the Borrower and determined that it is necessary to employ
separate counsel in order to pursue such defenses (in which case the Borrower shall not have the right to assume the defense of
such action on the Indemnified Party’s behalf), (iii) the Borrower shall not have employed counsel reasonably acceptable
to the Indemnified Party to represent the Indemnified Party within a reasonable time after notice of the institution of such action,
or (iv) the Borrower authorizes the Indemnified Party to employ separate counsel at the Borrower’s expense. The Borrower
acknowledges that none of the Indemnified Parties shall have any liability (whether direct or indirect, in contract, tort or otherwise)
to the Borrower or any of its security holders or creditors for or in connection with the transactions contemplated hereby, except
to the extent such liability is determined in a final non-appealable judgment by a court of competent jurisdiction to have resulted
primarily from such Indemnified Party’s gross negligence or willful misconduct. In no event, however, shall any Indemnified
Party be liable on any theory of liability for any special, indirect, consequential or punitive damages (including, without limitation,
any loss of profits, business or anticipated savings). If and to the extent that the foregoing undertaking may be unenforceable
for any reason, the Borrower hereby agrees to make the maximum contribution to the payment and satisfaction of each of the Indemnified
Liabilities which is permissible under applicable law.

 

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SECTION
11.5. Survival. The obligations of the Borrower under Sections 4.3, 4.4, 4.5, 4.6, 4.7,
11.3 and 11.4 and the obligations of the Lenders under Section 10.1, shall in each case survive any termination
of this Agreement and the payment in full of all Obligations. The representations and warranties made by the Borrower in this
Agreement and in each other Loan Document shall survive the execution and delivery of this Agreement and each such other Loan
Document.

 

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

 

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

 

SECTION
11.8. Execution in Counterparts, Effectiveness, etc.     This Agreement may be executed by the
parties hereto in several counterparts, each of which shall be deemed to be an original and all of which shall constitute together
but one and the same agreement. This Agreement, as a novated and amended Agreement, shall become effective upon the occurrence
of the Novation Effective Time under, and as defined in, the Novation Agreement.

 

SECTION
11.9. Third Party Rights. Notwithstanding the provisions of the Contracts (Rights of Third Parties) Act 1999, no term of
this Agreement is enforceable by a person who is not a party to it with the exception of BpiFAE and Natixis.

 

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

 

		a.	except
                                         to the extent permitted under Section 7.2.6, the Borrower may not assign or transfer
                                         its rights or obligations hereunder without the prior written consent of the Facility
                                         Agent, each Lender and BpiFAE; and

 

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

 

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SECTION
11.11. Sale and Transfer of the Loan; Participations in the Loan. Each Lender may assign its Percentage or portion of the
Loan to one or more other Persons (a “New Lender”), or sell participations in its Percentage or portion of
the Loan to one or more other Persons; provided that, in the case of assignments where the Fixed Rate applies, such New
Lender (other than BpiFAE or CAFFIL as assignee of all or any of SFIL’s rights as Lender following the enforcement of the
security granted pursuant to paragraph (iv) of Section 11.11.1 in connection with the BpiFAE Enhanced Guarantee,
and subject as provided in Section 11.11.1(iv)) enters into an Interest Stabilisation Agreement.

 

SECTION
11.11.1. Assignments

 

(i)
Any Lender with the prior written consents of the Borrower and the Facility Agent (which consents shall not be unreasonably delayed
or withheld and which consent, in the case of the Borrower, shall be deemed to have been given in the absence of a written notice
delivered by the Borrower to the Facility Agent, on or before the fifth Business Day after receipt by the Borrower of such Lender’s
request for consent, stating, in reasonable detail, the reasons why the Borrower proposes to withhold such consent) may at any
time (and from time to time) assign or transfer to one or more commercial banks or other financial institutions all or any fraction
of such Lender’s portion of the Loan.

 

(ii)
Any Lender, with notice to the Borrower and the Facility Agent, and, notwithstanding the foregoing clause (i), without
the consent of the Borrower, or the Facility Agent may assign or transfer (A) to any of its Affiliates, (B) to SFIL or (C) following
the occurrence and during the continuance of an Event of Default under Sections 8.1.1, 8.1.4(a) or 8.1.5, to any
other Person, in each case, all or any fraction of such Lender’s portion of the Loan.

 

(iii)
Any Lender may (notwithstanding the foregoing clauses, and without notice to, or consent from, the Borrower or the Facility Agent)
assign or charge all or any fraction of its portion of the Loan to any federal reserve or central bank as collateral security
in connection with the extension of credit or support by such federal reserve or central bank to such Lender.

 

(iv)
SFIL may (notwithstanding the foregoing clauses, and without notice to, or consent from, the Borrower or the Facility Agent) assign,
charge or otherwise grant security over all or any fraction of its portion of the Loan and of its rights as Lender to CAFFIL as
collateral security in connection with the extension of credit or support by CAFFIL to SFIL in respect of this Agreement and the
BpiFAE Enhanced Guarantee, provided that at the time of the assignment, charge or grant of security CAFFIL is an Affiliate of
SFIL and that such assignment, charge or other security is on terms that (i) CAFFIL shall not have any rights to assign, charge
or grant any security over such rights to any other person (other than to BpiFAE pursuant to and in accordance with the BpiFAE
Enhanced Guarantee) without the prior written consent of the Borrower, (ii) CAFFIL shall only be entitled to enforce its rights
under such assignment, charge or other security without the prior written consent of the Borrower if at that time it remains an
Affiliate of SFIL, (iii) prior to any enforcement such assignment, charge or other security, the Borrower and the Facility Agent
shall continue to deal solely and directly with SFIL in connection with its rights and obligations as Lender under this Agreement
and other Loan Documents (subject to any payment instructions given by SFIL), (iv) for the avoidance of doubt, the Borrower’s
rights and obligations under this Agreement shall not be increased or affected (including, without limitation, the right to pay
Fixed Rate under Section 3.3.1) as a result of such assignment, charge or security or any enforcement thereof, (v) the
Borrower shall not be liable to pay any amount under Sections 4.2(c), 4.3, 4.4, 4.5, 4.6 and 4.7 that is greater
than the amount which it would have been required to pay to SFIL had no such assignment, charge or other security been granted
and (vi) without prejudice to SFIL’s obligations under that Section, CAFFIL shall be bound by the confidentiality provisions
set forth in Section 11.15. in relation to any information to which it applies to the same extent as required of the Lenders.
For the avoidance of doubt: (A) if CAFFIL becomes a Lender under this Agreement in respect of any portion of the Loan following
enforcement of any assignment, charge or other security granted to it by SFIL pursuant to this Section 11.11.1(iv), it
shall have the same rights to assign or transfer all or any fraction of such portion of the Loan on and subject to the same terms
and conditions as are set forth in this Agreement for assignments and transfers by other Lenders and (B) CAFFIL may not enforce
its rights under any such assignment, charge or other security by assigning or transferring all or any fraction of SFIL’s
portion of the Loan or any of its rights or obligations under this Agreement or other Loan Documents except pursuant to an assignment
or transfer to a commercial bank or other financial institution on and subject to the same terms and conditions as are set forth
in this Agreement for assignments and transfers by Lenders.

 

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(v)
No Lender may (notwithstanding the foregoing clauses) assign or transfer any of its rights under this Agreement unless it has
given prior written notification of the transfer to BpiFAE and (if any part of the Loan is accruing interest at the Fixed Rate)
Natixis DAI and has obtained a prior written consent from BpiFAE and Natixis DAI and any Assignee Lender (other than BpiFAE and
CAFFIL as assignee of all or any of SFIL’s rights as Lender following the enforcement of the security granted pursuant to
paragraph (iv) of Section 11.11.1 in connection with the BpiFAE Enhanced Guarantee, subject as provided in Section 11.11.1(iv))
is, if the Fixed Rate applies, eligible to benefit from the CIRR stabilisation. Any assignment or transfer shall comply with the
terms of the BpiFAE Insurance Policy.

 

(vi)
Nothing in this Section 11.11.1 shall prejudice the right of the Lender to assign its rights under this Agreement to BpiFAE,
if such assignment is required to be made by that Lender to BpiFAE in accordance with the BpiFAE Insurance Policy or the BpiFAE
Enhanced Guarantee or, if the Lender is SFIL, to CAFFIL (but only if CAFFIL is, at that time, an Affiliate of SFIL) upon the enforcement
of any security granted pursuant, and subject to the provisions of paragraph (iv) of Section 11.11.1, in connection
with the BpiFAE Enhanced Guarantee.

 

Each
Person described in the foregoing clauses as being the Person to whom such assignment or transfer is to be made, is hereinafter
referred to as an “Assignee Lender”. Assignments in a minimum aggregate amount of $25,000,000 (or, if less,
all of such Lender’s portion of the Loan and Commitment) (which assignment or transfer shall be of a constant, and not a
varying, percentage of such Lender’s portion of the Loan) are permitted; provided that the Borrower and the Facility
Agent shall be entitled to continue to deal solely and directly with such Lender in connection with the interests so assigned
or transferred to an Assignee Lender until:

 

		a.	written
                                         notice of such assignment or transfer, together with payment instructions, addresses
                                         and related information with respect to such Assignee Lender, shall have been given to
                                         the Borrower and the Facility Agent by such Lender and such Assignee Lender;

 

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		b.	such
                                         Assignee Lender shall have executed and delivered to the Borrower and the Facility Agent
                                         a Lender Assignment Agreement, accepted by the Facility Agent and any other agreements
                                         required by the Facility Agent or, if the Fixed Rate applies, Natixis in connection therewith;
                                         and

 

		c.	the
                                         processing fees described below shall have been paid.

 

From
and after the date that the Facility Agent accepts such Lender Assignment Agreement, (x) the Assignee Lender thereunder shall
be deemed automatically to have become a party hereto and to the extent that rights and obligations hereunder have been assigned
or transferred to such Assignee Lender in connection with such Lender Assignment Agreement, shall have the rights and obligations
of a Lender hereunder and under the other Loan Documents, and (y) the assignor Lender, to the extent that rights and obligations
hereunder have been assigned or transferred by it, shall be released from its obligations hereunder and under the other Loan Documents,
other than any obligations arising prior to the effective date of such assignment. Except to the extent resulting from a subsequent
change in law, in no event shall the Borrower be required to pay to any Assignee Lender any amount under Sections 4.2(c),
4.3, 4.4, 4.5, 4.6 and 4.7 that is greater than the amount which it would have been required
to pay had no such assignment been made. Such assignor Lender or such Assignee Lender must also pay a processing fee to the Facility
Agent upon delivery of any Lender Assignment Agreement in the amount of $5,000 (and shall also reimburse the Facility Agent and
Natixis for any reasonable out-of-pocket costs, including reasonable attorneys’ fees and expenses, incurred in connection
with the assignment).

 

SECTION
11.11.2. Participations. Any Lender may at any time sell to one or more commercial banks or other financial institutions (each
of such commercial banks and other financial institutions being herein called a “Participant”) participating
interests in its Loan; provided that:

 

		a.	no
                                         participation contemplated in this Section 11.11.2 shall relieve such Lender from
                                         its obligations hereunder;

 

		b.	such
                                         Lender shall remain solely responsible for the performance of its obligations hereunder;

 

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

 

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

 

		e.	the
                                         Borrower shall not be required to pay any amount under Sections 4.2(c), 4.3,
                                         4.4, 4.5, 4.6 and 4.7 that is greater than the amount which
                                         it would have been required to pay had no participating interest been sold; and

 

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

 

The
Borrower acknowledges and agrees that each Participant, for purposes of Sections 4.2(c), 4.3, 4.4, 4.5,
4.6 and clause (e) of 7.1.1, shall be considered a Lender.

 

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

 

SECTION
11.11.4. Rights of BpiFAE to payments. The Borrower acknowledges that, immediately upon any payment by BpiFAE (i) of any amounts
to a Lender under the BpiFAE Insurance Policy, BpiFAE will be automatically subrogated to the extent of such payment to the rights
of that Lender under the Loan Documents or (ii) of any amount under the BpiFAE Enhanced Guarantee and the enforcement of any related
security granted by SFIL to any of its Affiliates, which may benefit BpiFAE after payment by BpiFAE under the BpiFAE Enhanced
Guarantee, BpiFAE will be automatically entitled to receive the payments normally due to SFIL under the Loan Documents (but, for
the avoidance of doubt, such payments shall continue to be made by the Borrower to the Facility Agent in accordance with the provisions
of Section 4.8 or any other relevant provisions of this Agreement, as applicable).

 

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

 

SECTION
11.13. BpiFAE Insurance Policy.

 

SECTION
11.13.1. Terms of BpiFAE Insurance Policy

 

		a.	The
                                         BpiFAE Insurance Policy will cover 100% of the Loan.

 

		b.	The
                                         BpiFAE Premium will equal 2.35% of the aggregate principal amount of the Loan as at the
                                         Actual Delivery Date.

 

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		c.	If,
                                         after the Actual Delivery Date, the Borrower prepays all or part of the Loan in accordance
                                         with this Agreement, BpiFAE shall reimburse to the ECA Agent for the account of the Borrower
                                         an amount equal to 80% of all or a corresponding proportion of the unexpired portion
                                         of the BpiFAE Premium (save in respect of the additional BpiFAE Premium payable in relation
                                         to the Deferred Tranches), having regard to the amount of the prepayment and the remaining
                                         term of the Loan, such amount to be calculated in accordance with the following formula:

 

R
= P x (1 – (1 / (1+2.35%)) x (N / (12 * 365)) x 80%

 

where:

 

“R”
means the amount of the refund;

 

“P”
means the amount of the prepayment;

 

“N”
means the number of days between the effective prepayment date and Final Maturity; and

 

P
x (1 – (1 / (1+2.35%)) corresponds to the share of the financed BpiFAE Premium corresponding to P.

 

SECTION
11.13.2. Obligations of the Borrower. Provided that the BpiFAE Insurance Policy complies with Section 11.13.1 and
remains in full force and effect, the Borrower shall pay the balance of the BpiFAE Premium calculated in accordance with Section
11.13.1(b) and still owing to BpiFAE on the Actual Delivery Date to BpiFAE on the Actual Delivery Date by directing the Agent
in the Loan Request to pay the Additional Advance in respect of the BpiFAE Premium directly to BpiFAE.

 

SECTION
11.13.3. Obligations of the ECA Agent and the Lenders.

 

		a.	Promptly
                                         upon receipt of the BpiFAE Insurance Policy from BpiFAE, the ECA Agent shall (subject
                                         to any confidentiality undertakings given to BpiFAE by the ECA Agent pursuant to the
                                         terms of the BpiFAE Insurance Policy) send a copy thereof to the Borrower.

 

		b.	The
                                         ECA Agent shall perform such acts or provide such information, which are, acting reasonably,
                                         within its power so to perform or so to provide, as required by BpiFAE under the BpiFAE
                                         Insurance Policy as necessary to ensure that the Lenders obtain the support of BpiFAE
                                         pursuant to the BpiFAE Insurance Policy.

 

		c.	Each
                                         Lender will co-operate with the ECA Agent, the Facility Agent and each other Lender,
                                         and take such action and/or refrain from taking such action as may be reasonably necessary,
                                         to ensure that the BpiFAE Insurance Policy and each Interest Stabilisation Agreement
                                         continues in full force and effect and shall indemnify and hold harmless each other Lender
                                         in the event that the BpiFAE Insurance Policy or such Interest Stabilisation Agreement
                                         (as the case may be) does not continue in full force and effect due to its gross negligence
                                         or willful default or due to a voluntary change in status which results in it no longer
                                         being eligible for CIRR interest stabilisation.

 

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		d.	The
                                         ECA Agent shall:

 

(i)
         make written requests to BpiFAE seeking a reimbursement of the BpiFAE Premium
in the circumstances described in Section 11.13.1(c) promptly after the relevant cancellation or prepayment and (subject
to any confidentiality undertakings given to BpiFAE by the ECA Agent pursuant to the terms of the BpiFAE Insurance Policy) provide
a copy of the request to the Borrower;

 

(ii)        use
its reasonable endeavours to maximize the amount of any reimbursement of the BpiFAE Premium to which the ECA Agent is entitled;

 

(iii)       pay
to the Borrower (in the same currency as the refund received from BpiFAE) the full amount of any reimbursement of the BpiFAE Premium
that the ECA Agent receives from BpiFAE within two (2) Business Days of receipt with same day value; and

 

(iv)       relay
the good faith concerns of the Borrower to BpiFAE regarding the amount of any reimbursement to which the ECA Agent is entitled,
it being agreed that the ECA Agent’s obligation shall be no greater than simply to pass on to BpiFAE the Borrower’s
concerns.

 

SECTION
11.14. Law and Jurisdiction

 

SECTION
11.14.1. Governing Law. This Agreement and any non-contractual obligations arising out of or in respect of this Agreement shall
in all respects be governed by and interpreted in accordance with English Law.

 

SECTION
11.14.2. Jurisdiction. For the exclusive benefit of the Facility Agent and the Lenders, the parties to this Agreement irrevocably
agree that the courts of England are to have jurisdiction to settle any disputes which may arise out of or in connection with
this Agreement and that any proceedings may be brought in those courts. The Borrower irrevocably waives any objection which it
may now or in the future have to the laying of the venue of any proceedings in any court referred to in this Section, and any
claim that those proceedings have been brought in an inconvenient or inappropriate forum.

 

SECTION
11.14.3. Alternative Jurisdiction. Nothing contained in this Section shall limit the right of the Facility Agent or the Lenders
to commence any proceedings against the Borrower in any other court of competent jurisdiction nor shall the commencement of any
proceedings against the Borrower in one or more jurisdictions preclude the commencement of any proceedings in any other jurisdiction,
whether concurrently or not.

 

SECTION
11.14.4. Service of Process. Without prejudice to the right of the Facility Agent or the Lenders to use any other method of service
permitted by law, the Borrower irrevocably agrees that any writ, notice, judgment or other legal process shall be sufficiently
served on it if addressed to it and left at or sent by post to RCL Cruises Ltd., presently at Building 3, The Heights –
Brooklands, Weybridge, Surrey, KT13 ONY, Attention: General Counsel, and in that event shall be conclusively deemed to have been
served at the time of leaving or, if posted, at 9:00 am on the third Business Day after posting by prepaid first class registered
post.

 

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SECTION
11.15. Confidentiality. Each of the Facility Agent and the Lenders agrees to maintain and to cause its Affiliates to maintain
the confidentiality of all information provided to it by the Borrower or any Subsidiary of the Borrower, or by the Facility Agent
on the Borrower’s or such Subsidiary’s behalf, under this Agreement, and neither it nor any of its Affiliates shall
use any such information other than in connection with or in enforcement of this Agreement or in connection with other business
now or hereafter existing or contemplated with the Borrower or any Subsidiary, except to the extent such information (i) was or
becomes generally available to the public other than as a result of disclosure by it or its Affiliates or their respective directors,
officers, employees and agents, or (ii) was or becomes available on a non-confidential basis from a source other than the Borrower
or any of its Subsidiaries so long as such source is not, to its knowledge, prohibited from disclosing such information by a legal,
contractual or fiduciary obligation to the Borrower or any of its Affiliates; provided, however, that it may disclose
such information (A) at the request or pursuant to any requirement of any self-regulatory body, governmental body, agency or official
to which the Facility Agent, any Lender or any of their respective Affiliates is subject or in connection with an examination
of the Facility Agent, such Lender or any of their respective Affiliates by any such authority or body, including without limitation
the Republic of France and any French Authority; (B) pursuant to subpoena or other court process; (C) when required to do so in
accordance with the provisions of any applicable requirement of law; (D) to the extent reasonably required in connection with
any litigation or proceeding to which the Facility Agent, any Lender or their respective Affiliates may be party; (E) to the extent
reasonably required in connection with the exercise of any remedy hereunder; (F) to the Facility Agent or such Lender’s
independent auditors, counsel, and any other professional advisors of the Facility Agent or such Lender who are advised of the
confidentiality of such information; (G) to any participant or assignee, provided that such Person agrees to keep such
information confidential to the same extent required of the Facility Agent and the Lenders hereunder; (H) as to the Facility Agent,
any Lender or their respective Affiliates, as expressly permitted under the terms of any other document or agreement regarding
confidentiality to which the Borrower or any Subsidiary is party with the Facility Agent, such Lender or such Affiliate; (I) to
its Affiliates and its Affiliates’ directors, officers, employees, professional advisors and agents, provided that
each such Affiliate, director, officer, employee, professional advisor or agent shall keep such information confidential to the
same extent required of the Facility Agent and the Lenders hereunder; (J) to any other party to the Agreement and (K) to the French
Authorities and any Person to whom information is required to be disclosed by the French Authorities. Each of the Facility Agent
and the Lenders shall be responsible for any breach of this Section 11.15 by any of its Affiliates or any of its or its
Affiliates’ directors, officers, employees, professional advisors and agents.

 

SECTION
11.16. French Authority Requirements. The Borrower acknowledges that:

 

		a.	the
                                         Republic of France and any French Authority or any authorised representatives specified
                                         by these bodies shall be authorised at any time to inspect and make or demand copies
                                         of the records, accounts, documents and other deeds of any or all of the Lenders relating
                                         to this Agreement;

 

    107

     

    

 

		b.	in
                                         the course of its activity as the Facility Agent, the Facility Agent may:

 

		(i)	provide
                                         the Republic of France and any French Authority with information concerning the transactions
                                         to be handled by it under this Agreement; and

 

		(ii)	disclose
                                         information concerning the subsidized transaction contemplated by this Agreement in the
                                         context of internationally agreed consultation/notification proceedings and statutory
                                         specifications, including information received from the Lenders relating to this Agreement.

 

SECTION
11.17. Waiver of immunity. To the extent that the Borrower has or hereafter may acquire any immunity from jurisdiction
of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of
execution, execution or otherwise) with respect to itself or its assets, the Borrower hereby irrevocably waives such immunity
in respect of its obligations under this Agreement and the other Loan Documents.

 

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

 

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

 

		b.	the
                                         effects of any Bail-in Action on any such liability, including, if applicable:

 

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

 

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

 

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

 

    108

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Celebrity Edge (ex hull no. J34) Credit Agreement to be executed by their respective officers
thereunto duly authorized as of the day and year first above written.

	 	 	 	 	 
	 	ROYAL CARIBBEAN CRUISES LTD.
	 	 	 
	 	By	 	 	 
	 	Name:  	 
	 	Title:	 
	 	 	 
	 	Address:	1050 Caribbean Way
	 	 	Miami, Florida 33132
	 	Facsimile No.:	(305) 539-0562
	 	Email:	agibson@rccl.com
	 	 	bstein@rccl.com
	 	Attention:	Vice President, Treasurer
	 	With a copy to:  General
    Counsel

 

    109

     

    

 

	 	 	 	 	 
	 	SMBC BANK INTERNATIONAL PLC as ECA
    Agent and a Lender
	 	 
	Commitment	 
	5.00% of the	 
	Maximum Loan	By	 	 	 
	Amount	Name:
	 	Title:
	 	 
	 	1/3/5 rue Paul Cézanne
	 	75008 Paris
	 	France
	 	 
	 	Attention:	Cedric le Duigou
	 	 	Guillaume Branco
	 	 	Herve Billi
	 	 	Claire Lucien

 

	 	Fax No:	+33 1 44 90 48 01
	 	Tel No:	 
	 	Cedric le Duigou:	+ 33 1 44 90 48 83
	 	Guillaume Branco:	+ 33 1 44 90 48 71
	 	Herve Billi:	+33 1 44 90 48 48
	 	Claire Lucien:	+ 33 1 44 90 48 49
	 	Helene Ly:	+33 1 44 90 48 76

 

	 	E-mail:
	 	cedric_leduigou@fr.smbcgroup.com
	 	guillaume_branco@fr.smbcgroup.com
	 	herve_billi@fr.smbcgroup.com
	 	claire_lucien@fr.smbcgroup.com
	 	helene_ly@fr.smbcgroup.com

 

    110

     

    

 

	 	 	 	 	 
	 	CITIBANK N.A., LONDON BRANCH as
    Global Coordinator and a Lender
	 	 
	Commitment	 
	 	 
	21.00% of the	By	 	 	 
	Maximum Loan	Name:
	Amount	Title:
	 	 
	 	Citigroup Centre
	 	Canada Square
	 	London E14 5LB
	 	United Kingdom
	 	Attention:	Wei-Fong Chan
	 	 	Kara Catt
	 	 	Romina Coates
	 	 	Antoine Paycha

 

	 	Fax No:	+44 20 7986 4881
	 	Tel No:	+44 20 7986 3036 /
	 	 	+44 20 7508 0344
	 	 	+44 20 7986 4824
	 	 	+44 20 7500 0907 /

 

	 	E-mail:
	 	weifong.chan@citi.com
	 	kara.catt@citi.com
	 	romina.coates@citi.com
	 	antoine.paycha@citi.com

 

    111

     

    

 

	 	 	 	 	 
	 	BANCO BILBAO VIZCAYA ARGENTARIA,
    S.A., PARIS BRANCH as Lender
	 	 
	Commitment	 
	 	 
	0.50% of the	By	 	 	 
	Maximum Loan	Name:
	Amount	Title:
	 	 
	 	29 avenue de l’Opéra
	 	75001 Paris
	 	France

 

	 	Attention:	Alessandro Aiello
	 	 	Laura Luca de Tena
	 	 	Shirin Arabsolghar
	 	 	Natalia Herzner
	 	 	 
	 	Fax No:	+ 34 91.537.00.40
	 	 	 
	 	Tel No:	+33 1 44 86 83 21
	 	 	+34 681 145 468 
	 	 	+34 91.537.00.06 
	 	 	+ 34 91.537.00.40 
	 	 	 
	 	Email:	laura.luca@bbva.com
	 	 	alessandro.aiello@bbva.com
	 	 	shirin.arabsolghar@bbva.com
	 	 	natalia.herzner@bbva.com
	 	 	eca.structuring@bbva.com
	 	 	hub.stf.monitoring@bbva.com

 

    112

     

    

 

	 	 	 	 	 
	 	BANCO SANTANDER, S.A. PARIS BRANCH
    as Lender
	 	 
	Commitment	 
	 	 
	12.00% of the	By	 	 	 
	Maximum Loan	Name:
	Amount	Title:
	 	 
	 	Facility Office:
	 	 
	 	374, rue Saint-Honoré
	 	75001 Paris
	 	France
	 	 
	 	Operational address:
	 	 
	 	Ciudad Financiera
	 	Avenida de Cantabria s/n
	 	Edificio Encinar 2a planta
	 	28600 Boadilla del Monte
	 	Spain

 

	 	Fax No:	+34 91 257 1682
	 	 	 
	 	Attention:	Elise Regnault
	 	 	Julián Arroyo
	 	 	Angela Rabanal
	 	 	Ecaterina Mucuta
	 	 	Vanessa Berrio Vélez
	 	 	Ana Sanz Gómez  
	 	 	 
	 	Tel No:	+34 912893722  
	 	 	+1 212-297-2919
	 	 	+1 212-297-2942
	 	 	+33 1 53 53 70 46
	 	 	+34 91 289 10 28
	 	 	+34 91 289 17 90
	 	 	 
	 	E-mail:
	 	elise.regnault@gruposantander.com
	 	Julian.Arroyo@santander.us
	 	arabanal@santander.us
	 	ecaterina.mucuta@gruposantander.com
	 	vaberrio@gruposantander.com
	 	anasanz@gruposantander.com
	 	MiddleOfficeParis@gruposantander.com

 

    113

     

    

  

	 	 	 	 	 
	 	HSBC CONTINENTAL EUROPE as Lender
	 	 
	Commitment	 
	 	 
	5.25% of the	By	 	 	 
	Maximum Loan	Name:
	Amount	Title:

	 	 	 	 	 
	 	HSBC Continental Europe
	 	38 avenue Kléber
	 	75116 PARIS
	 	France
	 	 
	 	Attention:         
    Rabiyatou Diallo / Alexandra Penda
	 	 
	 	Fax No: +33 (0)1 40 70 28 80
	 	Tel No: +33 (0)1 58 13 08 38 /
	 	+33 (0)1 41 02 67 50
	 	 
	 	Email:        rabiyatou.diallo@hsbc.fr
	 	                  
    alexandra.penda@hsbc.fr
	 	 
	 	and
	 	 
	 	HSBC Continental Europe
	 	38 avenue Kléber
	 	75116 Paris
	 	France
	 	 
	 	Attention:         
    Graham D Meek / Julie Bellais
	 	 
	 	Tel No: +44 (0) 207 992 2344 /
	 	             +33
    (0)1 40 70 28 59
	 	 
	 	Email:          
    julie.bellais@hsbc.fr / graham.d.meek@hsbc.com

 

    114

     

    

 

	 	 	 	 	 
	 	SOCIÉTÉ GÉNÉRALE
    as Lender
	 	 
	Commitment	 
	 	 
	12.02% of the	By	 	 	 
	Maximum Loan	Name:
	Amount	Title:

	 	 
	 	Société
    Générale Facility Office
	 	29 Boulevard Haussmann 
	 	75009 Paris
	 	France
	 	 
	 	For operational/servicing
    matters:
	 	 
	 	Laetitia TOUMI  / Tatiana BYCHKOVA
	 	Société Générale
    189, rue d’Aubervilliers 75886
	 	PARIS CEDEX 18
	 	OPER/FIN/CAF/DMT6
	 	 
	 	Phone: +33 1 57 29 13 12 / +33 1 58 98 43 05
	 	 
	 	Email:  laetitia.toumi@sgcib.com
	 	tatiana.bychkova@sgcib.com
	 	par-oper-caf-dmt6@sgcib.com
	 	 
	 	For credit matters:
	 	 
	 	Muriel Baumann /Olivier Gueguen
	 	Société Générale
    189, rue d’Aubervilliers 75886
	 	PARIS CEDEX 18
	 	OPER/FIN/SMO/EXT
	 	 
	 	Phone: +33 1 58 98 22 76 / +33 1 42 13 07 52
	 	 
	 	Email: muriel.baumannn@sgcib.com
	 	olivier.gueguen@sgcib.com

 

    115

     

    

 

	 	SFIL  as Lender	 
	 	 	 	 
	Commitment	 	 	 
	 	 	 	 
	44.23% of the	By	 	 
	Maximum Loan	Name:	 
	Amount	Title:	 

	 	 
	 	1-3, rue de Passeur de Boulogne – CS 80054
	 	92861 Issy-les-Moulineaux Cedex 9
	 	France
	 	 
	 	Contact Person
	 	Loan Administration Department:
	 	 
	 	Direction du Crédit Export:
	 	Pierre-Marie Debreuille / Anne Crépin
	 	Direction des Opérations:
	 	Dominique Brossard / Patrick Sick

 

	 	Telephone:	 
	 	Pierre-Marie Debreuille	+33 1 73 28 87 64
	 	Anne Crépin	+33 1 73 28 88 59
	 	Dominique Brossard	+33 1 73 28 91 93
	 	Patrick Sick	+33 1 73 28 87 66

 

	 	Email:
	 	pierre-marie.debreuille@sfil.fr
	 	anne.crepin@sfil.fr
	 	dominique.brossard@sfil.fr
	 	patrick.sick@sfil.fr
	 	refinancements-export@sfil.fr  

    creditexport_ops@sfil.fr
	 	 
	 	Fax:           +
    33 1 73 28 85 04

 

    116

     

    

 

	 	CITIBANK EUROPE PLC, UK BRANCH

    as Facility Agent	 
	 	 	 	 
	 	By	 	 
	 	Name:	 
	 	Title:	 

 

	 	5th Floor Citigroup Centre
	 	Mail drop CGC2 05-65
	 	25 Canada Square Canary Wharf
	 	London E14 5LB
	 	U.K.

 

	 	Fax no.:	+44 20 7492 3980
	 	Attention:	EMEA Loans Agency

 

    117

     

    

 

Schedule
4

Form of Guarantor Confirmation Certificate

 

[Insert
name of relevant Guarantor here] 

GUARANTOR’S
CERTIFICATE 

[•],
2021 

This
Certificate is delivered on behalf of [Insert name of relevant Guarantor entity here] (the Guarantor)], a
[company][corporation] incorporated in [•].

 

[I][We],
[insert name of the authorized officers/directors], the undersigned, in [my][our] capacity as [[a] duly authorized officer[s]]
[or][director] of the Guarantor and not in any individual capacity, do hereby confirm in relation to the Agreements (each as more
particularly defined in Schedule 1 of this Certificate) as follows:

 

		1.	Unless
                                         otherwise defined in this Certificate, words and expressions defined in the Agreements
                                         shall have the meanings when used in this Certificate.

 

		2.	The
                                         Guarantor is a guarantor under each Agreement.

 

		3.	[I][We]
                                         hereby acknowledge on behalf of the Guarantor that, in the context of the Debt Deferral
                                         Extension Framework published by each ECA backing the Agreements, each Agreement shall
                                         be amended or, as the case may be, amended and restated pursuant to an amendment agreement
                                         (each a Vessel Loan Amendment) in order to record the agreement of the respective
                                         parties to:

		a.
       add a new debt deferral tranche (the Applicable Debt Deferral Tranche) in those Agreements
where there are principal repayments scheduled to occur between approximately April 2021 and March 2022 (or, in the case of the
facility agreement for m.v. “Ovation of the Seas”, approximately between May 2021 and April 2022) (in each case, the
Applicable Debt Deferral Period), in order to effectively defer principal repayments due under each Agreement falling due
during such Applicable Debt Deferral Period, which Applicable Debt Deferral Tranche shall, in the case of each relevant Agreement:

		i.	be
                                         in an amount of approximately the aggregate principal amount of the repayment installments
                                         falling due under such relevant Agreement during the Applicable Debt Deferral Period
                                         applicable to it (including payments due during such period on any first debt deferral
                                         if and to the extent already agreed); and

		ii.	bear
                                         interest on the terms provided in that Vessel Loan Amendment;

		b.	extend
                                         the waiver of the applicable Borrower’s compliance with the financial covenants
                                         set forth in each Agreement:

		i.	in
                                         each case where the relevant Agreement is BpiFAE-backed, through the end of the third
                                         quarter of 2022; and

		ii.	in
                                         each case where the relevant Agreement is Hermes and/or Finnvera-backed, through to the
                                         end of the fourth quarter of 2022,

provided,
however, that if the relevant ECA and Lenders under any Agreement approve a longer waiver period, the applicable Vessel Loan Amendment
relating to such Agreement shall include the longer such waiver period; and

		c.	any
                                         adjustments to the financial, indebtedness, negative pledge or other covenants as are
                                         required by the relevant Lenders and ECAs in order to give effect to the amendments contemplated
                                         in (a) and (b) above.

 

		4.	This
                                         Certificate is one of the “certificates” required to be provided pursuant
                                         to clause 3.1(b) of each Vessel Loan Amendment and in the context of the requirements
                                         of clause 3.1(b) of each Vessel Loan Amendment, [I][we] hereby further acknowledge and
                                         confirm on behalf of the Guarantor the following:

		a.	the
                                         amendments contemplated in the Vessel Loan Amendment for each Agreement and the contents
                                         thereof are approved;

 

    118

     

    

 

		b.	the
                                         Guarantee given by the Guarantor in each Agreement and each other Loan Document or Finance
                                         Document, as the case may be (as defined in each such Agreement) to which the Guarantor
                                         is a party shall remain and continue in full force and effect notwithstanding the amendment
                                         and restatement of each such Agreement pursuant to the Vessel Loan Amendment applicable
                                         to it;

		c.	the
                                         Guarantee given by the Guarantor in each Agreement shall extend to any new obligations
                                         assumed by the Borrower under such Agreement as amended by the Vessel Loan Amendment
                                         applicable to it (including pursuant to the Applicable Debt Deferral Tranche) and the
                                         floating rate applicable to such Applicable Debt Deferral Tranche (as more particularly
                                         set out in sub-paragraphs (i) and (ii) of 3(a) above)); and

		d.	continuing
                                         to guarantee the amended obligations of the Borrower under the Agreements as amended
                                         by the Vessel Loan Amendment applicable to it does not cause any borrowing, guaranteeing
                                         or similar limit binding on the Guarantor to be exceeded.

 

		5.	[I][We]
                                         hereby confirm that:

		a.	the
                                         copy of the certificate or articles of incorporation, formation or organization or other
                                         comparable organizational document of the Guarantor (collectively, the Organizational
                                         Documents); and

		b.	the
                                         by-laws or operating, management or similar agreements of the Guarantor (collectively,
                                         the Operating Documents),

in
each case, appended to the Secretary’s Certificate dated 21 December 2020 (the Original Secretary’s Certificate)
remain true and correct on the date of this Certificate and have not been amended, modified or revoked and remain in full force
and effect.

 

		6.	[I][we]
                                         hereby represent and warrant on behalf of the Guarantor that [I][we] have the authority
                                         to sign this Certificate as evidenced by [•] of the Original Secretary’s Certificate
                                         (the Authorization). The Authorization has not been modified or rescinded and
                                         remains in full force and effect.

 

		7.	[The
                                         Guarantor does not have its management or control in Liberia nor does it undertake any
                                         business activity in Liberia.

 

		8.	Less
                                         than a majority of the shareholders of the Guarantor hereto by vote or value are resident
                                         in Liberia.][7 and 8 to be included in the Certificate for RCL Cruise Holdings
                                         LLC and RCI Holdings LLC only as Liberian entities]

 

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

 

[Signature
Pages Follow]

 

    119

     

    

 

Annex
A

Repayment Schedule

 

	Edge
    1 - original schedule	 	Deferred
    Tranche 1	 	 	 	Deferred
    Tranche 2	 	 	 	Total	 	Commitment	 	 	 
	 	 	Opening	Repayment	Closing	 	Opening	Deferred
    Payts	Repayment	Closing	 	Opening	Deferred
    Payts	Repayment	Closing	 	Combined
    repay	 	Original	DH1	DH2	Total
	 	 	 	 	 	 	 	$60,749,052	 	 	 	 	$75,936,315	 	 	 	 	 	 	 	 	 
	31-Oct-18	 	 	 	$728,988,629	 	 	 	 	 	 	 	 	 	 	 	 	 	$728,988,629	-	-	$728,988,629
	30-Apr-19	 	$728,988,629	($30,374,526)	$698,614,102	 	 	 	-	-	 	 	 	-	-	 	($30,374,526)	 	$698,614,102	-	-	$698,614,102
	31-Oct-19	 	$698,614,102	($30,374,526)	$668,239,576	 	-	 	-	-	 	-	 	-	-	 	($30,374,526)	 	$668,239,576	-	-	$668,239,576
	30-Apr-20	 	$668,239,576	($30,374,526)	$637,865,050	 	-	$30,374,526	-	$30,374,526	 	-	 	-	-	 	-	 	$637,865,050	$30,374,526	-	$668,239,576
	31-Oct-20	 	$637,865,050	($30,374,526)	$607,490,524	 	$30,374,526	$30,374,526	-	$60,749,052	 	-	 	-	-	 	-	 	$607,490,524	$60,749,052	-	$668,239,576
	30-Apr-21	 	$607,490,524	($30,374,526)	$577,115,998	 	$60,749,052	 	($7,593,632)	$53,155,421	 	-	$37,968,158	-	$37,968,158	 	-	 	$577,115,998	$53,155,421	$37,968,158	$668,239,576
	31-Oct-21	 	$577,115,998	($30,374,526)	$546,741,471	 	$53,155,421	 	($7,593,632)	$45,561,789	 	$37,968,158	$37,968,158	-	$75,936,315	 	-	 	$546,741,471	$45,561,789	$75,936,315	$668,239,576
	30-Apr-22	 	$546,741,471	($30,374,526)	$516,366,945	 	$45,561,789	 	($7,593,632)	$37,968,158	 	$75,936,315	 	($7,593,632)	$68,342,684	 	($45,561,789)	 	$516,366,945	$37,968,158	$68,342,684	$622,677,787
	31-Oct-22	 	$516,366,945	($30,374,526)	$485,992,419	 	$37,968,158	 	($7,593,632)	$30,374,526	 	$68,342,684	 	($7,593,632)	$60,749,052	 	($45,561,789)	 	$485,992,419	$30,374,526	$60,749,052	$577,115,998
	30-Apr-23	 	$485,992,419	($30,374,526)	$455,617,893	 	$30,374,526	 	($7,593,632)	$22,780,895	 	$60,749,052	 	($7,593,632)	$53,155,421	 	($45,561,789)	 	$455,617,893	$22,780,895	$53,155,421	$531,554,208
	31-Oct-23	 	$455,617,893	($30,374,526)	$425,243,367	 	$22,780,895	 	($7,593,632)	$15,187,263	 	$53,155,421	 	($7,593,632)	$45,561,789	 	($45,561,789)	 	$425,243,367	$15,187,263	$45,561,789	$485,992,419
	30-Apr-24	 	$425,243,367	($30,374,526)	$394,868,841	 	$15,187,263	 	($7,593,632)	$7,593,632	 	$45,561,789	 	($7,593,632)	$37,968,158	 	($45,561,789)	 	$394,868,841	$7,593,632	$37,968,158	$440,430,630
	31-Oct-24	 	$394,868,841	($30,374,526)	$364,494,314	 	$7,593,632	 	($7,593,632)	-	 	$37,968,158	 	($7,593,632)	$30,374,526	 	($45,561,789)	 	$364,494,314	-	$30,374,526	$394,868,841
	30-Apr-25	 	$364,494,314	($30,374,526)	$334,119,788	 	-	 	-	-	 	$30,374,526	 	($7,593,632)	$22,780,895	 	($37,968,158)	 	$334,119,788	-	$22,780,895	$356,900,683
	31-Oct-25	 	$334,119,788	($30,374,526)	$303,745,262	 	-	 	-	-	 	$22,780,895	 	($7,593,632)	$15,187,263	 	($37,968,158)	 	$303,745,262	-	$15,187,263	$318,932,525
	30-Apr-26	 	$303,745,262	($30,374,526)	$273,370,736	 	-	 	-	-	 	$15,187,263	 	($7,593,632)	$7,593,632	 	($37,968,158)	 	$273,370,736	-	$7,593,632	$280,964,367
	31-Oct-26	 	$273,370,736	($30,374,526)	$242,996,210	 	-	 	-	-	 	$7,593,632	 	($7,593,632)	-	 	($37,968,158)	 	$242,996,210	-	-	$242,996,210
	30-Apr-27	 	$242,996,210	($30,374,526)	$212,621,683	 	-	 	-	-	 	-	 	-	-	 	($30,374,526)	 	$212,621,683	-	-	$212,621,683
	31-Oct-27	 	$212,621,683	($30,374,526)	$182,247,157	 	-	 	-	-	 	-	 	-	-	 	($30,374,526)	 	$182,247,157	-	-	$182,247,157
	30-Apr-28	 	$182,247,157	($30,374,526)	$151,872,631	 	-	 	-	-	 	-	 	-	-	 	($30,374,526)	 	$151,872,631	-	-	$151,872,631
	31-Oct-28	 	$151,872,631	($30,374,526)	$121,498,105	 	-	 	-	-	 	-	 	-	-	 	($30,374,526)	 	$121,498,105	-	-	$121,498,105
	30-Apr-29	 	$121,498,105	($30,374,526)	$91,123,579	 	-	 	-	-	 	-	 	-	-	 	($30,374,526)	 	$91,123,579	-	-	$91,123,579
	31-Oct-29	 	$91,123,579	($30,374,526)	$60,749,052	 	-	 	-	-	 	-	 	-	-	 	($30,374,526)	 	$60,749,052	-	-	$60,749,052
	30-Apr-30	 	$60,749,052	($30,374,526)	$30,374,526	 	-	 	-	-	 	-	 	-	-	 	($30,374,526)	 	$30,374,526	-	-	$30,374,526
	31-Oct-30	 	$30,374,526	($30,374,526)	$0	 	-	 	-	-	 	-	 	-	-	 	($30,374,526)	 	$0	-	-	$0

 

[Signature
Page to Amendment No. 5 - Hull no. J34]

 

    

     

    

 

Annex
B

Debt Deferral Extension Regular Monitoring Requirements

 

Debt
Deferral Extension - Regular Monitoring Requirements

 

Monitoring
Period:

 

-       Starting
point: approval 

-       End:
Until the Existing and the New Debt Deferral Tranches are repaid, whereby the list of documents and frequency shall be reviewed
and adjusted annually by the Facility Agent.

 

	 	Rhythm
    	Description

                                                                                 

	1.
    	monthly
    	Reporting
                                         of the: 

         

        1.       Total
        Free Liquidity Position – def.: free cash + free undrawn credit lines; 

        2.       Free
        Net Liquidity Position – Total Free Liquidity Position minus all planned debt repayments 

        (bank
        loan, commercial papers, bonds) which are due within the following 6 months.; 

        3.       In
        case the Free Net Liquidity Position does decease to 6x the average of the monthly operational cash burn rate the
        ECA can decide on its own discretion whether a shorter reporting rhythm shall be implemented (e.g. weekly).; 

        4.       Description
        of additional measures implemented to increase the liquidity position (debt, mezzanine and equity measures) / Whereby
        details of the respective terms and conditions shall be included (e.g. securities, ranking), for easy reference an ongoing
        list would be preferred with (a) measures taken, (b) additional measures finalized in the respective month and (c) additional
        measures planned.; 

        5.       Description
        of of additional cost cutting measures implemented to reduce the outflow of liquidity (OPEX, CAPEX, Debt Deferrals etc.); 

        6.       Repayment
        or refinancing of existing debt

         

 

[Signature
Page to Amendment No. 5 - Hull no. J34]

 

    

     

    

 

	2.
    	monthly
    	Cash
                                         Flow Projection of the cruise line on a monthly basis

         

        The
        Projection means cash flow statements in excel format, complete with formulas, shall cover the following period:

         

        1.       Actual
        figures: The current financial year (whereby at least 1 quarter with actual historical figures have to be included); 

        2.       Projection:
        At least the following 24 months starting from the respective current month 

        (including
        shut down period and recovery phase)

         

        Cash
        Flow Projection showing: 

        1.    operating
        cash flow including and separately listed Cruise-Revenues (including but not limited to occupancy rate, ticket prices,
        capacity of the overall fleet, capacity of fleet in operation), Cruise-OPEX, other COGS, net customer deposits collection
        (providing details of deposit refund separately), working capital and SG&A; 

        2.    cash
        flow from investing activities (separately: detailing capex in vessels, general capex and disposals / In addition for
        information purposes the newbuilding capex which will be paid out of equity.), 

        3.    cash
        flow from financing activities (detailing proceeds from equity, proceeds from debt separated by type of funding and ECA
        facilities, debt repayments separately), etc. 

        4.    Interest
        expenses

         

        Such
        Cash Flow Projection shall be accompanied by a descriptive Note of Assumptions which does include comments on: 

        1.
        Changes: 

        (i)   The
        main changes to the underlying assumptions with respect to revenue / cash collections and disbursement of operational
        costs and SG&A, 

        (ii)  The
        main changes to the underlying assumptions with respect to Debt Deferrals (with the ECA backed transactions or other class
        of creditors)

 

	 	 	(iii)
                                         The main changes with respect to Major Capex (and such Equity payments in relation to
                                         Major Capex) 

        And
        in each case whether those changes are due to timing issues or more fundamental changes compared to the initial Test Scheme
        Template for the Debt Deferral Extension (if not previously disclosed), or the previous Liquidity Forecast.

        

        2.
         Mitigants or additional liquidity measure that are incorporated in the Liquidity Forecast, or planned but not yet
        incorporated in the Liquidity Forecast.

         

	3.
    	monthly
    	Testing
    of the applicable Minimum Liquidity Covenant according to the amended loan documentation 

 

    

     

    

 

	4.
    	monthly
    	1.     Cash
                                         Burn Rate 

        2.     Cash
        Burn Rate adjusted to net deposits collection 

        3.     Net
        Liquidity position to Cash Burn rate

         

        Def.
        Cash Burn rate means operating costs plus debt service plus capital expenditure (net of financing)
        Def. Cash Burn rate adjusted means operating costs plus debt service plus capital expenditure (net
        of financing) plus net deposits collection.

         

        To
        be reported as long as the company achieves a positive (adj.) EBITDA after interest costs in two consecutive months

         

	5.
    	monthly
    	Booking
                                         Curve - Average ticket price and occupancy for the season 2021 and season 2022 including
                                         a comparison of both parameters at the same point in time for bookings in 2019 for the
                                         season 2020

         

        Format
        tbd with the ECA Agent / Figures to be provided in table / split by quarter mandatory

         

	6.
    	monthly
    	Status
                                         of the fleet on a per vessel basis: Active vessels (+ occupancy level) / Vessels
                                         in layup / Vessels classified for sale

         

        Fleet
        wide average of occupancy (incl. active and idle vessels)

         

	7.
    	monthly
    	Confirmation
    that no dividends have been declared / paid within the current month.
	8.
    	monthly
    	Development
                                         of the customer deposits:  

        1.    For
        cancelled cruises with starting dates in the past: Percentage of customers which requested a refund and percentage of
        those who re-booked or accepted a voucher. 

        2.    Overview
        of the amount of deposits which have been collected in connection with cruises in the next 4 quarters (split by quarter). 

        3.    Customer
        Deposits for cruises starting within the next 3 months 

        4.    Amount
        of collected deposits which are at risk to be refunded, based on the company’s own assumption of how many passengers
        of future cancelled cruises might chose a refund instead of a re-booking or a voucher.

         

	9.
    	monthly
    	Other
                                         Creditors and Debtors: 

        1.    Please
        state clearly whenever terms and conditions (amount, interest, tenor, maturity schedule and securities) of existing credit
        facilities (incl. other debt holiday agreements) have been amended which fall into the same class as the ECAs or other
        classes. 

        2.    How
        are generally unsecured and secured financings treated? 

        3.    How
        do the debtors (like credit card companies) currently act? Do creditors withhold payments? 

        4.    Other
        Creditors and Debtors: What is the company asking from the other creditors (e.g. Bondholder, LeaseCos, FactorCos etc.)
        and what is their response? Do the respective documentation include cross default clauses?

         

	 	 	 

 

    

     

    

 

	10
    	bi- 

        monthly

         
	Update
                                         about the changes of signed building contracts

         

        The
        ECA shall be updated about the company`s current plans to amendment any building contract or about any upcoming negotiations
        with the national yard.

         

	11
    	quarterly	Unaudited
                                         financial statements or management accounts (incl. P&L (incl. EBITDA), balance
                                         sheet and cash flow statement)

                                                                                 

	12
    	quarterly	Company
                                         shall provide the calculation of the financial covenants which currently are waived.

                                                                                 

 

    

     

    

 

Annex
C

Replacement covenants with effect from the Guarantee Release Date

 

    

     

    

 

Exhibit
Q 

Replacement
covenants with effect from the Guarantee Release Date

 

It
is acknowledged and agreed, with effect from the Guarantee Release Date, this Agreement shall be amended as follows:

 

“incur”
means to create, incur, assume, guarantee or otherwise become directly or indirectly liable and “incurred”
or “incurrence” shall have a correlative meaning.

 

“Inherited
Indebtedness” means any Indebtedness (other than any Indebtedness that would, following the acquisition or creation
of the relevant Subsidiary, become Permitted Principal Subsidiary Indebtedness or Permitted Non-Principal Subsidiary Indebtedness)
of any corporation that becomes a Subsidiary of the Borrower after the Guarantee Release Date so long as (i) the acquisition or
creation of such corporation by the Borrower is not otherwise prohibited by the terms of this Agreement and (ii) such Indebtedness
is in existence at the time such corporation becomes a Subsidiary of the Borrower and was not incurred by the Borrower or any
of its Subsidiaries in anticipation thereof.

 

“Inherited
Lien” means any Lien (other than a Lien that would, following the acquisition or creation of the relevant Subsidiary,
become a Permitted Lien) in respect of any Inherited Indebtedness on any asset of any corporation that becomes a Subsidiary of
the Borrower after the Guarantee Release Date so long as (i) the acquisition or creation of such corporation by the Borrower is
not otherwise prohibited by the terms of this Agreement and (ii) such Liens are in existence at the time such corporation becomes
a Subsidiary of the Borrower and were not created by the Borrower or any of its Subsidiaries in anticipation thereof.

 

“Non-Principal
Subsidiary” means a Subsidiary other than a Principal Subsidiary.

 

“Permitted
Principal Subsidiary Indebtedness” means:

 

		c.	Indebtedness
                                         owing to the Borrower or a direct or indirect Subsidiary of the Borrower; and

 

		d.	obligations
                                         in respect of Hedging Instruments entered into for the purpose of managing interest rate,
                                         foreign currency exchange or commodity exposure risk and not for speculative purposes.

 

“Permitted
Liens” means:

 

		a.	Liens
                                         securing Government-related Obligations;

 

    

     

    

 

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

 

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

 

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

 

		e.	Liens
                                         for current crew’s wages and salvage;

 

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

 

		g.	Liens
                                         on Vessels that:

 

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

 

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

 

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

 

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

 

		h.	normal
                                         and customary rights of set-off upon deposits of cash or other Liens originating solely
                                         by virtue of any statutory or common law provision relating to bankers’ liens,
                                         rights of set-off or similar rights in favour of banks or other depository institutions;

 

		i.	Liens
                                         in respect of rights of set-off, recoupment and holdback in favour of credit card processors
                                         securing obligations in connection with credit card processing services incurred in the
                                         ordinary course of business;

 

		j.	Liens
                                         on cash or Cash Equivalents or marketable securities securing:

 

(i)       obligations
in respect of Hedging Instruments entered into for the purpose of managing interest rate, foreign currency exchange or commodity
exposure risk and not for speculative purposes; or

 

(ii)      letters
of credit that support such obligations;

 

    

     

    

 

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

 

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

 

		m.	licenses,
                                         sublicenses, leases or subleases granted to other Persons not materially interfering
                                         with the conduct of the business of the Borrower or any of its Subsidiaries; and

 

		n.	Liens
                                         on any property of Silversea identified in Section 2 of Exhibit I hereto,

 

“Permitted
Non-Principal Subsidiary Indebtedness” means:

 

		a.	Indebtedness
                                         owing to the Borrower or a direct or indirect Subsidiary of the Borrower;

 

		b.	obligations
                                         in respect of Hedging Instruments entered into for the purpose of managing interest rate,
                                         foreign currency exchange or commodity exposure risk and not for speculative purposes;
                                         and

 

		c.	other
                                         Indebtedness other than Indebtedness for borrowed money (it being agreed for this purpose
                                         that any Group Member Guarantee granted in connection with Indebtedness for borrowed
                                         money shall be considered to be Indebtedness for borrowed money).

 

    

     

    

		1.	Sections
                                         7.2.2 and 7.2.3 shall be deleted in their entirety and replaced with the following (and
                                         all other provisions and clause references shall be construed accordingly):

 

SECTION
7.2.2 Subsidiary Indebtedness and Liens.

 

		(a)	With
                                         effect from the Guarantee Release Date and except to the extent permitted by Section
                                         7.2.2(b) below:

 

		(i)	the
                                         Borrower will not permit:

 

		A.	       any
                                         of its Principal Subsidiaries to incur any Indebtedness other than Permitted Principal
                                         Subsidiary Indebtedness; and

 

		B.	       any
                                         of its Non-Principal Subsidiaries to incur any Indebtedness other than Permitted Non-Principal
                                         Subsidiary Indebtedness; and

 

		(ii)	the
                                         Borrower (having regard, in the case of any ECA Financed Vessel, to Section 7.2.10) will
                                         not, and will not permit any of its Subsidiaries to, permit to exist any Lien upon any
                                         of its property, revenues or assets, whether now owned or hereafter acquired other than
                                         Permitted Liens.

 

		(b)	Section
                                         7.2.2(a) shall not, however, prohibit any Indebtedness or Lien provided that (but again
                                         having regard, in the case of any ECA Financed Vessel, to Section 7.2.10) immediately
                                         following the incurrence (including any Group Member Guarantees) of the Indebtedness
                                         or Lien (as applicable):

 

		(i)	the
                                         sum of the aggregate principal amount (without duplication) of (x) Indebtedness incurred
                                         by Principal Subsidiaries (excluding Permitted Principal Subsidiary Indebtedness), (y)
                                         Indebtedness incurred by Non-Principal Subsidiaries (excluding Permitted Non-Principal
                                         Subsidiary Indebtedness) and (z) the Indebtedness secured by Liens (other than Permitted
                                         Liens) granted by any Group Member does not exceed 20.0% of the total assets of the Borrower
                                         and its Subsidiaries taken as a whole as determined in accordance with GAAP as at the
                                         last day of the most recent ended Fiscal Quarter;

 

		(ii)	in
                                         the event the Senior Debt Rating of the Borrower is at Investment Grade as given by either
                                         Moody’s and S&P (determined at the time of the incurrence of the Indebtedness
                                         or Lien), the sum of the aggregate principal amount (without duplication) of (x) Indebtedness
                                         incurred by Principal Subsidiaries (excluding Permitted Principal Subsidiary Indebtedness)
                                         and (y) the Indebtedness secured by Liens (excluding Permitted Liens) granted by any
                                         Group Member does not exceed 10.0% of the total assets of the Borrower and its Subsidiaries
                                         taken as a whole as determined in accordance with GAAP as at the last day of the most
                                         recent ended Fiscal Quarter;

 

    

     

    

 

		(iii)	in
                                         the event the Senior Debt Rating of the Borrower is below Investment Grade as given by
                                         both Moody’s and S&P (determined at the time of creation of the Lien or the
                                         granting of a Group Member Guarantee (as applicable)):

 

		A.	       the
                                         aggregate principal amount of Indebtedness secured by first priority Liens (excluding
                                         Permitted Liens) granted by any Group Member does not exceed 5% of the total assets of
                                         the Borrower and its Subsidiaries taken as a whole as determined in accordance with GAAP
                                         as at the last day of the most recent ended Fiscal Quarter;

 

		B.	       the
                                         aggregate principal amount of Indebtedness secured by second (or lower) priority Liens
                                         (excluding Permitted Liens) granted by any Group Member does not exceed 5% of the total
                                         assets of the Borrower and its Subsidiaries taken as a whole as determined in accordance
                                         with GAAP as at the last day of the most recent ended Fiscal Quarter; and

 

		C.	       the
                                         sum of the aggregate principal amount (without duplication) of (x) Indebtedness (including
                                         any Group Member Guarantees) incurred by Principal Subsidiaries (excluding Permitted
                                         Principal Subsidiary Indebtedness) and (y) Indebtedness secured by Liens (excluding Permitted
                                         Liens) granted by any Group Member pursuant to (iii)(A) and (B) above does not exceed
                                         10.0% of the total assets of the Borrower and its Subsidiaries taken as a whole as determined
                                         in accordance with GAAP as at the last day of the most recent ended Fiscal Quarter,

 

provided
that if, following the Guarantee Release Date, the Borrower enters into a transaction which results in the existence of any Inherited
Lien or Inherited Indebtedness, and solely as a result of that Inherited Lien (and the related Inherited Indebtedness secured
by that Inherited Lien) or Inherited Indebtedness, the thresholds referred to in this paragraph (b) are exceeded, whilst no breach
of this clause shall be deemed to have occurred at the time of such transaction, no further Indebtedness or Liens of the type
referred to in this paragraph (b) shall be permitted to be incurred or, as the case may, permitted to exist until such time as
the Borrower is in compliance with the thresholds referred to above (and taking into account for such purpose any unsecured Inherited
Indebtedness or Inherited Indebtedness secured by any Inherited Lien).

 

		2.	Section
                                         7.2.3 shall be deleted in its entirety and replaced with “Intentionally Omitted”.

 

		3.	A
                                         new Section 7.2.10 shall be inserted as follows:

 

SECTION
7.2.10          Negative Pledge Over ECA Financed Vessels.

 

For
the purposes of this Section 7.2.10:

 

    

     

    

 

“repaid”
means scheduled repayments or voluntary or mandatory prepayment and not repayments arising following the acceleration of the relevant
ECA Financing after the occurrence of an Event of Default; and

 

“credit
support” means a Lien over any ECA Financed Vessel granted by any Group Member or a Group Member Guarantee from a Group
Member (other than the Borrower) that owns (directly or indirectly) any ECA Financed Vessel.

 

In
connection with the granting of any Lien or Group Member Guarantee pursuant to Section 7.2.2(b) above, no Group Member shall use
any ECA Financed Vessel as credit support in respect of any Indebtedness except: : [Note: thresholds subject to confirmation
due to slight inconsistency with Hermes (and they will need to be the same)]

 

(i)       if
more than 75.0% of the aggregate principal amount of Indebtedness originally incurred under the ECA Financing in respect of that
ECA Financed Vessel has been repaid by the relevant Group Member, that Group Member shall be entitled to grant credit support
over or in respect of that ECA Financed Vessel on the basis, and in compliance with the terms of, Section 7.2.2(b); and

 

(ii)      if
an amount equal to or higher than 15.0% but less than or equal to 75% of the aggregate principal amount of Indebtedness originally
incurred under the ECA Financing in respect of that ECA Financed Vessel has been repaid by the relevant Group Member (determined
at the time the relevant credit support is provided), the relevant Group Member shall be entitled to provide such credit support
over that ECA Financed Vessel on the basis of, and subject to the compliance with, the terms of, Section 7.2.2(b), provided that
the amount of Indebtedness secured or supported (as applicable) by that credit support shall not exceed an amount equal to FV
x (A / B) where:

 

FV
= the fair value of that ECA Financed Vessel at the time of the provision of that credit support (as evidenced by the information
to be provided pursuant to sub-paragraph (v) below);

 

A
= the aggregate principal amount of Indebtedness incurred under the ECA Financing in respect of that ECA Financed Vessel which
has been repaid by the relevant Group Member at the time the credit support is provided; and

 

B
= the amount of Indebtedness originally incurred by the relevant Group Member under the ECA Financing in respect of that ECA Financed
Vessel,

 

it
being acknowledged and agreed that:

 

(iii)     where
the relevant credit support being provided in accordance with this Section 7.2.10 is a Group Member Guarantee from a Group Member
that owns (directly or indirectly) one or more ECA Financed Vessels but does not own (directly or indirectly) any other Vessels,
the amount of Indebtedness that can be supported by such Group Member Guarantee shall be equal to the aggregate amount of Indebtedness
that would be permitted to be secured under this Section 7.2.10 if, instead of a Group Member Guarantee, each relevant Principal
Subsidiary owning each relevant ECA Financed Vessel was to provide a Lien as credit support in respect of that Indebtedness;

 

    

     

    

 

(iv)    
where the relevant credit support being provided in accordance with this Section 7.2.10 is a Group Member Guarantee from a Group
Member that owns (directly or indirectly) one or more ECA Financed Vessels and other Vessels, the restrictions contained in this
Section 7.2.10 as to the amount of the Indebtedness that can be supported by such credit support must be preserved at all times
and, not later than five Business Days after the date upon which that Group Member grants the relevant Group Member Guarantee,
the Borrower shall notify the Facility Agent in writing of such event and shall provide any information as may be reasonably requested
by the Facility Agent to verify that the requirements of this Section 7.2.10 have been complied with following the provision of
such Group Member Guarantee; and

 

(v)      not
later than five Business Days after the date upon which a Group Member provides any credit support, the Borrower shall provide
the Facility Agent with evidence as to its compliance with this Section 7.2.10, which evidence shall include all required calculations
and other information required by the Facility Agent (acting reasonably) to determine such compliance; and

 

(vi)     no
Group Member shall be entitled to use any ECA Financed Vessel as credit support in the manner contemplated by this Section 7.2.10:

 

		(A)	until
                                         such time as the relevant Group Member has repaid at least 15.0% of the aggregate principal
                                         amount of Indebtedness originally incurred under the ECA Financing in respect of that
                                         ECA Financed Vessel; and/or

 

		(B)	at
                                         any time in which a Default has occurred and is continuing.

 

    

     

    

 

SIGNATORIES

 

Amendment
agreement in respect of Hull J34

 

	Borrower	 
	 	 
	Royal Caribbean Cruises Ltd.	)
	Name: Lucy Shtenko	)/S/ LUCY SHTENKO
	Title: Attorney-in-fact	)

 

    

     

    

 

	Global Coordinator	 
	 	 
	Citibank, N.A., London Branch	)
	Name: Christopher Conway	) /S/ CHRISTOPHER CONWAY
	Title: Managing Director	)
	 	 
	Facility Agent	 
	 	 
	Citibank Europe plc, UK Branch	)
	Name: Claire Crawford	) /S/ CLAIRE CRAWFORD
	Title: AVP	)
	 	 
	ECA Agent	 
	 	 
	SMBC Bank International plc	)
	Name: Roy Mourad	) /S/ ROY MOURAD
	Title: Head of Operations	)
	 	 
	Name: Herve Billi	) /S/ HERVE BILLI
	Title: Assistant General Manager	)

 

    

     

    

  

	Mandated Lead Arrangers	 
	 	 
	Banco Bilbao Vizcaya Argentaria, S.A.,	 
	Paris Branch	)
	Name: Luz Barroso	) /S/ LUZ BARROSO
	Title: Authorized Signatory	)
	 	 
	Name: Ana Alonso	) /S/ ANA ALONSO
	Title: Authorized Signatory	)
	 	 
	Banco Santander, S.A., Paris Branch	)
	Name: Marcos Rueda	)/S/ MARCOS RUEDA
	Title: CTB Head	)
	 	 
	Name: Pierre Roserot de Melin	) /S/ PIERRE ROSEROT DE MELIN
	Title: Chief Administrative Officer	)
	 	 
	Citibank N.A., London Branch	)
	Name: Christopher Conway	) /S/ CHRISTOPHER CONWAY
	Title: Managing Director	)
	 	 
	HSBC Continental Europe	)
	Name: Guy Woelfel	) /S/ GUY WOELFEL
	Title: Managing Director	)
	 	 
	Name: Julie Bellais	) /S/ JULIE BELLAIS
	Title: Director	)
	 	 
	Société Générale	)
	Name: Agnes Deschenes Voirin	) /S/ AGNES DESCHENES VOIRIN
	Title: Director	)
	 	 
	SMBC Bank International plc	)
	Name: Kenji Yanagawa	) /S/ KENJI YANAGAWA
	Title: Executive Director	)
	 	 
	Name: Kuniaki Nagano	) /S/ KUNIAKI NAGANO
	Title: Executive Director	)

 

    

     

    

 

	Lenders	 
	 	 
	Banco Bilbao Vizcaya Argentaria, S.A.,	 
	Paris Branch	)
	Name: Luz Barroso	) /S/ LUZ BARROSO
	Title: Authorized Signatory	)
	 	 
	Name: Ana Alonso	) /S/ ANA ALONSO
	Title: Authorized Signatory	)
	 	 
	Banco Santander, S.A., Paris Branch	)
	Name: Marcos Rueda	)/S/ MARCOS RUEDA
	Title: CTB Head	)
	 	 
	Name: Pierre Roserot de Melin	) /S/ PIERRE ROSEROT DE MELIN
	Title: Chief Administrative Officer	)
	 	 
	Citibank N.A., London Branch	)
	Name: Christopher Conway	) /S/ CHRISTOPHER CONWAY
	Title: Managing Director	)
	 	 
	HSBC Continental Europe	)
	Name: Guy Woelfel	) /S/ GUY WOELFEL
	Title: Managing Director	)
	 	 
	Name: Julie Bellais	) /S/ JULIE BELLAIS
	Title: Director	)
	 	 
	Société Générale	)
	Name: Agnes Deschenes Voirin	) /S/ AGNES DESCHENES VOIRIN
	Title: Director	)
	 	 
	SMBC Bank International plc	)
	Name: Kenji Yanagawa	) /S/ KENJI YANAGAWA
	Title: Executive Director	)
	 	 
	Name: Kuniaki Nagano	) /S/ KUNIAKI NAGANO
	Title: Executive Director	)
	 	 
	SFIL	)
	Name: Emilie Boissier	) /S/ EMILIE BOISSIER
	Title: Methodology Manager	)
	 	 
	Name: Benjamin Philippaerts	) /S/ BENJAMIN PHILIPPAERTS
	Title: Vice President	)

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