Document:

Exhibit 10.21

 

	 	 
	 	Dated
    22 December 2021	 
	
    HIBISYEU
    Finance Limited

    as Existing Borrower

     

    ROYAL CARIBBEAN CRUISES LTD.

    as New Borrower 

     

    citibank
    europe plC, uk branch

    as Facility Agent 

     

    Citicorp
    trustee company limited

    as Security Trustee

     

    CITIBANK N.A., LONDON BRANCH

    as Global Coordinator 

     

    HSBC CONTINENTAL EUROPE

    as French Coordinating Bank 

     

    SMBC BANK INTERNATIONAL PLC

    as ECA Agent

     

    CITIBANK N.A., LONDON BRANCH,
    banco santander s.a., paris branch, bnp paribas, HSBC CONTINENTAL EUROPE , societe generale
    

     

    and 

     

    SMBC
    BANK INTERNATIONAL PLC

    as Mandated Lead Arrangers

     

    and

     

    THE BANKS AND FINANCIAL INSTITUTIONS LISTED
    IN SCHEDULE 1

    as Lenders

     

	 	 

                                                                                                                                                                                                   

                                                                                Amendment Agreement in connection with
 the Credit Agreement in respect of
 Hull No. C34 at Chantiers de l’Atlantique S.A.
	 
	 	 	 	 	 	 

 

     
 

     

    

 

Contents

 

	Clause		Page
	 	 	 
	1	Interpretation and
    definitions	2
	 	 	 
	2	Amendment of the Novation Agreement
    and the form of Novated Credit Agreement	3
	 	 	 
	3	Conditions of effectiveness	3
	 	 	 
	4	Representations, Warranties
    and Undertakings	5
	 	 	 
	5	Incorporation of Terms	6
	 	 	 
	6	Fees, Costs and Expenses	6
	 	 	 
	7	Counterparts	6
	 	 	 
	8	Governing Law	6
	 	 	 
	Schedule 1 Lenders	7
	 	 	 
	Schedule 2 Form
    of Amendment Effective Date and Further Amendment Effective Date confirmation – Hull C34	8
	 	 	 
	Schedule 3 Amendments
    to the Novation Agreement and the Form of Novated Credit Agreement	9

 

     
 

     

    

 

THIS AMENDMENT AGREEMENT (this Amendment)
is dated 22 December2021 and made BETWEEN:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

WHEREAS:

 

		(A)	Reference is made to the facility agreement dated 24 July 2017 (as supplemented, amended and restated
from time to time, the Facility Agreement) and made between (1) the Existing Borrower as borrower, (2) the banks and financial
institutions named therein as original lenders, (3) the Mandated Lead Arrangers as mandated lead arrangers, (4) the Facility Agent as
facility agent, (5) the Security Trustee as security trustee (6) the Global Coordinator as global coordinator, (7) the French Coordinating
Bank as French coordinating bank and (8) the ECA Agent as ECA agent, pursuant to which the Lenders have agreed to make available a loan
of up to €971,961,680 to the Existing Borrower in connection with the purchase by the Existing Borrower of the Receivable from the
Seller pursuant to the Receivable Purchase Agreement.

 

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

 

		(C)	The New Borrower has requested (1), pursuant to a consent request letter dated 8 December 2021, that the
form of Novated Credit Agreement scheduled to the Novation Agreement (as such Novated Credit Agreement was previously amended and restated
pursuant to the Fourth Novation Agreement Supplement) be amended on the basis referred to in clause 2(a) to reflect certain amendments
to the financial covenants set out in Section 7.2.4 of the form of Novated Credit Agreement and (2) that the Novation Agreement and the
form of Novated Credit Agreement be further amended on the basis referred to in clause 2(b) to reflect certain amendments to the Additional
Advances to be made available to the Borrower on the Novation Effective Date.

 

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

 

NOW IT IS AGREED as follows:

 

		1	Interpretation and definitions

 

		1.1	Definitions in the Facility Agreement and the Novation Agreement

 

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

 

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

 

		1.2	Definitions

 

In this Amendment:

 

Amendment Effective Date means
the date specified as such in the certificate signed by the Facility Agent in accordance with clause 3.3, and being the date upon which
the amendments to the form of Novated Credit Agreement set out in Part A of Schedule 3 shall become effective in accordance with clause
2(a).

 

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

 

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

 

Further Amendment Effective Date
means the date specified as such in the certificate signed by the Facility Agent in accordance with clause 3.3, and being the date upon
which the further amendments to the Novation Agreement and the form of Novated Credit Agreement set out in Part B of Schedule 3 shall
become effective in accordance with clause 2(b).

 

Party means each of the parties
to this Amendment.

 

		1.3	Third party rights

 

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

 

		1.4	Designation

 

Each of the Parties designates this
Amendment as a Loan Document for the purposes of the replacement Novated Credit Agreement and a Finance Document for the purposes of the
Facility Agreement.

 

     
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		1.5	Security Trustee

 

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

 

		2	Amendment of the Novation Agreement and the form of Novated Credit Agreement

 

In consideration of the mutual covenants
in this Amendment, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties
hereby agree that:

 

		(a)	subject to the satisfaction of the conditions precedent set forth in clause 3.1, the form of the Novated
Credit Agreement set out in Schedule 3 of the Novation Agreement shall, with effect from the Amendment Effective Date, be (and it is hereby)
amended in accordance with the amendments set out in Part A of Schedule 3; and

 

		(b)	subject to the satisfaction of the conditions precedent set forth in clauses 3.1 and 3.2, the Novation
Agreement and the form of the Novated Credit Agreement set out in Schedule 3 of the Novation Agreement shall, with effect from the Further
Amendment Effective Date, be (and they are hereby) further amended in accordance with the amendments set out in Part B of Schedule 3.

 

		3	Conditions of effectiveness

 

		3.1	The agreement of the Parties referred to in clauses 2(a) and 2(b) shall be subject to each of the following
conditions (other than, in the case of clause 2(b), the conditions set out in clauses 3.1(e), (h) and (k)) being satisfied to the reasonable
satisfaction of the Facility Agent:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

  

		(e)	the ECA Agent and the Facility Agent shall have received evidence satisfactory to the ECA Agent and the
Facility Agent (acting on the instructions of the Lenders) that BpiFAE has approved the arrangements referred to in clause 2(a);

 

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

 

		(i)	Watson Farley & Williams LLP, counsel to the New Borrower, as to matters of Liberian law (and being
issued in substantially the same form as the corresponding Liberian legal opinion issued in respect of the Fourth Novation Agreement Supplement);
and

 

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

 

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

 

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

 

		(h)	no Event of Default shall have occurred and be continuing or would result from the amendment of the Novation
Agreement pursuant to clause 2(a);

 

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

 

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

 

		(k)	the Facility Agent shall have received evidence that, as required pursuant to clause 9.6(c) of the Receivable
Purchase Agreement, the Seller has consented to the amendments to the Novation Agreement to be made pursuant to clause 2(a).

 

		3.2	The agreement of the Parties referred to in clause 2(b) shall be subject further to each of the following
conditions being satisfied to the reasonable satisfaction of the Facility Agent:

 

     
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		(a)	the Facility Agent having received an amendment to the BpiFAE Insurance Policy in respect of the amendments
referred to in clause 2(b), duly signed and issued by BpiFAE in a form and substance satisfactory to the Lenders;

 

		(b)	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 Further Amendment Effective Date;

 

		(c)	no Event of Default shall have occurred and be continuing or would result from the further amendments
to be made pursuant to clause 2(b); and

 

		(d)	the Facility Agent shall have received evidence that, as required pursuant to clause 9.6(c) of the Receivable
Purchase Agreement, the Seller has consented to the further amendments to the Novation Agreement to be made pursuant to clause 2(b).

 

		3.3	The Facility Agent shall notify the Lenders, the Existing Borrower and the New Borrower of the Amendment
Effective Date and the Further Amendment Effective Date, in each case by way of a confirmation in the applicable form set out in Schedule
2 and each such confirmation shall be conclusive and binding.

 

		4	Representations, Warranties and Undertakings

 

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

 

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

 

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

 

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

 

		(b)	represents and warrants to the Facility Agent and each Lender that the New Borrower is negotiating amendments
to each other ECA Financing which shall, upon entry into of the relevant amendment agreement in respect of that ECA Financing, contain
amendments that will be consistent with, and on the same substantive terms as, the amendments set out in Part A of Schedule 3 (and which
are to be contained in the form of Novated Credit Agreement (as amended by this Amendment)); and

 

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

 

     
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		5	Incorporation of Terms

 

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

 

		6	Fees, Costs and Expenses

 

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

 

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

 

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

 

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

 

		(b)	the administration, modification and amendment of,

 

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

 

		7	Counterparts

 

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

 

		8	Governing Law

 

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

 

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

 

     
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Schedule 1

Lenders

 

Banco Santander, S.A, Paris Branch

BNP Paribas Citibank N.A., London Branch

HSBC Continental Europe

Société Générale 

SMBC Bank International plc

SFIL

 

     
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Schedule 2

Form of Amendment Effective Date and Further Amendment Effective Date confirmation – Hull C34

 

[Note: optionality to be selected
/ deleted dependent on whether the confirmation relates to the Amendment Effective Date or the Further Amendment Effective Date.]

 

To:          Royal Caribbean Cruises Ltd.

 

Hull No. C34 Amendment Agreement dated [●]
(the Amendment Agreement)

 

We, CITIBANK EUROPE PLC, UK BRANCH, refer
to the Amendment Agreement and confirm that all conditions precedent referred to in clause 3.1 [and clause 3.2] of the Amendment Agreement
have been satisfied and, accordingly, the “[Amendment Effective Date][Further Amendment Effective Date]” for the purposes
of the Amendment Agreement is [●].

 

Facility Agent

 

	Signed by	 	 

 

For and on behalf of CITIBANK EUROPE PLC, UK
BRANCH

 

     
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Schedule 3

Amendments to the Novation Agreement and the Form of Novated Credit Agreement

 

LIST OF AMENDMENTS TO THE RCCL OASIS V CREDIT
AGREEMENT

 

Schedule 3

 

Part A: amendments to the form of Novated Credit
Agreement to take effect from the Amendment Effective Date

 

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

 

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

 

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

 

“2023
Convertible Notes Indenture” means that certain Indenture, dated as of June 9, 2020, (as amended, supplemented, extended, refinanced,
replaced and/or otherwise modified from time to time) in respect of the $1,150,000,000 4.250% convertible senior notes due 2023, by and
among the Borrower as issuer and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as trustee.”

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		a)	

 

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

 

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

 

		b)	the sum of:

 

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

 

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

 

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

 

"Stockholders’
Equity" means, as at any date, the Borrower’s stockholders’ equity on such date, excluding Accumulated Other Comprehensive
Income (Loss), determined in accordance with GAAP and which shall, for the purposes of determining the level of Stockholders’ Equity
for the purposes of assessing compliance with the financial covenant contained in Section 7.2.4.c.:

 

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

 

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

 

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

 

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

 

 

     
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provided that:

 

		a)	any non-cash charge to Stockholders’ Equity resulting (directly or indirectly) from a change after the Signing Date in GAAP
or in the interpretation thereof shall be disregarded in the computation of Stockholders’ Equity such that the amount of any reduction
thereof resulting from such change shall be added back to Stockholders’ Equity;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     
Page 11

     

    

 

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

 

		"c.	together with each of the statements delivered pursuant
to the foregoing paragraph (a) or (b), a certificate, executed by the chief financial officer, the treasurer or the corporate controller
of the Borrower, setting out, as of the last day of the relevant Fiscal Quarter or Fiscal Year, computations as to compliance with the
covenants set forth in Section 7.2.4 (in reasonable detail and with appropriate calculations and computations in all respects reasonably
satisfactory to the Facility Agent) it being understood and agreed that any such certificate supplied in respect of any Fiscal Quarter
ending during the Financial Covenant Waiver Period shall still contain such calculations and computations but shall not be required to
demonstrate compliance with the covenants set forth in Section 7.2.4;” ;

 

		“k.	during the period from the Novation Effective Time until the Minimum Liquidity Cut-off Date (as defined
in Section 7.2.4(C)), within five Business Days after the end of each month falling during such period, a certificate, executed by the
chief financial officer, the treasurer or the corporate controller of the Borrower, showing, as of the last day of the immediately preceding
month, compliance with the covenant set forth in Section 7.2.4(C); provided that if, during such period, the Borrower is not in compliance
with the covenant set forth in Section 7.2.4(C) as of the last day of such month, the Borrower shall show compliance with such covenant
as of the date such certificate is delivered;”;

 

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

 

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

 

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

 

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

 

     
Page 12

     

    

 

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

 

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

 

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

 

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

 

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

 

		c.	if, at any time, the Senior Debt Rating of the Borrower is less than Investment Grade as given by both
Moody's and S&P, Stockholders' Equity to be less than, as at the last day of any Fiscal Quarter, the sum of (i) $4,150,000,000 plus
(ii) 50% of the consolidated net income of the Borrower and its Subsidiaries for the period commencing on January 1, 2007 and ending on
the last day of the Fiscal Quarter most recently ended (treated for these purposes as a single accounting period, but in any event excluding
any Fiscal Quarters for which the Borrower and its Subsidiaries have a consolidated net loss).

 

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

 

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

 

“SECTION 7.2.4(A).
Most favored lender with respect to Financial Covenants. If from the start of the Financial Covenant Waiver Period until the later to
occur of (i) the end of the Financial Covenant Waiver Period and (ii) the repayment of all sums described as 'Deferred Tranches' in each
ECA Financing of the Borrower and its Subsidiaries for which “Deferred Tranches” exist any Group Member agrees, in respect
of any of its Indebtedness for borrowed money, to any new, modified or substitute financial covenants of the type or similar to the financial
covenants set out in Section 7.2.4 above then (a) the Borrower shall notify the Facility Agent in writing within 5 Business Days of such
new, modified or substitute financial covenants being agreed with the relevant creditor(s) and (b) if required by the Lenders, the Borrower
and the Lenders shall, as soon as practicable thereafter, enter into an amendment to this Agreement to incorporate the new, modified or
substitute financial covenants.”

 

     
Page 13

     

    

 

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

 

"SECTION 7.2.4(C). Minimum liquidity.

 

		a.	The Borrower will not allow the aggregate amount of unrestricted cash and Cash Equivalents of the Borrower
and its Subsidiaries as determined in accordance with GAAP to be less than the Adjustable Amount as of (a) the last day of any calendar
month from the Fourth Supplement Effective Date until the earlier to occur of (i) the date of repayment or prepayment of all sums described
as 'Deferred Tranches' in each ECA Financing of the Borrower and its Subsidiaries for which “Deferred Tranches” exist and
(ii) the Add Back End Date (the “Minimum Liquidity Cut-off Date”), or (b) if the Borrower is not in compliance with
the requirements of this Section 7.2.4(C) as of the last day of any calendar month falling prior to the Minimum Liquidity Cut-off Date,
the date that the certificate required by Section 7.1.1(k) with respect to such month is delivered to the Facility Agent demonstrating
such compliance; and

 

		b.	for the purposes of this Section 7.2.4(C) (Minimum Liquidity), on and from 1 October 2022, the
calculation of unrestricted cash and Cash Equivalents shall also include the aggregate amount of any amounts available to be drawn by
the Borrower and/or any of its Subsidiaries under committed but undrawn term loan or revolving credit facility agreements where such amounts
are to be made available for general corporate purposes or which would, once utilised, otherwise increase the liquidity of the Borrower
or the relevant Subsidiary.”

 

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

 

“SECTION 9.1.4.
Non-Performance of Certain Covenants and Obligations. The Borrower shall default in the due performance and observance of any of the covenants
set forth in Sections 4.12, 7.1.1(m), 7.1.1(p), 7.1.4(e) or 7.2.4 (but excluding Sections 7.2.4(A) and 7.2.4(B) (which shall be regulated
in accordance with Section 9.1.11(d) and also excluding Section 7.2.4(C), a breach of which is regulated in accordance with Section 8.1.3)
and, in the case of Sections 7.1.1(m) and 7.1.4(e), such default shall continue unremedied for a period of five days after notice thereof
shall have been given to the Borrower by the Facility Agent or any Lender (or, if (a) such default is capable of being remedied within
30 days (commencing on the first day following such five-day period) and (b) the Borrower is actively seeking to remedy the same during
such period, such default shall continue unremedied for at least 35 days after such notice to the Borrower); provided that any such default
in respect of Section 7.2.4 (but again excluding Section 7.2.4(A) to Section 7.2.4(C) inclusive) that occurs during the Financial Covenant
Waiver Period (but without prejudice to the rights of the Lenders in respect of any further breach that may occur following the expiry
of the Financial Covenant Waiver Period) shall not (as long as no Event of Default under Section 8.1.5 has occurred and is continuing,
or no Prepayment Event under Section 9.1.11 or Section 9.1.12 has occurred, in each case during the Financial Covenant Waiver Period)
constitute a Prepayment Event.”

 

     
Page 14

     

    

 

Part B: amendments to the
Novation Agreement and the form of Novated Credit Agreement to take effect from the Further Amendment Effective Date

 

		(1)	With effect from the Further Amendment Effective Date, the Novation Agreement shall be amended as follows:

 

		(a)	the definition of Weighted Average Rate of Exchange in clause 1.1 (Definitions) shall be deleted
and replaced with the following:

 

“Weighted
Average Rate of Exchange means the weighted average rate of exchange that the New Borrower has agreed, either in the spot or forward
currency markets, to pay its counterparties for the purchase of the relevant amounts of euro with Dollars for the payment of the euro
amount of the Contract Price (including the portion thereof comprising the Change Orders (including the Change Orders to be financed pursuant
to an Additional Advance to be made available to the New Borrower pursuant to clause 5.2(a)(ii)), any Other Basic Contract Price Increases
and the Non-Yard Costs) and including in such weighted average calculation (a) the NYC Applicable Rate in relation to the portion of the
Contract Price comprising the Non-Yard Costs and (b) the spot rates for any other euro amounts that have not been hedged by the New Borrower.”;
and

 

		(b)	clause 5.2(a) (Additional Advances) shall be deleted and replaced with the following:

 

			“(a)         an
amount of up to:

 

		(i)	80% of the incurred Non-Yard Costs (of up to EUR 150,000,000) and the Other Basic Contract Price Increases
paid or to be paid by the New Borrower under the Building Contract of up to EUR 68,000,000, (but which, when aggregated with the Non-Yard
Costs, shall not exceed an amount equal to EUR 175,000,000); and

 

		(ii)	80% of the aggregate amount equal to (A) the total Change Orders payable by the Borrower pursuant to Article
V of the Building Contract less (B) the actual Change Order Amount financed pursuant to the Loan made available to the Existing Borrower
under the Principal Agreement (and which will therefore form part of the Novated Loan Balance),

 

provided that the
aggregate amount of the Additional Advances made available pursuant to this paragraph (a) shall not exceed EUR 234,032,880; and”.

 

		(2)	With effect from the Further Amendment Effective Date, the form of Novated Credit Agreement scheduled
to the Novation Agreement shall be further amended as follows:

 

		(a)	Recital 2 shall be deleted and replaced with the following:

 

“2.        
The Lenders have agreed to make available to the Borrower, upon the terms and conditions contained herein, a US dollar loan facility
calculated on the amount (the “Maximum Loan Amount”) equal to the EUR sum of:

 

		a.	eighty per cent (80%) of (1) the Contract Price (as defined below) of the Purchased Vessel and including
(2) subject to the aggregate capped amount set out in paragraph b. below, Non-Yard Costs of up to EUR 150,000,000 (the “Maximum
Non-Yard Costs Amount”) and the Other Basic Contract Price Increases (as defined below) for the Purchased Vessel of up to EUR
68,000,000, (but which, when aggregated with the Non-Yard Costs, shall not exceed an amount equal to EUR 175,000,000), and all of which
amounts in (1) and (2) shall not exceed in aggregate EUR 1,272,411,000;

 

     
Page 15

     

    

 

 

		b.	eighty per cent (80%) of the change orders effected in accordance with the Construction Contract in a
maximum amount which, when aggregated with the amounts referred to in paragraph (a)(2) above, shall not exceed EUR 292,541,100; and

 

		c.	100% of the BpiFAE Premium (as defined below),

 

being an amount no greater than EUR1,145,320,530
and being made available in the US Dollar Equivalent of that Maximum Loan Amount (as such Dollar amount may be adjusted pursuant to clause
5.3 of the Novation Agreement);”;

 

		(b)	Recital 3 shall be deleted and replaced with the following

 

“3.          Of the amounts referred to
in recital 2 above, the Lenders have made certain amounts available to the Original Borrower during the period prior to the Actual Delivery
Date pursuant to this Agreement (the liability for which amount has been assumed by the Borrower following the novation of this Agreement
pursuant to the Novation Agreement) and, in relation to the amounts referred to in recital 2a. and 2b., the balance has been or shall
be made available to the Borrower as an Additional Advance pursuant to the Novation Agreement and this Agreement.”;

 

		(c)	The definition of “US Dollar Equivalent” in Section 1.1 (Defined Terms) of Article
1 (Definitions and accounting terms) shall be amended by inserting a reference to “change orders,” before the first
reference to Non-Yard Costs; and

 

		(d)	Exhibit A - Form of Loan Request shall be deleted in its entirety and replaced by the Loan Request set
out in Exhibit A below.

 

     
Page 16

     

    

 

EXHIBIT A

 

FORM OF LOAN REQUEST

 

Citibank Europe PLC, UK Branch as Facility Agent

5th Floor Citigroup Centre

Mail drop CGC2 05-65

25 Canada Square Canary Wharf

London E14 5LB

U.K.

 

	Date: 	[●]

 

	Attention:	[Name]

		[Title]

 

HULL NO. C34 – NOTICE OF DRAWDOWN

 

Gentlemen and Ladies:

 

This Loan Request is delivered to you pursuant to
Section 2.3 of the Hull No. C34 Credit Agreement attached to the novation agreement dated [●] 2017 (together with
all amendments from time to time made thereto, the “Novation Agreement”), among Royal Caribbean Cruises Ltd. (the “Borrower”),
the various other financial institutions from time to time party thereto as Lenders, Citibank Europe plc, UK Branch as facility agent
(in such capacity, the “Facility Agent”), Citibank N.A., London Branch as global coordinator, SMBC Bank International
plc as ECA agent, Citicorp Trustee Company Limited as security trustee, Citibank N.A., London Branch, Banco Santander, S.A., Paris Branch,
BNP Paribas, HSBC Continental Europe, Société Générale and SMBC Bank International plc as mandated lead arrangers
and Hibisyeu Finance Limited as the existing borrower. Unless otherwise defined herein or the context otherwise requires, terms used herein
have the meanings provided in the Novation Agreement or in the form of amended and restated credit agreement (the “Agreement”)
attached to it.

 

The Borrower hereby confirms that the Weighted
Average Rate of Exchange is [●] and the Spot Rate of Exchange is [●]. True and complete copies of the counterparty confirmations
evidencing the Weighted Average Rate of Exchange are attached (to the extent not previously provided to the Facility Agent pursuant to
clause 5.6 of the Novation Agreement).

 

The Borrower hereby confirms that the total amount
of the Loan is US$[●], comprised of (i) the Total Additional Advances (defined below) being requested hereby and (ii) the Novated
Loan Balance assumed by the Borrower pursuant to the provisions of clause 3 of the Novation Agreement and converted into Dollars pursuant
to clause 5.1 of the Novation Agreement.

 

     
Page 17

     

    

 

The Borrower hereby requests that further advances
in respect of the Loan be made in the principal amount of US$[●] (the “Total Additional Advances”) on [●], 20[●]
(the “Disbursement Date”), which amount (when aggregated with the Novated Loan Balance) does not exceed the Maximum Loan Amount.
The said amounts requested for the Loan are equal to the sum of:

 

		(A)	The aggregate of:

 

		(i)	US$[●] (the “NYC
Amount”), which is equal to the US Dollar Equivalent of the amount of EUR[●] being 80% of the Non-Yard Costs of EUR [●]
(the “Total NYC Allowance”) and being comprised of:

 

		I.	US$[[●] EUR * WARE] (the “Paid NYC Portion”), being 80% of [●]%
(the “Relevant Percentage”) of the Total NYC Allowance, such Relevant Percentage representing the percentage of the Total
NYC Allowance that the Borrower has paid to the relevant suppliers and installed/provided as of [●] (and being the Paid Non-Yard
Costs referred to in the Agreement),

 

		II.	US$[[●] EUR * WARE] (the “Unpaid NYC Portion”) being the difference
between the NYC Amount and the Paid NYC Portion and being 80% of the Unpaid Non-Yard Costs referred to in the Agreement;

 

		(ii)	US$[●], which is
equal to the US Dollar Equivalent of the amount of EUR[●], being 80% of the Other Basic Contract Price Increases of EUR[●]];

 

		(iii)	US$[●], which is
equal to the US Dollar Equivalent of the amount of EUR[●], being 80% of the change orders referred to in recital 2b. of the Agreement
of EUR[●]];

 

		(iv)	US$[●], which is
equal to the US Dollar Equivalent of the amount of EUR [●] being equal to 100% of the BpiFAE Premium and being comprised of:

 

		I.	US$[●], being the US Dollar BpiFAE Advance Amount payable by the Borrower
to BpiFAE; and

 

		II.	US$[●], being the US Dollar BpiFAE Balance Amount payable by the Borrower
to the Builder; and

 

plus

 

		(B)	US$[●], being the product of (a) the difference obtained from subtracting
the Spot Rate of Exchange from the Weighted Average Rate of Exchange and (b) the Novated Loan Balance in accordance with clause 5.3 of
the Novation Agreement.

 

True and complete copies of the counterparty confirmations evidencing
the rates of exchange making up the US Dollar Equivalent under paragraph (A) above are attached (to the extent not previously provided
to the Facility Agent pursuant to clause 5.6 of the Novation Agreement). Also attached is the written confirmation of the Builder as to
the amount of the incurred Non-Yard Costs paid to the Builder by the Borrower on or prior to delivery of the Purchased Vessel.

 

The Borrower hereby authorizes and instructs
the Facility Agent on its behalf:

 

		(1)	to convert the US Dollar BpiFAE Advance Amount (on the basis set out in Section 2.3(d) of the Agreement)
and pay directly to BpiFAE that portion of the EUR amount of the BpiFAE Premium which is payable to BpiFAE on the Disbursement Date;

 

     
Page 18

     

    

 

		(2)	to [pay the US Dollar BpiFAE Balance Amount][convert the US Dollar BpiFAE Balance Amount (on the basis
set out in Section 2.3(e) of the Agreement) and pay the EUR amount] on behalf of the Borrower directly to the Builder to the following
account (the “Builder’s Account”) on the Disbursement Date:

 

[●]

 

		(3)	to transfer the [Unpaid NYC Portion] to the Escrow Account which is subject to a charge in favor of the
Security Trustee pursuant to the Escrow Account Security on the Disbursement Date; and

 

		(4)	to transfer US$[●], being the Total Additional Advances less (A) the US Dollar BpiFAE Advance Amount,
(B) the US Dollar BpiFAE Balance Amount, and (C) the [Unpaid NYC Portion], to the following account on the Disbursement Date:

 

[●].

 

The Borrower hereby acknowledges that,
pursuant to Section 5.1.5 of the Agreement, each of the delivery of this Loan Request and the acceptance by the Borrower of the
proceeds of the borrowing requested hereby constitute a representation and warranty by the Borrower that, on the date of such borrowing
(before and after giving effect thereto and to the application of the proceeds therefrom):

 

(a) all statements set forth in Article
VI of the Agreement (excluding, however, those set forth in Section 6.10) are true and correct in all material respects; and

 

(b) no Default or Prepayment Event and
no event which (with notice or lapse of time or both) would become a Prepayment Event has occurred and is continuing.

 

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

 

The Borrower has
caused this Loan Request to be executed and delivered, and the certification and warranties contained herein to be made, by its duly
Authorized Officer this ________day of ________, 20[●].

 

	 	Royal Caribbean Cruises Ltd.
	 	 
	 	By:	ANTJE M. GIBSON
	 	 	Name: Antje M. Gibson
	 	 	Title: Treasurer

 

     
Page 19

     

    

 

SIGNATORIES

 

Amendment Agreement in respect of
Hull C34

 

	Existing Borrower	 	 
	 	 	 
	SIGNED by JACOBUS PIETERSON, Director

for and on behalf of

HIBISYEU FINANCE LIMITED	)

) 

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

for and on behalf of

ROYAL CARIBBEAN CRUISES LTD.	)

)

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

for and on behalf of 

CITIBANK EUROPE PLC, UK BRANCH	)

)

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

for and on behalf of

CITICORP TRUSTEE COMPANY LIMITED	)

)

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

for and on behalf of

CITIBANK N.A., LONDON BRANCH	)

)

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

for and on behalf of 	)

)	
    /s/ HERVE BILLI

    

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

for and on behalf of

HSBC CONTINENTAL EUROPE	)

)

)	/s/ JULIE BELLAIS
	 	)	 

 

     
Page 20

     

    

 

	The
    Lenders	 	 
	 	 	 
	SIGNED
    by ALEX C TAYLOR, Managing Director

    for and on behalf of

    CITIBANK N.A., LONDON BRANCH	)

    )

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

    for and on behalf of

    HSBC CONTINENTAL EUROPE	)

    )

    )	/s/
    JULIE BELLAIS 
	 	)	 
	 	 	 
	SIGNED
    by VERONIQUE DE BLIC, Head of Export

    Finance EMEA and ALEXANDRE DE VATHAIRE, 

    Head of France & UK Export Finance

    for and on behalf of	

    )

    )

    )	/s/ VERONIQUE DE BLIC

    

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

    /s/ MASAO YOKOYAMA, Signatories

    for and on behalf of

	)

    )

    )	/s/ KENJI YANAGAWA

    

	SMBC BANK INTERNATIONAL PLC	 	/s/ MASAO YOKOYAMA
	 	)	 
	 	 	 
	SIGNED
    by VALERIE MACE, Director, Development 

    Structured & Export Finance

    for and on behalf of

    SOCIÉTÉ GÉNÉRALE	)

    )

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

    EMILIE BOISSIER, Signatories

    for and on behalf of	)

    )

    )	/s/ PIERRE-MARIE DEBREUILLE

    

	SFIL	 	/s/ EMILIE
    BOISSIER
	 	)	 
	 	 	 
	SIGNED
    by CAROLINE PANTALEAO, Head of

    Middle East and PIERRE ROSEROT DE MELIN, 

    Chief Administrative Officer

    for and on behalf of 	)

    )

    )	/s/ CAROLINE PANTALEAO

    

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

 

     
Page 21

     

    

 

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

for and on behalf of

CITIBANK N.A., LONDON BRANCH	)

)

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

for and on behalf of

HSBC CONTINENTAL EUROPE	)

)

)	/s/ JULIE BELLAIS
	 	)	 
	 	 	 
	SIGNED
by CAROLINE PANTALEAO, Head of 

Middle East and PIERRE ROSEROT DE MELIN, 

Chief Administrative Officer

for and on behalf of 	)

)

)	
    /s/ CAROLINE PANTALEAO

    

	BANCO SANTANDER S.A., PARIS BRANCH	 	/s/ PIERRE ROSEROT DE MELIN
	 	)	 
	 	 	 
	SIGNED
by VERONIQUE DE BLIC, Head of Export

Finance EMEA and ALEXANDRE DE VATHAIRE,

Head of France & UK Export Finance

for and on behalf of	)

)

)	
    /s/ VERONIQUE DE BLIC

    

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

YOKOYAMA, Signatories

for and on behalf of	)

)

)	
    /s/ KENJI YANAGAWA

    

	SMBC BANK INTERNATIONAL PLC	 	/s/ MASAO YOKOYAMA
	 	)	 
	 	 	 
	SIGNED by VALERIE MACE, Director, Development

 Structured & Export Finance

for and on behalf of

SOCIÉTÉ GÉNÉRALE	)

)

)	/s/ VALERIE MACE
	 	)	 

     
Page 22Exhibit 10.22

 

	 	Dated
    22 December 2021	 
	HOEDISCUS
    Finance Limited

    as Existing Borrower

     

    ROYAL CARIBBEAN CRUISES
    LTD.

    as New Borrower 

     

    citibank
    europe plC, uk branch

    as Facility Agent 

     

    Citicorp
    trustee company limited

    as Security Trustee

     

    CITIBANK N.A., LONDON
    BRANCH

    as Global Coordinator 

     

    HSBC CONTINENTAL
    EUROPE

    as French Coordinating Bank 

     

    SMBC BANK INTERNATIONAL
    PLC

    as ECA Agent

     

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

    paribas, HSBC CONTINENTAL EUROPE , societe generale 

     

    and 

     

    SMBC
    BANK INTERNATIONAL PLC

    as Mandated Lead Arrangers

     

    and

     

    THE BANKS AND FINANCIAL
    INSTITUTIONS LISTED IN SCHEDULE 1

    as Lenders

     

	 	

                                                                                 

                                                                                Amendment
                                            Agreement in connection with
 the Credit Agreement in respect of
 Hull No. L34 at
                                            Chantiers de l’Atlantique S.A.
	 

 

     

     

    

 

Contents

 

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

 

	Schedule 1 	Lenders	6
	 	 	 
	Schedule 2	 Form of Amendment Effective Date confirmation
    – Hull L34	7
	 	 	 
	Schedule 3 	Amendments to the Form of Novated Credit Agreement	8

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

WHEREAS:

 

		(A)	Reference is made to the facility agreement
                                            dated 24 July 2017 (as supplemented, amended and restated from time to time, the Facility
                                            Agreement) and made between (1) the Existing Borrower as borrower, (2) the banks and
                                            financial institutions named therein as original lenders, (3) the Mandated Lead Arrangers
                                            as mandated lead arrangers, (4) the Facility Agent as facility agent, (5) the Security Trustee
                                            as security trustee (6) the Global Coordinator as global coordinator, (7) the French Coordinating
                                            Bank as French coordinating bank and (8) the ECA Agent as ECA agent, pursuant to which the
                                            Lenders have agreed to make available a loan of up to €603,426,960 to the Existing Borrower
                                            in connection with the purchase by the Existing Borrower of the Receivable from the Seller
                                            pursuant to the Receivable Purchase Agreement.

 

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

 

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

 

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

 

     
Page 1

     

    

 

NOW IT IS AGREED as follows:

 

		1	Interpretation and definitions

 

		1.1	Definitions in the Facility Agreement
                                            and the Novation Agreement

 

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

 

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

 

		1.2	Definitions

 

In this Amendment:

 

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

Facility Agent in accordance with
clause 3.2.

 

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

 

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

 

Party means each of the parties
to this Amendment.

 

		1.3	Third party rights

 

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

 

		1.4	Designation

 

Each of the Parties designates this
Amendment as a Loan Document for the purposes of the replacement Novated Credit Agreement and a Finance Document for the purposes of
the Facility Agreement.

 

		1.5	Security Trustee

 

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

 

		2	Amendment of the Novation Agreement
                                            and the form of Novated Credit Agreement

 

In consideration of the mutual covenants
in this Amendment, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties
hereby agree that, subject to the satisfaction of the conditions precedent set forth in clause 3, the form of the Novated Credit Agreement
set out in Schedule 3 of the Novation Agreement shall, with effect from the Amendment Effective Date, be (and it is hereby) amended in
accordance with the amendments set out in Schedule 3.

 

     
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		3	Conditions of effectiveness

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		(i)	Watson Farley & Williams LLP, counsel
                                            to the New Borrower, as to matters of Liberian law (and being issued in substantially the
                                            same form as the corresponding Liberian legal opinion issued in respect of the Fourth Novation
                                            Agreement Supplement); and

 

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

 

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

 

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

 

     
Page 3

     

    

 

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

 

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

 

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

 

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

 

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

 

		4	Representations, Warranties and
                                            Undertakings

 

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

 

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

 

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

 

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

 

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

 

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

 

     
Page 4

     

    

 

		5	Incorporation of Terms

 

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

 

		6	Fees, Costs and Expenses

 

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

 

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

 

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

 

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

 

		(b)	the administration, modification and
                                            amendment of,

 

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

 

		7	Counterparts

 

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

 

		8	Governing Law

 

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

 

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

 

     
Page 5

     

    

 

Schedule 1

Lenders

 

	Banco Santander,
    S.A, Paris Branch
	BNP Paribas
	HSBC Continental Europe
	Société Générale
    
	SMBC Bank International plc
	SFIL
	 
	 

 

     
Page 6

     

    

 

Schedule 2

Form of Amendment Effective Date confirmation – Hull L34

 

	To:	Royal Caribbean Cruises Ltd.

 

Hull No. L34 Amendment Agreement dated [●]
2021 (the Amendment Agreement)

 

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

 

Facility Agent

 

	Signed by	 	 

 

For and on behalf of CITIBANK EUROPE PLC,
UK BRANCH

 

     
Page 7

     

    

 

Schedule 3

Amendments to the Form of Novated Credit Agreement

 

LIST OF AMENDMENTS TO
THE RCCL EDGE 3 CREDIT AGREEMENT

 

Schedule 3

 

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

 

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

 

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

 

“2023 Convertible
Notes Indenture” means that certain Indenture, dated as of June 9, 2020, (as amended, supplemented, extended, refinanced, replaced
and/or otherwise modified from time to time) in respect of the $1,150,000,000 4.250% convertible senior notes due 2023, by and among
the Borrower as issuer and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as trustee.”

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		a)	

 

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

 

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

 

		b)	the
                                            sum of:

 

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

 

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

 

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

 

"Stockholders’
Equity" means, as at any date, the Borrower’s stockholders’ equity on such date, excluding Accumulated Other Comprehensive
Income (Loss), determined in accordance with GAAP and which shall, for the purposes of determining the level of Stockholders’ Equity
for the purposes of assessing compliance with the financial covenant contained in Section 7.2.4.c.:

 

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

 

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

 

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

 

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

 

     
Page 9

     

    

 

provided
that:

 

		a)	any non-cash charge to Stockholders’
                                            Equity resulting (directly or indirectly) from a change after the Signing Date in GAAP or
                                            in the interpretation thereof shall be disregarded in the computation of Stockholders’
                                            Equity such that the amount of any reduction thereof resulting from such change shall be
                                            added back to Stockholders’ Equity;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     
Page 10

     

    

 

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

 

		"c.	together with
                                            each of the statements delivered pursuant to the foregoing paragraph (a) or (b), a certificate,
                                            executed by the chief financial officer, the treasurer or the corporate controller of the
                                            Borrower, setting out, as of the last day of the relevant Fiscal Quarter or Fiscal Year,
                                            computations as to compliance with the covenants set forth in Section 7.2.4 (in reasonable
                                            detail and with appropriate calculations and computations in all respects reasonably satisfactory
                                            to the Facility Agent) it being understood and agreed that any such certificate supplied
                                            in respect of any Fiscal Quarter ending during the Financial Covenant Waiver Period shall
                                            still contain such calculations and computations but shall not be required to demonstrate
                                            compliance with the covenants set forth in Section 7.2.4;” ;

 

		“k.	during the period from the Novation
                                            Effective Time until the Minimum Liquidity Cut-off Date (as defined in Section 7.2.4(C)),
                                            within five Business Days after the end of each month falling during such period, a certificate,
                                            executed by the chief financial officer, the treasurer or the corporate controller of the
                                            Borrower, showing, as of the last day of the immediately preceding month, compliance with
                                            the covenant set forth in Section 7.2.4(C); provided that if, during such period, the Borrower
                                            is not in compliance with the covenant set forth in Section 7.2.4(C) as of the last day of
                                            such month, the Borrower shall show compliance with such covenant as of the date such certificate
                                            is delivered;”;

 

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

 

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

 

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

 

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

 

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

 

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

 

     
Page 11

     

    

 

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

 

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

 

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

 

		c.	if, at any time, the Senior Debt Rating
                                            of the Borrower is less than Investment Grade as given by both Moody's and S&P, Stockholders'
                                            Equity to be less than, as at the last day of any Fiscal Quarter, the sum of (i) $4,150,000,000
                                            plus (ii) 50% of the consolidated net income of the Borrower and its Subsidiaries for the
                                            period commencing on January 1, 2007 and ending on the last day of the Fiscal Quarter most
                                            recently ended (treated for these purposes as a single accounting period, but in any event
                                            excluding any Fiscal Quarters for which the Borrower and its Subsidiaries have a consolidated
                                            net loss).

 

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

 

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

 

“SECTION
7.2.4(A). Most favored lender with respect to Financial Covenants. If from the start of the Financial Covenant Waiver Period until the
later to occur of (i) the end of the Financial Covenant Waiver Period and (ii) the repayment of all sums described as 'Deferred Tranches'
in each ECA Financing of the Borrower and its Subsidiaries for which “Deferred Tranches” exist any Group Member agrees, in
respect of any of its Indebtedness for borrowed money, to any new, modified or substitute financial covenants of the type or similar
to the financial covenants set out in Section 7.2.4 above then (a) the Borrower shall notify the Facility Agent in writing within 5 Business
Days of such new, modified or substitute financial covenants being agreed with the relevant creditor(s) and (b) if required by the Lenders,
the Borrower and the Lenders shall, as soon as practicable thereafter, enter into an amendment to this Agreement to incorporate the new,
modified or substitute financial covenants.”

 

     
Page 12

     

    

 

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

 

"SECTION 7.2.4(C). Minimum liquidity.

 

		a.	The Borrower will not allow the aggregate
                                            amount of unrestricted cash and Cash Equivalents of the Borrower and its Subsidiaries as
                                            determined in accordance with GAAP to be less than the Adjustable Amount as of (a) the last
                                            day of any calendar month from the Fourth Supplement Effective Date until the earlier to
                                            occur of (i) the date of repayment or prepayment of all sums described as 'Deferred Tranches'
                                            in each ECA Financing of the Borrower and its Subsidiaries for which “Deferred Tranches”
                                            exist and (ii) the Add Back End Date (the “Minimum Liquidity Cut-off Date”),
                                            or (b) if the Borrower is not in compliance with the requirements of this Section 7.2.4(C)
                                            as of the last day of any calendar month falling prior to the Minimum Liquidity Cut-off Date,
                                            the date that the certificate required by Section 7.1.1(k) with respect to such month is
                                            delivered to the Facility Agent demonstrating such compliance; and

 

		b.	for the purposes of this Section 7.2.4(C)
                                            (Minimum Liquidity), on and from 1 October 2022, the calculation of unrestricted cash
                                            and Cash Equivalents shall also include the aggregate amount of any amounts available to
                                            be drawn by the Borrower and/or any of its Subsidiaries under committed but undrawn term
                                            loan or revolving credit facility agreements where such amounts are to be made available
                                            for general corporate purposes or which would, once utilised, otherwise increase the liquidity
                                            of the Borrower or the relevant Subsidiary.”

 

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

 

“SECTION
9.1.4. Non-Performance of Certain Covenants and Obligations. The Borrower shall default in the due performance and observance of any
of the covenants set forth in Sections 4.12, 7.1.1(m), 7.1.1(p), 7.1.4(e) or 7.2.4 (but excluding Sections 7.2.4(A) and 7.2.4(B) (which
shall be regulated in accordance with Section 9.1.11(d) and also excluding Section 7.2.4(C), a breach of which is regulated in accordance
with Section 8.1.3) and, in the case of Sections 7.1.1(m) and 7.1.4(e), such default shall continue unremedied for a period of five days
after notice thereof shall have been given to the Borrower by the Facility Agent or any Lender (or, if (a) such default is capable of
being remedied within 30 days (commencing on the first day following such five-day period) and (b) the Borrower is actively seeking to
remedy the same during such period, such default shall continue unremedied for at least 35 days after such notice to the Borrower); provided
that any such default in respect of Section 7.2.4 (but again excluding Section 7.2.4(A) to Section 7.2.4(C) inclusive) that occurs during
the Financial Covenant Waiver Period (but without prejudice to the rights of the Lenders in respect of any further breach that may occur
following the expiry of the Financial Covenant Waiver Period) shall not (as long as no Event of Default under Section 8.1.5 has occurred
and is continuing, or no Prepayment Event under Section 9.1.11 or Section 9.1.12 has occurred, in each case during the Financial Covenant
Waiver Period) constitute a Prepayment Event.”

 

     
Page 13

     

    

 

SIGNATORIES

 

Amendment Agreement in respect
of Hull L34

 

	Existing
    Borrower	 	 
	 	 	 
	SIGNED
    by JACOBUS PIETERSEN, Director

    for and on behalf of

    HOEDISCUS FINANCE LIMITED	)

    )

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

    for and on behalf of

    ROYAL CARIBBEAN CRUISES LTD.	)

    )

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

    for and on behalf of 

    CITIBANK EUROPE PLC, UK BRANCH	)

    )

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

    for and on behalf of

    CITICORP TRUSTEE COMPANY LIMITED	)

    )

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

    for and on behalf of

    CITIBANK N.A., LONDON BRANCH	)

    )

    )	/s/
    ALEX C TAYLOR
	 	)	 
	 	 	 
	 	 	 
	The
    ECA Agent	 	 
	 	 	 
	SIGNED by HERVE BILLI
    AND H KIMURA,	)	 
	Signatories	)	 
	for and on behalf of	)	/s/ HERVE BILLI
	SMBC BANK INTERNATIONAL PLC		

    /s/ H KIMURA 

	 	)	 

 

     
Page 14

     

    

 

	French
    Coordinating Bank	 	 
	 	 	 
	SIGNED
    by JULIE BELLAIS, Signatory

    for and on behalf of

    HSBC CONTINENTAL EUROPE	)

    )

    )	/s/
    JULIE BELLAIS
	 	)	 
	 	 	 
	The
    Lenders	 	 
	 	 	 
	SIGNED
    by JULIE BELLAIS, Signatory

    for and on behalf of

    HSBC CONTINENTAL EUROPE	)

    )

    )	/s/
    JULIE BELLAIS
	 	)	 
	 	 	 
	SIGNED
    by CAROLINE PANTALEAO, Head of 

    Middle Office and PIERRE ROSEROT DE MELIN, 

    Chief Administrative Officer

    for and on behalf of	)

    )

    )	/s/
                                            CAROLINE PANTALEAO

    

	BANCO SANTANDER S.A., PARIS BRANCH	 	/s/ PIERRE ROSEROT DE MELIN
	 	)	 
	 	 	 
	SIGNED
    by VERONIQUE DE BLIC, Head of Export

    Finance EMEA and ALEXANDRE DE VATHAIRE, 

    Head of France & UK Export Finance

    for and on behalf of	)

    )

    )	/s/
                                            VERONIQUE DE BLIC

    

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

    YOKOYAMA, Signatories

    for and on behalf of	)

    )

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

    Structured & Export Finance

    for and on behalf of

    SOCIÉTÉ GÉNÉRALE	)

    )

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

    and EMILIE BOISSIER, Signatories

    for and on behalf of
	)

    )

    )	/s/
                                            PIERRE-MARIE DEBREUILLE

    

	SFIL	 	/s/ EMILIE BOISSIER
	 	)	 
	 	 	 
	 	 	 
	The
    Mandated Lead Arrangers	 	 
	 	 	 
	SIGNED
    by ALEX C TAYLOR, Managing Director

    for and on behalf of

    CITIBANK N.A., LONDON BRANCH	)

    )

    )	/s/
    ALEX C TAYLOR
	 	)	 

 

     
Page 15

     

    

 

	SIGNED
    by JULIE BELLAIS, Signatory

    for and on behalf of

    HSBC CONTINENTAL EUROPE	)

    )

    )	/s/
    JULIE BELLAIS
	 	 	 
	SIGNED
                                            by CAROLINE PANTALEAO, Head of Middle 

                                            Office

    and PIERRE ROSEROT DE MELIN, Chief 

    Administrative Officer

    for and on behalf of

	)

    )

    )	/s/
                                            CAROLINE PANTALEAO

    

	BANCO SANTANDER S.A., PARIS BRANCH	 	/s/ PIERRE ROSEROT DE MELIN
	 	)	 
	 	 	 
	SIGNED
    by VERONIQUE DE BLIC, Head of Export

    Finance EMEA and ALEXANDRE DE VATHAIRE,

    Head of France & UK Export Finance

    for and on behalf of 	)

    )

    )	/s/
                                            VERONIQUE DE BLIC

    

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

    YOKOYAMA, Signatories

    for and on behalf of

    SMBC BANK INTERNATIONAL PLC	)

    )

    )

    )	/s/
    KENJI YANAGAWA
		)	/s/ MASAO YOKOYAMA
	 	)	 
	 	 	 
	SIGNED
    by VALERIE MACE, Director, Development

    Structured & Export Finance

    for and on behalf of

    SOCIÉTÉ GÉNÉRALE	)

    )

    )	/s/
    VALERIE MACE
	 	)	 

 

     
Page 16

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