Document:

Exhibit
10.8

 

	 	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. 8 in connection with

the
Credit Agreement in respect of

“ANTHEM
OF THE SEAS” – Hull S-698 

 

 

   

     

     

    

Contents 

 

	Clause	Page
	 	 
	1 	Interpretation and definitions	ii
	 	 
	2	Amendment of the Existing Credit Agreement	iii
	 	 
	3 	Conditions of effectiveness of Amended Credit
    Agreement	iii
	 	 
	4 	Representations and Warranties	vi
	 	 
	5 	Incorporation of Terms	vii
	 	 
	6 	Fees, Costs and Expenses	vii
	 	 
	7 	Counterparts	viii
	 	 
	8 	Governing Law	ix
	 	 
	Schedule 1 Finance Parties	x
	 	 
	Schedule 2 Form of Amendment Effective
    Date confirmation – Hull S-698	xi
	 	 
	Schedule 3 Amended and Restated
    Credit Agreement	xii
	 	 
	Schedule 4 Form of Guarantor Confirmation
    Certificate	86
	 	 
	Exhibit A Repayment Schedule	89
	 	 
	Exhibit B Framework	91
	 	 
	Exhibit C Debt Deferral Extension
    Regular Monitoring Requirements	92
	 	 
	Exhibit D Replacement Covenants
    with effect from the Guarantee Release Date	95
	 	 
	Exhibit R Replacement covenants with effect from the Guarantee Release
    Date	96
	 	 
	Exhibit E Silversea Liens and Indebtedness	103

  

     

     

    

 

THIS
AMENDMENT NO. 8 (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)	KfW
                                         IPEX-Bank GmbH as facility agent (the Facility Agent);

 

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

 

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

 

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

 

WHEREAS:

 

	(A)	The
                                         Borrower, the Facility Agent, the Hermes Agent, the Mandated Lead Arrangers and the Lenders
                                         are parties to a credit agreement dated as of 8 June 2011, as amended and restated on
                                         17 February 2012, as further amended on 10 May 2012, as amended and restated on 3 February
                                         2016, as further amended and restated on 3 July 2018, as further amended on 8 April 2020,
                                         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 “ANTHEM OF THE SEAS”
                                         (formerly Hull S-698) (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 EUR725,000,000, (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. 

 

    i

     

    

 

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

 

NOW
IT IS AGREED as follows:

 

	1	Interpretation
and definitions

 

	1.1	Definitions
                                         in the Existing Credit Agreement

 

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

 

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

 

	1.2	Definitions

 

In
this Amendment:

 

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

 

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

 

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 April 2021 to and including 31 March 2022.

 

    ii

     

    

 

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	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 P to Exhibit S thereto,
                                         and Exhibit A hereto shall replace the repayment schedule set out in Exhibit A 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

 

    iii

     

    

 

		(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
                                         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; 

 

    iv

     

    

 

		(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 Six); and

 

		(ii)	Stephenson
                                         Harwood 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 Six), 

 

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; 

 

		(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

 

    v

     

    

 

		(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 Agreement Number Seven,

 

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

 

    vi

     

    

 

		(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. 

 

		6.4	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

 

    vii

     

    

 

		(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.

 

    viii

     

    

 

	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.

 

    ix

     

    

 

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:

DNB Bank ASA

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

Skandinaviska Enskilda Banken AB (publ)

Banco Santander S.A.

 

	Lender	Commitments
    of each Lender
	KfW
    IPEX-Bank GmbH	First
    Deferred Tranche: $30,920,879.38

    Second Deferred Tranche: $38,651,099.22
	DNB
    Bank ASA	First
    Deferred Tranche: $6,236,143.74

    Second Deferred Tranche: $7,795,179.68
	BNP
    Paribas Fortis S.A./N.V.	First
    Deferred Tranche: $9,614,054.94

    Second Deferred Tranche: $12,017,568.68
	Skandinaviska
    Enskilda Banken AB (publ)	First
    Deferred Tranche: $6,236,143.74

    Second Deferred Tranche: $7,795,179.68
	Banco
                                         Santander, S.A.

         
	First
    Deferred Tranche: $6,236,143.74

    Second Deferred Tranche: $7,795,179.68
	Citibank
    Europe plc	First
    Deferred Tranche: $2,598,393.22

    Second Deferred Tranche: $3,247,991.52

 

    x

     

    

 

Schedule 2

Form of Amendment Effective Date confirmation – Hull S-698

 

		To:	Royal
                                         Caribbean Cruises Ltd.

 

		To:	KfW

 

“ANTHEM
OF THE SEAS” (Hull S-698)

 

We,
KfW IPEX-Bank GmbH, refer to amendment no. 8 dated [•]
2021 (the Amendment) relating to a credit agreement dated as of 8 June 2011 (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)

 

    xi

     

    

 

Schedule 3

Amended and Restated Credit Agreement

 

    xii

     

    

 

 

 

 

AMENDED
AND RESTATED

HULL NO. S-679 CREDIT AGREEMENT 

 

 

  

dated
as of February 27, 2009

 

amended
and restated on February 17, 2012

 

further
amended and restated on January 19, 2016

 

further
amended and restated on July 3, 2018

 

further
amended on April 22, 2020

 

further
amended and restated on December 21, 2020

 

and
further amended and restated on February    , 2021

 

BETWEEN

 

ROYAL
CARIBBEAN CRUISES, LTD. 

as
the Borrower,

 

THE
LENDERS from time to time party hereto

 

and

 

KfW
IPEX-Bank GmbH

as Hermes Agent and Administrative Agent

 

     

     

    

 

TABLE
OF CONTENTS

  

	 	 PAGE
	 	 
	ARTICLE
                                         I

                                                                                DEFINITIONS
                                         AND ACCOUNTING TERMS

	 
	SECTION
    1.1. Defined Terms	4
	SECTION
    1.2. Use of Defined Terms	27
	SECTION
    1.3. Cross-References	27
	SECTION
    1.4. Application of this Agreement to KfW IPEX as an Option A Lender	27
	SECTION
    1.5. Accounting and Financial Determinations	27
	SECTION
    1.6. Contractual Recognition of Bail-In	28
	 	 
	ARTICLE
                                         II

                                                                                COMMITMENTS
                                         AND BORROWING PROCEDURES

	 
	SECTION
    2.1. Commitment	29
	SECTION
    2.2. Commitments of the Lenders; Termination and Reduction of Commitments	30
	SECTION
    2.3. Borrowing Procedure	30
	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	31
	SECTION
    3.3.1. Rates	32
	SECTION
    3.3.2. Election of Floating Rate	32
	SECTION
    3.3.3. Conversion to Floating Rate	32
	SECTION
    3.3.4. Post-Maturity Rates	32
	SECTION
    3.3.5. Payment Dates	33
	SECTION
    3.3.6. Interest Rate Determination; Replacement Reference Banks	33
	SECTION
    3.4. [RESERVED]	33
	SECTION
    3.4.1. RESERVED	33
	SECTION
    3.5. [RESERVED]	33

 

     

     

    

 

	SECTION
    3.5.1. [RESERVED]	33
	SECTION
    3.6. [RESERVED]	33
	 	 
	ARTICLE
                                         IV

                                                                                CERTAIN
                                         LIBO RATE AND OTHER PROVISIONS

	 
	SECTION
    4.1. LIBO Rate Lending Unlawful	33
	SECTION
    4.2. Deposits Unavailable	34
	SECTION
    4.3. Increased LIBO Rate Loan Costs, etc.	34
	SECTION
    4.4. Funding Losses	36
	SECTION
    4.5. Increased Capital Costs	37
	SECTION
    4.6. Taxes	38
	SECTION
    4.7. Reserve Costs	39
	SECTION
    4.8. Payments, Computations, etc.	40
	SECTION
    4.9. Replacement Lenders, etc.	41
	SECTION
    4.10. Sharing of Payments	41
	SECTION
    4.11. Setoff	41
	SECTION
    4.12. Use of Proceeds	42
	 	 
	ARTICLE
                                         V

                                                                                CONDITIONS
                                         PRECEDENT

	 
	SECTION
    5.1. Advance of the Loan	42
	SECTION
    5.2. [Intentionally omitted]	42
	SECTION
    5.3. CIRR Requirements	42
	 	 
	ARTICLE
                                         VI

                                                                                REPRESENTATIONS
                                         AND WARRANTIES

	 
	SECTION
    6.1. Organization, etc.	43
	SECTION
    6.2. Due Authorization, Non-Contravention, etc.	43
	SECTION
    6.3. Government Approval, Regulation, etc.	43
	SECTION
    6.4. Compliance with Laws	44
	SECTION
    6.5. Validity, etc.	44

 

     

     

    

 

	SECTION
    6.6. No Default, Event of Default or Prepayment Event	44
	SECTION
    6.7. Litigation	44
	SECTION
    6.8. The Purchased Vessel	44
	SECTION
    6.9. Obligations rank pari passu	45
	SECTION
    6.10. No Filing, etc. Required	45
	SECTION
    6.11. No Immunity	45
	SECTION
    6.12. Investment Company Act	45
	SECTION
    6.13. Regulation U	45
	SECTION
    6.14. Accuracy of Information	45
	 	 
	ARTICLE
                                         VII

                                                                                COVENANTS

	 
	SECTION
    7.1. Affirmative Covenants	45
	SECTION
    7.1.1. Financial Information, Reports, Notices, Poseidon Principles etc.	46
	SECTION
    7.1.2. Approvals and Other Consents	48
	SECTION
    7.1.3. Compliance with Laws, etc.	48
	SECTION
    7.1.4. The Purchased Vessel	49
	SECTION
    7.1.5. Insurance	49
	SECTION
    7.1.6. Books and Records	49
	SECTION
    7.1.7. Hermes Insurance Policy	49
	SECTION
    7.2. Negative Covenants	51
	SECTION
    7.2.1. Business Activities	51
	SECTION
    7.2.2. Indebtedness	51
	SECTION
    7.2.3. Liens	52
	SECTION
    7.2.4. Financial Condition	54
	SECTION
    7.2.5. Additional Undertakings	55
	SECTION
    7.2.6. Consolidation, Merger, etc.	61
	SECTION
    7.2.7. Asset Dispositions, etc.	62
	SECTION
    7.2.8. Borrower’s Procurement Undertaking	62
	SECTION
    7.3. Covenant Replacement	64
	SECTION
    7.4. Limitation in respect of Certain Representations, Warranties and Covenants	64

 

     

     

    

 

	ARTICLE
                                         VIII

                                                                                EVENTS
                                         OF DEFAULT

	 
	SECTION
    8.1. Listing of Events of Default	64
	SECTION
    8.1.1. Non-Payment of Obligations	64
	SECTION
    8.1.2. Breach of Warranty	64
	SECTION
    8.1.3. Non-Performance of Certain Covenants and Obligations	64
	SECTION
    8.1.4. Default on Other Indebtedness	65
	SECTION
    8.1.5. Bankruptcy, Insolvency, etc.	65
	SECTION
    8.2. Action if Bankruptcy	66
	SECTION
    8.3. Action if Other Event of Default	66
	 	 
	ARTICLE
                                         IX

                                                                                PREPAYMENT
                                         EVENTS

	 
	SECTION
    9.1. Listing of Prepayment Events	66
	SECTION
    9.1.1. Change of Control	67
	SECTION
    9.1.2. [RESERVED]	67
	SECTION
    9.1.3. Unenforceability	67
	SECTION
    9.1.4. Approvals	67
	SECTION
    9.1.5. Non-Performance of Certain Covenants and Obligations	67
	SECTION
    9.1.6. Judgments	67
	SECTION
    9.1.7. Condemnation, etc.	67
	SECTION
    9.1.8. Arrest	68
	SECTION
    9.1.9. [RESERVED]	68
	SECTION
    9.1.10. Sale/Disposal of the Purchased Vessel	68
	SECTION
    9.1.11. [RESERVED]	68
	SECTION
    9.1.12. Framework Prohibited Events	68
	SECTION
    9.1.13. Principles and Framework	68
	SECTION
    9.2. Mandatory Prepayment	69
	 	 
	ARTICLE
                                         X

                                                                                THE
                                         ADMINISTRATIVE AGENT AND THE HERMES AGENT

	 
	SECTION
    10.1. Actions	69
	SECTION
    10.2. Indemnity	69
	SECTION
    10.3. Funding Reliance, etc.	70
	SECTION
    10.4. Exculpation	70
	SECTION
    10.5. Successor	71
	SECTION
    10.6. Loans by the Administrative Agent	71

 

     

     

    

 

	SECTION
    10.7. Credit Decisions	72
	SECTION
    10.8. Copies, etc.	72
	SECTION
    10.9. The Agents’ Rights	72
	SECTION
    10.10. The Administrative Agent’s Duties	72
	SECTION
    10.11. Employment of Agents	73
	SECTION
    10.12. Distribution of Payments	73
	SECTION
    10.13. Reimbursement	73
	SECTION
    10.14. Instructions	73
	SECTION
    10.15. Payments	73
	SECTION
    10.16. “Know your customer” Checks	73
	SECTION
    10.17. No Fiduciary Relationship	74
	 	 
	ARTICLE
                                         XI

                                                                                MISCELLANEOUS
                                         PROVISIONS

	 
	SECTION
    11.1. Waivers, Amendments, etc.	74
	SECTION
    11.2. Notices	75
	SECTION
    11.3. Payment of Costs and Expenses	76
	SECTION
    11.4. Indemnification	76
	SECTION
    11.5. Survival	77
	SECTION
    11.6. Severability	77
	SECTION
    11.7. Headings	77
	SECTION
    11.8. Execution in Counterparts, Effectiveness, etc.	77
	SECTION
    11.9. Third Party Rights	77
	SECTION
    11.10. Successors and Assigns	78
	SECTION
    11.11. Sale and Transfer of the Loan; Participations in the Loan	78
	SECTION
    11.11.1. Assignments	78
	SECTION
    11.11.2. Participations	79
	SECTION
    11.12. Other Transactions	81

 

     

     

    

 

	SECTION
    11.13. Hermes Insurance Policy	81
	SECTION
    11.13.1. Terms of Hermes Insurance Policy	81
	SECTION
    11.13.2. Hermes Debt Deferral Extension Premium	81
	SECTION
    11.13.3. Obligations of the Hermes Agent and the Lenders	81
	SECTION
    11.14. Law and Jurisdiction	82
	SECTION
    11.14.1. Governing Law	82
	SECTION
    11.14.2. Jurisdiction	82
	SECTION
    11.14.3. Alternative Jurisdiction	82
	SECTION
    11.14.4. Service of Process	83
	SECTION
    11.15. Confidentiality	83
	SECTION
    11.16. Modification and/or Discontinuation of Benchmarks	83

 

     

     

    

 

	Exhibit
    A	Repayment
    Schedule
	 	 
	Exhibit
    B	[RESERVED]
	 	 
	Exhibit
    C	[RESERVED]
	 	 
	Exhibit
    D-1	Form
    of Original Closing Date Opinion of Liberian Counsel to Borrower
	 	 
	Exhibit
    D-2	[RESERVED]
	 	 
	Exhibit
    D-3	[RESERVED]
	 	 
	Exhibit
    E	Form
    of Lender Assignment Agreement
	 	 
	Exhibit
    F	The
    Principles
	 	 
	Exhibit
    G	Form
    of Information Package
	 	 
	Exhibit
    H	Form
    of First Priority Guarantee
	 	 
	Exhibit
    I	Form
    of Second Priority Guarantee
	 	 
	Exhibit
    J	Form
    of Third Priority Guarantee
	 	 
	Exhibit
    K	Form
    of Senior Parties Subordination Agreement
	 	 
	Exhibit
    L	Form
    of Other Senior Parties Subordination Agreement
	 	 
	Exhibit
    M	Framework
	 	 
	Exhibit
    N	Debt
    Deferral Extension Regular Monitoring Requirements
	 	 
	Exhibit
    O	Replacement
    Covenants with Effect from the Guarantee Release Date
	 	 
	Exhibit
    P	Silversea
    Liens and Indebtedness

 

    1

     

    

 

 

AMENDED
AND RESTATED CREDIT AGREEMENT

 

AMENDED
AND RESTATED HULL NO. S-679 CREDIT AGREEMENT, dated as of February 27, 2009, amended and restated on February 17, 2012, further
amended and restated on January 19, 2016, further amended and restated on July 3, 2018, further amended on April 22, 2020, further
amended on July 28, 2020, further amended and restated on December 21, 2020 and further amended and restated on February , 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 administrative agent
(in such capacity, the “Administrative Agent”) and in its capacity as 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”).

 

WITNESSETH:

 

WHEREAS:

 

		(A)	The
                                         Borrower and Meyer Werft GmbH (formerly known as Jos. L. Meyer GmbH & Co.) (the “Builder”)
                                         entered on May 18, 2007 into a Contract for the Construction and Sale of Hull No. S-679
                                         (as amended, the “Construction Contract”) pursuant to which the Builder
                                         agreed to design, construct, equip, complete, sell and deliver the passenger cruise vessel
                                         bearing Builder’s hull number S-679 (now “CELEBRITY SILHOUETTE” with IMO number
                                         9451094) (the “Purchased Vessel”);

 

		(B)	The
                                         Borrower assigned its right to purchase the Purchased Vessel under the Construction Contract
                                         to Celebrity Silhouette Inc., a Liberian Corporation (the “Original Borrower”);

 

		(C)	The
                                         Lenders made available to the Original Borrower, upon the terms and conditions contained
                                         in the Hull No. S-679 Credit Agreement dated as of February 27, 2009 among the Original
                                         Borrower, the Hermes Agent, the Administrative Agent and each Lender from time to time
                                         party thereto (the “Original Credit Agreement”), a US dollar loan facility
                                         equal to the US Dollar Equivalent of up to eighty per cent (80%) of the Contract Price
                                         of the Purchased Vessel, as adjusted from time to time in accordance with the Construction
                                         Contract to reflect, among other adjustments, change orders, in an amount not to exceed
                                         the US Dollar Equivalent corresponding to EUR444,000,000 (the “Maximum Loan Amount”).

 

		(D)	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

 

    2

     

    

 

		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
                                         11.13.2, 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”);

 

		(E)	The
                                         proceeds of the Maximum Loan Amount were provided to the Original Borrower two (2) Business
                                         Days prior to the delivery of the Purchased Vessel for the purpose of paying a portion
                                         of the Contract Price, as defined in the Construction Contract, in connection with the
                                         Original Borrower’s purchase of the Purchased Vessel. 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 11.13.2, 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 be automatic and notional only, effected by means
                                         of a book entry to finance the repayment installment then due;

 

		(F)	Pursuant
                                         to the Assignment and Amendment Deed to Hull No. S-679 Credit Agreement dated as of February
                                         17, 2012 (the “Assignment and Amendment Deed”), (i) the Original Borrower
                                         assigned to the Borrower all of its rights under the Original Credit Agreement, (ii)
                                         the Borrower assumed all of the Original Borrower’s obligations under the Original Credit
                                         Agreement and (iii) the Original Credit Agreement was amended and restated as of February
                                         17, 2012 (the “First Restated Credit Agreement”);

 

		(G)	Pursuant
                                         to an Amendment Agreement dated as of January 19, 2016 (the “Amendment Agreement”),
                                         and upon satisfaction of the conditions set forth therein, the First Restated Credit
                                         Agreement was amended and restated (the “Second Restated Credit Agreement”);

 

		(H)	Pursuant
                                         to a Second Amendment Agreement dated as of July 3, 2018 (the “Second Amendment
                                         Agreement”), and upon satisfaction of the conditions set forth therein, the
                                         Second Restated Credit Agreement is being amended and restated in the form of this Agreement
                                         (the “Third Restated Credit Agreement”);

 

		(I)	The
                                         parties hereto have previously amended this Agreement pursuant to a Third Amendment Agreement
                                         dated as of April 22, 2020 (the “Third Amendment Agreement”);

 

		(J)	The
                                         parties hereto have previously amended this Agreement pursuant to an amendment agreement,
                                         dated as of December 21, 2020 (the “Fourth Amendment Agreement”) and 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

 

    3

     

    

 

		(K)	Pursuant
                                         to a Fifth Amendment Agreement dated as of February      , 2021 (the “Fifth Amendment
                                         Agreement”), 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.

 

“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.m.

 

    4

     

    

 

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

 

“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 Administrative Agent and “Agents” means both of them.

 

“Agreement”
means, on any date, this credit agreement as originally in effect on the Original Effective Date and amended and restated on each
of the First Restatement Effective Date, the Second Restatement Effective Date and the Third Restatement Effective Date and as
thereafter from time to time amended, supplemented, amended and restated, or otherwise modified and in effect on such date.

 

“Agreement
to Provide Financing” means that certain Agreement to Provide Financing dated as of June 6, 2007 between KfW and the
Borrower, as amended.

 

“Amendment
Agreement” 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.

 

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

 

“Applicable
Jurisdiction” means the jurisdiction or jurisdictions under which the Borrower is 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.

 

“Assignment
and Amendment Deed” is defined in the preamble.

 

“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 Administrative Agent by the Secretary or an Assistant Secretary of the Borrower.

 

    5

     

    

 

“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 $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 11.16.

 

“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 Administrative Agent in consultation
with the Borrower, to reflect the adoption of such Benchmark Successor Rate and to permit the administration thereof by the Administrative
Agent in a manner substantially consistent with market practice (or, if the Administrative 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 Administrative Agent determines is reasonably necessary in
connection with the administration of this Agreement).

 

“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 the Loan, an Interest
Period, prepayment or conversion, in each case with respect to the Loan bearing interest by reference to the LIBO Rate, a day
on which dealings in deposits in Dollars are carried on in the London interbank market.

 

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

 

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

 

    6

     

    

 

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

 

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

 

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

 

“CIRR
Agent” means KfW, acting in its capacity as CIRR agent in connection with this Agreement.

 

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

 

“Commitment”
means, relative to any Lender, such Lender’s obligation to make the Loan pursuant to Section 2.1 of the Original Credit
Agreement.

 

“Commitment
Fees” is as defined in Section 3.4 of the Original Credit Agreement.

 

“Construction
Contract” is defined in the preamble.

 

“Contract
Price” is as defined in 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.

 

    7

     

    

 

“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 Amendment 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 Exhibit N to this Agreement submitted or to be submitted (as the case may be) by the Borrower in accordance with Section
7.1.1j.

 

“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 7.2.9(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 7.2.9) 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;

 

    8

     

    

 

		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 7.2.9(b.)));

 

		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 Administrative 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.

 

    9

     

    

 

“Deferral
Fee Letters” means the letters between the Administrative Agent and the Borrower or the Lenders and the Borrower setting
out any of the fees payable in connection with the Third Amendment Agreement.

 

“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.

 

“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.

 

“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.m.
(and such day shall be notified to the Borrower by the Administrative 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.

 

    10

     

    

 

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

 

“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.

 

“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 First Restatement
Effective Date.

 

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

 

“Fifth
Amendment Agreement” is defined in the preamble.

 

“Financial
Covenant Waiver Period” means the period between from and including April 1, 2020 to and including December 31, 2022.

 

“First
Deferral Period” means the period between and, in each case, including the First Deferred Tranche Effective Date and
March 31, 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 April 22, 2020.

 

    11

     

    

 

“First
Priority Assets” means the Vessels known on the date the Fourth Amendment 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 on or prior to the Amendment
Effective Date (as defined in the Fourth Amendment Agreement) (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 Administrative Agent for the benefit
of the Agents and the Lenders, in each case substantially in the form attached hereto as Exhibit H.

 

“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 Amendment 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 Amendment 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
Restated Credit Agreement” is defined in the preamble.

 

“First
Restatement Effective Date” means February 17, 2012.

 

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

 

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

 

    12

     

    

 

“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), in each case, of the Borrower and its Subsidiaries for such period.

 

“Fixed
Rate” means a rate per annum equal to the sum of 5.62% per annum plus the Fixed Rate Margin.

 

“Fixed
Rate Margin” means 0.20% 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.

 

“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%.

 

“Fourth
Amendment Agreement” is defined in the preamble.

 

“Framework”
means the document titled “Debt Deferral Extension Framework” in the form set out in Exhibit M 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.

 

“GAAP”
is defined in Section 1.5.

 

“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.

 

    13

     

    

 

“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 Administrative 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.

 

    14

     

    

 

“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 Original Closing 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 of Palmengartenstrasse 5-9, 60325 Frankfurt am Main, Germany.

 

“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.

 

    15

     

    

 

“Lender
Assignment Agreement” means any Lender Assignment Agreement substantially in the form of Exhibit E.

 

“Lending
Office” means, relative to any Lender, the office of such Lender designated as such below its signature to the Original
Credit Agreement 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 Administrative 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 Administrative 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 Administrative 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, 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 aggregate of the advances made by the Lenders under the Original Credit Agreement and this Agreement from time to time
in an aggregate amount not to exceed the aggregate of the Maximum Loan Amount and the Deferred Tranches Maximum Loan Amount or,
as the case may be, the aggregate outstanding amount of such advances from time to time.

 

“Loan
Documents” means this Agreement, the Assignment and Amendment Deed, the Amendment Agreement, the Second Amendment Agreement,
the Third Amendment Agreement, the Fourth Amendment Agreement, the Fifth Amendment Agreement, the Deferral 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 and any other document jointly designated as
a “Loan Document” by the Administrative Agent and the Borrower.

 

“Margin”
means the Fixed Rate Margin and/or 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 Administrative Agent or any Lender under the Loan Documents
or (c) the ability of the Borrower to perform its payment Obligations under the Loan Documents.

 

    16

     

    

 

“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 Amendment Agreement.

 

“Material
Litigation” is defined in Section 6.7.

 

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

 

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

 

		b)	three,

 

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

 

“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.

 

    17

     

    

 

“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 Amendment Agreement, the
Subsidiary of the Borrower that (a) directly owns the Equity Interests of the Principal Subsidiary that acquired such Vessel and
(b) delivers an Additional Guarantee.

 

“New
Guarantor Subordination Agreement” means a subordination agreement pursuant to which the Lenders’ rights under the applicable
Additional Guarantee will be fully subordinated in right of payment to the rights of the beneficiaries of the applicable Senior
Guarantee, which subordination agreement shall be in a form and substance substantially the same as the other Subordination Agreements
(reflecting any necessary logical and factual changes), with such changes, or otherwise in a form and substance, reasonably acceptable
to the Administrative 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 Lender” means each Lender that has executed an Option A Refinancing Agreement.

 

“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 F hereto.

 

“Option
B Interest Make-Up Agreement” means an interest make-up agreement entered into between the CIRR Agent 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.

 

    18

     

    

 

“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” is defined in the preamble.

 

“Original
Closing Date” means the date on which the Loan was advanced, which date is July 14, 2011.

 

“Original
Credit Agreement” is defined in the preamble.

 

“Original
Effective Date” means the date the Original Credit Agreement became effective pursuant to Section 11.8, of the
Original Credit Agreement, which date is February 27, 2009.

 

“Original
Floating Rate Margin” means 0.40% 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 the Fourth Amendment Agreement (excluding the Administrative 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 7.1.9(d.) 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 to the Original Credit Agreement 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.

 

    19

     

    

 

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

 

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

 

“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 F
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 Administrative 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 Administrative
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.

 

“Repayment
Date” means each of the dates for payment of the repayment installments of the Loan specified in Exhibit A, as amended
and/or replaced from time to time by the Administrative Agent and the Borrower.

 

“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.

 

“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 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;

 

    20

     

    

  

		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,

 

    21

     

    

 

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).

 

“Reuters
LIBOR01 Page” means the display designated as “Page 01” on the Reuters Money News Service or such other page
as may replace Page 01 on that service for the purpose of displaying rates comparable to that rate or on such other service as
may be nominated by the British Bankers’ Association as the information vendor for the purpose of displaying the British Bankers’
Association Interest Settlement Rates for Dollars).

 

“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 Administrative 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 Administrative 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 Administrative Agent determines (which determination shall be conclusive absent manifest
                                         error), or the Borrower or Required Lenders notify the Administrative 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

 

    22

     

    

 

(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 Administrative 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.

 

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

 

“Second
Amendment Agreement” is defined in the preamble.

 

“Second
Deferral Period” means the period between and, in each case, including (a) the Second Deferred Tranche Effective Date,
and (b) 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
Amendment Agreement.

 

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

 

“Second
Priority Guarantee” means the second priority guarantee granted by the Second Priority Guarantors on or prior to the
Amendment Effective Date (as defined in the Fourth Amendment Agreement) (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 Administrative Agent
for the benefit of the Agents and the Lenders, in each case substantially in the form attached hereto as Exhibit I.

 

“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.

 

    23

     

    

 

“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 Amendment 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 Amendment 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.

 

“Second
Restated Credit Agreement” is defined in the preamble.

 

“Second
Restatement Effective Date” means the date on which all of the conditions to the effectiveness of the amendment and restatement
of the First Restated Credit Agreement in the form of this Agreement, which are set forth in Section 2 of the Amendment Agreement,
are satisfied, which date is January __, 2016.

 

“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). 

 

    24

     

    

 

“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 Amendment 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.

 

“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 First Restatement 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.

 

“Subordination
Agreement” means any subordination agreement with respect to the Second Priority Guarantee or the Third Priority Guarantee
executed by the Administrative 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.

 

“Taxes”
is defined in Section 4.6.

 

“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 July 2, 2008.

 

“Third
Amendment Agreement” means the amendment agreement dated April 22, 2020 and made between the parties hereto pursuant
to which this Agreement was amended.

 

“Third
Priority Assets” means the Vessels known on the date the Fourth Amendment 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 on or prior to the Amendment Effective
Date (as defined in the Fourth Amendment Agreement) (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 Administrative Agent for the benefit of the
Agents and the Lenders, in each case substantially in the form attached hereto as Exhibit J.

 

    25

     

    

 

“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 Amendment 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 Amendment Agreement (being, in aggregate, $1,700,000,000):

 

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

 

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

 

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

 

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

 

“Third
Restated Credit Agreement” is defined in the preamble.

 

“Third
Restatement Effective Date” means the date on which all of the conditions to the effectiveness of the amendment and restatement
of the Third Restated Credit Agreement in the form of this Agreement, which are set forth in Section 3 of the Second Amendment
Agreement, are satisfied.

 

“US
Dollar Equivalent” means any EUR amount converted to a corresponding US dollar amount as determined four (4) Business
Days prior to delivery of the Purchased Vessel 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 USD for
the payment of the final installment of the Contract Price. Such rate of exchange to be evidenced by counterparty confirmations.

 

    26

     

    

 

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

 

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

 

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

 

“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 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 Agent. However, for the purposes of this Agreement,
KfW IPEX will be deemed to have entered into an Option A Refinancing Agreement with the CIRR Agent in the form of Exhibit F. 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 Administrative Agent, references herein to GAAP shall thereafter be construed
to mean IFRS (except as otherwise provided in this Agreement); provided further that if, as a result of (i) any change in GAAP
or IFRS or in the interpretation thereof or (ii) the application by the Borrower of IFRS in lieu of GAAP, in each case, after
the Original Effective Date, 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 Administrative 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 Administrative
Agent that the Borrower requests an amendment to any provision hereof to eliminate such change occurring after the date hereof
in GAAP or the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that
the Required Lenders request an amendment to any provision hereof for such purpose), then such item shall for the purposes of
Section 7.2.4 continue to be determined in accordance with GAAP relating thereto as if GAAP were applied immediately prior
to such change in GAAP or in the interpretation thereof until such notice shall have been withdrawn or such provision amended
in accordance herewith. Notwithstanding the foregoing, all obligations of any person that are or would be characterized as operating
lease obligations in accordance with GAAP on the Third Restatement Effective Date (whether or not such operating lease obligations
were in effect on such date) shall continue to be accounted for as operating lease obligations for the purposes of this Agreement
regardless of any change in GAAP following the Third Restatement Effective Date that would otherwise require such obligations
to be recharacterized (on a prospective or retroactive basis or otherwise) as capital leases.

 

    27

     

    

 

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.

 

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“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).

 

“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 the Original Credit Agreement (including Article
V thereof), each Lender severally made its portion of the Loan pursuant to its Commitment described in Section 2.2
of the Original Credit Agreement.

 

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

 

		a)	On
                                         the terms and subject to the conditions of the Third Amendment Agreement and the Fifth
                                         Amendment Agreement, each Lender severally agrees to make its portion of the Deferred
                                         Tranches pursuant to its Commitment described in Section 2.2(b) of this Agreement.
                                         No Lender’s obligation to make a Deferred Tranche shall be affected by any other Lender’s
                                         failure to make that Deferred Tranche.

 

		b)	Each
                                         Lender will make its portion of the relevant part of the relevant Deferred Tranche available
                                         to the Borrower on the relevant Repayment Date falling during the relevant Advanced Loan
                                         Deferral Period. The commitment of each Lender described in this Section 2.2(b)
                                         (herein referred to as its “Commitment”) shall be the commitment of such Lender
                                         to make available to the Borrower its portion of the relevant Deferred Tranche. The Commitment
                                         referred to above is hereunder expressed as that Lender’s Percentage of the amount of
                                         the relevant Deferred Tranche as at the Second Deferred Tranche Effective Date being
                                         the initial percentage set forth opposite such Lender’s name in Schedule 1 to the Third
                                         Amendment Agreement (in the case of the First Deferred Tranche) and in Schedule 1 of
                                         the Fifth Amendment Agreement (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 (i) the amount set forth as such Lender’s Commitment in the
                                         related Lender Assignment Agreement and (ii) 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 or increased from time to time pursuant to assignments
                                         by or to such Lender pursuant to Section 11.11.1.

 

Notwithstanding
the foregoing, each Lender’s Commitment shall terminate in the case of the First Deferred Tranche, on the last Repayment Date
falling during the First Deferral Period and in the case of the Second Deferred Tranche, on the last Repayment Date falling during
the Second Deferral Period.

 

		c)	If
                                         any Lender shall default in its obligations under Section 2.2(a), the Administrative
                                         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. Any drawings under the Deferred Tranches shall be automatically advanced in the manner
contemplated by Recital (E).

 

SECTION
2.4. Funding. Each Lender may, if it so elects, fulfill its obligation to continue its Loan hereunder by causing
one of its foreign branches or Affiliates (or an international banking facility created by such Lender) to maintain such Loan;
provided that such 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 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
4.3, 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 maintain such Loan. 

 

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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 installments and on the dates set out in Exhibit A, 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)	[RESERVED]

 

		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 reborrowed 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 at least
five Business Days’ (or, if such prepayment is to be made on the last day of an Interest Period for such Loan, four Business Days’)
prior written notice to the Administrative 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 the remaining amount of the Loan) and shall be applied
pro rata in satisfaction of the repayment installments of the Loan set out in Exhibit A.

 

		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.

 

		c)	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 reborrowed
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. 

 

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SECTION
3.3.1. Rates. The Loan (other than the Deferred
Tranches) shall accrue interest from the Original Closing 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. The Loan (other than a Deferred Tranche) 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 (other than the Deferred Tranches). 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. Interest calculated at the Fixed Rate or the Floating Rate shall be payable semi-annually in arrears on the
Repayment Dates set out in Exhibit A. 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 3.1a)) shall become subject to the Floating Rate for the Second
Deferred Tranche as at the time of such deemed repayment). 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)	[RESERVED]

 

		b)	[RESERVED]

 

		c)	By written notice to the Administrative Agent no later
than 2:00 p.m. Frankfurt time 30 days prior to the end of an Interest Period, the Borrower may elect 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 Section 3.3.2.c) may only
be made one time during the term of the Loan.

 

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.

 

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 Administrative
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 and (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.

 

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

 

		a)	each Repayment Date;

 

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

 

		c)	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
Administrative 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 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 Administrative Agent for any such interest rate, the Administrative 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 Administrative 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
or, as the case may be, additional Reference Bank, reasonably acceptable to the Borrower, and such replaced Reference Bank shall
cease to be a Reference Bank hereunder or, as the case may be, such new Reference Bank shall be an additional Reference Bank. The
Administrative 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.

 

SECTION 3.4. [RESERVED] 

 

SECTION 3.4.1.
RESERVED

 

SECTION
3.5. [RESERVED]

 

SECTION 3.5.1.
[RESERVED]

 

SECTION
3.6. [RESERVED]

 

ARTICLE
IV

CERTAIN LIBO RATE AND OTHER PROVISIONS

 

SECTION 4.1. LIBO
Rate Lending Unlawful. If after the Original
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 continue
or maintain the Loan bearing interest at a rate based on the LIBO Rate, the obligation of such Lender to continue or maintain
its Loan bearing interest at a rate based on the LIBO Rate shall, upon notice thereof to the Borrower, the Administrative Agent
and each other Lender, forthwith be suspended until the circumstances causing such suspension no longer exist, provided
that such Lender’s obligation to continue and maintain its Loan hereunder shall be automatically converted into an obligation
to continue and maintain 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.

 

    33

     

    

 

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 Administrative 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 the Refinancing Bank, in the event the Borrower has
elected the Floating Rate pursuant to Section 3.3.2, or the cost to Option B Lenders that in the aggregate hold more than
50% of the aggregate unpaid 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, in each case of obtaining matching deposits in the relevant interbank market for the relevant
Interest Period would be in excess of the LIBO Rate,

 

then the Administrative Agent shall give
notice of such determination (hereinafter called a “Determination Notice”) to the Borrower and each of the Lenders.
The Borrower, the Lenders and the Administrative Agent shall then negotiate in good faith in order to agree upon a mutually satisfactory
interest rate and interest period (or interest periods) to be substituted for those which would otherwise have applied under this
Agreement. If the Borrower, the Lenders and the Administrative Agent are unable to agree upon an interest rate (or rates) and interest
period (or interest periods) prior to the date occurring fifteen (15) Business Days after the giving of such Determination Notice,
the Administrative 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 lesser of (x) the cost to the Refinancing Bank of
funding the portion of the Loan financed by the Refinancing Bank and (y) the weighted average of the corresponding interest
rates at or about 11:00 a.m. (London time) two 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).
The Administrative Agent shall furnish a certificate to the Borrower as soon as reasonably practicable after the Administrative
Agent has given such Determination Notice setting forth such rate. 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 Original 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:

 

    34

     

    

 

		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 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 maintaining 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 Administrative Agent) notify the Borrower of the occurrence of such event and use reasonable efforts (consistent with its internal
policy and legal and regulatory restrictions) to designate a different 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 Administrative Agent for the account of such Lender such amount as is necessary to compensate such
Lender for such additional cost or such reduction and ancillary expenses, including taxes, incurred as a result of such adjustment.
Such notice shall (i) describe in reasonable detail the event leading to such additional cost, together with the approximate date
of the effectiveness thereof, (ii) set forth the amount of such additional cost, (iii) describe the manner in which such amount
has been calculated, (iv) certify that the method used to calculate such amount is 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.

 

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SECTION
4.4. Funding Losses. (a) 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 reemployment (at not less than the market rate)
of deposits or other funds acquired by such Lender to continue or maintain any portion of the principal amount of the Loan as a
result of:

 

		i)	if at the time interest is calculated at the Floating Rate, any
conversion or repayment or prepayment or acceleration of the principal amount 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; 

 

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

 

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

 

		iv)	[RESERVED]; or

 

		v)	[RESERVED]

 

		 	(a
 “Funding Losses Event”) then, upon the written notice of such Lender to the Borrower (with a copy to the Administrative
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, pay directly to the Administrative
Agent an amount (the “Floating Rate Indemnity Amount”) equal to the amount by which:

 

(i)          interest
calculated at the Floating Rate which a 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 a 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.

 

b.    if
at that time interest is calculated at the Fixed Rate, pay to the Administrative Agent for the account of such Lender the sum of
(A) an amount equal to the amount by which:

 

(i)          interest
calculated at the Fixed Rate which a 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 the Loan in full pursuant to Section 3.1,

 

    36

     

    

 

exceeds:

 

(ii)         the
amount by which a 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 US dollars on the Reuters page “ICAP1” (the “Reinvestment
Rate”),

 

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

 

(B)       if
such Lender has entered into an Option B Interest Make-up Agreement, an amount equal to the Floating Rate Indemnity Amount.

 

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 Original
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 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.

 

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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 Administrative Agent an official receipt
or other documentation satisfactory to the Administrative Agent evidencing such payment to such authority; and

 

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

 

Moreover, if any Covered Taxes are directly
asserted against the Administrative Agent or any Lender with respect to any payment received or paid by the Administrative Agent
or such Lender hereunder, the Administrative 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.

 

If the Borrower fails to pay any Covered
Taxes when due to the appropriate taxing authority or fails to remit to the Administrative Agent for the account of the respective
Lenders the required receipts or other required documentary evidence, the Borrower shall indemnify the Lenders for any incremental
withholding 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 Administrative Agent or any Lender to or for the account of any Lender shall be deemed a payment by the Borrower.

 

If any Lender is entitled to any refund,
credit, deduction or other reduction in tax by reason of any payment made by the Borrower in respect of any 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.

 

    38

     

    

 

Each Lender (and each Participant) agrees
with the Borrower and the Administrative Agent that it will (i) in the case of a Lender or a Participant organized under the laws
of a jurisdiction other than the United States (a) provide to the Administrative Agent and the Borrower an appropriately executed
copy of Internal Revenue Service Form W-8ECI certifying that any payments made to or for the benefit of such Lender or such Participant
are effectively connected with a trade or business in the United States (or alternatively, an Internal Revenue Service Form W-8BEN
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 Administrative Agent and the Borrower if the certifications made on
any form provided pursuant to this paragraph are no longer accurate and true in all material respects and (c) provide such other
tax forms or other documents as shall be prescribed by applicable law, if any, or as otherwise reasonably requested, to demonstrate,
to the extent applicable, that payments to such Lender (or Participant) hereunder are exempt from withholding under FATCA, and
(ii) in all cases, provide such forms, certificates or other documents, 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 or
such Participant, provided that the Lender or Participant is legally able to deliver such forms, certificates or other documents.
For any period with respect to which a Lender (or 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.

 

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 Administrative
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 Original 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.

 

    39

     

    

 

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 Administrative Agent for the pro rata account of the Lenders entitled to receive such payment. All such payments required
to be made to the Administrative Agent shall be made, without setoff, 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 Administrative 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) (i) Each Option A Lender hereby
instructs the Administrative 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 less the Fixed Rate Margin if interest on the Loan made by that Lender is then calculated
at the Fixed Rate and less the applicable Floating Rate Margin if interest on that Loan (or any part thereof) is then calculated
at the Floating Rate.

 

(ii) Each Option B Lender hereby
instructs the Administrative Agent, with respect to any portion of the Loan held by such Option B Lender, to pay to the CIRR Agent
interest thereon at the Fixed Rate, if interest on such portion of the Loan is then calculated at the Fixed Rate, and to pay directly
to such Lender interest thereon at the Floating Rate, if interest on such portion of the Loan is then calculated at the Floating
Rate.

 

c) The Administrative 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 Administrative Agent
for the account of such Lender without any setoff, 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.

 

    40

     

    

 

SECTION
4.9. Replacement Lenders, etc. If the Borrower shall be required to make any payment to any
Lender pursuant to Section 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) prepay the affected portion of such Lender’s Loans in full, together with accrued
interest thereon through the date of such prepayment (provided that the Borrower shall not prepay any such Lender pursuant to this
clause (a) without replacing such Lender pursuant to the following clause (b) until a 30-day period shall have elapsed during which
the Borrower and the Administrative Agent shall have attempted in good faith to replace such Lender), and/or (b) replace such Lender
with another financial institution reasonably acceptable to the Administrative Agent, provided that (i) each such assignment shall
be either an assignment of all of the rights and obligations of the assigning Lender under this Agreement or an assignment of a
portion of such rights and obligations made concurrently with another such assignment or other such assignments that together cover
all of the rights and obligations of the assigning Lender under this Agreement and (ii) no Lender shall be obligated to make any
such assignment as a result of a demand by the Borrower pursuant to this Section unless and until such Lender shall have received
one or more payments from either the Borrower or one or more 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.

 

SECTION
4.10. Sharing of Payments. If any Lender shall obtain any payment or other recovery (whether voluntary, involuntary, by application of setoff or otherwise)
on account of the Loan (other than pursuant to the terms of Sections 4.3, 4.4, 4.5, 4.6 and 4.7)
in excess of its pro rata share of payments then or therewith obtained by all Lenders, such Lender shall purchase from
the other Lenders such participations in the Loan made by them as shall be necessary to cause such purchasing Lender to share
the excess payment or other recovery ratably with each of them; provided that if all or any portion of the excess payment
or other recovery is thereafter recovered from such purchasing Lender, the purchase shall be rescinded and each Lender which has
sold a participation to the purchasing Lender shall repay to the purchasing Lender the purchase price to the ratable extent of
such recovery together with an amount equal to such selling Lender’s ratable share (according to the proportion of (a) the
amount of such selling Lender’s required repayment to the purchasing Lender to (b) the total amount so recovered
from the purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount
so recovered. The Borrower agrees that any Lender so purchasing a participation from another Lender pursuant to this Section may,
to the fullest extent permitted by law, exercise all its rights of payment (including pursuant to Section 4.11) with respect
to such participation as fully as if such Lender were the direct creditor of the Borrower in the amount of such participation.
If under any applicable bankruptcy, insolvency or other similar law, any Lender receives a secured claim in lieu of a setoff to
which this Section applies, such Lender shall, to the extent practicable, exercise its rights in respect of such secured claim
in a manner consistent with the rights of the Lenders entitled under this Section to share in the benefits of any recovery on
such secured claim.

 

SECTION
4.11. Setoff. 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 the Borrower 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 Administrative Agent after any such setoff and application made by such Lender; provided that the failure
to give such notice shall not affect the validity of such setoff and application. The rights of each Lender under this Section
are in addition to other rights and remedies (including other rights of setoff under applicable law or otherwise) which such Lender
may have.

 

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SECTION
4.12. Use of Proceeds. The Original Borrower
applied the proceeds of the Loan (other than the Deferred Tranches) in accordance with Recital (E); 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. The Deferred
Tranches shall be used for the purpose set out in Recital (E).

 

ARTICLE
V

CONDITIONS PRECEDENT

 

SECTION
5.1. Advance of the Loan. The obligation of the
Lenders to fund the Loan made on the Original Closing Date was subject to the prior or concurrent satisfaction of each of the conditions
precedent set forth in Section 5.1 of the Original Credit Agreement.

 

SECTION
5.2. [Intentionally omitted]. 

 

SECTION
5.3. CIRR Requirements.

 

The Borrower acknowledges that:

 

(i)          
the government of the Federal Republic of Germany, the Federal Audit Court or any authorized representatives specified by these
bodies shall be authorized at any time to inspect and make or demand copies of the records, accounts, documents and other deeds
of the Lenders;

 

(ii)         
in the course of its activity as the Administrative Agent, the Administrative Agent may:

 

(a)       provide
the government of the Federal Republic of Germany with information concerning the transactions to be handled by it; and

 

(b)       disclose
information concerning the subsidized transaction in the context of internationally agreed consultation/notification proceedings
and statutory specifications,

 

including information received
from the Lenders; and

 

(iii)       
the Administrative 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;

 

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(c)       any
information required by the Refinancing Bank with respect to the proper use of any refinancing funds granted to the respective
Lender; 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.

 

ARTICLE
VI

REPRESENTATIONS AND WARRANTIES

 

To induce the Lenders and the Administrative
Agent to enter into the Third Amendment Agreement and the Fifth Amendment Agreement and to make the Deferred Tranches hereunder,
the Borrower represents and warrants to the Administrative Agent and each Lender as set forth in this Article VI as of the
First Deferred Tranche Effective Date, the Second Deferred Tranche Effective Date, the date of each deemed advance of any portion
of a Deferred Tranche and on the Guarantee Release Date (except as otherwise stated).

 

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

 

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 Second Restatement
Effective Date or that have been obtained or actions not required to be taken on or prior to the Second Restatement Effective 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 Second Restatement Effective Date, except to the extent the failure to hold any such licenses, permits
or other approvals would not have a Material Adverse Effect.

 

    43

     

    

 

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.

 

		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. The Purchased Vessel
is:

 

		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),

 

    44

     

    

 

		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.	chartered exclusively to or operated exclusively by the Borrower
or one of the Borrower’s wholly owned Subsidiaries, except as otherwise permitted pursuant to Section 7.1.4.

 

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.

 

SECTION
6.10. 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 Original Closing Date that
have been made).

 

SECTION
6.11. 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
6.12. 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
6.13. 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
6.14. Accuracy of Information. All financial
projections, if any, that have been or shall be furnished to the Administrative Agent and the Lenders in writing by or on behalf
of the Borrower by its chief financial officer, treasurer or corporate controller in connection with this Agreement have been or
will be prepared in good faith based upon assumptions believed by the Borrower to be reasonable at the time made (it being understood
that such projections are subject to significant uncertainties and contingencies, many of which are beyond the Borrower’s control,
and that no assurance can be given that the projections will be realized). All financial and other information furnished to the
Administrative Agent and the Lenders in writing by or on behalf of the Borrower by its chief financial officer, treasurer or corporate
controller after the date of this Agreement shall have been prepared by the Borrower in good faith.

 

ARTICLE
VII

COVENANTS

 

SECTION
7.1. Affirmative Covenants. The Borrower agrees
with the Administrative Agent and each Lender that, until all Obligations have been paid in full, the Borrower will perform the
obligations set forth in this Section 7.1.

 

    45

     

    

 

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

 

		a.	as soon as available and in any event within 60 days after the
end of each of the first three Fiscal Quarters of each Fiscal Year of the Borrower, a copy of the Borrower’s report on Form 10-Q
(or any successor form) as filed by the Borrower with the 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 Administrative Agent);

 

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

 

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

 

		f.	[RESERVED];

 

		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 Administrative Agent may from time
to time reasonably request;

 

		i.	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 Administrative 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); 

 

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		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) (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 Administrative Agent); 

 

		k.	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); 

 

		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) 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 Administrative Agent); 

 

		n.	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 Administrative Agent of that Restricted Voluntary Prepayment (which notice shall set out in reasonable detail
the terms of that Restricted Voluntary Prepayment); and

 

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		o.	as soon as the Borrower becomes aware thereof, notice (with a
copy of the Hermes Agent and Hermes) of any matter that has, or may, result in a breach of Section 7.1.10; and

 

		p.	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 the letter of the Borrower issued
pursuant to the Fifth Amendment Agreement, 

 

provided that information
required to be furnished to the Administrative Agent under subsections (a.), (b.), (g.) and (p.) of this Section 7.1.1 shall be
deemed furnished to the Administrative Agent when available free of charge on the Borrower’s website at http://www.rclinvestor.com
or the 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

 

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		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.	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) for a time charter
not to exceed one year in duration; 

 

		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.	[RESERVED] 

 

		d.	[RESERVED]

 

SECTION
7.1.5. Insurance. The Borrower will, or will cause one
or more of its Subsidiaries to, maintain or cause to be maintained with responsible insurance companies insurance with respect
to 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 Administrative Agent, furnish to the Administrative Agent (with sufficient copies for distribution to each Lender)
at reasonable intervals a certificate of a senior officer of the Borrower setting forth the nature and extent of all insurance
maintained or caused to be maintained by the Borrower and the Subsidiaries 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 Administrative Agent and each Lender
or any of their respective representatives, at reasonable times and intervals and upon reasonable prior notice, to visit each of
its offices, to discuss its financial matters with its officers and to examine any of its books or other corporate records.

 

SECTION
7.1.7. Hermes Insurance Policy. The Borrower shall, on
the reasonable request of the Hermes Agent or the Administrative 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 Administrative 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 Administrative
Agent the amount of all reasonable costs and expenses reasonably incurred by the Hermes Agent or the Administrative 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 Agent incurs any such cost or expense.

 

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

 

		a.	the Borrower shall enter into similar debt deferral, covenant
amendment and replacement and mandatory prepayment arrangements to those contemplated by the Fifth Amendment 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 Amendment 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 Hermes
under this Agreement;

 

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

 

		c.	to enable the Borrower to comply with the requirements under paragraph
(d.) below, prior to any Group Member entering into any Restricted Credit Enhancement with a Pari Passu Creditor (other than a
Restricted Credit Enhancement granted in accordance with Section 7.2.9(a)(ii)), the Borrower shall promptly notify the Administrative
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 Administrative Agent); and

 

		d.	at the same time as any relevant Restricted Credit Enhancement
is provided to the relevant Pari Passu Creditor, the Borrower (other than a Restricted Credit Enhancement granted in accordance
with Section 7.2.9(a)(ii)), any relevant Group Member and the Lenders shall enter into such documentation as may be necessary in
the reasonable opinion of the Administrative Agent to ensure that the Lenders benefit from that Restricted Credit Enhancement on
the same terms as the relevant Pari Passu Creditor(s) and, where that Restricted Credit Enhancement is a Lien or a Group Member
Guarantee, to share in that Lien or Group Member Guarantee on a pari passu basis (and the Lenders agree to enter into such intercreditor
documentation to reflect such pari passu ranking (in a form and substance satisfactory to the Lenders (acting reasonably)) as may
be required in connection with such arrangements). 

 

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SECTION
7.1.10. 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 7.1.10 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 Administrative Agent and each Lender that, until 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 First Restatement 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(c), 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];

 

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

 

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

 

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 First Restatement Effective Date) acquired after the
First Restatement 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)	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;

 

		(d)	Liens on assets acquired after the First Restatement 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;

 

		(e)	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 First Restatement Effective Date so long as (i) the
acquisition or creation of such corporation by the Borrower is not otherwise prohibited by the terms of this Agreement and (ii)
such Liens are in existence at the time such corporation becomes a Subsidiary of the Borrower and were not created by the Borrower
or any of its Subsidiaries in anticipation thereof;

 

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		(f)	Liens securing Government-related Obligations;

 

		(g)	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;

 

		(h)	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;

 

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

 

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

 

		(k)	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;

 

		(l)	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 (l), such Liens are either (x) discharged in the ordinary course of business
or (y) being diligently contested in good faith by appropriate proceedings;

 

		(m)	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;

 

		(n)	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;

 

		(o)	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

 

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		(ii)	letters of credit that support such obligations;

 

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

 

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

 

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

 

		(s)	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 (d.) 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.

 

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 favoured 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 Administrative 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 Administrative
Agent prior to the date of the Fifth Amendment 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 December 31, 2022, the Borrower shall notify the Administrative Agent.

 

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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(l.) with respect to such month is delivered to the Administrative Agent (it being understood that
the Borrower shall not be required to comply with this Section 7.2.4(C) at any time on or after the Covenant Modification Date).

 

SECTION 7.2.5.
Additional Undertakings From the effectiveness of
the Fourth Amendment 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;

 

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		(B)	if the fair market value thereof, together with the fair
market value of all other Dispositions of First Priority Assets made after the effectiveness of the Fourth Amendment 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) 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 Amendment
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 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

 

		(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 Amendment 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 Amendment
Agreement.

 

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

 

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

 

		(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 Amendment 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:

 

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		(x)	$250,000,000 plus

 

		(y)	the fair market value of any asset (other than (1) current assets, intercompany debt or equity
instruments and (2) 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 Amendment 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.

 

		(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 Administrative Agent shall have contemporaneously entered into
a New Guarantor Subordination Agreement; and

 

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

 

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

 

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

 

		(C)	notwithstanding any other provision of this Agreement, the Borrower will not, and shall procure
that no other Subsidiary shall, Dispose 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.

 

		(e)	Further Assurances. At the Borrower’s reasonable request, the Administrative Agent shall
execute (i) any Additional Subordination Agreement or any Subordination Agreement, in substantially the form attached hereto as
Exhibit K or Exhibit L with such changes, or otherwise in form and substance, reasonably satisfactory to the Administrative 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;

 

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

 

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

 

		(g)	Release of Guarantees. The Borrower agrees to give the Administrative Agent written notice
of the occurrence of any First Priority Release Event, Second Priority Release Event or Third Priority Release Event. The Administrative
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, subject to the
proviso (2) below, that upon the Borrower’s request, the Administrative 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 O (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 Administrative 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 endeavours 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 Administrative Agent and the Hermes Agent. Upon receipt of this further notice, the provisions of this paragraph
(g) shall once again apply and the Administrative 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, 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:

 

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

 

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

 

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

 

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

 

		(C)	as soon as practicable after receiving notice from the Borrower of such merger, and in any event
no later than five Business Days after the delivery of such notice, for a surviving corporation that is organized under the laws
of a jurisdiction other than of the United States or a political subdivision thereof or Liberia, any Lender that may not legally
lend to, establish credit for the account of and/or do any business whatsoever with such surviving corporation, either directly
or through an Affiliate of such Lender (a “Protesting Lender”) shall so notify the Borrower and the Administrative Agent
in writing. With respect to each Protesting Lender, the Borrower shall, effective on or before the date that such surviving corporation
shall have the right to borrow hereunder, notify the Administrative Agent and such Protesting Lender 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.

 

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

 

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

 

SECTION
7.2.9. Framework Lien and Guarantee Restriction. From the Second Deferred Tranche Effective Date until the Guarantee Release
Date, and without prejudice to Section 7.2.3, the Borrower shall not (and shall procure that each other Group Member shall not,
save in respect of a Restricted Credit Enhancement of the type referred to in Section 7.1.9(d.) (and in respect of which the Lenders
therefore receive the benefit)):

 

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

 

		(i)	subject to the limitations set out in paragraph (ii)
below, this paragraph (i) 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

 

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		(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

 

		(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(e.) through
to (s.) inclusive, provided, however, that the proviso at the end of Section 7.2.3(e.) (as applicable) 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 7.2.9(a.)(i)
above but excluding any Permitted Refinancing Indebtedness in connection with paragraph 7.2.9(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 no
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 relevant provisions of Exhibit O 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 O, which shall become part of this Agreement and effective and binding on all parties hereto.

 

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 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.

 

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.i., Section 7.1.1.j., Section
7.1.1.m., Section 7.1.1.n., Section 7.1.1.o., Section 7.1.8, Section 7.1.9, Section 7.1.10, and 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
7.2.4(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 Administrative Agent (or, if (a) such default is capable of being remedied
within 30 days (commencing on the first day following such five-day period) and (b) the Borrower is actively seeking to remedy
the same during such period, such default shall continue unremedied for at least 35 days after such notice to the Borrower).

 

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

 

		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
Administrative Agent and each Lender to appear in any court conducting any relevant proceeding during such 60-day period to preserve,
protect and defend their respective rights under the Loan Documents;

 

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		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, such Material Guarantor or any of such Subsidiaries, and, if any such
case or proceeding is not commenced by the Borrower, any 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 Administrative Agent and each Lender to appear in any court conducting any such case or proceeding during such 60-day
period to preserve, protect and defend their respective rights under the Loan Documents; or

 

		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 advance of the Deferred
Tranches (and accordingly all book entries related to such deemed advance) 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 the Fifth Amendment Agreement and (ii) any Deferred Tranches which,
at that time, are unutilised shall be automatically cancelled.

 

SECTION
8.3. Action if Other Event of Default. If any
Event of Default (other than any Event of Default described in clauses (b.) through (d.) of Section 8.1.5
with respect to the Borrower) shall occur for any reason, whether voluntary or involuntary, and be continuing, the Administrative
Agent, upon the direction of the Required Lenders, shall by notice to the Borrower declare the outstanding principal amount of
the Loan and other Obligations to be immediately due and payable and/or the Commitment (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.

 

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”.

 

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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 Original
Closing Date opinion of the Borrower’s counsel set forth as Exhibit D-1 or in any opinion delivered to the Administrative Agent
after the Original 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
Administrative Agent.

 

SECTION 9.1.4.
Approvals. Any material license, consent, authorization,
registration or approval at any time necessary to 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 Section 4.12 or Section
7.2.4 (but excluding Sections 7.2.4(A) and 7.2.4(B) (which shall be regulated in accordance with Section 9.1.12(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.

 

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.

 

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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.
[RESERVED]. 

 

SECTION 9.1.10.
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 9.1.11.
[RESERVED]. 

 

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.i., Section 7.1.1.j., Section 7.1.1.m., Section 7.1.1.n., Section 7.1.1.o, 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
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 Administrative
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 Administrative 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 Administrative Agent.

 

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SECTION
9.2. Mandatory Prepayment. If any Prepayment
Event shall occur and be continuing, the Administrative Agent, upon the direction of the Required Lenders, shall by notice to the
Borrower (a) require the Borrower to prepay in full on the date of such notice all principal of and interest on the 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) except in the case of a Prepayment Event under Section 9.1.12 or Section 9.1.13, terminate the Commitments (if
not theretofore terminated), (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 Administrative 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 ADMINISTRATIVE AGENT AND THE HERMES AGENT

 

SECTION
10.1. Actions. Each Lender hereby appoints KfW
IPEX, as Administrative 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 Administrative 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.

 

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.

 

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SECTION
10.3. Funding Reliance, etc. Each Lender shall
notify the Administrative 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 Administrative 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 Administrative Agent may assume that such Lender
has made such amount available to the Administrative 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 Administrative Agent, such Lender and the Borrower severally agree to repay the Administrative Agent forthwith
on demand such corresponding amount together with interest thereon, for each day from the date the Administrative Agent made such
amount available to the Borrower to the date such amount is repaid to the Administrative 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 Administrative 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 Administrative Agent has been appointed as provided in this Section 10.5 and
such successor Administrative Agent has accepted such appointment. If the Administrative 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 Administrative Agent which shall thereupon become such Administrative
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
Administrative Agent). If no successor Administrative Agent shall have been so appointed by the Required Lenders, and shall have
accepted such appointment, within 30 days after the Administrative Agent’s giving notice of resignation, then the Administrative
Agent may, on behalf of the Lenders, appoint a successor Administrative 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 Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall be entitled to
receive from the resigning Administrative Agent such documents of transfer and assignment as such successor Administrative Agent
may reasonably request, and shall thereupon succeed to and become vested with all rights, powers, privileges and duties of the
resigning Administrative Agent, and the resigning Administrative Agent shall be discharged from its duties and obligations under
this Agreement. After any resigning Administrative Agent’s resignation hereunder as the Administrative 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 Administrative 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 Administrative
Agent assigns its Loan to one of its Affiliates, such Administrative Agent may, subject to the consent of the Borrower (such consent
not to be unreasonably withheld or delayed) assign its rights and obligations as Administrative Agent to such Affiliate.

 

SECTION
10.6. Loans by the Administrative Agent. The
Administrative Agent shall have the same rights and powers with respect to the Loan made by it or any of its Affiliates. The Administrative
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 Administrative Agent were not the Administrative Agent hereunder and without any duty
to account therefor to the Lenders. The Administrative 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 Administrative 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 Administrative 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 Administrative Agent’s Duties. The
Administrative 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 other 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 Administrative Agent has actual
knowledge.

 

The Administrative 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 Administrative Agent in its capacity as the Administrative Agent. Any information acquired by the Administrative Agent other
than specifically in its capacity as the Administrative Agent shall not be deemed to be information acquired by the Administrative
Agent in its capacity as the Administrative Agent.

 

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

 

SECTION
10.13. Reimbursement. The Administrative Agent
shall have no liability to pay any sum to a Lender until it has itself received payment of that sum. If, however, the Administrative
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 Administrative Agent does not in fact receive payment within five (5) Business
Days after the date on which that payment was required to be made by the terms of this Agreement or the Loan Documents, that Lender
will, on demand by the Administrative Agent, refund to the Administrative Agent an amount equal to the amount received by it, together
with an amount sufficient to reimburse the Administrative Agent for any amount which the Administrative 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 Administrative 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 Administrative 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 Administrative Agent.

 

SECTION
10.16. “Know your customer” Checks.
Each Lender shall promptly upon the request of the Administrative Agent supply, or procure the supply of, such documentation and
other evidence as is reasonably requested by the Administrative Agent (for itself) in order for the Administrative 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.

 

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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.

 

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.	[RESERVED]

 

		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 Administrative Agent in its capacity
as such shall be made without consent of the Administrative Agent.

 

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

 

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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 to the Amendment Agreement 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 Administrative Agent, the Borrower may provide to the Administrative Agent all information, documents
and other materials that it furnishes to the Administrative Agent hereunder or any other Loan Document (and any guaranties, security
agreements and other agreements relating thereto), including, without limitation, all notices, requests, financial statements,
financial and other reports, certificates and other materials, but excluding any such communication that (i) relates to a request
for a new, or a conversion of an existing 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 Administrative Agent at celine.brochard@kfw.de
and maritime-industries-administration@kfw.de (or such other email address notified by the Administrative 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 Administrative Agent.

 

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

 

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

 

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SECTION
11.3. Payment of Costs and Expenses. The Borrower agrees to
pay on demand all reasonable expenses of the Administrative Agent (including the reasonable fees and out-of-pocket expenses of
counsel to the Administrative Agent and of local counsel, if any, who may be retained by counsel to the Administrative 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 reasonable fees and out of pocket expenses of counsel to the Administrative Agent in connection
with the funding under this Agreement. The Borrower further agrees to pay, and to save the Administrative Agent and the Lenders
harmless from all liability for, any stamp, recording, documentary or other similar taxes 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 Administrative Agent and each Lender upon demand for all reasonable out-of-pocket expenses (including reasonable attorneys’
fees and legal expenses) incurred by the Administrative 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 Administrative 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. 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.

 

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 Administrative
                                         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, or sell participations in, its Loan to one or more other Persons (a “New Lender”);
provided that such New Lender enters into an Interest Make-Up Agreement; and provided further that 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) 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, up to 50.0% of the aggregate principal amount of the
Loan and (B) after having assigned or transferred, when taken together with participations sold by KfW IPEX pursuant to Section
11.11.2, 50.0% of the Loan (pursuant to the foregoing clause (A) 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 Loan.

 

(ii)
Any Lender (other than KfW IPEX) with the written consents of the Borrower and the Administrative 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 Administrative 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 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.

 

(iii)
Any Lender, with notice to the Borrower and the Administrative Agent, and, notwithstanding the foregoing clauses (i) and
(ii), without the consent of the Borrower, or the Administrative 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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(iv)
Any Lender may (notwithstanding the foregoing clauses, and without notice to, or consent from, the Borrower or the Administrative
Agent) assign or charge all or any portion of its Loan to any Federal Reserve Bank as collateral security pursuant to Regulation
A of the F.R.S. Board and any Operating Circular issued by such Federal Reserve Bank all or any fraction of such Lender’s 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.

 

(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 Hermes and has obtained a prior written consent from Hermes.

 

(vi)
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 Loan and Commitment) (which assignment or transfer shall be of a constant, and not a varying, percentage of such
Lender’s Loan) are permitted; provided that the Borrower and the Administrative 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 Administrative Agent by such Lender and such Assignee Lender; 

 

		b.	such
                                         Assignee Lender shall have executed and delivered to the Borrower and the Administrative
                                         Agent a Lender Assignment Agreement, accepted by the Administrative Agent; and

 

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

 

From
and after the date that the Administrative 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 4.3, 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 Administrative Agent upon delivery of any Lender Assignment Agreement in the amount of $2,000 (and shall also reimburse
the Administrative Agent 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;

 

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

 

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

 

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

 

		e.	the
                                         Borrower shall not be required to pay any amount under Sections 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 (and stated
                                         interest on) each of the Participant’s interest in the Lender’s Advances, Commitments
                                         or other interests hereunder (the “Participant Register”). The entries
                                         in the Participant Register shall be conclusive absent manifest error, and such Lender
                                         may treat each person whose name is recorded in the Participant Register as the owner
                                         of such participation for all purposes hereunder.

 

		g.	KfW
                                         IPEX may not sell participating interests pursuant to this Section 11.11.2 aggregating,
                                         when taken together with Loans and/or Commitments sold by KfW IPEX pursuant to Section
                                         11.11.1, more than 50.0% of the aggregate principal amount of the Loan 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 4.3, 4.4, 4.5, 4.6
and clause (e.) of 7.1.1, shall be considered a Lender.

 

SECTION
11.11.3. Register. The Administrative 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 Administrative Agent and the Lenders may treat each Person whose name is recorded
in the Register as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the
Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice.

 

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

 

SECTION
11.13. Hermes Insurance Policy.

 

SECTION
11.13.1. Terms of Hermes Insurance Policy

 

		(a)	95%
                                         cover of the Loan.

 

		(b)	The
                                         Hermes Fee will not exceed 2.3% of the Loan as advanced on the Original Closing Date.

 

		(c)	The
                                         parties entered into the Original Credit Agreement on the basis that the Hermes Insurance
                                         Policy contained the terms set forth in Section 11.13.1 of the Original Credit Agreement
                                         including, but not limited to, the following:

 

		(i)	if
                                         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 all or 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 an administration fee (such fee
                                         to be no greater than 5% of the amount refunded but in any event not exceeding EUR2,500).
                                         

 

SECTION
11.13.2. 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 Administrative Agent on behalf of the Borrower has paid the Hermes Debt Deferral
Extension Premium to Hermes, by way of reimbursement to the Administrative 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
11.13.3. 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 as necessary to ensure that the Lenders obtain the support of Hermes
                                         pursuant to the Hermes Insurance Policy.

 

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		(c)	The
                                         Hermes Agent shall:

 

		(i)	make
                                         written requests to Hermes seeking a reimbursement of the Hermes Fee in the circumstances
                                         described in Section 11.13.1(c)(i) 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;

 

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

 

		(iii)	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

 

		(iv)	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.

 

		(d)	Each
                                         Lender will cooperate with the Hermes Agent, the Administrative 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 Administrative 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 Administrative 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.

 

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SECTION
11.14.4. Service of Process. Without prejudice to the right of the Administrative 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 Administrative 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
Administrative 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 Administrative Agent, any Lender or any of their respective Affiliates is subject or in connection
with an examination of the Administrative 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 Administrative 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 Administrative Agent or
such Lender’s independent auditors, counsel, and any other professional advisors of the Administrative 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 Administrative Agent and the Lenders hereunder;
(H) as to the Administrative 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 Administrative 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 Administrative Agent and the Lenders hereunder; and (J) to any other
party to the Agreement. Each of the Administrative 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. Modification and/or Discontinuation of
Benchmarks.

 

		(a)	If
                                         a Screen Rate Replacement Event has occurred then, promptly thereafter, the Administrative
                                         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 Administrative 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 Administrative Agent written notice that such Lenders does 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 Administrative Agent, such Benchmark Successor Rate shall be applied
                                         in a manner as otherwise reasonably determined by the Administrative Agent.

 

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		(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 Administrative
                                         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.

 

		(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 Administrative 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.

 

		(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 Administrative Agent for the amount of all costs and expenses
                                         (including legal fees) reasonably incurred by the Administrative Agent in responding
                                         to, evaluating, negotiating or complying with the requirements set out in that paragraph.

 

[REMAINDER
OF PAGE INTENTIONALLY BLANK]

 

    84

     

    

 

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 

    85

     

    

 

		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;

		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.

 

    86

     

    

 

[Signature
Pages Follow]

 

    87

     

    

 

Exhibit
A
 Repayment Schedule

 

Loan
(other than Deferred Tranches)
 Payments 10
to 11 fall in the Deferral Period I
 Payments
12 to 13 fall in the Deferral Period II

 

US
Dollars ($)

 

	  No.
	 	 	Repayment Dates	 	Balance	 	 	Principal	 
	0	 	 	8-Apr-2015	 	$	742,101,104.98	 	 	$	0.00	 
	1	 	 	8-Oct-2015	 	$	711,180,225.60	 	 	$	30,920,879.38	 
	2	 	 	8-Apr-2016	 	$	680,259,346.22	 	 	$	30,920,879.38	 
	3	 	 	8-Oct-2016	 	$	649,338,466.84	 	 	$	30,920,879.38	 
	4	 	 	8-Apr-2017	 	$	618,417,587.46	 	 	$	30,920,879.38	 
	5	 	 	8-Oct-2017	 	$	587,496,708.08	 	 	$	30,920,879.38	 
	6	 	 	8-Apr-2018	 	$	556,575,828.70	 	 	$	30,920,879.38	 
	7	 	 	8-Oct-2018	 	$	525,654,949.32	 	 	$	30,920,879.38	 
	8	 	 	8-Apr-2019	 	$	494,734,069.94	 	 	$	30,920,879.38	 
	9	 	 	8-Oct-2019	 	$	463,813,190.56	 	 	$	30,920,879.38	 
	10	 	 	8-Apr-2020	 	$	432,892,311.18	 	 	$	30,920,879.38	 
	11	 	 	8-Oct-2020	 	$	401,971,431.80	 	 	$	30,920,879.38	 
	12	 	 	8-Apr-2021	 	$	371,050,552.42	 	 	$	30,920,879.38	 
	13	 	 	8-Oct-2021	 	$	340,129,673.04	 	 	$	30,920,879.38	 
	14	 	 	8-Apr-2022	 	$	309,208,793.66	 	 	$	30,920,879.38	 
	15	 	 	8-Oct-2022	 	$	278,287,914.28	 	 	$	30,920,879.38	 
	16	 	 	8-Apr-2023	 	$	247,367,034.90	 	 	$	30,920,879.38	 
	17	 	 	8-Oct-2023	 	$	216,446,155.52	 	 	$	30,920,879.38	 
	18	 	 	8-Apr-2024	 	$	185,525,276.14	 	 	$	30,920,879.38	 
	19	 	 	8-Oct-2024	 	$	154,604,396.76	 	 	$	30,920,879.38	 
	20	 	 	8-Apr-2025	 	$	123,683,517.38	 	 	$	30,920,879.38	 
	21	 	 	8-Oct-2025	 	$	92,762,638.00	 	 	$	30,920,879.38	 
	22	 	 	8-Apr-2026	 	$	61,841,758.62	 	 	$	30,920,879.38	 
	23	 	 	8-Oct-2026	 	$	30,920,879.24	 	 	$	30,920,879.38	 
	24	 	 	8-Apr-2027	 	$	0.00	 	 	$	30,920,879.24	 
	 	 	 	 	 	 	 	 	 	$	742,101,104.98	 

 

    88

     

    

 

Deferred
Tranche I
 Payments 1 to 2 fall in the
Deferral Period II

 

US
Dollars ($)

 

	  No.
	 	 	Repayment Dates	 	Balance	 	 	Principal	 
	0	 	 	8-Apr-2020	 	$	30,920,879.38	 	 	$	0.00	 
	0	 	 	8-Oct-2020	 	$	61,841,758.76	 	 	$	0.00	 
	1	 	 	8-Apr-2021	 	$	54,111,538.91	 	 	$	7,730,219.85	 
	2	 	 	8-Oct-2021	 	$	46,381,319.06	 	 	$	7,730,219.85	 
	3	 	 	8-Apr-2022	 	$	38,651,099.21	 	 	$	7,730,219.85	 
	4	 	 	8-Oct-2022	 	$	30,920,879.36	 	 	$	7,730,219.85	 
	5	 	 	8-Apr-2023	 	$	23,190,659.51	 	 	$	7,730,219.85	 
	6	 	 	8-Oct-2023	 	$	15,460,439.66	 	 	$	7,730,219.85	 
	7	 	 	8-Apr-2024	 	$	7,730,219.81	 	 	$	7,730,219.85	 
	8	 	 	8-Oct-2024	 	$	0.00	 	 	$	7,730,219.81	 
	 	 	 	 	 	 	 	 	 	$	61,841,758.76	 

        
          

Deferred
Tranche II

 

US
Dollars ($)

 

	  No.
	 	 	Repayment Dates	 	Balance	 	 	Principal	 
	0	 	 	8-Apr-2021	 	$	38,651,099.23	 	 	$	0.00	 
	0	 	 	8-Oct-2021	 	$	77,302,198.46	 	 	$	0.00	 
	1	 	 	8-Apr-2022	 	$	69,571,978.60	 	 	$	7,730,219.86	 
	2	 	 	8-Oct-2022	 	$	61,841,758.74	 	 	$	7,730,219.86	 
	3	 	 	8-Apr-2023	 	$	54,111,538.88	 	 	$	7,730,219.86	 
	4	 	 	8-Oct-2023	 	$	46,381,319.02	 	 	$	7,730,219.86	 
	5	 	 	8-Apr-2024	 	$	38,651,099.16	 	 	$	7,730,219.86	 
	6	 	 	8-Oct-2024	 	$	30,920,879.30	 	 	$	7,730,219.86	 
	7	 	 	8-Apr-2025	 	$	23,190,659.44	 	 	$	7,730,219.86	 
	8	 	 	8-Oct-2025	 	$	15,460,439.58	 	 	$	7,730,219.86	 
	9	 	 	8-Apr-2026	 	$	7,730,219.72	 	 	$	7,730,219.86	 
	10	 	 	8-Oct-2026	 	$	0.00	 	 	$	7,730,219.72	 
	 	 	 	 	 	 	 	 	 	$	77,302,198.46	 

 

    89

     

    

 

Exhibit
B

Framework

 

    90

     

    

 

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 

         

 

    91

     

    

 

	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 

 

    92

     

    

 

	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? 

 

    93

     

    

 

	 	 	 
	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.

 

    94

     

    

 

Exhibit
D

Replacement Covenants with effect from the Guarantee
Release Date

 

    95

     

    

 

Exhibit R

 

Replacement covenants with effect from
the Guarantee Release Date

 

It is acknowledged and agreed, with effect
from the Guarantee Release Date, this Agreement shall be amended as follows:

 

"incur" means
to create, incur, assume, guarantee or otherwise become directly or indirectly liable and "incurred" or "incurrence"
shall have a correlative meaning.

 

"Inherited Indebtedness"
means any Indebtedness (other than any Indebtedness that would, following the acquisition or creation of the relevant Subsidiary,
become Permitted Principal Subsidiary Indebtedness or Permitted Non-Principal Subsidiary Indebtedness) of any corporation that
becomes a Subsidiary of the Borrower after the Guarantee Release Date so long as (i) the acquisition or creation of such corporation
by the Borrower is not otherwise prohibited by the terms of this Agreement and (ii) such Indebtedness is in existence at the
time such corporation becomes a Subsidiary of the Borrower and was not incurred by the Borrower or any of its Subsidiaries in anticipation
thereof.

 

"Inherited Lien"
means any Lien (other than a Lien that would, following the acquisition or creation of the relevant Subsidiary, become a Permitted
Lien) in respect of any Inherited Indebtedness on any asset of any corporation that becomes a Subsidiary of the Borrower after
the Guarantee Release Date so long as (i) the acquisition or creation of such corporation by the Borrower is not otherwise
prohibited by the terms of this Agreement and (ii) such Liens are in existence at the time such corporation becomes a Subsidiary
of the Borrower and were not created by the Borrower or any of its Subsidiaries in anticipation thereof.

 

"Non-Principal Subsidiary"
means a Subsidiary other than a Principal Subsidiary.

 

"Permitted Principal
Subsidiary Indebtedness" means:

 

		a.	Indebtedness owing to the Borrower or a direct or indirect Subsidiary of the Borrower; and

 

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

 

"Permitted Liens"
means:

 

		a.	Liens securing Government-related Obligations;

 

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

 

    96

     

    

 

		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;

 

    97

     

    

 

		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

 

		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).

 

    98

     

    

 

		1.	Section 7.2.2 and Section 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;

 

    99

     

    

 

		(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:

 

    100

     

    

 

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:

 

		(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,

 

    101

     

    

 

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.

 

    102

     

    

  

Exhibit
E

Silversea Liens and Indebtedness

 

SECTION
1: Existing Indebtedness of Silversea

 

		(a)	The
obligations of Silversea 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.

 

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 (the “Silversea Vessels”) existing as of the Effective Date
and securing the Existing Silversea Leases (and any Lien on a Silversea Vessel securing any refinancing of the Existing Silversea
Leases, so long as such Silversea 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 to 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.

 

    103

     

    

 

SIGNATORIES

Amendment No. 8 in respect of Hull S-698

 

	Borrower	 
	 	 
	Royal Caribbean Cruises Ltd.	)
	Name: Lucy Shtenko	) /S/ LUCY SHTENKO
	Title: Attorney-in-fact	)
	 	 
	Facility Agent	 
	 	 
	KfW IPEX-Bank GmbH	)
	Name: Michelle Tsui	) /S/ MICHELLE TSUI
	Title: Attorney-in-fact	)
	 	 
	Hermes Agent	 
	 	 
	KfW IPEX-Bank GmbH	)
	Name: Michelle Tsui	) /S/ MICHELLE TSUI
	Title: Attorney-in-fact	)
	 	 
	Mandated Lead Arrangers	 
	 	 
	KfW IPEX-Bank GmbH	)
	Name: Michelle Tsui	) /S/ MICHELLE TSUI
	Title: Attorney-in-fact	)
	 	 
	BNP Paribas Fortis S.A./N.V.	)
	Name: Matthew Bambury	)/S/ MATTHEW BAMBURY
	Title: Attorney-in-fact	)
	 	 
	DNB Bank ASA	)
	Name: Matthew Bambury	)/S/ MATTHEW BAMBURY
	Title: Attorney-in-fact	)

 

     

     

    

 

	Skandinaviska Enskilda Banken AB (publ)	)	
	Name: Joanna Tuft	)/s/ JOANNA TUFT
	Title: Attorney-in-fact	)
	 	 
	Banco Santander, S.A.	)
	Name: Carmen Molina	) /S/ CARMEN MOLINA
	Title: Vice President	)
	 	 
	Name: Antonia Tekki	) /S/ ANTONIA TEKKI
	Title: Vice President	)
	 	 
	Lenders	 
	 	 
	KfW IPEX-Bank GmbH	)
	Name: Michelle Tsui	)/S/ MICHELLE TSUI
	Title: Attorney-in-fact	)
	 	 
	DNB Bank ASA	)
	Name: Matthew Bambury	)/S/ MATTHEW BAMBURY
	Title: Attorney-in-fact	)
	 	 
	BNP Paribas Fortis S.A./N.V.	)
	Name: Matthew Bambury	)/S/ MATTHEW BAMBURY
	Title: Attorney-in-fact	)
	 	 	 
	Skandinaviska Enskilda Banken AB (publ)	)	
	Name: Joanna Tuft	)/s/ JOANNA TUFT
	Title: Attorney-in-fact	)
	 	 
	Banco Santander, S.A.	)
	Name: Carmen Molina	) /S/ CARMEN MOLINA
	Title: Vice President	)
	 	 
	Name: Antonia Tekki	) /S/ ANTONIA TEKKI
	Title: Vice President	)
	 	 
	Citibank Europe plc	)
	Name: Alex C. Taylor	) /S/ ALEX C. TAYLOR
	Title: Managing Director	)Exhibit 10.9

 

	 	Dated   18      February
    2021	 

 

 

	 	Royal
                                      Caribbean Cruises Ltd.
 (the Borrower)	(1)	 
	 	 	 	 
	 	  KfW
    IPEX-Bank GmbH

    (the Facility Agent)	(2)	 
	 	 	 	 
	 	KfW
    IPEX-Bank GmbH
 (the Hermes Agent)	(3)	 
	 	 	 	 
	 	  The
    banks and financial institutions listed in Schedule 1
 (the Mandated Lead Arrangers)	(4)	 
	 	 	 	 
	 	The banks and financial institutions
    listed in Schedule 1
 (the Lenders)	(5)	 

 

 

 

	 	Amendment
    No. 8 in connection with

    the Credit Agreement in respect of

    "QUANTUM OF THE SEAS" – Hull S-697	 

 

 

 

 

 

 

    	
	 	 

    	 		

    

 

 

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	8
	Schedule 2
    Form of Amendment Effective Date confirmation – Hull S-697	9
	Schedule 3
    Amended and Restated Credit Agreement	10
	Schedule 4
    Form of Guarantor Confirmation Certificate	108
	Exhibit
    A Repayment Schedule	111
	Exhibit
    B Framework	113
	Exhibit
    C Debt Deferral Extension Regular Monitoring Requirements	120
	Exhibit
    D Replacement covenants with effect from the Guarantee Release Date	124
	Exhibit
    E Silversea Liens and Indebtedness	132

    	
	 	 

    	 		

    

 

THIS AMENDMENT NO. 8 (this
Amendment) is dated 18February 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)	KfW
                                         IPEX-Bank GmbH as facility agent (the Facility Agent);

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

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

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

WHEREAS:

		(A)	The
                                         Borrower, the Facility Agent, the Hermes Agent, the Mandated Lead Arrangers and the Lenders
                                         are parties to a credit agreement, dated as of 8 June 2011, as amended on 10 May 2012,
                                         as further amended on 17 October 2014, as further amended and restated on 2 February
                                         2016, as further amended and restated on 3 July 2018, as further amended on 21 April
                                         2020, 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 “QUANTUM OF THE SEAS”
                                         (formerly Hull S-697) (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 EUR725,000,000, (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.

NOW IT IS AGREED as follows:

		1	Interpretation
                                         and definitions

		1.1	Definitions
                                         in the Existing Credit Agreement

    	Page 1 

    	 		

    

		(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 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 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	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, 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
                                         P to Exhibit S thereto, and Exhibit A hereto shall replace the repayment schedule set
                                         out in Exhibit A 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
                                         increased Floating Rate Margin applicable to such Second Deferred Tranche); and

    	Page 3 

    	 		

    

		(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 Six); 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 Six),

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;

		(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;

    	Page 4 

    	 		

    

		(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 Agreement Number Seven,

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)) 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.

		6.4	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,

    	Page 6 

    	 		

    

(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 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.

    	Page 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:

DNB Bank ASA

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

Skandinaviska Enskilda Banken AB (publ)

	Lender	Commitments
    of each Lender
	KfW
    IPEX-Bank GmbH	First
    Deferred Tranche: $33,793,818.78

    Second Deferred Tranche: $42,242,273.48
	DNB
    Bank ASA	First
    Deferred Tranche: $9,140,950.98

    Second Deferred Tranche: $11,426,188.72
	BNP
    Paribas Fortis S.A./N.V.	First
    Deferred Tranche: $9,140,950.98

    Second Deferred Tranche: $11,426,188.72
	Skandinaviska
    Enskilda Banken AB (publ)	First
    Deferred Tranche: $9,971,946.52

    Second Deferred Tranche: $12,464,933.16
	AKA
    Ausfuhrkredit-Gesellschaft mbH	First
    Deferred Tranche: $3,877,979.20

    Second Deferred Tranche: $4,847,474.00

 

    	Page 8 

    	 		

    

Schedule 2

Form
of Amendment Effective Date confirmation – Hull S-697

 

To:Royal Caribbean Cruises
Ltd.

To:KfW

 

"QUANTUM OF THE SEAS"
(Hull S-697)

We, KfW IPEX-Bank GmbH, refer
to amendment no. 8 dated [l] 2021 (the Amendment) relating to a credit agreement
dated as of 8 June 2011 (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)

 

    	Page 9 

    	 		

    

Schedule 3

Amended
and Restated Credit Agreement

 

    	Page 10 

    	 		

    

_________________________________________

AMENDED
AND RESTATED

HULL NO. S-697 CREDIT AGREEMENT

_________________________________________

dated
as of June 8, 2011

amended
and restated on February 17, 2012

further
amended on May 10, 2012

further
amended on October 17, 2014

further
amended and restated on February 2, 2016

further
amended on July 3, 2018

further
amended on April 21, 2020

further
amended on July 28, 2020

further
amended and restated on December 21, 2020

and further
amended and restated on February 17, 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,

KfW IPEX-Bank
GmbH

as Initial Mandated Lead Arranger,

and

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

DNB Bank ASA

Skandinaviska
Enskilda Banken AB (publ)

as the
Mandated Lead Arrangers

 

    	
	 	 

    	 		

    

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. Application of this Agreement to KfW IPEX as an Option A Lender	31
	SECTION 1.5. Accounting and Financial Determinations	31
	SECTION 1.6. Contractual Recognition of Bail-In	31
	ARTICLE II COMMITMENTS AND BORROWING PROCEDURES
	SECTION 2.1. Commitment	33
	SECTION 2.2. Commitment of the Lenders; Termination and Reduction of Commitments	33
	SECTION 2.3. Borrowing Procedure	34
	SECTION 2.4. Funding	36
	ARTICLE III REPAYMENTS, PREPAYMENTS, INTEREST AND FEES
	SECTION 3.1. Repayments	37
	SECTION 3.2. Prepayment	37
	SECTION 3.3. Interest Provisions.	38
	SECTION 3.3.1. Rates.	38
	SECTION 3.3.2. Election of Floating Rate.	38
	SECTION 3.3.3. Conversion to Floating Rate.	39
	SECTION 3.3.4. Post-Maturity Rates.	39
	SECTION 3.3.5. Payment Dates.	39
	SECTION 3.3.6. Interest Rate Determination; Replacement Reference Banks	40
	SECTION 3.4. Commitment Fees.	40

 

    	
	 	 

    	 		

    

 

	SECTION 3.4.1. Payment.	40
	SECTION 3.5. CIRR Fees.	41
	SECTION 3.5.1. Payment.	41
	SECTION 3.6. 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 4.5. Increased Capital Costs	46
	SECTION 4.6. Taxes	47
	SECTION 4.7. Reserve Costs	49
	SECTION 4.8. Payments, Computations, etc.	49
	SECTION 4.9. Replacement Lenders, etc.	50
	SECTION 4.10. Sharing of Payments	51
	SECTION 4.11. Set-off	51
	SECTION 4.12. Use of Proceeds	52
	ARTICLE V CONDITIONS TO BORROWING
	SECTION 5.1. Initial Advance of the Loan	52
	SECTION 5.1.1. Resolutions, etc.	52
	SECTION 5.1.2. Opinions of Counsel	53
	SECTION 5.1.3. Hermes Insurance Policy	53
	SECTION 5.1.4. CIRR requirements	53
	SECTION 5.2. Advance of the Loan	54

 

    	
	 	 

    	 		

    

 

	SECTION 5.2.1. Closing Fees, Expenses, etc.	54
	SECTION 5.2.2. Compliance with Warranties, No Default, etc	55
	SECTION 5.2.3. Loan Request	55
	SECTION 5.2.4. Hermes Insurance Policy	55
	SECTION 5.2.5. Foreign Exchange Counterparty Confirmations.	55
	SECTION 5.2.6. Pledge Agreement.	55
	SECTION 5.2.7. Opinion of Counsel.	55
	SECTION 5.3. Advance of the Loan on the Final Disbursement Date	56
	ARTICLE VI REPRESENTATIONS AND WARRANTIES
	SECTION 6.1. Organization, etc.	56
	SECTION 6.2. Due Authorization, Non-Contravention, etc.	56
	SECTION 6.3. Government Approval, Regulation, etc.	57
	SECTION 6.4. Compliance with Laws	57
	SECTION 6.5. Validity, etc.	57
	SECTION 6.6. No Default, Event of Default or Prepayment Event	57
	SECTION 6.7. Litigation	57
	SECTION 6.8. The Purchased Vessel	58
	SECTION 6.9. Obligations rank pari passu	58
	SECTION 6.10. Withholding, etc.	58
	SECTION 6.11. No Filing, etc. Required	58
	SECTION 6.12. No Immunity	58
	SECTION 6.13. Investment Company Act	59
	SECTION 6.14. Regulation U	59
	SECTION 6.15. Accuracy of Information	59

 

    	
	 	 

    	 		

    

 

	ARTICLE VII COVENANTS
	SECTION 7.1. Affirmative Covenants	59
	SECTION 7.1.1. Financial Information, Reports, Notices, Poseidon Principles etc.	59
	SECTION 7.1.2. Approvals and Other Consents.	62
	SECTION 7.1.3. Compliance with Laws, etc.	62
	SECTION 7.1.4. The Purchased Vessel	63
	SECTION 7.1.5. Insurance	64
	SECTION 7.1.6. Books and Records	64
	SECTION 7.1.7. Hermes Insurance Policy/Federal Republic of Germany Requirement	64
	SECTION 7.1.8. Further Assurances in respect of the Framework. .	64
	SECTION 7.1.9. Equal Treatment with Pari Passu Creditors...	64
	SECTION 7.1.10. Performance of shipbuilding contract obligations....	65
	SECTION 7.2. Negative Covenants	66
	SECTION 7.2.1. Business Activities	66
	SECTION 7.2.2. Indebtedness	66
	SECTION 7.2.3. Liens	67
	SECTION 7.2.4. Financial Condition	69
	SECTION 7.2.5. Additional Undertakings	70
	SECTION 7.2.6. Consolidation, Merger, etc.	77
	SECTION 7.2.7. Asset Dispositions, etc.	78
	SECTION 7.2.8. Borrower’s Procurement Undertaking.	78
	SECTION 7.2.9. Framework Lien and Guarantee Restriction.	79
	SECTION 7.3. Covenant Replacement.	80
	SECTION 7.4. Limitation in respect of Certain Representations, Warranties and Covenants.	81
	ARTICLE VIII EVENTS OF DEFAULT
	SECTION 8.1. Listing of Events of Default	81

 

    	
	 	 

    	 		

    

 

	SECTION 8.1.1. Non-Payment of Obligations	81
	SECTION 8.1.2. Breach of Warranty	81
	SECTION 8.1.3. Non-Performance of Certain Covenants and Obligations	81
	SECTION 8.1.4. Default on Other Indebtedness	82
	SECTION 8.1.5. Bankruptcy, Insolvency, etc.	82
	SECTION 8.2. Action if Bankruptcy	83
	SECTION 8.3. Action if Other Event of Default	83
	ARTICLE IX PREPAYMENT EVENTS
	SECTION 9.1. Listing of Prepayment Events	84
	SECTION 9.1.1. Change of Control	84
	SECTION 9.1.2. [RESERVED]	84
	SECTION 9.1.3. Unenforceability	84
	SECTION 9.1.4. Approvals	84
	SECTION 9.1.5. Non-performance of Certain Covenants and Obligations	84
	SECTION 9.1.6. Judgments	85
	SECTION 9.1.7. Condemnation, etc.	85
	SECTION 9.1.8. Arrest	85
	SECTION 9.1.9. Sale/Disposal of the Purchased Vessel	85
	SECTION 9.1.10. Delayed Delivery of the Purchased Vessel	85
	SECTION 9.1.11. Termination of the Construction Contract	85
	SECTION 9.1.12. Framework Prohibited Events.	86
	SECTION 9.1.13. Principles and Framework.	86
	SECTION 9.2. Mandatory Prepayment	86
	ARTICLE X THE FACILITY AGENT AND THE HERMES AGENT
	SECTION 10.1. Actions	87

 

    	
	 	 

    	 		

    

 

	SECTION 10.2. Indemnity	87
	SECTION 10.3. Funding Reliance, etc	88
	SECTION 10.4. Exculpation	88
	SECTION 10.5. Successor	89
	SECTION 10.6. Loans by the Facility Agent	90
	SECTION 10.7. Credit Decisions	90
	SECTION 10.8. Copies, etc	90
	SECTION 10.9. The Agents' Rights	90
	SECTION 10.10. The Facility Agent's Duties	91
	SECTION 10.11. Employment of Agents	91
	SECTION 10.12. Distribution of Payments	91
	SECTION 10.13. Reimbursement	91
	SECTION 10.14. Instructions	92
	SECTION 10.15. Payments	92
	SECTION 10.16. "Know your customer" Checks	92
	SECTION 10.17. No Fiduciary Relationship	92
	ARTICLE XI MISCELLANEOUS PROVISIONS
	SECTION 11.1. Waivers, Amendments, etc.	92
	SECTION 11.2. Notices	93
	SECTION 11.3. Payment of Costs and Expenses	94
	SECTION 11.4. Indemnification	95
	SECTION 11.5. Survival	96
	SECTION 11.6. Severability	96
	SECTION 11.7. Headings	96
	SECTION 11.8. Execution in Counterparts,.	96

 

    	
	 	 

    	 		

    

 

	SECTION 11.9. Third Party Rights	96
	SECTION 11.10. Successors and Assigns	96
	SECTION 11.11. Sale and Transfer of the Loan; Participations in the Loan	96
	SECTION 11.11.1. Assignments	96
	SECTION 11.11.2. Participations	98
	SECTION 11.12. Other Transactions	99
	SECTION 11.13. Hermes Insurance Policy.	99
	SECTION 11.13.1. Terms of Hermes Insurance Policy	99
	SECTION 11.13.2. Obligations of the Borrower.	101
	SECTION 11.13.3. Hermes Debt Deferral Extension Premium	101
	SECTION 11.13.4. Obligations of the Hermes Agent and the Lenders.	101
	SECTION 11.14. Law and Jurisdiction	102
	SECTION 11.14.1. Governing Law	102
	SECTION 11.14.2. Jurisdiction	102
	SECTION 11.14.3. Alternative Jurisdiction	103
	SECTION 11.14.4. Service of Process	103
	SECTION 11.15. Confidentiality	103
	SECTION 11.16. Modification and/or Discontinuation of Benchmarks.	104

 

 

    	
	 	 

    	 		

    

 

EXHIBITS

Exhibit A-Repayment
Schedule

Exhibit B-Form of
Loan Request

Exhibit C-[Reserved]

Exhibit D-1-Form of
Opinion of Liberian Counsel to Borrower

Exhibit D-2-Form of
Opinion of Counsel to Lenders

Exhibit D-3-Form of
Opinion of US Tax Counsel to the Lenders

Exhibit E-Form of
Lender Assignment Agreement

Exhibit F-Form of
Option A Refinancing Agreement

Exhibit G-Form of
Pledge Agreement

Exhibit H-Form of
Opinion of German Counsel

Exhibit I-Principles

Exhibit J-Form of
Information Package

Exhibit K-Form of
First Priority Guarantee

Exhibit L-Form of
Second Priority Guarantee

Exhibit M-Form of
Third Priority Guarantee

Exhibit N-Form of
Senior Parties Subordination Agreement

Exhibit O-Form of
Other Senior Parties Subordination Agreement

Exhibit P-Framework

Exhibit Q-Debt Deferral
Extension Regular Monitoring Requirements

Exhibit R-Replacement
covenants with effect from the Guarantee Release Date

Exhibit SSilversea Liens
and Indebtedness

    	
	 	 

    	 		

    

CREDIT
AGREEMENT

HULL
NO. S-697 CREDIT AGREEMENT, dated as of June 8, 2011, amended and restated on February 2, 2016, further amended on July 3, 2018,
further amended on April 21, 2020, further amended on July 28, 2020, further amended and restated on December 21, 2020 and further
amended and restated on February 17, 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 February 14, 2011 into a Contract for the Construction and Sale of Hull No. S-697
                                         (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-697 (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 725,000,000
                                         (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”);

    	Page 1 

    	 		

    

 

		(D)	Except
                                         as otherwise provided below under the Alternative Disbursement Option (as defined below),
                                         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 First Disbursement Date, with 75% of such Hermes
                                         Fee Proceeds to be disbursed directly to the Hermes Agent for Hermes' account for the
                                         payment of the Second Fee (as defined below) and 25% to be disbursed to the Borrower
                                         for reimbursement of the First Fee (as defined below). 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 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 this Agreement pursuant to the Amendment Agreement,
                                         the Amendment Deed Number Two, the Amendment Agreement Number Three, the Amendment Agreement
                                         Number Four, the Amendment Agreement Number Five, the Amendment Agreement Number Six
                                         and the Amendment Agreement Number Seven (each as defined below);

		(F)	The
                                         Parties hereto have previously amended this Agreement pursuant to an amendment agreement,
                                         dated as of July 3, 2018 (the "Amendment Agreement Number Five");

		(G)	The
                                         Parties hereto have previously amended this Agreement pursuant to an amendment agreement,
                                         dated as of April 21, 2020 (the "Amendment Agreement Number Six");

		(H)	The
                                         Parties hereto have previously amended this Agreement pursuant to an amendment agreement,
                                         dated as of December 21, 2020 (the "Amendment Agreement Number Seven")
                                         and 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

    	Page 2 

    	 		

    

		(I)	Pursuant
                                         to an amendment agreement, dated as of February 17, 2021 (the "Amendment Agreement
                                         Number Eight"), 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.

“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.

    	Page 3 

    	 		

    

“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.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 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.

"Alternative
Disbursement Option" means the option of the Borrower to request the making of the Loan in multiple advances (in an aggregate
principal amount not to exceed the US Dollar Maximum Loan Amount) (i) prior to delivery of the Purchased Vessel, on each date
on which the Borrower is required to make a pre-delivery installment payment to the Builder (other than, for the avoidance of
doubt, the first such pre-delivery installment) and (ii) on the Final Disbursement Date.

"Amendment
Agreement" means the agreement dated February 17, 2012 and made between the parties hereto pursuant to which this Agreement
was amended and restated.

"Amendment
Agreement Number Eight" is defined in the preamble.

"Amendment
Agreement Number Five" is defined in the preamble.

"Amendment
Agreement Number Four" means the amendment agreement dated 2 February 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
Agreement Number Seven" is defined in the preamble.

    	Page 4 

    	 		

    

"Amendment
Agreement Number Six" is defined in the preamble.

"Amendment
Agreement Number Three" means the amendment agreement dated 17 October 2014 and made between the parties hereto and the
Mandated Lead Arrangers (as therein defined) pursuant to which this Agreement was amended.

"Amendment
Deed Number Two" means the deed of amendment dated 10 May 2012 and made between the parties hereto and the Mandated Lead
Arrangers (as therein defined) pursuant to which this Agreement was amended.

“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 Effective Date through and including October 28, 2012, 0.15% per annum, (y) from
October 29, 2012 through and including October 28, 2013, 0.25% per annum, and (z) from October 29, 2013 until the Final Disbursement
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.

    	Page 5 

    	 		

    

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

"Benchmark
Successor Rate" is defined in Section 11.16.

"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).

"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.

    	Page 6 

    	 		

    

"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.

"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"
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.

    	Page 7 

    	 		

    

"Commitment
Termination Date" means (a) January 28, 2015 in respect of the Loan other than the Deferred Tranches, (b) March 31, 2021
in respect of the First Deferred Tranche and (c) March 31, 2022 in respect of the Second Deferred Tranche.

"Construction
Contract" is defined in the preamble.

"Contract
Price" is as defined in the Construction Contract.

"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 Agreement Number Seven) 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 Exhibit Q 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 (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 7.2.9(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;

    	Page 8 

    	 		

    

		(c)	indebtedness
                                         incurred to refinance (and for this purpose having regard to the applicable provisions
                                         of Section 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 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 7.2.9(b)));

		(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;

    	Page 9 

    	 		

    

(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.

"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,

    	Page 10 

    	 		

    

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.m (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.

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

"Effective
Date" means June 8, 2011.

"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.

    	Page 11 

    	 		

    

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

"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
Disbursement Date" means the date on which the Loan is advanced, or, if the Borrower elects the Alternative Disbursement
Option in accordance with Section 2.3(b), the date on which the final balance of the Loan is advanced in connection with delivery
of the Purchased Vessel under the Construction Contract; provided that if the Loan is, or as the case may be, the final balance
of the Loan is reborrowed pursuant to Section 3.7, then the Final Disbursement Date, solely with respect to such reborrowed Loan,
shall be the date of such reborrowing.

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

"First
Deferred Tranche Effective Date" means April 21, 2020.

 

“First
Deferral Period” means the period between and, in each case, including the First Deferred Tranche Effective Date, and
(b) March 31, 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
Disbursement Date" means the date on which the Loan (other than the Deferred Tranches) is advanced, or, if the
Borrower elects the Alternative Disbursement Option in accordance with Section 2.3(b), the date on which the first advance of
the Loan (other than the Deferred Tranches) is made or, in the case of each Deferred Tranche, the date on which the first
advance of that Deferred Tranche is made in accordance with the relevant provisions of Section 2.3(a).

    	Page 12 

    	 		

    

"First
Fee" is defined in Section 11.13.

"First
Priority Assets" means the Vessels known on the date Amendment Agreement Number Seven 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 Agreement Number Seven) (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 K.

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

    	Page 13 

    	 		

    

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

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

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

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

		b)	the
                                         sum of:

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

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

"Fixed
Rate" means a rate per annum equal to the sum of 3.66% per annum 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 1.10% 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%.

    	Page 14 

    	 		

    

"Framework"
means the document titled "Debt Deferral Extension Framework" in the form set out in Exhibit P 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.

"Further
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 Agreement Number Five.

"Funding
Losses Event" is defined in Section 4.4.1.

"GAAP"
is defined in Section 1.5.

"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 R.

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

    	Page 15 

    	 		

    

"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.

"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.

    	Page 16 

    	 		

    

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

"Interest
Payment Date" means, if the Borrower exercises the Alternative Disbursement Option, (i) prior to the Final Disbursement
Date, each day that falls at a six (6)-month interval after the First Disbursement Date and (ii) the Final Disbursement Date.

"Interest
Period" means:

		a)	if
                                         the Borrower exercises the Alternative Disbursement Option, for the period from the First
                                         Disbursement Date to the Final Disbursement Date, the period between the First Disbursement
                                         Date and the first Interest Payment Date, and subsequently, each succeeding period between
                                         two consecutive Interest Payment Dates; and

		b)	from
                                         and after the Final Disbursement Date, the period between the Final Disbursement Date
                                         and the first Repayment Date, and subsequently each succeeding period between two consecutive
                                         Repayment Dates,

except
that:

(i)           
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

(ii)           
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 on10-Q.

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

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

    	Page 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, 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 aggregate of the advances made by the Lenders under this Agreement from time to time in an aggregate amount not to exceed
the aggregate of the US Dollar Maximum Loan Amount (and including for this purpose the Deferred Tranches Maximum Loan Amount)
or, as the case may be, the aggregate outstanding amount of such advances from time to time.

"Loan
Documents" means this Agreement, the Amendment Agreement, Amendment Deed Number Two, Amendment Agreement Number Three,
Amendment Agreement Number Four, Amendment Agreement Number Five, Amendment Agreement Number Six, Amendment Agreement Number Seven,
Amendment Agreement Number Eight, the Pledge Agreement, the Syndication Side Letter, 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 and the Fee Letters and any other document jointly designated as a "Loan
Document" by the Facility Agent and the Borrower.

    	Page 18 

    	 		

    

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

"Margin"
means the Fixed Rate Margin and/or the applicable Floating Rate Margin.

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

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

"Material
Litigation" is defined in Section 6.7.

"Maximum
Loan Amount" is defined in the preamble.

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

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

		b)	three,

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

"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, 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);

    	Page 19 

    	 		

    

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 Amendment Agreement Number Seven, 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.

    	Page 20 

    	 		

    

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

"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 F hereto.

"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.

"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
Floating Rate Margin" means 1.30% 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 Agreement Number Seven (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.

    	Page 21 

    	 		

    

“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 7.1.9(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.

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

"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 I 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.

    	Page 22 

    	 		

    

"Purchased
Vessel" is defined in the preamble.

"Quarterly
Payment Date" means the last day of each March, June, September and December or, if any such day is not a Business Day,
the next succeeding Business Day.

"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 specified in Exhibit A, as amended
and/or replaced from time to time by the Facility Agent and the Borrower.

"Required
Lenders" means, at any time, Lenders that in the aggregate, hold more than 60% 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 60% of the Commitments.

“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 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,

    	Page 23 

    	 		

    

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).

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

    	Page 24 

    	 		

    

"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.

    	Page 25 

    	 		

    

"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
Agreement Number Eight.

“Second
Deferral Period” means the period between and, in each case, including (a) the Second Deferred Tranche Effective Date,
and (b) 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
Fee" is defined in Section 11.13.

"Second
Priority Assets" means the Vessels known on the date Amendment Agreement Number Seven 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 Agreement Number Seven) (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 L.

"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.

    	Page 26 

    	 		

    

"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 Agreement Number Seven (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 Agreement Number Seven (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). 

    	Page 27 

    	 		

    

"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 Agreement Number Seven; 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.

"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.

"Syndication
Side Letter" means the side letter dated as of the date of this Agreement entered into between KfW IPEX, in its capacity
as Lender, and the Borrower.

"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 May 12, 2009.

"Third
Priority Assets" means the Vessels known on the date Amendment Agreement Number Seven 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 Agreement Number Seven) (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 M.

    	Page 28 

    	 		

    

"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 Agreement Number Seven (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 Agreement Number Seven (being, in aggregate, $1,700,000,000):

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

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

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

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

"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.

    	Page 29 

    	 		

    

 

"US
Dollar Equivalent" means:

(i)       
for all EUR amounts payable in respect of the Contract Price (excluding the portion thereof comprising the Buyer's Allowance),
the total of such EUR amounts 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 amounts of EUR with Dollars for the payment of the installments 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;

(ii)       for
all EUR amounts payable in respect to 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

(iii)       for
purposes of determining the Hermes Fee, the rate determined in accordance with Section 2.3(e).

Such
rate of exchange under (i) above shall be evidenced by foreign exchange counterparty confirmations. The US Dollar Equivalent of
the portion of the Maximum Loan Amount under (i) above shall be calculated by the Borrower in consultation with the Facility Agent
no less than two (2) Business Days prior to the making of such advance. Such rate of exchange under (ii) above shall be evidenced
by the production of the invoice from the Borrower to the Builder in respect of the Buyer's Allowance and which invoice shall
contain the USD/EUR exchange rate used for determining the EUR amount of the Buyer's Supplies.

"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.

    	Page 30 

    	 		

    

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 F. 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 Effective Date, 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 Further 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 Further Restatement Date that would otherwise require such obligations to be recharacterized (on a prospective or retroactive
basis or otherwise) as capital leases.

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:

    	Page 31 

    	 		

    

		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).

    	Page 32 

    	 		

    

"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 the Loan shall be affected by any other Lender's failure to make 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 (i) two (2) Business Days prior to the delivery of the
                                         Purchased Vessel to the Borrower under the Construction Contract pursuant to Section
                                         2.3(a), (ii) on the relevant Repayment Date falling during the relevant Advanced Loan
                                         Deferral Period in the case of the Deferred Tranches, or (iii) if the Borrower elects
                                         the Alternative Disbursement Option in accordance with Section 2.3(b), as set forth in
                                         Section 2.3(b).
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 hereunder expressed as the initial amount
set forth opposite such Lender's name on its signature page attached hereto. The Commitment referred to in paragraph (z) above
is hereunder expressed as that Lender's Percentage of the amount 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 Amendment Agreement Number Six (in the
case of the First Deferred Tranche) and in Schedule 1 of Amendment Agreement Number Eight (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.

    	Page 33 

    	 		

    

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 61 days prior to the First 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 61 days prior to the First 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.

		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) and
                                         unless the Borrower has elected the Alternative Disbursement Option in accordance with
                                         Section 2.3(b), 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 of the Purchased Vessel. The aggregate amount of the Loan (excluding the Deferred Tranches) to be advanced shall not exceed
the US Dollar Maximum Loan Amount.

    	Page 34 

    	 		

    

Any
drawings under the Deferred Tranches shall be automatically advanced in the manner contemplated by Recital (C).

		b)	The
                                         Borrower may, subject to Section 4.12(b), at any time prior to the Contractual
                                         Delivery Date, elect the Alternative Disbursement Option by written notice to the Facility
                                         Agent delivered ten (10) Business Days prior to the requested date of the first such
                                         advance to be made following such election. If so elected, the Borrower shall deliver
                                         a Loan Request and, in the case of the First Disbursement Date, 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 on
                                         which the Borrower is required to make a pre-delivery installment to the Builder (other
                                         than, for the avoidance of doubt, the first such pre-delivery installment due under the
                                         Construction Contract) or, in the case of the advance on the Final Disbursement Date,
                                         not less than two (2) Business Days in advance of the date that is two (2) Business Days
                                         prior to the anticipated delivery date of the Purchased Vessel. Each such advance of
                                         a portion of the Loan shall not exceed the US Dollar Equivalent of 80% of the installment
                                         payment owing to the Builder on such date; provided, however, that (i)
                                         the advance to be made on the First Disbursement Date may be increased by up to 100%
                                         of the total amount of the Hermes Fee, (ii) the advance to be made on the Final Disbursement
                                         Date may be in an amount up to the excess of the US Dollar Maximum Loan Amount over the
                                         aggregate amount of all advances made prior to the Final Disbursement Date, and (iii)
                                         the aggregate amount of all such advances shall not exceed the US Dollar Maximum Loan
                                         Amount.

		c)	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 (or portion thereof, as specified by the
                                         Borrower) shall be made on the Business Day specified in such Loan Request. On or before
                                         11:00 a.m., New York 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
                                         funds in an amount equal to such Lender's Percentage of the requested Loan or portion
                                         thereof. 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.

		d)	The
                                         Borrower shall, upon receipt of the Dollar funds into the account referred to in Section
                                         2.3(c) 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, (by authorising and instructing the Facility Agent accordingly) shall procure the payment of such Dollar funds
to the Dollar Pledged Account on the Business Day specified in the Loan Request. This Section 2.3(d) is not applicable to the
Deferred Tranches.

    	Page 35 

    	 		

    

		e)	If
                                         the Borrower elects to finance all or any part of the Hermes Fee with a portion of the
                                         advance made on the First Disbursement Date, the Borrower shall indicate such election
                                         in its Loan Request with respect to such advance. When this election is made, the amount
                                         of the advance in Dollars (the "US Dollar Hermes Advance Amount") that
                                         will fund the Hermes Fee shall be equal to the Dollar amount that corresponds to the
                                         EUR amount of the Hermes Fee to be financed with such advance, which amount shall be
                                         reasonably determined by the Facility Agent based on the spot rate for EUR-Dollar exchanges
                                         on the date such Loan Request is delivered, which spot rate shall be determined by reference
                                         to a publicly available market service like Bloomberg that can be independently verified
                                         by the Borrower. The Facility Agent shall notify the Borrower and the Lenders of the
                                         US Dollar Hermes Advance Amount (including the applicable spot rate referred to above)
                                         on the date such Loan Request is delivered, and the Lenders shall deposit such US Dollar
                                         Hermes Advance Amount with the Facility Agent in accordance with Section 2.3(c).
                                         The Borrower will be deemed to have directed the Facility Agent to pay over directly
                                         to Hermes on behalf of the Borrower that portion of the EUR amount of the Second Fee
                                         to be financed with the proceeds of the advance on the First Disbursement Date and to
                                         retain for the Borrower's own account (and deposit in the Dollar Pledged Account pending
                                         disbursement in accordance with Section 2.3(f)) deposits made by the Lenders in Dollars
                                         in an amount equal to the portion of the US Dollar Hermes Advance Amount attributable
                                         to the First Fee paid by the Facility Agent to Hermes on behalf of the Borrower.

		f)	Upon
                                         the date of delivery 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, be disbursed as follows:

(i)       in
EUR, to the account of the Builder, as designated by the Builder and set out 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, to the account of the Borrower, as designated by the Borrower and set out 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 or, if such date is not a Business Day, the first Business Day
following the date of such delivery.

SECTION
2.4. Funding. Each Lender may, if it so elects, fulfill its obligation to make or continue its 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 Loan; provided that such 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 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 Loan.

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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 installments and on
                                         the dates set out in Exhibit A, 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 Final 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 repayment installments
                                         of the Loan set out in Exhibit A.

		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 reborrowed 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 Final Disbursement
                                         Date made prior to delivery of the Purchased Vessel in respect of the advance made on
                                         such Final 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

    	Page 37 

    	 		

    

		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 repayment installments
                                         of the Loan set out in Exhibit A.

		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.

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 reborrowed under the terms of this Agreement except as provided in Section
3.7 and the last paragraph of Section 9.1 (which follows Section 9.1.10).

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 First 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 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).

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
                                         61 days prior to the First 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.

 

    	Page 38 

    	 		

    

 

		b)	By
                                         written notice to the Facility Agent delivered less than 61 days prior to the First Disbursement
                                         Date but not less than 30 days prior to the First 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 30 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.

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 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 and (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;

    	Page 39 

    	 		

    

		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.

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 of (i) the
Final 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 shall 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.

SECTION
3.4.1. Payment. The Commitment Fee shall be payable by the Borrower to the Facility Agent for the account of each
Lender in arrears on each Quarterly Payment Date, commencing with the first such date following the Effective Date and ending
on the earliest to occur of (i) the Final Disbursement Date, (ii) the date the Lenders are no longer obligated to advance the
Loan, (iii) the Commitment Termination Date and (iv) the date the Commitments shall have been terminated pursuant to Section
2.2(b). 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 previous Quarterly Payment Date, the difference between the Maximum Loan
Amount and the aggregate amount of all advances made on or prior to such day, divided by 360 days; provided that the
Borrower may elect to pay the Commitment Fee on any Quarterly Payment Date in the Dollars by giving notice to the Facility
Agent five (5) Business Days before such Quarterly Payment 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
Quarterly Payment Date.

    	Page 40 

    	 		

    

 

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 such Maximum Loan Amount may be adjusted from time
to time), for the period commencing on August 14, 2011 and continuing until the earliest of (i) the date falling sixty (60) days
prior to the First Disbursement Date, (ii) the date falling 30 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 First Disbursement Date, (ii) the date falling 30 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
3.6. 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 (or, if applicable, the balance of the Loan) have not been
utilised directly or indirectly to pay for delivery of the Purchased Vessel within 15 days after the initial Final
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 reborrowed under this Agreement,
prepay the Loan together with accrued interest on the Loan so prepaid. 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 reborrow the Loan
previously prepaid under this Section; provided, however, that the date of funding of any such reborrowed Loan
shall not be later than 28 July 2015 and provided, further, that such date of funding shall be the Final
Disbursement Date for all purposes hereunder with respect to such reborrowed 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.

    	Page 41 

    	 		

    

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 the Loan bearing interest at a rate based on the LIBO Rate,
the obligation of such Lender to make, continue or maintain its 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 Loan
hereunder shall be automatically converted into an obligation to make, continue and maintain 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, 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 pursuant
                                         to 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),

    	Page 42 

    	 		

    

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 cost to the Option B Lenders of funding the portion 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. 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

		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

    	Page 43 

    	 		

    

		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 the Loan or maintaining 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.

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 reemployment (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 the Loan as a result of:

    	Page 44 

    	 		

    

		i)	if at
                                         the time interest is calculated at the Floating Rate, any conversion or repayment or
                                         prepayment or acceleration of the principal amount 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));

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

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

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

		v)	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,

(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, pay directly to the Facility Agent an amount (the "Floating Rate Indemnity
                                         Amount") equal to the amount by which:

(i)                
interest calculated at the Floating Rate which a 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 a 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.

		b.	if
                                         at that time interest is calculated at the Fixed Rate, pay to the Facility Agent for
                                         the account of such Lender the sum of:

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

(i)                 interest
calculated at the Fixed Rate which a 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,

    	Page 45 

    	 		

    

exceeds:

(ii)              
the amount by which a 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"),

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

		(B)	if
                                         such Lender has entered into an Option B Interest Make-up Agreement, an amount equal
                                         to the Floating Rate Indemnity Amount.

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 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.

    	Page 46 

    	 		

    

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.

    	Page 47 

    	 		

    

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.

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.

    	Page 48 

    	 		

    

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.

    	Page 49 

    	 		

    

		b.	(i)
                                         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 less (x) the margin for Fixed Rate Loans of 1.10% and (y) the CIRR administrative
                                         fee of 0.20% if interest on the Loan made by that Lender is then calculated at the Fixed
                                         Rate and less the applicable Floating Rate Margin if interest on that Loan (or any part
                                         thereof) is then calculated at the Floating Rate.

(ii)              
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 to the CIRR Representative interest thereon at the Fixed Rate, if interest on such portion of the Loan is then
calculated at the Fixed Rate, and to pay directly to such Lender interest thereon at the Floating Rate, if interest on such portion
of the Loan is then calculated at the Floating Rate.

		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 Loans 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 (which
replacement Lender shall meet the criteria set out in Section 2.1 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.

    	Page 50 

    	 		

    

SECTION
4.10. Sharing of Paymentsa.. If any Lender shall obtain any payment or other recovery (whether voluntary, involuntary,
by application of set-off or otherwise) on account of the Loan (other than pursuant to the terms of Sections 4.2(c), 4.3,
4.4, 4.5, 4.6 and 4.7) in excess of its pro rata share of payments then or therewith obtained
by all Lenders, such Lender shall purchase from the other Lenders such participations in the Loan made by them as shall be necessary
to cause such purchasing Lender to share the excess payment or other recovery ratably with each of them; provided that
if all or any portion of the excess payment or other recovery is thereafter recovered from such purchasing Lender, the purchase
shall be rescinded and each Lender which has sold a participation to the purchasing Lender shall repay to the purchasing Lender
the purchase price to the ratable extent of such recovery together with an amount equal to such selling Lender's ratable share
(according to the proportion of (a) the amount of such selling Lender's required repayment to the purchasing Lender to
(b) the total amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by the purchasing
Lender in respect of the total amount so recovered. The Borrower agrees that any Lender so purchasing a participation from another
Lender pursuant to this Section may, to the fullest extent permitted by law, exercise all its rights of payment (including pursuant
to Section 4.11) with respect to such participation as fully as if such Lender were the direct creditor of the Borrower
in the amount of such participation. If under any applicable bankruptcy, insolvency or other similar law, any Lender receives
a secured claim in lieu of a set-off to which this Section applies, such Lender shall, to the extent practicable, exercise its
rights in respect of such secured claim in a manner consistent with the rights of the Lenders entitled under this Section to share
in the benefits of any recovery on such secured claim.

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.

    	Page 51 

    	 		

    

SECTION
4.12. Use of Proceeds. a, The Borrower shall apply the proceeds of the Loan in accordance with Recital (C) and, in relation
to the Final Disbursement Date, prior to such application, such proceeds shall be held in the Pledged Account; 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 (or, if applicable, the balance of the Loan) have not been paid to the Builder or its order or 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 Final Disbursement Date, such proceeds shall continue to be pledged by the Borrower
upon receipt in accordance with clause 2.3(d) as collateral pursuant to the Pledge Agreement. On or prior to the date that is
15 days after the initial Final 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 (i) disbursement to the Builder and (ii) prepayment of the Loan pursuant to Sections 3.2(a) or 9.2.

b.       If
the Borrower wishes to elect the Alternative Disbursement Option pursuant to Section 2.3(b), the proceeds of the Loan to be made
available on the Final Disbursement Date pursuant to that election shall be required to be paid and applied in the same way as
the advance of the Loan is to be paid and applied on the Final Disbursement Date had the Alternative Disbursement Option not been
exercised.

 

c.       The
Deferred Tranches shall be used for the purpose set out in Recital (C) and accordingly Sections 4.12(a) and (b) shall not apply
to the proceeds of either Deferred Tranche.

ARTICLE
V

CONDITIONS TO BORROWING

SECTION
5.1. Initial Advance of the Loan. The obligation of the Lenders to fund all or any portion of the Loan on the First Disbursement
Date shall be subject to the prior or concurrent satisfaction of each of the conditions precedent set forth in this Section
5.1 on or prior to the First Disbursement Date. 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 First Disbursement Date.

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

    	Page 52 

    	 		

    

(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 it 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 (New York) LLP, counsel to the Borrower, as to Liberian Law, covering
                                         the matters set forth in Exhibit D-1 hereto;

		b.	Norton
                                         Rose LLP, counsel to the Facility Agent, covering the matters set forth in Exhibit
                                         D-2 hereto; and

		c.	Clifford
                                         Chance US LLP, United States tax counsel to the Lenders, covering the matters set forth
                                         in Exhibit D-3 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. Hermes Insurance Policy. The Facility Agent or the Hermes Agent shall have received the Hermes Insurance Policy
duly issued.

SECTION
5.1.4. CIRR requirements.

The
Borrower acknowledges that:

		(i)	the
                                         government of the Federal Republic of Germany, the Federal Audit Court or any authorized
                                         representatives specified by these bodies shall be authorized at any time to inspect
                                         and make or demand copies of the records, accounts, documents and other deeds of the
                                         Lenders;

		(ii)	in
                                         the course of its activity as the Facility Agent, the Facility Agent may:

    	Page 53 

    	 		

    

		(a)	provide
                                         the government of the Federal Republic of Germany with information concerning the transactions
                                         to be handled by it; and

		(b)	disclose
                                         information concerning the subsidized transaction in the context of internationally agreed
                                         consultation/notification proceedings and statutory specifications,

including
information received from the Lenders; and

		(iii)	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; 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.

SECTION
5.2. Advance of the Loan. The obligation of the Lenders to fund all or any portion of the Loan on the occasion of any funding
of the Loan (including the funding on the First Disbursement Date or pursuant to a reborrowing under Section 3.7 except as expressly
provided for in Section 5.2.6) shall be subject to the satisfaction of each of the conditions precedent set forth in this Section
5.2 on or prior to the date of such funding. The Facility Agent shall advise the Lenders of the satisfaction of the conditions
precedent set forth in this Section 5.2 prior to any such funding.

SECTION
5.2.1. 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.

    	Page 54 

    	 		

    

SECTION
5.2.2. Compliance
with Warranties, No Default, etc. Both before and after giving effect to the funding of all or any portion 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
5.2.3. Loan Request. The Facility Agent shall have received a Loan Request duly executed by the Borrower.

SECTION
5.2.4. Hermes Insurance Policy. Hermes shall not have, prior to funding 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.

SECTION
5.2.5. 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 a payment of any installment of the Contract Price.

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

SECTION
5.2.7. Opinion of Counsel. The Facility Agent shall have received from Norton Rose LLP, counsel to the Facility Agent as
to German law, an opinion addressed to the Facility Agent and each Lender substantially in the form of Exhibit H hereto.

    	Page 55 

    	 		

    

SECTION
5.3. Advance
of the Loan on the Final Disbursement Date If the Borrower has used the Alternative Disbursement Option to finance any installment
of the Contract Price, the obligation of the Lenders to fund all or any portion of the Loan on the Final Disbursement Date shall
be subject to the receipt by the Facility Agent of a certificate of the Borrower that its expected liquidity position on the Contractual
Delivery Date will, in the Borrower's judgment, permit the Borrower to pay the portion of the final installment of the Contract
Price due on the Contractual Delivery Date that will not be funded with the proceeds of the advance made on the Final Disbursement
Date. The Facility Agent shall advise the Lenders of the satisfaction of this condition precedent prior to any such funding.

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 First Disbursement
Date, the date of each additional advance or deemed advance of any portion of the Loan (including any Deferred Tranche) after
the First 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.

    	Page 56 

    	 		

    

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 First Disbursement Date or that have been obtained or actions not required to be taken on or prior to the First
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 First 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.

		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.

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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
                                         except as otherwise permitted pursuant to Section 7.1.4.

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.

SECTION
6.10. Withholding, etc.. As of the date hereof, 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 First 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).

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SECTION
6.13. Investment
Company Act. The Borrower is not an "investment company", or a company "controlled" by 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 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, 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;

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		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.	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;

		i.	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);

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		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 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);

		k.	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);

		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)
                                         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);

  

    	Page 61 

    	 		

    

		n.	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);

		o.	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 7.1.10;
                                         and

 

		p.	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 the letter of the
                                         Borrower issued pursuant to Amendment Agreement Number Eight,

provided
that information required to be furnished to the Facility Agent under subsections (a), (b), (g) and (p) 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;

    	Page 62 

    	 		

    

		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.	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.	upon
                                         delivery of the Purchased Vessel, 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

		d.	within
                                         seven days after delivery of the Purchased Vessel, provide the following to the Facility
                                         Agent with respect to the Purchased Vessel:

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

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

    	Page 63 

    	 		

    

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. 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.

SECTION
7.1.8. 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
7.1.9. 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:

    	Page 64 

    	 		

    

(i)                
the Borrower shall enter into similar debt deferral, covenant amendment and replacement and mandatory prepayment arrangements
to those contemplated by Amendment Agreement Number Eight 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 Agreement Number Eight) 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 7.2.9(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
7.1.10. 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 7.1.10 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.

    	Page 65 

    	 		

    

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 R 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 under Section 7.2.2(a) and permitted to be secured under Section
                                         7.2.3(c), 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];

 

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

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

SECTION
7.2.3. Liens. Until the occurrence of the Guarantee Release Date (whereupon Section 7.2.2 of Exhibit R 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.	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;

		d.	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;

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		e.	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;

		f.	Liens
                                         securing Government-related Obligations;

		g.	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;

		h.	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;

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

		j.	Liens
                                         for current crew's wages and salvage;

		k.	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;

		l.	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 (l), such Liens are either (x) discharged in the ordinary course of business
or (y) being diligently contested in good faith by appropriate proceedings;

		m.	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;

 

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		n.	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;

		o.	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;

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

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

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

		s.	Liens
                                         on any property of Silversea identified in Section 2 of Exhibit S,

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) 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.

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).

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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 Agreement Number Eight, 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(l) with respect to such month is delivered to the Facility Agent (it being understood that the Borrower
shall not be required to comply with this Section 7.2.4(C) at any time on or after the Covenant Modification Date).

SECTION
7.2.5. Additional Undertakings 

From
the effectiveness of Amendment Agreement Number Seven, 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;

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(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 Agreement Number Seven
                                         (but for this purpose excluding any Disposition of the type referred to in the foregoing
                                         clause (A) and any Disposition, the net proceeds of which are applied in accordance with
                                         the following clause (C)) is less than the sum of:

		(x)	$250,000,000
                                         plus

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

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(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

    	Page 72 

    	 		

    

(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

(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 Agreement Number Seven (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 Agreement Number Seven.

		(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;

    	Page 73 

    	 		

    

		(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 Agreement Number Seven
                                         (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 Agreement Number Seven; 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.

		(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

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(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.

		(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 N or Exhibit O 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.

 

    	Page 75 

    	 		

    

		(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;

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

    	Page 76 

    	 		

    

(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 R (and which would otherwise come into effect on that Guarantee Release Date) on the Guarantee Release Date,
the Borrower shall be entitled, by serving written notice on the Facility Agent 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:

(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:

    	Page 77 

    	 		

    

		(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;

		(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. 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.

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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 7.1.9(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

		(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;

 

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		(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,

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(e) through to (s) inclusive, provided, however, that the proviso at the end of Section 7.2.3(e) shall apply with
respect to Liens granted pursuant that provision; and

		b.	incur
                                         any new Indebtedness (including Indebtedness of the type referred to in paragraph 7.2.9(a)(i)
                                         above but excluding any Permitted Refinancing Indebtedness in connection with paragraph
                                         7.2.9(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 relevant provisions of Exhibit R shall apply) be permitted to grant any Lien over
                                         an ECA Financed Vessel as security for any Indebtedness permitted to be incurred under
                                         this Agreement after the Second Deferred Tranche Effective Date.

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 R, which shall become part of this Agreement
and effective and binding on all parties.

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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
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.

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 R) 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 7.1.8, Section 7.1.9, Section 7.1.10 and 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 7.2.4(C), a
breach of which shall, subject to the cure periods set out in this Section 8.1.3, result in an Event of Default) (and the
obligations referred to in Section 8.1.1) and such default shall continue unremedied for a period of five days after
notice thereof shall have been given to the Borrower by the Facility Agent or any Lender (or, if (a) such default is capable
of being remedied within 30 days (commencing on the first day following such five-day period) and (b) the Borrower is actively
seeking to remedy the same during such period, such default shall continue unremedied for at least 35 days after such notice
to the Borrower).

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

 

    	Page 82 

    	 		

    

		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, such 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 Agreement Number Six and Amendment Agreement
                                         Number Eight 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.

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.

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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.

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, (a) within 15 days after the Final 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 Account in accordance with Section 4.12 or (b) within 10 days after any other advance, the proceeds of such advance
have not been utilized to pay the relevant instalment payment.

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.

 

    	Page 85 

    	 		

    

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.i, Section 7.1.1.j, Section
                                         7.1.1.m, Section 7.1.1.n, Section 7.1.1o, 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 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) 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 9.1.10,
all principal of and interest on the relevant advance or, in the case of a Prepayment Event under Section 9.1.12, Section or 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, the relevant advance or the Deferred Tranches, as the case may be, and all accrued and unpaid interest thereon and
all other Obligations in respect thereof), (b) except in the case of a Prepayment Event under Sections 9.1.10, 9.1.12 or 9.1.13,
terminate the Commitments (if not theretofore terminated), (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.

    	Page 86 

    	 		

    

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.

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.

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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.

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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.

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 other 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.

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 five (5) 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 10.15 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.

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:

    	Page 92 

    	 		

    

 

		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 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.

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.

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(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.

(1)       The
Borrower agrees that the Facility Agent may make such items included in the Communications as the Borrower may specifically agree
available to the Lender Parties by posting such notices, at the option of the Borrower, on Intralinks (the "Platform").
Although the primary web portal is secured with a dual firewall and a User ID/Password Authorization System and the Platform is
secured through a single user per deal authorization method whereby each user may access the Platform only on a deal-by-deal basis,
the Borrower acknowledges that (i) the distribution of material through an electronic medium is not necessarily secure and that
there are confidentiality and other risks associated with such distribution, (ii) the Platform is provided "as is" and
 "as available" and (iii) neither the 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.

       (2)       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. In addition, the Borrower agrees to pay reasonable fees and out of pocket expenses of counsel
to the Facility Agent 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.

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SECTION
11.4. Indemnification. In consideration of the execution and delivery of this Agreement by each Lender and the
extension of the Commitments, the Borrower hereby indemnifies and holds harmless the Facility Agent, each Lender and each of
their respective Affiliates and their respective officers, advisors, directors and employees (collectively, the
 "Indemnified Parties") from and against any and all claims, damages, losses, liabilities and expenses
(including, without limitation, reasonable fees and disbursements of counsel), joint or several, that may be incurred by or
asserted or awarded against any Indemnified Party (including, without limitation, in connection with any investigation,
litigation or proceeding or the preparation of a defense in connection therewith), in each case arising out of or in
connection with or by reason of this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby
or any actual or proposed use of the proceeds of the Loans (collectively, the "Indemnified Liabilities"),
except to the extent such claim, damage, loss, liability or expense is found in a final, non-appealable judgment by a court
of competent jurisdiction to have resulted primarily from such Indemnified Party's gross negligence or willful misconduct. 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,. 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.

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.

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 Loan to one or more other
Persons (a "New Lender"), or sell participations in its 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,
up to 50.0% of the aggregate principal amount of the Loan or the total aggregate Commitments and (2) after having assigned or
transferred, when taken together with participations sold by KfW IPEX pursuant to Section 11.11.2, 50.0% of the
aggregate principal amount of the Loan or total aggregate 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 Loan or 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.

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(ii)
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 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.

(iii)
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.

(iv)
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 portion of its 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 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.

(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 Hermes and has obtained a prior written consent from Hermes.

(vi)
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 Loan and Commitment) (which assignment or transfer shall be of a constant, and not a varying, percentage of such
Lender's 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:

    	Page 97 

    	 		

    

 

		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 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).

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;

 

    	Page 98 

    	 		

    

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

		g.	KfW
                                         IPEX may not sell participating interests pursuant to this Section 11.11.2 aggregating,
                                         when taken together with Loans and/or Commitments sold by KfW IPEX pursuant to Section
                                         11.11.1, more than 50.0% the aggregate principal amount of the Loan and/or the aggregate
                                         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 Party from time
to time (the "Register"). The entries in the Register shall be conclusive and binding for all purposes, absent
manifest error, and the Borrower, the Facility Agent and the Lenders may treat each Person whose name is recorded in the Register
as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower or any
Lender at any reasonable time and from time to time upon reasonable prior notice.

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

SECTION
11.13. Hermes Insurance Policy.

SECTION
11.13.1. Terms of Hermes Insurance Policy

		(a)	95%
                                         cover of the Loan.

 

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		(b)	If
                                         the Borrower does not exercise the Alternative Disbursement Option, the Hermes Fee will
                                         not exceed 2.37% of the aggregate principal amount of the Loan as advanced on or prior
                                         to the Final Disbursement Date. Before exercising the Alternative Disbursement Option,
                                         the Borrower may request that the Hermes Agent obtain an indication of the new Hermes
                                         Fee (which it is anticipated will apply if the Borrower exercises the Alternative Disbursement
                                         Option) before it delivers notice of its option to exercise the Alternative Disbursement
                                         Option, which request shall not be considered to be notice of the Borrower's intent to
                                         exercise the Alternative Disbursement Option. Such new Hermes Fee shall become effective
                                         only if the Borrower delivers notice of its option to exercise the Alternative Disbursement
                                         Option. If the Hermes Fee is so increased, each Lender agrees that its Commitment shall
                                         be increased by an amount equal to its pro rata share of the excess of the new Hermes
                                         Fee over the old Hermes Fee.

		(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):

(i)            
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 on demand following the issue of the Hermes Insurance Policy;

(ii)          
2.37% (or such higher percentage as determined under Section 11.13.1(b) if the Borrower exercises the Alternative
Disbursement Option) of the Maximum Loan Amount less the First Fee ("Second Fee") will be payable to the Hermes
Agent or Hermes on the First Disbursement Date;

(iii)        
if the Commitments are cancelled in full by the Borrower or the Lenders on or prior to the First Disbursement Date, 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);

(iv)         if
the Commitments are cancelled in part by the Borrower on or prior to the First Disbursement Date, 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

(v)          
if, after the First Disbursement Date, the Borrower reduces the Commitments and/or 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 all or a corresponding proportion
of the unexpired portion of the Hermes Fee, having regard to the amount of the reduction in Commitments and/or 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).

    	Page 100 

    	 		

    

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 on demand following the issue of
                                         the Hermes Insurance Policy and (b) the Second Fee to the Hermes Agent or Hermes on the
                                         First Disbursement 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 on demand following issue of the Hermes Insurance Policy.

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 as necessary to ensure that the Lenders obtain the support of Hermes
                                         pursuant to the Hermes Insurance Policy.

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(c)   
The Hermes Agent shall:

		(i)	make
                                         written requests to Hermes seeking a reimbursement of the Hermes Fee in the circumstances
                                         described in Section 11.13.1(c)(iii), (iv) or (v) 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;

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

		(iii)	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

		(iv)	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.

		(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.

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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.

    	Page 103 

    	 		

    

SECTION
11.16. 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.

    	Page 104 

    	 		

    

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.

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.

    	Page 105 

    	 		

    

 

SIGNATORIES

The
Borrower

	ROYAL CARIBBEAN CRUISES LTD.	)	/s/ Antje M. Gibson
	Name: Antje M. Gibson	)	 
	Title: Vice President, Treasurer  	 	 

 

 

The
Facility Agent, Mandated Lead Arranger and Lender

	KfW IPEX-BANK GmbH	)	 
	Name: Claudia Wenzel	)	/s/ Claudia Wenzel
	Title: Vice President	 	 
	 	 	 
	Name: André Tiele	)	/s/ André Tiele
	Title: Vice President	 	 

 

The
Hermes Agent

	KfW IPEX-BANK GmbH	)	 
	Name: Claudia Wenzel	)	/s/ Claudia Wenzel
	Title: Vice President	 	 
	 	 	 
	Name: André Tiele	)	/s/ André Tiele
	Title: Vice President	 	 

 

The
Mandated Lead Arranger and Lender

	
 BNP Paribas Fortis S.A./N.V.	)	
	Name: Helmut Van Ginderen	)	/s/ Helmut Van Ginderen 
	Title: Head Business Management	 	 
	 	 	 
	Name: Xavier D'Harveng	)	/s/ Xavier D'Harveng
	Title: Head of Financing Solutions EMEA	 	 

 

The
Mandated Lead Arranger and Lender

	DNB Bank ASA	)	 
	Name: Cathleen Buckley	)	/s/ Cathleen Buckley
	Title: Senior Vice President	 	 

 

Signatories

    	
	 	 

    	 		

    

	Name: Sanjiv Nayar	)	/s/ Sanjiv Nayar
	Title: Senior Vice President	 	 

 

The
Mandated Lead Arranger and Lender

	Skandinaviska Enskilda Banken AB (publ)	)	 
	Name: Penny Neville-Park	)	/s/ Penny Neville-Park
	Title:	 	 
	 	 	 
	Name: Malcolm Stonehouse	)	/s/ Malcolm Stonehouse
	Title: Client Executive	 	 

 

Lender

	
 AKA Ausfuhrkredit – Gesellschaft mbH	)	 
	Name: B. Müller	)	/s/ B. Müller
	Title:	 	 
	 	 	 
	Name: G. Fröhlich	)	/s/ G. Fröhlich
	Title:	 	 

 

Signatories

    	
	 	 

    	 		

    

 

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

    	Page 108 

    	 		

    

 

	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;

	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.

 

    	Page 109 

    	 		

    

8.
Less than a majority of the shareholders of the Guarantor hereto by vote or value are resident in Liberia.][7 and 8 to be
included in the Certificate for RCL Cruise Holdings LLC and RCI Holdings LLC only as Liberian entities]

 

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

[Signature Pages
Follow]

 

    	Page 110 

    	 		

    

 

Exhibit
A

Repayment Schedule

 

	Repayment
    Schedule – Loan (other than Deferred Tranche)

    Payments 11 to 12 fall in the Deferral Period I

    Payments 13 to 14 fall in the Deferral Period II	 
	US
    Dollars ($)	 
	No.	 	Repayment
    Dates	Balance	Principal
	0	 	24-Oct-2014	$791,107,757.79	$0.00
	1	 	24-Apr-2015	$758,144,934.56	$32,962,823.23
	2	 	24-Oct-2015	$725,182,111.33	$32,962,823.23
	3	 	24-Apr-2016	$692,219,288.10	$32,962,823.23
	4	 	24-Oct-2016	$659,256,464.87	$32,962,823.23
	5	 	24-Apr-2017	$626,293,641.64	$32,962,823.23
	6	 	24-Oct-2017	$593,330,818.41	$32,962,823.23
	7	 	24-Apr-2018	$560,367,995.18	$32,962,823.23
	8	 	24-Oct-2018	$527,405,171.95	$32,962,823.23
	9	 	24-Apr-2019	$494,442,348.72	$32,962,823.23
	10	 	24-Oct-2019	$461,479,525.49	$32,962,823.23
	11	 	24-Apr-2020	$428,516,702.26	$32,962,823.23
	12	 	24-Oct-2020	$395,553,879.03	$32,962,823.23
	13	 	24-Apr-2021	$362,591,055.80	$32,962,823.23
	14	 	24-Oct-2021	$329,628,232.57	$32,962,823.23
	15	 	24-Apr-2022	$296,665,409.34	$32,962,823.23
	16	 	24-Oct-2022	$263,702,586.11	$32,962,823.23
	17	 	24-Apr-2023	$230,739,762.88	$32,962,823.23
	18	 	24-Oct-2023	$197,776,939.65	$32,962,823.23
	19	 	24-Apr-2024	$164,814,116.42	$32,962,823.23
	20	 	24-Oct-2024	$131,851,293.19	$32,962,823.23
	21	 	24-Apr-2025	$98,888,469.96	$32,962,823.23
	22	 	24-Oct-2025	$65,925,646.73	$32,962,823.23
	23	 	24-Apr-2026	$32,962,823.50	$32,962,823.23
	24	 	24-Oct-2026	$0.00	$32,962,823.50
	 	 	 	 	$791,107,757.79

    	Page 111 

    	 		

    

 

	Repayment
    Schedule – Deferred Tranche I

    Payments 1 to 2 fall in the Deferral Period II	 
	US
    Dollars ($)	 
	No.	 	Repayment
    Dates	Balance	Principal
	0	 	24-Apr-2020	$32,962,823.23	$0.00
	0	 	24-Oct-2020	$65,925,646.46	$0.00
	1	 	24-Apr-2021	$57,684,940.65	$8,240,705.81
	2	 	24-Oct-2021	$49,444,234.84	$8,240,705.81
	3	 	24-Apr-2022	$41,203,529.03	$8,240,705.81
	4	 	24-Oct-2022	$32,962,823.22	$8,240,705.81
	5	 	24-Apr-2023	$24,722,117.41	$8,240,705.81
	6	 	24-Oct-2023	$16,481,411.60	$8,240,705.81
	7	 	24-Apr-2024	$8,240,705.79	$8,240,705.81
	8	 	24-Oct-2024	$0.00	$8,240,705.79
	 	 	 	 	$65,925,646.46

 

	Repayment
    Schedule – Deferred Tranche II	 
	US
    Dollars ($)	 
	No.	 	Repayment
    Dates	Balance	Principal
	0	 	24-Apr-2021	$41,203,529.04	$0.00
	0	 	24-Oct-2021	$82,407,058.08	$0.00
	1	 	24-Apr-2022	$74,166,352.27	$8,240,705.81
	2	 	24-Oct-2022	$65,925,646.46	$8,240,705.81
	3	 	24-Apr-2023	$57,684,940.65	$8,240,705.81
	4	 	24-Oct-2023	$49,444,234.84	$8,240,705.81
	5	 	24-Apr-2024	$41,203,529.03	$8,240,705.81
	6	 	24-Oct-2024	$32,962,823.22	$8,240,705.81
	7	 	24-Apr-2025	$24,722,117.41	$8,240,705.81
	8	 	24-Oct-2025	$16,481,411.60	$8,240,705.81
	9	 	24-Apr-2026	$8,240,705.79	$8,240,705.81
	10	 	24-Oct-2026	$0.00	$8,240,705.79
	 	 	 	 	$82,407,058.08

 

 

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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.

 

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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.

 

 

 

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.

 

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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.

	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).

 

    	Page 115 

    	 		

    

	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

		(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.

 

 

    	Page 116 

    	 		

    

 

	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.

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.

 

    	Page 117 

    	 		

    

	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]

(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.

 

    	Page 118 

    	 		

    

	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. 

    	Page 119 

    	 		

    

 

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

         

    	Page 120 

    	 		

    

 

	2.
    	monthly
    	Cash Flow Projection
        of the cruise line on a monthly basis

        The Projection
        means cash flow statements in excel format, complete with formulas, shall cover the following period:

        1. 
        Actual figures: The current financial year (whereby at least 1 quarter with actual historical figures have to be included);

        2. 
        Projection: At least the following 24 months starting from the respective current month (including shut down period and
        recovery phase)

        Cash Flow Projection
        showing:

        1. 
        operating cash flow including and separately listed Cruise-Revenues (including but not limited to occupancy rate, ticket
        prices, capacity of the overall fleet, capacity of fleet in operation), Cruise-OPEX, other COGS, net customer deposits
        collection (providing details of deposit refund separately), working capital and SG&A;

        2. 
        cash flow from investing activities (separately: detailing capex in vessels, general capex and disposals / In addition
        for information purposes the newbuilding capex which will be paid out of equity.),

        3. 
        cash flow from financing activities (detailing proceeds from equity, proceeds from debt separated by type of funding and
        ECA facilities, debt repayments separately), etc.

        4. 
        Interest expenses

        Such Cash Flow Projection
        shall be accompanied by a descriptive Note of Assumptions which does include comments on:

        1. Changes:

        (i)   
        The main changes to the underlying assumptions with respect to revenue / cash collections and disbursement of operational
        costs and SG&A,

        (ii)  
        The main changes to the underlying assumptions with respect to Debt Deferrals (with the ECA backed transactions or other
        class of creditors)

 

	 	 	(iii)
        The main changes with respect to Major Capex (and such Equity payments in relation to Major Capex)

        And in
        each case whether those changes are due to timing issues or more fundamental changes compared to the initial Test Scheme
        Template for the Debt Deferral Extension (if not previously disclosed), or the previous Liquidity Forecast.

        2.
        Mitigants or additional liquidity measure that are incorporated in the Liquidity Forecast, or planned but not yet incorporated
        in the Liquidity Forecast.

         

	3.
    	monthly
    	Testing
    of the applicable Minimum Liquidity Covenant according to the amended loan documentation 

    	Page 121 

    	 		

    

 

	4.
    	monthly
    	1.     
        Cash Burn Rate

        2.     
        Cash Burn Rate adjusted to net deposits collection

        3.     
        Net Liquidity position to Cash Burn rate

        Def.
        Cash Burn rate means operating costs plus debt service plus capital expenditure (net of financing)
        Def. Cash Burn rate adjusted means operating costs plus debt service plus capital expenditure (net
        of financing) plus net deposits collection.

        To be reported as long as
        the company achieves a positive (adj.) EBITDA after interest costs in two consecutive months

	5.
    	monthly
    	Booking Curve
        - Average ticket price and occupancy for the season 2021 and season 2022 including a comparison of both parameters
        at the same point in time for bookings in 2019 for the season 2020

        Format tbd with the ECA Agent
        / Figures to be provided in table / split by quarter mandatory

	6.
    	monthly
    	Status of the
        fleet on a per vessel basis: Active vessels (+ occupancy level) / Vessels in layup / Vessels classified for sale

        Fleet wide average of
        occupancy (incl. active and idle vessels)

	7.
    	monthly
    	Confirmation
    that no dividends have been declared / paid within the current month.
	8.
    	monthly
    	Development of
        the customer deposits: 

        1.      
        For cancelled cruises with starting dates in the past: Percentage of customers which requested a refund and percentage
        of those who re-booked or accepted a voucher.

        2.      
        Overview of the amount of deposits which have been collected in connection with cruises in the next 4 quarters (split
        by quarter).

        3.      
        Customer Deposits for cruises starting within the next 3 months

        4.      
        Amount of collected deposits which are at risk to be refunded, based on the company’s own assumption of how many
        passengers of future cancelled cruises might chose a refund instead of a re-booking or a voucher.

         

	9.
    	monthly
    	Other Creditors
        and Debtors:

        1.      
        Please state clearly whenever terms and conditions (amount, interest, tenor, maturity schedule and securities) of existing
        credit facilities (incl. other debt holiday agreements) have been amended which fall into the same class as the ECAs or
        other classes.

        2.      
        How are generally unsecured and secured financings treated?

        3.      
        How do the debtors (like credit card companies) currently act? Do creditors withhold payments?

        4.      
        Other Creditors and Debtors: What is the company asking from the other creditors (e.g. Bondholder, LeaseCos, FactorCos
        etc.) and what is their response? Do the respective documentation include cross default clauses?

	 	 	 

    	Page 122 

    	 		

    

 

	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.

 

    	Page 123 

    	 		

    

 

 

Exhibit
D

Replacement covenants with effect from the Guarantee Release Date

 

 

    	Page 124 

    	 		

    

 

 

 

Exhibit R

Replacement
covenants with effect from the Guarantee Release Date

 

 

It is acknowledged
and agreed, with effect from the Guarantee Release Date, this Agreement shall be amended as follows:

 

“incur”
means to create, incur, assume, guarantee or otherwise become directly or indirectly liable and “incurred”
or “incurrence” shall have a correlative meaning.

 

“Inherited
Indebtedness” means any Indebtedness (other than any Indebtedness that would, following the acquisition or creation
of the relevant Subsidiary, become Permitted Principal Subsidiary Indebtedness or Permitted Non-Principal Subsidiary Indebtedness)
of any corporation that becomes a Subsidiary of the Borrower after the Guarantee Release Date so long as (i) the acquisition or
creation of such corporation by the Borrower is not otherwise prohibited by the terms of this Agreement and (ii) such Indebtedness
is in existence at the time such corporation becomes a Subsidiary of the Borrower and was not incurred by the Borrower or any
of its Subsidiaries in anticipation thereof.

 

“Inherited
Lien” means any Lien (other than a Lien that would, following the acquisition or creation of the relevant Subsidiary,
become a Permitted Lien) in respect of any Inherited Indebtedness on any asset of any corporation that becomes a Subsidiary of
the Borrower after the Guarantee Release Date so long as (i) the acquisition or creation of such corporation by the Borrower is
not otherwise prohibited by the terms of this Agreement and (ii) such Liens are in existence at the time such corporation becomes
a Subsidiary of the Borrower and were not created by the Borrower or any of its Subsidiaries in anticipation thereof.

 

“Non-Principal
Subsidiary” means a Subsidiary other than a Principal Subsidiary.

 

“Permitted
Principal Subsidiary Indebtedness” means:

 

		a.	Indebtedness
                                         owing to the Borrower or a direct or indirect Subsidiary of the Borrower; and

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

“Permitted
Liens” means:

 

c.               
Liens securing Government-related Obligations;

    	Page 125 

    	 		

    

d.              
 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;

e.               
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;

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

g.              
Liens for current crew's wages and salvage;

h.              
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;

i.                
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;

j.                
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;

k.              
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;

l.                
Liens on cash or Cash Equivalents or marketable securities securing:

(iii)             
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

(iv)             
letters of credit that support such obligations;

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m.            
 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;

n.              
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

o.              
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:

 

p.   
Indebtedness owing to the Borrower or a direct or indirect Subsidiary of the Borrower;

		q.	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

		r.	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).

 

 

    	Page 127 

    	 		

    

 

 

 

		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
7.2.2Subsidiary Indebtedness and Liens.

		(a)	With
                                         effect from the Guarantee Release Date and except to the extent permitted by Section
                                         7.2.2(b) below:

		(i)	the
                                         Borrower will not permit:

		A.	any
                                         of its Principal Subsidiaries to incur any Indebtedness other than Permitted Principal
                                         Subsidiary Indebtedness; and

		B.	any
                                         of its Non-Principal Subsidiaries to incur any Indebtedness other than Permitted Non-Principal
                                         Subsidiary Indebtedness; and

		(ii)	the
                                         Borrower (having regard, in the case of any ECA Financed Vessel, to Section 7.2.10) will
                                         not, and will not permit any of its Subsidiaries to, permit to exist any Lien upon any
                                         of its property, revenues or assets, whether now owned or hereafter acquired other than
                                         Permitted Liens.

		(b)	Section 7.2.2(a) shall
                                         not, however, prohibit any Indebtedness or Lien provided that (but again having regard,
                                         in the case of any ECA Financed Vessel, to Section 7.2.10) immediately following the
                                         incurrence (including any Group Member Guarantees) of the Indebtedness or Lien (as applicable):

(i)    
the sum of the aggregate principal amount (without duplication) of (x) Indebtedness incurred by Principal Subsidiaries
(excluding Permitted Principal Subsidiary Indebtedness), (y) Indebtedness incurred by Non-Principal Subsidiaries (excluding Permitted
Non-Principal Subsidiary Indebtedness) and (z) the Indebtedness secured by Liens (other than Permitted Liens) granted by any Group
Member does not exceed 20.0% of the total assets of the Borrower and its Subsidiaries taken as a whole as determined in accordance
with GAAP as at the last day of the most recent ended Fiscal Quarter;

(ii)  
in the event the Senior Debt Rating of the Borrower is at Investment Grade as given by either Moody’s and S&P
(determined at the time of the incurrence of the Indebtedness or Lien), the sum of the aggregate principal amount (without duplication)
of (x) Indebtedness incurred by Principal Subsidiaries (excluding Permitted Principal Subsidiary Indebtedness) and (y) the Indebtedness
secured by Liens (excluding Permitted Liens) granted by any Group Member does not exceed 10.0% of the total assets of the Borrower
and its Subsidiaries taken as a whole as determined in accordance with GAAP as at the last day of the most recent ended Fiscal
Quarter;

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(iii)
in the event the Senior Debt Rating of the Borrower is below Investment Grade as given by both Moody’s and S&P (determined
at the time of creation of the Lien or the granting of a Group Member Guarantee (as applicable)):

A.         
the aggregate principal amount of Indebtedness secured by first priority Liens (excluding Permitted Liens) granted by any
Group Member does not exceed 5% of the total assets of the Borrower and its Subsidiaries taken as a whole as determined in accordance
with GAAP as at the last day of the most recent ended Fiscal Quarter;

B.          
the aggregate principal amount of Indebtedness secured by second (or lower) priority Liens (excluding Permitted Liens)
granted by any Group Member does not exceed 5% of the total assets of the Borrower and its Subsidiaries taken as a whole as determined
in accordance with GAAP as at the last day of the most recent ended Fiscal Quarter; and

C.          
the sum of the aggregate principal amount (without duplication) of (x) Indebtedness (including any Group Member Guarantees)
incurred by Principal Subsidiaries (excluding Permitted Principal Subsidiary Indebtedness) and (y) Indebtedness secured by Liens
(excluding Permitted Liens) granted by any Group Member pursuant to (iii)(A) and (B) above does not exceed 10.0% of the total
assets of the Borrower and its Subsidiaries taken as a whole as determined in accordance with GAAP as at the last day of the most
recent ended Fiscal Quarter,

provided
that if, following the Guarantee Release Date, the Borrower enters into a transaction which results in the existence of any Inherited
Lien or Inherited Indebtedness, and solely as a result of that Inherited Lien (and the related Inherited Indebtedness secured
by that Inherited Lien) or Inherited Indebtedness, the thresholds referred to in this paragraph (b) are exceeded, whilst no breach
of this clause shall be deemed to have occurred at the time of such transaction, no further Indebtedness or Liens of the type
referred to in this paragraph (b) shall be permitted to be incurred or, as the case may, permitted to exist until such time as
the Borrower is in compliance with the thresholds referred to above (and taking into account for such purpose any unsecured Inherited
Indebtedness or Inherited Indebtedness secured by any Inherited Lien).

		2.	Section
                                         7.2.3 shall be deleted in its entirety and replaced with “Intentionally Omitted”.

 

3.       
A new Section 7.2.10 shall be inserted as follows:

 

SECTION
7.2.10Negative Pledge Over ECA Financed Vessels.

For
the purposes of this Section 7.2.10:

    	Page 129 

    	 		

    

“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:

(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 7.2.10 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;

 

    	Page 130 

    	 		

    

(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.

 

 

    	Page 131 

    	 		

    

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 S.

        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 S.

 

 

 

    	Page 132 

    	 		

    

 

 

SIGNATORIES

Amendment No. 8 in respect of Hull S-697

 

	Borrower	 	 
	 	 	 
	Royal Caribbean Cruises Ltd.	) 	/s/ Lucy Shtenko
	Name: Lucy Shtenko	)	 
	Title: Attorney-in-Fact	)	 
	 	 	 
	Facility Agent	 	 
	KfW IPEX-Bank GmbH	)	/s/ Joanna Tuft
	Name: Joanna Tuft	)	 
	Title: Attorney-in-Fact	)	 
	 	 	 
	Hermes Agent	 	 
	KfW IPEX-Bank GmbH	)	/s/ Joanna Tuft
	Name: Joanna Tuft	)	 
	Title: Attorney-in-Fact	)	 
	 	 	 
	Mandated Lead Arrangers	 	 
	KfW IPEX-Bank GmbH	)	/s/ Joanna Tuft
	Name: Joanna Tuft	)	 
	Title: Attorney-in-Fact	)	 
	 	 	 
	DNB Bank ASA	)	/s/ Jan Schneidereit
	Name: Jan Schneidereit	)	 
	Title: Attorney-in-Fact	)	 
	 	 	 
	BNP Paribas Fortis S.A./N.V.	)	/s/ Matthew Bambury
	Name: Matthew Bambury	)	 
	Title: Attorney-in-Fact	)	 
	 	 	 
	Skandinaviska Enskilda Banken AB (publ)	)	 
	Name: Michelle Tsui	) 	/s/ Michelle Tsui
	Title: Attorney-in-Fact	)	 
	 	 	 
	Lenders	 	 
	KfW IPEX-Bank GmbH	)	 /s/ Joanna Tuft
	Name: Joanna Tuft	)	 
	Title: Attorney-in-Fact	)	 

 

 

 

    	  

    	 		

    

 

	DNB Bank ASA	)	/s/ Jan Schneidereit
	Name: Jan Schneidereit	)	 
	Title: Attorney-in-Fact	)	 
	 	 	 
	BNP Paribas Fortis S.A./N.V.	)	/s/ Matthew Bambury
	Name: Matthew Bambury	)	 
	Title: Attorney-in-Fact	)	 
	 	 	 
	Skandinaviska Enskilda Banken AB (publ)	)	 
	Name: Michelle Tsui	)	/s/ Michelle Tsui
	Title: Attorney-in-Fact	)	 
	 	 	 
	AKA Ausfuhrkredit-Gesellschaft mbH	)	/s/ Simon Hartley
	Name: Simon Hartley	)	 
	Title: Attorney-in-Fact	)

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"}]]