Document:

Exhibit 10.12

 

	 	Dated 18 February 2021	 
	 	 	 
	 	 	 
	 	Royal Caribbean Cruises Ltd.	(1)
	 	(the Borrower)	 
	 	 	 
	 	Citibank N.A., London Branch	(2)
	 	(the Global Coordinator)	 
	 	 	 
	 	SMBC Bank International plc	(3)
	 	(the ECA Agent)	 
	 	 	 
	 	Citibank Europe plc, UK Branch	(4)
	 	(the Facility Agent)	 
	 	 	 
	 	The banks and financial institutions listed in Schedule 1	(5)
	 	(the Mandated Lead Arrangers)	 
	 	 	 
	 	The banks and financial institutions listed in Schedule 1	(5)
	 	(the Lenders)	 

 

___________________________________

 

Amendment Agreement in connection
with

the Credit Agreement in respect of

 "CELEBRITY APEX " (ex Hull K34)

___________________________________

 

     

     

    

 

 

Contents

	Clause	 	Page
	1	Interpretation and definitions	1
	2	Amendment of the Existing Credit Agreement	2
	3	Conditions of effectiveness of Amended Credit Agreement	3
	4	Representations and Warranties	5
	5	Incorporation of Terms	6
	6	Fees, Costs and Expenses	6
	7	Counterparts	7
	8	Governing Law	7
	Schedule 1 Finance Parties	1
	Schedule 2 Form of Amendment Effective Date confirmation – Hull K34	2
	Schedule 3 Amended and Restated Credit Agreement	3
	Schedule 4 Form of Guarantor Confirmation Certificate	116
	Annex A Repayment Schedule	118
	Annex B Debt Deferral Extension Regular Monitoring Requirements	119
	Annex C Replacement covenants with effect from the Guarantee Release Date	123

 

 

 

     

     

    

THIS AMENDMENT AGREEMENT (this
Amendment) is dated 18 February 2021 and made BETWEEN:

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

		(2)	Citibank N.A., London Branch as global coordinator (the Global Coordinator);

		(3)	Citibank Europe plc, UK Branch as facility agent (the Facility Agent);

		(4)	SMBC Bank International plc as ECA agent (the ECA Agent);

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

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

WHEREAS:

		(A)	The Borrower, the Global Coordinator, the Facility Agent, the ECA Agent, the Mandated Lead Arrangers
and the Lenders are parties to a credit agreement, dated as of 22 June 2016 (as novated, amended and restated pursuant to a novation
agreement dated 22 June 2016, and as further amended and restated from time to time prior to the date of this Amendment, the Existing
Credit Agreement), in respect of the vessel named “CELEBRITY APEX” (formerly Hull no. K34) (the Vessel)
whereby it was agreed that, subject to the terms and conditions therein, the Lenders would advance (and have advanced) their respective
Commitment of an aggregate amount not exceeding the Maximum Loan Amount (as each such term is defined in the Existing Credit Agreement).

		(B)	The Borrower has requested that the Existing Credit Agreement be amended and restated on the basis
set out in this Amendment in order to reflect the Debt Deferral Extension Framework published by certain Export Credit Agencies
(including BpiFAE) (the Framework).

		(C)	Pursuant to the Framework, the Lenders have agreed to (i) the further deferral of any scheduled
repayments of principal of the Loan (including the first Deferred Tranche) arising during the Second Deferral Period and (ii) certain
amendments to the financial covenants set out in Section 7.2.4 of the Existing Credit Agreement, in each case on the basis set
out in the Promesse de Garantie dated 22 January 2021.

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

NOW IT IS AGREED as follows:

		1	Interpretation and definitions

		1.1	Definitions in the Existing Credit Agreement

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

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

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		1.2	Definitions

In this Amendment:

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

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

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

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

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

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

Party means each of the
parties to this Amendment.

Second Deferral Period means
the period from and including 1 April 2021 to and including 31 March 2022.

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

		1.3	Third party rights

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

		1.4	Designation

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

		2	Amendment of the Existing Credit Agreement

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

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

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

		3	Conditions of effectiveness of Amended Credit Agreement

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

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

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

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

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

		(i)	confirming that:

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

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

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

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

		(ii)	evidencing the authority of the relevant officer to execute that certificate and to provide the
confirmations referred to in paragraph (i) above, together with such evidence from
legal counsel to the Facility Agent as the Lenders may require as to the continued effectiveness of the Guarantees relative to
the further deferral arrangements;

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

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

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

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

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

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

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

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

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

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

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

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

it being acknowledged and agreed
by the Facility Agent that the conditions referred to in paragraphs (c), (f), (i), (j) and (k) above have, at the date of this
Amendment, been satisfied.

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

		4	Representations and Warranties

		(a)	Each of the representations and warranties in:

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

		(ii)	clause 3(b) of the Fourth Supplemental Agreement,

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

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

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

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

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

		5	Incorporation of Terms

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

		6	Fees, Costs and Expenses

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

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

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

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

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

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

		6.4	The Borrower shall pay any additional premium payable to BpiFAE in respect of the matters contemplated
by this Amendment and the Framework in the agreed amount prior to the first deemed advance of the Second Deferred in accordance
Section 5.1.13(c) of the Amended Credit Agreement.

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		6.5	The Borrower also agrees to pay to the Facility Agent for the account of each Lender and for distribution
to each such Lender in proportion to their respective Commitments under the Second Deferred Tranche, on and
from the date of this Amendment until the earlier of (a) the date of the second deemed advance of the Second Deferred Tranche,
(b) the last day of the Second Deferral Period and (c) the date of cancellation of the Second Deferred Tranche (or such part of
the Second Deferred Tranche that has not at that point been advanced), a commitment fee in Dollars equal to the sum of 0.15%
per annum on each Lender’s daily Commitment in respect of the Second Deferred Tranche that has not at that point been deemed
to be advanced. The commitment fee shall be payable in arrears on the day of each deemed
advance of the Second Deferred Tranche or, if cancelled, on the date of cancellation of the Second Deferred Tranche.

		7	Counterparts

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

		8	Governing Law

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

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

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Schedule 1

Finance Parties

Facility Agent

Citibank Europe plc, UK Branch

ECA Agent

SMBC Bank International plc

Mandated Lead Arrangers 

Banco Bilbao Vizcaya Argentaria, S.A.,
Paris Branch

Banco Santander, S.A. Paris Branch

Citibank N.A., London Branch

HSBC Continental Europe

Société Générale

SMBC Bank International plc

 

	Edge 2	 	Original Commitments as at 28/02/21	 	First Deferred Tranche	 	Second Deferred Tranche	 	For reference only - Original Commitments as at 31/3/20
	Banco Bilbao Vizcaya Argentaria, S.A., Paris Branch	 	$	5,190,735	 	 	$	451,368	 	 	$	564,210	 	 	$	5,416,419	 
	Banco Santander, S.A. Paris Branch	 	$	103,814,697	 	 	$	9,027,365	 	 	$	11,284,206	 	 	$	108,328,380	 
	Citibank N.A., London Branch	 	$	145,340,576	 	 	$	12,638,311	 	 	$	15,797,889	 	 	$	151,659,732	 
	HSBC France	 	$	36,335,144	 	 	$	3,159,578	 	 	$	3,949,472	 	 	$	37,914,933	 
	Société Générale	 	$	79,715,270	 	 	$	6,931,763	 	 	$	8,664,703	 	 	$	83,181,151	 
	SMBC Bank International plc	 	$	29,414,164	 	 	$	2,557,753	 	 	$	3,197,192	 	 	$	30,693,041	 
	SFIL	 	$	292,287,395	 	 	$	25,416,295	 	 	$	31,770,369	 	 	$	304,995,543	 
	Total	 	$	692,097,981	 	 	$	60,182,433	 	 	$	75,228,041	 	 	$	722,189,198	 

 

Note that the Original Commitments, the First Deferred Tranche and
the Second Deferred Tranche on a cumulated basis cannot exceed at any point in time the Original Commitments prior to the First
Deferred Tranche Deemed Advance, shown under the column headed “For reference only - Original Commitments as at 31/3/20”

 

     

     

    

Schedule 2

Form of Amendment Effective Date confirmation – Hull K34

To:Royal Caribbean Cruises Ltd.

 

"CELEBRITY APEX" (Hull
no. K34)

We,
Citibank Europe plc, UK Branch, refer to the amendment agreement dated [l]
2021 (the Amendment) relating to a credit agreement dated as of 22 June 2016 (as previously novated, amended, supplemented
and/or restated from time to time) (the Credit Agreement) made between (among others) the above named Royal Caribbean
Cruises Ltd. as the Borrower, the financial institutions listed in it as the Lenders and ourselves as the Facility Agent in
respect of a loan to the Borrower from the Lenders of up to the Maximum Loan Amount (as defined in the Credit Agreement).

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

Dated                                                    
2021

 

Signed:___________________________________

For and on behalf of

Citibank Europe plc, UK Branch

(as Facility Agent)

    2 

     

    

 

Schedule 3

Amended and Restated Credit Agreement

 

    3 

     

    

 

_________________________________________

CELEBRITY APEX (EX HULL NO. K34)

CREDIT AGREEMENT

_________________________________________

dated 22 June 2016 as novated, amended
and restated

on the Actual Delivery Date pursuant to

a novation agreement dated 22 June 2016

(as amended and restated by a first supplemental
agreement dated 5 October 2018 and

a second supplemental agreement dated 29 April 2020,

and as supplemented by a third supplemental agreement dated 28 July 2020, and

as further amended and restated by a fourth supplemental agreement dated 30 October 2020, and as further amended and restated by
a fifth supplemental agreement dated February 19, 2021)

BETWEEN

Royal Caribbean Cruises Ltd.

as the Borrower,

the Lenders from time to time party hereto,

Citibank N.A., London Branch

as Global Coordinator

SMBC Bank International plc

as ECA Agent

and

Citibank Europe plc, UK Branch

as Facility Agent

and

Banco Bilbao Vizcaya Argentaria, S.A.,
Paris Branch, Banco Santander, S.A. Paris branch,

Citibank N.A., London Branch, HSBC Continental Europe (formerly known as HSBC France), Société Générale
and

SMBC Bank International plc (previously known as Sumitomo Mitsui Banking Corporation Europe Limited, Paris Branch) as Mandated
Lead Arrangers

 

 

 

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TABLE OF CONTENTS

PAGE

	ARTICLE I DEFINITIONS AND ACCOUNTING TERMS	 
	SECTION 1.1. Defined Terms	3
	SECTION 1.2. Use of Defined Terms	30
	SECTION 1.3. Cross-References	30
	SECTION 1.4. Accounting and Financial Determinations	30
	ARTICLE II COMMITMENTS AND BORROWING PROCEDURES	 
	SECTION 2.1. Commitment	31
	SECTION 2.2. Commitment of the Lenders; Termination and Reduction of Commitments	31
	SECTION 2.3. Borrowing Procedure	32
	SECTION 2.4. Funding	34
	ARTICLE III REPAYMENTS, PREPAYMENTS, INTEREST AND FEES	 
	SECTION 3.1. Repayments	35
	SECTION 3.2. Prepayment	35
	SECTION 3.3. Interest Provisions.	36
	SECTION 3.3.1. Rates.	36
	SECTION 3.3.2. [Intentionally omitted]	37
	SECTION 3.3.3. Interest stabilisation.	37
	SECTION 3.3.4. Post-Maturity Rates.	37
	SECTION 3.3.5. Payment Dates.	37
	SECTION 3.3.6. Interest Rate Determination; Replacement Reference Banks	37
	SECTION 3.3.7. Unavailability of LIBO Rate	38
	SECTION 3.4. Commitment Fees.	40
	SECTION 3.4.1. Payment.	40
	SECTION 3.5. Other Fees.	40
	ARTICLE IV CERTAIN LIBO RATE AND OTHER PROVISIONS	 
	SECTION 4.1. LIBO Rate Lending Unlawful.	40
	SECTION 4.2. Deposits Unavailable	41
	SECTION 4.3. Increased LIBO Rate Loan Costs, etc.	42
	SECTION 4.4. Funding Losses	43
	SECTION 4.4.1. Indemnity.	43
	SECTION 4.4.2. Exclusion	45
	SECTION 4.5. Increased Capital Costs	45
	SECTION 4.6. Taxes	46
	SECTION 4.7. Reserve Costs	48
	SECTION 4.8. Payments, Computations, etc.	48
	SECTION 4.9. Replacement Lenders, etc.	49
	SECTION 4.10. Sharing of Payments	50
	SECTION 4.10.1. Payments to Lenders.	50
	SECTION 4.10.2. Redistribution of payments.	50
	SECTION 4.10.3. Recovering Lender's rights.	50
	SECTION 4.10.4. Reversal of redistribution	50
	SECTION 4.10.5. Exceptions.	51
	SECTION 4.11. Set-off	51
	SECTION 4.12. Use of Proceeds	51
	SECTION 4.13. FATCA Information.	51
	SECTION 4.14. Resignation of the Facility Agent	52
	SECTION 4.15. Deferred Costs	53

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	ARTICLE V CONDITIONS TO BORROWING	 
	SECTION 5.1. Advance of the Loan	53
	SECTION 5.1.1. Resolutions, etc.	53
	SECTION 5.1.2. Opinions of Counsel.	54
	SECTION 5.1.3. BpiFAE Insurance Policy.	54
	SECTION 5.1.4. Closing Fees, Expenses, etc.	54
	SECTION 5.1.5. Compliance with Warranties, No Default, etc	54
	SECTION 5.1.6. Loan Request	55
	SECTION 5.1.7. Foreign Exchange Counterparty Confirmations.	55
	SECTION 5.1.8. Protocol of delivery.	55
	SECTION 5.1.9. Title to Purchased Vessel.	55
	SECTION 5.1.10. Interest Stabilisation.	55
	SECTION 5.1.11. Escrow Account Security.	56
	SECTION 5.1.12. First Deferred Tranche	57
	SECTION 5.1.13. Second Deferred Tranche.	57
	ARTICLE VI REPRESENTATIONS AND WARRANTIES	 
	SECTION 6.1. Organization, etc.	58
	SECTION 6.2. Due Authorization, Non-Contravention, etc.	58
	SECTION 6.3. Government Approval, Regulation, etc.	59
	SECTION 6.4. Compliance with Environmental Laws	59
	SECTION 6.5. Validity, etc.	59
	SECTION 6.6. No Default, Event of Default or Prepayment Event	59
	SECTION 6.7. Litigation	59
	SECTION 6.8. The Purchased Vessel	60
	SECTION 6.9. Obligations rank pari passu; Liens	60
	SECTION 6.10. Withholding, etc.	60
	SECTION 6.11. No Filing, etc. Required	60
	SECTION 6.12. No Immunity	60
	SECTION 6.13. Investment Company Act	61
	SECTION 6.14. Regulation U	61
	SECTION 6.15. Accuracy of Information	61
	SECTION 6.16. Compliance with Laws.	61
	ARTICLE VII COVENANTS	 
	SECTION 7.1. Affirmative Covenants	61
	SECTION 7.1.1. Financial Information, Reports, Notices, etc.	62
	SECTION 7.1.2. Approvals and Other Consents.	64
	SECTION 7.1.3. Compliance with Laws, etc.	64
	SECTION 7.1.4. The Purchased Vessel.	65
	SECTION 7.1.5. Insurance	66
	SECTION 7.1.6. Books and Records	66
	SECTION 7.1.7. BpiFAE Insurance Policy/French Authority Requirements	66
	SECTION 7.1.8. Performance of shipbuilding contract obligations	66
	SECTION 7.1.9. Further Assurances in respect of the Framework	67
	SECTION 7.1.10 Equal Treatment with Pari Passu Creditors.	67
	SECTION 7.2. Negative Covenants	68
	SECTION 7.2.1. Business Activities	68
	SECTION 7.2.2. Indebtedness	68
	SECTION 7.2.3. Liens	69
	SECTION 7.2.4. Financial Condition	71
	SECTION 7.2.4(C). Minimum liquidity.	72
	SECTION 7.2.5. Additional Undertakings.	72
	SECTION 7.2.6. Consolidation, Merger, etc.	79
	SECTION 7.2.7. Asset Dispositions, etc.	80
	SECTION 7.2.8. Borrower’s procurement undertaking	80

    ii 

     

    

	SECTION 7.2.9. Framework Lien and Guarantee Restriction.	80
	SECTION 7.3. Covenant Replacement.	82
	SECTION 7.4. Lender incorporated in the Federal Republic of Germany	82
	ARTICLE VIII EVENTS OF DEFAULT	 
	SECTION 8.1. Listing of Events of Default	83
	SECTION 8.1.1. Non-Payment of Obligations	83
	SECTION 8.1.2. Breach of Warranty	83
	SECTION 8.1.3. Non-Performance of Certain Covenants and Obligations	83
	SECTION 8.1.4. Default on Other Indebtedness	83
	SECTION 8.1.5. Bankruptcy, Insolvency, etc.	84
	SECTION 8.2. Action if Bankruptcy	85
	SECTION 8.3. Action if Other Event of Default	85
	ARTICLE IX PREPAYMENT EVENTS	 
	SECTION 9.1. Listing of Prepayment Events	85
	SECTION 9.1.1. Change of Control	85
	SECTION 9.1.2. Unenforceability	85
	SECTION 9.1.3. Approvals	86
	SECTION 9.1.4. Non-Performance of Certain Covenants and Obligations	86
	SECTION 9.1.5. Judgments	86
	SECTION 9.1.6. Condemnation, etc.	86
	SECTION 9.1.7. Arrest	86
	SECTION 9.1.8. Sale/Disposal of the Purchased Vessel	86
	SECTION 9.1.9. BpiFAE Insurance Policy	86
	SECTION 9.1.10. Illegality.	87
	SECTION 9.1.11. Framework Prohibited Events	87
	SECTION 9.1.12. Breach of Principles	87
	SECTION 9.2. Mandatory Prepayment	88
	SECTION 9.3. Mitigation	88
	ARTICLE X THE FACILITY AGENT AND THE ECA AGENT	 
	SECTION 10.1. Actions	88
	SECTION 10.2. Indemnity	89
	SECTION 10.3. Funding Reliance, etc	89
	SECTION 10.4. Exculpation	90
	SECTION 10.5. Successor	90
	SECTION 10.6. Loans by the Facility Agent	91
	SECTION 10.7. Credit Decisions	91
	SECTION 10.8. Copies, etc	91
	SECTION 10.9. The Agents’ Rights	91
	SECTION 10.10. The Facility Agent’s Duties	92
	SECTION 10.11. Employment of Agents	92
	SECTION 10.12. Distribution of Payments	92
	SECTION 10.13. Reimbursement	93
	SECTION 10.14. Instructions	93
	SECTION 10.15. Payments	93
	SECTION 10.16. “Know your customer” Checks	93
	SECTION 10.17. No Fiduciary Relationship	93
	SECTION 10.18. Illegality	93
	ARTICLE XI MISCELLANEOUS PROVISIONS	 
	SECTION 11.1. Waivers, Amendments, etc.	94
	SECTION 11.2. Notices	95
	SECTION 11.3. Payment of Costs and Expenses	96
	SECTION 11.4. Indemnification	96
	SECTION 11.5. Survival	98

    iii 

     

    

	SECTION 11.6. Severability	98
	SECTION 11.7. Headings	98
	SECTION 11.8. Execution in Counterparts, Effectiveness, etc.	98
	SECTION 11.9. Third Party Rights	98
	SECTION 11.10. Successors and Assigns	98
	SECTION 11.11. Sale and Transfer of the Loan; Participations in the Loan	99
	SECTION 11.11.1. Assignments	99
	SECTION 11.11.2. Participations	101
	SECTION 11.11.3. Register	102
	SECTION 11.11.4. Rights of BpiFAE to payments	102
	SECTION 11.12. Other Transactions	102
	SECTION 11.13. BpiFAE Insurance Policy.	102
	SECTION 11.13.1. Terms of BpiFAE Insurance Policy	103
	SECTION 11.13.2. Obligations of the Borrower.	103
	SECTION 11.13.3. Obligations of the ECA Agent and the Lenders.	103
	SECTION 11.14. Law and Jurisdiction	104
	SECTION 11.14.1. Governing Law	104
	SECTION 11.14.2. Jurisdiction	104
	SECTION 11.14.3. Alternative Jurisdiction	104
	SECTION 11.14.4. Service of Process	105
	SECTION 11.15. Confidentiality	105
	SECTION 11.16. French Authority Requirements.	105
	SECTION 11.17. Waiver of immunity.	106
	SECTION 11.18. Acknowledgement and Consent to Bail-In of EEA Financial Institutions.	106

 

    iv 

     

    

 

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

 

    v 

     

    

CREDIT AGREEMENT

CELEBRITY EPEX (EX HULL NO. K34) CREDIT
AGREEMENT, dated 22 June 2016 as novated, amended and restated on the Actual Delivery Date (as defined below), and as further amended
and restated by a first supplemental agreement dated 5 October 2018 and a second supplemental agreement dated 29 April 2020, and
as supplemented by a third supplemental agreement dated 28 July 2020, and as further amended and restated by a fourth supplemental
agreement dated 30 October 2020, and as further amended and restated by a fifth supplemental agreement dated February 19, 2021,
is among Royal Caribbean Cruises Ltd., a Liberian corporation (the “Borrower”), SMBC Bank International plc
in its capacity as agent for the Lenders referred to below in respect of matters related to BpiFrance Assurance Export (in such
capacity, the “ECA Agent”), Citibank Europe plc, UK Branch in its capacity as facility agent (in such capacity,
the “Facility Agent”) and the financial institutions listed in Schedule 1 to the Novation Agreement (as defined
below) as lenders (in such capacity, together with each of the other Persons that shall become a “Lender” in accordance
with clause 12 of the Novation Agreement or Section 11.11.1 hereof, each of them individually a “Lender”
and, collectively, the “Lenders”).

W I T N E S S E T H:

WHEREAS,

		(A)	The Borrower and Chantiers de l’Atlantique S.A. (previously known as STX France S.A.) (the
 “Builder”) have entered on 16 February 2015 into a Contract for the Construction and Sale of m.v. Celebrity
Apex (ex hull no. K34) (as amended from time to time, the “Construction Contract”) pursuant to which the Builder
has agreed to design, construct, equip, complete, sell and deliver the passenger cruise vessel Celebrity Apex, bearing Builder’s
hull number K34 which shall be owned by a Subsidiary of the Borrower, Celebrity Apex, Inc. (the “Purchased Vessel”);

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

		(i)	eighty per cent (80%) of the Contract Price (as defined below) of the Purchased Vessel, and including Non-Yard Costs of up
to EUR 76,000,000 (the “Maximum Non-Yard Costs Amount”) and the Other Basic Contract Price Increases (as defined below)
for the Purchased Vessel of an amount which, when aggregated with the Non-Yard Costs, does not exceed EUR 68,300,000, but which
amount shall not exceed in the aggregate EUR 697,940,000;

		(ii)	eighty per cent (80%) of the change orders of up to EUR 99,110,000 (representing up to 17% of the Basic Contract Price) effected
in accordance with the Construction Contract; and

		(iii)	100% of the BpiFAE Premium (as defined below), being an amount no greater
than EUR 652,624,540 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);

    1 

     

    

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

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

		i.	a US dollar loan facility in the amount equal to the aggregate of the principal portion of the
repayment installments of the Loan payable on the Repayment Dates (as defined below) falling during the First Deferral Period (as
defined below) (the “First Deferred Tranche Maximum Loan Amount”). An advance under the First Deferred Tranche (as
defined below) will be available for the purpose of paying the principal portion of the repayment instalment due on each Repayment
Date falling during such First Deferral Period; and

		ii.	a US dollar loan facility in the amount equal to the aggregate of the principal portion of the
repayment installments of the Loan (and for this purpose including the repayment installments of the First Deferred Tranche) in
each case payable on the Repayment Dates falling during the Second Deferral Period (as defined below) (the “Second Deferred
Tranche Maximum Loan Amount” and together with the First Deferred Tranche Maximum Loan Amount, the “Deferred Tranches
Maximum Loan Amount”). An advance under the Second Deferred Tranche (as defined below) will be available for the purpose
of paying the principal portion of the repayment instalment due on each Repayment Date falling during such Second Deferral Period,

with each advance under the Deferred Tranches (as defined
below) being automatic and notional only, effected by means of a book entry to finance the repayment installment then due.

		(E)	The Parties have previously amended this Agreement pursuant to the Fourth Supplemental Agreement
(as defined below) pursuant to which the Borrower agreed to procure (and did procure) the execution of the Guarantees (as defined
below) and to make certain other amendments to this Agreement to reflect the existence of such Guarantees.

		(F)	Pursuant to the Fifth Supplemental Agreement (as defined below), and upon satisfaction of the conditions
set forth therein, this Agreement is being amended and restated in the form of this Agreement.

    2 

     

    

NOW, THEREFORE, the parties hereto agree
as follows:

ARTICLE I

DEFINITIONS AND ACCOUNTING TERMS

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

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

“Actual Delivery Date”
means the date on which the Purchased Vessel is delivered by the Builder to, and accepted by, the Borrower under the Construction
Contract, being also the date on which the final balance of the Loan is advanced by way of the Additional Advances.

“Additional Advances”
is defined in the Novation Agreement.

“Additional Guarantee”
means a guarantee of the Obligations provided by a New Guarantor in a form and substance substantially the same as the other Guarantees
(reflecting any necessary logical and factual changes), with such changes, or otherwise in a form and substance, reasonably acceptable
to the Facility Agent and acceptable to BpiFAE.

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

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

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

    3 

     

    

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

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

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

“Agent” means either
the ECA Agent or the Facility Agent and “Agents” means both of them.

“Agreement” means,
on any date, this credit agreement as originally in effect on the Signing Date and as novated, amended and restated by the Novation
Agreement and as thereafter from time to time amended, supplemented, amended and restated, or otherwise modified and in effect
on such date.

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

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

“Applicable Commitment Rate”
means (x) from the Signing Date up to but excluding April 30,2018, 0.15% per annum, (y) from April 30, 2018 up to but excluding
April 30, 2019, 0.25% per annum, and (z) from April 30, 2019 until the Commitment Fee Termination Date, 0.30% per annum.

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

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

“Assignee Lender”
is defined in Section 11.11.1.

    4 

     

    

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

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

“Bail-In Legislation”
means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and
of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in
the EU Bail-In Legislation Schedule; and (b) in relation to any state other than such an EEA Member Country or (to the extent that
the United Kingdom is not such an EEA Member Country) the United Kingdom, any analogous law or regulation from time to time which
requires contractual recognition of any Write-down and Conversion Powers contained in that law or regulation.

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

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

“Basic Contract Price”
is as defined in the Construction Contract.

“Borrower” is defined
in the preamble.

“BpiFAE” means BpiFrance
Assurance Export, the French export credit agency, a French société par action simplifiée à associé
unique with its registered office at 27-31, avenue du Général Leclerc, 94710 Maisons-Alfort Cedex, France, registered
at the trade and companies registry of Créteil under number 815 276 308 and includes its successors in title or any other
person succeeding to BpiFrance Assurance Export in the role as export credit agency of the Republic of France to manage and provide
under its control, on its behalf and in its name the public export guarantees as provided by article L 432-1 of the French insurance
code.

    5 

     

    

“BpiFAE Enhanced Guarantee”
means the enhanced guarantee (garantie rehaussée) issued or to be issued by BpiFAE to the benefit of CAFFIL in accordance
with article 84 of the French Amending Finance Law 2012 (as amended) in relation to the refinancing of SFIL’s participation
and Commitments under the Loan, and any other documents (including any security) entered into or to be entered into by SFIL with
CAFFIL and/or BpiFAE in relation thereto.

“BpiFAE Insurance Policy”
means the export credit insurance policy in respect of the Loan issued by BpiFAE for the benefit of the Lenders.

“BpiFAE Premium” means
the premium payable to BpiFAE under and in respect of the BpiFAE Insurance Policy.

“Builder” is defined
in the preamble.

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

“CAFFIL” means Caisse
Française de Financement Local, a French société anonyme, with its registered office at 1-3 rue du Passeur
de Boulogne, 92130 Issy-les-Moulineaux, France, registered at the trade and companies registry of Nanterre under number 421 318
064.

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

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

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

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

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

    6 

     

    

“CIRR” means 2.93%
per annum being the Commercial Interest Reference Rate determined in accordance with the OECD Arrangement for Officially Supported
Export Credits to be applicable to the Loan hereunder.

“Citibank” means Citibank
N.A., London Branch.

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

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

“Commitment Fees” is defined in
Section 3.4.

“Commitment Fee Termination Date”
is defined in Section 3.4.

“Commitment Termination Date”
means (a) in respect of the Loan other than the Deferred Tranches, the Back Stop Date (as defined in the Receivable Purchase Agreement)
(or such later date as the Lenders and BpiFAE may agree), (b) in respect of the First Deferred Tranche, March 31, 2021 and (c)
in respect of the Second Deferred Tranche, March 31, 2022.

“Construction Contract”
is defined in the preamble.

“Contract Price” is
as defined in the Construction Contract and which includes a lump sum amount in respect of the Non-Yard Costs.

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

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

    7 

     

    

“Covered Taxes” is
defined in Section 4.6.

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

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

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

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

		(a)	any Indebtedness (but having regard, in respect of any secured and/or guaranteed
Indebtedness, to the restrictions set out in Section 7.2.9(b)) incurred by a Group Member between 1 April 2020 and the earlier
of (i) the end of the Early Warning Monitoring Period and (ii) 31 December 2023 (or such later date as may, with the prior consent
of BpiFAE, be agreed between the Borrower and the Lenders) (the “Debt Incurrence Trigger Date”); 

 

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

 

		(c)	Indebtedness incurred to refinance (and for this purpose having regard to
the applicable provisions of Clause 7.2.9) a maturity payment under any existing loan or credit facility (including any crisis
and/or recovery-related Indebtedness incurred by a Group Member prior to the Debt Incurrence Trigger Date) or issued bonds of a
Group Member, provided that;

 

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

 

    8 

     

    

 

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

 

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

 

		(e)	Indebtedness provided by banks or other financial institutions which, as
at the Second Deferred Tranche Effective Date, is committed but yet to be incurred in respect of the DDTL Indebtedness (but, in
respect of that DDTL Indebtedness, up to a maximum amount of $700,000,000);

 

		(f)	any of the following types of indebtedness in each case incurred in the ordinary
course of business of any Group Member and with the prior written consent of BpiFAE:

 

		(i)	the issuances of commercial paper;

		(ii)	Capitalized Lease Liabilities;

		(iii)	purchase money indebtedness;

		(iv)	indebtedness under overdraft facilities; and

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

 

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

 

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

“Deferred Costs Percentage”
means:

 

		(a)	in respect of the First Deferred Tranche, 0.45% per annum; and

 

		(b)	in respect of the Second Deferred Tranche, 0.45% or such other percentage
as may be agreed by the Facility Agent and the Borrower prior to the Second Deferred Tranche Effective Date.

    9 

     

    

 

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

“Deferred Tranches Maximum Loan
Amount” has the meaning given to it in Recital (D).

“Delivery Non-Yard Costs Certificate”
means the certificate to be provided to the Facility Agent in the form of Exhibit E-1 on or prior to the Actual Delivery Date certifying
the amount in EUR of the Paid Non-Yard Costs and the Unpaid Non-Yard Costs as at the Actual Delivery Date, duly signed by the Borrower
and endorsed by the Builder.

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

"Disruption Event" means
either or both of:

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

 

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

 

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

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

 

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

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

“Early
Warning Monitoring Period” means the period beginning on the Second Deferred Tranche Effective Date and ending on the
last day of two consecutive Fiscal Quarters in which the Borrower has achieved a higher Adjusted EBITDA After Principal and Interest
for such Fiscal Quarters when compared with the same calculation for the corresponding Fiscal Quarters of the 2019 Fiscal Year,
as evidenced pursuant to the certificate to be submitted by the Borrower pursuant to Section 7.1.1(m) (and such date shall be notified
to the Borrower by the Facility Agent).

“EBITDA
After Principal and Interest” means, for any Last Reported Fiscal Quarter, the Borrower’s consolidated operating
income for such period plus any depreciation and amortization expenses that were deducted in calculating consolidated operating
income for such period and minus (a) any scheduled amortization or maturity payments made during such period and (b) consolidated
interest expense of the Borrower for such period (net of any capitalized interest and interest income), in each relevant case
as determined in accordance with GAAP.

    10 

     

    

“ECA Agent” is defined
in the preamble.

“ECA Financed Vessel”
means any Vessel subject to any ECA Financing.

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

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

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

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

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

“Effective Time” means
the Novation Effective Time as defined in the Novation Agreement.

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

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

“Escrow Account” means
the Dollar escrow account of the Borrower opened or to be opened with the Escrow Account Bank for the purpose of receiving the
relevant amount of the Additional Advances in respect of Unpaid Non-Yard Costs in accordance with Section 2.3g.

    11 

     

    

“Escrow Account Bank”
means Citibank N.A., London Branch of Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB.

“Escrow Account Security”
means the account security in respect of the Escrow Account executed or, as the context may require, to be executed by the Borrower
in favour of the Security Trustee in the form agreed by the Lenders and the Borrower.

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

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

“Event of Default”
is defined in Section 8.1.

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

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

“FATCA” means (a)
Sections 1471 through 1474 of the Code, as in effect at the date hereof, and any current or future regulations promulgated thereunder
or official interpretations thereof, (b) any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental
agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation
referred to in paragraph (a) above; or (c) any agreement pursuant to the implementation of any treaty, law or regulation referred
to in paragraphs (a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority
in any other jurisdiction.

“FATCA Deduction”
means a deduction or withholding from a payment under a Loan Document required by FATCA.

“FATCA Exempt Party”
means a party to this Agreement that is entitled to receive payments free from any FATCA Deduction.

“Fee Letter” means
any letter entered into by reference to this Agreement between any or all of the Facility Agent, the Mandated Lead Arrangers, the
Arrangers, the Lenders and/or the Borrower setting out the amount of certain fees referred to in, or payable in connection with,
this Agreement, and including the fee letters entered into in connection with the Second Supplemental Agreement.

“Fifth Supplemental Agreement”
means the supplemental agreement dated February 19, 2021 and made between the parties hereto, pursuant to which this Agreement
was amended in connection with the Framework.

    12 

     

    

“Final Maturity” means
(a) in respect of the Loan (other than the Deferred Tranches) twelve (12) years after the Actual Delivery Date, (b) in respect
of the First Deferred Tranche, March 27, 2025 and (c) in respect of the Second Deferred Tranche, March 27, 2027.

“Final Non-Yard Costs Certificate”
means the certificate to be provided to the Facility Agent in the form of Exhibit E-2 on or prior to the NYC Cut Off Date certifying
the amount in Euro of the Paid Non-Yard Costs as at the date of that certificate, duly signed by the Borrower.

“Financial Covenant Waiver Period”
means the period from and including 1 April 2020 to and including 30 September 2022.

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

“First Deferred Tranche Effective
Date” has the meaning given to it in the Second Supplemental Agreement.

“First Deferral Period”
means the period from and including the First Deferred Tranche Effective Date to and including March 31, 2021.

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

“First Priority Guarantee”
means the first priority guarantee granted by the First Priority Guarantor prior to the Amendment Effective Date (as defined in
the Fourth Supplemental Agreement) (and any other first priority guarantee granted by a First Priority Holdco Subsidiary in connection
with becoming a First Priority Guarantor) in favor of the Facility Agent for the benefit of the Agents and the Lenders, in each
case substantially in the form attached hereto as Exhibit J.

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

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

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

    13 

     

    

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

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

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

“First Restatement Date”
means October 12, 2018, being the date on which the form of this Agreement was amended and restated pursuant to the First Supplemental
Agreement.

“First Supplemental Agreement”
means the supplemental agreement dated October 5, 2018 and made between, amongst others, the parties hereto, pursuant to which
this Agreement was amended.

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

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

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

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

		b)	the sum of:

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

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

    14 

     

    

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

“Fixed Rate Margin”
means 0.295% per annum.

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

“Floating Rate Margin”
means for each Interest Period in respect of (a) a Floating Rate Loan (but for this purpose excluding any drawn portion of the
Deferred Tranches), 0.90% per annum, (b) the First Deferred Tranche, 0.90% per annum and (c) the Second Deferred Tranche, 0.90%
per annum.

“Fourth Supplemental Agreement”
means the supplemental agreement dated 30 October 2020 and made between the parties hereto, pursuant to which this Agreement was
amended.

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

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

“French Authorities”
means the Direction Générale du Trésor of the French Ministry of Economy and Finance, any successors
thereto, or any other governmental authority in or of France involved in the provision, management or regulation of the terms,
conditions and issuance of export credits including, among others, such entities to whom authority in respect of the extension
or administration of export financing matters have been delegated, such as BpiFAE and Natixis DAI.

“Funding Losses Event”
is defined in Section 4.4.1.

“GAAP” is defined
in Section 1.4.

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

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

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

    15 

     

    

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

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

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

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

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

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

“Historic Screen Rate”
means, in relation to the Loan, the most applicable recent rate which appeared on Thomson Reuters LIBOR 01 Page (or any similar
page) for the currency of the Loan and for a period equal to the applicable Interest Period for the Loan and which is no more than
7 days before the commencement of the applicable Interest Period for which such rate may be applicable.

“Illegality Notice”
is defined in Section 3.2(b).

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

    16 

     

    

“Indemnified Liabilities”
is defined in Section 11.4.

“Indemnified Parties”
is defined in Section 11.4.

“Interest Payment Date”
means each Repayment Date.

“Interest Period”
means the period between the Actual Delivery Date and the first Repayment Date, and subsequently each succeeding period between
two consecutive Repayment Dates.

“Interest Stabilisation Agreement”
means an agreement on interest stabilisation entered into between Natixis and each Lender (other than BpiFAE or CAFFIL as assignee
of all or any of SFIL’s rights as Lender following the enforcement of any security granted pursuant to paragraph (iv) of
Section 11.11.1 in connection with the BpiFAE Enhanced Guarantee, subject as provided in Section 11.11.1) in connection
with the Loan.

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

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

“Lender” and “Lenders”
are defined in the preamble.

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

“Lending Office” means,
relative to any Lender, the office of such Lender designated as such below its signature hereto or designated in a Lender Assignment
Agreement or such other office of a Lender as designated from time to time by notice from such Lender to the Borrower and the Facility
Agent, whether or not outside the United States but subject in all cases to the agreement of Natixis DAI in relation to the CIRR,
which shall be making or maintaining the Loan of such Lender hereunder.

“LIBO Rate” means
the rate per annum of the offered quotation for deposits in Dollars for six months (or for such other period as shall be agreed
by the Borrower and the Facility Agent) which appears on Thomson Reuters LIBOR01 Page (or any successor page) at or about 11:00
a.m. (London time) two (2) Business Days before the commencement of the relevant Interest Period; provided that:

		a)	subject to Section 3.3.6, if no such offered quotation appears on Thomson Reuters LIBOR01
Page (or any successor page) at the relevant time the LIBO Rate shall be the Historic Screen Rate or, if it is not possible to
calculate an Historic Screen Rate, it shall be the rate per annum certified by the Facility Agent to be the average of the rates
quoted by the Reference Banks as the rate at which each of the Reference Banks was (or would have been) offered deposits of Dollars
by prime banks in the London interbank market in an
amount approximately equal to the amount of the Loan and for a period of six months;

    17 

     

    

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

		c)	if that rate is less than zero, the LIBO Rate shall be deemed to be zero.

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

“Lien Basket Amount”
is defined in Section 7.2.3 b).

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

“Loan Documents” means
this Agreement, the Novation Agreement, the First Supplemental Agreement, the Second Supplemental Agreement, the Third Supplemental
Agreement, the Fourth Supplemental Agreement, the Fifth Supplemental Agreement, the Fee Letters, the First Priority Guarantee,
the Second Priority Guarantee, the Third Priority Guarantee, any Additional Guarantee, the Subordination Agreements, any Additional
Subordination Agreement, any New Guarantor Subordination Agreement, the Escrow Account Security and any other document designated
as a Loan Document by the Borrower and the Facility Agent.

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

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

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

“Material Litigation”
is defined in Section 6.7.

“Maximum Loan Amount”
is defined in the preamble.

    18 

     

    

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

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

 

	(b)	three,

 

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

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

“Natixis” means Natixis,
a French société anonyme with its registered office at 30, avenue Pierre Mendès France, 75013 Paris,
France, registered with the Paris Commercial and Companies Registry under number 542 044 524 RCS Paris.

“Natixis DAI” means
Natixis DAI Direction des Activités Institutionnelles.

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

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

b)       all
Cash Equivalents.

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

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

    19 

     

    

“New Financings” means
proceeds from:

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

b)       the
issuance and sale of equity securities.

“New Guarantor” means,
with respect to any Vessel delivered after the effectiveness of the Fourth Supplemental Agreement, the Subsidiary of the Borrower
that (a) directly owns the Equity Interests of the Principal Subsidiary that acquired such Vessel and (b) delivers an Additional
Guarantee.

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

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

“Non-Yard Costs” has
the meaning assigned to “NYC Allowance” in Article II.1 of the Construction Contract and, when such expression is prefaced
by the word “incurred”, shall mean such amount of the Non-Yard Costs, not exceeding EUR76,000,000 and when aggregated
with the Other Basic Contract Price Increases in an amount not exceeding EUR68,300,000, as shall at the relevant time have been
paid, or become payable, to the Builder by the Borrower under the Construction Contract as part of the Contract Price.

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

“Novated Loan Balance”
is as defined in the Novation Agreement.

    20 

     

    

“Novation Agreement”
means the novation agreement dated 22 June 2016 (as amended) and made between the Original Borrower and the parties hereto
pursuant to which (amongst other things) this Agreement was novated, amended and restated.

“NYC Cut Off Date”
means the date falling 60 days after the Actual Delivery Date or such later date as the Lenders
(with the approval of BpiFAE) may agree.

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

“Obligors” means the
Borrower and the Guarantors.

"Option Period" is defined
in Section 3.2(c).

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

“Original Borrower”
means Azairemia Finance Limited of Cayman Corporate Centre, 27 Hospital Road, George Town, Grand Cayman KY1-9008, Cayman Islands.

“Other Basic Contract Price
Increases” is defined in the Novation Agreement.

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

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

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

“Paid Non-Yard Costs”
means as at any relevant date, the amount in Euro of the Non-Yard Costs which have been paid for by the Borrower and, where applicable,
supplied, installed and completed on the Purchased Vessel and as determined in accordance with the relevant amounts certified in
the Delivery Non-Yard Costs Certificate or, as the case may be, the Final Non-Yard Costs Certificate as at such time.

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

    21 

     

    

“Participant” is defined
in Section 11.11.2.

“Participant Register”
is defined in Section 11.11.2.

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

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

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

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

“Prepayment Event”
is defined in Section 9.1.

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

“Principles” means
the document titled "Cruise Debt Holiday Principles" and dated April 6, 2020 in the form of Exhibit G hereto, which document
sets out certain key principles and parameters relating to, amongst other things, the temporary suspension of repayments of principal
in connection with certain qualifying Loan Agreements (as defined therein) and being applicable to BpiFAE-covered loan agreements
such as this Agreement.

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

“Purchased Vessel”
is defined in the preamble.

“Receivable Purchase Agreement”
is as defined in the Novation Agreement.

“Reference Banks”
means Société Générale and SMBC Bank International plc and such other Lender as shall be so named by
the Borrower and agrees to serve in such role and each additional Reference Bank and/or each replacement Reference Bank appointed
by the Facility Agent pursuant to Section 3.3.6.

“Register” is defined
in Section 11.11.3.

    22 

     

    

“Repayment Date” means,
subject to Section 4.8(c), each of the dates for payment of the repayment installments of the Loan (including the Deferred
Tranches) pursuant to Section 3.1.

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

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

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

“Restricted Loan Arrangement”
means any loan or credit (including any seller’s credit granted in connection with the sale of a Vessel or other assets (and
provided that any such sale complies with the provisions of Section 9.1.11(c))) made available by a Group Member to any Person
but excluding any such loan or credit that is provided:

		(a)	to another Group Member:

 

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

 

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

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

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

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

    23 

     

    

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

		(a)	any Indebtedness which is scheduled to mature on or prior to the end of the following calendar
year (and whether pursuant to an amendment and extension of the agreements evidencing such Indebtedness and/or using proceeds raised
by any Group Member in connection with any issuance of capital (whether in the form of Indebtedness for borrowed money, equity
or otherwise but, in the case of any Indebtedness, subject to that Indebtedness being incurred in compliance with the carve-out
provision set out in paragraph (c) of the definition of Debt Incurrence) or pursuant to the exercise of the equity claw feature
in the Secured Note Indenture), provided, however, that the Borrower may, with the prior written consent of BpiFAE, prepay, repay
or redeem any notes issued under indentures which are callable in accordance with their terms, including any call date through
the use of the equity claw feature;

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

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

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

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

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

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

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

    24 

     

    

“Second Deferral Period”
means the period between and, in each case, including the Second Deferred Tranche Effective Date and March 31, 2022.

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

“Second Deferred Tranche Effective
Date” has the meaning given to the term “Amendment Effective Date” in the Fifth Supplemental Agreement.

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

“Second Priority Guarantee”
means the second priority guarantee granted by the Second Priority Guarantors prior to the Amendment Effective Date (as defined
in the Fourth Supplemental Agreement) (and any other second priority guarantee granted by a Second Priority Holdco Subsidiary in
connection with becoming a Second Priority Guarantor) in favor of the Facility Agent for the benefit of the Agents and the Lenders,
in each case substantially in the form attached hereto as Exhibit K.

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

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

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

    25 

     

    

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

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

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

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

“Second Supplemental Agreement”
means the supplemental agreement dated 29 April 2020 and made between the parties hereto, pursuant to which this Agreement was
amended in connection with, amongst other things, the Principles.

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

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

“Security Trustee”
means Citicorp Trustee Company Limited of Citigroup Centre, Canada Square, London E14 5LB in its capacity as security trustee for
the purpose of the Escrow Account Security.

"Senior
Debt Rating" means, as of any date, (a) the implied senior debt rating of the Borrower for debt pari passu in right of
payment and in right of collateral security with the Obligations as given by Moody's and S&P or (b) in the event the Borrower
receives an actual unsecured senior debt rating (apart from an implied rating) from Moody's and/or S&P, such actual rating
or ratings, as the case may be (and in such case the Senior Debt Rating shall not be determined by reference to any implied senior
debt rating from either agency).

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

    26 

     

    

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

“SFIL” means SFIL,
a French société anonyme with is registered office at 1-3 rue du Passeur de Boulogne, 92130 Issy-les-Moulineaux,
France, registered at the trade and companies registry of Nanterre under number 428 782 585.

“Signing Date” means
the date of the Novation Agreement.

“Spot Rate of Exchange”
means, for the purposes of determining an equivalent amount in EUR of Dollars on any relevant date, the FX Rate EUR/USD (published
on the basis of the 1:00pm London BFIX rate) two (2) Business Days before that date.

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

“Steel Price Adjustment Excess”
is as defined in the Novation Agreement.

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

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

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

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

“Third Priority Guarantee”
means the third priority guarantee granted by RCI Holdings LLC prior to the Amendment Effective Date (as defined in the Fourth
Supplemental Agreement) (and any other third priority guarantee granted by a Third Priority Holdco Subsidiary in connection with
becoming a Third Priority Guarantor) in favor of the Facility Agent for the benefit of the Agents and the Lenders, in each case
substantially in the form attached hereto as Exhibit L.

    27 

     

    

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

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

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

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

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

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

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

“Third Supplemental Agreement”
means the supplemental agreement dated 28 July 2020 and made between the parties hereto, pursuant to which this Agreement was supplemented.

“UK Bail-In Legislation”
means (to the extent that the United Kingdom is not an EEA Member Country which has implemented, or implements, Article 55 of
Directive 2014/59/EU) Part I of the United Kingdom Banking Act 2009 and any other law or regulation applicable in the United Kingdom
relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise
than through liquidation, administration or other insolvency proceedings).

    28 

     

    

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

“Unpaid Non-Yard Costs”
means, as at the Actual Delivery Date, the amount in Euro of the Non-Yard Costs which have not been paid for by the Borrower and/or
where applicable, supplied, installed and completed on the Purchased Vessel as at the Actual Delivery Date and as determined in
accordance with the relevant amounts certified in the Delivery Non-Yard Costs Certificate.

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

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

“US Dollar Equivalent”
means (a) for all EUR amounts payable in respect of the Additional Advances for the amount of the Non-Yard Costs or the Other Basic
Contract Price Increases referred to in clause 5.2(a) of the Novation Agreement or the Steel Price Adjustment Excess referred to
in clause 5.2(b) of the Novation Agreement (and disregarding for the purposes of this definition that the Additional Advance in
respect of such amounts shall be drawn in Dollars), such EUR amounts converted to a corresponding Dollar amount at the Weighted
Average Rate of Exchange and (b) for the EUR amount payable in respect of the Additional Advance for the BpiFAE Premium referred
to in clause 5.2(c) of the Novation Agreement, and for the calculation and payment of the Novated Loan Balance (as defined in the
Novation Agreement), the amount thereof in EUR converted to a corresponding Dollar amount as determined by the Facility Agent on
the basis of the Spot Rate of Exchange. The US Dollar Equivalent of the Maximum Loan Amount shall be calculated by the Borrower
in consultation with the Facility Agent no less than two (2) Business Days prior to the proposed Actual Delivery Date.

“Vessel” means a passenger
cruise vessel owned by a Group Member.

“Weighted Average Rate of Exchange”
means the weighted average rate of exchange that the Borrower has agreed, either in the spot or forward currency markets, to pay
its counterparties for the purchase of the relevant amounts of euro with Dollars for the payment of the euro amount of the Contract
Price (including the portion thereof comprising the change orders, any Other Basic Contract Price Increases, the Steel Price Adjustment
Excess and the Non-Yard Costs) and including in such weighted average calculation (a) the NYC Applicable Rate (as defined in the
Novation Agreement) in relation to the portion of the Contract Price comprising the Non-Yard Costs and (b) the spot rates for any
other euro amounts that have not been hedged by the Borrower.

“Write-Down and Conversion
Powers” means (a) with respect to any Resolution Authority, the write-down and conversion powers of such Resolution
Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion
powers are described in the EU Bail-In Legislation Schedule and (b) in relation to any UK Bail-In Legislation: (i) any powers
under that UK Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or
other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify
or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert
all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such
contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of
that liability or any of the powers under that UK Bail-In Legislation that are related to or ancillary to any of those powers;
and (ii) any similar or analogous powers under that UK Bail-In Legislation.

    29 

     

    

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

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

SECTION
1.4. Accounting and Financial Determinations. Unless otherwise specified, all accounting terms used herein or in any other
Loan Document shall be interpreted, all accounting determinations and computations hereunder or thereunder (including under Section
7.2.4) shall be made, and all financial statements required to be delivered hereunder or thereunder shall be prepared, in accordance
with United States generally accepted accounting principles (“GAAP”) consistently applied (or, if not consistently
applied, accompanied by details of the inconsistencies); provided that if the Borrower elects to apply or is required to
apply International Financial Reporting Standards (“IFRS”) accounting principles in lieu of GAAP, upon any such
election and notice to the Facility Agent, references herein to GAAP shall thereafter be construed to mean IFRS (except as otherwise
provided in this Agreement); provided further that if, as a result of (i) any change in GAAP or IFRS or in the interpretation
thereof or (ii) the application by the Borrower of IFRS in lieu of GAAP, in each case, after the date of the financial statements
referred to in Section 6.15, there is a change in the manner of determining any of the items referred to herein or thereunder
that are to be determined by reference to GAAP, and the effect of such change would (in the reasonable opinion of the Borrower
or the Facility Agent) be such as to affect the basis or efficacy of the financial covenants contained in Section 7.2.4
in ascertaining the consolidated financial condition of the Borrower and its Subsidiaries and the Borrower notifies the Facility
Agent that the Borrower requests an amendment to any provision hereof to eliminate such change occurring after the date hereof
in GAAP or the application thereof on the operation of such provision (or if the Facility Agent notifies the Borrower that the
Required Lenders request an amendment to any provision hereof for such purpose), then such item shall for the purposes of Section
7.2.4 continue to be determined in accordance with GAAP relating thereto as if GAAP were applied immediately prior to such
change in GAAP or in the interpretation thereof until such notice shall have been withdrawn or such provision amended in
accordance herewith. Notwithstanding the foregoing, all obligations of any person that are or would be characterized as operating
lease obligations in accordance with GAAP on the First Restatement Date (whether or not such operating lease obligations were in
effect on such date) shall continue to be accounted for as operating lease obligations for the purposes of this Agreement regardless
of any change in GAAP following the First Restatement Date that would otherwise require such obligations to be recharacterized
(on a prospective or retroactive basis or otherwise) as capital leases.

    30 

     

    

ARTICLE II

COMMITMENTS AND BORROWING PROCEDURES

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

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

		a)	Each Lender will make its portion of the relevant part of the Loan available to the Borrower in
accordance with relevant provisions of Section 2.3 either (i) in the case of the Loan (other than the Deferred Tranches)
on the Actual Delivery Date or (ii) in the case of each Deferred Tranche, on each relevant Repayment Date falling during the Advanced
Loan Deferral Period applicable to that Deferred Tranche. The commitment of each Lender described in this Section 2.2 (herein
referred to as its “Commitment”) shall be the commitment of such Lender to make available to the Borrower its
portion of (y) the Loan (excluding for this purpose the Deferred Tranches) and (z) the Deferred Tranches. The Commitment referred
to in (y) above is expressed as the initial amount set forth opposite such Lender’s name on its signature page attached hereto
and the Commitment referred to in (z) above is expressed as that Lender’s share of each Deferred Tranche as at the Second
Deferred Tranche Effective Date (being the initial percentage set forth opposite such Lender's name in Schedule 1 of Fifth Supplemental
Agreement (in the case of the First Deferred Tranche) and in Schedule 1 of Fifth Supplemental Agreement (in the case of the Second
Deferred Tranche), in each such case as such amount may be reduced from time to time pursuant clause 10.2 of the Novation Agreement
or reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 11.11.1. If any
Lender becomes a Lender pursuant to an assignment pursuant to Section 11.11.1, its Commitment shall be the amount set forth
as such Lender’s Commitment in the related Lender Assignment Agreement. Notwithstanding the foregoing, each Lender’s
Commitment shall (A) in the case of the Loan (other than the Deferred Tranches), terminate on the earlier of (1) the Commitment
Termination Date if the Purchased Vessel is not delivered prior to such date and (2) the Actual Delivery Date, (B) in the
case of the First Deferred Tranche, terminate on the last Repayment Date falling during the First Deferral Period and (C) in the
case of the Second Deferred Tranche, terminate on the last Repayment Date falling during the Second Deferral Period.

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

SECTION
2.3. Borrowing Procedure.

		a)	Subject the satisfaction of the conditions precedent referred to in Sections 5.1.12 or 5.1.13 (as
applicable), any advance under a Deferred Tranche shall be automatically made available in the manner contemplated by Recital (D)
and, accordingly, other than this paragraph a), the provisions of this Section 2.3 shall not apply to a deemed advance of any part
of the Deferred Tranches, and all references to Loan in the remainder of this Section 2.3 shall be deemed to exclude the Deferred
Tranches.

		b)	Part of the Loan in an amount equal to the Novated Loan Balance shall be assumed by the Borrower
and be deemed to be advanced to, and borrowed by the Borrower, pursuant to the provisions of clause 3 of the Novation Agreement
and thereafter converted into Dollars pursuant to clause 5.1 of the Novation Agreement.

		c)	In relation to the amount of the Loan comprised by the Additional Advances, the Borrower shall
deliver a Loan Request and the documents required to be delivered pursuant to Section 5.1.1(a) to the Facility Agent on
or before 4:00 p.m., London time, not less than two (2) Business Days prior to the anticipated Actual Delivery Date. The Additional
Advances shall be drawn in Dollars.

		d)	The Facility Agent shall promptly notify each Lender of the Loan Request in respect of the Additional
Advances by forwarding a copy thereof to each Lender, together with its attachments. On the terms and subject to the conditions
of this Agreement, the portion of the Loan in respect of the Additional Advances shall be made on the Actual Delivery Date. On
or before 11:00 a.m., London time, on the Actual Delivery Date, the Lenders shall, without any set-off or counterclaim, deposit
with the Facility Agent same day funds in an amount equal to such Lender’s Percentage of the requested portion of the Additional
Advances in Dollars. Such deposits will be made to such account which the Facility Agent shall specify from time to time by notice
to the Lenders. To the extent funds are so received from the Lenders (and having regard, where applicable, to Sections 2.3 e),
f) and g) below), the Facility Agent shall, without any set-off or counterclaim, make such funds available to the
Borrower on the Actual Delivery Date by wire transfer of same day funds to the accounts the Borrower shall have specified in its
Loan Request.

		e)	If the Borrower elects to finance that part of the BpiFAE Premium payable by the Borrower with
an Additional Advance under clause 5.2(c)(i) of the Novation Agreement, the Borrower shall indicate such election in the Loan Request.
The amount of the advance in Dollars (the “US Dollar BpiFAE Advance Amount”) that will fund the BpiFAE Premium
shall be equal to the Dollar amount that corresponds to the EUR amount of the BpiFAE Premium to be financed with such advance,
which amount shall be determined by the Facility Agent based on the Spot Rate of Exchange. The Facility Agent shall notify the
Borrower and the Lenders of the US Dollar BpiFAE Advance Amount on the date such Loan Request is delivered, and the Lenders shall
deposit such US Dollar BpiFAE Advance Amount with the Facility Agent in accordance with Section
2.3.d). The Facility Agent shall furnish a certificate to the Borrower on the date such Loan Request is delivered setting forth
such Spot Rate of Exchange, its derivation and the calculation of the US Dollar BpiFAE Advance Amount. If the Borrower elects to
so finance the BpiFAE Premium, the Borrower will be deemed to have directed the Facility Agent to pay over directly to BpiFAE on
behalf of the Borrower that portion of the EUR amount of the BpiFAE Premium to be financed with the proceeds of the advance on
the Actual Delivery Date and to retain for its own account deposits made by the Lenders in Dollars in an amount equal to the portion
of the US Dollar BpiFAE Advance Amount attributable to the BpiFAE Premium paid by the Facility Agent to BpiFAE on behalf of the
Borrower.

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		f)	If the Borrower elects to finance that part of the BpiFAE Premium payable by the Borrower with
an Additional Advance under clause 5.2(c)(ii) of the Novation Agreement, the Borrower shall indicate such election in the Loan
Request (and whether it wishes to receive such amount in EUR or in Dollars). The amount of the advance in Dollars (the “US
Dollar BpiFAE Balance Amount”) that will fund the BpiFAE Premium shall be equal to the Dollar amount that corresponds
to the EUR amount of the BpiFAE Premium to be financed with such advance, which amount shall be determined by the Facility Agent
based on the Spot Rate of Exchange. The Facility Agent shall notify the Borrower and the Lenders of the US Dollar BpiFAE Balance
Amount on the date such Loan Request is delivered, and the Lenders shall deposit such US Dollar BpiFAE Balance Amount with the
Facility Agent in accordance with Section 2.3.d). The Facility Agent shall furnish a certificate to the Borrower on the
date such Loan Request is delivered setting forth such Spot Rate of Exchange, its derivation and the calculation of the US Dollar
BpiFAE Balance Amount. If the Borrower elects to so finance the BpiFAE Premium and receive the proceeds in EUR, the Borrower will
be deemed to have directed the Facility Agent to pay over to the Borrower or, if the Borrower so requires in a Loan Request, directly
to the Builder on behalf of the Borrower that portion of the EUR amount of the BpiFAE Premium to be financed with the proceeds
of the advance on the Actual Delivery Date and to retain for its own account deposits made by the Lenders in Dollars in an amount
equal to the US Dollar BpiFAE Balance Amount.

		g)	In relation to any Additional Advance that is to be advanced to the Borrower in respect of the
Non-Yard Costs it is agreed that:

		i)	an amount equal to the US Dollar Equivalent of eighty per cent (80%) of the Paid Non-Yard Costs
shall be advanced to the Borrower on the Actual Delivery Date in accordance with the provisions of Section 2.3d), which
amount shall be determined by the Facility Agent based on the amounts contained in the Delivery Non-Yard Costs Certificate; and

		ii)	an amount equal to the US Dollar Equivalent of eighty per cent (80%) of the Unpaid Non-Yard Costs,
which amount shall be determined by the Facility Agent based on the amounts contained in the Delivery Non-Yard Costs Certificate
(the “Escrow Amount”), shall be remitted by the Facility Agent (and the Borrower hereby instructs the Facility
Agent to make such remittance) to the Escrow Account and such amount shall be regulated in accordance with the following provisions
of this Section 2.3 g) and the Escrow Account Security, subject to the aggregate of
the amounts referred to in i) and ii) above not exceeding the Maximum Non-Yard Costs Amount.

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Where an Escrow Amount payment
is made to the Escrow Account pursuant to ii) above, the Borrower shall be entitled at any time prior to the NYC Cut Off Date to
provide the Facility Agent with the Final Non-Yard Cost Certificate setting out the final amount of the Paid Non-Yard Costs. Where
the Final Non-Yard Costs Certificate is so received by the Facility Agent, the Facility Agent shall determine promptly the final
EUR amount of the Paid Non-Yard Costs based on the amounts contained in the Final Non-Yard Costs Certificate and the US Dollar
Equivalent of such EUR amount and within one Business Day thereafter shall authorize the release of the Escrow Amount (or, if less,
an amount equal to the US Dollar Equivalent of eighty per cent of the Final Paid Non-Yard Costs (as determined above) less the
amount previously advanced to the Borrower under i) above) to the Borrower. Any interest accruing on the Escrow Account shall be
released to the Borrower at the same time as the release of the Escrow Amount (or, if applicable, part thereof) to the Borrower
pursuant to this provision.

If any amount of the Escrow Amount
remains on the Escrow Account on the day falling immediately after the NYC Cut Off Date (having regard to any applicable permitted
release of moneys from the Escrow Account to the Borrower referred to above) then on the Business Day thereafter the Facility Agent
shall be entitled to request the withdrawal of that amount from the Escrow Account and shall apply the amount so received, on behalf
of the Borrower, in or towards prepayment of the Loan.

The basis on which the Escrow Account
Security is held by the Security Trustee for the benefit of the Lenders is regulated under the agency and trust deed dated 22 June
2016 (as amended and restated and as acceded to by the Borrower) between the parties to this Agreement and the Security Trustee.

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

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ARTICLE III

REPAYMENTS, PREPAYMENTS, INTEREST AND FEES

SECTION
3.1. Repayments.

		a)	The Borrower shall repay (i) the Loan (but for this purpose excluding the Deferred Tranches) in
the instalments and on the dates set out in Part A of Exhibit F and (ii) the Deferred Tranches in the instalments and on the dates
set out in Part B of Exhibit F. It is acknowledged and agreed that the repayment installments of the Loan falling during the Second
Deferral Period (and for this purpose including the repayment installments of the First Deferred Tranche falling due during this
period) shall be deemed to be repaid pursuant to a deemed advance of the Second Deferred Tranche to be made on each relevant Repayment
Date falling during such Second Deferral Period and being, in each case, in an amount equal to the principal amount of the Loan
(including the relevant part of the First Deferred Tranche) falling due for payment on those Repayment Dates.

 

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

SECTION
3.2. Prepayment.

		a)	The Borrower

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

		(A)	all such voluntary prepayments shall require at least five (5) Business Days’ prior written
notice to the Facility Agent; and

		(B)	all such voluntary partial prepayments shall be in an aggregate minimum amount of $10,000,000 and
a multiple of $1,000,000 (or in the remaining amount of the Loan) and shall be applied in inverse order of maturity or ratably
among all remaining installments, as the Borrower shall designate to the Facility Agent, in satisfaction of the remaining repayment
installments of the Loan, save that where there is an outstanding amount of the Deferred Tranches, any such prepayment shall first
be applied against the Deferred Tranches and either in inverse order of maturity or ratably across the remaining installments of
the Deferred Tranches (as the Borrower shall designate in writing); and

		ii)	shall, immediately upon any acceleration of the repayment of the installments of the Loan pursuant
to Section 8.2 or 8.3 or the mandatory prepayment of the Loan pursuant to Section 9.2, repay the Loan (or,
in the case of a Prepayment Event arising pursuant to Section 9.1.11 or 9.1.12, repay the Deferred Tranches).

		b)	If it becomes unlawful in any jurisdiction for any Lender to perform any of its obligations under
the Loan Documents or to maintain or fund its portion of the Loan, the affected Lender may give written notice (the "Illegality
Notice") to the Borrower and the Facility Agent of such event, including reasonable details of the relevant circumstances.

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		c)	If an affected Lender delivers an Illegality Notice, the Borrower, the Facility Agent and the affected
Lender shall discuss in good faith (but without obligation) what steps may be open to the relevant Lender to mitigate or remove
such circumstances but, if they are unable to agree such
steps within 20 Business Days or if the Borrower so elects, the Borrower shall have the right, but not the obligation, exercisable
at any time within 50 days after receipt of such Illegality Notice or, if earlier, the date upon which the unlawful event referred
to in (b) above will apply (but not being a date falling earlier than the end of the 20 Business Day period referred to above)
(the "Option Period"), either (1) to prepay the portion of the Loan (including the relevant portion of the Deferred Tranches)
held by such Lender in full on or before the expiry of the Option Period, together with all unpaid interest and fees thereon accrued
to but excluding the date of such prepayment, or (2) to replace such Lender on or before the expiry of the Option Period with one
or more financial institutions (I) acceptable to the Facility Agent (such consent not to be unreasonably withheld or delayed) and
(II) where relevant, eligible to benefit from an Interest Stabilisation Agreement, pursuant to assignment(s) notified to and consented
in writing by BpiFAE and, where relevant Natixis DAI, provided that (x) in the case of a single assignment, any such assignment
shall be either an assignment of all of the rights and obligations of the assigning Lender under this Agreement or, in the case
of more than one assignment, an assignment of a portion of such rights and obligations made concurrently with another such assignment
or other such assignments that collectively cover all of the rights and obligations of the assigning Lender under this Agreement
and (y) no Lender shall be obliged to make any such assignment as a result of an election by the Borrower pursuant to this Section
3.2(c) unless and until such Lender shall have received one or more payments from one or more Assignee Lenders and/or the Borrower
in an aggregate amount at least equal to the portion of the Loan (including the relevant part of the Deferred Tranches) held by
such Lender, together with all unpaid interest and fees thereon accrued to but excluding the date of such assignment (and all other
amounts then owing to such Lender under this Agreement).

Each prepayment of the Loan made pursuant to this Section
shall be without premium or penalty, except as may be required by Section 4.4. No amounts prepaid by the Borrower may be
re-borrowed under the terms of this Agreement.

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

SECTION
3.3.1. Rates. The Loan (but for this purpose excluding the Deferred Tranches) shall accrue interest from the Actual Delivery Date
to the date of repayment or prepayment of the Loan in full to the Lenders at the Fixed Rate or, in the case of any drawn portion
of the Deferred Tranches, or otherwise where the proviso to Section 5.1.10 applies, the Floating Rate. Interest calculated
at the Fixed Rate or the Floating Rate shall be payable semi-annually in arrears on each Repayment Date. The Loan (including the
Deferred Tranches) shall bear interest from and including the first day of the applicable Interest Period to (but not including)
the last day of such Interest Period at the interest rate determined as applicable to the Loan or, as the case may be, the relevant
Deferred Tranche. A Deferred Tranche shall accrue interest from the first Repayment Date to fall during the Advanced Loan Deferral
Period applicable to that Deferred Tranche (or, in the case of a further advance in respect of a Deferred Tranche after the first
advance and in respect of that further advance, from the relevant Repayment Date in respect of the Loan to which that further advance
of that Deferred Tranche relates) to the date of repayment or prepayment of that Deferred Tranche in full to the Lenders at the
Floating Rate. The first deemed advance and the second deemed advance
in respect of a Deferred Tranche shall be consolidated at, and run concurrently from, the time of the making of the second advance
in respect of that Deferred Tranche and interest on the advances in respect of that Deferred Tranche shall be payable on each Repayment
Date. All interest shall be calculated on the basis of the actual number of days elapsed over a year comprised of 360 days.

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SECTION
3.3.2. [Intentionally omitted]

SECTION
3.3.3. Interest stabilisation. Each Lender who is a party hereto on the First Restatement Date represents and warrants to the Borrower
that it has entered into an Interest Stabilisation Agreement and any Lender not a party hereto on the First Restatement Date (other
than BpiFAE or CAFFIL as assignee of all or any of SFIL’s rights as Lender following the enforcement of the security granted
pursuant to paragraph (iv) of Section 11.11.1 in connection with the BpiFAE Enhanced Guarantee, subject as provided in Section
11.11.1(iv))represents and warrants to the Borrower on the date that such Lender becomes a party hereto that it has entered
into an Interest Stabilisation Agreement on or prior to becoming a party hereto.

SECTION
3.3.4. Post-Maturity Rates. After the date any principal amount of the Loan is due and payable (whether on any Repayment Date,
upon acceleration or otherwise), or after any other monetary Obligation of the Borrower shall have become due and payable, the
Borrower shall pay, but only to the extent permitted by law, interest (after as well as before judgment) on such amounts for each
day during the period of such default at a rate per annum certified by the Facility Agent to the Borrower (which certification
shall be conclusive in the absence of manifest error) to be equal to the sum of the Floating Rate plus 1.5% per annum.

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

		a)	each Interest Payment Date;

		b)	each Repayment Date;

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

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

SECTION 3.3.6.
Interest Rate Determination; Replacement Reference Banks. Where Section 3.3.4 or the Floating Rate applies, the Facility
Agent shall obtain from each Reference Bank timely information for the purpose of determining the LIBO Rate in the event that
no offered quotation appears on Thomson Reuters LIBOR01 Page (or any successor page) and the LIBO Rate is to be determined by
reference to quotations supplied by the Reference Banks and not by reference to the Historic Screen Rate. If any one or more of
the Reference Banks shall fail to furnish in a timely manner such information to the Facility Agent for any such interest rate,
the Facility Agent shall determine such interest rate on the basis of the information furnished by the remaining Reference Banks.
If the Borrower elects to add an additional Reference Bank hereunder or a Reference Bank ceases for any reason to be able and
willing to act as such, the Facility Agent shall, at the direction of the Required Lenders and after consultation with the Borrower
and the Lenders, appoint a replacement for such Reference Bank reasonably acceptable to the Borrower, and such replaced Reference
Bank shall cease to be a Reference Bank hereunder. The Facility Agent shall furnish to the Borrower and to the Lenders each determination
of the LIBO Rate made by reference to quotations of interest rates furnished by Reference Banks (it being understood that the
Facility Agent shall not be required to disclose to any party hereto (other than the Borrower) any information regarding any Reference
Bank or any rate quoted by a Reference Bank, including, without limitation, whether a Reference Bank has provided a rate or the
rate provided by any individual Reference Bank).

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

SECTION
3.3.7. Unavailability of LIBO Rate

 

Notwithstanding anything to
the contrary in this Agreement or any other Loan Documents, if the Facility Agent determines (which determination shall, in the
absence of manifest error, be conclusive) or the Borrower or the Required Lenders notify the Facility Agent (with, in the case
of the Required Lenders, a copy to Borrower) that the Borrower or the Required Lenders (as applicable) have determined that:

		a)	adequate and reasonable means would not exist for ascertaining (should the Floating Rate apply)
the LIBO Rate for the relevant Interest Period including, without limitation, because the LIBO Rate is not available or published
on a current basis and such circumstances are unlikely to be temporary; or

		b)	the administrator of the LIBO Rate or a governmental authority having jurisdiction over the Facility
Agent has made a public statement identifying a specific date after which the LIBO Rate shall no longer be made available or used
for determining the interest rate of loans (such specific date, the “Scheduled Unavailability Date”); or

		c)	syndicated loans currently being executed, or existing syndicated loans that include language similar
to that contained in this section 3.3.7, are being executed and/or amended (as applicable) to incorporate or adopt a new benchmark
interest rate to replace the LIBO Rate,

then, reasonably promptly after
such determination by the Facility Agent or receipt by the Facility Agent of such notice, as applicable, or if the Borrower otherwise
requests, the Facility Agent and the Borrower may amend this Agreement to replace the LIBO Rate with an alternate benchmark rate
(including any mathematical or other adjustments to the benchmark (if any) incorporated therein), giving due consideration to any
evolving or then existing convention for similar U.S. dollar denominated syndicated credit facilities for such alternative benchmarks
(any such proposed rate, a “LIBO Successor Rate”), and also together with any proposed LIBO Successor Rate Conforming
Changes (as defined below) and any such amendment shall become effective at 5:00 P.M. (London time) on the fifth (5) Business Day
after the Facility Agent shall have posted such
proposed amendment to all Lenders and the Borrower unless, prior to such time, Lenders comprising the Required Lenders have delivered
to the Facility Agent written notice that such Required Lenders do not accept such amendment. Such LIBO Successor Rate shall be
applied in a manner consistent with market practice; provided that to the extent such market practice is not administratively feasible
for the Facility Agent, such LIBO Successor Rate shall be applied in a manner as otherwise reasonably determined by the Facility
Agent.

    38 

     

    

If no LIBO
Successor Rate has been determined and the circumstances under paragraph a) above exist or the Scheduled Unavailability Date has
occurred (as applicable), the Facility Agent will promptly notify the Borrower and each Lender. Thereafter, the obligation of the
Lenders to fund or maintain the affected part of the Loan (including the Deferred Tranche) at the LIBO Rate (to the extent of the
affected part of the Loan, a Deferred Tranche or Interest Periods) shall be suspended and the Borrower shall pay interest on such
part of the Loan at a rate equal to the sum of the Floating Rate Margin and the weighted average of the cost to the Lenders of
funding the respective portions of the affected part of the Loan (as notified to the Facility Agent and the Borrower no later than
five (5) Business Days prior to the start of the relevant Interest Period). Upon receipt of such notice, the Borrower may revoke
any pending request for a borrowing of, conversion to or continuation of any part of the Loan (to the extent of the affected part
of the Loan, a Deferred Tranche or Interest Periods).

The Facility
Agent (acting on the instructions of the Required Lenders) and the Borrower shall, during the period between 1 April 2021 and 30
June 2021, enter into negotiations in good faith with a view to agreeing a basis upon which a LIBO Successor Rate can be used in
replacement of the Screen Rate, together with any associated LIBO Successor Rate Conforming Changes, and a timetable for the implementation
of these changes so that the appropriate changes can be made prior to the Scheduled Unavailability Date.

Notwithstanding
anything else herein, any definition of LIBO Successor Rate shall provide that in no event shall such LIBO Successor Rate be less
than zero for purposes of this Agreement.

For the
purposes of this Agreement, “LIBO Successor Rate Conforming Changes” means, with respect to any proposed LIBO Successor
Rate, any conforming changes to the definition of Floating Rate, Interest Period, timing and frequency of determining rates and
making payments of interest and other administrative matters as may be appropriate, in the discretion of the Facility Agent in
consultation with the Borrower, to reflect the adoption of such LIBO Successor Rate and to permit the administration thereof by
the Facility Agent in a manner substantially consistent with market practice (or, if the Facility Agent determines that adoption
of any portion of such market practice is not administratively feasible or that no market practice for the administration of such
LIBO Successor Rate exists, in such other manner of administration as the Facility Agent determines is reasonably necessary in
connection with the administration of this Agreement).

    39 

     

    
 

SECTION
3.4. Commitment Fees.

		(a)	Subject to clause 10.1 of the Novation Agreement, the Borrower agrees to pay to the Facility Agent for the account of each
Lender a commitment fee (the “Commitment Fee”) on its daily unused portion of Maximum Loan Amount (as such amount may
be adjusted from time to time), for the period commencing on the Signing Date and continuing through the earliest to occur (the
 “Commitment Fee Termination Date”) of (i) the Actual Delivery Date, (ii) the date upon which the Facility Agent has
provided the Borrower with written notice that the Lenders will not advance the Loan because the Commitments have been terminated
pursuant to Section 8.2 or 8.3, (iii) the Commitment Termination Date and (iv) the date the Commitments shall have been terminated
in full pursuant to clause 10.2 of the Novation Agreement.

		(b)	Paragraph (a) above shall not (but without prejudice to any commitment commission that has been paid by the Borrower to the
Lenders prior to the First Deferred Tranche Effective Date) apply to any Lender’s Commitment in respect of the Deferred Tranches,
in respect of which the Borrower agrees to pay to the Facility Agent for the account of each Lender a commitment fee on the basis,
and at the times, set out in (i) the Fee Letter to be entered into on or about the date of the Second Supplemental Agreement (in
respect of the First Deferred Tranche) and (ii) the Fifth Supplemental Agreement (in respect of the Second Deferred Tranche) (as
applicable).

SECTION 3.4.1.
Payment. The Commitment Fee shall be payable by the Borrower to the Facility Agent for the account of each Lender six-monthly in
arrears, with the first such payment (the “First Commitment Fee Payment”) to be made on the day falling six months
following the Signing Date and the final such payment to be made on the Commitment Fee Termination Date (each date on which a Commitment
Fee payment is required to be made in accordance with this Section 3.4.1 referred to herein as a “Commitment Fee Payment
Date”). The Commitment Fee shall be in the amount in EUR equal to the product of the Applicable Commitment Rate, multiplied
by, for each day elapsed since the preceding Commitment Fee Payment Date (or, in the case of the First Commitment Fee Payment,
the Signing Date), 75% of the Maximum Loan Amount, divided by 360 days.

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

ARTICLE IV

CERTAIN LIBO RATE AND OTHER PROVISIONS

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

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SECTION
4.2. Deposits Unavailable. If any Lender has funded itself in the interbank market or at any time in which a Deferred Tranche
is outstanding and the Facility Agent shall have determined that:

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

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

		c)	the cost to Lenders that in the aggregate hold more than 50% of the aggregate outstanding principal
amount of the Loan (including the Deferred Tranches) then held by Lenders of obtaining matching deposits in the relevant interbank
market for the relevant Interest Period would be in excess of the LIBO Rate (provided, that no Lender may exercise its rights
under this Section 4.2.c) for amounts up to the difference between such Lender’s cost of obtaining matching deposits
on the date such Lender becomes a Lender hereunder less the LIBO Rate on such date),

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

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

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

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

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

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

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

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It is acknowledged that the Borrower shall have no liability
to compensate any Lender under this Section for amounts of increased costs that accrue before the Effective Time on the Actual
Delivery Date (with any such amounts arising before the Effective Time being the responsibility of the Original Borrower).

SECTION
4.4. Funding Losses.

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

		i)	any repayment or prepayment or acceleration of the principal amount of such Lender’s portion
of the Loan (including the Deferred Tranches), other than any repayment made on the date scheduled for such repayment or (if the
Floating Rate applies) any repayment or prepayment or acceleration on a date other than the scheduled last day of an Interest Period
or otherwise scheduled date for repayment or payment; or

		ii)	the relevant portion of the Loan (including the Deferred Tranches) not being made in accordance
with the Loan Request therefor due to the fault of the Borrower or as a result of any of the conditions precedent set forth in
clause 6.1(c) of the Novation Agreement and Article V not being satisfied,

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(a “Funding Losses Event”) then, upon
the written notice of such Lender to the Borrower (with a copy to the Facility Agent), the Borrower shall, within three (3) days
of its receipt thereof:

		a.	if at that time interest is calculated at the Floating Rate on such Lender’s portion of the
Loan (or relevant part thereof), pay directly to the Facility Agent for the account of such Lender an amount equal to the amount
by which:

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

exceeds:

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

		b.	if at that time interest is calculated at the Fixed Rate on such Lender’s portion of the
Loan (or any part thereof), pay to the Facility Agent the amount notified to it following the calculation referred to in the next
paragraph.

Since the Lenders commit themselves irrevocably to
the French Authorities in charge of monitoring the CIRR mechanism, any prepayment (whether voluntary, involuntary or mandatory,
including following the acceleration of the Loan) will be subject to the mandatory payment by the Borrower of the amount calculated
in liaison with the French Authorities two (2) Business Days prior to the prepayment date by taking into account the differential
(the “Rate Differential”) between the CIRR and the prevailing market yield (currently ISDAFIX) for each installment
to be prepaid and applying such Rate Differential to the remaining residual period of such installment and discounting to the net
present value as described below. Each of these Rate Differentials will be applied to the corresponding installment to be prepaid
during the period starting on the date on which such prepayment is required to be made and ending on the original Repayment Date
(as adjusted following any previous prepayments) for such installment and:

		(A)	the net present value of each corresponding amount resulting from the above calculation will be determined at the corresponding
market yield; and

		(B)	if the cumulated amount of such present values is negative, no amount shall be due to the Borrower or from the Borrower.

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

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SECTION 4.4.2. Exclusion
In the event that a Lender’s wilful misconduct or gross negligence has caused the loss or cancellation of the BpiFAE Insurance
Policy, the Borrower shall not be liable to indemnify that Lender under Section 4.4.1 for its loss or expense arising due
to the occurrence of the Prepayment Event referred to in Section 9.1.9.

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

It is acknowledged that the Borrower shall
have no liability to compensate any Lender under this Section for reduced returns that accrue before the Effective Time on the
Actual Delivery Date (with any compensation liability to the Lenders arising before the Effective Time being the responsibility
of the Original Borrower).

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

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

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

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

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

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

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

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

Each Lender (and each Participant) agrees
with the Borrower and the Facility Agent that it will (i) in the case of a Lender or a Participant organized under the laws of
a jurisdiction other than the United States (a) provide to the Facility Agent and the Borrower an appropriately executed copy of
Internal Revenue Service Form W-8ECI certifying that any payments made to or for the benefit of such Lender or such Participant
are effectively connected with a trade or business in the United States (or alternatively, an Internal Revenue Service Form W-8BEN
claiming the benefits of a tax treaty, but only if the applicable treaty described in such form provides for a complete exemption
from U.S. federal income tax withholding), or any successor form, on or prior to the date hereof (or, in the case of any Assignee
Lender or Participant, on or prior to the date of the relevant assignment or participation), in each case attached to an Internal
Revenue Service Form W-8IMY, if appropriate, (b) notify the Facility Agent and the Borrower if the certifications made on any form
provided pursuant to this paragraph are no longer accurate and true in all material respects and (c) without prejudice to its obligations
under Section 4.13, provide such other tax forms or other documents as shall be prescribed by applicable law, if any, or
as otherwise reasonably requested, to demonstrate, to the extent applicable, that payments to such Lender Party (or Participant)
hereunder are exempt from withholding under FATCA, and (ii) in all cases, provide such forms, certificates or other documents,
as and when reasonably requested by the Borrower, necessary to claim any applicable exemption from, or reduction of, Covered Taxes
or any payments made to or for benefit of such Lender Party or such Participant, provided that the Lender Party or Participant
is legally able to deliver such forms, certificates or other documents. For any period with respect to which a Lender (or Assignee
Lender or Participant) has failed to provide the Borrower with the foregoing forms (other than if such failure is due to a change
in law occurring after the date on which a form originally was required to be provided (which, in the case of an Assignee Lender,
would be the date on which the original assignor was required to provide such form) or if such form otherwise is not required hereunder)
such Lender (or Assignee Lender or Participant) shall not be entitled to the benefits of this Section 4.6 with respect to
Covered Taxes imposed by reason of such failure.

All fees and expenses payable pursuant
to Section 11.3 shall be paid together with value added tax or any similar tax (if any) properly chargeable thereon. Any
value added tax chargeable in respect of any services supplied by a Lender or an Agent under this Agreement shall, on delivery
of the value added tax invoice, be paid in addition to any sum agreed to be paid hereunder.

    47 

     

    

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

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

(ii)       the
remainder of (x) a fraction the numerator of which is the rate (expressed as a decimal) at which interest accrues on the Loan (or
any part thereof (including the Deferred Tranches) for such Interest Period as provided in this Agreement (less, if applicable,
the applicable Floating Rate Margin) and the denominator of which is one minus any increase after the Signing Date in the
effective rate (expressed as a decimal) at which such reserve requirements are imposed on such Lender minus (y) such numerator;
and

(iii)       1/360.

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

Each Lender agrees to use reasonable efforts (consistent
with its internal policy and legal and regulatory restrictions and the terms of the BpiFAE Insurance Policy and (if the Fixed Rate
applies) the arrangements with Natixis DAI relating to the CIRR) to avoid the requirement of maintaining such reserves (including
by designating a different Lending Office) if such efforts would not, in the reasonable judgment of such Lender, be otherwise disadvantageous
to such Lender.

 

SECTION
4.8. Payments, Computations, etc.

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

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		b.	Each Lender hereby instructs the Facility Agent, with respect to any portion of the Loan held by
such Lender, to pay directly to such Lender interest thereon at the Fixed Rate or (in the case of any advanced portion of a Deferred
Tranche, or otherwise if the proviso to Section 5.1.10 applies) the Floating Rate, on the basis that (if the Fixed Rate
applies) such Lender will, where amounts are payable to Natixis by that Lender under the Interest Stabilisation Agreement, account
directly to Natixis for any such amounts payable by that Lender under the Interest Stabilisation Agreement to which such Lender
is a party.

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

SECTION 4.9. Replacement
Lenders, etc. If the Borrower shall be required to make any payment to any Lender pursuant to Section 4.2(c), 4.3,
4.4, 4.5, 4.6 or 4.7, the Borrower shall be entitled at any time (so long as no Default and no Prepayment
Event shall have occurred and be continuing) within 180 days after receipt of notice from such Lender of such required payment
to (a) terminate such Lender’s Commitment (where upon the Percentage of each other Lender shall automatically be adjusted
to an amount equal to such Lender’s ratable share of the remaining Commitments), (b) prepay the affected portion of such
Lender’s Loan in full, together with accrued interest thereon through the date of such prepayment (provided that
the Borrower shall not terminate any Lender’s Commitment pursuant to clause (a) or prepay any such Lender pursuant to this
clause (b) without replacing such Lender pursuant to the following clause (c) until a 30-day period shall have elapsed during
which the Borrower and the Facility Agent shall have attempted in good faith to replace such Lender), and/or (c) replace such
Lender with another financial institution reasonably acceptable to the Facility Agent and (if the Fixed Rate applies) Natixis
DAI, provided that (i) each such transfer shall be either a transfer of all of the rights and obligations of the transferring
Lender under this Agreement or a transfer of a portion of such rights and obligations made concurrently with another such transfer
or other such transfers that together cover all of the rights and obligations of the transferring Lender under this Agreement
and (ii) no Lender shall be obligated to make any such transfer as a result of a demand by the Borrower pursuant to this Section
unless and until such Lender shall have received one or more payments from either the Borrower or one or more Assignee Lenders
in an aggregate amount at least equal to the aggregate outstanding principal amount of the Loan owing to such Lender, together
with accrued interest thereon to the date of payment of such principal amount and all other amounts payable to such Lender under
this Agreement. Each Lender represents and warrants to the Borrower that, as of the Signing Date (or, with respect to any Lender
not a party hereto on the Signing Date, on the date that such Lender becomes a party hereto), there is no existing treaty, law,
regulation, regulatory requirement, interpretation, directive, guideline, decision or request pursuant to which such Lender would
be entitled to request any payments under any of Sections 4.3, 4.4, 4.5, 4.6 and 4.7 to or
for account of such Lender.

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SECTION 4.10.
Sharing of Payments.

SECTION 4.10.1. Payments
to Lenders. If a Lender (a "Recovering Lender") receives or recovers any amount from an Obligor other than in
accordance with Section 4.8 (Payments, Computations, etc.) (a "Recovered Amount") and applies that amount
to a payment due under the Loan Documents then:

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

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

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

SECTION 4.10.2. Redistribution
of payments. The Facility Agent shall treat the Sharing Payment as if it had been paid by the Borrower and distribute it between
the Lenders (other than the Recovering Lender) (the "Sharing Lenders") in accordance with the provisions of this
Agreement towards the obligations of the Borrower to the Sharing Lenders.

SECTION 4.10.3. Recovering
Lender's rights. On a distribution by the Facility Agent under Section 4.10.2 of a payment received by a Recovering Lender
from the relevant Obligor, as between that Obligor and the Recovering Lender, an amount of the Recovered Amount equal to the Sharing
Payment will be treated as not having been paid by the relevant Obligor.

SECTION 4.10.4. Reversal
of redistribution If any part of the Sharing Payment received or recovered by a Recovering Lender becomes repayable and is repaid
by that Recovering Lender, then:

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

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

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SECTION 4.10.5.
Exceptions.

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

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

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

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

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

SECTION
4.12. Use of Proceeds. a). The Borrower shall apply the proceeds of the Loan made available to the Borrower in respect of
the Additional Advances for the purpose of making payments of, or reimbursing the Borrower for payments already made for, the amounts
referred to in clauses 5.2, 5.3 and/or 5.4 of the Novation Agreement and, without limiting the foregoing, no proceeds of the Loan
will be used to acquire any equity security of a class which is registered pursuant to Section 12 of the Securities Exchange Act
of 1934 or any “margin stock”, as defined in F.R.S. Board Regulation U. b) The Deferred Tranches shall be used for
the purpose set out in Recital (D) and, accordingly, the provisions of sub-section a) above shall not apply to the proceeds of
the Deferred Tranches.

SECTION
4.13. FATCA Information.

		a.	Subject to paragraph c) below, each party (other than the Borrower) shall, within ten Business
Days of a reasonable request by another party (other than the Borrower):

(i)       confirm
to that other party whether it is:

		(A)	a FATCA Exempt Party; or

		(B)	not a FATCA Exempt Party;

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(ii)       supply
to that other party such forms, documentation and other information relating to its status under FATCA as that other party reasonably
requests for the purposes of that other party's compliance with FATCA;

(iii)       supply
to that other party such forms, documentation and other information relating to its status as that other party reasonably requests
for the purposes of that other party's compliance with any other law, regulation, or exchange of information regime.

		b.	If a party confirms to another party pursuant to paragraph (a)(i) above that it is a FATCA Exempt
Party and it subsequently becomes aware that it is not or has ceased to be a FATCA Exempt Party, that party shall notify that other
party reasonably promptly.

		c.	Paragraph a) above shall not oblige any Lender or the Facility Agent to do anything, and paragraph
a)(iii) above shall not oblige any other party to do anything, which would or might in its reasonable opinion constitute a breach
of:

(i)       any
law or regulation;

(ii)       any
fiduciary duty; or

(iii)       any
duty of confidentiality.

		d.	If a party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation
or other information requested in accordance with paragraph (a)(i) or (ii) above (including, for the avoidance of doubt, where
paragraph (c) above applies), then such party shall be treated for the purposes of the Loan Documents (and payments under them)
as if it is not a FATCA Exempt Party until such time as the party in question provides the requested confirmation, forms, documentation
or other information.

		e.	Each party may make a FATCA Deduction from a payment under this Agreement that it is required to
be made by FATCA, and any payment required in connection with that FATCA Deduction, and no party shall be required to increase
any payment in respect of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA
Deduction.

SECTION
4.14. Resignation of the Facility Agent. The Facility Agent shall resign (and, to the extent applicable, shall use reasonable
endeavours to appoint a successor Facility Agent) if, either:

		a.	the Facility Agent fails to respond to a request under Section 4.13 and a Lender reasonably
believes that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party;

		b.	the information supplied by the Facility Agent pursuant to Section 4.13 indicates that the Facility
Agent will not be (or will have ceased to be) a FATCA Exempt Party; or

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		c.	the Facility Agent notifies the Lenders that the Facility Agent will not be (or will have ceased
to be) a FATCA Exempt Party;

and (in each case) a Lender reasonably believes that
a party to this Agreement will be required to make a FATCA Deduction that would not be required if the Facility Agent were a FATCA
Exempt Party, and that Lender, by notice to the Facility Agent, requires it to resign.

SECTION
4.15. Deferred Costs. Independently to any other obligation to pay costs, expenses or interest under or in connection with
this Agreement, the Borrower shall as a separate obligation, also pay to the Facility Agent (for distribution to each Lender) deferred
costs in respect of any drawn portion of a Deferred Tranche at the Deferred Costs Percentage applicable to the relevant Deferred
Tranche for each Interest Period during which any part of that Deferred Tranche remains outstanding. Whilst not an interest liability,
such deferred costs shall be charged from and including the first day of the applicable Interest Period in which an amount of a
Deferred Tranche is outstanding to (but not including) the last day of such Interest Period, and will be payable semi-annually
in arrears on each Repayment Date. Any deferred costs payable in accordance with this Section 4.15 shall be calculated on the basis
of the actual number of days elapsed over a year comprised of 360 days.

ARTICLE V

CONDITIONS TO BORROWING

SECTION
5.1. Advance of the Loan. The obligation of the Lenders to fund the relevant portion of the Loan to be made available on
the Actual Delivery Date shall be subject to the prior or concurrent satisfaction of each of the conditions precedent set forth
in this Section 5.1. The Facility Agent shall advise the Lenders of the satisfaction of the conditions precedent set forth
in this Section 5.1 prior to funding on the Actual Delivery Date. Save for Section 5.1.12 and 5.1.13 below, no provision
of this Section 5 shall be applicable to a deemed advance of the Deferred Tranches.

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

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

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

(y) Organic Documents of the Borrower,

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

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

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

		a.	Watson Farley & Williams LLP, counsel to the Borrower, as to Liberian Law, covering the matters
set forth in Exhibit B-1 hereto (and which shall be updated to include reference to the Escrow Account Security);

		b.	Norton Rose Fulbright LLP, counsel to the Facility Agent and the Lenders, covering the matters
set forth in Exhibit B-2 hereto (and which shall be updated to include reference to the Escrow Account Security) and, if
the BpiFAE Insurance Policy is to be re-issued or replaced on or about the Actual Delivery Date, Exhibit B-3 hereto; and

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

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

SECTION 5.1.3.
BpiFAE Insurance Policy. The Facility Agent or the ECA Agent shall have received the BpiFAE Insurance Policy duly issued and BpiFAE
shall not have, prior to the advance of the Loan, delivered to the Facility Agent or the ECA Agent any notice seeking the cancellation,
suspension or termination of the BpiFAE Insurance Policy or the suspension of the drawing of the Additional Advances under this
Agreement.

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

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

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

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

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

		a.	where an Additional Advance is requested in respect of the Non-Yard Costs, the Delivery Non-Yard
Costs Certificate;

		b.	certified as true (by the Builder) copies of the invoice and supporting documents received by the
Builder from the Borrower pursuant to Appendix C of the Construction Contract in relation to the Paid Non-Yard Costs to be financed
as at the time of issue and a declaration from the Borrower and the Builder in substantially the form set forth in Exhibit D hereto
that the requirement for a minimum 30% French content in respect of Non-Yard Costs and change orders in aggregate has been fulfilled;

		c.	a copy of the final commercial invoice from the Builder showing the amount of the Contract Price
(including the Non-Yard Costs and the Other Basic Contract Price Increases) and the portion thereof payable to the Builder on the
Actual Delivery Date under the Construction Contract; and

		d.	copies of the wire transfers for all payments by the Borrower to the Builder under the Construction
Contract in respect of the Basic Contract Price to the extent not already provided as part of the drawdown conditions for drawdowns
made by the Original Borrower.

SECTION 5.1.7.
Foreign Exchange Counterparty Confirmations. The Facility Agent shall have received the documentation and other information referred
to in clause 5.6 of the Novation Agreement.

SECTION 5.1.8.
Protocol of delivery. The Facility Agent shall have received a copy of the protocol of delivery and acceptance under the Construction
Contract duly signed by the Builder and the Borrower or Celebrity Apex Inc.

SECTION 5.1.9.
Title to Purchased Vessel. The Facility Agent shall have received evidence that the Purchased Vessel is legally and beneficially
owned by the Borrower or Celebrity Apex Inc., free of all recorded Liens, other than Liens permitted by Section 7.2.3
and, to the extent not yet discharged, the Mortgage (as defined in the Novation Agreement).

SECTION 5.1.10.
Interest Stabilisation. The ECA Agent shall have received a duly executed fixed rate approval from Natixis DAI issued to the Lenders
in respect of the CIRR applicable to the Loan and shall have been informed by the French Authorities of the conditions of the interest
make-up mechanisms (stabilisation du taux d'intérêt) applicable to the Loan under the applicable Interest Stabilisation
Agreement in respect of the Lenders, such conditions to specify, among other things, that the CIRR has been retained under the
interest make-up mechanisms applicable to the Loan.

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In relation to Section 5.1.10,
if a Lender (an “Ineligible Lender”) becomes ineligible or otherwise ceases to be a party to an Interest Stabilisation
Agreement, it shall promptly upon becoming aware thereof (and by no later than 15 Business Days before the anticipated Actual Delivery
Date) notify the Borrower, the ECA Agent and the Facility Agent.

Following receipt of such a notice, the
ECA Agent (through the Facility Agent) shall give to the Borrower at least 10 Business Days’ prior notice stating if the
condition precedent in Section 5.1.10 will not be satisfied due to the Ineligible Lender but would be satisfied by the replacement
of the Ineligible Lender as set out below, with such replacement to take effect for the purpose of this Section on the Actual Delivery
Date.

On its receipt of such notice from the
ECA Agent, the Borrower shall be entitled, at any time thereafter and without prejudice to any rights and remedies it may have
against such Ineligible Lender pursuant to Section 3.3.3, to replace such Ineligible Lender with another bank or financial
institution reasonably acceptable to the Facility Agent, BpiFAE and Natixis DAI with effect from the Actual Delivery Date, provided
that (i) each such transfer shall be either a transfer of all of the rights and obligations of the Ineligible Lender under this
Agreement or a transfer of a portion of such rights and obligations made concurrently with another such transfer or other such
transfers that together cover all of the rights and obligations of the Ineligible Lender under this Agreement and (ii) no Lender
shall be obligated to make effective any such transfer as a result of a demand by the Borrower pursuant to this Section unless
and until such Lender shall have received one or more payments from one or more Assignee Lenders in an aggregate amount equal to
the aggregate outstanding principal amount of the portion of the Novated Loan Balance which, immediately following the Novation
Effective Time, would have been owing to such Lender pursuant to Section 2.3 b) had that Lender not been replaced prior
to the Novation Effective Time. The ECA Agent and the Facility Agent shall, at the request of the Borrower, use reasonable efforts
to assist the Borrower in finding a bank or financial institution acceptable to the Borrower to replace such Ineligible Lender,
and taking such other steps that may be reasonably required and which are within the control of the ECA Agent and the Facility
Agent to assist with the satisfaction of the condition precedent in Section 5.1.10 prior to funding on the Actual Delivery Date.

Provided however the Borrower shall be
entitled, without prejudice to its rights and remedies pursuant to Section 3.3.3, to elect that if at the Actual Delivery
Date the condition precedent in Section 5.1.10 is not satisfied the Floating Rate should apply to the Loan, such election
to be made by notice in writing to the Facility Agent not less than five (5) Business Days prior to the anticipated Actual Delivery
Date in which event, subject to the approval of BpiFAE, the Loan shall bear interest at the Floating Rate and the condition set
out in Section 5.1.10 shall be deemed waived by the Lenders.

The ECA Agent (through the Facility Agent)
shall, promptly after the Borrower’s request, advise the Borrower whether it is aware (based solely on information obtained
from Natixis DAI and other French Authorities and/or received from the Lenders at the time of any such request and without any
liability on the ECA Agent for the accuracy of that information) that the condition precedent in Section 5.1.10 will not
or may not be satisfied as required by Section 5.1.10.

SECTION 5.1.11.
Escrow Account Security. The Facility Agent shall have received the Escrow Account Security duly executed by the Borrower together
with a duly executed notice of charge and acknowledgement thereto executed by the Borrower and the Escrow Account Bank respectively.

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SECTION 5.1.12.
First Deferred Tranche. The first advance of the First Deferred Tranche shall only be advanced pursuant to Section 2.3 and Recital
(D) if prior to the date of the first such advance, the ECA Agent and the Facility Agent shall have received:

		a.	the BpiFAE Insurance Policy duly signed and issued in respect of the First Deferred Tranche either
(i) in an original with ‘wet-ink’ signature(s) or (ii) if the execution of an original of the BpiFAE Insurance Policy
is not practicable at the relevant time (having regard to the logistical difficulties caused by COVID-19), electronically signed
and initialed, together with written confirmation from BpiFAE that (A) such electronic signature is binding upon BpiFAE, (B) BpiFAE
will send an original executed ‘wet-ink’ version of the BpiFAE Insurance Policy to the ECA Agent and the Facility Agent
as soon as practicable (again, having regard to the logistical difficulties caused by COVID-19) and (C) such electronically signed
BpiFAE Insurance Policy is valid and enforceable irrespective of whether the signed and regularized ‘wet-ink’ policy
has at that time been produced and circulated, and in each case, BpiFAE shall not have, prior to any deemed advance of the First
Deferred Tranche, delivered to the Facility Agent or the ECA Agent any notice seeking the cancellation, suspension or termination
of the BpiFAE Insurance Policy or the suspension of the deemed advance of the First Deferred Tranche under this Agreement;

		b.	an opinion from Norton Rose Fulbright LLP, counsel to the Facility Agent and the Lenders, on matters
relating to the conformity of the BpiFAE Insurance Policy issued by BpiFAE in accordance with paragraph a) above with the arrangements
relating to the First Deferred Tranche set out in this Agreement;

		c.	written confirmation from BpiFAE that the Borrower has paid any additional BpiFAE Premium then
due and payable in respect of the issuance of the BpiFAE Insurance Policy referred to in paragraph a) above (and as contemplated
by clause 5.3 of the Second Supplemental Agreement); and

		d.	written confirmation from the Borrower that no Prepayment Event under Section 9.1.11 or 9.1.12
has occurred and is continuing.

SECTION 5.1.13.
Second Deferred Tranche. The first advance of the Second Deferred Tranche shall only be advanced pursuant to Section 2.3 and Recital
(D) if prior to the date of the first such advance, the ECA Agent and the Facility Agent shall have received:

		a.	the BpiFAE Insurance Policy duly signed and issued in respect of the Second Deferred Tranche either
(i) in an original with ‘wet-ink’ signature(s) or (ii) if the execution of an original of the BpiFAE Insurance Policy
is not practicable at the relevant time (having regard to the logistical difficulties caused by COVID-19), electronically signed
and initialed, together with written confirmation from BpiFAE that (A) such electronic signature is binding upon BpiFAE, (B) BpiFAE
will send an original executed ‘wet-ink’ version of the BpiFAE Insurance Policy to the ECA Agent and the Facility Agent
as soon as practicable (again, having regard to the logistical difficulties
caused by COVID-19) and (C) such electronically signed BpiFAE Insurance Policy is valid and enforceable irrespective of whether
the signed and regularized ‘wet-ink’ policy has at that time been produced and circulated, and in each case, BpiFAE
shall not have, prior to the Second Deferred Tranche Effective Date, delivered to the Facility Agent or the ECA Agent any notice
seeking the cancellation, suspension or termination of the BpiFAE Insurance Policy or the suspension of an advance (deemed or otherwise)
of the Second Deferred Tranche under this Agreement;

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		b.	an opinion from Norton Rose Fulbright LLP, counsel to the Facility Agent and the Lenders, on matters
relating to the conformity of the BpiFAE Insurance Policy issued by BpiFAE in accordance with paragraph a) above with the arrangements
relating to the Second Deferred Tranche set out in this Agreement;

		c.	evidence that, as contemplated by Clause 6.4 of the Fifth Supplemental Agreement, the Borrower
has paid any additional BpiFAE Premium then due and payable in respect of the amendment to the BpiFAE Insurance Policy required
to be made in connection with the arrangements set out in the Fifth Supplemental Agreement; and

		d.	written confirmation from the Borrower that no Prepayment Event under Section 9.1.11 or 9.1.12
has occurred and is continuing. 

 

ARTICLE VI

REPRESENTATIONS AND WARRANTIES

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

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

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

		a.	contravene the Borrower’s Organic Documents;

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

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

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

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

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

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

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

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

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

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

		a.	legally and beneficially owned by the Borrower or one of the Borrower’s wholly owned Subsidiaries,

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

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

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

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

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

SECTION 6.9.
Obligations rank pari passu; Liens.

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

		b.	As at the date of this Agreement, the provisions of this Agreement which permit or restrict the
granting of Liens are no less favorable than the provisions permitting or restricting the granting of Liens in any other agreement
entered into by the Borrower with any other person providing financing or credit to the Borrower.

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

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

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

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

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

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

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

ARTICLE VII

COVENANTS

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

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SECTION 7.1.1.
Financial Information, Reports, Notices, etc. The Borrower will furnish, or will cause to be furnished, to the Facility Agent or,
in the case of paragraphs j) and k) below, the Facility Agent and the ECA Agent (in each case with sufficient copies for distribution
to each Lender) the following financial statements, reports, notices and information:

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

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

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

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

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

		f.	as soon as the Borrower becomes aware thereof, notice of any event which, in its reasonable opinion,
would be expected to materially adversely affect the business, operations or financial condition of the Borrower and its Subsidiaries
taken as a whole;

		g.	promptly after the sending or filing thereof, copies of all reports which the Borrower sends to
all holders of each security issued by the Borrower, and all registration statements which the Borrower or any of its Subsidiaries
files with the SEC or any national securities exchange;

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		h.	such other information respecting the condition or operations, financial or otherwise, of the Borrower
or any of its Subsidiaries as any Lender through the Facility Agent may from time to time reasonably request (including an update
to any information and projections previously provided to the Lenders where these have been prepared and are available);

		i.	as soon as the Borrower becomes aware thereof, notice (with a copy to the ECA Agent and BpiFAE)
of any matter that has, or may, result in a breach of section 7.1.8;

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

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

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

		m.	within 15 Business Days of the end of each month throughout the Early Warning Monitoring Period,
a certificate, executed by the chief financial officer, the treasurer or the corporate controller of the Borrower, showing, as
of the last day of the relevant month (i) the ratio of Adjusted Cash Balance as of the last day of the most recently completed
month to the Monthly Outflow for the month most recently ended (and showing whether the Adjusted Cash Balance covers the Monthly
Outflow for at least the subsequent five-month period), (ii) the Borrower’s Adjusted EBITDA After Principal and Interest
for the two consecutive Last Reported Quarters and (iii) in the case of the next certificate to be submitted immediately following
the Borrower’s publishing of results for each Last Reported Quarter, a comparison of Adjusted EBITDA After Principal and
Interest with the figure from the corresponding
Fiscal Quarter in the 2019 Fiscal Year (in each case in reasonable detail and with appropriate calculations and computations in
all respects reasonably satisfactory to the Facility Agent); 

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

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

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

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

SECTION 7.1.3.
Compliance with Laws, etc. The Borrower will, and will cause each of its Subsidiaries to, comply in all material respects with
all applicable laws, rules, regulations and orders, except (other than as described in clauses (a) and (f) below) to the extent
that the failure to so comply would not have a Material Adverse Effect, which compliance shall in any case include (but not be
limited to):

		a.	in the case of the Borrower, the maintenance and preservation of its corporate existence (subject
to the provisions of Section 7.2.6);

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

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

		d.	compliance with all applicable Environmental Laws;

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

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

SECTION 7.1.4.
The Purchased Vessel. The Borrower will:

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

		b.	cause the Purchased Vessel to be kept in such condition as will entitle her to classification by
a classification society of recognized standing;

		c.	provide the following to the Facility Agent with respect to the Purchased Vessel:

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

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

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

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

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

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

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

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

SECTION 7.1.7.
BpiFAE Insurance Policy/French Authority Requirements. The Borrower shall, on the reasonable request of the ECA Agent or the Facility
Agent, provide such other information as required under the BpiFAE Insurance Policy and/or the Interest Stabilisation Agreement
as necessary to enable the ECA Agent or the Facility Agent to obtain the full support of the relevant French Authority pursuant
to the BpiFAE Insurance Policy and/or the Interest Stabilisation Agreement (as the case may be). The Borrower must pay to the ECA
Agent or the Facility Agent the amount of all reasonable costs and expenses reasonably incurred by the ECA Agent or the Facility
Agent in connection with complying with a request by any French Authority for any additional information necessary or desirable
in connection with the BpiFAE Insurance Policy or the Interest Stabilisation Agreement (as the case may be); provided that
the Borrower is consulted before the ECA Agent or Natixis incurs any such cost or expense.

SECTION 7.1.8.
Performance of shipbuilding contract obligations.  The Borrower shall (and shall procure that each of its Subsidiaries
shall) comply with its contractual commitments under and in respect of (i) each shipbuilding contract in existence as at the First
Deferred Tranche Effective Date (or which comes into existence at any time in which an amount of any Deferred Tranche remains outstanding)
entered into with the Builder and (ii) any option agreements or similar binding contractual commitments (whether in respect of
a firm order of a vessel or otherwise) in existence at the First Deferred Tranche Effective Date (or which comes into existence
at any time in which an amount of any Deferred Tranche remains outstanding)
entered into by the Borrower (or its Subsidiary) and the Builder in connection with the potential entry into a shipbuilding contract
at a future point in time (it being agreed that such obligation shall not require the Borrower or the relevant Subsidiary (as applicable)
to exercise any option or other contractual right thereunder), save that this section 7.1.8 shall be subject to any change of any
such shipbuilding contract, option agreement, contract or other related document if such change has, in consultation with BpiFAE,
been agreed between the Borrower or, as the case may be, relevant Subsidiary and the Builder.

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SECTION 7.1.9. Further Assurances in
respect of the Framework. While either Deferred Tranche is outstanding, the Borrower will from time to time at the request of the
Facility Agent promptly enter into good faith negotiations in respect of (a) amending this Agreement to remove the carve-out of
Section 7.2.4 set out in Section 9.1.4 and/or (b) amending the financial covenants set forth in this Agreement, resetting the testing
of such financial covenants and/or supplementing those financial covenants with additional financial covenants. A failure to reach
an agreement under this paragraph following such good faith negotiations shall not constitute an Event of Default or a Prepayment
Event.

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

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

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

(iii)       to
enable the Borrower to comply with the requirements under paragraph (iv) below, prior to any Group Member entering into any Restricted Credit Enhancement with
a Pari Passu Creditor (other than a Restricted Credit Enhancement granted in accordance with Section 7.2.9(a)(ii)), the Borrower
shall promptly notify the Facility Agent (and such notification shall include details of the new Lien or Group Member Guarantee
and shall otherwise be in form and substance reasonably satisfactory to the Facility Agent); and

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

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

SECTION 7.2.1.
Business Activities. The Borrower will not, and will not permit any of its Subsidiaries to, engage in any principal business activity
other than those engaged in by the Borrower and its Subsidiaries on the date hereof and other business activities reasonably related,
ancillary or complimentary thereto or that are reasonable extensions thereof.

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

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

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

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

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

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

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

SECTION 7.2.3.
Liens. Until the occurrence of the Guarantee Release Date (whereupon Section 7.2.2 of Exhibit Q shall apply in accordance with
Section 7.3), the Borrower will not, and will not permit any of its Subsidiaries to, create, incur, assume or suffer to exist any
Lien upon any of its property, revenues or assets, whether now owned or hereafter acquired, except:

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

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

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

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

		e.	Liens securing Government-related Obligations;

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

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

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

		i.	Liens for current crew’s wages and salvage;

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

		k.	Liens on Vessels that:

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

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

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

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

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

		m.	Liens in respect of rights of set-off, recoupment and holdback in favor of credit card processors
securing obligations in connection with credit card processing services incurred in the ordinary course of business;

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		n.	Liens on cash or Cash Equivalents or marketable securities securing obligations in respect of Hedging
Instruments not incurred for speculative purposes or securing letters of credit that support such obligations;

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

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

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

		r)	Liens on any property of Silversea identified in Section 2 of Exhibit I hereto,

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

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

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

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

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

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

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SECTION 7.2.4(B). Notification
of change to financial covenants.(i) If, other than as notified in writing by the Borrower to the Facility Agreement
prior to the date of the Fifth Supplemental Agreement, at any time during the Financial Covenant Waiver Period the last day of
a financial covenant waiver period under any of the agreements in respect of any of the Borrower’s other Indebtedness shall
be amended such that it falls prior to September 30, 2022, the Borrower shall notify the Facility Agent and that revised date,
save as provided below, shall be the last date of the Financial Covenant Waiver Period for the purposes of this Agreement.

(ii)       If,
other than as notified in writing by the Borrower to the Facility Agent prior to the date of the Fifth Supplemental Agreement,
following receipt of the notice referred to in sub-paragraph (i) above, the relevant date referred to above is then extended, the
Borrower shall be entitled to notify the Facility Agent of the same and, upon receipt of that notice, such revised date or, if
earlier, September 30, 2022, shall then become the final date of the Financial Covenant Waiver Period for the purposes of this
Agreement.

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

SECTION 7.2.5.
Additional Undertakings. From the effectiveness of the Fourth Supplemental Agreement, and notwithstanding anything to the contrary
set out in this Agreement or any other Loan Document:

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

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

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

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

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

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

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

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

		(x)	$250,000,000 plus

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

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

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

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

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

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

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

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

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

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

		(x)	$250,000,000 plus

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

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

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

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

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

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

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

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		(x)	$250,000,000 plus

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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(ii)       in
the case of a merger involving the Borrower where the Borrower is not the surviving corporation, (and without prejudice to the
provisions of Sections 3.2b) and c) and 9.1.10, which shall not restrict the proposed merger but which can
still apply to the extent that the proposed merger would give rise to any of the events or circumstances contemplated by such Sections):

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

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

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

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

SECTION 7.2.9.
Framework Lien and Guarantee Restriction. From the Second Deferred Tranche Effective Date until the Guarantee Release Date, and
without prejudice to Section 7.2.3, the Borrower shall not (and shall procure that each other Group Member shall not, save in respect
of a Restricted Credit Enhancement of the type referred to in Section 7.1.10(iv) (and in respect of which the Lenders therefore
receive the benefit)):

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

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

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

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

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

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

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

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

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

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

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

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

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

SECTION
7.3. Covenant Replacement.

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

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

 

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ARTICLE VIII

EVENTS OF DEFAULT

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

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

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

SECTION 8.1.3.
Non-Performance of Certain Covenants and Obligations. The Borrower shall default in the due performance and observance of any other
agreement contained herein or in any other Loan Document (other than the covenants set forth in Section 7.1.1(i), Section 7.1.1(j),
Section 7.1.1(m), Section 7.1.1(n), Section 7.1.1(o), Section 7.1.4(e), Section 7.1.8, Section 7.1.9, Section 7.1.10 and Section
7.2.4 (but excluding Sections 7.2.4(A) and 7.2.4(B) (which shall be regulated in accordance with Section 9.1.11(d)) and also
excluding Section 7.2.4(C), a breach of which shall, subject to the cure periods set out in this Section 8.1.3, result in an Event
of Default) and the obligations referred to in Section 8.1.1) and such default shall continue unremedied for a period of
five days after notice thereof shall have been given to the Borrower by the Facility Agent or any Lender (or, if (a) such default
is capable of being remedied within 30 days (commencing on the first day following such five-day period) and (b) the Borrower is
actively seeking to remedy the same during such period, such default shall continue unremedied for at least 35 days after such
notice to the Borrower).

SECTION 8.1.4.
Default on Other Indebtedness. (a) The Borrower or any of the Principal Subsidiaries shall fail to pay any Indebtedness that is
outstanding in a principal amount of at least $100,000,000 (or the equivalent in other currencies) in the aggregate (but excluding
Indebtedness hereunder or with respect to Hedging Instruments) when the same becomes due and payable (whether by scheduled maturity,
required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if
any, specified in the agreement or instrument relating to such Indebtedness; (b) the occurrence under any Hedging Instrument of
an Early Termination Date (as defined in such Hedging Instrument) resulting from (A) any event of default under such Hedging Instrument
as to which the Borrower is the Defaulting Party (as defined in such Hedging Instrument) or (B) any Termination Event (as so defined)
as to which the Borrower is an Affected Party (as so defined) and, in either event, the termination value with respect to any such
Hedging Instrument owed by the Borrower as a result thereof is greater than $100,000,000 and the Borrower fails to pay such termination
value when due after applicable grace periods; or (c) any other event shall occur or condition shall exist under any agreement
or instrument evidencing, securing or relating to any such Indebtedness and shall continue after the applicable grace period,
if any, specified in such agreement or instrument, if the effect of such event or condition is to cause or permit the holder or
holders of such Indebtedness to cause such Indebtedness to become due and payable prior to its scheduled maturity; or (d) any such
Indebtedness shall be declared to be due and payable or required to be prepaid or redeemed (other than by a regularly scheduled
required prepayment or redemption or by voluntary agreement), purchased or defeased, or an offer to prepay, redeem, purchase or
defease such Indebtedness is required to be made, in each case prior to the scheduled maturity thereof (other than as a result
of any sale or other disposition of any property or assets under the terms of such Indebtedness); provided that any required prepayment
or right to require prepayment triggered by terms that are certified by the Borrower to be unique to, but customary in, ship financings
shall not constitute an Event of Default under this Section 8.1.4 so long as any required prepayment is made when due. For purposes
of determining Indebtedness for any Hedging Instrument, the principal amount of the obligations under any such instrument at any
time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Borrower or any Principal Subsidiary
would be required to pay if such instrument were terminated at such time.

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

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

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

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

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

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

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

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

		(b)	without prejudice to (a) above, the deemed advances of the Deferred Tranches (and accordingly all
book entries related to such deemed advances) shall be reversed and (i) the Borrower shall repay the Loan in accordance with the
original repayment schedule for the Loan existing prior to the amended of such repayment schedule in connection with the Deferred
Tranche arrangements pursuant to the Second Supplemental Agreement and the Fifth Supplemental Agreement and (ii) any part of either
Deferred Tranche which, at that time, is unutilised shall be automatically cancelled.

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

ARTICLE IX

PREPAYMENT EVENTS

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

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

SECTION 9.1.2.
Unenforceability. Any Loan Document shall cease to be the legally valid, binding and enforceable obligation of the Borrower or,
to the extent applicable, any Material Guarantor (in each case, other than with respect to provisions of any Loan Document (i)
identified as unenforceable in the form of the opinion of the Borrower’s counsel set forth as Exhibit B-1 or in any opinion
delivered to the Facility Agent after the Signing Date in connection with this Agreement or (ii) that a court of competent jurisdiction has determined are
not material) and such event shall continue unremedied for 15 days after notice thereof has been given to the Borrower by the Facility
Agent.

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SECTION 9.1.3.
Approvals. Any material license, consent, authorization, registration or approval at any time necessary to enable the Borrower,
any Material Guarantor or any Principal Subsidiary to conduct its business shall be revoked, withdrawn or otherwise cease to be
in full force and effect, unless the same would not have a Material Adverse Effect.

SECTION 9.1.4.
Non-Performance of Certain Covenants and Obligations. The Borrower shall default in the due performance and observance of any of
the covenants set forth in Sections 4.12 or 7.2.4 (but excluding Section 7.2.4(C)), provided that any such default in respect
of Section 7.2.4 (but again excluding Section 7.2.4(C)), that occurs during the Financial Covenant Waiver Period (but without
prejudice to the rights of the Lenders in respect of any further breach that may occur following the expiry of the Financial Covenant
Waiver Period) shall not (as long as no Event of Default under Section 8.1.5 has occurred and is continuing, or no Prepayment Event
under Section 9.1.11 or 9.1.12 has occurred, in each case during the Financial Covenant Waiver Period) constitute a Prepayment
Event.

SECTION 9.1.5.
Judgments. Any judgment or order for the payment of money in excess of $100,000,000 shall be rendered against the Borrower or any
of the Principal Subsidiaries by a court of competent jurisdiction and the Borrower or such Principal Subsidiary shall have failed
to satisfy such judgment and either:

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

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

SECTION 9.1.6.
Condemnation, etc. The Purchased Vessel shall be condemned or otherwise taken under color of law or requisitioned and the same
shall continue unremedied for at least 20 days, unless such condemnation or other taking would not have a Material Adverse Effect.

SECTION 9.1.7.
Arrest. The Purchased Vessel shall be arrested and the same shall continue unremedied for at least 20 days, unless such arrest
would not have a Material Adverse Effect.

SECTION 9.1.8.
Sale/Disposal of the Purchased Vessel. The Purchased Vessel is sold to a company which is not the Borrower or any other Subsidiary
of the Borrower (other than for the purpose of a lease back to the Borrower or any other Subsidiary of the Borrower).

SECTION 9.1.9.
BpiFAE Insurance Policy. The BpiFAE Insurance Policy is cancelled for any reason or ceases to be in full force and effect.

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SECTION 9.1.10.
Illegality. No later than the close of business on the last day of the Option Period related to the giving of any Illegality Notice
by an affected Lender pursuant to Section 3.2(b), either: (x) the Borrower has not elected to take an action specified in
clause (1) or (2) of Section 3.2(c) or (y) if any such election shall have been made, the Borrower has failed to take the action
required in respect of such election. In such circumstances the Facility Agent (at the direction of the affected Lender) shall
by notice to the Borrower require the Borrower to prepay in full all principal and interest and all other Obligations owing to
such Lender either (i) forthwith or, as the case may be, (ii) on a future specified date not being earlier than the latest date
permitted by the relevant law.

SECTION 9.1.11.
Framework Prohibited Events

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

 

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

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

		d.	any Group Member breaches any of the requirements of Section 7.1.1(i), Section 7.1.1(j), Section
7.1.1(m), Section 7.1.1(n), Section 7.1.1(o), Section 7.1.4(e), Section 7.1.8, Section 7.1.9, Section 7.1.10, Section 7.2.4(A)
or Section 7.2.4(B);

		e.	a Group Member completes a Debt Incurrence;

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

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

SECTION 9.1.12.
Breach of Principles and Framework. The Borrower shall default in the due performance and observance of the Principles and/or
the Framework (it being agreed that if there is inconsistency between the terms of the Principles and the Framework, the Framework
shall prevail) and, if capable of remedy, such default shall continue unremedied for a period of ten (10) days after notice thereof
shall have been given to the Borrower by the Facility Agent, provided that, if the default does not otherwise constitute a Default
or a Prepayment Event under another section of this Agreement as amended to date, the Borrower, the Facility Agent, the ECA Agent
and BpiFAE shall negotiate a resolution in good faith
for a maximum period of fifteen (15) days after notice thereof shall have been given to the Borrower by the Facility Agent.

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SECTION
9.2. Mandatory Prepayment. If any Prepayment Event (other than a Prepayment Event under Section 9.1.10) shall occur
and be continuing, the Facility Agent, upon the direction of the Required Lenders, shall by notice to the Borrower (a) in the case
of a Prepayment Event (other than a Prepayment Event under Sections 9.1.10, 9.1.11 or 9.1.12), require the Borrower to prepay
in full on the date of such notice all principal of and interest on the Loan and all other Obligations or, in the case of a Prepayment
Event arising under Sections 9.1.11 or 9.1.12, require the Borrower to prepay in full on the date of such notice all principal
of and interest on the Deferred Tranches (and, in such event, the Borrower agrees to so pay the full unpaid amount of the Loan
or the Deferred Tranches, as the case may be, and all accrued and unpaid interest thereon and all other Obligations in respect
thereof), (b) in the case of a Prepayment Event arising under Sections 9.1.11 or 9.1.12, require that any part of a Deferred
Tranche that has not been advanced as at the time of such Prepayment Event shall be automatically cancelled and, on the Repayment
Date on which that portion of that Deferred Tranche would have otherwise been advanced, the Borrower shall continue to be obliged
to make the relevant repayment of the Loan (and thus no deemed advance in respect of the relevant Deferred Tranche shall occur)
and (c) immediately terminate the waiver contained in Section 9.1.4 relating to the occurrence of any Prepayment Event in respect
of Section 7.2.4, such that any breach of Section 7.2.4 in existence as at the date of the notice from the Facility Agent referred
to above or any breach occurring at any time after such notice, shall constitute a Prepayment Event with all attendant consequences.

SECTION
9.3. Mitigation. If the ECA Agent, the Facility Agent or any of the Lenders become aware that an event or circumstance has
arisen which will cause the BpiFAE Insurance Policy to be cancelled for any reason or no longer remain in full force and effect
they shall notify the Borrower and the Lenders, the Borrower, the ECA Agent and the Facility Agent shall negotiate in good faith
for a period of up to 30 days or, if less, the date by which the BpiFAE Insurance Policy shall be terminated or cease to be in
full force and effect to determine whether the facility can be restructured and/or the Loan refinanced in a manner acceptable to
each of the Lenders in their absolute discretion. The Lenders will use reasonable efforts to involve BpiFAE in such negotiations.

ARTICLE X

THE FACILITY AGENT AND THE ECA AGENT

SECTION
10.1. Actions. Each Lender hereby appoints Citibank Europe plc, UK Branch, as Facility Agent and SMBC Bank International
plc as ECA Agent, as its agent under and for purposes of this Agreement and each other Loan Document (for purposes of this Article
X, the Facility Agent and the ECA Agent are referred to collectively as the “Agents”). Each Lender authorizes
the Agents to act on behalf of such Lender under this Agreement and each other Loan Document and, in the absence of other written
instructions from the Required Lenders received from time to time by the Agents (with respect to which each Agent agrees that it
will comply, except as otherwise provided in this Section 10.1 or as otherwise advised by counsel or as otherwise instructed
by any French Authority, it being understood and agreed that any instructions provided by a French Authority shall prevail), to
exercise such powers hereunder and thereunder as are specifically delegated to or required of
the Agents by the terms hereof and thereof, together with such powers as may be reasonably incidental thereto. Neither Agent shall
be obliged to act on the instructions of any Lender or the Required Lenders if to do so would, in the opinion of such Agent, be
contrary to any provision of this Agreement or any other Loan Document or the BpiFAE Insurance Policy or to any law or the conflicting
instructions of any French Authority, or would expose such Agent to any actual or potential liability to any third party. As between
the Lenders and the Agents, it is acknowledged that each Agent’s duties under this Agreement and the other Loan Documents
are solely mechanical and administrative in nature.

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

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

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

SECTION
10.5. Successor. The Facility Agent may resign as such at any time upon at least 30 days’ prior notice to the Borrower
and all Lenders and shall resign where required to do in accordance with Section 4.14, provided that any such resignation
shall not become effective until a successor Facility Agent has been appointed as provided in this Section 10.5 and such
successor Facility Agent has accepted such appointment. If the Facility Agent at any time shall resign, the Required Lenders shall,
subject to the immediately preceding proviso and subject to the consent of the Borrower (such consent not to be unreasonably withheld),
appoint another Lender as a successor to the Facility Agent which shall thereupon become such Facility Agent’s successor
hereunder (provided that the Required Lenders shall, subject to the consent of the Borrower unless an Event or Default or
a Prepayment Event shall have occurred and be continuing (such consent not to be unreasonably withheld or delayed) offer to each
of the other Lenders in turn, in the order of their respective Percentages of the Loan, the right to become successor Facility
Agent). If no successor Facility Agent shall have been so appointed by the Required Lenders, and shall have accepted such appointment,
within 30 days after the Facility Agent’s giving notice of resignation, then the Facility Agent may, on behalf of the Lenders,
appoint a successor Facility Agent, which shall be one of the Lenders or a commercial banking institution having a combined capital
and surplus of at least $1,000,000,000 (or the equivalent in other currencies), subject, in each case, to the consent of the Borrower
(such consent not to be unreasonably withheld). Upon the acceptance of any appointment as Facility Agent hereunder by a successor
Facility Agent, such successor Facility Agent shall be entitled to receive from the resigning
Facility Agent such documents of transfer and assignment as such successor Facility Agent may reasonably request, and shall thereupon
succeed to and become vested with all rights, powers, privileges and duties of the resigning Facility Agent, and the resigning
Facility Agent shall be discharged from its duties and obligations under this Agreement. After any resigning Facility Agent’s
resignation hereunder as the Facility Agent, the provisions of:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

SECTION
10.15. Payments. All amounts payable to a Lender under this Section 10 shall be paid to such account at such
bank as that Lender may from time to time direct in writing to the Facility Agent.

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

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

SECTION
10.18. Illegality. The Agent shall refrain from doing anything which it reasonably believes would be contrary to any law
of any jurisdiction (including but not limited to England and Wales, the United States of America or any jurisdiction forming part
of it) or any regulation or directive of any agency of such state or jurisdiction or which would
or might render it liable to any person and may without liability do anything which is, in its opinion, necessary to comply with
any such law, directive or regulation.

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ARTICLE XI

MISCELLANEOUS PROVISIONS

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

		a.	contravene or be in breach of the terms of the BpiFAE Insurance Policy or the arrangements with
Natixis DAI relating to the CIRR (if the Fixed Rate applies) shall be effective unless consented to by, as applicable, BpiFAE and/or
Natixis DAI;

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

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

		d.	increase the Commitment of any Lender shall be made without the consent of such Lender;

		e.	reduce any fees described in Article III payable to any Lender shall be made without the
consent of such Lender;

		f.	extend the Commitment Termination Date of any Lender shall be made without the consent of such
Lender;

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

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

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

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Neither the Borrower’s rights nor its obligations under
the Loan Documents shall be changed, directly or indirectly, as a result of any amendment, supplement, modification, variance or
novation of the BpiFAE Insurance Policy, except any amendments, supplements, modifications, variances or novations, as the case
may be, which occur (i) with the Borrower’s consent, (ii) at the Borrower’s request or (iii) in order to conform to
amendments, supplements, modifications, variances or novations effected in respect of the Loan Documents in accordance with their
terms.

SECTION
11.2. Notices.

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

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

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

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

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

SECTION
11.4. Indemnification. In consideration of the execution and delivery of this Agreement by each Lender and the extension
of the Commitments, the Borrower hereby indemnifies and holds harmless the Facility Agent, each Lender and each of their respective
Affiliates and their respective officers, advisors, directors and employees (collectively, the “Indemnified Parties”)
from and against any and all claims, damages, losses, liabilities and expenses (including, without limitation, reasonable fees
and disbursements of counsel), joint or several, that may be incurred by or asserted or awarded against any Indemnified Party (including,
without limitation, in connection with any investigation, litigation or proceeding or the preparation of a defense in connection therewith), in each case arising
out of or in connection with or by reason of this Agreement or the other Loan Documents or the transactions contemplated hereby
or thereby or any actual or proposed use of the proceeds of the Loans (collectively, the “Indemnified Liabilities”),
except to the extent such claim, damage, loss, liability or expense is found in a final, non-appealable judgment by a court of
competent jurisdiction to have resulted primarily from such Indemnified Party’s gross negligence or willful misconduct or
the material breach by such Indemnified Party of its obligations under this Agreement, any other Loan Document, the BpiFAE Insurance
Policy or Interest Stabilisation Agreement and which breach is not attributable to the Borrower’s own breach of the terms
of this Agreement or any other Loan Document or is a claim, damage, loss, liability or expense which would have been compensated
under other provisions of the Loan Documents but for any exclusions applicable thereunder.

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

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

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

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

SECTION
11.8. Execution in Counterparts, Effectiveness, etc. This Agreement may be executed by the parties hereto in several counterparts,
each of which shall be deemed to be an original and all of which shall constitute together but one and the same agreement. This
Agreement, as a novated and amended Agreement, shall become effective upon the occurrence of the Novation Effective Time under,
and as defined in, the Novation Agreement.

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

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

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

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

SECTION
11.11. Sale and Transfer of the Loan; Participations in the Loan. Each Lender may assign its Percentage or portion of the
Loan to one or more other Persons (a “New Lender”), or sell participations in its Percentage or portion of the
Loan to one or more other Persons; provided that, in the case of assignments where the Fixed Rate applies, such New Lender
(other than BpiFAE or CAFFIL as assignee of all or any of SFIL’s rights as Lender following the enforcement of the security
granted pursuant to paragraph (iv) of Section 11.11.1 in connection with the BpiFAE Enhanced Guarantee, and subject
as provided in Section 11.11.1(iv)) enters into an Interest Stabilisation Agreement.

SECTION 11.11.1.
Assignments

(i) Any Lender with the prior written
consents of the Borrower and the Facility Agent (which consents shall not be unreasonably delayed or withheld and which consent,
in the case of the Borrower, shall be deemed to have been given in the absence of a written notice delivered by the Borrower to
the Facility Agent, on or before the fifth Business Day after receipt by the Borrower of such Lender’s request for consent,
stating, in reasonable detail, the reasons why the Borrower proposes to withhold such consent) may at any time (and from time to
time) assign or transfer to one or more commercial banks or other financial institutions all or any fraction of such Lender’s
portion of the Loan.

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

(iii) Any Lender may (notwithstanding
the foregoing clauses, and without notice to, or consent from, the Borrower or the Facility Agent) assign or charge all or any
fraction of its portion of the Loan to any federal reserve or central bank as collateral security in connection with the extension
of credit or support by such federal reserve or central bank to such Lender.

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(iv) SFIL may (notwithstanding the
foregoing clauses, and without notice to, or consent from, the Borrower or the Facility Agent) assign, charge or otherwise grant
security over all or any fraction of its portion of the Loan and of its rights as Lender to CAFFIL as collateral security in connection
with the extension of credit or support by CAFFIL to SFIL in respect of this Agreement and the BpiFAE Enhanced Guarantee, provided
that at the time of the assignment, charge or grant of security CAFFIL is an Affiliate of SFIL and that such assignment, charge
or other security is on terms that (i) CAFFIL shall not have any rights to assign, charge or grant any security over such rights
to any other person (other than to BpiFAE pursuant to and in accordance with the BpiFAE Enhanced Guarantee) without the prior written
consent of the Borrower, (ii) CAFFIL shall only be entitled to enforce its rights under such assignment, charge or other security
without the prior written consent of the Borrower if at that time it remains an Affiliate of SFIL,
(iii) prior to any enforcement such assignment, charge or other security, the Borrower and the Facility Agent shall continue to
deal solely and directly with SFIL in connection with its rights and obligations as Lender under this Agreement and other Loan
Documents (subject to any payment instructions given by SFIL), (iv) for the avoidance of doubt, the Borrower’s rights and
obligations under this Agreement shall not be increased or affected (including, without limitation, the right to pay Fixed Rate
under Section 3.3.1) as a result of such assignment, charge or security or any enforcement thereof, (v) the Borrower shall
not be liable to pay any amount under Sections 4.2(c), 4.3, 4.4, 4.5, 4.6 and 4.7 that is greater than the amount
which it would have been required to pay to SFIL had no such assignment, charge or other security been granted and (vi) without
prejudice to SFIL’s obligations under that Section, CAFFIL shall be bound by the confidentiality provisions set forth in
Section 11.15. in relation to any information to which it applies to the same extent as required of the Lenders. For the
avoidance of doubt: (A) if CAFFIL becomes a Lender under this Agreement in respect of any portion of the Loan following enforcement
of any assignment, charge or other security granted to it by SFIL pursuant to this Section 11.11.1(iv), it shall have the
same rights to assign or transfer all or any fraction of such portion of the Loan on and subject to the same terms and conditions
as are set forth in this Agreement for assignments and transfers by other Lenders and (B) CAFFIL may not enforce its rights under
any such assignment, charge or other security by assigning or transferring all or any fraction of SFIL’s portion of the Loan
or any of its rights or obligations under this Agreement or other Loan Documents except pursuant to an assignment or transfer to
a commercial bank or other financial institution on and subject to the same terms and conditions as are set forth in this Agreement
for assignments and transfers by Lenders.

(v) No Lender may (notwithstanding the
foregoing clauses) assign or transfer any of its rights under this Agreement unless it has given prior written notification of
the transfer to BpiFAE and (if any part of the Loan is accruing interest at the Fixed Rate) Natixis DAI and has obtained a prior
written consent from BpiFAE and Natixis DAI and any Assignee Lender (other than BpiFAE and CAFFIL as assignee of all or any of
SFIL’s rights as Lender following the enforcement of the security granted pursuant to paragraph (iv) of Section 11.11.1
in connection with the BpiFAE Enhanced Guarantee, subject as provided in Section 11.11.1(iv)) is, if the Fixed Rate applies,
eligible to benefit from the CIRR stabilisation. Any assignment or transfer shall comply with the terms of the BpiFAE Insurance
Policy.

(vi) Nothing in this Section 11.11.1
shall prejudice the right of the Lender to assign its rights under this Agreement to BpiFAE, if such assignment is required to
be made by that Lender to BpiFAE in accordance with the BpiFAE Insurance Policy or the BpiFAE Enhanced Guarantee or, if the Lender
is SFIL, to CAFFIL (but only if CAFFIL is, at that time, an Affiliate of SFIL) upon the enforcement of any security granted pursuant,
and subject to the provisions of paragraph (iv) of Section 11.11.1, in connection with the BpiFAE Enhanced Guarantee.

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

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

		b.	such Assignee Lender shall have executed and delivered to the Borrower and the Facility Agent a
Lender Assignment Agreement, accepted by the Facility Agent and any other agreements required by the Facility Agent or, if the
Fixed Rate applies, Natixis in connection therewith; and

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

From and after the date that the Facility Agent accepts such
Lender Assignment Agreement, (x) the Assignee Lender thereunder shall be deemed automatically to have become a party hereto and
to the extent that rights and obligations hereunder have been assigned or transferred to such Assignee Lender in connection with
such Lender Assignment Agreement, shall have the rights and obligations of a Lender hereunder and under the other Loan Documents,
and (y) the assignor Lender, to the extent that rights and obligations hereunder have been assigned or transferred by it, shall
be released from its obligations hereunder and under the other Loan Documents, other than any obligations arising prior to the
effective date of such assignment. Except to the extent resulting from a subsequent change in law, in no event shall the Borrower
be required to pay to any Assignee Lender any amount under Sections 4.2(c), 4.3, 4.4, 4.5, 4.6
and 4.7 that is greater than the amount which it would have been required to pay had no such assignment been made. Such
assignor Lender or such Assignee Lender must also pay a processing fee to the Facility Agent upon delivery of any Lender Assignment
Agreement in the amount of $5,000 (and shall also reimburse the Facility Agent and Natixis for any reasonable out-of-pocket costs,
including reasonable attorneys’ fees and expenses, incurred in connection with the assignment).

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

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

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

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

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

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

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

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

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

SECTION 11.11.4.
Rights of BpiFAE to payments. The Borrower acknowledges that, immediately upon any payment by BpiFAE (i) of any amounts to a Lender
under the BpiFAE Insurance Policy, BpiFAE will be automatically subrogated to the extent of such payment to the rights of that
Lender under the Loan Documents or (ii) of any amount under the BpiFAE Enhanced Guarantee and the enforcement of any related security
granted by SFIL to any of its Affiliates, which may benefit BpiFAE after payment by BpiFAE under the BpiFAE Enhanced Guarantee,
BpiFAE will be automatically entitled to receive the payments normally due to SFIL under the Loan Documents (but, for the avoidance
of doubt, such payments shall continue to be made by the Borrower to the Facility Agent in accordance with the provisions of Section
4.8 or any other relevant provisions of this Agreement, as applicable).

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

SECTION
11.13. BpiFAE Insurance Policy.

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SECTION
11.13.1. Terms of BpiFAE Insurance Policy

		a.	The BpiFAE Insurance Policy will cover 100% of the Loan.

		b.	The BpiFAE Premium will equal 2.35% of the aggregate principal amount of the Loan as at the Actual
Delivery Date.

		c.	If, after the Actual Delivery Date, the Borrower prepays all or part of the Loan in accordance
with this Agreement, BpiFAE shall reimburse to the ECA Agent for the account of the Borrower an amount equal to 80% of all or a
corresponding proportion of the unexpired portion of the BpiFAE Premium (save in respect of the additional BpiFAE Premium payable
in relation to the Deferred Tranches), having regard to the amount of the prepayment and the remaining term of the Loan, such amount
to be calculated in accordance with the following formula:

R = P x (1 – (1 / (1+2.35%))
x (N / (12 * 365)) x 80%

where:

“R” means the amount
of the refund;

“P” means the amount
of the prepayment;

“N” means the number
of days between the effective prepayment date and Final Maturity; and

P x (1 – (1 / (1+2.35%))
corresponds to the share of the financed BpiFAE Premium corresponding to P.

SECTION
11.13.2. Obligations of the Borrower. Provided that the BpiFAE Insurance Policy complies with Section 11.13.1 and remains
in full force and effect, the Borrower shall pay the balance of the BpiFAE Premium calculated in accordance with Section 11.13.1(b)
and still owing to BpiFAE on the Actual Delivery Date to BpiFAE on the Actual Delivery Date by directing the Agent in the Loan
Request to pay the Additional Advance in respect of the BpiFAE Premium directly to BpiFAE.

SECTION
11.13.3. Obligations of the ECA Agent and the Lenders.

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

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

		c.	Each Lender will co-operate with the ECA Agent, the Facility Agent and each other Lender, and
take such action and/or refrain from taking such action as may be reasonably necessary, to ensure
that the BpiFAE Insurance Policy and each Interest Stabilisation Agreement continues in full force and effect and shall indemnify
and hold harmless each other Lender in the event that the BpiFAE Insurance Policy or such Interest Stabilisation Agreement (as
the case may be) does not continue in full force and effect due to its gross negligence or willful default or due to a voluntary
change in status which results in it no longer being eligible for CIRR interest stabilisation.

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		d.	The ECA Agent shall:

(i)        make
written requests to BpiFAE seeking a reimbursement of the BpiFAE Premium in the circumstances described in Section 11.13.1(c)
promptly after the relevant cancellation or prepayment and (subject to any confidentiality undertakings given to BpiFAE by the
ECA Agent pursuant to the terms of the BpiFAE Insurance Policy) provide a copy of the request to the Borrower;

(ii)       use
its reasonable endeavours to maximize the amount of any reimbursement of the BpiFAE Premium to which the ECA Agent is entitled;

(iii)       pay
to the Borrower (in the same currency as the refund received from BpiFAE) the full amount of any reimbursement of the BpiFAE Premium
that the ECA Agent receives from BpiFAE within two (2) Business Days of receipt with same day value; and

(iv)       relay
the good faith concerns of the Borrower to BpiFAE regarding the amount of any reimbursement to which the ECA Agent is entitled,
it being agreed that the ECA Agent’s obligation shall be no greater than simply to pass on to BpiFAE the Borrower’s
concerns.

SECTION
11.14. Law and Jurisdiction

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

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

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

    104 

     

    

SECTION
11.14.4. Service of Process. Without prejudice to the right of the Facility Agent or the Lenders to use any other method of service
permitted by law, the Borrower irrevocably agrees that any writ, notice, judgment or other legal process shall be sufficiently
served on it if addressed to it and left at or sent by post to RCL Cruises Ltd., presently at Building 3, The Heights – Brooklands,
Weybridge, Surrey, KT13 ONY, Attention: General Counsel, and in that event shall be conclusively deemed to have been served at
the time of leaving or, if posted, at 9:00 am on the third Business Day after posting by prepaid first class registered post.

SECTION
11.15. Confidentiality. Each of the Facility Agent and the Lenders agrees to maintain and to cause its Affiliates to maintain
the confidentiality of all information provided to it by the Borrower or any Subsidiary of the Borrower, or by the Facility Agent
on the Borrower’s or such Subsidiary’s behalf, under this Agreement, and neither it nor any of its Affiliates shall
use any such information other than in connection with or in enforcement of this Agreement or in connection with other business
now or hereafter existing or contemplated with the Borrower or any Subsidiary, except to the extent such information (i) was or
becomes generally available to the public other than as a result of disclosure by it or its Affiliates or their respective directors,
officers, employees and agents, or (ii) was or becomes available on a non-confidential basis from a source other than the Borrower
or any of its Subsidiaries so long as such source is not, to its knowledge, prohibited from disclosing such information by a legal,
contractual or fiduciary obligation to the Borrower or any of its Affiliates; provided, however, that it may disclose
such information (A) at the request or pursuant to any requirement of any self-regulatory body, governmental body, agency or official
to which the Facility Agent, any Lender or any of their respective Affiliates is subject or in connection with an examination of
the Facility Agent, such Lender or any of their respective Affiliates by any such authority or body, including without limitation
the Republic of France and any French Authority; (B) pursuant to subpoena or other court process; (C) when required to do so in
accordance with the provisions of any applicable requirement of law; (D) to the extent reasonably required in connection with any
litigation or proceeding to which the Facility Agent, any Lender or their respective Affiliates may be party; (E) to the extent
reasonably required in connection with the exercise of any remedy hereunder; (F) to the Facility Agent or such Lender’s independent
auditors, counsel, and any other professional advisors of the Facility Agent or such Lender who are advised of the confidentiality
of such information; (G) to any participant or assignee, provided that such Person agrees to keep such information confidential
to the same extent required of the Facility Agent and the Lenders hereunder; (H) as to the Facility Agent, any Lender or their
respective Affiliates, as expressly permitted under the terms of any other document or agreement regarding confidentiality to which
the Borrower or any Subsidiary is party with the Facility Agent, such Lender or such Affiliate; (I) to its Affiliates and its Affiliates’
directors, officers, employees, professional advisors and agents, provided that each such Affiliate, director, officer,
employee, professional advisor or agent shall keep such information confidential to the same extent required of the Facility Agent
and the Lenders hereunder; (J) to any other party to the Agreement and (K) to the French Authorities and any Person to whom information
is required to be disclosed by the French Authorities. Each of the Facility Agent and the Lenders shall be responsible for any
breach of this Section 11.15 by any of its Affiliates or any of its or its Affiliates’ directors, officers, employees,
professional advisors and agents.

SECTION
11.16. French Authority Requirements. The Borrower acknowledges that:

    105 

     

    

		a.	the Republic of France and any French Authority or any authorised representatives specified by
these bodies shall be authorised at any time to inspect and make or demand copies of the records, accounts, documents and other
deeds of any or all of the Lenders relating to this Agreement;

		b.	in the course of its activity as the Facility Agent, the Facility Agent may:

		(i)	provide the Republic of France and any French Authority with information concerning the transactions
to be handled by it under this Agreement; and

		(ii)	disclose information concerning the subsidized transaction contemplated by this Agreement in the
context of internationally agreed consultation/notification proceedings and statutory specifications, including information received
from the Lenders relating to this Agreement.

SECTION 11.17.
Waiver of immunity. To the extent that the Borrower has or hereafter may acquire any immunity from jurisdiction of any
court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution,
execution or otherwise) with respect to itself or its assets, the Borrower hereby irrevocably waives such immunity in respect
of its obligations under this Agreement and the other Loan Documents.

SECTION 11.18.
Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan
Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any
liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject
to the write-down and conversion powers of a Resolution Authority and agrees and consents to, and acknowledges and agrees to be
bound by:

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

		b.	the effects of any Bail-in Action on any such liability, including, if applicable:

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

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

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

    106 

     

    

IN WITNESS WHEREOF, the parties hereto
have caused this Celebrity Apex (ex hull no. K34) Credit Agreement to be executed by their respective officers thereunto duly authorized
as of the day and year first above written.

ROYAL CARIBBEAN CRUISES LTD.

By _________________________

Name:

Title:

	 	Address: 	1050 Caribbean Way
	 	 	Miami, Florida 33132
	 	Facsimile No.: 	(305) 539-0562 
	 	Email:	agibson@rccl.com
	 	 	bstein@rccl.com
	 	Attention: 	Vice President, Treasurer
	 	With a copy to:     	General Counsel

 

    107 

     

    

SMBC BANK INTERNATIONAL PLC as ECA Agent and a Lender

	Commitment	 	 
	4.25% of the Maximum Loan Amount	 	
        By__________________________

        Name:

        Title:

         

	 	 	
        1/3/5 rue Paul Cézanne

        75008 Paris

        France

        Attention:             Cedric le Duigou

        Guillaume Branco

        Herve Billi

        Claire Lucien

        Fax No: +33 1 44 90 48 01

        Tel No:

        Cedric le Duigou: + 33 1 44 90 48 83

        Guillaume Branco: + 33 1 44 90 48 71

        Herve Billi: +33 1 44 90 48 48

        Claire Lucien: + 33 1 44 90 48 49

        Helene Ly:  +33 1 44 90 48 76

        E-mail:cedric_leduigou@fr.smbcgroup.com

        guillaume_branco@fr.smbcgroup.com

        herve_billi@fr.smbcgroup.com

        claire_lucien@fr.smbcgroup.com

helene_ly@fr.smbcgroup.com

 

    	 	108	 

     

    

a CITIBANK N.A., LONDON BRANCH as Global
Coordinator and a Lender
 
 

	Commitment	 	 
	21% of the Maximum Loan Amount	 	
        By__________________________

        Name:

        Title:

         

	 	 	
        Citigroup Centre

        Canada Square

        London E14 5LB

        United Kingdom

        Attention:      Wei-Fong Chan

                                 Kara Catt

                                 Romina Coates

                                 Antoine Paycha

         

         

        Fax No:      +44 20 7986
4881

Tel No:      +44 20 7986 3036 /

                    +44 20 7508
0344

                            +44
20 7986 4824

                            +44 20 7500 0907 /

         

        E-mail:

        weifong.chan@citi.com

        kara.catt@citi.com

        romina.coates@citi.com

        antoine.paycha@citi.com

    	 	109	 

     

    

BANCO BILBAO VIZCAYA ARGENTARIA, S.A., PARIS BRANCH
as Lender

	Commitment	 	 
	0.75% of the Maximum Loan Amount	 	
        By__________________________

        Name:

        Title:

         

	 	 	
        29 avenue de l’Opéra

        75001 Paris

        France

         

        Attention:            Alessandro Aiello

        Laura Luca de Tena

        Shirin Arabsolghar

        Natalia Herzner

         

        Fax No:                 + 34 91.537.00.40

         

        Tel No:                  +33 1 44 86 83 21

        +34 681 145 468 

        +34 91.537.00.06 

        + 34 91.537.00.40 

         

        Email:            laura.luca@bbva.com

        alessandro.aiello@bbva.com

        shirin.arabsolghar@bbva.com

        natalia.herzner@bbva.com

        eca.structuring@bbva.com

        hub.stf.monitoring@bbva.com

         

 

    	 	110	 

     

    

BANCO SANTANDER, S.A. PARIS BRANCH as Lender

	Commitment	 	 
	15% of the Maximum Loan Amount	 	By__________________________

Name:

Title:
	 	 	
        Facility Office:

        374, rue Saint-Honoré

        75001 Paris

        France

         

        Operational address:

        Ciudad Financiera

        Avenida de Cantabria s/n

        Edificio Encinar 2a planta

        28600 Boadilla del Monte

        Spain

        Fax No:      +34 91 257 1682

         

        Attention: Elise Regnault

           Julián
        Arroyo

           Angela Rabanal

                    Ecaterina Mucuta

                    Vanessa Berrio Vélez

           Ana
Sanz Gómez

         

        Tel No:                  +34 912893722

                +1 212-297-2919

        +1 212-297-2942

        +33 1 53 53 70 46

        +34 91 289 10 28

        +34 91 289 17 90

         

        E-mail:

        elise.regnault@gruposantander.com

        Julian.Arroyo@santander.us

        arabanal@santander.us

        ecaterina.mucuta@gruposantander.com

        vaberrio@gruposantander.com

        anasanz@gruposantander.com

        MiddleOfficeParis@gruposantander.com

    	 	111	 

     

    

HSBC CONTINENTAL EUROPE as Lender

	Commitment	 	 
	5.3% of the Maximum Loan Amount	 	By__________________________

Name:

Title:
	 	 	
        HSBC Continental Europe

        38 avenue Kléber

        75116 PARIS

        France

         

        Attention:         
        Rabiyatou Diallo / Alexandra Penda

         

        Fax No: +33 (0)1 40 70 28 80

        Tel No: +33 (0)1 58 13 08 38 /

        +33 (0)1 41 02 67 50

 

	
        Email:        rabiyatou.diallo@hsbc.fr

                          
alexandra.penda@hsbc.fr

         

        and

         

        HSBC Continental Europe

        38 avenue Kléber

        75116 Paris

        France

         

        Attention:         
        Graham D Meek / Julie Bellais

         

        Tel No:    +44 (0) 207 992 2344 /

                  +33
(0)1 40 70 28 59

 

	Email:                julie.bellais@hsbc.fr / graham.d.meek@hsbc.com 	 
	 	 	 

    	 	112	 

     

    

SOCIÉTÉ GÉNÉRALE as Lender

	Commitment	 	 
	11.52% of the Maximum Loan Amount	 	By__________________________

Name:

Title:
	 	 	
        Société Générale Facility Office

        29 Boulevard Haussmann 

        75009 Paris

        France

        

        For operational/servicing matters:

         

        Bouchra BOUMEZOUED / Tatiana BYCHKOVA

        Société Générale 189, rue d’Aubervilliers
        75886

        PARIS CEDEX 18

        OPER/FIN/CAF/DMT6

         

        Phone: +33 1 57 29 13 12 / +33 1 58 98 43 05

         

        Email:      bouchra.boumezoued@sgcib.com

        tatiana.bychkova@sgcib.com

        par-oper-caf-dmt6@sgcib.com

         

        For credit matters:

         

        Muriel Baumann /Olivier Gueguen

        Société Générale 189, rue d’Aubervilliers
        75886

        PARIS CEDEX 18

        OPER/FIN/SMO/EXT

         

        Phone: +33 1 58 98 22 76 / +33 1 42 13 07 52

         

        Email: muriel.baumannn@sgcib.com

        olivier.gueguen@sgcib.com

         

    	 	113	 

     

    

SFIL as Lender

	Commitment	 	 
	42.23% of the Maximum Loan Amount	 	By__________________________

Name:

Title:
	 	 	
        1-3, rue de Passeur de Boulogne – CS 80054

        92861 Issy-les-Moulineaux Cedex 9

        France

         

        Contact Person

        Loan Administration Department:

        Direction du Crédit Export:

        Pierre-Marie Debreuille / Anne Crépin

        Direction des Opérations:

        Dominique Brossard / Patrick Sick

         

        Telephone:

        Pierre-Marie Debreuille+33 1 73 28 87 64

        Anne Crépin+33 1 73 28 88 59

        Dominique Brossard+33 1 73 28 91 93

        Patrick Sick+33 1 73 28 87 66

         

        Email:

        pierre-marie.debreuille@sfil.fr

        anne.crepin@sfil.fr

        dominique.brossard@sfil.fr

        patrick.sick@sfil.fr

        refinancements-export@sfil.fr

        creditexport_ops@sfil.fr

         

        Fax:+ 33 1 73 28 85 04

 

    	 	114	 

     

    

CITIBANK EUROPE PLC, UK BRANCH

as Facility Agent

	 	 	 
	 	 	
        By__________________________

        Name:

        Title:

         

	 	 	
        5th Floor Citigroup Centre

        Mail drop CGC2 05-65

        25 Canada Square Canary Wharf

        London E14 5LB

        U.K.

         

        Fax no.:         +44 20 7492 3980

        Attention:     EMEA Loans Agency

         

 

 

 

    	 	115	 

     

    

 

 

Schedule 4

Form of Guarantor Confirmation Certificate

[Insert name of relevant Guarantor here]

GUARANTOR’S CERTIFICATE

[●], 2021

This Certificate is delivered on behalf of [Insert name of
relevant Guarantor entity here] (the Guarantor)], a [company][corporation] incorporated in [●].

 

[I][We], [insert name of the authorized officers/directors],
the undersigned, in [my][our] capacity as [[a] duly authorized officer[s]] [or][director] of the Guarantor and not in any individual
capacity, do hereby confirm in relation to the Agreements (each as more particularly defined in Schedule 1 of this Certificate)
as follows:

 

		1.	Unless otherwise defined in this Certificate, words and expressions defined in the Agreements shall
have the meanings when used in this Certificate.

 

		2.	The Guarantor is a guarantor under each Agreement.

 

		3.	[I][We] hereby acknowledge on behalf of the Guarantor that, in the context of the Debt Deferral
Extension Framework published by each ECA backing the Agreements, each Agreement shall be amended or, as the case may be, amended
and restated pursuant to an amendment agreement (each a Vessel Loan Amendment) in order to record the agreement of the respective
parties to:

		a.	         add a new debt deferral tranche (the Applicable Debt Deferral Tranche) in those Agreements
where there are principal repayments scheduled to occur between approximately April 2021 and March 2022 (or, in the case of the
facility agreement for m.v. “Ovation of the Seas”, approximately between May 2021 and April 2022) (in each case, the
Applicable Debt Deferral Period), in order to effectively defer principal repayments due under each Agreement falling due
during such Applicable Debt Deferral Period, which Applicable Debt Deferral Tranche shall, in the case of each relevant Agreement:

		i.	be in an amount of approximately the aggregate principal amount of the repayment installments falling
due under such relevant Agreement during the Applicable Debt Deferral Period applicable to it (including payments due during such
period on any first debt deferral if and to the extent already agreed); and

		ii.	bear interest on the terms provided in that Vessel Loan Amendment;

		b.	extend the waiver of the applicable Borrower’s compliance with the financial covenants set
forth in each Agreement:

		i.	in each case where the relevant Agreement is BpiFAE-backed, through the end of the third quarter
of 2022; and

		ii.	in each case where the relevant Agreement is Hermes and/or Finnvera-backed, through to the end
of the fourth quarter of 2022,

provided, however, that if the relevant ECA and Lenders
under any Agreement approve a longer waiver period, the applicable Vessel Loan Amendment relating to such Agreement shall include
the longer such waiver period; and

		c.	any adjustments to the financial, indebtedness, negative pledge or other covenants as are required
by the relevant Lenders and ECAs in order to give effect to the amendments contemplated in (a) and (b) above.

 

		4.	This Certificate is one of the “certificates” required to be provided pursuant to clause
3.1(b) of each Vessel Loan Amendment and in the context of the requirements of clause 3.1(b) of each Vessel Loan Amendment, [I][we]
hereby further acknowledge and confirm on behalf of the Guarantor the following:

		a.	the amendments contemplated in the Vessel Loan Amendment for each Agreement and the contents thereof
are approved;

    	 	116	 

     

    

		b.	the Guarantee given by the Guarantor in each Agreement and each other Loan Document or Finance
Document, as the case may be (as defined in each such Agreement) to which the Guarantor is a party shall remain and continue in
full force and effect notwithstanding the amendment and restatement of each such Agreement pursuant to the Vessel Loan Amendment
applicable to it;

		c.	the Guarantee given by the Guarantor in each Agreement shall extend to any new obligations assumed
by the Borrower under such Agreement as amended by the Vessel Loan Amendment applicable to it (including pursuant to the Applicable
Debt Deferral Tranche) and the floating rate applicable to such Applicable Debt Deferral Tranche (as more particularly set out
in sub-paragraphs (i) and (ii) of 3(a) above)); and

		d.	continuing to guarantee the amended obligations of the Borrower under the Agreements as amended
by the Vessel Loan Amendment applicable to it does not cause any borrowing, guaranteeing or similar limit binding on the Guarantor
to be exceeded.

 

		5.	[I][We] hereby confirm that:

		a.	the copy of the certificate or articles of incorporation, formation or organization or other comparable
organizational document of the Guarantor (collectively, the Organizational Documents); and

		b.	the by-laws or operating, management or similar agreements of the Guarantor (collectively, the
Operating Documents),

in each case, appended to the Secretary’s Certificate
dated 21 December 2020 (the Original Secretary’s Certificate) remain true and correct on the date of this Certificate
and have not been amended, modified or revoked and remain in full force and effect.

 

		6.	[I][we] hereby represent and warrant on behalf of the Guarantor that [I][we] have the authority
to sign this Certificate as evidenced by [●] of the Original Secretary’s Certificate (the Authorization). The
Authorization has not been modified or rescinded and remains in full force and effect.

 

		7.	[The Guarantor does not have its management or control in Liberia nor does it undertake any business
activity in Liberia.

 

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

 

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

 

[Signature Pages Follow]

 

 

    	 	117	 

     

    

Annex A

Repayment Schedule

 

	Edge
    2	original
    schedule	 	Deferred
    Tranche 1	 	 	 	Deferred
    Tranche 2	 	 	 	 	 	Commitment	 	 	 
	 	Opening	Repayment	Closing	 	Opening	Deferred
    Payts	Repayment	Closing	 	Opening	Deferred
    Payts	Repayment	Closing	 	Combined
    repay	 	Original	Def
    Tranche 1	Def
    Tranche 2	Total
	 	 	 	 	 	 	$60,182,433	 	 	 	 	$75,228,041	 	 	 	 	 	 	 	 	 
	27-Mar-20	 	 	$722,189,198	 	 	 	 	 	 	 	 	 	 	 	 	 	$722,189,198	-	-	$722,189,198
	27-Sep-20	$722,189,198	($30,091,217)	$692,097,981	 	 	$30,091,217	-	$30,091,217	 	 	 	 	-	 	-	 	$692,097,981	$30,091,217	-	$722,189,198
	27-Mar-21	$692,097,981	($30,091,217)	$662,006,765	 	$30,091,217	$30,091,217	-	$60,182,433	 	-	 	 	-	 	-	 	$662,006,765	$60,182,433	-	$722,189,198
	27-Sep-21	$662,006,765	($30,091,217)	$631,915,548	 	$60,182,433	 	($7,522,804)	$52,659,629	 	-	$37,614,021	 	$37,614,021	 	-	 	$631,915,548	$52,659,629	$37,614,021	$722,189,198
	27-Mar-22	$631,915,548	($30,091,217)	$601,824,332	 	$52,659,629	 	($7,522,804)	$45,136,825	 	$37,614,021	$37,614,021	 	$75,228,041	 	-	 	$601,824,332	$45,136,825	$75,228,041	$722,189,198
	27-Sep-22	$601,824,332	($30,091,217)	$571,733,115	 	$45,136,825	 	($7,522,804)	$37,614,021	 	$75,228,041	 	($7,522,804)	$67,705,237	 	($45,136,825)	 	$571,733,115	$37,614,021	$67,705,237	$677,052,373
	27-Mar-23	$571,733,115	($30,091,217)	$541,641,899	 	$37,614,021	 	($7,522,804)	$30,091,217	 	$67,705,237	 	($7,522,804)	$60,182,433	 	($45,136,825)	 	$541,641,899	$30,091,217	$60,182,433	$631,915,548
	27-Sep-23	$541,641,899	($30,091,217)	$511,550,682	 	$30,091,217	 	($7,522,804)	$22,568,412	 	$60,182,433	 	($7,522,804)	$52,659,629	 	($45,136,825)	 	$511,550,682	$22,568,412	$52,659,629	$586,778,723
	27-Mar-24	$511,550,682	($30,091,217)	$481,459,465	 	$22,568,412	 	($7,522,804)	$15,045,608	 	$52,659,629	 	($7,522,804)	$45,136,825	 	($45,136,825)	 	$481,459,465	$15,045,608	$45,136,825	$541,641,899
	27-Sep-24	$481,459,465	($30,091,217)	$451,368,249	 	$15,045,608	 	($7,522,804)	$7,522,804	 	$45,136,825	 	($7,522,804)	$37,614,021	 	($45,136,825)	 	$451,368,249	$7,522,804	$37,614,021	$496,505,074
	27-Mar-25	$451,368,249	($30,091,217)	$421,277,032	 	$7,522,804	 	($7,522,804)	-	 	$37,614,021	 	($7,522,804)	$30,091,217	 	($45,136,825)	 	$421,277,032	-	$30,091,217	$451,368,249
	27-Sep-25	$421,277,032	($30,091,217)	$391,185,816	 	-	 	 	-	 	$30,091,217	 	($7,522,804)	$22,568,412	 	($37,614,021)	 	$391,185,816	-	$22,568,412	$413,754,228
	27-Mar-26	$391,185,816	($30,091,217)	$361,094,599	 	-	 	 	-	 	$22,568,412	 	($7,522,804)	$15,045,608	 	($37,614,021)	 	$361,094,599	-	$15,045,608	$376,140,207
	27-Sep-26	$361,094,599	($30,091,217)	$331,003,382	 	-	 	 	-	 	$15,045,608	 	($7,522,804)	$7,522,804	 	($37,614,021)	 	$331,003,382	-	$7,522,804	$338,526,187
	27-Mar-27	$331,003,382	($30,091,217)	$300,912,166	 	-	 	 	-	 	$7,522,804	 	($7,522,804)	-	 	($37,614,021)	 	$300,912,166	-	-	$300,912,166
	27-Sep-27	$300,912,166	($30,091,217)	$270,820,949	 	-	 	 	-	 	-	 	 	-	 	($30,091,217)	 	$270,820,949	-	-	$270,820,949
	27-Mar-28	$270,820,949	($30,091,217)	$240,729,733	 	-	 	 	-	 	-	 	 	-	 	($30,091,217)	 	$240,729,733	-	-	$240,729,733
	27-Sep-28	$240,729,733	($30,091,217)	$210,638,516	 	-	 	 	-	 	-	 	 	-	 	($30,091,217)	 	$210,638,516	-	-	$210,638,516
	27-Mar-29	$210,638,516	($30,091,217)	$180,547,300	 	-	 	 	-	 	-	 	 	-	 	($30,091,217)	 	$180,547,300	-	-	$180,547,300
	27-Sep-29	$180,547,300	($30,091,217)	$150,456,083	 	-	 	 	-	 	-	 	 	-	 	($30,091,217)	 	$150,456,083	-	-	$150,456,083
	27-Mar-30	$150,456,083	($30,091,217)	$120,364,866	 	-	 	 	-	 	-	 	 	-	 	($30,091,217)	 	$120,364,866	-	-	$120,364,866
	27-Sep-30	$120,364,866	($30,091,217)	$90,273,650	 	-	 	 	-	 	-	 	 	-	 	($30,091,217)	 	$90,273,650	-	-	$90,273,650
	27-Mar-31	$90,273,650	($30,091,217)	$60,182,433	 	-	 	 	-	 	-	 	 	-	 	($30,091,217)	 	$60,182,433	-	-	$60,182,433
	27-Sep-31	$60,182,433	($30,091,217)	$30,091,217	 	-	 	 	-	 	-	 	 	-	 	($30,091,217)	 	$30,091,217	-	-	$30,091,217
	27-Mar-32	$30,091,217	($30,091,217)	$0	 	-	 	 	-	 	-	 	 	-	 	($30,091,217)	 	$0	-	-	$0

 

 

    	 	118	 

     

    

 

Annex B

Debt Deferral Extension Regular Monitoring Requirements

 

Debt Deferral
Extension - Regular Monitoring Requirements

Monitoring Period:

-Starting point: approval

-End: Until the Existing and the New Debt
Deferral Tranches are repaid, whereby the list of documents and frequency shall be reviewed and adjusted annually by the Facility
Agent.

	 	Rhythm 	Description 
	1. 	monthly 	
        Reporting of the: 

        1.       Total
        Free Liquidity Position – def.: free cash + free undrawn credit lines;

        2.       Free
        Net Liquidity Position – Total Free Liquidity Position minus all planned debt repayments

        (bank loan, commercial papers, bonds) which are
        due within the following 6 months.;

        3.       In
        case the Free Net Liquidity Position does decease to 6x the average of the monthly operational cash burn rate the ECA can
        decide on its own discretion whether a shorter reporting rhythm shall be implemented (e.g. weekly).;

        4.       Description
        of additional measures implemented to increase the liquidity position (debt, mezzanine and equity measures) / Whereby details of
        the respective terms and conditions shall be included (e.g. securities, ranking), for easy reference an ongoing list would be preferred
        with (a) measures taken, (b) additional measures finalized in the respective month and (c) additional measures planned.;

        5.       Description
        of of additional cost cutting measures implemented to reduce the outflow of liquidity (OPEX, CAPEX, Debt Deferrals etc.);

        6.       Repayment
        or refinancing of existing debt

         

    	 	119	 

     

    

 

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

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

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

        2.       Projection:
        At least the following 24 months starting from the respective current month

        (including shut down period and recovery phase)

        Cash Flow Projection showing:

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

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

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

        4.     Interest
        expenses

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

        1. Changes:

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

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

 

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

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

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

         

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

    	 	120	 

     

    

 

	4. 	monthly 	
        1.       Cash
        Burn Rate

        2.       Cash
        Burn Rate adjusted to net deposits collection

        3.       Net
        Liquidity position to Cash Burn rate

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

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

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

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

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

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

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

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

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

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

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

         

	9. 	monthly 	
        Other Creditors and Debtors:

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

        2.     How
        are generally unsecured and secured financings treated?

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

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

	 	 	 

    	 	121	 

     

    

 

	10 	
        bi-

        monthly
	
        Update about the changes of signed building contracts

        The ECA shall be updated about the company`s current plans
        to amendment any building contract or about any upcoming negotiations with the national yard.

	11 	quarterly	Unaudited financial statements or management accounts (incl. P&L (incl. EBITDA), balance sheet and cash flow statement)
	12 	quarterly	Company shall provide the calculation of the financial covenants which currently are waived.

 

    	 	122	 

     

    

 

 

Annex C

Replacement covenants with effect from the Guarantee Release Date

    	 	123	 

     

    

 

 

 

Exhibit Q

Replacement covenants with effect from the
Guarantee Release Date

 

 

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

 

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

 

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

 

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

 

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

 

“Permitted Principal Subsidiary
Indebtedness” means:

 

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

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

“Permitted Liens”
means:

 

		a.	Liens securing Government-related Obligations;

    	 	124	 

     

    

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

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

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

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

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

		g.	Liens on Vessels that:

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

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

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

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

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

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

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

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

(ii)       letters
of credit that support such obligations;

    	 	125	 

     

    

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

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

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

		n.	Liens on any property of Silversea identified in Section 2 of Exhibit I hereto,

 

“Permitted Non-Principal
Subsidiary Indebtedness” means:

 

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

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

		c.	other Indebtedness other than Indebtedness for borrowed money (it being agreed for this purpose
that any Group Member Guarantee granted in connection with Indebtedness for borrowed money shall be considered to be Indebtedness
for borrowed money).

 

 

    	 	126	 

     

    

 

 

 

		1.	Sections 7.2.2 and 7.2.3 shall be deleted in their entirety and replaced with the following (and
all other provisions and clause references shall be construed accordingly):

 

SECTION 7.2.2Subsidiary
Indebtedness and Liens.

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

		(i)	the Borrower will not permit:

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

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

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

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

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

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

    	 	127	 

     

    

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

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

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

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

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

 

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

 

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

 

SECTION
7.2.10Negative Pledge Over ECA Financed Vessels.

For the purposes
of this Section 7.2.10:

    	 	128	 

     

    

“repaid”
means scheduled repayments or voluntary or mandatory prepayment and not repayments arising following the acceleration of the relevant
ECA Financing after the occurrence of an Event of Default; and

“credit
support” means a Lien over any ECA Financed Vessel granted by any Group Member or a Group Member Guarantee from a Group
Member (other than the Borrower) that owns (directly or indirectly) any ECA Financed Vessel.

In connection with the granting
of any Lien or Group Member Guarantee pursuant to Section 7.2.2(b) above, no Group Member shall use any ECA Financed Vessel as
credit support in respect of any Indebtedness except: : [Note: thresholds subject to confirmation due to slight inconsistency
with Hermes (and they will need to be the same)]

(i)       if
more than 75.0% of the aggregate principal amount of Indebtedness originally incurred under the ECA Financing in respect of that
ECA Financed Vessel has been repaid by the relevant Group Member, that Group Member shall be entitled to grant credit support over
or in respect of that ECA Financed Vessel on the basis, and in compliance with the terms of, Section 7.2.2(b); and

(ii)       if
an amount equal to or higher than 15.0% but less than or equal to 75% of the aggregate principal amount of Indebtedness originally
incurred under the ECA Financing in respect of that ECA Financed Vessel has been repaid by the relevant Group Member (determined
at the time the relevant credit support is provided), the relevant Group Member shall be entitled to provide such credit support
over that ECA Financed Vessel on the basis of, and subject to the compliance with, the terms of, Section 7.2.2(b), provided that
the amount of Indebtedness secured or supported (as applicable) by that credit support shall not exceed an amount equal to FV x
(A / B) where:

FV = the fair
value of that ECA Financed Vessel at the time of the provision of that credit support (as evidenced by the information to be provided
pursuant to sub-paragraph (v) below);

A = the aggregate
principal amount of Indebtedness incurred under the ECA Financing in respect of that ECA Financed Vessel which has been repaid
by the relevant Group Member at the time the credit support is provided; and

B = the amount
of Indebtedness originally incurred by the relevant Group Member under the ECA Financing in respect of that ECA Financed Vessel,

it being acknowledged
and agreed that:

(iii)       where
the relevant credit support being provided in accordance with this Section 7.2.10 is a Group Member Guarantee from a Group Member
that owns (directly or indirectly) one or more ECA Financed Vessels but does not own (directly or indirectly) any other Vessels,
the amount of Indebtedness that can be supported by such Group Member Guarantee shall be equal to the aggregate amount of Indebtedness
that would be permitted to be secured under this Section 7.2.10 if, instead of a Group Member Guarantee, each relevant Principal
Subsidiary owning each relevant ECA Financed Vessel was to provide a Lien as credit support in respect of that Indebtedness;

    	 	129	 

     

    

 

(iv)       
where the relevant credit support being provided in accordance with this Section 7.2.10 is a Group Member Guarantee from a Group
Member that owns (directly or indirectly) one or more ECA Financed Vessels and other Vessels, the restrictions contained in this
Section 7.2.10 as to the amount of the Indebtedness that can be supported by such credit support must be preserved at all times
and, not later than five Business Days after the date upon which that Group Member grants the relevant Group Member Guarantee,
the Borrower shall notify the Facility Agent in writing of such event and shall provide any information as may be reasonably requested
by the Facility Agent to verify that the requirements of this Section 7.2.10 have been complied with following the provision of
such Group Member Guarantee; and

(v)       not
later than five Business Days after the date upon which a Group Member provides any credit support, the Borrower shall provide
the Facility Agent with evidence as to its compliance with this Section 7.2.10, which evidence shall include all required calculations
and other information required by the Facility Agent (acting reasonably) to determine such compliance; and

(vi)       no
Group Member shall be entitled to use any ECA Financed Vessel as credit support in the manner contemplated by this Section 7.2.10:

		(A)	until such time as the relevant Group Member has repaid at least 15.0% of the aggregate principal
amount of Indebtedness originally incurred under the ECA Financing in respect of that ECA Financed Vessel; and/or

		(B)	at any time in which a Default has occurred and is continuing.

 

 

 

    	 	130	 

     

    

SIGNATORIES

Amendment agreement in respect
of Hull K34

Borrower

	Royal Caribbean Cruises Ltd.	)
	Name: Lucy Shtenko	)/S/ LUCY SHTENKO
	Title: Attorney-in-fact	)

 

    [Signature Page to Amendment No. 5 - Hull no. K34]

     

    

 

	Global Coordinator	 
	 	 
	Citibank, N.A., London Branch	)
	Name: Christopher Conway	) /S/ CHRISTOPHER CONWAY
	Title: Managing Director	)
	 	 
	 	 
	 	 
	 	 
	 	 
	Facility Agent	 
	 	 
	Citibank Europe plc, UK Branch	)
	Name: Claire Crawford	) /S/ Claire Crawford 
	Title: AVP	)
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	ECA Agent	 
	 	 
	SMBC Bank International plc	)
	Name: Roy Mourad 	) /S/ ROY MOURAD
	Title: Head of Operations	)
	 	 
	Name: Herve Billi	) /S/ HERVE BILLI 
	Title: Assistant General Manager	)
	 	 
	 	 

 

 

    [Signature Page to Amendment No. 5 - Hull no. K34]

     

    

 

 

 

	Mandated Lead Arrangers	 
	 	 
	Banco Bilbao Vizcaya Argentaria, S.A.,	 
	Paris Branch	)
	Name: Luz Barroso	)/S/ LUZ BARROSO 
	Title: Authorized Signatory 	)
	 	 
	Name: Ana Alfonso	) /S/ ANA ALONSO
	Title: Authorized Signatory 	)
	 	 
	 	 
	Banco Santander, S.A., Paris Branch	)
	Name: Marcos Rueda	)/S/ MARCOS RUEDA
	Title: CTB Head	)
	 	 
	Name: Pierre Roserot de Melin	) /S/ PIERRE ROSEROT DE MELIN 
	Title: Chief Administrative Officer	)
	 	 
	 	 
	 	 
	Citibank N.A., London Branch	)
	Name: Christopher Conway	) /S/ CHRISTOPHER CONWAY
	Title: Managing Director 	)
	 	 
	 	 
	 	 
	HSBC Continental Europe	)
	Name: Guy Woelfel 	) /S/ GUY WOELFEL
	Title: Managing Director 	)
	 	 
	Name: Julie Bellais	) /S/ JULIE BELLAIS
	Title: Director 	)
	 	 
	 	 
	 	 
	Société Générale	)
	Name: Agnes Deschenes Voirin	) /S/ AGNES DESCHENES VOIRIN
	Title: Director 	)
	 	 
	 	 
	 	 
	SMBC Bank International plc	)
	Name: Kenji Yanagawa	) /S/ KENJI YANAGAWA
	Title: Executive Director	)
	 	 
	Name: Kuniaki Nagano	) /S/ KUNIAKI NAGANO
	Title: Executive Director	)

 

 

 

 

 

 

    [Signature Page to Amendment No. 5 - Hull no. K34]

     

    

 

 

	Lenders	 
	 	 
	Banco Bilbao Vizcaya Argentaria, S.A.,	 
	Paris Branch	)
	Name: Luz Barroso 	) /S/ LUZ BARROSO 
	Title: Authorized Signatory 	)
	 	 
	Name: Ana Alonso 	) /S/ ANA ALONSO 
	Title: Authorized Signatory 	)
	 	 
	 	 
	Banco Santander, S.A., Paris Branch	)
	Name: Marcos Rueda	)/S/ MARCOS RUEDA
	Title: CTB Head	)
	 	 
	Name: Pierre Roserot de Melin	) /S/ PIERRE ROSEROT DE MELIN 
	Title: Chief Administrative Officer	)
	 	 
	 	 
	Citibank N.A., London Branch	)
	Name: Christopher Conway	) /S/ CHRISTOPHER CONWAY
	Title: Managing Director	)
	 	 
	 	 
	HSBC Continental Europe	)
	Name: Guy Woelfel 	) /S/ GUY WOELFEL
	Title: Managing Director 	)
	 	 
	Name: Julie Bellais	) /S/ JULIE BELLAIS
	Title: Director 	)
	 	 
	 	 
	Société Générale	)
	Name: Agnes Deschenes Voirin	) /S/ AGNES DESCHENES VOIRIN
	Title: Director 	)
	 	 
	 	 
	 	 
	SMBC Bank International plc	)
	Name: Kenji Yanagawa	) /S/ KENJI YANAGAWA
	Title: Executive Director	)
	 	 
	Name: Kuniaki Nagano	) /S/ KUNIAKI NAGANO
	Title: Executive Director	)
	 	 
	SFIL	)
	Name: Emilie Boissier 	) /S/ EMILIE BOISSIER
	Title: Methodology Manager	)
	 	 
	Name: Benjamin Philippaerts	) /S/ BENJAMIN PHILIPPAERTS
	Title: Vice President	)
	 	 

 

    [Signature Page to Amendment No. 5 - Hull no. K34]Exhibit 10.13

 

Dated
19 February 2021

 

		Royal Caribbean Cruises Ltd.	    (1)

(the Borrower)

 

		Société Générale	    (2)

(the Facility Agent)

 

The banks
and financial institutions listed in Schedule 1      (3)

(the Mandated Lead Arrangers)

 

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

(the Lenders)

 

 

 

Sixth Amendment and Restatement Agreement

in connection with the Credit Agreement in respect of

"HARMONY OF THE SEAS " (ex Hull A34)

 

 

 

     

     

    

 

Contents

 

	Clause	 	Page

 

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

 

	Schedule 1 Finance Parties	7
	 	 
	Schedule 2 Form of Amendment Effective Date confirmation
 – Hull A34	8
	 	 
	Schedule 3 Amended and Restated Credit Agreement	9
	 	 
	Schedule 4 Form of Guarantor Confirmation Certificate	178
	 	 
	Annex A Repayment Schedule	180
	 	 
	Annex B Debt Deferral Extension Regular Monitoring Requirements	181
	 	 
	Annex C Replacement covenants with effect from the Guarantee
Release Date	185

 

     

     

    

 

		THIS SIXTH AMENDMENT AND RESTATEMENT
                                         AGREEMENT (this Amendment) is dated     February 2021
                                         and made BETWEEN:

 

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

 

		(2)	Société Générale as facility agent (the Facility Agent);

 

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

 

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

 

		WHEREAS:

 

		(A)	The Borrower, the Facility Agent, the Mandated Lead Arrangers and the Lenders are parties to a
credit agreement, dated as of 9 July 2013 (as amended and restated from time to time prior to the date of this Amendment,
the Existing Credit Agreement), in respect of the vessel named “HARMONY OF THE SEAS” (formerly Hull no. A34)
(the Vessel) whereby it was agreed that, subject to the terms and conditions therein, the Lenders would advance (and have
advanced) their respective Commitment of an aggregate amount not exceeding the Maximum Loan Amount (as each such term is defined
in the Existing Credit Agreement).

 

		(B)	The Borrower has requested that the Existing Credit Agreement be amended and restated on the basis
set out in this Amendment in order to reflect the Debt Deferral Extension Framework published by certain Export Credit Agencies
(including BpiFAE) (the Framework).

 

		(C)	Pursuant to the Framework, the Lenders have agreed to (i) the further deferral of any scheduled
repayments of principal of the Loan (including the first Deferred Tranche) arising during the Second Deferral Period and (ii) certain
amendments to the financial covenants set out in Clause 9.4 of the Existing Credit Agreement, in each case on the basis set out
in the Promesse de Garantie dated 22 January 2021.

 

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

 

		NOW IT IS AGREED
                                         as follows:

 

	1		Interpretation and definitions

 

	1.1		Definitions in the Existing Credit Agreement

 

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

 

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

 

	1.2		Definitions

 

In this Amendment:

 

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

 

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

 

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

 

    	 	Page 1

     

    

 

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

 

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

 

Funding Agreement Amendment
No.3 has the meaning given to such term in the form of the Amended Credit Agreement set out in Schedule 3.

 

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

 

Party means each of the
parties to this Amendment.

 

Second Deferral Period means
the period from and including 1 April 2021 to and including 31 March 2022.

 

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

 

	1.3	 	Third party rights

 

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

 

	1.4	 	Designation

 

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

 

	2	 	Amendment of the Existing Credit Agreement

 

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

 

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

 

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

 

	3	 	Conditions of effectiveness of Amended Credit Agreement

 

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

 

    	 	Page 2

     

    

 

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

 

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

 

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

 

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

 

		(i)	confirming that:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		(i)	Watson Farley & Williams LLP, counsel to the Borrower, as to matters of Liberian law (and
being issued in substantially the same form as the corresponding Liberian legal opinion issued in respect of Amendment and Restatement
No.4); and

 

		(ii)	Norton Rose Fulbright LLP, counsel to the Facility Agent as to matters of English law (and being
issued in substantially the same form as the corresponding English legal opinion issued in respect of Amendment and Restatement
No.4),

 

    	 	Page 3

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		it being acknowledged and agreed by the Facility Agent that the conditions
                                                                        referred to in paragraphs (c), (f), (i), (j) and (k) above have, at the date of this Amendment, been
                                                                        satisfied.

 

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

 

	4	 	Representations and Warranties

 

		(a)	Each of the representations and warranties in:

 

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

 

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

 

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

 

    	 	Page 4

     

    

 

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

 

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

 

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

 

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

 

	5	 	Incorporation of Terms

 

The provisions of clause 13.4
(Notices), clause 13.8 (Severability) and clause 13.14 (Law and Jurisdiction) of the Existing Credit Agreement
shall be incorporated into this Amendment as if set out in full in this Amendment and as if references in those clauses to “this
Agreement” were references to this Amendment and references to each Party are references to each Party to this Amendment.

 

	6	 	Fees, Costs and Expenses

 

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

 

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

 

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

 

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

 

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

 

(including the reasonable and
documented fees and expenses of counsel for the Facility Agent with respect hereto and thereto as agreed with the Facility Agent)
in accordance with the terms of clause 13.5 (Payment of Costs and Expenses) of the Existing Credit Agreement.

 

    	 	Page 5

     

    

 

	6.4	 	The Borrower shall pay any additional premium payable to BpiFAE in respect of the matters contemplated
by this Amendment and the Framework in the agreed amount prior to the first deemed advance of the Second Deferred in accordance
clause 4.8(c) of the Amended Credit Agreement.

 

	6.5	 	The Borrower also agrees to pay to the Facility Agent for the account of each Lender and for distribution
to each such Lender in proportion to their respective Commitments under the Second Deferred Tranche, on and from the date of this
Amendment until the earlier of (a) the date of the second deemed advance of the Second Deferred Tranche, (b) the last
day of the Second Deferral Period and (c) the date of cancellation of the Second Deferred Tranche (or such part of the Second
Deferred Tranche that has not at that point been advanced), a commitment fee in Euros equal to the sum of 0.15% per annum on each
Lender’s daily Commitment in respect of the Second Deferred Tranche that has not at that point been deemed to be advanced.
The commitment fee shall be payable in arrears on the day of each deemed advance of the Second Deferred Tranche or, if cancelled,
on the date of cancellation of the Second Deferred Tranche.

 

	7	 	Counterparts

 

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

 

	8	 	Governing Law

 

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

 

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

 

    	 	Page 6

     

    

 

Schedule 1

Finance Parties

 

Facility Agent

 

Société Générale

 

Mandated Lead Arrangers

 

BNP Paribas

 

Société Générale

 

HSBC Continental Europe

 

	Lender	Commitments of each Lender
	BNP Paribas	
        Total Commitments: EUR 82,110,927.21

        First Deferred Tranche: EUR 10,948,123.62

        Second Deferred Tranche: EUR 13,685,154.51

	Société Générale	
        Total Commitments: EUR 136,851,545.26

        First Deferred Tranche: EUR 18,246,872.70

        Second Deferred Tranche: EUR 22,808,590.78

	HSBC Continental Europe	
        Total Commitments: EUR 164,221,854.41

        First Deferred Tranche: EUR 21,896,247.26

        Second Deferred Tranche: EUR 27,370,309.03

	Natixis	
        Total Commitments: EUR 54,740,618.15

        First Deferred Tranche: EUR 7,298,749.08

        Second Deferred Tranche: EUR 9,123,436.34

 

    	 	Page 7

     

    

 

Schedule 2

Form of Amendment Effective Date
confirmation – Hull A34

 

To:     Royal
Caribbean Cruises Ltd.

 

"HARMONY OF THE SEAS" (Hull
A34)

 

We,
Société Générale, refer to the sixth amendment and restatement agreement dated [l]
2021 (the Amendment) relating to a credit agreement dated as of 9 July 2013 (as previously amended, supplemented and/or
restated from time to time) (the Credit Agreement) made between (among others) the above named Royal Caribbean Cruises
Ltd. as the Borrower, the financial institutions listed in it as the Lenders and ourselves as the Facility Agent in respect
of a loan to the Borrower from the Lenders of up to the Maximum Loan Amount (as defined in the Credit Agreement).

 

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

 

Dated                                                    
2021

 

Signed:___________________________________

 

For and on behalf of

 

Société Générale

 

(as Facility Agent)

 

    	 	Page 8

     

    

 

Schedule 3

Amended and Restated Credit Agreement

 

    	 	Page 9

     

    

 

Dated 9 July 2013

as amended and restated by Amendment
and Restatement n° 1 dated 15 April 2014

and

as amended and restated by Amendment
and Restatement n° 2 dated 15 January 2016

and

as amended by Amendment Agreement no
 ° 1 dated 27 June 2016

and

as amended and restated by Amendment
and Restatement n° 3 dated 15 August 2019

and

as amended and restated by Amendment
and Restatement n° 4 dated 6 May 2020

and

as supplemented
by a Supplemental Agreement dated 4 August 2020

and

as further amended and restated by Amendment
and Restatement n° 5 dated 30

October 2020

and

as further amended and restated by Amendment
and Restatement n° 6 dated 19

February 2021

 

ROYAL CARIBBEAN CRUISES LTD.

 

as Borrower

 

SOCIÉTÉ GÉNÉRALE

 

as Facility Agent

 

BNP

PARIBAS

 

HSBC CONTINENTAL EUROPE

 

(PREVIOUSLY HSBC FRANCE)

 

and

 

SOCIÉTÉ GÉNÉRALE

 

as Mandated Lead Arrangers

 

and

 

THE BANKS AND FINANCIAL
INSTITUTIONS

 

from time to time party hereto

as Lenders

 

    	 	Page 10

     

    

 

 

FACILITY AGREEMENT

 

in respect of

 

one (1) Passenger Cruise Vessel

‘Harmony
of the Seas’

 

(ex Hull No. A34)

 

 

    	 	

     

    

 

TABLE OF CONTENTS

 

Page

 

		1.	DEFINITIONS AND INTERPRETATION	3

 

		1.1	Defined Terms	3
		1.2	Interpretation	45
		1.3	Third Party Rights	46
		1.4	Accounting and Financial Determinations.	47

 

		2.	THE FACILITY AND COMMITMENTS	47

 

		2.1	The Facility	47
		2.2	Purpose	47
		2.3	Commitments of the Lenders	49
		2.4	Voluntary Cancellation	50
		2.5	Cancellation due to Lender Illegality	50
		2.6	Delayed Delivery	51
		2.7	Automatic Cancellation	51
		2.8	Cancellation for Non–Exercise Premium	52
		2.9	Construction Contract	52
		2.10	Independence of Borrower’s Obligations	52
		2.11	Finance Parties’ Rights and Obligations	52

 

		3.	DISBURSEMENT          PROCEDURES;          BORROWER’S
           PAYMENT INSTRUCTIONS	53

 

		3.1	Availability of Facility	53
		3.2	Delivery of a Drawing Request	53
		3.3	Completion of a Drawing Request	53
		3.4	Currency and Amount of Disbursement	53
		3.5	Disbursement	54
		3.6	Borrower’s Payment Instructions	54
		3.7	Deemed Advance of Deferred Tranche	54

 

		4.	CONDITIONS PRECEDENT	55

 

		4.1	Conditions Precedent to Effectiveness	55
		4.2	Conditions Precedent to Disbursement	56
		4.3	Additional Conditions Precedent to Disbursement	60
		4.4	Form of Conditions Precedent	60
		4.5	Facility Agent’s Responsibility	61
		4.6	Waiver	62
		4.7	Deferred Tranche Conditions Precedent	62

 

     

     

    

 

		5.	REPAYMENTS, PREPAYMENTS, INTEREST AND FEES	64

 

		5.1	Repayments	64
		5.2	Prepayment	67
		5.3	Interest Provisions	68
		5.4	Commitment Fee	70
		5.5	Other Fees	71
		5.6	Calculation Basis	71
		5.7	Currency

 

		6.	EURIBOR-RELATED     PROVISIONS;     FUNDING     LOSSES;     INCREASED
CAPITAL COSTS; TAXES; RESERVE COSTS; PAYMENTS; ETC.	71

 

		6.1	EURIBOR Determination; Replacement Reference Banks	71
		6.2	EURIBOR Lending Unlawful	72
		6.3	Market Disruption in respect of a Funded Loan Portion	72
		6.4	Market Disruption in respect of an Unfunded Loan Portion	73
		6.5	Increased Loan Costs, etc.	73
		6.6	Funding Losses	75
		6.7	Increased Capital Costs	77
		6.8	Taxes	80
		6.9	Reserve Costs	81
		6.10	Payments	85
		6.11	No Double Counting	86
		6.12	Cancellation of Commitment or Prepayment of Affected Lender	87
		6.13	Funding Entity	88
		6.14	Sharing of Payments	88
		6.15	No Borrower Set-off	88
		6.16	Finance Party Set-off	90
		6.17	Use of Proceeds	90

 

		7.	REPRESENTATIONS AND WARRANTIES	93

 

		7.1	Organisation, etc.	93
		7.2	Due Authorisation, Non-Contravention, etc.	93
		7.3	Government Approval, Regulation, etc.	94
		7.4	Compliance with Laws	94
		7.5	Sanctions	95
		7.6	Validity, etc.	95
		7.7	No Default, Event of Default or Mandatory Prepayment Event	95
		7.8	Litigation	95
		7.9	The Purchased Vessel	96
		7.10	Obligations rank pari passu; Liens	96
		7.11	Withholding, etc.	96
		7.12	No Filing, etc. Required	96
		7.13	No Immunity	97
		7.14	Investment Company Act	97
		7.15	Regulation U	97
		7.16	Accuracy of Information	97
		7.17	Construction Contract	98

 

     

     

    

 

		7.18	No Winding-up	98
		7.19	Repetition	98

 

		8.	AFFIRMATIVE COVENANTS	99

 

		8.1	Financial Information, Reports, Notices, etc.	99
		8.2	Government Approvals and Other Consents	103
		8.3	Compliance with Laws, etc.	103
		8.4	The Purchased Vessel	104
		8.5	Insurance	105
		8.6	Books and Records	105
		8.7	Cessation of Business	 105
		8.8	BpiFAE Insurance Policy Requirements	106
		8.9	Further Assurances	 106

 

		9.	NEGATIVE COVENANTS	 108

 

		9.1	Business Activities	108
		9.2	Indebtedness	 108
		9.3	Liens	 109
		9.4	Financial Condition	 112
		9.5	Additional Undertakings	 114
		9.6	Consolidation, Merger, etc.	121
		9.7	Asset Dispositions, etc.	122
		9.8	Use of Proceeds	123
		9.9	Construction Contract	 123

 

		10.	EVENTS OF DEFAULT	126

 

		10.1	Listing of Events of Default	126
		10.2	Action if Bankruptcy	130
		10.3	Action if Other Event of Default	130

 

		11.	MANDATORY PREPAYMENT EVENTS	130

 

		11.1	Listing of Mandatory Prepayment Events	130
		11.2	Mandatory Prepayment	136

 

		12.	THE     FACILITY     AGENT,     MANDATED     LEAD     ARRANGERS     AND
DOCUMENTATION BANK	137

 

		12.1	Appointment and Duties	137
		12.2	Indemnity	138
		12.3	Funding Reliance, etc.	138
		12.4	Exculpation	139
		12.5	Successor/Replacement.	140
		12.6	Loans by the Facility Agent	142
		12.7	Credit Decisions	142
		12.8	Copies, etc.	142
		12.9	The Facility Agent’s Rights	143
		12.10	The Facility Agent’s Duties	143

 

     

     

    

 

		12.11	Employment of Agents	144
		12.12	Distribution of Payments	144
		12.13	Reimbursement	144
		12.14	Instructions	145
		12.15	Payments	145
		12.16	“Know your customer” Checks	145
		12.17	No Fiduciary Relationship	145
		12.18	The Mandated Lead Arrangers and the Documentation Bank	146

 

		13.	MISCELLANEOUS PROVISIONS	146

 

		13.1	Waivers and Amendments	146
		13.2	Exercise of Remedies	148
		13.3	Mitigation, Borrower Challenges, etc.	148
		13.4	Notices	150
		13.5	Payment of Costs and Expenses	155
		13.6	Indemnification	156
		13.7	Survival	159
		13.8	Severability	159
		13.9	Execution in Counterparts	159
		13.10	Successors and Assigns	159
		13.11	Lender Transfers, Assignments and Participations	159
		13.12	Other Transactions	167
		13.13	BpiFAE Premium	167
		13.14	Law and Jurisdiction	169
		13.15	Confidentiality	171

 

		Schedule	A The Original Lenders and Commitments 	A-1

 

		Schedule	B Repayment Schedule	 B-1

 

		Schedule	C Form of Drawing Request 	C-1

 

		Schedule	D Form of Lender Transfer Certificate 	D-1

 

		Schedule	E Form of Lender Assignment Agreement 	E-1

 

		Schedule	F The Principles	F   

 

		Schedule	G Information Package 	G   

 

     

     

    

 

		Schedule	H Silversea Liens and Indebtedness	H   

 

		Schedule	I Form of First Priority Guarantee	I    

 

		Schedule	J Form of Second Priority Guarantee	J    

 

		Schedule	K Form of Third Priority Guarantee	K   

 

		Schedule	L Form of Senior Parties Subordination Agreement	L   

 

		Schedule	M Form of Other Senior Parties Subordination Agreement	M  

 

		Schedule	N Framework	N   

 

		Schedule	O Debt Deferral Extension Regular Monitoring Requirements	O   

 

		Schedule	P Replacement Covenants with effect from the Guarantee Release Date	P -186  

 

     

     

    

 

THIS FACILITY AGREEMENT (this “Agreement”)
is dated 9 July 2013, as amended and restated on 15 April 2014 and 15 January 2016, as further amended on 27 June 2016,
as further amended and restated on 15 August 2019, as further amended and restated on 6 May 2020, as supplemented by
a supplemental agreement on 4 August 2020, as further amended and restated on 30 October 2020 and as further amended
and restated on 19 February 2021 and made between:

 

		(1)	ROYAL CARIBBEAN CRUISES LTD., a Liberian corporation registered with the Ministry of Foreign
Affairs of the Republic of Liberia under number C-38863, whose registered office is at 80 Broad Street, Monrovia, Republic of Liberia,
and whose principal office is at 1050 Caribbean Way, Miami, Florida 33132, United States of America (the “Borrower”);

 

		(2)	SOCIÉTÉ GÉNÉRALE, a French société anonyme
with its registered office at 29 Boulevard Haussmann, 75009 Paris, France, registered with the Paris trade and companies register
under number 552 120 222, acting in its capacity as facility agent for and on behalf of the Finance Parties (the “Facility
Agent”);

 

		(3)	BNP PARIBAS, a French société anonyme with its registered office at
16, boulevard des Italiens, 75009 Paris, France, registered with the Paris trade and companies register under number 662 042 449;

 

		(4)	HSBC CONTINENTAL EUROPE, a French société anonyme with its registered
office at 38, avenue Kléber, 75116 Paris, France, registered with the Paris trade and companies register under number 775
670 284 RCS Paris; and

 

		(5)	SOCIÉTÉ GÉNÉRALE, a French société anonyme
with its registered office at 29 Boulevard Haussmann, 75009 Paris, France, registered with the Paris trade and companies register
under number 552 120 222,

 

(each a “Mandated Lead Arranger”
and collectively, the “Mandated Lead Arrangers”); and

 

		(6)	THE BANKS AND FINANCIAL INSTITUTIONS listed in Schedule A (The Original Lenders and Commitments)
as lenders (the “Original Lenders”).

 

WHEREAS,

 

		(A)	The Borrower and the Builder have entered into the Construction Contract pursuant to which the
Builder has agreed to design, construct, equip, complete, sell and deliver to the Borrower the Purchased Vessel.

 

		(B)	The Lenders have agreed to make available to the Borrower, upon the terms and subject to the conditions
set out herein, a Euro term loan facility in an amount of up to sixty four per cent. (64%) of the Cash Contract Price of the Purchased
Vessel (as adjusted from time to time in accordance with the Construction Contract to reflect, among other adjustments, Change
Orders, utilisation of the NYC Allowance and the applicability of the Non-Exercise Premium) and up to one hundred per cent. (100%)
of the BpiFAE Premium, in an aggregate amount not to exceed the Maximum Loan Amount.

 

    	 	1	 

     

    

 

		(C)	Subject to the terms and conditions set out herein, the Loan proceeds (but for this purpose, excluding
any deemed advance of the Deferred Tranches) will be provided to (i) the Builder for the purpose of paying a portion of the
Cash Contract Price in connection with the Borrower’s purchase of the Purchased Vessel, (ii) the Borrower for the purpose
of reimbursing it for Borrower-Paid Change Orders and the amounts expended by it in respect of the Non-Yard Costs and (iii) BpiFAE
for the purpose of paying the BpiFAE Premium.

 

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

 

		(i)	a Euro loan facility in the amount equal to the aggregate of the principal portion of the repayment
installments of the Loan payable on the Repayment Dates (as defined below) falling during the First Deferral Period (as defined
below) (the “First Deferred Tranche Maximum Loan Amount”). An advance under the First Deferred Tranche (as defined
below) will be available for the purpose of paying the principal portion of the repayment installment due on each Repayment Date
falling during such First Deferral Period; and

 

		(ii)	a Euro loan facility in the amount equal to the aggregate of the principal portion of the repayment
installments of the Loan payable on the Repayment Dates falling during the Second Deferral Period (as defined below) (the “Second
Deferred Tranche Maximum Loan Amount” and together with the First Deferred Tranche Maximum Loan Amount, the “Deferred
Tranches Maximum Loan Amount”). An advance under the Second Deferred Tranche (as defined below) will be available for
the purpose of paying the principal portion of the repayment installment due on each Repayment Date falling during such Second
Deferral Period,

 

with each advance under the Deferred Tranches
(as defined below) being automatic and notional only, effected by means of a book entry to finance the repayment installment then
due.

 

		(E)	The Parties have previously amended this Agreement pursuant to Amendment and Restatement No.5 (as
defined below) pursuant to which the Borrower agreed to procure (and did procure) the execution of the Guarantees (as defined below)
and to make certain amendments to this Agreement to reflect the existence of such Guarantees.

 

    	 	2	 

     

    

 

		(F)	Pursuant to Amendment and Restatement No.6 (as defined below), and upon satisfaction of the conditions
set forth therein, this Agreement is being amended and restated in the form of this Agreement.

 

NOW, THEREFORE, in consideration
of the foregoing, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the
parties hereto hereby agree as follows:

 

		1.	DEFINITIONS AND INTERPRETATION

 

		1.1	Defined Terms

 

The following terms (whether or not in
bold type) when used in this Agreement, including its recitals and Schedules, shall, when capitalised, except where the context
otherwise requires, have the following meanings:

 

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

 

“Additional Guarantee”
means a guarantee of the Obligations provided by a New Guarantor in a form and substance substantially the same as the other Guarantees
(reflecting any necessary logical and factual changes), with such changes, or otherwise in a form and substance, reasonably acceptable
to the Facility Agent and acceptable to BpiFAE.

 

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

 

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

 

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

 

    	 	3	 

     

    

 

“Adjusted EBITDA After Principal
and Interest” means, for any Last Reported Fiscal Quarter, the Borrower’s EBITDA After Principal and Interest for
such period, excluding those items, if any, that the Borrower has excluded in determining “Adjusted Net Income” for
such period as disclosed in the Borrower’s annual report on 10-K or quarterly report on 10-Q, as applicable, for such Last
Reported Fiscal Quarter, as evidenced pursuant to the relevant certificate to be submitted by the Borrower pursuant to Clause 8.1(q).

 

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

 

“Affiliate” means, with
respect to any Person, any other Person which, directly or indirectly, is controlling, controlled by or is under common control
with such Person, including such Person’s Subsidiaries.

 

“Amendment Agreement No.1”
means the amendment agreement in respect of this Agreement dated 27 June 2016 between amongst others, the Borrower and the
Facility Agent, pursuant to which certain amendments were made to this Agreement.

 

“Amendment and Restatement No.1”
means the amendment and restatement agreement in respect of this Agreement dated 15 April 2014 between the Borrower, the Facility
Agent, BNP Paribas, HSBC Continental Europe (previously HSBC France) and Société Générale as mandated
lead arrangers and the Lenders.

 

“Amendment and Restatement No.2”
means the amendment and restatement agreement in respect of this Agreement dated 15 January 2016 between the Borrower, the
Facility Agent, BNP Paribas, HSBC Continental Europe (previously HSBC France) and Société Générale
as mandated lead arrangers and the Lenders.

 

    	 	4	 

     

    

 

“Amendment and Restatement No.3”
means the amendment and restatement agreement in respect of this Agreement dated 15 August 2019 between the Borrower, the
Facility Agent, BNP Paribas, HSBC Continental Europe (previously HSBC France) and Société Générale
as mandated lead arrangers and the Lenders.

 

“Amendment and Restatement No.4”
means the amendment and restatement agreement in respect of this Agreement dated 6 May 2020 between the Borrower, the Facility
Agent, BNP Paribas, HSBC Continental Europe (previously HSBC France) and Société Générale as mandated
lead arrangers and the Lenders, pursuant to which this Agreement was amended in connection with, amongst other things, the Principles.

 

“Amendment and Restatement No.5”
means the amendment and restatement agreement in respect of this Agreement dated 30 October 2020 between the Borrower, the
Facility Agent, BNP Paribas, HSBC Continental Europe (previously HSBC France) and Société Générale
as mandated lead arrangers and the Lenders.

 

“Amendment and Restatement No.6”
means the amendment and restatement agreement in respect of this Agreement dated 19 February 2021 between the Borrower, the
Facility Agent, BNP Paribas, HSBC Continental Europe and Société Générale as mandated lead arrangers
and the Lenders.

 

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

 

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

 

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

 

    	 	5	 

     

    

 

“Applicable Spot Rate”
means the spot rate for any Euros, as calculated by the Borrower and delivered pursuant to Clause 5.1(c) by referencing the
last available Euros to Dollars exchange rate quoted on Bloomberg page “€ Currency HP” or its successor page.

 

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

 

“Authorised Officer”
means those officers of the Borrower authorised to act with respect to the Finance Documents (including any Drawing Request) and
whose signatures and incumbency shall have been certified to the Facility Agent by the Secretary or an Assistant Secretary of the
Borrower.

 

“Available Commitment”
means in relation to any Lender, at any time and save as otherwise provided in this Agreement, the Commitment of such Lender (but
for this purpose, excluding any Commitment of a Lender in respect of the Deferred Tranches) at such time as reduced by any cancellation,
reduction or transfer of such Commitment pursuant to the terms of this Agreement, provided that such amount shall not be less than
zero (0).

 

“B34 Facility Amendment Date”
means 20 March 2018, being the effective date of the third supplemental amendment dated 16 March 2018 to (among other
things) a credit facility supported by BpiFAE (pertaining to Hull No. B34) reflecting the alignment of certain provisions
and covenants with Borrower’s revolving credit facility refinanced on 12 October 2017.

 

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

 

“Bail-In Legislation”
means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament
and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described
in the EU Bail-In Legislation Schedule; and (b) in relation to any state other than such an EEA Member Country or (to the
extent that the United Kingdom is not such an EEA Member Country) the United Kingdom, any analogous law or regulation from time
to time which requires contractual recognition of any Write-down and Conversion Powers contained in that law or regulation.

 

    	 	6	 

     

    

 

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

 

“Borrower-Paid Change Orders”
means any Change Orders to the extent paid for by the Borrower to the Builder prior to the Disbursement Date in accordance with
the second sentence of article V(6) of the Construction Contract.

 

“BpiFAE” means BpiFrance
Assurance Export, the French export credit agency, a French société par action simplifiée à associé
unique with its registered office at 27-31, avenue du Général Leclerc, 94710 Maisons-Alfort Cedex, France, registered
at the trade and companies registry of Créteil under number 815 276 308 and includes its successors in title or any other
person succeeding to BpiFrance Assurance Export in the role as export credit agency of the Republic of France to manage and provide
under its control, on its behalf and in its name the public export guarantees as provided by article L 432-1 of the French insurance
code.

 

“BpiFAE Insurance Policy”
means the insurance policy in respect of the Facility (including the Loan) issued by BpiFAE on 7 October 2013 for the
benefit of the Lenders as approved and executed by the Facility Agent and the Lenders as at the date of the policy's issuance,
as amended by BpiFAE Insurance Policy Amendment No.1, BpiFAE Insurance Policy Amendment No.2, BpiFAE Insurance Policy Amendment
No.3, BpiFAE Insurance Policy Amendment No.4, and BpiFAE Insurance Policy Amendment No.5

 

    	 	7	 

     

    

 

“BpiFAE Insurance Policy Amendment
No.1” means the amendment to the BpiFAE Insurance Policy dated 7 May 2014 and issued by BpiFAE following the signature
of Amendment and Restatement No.1.

 

“BpiFAE Insurance Policy Amendment
No.2” means the amendment to the BpiFAE Insurance Policy to be issued by BpiFAE on or prior to the first deemed drawdown
of the first Deferred Tranche in accordance with Clause 4.7 (Deferred Tranche Conditions Precedent).

 

“BpiFAE Insurance Policy Amendment
No.3” means the amendment to the BpiFAE Insurance Policy that was issued by BpiFAE to correct certain aspects of BpiFAE
Insurance Policy Amendment No.2.

 

“BpiFAE Insurance Policy Amendment
No.4” means the amendment to the BpiFAE Insurance Policy to be issued by BpiFAE on or prior to the effective date of
Amendment and Restatement No.4 in connection with the provision of the Guarantees.

 

“BpiFAE Insurance Policy Amendment
No.5” means the amendment to the BpiFAE Insurance Policy to be issued by BpiFAE on or prior to the first deemed drawdown
of the Second Deferred Tranche in accordance with Clause 4.8 (Second Deferred Tranche Conditions Precedent).

 

“BpiFAE Premium” means
the premium due to BpiFAE pursuant to the BpiFAE Insurance Policy in the amount set forth in Clause 2.2(a)(ii), payable by the
Borrower to the Facility Agent (for the account of BpiFAE).

 

“Builder” means Chantiers
de l’Atlantique S.A. (formerly STX France S.A.), a French société anonyme with its registered office
at Avenue Bourdelle, 44600 Saint-Nazaire, France, registered with the Saint-Nazaire trade and companies register under number 439
067 612.

 

    	 	8	 

     

    

 

“Business Day” means
(a) in relation to any date for the payment or purchase of Euros and/or USD, any day (other than a Saturday or Sunday) on
which banks are open for general business in New York City, London and Paris and which is also a TARGET Day and (b) for all
other purposes, any day (other than a Saturday or Sunday) on which banks are open for general business in New York City, London
and Paris.

 

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

 

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

 

“Capitalised Lease Liabilities”
means the principal portion of all monetary obligations of the Borrower or any of its Subsidiaries under any leasing or similar
arrangement which, in accordance with GAAP, would be classified as a capitalised lease, and, for purposes of this Agreement, the
amount of such obligations shall be the capitalised amount thereof, determined in accordance with GAAP.

 

“Cash Contract Price”
has the meaning ascribed to such term in the Construction Contract.

 

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

 

“Change of Control”
means an event or series of events by which:

 

		(a)	any “person” or “group” (as such terms are used in Sections 13(d) and
14(d) of the Securities Exchange Act of 1934 as in effect on the execution date of this Agreement, but excluding any employee
benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary
or administrator of any such plan) is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under
the Securities Exchange Act of 1934 as in effect on the execution date of this Agreement, except that a person or group shall be
deemed to have “beneficial ownership” of all securities that such person or group has the right to acquire, whether
such right is exercisable immediately or only after the passage of time (such right, an “option right”)), directly
or indirectly, of 50% or more of the equity securities of the Borrower entitled to vote for members of the board of directors or
equivalent governing body of the Borrower on a fully-diluted basis (and taking into account all such securities that such person
or group has the right to acquire pursuant to any option right); or

 

    	 	9	 

     

    

 

		(b)	during any period of 24 consecutive months, a majority of the members of the board of directors
or other equivalent governing body of the Borrower cease to be composed of individuals (i) who were members of that board
or equivalent governing body on the first day of such period, (ii) whose election or nomination to that board or equivalent
governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination
at least a majority of that board or equivalent governing body or (iii) whose election or nomination to that board or other
equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time
of such election or nomination at least a majority of that board or equivalent governing body.

 

“Change Order” has the
meaning ascribed to such term in article V(1) of the Construction Contract.

 

“CIRR” means the OECD
Commercial Interest Reference Rate applicable to the Facility of two point twenty per cent. (2.20%) per annum.

 

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

 

“Commitment” means:

 

		(a)	in relation to any Original Lender, the amount set forth opposite its name in the relevant column
of Schedule A (The Original Lenders and Commitments) and the amount of any other Commitment transferred to it under this
Agreement;

 

		(b)	in relation to any other Lender, the amount of any Commitment transferred to it under this Agreement; and

 

		(c)	in relation to each Lender, the amount of its Commitment in respect of the Deferred Tranches (as
set out in Schedule 1 to Amendment and Restatement No.4 and in Schedule 1 to Amendment and Restatement No.6), but the liability
of each Lender in respect of which shall not, on the basis of the arrangements set out in this Agreement, increase the total commitments
of such Lender.

 

    	 	10	 

     

    

 

“Commitment Fee” has the meaning ascribed
to such term in Clause 5.4 (Commitment Fee).

 

“Commitments Termination Date” means

 

		(a)	in respect of the Loan other than the Deferred Tranches, the earliest of:

 

		(i)	the Disbursement Date (after the Loan as requested in the Drawing Request has been disbursed in accordance with this Agreement);

 

		(ii)	the Effective Delivery Date;

 

		(iii)	the date on which all Commitments are cancelled in accordance with the terms of this Agreement;

 

		(iv)	the date on which the Construction Contract is cancelled or terminated in accordance with its terms; and

 

		(v)	the Longstop Date;

 

		(b)	in respect of the First Deferred Tranche, 31 March 2021 and

 

		(c)	in respect of the Second Deferred Tranche, 31 March 2022.

 

“Construction Contract”
means the Contract for Construction and Sale of m.v. ‘Harmony of the Seas’ (ex Hull No. A34) dated 27 December 2012
between the Builder and the Borrower as buyer with respect to the Purchased Vessel, as amended by Addendum No. 1 dated 31
July 2013 between the Builder and the Borrower.

 

“Construction Financing”
means the financing provided or to be provided to the Builder with respect to the construction of the Purchased Vessel, as arranged
by HSBC Continental Europe and Société Générale as mandated lead arrangers with Société
Générale as facility agent and as refinanced by the Funding Entity.

 

“Covenant Modification Date”
means the later to occur of (a) the expiry of the Financial Covenant Waiver Period and (b) the date upon which the financial
covenants set out in Clause 9.4(a) have been modified in this Agreement in a form and substance satisfactory to BpiFAE, the
Borrower and the Lenders.

 

“Covered Taxes” means
any Taxes other than (a) franchise taxes and taxes imposed on or measured by any Lender’s or the Funding Entity’s
(as applicable) net income or receipts of such Lender or the Funding Entity (as applicable) and franchise taxes imposed in lieu
of net income taxes or taxes on receipts, in each case by the jurisdiction under the laws of which such Lender or the Funding Entity
(as applicable) is organised or any political subdivision thereof or the jurisdiction of such Lender’s Lending Office or
any political subdivision thereof or any other jurisdiction, except in each case to the extent that such taxes are imposed solely
as a result of the applicable Obligor’s activities in any such jurisdiction, and (b) any taxes imposed under FATCA.

 

    	 	11	 

     

    

 

“CP Banks” means the
Mandated Lead Arrangers and, if a transfer or assignment is made to Natixis pursuant to Clause 13.11(a)(iv), Natixis.

 

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

 

“DDTL Indebtedness”
means the Borrower’s Indebtedness (or, if such Indebtedness has not yet been incurred, the commitments by lenders to provide
Indebtedness to the Borrower as of the effectiveness of the Amendment and Restatement No.5) in connection with that certain Commitment
Letter, dated as of August 12, 2020, between the Borrower and MORGAN STANLEY SENIOR FUNDING INC. (as amended, restated, extended,
supplemented, refinanced, replaced or otherwise modified from time to time).

 

“Debt Deferral Extension Regular
Monitoring Requirements” means the general test scheme/reporting package in the form set out in Schedule O to this Agreement
submitted or to be submitted (as the case may be) by the Borrower in accordance with Clause 8.1(n).

 

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

 

		(a)	any Indebtedness (but having regard, in respect of any secured and/or guaranteed Indebtedness,
to the restrictions set out in Clause 9.11(b)) incurred by a Group Member between 1 April 2020 and the earlier of (i) the
end of the Early Warning Monitoring Period and (ii) 31 December 2023 (or such later date as may, with the prior consent
of BpiFAE, be agreed between the Borrower and the Lenders) (the “Debt Incurrence Trigger Date”);

 

    	 	12	 

     

    

 

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

 

		(c)	Indebtedness incurred to refinance (and for this purpose having regard to the applicable provisions
of Clause 9.11) a maturity payment under any existing loan or credit facility (including any crisis and/or recovery-related Indebtedness
incurred by a Group Member prior to the Debt Incurrence Trigger Date) or issued bonds of a Group Member, provided that;

 

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

 

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

 

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

 

		(e)	Indebtedness provided by banks or other financial institutions which, as at the Second Deferred
Tranche Effective Date, is committed but yet to be incurred in respect of the DDTL Indebtedness (but, in respect of that DDTL Indebtedness,
up to a maximum amount of $700,000,000);

 

    	 	13	 

     

    

 

		(f)	any of the following types of indebtedness in each case incurred in the ordinary course of business
of any Group Member and with the prior written consent of BpiFAE:

 

		(i)	the issuances of commercial paper;

 

		(ii)	Capitalized Lease Liabilities;

 

		(iii)	purchase money indebtedness;

 

		(iv)	indebtedness under overdraft facilities; and

 

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

 

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

 

“Default” means any
Event of Default or circumstance which would, with the expiry of a grace period, the giving of notice or both, become an Event
of Default.

 

“Deferred Costs Percentage”
means:

 

		(a)	in respect of the First Deferred Tranche, 0.25% per annum; and

 

		(b)	in respect of the Second Deferred Tranche, 0.30% per annum or such other percentage as may be agreed by the Facility Agent
and the Borrower prior to the Second Deferred Tranche Effective Date.

 

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

 

“Deferred Tranches Maximum Loan
Amount” has the meaning given to it in Recital (D).

 

“Delivery Installment”
means the final Installment described in article II(3)(e) of the Construction Contract.

 

    	 	14	 

     

    

 

“Disbursement Date”
means the date on which the Loan (but for this purpose excluding the Deferred Tranches) is to be made under this Agreement, which
shall be the Effective Delivery Date.

 

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

 

"Disruption
Event" means either or both of:

 

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

 

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

 

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

 

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

 

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

 

“Documentation Bank”
means BNP Paribas, but which role is, as at (and from) the First Deferred Tranche Effective Date, no longer applicable for the
purposes of this Agreement and the other Finance Documents.

 

“Dollars”, “USD”
and the sign “$” mean the lawful currency of the United States.

 

    	 	15	 

     

    

 

“Drawing Request” means
the loan drawing request duly executed by an Authorised Officer, substantially in the form of Schedule C (Form of Drawing
Request).

 

“Early Warning Monitoring Period”
means the period beginning on the Second Deferred Tranche Effective Date and ending on the last day of two consecutive Fiscal Quarters
in which the Borrower has achieved a higher Adjusted EBITDA after Principal and Interest for such Fiscal Quarters when compared
with the same calculation for the corresponding Fiscal Quarters of the 2019 Fiscal Year, as evidenced pursuant to the certificate
to be submitted by the Borrower pursuant to Clause 8.1(q) (and such date shall be notified to the Borrower by the Facility
Agent).

 

“EBITDA After Principal and Interest”
means, for any Last Reported Fiscal Quarter, the Borrower’s consolidated operating income for such period plus any depreciation
and amortization expenses that were deducted in calculating consolidated operating income for such period and minus (a) any
scheduled amortization or maturity payments made during such period and (b) consolidated interest expense of the Borrower
for such period (net of any capitalized interest and interest income), in each relevant case as determined in accordance with GAAP.

 

“ECA Financed Vessel”
means any Vessel subject to any ECA Financing.

 

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

 

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

 

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

 

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

 

    	 	16	 

     

    

 

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

 

“Eligible Portion” means
the portion of the Cash Contract Price (or any portion thereof, as applicable) to be paid to the Builder under the Construction
Contract that is attributable to goods and services purchased by the Borrower which are of:

 

		(a)	French origin; or

 

		(b)	foreign origin (i.e., originating from countries other than France and Liberia and including transport and insurances of any
nature),

 

in either case which are eligible for financing
under the limits and under the conditions determined by the French Authorities and which have been approved for financing by the
French Authorities.

 

“Environmental Approval”
means any permit, licence, approval, ruling, certification, exemption or other authorisation required under applicable Environmental
Laws.

 

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

 

“EONIA” means (a) the
overnight money market rate, expressed as an annual percentage, determined by the European Central Bank on the basis of the information
provided to it by the main market operators in relation to the transactions concluded on the relevant TARGET Day, as displayed,
under the aegis of the Banking Federation of the European Union (EBF), on the Reuter page “RIC” or “EONIA”
screen (or on any other page or screen replacing them) at 11.00 am (Brussels time) on the following TARGET Day or (b) if
the rate provided in paragraph (a) is not available for that period, the arithmetic mean (rounded upward to four (4) decimal
places) of the rates as supplied to the Facility Agent at its request quoted by the References Banks as being the overnight money
market rate on commercial paper offered to leading banks in the European interbank market on the TARGET Day in question.

 

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

 

    	 	17	 

     

    

 

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

 

“EURIBOR” means, for any period:

 

		(a)	the applicable Screen Rate; or

 

		(b)	if no Screen Rate is available for that period, the arithmetic mean (rounded upward to four (4) decimal
places) of the rates as supplied to the Facility Agent at its request quoted by the References Banks to leading banks in the European
interbank market,

 

in each case as of 11:00 a.m. (Paris time) on the Quotation
Date for the offering of deposits in Euros for a period comparable to such period, provided that, if such period is:

 

		(i)	shorter than one (1) month, the reference period shall be one (1) month; and

 

		(ii)	longer than one (1) month and does not correspond to an exact number of months, the relevant
rate shall be determined by using a linear interpolation of EURIBOR according to usual practice in the international monetary market,

 

and, if any such rate is below zero (0),
EURIBOR shall be deemed to be zero (0).

 

“Euro Equivalent” means
any USD amount converted into a corresponding EUR amount using the average rate of currency hedges entered into by the Borrower
for payment of the Cash Contract Price, as properly documented in the Drawing Request to the reasonable satisfaction of the Facility
Agent.

 

“Euros”, “EUR”
and the sign “€” mean the single currency of the Participating Member States.

 

“Event of Default” means
any of the events or circumstances specified as such in Clause 10.1 (Listing of Events of Default).

 

“Existing Principal Subsidiaries”
means each Subsidiary of the Borrower that is a Principal Subsidiary on the date of this Agreement.

 

    	 	18	 

     

    

 

“Facility” means the
term loan facility granted to the Borrower by the Lenders pursuant to Clause 2.1 (The Facility).

 

“FATCA” means:

 

		(a)	sections 1471 to 1474 of the Code or any associated regulations or other official guidance;

 

		(b)	any treaty, law, regulation or other official guidance enacted in any other jurisdiction, or relating
to an intergovernmental agreement between the U.S. and any other jurisdiction, which (in either case) facilitates the implementation
of paragraph (a) above; or

 

		(c)	any agreement pursuant to the implementation of paragraphs (a) or (b) above with the
U.S. Internal Revenue Service, the U.S. government or any governmental or taxation authority in any other jurisdiction.

 

“FATCA Application Date”
means:

 

		(a)	in relation to a “withholdable payment” described in section 1473(1)(A)(i) of
the Code (which relates to payments of interest and certain other payments from sources within the U.S.), 1 January 2014;
and

 

		(b)	in relation to a “passthru payment” described in section 1471(d)(7) of the Code
not falling within paragraph (a) above, the first date from which such payment may become subject to a deduction or withholding
required by FATCA.

 

“FATCA Deduction” means
a deduction or withholding from a payment under a Finance Document required by FATCA.

 

“FATCA Exempt Party”
means a party to this Agreement that is entitled to receive payments free from any FATCA Deduction.

 

“Fee Letter” means any
fee letter entered into between the Borrower and the Facility Agent as referred to in Clause 5.5 (Other Fees), and including
the fee letters entered into in connection with Amendment and Restatement No.4.

 

“Final Maturity Date”
means (a) in respect of the Loan (other than the Deferred Tranches) the date that is twelve (12) years after the Starting
Date of Repayment, namely 12 May 2028, (b) in respect of the First Deferred Tranche, 12 November 2024 and (c) in
respect of the Second Deferred Tranche, 12 November 2026.

 

    	 	19	 

     

    

 

“Finance Documents”
means this Agreement, Amendment Agreement No.1, the Amendment and Restatement No.1, the Amendment and Restatement No.2, the Amendment
and Restatement No.3, the Amendment and Restatement No.4, the Supplemental Agreement, the Amendment and Restatement No.5, the Amendment
and Restatement No.6, the First Priority Guarantee, the Second Priority Guarantee, the Third Priority Guarantee, any Additional
Guarantee, the Subordination Agreements, any Additional Subordination Agreement, any New Guarantor Subordination Agreement, each
of the Fee Letters, the Drawing Request and any other document designated as such in writing by the Facility Agent and the Borrower.

 

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

 

“Financial Covenant Waiver Period”
means the period from and including 1 April 2020 to and including 30 September 2022.

 

“First Deferral Period”
means the period from and including the First Deferred Tranche Effective Date to and including 31 March 2021 (inclusive).

 

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

 

“First Deferred Tranche Effective
Date” has the meaning given to it in Amendment and Restatement No.4.

 

“First Priority Assets”
means the Vessels known on the date the Amendment and Restatement No.5 becomes effective as or that sailed under the name (i) Celebrity
Constellation, (ii) Celebrity Equinox, (iii) Celebrity Millennium, (iv) Celebrity Silhouette, (v) Celebrity
Summit, (vi) Celebrity Eclipse, (vii) Celebrity Infinity, (viii) Celebrity Reflection and (ix) Celebrity Solstice
(it being understood that such Vessels shall remain “First Priority Assets” regardless of any change in name or ownership
after such date).

 

    	 	20	 

     

    

 

 

“First Priority Guarantee”
means the first priority guarantee granted by the First Priority Guarantor prior to the Amendment Effective Date (as defined in
the Amendment and Restatement No.5) (and any other first priority guarantee granted by a First Priority Holdco Subsidiary in connection
with becoming a First Priority Guarantor) in favor of the Facility Agent for the benefit of the Agents and the Lenders, in each
case substantially in the form attached hereto as Schedule I.

 

“First Priority Guarantor”
means Celebrity Cruise Lines Inc. (and any of its successors) and any other First Priority Holdco Subsidiary that has granted or,
prior to that entity becoming a First Priority Holdco Subsidiary pursuant to a Disposal of a First Priority Asset in accordance
with Section 9.5(a)(v)(A), will grant a First Priority Guarantee.

 

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

 

“First Priority Release Event”
means the occurrence of any event or other circumstance that results in either (x) 80% of the aggregate principal amount of
Bank Indebtedness outstanding as of the effectiveness of the Amendment and Restatement No.5 (being $5,300,000,000 (and 80% of which
is $4,240,000,000)) or (y) 100% of the aggregate principal amount of Secured Note Indebtedness outstanding as of the effectiveness
of the Amendment and Restatement No.5 (being $3,320,000,000):

 

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

 

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

 

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

 

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

 

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

 

    	 	21	 

     

    

 

“Fixed Charge Coverage Ratio”
means, as of the end of any Fiscal Quarter, the ratio computed for the period of four (4) consecutive Fiscal Quarters ending
on the close of such Fiscal Quarter of:

 

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

 

		(b)	the sum of:

 

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

 

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

 

“Fixed Rate” means a
rate per annum equal to the aggregate of (a) the CIRR and (b) the Fixed Rate Margin.

 

“Fixed Rate Margin”
means (a) zero point forty per cent. (0.40%) per annum if disbursement of the Loan occurs on or before the Margin Step-Up
Date and (b) zero point fifty per cent. (0.50%) per annum if disbursement of the Loan occurs after the Margin Step-Up Date.

 

“Floating Rate” means
a rate per annum equal to the aggregate of (a) EURIBOR and (b) the applicable Floating Rate Margin.

 

“Floating Rate Margin”
means, for each Interest Period:

 

		(a)	one point fifteen per cent. (1.15%) per annum if disbursement of the Loan (excluding the Deferred
Tranches) occurs on or before the Margin Step-Up Date;

 

		(b)	one point twenty five per cent. (1.25%) per annum if disbursement of the Loan (excluding the Deferred
Tranches) occurs after the Margin Step-Up Date;

 

		(c)	one point fifteen per cent. (1.15%) per annum in respect of any drawn portion of the First Deferred
Tranche; and

 

    	 	22	 

     

    

 

		(d)	one point fifteen per cent. (1.15%) per annum in respect of any drawn portion of the Second Deferred
Tranche.

 

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

 

“French Authorities”
means the Direction Générale du Trésor of the French Ministry of Economy and Finance, any successors
thereto, or any other governmental authority in or of France involved in the provision, management or regulation of the terms,
conditions and issuance of export credits including, among others, such entities to whom authority in respect of the extension
or administration of export financing matters have been delegated, such as BpiFAE and Natixis DAI.

 

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

 

“Funded Loan Portion”
means all or any portion of the Loan (and for this purpose including, (a) from the First Deferred Tranche Effective Date,
the First Deferred Tranche and (b) from the Second Deferred Tranche Effective Date, the Second Deferred Tranche) in respect
of which the Funding Entity has funded one or more of the Lenders pursuant to the Funding Agreement and which is outstanding.

 

“Funding Agents” means
the Funding Coordination Agent and the Funding Paying Agent.

 

“Funding Agreement”
means the funding agreement entered into on or about the date of this Agreement between the Funding Entity, the Funding Agents
and the Lenders in their capacities as borrowers thereunder, as amended by the Funding Agreement Amendment No.1, the Funding Agreement
Amendment No.2 and the Funding Agreement Amendment No.3.

 

“Funding Agreement Amendment No.1”
means the amendment to the Funding Agreement entered into on or about the date of the Amendment and Restatement No.1 between the
Funding Entity, the Funding Agents and the Lenders in their capacities as borrowers thereunder.

 

    	 	23	 

     

    

 

“Funding Agreement Amendment No.2”
means the amendment to the Funding Agreement entered into on or about the date of the Amendment and Restatement No.4 between the
Funding Entity, the Funding Agents and the Lenders in their capacities as borrowers thereunder.

 

“Funding Agreement Amendment No.3”
means the amendment to the Funding Agreement entered into on or about the date of the Amendment and Restatement No.6 between the
Funding Entity, the Funding Agents and the Lenders in their capacities as borrowers thereunder.

 

“Funding Coordination Agent”
means HSBC Continental Europe or any successor or assign of HSBC Continental Europe in such capacity as permitted under the Funding
Agreement.

 

“Funding Date” means
the date on which the Funding Entity makes available the drawing under the Funding Agreement to Société Générale
(in its capacity as Funding Paying Agent).

 

“Funding Entity” means
the Caisse des Dépôts et Consignations, a special establishment created by French law dated 28 April 1816
and having its offices at 56, rue de Lille, 75007 Paris, France, or any successor or assign thereof as permitted under the Funding
Agreement.

 

“Funding Losses” means
any amounts payable by the Borrower pursuant to Clause 6.6 (Funding Losses).

 

“Funding Paying Agent”
means Société Générale or any successor or assign of Société Générale in
such capacity as permitted under the Funding Agreement.

 

“Funds Flow Agreement”
means the funds flow agreement (convention portant sur des flux des paiements), dated 31 July 2013, between the Funding
Entity, the Funding Paying Agent, the Facility Agent, the Borrower, the Builder, the agent under the Construction Financing, the
paying agent under the refinancing of the Construction Financing and the funding entity under the refinancing of the Construction
Financing, as amended by the Funds Flow Amendment.

 

“Funds Flow Amendment”
means the amendment to the Funds Flow Agreement dated 15 April 2014 entered into between the parties to the Funds Flow Agreement
and the USD Facility Agent on behalf of the USD Facility Finance Parties.

 

    	 	24	 

     

    

 

“GAAP” means generally
accepted accounting principles in the United States of America as in effect from time to time.

 

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

 

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

 

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

 

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

 

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

 

“Guarantee Release Date”
means the date upon which the First Priority Release Event, the Second Priority Release Event and the Third Priority Release Event
have all occurred and accordingly, subject to Clause 9.5(g) (and in particular proviso (2) to such Clause 9.5(g)), each
of the Guarantees has been released by the Facility Agent, and also being the date upon which, in accordance with Clause 9.12,
certain provisions of this Agreement shall be replaced by the provisions set out in Schedule P.

 

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

 

    	 	25	 

     

    

 

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

 

“IFRS” means international
accounting standards within the meaning of the IAS Regulation 1606/2002 to the extent applicable to the relevant financial statements.

 

“Indebtedness” means,
for any Person:

 

		(a)	obligations created, issued or incurred by such Person for borrowed money (whether by loan, the
issuance and sale of debt securities or the sale of property to another Person subject to an understanding or agreement, contingent
or otherwise, to repurchase such property from such Person);

 

		(b)	obligations of such Person to pay the deferred purchase or acquisition price of property or services,
other than (i) trade accounts payable (other than for borrowed money) arising, and accrued expenses incurred, in the ordinary
course of business so long as such trade accounts payable are payable within one hundred eighty (180) days of the date the respective
goods are delivered or the respective services are rendered and (ii) any purchase price adjustment, earnout or deferred payment
of a similar nature incurred in connection with an acquisition (but only to the extent that no payment has at the time accrued
pursuant to such purchase price adjustment, earnout or deferred payment obligation);

 

		(c)	Indebtedness of others secured by a Lien on the property of such Person, whether or not the respective
Indebtedness so secured has been assumed by such Person;

 

		(d)	obligations of such Person in respect of letters of credit or similar instruments issued or accepted
by banks and other financial institutions for the account of such Person;

 

		(e)	Capitalised Lease Liabilities of such Person;

 

		(f)	guarantees by such Person of Indebtedness of others, up to the amount of Indebtedness so guaranteed;

 

		(g)	obligations of such Person in respect of surety bonds and similar obligations; and

 

		(h)	liabilities arising under Hedging Instruments.

 

“Initial Basic Cash Contract Price” has the
meaning ascribed to such term in article II(2) of the Construction Contract.

 

“Installments” has the meaning ascribed to
such term in the Construction Contract.

 

    	 	26	 

     

    

 

“Interest Period” means
the period starting on (and including) the relevant Starting Date of Repayment and ending on (but not including) the first Repayment
Date following such date (as the same may be adjusted pursuant to Clause 6.10(d)), and subsequently each succeeding period starting
on (and including) the immediately preceding Repayment Date (as the same may be adjusted pursuant to Clause 6.10(d)) and ending
on (but not including) the next Repayment Date (as the same may be adjusted pursuant to Clause 6.10(d)).

 

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

 

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

 

“Lender” means:

 

		(a)	any Original Lender; and

 

		(b)	any New Lender which has become a party hereto in accordance with Clause 13.11 (Lender Transfers, Assignments and Participations),

 

which in each case has not ceased to be
a Party in accordance with the terms of this Agreement.

 

“Lender Assignment Agreement”
means any Lender Assignment Agreement substantially in the form of Schedule E (Form of Lender Assignment Agreement).

 

“Lender Transfer Certificate”
means any Lender Transfer Certificate substantially in the form of Schedule D (Form of Lender Transfer Certificate).

 

“Lending Office” means,
relative to any Lender, the office or offices notified by such Lender to the Facility Agent and the Borrower in writing on or before
the date on which it becomes a Lender (or, following that date, by not less than five (5) Business Days’ written) notice
as the office or offices through which it will perform its obligations under this Agreement.

 

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

 

    	 	27	 

     

    

 

“Lien Basket Amount”
is defined in Section 9.3(d).

 

“Loan” means at any
time the aggregate principal amount of the Facility disbursed to the Borrower and/or another Person at the request of the Borrower
under this Agreement in an aggregate amount not to exceed the Maximum Loan Amount (and including for this purpose, the Deferred
Tranches Maximum Loan Amount) or, as the case may be, the aggregate principal amount of such disbursement outstanding.

 

“Longstop Date” means
the two hundred and seventieth (270th) day following the Original Scheduled Delivery Date, being 24 January 2017.

 

“Mandatory Prepayment Event”
means any of the events or circumstances specified as such in Clause 11.1 (Listing of Mandatory Prepayment Events).

 

“Margin” means (a) if
the interest rate applicable to the Loan is calculated by reference to the CIRR, the Fixed Rate Margin and (b) in respect
of any drawn portion of a Deferred Tranche, or where the interest rate applicable to the Loan is otherwise calculated by reference
to EURIBOR, the applicable Floating Rate Margin.

 

“Margin Step-Up Date”
means the one hundred and eightieth (180th) day following the Original Scheduled Delivery Date, being 26 October 2016.

 

“Material Adverse Effect”
means a material adverse effect on (a) the business, operations or financial condition of the Borrower and its Subsidiaries
taken as a whole, (b) the rights and remedies of any Finance Party under this Agreement or (c) the ability of the Borrower
to perform its payment Obligations under this Agreement or any of the other Finance Documents to which it is a party.

 

“Material Guarantor”
means (i) each of Celebrity Cruise Lines Inc., RCI Holdings LLC, RCL Cruise Holdings LLC and RCL Cruises Ltd (and each of
their respective successors) and (ii) any other entity that becomes a First Priority Guarantor, a Second Priority Guarantor
or a Third Priority Guarantor after the effectiveness of Amendment and Restatement No.5.

 

“Material Litigation”
has the meaning ascribed to such term in Clause 7.8 (Litigation).

 

“Maximum Loan Amount”
means the aggregate of the Original Lenders’ Commitments, being seven hundred thirteen million seven hundred eighty thousand
seven hundred and twelve Euros (EUR 713,780,712), and which for this purpose shall include the Commitments in respect of the Deferred
Tranches.

 

    	 	28	 

     

    

 

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

 

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

 

		(b)	three

 

as evidenced pursuant to the relevant certificate
to be submitted by the Borrower pursuant to Clause 8.1(q).

 

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

 

“Mortgage” means the
first priority ship mortgage to be granted by the Borrower in connection with the Construction Financing.

 

“Natixis” means Natixis,
a French société anonyme with its registered office at 30, avenue Pierre Mendès France, 75013 Paris,
France, registered with the Paris Commercial and Companies Registry under number 542 044 524 RCS Paris.

 

    	 	29	 

     

    

 

“Natixis DAI” means
Natixis DAI Direction des Activités Institutionnelles.

 

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

 

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

 

		(b)	all Cash Equivalents.

 

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

 

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

 

“New Financings” means
proceeds from:

 

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

 

		(b)	the issuance and sale of equity securities.

 

“New Guarantor”
means, with respect to any Vessel delivered after the effectiveness of the

 

Amendment and Restatement No.5, the Subsidiary
of the Borrower that (a) directly owns the Equity Interests of the Principal Subsidiary that acquired such Vessel and (b) delivers
an Additional Guarantee.

 

    	 	30	 

     

    

 

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

 

“New Lender” has the
meaning ascribed to such term in Clause 13.11 (Lender Transfers, Assignments and Participations).

 

“Non-Exercise Premium”
has the meaning ascribed to such term in article II(2) of the Construction Contract.

 

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

 

“Non-Yard Costs” has the meaning ascribed
to such term in the Construction Contract.

 

“NYC Allowance” has the meaning ascribed to such term in the Construction
Contract.

 

“Obligations” means
all obligations (payment or otherwise) of the Borrower arising under or in connection with this Agreement and the other Finance
Documents.

 

“Obligors” means the
Borrower and the Guarantors.

 

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

 

“Original Scheduled Delivery Date”
means 29 April 2016.

 

“Other ECA Parties”
means the facility agents acting on behalf of the creditors under any ECA Financing, whether existing on or after the effectiveness
of the Amendment and Restatement No.5 (excluding the Facility Agent acting in any representative capacity in connection with this
Agreement).

 

    	 	31	 

     

    

 

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

 

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

 

“Other Vessel” means
a passenger cruise vessel (other than the Purchased Vessel) owned by a Group Member.

 

“Pari Passu Creditor”
means with respect to any Group Member, any creditor under or in respect of any Indebtedness incurred by such Group Member (including
in respect of any ECA Financing) which is not, as at 31 December 2020, secured by a Lien over a Vessel or which, at any time
(whether pursuant to the operation of Clause 8.12(d) or otherwise), shares in the same security and/or guarantee package as
the Lenders.

 

“Participating Member State”
means any member of the European Community that at the relevant time has adopted the Euro as its lawful currency in accordance
with legislation of the European Union relating to Economic and Monetary Union.

 

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

 

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

 

    	 	32	 

     

    

 

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

 

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

 

“Principles” means the
document titled "Cruise Debt Holiday Principles" and dated 6 April 2020 in the form of Schedule F (The Principles),
which document sets out certain key principles and parameters relating to, amongst other things, the temporary suspension of repayments
of principal in connection with certain qualifying Loan Agreements (as defined therein) and being applicable to BpiFAE-covered
loan agreements such as this Agreement.

 

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

 

“Purchased Vessel” means
the passenger cruise vessel, ‘Harmony of the Seas’, bearing Builder’s hull number A34 constructed or to be constructed
pursuant to the Construction Contract.

 

“Quotation Date” means,
in relation to any period for which an interest rate is to be determined, two (2) TARGET Days before the first day of that
period.

 

“Reference Banks” means
BNP Paribas, HSBC Continental Europe and Société Générale or such other banks as may be appointed by
the Facility Agent with the consent of the Borrower (such consent not being unreasonably withheld).

 

“Repayment Date” means
each of the dates specified in the relevant part of Schedule B (Repayment Schedule), as such Schedule B (Repayment Schedule)
was substituted on the Second Deferred Tranche Effective Date.

 

“Required Lenders” means,
at any time, Lenders that in the aggregate, hold more than sixty six point sixty six per cent. (66.66%) of the aggregate unpaid
principal amount of the Loan or, if no such principal amount is then outstanding, Lenders that in the aggregate have more than
sixty six point sixty six per cent. (66.66%) of the Commitments.

 

    	 	33	 

     

    

 

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

 

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

 

“Restricted Loan Arrangement”
means any loan or credit (including any seller’s credit granted in connection with the sale of a Vessel or other assets (and
provided that any such sale complies with the provisions of Clause 11.1(o)(iii))) made available by a Group Member to any Person
but excluding any such loan or credit that is provided:

 

		(a)	to another Group Member;

 

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

 

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

 

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

 

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

 

    	 	34	 

     

    

 

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

 

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

 

		(a)	any Indebtedness which is scheduled to mature on or prior to the end of the following calendar
year (and whether pursuant to an amendment and extension of the agreements evidencing such Indebtedness and/or using proceeds raised
by any Group Member in connection with any issuance of capital (whether in the form of Indebtedness for borrowed money, equity
or otherwise but, in the case of any Indebtedness, subject to that Indebtedness being incurred in compliance with the carve-out
provision set out in paragraph (c) of the definition of Debt Incurrence) or pursuant to the exercise of the equity claw feature
in the Secured Note Indenture) provided, however, that the Borrower may, with the prior written consent of BpiFAE, prepay, repay
or redeem any notes issued under indentures which are callable in accordance with their terms, including any call date through
the use of the equity claw feature;

 

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

 

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

 

    	 	35	 

     

    

 

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

 

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

 

“Sanctioned Country”
means, at any time, a country, region or territory which is itself the subject or target of any Sanctions (at the time of this
Agreement, Crimea, Cuba, Iran, North Korea, Sudan and Syria).

 

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

 

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

 

“Scheduled Delivery Date”
means, at any time, the Original Scheduled Delivery Date or such other date which, at such time, is the date specified for delivery
of the Purchased Vessel under the Construction Contract, as the same may be modified from time to time in accordance with the terms
of the Construction Contract.

 

“Screen Rate” means
the euro interbank offered rate administered by the Banking Federation of the European Union (or any other Person which takes over
the administration of that rate) for the relevant period displayed on page EURIBOR01 of the Reuters screen (or any replacement
Reuters page which displays that rate) or on the appropriate page of such other information service which publishes that
rate from time to time in place of Reuters. If such page or service ceases to be available, the Facility Agent may specify
another page or service displaying the relevant rate after consultation with the Borrower.

 

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

 

    	 	36	 

     

    

 

“Second Deferral Period”
means the period between and, in each case, including the Second Deferred Tranche Effective Date and 31 March 2022.

 

“Second Deferred Tranche Effective
Date” has the meaning given to the term “Amendment Effective Date” in the Amendment and Restatement No.6.

 

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

 

“Second Priority Assets”
means the Vessels known on the date the Amendment and Restatement No.5 becomes effective as or that sailed under the name (i) Azamara
Quest, (ii) Azamara Pursuit, (iii) Azamara Journey, (iv) Celebrity Edge, (v) Celebrity Apex, (vi) Celebrity
Flora, (vii) Celebrity Xpedition, (viii) Celebrity Xperience, (ix) Celebrity Xploration, (x) Monarch, (xi) Horizon
and (xii) Sovereign (it being understood that such Vessels shall remain “Second Priority Assets” regardless of
any change in name or ownership after such date).

 

“Second Priority Guarantee”
means the second priority guarantee granted by the Second Priority Guarantors prior to the Amendment Effective Date (as defined
in the Amendment and Restatement No.5) (and any other second priority guarantee granted by a Second Priority Holdco Subsidiary
in connection with becoming a Second Priority Guarantor) in favor of the Facility Agent for the benefit of the Agents and the Lenders,
in each case substantially in the form attached hereto as Schedule J.

 

“Second Priority Guarantors”
means RCL Cruise Holdings LLC, Torcatt Enterprises S.A., RCL Holdings Cooperatief UA, RCL Cruises Ltd and RCL Investments Ltd (and
any of their respective successors) and any other Second Priority Holdco Subsidiary that has granted or, prior to that entity becoming
a Second Priority Holdco Subsidiary pursuant to a Disposal of a Second Priority Asset in accordance with Section 9.5(b)(iii)(A),
will grant a Second Priority Guarantee.

 

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

 

    	 	37	 

     

    

 

“Second Priority Release Event”
means the occurrence of any event or other circumstance that results in either (x) 80% of the aggregate principal amount of
Bank Indebtedness outstanding as of the effectiveness of the Amendment and Restatement No.5 (being $5,300,000,000 (and 80% of which
is $4,240,000,000)) or (y) 100% of the aggregate principal amount of Secured Note Indebtedness outstanding as of the effectiveness
of the Amendment and Restatement No.5 (being $3,320,000,000):

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	38	 

     

    

 

“Senior Guarantee” means
any guarantee by a New Guarantor of Indebtedness incurred by the Borrower or any of its Subsidiaries after the effectiveness of
the Amendment and Restatement No.5; provided that the aggregate principal amount of Indebtedness guaranteed under any Senior
Guarantee shall in no case exceed 10.0% of the Purchase Price of the relevant Vessel owned by the Principal Subsidiary of such
New Guarantor that acquired such Vessel.

 

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

 

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

 

“Starting Date of Repayment”
means (a) in respect of the Loan (but for this purpose excluding the Deferred Tranches) the Disbursement Date or, if the Disbursement
Date is different from the Funding Date due to the Loan being made within five (5) Business Days of the Funding Date as contemplated
by Clause 2.6 (Delayed Delivery), the Funding Date and (b) in respect of the relevant portion of either Deferred Tranche,
the date upon which such portion of the relevant Deferred Tranche was deemed to be advanced pursuant to Clause 3.7 (and being the
date of the relevant Repayment Date falling during the First Deferral Period (in the case of the First Deferred Tranche) and the
date of the relevant Repayment Date falling during the Second Deferral Period (in the case of the Second Deferred Tranche)).

 

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

 

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

 

“Subsidiary” means,
with respect to any Person, any entity of which more than fifty per cent. (50%) of the outstanding voting capital or similar right
of ownership is, directly or indirectly, owned by such Person, by such Person and one or more other Subsidiaries of such Person,
or by one or more other Subsidiaries of such Person.

 

    	 	39	 

     

    

 

“Supplemental Agreement”
means the supplemental agreement in respect of this Agreement dated 4 August 2020 between the Borrower and the Facility Agent,
pursuant to which certain modifications were made to this Agreement.

 

“TARGET Day” means any
day on which TARGET2 is open for the settlement of payments in Euros.

 

“TARGET2” means the
Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilises a single shared platform and
which was launched on 19 November 2007.

 

“Tax” and “tax”
means all present or future taxes (of any nature and however termed), levies, fiscal charges, imposts, duties, fees, assessments,
surcharges or other charges of whatever nature and however arising which are now or at any time hereafter imposed, assessed, charged,
levied, collected, demanded, withheld or claimed by any government or taxing authority, together with all interest thereon and
penalties or similar liabilities with respect thereto, and “Taxes”, “taxes”, “taxing”
and “taxation” shall be construed accordingly.

 

“Third Priority Assets”
means the Vessels known on the date the Amendment and Restatement No.5 becomes effective as (i) Symphony of the Seas, (ii) Oasis
of the Seas, (iii) Harmony of the Seas, (iv) Spectrum of the Seas, (v) Quantum of the Seas, (vi) Ovation of
the Seas and (vii) Anthem of the Seas (it being understood that such Vessels shall remain “Third Priority Assets”
regardless of any change in name or ownership after the such date).

 

“Third Priority Guarantee”
means the third priority guarantee granted by RCI Holdings LLC prior to the Amendment Effective Date (as defined in the Amendment
and Restatement No.5) (and any other third priority guarantee granted by a Third Priority Holdco Subsidiary in connection with
becoming a Third Priority Guarantor) in favor of the Facility Agent for the benefit of the Agents and the Lenders, in each case
substantially in the form attached hereto as Schedule K.

 

“Third Priority Guarantor”
means RCI Holdings LLC (and any of its successors) and any other Third Priority Holdco Subsidiary that has granted or, prior to
that entity becoming a Third Priority Holdco Subsidiary pursuant to a Disposal of a Third Priority Asset in accordance with Section 9.5(c)(iii)(A),
will grant a Third Priority Guarantee.

 

    	 	40	 

     

    

 

 

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

 

“Third Priority Release Event”
means the occurrence of any event or other circumstance that results in either (x) 80% of the aggregate principal amount of
Bank Indebtedness outstanding as of the effectiveness of the Amendment and Restatement No.5 (being $5,300,000,000 (and 80% of which
is $4,240,000,000)) or (y) 100% of the aggregate principal amount of Unsecured Note Indebtedness and the DDTL Indebtedness
outstanding as of the effectiveness of the Amendment and Restatement No.5 (being, in aggregate, $1,700,000,000):

 

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

 

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

 

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

 

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

 

“Transaction Documents”
means, collectively, the Finance Documents, the Funds Flow Agreement, the Funds Flow Amendment, the Funding Agreement, the Funding
Agreement Amendment No.1, the Funding Agreement Amendment No.2, the Funding Agreement Amendment No.3 and the Construction Contract.

 

“Transfer Date” means,
in relation to a valid transfer or a valid assignment by a Lender pursuant to Clause 13.11 (Lender Transfers, Assignments and
Participations), the later of:

 

		a)	the proposed “Transfer Date” specified in the relevant Lender Transfer Certificate
or Lender Assignment Agreement, as applicable; and

 

	 	b)	the date on which the Facility Agent executes the relevant Lender Transfer Certificate or Lender Assignment Agreement, as applicable.

 

    	 	41	 

     

    

 

“UK Bail-In Legislation”
means (to the extent that the United Kingdom is not an EEA Member Country which has implemented, or implements, Article 55
of Directive 2014/59/EU) Part I of the United Kingdom Banking Act 2009 and any other law or regulation applicable in the United
Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates
(otherwise than through liquidation, administration or other insolvency proceedings).

 

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

 

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

 

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

 

“USD Facility” means
the USD facility under the USD Facility Agreement.

 

“USD Facility Agent”
means Société Générale in its capacity as facility agent for the USD Facility Finance Parties (as such
role was transferred to it by MUFG Bank, Ltd. (previously known as The Bank of Tokyo-Mitsubishi UFJ, Ltd.) on 30 January 2020).

 

“USD Facility Agreement”
means the facility agreement dated 15 April 2014, as amended by the USD Facility Amendment No.1, USD Facility Amendment No. 2,
USD Facility Amendment No.3, USD Facility Amendment No.4 and USD Facility Amentment and Restatement No. 5 originally between
the Borrower, the USD Facility Agent, The Bank of Tokyo-Mitsubishi UFJ, Ltd. as documentation bank, The Bank of Tokyo-Mitsubishi
UFJ, Ltd., Banco Santander, S.A. and KfW Ipex-Bank GmbH as mandated lead arrangers and the USD Facility Lenders.

 

    	 	42	 

     

    

 

“USD Facility Amendment and Restatement
No.1” means the amendment and restatement agreement in respect of the USD Facility Agreement dated 15 January 2016
between the Borrower, the USD Facility Agent, The Bank of Tokyo-Mitsubishi UFJ, Ltd. as documentation bank, The Bank of Tokyo-
Mitsubishi UFJ, Ltd., Banco Santander, S.A. and KfW Ipex-Bank GmbH as mandated lead arrangers and the USD Facility Lenders.

 

“USD Facility Amendment and Restatement
No. 2” means the amendment and restatement agreement in respect of the USD Facility Agreement dated 15 August 2019
between the Borrower, the USD Facility Agent, The Bank of Tokyo-Mitsubishi UFJ, Ltd. as documentation bank, The Bank of Tokyo-Mitsubishi
UFJ, Ltd., Banco Santander, S.A. and KfW Ipex-Bank GmbH as mandated lead arrangers and the USD Facility Lenders.

 

“USD Facility Amendment and Restatement
No. 3” means the amendment and restatement agreement in respect of the USD Facility Agreement dated 5 May 2020
between the Borrower, the USD Facility Agent, Banco Santander, S.A. and KfW Ipex-Bank GmbH as mandated lead arrangers and
the USD Facility Lenders, pursuant to which the USD Facility Agreement was amended in connection with, amongst other things, the
Principles.

 

“USD Facility Amendment and Restatement
No. 4” means the amendment and restatement agreement in respect of the USD Facility Agreement dated 30 October 2020
between the Borrower, the USD Facility Agent, Banco Santander, S.A. and KfW Ipex-Bank GmbH as mandated lead arrangers and
the USD Facility Lenders, pursuant to which the USD Facility Agreement was amended in connection with, amongst other things, the
provision of the Guarantees.

 

“USD Facility Amendment and Restatement
No. 5” means the amendment and restatement agreement in respect of the USD Facility Agreement dated 19 February 2021
between the Borrower, the USD Facility Agent, Banco Santander, S.A. and KfW Ipex-Bank GmbH as mandated lead arrangers and
the USD Facility Lenders, pursuant to which the USD Facility Agreement was amended in connection with, amongst other things, the
Framework.

 

“USD Facility Amendment No. 1”
means the amendment agreement in respect of the USD Facility Agreement dated 27 June 2016 between the Borrower, the USD Facility
Agent, The Bank of Tokyo-Mitsubishi UFJ, Ltd. as documentation bank, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Banco Santander, S.A.
and KfW Ipex-Bank GmbH as mandated lead arrangers and the USD Facility Lenders.

 

    	 	43	 

     

    

 

“USD Facility Finance Parties” means the
parties to the USD Facility Agreement (other than the Borrower).

 

“USD Facility Lenders” means the Persons
who are from time to time lenders under the USD Facility Agreement.

 

“VAT” means:

 

		(a)	any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC
Directive 2006/112); and

 

		(b)	any other tax of a similar nature, whether imposed in a member state of the European Union in substitution
for, or levied in addition to, such tax referred to in paragraph (a) above, or imposed elsewhere.

 

“Vessel” means the Purchased Vessel and any
Other Vessel.

 

“Unfunded Loan Portion”
means all or any portion of the Loan (including, (a) from the First Deferred Tranche Effective Date, the First Deferred Tranche
and (b) from the Second Deferred Tranche Effective Date, the Second Deferred Tranche) in respect of which one or more of the
Lenders no longer has funds from the Funding Entity pursuant to the Funding Agreement.

 

“Write-Down and Conversion Powers”
means (a) with respect to any Resolution Authority, the write-down and conversion powers of such Resolution Authority from
time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described
in the EU Bail-In Legislation Schedule and (b) in relation to any UK Bail-In Legislation: (i) any powers under that UK
Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial
institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form
of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that
liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument
is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of
the powers under that UK Bail-In Legislation that are related to or ancillary to any of those powers; and (ii) any similar
or analogous powers under that UK Bail-In Legislation.

 

    	 	44	 

     

    

 

		1.2	Interpretation

 

		(a)	Unless a contrary indication appears, any references in this Agreement to:

 

		(i)	(or to any specified provision of) this Agreement or any other agreement or document shall be construed
as references to this Agreement or that other agreement or document or that provision as in force for the time being and as amended,
supplemented, modified, varied or novated from time to time;

 

		(ii)	Clauses, paragraphs and Schedules are to be construed as references to the clauses and paragraphs
of, and schedules to, this Agreement and references to this Agreement include its Schedules;

 

		(iii)	any Person (including any party hereto or to any other agreement) shall, where the context permits,
include such Person’s successors, permitted transferees and permitted assigns;

 

		(iv)	any law, enactment or other statutory provision shall be deemed to include references to such law,
enactment or other statutory provision as re-enacted, amended, extended, consolidated or replaced and any orders, decrees, proclamations,
regulations, instruments or other subordinate legislation made thereunder;

 

		(v)	“assets” include present and future properties, revenues and rights of every
description;

 

		(vi)	“continuing” and “continuation” mean, in relation to a Default,
an Event of Default or a Mandatory Prepayment Event, where such event has not been remedied or waived or the circumstances giving
rise to such event have not ceased to exist;

 

		(vii)	“control” mean the possession by one Person, directly or indirectly, of the
power to direct or cause the direction of the management and policies of another Person, whether through the ownership of voting
shares, by contract or otherwise, and references to “controlling” and “controlled by” shall
be construed accordingly;

 

		(viii)	“day” or “days” (rather than “Business Day”
or “Business Days”) mean calendar day(s);

 

		(ix)	“faute lourde or dol” shall be interpreted in accordance
with the laws of France and the published case law of the French courts;

 

		(x)	“gross negligence or “wilful misconduct” shall be interpreted in
accordance with the laws of England;

 

    	 	45	 

     

    

 

		(xi)	“hereof”, “herein”, “hereto” and “hereunder”
and other words of similar import mean this Agreement as a whole and not any particular part hereof; and

 

		(xii)	“include”, “includes”, “including” and
other words of similar import mean without limitation.

 

		(b)	Unless a contrary indication appears therein, a term used in any other Finance Document or in any
notice given under or in connection with this Agreement or any other Finance Document has the same meaning in that Finance Document
or notice as in this Agreement.

 

		(c)	Unless a contrary indication appears herein or in any other Finance Document:

 

		(i)	words (including terms used to refer to any of the relevant parties) importing the plural shall
include the singular and vice versa; and

 

		(ii)	words importing any gender shall be construed as including every gender.

 

		(d)	Clause, paragraph and Schedule headings herein are for ease of reference only.

 

		1.3	Third Party Rights

 

		(a)	Unless expressly provided to the contrary in this Agreement or any other Finance Document, a Person
who is not a party hereto or thereto (as the case may be) has no right under the Contracts (Rights of Third Parties) Act 1999 to
enforce or to enjoy the benefit of any term hereof or thereof (as the case may be).

 

		(b)	Unless expressly provided to the contrary in this Agreement or any other Finance Document, the
consent of any person who is not a party hereto or thereto (as the case may be) is not required to rescind or vary this Agreement
or such other Finance Document (as the case may be) at any time.

 

    	 	46	 

     

    

 

		1.4	Accounting and Financial Determinations

 

Unless otherwise specified, all accounting
terms used herein shall be interpreted, all accounting determinations and computations hereunder or thereunder (including under
Clause 9.4 (Financial Condition)) shall be made, and all financial statements required to be delivered hereunder or thereunder
shall be prepared, in accordance with GAAP consistently applied (or, if not consistently applied, accompanied by details of the
inconsistencies); provided that if the Borrower elects to apply or is required to apply IFRS accounting principles in lieu
of GAAP, upon any such election and notice to the Facility Agent, references herein to GAAP shall thereafter be construed to mean
IFRS (except as otherwise provided in this Agreement); provided further that if, as a result of (a) any change in GAAP
or IFRS or in the interpretation thereof or (b) the application by the Borrower of IFRS in lieu of GAAP, in each case, after
the date of any financial statements referred to in Clause 8.1 (Financial Information, Reports, Notices, etc.), there
is a change in the manner of determining any of the items referred to herein or thereunder that are to be determined by reference
to GAAP, and the effect of such change would (in the reasonable opinion of the Borrower or the Facility Agent) be such as to affect
the basis or efficacy of the financial covenants contained in Clause 9.4 (Financial Condition) in ascertaining the consolidated
financial condition of the Borrower and its Subsidiaries and the Borrower notifies the Facility Agent that the Borrower requests
an amendment to any provision hereof to eliminate such change occurring after the date hereof in GAAP or the application thereof
on the operation of such provision (or if the Facility Agent notifies the Borrower that the Required Lenders request an amendment
to any provision hereof for such purpose), then such item shall for the purposes of Clause 9.4 (Financial Condition) continue
to be determined in accordance with GAAP relating thereto as if GAAP were applied immediately prior to such change in GAAP or in
the interpretation thereof until such notice shall have been withdrawn or such provision amended in accordance herewith. Notwithstanding
the foregoing, all obligations of any person that are or would be characterized as operating lease obligations in accordance with
GAAP on the B34 Facility Amendment Date (whether or not such operating lease obligations were in effect on such date) shall continue
to be accounted for as operating lease obligations for the purposes of this Agreement regardless of any change in GAAP following
the B34 Facility Amendment Date that would otherwise require such obligations to be recharacterized (on a prospective or retroactive
basis or otherwise) as capital leases.

 

		2.	THE FACILITY AND COMMITMENTS

 

		2.1	The Facility

 

Subject to the terms and conditions of
this Agreement, the Lenders make available to the Borrower a term loan credit facility in Euros in a maximum aggregate amount equal
to the Maximum Loan Amount.

 

		2.2	Purpose

 

		(a)	Subject to paragraph (c) below, the Facility shall be used by the Borrower as follows:

 

		(i)	to partially finance (or, in the case of those portions of the Loan to be disbursed directly to
the Borrower in accordance with the terms hereof, refinance) the purchase of the Purchased Vessel by paying an aggregate maximum
of sixty four per cent. (64%) of the Eligible Portion of the Cash Contract Price of the Purchased Vessel, limited to the aggregate
of up to:

 

		(A)	sixty four per cent. (64%) of the Eligible Portion of the Initial Basic Cash Contract Price of
the Purchased Vessel (which price is, for purposes of this Clause, capped at nine hundred twenty three million five hundred thousand
Euros (EUR 923,500,000)), to the Builder;

 

    	 	47	 

     

    

 

		(B)	sixty four per cent. (64%) of the Eligible Portion of the Non-Exercise Premium, if any (which premium
(if any) is, for purposes of this Clause, capped at twenty million Euros (EUR 20,000,000)), to the Builder;

 

		(C)	sixty four per cent. (64%) of the Eligible Portion of the aggregate cost of Change Orders effected
in accordance with the terms of the Construction Contract (which aggregate cost is, for purposes of this Clause, capped at forty
six million one hundred and seventy five thousand Euros (EUR 46,175,000)), to (and in such order of priority):

 

		(I)	first, with respect to all Change Orders other than Borrower-Paid Change Orders, the Builder; and

 

		(II)	secondly, with respect to any Borrower-Paid Change Orders, the Borrower; and

 

		(D)	sixty four per cent. (64%) of the Eligible Portion of the NYC Allowance which has been utilised
in accordance with the terms of the Construction Contract (which allowance is, for purposes of this Clause, capped at one hundred
million Euros (EUR 100,000,000)), to the Borrower; provided that any portion of the NYC Allowance attributable to Non-Yard
Costs that have been invoiced in accordance with the Construction Contract in USD shall have been converted into the applicable
Euro Equivalent; and

 

		(ii)	to pay one hundred per cent. (100%) of the BpiFAE Premium to the Facility Agent for the account
of BpiFAE in accordance with Clause 13.13 (BpiFAE Premium) in an amount of up to sixteen million three hundred eighty eight seven
hundred and twelve Euros (EUR 16,388,712).

 

		(b)	No Finance Party is bound to monitor or verify the application of any amount borrowed pursuant
to this Agreement.

 

		(c)	The Deferred Tranches shall be deemed to be made available for the purpose set out in Recital (D) and,
accordingly, the other provisions of this Clause 2.2 (Purpose) shall not apply to the proceeds of either Deferred Tranche.

 

    	 	48	 

     

    

 

		2.3	Commitments of the Lenders

 

		(a)	On the terms and subject to the conditions of this Agreement (including Clause 4 (Conditions
Precedent)), each Lender severally agrees to make its participation in the Loan (other than in respect of the Deferred Tranches)
available to the Facility Agent, without any set-off, counterclaim or deduction, on the Disbursement Date through such Lender’s
Lending Office.

 

		(b)	The amount of each Lender’s participation in the Loan (excluding the Deferred Tranches) will
be equal to the proportion borne by its Available Commitment to the available Facility, but in no case shall a Lender be obliged
to lend more than its Commitment.

 

		(c)	The Facility Agent shall notify each Lender of the amount of the Loan and the amount of its participation
in the Loan not later than 1:00 p.m. (Paris time) at least three (3) Business Days prior to the proposed Disbursement
Date.

 

		(d)	Subject to the satisfaction of the conditions set out in Clause 4.7 (First Deferred Tranche
Conditions Precedent), each Lender shall be deemed to have made available its Commitment in respect of the relevant portion
of the First Deferred Tranche (as set out in Schedule 1 of Amendment and Restatement No.4) on the relevant Repayment Date falling
during the First Deferral Period and, accordingly, the remaining provisions of this clause 2.3, and of Clauses 2.4 to 2.8 (inclusive),
shall not apply in respect of the deemed advances of the First Deferred Tranche. The Commitments in respect of the First Deferred
Tranche shall automatically terminate on the date referred to in sub-paragraph (b) of the Commitments Termination Date.

 

		(e)	Subject to the satisfaction of the conditions set out in Clause 4.8 (Second Deferred Tranche
Conditions Precedent), each Lender shall be deemed to have made available its Commitment in respect of the relevant portion
of the Second Deferred Tranche (as set out in Schedule 1 of Amendment and Restatement No.6) on the relevant Repayment Date falling
during the Second Deferral Period and, accordingly, the remaining provisions of this clause 2.3, and of Clauses 2.4 to 2.8 (inclusive),
shall not apply in respect of the deemed advances of the Second Deferred Tranche. The Commitments in respect of the Second Deferred
Tranche shall automatically terminate on the date referred to in sub-paragraph (c) of the Commitments Termination Date.

 

    	 	49	 

     

    

 

		2.4	Voluntary Cancellation

 

		(a)	At any time prior to the tenth (10th) Business Day before the Scheduled Delivery Date, subject
to the Borrower paying any due and unpaid fees (including, for the avoidance of doubt, the Finance Parties’ legal fees required
hereunder, the Commitment Fee and any fees under the Fee Letters), and provided that the Borrower provides evidence satisfactory
to the Facility Agent and the Funding Entity that it has the adequate financial resources available to it to pay all sums contractually
due to the Builder at the delivery of the Purchased Vessel, the Borrower may, without liability for any Funding Losses, premium
or penalties, provide written notice to the Facility Agent (of which the Facility Agent shall notify BpiFAE and the Funding Entity)
that the Borrower elects to cancel all or part of the available Facility, and such cancellation shall become effective on the earlier
of the tenth (10th) Business Day after such notice has been provided to the Facility Agent and the Scheduled Delivery Date.

 

		(b)	Any cancellation under this Clause 2.4 (Voluntary Cancellation) shall (i) reduce the
Commitments of the Lenders ratably (provided that, if the Borrower cancels up to twenty per cent. (20%) of the Facility
in accordance with paragraph (a) above within four (4) months of the date of this Agreement (or such longer period as
the Facility Agent, acting on the instructions of the Mandated Lead Arrangers, acting reasonably, may agree prior to the expiration
of such four (4) month period) for purposes of creating a separate USD facility to be used for purposes of financing the acquisition
of the Purchased Vessel, then Natixis shall maintain its participation percentage in the Loan as originally transferred or assigned
to it pursuant to Clause 13.11(a)(iv)) and (ii) be irrevocable.

 

		(c)	The Borrower shall notify the Facility Agent in writing of any cancellation of the available USD
Facility and shall not cancel all or part of the available USD Facility without providing evidence satisfactory to the Facility
Agent and the Funding Entity that it has the adequate financial resources available to it to pay all sums contractually due to
the Builder at the delivery of the Purchased Vessel.

 

		2.5	Cancellation due to Lender Illegality

 

		(a)	If, prior to the Disbursement Date, it becomes unlawful in any applicable jurisdiction for any
Lender to perform any of its obligations as contemplated by this Agreement, any other Finance Document and/or the Funding Agreement,
then such Lender shall promptly notify the Facility Agent upon becoming aware of such event and the Facility Agent shall then notify
the Borrower.

 

		(b)	Upon the Borrower being so notified, the Commitments of such affected Lender shall be cancelled.

 

    	 	50	 

     

    

 

		2.6	Delayed Delivery

 

		(a)	If, after the Borrower has provided a Drawing Request, the delivery of the Purchased Vessel is
delayed beyond the date contemplated by such Drawing Request, such Drawing Request shall remain valid for five (5) Business
Days. At 3:00 p.m. (Paris time) on the (5th) such Business Day (the “Request Withdrawal Time”), if the
Loan has not been made (and therefore the Disbursement Date has not occurred), the Drawing Request shall be deemed withdrawn (except
for the Borrower’s election of the interest rate applicable to the Loan as set forth in the initial Drawing Request). After
the Request Withdrawal Time, the Borrower shall be permitted to submit another Drawing Request upon ascertaining the revised delivery
schedule for the Purchased Vessel, and the Borrower shall be permitted to repeat the process described in this Clause 2.6 (Delayed
Delivery) as necessary (provided that, for the avoidance of doubt, in no event shall the disbursement of the Loan be
made after the Commitments Termination Date).

 

		(b)	The Borrower shall pay during any such delays (other than a delay where the Loan is made prior
to the Request Withdrawal Time, in which case interest shall accrue on the Loan in accordance with Clause 5.3 (Interest Provisions))
an amount equal to interest calculated at the rate equal to the difference (if positive) between (i) the Floating Rate and
(ii) EONIA for the period from (and including) the proposed Disbursement Date specified in the delayed Drawing Request until
(and excluding) the earlier of the Commitments Termination Date and, if relevant, the date on which the delayed Drawing Request
is deemed withdrawn pursuant to paragraph (a) above.

 

		(c)	During any such delays, the Borrower shall diligently keep the Facility Agent informed as to the
progress of the Purchased Vessel’s construction and finalisation and the expected timing of its delivery.

 

		2.7	Automatic Cancellation

 

		(a)	If, prior to receipt by the Facility Agent of the Drawing Notice, it becomes illegal for the Funding
Entity to perform its obligations under the Funding Agreement in respect of any Lender, then the Available Commitments of that
Lender shall be automatically cancelled without liability for the Borrower for any Funding Losses, premium or penalties.

 

		(b)	Notwithstanding anything to the contrary herein, all Available Commitments shall be automatically
cancelled and terminated on the Commitments Termination Date. So long as the Borrower has either not served a Drawing Request or
has borrowed the full amount requested in its Drawing Request, any such cancellation and termination of the Available Commitments
shall not itself result in liability for the Borrower for any Funding Losses, premium or penalties.

 

    	 	51	 

     

    

 

		2.8	Cancellation for Non–Exercise Premium

 

		(a)	The Commitments shall be automatically reduced by an amount equal to sixty four per cent. (64%)
of the Non-Exercise Premium (as such premium is capped pursuant to Clause 2.2(a)(i)(B)) if the Non-Exercise Premium does not become
payable in accordance with the terms of the Construction Contract. Any reduction shall take effect on the date on which the Non-Exercise
Premium ceases to be payable in accordance with the terms of the Construction Contract.

 

		(b)	Any cancellation under this Clause 2.8 (Cancellation for Non-Exercise Premium) shall (i) reduce
the Commitments of the Lenders ratably and (ii) be irrevocable.

 

		2.9	Construction Contract

 

The parties to this Agreement acknowledge
that, except as otherwise expressly provided in the Finance Documents or any other documents executed in connection herewith or
therewith, none of the Finance Parties shall have any responsibility or liability whatsoever regarding any performance or non-performance
by any party to the Construction Contract and that (other than in their capacity as a finance party under the Construction Financing
pursuant to the documents executed by them in connection therewith) no Finance Party shall have any right or obligation to intervene
in any dispute in connection with or arising out of such performance or non- performance and any such dispute shall not entitle
the Borrower or any of its Affiliates to any claim towards any Finance Party.

 

		2.10	Independence of Borrower’s Obligations

 

The Borrower acknowledges that its obligations
under this Agreement, including its obligation to repay the Loan, are independent of the Construction Contract, and this Agreement
and the performance by the Borrower of its obligations hereunder shall not be invalidated, suspended or limited in any way by any
termination, rescission, cancellation, invalidation, non-performance or non-completion of the Construction Contract or any other
contract, agreement or arrangement relating thereto (other than the Finance Documents) or any dispute or claim between the Borrower
and/or the Builder and/or any suppliers and/or any other third parties under or in connection with the Construction Contract, or
any defence thereto, or any insolvency proceedings relating to the Builder or any other Person.

 

		2.11	Finance Parties’ Rights and Obligations

 

		(a)	The obligations of each Finance Party under the Finance Documents are several. Failure by a Finance
Party to perform its obligations under the Finance Documents does not affect the obligations of any other party under the Finance
Documents. No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents.

 

		(b)	The rights of each Finance Party under or in connection with the Finance Documents are separate
and independent rights and any debt arising under the Finance Documents to a Finance Party from the Borrower shall be a separate
and independent debt.

 

    	 	52	 

     

    

 

		(c)	A Finance Party may, except as otherwise stated in the Finance Documents, separately enforce its
rights under the Finance Documents.

 

		3.	DISBURSEMENT PROCEDURES; BORROWER’S PAYMENT INSTRUCTIONS

 

		3.1	Availability of Facility

 

		(a)	Subject to clause 3.7, the Facility shall be made available to the Borrower in one (1) disbursement.

 

		(b)	Upon the terms and subject to the conditions of this Agreement, the Facility shall be available
for drawing by the Borrower on any Business Day on or prior to the Commitments Termination Date.

 

		3.2	Delivery of a Drawing Request

 

The Borrower may utilise the Facility by
delivery of a duly completed Drawing Request to the Facility Agent at or before 10:00 a.m. (Paris) time, not less than seven
(7) Business Days in advance of the Scheduled Delivery Date of the Purchased Vessel. The Facility Agent shall promptly notify
each Lender and the Funding Entity of any Drawing Request by forwarding a copy thereof to each Lender and the Funding Entity, together
with its attachments.

 

		3.3	Completion of a Drawing Request

 

		(a)	Subject to Clause 2.6 (Delayed Delivery), a Drawing Request is irrevocable.

 

		(b)	A Drawing Request will not be regarded as having been duly completed unless:

 

		(i)	it is signed and delivered by an Authorised Officer;

 

		(ii)	the currency and amount of the requested disbursement comply with Clause 3.4 (Currency and Amount of Disbursement);
and

 

		(iii)	all supporting documentation described therein is provided to the Facility Agent together with such Drawing Request.

 

		3.4	Currency and Amount of Disbursement

 

		(a)	The currency of the disbursement requested in the Drawing Request shall be Euros.

 

		(b)	The amount of the Loan shall be the amount specified in the Drawing Request.

 

    	 	53	 

     

    

 

		(c)	The Drawing Request shall not request a disbursement for more than the aggregate of the Available Commitments.

 

		3.5	Disbursement

 

		(a)	Without prejudice to the Lenders’ obligations under Clause 2.3 (Commitments of the Lenders),
the Loan shall, on the terms and subject to the conditions of this Agreement, be made on the Business Day specified in the Drawing
Request. To the extent that funds are received by the Facility Agent from the Lenders pursuant to Clause 2.3 (Commitments of
the Lenders), the Facility Agent shall, without any set-off, counterclaim or deduction and subject to Clause 12.3 (Funding
Reliance, etc.), make such funds available to the Borrower on the Business Day specified in the Drawing Request by wire transfer
of same day funds to the account or accounts the Borrower shall have specified in its Drawing Request.

 

		(b)	Notwithstanding anything to the contrary herein, each Lender and the Facility Agent may fulfill
its obligation to make or continue the Loan hereunder by causing the Funding Entity to fund the Loan to the Facility Agent, and
the Loan shall nonetheless be deemed to have been made by the Facility Agent on behalf of the Lenders and to be held by the Lenders,
and the obligation of the Borrower to repay the Loan shall nevertheless be to the Lenders.

 

		3.6	Borrower’s Payment Instructions

 

The Lenders shall not be obliged to make
the Facility available except in the apportionments set out in Clause 2.2 (Purpose). Accordingly, the Borrower hereby irrevocably
instructs the Facility Agent, upon the satisfaction of the conditions set forth in Clause 4 (Conditions Precedent) and subject
to the other terms and conditions of this Agreement, to disburse the proceeds of the Loan in accordance with the apportionment
set out in Clause 2.2 (Purpose).

 

		3.7	Deemed Advance of Deferred Tranches

 

Any advance under a Deferred Tranche shall
be automatically made available in the manner contemplated by Recital (D) and, accordingly, other than this Clause 3.7, the
other provisions of Clause 3 shall not apply to a deemed advance of any part of either Deferred Tranche, and all references to
Loan and/or the Facility in the remainder of this Clause 3 shall be deemed to exclude the Deferred Tranches.

 

    	 	54	 

     

    

 

		4.	CONDITIONS PRECEDENT

 

		4.1	Conditions Precedent to Effectiveness

 

The entry into force of this Agreement
is subject to the condition that, on or prior to the date hereof, the Facility Agent shall have confirmed in writing to the Borrower
and the other Finance Parties that it has received (or waived in writing) the following documents and evidence, each in form and
substance satisfactory to the Facility Agent:

 

		(a)	Resolutions, etc.

 

		(i)	a certificate of the Borrower’s Secretary or Assistant Secretary as to the incumbency of
the Borrower’s Authorised Officers (including a specimen of each such Authorised Officer’s signature) and as to the
truth and completeness and continuing force and effect of the attached:

 

		(A)	resolutions of the Borrower’s Board of Directors authorising the execution, delivery and
performance of this Agreement and each other Finance Document (including for the avoidance of doubt any Drawing Request); and

 

		(B)	Organic Documents of the Borrower,

 

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

 

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

 

		(b)	Finance Documents

 

this Agreement and each Fee Letter, in
each case duly executed by each of the parties hereto and thereto;

 

		(c)	Opinions of Counsel

 

opinions, addressed to:

 

		(i)	the Facility Agent, each Original Lender, each Mandated Lead Arranger, the Documentation Bank and
the Funding Entity, from:

 

		(A)	Watson Farley & Williams LLP, counsel to the Borrower, as to Liberian law; and

 

		(B)	White & Case LLP, counsel to the Lenders, as to English law; and

 

    	 	55	 

     

    

 

		(ii)	the Facility Agent, each Original Lender, each Mandated Lead Arranger and the Documentation Bank,
from White & Case LLP, United States tax counsel to the Lenders, as to the U.S. tax treatment and the U.S. tax consequences
for the Lenders of the transactions contemplated by the Finance Documents,

 

each of which shall also be in
form and substance satisfactory to the Mandated Lead Arrangers;

 

		(d)	Process Agent Appointment

 

evidence that the Borrower’s
process agent described in Clause 13.14(d) has accepted its appointment;

 

		(e)	Funding Agreement

 

an original of the Funding Agreement
duly executed by each of the parties thereto, and evidence that the Funding Agreement is in full force and effect;

 

		(f)	Funding Entity’s Security

 

an original of each acknowledgement,
consent or other agreement of the Borrower (in each case duly executed by an Authorised Officer) with respect to any delegation,
pledge or assignment by the Lenders of their rights under the Finance Documents in favour of the Funding Entity, in each case in
the form agreed with the Borrower prior to the execution of this Agreement; and

 

		(g)	Funds Flow Agreement

 

the substantially agreed form
of the Funds Flow Agreement.

 

		4.2	Conditions Precedent to Disbursement

 

The obligations of the Lenders to fund
the Loan (excluding the Deferred Tranches) and of the Facility Agent to disburse the Loan on the Disbursement Date are subject
to the Facility Agent’s receipt (or waiver in writing), prior to or concurrently with the disbursement of the Loan, of the
following documents, information, evidence and confirmations, each in form and substance satisfactory to the Facility Agent:

 

		(a)	Resolutions, etc.

 

		(i)	a certificate of the Borrower’s Secretary or Assistant Secretary as to the continuing truth,
completeness, force and effect of the documents described in Clause 4.1(a)(i), upon which certificate the Lenders may conclusively
rely until they shall have received a further certificate of the Secretary or Assistant Secretary of the Borrower canceling or
amending such prior certificates; and

 

    	 	56	 

     

    

 

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

 

		(b)	Drawing Requests

 

		(i)	a Drawing Request satisfying the requirements of Clause 3.3 (Completion of a Drawing Request); and

 

		(ii)	the drawing request under the USD Facility Agreement.

 

		(c)	Opinions of Counsel

 

opinions, addressed to the Facility Agent, each Lender,
each Mandated Lead Arranger, the Documentation Bank and the Funding Entity, from:

 

		(i)	Watson Farley & Williams LLP, counsel to the Borrower, updating the opinion as to Liberian law provided under Clause
4.1(c)(i);

 

		(ii)	White & Case LLP, counsel to the Lenders, as to English law (if required); and

 

		(iii)	any other counsel the opinion of which the Lenders’ external legal counsel reasonably advises,

 

each of which shall also be in form and substance
satisfactory to the CP Banks;

 

		(d)	Fees, Expenses, etc.

 

evidence that the Facility Agent
shall have received all duly invoiced fees that the Borrower shall have agreed in writing to pay to the Facility Agent (whether
for its own account or for the account of any of the other Finance Parties, including under any Fee Letter) that are due and payable
as of the Disbursement Date and all invoiced and documented expenses of the Finance Parties (including the agreed fees and expenses
of counsel to the Finance Parties) required to be paid by the Borrower pursuant to Clause 13.5 (Payment of Costs and Expenses)
or that the Borrower has otherwise agreed in writing to pay to the Finance Parties, in each case on or prior to the Disbursement
Date;

 

    	 	57	 

     

    

 

		(e)	Representations and Warranties, no Default, no Mandatory Prepayment Event, etc.

 

confirmation that, both before and after giving effect to the
disbursement of the Loan, the following statements shall be true and correct:

 

		(i)	the representations and warranties set forth in Clause 7 (Representations and Warranties)
(other than Clause 7.10(b) (Obligations rank pari passu; Liens), Clause 7.11 (Withholding, etc.) and Clause
7.17 (Construction Contract) are true and correct in all material respects (except for any such representations and warranties
that are qualified by materiality or the non-existence of a Material Adverse Effect, which are true and correct in all respects),
in each case by reference to the facts and circumstances then existing; and

 

		(ii)	no Default, Event of Default or Mandatory Prepayment Event, and no event which (with the expiry
of a grace period, the giving of notice or both) will become a Mandatory Prepayment Event, has occurred and is continuing or is
reasonably likely to occur upon the disbursement of the Loan;

 

		(f)	Construction Contract

 

		(i)	originals of:

 

		(A)	a certificate signed by an Authorised Officer, certifying as true and complete an attached copy
of the Construction Contract duly signed by the Borrower and the Builder;

 

		(B)	a certificate of an Authorised Officer and an authorised officer of the Builder, specifying the
date on which the Construction Contract entered into force and confirming that it remains in full force and effect in accordance
with its terms and has not been suspended, repudiated, invalidated, terminated or cancelled (in whole or in part);

 

		(C)	a written confirmation by the Builder, countersigned by the Borrower, of the aggregate amount of
the Non-Yard Costs accounted by the Builder;

 

		(D)	a written confirmation by the Builder, countersigned by the Borrower, of the aggregate amount of
the signed Change Orders; and

 

		(E)	a power of attorney or other signing authorities for the Builder’s authorised officers who
are signing any documentation on its behalf; and

 

    	 	58	 

     

    

 

		(ii)	a copy of the protocol of delivery and acceptance under the Construction Contract, duly signed
by the Borrower and the Builder and certified as true by the Borrower;

 

		(g)	Commercial Invoice and Proof of Past Payments

 

		(i)	an original duly executed invoice from the Builder containing a breakdown of the Delivery Installment,
with details of the payments already made to the Builder under, or of the financed portion of:

 

		(A)	the Basic Cash Contract Price;

 

		(B)	the Non-Exercise Premium (if any);

 

		(C)	the aggregate amount of the Change Orders payable to the Builder, or reimbursable to the Borrower (Borrower-Paid Change Orders);
and

 

		(D)	the aggregate amount of the utilised NYC Allowance to be reimbursed to the Borrower;

 

		(ii)	copies of credit advices or bank statements from the Builder’s bank, duly certified as true
by the Builder, evidencing that all Installments (other than the Delivery Installment) and all other amounts required to be paid
under the Construction Contract have been paid by the Borrower to the Builder, and received by the Builder, in accordance with
the terms of the Construction Contract; and

 

		(iii)	evidence establishing the average rate of currency hedges entered into by the Borrower for payment
in Dollars of the Non-Yard Costs; and

 

		(h)	No Liens

 

evidence that no Lien is recorded over
the Purchased Vessel.

 

		(i)	Delivery Installment

 

confirmation by the facility agent under
the Construction Financing of receipt of the funds corresponding to 20% of the Delivery Installment.

 

    	 	59	 

     

    

 

		4.3	Additional Conditions Precedent to Disbursement

 

The obligations of the Lenders to fund the Loan (excluding the
Deferred Tranches) and of the Facility Agent to disburse the Loan on the Disbursement Date are subject to the Facility Agent being
satisfied that:

 

		(a)	BpiFAE Insurance Policy

 

the BpiFAE Insurance Policy is
in full force and effect (subject only to the full payment of the BpiFAE Premium) and has not been suspended, repudiated, terminated,
invalidated or cancelled (in whole or in part), which shall be in form and substance satisfactory to the CP Banks;

 

		(b)	Funding Agreement

 

		(i)	the Funding Agreement has not been repudiated, terminated or cancelled, in whole or in part, provided
that this condition shall not apply if such repudiation, termination or cancellation (as the case may be) is due to the gross
negligence or wilful misconduct under the Funding Agreement of one or more Finance Parties; and

 

		(ii)	the Funding Entity has disbursed all funds under the Funding Agreement that are required for the
Lenders to make the Loan under this Agreement; and

 

		(c)	BpiFAE Insurance Policy Amendment

 

the BpiFAE Insurance Policy Amendment
is in form and substance satisfactory to the CP Banks and is approved and executed by and between BpiFAE, the Facility Agent and
the Lenders.

 

		4.4	Form of Conditions Precedent

 

		(a)	For purposes of the entry into force of this Agreement, each of the documents and evidence described
in Clause 4.1 (Conditions Precedent to Effectiveness) shall be received by the Facility Agent in original, hard copy or
electronic copy format; provided that (i) only originals of the duly executed Funding Agreement and each of the documents
described in Clause 4.1(f) (Funding Entity’s Security) shall be acceptable to the Facility Agent and (ii) the
parties agree to use reasonable efforts to ensure that any other documents and/or evidence accepted by the Facility Agent in hard
copy or electronic copy format shall be replaced by originals thereof promptly following the date of this Agreement.

 

    	 	60	 

     

    

 

 

		(b)	For purposes of the funding and disbursement of the Loan, each of the documents and evidence described
in Clause 4.2 (Conditions Precedent to Disbursement) shall be received by the Facility Agent in original, hard copy or electronic
copy format; provided that:

 

		(i)	whereas a hard copy or electronic copy of the duly executed Drawing Request and all supporting
documentation described therein shall be acceptable to the Facility Agent for purposes of Clause 3.2 (Delivery of a Drawing
Request), the Borrower shall deliver originals thereof to the Facility Agent prior to the disbursement of the Loan;

 

		(ii)	only originals of the certificates, confirmations and power of attorney described in Clause 4.2(f)(i) (Construction
Contract) and the invoice described in Clause 4.2(g)(i) (Invoice and Proof of Past Payments) shall be acceptable
to the Facility Agent for purposes of satisfying such conditions; and

 

		(iii)	the parties agree to use reasonable efforts to ensure that any other documents and/or evidence
accepted by the Facility Agent in copy or electronic format shall be replaced by originals thereof promptly following the Disbursement
Date.

 

		4.5	Facility Agent’s Responsibility

 

		(a)	The Facility Agent shall provide the Borrower with an original of any document executed by the
Borrower pursuant to Clause 4.1(f) (Funding Entity’s Security), in each case duly executed by all parties thereto.

 

		(b)	The Facility Agent’s responsibility for examination of the documents presented pursuant to
this Clause 4 (Conditions Precedent) shall be limited to establishing that they appear on their face to comply with the
documents specified above within the meaning of article 14a of the Uniform Customs and Practice for Documentary Credits (2007 Revision)
of the International Chamber of Commerce (Publication nr. 600). For the avoidance of doubt, documents which appear on their face
to be inconsistent with one another shall not be considered to be in order.

 

		(c)	The Facility Agent shall not be liable for any delay in the making of the Loan occasioned by any
request which it may make for information or documentation referred to in this Clause 4 (Conditions Precedent) or by any
reasonable request it may make for clarification in case of material discrepancies or material missing information in relation
to the documents referred to in this Clause 4 (Conditions Precedent).

 

		(d)	With respect to the conditions precedent set forth in Clause 4.2(e) (Representations and
Warranties, no Default, no Mandatory Prepayment Event, etc.) to (h) (No Liens), the Facility Agent may (but
is not required to) rely on information provided by the Borrower, including the information set forth in the Drawing Request.

 

    	 	61	 

     

    

 

		(e)	Paragraphs (b) and (d) above apply as between the Finance Parties only and do not affect
or change in any way the rights and obligations of the Borrower under the Finance Documents and do not, directly or indirectly,
result in any increased or additional cost or liability to the Borrower.

 

		4.6	Waiver

 

The conditions specified in this Clause
4 (Conditions Precedent) are solely for the benefit of the Lenders and may be waived on their behalf in whole or in part
and with or without conditions by the Facility Agent (upon instructions from all Lenders in the case of Clause 4.1 (Conditions
Precedent to Effectiveness) and instructions from the Required Lenders in all other cases) with, to the extent required as
determined by the Facility Agent, the consent of BpiFAE and the Funding Entity, provided that any waiver of or in respect
of the conditions specified in Clause 4.1(e) (Funding Agreement) or Clause 4.1(g) (Funds Flow Agreement)
shall be subject to the prior written consent of the Borrower.

 

		4.7	First Deferred Tranche Conditions Precedent

 

The First Deferred Tranche shall only be advanced pursuant to
Clause 3.7 (Deemed Advance of Deferred Tranches) and Recital (D) if prior to the date of the first such advance, the
Facility Agent shall have received (in a form and substance satisfactory to it):

 

		(a)	the BpiFAE Insurance Policy Amendment No.3 duly signed and issued in respect of the first Deferred
Tranche either (i) in an original with ‘wet-ink’ signature(s) or (ii) if the execution of an original
of the BpiFAE Insurance Policy Amendment No.3 is not practicable at the relevant time (having regard to the logistical difficulties
caused by COVID-19), electronically signed and initialled, together with written confirmation from BpiFAE confirming that (A) Bpifrance
Assurance Export agrees that this manner of signature is acceptable and (B) by this signing process the parties shall be bound
by the BpiFAE Insurance Policy Amendment No.3, and in each case, BpiFAE shall not have, prior to any deemed advance of the First
Deferred Tranche, delivered to the Facility Agent any notice seeking the cancellation, suspension or termination of the BpiFAE
Insurance Policy Amendment No.3 or the suspension of the deemed advance of the First Deferred Tranche under this Agreement;

 

		(b)	an opinion from Norton Rose Fulbright LLP, counsel to the Facility Agent and the Lenders, on matters
relating to the conformity of the BpiFAE Insurance Policy Amendment No.3 issued by BpiFAE in accordance with paragraph (a) above
with the arrangements relating to the First Deferred Tranche set out in this Agreement;

 

		(c)	written confirmation from BpiFAE that the Borrower has paid any additional premium to BpiFAE then
due and payable in respect of the issuance of the BpiFAE Insurance Policy Amendment No.3 referred to in paragraph a) above (and
as contemplated by Clause 5.3 of Amendment and Restatement No.4);

 

    	 	62	 

     

    

 

		(d)	written confirmation from the Borrower that no Mandatory Prepayment Event under Clauses 11.1(o) (Framework
prohibited events) or 11.1(p) (Breach of Principles or Framework) has occurred and is continuing;

 

		(e)	an executed copy of the Funding Agreement Amendment No.2, together with evidence that the Funding
Agreement (as amended) is in full force and effect; and

 

		(f)	an executed copy of each acknowledgement, consent or other agreement of the Borrower (in each case
duly executed by an Authorised Officer or an attorney in fact or other authorised signatory of the Borrower) with respect to any
delegation, pledge or assignment by the Lenders of their rights under the Finance Documents in favour of the Funding Entity in
connection with the Funding Agreement Amendment No.2, in each case in the form agreed with the Borrower prior to the execution
of Amendment and Restatement No. 4.

 

		4.8	Second Deferred Tranche Conditions Precedent

 

The Second Deferred Tranche shall only be advanced pursuant
to Clause 3.7 (Deemed Advance of Deferred Tranche) and Recital (D) if prior to the date of the first such advance,
the Facility Agent shall have received (in a form and substance satisfactory to it):

 

		(a)	the BpiFAE Insurance Policy Amendment No. 5 duly signed and issued in respect of the Second
Deferred Tranche either (i) in an original with ‘wet-ink’ signature(s) or (ii) if the execution of an
original of the BpiFAE Insurance Policy Amendment No. 5 is not practicable at the relevant time (having regard to the logistical
difficulties caused by COVID-19), electronically signed and initialed, together with written confirmation from BpiFAE that (A) such
electronic signature is binding upon BpiFAE, (B) BpiFAE will send an original executed ‘wet-ink’ version of the
BpiFAE Insurance Policy Amendment No. 5 to the Facility Agent as soon as practicable (again, having regard to the logistical
difficulties caused by COVID-19) and (C) such electronically signed BpiFAE Insurance Policy Amendment No. 5 is valid
and enforceable irrespective of whether the signed and regularized ‘wet-ink’ policy has at that time been produced
and circulated, and in each case, BpiFAE shall not have, prior to the Second Deferred Tranche Effective Date, delivered to the
Facility Agent any notice seeking the cancellation, suspension or termination of the BpiFAE Insurance Policy Amendment No. 5
or the suspension of an advance (deemed or otherwise) of the Second Deferred Tranche under this Agreement;

 

    	 	63	 

     

    

 

		(b)	an opinion from Norton Rose Fulbright LLP, counsel to the Facility Agent and the Lenders, on matters
relating to the conformity of the BpiFAE Insurance Policy Amendment No. 5 issued by BpiFAE in accordance with paragraph a)
above with the arrangements relating to the Second Deferred Tranche set out in this Agreement;

 

		(c)	evidence that, as contemplated by Clause 6.4 of Amendment and Restatement No.6, the Borrower has
paid any additional BpiFAE Premium then due and payable in respect of the issuance of BpiFAE Insurance Policy Amendment No.5 above;

 

		(d)	an executed copy of the Funding Agreement Amendment No.3, together with evidence that the Funding
Agreement (as amended) is in full force and effect;

 

		(e)	an executed copy of each acknowledgement, consent or other agreement of the Borrower (in each case
duly executed by an Authorised Officer or an attorney in fact or other authorised signatory of the Borrower) with respect to any
delegation, pledge or assignment by the Lenders of their rights under the Finance Documents in favour of the Funding Entity in
connection with the Funding Agreement Amendment No.3, in each case in the form agreed with the Borrower prior to the execution
of Amendment and Restatement No.6; and

 

		(f)	written confirmation from the Borrower that no Mandatory Prepayment Event under Clauses 11.1(o) (Framework
prohibited events) or 11.1(p) (Breach of Principles or Framework) has occurred and is continuing.

 

		5.	REPAYMENTS, PREPAYMENTS, INTEREST AND FEES

 

		5.1	Repayments

 

		(a)	Subject to paragraph (b) below (which it is acknowledged that as of the First Deferred Tranche
Effective Date and the Second Deferred Tranche Effective Date, did not apply), the Borrower shall repay (i) the Loan (but
for this purpose excluding the Deferred Tranches) in the installments and on the dates set out in Part A of Schedule B (Repayment
Schedule), (ii) the First Deferred Tranche, in the installments and on the dates set out in Part B of Schedule B
(Repayment Schedule) and (iii) the Second Deferred Tranche, in the instalments and on the dates set out in Part C
of Schedule B (Repayment Schedule), in each case as such Schedule B was substituted on the Second Deferred Tranche Effective
Date, it being acknowledged and agreed that that the repayment installments of the Loan falling during the Second Deferral Period
(and for this purpose including the repayment installments of the First Deferred Tranche falling due during this period) shall
be deemed to be repaid pursuant to a deemed advance of the Second Deferred Tranche to be made on each relevant Repayment Date falling
during such Second Deferral Period and being, in each case, in an amount equal to the principal amount of the Loan (including the
relevant part of the First Deferred Tranche falling due for payment on those Repayment Dates).

 

    	 	64	 

     

    

 

		(b)	(i) Schedule B (Repayment Schedule) has been prepared as at the date of this Agreement
on the assumptions that:

 

		(A)	the Disbursement Date will be the Original Scheduled Delivery Date;

 

		(B)	the principal amount of the Loan advanced under this Agreement will be the Maximum Loan Amount; and

 

		(C)	the Loan will not be prepaid in whole or in part.

 

		(ii)	If any of these assumptions proves to be incorrect then, as soon as reasonably practicable, the
Facility Agent shall, in consultation with the Borrower and the Funding Entity, prepare a substitute Schedule B (Repayment Schedule)
on the same basis as the existing Schedule B (Repayment Schedule) but reflecting the correct Disbursement Date, amount of
the Loan advanced or, as the case may be, principal amount of the Loan outstanding after any such prepayment.

 

		(iii)	The Facility Agent shall provide the Lenders, the Borrower and the Funding Entity with a copy of
the substitute Schedule B (Repayment Schedule) promptly following its preparation and in any event at least ten (10) Business
Days prior to the first or, as applicable, next Repayment Date.

 

		(iv)	Upon the receipt by the Lenders and the Borrower of the substitute Schedule B (Repayment Schedule),
subject to there being no manifest error therein, such substitute schedule will replace the existing Schedule B (Repayment Schedule)
and all repayments of the Loan will, subject to the further application of clause (i) above, be made in accordance with the
substitute Schedule B (Repayment Schedule).

  

	(c)	(i)	If with respect to any date on which an amount of principal and/or interest is due and payable
by the Borrower under this Agreement (the “EUR Amount”) and an amount of principal and/or interest is due and
payable by the Borrower under the USD Facility Agreement (the “USD Amount”), the Borrower becomes aware that
it will be making a payment that is not sufficient to pay in full both the EUR Amount and the USD Amount (a “Short Payment”),
the Borrower shall inform the Facility Agent and the USD Facility Agent thereof in advance in writing and shall share the Short
Payment such that each of the Facility Agent and the USD Facility Agent receives the payment to be made to it under each of the
Agreement and the USD Facility Agreement on a pro rata and pari-passu basis as provided in paragraph (ii) below.

 

    	 	65	 

     

    

 

		(ii)	Such pro rata and pari-passu payment shall be made by reference to the then outstanding
principal amount of the Loan and the then outstanding principal amount of the loan under the USD Facility Agreement (after converting
the same into EUR at the Applicable Spot Rate on that date).

 

		(iii)	The Borrower only (and, for the avoidance of doubt, not the Finance Parties or the USD Finance
Parties) shall be responsible for the ongoing monitoring of the pro- rata and pari-passu payment share so that any
Short Payment is made on a pro rata and pari-passu basis between the Lenders and the USD Facility Lenders. If the
Borrower fails to comply with the provisions of this Clause 5.1(c), no Finance Party shall be required to repay to the Borrower
or to any USD Facility Finance Party any amount received from the Borrower as payment for the EUR Amount or the USD Amount, as
the case may be.

 

		(iv)	On the date on which the Borrower makes a Short Payment it shall provide reasonable written details
to each of the Facility Agent and the USD Facility Agent of (A) the then outstanding principal amount of the Loan and
the then outstanding principal amount of the loan under the USD Facility Agreement (converted into EUR at the Applicable Spot Rate
on that date) and (B) how it calculated the apportionment of the Short Payment, including a screen shot of the Applicable
Spot Rate.

 

		(v)	The provisions of this Clause 5.1(c) are not to be regarded as a waiver by any Finance Party
of any failure by the Borrower to pay in full any EUR Amount on the relevant due date and the compliance by the Borrower with the
provisions of this Clause 5.1(c) will not in any way preclude the application of the provisions of Clause 10.1(a) (Non-Payment
of Obligations) if the full amount of the relevant payment is not made within the applicable remedy period.

 

		(d)	Without prejudice to the availability of the Deferred Tranches, no amounts repaid by the Borrower
under this Agreement may be reborrowed by the Borrower.

 

		(e)	Upon the occurrence of the Starting Date of Repayment (but for this purpose excluding the Starting
Date of Repayment in respect of any part of the Deferred Tranches) in accordance with the provisions of this Agreement, the Facility
Agent shall notify such date to the Borrower and the USD Facility Agent.

 

    	 	66	 

     

    

 

		5.2	Prepayment

 

		(a)	The Borrower:

 

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

 

		(A)	any such voluntary prepayment shall require:

 

		(I)	if the Loan is accruing
interest at the Fixed Rate, at least forty five (45) days’ prior written notice to the Facility Agent; and

 

		(II)	if the Loan is accruing
interest at the Floating Rate, at least fifteen (15) days’ prior written notice to the Facility Agent, 

 

		 	each of which notice shall be irrevocable and shall be
promptly forwarded by the Facility Agent to the Lenders and (if the Funding Agreement is then in effect) the Funding Entity and
the Funding Agents and (if the Fixed Rate applies) Natixis DAI; and

 

		(B)	any such voluntary partial prepayment shall be in a minimum amount of five million Euros (EUR 5,000,000)
(or the remaining amount of the Loan) and a multiple of one million Euros (EUR 1,000,000) and shall (except as provided in the
BpiFAE Insurance Policy) be applied against the outstanding repayment installments of the Loan set out in Schedule B (Repayment
Schedule), in the inverse order of the maturity thereof, save that where there is an outstanding amount of the Deferred Tranches,
any such prepayment shall first be applied against the Deferred Tranches and either in inverse order of maturity or ratably across
the remaining installments of the Deferred Tranches (as the Borrower shall designate in writing); and

 

		(ii)	shall, immediately upon any acceleration of the repayment of the installments of the Loan pursuant
to Clause 10.2 (Action if Bankruptcy) or Clause 10.3 (Action if Other Event of Default) or the mandatory prepayment
of the Loan pursuant to Clause 11.2 (Mandatory Prepayment), repay the Loan or, in the case of a Mandatory Prepayment Event
arising pursuant to Clauses 11.1(o) (Framework prohibited events) or 11.1(p) (Breach of Principles or Framework),
repay the Deferred Tranches, together with all accrued and unpaid deferred costs and interest on the Loan or the Deferred Tranches
(as applicable) and, other than in the case of a Mandatory Prepayment Event arising pursuant to Clauses 11.1(o) (Framework
prohibited events) or 11.1(p) (Breach of Principles or Framework), all other Obligations payable to the Finance
Parties.

 

    	 	67	 

     

    

 

		(b)	Each prepayment of the Loan (including any prepayment of a Deferred Tranche) made in accordance
with this Clause 5.2 (Prepayment) shall be subject to the payment of any Funding Losses but otherwise without any premium
or penalty, provided that no Funding Losses shall be payable in connection with any such prepayment if the Floating Rate
applies and such prepayment is made on the last day of an Interest Period.

 

		(c)	No amounts prepaid by the Borrower pursuant to this Clause 5.2 (Prepayment) may be reborrowed by the Borrower.

 

		5.3	Interest Provisions

 

Interest on the outstanding principal amount of the Loan shall
accrue and be payable in accordance with this Clause 5.3 (Interest Provisions).

 

		(a)	Rates

 

		(i)	The Loan (but for this purpose excluding any drawn portion of either Deferred Tranche) shall accrue
interest from the Starting Date of Repayment to the date of repayment or prepayment of the Loan in full to the Lenders at the rate
(which shall be the Fixed Rate or the Floating Rate) elected by the Borrower pursuant to paragraph (b) below, provided that,
with respect to any period from (and including) the proposed Disbursement Date specified in a Drawing Request that is delayed pursuant
to Clause 2.6(a) until (and excluding) the Disbursement Date, the Loan (excluding (i) from the First Deferred Tranche
Effective Date, any drawn portion of the First Deferred Tranche and (ii) from the Second Deferred Tranche Effective Date,
any drawn portion of the Second Deferred Tranche) shall accrue interest at a rate equal to the difference (if positive) between
(i) the Fixed Rate or the Floating Rate, as applicable (as elected by the Borrower pursuant to paragraph (b) below),
and (ii) EONIA for such period.

 

		(ii)	A Deferred Tranche shall accrue interest from the first Repayment Date to fall during the Advanced
Loan Deferral Period applicable to that Deferred Tranche (or, in the case of a further advance in respect of a Deferred Tranche
after the first advance and in respect of that further advance, from the relevant Repayment Date in respect of the Loan to which
that further advance of that Deferred Tranche relates) to the date of repayment or prepayment of that Deferred Tranche in full
to the Lenders at the Floating Rate. The first deemed advance and the second deemed advance in respect of a Deferred Tranche shall
be consolidated at, and run concurrently from, the time of the making of the second advance in respect of that Deferred Tranche
and interest on the advances in respect of that Deferred Tranche shall be payable on each Repayment Date (it being acknowledged
and agreed that repayment installments for the First Deferred Tranche which are deemed to be repaid by advances under the Second
Deferred Tranche in accordance with Clause 5.1(a)) shall become subject to the Floating Rate for the Second Deferred Tranche as
at the time of such deemed repayment).

 

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		(iii)	Interest accrued on the Loan and the drawn portion of the Deferred Tranches shall, subject to paragraph
(d) below, be payable semi-annually in arrears on the Repayment Dates set out in the relevant part of Schedule B (Repayment
Schedule). The Loan (including any drawn portion of the Deferred Tranches) shall bear interest on a day-to-day basis during
each Interest Period at the interest rate determined hereunder as being applicable to the Loan.

 

		(b)	Election of Interest Rate

 

		(i)	The Borrower shall elect to pay interest on the Loan at the Fixed Rate or the Floating Rate, after
which such elected interest rate shall apply to the Loan.

 

		(ii)	Such election shall be made in the initial Drawing Request provided by the Borrower and, regardless
of the application of Clause 2.6 (Delayed Delivery) (if applicable), such election shall be irrevocable.

 

		(iii)	It is agreed that this paragraph (b) shall not apply to a Deferred Tranche, and that any drawn
portion of a Deferred Tranche shall accrue interest at the Floating Rate notwithstanding the absence of any election pursuant to
this paragraph (b).

 

		(c)	Post-Maturity Rates

 

After the date on which any principal
amount of the Loan is due and payable (whether on any Repayment Date, upon acceleration or otherwise), or after any other monetary
Obligation of the Borrower shall have become due and payable (including, for the avoidance of doubt, the Commitment Fee or any
fee payable under any Fee Letter), the Borrower shall pay on first demand, but only to the extent permitted by relevant and applicable
law, interest (after as well as before judgment) on such amounts for each day during the period of such default at a rate per annum
equal to:

 

		(i)	with respect to any Funded Loan Portion, the sum of the Fixed Rate or Floating Rate, as applicable,
plus two per cent. (2.0%) per annum; and

 

    	 	69	 

     

    

 

		(ii)	with respect to any other monetary Obligation, the sum of EONIA plus three point fifteen
per cent. (3.15%) per annum.

 

		(d)	Interest Payment Dates

 

		(i)	Without prejudice to paragraph (c) above or clause (ii) below, interest accrued on the
Loan shall be payable, without duplication, on:

 

		(A)	each Repayment Date;

 

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

 

		(C)	with respect to any portion of the Loan the repayment of which is accelerated pursuant to Clause
10.2 (Action if Bankruptcy) or Clause 10.3 (Action if Other Event of Default), immediately upon such acceleration.

 

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

 

		5.4	Commitment Fee

 

		(a)	Subject to paragraph (c) below, the Borrower agrees to pay to the Facility Agent for the account
of each Lender a commitment fee (the “Commitment Fee”) on the daily Available Commitment of each Lender equal
to:

 

		(i)	zero point fifteen per cent. (0.15%) per annum for the period commencing on (and including) the
date hereof and ending on (but excluding) the earlier of the date falling two (2) years prior to the Original Scheduled Delivery
Date (the “First Calculation Period End Date”, being 29 April 2014) and the Commitments Termination Date;

 

		(ii)	if the Commitments Termination Date has not occurred prior to the First Calculation Period End
Date, zero point twenty five per cent. (0.25%) per annum for the period commencing on (and including) the First Calculation Period
End Date and ending on (but excluding) the earlier of the date falling one (1) year prior to the Original Scheduled Delivery
Date (the “Second Calculation Period End Date”, being 29 April 2015) and the Commitments Termination Date;
and

 

		(iii)	if the Commitments Termination Date has not occurred prior to the Second Calculation Period End
Date, zero point thirty per cent. (0.30%) per annum for the period commencing on (and including) the Second Calculation Period
End Date and ending on (but excluding) the Commitments Termination Date.

 

    	 	70	 

     

    

 

		(b)	The Commitment Fee shall be payable by the Borrower to the Facility Agent for the account of each
Lender in arrear as from the date of this Agreement on (i) the date falling six (6) months after the date hereof, (ii) the
last day of each six (6) month period thereafter ending prior to the Commitments Termination Date and (iii) the Commitments
Termination Date.

 

		(c)	The other provisions of this Clause 5.4 shall not (but without prejudice to any Commitment Fee
that has been paid by the Borrower to the Lenders prior to the First Deferred Tranche Effective Date) apply to any Lender’s
Commitment in respect of the Deferred Tranches, in respect of which the Borrower agrees to pay to the Facility Agent for the account
of each Lender a commitment fee on the basis, and at the times, set out in (i) the relevant Fee Letter to be entered into
on or about the date of Amendment and Restatement No.4 (in respect of the First Deferred Tranche) and (ii) in Amendment and
Restatement No.6 (in respect of the Second Deferred Tranche) (as applicable).

 

		5.5	Other Fees

 

The Borrower agrees to pay to the Facility
Agent the fees set forth in the Fee Letters on the dates and in the amounts set forth therein.

 

		5.6	Calculation Basis

 

All interest and fees under the Finance
Documents (including, for the avoidance of doubt, the Commitment Fee and any fee payable under any Fee Letter, and excluding any
 “flat” fees) shall be calculated on the basis of the actual number of days elapsed over a year comprised of three hundred
and sixty (360) days.

 

		5.7	Currency

 

All payments by the Borrower under the
Finance Documents shall be made in Euros. The Borrower waives any right it may have in any jurisdiction to pay any amount under
the Finance Documents in a currency or currency unit other than that in which it is expressed to be payable.

 

		6.	EURIBOR-RELATED PROVISIONS; FUNDING LOSSES; INCREASED CAPITAL COSTS; TAXES; RESERVE COSTS; PAYMENTS;
ETC.

 

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		6.1	EURIBOR Determination; Replacement Reference Banks

 

		(a)	Where the Floating Rate applies in respect of any Funded Loan Portion (including any drawn portion
of the Deferred Tranches), the determination of EURIBOR made by the Funding Entity pursuant to the Funding Agreement as notified
to the Borrower by the Facility Agent shall be applicable for the purposes of this Agreement.

 

		(b)	In respect of any Unfunded Loan Portion, the Facility Agent shall obtain from each Reference Bank
timely information for the purpose of determining EURIBOR in the event that EURIBOR is to be determined pursuant to paragraph (b) of
the definition thereof. If any one or more of the Reference Banks shall fail to furnish in a timely manner such information to
the Facility Agent, the Facility Agent shall determine EURIBOR on the basis of the information furnished by the remaining Reference
Banks. If a Reference Bank ceases for any reason to be able and willing to act as such, the Facility Agent shall, at the direction
of the Required Lenders and after consultation with the Borrower and the Lenders (and, if the Funding Agreement is then in effect,
subject to the Funding Entity’s approval), appoint a replacement for such Reference Bank reasonably acceptable to the Borrower,
and such replaced Reference Bank shall cease to be a Reference Bank hereunder. The Facility Agent shall furnish to the Borrower
and to the Lenders each determination of EURIBOR made by reference to quotations of interest rates furnished by Reference Banks.

 

		6.2	EURIBOR Lending Unlawful

 

If, after the date hereof, the introduction
of or any change in or in the interpretation of any law makes it unlawful, or any central bank or other governmental authority
having jurisdiction over any Lender or the Funding Entity asserts that it is unlawful for such Lender or the Funding Entity to
make, continue or maintain the Loan (including the Deferred Tranches), its participation therein or the refinancing under the Funding
Agreement (as applicable) bearing interest at a rate based on EURIBOR, then the obligation of such Lender or the Funding Entity,
as the case may be, to make, continue or maintain its participation in the Loan or the refinancing under the Funding Agreement
(as applicable) shall, upon notice thereof to the Borrower, the Facility Agent and each other Lender (in the case of the Funding
Entity, either directly or through the Funding Agents), forthwith be suspended until the circumstances causing such suspension
no longer exist, provided that such Lender’s obligation to make, continue and maintain its participation in the Loan
hereunder shall be automatically converted into an obligation to make, continue and maintain its participation in the Loan bearing
interest at a rate to be negotiated between such Lender and the Borrower (and, if the Funding Agreement is then in effect, approved
by the Funding Entity) that is the equivalent of the sum of EURIBOR for the relevant Interest Period plus the applicable Floating
Rate Margin.

 

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		6.3	Market Disruption in respect of a Funded Loan Portion

 

		(a)	The provisions of paragraph (b) below shall apply in respect of any Funded Loan Portion (including
in respect of any drawn portion of the Deferred Tranches) to which the Floating Rate applies.

 

		(b)	If the Funding Entity makes a claim pursuant to clause 13 (Modifications du Calcul des Intérêts)
of the Funding Agreement, the Facility Agent shall promptly deliver the details of such claim to the Borrower and the Borrower
shall pay promptly to the Facility Agent for onward payment to the Funding Entity the amount so claimed by the Funding Entity.

 

		(c)	Save for the claims of the Funding Entity referred to in paragraph (b) above, the Lenders
shall not be entitled to make any claim for market disruption for Funded Loan Portions.

 

		(d)	The Facility Agent shall use reasonable efforts to obtain from the Funding Entity the relevant
supporting details, and solely if such details are provided by the Funding Entity shall they be provided to the Borrower.

 

		6.4	Market Disruption in respect of an Unfunded Loan Portion

 

		(a)	The provisions of paragraph (b) below shall apply in respect of any Unfunded Loan Portion
(including in respect of any drawn portion of the Deferred Tranches) to which the Floating Rate applies.

 

		(b)	If:

 

		(i)	at or about noon (Paris time) on the Quotation Date for the relevant Interest Period, the Screen
Rate is not available and none or only one of the Reference Banks supplies a rate to the Facility Agent to determine EURIBOR (for
the purposes of paragraph (b) of such definition) for Euros for the relevant Interest Period; or

 

		(ii)	before close of business in Paris, France on the Quotation Date for the relevant Interest Period,
the Facility Agent receives a duly evidenced notification from one or more Lenders whose aggregate participations in the Unfunded
Loan Portion exceed forty two point five per cent. (42.5%) of the Loan (excluding the participation of any Lender who is participating
in the Unfunded Loan Portion by reason of its funding under the Funding Agreement having been suspended, repudiated, terminated
or cancelled, in whole or in part, due to its gross negligence or wilful misconduct (an “excluded Lender”) and
subject to the respective participations of the other Lenders participating in the Unfunded Loan Portion being notionally and proportionally
increased to account for such disqualification of the excluded Lender’s participation) that the cost to them of obtaining
matching deposits in the European interbank market for the relevant Interest Period would be in excess of EURIBOR,

 

    	 	73	 

     

    

 

then in any such case the Facility Agent shall promptly
give notice thereof to the Borrower and each of the Lenders together with copies of each of the notices and evidence provided to
the Facility Agent pursuant to clause 6.4(b)(i) and/or 6.4(b)(ii) above (hereinafter called a “Market Disruption
Notice”).

 

		(c)	Upon the issuance of a Market Disruption Notice pursuant to paragraph (b)(i) above, the rate
of interest on any affected Lender’s participation in the Unfunded Loan Portion for the relevant Interest Period shall (after
consultation with the Facility Agent and the other Lenders) be the percentage rate per annum which is the sum of the applicable
Floating Rate Margin and the rate notified to the Facility Agent and the Borrower by such Lender as soon as practicable and in
any event before the close of business in France on the second (2nd) Business Day after the Quotation Date, to be that which expresses
as a percentage rate per annum the cost to that Lender of funding its participation in the Unfunded Loan Portion for the relevant
Interest Period from whatever source it may reasonably select, the details of which shall be stated in that Lender’s notice;
and

 

		(d)	Upon the issuance of a Market Disruption Notice pursuant to paragraph (b)(ii) above, the rate
of interest on each affected Lender’s participation in the Unfunded Loan Portion for the relevant Interest Period shall (after
consultation with the Facility Agent and the other Lenders) be the percentage rate per annum which is the sum of the applicable
Floating Rate Margin and a rate that is the weighted average (in proportion to each affected Lender’s participation in the
Unfunded Loan Portion) of the rates notified to the Facility Agent and the Borrower by each of the affected Lenders as soon as
practicable and in any event before the close of business in France on the second (2nd) Business Day after the Quotation Date to
be that which expresses as a percentage rate per annum the cost to that Lender of funding its participation in the Unfunded Loan
Portion for the relevant Interest Period from whatever source it may reasonably select, the details of which shall be stated in
that Lender’s notice.

 

		(e)	If a Market Disruption Notice has been issued and the Borrower so requires, the Facility Agent,
the Lenders and the Borrower shall negotiate in good faith for a period of not more than fifteen (15) Business Days with a view
to agreeing upon a mutually satisfactory interest rate and interest period (or interest periods) to be substituted for those which
would otherwise have applied under this Agreement. Any such agreed and approved interest rate and interest period (or interest
periods) shall, with the prior consent of the Lenders and the Borrower, be binding on all parties hereto. For the avoidance of
doubt, in the event that no substitute basis is agreed upon pursuant to this paragraph (e) by the end of the fifteen (15)
Business Day period, then the rate of interest for the Unfunded Loan Portion shall continue to be the rate otherwise determined
in accordance with the terms of this Agreement.

 

    	 	74	 

     

    

 

		(f)	In the event that the circumstances described in paragraph (a) above shall extend beyond the
end of the relevant Interest Period or any other interest period agreed pursuant to paragraph (d) above or shall occur in
respect of any other Interest Period or other interest period, as the case may be, the procedures described in paragraphs (b),
(c) and/or (e) above, as applicable, shall apply and shall be repeated as often as may be necessary and in respect of
each Interest Period or other interest period affected by such circumstances.

 

		6.5	Increased Loan Costs, etc.

 

		(a)	If, after the date hereof, a change in any applicable treaty, law, regulation or regulatory requirement
or in the interpretation thereof or in its application to the Borrower, or the compliance by any Lender or the Funding Entity with
any applicable direction, request, requirement or guideline (whether or not having the force of law) of any governmental or other
authority, including any agency of the European Union or similar monetary or multinational authority, insofar as it may be changed
or imposed after the date hereof, shall:

 

		(i)	subject any Lender or the Funding Entity to any tax with respect to its participation in the Loan
or any part thereof or the refinancing under the Funding Agreement or any part thereof (as applicable) imposed, levied, collected,
withheld or assessed by any jurisdiction or any political subdivision or taxing authority thereof (other than taxation on overall
net income and, to the extent such taxes are described in Clause 6.8 (Taxes), withholding taxes); or

 

		(ii)	change the basis of taxation to any Lender or the Funding Entity (other than a change in taxation
on the overall net income of such Lender or the Funding Entity, as the case may be) of payments of principal or interest or any
other payment due or to become due pursuant to this Agreement, the other Finance Documents and/or the Funding Agreement, as applicable;
or

 

		(iii)	impose, modify or deem applicable any reserve or capital adequacy requirements (other than the
increased capital costs described in Clause 6.7 (Increased Capital Costs) and the reserve costs described in Clause 6.9
(Reserve Costs)) or other banking or monetary controls or requirements which affect the manner in which a Lender or the
Funding Entity shall allocate its capital resources to its obligations hereunder or under the Funding Agreement or require the
making of any special deposits against or in respect of any assets or liabilities of, deposits with or for the account of, or loans
by, such Lender or the Funding Entity (provided that such Lender or the Funding Entity, as the case may be, shall,
unless prohibited by law, allocate its capital resources to its obligations hereunder or under the Funding Agreement, as applicable,
in a manner which is consistent with its present treatment of the allocation of its capital resources); or

 

    	 	75	 

     

    

 

		(iv)	impose on any Lender or the Funding Entity any other condition affecting its participation in the
Loan or the refinancing under the Funding Agreement (as applicable) or any part thereof,

 

and the result of any of the
foregoing is either (A) to increase the cost to such Lender or the Funding Entity of making or maintaining its participation
in the Loan or any part thereof (including the Deferred Tranches) or the refinancing under the Funding Agreement or any part thereof
(as applicable), (B) to reduce the amount of any payment received by such Lender or the Funding Entity or its effective return
hereunder or under the Funding Agreement (as applicable) or on its capital or (C) to cause such Lender or the Funding Entity
to make any payment or to forego any return based on any amount received or receivable by such Lender hereunder or the Funding
Entity under the Funding Agreement, as applicable, then, in any such case, if such increase or reduction in the opinion of such
Lender or the Funding Entity, as the case may be, materially affects the interests of such Lender or the Funding Entity, as applicable:

 

		(I)	solely with respect to the Lenders, such Lender shall notify the Facility Agent who shall then
notify the Borrower of the occurrence of such event;

 

		(II)	solely with respect to the Funding Entity, the Facility Agent shall notify the Borrower of the
occurrence of such event; and

 

		(III)	in any such case, the Borrower shall forthwith upon such demand pay to the Facility Agent for the
account of such Lender or the Funding Entity, as the case may be, such amount as is necessary to compensate such Lender or the
Funding Entity for such additional cost or such reduction and ancillary expenses, including taxes, incurred as a result of such
adjustment.

 

		(b)	Any notice provided pursuant to paragraph (a)(I) or (II) above shall (i) describe
in reasonable detail the event leading to such additional cost, together with the approximate date of the effectiveness thereof
and (ii) set forth the amount of such additional cost and, with respect to the Funding Entity, shall be accompanied by a copy
of any relevant notice and supporting documentation provided by the Funding Entity (and received by the Facility Agent, directly
or through the Funding Agents) under clause 16.2 (Réclamations) of the Funding Agreement. If the Facility Agent (directly
or through the Funding Agents) has not received such relevant notice and/or supporting documentation from the Funding Entity in
accordance with the Funding Agreement, the Facility Agent (directly or through the Funding Agents) shall request the same from
the Funding Entity for purposes of this paragraph (b).

 

    	 	76	 

     

    

 

		(c)	Failure or delay on the part of any Lender or the Funding Entity to demand compensation pursuant
to this Clause 6.5 (Increased Loan Costs, etc.) shall not constitute a waiver of such Lender’s or the Funding
Entity’s, as applicable, right to demand such compensation.

 

		6.6	Funding Losses

 

		(a)	The Borrower shall pay:

 

		(i)	all losses or expenses incurred by the Lenders in respect of an Unfunded Loan Portion; and

 

		(ii)	all losses or expenses incurred by the Funding Entity in respect of its funding of a Funded Loan
Portion (including all coûts de rupture as such term is defined in the Funding Agreement),

 

in each such case which are incurred
directly by reason of the liquidation or redeployment (at not less than a market rate) of deposits or other funds acquired or contracted
to be acquired by such Lender or the Funding Entity or in un-winding, breaking, terminating, closing out, cancelling, substituting
or replacing or modifying any such deposits; and

 

		(iii)	where the Fixed Rate applies, all losses and expenses pursuant to any hedging agreement or other
swap or similar arrangements entered into for the purposes of or in connection with making, continuing to make or maintaining any
portion of the principal amount of the Loan or pursuant to or in connection with the CIRR,

 

in any such case in the maximum
amount specified in paragraph (c) below (“Funding Losses”) and in each case which are incurred by any Lender
or the Funding Entity as a direct result of any of the following events (each a “Funding Losses Event”):

 

		(A)	any total or partial cancellation of the Commitments by or attributable to the Borrower if such
cancellation is made or occurs later than the date on which the Borrower issues the Drawing Request (which has not been withdrawn
pursuant to Clause 2.6 (Delayed Delivery));

 

    	 	77	 

     

    

 

		(B)	after the date on which the Borrower issues the Drawing Request, any failure of the Loan to be
made in accordance with the Drawing Request, other than (I) if the Loan is made within five (5) Business Days of the
Funding Date as contemplated by Clause 2.6 (Delayed Delivery) or (II) to the extent attributable to the relevant Lender’s
gross negligence or wilful misconduct or the Funding Entity’s faute lourde or dol (as applicable);

 

		(C)	any prepayment by the Borrower of all or any part of the Loan for any reason whatsoever (whether
voluntary, involuntary or mandatory, including following the acceleration of the Loan), except for:

 

		(I)	where the Floating Rate applies (including in respect of any Deferred Tranche), any prepayment
made on an Interest Payment Date; and

 

		(II)	irrespective of whether the Floating Rate or the Fixed Rate applies, any mandatory prepayment attributable
solely to the fact that (I) the Funding Agreement is no longer in effect or (II) the BpiFAE Insurance Policy is no longer
in full force and effect, is terminated or cancelled or is no longer valid, or it is suspended for more than six (6) months,
in each case where the same is due to the faute lourde or dol of the relevant Lender;

 

		(D)	any payment not being made on its due date, including following acceleration of the Loan; or

 

		(E)	any prepayment not being made after a notice of prepayment has been provided to the Facility Agent
pursuant to Clause 5.2 (Prepayment) or any other clause of this Agreement.

 

		(b)	The Borrower shall make payment of all Funding Losses, on the later of the seventh (7th) Business
Day after its receipt of a written notice of a Funding Losses Event from the Facility Agent (a “Funding Losses Notice”)
and the effective date of the relevant Funding Losses Event, to the Facility Agent for the account of the Funding Entity and/or
the relevant Lender, as applicable.

 

		(c)	The amount of the Funding Losses payable by the Borrower shall be:

 

		(i)	in respect of any Funded Loan Portion and the Funding Entity, the amount notified to the Funding
Coordination Agent under clause 13.3(b) of the Funding Agreement and duly justified in accordance with clause 8.8(b) of
the Funding Agreement, and, for the avoidance of doubt, no Funding Losses shall be payable to the Funding Entity (whether the Borrower
has elected the Floating Rate or the Fixed Rate) in the case of a prepayment of the Loan on an Interest Payment Date;

 

    	 	78	 

     

    

 

		(ii)	in respect of any Unfunded Loan Portion and a Lender, the amount by which:

 

		(A)	interest calculated by applying the Floating Rate (whether the Borrower has elected the Floating
Rate or the Fixed Rate) to the amount of such Lender’s participation in the Unfunded Loan Portion received or recovered by
it (or which such Lender was entitled to have received or recovered under this Agreement, as the case may be) as a result of a
Funding Losses Event which would be payable by the Borrower under this Agreement if (I) such Funding Losses Event had not
occurred and (II) where the Fixed Rate applies, the Borrower had elected the Floating Rate, for the period starting on the
date of such Lender’s receipt or recovery of such amount (or the date on which such Lender was entitled to receive or recover
such amount, as the case may be) and ending on the last day of the applicable Interest Period (the “Relevant Period”)

 

exceeds

 

		(B)	the amount which such Lender would be able to obtain by placing an amount equal to the amount received
or recovered by it (or which it was entitled to have received or recovered, as the case may be) on deposit with a leading bank
in the European interbank market for the Relevant Period; and

 

		(iii)	where the Fixed Rate applies, since the Lenders commit themselves irrevocably to the French Authorities
in charge of monitoring the CIRR mechanism, any prepayment (whether voluntary, involuntary or mandatory, including following the
acceleration of the Loan) will be subject to the mandatory payment by the Borrower of the amount calculated in liaison with the
French Authorities two (2) Business Days prior to the prepayment date by taking into account the differential (the “Rate
Differential”) between the CIRR and the prevailing market yield (currently ISDAFIX) for each installment to be prepaid and
applying such Rate Differential to the remaining residual period of such installment and discounting to the net present value as
described below. Each of these Rate Differentials will be applied to the corresponding installment to be prepaid during the period
starting on the date on which such prepayment is required to be made and ending on the original Repayment Date (as adjusted following
any previous prepayments) for such installment and

 

		(A)	the net present value of each corresponding amount resulting from the above calculation will be
determined at the corresponding market yield; and

 

    	 	79	 

     

    

 

		(B)	if the cumulated amount of such present values is negative, no amount shall be due to the Borrower
or from the Borrower.

 

		(d)	Any Funding Losses Notice with respect to Funding Losses suffered by a Finance Party shall include
calculations in reasonable detail of the relevant amounts and set forth the relevant loss and expense.

 

		(e)	If the Funding Entity suffers any Funding Losses, the Facility Agent shall, or shall procure that
the Funding Agents shall, use reasonable efforts to obtain from the Funding Entity the reasonable details of the calculations of
such Funding Losses and the related documentation required to be provided by the Funding Entity under clauses 13.3(b) and
8.8(b) of the Funding Agreement. Solely if such details are provided by the Funding Entity shall they be provided to the Borrower
together with the relevant Funding Losses Notice.

 

		(f)	The Facility Agent shall notify the Borrower, in writing, of the amount of the Funding Losses due
from the Borrower by sending a Funding Losses Notice to the Borrower as soon as is reasonably practicable after the occurrence
of the relevant Funding Losses Event and after it has received notice of the amount of Funding Losses calculated by the Funding
Entity, the relevant Lender or the French Authorities, as applicable.

 

		6.7	Increased Capital Costs

 

		(a)	If, after the date hereof any change in, or the introduction, adoption, effectiveness, interpretation,
reinterpretation or phase-in of, any law or regulation, directive, guideline, decision or request (whether or not having the force
of law) of any court, central bank, regulator or other governmental authority increases the amount of capital required to be maintained
by any Lender or the Funding Entity or any Person controlling such Lender or the Funding Entity, as the case may be, and the rate
of return on its or such controlling Person’s capital as a consequence of its Commitment or the Loan made by such Lender
or the refinancing by the Funding Entity under the Funding Agreement, as applicable, is reduced to a level below that which such
Lender, the Funding Entity or such controlling Person would have achieved but for the occurrence of any such change in circumstance,
then, in any such case upon notice from time to time by the Facility Agent to the Borrower, the Borrower shall immediately pay
directly to such Lender or the Funding Entity, as the case may be, additional amounts sufficient to compensate such Lender, the
Funding Entity or such controlling Person, as applicable, for such reduction in rate of return.

 

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		(b)	Any notice pursuant to paragraph (a) above shall (i) describe in reasonable detail the
capital adequacy requirements which have been imposed, together with the approximate date of the effectiveness thereof and (ii) set
forth the amount of such lowered return, and, with respect to the Funding Entity, shall be accompanied by a copy of any relevant
notice and supporting documentation provided by the Funding Entity (and received by the Facility Agent, directly or through the
Funding Agents) under clause 16.2 (Réclamations) of the Funding Agreement. If the Facility Agent (directly or through
the Funding Agents) has not received such relevant notice and/or supporting documentation from the Funding Entity in accordance
with the Funding Agreement, the Facility Agent (directly or through the Funding Agents) shall request the same from the Funding
Entity for purposes of this paragraph (b).

 

		(c)	In determining such amount, such Lender or the Funding Entity, as the case may be, may use any
method of averaging and attribution that it shall, subject to paragraph (b) above, deem applicable.

 

		(d)	Each Lender agrees to use reasonable efforts (consistent with its internal policy and legal and
regulatory restrictions) to designate a different Lending Office if the making of such a designation would avoid such reduction
in such rate of return and would not, in the reasonable judgment of such Lender, be otherwise disadvantageous to such Lender.

 

		(e)	Failure or delay on the part of any Lender or the Funding Entity to demand compensation pursuant
to this Clause 6.7 (Increased Capital Costs) shall not constitute a waiver of such Lender’s or the Funding Entity’s,
as applicable, right to demand such compensation.

 

		6.8	Taxes

 

		(a)	All payments by any Obligor of principal of, and interest on, the Loan and all other amounts payable
under any Finance Document (including, for the avoidance of doubt, under any Fee Letters) shall be made free and clear of and without
deduction for any Covered Taxes.

 

		(b)	In the event that any withholding or deduction from any payment to be made by an Obligor under
any Finance Document is required in respect of any Covered Taxes pursuant to any applicable law, rule or regulation, then
the Borrower will:

 

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

 

		(ii)	promptly (and in any event within thirty (30) days) forward to the Facility Agent an official receipt
or other documentation satisfactory to the Facility Agent evidencing such payment to such authority; and

 

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

 

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		(c)	If any Covered Taxes are directly asserted against the Facility Agent, any Lender or the Funding
Entity with respect to any payment received or paid by the Facility Agent, such Lender or the Funding Entity hereunder or under
any other Finance Document, the Facility Agent, such Lender or the Funding Entity (as applicable) may pay such Covered Taxes and
the Borrower will, promptly after (and in any event within five (5) Business Days of) demand, pay such additional amounts
(including any penalties, interest or expenses) as is necessary in order that the net amount received by such Person after the
payment of such Covered Taxes (including any Covered Taxes on such additional amount) shall equal the amount such Person would
have received had no such Covered Taxes been asserted.

 

		(d)	If the Borrower fails to pay any Covered Taxes when due to the appropriate taxing authority or
fails to remit to the Facility Agent for the account of the respective Lenders or the Funding Entity (as applicable) the required
receipts or other required documentary evidence, the Borrower shall indemnify the Lenders and the Funding Entity (as applicable)
for any incremental withholding Covered Taxes, interest or penalties that may become payable by any Lender or the Funding Entity
as a result of any such failure (so long as such amount did not become payable as a result of the failure of such Lender or the
Funding Entity, as applicable, to provide timely notice to the Borrower (directly or through the Facility Agent) of the assertion
of a liability related to the payment of Covered Taxes). For purposes of this Clause 6.8 (Taxes), a distribution hereunder
by the Facility Agent or any Lender to or for the account of any Lender shall be deemed a payment by the Borrower.

 

		(e)	For the avoidance of doubt with respect to paragraphs (b), (c) and (d) above, the underlying
payments to be made by the Borrower hereunder or under any other Finance Document to or for the account of the Funding Entity are
the relevant amounts expressed to be payable to or for the benefit of the Funding Entity in this Agreement or in the other Finance
Documents, as applicable (including any such expression achieved by the specific incorporation by reference herein of the provisions
of the Funding Agreement).

 

		(f)	If any Lender is entitled to any refund, credit, deduction or other reduction in tax by reason
of any payment made by the Borrower in respect of any Covered Tax under this Clause 6.8 (Taxes) or by reason of any payment
made on account of Tax by the Borrower pursuant to Clause 6.5 (Increased Loan Costs, etc.), such Lender shall in its
absolute discretion use reasonable efforts to obtain such refund, credit, deduction or other reduction and, promptly after receipt
thereof, will pay to the Borrower such amount (plus any interest received by such Lender in connection with such refund, credit,
deduction or reduction) as is equal to the net after-tax value to such Lender of such part of such refund, credit, deduction or
reduction as such Lender reasonably determines is allocable to such Covered Tax or such payment (less out-of-pocket expenses incurred
by such Lender), provided that no Lender shall be obligated to disclose to the Borrower any information regarding its tax
affairs or tax computations.

 

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		(g)	Each Lender agrees with the Borrower and the Facility Agent that it will:

 

		(i)	in the case of a Lender organised under the laws of a jurisdiction other than the United States:

 

		(A)	provide to the Facility Agent and the Borrower an appropriately executed copy of Internal Revenue
Service Form W-8ECI certifying that any payments made to or for the benefit of such Lender are effectively connected with
a trade or business in the United States (or alternatively, an Internal Revenue Service Form W-8BEN claiming the benefits
of a tax treaty, but only if the applicable treaty described in such form provides for a complete exemption from U.S. federal income
tax withholding), or any successor form, on or prior to the date hereof (or, in the case of any New Lender, on or prior to the
date of the relevant assignment), in each case attached to an Internal Revenue Service Form W-8IMY, if appropriate;

 

		(B)	notify the Facility Agent and the Borrower if the certifications made on any form provided pursuant
to clause (A) above are no longer accurate and true in all material respects; and

 

		(C)	provide such other tax forms or other documents as shall be prescribed by applicable law, if any,
or as otherwise reasonably requested, to demonstrate, to the extent applicable, that payments to such Lender hereunder and under
the other Finance Documents are exempt from withholding under FATCA; and

 

		(ii)	in all cases, provide such forms, certificates or other documents, as and when reasonably requested
by the Borrower, necessary to claim any applicable exemption from, or reduction of, Covered Taxes or any payments made to or for
benefit of such Lender, provided that the Lender is legally able to deliver such forms, certificates or other documents.

 

		(h)	For any period with respect to which a Lender (or New Lender) has failed to provide the Borrower
with the applicable forms described in paragraph (g) above (other than if such failure is due to a change in law occurring
after the date on which a form originally was required to be provided (which, in the case of an New Lender, would be the date on
which the original assignor was required to provide such form) or if such form otherwise is not required hereunder) such Lender
(or New Lender) shall not be entitled to the benefits of this Clause 6.8 (Taxes) with respect to Covered Taxes imposed by
reason of such failure.

 

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		(i)	Without prejudice to the foregoing, all consideration expressed to be payable under a Finance Document
by any party thereto to a Finance Party shall be deemed to be exclusive of any VAT. If VAT is chargeable on any supply made by
any Finance Party to another party in connection with a Finance Document, that party shall pay to such Finance Party (in addition
to and at the same time as paying the consideration) an amount equal to the amount of the VAT (subject to such Finance Party having
provided an appropriate VAT invoice to such party) or, where applicable, directly account for such VAT at the appropriate rate
under the reverse charge procedure provided for by article 56 of the European Directive 2006/112/EC and any relevant Tax provision
of the jurisdiction in which such party receives such supply.

 

		(j)	Where a Finance Document requires any party to reimburse a Finance Party for any costs or expenses,
that party shall also at the same time pay and indemnify such Finance Party against all VAT incurred by such Finance Party in respect
of the costs or expenses to the extent that such Finance Party reasonably determines that neither it nor any other member of the
group of which it is a member for VAT purposes is entitled to credit or repayment of full VAT incurred. In case such Finance Party
is entitled to benefit from partial recovery of VAT incurred, it shall be indemnified and held harmless by the reimbursing party
against the portion of VAT that it or any other member of the group of which it is a member for VAT purposes has not recovered
or for which it has not benefited from a credit.

 

		(k)	Each party to this Agreement shall, within ten (10) Business Days of a reasonable request
by another party hereto:

 

		(i)	confirm to that other party whether it is:

 

		(A)	a FATCA Exempt Party; or

 

		(B)	not a FATCA Exempt Party; and

 

		(ii)	with effect from 2014, supply to that other party such forms, documentation and other information
relating to its status under FATCA (including its applicable “passthru payment percentage” or other information required
under the U.S. Treasury Regulations or other official guidance including intergovernmental agreements) as that other party reasonably
requests for the purposes of that other party’s compliance with FATCA.

 

		(l)	If any party to this Agreement confirms to another party hereto pursuant to paragraph (k)(i)(A) above
that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be, a FATCA Exempt Party, that
party shall notify that other party reasonably promptly.

 

    	 	84	 

     

    

 

		(m)	If a party to this Agreement fails to confirm its status or to supply forms, documentation or other
information requested in accordance with paragraph (k) above, then:

 

		(i)	if that party failed to confirm whether it is (and/or remains) a FATCA Exempt Party then such party
shall be treated for the purposes of the Finance Documents as if it is not a FATCA Exempt Party; and

 

		(ii)	if that party failed to confirm its applicable “passthru payment percentage” then such
party shall be treated for the purposes of the Finance Documents (and payments made thereunder) as if its applicable “passthru
payment percentage” is one hundred per cent. (100%),

 

until (in each case) such time as the party in question
provides the requested confirmation, forms, documentation or other information.

 

		6.9	Reserve Costs

 

		(a)	Without in any way limiting the Borrower’s obligations under Clause 6.5 (Increased Loan
Costs, etc.), the Borrower shall, on and after the First Deferred Tranche Effective Date, if applicable, pay to the Facility
Agent for the account of each Lender on the last day of each Interest Period in which there remains an amount of the First Deferred
Tranche, or as the case may be, the Second Deferred Tranche, outstanding, and so long as the relevant Lending Office of such Lender
is required to maintain reserves against “Eurocurrency liabilities” under Regulation D of the F.R.S. Board, upon notice
from such Lender, an additional amount equal to the product of the following for the First Deferred Tranche, or as the case may
be, the Second Deferred Tranche, for each day during such Interest Period:

 

		(i)	the principal amount of the First Deferred Tranche, or as the case may be, the Second Deferred Tranche, outstanding on such
day; and

 

		(ii)	the remainder of (i) a fraction, the numerator of which is the rate (expressed as a decimal)
at which interest accrues on the relevant Deferred Tranche for such Interest Period as provided in this Agreement (less, if applicable,
the applicable Floating Rate Margin) and the denominator of which is one (1) minus any increase after the First Deferred
Tranche Effective Date, or as the case may be, the Second Deferred Tranche Effective Date, in the effective rate (expressed as
a decimal) at which such reserve requirements are imposed on such Lender minus (ii) such numerator; and

 

		(iii)	1/360.

 

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		(b)	Such notice shall (i) describe in reasonable detail the reserve requirement that has been
imposed, together with the approximate date of the effectiveness thereof and (ii) set forth the applicable reserve percentage.

 

		6.10	Payments

 

		(a)	Unless otherwise expressly provided, all payments by an Obligor pursuant to any Finance Document
shall be made by such Obligor to the Facility Agent for the pro rata account of the Lenders entitled to receive such payment.
All such payments required to be made to the Facility Agent shall be made not later than 3:00 p.m. (Paris time) on the date
due, in same day or immediately available funds, to such account as the Facility Agent shall specify from time to time by notice
to the Borrower. Funds received after that time shall be deemed to have been received by the Lenders on the next succeeding Business
Day.

 

		(b)	The Facility Agent shall promptly (but in any event on the same Business Day that the same are
received or, as contemplated in paragraph (a) above, deemed received) remit in same day funds to each Lender or such Lender’s
designee its share, if any, of such payments received by the Facility Agent for the account of such Lender without any set- off,
deduction or counterclaim.

 

		(c)	If the Facility Agent receives a payment that is insufficient to discharge all the amounts then
due and payable by the Borrower under the Finance Documents, the Facility Agent shall apply that payment towards the Borrower’s
obligations under the Finance Documents in the following order:

 

		(i)	first, in or towards payment of any unpaid fees, costs and expenses of the Facility Agent
under the Finance Documents;

 

		(ii)	secondly, in or towards payment pro rata among the relevant Finance Parties of any
fees, costs, expenses or commission due but unpaid under this Agreement or the other Finance Documents;

 

		(iii)	thirdly, in or towards payment pro rata among the relevant Finance Parties of any
accrued interest due but unpaid under Clause 5.3(c) (Post-Maturity Rates);

 

		(iv)	fourthly, in or towards payment pro rata among the relevant Finance Parties of any
other accrued interest and deferred costs due but unpaid under this Agreement;

 

		(v)	fifthly, in or towards payment pro rata among the Lenders of any principal due but
unpaid under this Agreement; and

 

    	 	86	 

     

    

 

	 	(vi)	sixthly, in or towards payment pro rata among the relevant Finance Parties of any other sum due to the Finance Parties but unpaid under the Finance Documents,

 

in each case in the inverse order of the
maturity thereof, provided that the Facility Agent shall, if so directed by the Required Lenders, vary the order set out
in clauses (ii) to (iv) above and, provided further that any such appropriation will override any appropriation
made by the Borrower.

 

		(d)	Whenever any payment to be made under any Finance Document shall otherwise be due on a day which
is not a Business Day, such payment shall be made on the next succeeding Business Day (except that, if such next succeeding Business
Day does not fall in the same calendar month as the original payment due date, then the relevant payment shall be made on the last
Business Day in the calendar month of the original payment due date) and any such extension of time shall be included in computing
interest and fees, if any, in connection with such payment. If any payment date under a Finance Document is altered by the application
of this paragraph (d), the subsequent payment date shall not be altered unless that subsequent payment date also requires alteration
pursuant to the preceding sentence.

 

		(e)	For any payment of principal, interest or Commitment Fees to be made by the Borrower under this
Agreement, the Borrower shall procure that the Facility Agent receives (i) a SWIFT advice in the form of an MT 199 of such
payment from the Borrower’s payment bank on or before the second (2nd) Business Day prior to the payment date and (ii) a
written confirmation in the form of an MT 103 that such payment has been made from the Borrower’s payment bank by no later
than 3:00 p.m. (Paris time) on the payment date.

 

		6.11	No Double Counting

 

Any payment required to be made by the
Borrower pursuant to any of Clauses 6.5 (Increased Loan Costs, etc.), 6.6 (Funding Losses), 6.7 (Increased
Capital Costs), 6.8(c), (d), (i) or (j) (Taxes) or 6.9 (Reserve Costs) shall be calculated without
double-counting under any other such Clauses or the payment under any other provision of this Agreement, and on the basis that
the Borrower shall not be liable to make any payment pursuant to any such Clause to the extent that such amount has been compensated
under Clause 6.8 (Taxes) or would have been so compensated but for any exclusions applicable thereunder, is attributable
to a Lender’s failure to satisfy its obligations under Clause 6.8(g) (Taxes) or is attributable to a Lender’s
breach by its gross negligence or wilful misconduct, or the Funding Entity’s breach by its faute lourde or dol,
as the case may be, of any applicable treaty, law, regulation or regulatory requirement.

 

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		6.12	Cancellation of Commitment or Prepayment of Affected Lender

 

If the Borrower shall be required to make
any payment to any Lender pursuant to Clauses 6.4 (Market Disruption in respect of an Unfunded Loan Portion), 6.5 (Increased
Loan Costs, etc.), 6.6 (Funding Losses), 6.7 (Increased Capital Costs), 6.8 (Taxes) or 6.9 (Reserve
Costs), the Borrower shall be entitled at any time (so long as no Default and/or Mandatory Prepayment Event shall have occurred
and be continuing) within one hundred and eighty (180) days after receipt of notice from such Lender of such required payment to
cancel or prepay the affected portion of such Lender’s Commitment or participation in the Loan (as applicable), together
with (in the case of prepayment) any accrued interest thereon through the date of such prepayment. Any such prepayment shall include
a prepayment of principal and interest in respect of the relevant Lender’s Commitment in relation to the Deferred Tranches.

 

		6.13	Funding Entity

 

If Caisse des Dépôts et
Consignations is succeeded or otherwise replaced by another Person in its capacity as Funding Entity or assigns its role as
Funding Entity to another Person, then, provided that no Default is continuing at the time of such succession, replacement
or assignment, the Borrower’s obligations under Clauses 6.3 (Market Disruption in respect of a Funded Loan Portion),
6.5 (Increased Loan Costs, etc.), 6.6 (Funding Losses), 6.7 (Increased Capital Costs), 6.8 (Taxes)
and 6.9 (Reserve Costs) or under any other provisions of the Finance Documents shall be no greater than had no such succession,
replacement or assignment occurred.

 

		6.14	Sharing of Payments

 

		(a)	If a Lender (a “Recovering Party”) receives or recovers any amount from an Obligor
other than in accordance with Clause 6.10(a) (a “Recovered Amount”) and applies that amount to a payment
due under the Finance Documents then:

 

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

 

		(ii)	the Facility Agent shall determine whether the receipt or recovery is in excess of the amount the
Recovering Party would have been paid had the receipt or recovery been received or made by the Facility Agent and distributed in
accordance with Clause 6.10 (Payments), without taking account of any tax which would be imposed on the Facility Agent in
relation to the receipt, recovery or distribution; and

 

		(iii)	the Recovering Party shall, within three (3) Business Days of demand by the Facility Agent,
pay to the Facility Agent an amount (the “Sharing Payment”) equal to such receipt or recovery less any amount
which the Facility Agent determines may be retained by the Recovering Party as its share of any payment to be made, in accordance
with Clause 6.10 (Payments).

 

    	 	88	 

     

    

 

		(b)	The Facility Agent shall treat the Sharing Payment as if it had been paid by the Borrower and distribute
it between the Lenders (other than the Recovering Party) (the “Sharing Parties”) in accordance with Clause 6.10
(Payments) towards the obligations of the Borrower to the Sharing Parties.

 

		(c)	On a distribution by the Facility Agent under paragraph (b) above of a payment received by
a Recovering Party from the relevant Obligor, as between that Obligor and the Recovering Party, an amount of the Recovered Amount
equal to the Sharing Payment will be treated as not having been paid by the relevant Obligor.

 

		(d)	If any part of the Sharing Payment received or recovered by a Recovering Party becomes repayable
and is repaid by that Recovering Party to the Borrower, then:

 

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

 

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

 

		(e)	This Clause 6.14 (Sharing of Payments) shall not apply to the extent that the Recovering
Party would not, after making any payment pursuant to this Clause 6.14 (Sharing of Payments), have a valid and enforceable
claim against the relevant Obligor.

 

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

 

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

 

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

 

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		6.15	No Borrower Set-off

 

All payments required to be made by the Borrower under this
Agreement and the other Finance Documents shall be made without set-off, deduction or counterclaim.

 

		6.16	Finance Party Set-off

 

Upon the occurrence of an Event of Default
or Mandatory Prepayment Event and while it is continuing, each Finance Party shall have, to the extent permitted by applicable
law, the right to appropriate and apply to the payment of the Obligations then due and owing to it any and all balances, credits,
deposits, accounts or monies of any Obligor then or thereafter maintained with such Finance Party (collectively, the “Borrower
Amounts”); provided that any such appropriation and application shall be subject to the provisions of Clause 6.14
(Sharing of Payments). If any Borrower Amount is in a different currency than the Obligations, the relevant Finance Party
may convert such Borrower Amount at a market rate of exchange in its usual course of business for the purpose of the set-off. Each
Finance Party agrees promptly to notify the applicable Obligor and the Facility Agent (unless such Finance Party is the Facility
Agent) after any such set-off and application made by such Finance Party; provided that the failure to give such notice
shall not affect the validity of such set-off and application. The rights of each Finance Party under this Clause 6.16 (Finance
Party Set-off) are in addition to other rights and remedies (including other rights of set-off under applicable law or otherwise)
which such Finance Party may have.

 

		6.17	Use of Proceeds

 

		(a)	The proceeds of the Loan shall be applied in accordance with Clause 2.2 (Purpose).

 

		(b)	Without prejudice to paragraph (a) above, no proceeds of the Loan will be used to acquire
any equity security of a class which is registered pursuant to section 12 of the Securities Exchange Act of 1934 or any “margin
stock”, as defined in F.R.S. Board Regulation U.

 

		6.18	Deferred Costs

 

Independently of any other obligation to
pay costs, expenses or interest under or in connection with this Agreement, the Borrower shall as a separate obligation, also pay
to the Facility Agent (for distribution to each Lender) deferred costs in respect of any drawn portion of a Deferred Tranche at
the Deferred Costs Percentage applicable to the relevant Deferred Tranche for each Interest Period during which any part of that
Deferred Tranche remains outstanding. Whilst not an interest liability, such deferred costs shall be charged from and including
the first day of the applicable Interest Period in which an amount of the relevant Deferred Tranche is outstanding to (but not
including) the last day of such Interest Period, and will be payable semi-annually in arrears on each Repayment Date. Any deferred
costs payable in accordance with this Clause 6.18 shall be calculated on the basis of the actual number of days elapsed over a
year comprised of 360 days.

 

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		6.19	Unavailability of Screen Rate

 

Notwithstanding anything to the
contrary in this Agreement or any other Finance Document, if the Facility Agent determines (which determination shall, in the absence
of manifest error, be conclusive) or the Borrower or the Required Lenders notify the Facility Agent (with, in the case of the Required
Lenders, a copy to Borrower) that the Borrower or the Required Lenders (as applicable) have determined that:

 

		(a)	adequate and reasonable means would not exist for ascertaining (should the Floating Rate apply)
the Screen Rate for the relevant Interest Period including, without limitation, because the Screen Rate is not available or published
on a current basis and such circumstances are unlikely to be temporary; or

 

		(b)	the administrator of the Screen Rate or a governmental authority having jurisdiction over the Facility
Agent has made a public statement identifying a specific date after which the Screen Rate shall no longer be made available or
used for determining the interest rate of loans (such specific date, the “Scheduled Unavailability Date”); or

 

		(c)	syndicated loans currently being executed, or existing syndicated loans that include language similar
to that contained in this Clause 6.19, are being executed and/or amended (as applicable) to incorporate or adopt a new benchmark
interest rate to replace the Screen Rate,

 

then, reasonably promptly after
such determination by the Facility Agent or receipt by the Facility Agent of such notice, as applicable, or if the Borrower otherwise
requests, the Facility Agent and the Borrower may amend this Agreement to replace the Screen Rate with an alternate benchmark rate
(including any mathematical or other adjustments to the benchmark (if any) incorporated therein), giving due consideration to any
evolving or then existing convention for similar Euro denominated syndicated credit facilities for such alternative benchmarks
(any such proposed rate, a “Euro Successor Rate”), and also together with any proposed Euro Successor Rate Conforming
Changes (as defined below) and any such amendment shall become effective at 5:00 P.M. (London time) on the fifth (5) Business
Day after the Facility Agent shall have posted such proposed amendment to all Lenders and the Borrower unless, prior to such time,
Lenders comprising the Required Lenders have delivered to the Facility Agent written notice that such Required Lenders do not accept
such amendment. Such Euro Successor Rate shall be applied in a manner consistent with market practice; provided that to the extent
such market practice is not administratively feasible for the Facility Agent, such Euro Successor Rate shall be applied in a manner
as otherwise reasonably determined by the Facility Agent.

 

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If no Euro
Successor Rate has been determined and the circumstances under paragraph (a) above exist or the Scheduled Unavailability Date
has occurred (as applicable), the Facility Agent will promptly notify the Borrower and each Lender. Thereafter, the obligation
of the Lenders to fund or maintain the relevant portion of the Loan (including the Deferred Tranche) at the Screen Rate (to the
extent of the affected part of the Loan, a Deferred Tranche or Interest Periods) shall be suspended and the Borrower shall pay
interest on such part of the Loan at a rate equal to the sum of the Floating Rate Margin and the weighted average of the cost to
the Lenders of funding the respective portions of the affected part of the Loan (as notified to the Facility Agent and the Borrower
no later than five (5) Business Days prior to the start of the relevant Interest Period). Upon receipt of such notice, the
Borrower may revoke any pending request for a borrowing of, conversion to or continuation of any part of the Loan (to the extent
of the affected part of the Loan, a Deferred Tranche or Interest Periods).

 

The Facility
Agent (acting on the instructions of the Required Lenders) and the Borrower shall, during the period between 1 April 2021
and 30 June 2021, enter into negotiations in good faith with a view to agreeing a basis upon which a Euro Successor Rate can
be used in replacement of the Screen Rate, together with any associated Euro Successor Rate Conforming Changes, and a timetable
for the implementation of these changes so that the appropriate changes can be made prior to the Scheduled Unavailability Date.

 

Notwithstanding
anything else herein, any definition of Euro Successor Rate shall provide that in no event shall such Euro Successor Rate be less
than zero for purposes of this Agreement.

 

For the purposes
of this Agreement, “Euro Successor Rate Conforming Changes” means, with respect to any proposed Euro Successor
Rate, any conforming changes to the definition of Floating Rate, Screen Rate, Interest Period, timing and frequency of determining
rates and making payments of interest and other administrative matters as may be appropriate, in the discretion of the Facility
Agent in consultation with the Borrower, to reflect the adoption of such Euro Successor Rate and to permit the administration thereof
by the Facility Agent in a manner substantially consistent with market practice (or, if the Facility Agent determines that adoption
of any portion of such market practice is not administratively feasible or that no market practice for the administration of such
Euro Successor Rate exists, in such other manner of administration as the Facility Agent determines is reasonably necessary in
connection with the administration of this Agreement).

 

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		7.	REPRESENTATIONS AND WARRANTIES

 

To induce the Finance Parties to enter
into this Agreement and to make the Loan hereunder, the Borrower hereby represents and warrants to the Finance Parties as set forth
in this Clause 7 (Representations and Warranties).

 

		7.1	Organisation, etc.

 

The Borrower:

 

		(a)	is a corporation validly organised and existing and in good standing under the laws of its jurisdiction of incorporation;

 

		(b)	is duly qualified to do business and is in good standing as a foreign corporation in each jurisdiction
where the nature of its business requires such qualification, except where the failure to be so qualified would not have a Material
Adverse Effect; and

 

		(c)	has full power and authority, has taken all corporate action and holds all governmental and creditors’
licenses, permits, consents and other approvals necessary to enter into each Finance Document to which it is a party and to perform
the Obligations.

 

		7.2	Due Authorisation, Non-Contravention, etc.

 

The execution, delivery and performance
by the Borrower of this Agreement and each other Finance Document are within the Borrower’s corporate powers, have been duly
authorised by all necessary corporate action and do not:

 

		(a)	contravene the Borrower’s Organic Documents;

 

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

 

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

 

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

 

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

 

    	 	93	 

     

    

 

		7.3	Government Approval, Regulation, etc.

 

		(a)	No authorisation or approval or other action by, and no notice to or filing with, any governmental
authority or regulatory body or other Person is required for the due execution, delivery or performance by the Borrower of this
Agreement or any other Finance Document (except for authorisations or approvals not required to be obtained on or prior to the
Disbursement Date or that have been obtained or actions not required to be taken on or prior to the Disbursement Date or that have
been taken).

 

		(b)	The Borrower holds all governmental licenses, permits and other approvals (including Environmental
Approvals) required to conduct its business as conducted by it on the date of this Agreement and on the Disbursement Date, except
to the extent the failure to hold any such licenses, permits or other approvals would not have a Material Adverse Effect.

 

		7.4	Compliance with Laws

 

The Borrower is in compliance with all
applicable laws, rules, regulations and orders, except (other than as described in paragraph (a) or (b) below) to the
extent that the failure to so comply does not and could not reasonably be expected to have a Material Adverse Effect, which compliance
includes:

 

		(a)	the maintenance and preservation of the Borrower’s corporate existence (subject to the provisions
of Clause 9.6 (Consolidation, Merger, etc.));

 

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

 

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

 

		(d)	compliance with all anti-money laundering and anti-corrupt practices laws and regulations applicable
to the Borrower, including by not making or causing to be made any offer, gift or payment, consideration or benefit of any kind
to anyone, either directly or indirectly, as an inducement or reward for the award or execution of this Agreement, the Construction
Contract or any of the other Transaction Documents to which the Borrower is a party or the performance of any of the transactions
contemplated hereby and/or thereby to the extent the same would be in contravention of such applicable laws and regulations; and

 

		(e)	compliance with all applicable Environmental Laws.

 

    	 	94	 

     

    

 

		7.5	Sanctions

 

The Borrower has implemented and maintains
in effect policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors,
officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. The Borrower and its Subsidiaries and, to the
knowledge of the Borrower, their respective officers, employees, directors and agents, are in compliance with Anti-Corruption Laws
and applicable Sanctions, in all material respects and are not knowingly engaged in any activity that would reasonably be expected
to result in Borrower being designated as a Sanctioned Person. None of (a) the Borrower, any Subsidiary or to the knowledge
of the Borrower or such Subsidiary any of their respective directors, officers or employees, or (b) to the knowledge of the
Borrower, any agent of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit from the credit
facility established hereby, is a Sanctioned Person.

 

		7.6	Validity, etc.

 

Each Transaction Document to which the
Borrower is a party constitutes the legal, valid and binding obligation of the Borrower enforceable in accordance with its terms,
except as the enforceability hereof or thereof (as the case may be) may be limited by bankruptcy, insolvency or similar laws affecting
the enforcement of creditors’ rights generally or by general equitable principles.

 

		7.7	No Default, Event of Default or Mandatory Prepayment Event

 

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

 

		7.8	Litigation

 

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

 

    	 	95	 

     

    

 

		7.9	The Purchased Vessel

 

Immediately following the delivery of the
Purchased Vessel to the Borrower or one of the Borrower’s wholly-owned Subsidiaries as assignee, transferee or novatee under
the Construction Contract, the Purchased Vessel will be:

 

		(a)	legally and beneficially owned by the Borrower or one of the Borrower’s wholly-owned Subsidiaries;

 

		(b)	registered in the name of the Borrower or one of the Borrower’s wholly-owned Subsidiaries
under the Bahamian flag or such other flag reasonably acceptable to the Lenders and BpiFAE;

 

		(c)	classed as required by Clause 8.4(b);

 

		(d)	free of all recorded Liens;

 

		(e)	insured against loss or damage in compliance with Clause 8.5 (Insurance), and

 

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

 

		7.10	Obligations rank pari passu; Liens

 

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

 

		(b)	As at the date of this Agreement, the provisions of this Agreement which permit or restrict the
granting of Liens are not less favorable than the provisions permitting or restricting the granting of Liens in any other agreement
entered into by the Borrower with any other person providing financing or credit to the Borrower.

 

		7.11	Withholding, etc.

 

As at the date of this Agreement, no payment
to be made by the Borrower under this Agreement or any other Finance Document is subject to any withholding or similar tax imposed
by any Applicable Jurisdiction.

 

		7.12	No Filing, etc. Required

 

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

 

    	 	96	 

     

    

 

		7.13	No Immunity

 

The Borrower is subject to civil and commercial
law with respect to the Obligations. Neither the Borrower nor any of its properties or revenues is entitled to any right of immunity
in any Applicable Jurisdiction from suit, court jurisdiction, judgment, attachment (whether before or after judgment), set-off
or execution of a judgment or from any other legal process or remedy relating to the Obligations (to the extent such suit, court
jurisdiction, judgment, attachment, set- off, execution, legal process or remedy would otherwise be permitted or exist).

 

		7.14	Investment Company Act

 

The Borrower is not an “investment
company”, or a company “controlled” by an “investment company”, in each case within the meaning of
the Investment Company Act of 1940, as amended.

 

		7.15	Regulation U

 

The Borrower is not engaged in the business
of extending credit for the purpose of purchasing or carrying margin stock, and no proceeds of the Loan will be used for a purpose
which violates, or would be inconsistent with, F.R.S. Board Regulation U. Terms for which meanings are provided in F.R.S. Board
Regulation U or any regulations substituted therefor, as from time to time in effect, are used in this Clause 7.15 (Regulation
U) with such meanings.

 

		7.16	Accuracy of Information

 

		(a)	The financial and other information (other than financial projections or other forward looking
information) furnished to the Facility Agent and the Lenders in writing by or on behalf of the Borrower by its chief financial
officer, treasurer or corporate controller in connection with the negotiation of this Agreement and the other Finance Documents
is, when taken as a whole, to the best knowledge and belief of the Borrower, true and correct and contains no misstatement of a
fact of a material nature.

 

		(b)	All financial projections, if any, that have been furnished to the Facility Agent and the Lenders
in writing by or on behalf of the Borrower by its chief financial officer, treasurer or corporate controller in connection with
this Agreement and the other Finance Documents have been prepared in good faith based upon assumptions believed by the Borrower
to be reasonable at the time made (it being understood that such projections are subject to significant uncertainties and contingencies,
many of which are beyond the Borrower’s control, and that no assurance can be given that the projections will be realised).

 

    	 	97	 

     

    

 

		(c)	All financial and other information furnished to the Facility Agent and the Lenders in writing
by or on behalf of the Borrower by its chief financial officer, treasurer or corporate controller after the date of this Agreement
shall have been prepared by the Borrower in good faith.

 

		7.17	Construction Contract

 

The Construction Contract is not suspended,
repudiated, invalidated, terminated or cancelled (in whole or in part) and is otherwise in full force and effect and there are
(to the best knowledge and belief of the Borrower) no circumstances which entitle any party to the Construction Contract to terminate
the Construction Contract and there is no action, suit, litigation, investigation or proceeding (including arbitration and administrative
proceedings) pending or, to the knowledge of the Borrower, threatened in connection with the Construction Contract.

 

		7.18	No Winding-up

 

The Borrower has not taken any corporate
action, nor have any other steps been taken or legal proceedings been started or (to the best of the Borrower’s knowledge
and belief) threatened against it, for its bankruptcy, postponement of bankruptcy, financial restructuring, suspension of payments,
a moratorium of any of its Indebtedness, winding-up, dissolution, administration, re-organisation (by way of voluntary arrangement,
scheme of arrangement or otherwise), a composition, compromise, assignment or arrangement with any of its creditors or for the
appointment of a liquidator, receiver, administrator, administrative receiver, compulsory manager, conservator, custodian, trustee
or similar officer of it or all or a material part of its assets or revenues, except, in respect of any such action, steps or proceedings
started or threatened against the Borrower, to the extent that the same would not have a Material Adverse Effect.

 

		7.19	Repetition

 

The representations and warranties set
forth in this Clause 7 (Representations and Warranties) are made by the Borrower on the date of this Agreement, and each
such representation and warranty (other than as set forth in Clause 7.10(b) (Obligations rank pari passu; Liens) Clause
7.11 (Withholding, etc.) and Clause 7.17 (Construction Contract)) is deemed to be made and given again by the
Borrower on the date of the Drawing Request, the Disbursement Date, on the date of each deemed advance of a Deferred Tranche and
on the Guarantee Replacement Date by reference to the facts and circumstances then existing.

 

    	 	98	 

     

    

 

		8.	AFFIRMATIVE COVENANTS

 

The Borrower agrees with the Facility Agent
and each Lender that, from the date hereof (or, in the case of Clauses 8.2(b) (Government Approvals and Other Consents),
8.4 (The Purchased Vessel) and 8.5 (Insurance), from the Disbursement Date) until all Obligations have been paid
in full, the Borrower will perform the obligations set forth in this Clause 8 (Affirmative Covenants).

 

		8.1	Financial Information, Reports, Notices, etc.

 

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

 

		(a)	as soon as available and in any event within sixty (60) days after the end of each of the first
three (3) Fiscal Quarters of each Fiscal Year of the Borrower, a copy of the Borrower’s report on Form 10-Q (or
any successor form) as filed by the Borrower with the SEC for such Fiscal Quarter, containing unaudited consolidated financial
statements of the Borrower for such Fiscal Quarter (including a balance sheet and profit and loss statement) prepared in accordance
with GAAP, subject to normal year-end audit adjustments;

 

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

 

		(c)	together with each of the statements delivered pursuant to the foregoing paragraph (a) or
(b), a certificate, executed by the chief financial officer, the treasurer or the corporate controller of the Borrower, showing,
as of the last day of the relevant Fiscal Quarter or Fiscal Year, compliance with the covenants set forth in Clause 9.4 (Financial
Condition) (in reasonable detail and with appropriate calculations and computations in all respects reasonably satisfactory
to the Facility Agent);

 

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

 

    	 	99	 

     

    

 

		(e)	as soon as practicable after the occurrence thereof, notice of any written amendment to or written
modification of the Construction Contract that relates to (i) the amount of the Initial Basic Cash Contract Price, (ii) the
date on which the Purchased Vessel is to be delivered or (iii) a decrease in the dimensions or capacity of the Purchased Vessel
in terms of the number of passengers and/or staterooms by two per cent. (2%) or more;

 

		(f)	as soon as available and in any event within thirty (30) days after the end of each calendar year,
written confirmation of the then current amount of the Basic Cash Contract Price, the cumulated amount of effective Change Orders
and utilised NYC Allowance;

 

		(g)	as soon as the Borrower becomes aware thereof, notice of any suspension, repudiation, invalidation,
termination or cancellation (in whole or in part) of the Construction Contract or any failure of the Construction Contract to otherwise
be in full force and effect or any circumstances which entitle any party to the Construction Contract to terminate the Construction
Contract or any action, suit, litigation, investigation or proceeding (including arbitration and administrative proceedings) pending
or, to the knowledge of the Borrower, threatened in connection with the Construction Contract.

 

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

 

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

 

		(j)	such other information regarding the condition or operations, financial or otherwise, of the Borrower
or any of its Principal Subsidiaries as any Lender and/or the Funding Entity (through the Facility Agent or the Funding Agents
(as applicable)) may from time to time reasonably request;

 

		(k)	such other documentation and information as is requested by the Facility Agent (for itself or on
behalf of any Lender and/or the Funding Entity) in order for the Facility Agent (or such Lender and/or the Funding Entity, as the
case may be) to carry out and be satisfied that it has complied with all necessary “know your customer” and other similar
checks under all applicable laws and regulations (including all applicable anti-money laundering and anti-corrupt practices laws
and regulations) in connection with the transactions contemplated by this Agreement, the other Finance Documents and the Funding
Agreement;

 

    	 	100	 

     

    

 

 

		(l)	such other documentation and information that BpiFAE may from time to time request;

 

		(m)	as soon as the Borrower becomes aware thereof, notice (with a copy to BpiFAE) of any matter that
has, or may, result in a breach of Clause 8.10 (Performance of Building Contract Obligations);

 

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

 

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

 

		(p)	during the period from the Second Deferred Tranche Effective Date until the Covenant Modification
Date, within five Business Days after the end of each month falling during such period, a certificate, executed by the chief financial
officer, the treasurer or the corporate controller of the Borrower, showing, as of the last day of the immediately preceding month,
compliance with the covenant set forth in Clause 9.4(d); provided that if, during such period, the Borrower is not
in compliance with the covenant set forth in Clause 9.4(d) as of the last day of such month, the Borrower shall show
compliance with such covenant as of the date such certificate is delivered;

 

		(q)	within 15 Business Days of the end of each month throughout the Early Warning Monitoring Period,
a certificate, executed by the chief financial officer, the treasurer or the corporate controller of the Borrower, showing, as
of the last day of the relevant month (i) the ratio of Adjusted Cash Balance as of the last day of the most recently completed
month to the Monthly Outflow for the month most recently ended (and showing whether the Adjusted Cash Balance covers the Monthly
Outflow for at least the subsequent five-month period), (ii) the Borrower’s Adjusted EBITDA After Principal and Interest
for the two consecutive Last Reported Quarters and (iii) in the case of the next certificate to be submitted immediately following
the Borrower’s publishing of results for each Last Reported Quarter, a comparison of Adjusted EBITDA After Principal and
Interest with the figure from the corresponding Fiscal Quarter in the 2019 Fiscal Year (in each case in reasonable detail and with
appropriate calculations and computations in all respects reasonably satisfactory to the Facility Agent);

 

    	 	101	 

     

    

 

		(r)	on one occasion during each calendar year from the start of the Financial Covenant Waiver Period
until the Deferred Tranches have been repaid in full, the environmental plan of the Borrower (and including the Group’s carbon
emissions for the past two years (calculated according to methodologies defined by the IMO or any other public methodology specified
by the Borrower)) as required to be published pursuant to each letter of the Borrower issued pursuant to Amendment and Restatement
No.4 and Amendment and Restatement No.6 (as applicable); and

 

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

 

provided that information required
to be furnished to the Facility Agent under paragraphs (a), (b), (j) and (r) of this Clause 8.1 (Financial Information,
Reports, Notices, etc.) shall be deemed furnished to the Facility Agent when available free of charge on the Borrower’s
website at http://www.rclinvestor.com or the SEC’s website at http://www.sec.gov;
and provided further that the Facility Agent or the Funding Agents (as applicable) may disclose to BpiFAE and the Funding
Entity the documentation and information received by or available to them pursuant to this Clause 8.1 (Financial Information,
Reports, Notices, etc.) and any other documentation and information concerning the Borrower that BpiFAE may request from
time to time or that the Funding Entity may reasonably request from time to time in connection with the Funding Agreement (subject,
in all cases with respect to the Funding Entity, to the Funding Entity’s agreement to keep such information confidential
on terms equivalent to those in Clause 13.15 (Confidentiality)).

 

    	 	102	 

     

    

 

	 	8.2	Government Approvals and Other Consents

 

The Borrower will obtain and maintain (or
cause to be obtained and maintained) all such governmental licenses, authorisations, consents, permits and approvals (including
Environmental Approvals) as may be required for:

 

		(a)	each Obligor to perform its obligations under the Finance Documents to which it is a party; and

 

		(b)	the operation of the Purchased Vessel in compliance with all applicable laws, except to the extent
that the failure to obtain and/or maintain (or cause to be obtained and/or maintained) such governmental licenses, authorisations,
consents, permits and approvals as may be required for the operation of the Purchased Vessel in compliance with all applicable
laws does not and could not reasonably be expected to have a Material Adverse Effect.

 

		8.3	Compliance with Laws, etc.

 

		(a)	The Borrower will, and will cause each of its Subsidiaries to, comply in all material respects
with all applicable laws, rules, regulations and orders, except (other than as described in paragraph (i) or (ii) below)
to the extent that the failure to so comply would not have a Material Adverse Effect, which compliance shall in any case include:

 

		(i)	the maintenance and preservation of the Borrower’s corporate existence (subject to the provisions
of Clause 9.6 (Consolidation, Merger, etc.));

 

		(ii)	the maintenance of its qualification as a foreign corporation in the State of Florida, United States;

 

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

 

		(iv)	compliance with all anti-money laundering and anti-corrupt practices laws and regulations applicable
to the Borrower, including by not making or causing to be made any offer, gift or payment, consideration or benefit of any kind
to anyone, either directly or indirectly, as an inducement or reward for the performance of any of the transactions contemplated
by this Agreement, the Construction Contract or any of the other Transaction Documents to which the Borrower is a party to the
extent the same would be in contravention of such applicable laws; and

 

		(v)	compliance with all applicable Environmental Laws.

 

		(b)	The Borrower will maintain in effect policies and procedures designed to ensure compliance by the
Borrower, its Subsidiaries and their respective directors, officers and employees with Anti-Corruption Laws and applicable Sanctions.

 

    	 	103	 

     

    

 

		8.4	The Purchased Vessel

 

The Borrower will:

 

		(a)	cause the Purchased Vessel to be exclusively operated by or chartered to the Borrower or one of the Borrower’s wholly
owned Subsidiaries, provided that the Borrower or such Subsidiary may charter (or sub-charter, as the case may be) out the
Purchased Vessel (i) to entities other than the Borrower and the Borrower’s wholly owned Subsidiaries and (ii) on
a time charter with a stated duration not in excess of one (1) year;

 

		(b)	cause the Purchased Vessel to be kept in such condition as will entitle her to classification by a classification society of
recognised standing;

 

		(c)	promptly upon delivery of the Purchased Vessel, provide the following to the Facility Agent with respect to the Purchased Vessel:

 

		(i)	evidence as to the ownership of the Purchased Vessel by the Borrower or one of its wholly-owned Subsidiaries;

 

		(ii)	evidence that the Purchased Vessel is registered under the Bahamian flag or such other flag reasonably acceptable to the Lenders
and BpiFAE; and

 

		(iii)	a copy of the Builder’s duly executed invoice for the Delivery Installment marked “Paid” and certified as
a true and complete copy by an Authorised Officer;

 

		(d)	within seven (7) days after delivery of the Purchased Vessel, provide the following to the Facility Agent with respect
to the Purchased Vessel:

 

		(i)	evidence of the class of the Purchased Vessel; and

 

		(ii)	evidence as to all required insurance being in effect with respect to the Purchased Vessel in compliance with Clause 8.5 (Insurance);
and

 

    	 	104	 

     

    

 

		(e)	on or before the later of (i) 31 July and (ii) 30 days after its own receipt of
a Statement of Compliance in each calendar year, supply, or procure the supply, to the Facility Agent (for distribution to BpiFAE
and the Lenders) (in each case at the cost of the Borrower) of all information necessary in order for any Lender to comply with
its obligations under the Poseidon Principles in respect of the preceding year, including, without limitation, all ship fuel oil
consumption data required to be collected and reported in accordance with Regulation 22A of Annex VI (as collated and reported
to the Purchased Vessel’s flag state using the verification report submitted to that flag state) and any Statement of Compliance,
in each case relating to the Purchased Vessel for the preceding calendar year, provided always that such information shall be confidential
information for the purposes of Clause 13.15 (Confidentiality) and, accordingly, no Lender shall publicly disclose such
information with the identity of the Purchased Vessel or the Borrower (or, if applicable, the Borrower’s wholly owned Subsidiary
that then owns the Purchased Vessel) without the prior written consent of the Borrower (it being expressly agreed however that,
in accordance with the Poseidon Principles, such information will form part of the information published regarding the relevant
Lender’s portfolio climate alignment).

 

		8.5	Insurance

 

The Borrower, will or will cause one or
more of its Subsidiaries to, maintain or cause to be maintained with responsible insurance companies insurance with respect to
the Purchased Vessel against such casualties, third-party liabilities and contingencies and in such amounts, in each case, as is
customary for other businesses of similar size in the passenger cruise line industry (provided that in no event will the
Borrower or any Subsidiary be required to obtain any business interruption, loss of hire or delay in delivery insurance) and will,
upon request of the Facility Agent, furnish to the Facility Agent (with sufficient copies for distribution to each Lender) at reasonable
intervals a certificate of a senior officer of the Borrower setting forth the nature and extent of all insurance maintained or
caused to be maintained by the Borrower and the Subsidiaries and certifying as to compliance with this Clause 8.5 (Insurance).

 

		8.6	Books and Records

 

The Borrower will keep books and records
that accurately reflect all of its business affairs and transactions and permit the Facility Agent and each Lender or any of their
respective representatives, at reasonable times and upon reasonable prior notice and intervals, to visit each of its offices, to
discuss its financial matters with its officers and to examine any of its books or other corporate records.

 

		8.7	Cessation of Business

 

The Borrower will ensure that its principal
business is and continues to be the operation of cruise vessels.

 

    	 	105	 

     

    

 

		8.8	BpiFAE Insurance Policy Requirements

 

The Borrower shall, on the reasonable request
of the Facility Agent, provide such other information as required under or in connection with the BpiFAE Insurance Policy as necessary
to enable the Facility Agent to obtain the full support of BpiFAE pursuant to the BpiFAE Insurance Policy. The Borrower must pay
to the Facility Agent the amount of all reasonable costs and expenses reasonably incurred by the Facility Agent in connection with
complying with a request by BpiFAE for any additional information necessary or desirable in connection with the BpiFAE Insurance
Policy; provided that the Borrower is consulted before the Facility Agent incurs any such cost or expense (it being understood
and agreed that such consultation shall not constitute grounds for the Borrower to not comply with the first sentence of this Clause
8.8 (BpiFAE Insurance Policy Requirements)).

 

		8.9	Further Assurances

 

The Borrower shall, upon any reasonable
request by the Facility Agent, timely execute and deliver (or procure that any other entity that is to survive any merger with
the Borrower as contemplated by Clause 9.6(b)(ii) timely executes and delivers) to the Facility Agent any documents provided
to the Borrower and reasonably required to be executed and delivered by the Borrower in order to maintain the Funding Entity’s
security with respect to the Funding Agreement, provided that any such documents shall be in form and substance reasonably
acceptable to the Borrower (it being agreed that any such documents that are in substantially the same form as those signed by
the Borrower pursuant to Clause 4.1(f) (Funding Entity’s Security) shall be acceptable to the Borrower).

 

		8.10	Performance of Building Contract Obligations

 

The Borrower shall (and shall procure that
each of its Subsidiaries shall) comply with its contractual commitments under and in respect of (a) each shipbuilding contract
in existence as at the First Deferred Tranche Effective Date (or which comes into existence at any time in which an amount of either
Deferred Tranche remains outstanding) entered into with the Builder and (b) any option agreements or similar binding contractual
commitments (whether in respect of a firm order of a vessel or otherwise) in existence at the First Deferred Tranche Effective
Date (or which comes into existence at any time in which an amount of either Deferred Tranche remains outstanding) entered into
by the Borrower (or its Subsidiary) and the Builder in connection with the potential entry into a shipbuilding contract at a future
point in time (it being agreed that such obligation shall not require the Borrower or the relevant Subsidiary (as applicable) to
exercise any option or other contractual right thereunder), save that this Clause 8.10 shall be subject to any change of any such
shipbuilding contract, option agreement, contract or other related document if such change has, in consultation with BpiFAE, been
agreed between the Borrower or, as the case may be, relevant Subsidiary and the Builder.

 

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		8.11	Further assurances in respect of the Framework

 

While either Deferred
Tranche is outstanding, the Borrower will from time to time at the request of the Facility Agent promptly enter into good faith
negotiations in respect of (a) amending this Agreement to remove the carve-out of Clause 9.4(a) from the provisions of
Clause 11.1(e) and/or (b) amending the financial covenants set forth in this Agreement, resetting the testing of such
financial covenants and/or supplementing those financial covenants with additional financial covenants. A failure to reach an agreement
under this paragraph following such good faith negotiations shall not constitute an Event of Default or a Mandatory Prepayment
Event.

 

		8.12	Equal treatment with Pari Passu Creditors

 

The Borrower undertakes with the Facility
Agent that it shall ensure (and shall procure that each other Group Member shall ensure) that the Lenders are treated equally in
all respects with all other Pari Passu Creditors, and accordingly:

 

(a)            the
Borrower shall enter into similar debt deferral, covenant amendment and replacement and mandatory prepayment arrangements to those
contemplated by Amendment and Restatement No.6 in respect of each ECA Financing (and for this purpose excluding any ECA Financings
where the lenders under that ECA Financing do not provide their consent to such arrangements in circumstances where the arrangements
contemplated in respect of that ECA Financing are on substantially the same basis as set out in this Agreement (as amended by Amendment
and Restatement No.6) but including any financing which will, upon novation of the relevant facility agreement to the Borrower,
become an ECA Financing) as soon as reasonably practicable after the Second Deferred Tranche Effective Date (with such amendments
being on terms which shall not prejudice the rights of BpiFAE under this Agreement);

 

		(b)	the Borrower shall promptly upon written request, supply the Facility Agent with information (in
a form and substance satisfactory to the Facility Agent) regarding the status of the amendments to be entered into in accordance
with paragraph (a) above;

 

		(c)	to enable the Borrower to comply with the requirements under paragraph (d) below, prior to
any Group Member entering into any Restricted Credit Enhancement with a Pari Passu Creditor (other than a Restricted Credit Enhancement
granted in accordance with Clause 9.11(a)(ii)), the Borrower shall promptly notify the Facility Agent (and such notification shall
include details of the new Lien or Group Member Guarantee and shall otherwise be in form and substance reasonably satisfactory
to the Facility Agent); and

 

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		(d)	at the same time as any relevant Restricted Credit Enhancement is provided to the relevant Pari
Passu Creditor (other than a Restricted Credit Enhancement granted in accordance with Clause 9.11(a)(ii)), the Borrower, any relevant
Group Member and the Lenders shall enter into such documentation as may be necessary in the reasonable opinion of the Facility
Agent to ensure that the Lenders benefit from that Restricted Credit Enhancement on the same terms as the relevant Pari Passu Creditor(s) and,
where that Restricted Credit Enhancement is a Lien or a Group Member Guarantee, to share in that Lien or Group Member Guarantee
on a pari passu basis (and the Lenders agree to enter into such intercreditor documentation to reflect such pari passu ranking
(in a form and substance satisfactory to the Lenders (acting reasonably)) as may be required in connection with such arrangements).

 

		9.	NEGATIVE COVENANTS

 

The Borrower agrees with the Facility Agent
and each Lender that, from the date hereof until all Obligations have been paid and performed in full, the Borrower will perform
the obligations set forth in this Clause 9 (Negative Covenants).

 

		9.1	Business Activities

 

The Borrower will not, and will not permit
any of its Subsidiaries to, engage in any principal business activity other than those engaged in by the Borrower and its Subsidiaries
on the date of this Agreement and other business activities reasonably related, ancillary or complementary thereto or that are
reasonable extensions thereof.

 

		9.2	Indebtedness

 

Until the occurrence of the Guarantee Release
Date (whereupon Clause 9.2 of Schedule P shall apply in accordance with Clause 9.12), the Borrower will not permit any of the Existing
Principal Subsidiaries to create, incur, assume or suffer to exist or otherwise become or be liable in respect of any Indebtedness,
other than, without duplication, the following:

 

		(a)	Indebtedness secured by Liens permitted under paragraphs (c) to (p) of Clause 9.3 (Liens);

 

		(b)	Indebtedness owing to the Borrower or any direct or indirect Subsidiary of the Borrower;

 

    	 	108	 

     

    

 

		(c)	Indebtedness incurred to finance, refinance or refund the cost (including the cost of construction)
of assets acquired after the date hereof;

 

		(d)	Indebtedness in an aggregate principal amount, together with (but without duplication of) Indebtedness
secured by Liens permitted under paragraph (d) of Clause 9.3 (Liens), at any one time outstanding and not exceeding
(determined at the time of creation of any such Lien or the incurrence by any Existing Principal Subsidiary of such Indebtedness,
as applicable) ten per cent. (10%) of the total assets of the Borrower and its Subsidiaries taken as a whole as determined in accordance
with GAAP as at the last day of the most recent ended Fiscal Quarter;

 

		(e)	[Intentionally Omitted];

 

		(f)	obligations in respect of Hedging Instruments entered into for the purpose of managing interest
rate, foreign currency exchange or commodity exposure risk and not for speculative purposes; and

 

		(g)	Indebtedness of Silversea Cruise Holding Ltd. and its Subsidiaries (“Silversea”) identified
in Section 1 of Schedule H (Silversea Liens and Indebtedness) hereto.

 

		9.3	Liens

 

Until the occurrence of the Guarantee Release
Date (whereupon Clause 9.2 of Schedule P shall apply in accordance with Clause 9.12), the Borrower will not, and will not permit
any of its Subsidiaries to, create, incur, assume or suffer to exist any Lien upon any of its property, revenues or assets (including
the Purchased Vessel), whether now owned or hereafter acquired, except:

 

		(a)	Liens on assets (including shares of capital stock of corporations and assets owned by any corporation
that becomes a Subsidiary of the Borrower after the date of this Agreement) acquired after the date hereof (whether by purchase,
construction or otherwise) by the Borrower or any of its Subsidiaries (other than (i) an Existing Principal Subsidiary or
(ii) any other Principal Subsidiary which, at any time, after three (3) months after the acquisition of a Vessel, owns
such Vessel free of any mortgage Lien), which Liens were created solely for the purpose of securing Indebtedness representing,
or incurred to finance, refinance or refund, the cost (including the cost of construction) of such assets, so long as (A) the
acquisition of such assets is not otherwise prohibited by the terms of this Agreement and (B) each such Lien is created within
three (3) months after the acquisition of the relevant assets;

 

    	 	109	 

     

    

 

		(b)	in addition to other Liens permitted under this Clause 9.3 (Liens), Liens securing Indebtedness
in an aggregate principal amount, together with (but without duplication of) Indebtedness permitted under paragraph (d) of
Clause 9.2 (Indebtedness), at any one time outstanding and not exceeding the greater of (determined at the time of creation
of such Lien or the incurrence by any Existing Principal Subsidiary of such Indebtedness, as applicable) ten per cent. (10%) of
the total assets of the Borrower and its Subsidiaries (the “Lien Basket Amount”) taken as a whole as determined
in accordance with GAAP as at the last day of the most recent ended Fiscal Quarter; provided, however that, if, at any time, the
Senior Debt Rating of the Borrower is less than Investment Grade as given by both Moody’s and S&P, the Lien Basket Amount
shall be the greater of (i) five per cent. (5%) of the total assets of the Borrower and its Subsidiaries taken as a whole
as determined in accordance with GAAP as at the last day of the most recent ended Fiscal Quarter and (ii) $735,000,000;

 

		(c)	Liens on assets acquired after the date hereof by the Borrower or any of its Subsidiaries (other
than assets (i) acquired by any Subsidiary that is an Existing Principal Subsidiary or (ii) acquired by any other Principal
Subsidiary which, at any time, owns a Vessel free of any mortgage Lien) so long as (A) the acquisition of such assets is not
otherwise prohibited by the terms of this Agreement and (B) each of such Liens existed on such assets before the time of its
acquisition and was not created by the Borrower or any of its Subsidiaries in anticipation thereof;

 

		(d)	Liens on any asset of any corporation that becomes a Subsidiary of the Borrower (other than a corporation
that also becomes a Subsidiary of an Existing Principal Subsidiary) after the date hereof so long as (i) the acquisition or
creation of such corporation by the Borrower is not otherwise prohibited by the terms of this Agreement and (ii) such Liens
are in existence at the time such corporation becomes a Subsidiary of the Borrower and were not created by the Borrower or any
of its Subsidiaries in anticipation thereof;

 

		(e)	Liens securing Government-related Obligations;

 

		(f)	Liens for taxes, assessments or other governmental charges or levies not at the time delinquent
or thereafter payable without penalty or being diligently contested in good faith by appropriate proceedings;

 

		(g)	Liens of carriers, warehousemen, mechanics, materialmen and landlords incurred in the ordinary
course of business for sums not overdue by more than 60 days or being diligently contested in good faith by appropriate proceedings;

 

		(h)	Liens incurred in the ordinary course of business in connection with workers’ compensation,
unemployment insurance or other forms of governmental insurance or benefits;

 

    	 	110	 

     

    

 

		(i)	Liens for current crew’s wages and salvage;

 

		(j)	Liens arising by operation of law as the result of the furnishing of necessaries for the Purchased Vessel or any Other Vessel
so long as the same are discharged in the ordinary course of business or are being diligently contested in good faith by appropriate
proceedings;

 

		(k)	Liens on the Purchased Vessel and/or any Other Vessel that:

 

		(i)	secure obligations covered (or reasonably expected to be covered) by insurance;

 

		(ii)	were incurred in the course of or incidental to trading the Purchased Vessel and/or such Other
Vessels (as applicable) in connection with repairs or other work to the Purchased Vessel and/or such Other Vessels (as applicable);
or

 

		(iii)	were incurred in connection with work to the Purchased Vessel and/or such Other Vessels (as applicable)
that is required to be performed pursuant to applicable law, rule, regulation or order,

 

provided that, in each
case described in this paragraph (m), such Liens are either (A) discharged in the ordinary course of business or (B) being
diligently contested in good faith by appropriate proceedings;

 

		(l)	normal and customary rights of set-off upon deposits of cash or other Liens originating solely
by virtue of any statutory or common law provision relating to bankers’ liens, rights of set-off or similar rights in favor
of banks or other depository institutions;

 

		(m)	Liens in respect of rights of set-off, recoupment and holdback in favor of credit card processors
securing obligations in connection with credit card processing services incurred in the ordinary course of business;

 

		(n)	Liens on cash or Cash Equivalents or marketable securities securing obligations in respect of Hedging
Instruments permitted under Clause 9.2(f) or securing letters of credit that support such obligations;

 

		(o)	deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety
and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business and
deposits securing liabilities to insurance carriers under insurance or self-insurance arrangements;

 

		(p)	easements, zoning restrictions, rights-of-way and similar encumbrances on real property imposed
by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially detract
from the value of the affected property or interfere with the ordinary conduct of business of the Borrower or any Subsidiary;

 

    	 	111	 

     

    

 

		(q)	licenses, sublicenses, leases or subleases granted to other Persons not materially interfering
with the conduct of the business of the Borrower or any of its Subsidiaries; and

 

		(r)	Liens on any property of Silversea identified in Section 2 of Schedule H (Silversea Liens and Indebtedness) hereto,

 

provided, however, that from the Second Deferred Tranche Effective
Date until the Guarantee Release Date, no Group Member shall be entitled to grant any Lien of the type referred to in paragraphs
(a) to (d) above over any ECA Financed Vessel.

 

		9.4	Financial Condition

 

		(a)	The Borrower will not permit:

 

		(i)	the Net Debt to Capitalisation Ratio, as at the end of any Fiscal Quarter, to be greater than 0.625
to 1;

 

		(ii)	the Fixed Charge Coverage Ratio to be less than 1.25 to 1 as at the last day of any Fiscal Quarter;
or

 

		(iii)	in addition, if, at any time, the Senior Debt Rating of the Borrower is less than Investment Grade
as given by both Moody’s and S&P, the Borrower will not permit Stockholders' Equity to be less than, as at the last day
of any Fiscal Quarter, the sum of (i) four billion one hundred and fifty million Dollars ($4,150,000,000) plus (ii) fifty
per cent. (50%) of the consolidated net income of the Borrower and its Subsidiaries for the period commencing on 1 January 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).

 

    	 	112	 

     

    

 

		(b)	If any Group Member agrees, in respect of any of its Indebtedness for borrowed money, to any new,
modified or substitute financial covenants of the type, or similar to, the financial covenants set out in paragraph (a) above
then (i) the Borrower shall notify the Facility Agent in writing within 5 Business Days of such new, modified or substitute
financial covenants being agreed with the relevant creditor(s) and (ii) if required by the Lenders, the Borrower and
the Lenders shall, as soon as practicable thereafter, enter into an amendment to this Agreement to incorporate the new, modified
or substitute financial covenants.

 

	(c)	 	 
		(i)	If, other than as notified in writing by the Borrower to the Facility Agent prior to the date of
Amendment and Restatement No.6, at any time during the Financial Covenant Waiver Period the last day of a financial covenant waiver
period under any of the agreements in respect of any of the Borrower’s other Indebtedness shall be amended such that it falls
prior to 30 September 2022, the Borrower shall notify the Facility Agent and that revised date, save as provided below, shall
be the last date of the Financial Covenant Waiver Period for the purposes of this Agreement.

 

		(ii)	If, following receipt of the notice referred to in sub-paragraph (i) above, the relevant date
referred to above is then extended, the Borrower shall be entitled to notify the Facility Agent of the same and, upon receipt of
that notice, such revised date or, if earlier, 30 September 2022, shall then become the final date of the Financial Covenant
Waiver Period for the purposes of this Agreement.

 

		(d)	The Borrower will not allow the aggregate amount of unrestricted cash and Cash Equivalents of the
Borrower and its Subsidiaries as determined in accordance with GAAP to be less than the Adjustable Amount as of (i) the last
day of any calendar month from the Second Deferred Tranche Effective Date until the Covenant Modification Date, or (ii) if
the Borrower is not in compliance with the requirements of this paragraph (d) as of the last day of any calendar month during
the Financial Covenant Waiver Period (or, if earlier, prior to the Covenant Modification Date), the date that the certificate required
by Clause 8.1(q) with respect to such month is delivered to the Facility Agent (it being understood that the Borrower shall
not be required to comply with this paragraph (d) at any time on or after the Covenant Modification Date).

 

		9.5	Additional Undertakings.

 

    	 	113	 

     

    

 

From the effectiveness
of the Amendment and Restatement No.5, and notwithstanding anything to the contrary set out in this Agreement or any other Finance
Document:

 

		(a)	First Priority Guarantee Matters. Until the occurrence of a First Priority Release Event:

 

		(i)	the Borrower will not form, create, acquire or otherwise establish any new Subsidiaries that own,
directly or indirectly, the Equity Interests of the First Priority Guarantor (and will not permit any such new Subsidiary to own,
directly or indirectly, any such Equity Interests);

 

		(ii)	the First Priority Guarantor will not form, create, acquire or otherwise establish any new Subsidiaries
that own, directly or indirectly, the Equity Interests of any Principal Subsidiary (and will not permit any such new Subsidiary
to own, directly or indirectly, any such Equity Interests);

 

		(iii)	the First Priority Guarantor will not incur any additional Indebtedness for borrowed money (including
any guarantees in respect of Indebtedness), except in connection with any Other Guarantees;

 

		(iv)	neither Celebrity Cruises Holdings Inc. nor Celebrity Cruises Inc will incur any additional Indebtedness
for borrowed money (including any guarantees in respect of Indebtedness), except in connection with the Secured Note Indebtedness
or any Permitted Refinancing thereof; and

 

		(v)	the Borrower shall not, and shall procure that each other Subsidiary will not Dispose of any First
Priority Assets or any Equity Interests in a Subsidiary that owns, directly or indirectly, any First Priority Assets, other than

 

		(A)	to any other entity that is a First Priority Guarantor;

 

		(B)	if the fair market value thereof, together with the fair market value of all other Dispositions
of First Priority Assets made after the effectiveness of the Amendment and Restatement No.5 (but for this purpose excluding any
Disposition of the type referred to in the foregoing clause (A) and any Disposition, the net proceeds of which are applied
in accordance with the following clause (C)) is less than the sum of less than, in the aggregate, the sum of:

 

(x)            $250,000,000
plus

 

    	 	114	 

     

    

 

(y)            the
fair market value of any asset (other than (1) current assets, intercompany debt or equity instruments and (2) First
Priority Assets or other assets owned by another First Priority Guarantor immediately prior to acquisition) acquired by any First
Priority Guarantor after the effectiveness of the Amendment and Restatement No.5; or

 

		(C)	if the net proceeds therefrom are applied in accordance with Section 4.09(b)(i) or 4.09(b)(iii) of
the Secured Note Indenture, to the extent applicable at such time; provided, however, that if, within 450 days of such Disposition,
any net proceeds of such Disposition have not been utilized in accordance with such provisions and are retained by the Borrower
or any Subsidiary after such application (such retained net proceeds, “Excess Proceeds”), then:

 

		(1)	if not already held by a First Priority Guarantor, such Excess Proceeds shall be promptly transferred
to a First Priority Guarantor to be (x) retained in an account and on the balance sheet of that First Priority Guarantor and
(y) used solely (i) for capital expenditures for the benefit of the remaining First Priority Assets or for the purposes
of any asset purchase by that First Priority Guarantor or (ii) to make an offer to each ECA Guarantor in accordance with the
following sub-clause (2); or

 

		(2)	where the Borrower has elected to utilize the Excess Proceeds in the manner referred to in (ii) above,
the Borrower shall make a written offer contemporaneously to each ECA Guarantor to apply such Excess Proceeds as a pro rata prepayment
of the Loan and the Indebtedness under each other ECA Financing that is pari passu in right of payment to the Obligations. If any
ECA Guarantor provides written notice to the Borrower within 90 days of such offer accepting such offer, the Borrower shall prepay
the relevant Indebtedness notified to it within 10 Business Days (or such longer period as may be agreed with the lenders under
each relevant ECA Financing being prepaid) of the date of receipt of such notice. If any ECA Guarantor fails to accept such offer
within the said 90 days referred to above, then the pro rata portion of such Excess Proceeds that would have been applied to prepay
the ECA Financings with respect to such ECA Guarantor if such offer was accepted shall be retained and applied in accordance with
the foregoing sub-clause (1)(i).

 

    	 	115	 

     

    

 

		(b)	Second Priority Guarantee Matters. Until the occurrence of a Second Priority Release Event:

 

		(i)	the Borrower will not, and will not permit any of its Subsidiaries to, form, create, acquire or
otherwise establish any new Subsidiaries that own, directly or indirectly, the Equity Interests of any Second Priority Guarantor
(and will not permit any such new Subsidiary to own, directly or indirectly, any such Equity Interests);

 

		(ii)	no Second Priority Guarantor will form, create, acquire or otherwise establish any new Subsidiaries
that own, directly or indirectly, the Equity Interests of any Principal Subsidiary (and will not permit any such new Subsidiary
to own, directly or indirectly, any such Equity Interests); and

 

		(iii)	the Borrower shall not, and shall procure that each other Subsidiary will not Dispose of any Second
Priority Assets or any Equity Interests in a Subsidiary that owns, directly or indirectly, any Second Priority Assets, other than:

 

		(A)	to any other entity that is a Second Priority Guarantor; or

 

		(B)	if the fair market value thereof, together with the fair market value of all other Dispositions
of Second Priority Assets made after the effectiveness of the Amendment and Restatement No.5 (but for this purpose excluding any
Disposition of the type referred to in the foregoing clause (A)) is less than the sum of:

 

	 	(x)	$250,000,000 plus

 

	 	(y)	the fair market value of any asset (other than (1) current assets, intercompany debt or equity instruments and (2) Second Priority Assets or other assets owned by another Second Priority Guarantor immediately prior to acquisition) acquired by any Second Priority Guarantor after the effectiveness of the Amendment and Restatement No.5.

 

 

    	 	116	 

     

    

 

		(c)	Third Priority Guarantee Matters. Until the occurrence of a Third Priority Release Event:

 

		(i)	the Borrower will not form, create, acquire or otherwise establish any new Subsidiaries that own,
directly or indirectly, the Equity Interests of the Third Priority Guarantor (and will not permit any such new Subsidiary to own,
directly or indirectly, any such Equity Interests);

 

		(ii)	the Third Priority Guarantor will not form, create, acquire or otherwise establish any new Subsidiaries
that own, directly or indirectly, the Equity Interests of any Principal Subsidiary (and will not permit any such new Subsidiary
to own, directly or indirectly, any such Equity Interests); and

 

		(iii)	the Borrower shall not, and shall procure that each other Subsidiary will not Dispose of any Third
Priority Assets or any Equity Interests in a Subsidiary that owns, directly or indirectly, any Third Priority Assets, other than:

 

		(A)	to any other entity that is a Third Priority Guarantor;

 

		(B)	if the fair market value thereof, together with the fair market value of all other Dispositions
of Third Priority Assets made after the effectiveness of the Amendment and Restatement No.5 (but for this purpose excluding any
Disposition of the type referred to in the foregoing clause (A) and any Disposition, the net proceeds of which are applied
in accordance with the following clause (C)) is less than the sum of:

 

	 	(x)	$250,000,000 plus

 

	 	(y)	the fair market value of any asset (other than (1) current assets, intercompany debt or equity instruments and (2) Third Priority Assets or other assets owned by another Third Priority Guarantor immediately prior to acquisition) acquired by any Third Priority Guarantor after the effectiveness of the Amendment and Restatement No.5; or

  

    	 	117	 

     

    

 

		(C)	if the net proceeds therefrom are applied in accordance with those provisions of the Unsecured
Note Indenture and/or the definitive documentation governing the DDTL Indebtedness to the extent applicable at the time which allow
the Borrower to make an offer to prepay and/or repay the debt evidenced by the Unsecured Note Indenture and/or DDTL Indebtedness,
as applicable; provided that, if any such net proceeds are retained by the Borrower or any Subsidiary after such application, the
Borrower shall promptly repay or redeem all or any portion of any Indebtedness that is pari passu or senior in right of payment
to the Obligations and for which a Third Priority Guarantor is a guarantor, in each case, subject to the terms of the documentation
governing such Indebtedness (including the DDTL Indebtedness, the Unsecured Note Indebtedness, any Bank Indebtedness, any Credit
Card Obligations, the Loan and any other Indebtedness under an ECA Financing); provided, further, that any repayment of Indebtedness
under any revolving credit agreement pursuant to this paragraph shall be accompanied by a corresponding permanent reduction in
the related revolving credit commitments.

 

		(d)	New Guarantor Matters. In the event the Borrower or any of its Subsidiaries acquires an
ECA Financed Vessel:

 

		(i)	the Borrower will, within 15 Business Days of the purchase of the relevant ECA Financed Vessel,
cause the applicable New Guarantor to provide (A) an Additional Guarantee, together with each equivalent Other Guarantee required
to be provided under the terms of the other ECA Financings (as amended from time to time) and (B) all documents and information
required by the Lenders in order to satisfy any applicable “know your customer” checks and any other reasonable condition
precedent requirements of the Lenders (excluding, for the avoidance of doubt, legal opinions); provided that, in each case, if
such New Guarantor is party to a Senior Guarantee at such time, the Facility Agent shall have contemporaneously entered into a
New Guarantor Subordination Agreement; and

 

    	 	118	 

     

    

 

		(ii)	until the occurrence of a Second Priority Release Event and a Third Priority Release Event:

 

		(A)	the Borrower will not permit the applicable New Guarantor to incur any Indebtedness for borrowed
money (including any guarantees in respect of Indebtedness) other than the applicable Additional Guarantee, any Other Guarantee
and any Senior Guarantee;

 

		(B)	the Borrower will not permit the Principal Subsidiary that acquires the relevant ECA Financed Vessel
to incur any Indebtedness for borrowed money (including any guarantees in respect of Indebtedness);

 

		(C)	notwithstanding any other provision of this Agreement, the Borrower will not, and shall procure
that no other Subsidiary shall Dispose (whether to a Group Member or otherwise) of the relevant ECA Financed Vessel (or any equity
interests in a Subsidiary that owns, directly or indirectly, such ECA Financed Vessel); provided that (1) such ECA Financed
Vessel may be exclusively operated by or chartered to the Borrower or one of the Borrower’s wholly owned Subsidiaries and
(2) the Borrower or such Subsidiary may charter out such ECA Financed Vessel (x) to entities other than the Borrower
and the Borrower’s wholly owned Subsidiaries and (y) on a time charter with a stated duration not in excess of one year;
and

 

		(D)	notwithstanding the provisions of Sections 9.2 and 9.3, the Borrower will not, and will not permit
any of its Subsidiaries to create, incur, assume or suffer to exist any Lien upon the relevant ECA Financed Vessel, other than
Liens permitted under Section 9.3 that do not secure Indebtedness for borrowed money.

 

		(e)	Further Assurances. At the Borrower’s reasonable request, the Facility Agent shall
execute (i) any Additional Subordination Agreement or any Subordination Agreement, in substantially the form attached hereto
as Schedule L or Schedule M with such changes, or otherwise in form and substance, reasonably satisfactory to the Facility Agent
(acting upon the instructions of the Required Lenders and BpiFAE), to ensure the required priority of the Second Priority Guarantee
and the Third Priority Guarantee and (ii) any New Guarantor Subordination Agreement contemporaneously with the execution of
any Senior Guarantee by a New Guarantor if such New Guarantor has granted an Additional Guarantee at such time.

 

    	 	119	 

     

    

 

		(f)	Amount of Indebtedness. The Borrower shall ensure that:

 

		(i)	the maximum aggregate principal amount of Bank Indebtedness (or any Permitted Refinancing thereof)
guaranteed by the Second Priority Guarantors shall not exceed, in the aggregate, $5,300,000,000 (or its equivalent in any other
currency) until the occurrence of a First Priority Release Event, a Second Priority Release Event, and a Third Priority Release
Event;

 

		(ii)	the maximum aggregate principal amount of Unsecured Note Indebtedness and DDTL Indebtedness (or
any Permitted Refinancing of either of them), in each case, guaranteed by the Third Priority Guarantor shall not exceed, in the
aggregate, $1,700,000,000 (or its equivalent in any other currency) until the occurrence of a Third Priority Release Event;

 

		(iii)	until the occurrence of a Second Priority Release Event, none of the Second Priority Guarantors
will grant any guarantee that is pari passu with or senior to its obligations under the Second Priority Guarantee, except in connection
with (A) any Bank Indebtedness or any Permitted Refinancing thereof, (B) any Credit Card Obligations or (C) any
Other Guarantees, provided that each Other Guarantee shall be on terms no more favourable in any material respect (including for
this purpose the priority of that guarantee) than that currently provided by that Second Priority Guarantor in connection with
the relevant Indebtedness; and

 

		(iv)	until the occurrence of a Third Priority Release Event, the Third Priority Guarantor will not grant
any guarantee that is pari passu with or senior to its obligations under the Third Priority Guarantee, except in connection with
(A) any Bank Indebtedness, Unsecured Note Indebtedness, DDTL Indebtedness or any Permitted Refinancing of any thereof, (B) any
Credit Card Obligations or (C) any Other Guarantees, provided that each Other Guarantee shall be on terms no more favourable
in any material respect (including for this purpose the priority of that guarantee) than that currently provided by the Third Priority
Guarantor in connection with the relevant Indebtedness.

 

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	 	(g)	Release of Guarantees. The Borrower agrees to give the Facility Agent written notice of the occurrence of any First Priority Release Event, Second Priority Release Event or Third Priority Release Event. The Facility Agent agrees, subject to the proviso (2) below, that:

 

 (i) the First Priority Guarantee shall be automatically released upon the occurrence of a First Priority Release Event;

 

 (ii) the Second Priority Guarantee shall be automatically released upon the occurrence of a Second Priority Release Event;

 

 (iii) the Third Priority Guarantee shall be automatically released upon the occurrence of a Third Priority Release Event; and

 

 (iv) each Additional Guarantee shall be automatically released upon the occurrence of both a Second Priority Release Event and a Third Priority Release Event,

 

provided (1) in each case, and subject
to proviso (2) below, that upon the Borrower's request, the Facility Agent shall promptly confirm in writing the release of
the applicable Guarantee following the occurrence of the relevant release event and (2) where the Borrower is of the opinion
that it would, if the Guarantee Release Date was to occur, be in breach of the provisions of Clause 9.2 as set out in Schedule
P (and which would otherwise come into effect on that Guarantee Release Date) on the Guarantee Release Date, the Borrower shall
be entitled, by serving written notice on the Facility Agent, to request that the Guarantee Release Date be postponed until such
time as the Borrower is satisfied that it will be able to comply with the provisions of the said Clause 9.2. Where the Borrower
issues a notice pursuant to this proviso (2) it agrees that it shall use all reasonable endeavours and take all appropriate
action as may be practicable at such time to enable it to comply with the said Clause 9.2 as soon as practicable following the
date that the Guarantee Release Date would have occurred but for this proviso (2) so that the Guarantee Release Date can then
occur and, as soon as it is satisfied that it will be able to comply with the said Clause 9.2 it will promptly serve a further
written notice on the  Facility Agent. Upon receipt of this further notice, the provisions of this paragraph (g) shall
once again apply and the Facility Agent shall then take the action required of it to enable the Guarantee Release Date to occur.

 

		9.6	Consolidation, Merger, etc.

 

The Borrower will not, and will not permit
any of its Subsidiaries to, liquidate or dissolve, consolidate with, or merge into or with, any other Person, except:

 

		(a)	any such Subsidiary may (i) liquidate or dissolve voluntarily into, and may merge with and
into, the Borrower or any other Subsidiary of the Borrower, and the assets or stock (or other ownership interests) of any Subsidiary
of the Borrower may be purchased or otherwise acquired by the Borrower or any other Subsidiary of the Borrower or (ii) merge
with and into another Person in connection with a sale or other disposition permitted by Clause 9.7 (Asset Dispositions, etc.);
and

 

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		(b)	so long as no Event of Default or Mandatory Prepayment Event has occurred and is continuing or
would occur after giving effect thereto, the Borrower or any of its Subsidiaries may merge into any other Person, or any other
Person may merge into the Borrower or any such Subsidiary, or the Borrower or any of its Subsidiaries may purchase or otherwise
acquire all or substantially all of the assets of any Person, in each case so long as:

 

		(i)	after giving effect thereto, the Stockholders’ Equity of the Borrower and its Subsidiaries is at least equal to ninety
per cent. (90%) of such Stockholders’

Equity immediately prior thereto; and

 

		(ii)	in the case of a merger involving the Borrower where the Borrower is not the surviving entity:

 

		(A)	the surviving entity shall have assumed in writing, delivered to the Facility Agent, all of the
Borrower’s obligations hereunder and under the other Finance Documents;

 

		(B)	the Borrower shall have provided such documentation and information as is requested by the Facility
Agent (for itself or on behalf of any Lender and/or, if the Funding Agreement is then in effect, the Funding Entity) in order for
the Facility Agent (or such Lender and/or the Funding Entity, as the case may be) to carry out and be satisfied that it has complied
with all necessary “know your customer” and other similar checks under all applicable laws and regulations (including
all applicable anti-money laundering and anti-corrupt practices laws and regulations) in connection with the surviving entity;
and

 

		(C)	BpiFAE shall have consented to the merger.

 

		9.7	Asset Dispositions, etc.

 

Subject to Section 9.5, the Borrower
will not, and will not permit any of its Subsidiaries to, sell, transfer, contribute or otherwise convey, or grant options, warrants
or other rights with respect to all or substantially all of the assets of (a) the Borrower or (b) the Subsidiaries of
the Borrower, taken as a whole except sales of assets between or among the Borrower and Subsidiaries of the Borrower.

 

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		9.8	Use of Proceeds

 

The Borrower will not request any Loan,
and the Borrower shall not use the proceeds of any Loan (a) in furtherance of an offer, payment, promise to pay, or authorization
of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, or (b) for
the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or
in any Sanctioned Country, in violation of Sanctions applicable to any party hereto.

 

		9.9	Construction Contract

 

The Borrower will not amend or modify any
term or condition of the Construction Contract that relates to (a) the type, size or capacity of the Purchased Vessel or its
ability to comply with applicable laws (including Environmental Laws), (b) the Cash Contract Price, any element thereof or
the way in which the Cash Contract Price or any element thereof is determined or (c) the delivery date of the Purchased Vessel
or the way in which such delivery date is determined, in any such case in a manner which, in the reasonable opinion of the Lenders
after consultation with BpiFAE and (if the Funding Agreement is then in effect) the Funding Entity, has or could reasonably be
expected to have a Material Adverse Effect, except where such amendment or modification (i) shall have been consented to by
the Required Lenders after consultation with BpiFAE and (if the Funding Agreement is then in effect) the Funding Entity or (ii) relates
to a decrease in the dimensions or capacity of the Purchased Vessel in terms of the number of passengers and/or staterooms by less
two per cent. (2%).

 

		9.10	Borrower’s Procurement Undertaking.

 

Where any of the covenants set out in this Agreement require
performance by any Subsidiary of the Borrower, the Borrower shall procure the performance of that obligation by such Subsidiary.

 

		9.11	Framework Lien and Guarantee restriction

 

From the Second Deferred Tranche Effective
Date until the Guarantee Release Date, and without prejudice to Clause 9.3, the Borrower shall not (and shall procure that each
other Group Member shall not, save in respect of a Restricted Credit Enhancement of the type referred to in Clause 8.12(d) (and
in respect of which the Lenders therefore receive the benefit)):

 

		(a)	grant any Restricted Credit Enhancement in respect of any Indebtedness for borrowed money provided
that:

 

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		(i)	subject to the limitations set out in paragraph (b) below, this paragraph (a) shall not
prohibit any Group Member from providing any Lien or Group Member Guarantee in connection with Indebtedness incurred after the
Second Deferred Tranche Effective Date (provided that such Lien and/or Group Member Guarantee is issued at the same time, and in
connection with, the initial incurrence of that Indebtedness (and is therefore not by way of additional credit support));

 

		(ii)	in connection with a Permitted Refinancing of any Indebtedness, the relevant Group Member shall
be entitled to provide the creditors under that Permitted Refinancing with Liens and/or Group Member Guarantees (as applicable)
which:

 

		(A)	in the case where the existing Indebtedness being refinanced was previously supported by Liens,
the Liens and/or the Group Member Guarantees securing or supporting the Permitted Refinancing (as applicable) are over some or
all of the same assets and;

 

		(1)	with respect to any Liens, are with the same or lower priority as the Liens in respect of such
assets that secured the Indebtedness being refinanced; and

 

		(2)	with respect to any Group Member Guarantees, are Group Member Guarantees provided by a Group Member
that owns (directly or indirectly) only those Vessels (or some of those Vessels but not any other Vessel) that were previously
secured pursuant to the Liens referred to in the first sentence of this paragraph (A); and

 

		(B)	in the case where the existing Indebtedness being refinanced was previously supported by any Group
Member Guarantee, the Group Member Guarantee(s) supporting such Permitted Refinancing are:

 

		(1)	guarantees of obligations in an amount no greater than the guarantees granted in connection with
the original Indebtedness being refinanced;

 

		(2)	in the case where the entity providing the relevant Group Member Guarantee(s) supporting such
Permitted Refinancing is the same entity providing the Group Member Guarantees that are being replaced, provided by entities owning
(directly or indirectly) only those Vessels (or some of those Vessels but not any other Vessel) that it owned when the previous
Group Member Guarantee was provided;

 

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		(3)	in the case where the entity providing the relevant Group Member Guarantee(s) supporting such
Permitted Refinancing differs from the entity providing the Group Member Guarantees being replaced, provided by entities that directly
or indirectly own Vessels with an aggregate book value no greater than the Vessels that were owned (directly or indirectly) by
the previous provider of the relevant Group Member Guarantee(s) that supported the existing Indebtedness; and

 

		(4)	the same or lower priority as the original Group Member Guarantee(s) and are issued by either
the same entities or from shareholders of those entities,

 

provided that this paragraph
(a) shall not prohibit any Group Member from providing or maintaining any Lien in accordance with the provisions of Clauses
9.3(d) through to (r) inclusive, provided, however, that the proviso at the end of Clause 9.3(d) shall apply with
respect to Liens granted pursuant that provision; and

 

		(b)	incur any new Indebtedness (including Indebtedness of the type referred
to in paragraph (a)(i) above but excluding any Permitted Refinancing Indebtedness in connection with paragraph (a)(ii) above)
which is secured by a Lien or is supported by a Group Member Guarantee and which, when taken with all other Indebtedness incurred
by the Group since the Second Deferred Tranche Effective Date and which is also secured by a Lien or supported by a Group Member
Guarantee, is greater than $1,300,000,000 (but deducting from this amount for this purpose, (i) the amount of any additional
Indebtedness incurred by the Borrower in connection with the drawing of the DDTL Indebtedness (whether pursuant to the accordion
option or otherwise) or (ii) any Indebtedness borrowed in lieu of the drawing of the DDTL Indebtedness in the foregoing
clause) or its equivalent in any other currency, and provided that no Group Member shall, as contemplated
by the proviso to Clause 9.3, from the Second Deferred Tranche Effective Date until the Guarantee Release Date (whereupon the relevant
provisions of Schedule P shall apply), be permitted to grant any Lien over an ECA Financed Vessel as security for any Indebtedness
permitted to be incurred under this Agreement after the Second Deferred Tranche Effective Date.

 

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		9.12	Covenant replacement

 

With effect on and from the Guarantee Release
Date, it is agreed that Clauses 9.2 and 9.3 shall be deleted in their entirety and replaced with the covenants and other provisions
set out in Schedule P, which shall become part of this Agreement and effective and binding on all Parties.

 

		10.	EVENTS OF DEFAULT

 

		10.1	Listing of Events of Default

 

Each of the following events or occurrences described in this
Clause 10.1 (Listing of Events of Default) shall constitute an “Event of Default”.

 

		(a)	Non-Payment of Obligations

 

The Borrower shall default in
the payment when due of any amount payable by it under the Finance Documents in the manner required under the Finance Documents
unless such failure is solely as a result of either (a) administrative or technical error or (b) a Disruption Event,
and, in either case, payment is made within 3 Business Days of its due date.

 

		(b)	Breach of Warranty

 

Any representation or warranty
of the Borrower made or deemed to be made hereunder (including in any documents delivered pursuant to Clause 4 (Conditions Precedent))
or under any other Finance Document is or shall be incorrect in any material respect when made.

 

		(c)	Non-Performance of Certain Covenants and Obligations

 

		(i)	The Borrower shall default in the due performance and observance of any other agreement contained
herein (including, from the Guarantee Release Date, Schedule P) or in any other Finance Document (other than the covenants set
forth in Clause 8.1(m), Clause 8.1(n), Clause 8.1(q), Clause 8.1(s),Clause 8.4(e), Clause 8.10, Clause 8.11, Clause 8.12 and Clause
9.4(a) to (c) (but excluding Clauses 9.4(b) and 9.4(c) (which shall be regulated in accordance with Clause
11.1(o)(iv)) and also excluding Clause 9.4(d), a breach of which shall, subject to the cure periods set out in this Clause 10.1(c),
result in an Event of Default) and the obligations referred to in paragraph (a) above) and such default shall continue unremedied
for a period of five (5) 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 thirty (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 thirty five (35) days after such notice to the Borrower).

 

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		(ii)	The Borrower shall default in the due performance and observance of its obligations under Clause
5.1(c), it being provided that if the default consists of a payment default, the remedy periods provided in Clause 10.1(a) (Non-Payment
of Obligations) shall apply.

 

		(d)	Default on Other Indebtedness

 

		(i)	The Borrower or any of the Principal Subsidiaries shall fail to pay:

 

		(A)	any Indebtedness under the USD Facility Agreement; or

 

		(B)	any Indebtedness that is outstanding in a principal amount of at least one hundred million Dollars
($100,000,000) (or the equivalent in any other currency) in the aggregate (but excluding the Indebtedness hereunder or with respect
to Hedging Instruments),

 

(hereinafter called the “Relevant
Indebtedness”) when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration,
demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreement or
instrument relating to such Relevant Indebtedness;

 

		(ii)	any other event shall occur or condition shall exist under any agreement or instrument evidencing,
securing or relating to any Relevant Indebtedness and shall continue after the applicable grace period, if any, specified in such
agreement or instrument, if the effect of such event or condition is to cause or permit the holder or holders of such Relevant
Indebtedness to cause such Relevant Indebtedness to become due and payable prior to its scheduled maturity (other than as a result
of any sale or other disposition of any property or assets under the terms of such Indebtedness);

 

		(iii)	any such Relevant Indebtedness shall be declared to be due and payable or required to be prepaid
or redeemed (other than by a regularly scheduled required prepayment or redemption or by voluntary agreement), purchased or defeased,
or an offer to prepay, redeem, purchase or defease such Relevant Indebtedness is required to be made, in each case prior to the
scheduled maturity thereof (other than as a result of any sale or other disposition of any property or assets under the terms of
such Relevant Indebtedness); or

 

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		(iv)	the occurrence under any Hedging Instrument of an Early Termination Date (as defined in such Hedging
Instrument) resulting from (A) any event of default under such Hedging Instrument as to which the Borrower is the Defaulting
Party (as defined in such Hedging Instrument) or (B) any Termination Event (as so defined) as to which the Borrower is an
Affected Party (as so defined) and, in either event, the termination value with respect to any such Hedging Instrument owed by
the Borrower as a result thereof is greater than $100,000,000 and the Borrower fails to pay such termination value when due after
applicable grace periods. For purposes of determining Indebtedness for any Hedging Instrument, the principal amount of the obligations
under any such instrument at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the
Borrower or any Principal Subsidiary would be required to pay if such instrument were terminated at such time,

 

provided that any required prepayment
or right to require prepayment triggered by terms that are certified by the Borrower to be unique to, but customary in, ship financings
shall not constitute an Event of Default under this paragraph 10.1(d) so long as any required prepayment is made when due.

 

		(e)	Bankruptcy, Insolvency, etc.

 

The Borrower, any of the Material
Guarantors or any of the Principal Subsidiaries (or any of the Borrower’s other Subsidiaries to the extent that the relevant
event described below would have a Material Adverse Effect) shall:

 

		(i)	generally fail to pay, or admit in writing its inability to pay, its debts as they become due or
permit

 

		(ii)	enter into a binding settlement with all, or which is enforceable against each, of its creditors
with respect to its Indebtedness;

 

		(iii)	apply for, consent to, or acquiesce in, the appointment of a trustee, receiver, sequestrator or
other custodian for it or any of its property, or make a general assignment for the benefit of creditors;

 

		(iv)	in the absence of such application, consent or acquiescence, suffer to exist the appointment of
a trustee, receiver, sequestrator or other custodian for it or for a substantial part of its property, and such trustee, receiver,
sequestrator or other custodian shall not be discharged within sixty (60) days, provided that in the case of such an event
in respect of the Borrower or any Material Guarantor, such Person hereby expressly authorises the Facility Agent and each Lender
to appear in any court conducting any relevant proceeding during such sixty (60)-day period to preserve, protect and defend their
respective rights under the Finance Documents;

 

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		(v)	suffer to exist the commencement of any bankruptcy, reorganisation, debt arrangement or other case
or proceeding under any bankruptcy or insolvency law, or any dissolution, winding up or liquidation proceeding, in respect of the
Borrower, any Material Guarantor or any of such Subsidiaries, and, if any such case or proceeding is not commenced by the Borrower,
such Material Guarantor or such Subsidiary, such case or proceeding shall be consented to or acquiesced in by the Borrower, such
Material Guarantor or such Subsidiary or shall result in the entry of an order for relief or shall remain for sixty (60) days undismissed,
provided that the Borrower and each Material Guarantor hereby expressly authorises the Facility Agent and each Lender to
appear in any court conducting any such case or proceeding during such sixty (60)-day period to preserve, protect and defend their
respective rights under the Finance Documents; or

 

		(vi)	take any corporate action authorising, or in furtherance of, any of the foregoing.

 

		(f)	Cessation of Business

 

The Borrower ceases to carry on all or
substantially all of its business.

 

		(g)	Execution or Distress

 

Any execution, expropriation,
attachment, sequestration or distress is levied against, or an encumbrancer takes possession of, all or a substantial part of the
assets of the Borrower (a “Distress Event”) and such Distress Event continues for a period of thirty (30) Business
Days, unless, upon the expiry of any such thirty (30) Business Day period if such Distress Event is still continuing, the Borrower
demonstrates to the satisfaction of the Facility Agent that it is diligently and in good faith contesting such Distress Event by
appropriate proceedings and that such Distress Event does not and could not reasonably be expected to have a Material Adverse Effect.

 

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		10.2	Action if Bankruptcy

 

If any Event of Default described in clauses
(ii) to (v) of Clause 10.1(e) (Bankruptcy, Insolvency, etc.) shall occur with respect to any Group
Member:

 

		(a)	the Commitments (if not theretofore terminated) shall automatically terminate and the outstanding
principal amount of the Loan and all other Obligations shall automatically be and become immediately due and payable, without notice
or demand; and

 

		(b)	without prejudice to (a) above, the deemed advances of the Deferred Tranches (and accordingly
all book entries related to such deemed advances) shall be reversed and (i) the Borrower shall repay the Loan in accordance
with the original repayment schedule for the Loan existing prior to the amendment of such repayment schedule in connection with
the Deferred Tranche arrangements pursuant to Amendment and Restatement No.4 and Amendment and Restatement No.6 and (ii) any
part of either Deferred Tranche which, at that time, is unutilised shall be automatically cancelled.

 

		10.3	Action if Other Event of Default

 

If any Event of Default (other than any
Event of Default described in clauses (ii) to (v) of Clause 10.1(e) (Bankruptcy, Insolvency, etc.)
with respect to the Borrower) shall occur for any reason, whether voluntary or involuntary, and be continuing, the Facility Agent,
upon the direction of the Required Lenders, shall by notice to the Borrower declare the outstanding principal amount of the Loan
and all other Obligations to be immediately due and payable and/or the Commitments (if not theretofore terminated) to be terminated,
whereupon the full unpaid amount of the Loan and all other Obligations shall be and become immediately due and payable, without
further notice, demand or presentment.

 

		11.	MANDATORY PREPAYMENT EVENTS

 

		11.1	Listing of Mandatory Prepayment Events

 

Each of the following events or occurrences described in this
Clause 11.1 (Listing of Mandatory Prepayment Events) shall constitute a “Mandatory Prepayment Event”.

 

		(a)	Change of Control

 

There occurs any Change of Control.

 

		(b)	[Intentionally Omitted]

 

		(c)	Unenforceability

 

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Any Finance Document shall cease to be
the legally valid, binding and enforceable obligation of the Borrower or, to the extent applicable, any Material Guarantor (in
each case, other than with respect to provisions of any Finance Document (a) identified as unenforceable in any opinion of
the Borrower’s counsel provided pursuant to Clause 4 (Conditions Precedent) or in any opinion delivered to the Facility
Agent after the effectiveness of this Agreement in connection with this Agreement or (b) that a court of competent jurisdiction
has determined are not material) and such event shall continue unremedied for fifteen (15) days after notice thereof has been given
to the Borrower by the Facility Agent.

 

		(d)	Approvals

 

Any material license, consent, authorisation,
registration or approval at any time necessary to enable the Borrower, any Material Guarantor or any Principal Subsidiary to conduct
its business in a given jurisdiction shall be revoked, withdrawn or otherwise cease to be in full force and effect unless the same
would not have a Material Adverse Effect.

 

		(e)	Non-Performance of Certain Covenants and Obligations

 

The Borrower shall default in
the due performance and observance of any of the covenants set forth in Clause 6.17 (Use of Proceeds) or Clause 9.4(a) (Financial
Condition), provided that any such default in respect of Clause 9.4(a) (Financial Condition) that occurs during
the Financial Covenant Waiver Period (but without prejudice to the rights of the Lenders in respect of any further breach that
may occur following the expiry of the Financial Covenant Waiver Period) shall not (as long as no Event of Default under any of
Clauses 10.1(e) to 10.1(g) (inclusive) has occurred and is continuing, or no Mandatory Prepayment Event under Clause
11.1(o) (Framework prohibited events) or Clause 11.1(p) (Breach of Principles or Framework) has occurred,
in each case during the Financial Covenant Waiver Period) constitute a Mandatory Prepayment Event.

 

		(f)	Judgments

 

Any judgment or order for the
payment of money in excess of one hundred million Dollars ($100,000,000) shall be rendered against the Borrower or any of the Principal
Subsidiaries by a court of competent jurisdiction and the Borrower or such Principal Subsidiary shall have failed to satisfy such
judgment and either:

 

		(i)	enforcement proceedings in respect of any material assets of the Borrower or such Principal Subsidiary
shall have been commenced by any creditor upon such judgment or order and shall not have been stayed or enjoined within five (5) Business
Days after the commencement of such enforcement proceedings; or

 

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		(ii)	there shall be any period of thirty (30) consecutive days during which a stay of enforcement of
such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect.

 

		(g)	Condemnation, etc.

 

The Purchased Vessel shall be
condemned or otherwise taken under colour of law or requisitioned and the same shall continue unremedied for at least twenty (20)
days, unless such condemnation or other taking would not have a Material Adverse Effect.

 

		(h)	Total Loss

 

The
Purchased Vessel is or becomes a Total Loss and a period of one hundred eighty (180) days from the occurrence of the Total Loss
has elapsed. For purposes of this paragraph (h):

 

		(i)	“Total Loss” means:

 

		(A)	the actual total loss of the Purchased Vessel;

 

		(B)	the constructive, compromised, agreed or arranged total loss of the Purchased Vessel;

 

		(C)	any expropriation, confiscation, requisition, appropriation, forfeiture or acquisition of the Purchased
Vessel, whether for full consideration, a consideration less than its proper value, a nominal consideration or without any consideration,
which is effected by any government or official authority or by any Person or Persons claiming to be or to represent a government
or official authority (excluding a requisition for hire not involving a requisition of title); or

 

		(D)	any arrest, capture, seizure, confiscation, restraint, disappearance or detention of the Purchased
Vessel (including any hijacking or theft) other than as described in clause (C) above,

 

unless, in the case of clause (C) or
(D) above, the Purchased Vessel is redelivered to the Borrower’s full control, possession and enjoyment before the date
on which prepayment is required to be made under Clause 11.2 (Mandatory Prepayment); and

 

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		(ii)	a Total Loss shall be deemed to have occurred:

 

		(A)	in the case of a Total Loss under clause (A) of the definition thereof, at 1:00 p.m. (Paris
time) on the date of the actual loss of the Purchased Vessel or, if that is not known, on the date on which the Purchased Vessel
was last heard from;

 

		(B)	in the case of a Total Loss under clause (B) of the definition thereof, on the earlier of
(I) the date on which a notice of abandonment is given to the insurers and (II) the date of any compromise, arrangement
or agreement made by or on behalf of the Borrower with the Purchased Vessel’s insurers in which such insurers agree to treat
the Purchased Vessel as a total loss; and

 

		(C)	in the case of a Total Loss under clause (C) or (D) of the definition thereof, at 1:00
p.m. (Paris time) on the date on which the relevant event is expressed to take effect by the Person making the same.

 

		(i)	Arrest

 

The Purchased Vessel shall be
arrested and the same shall continue unremedied for at least twenty (20) days, unless such arrest would not have a Material Adverse
Effect.

 

		(j)	Sale of the Purchased Vessel

 

The Purchased Vessel is sold
to a company which is not the Borrower or a wholly-owned Subsidiary of the Borrower (other than for the purpose of a lease back
to the Borrower or a wholly-owned Subsidiary of the Borrower) or any wholly-owned Subsidiary of the Borrower that owns the Purchased
Vessel ceases to be a wholly-owned Subsidiary of the Borrower while it owns the Purchased Vessel.

 

		(k)	Funding Agreement

 

The Funding Agreement is no longer
in full force and effect or has been suspended, repudiated, terminated, cancelled, repaid, prepaid or accelerated in respect of
any Lender (such Lender being an “affected Lender” for the purposes of Clause 11.2 (Mandatory Prepayment)),
except where the same is due to a Lender’s voluntary repayment or prepayment thereof or due to the faute lourde or
dol under the Funding Agreement of any Finance Party or a breach or an event of default thereunder which is attributable
solely to a Finance Party (and, for the avoidance of doubt, the underlying cause for which is not attributable to the fault of
the Borrower).

 

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		(l)	BpiFAE Insurance Policy

 

The BpiFAE Insurance Policy is
no longer in full force and effect, is terminated or cancelled or is no longer valid, or it is suspended for more than six (6) months,
to the extent that the same results in a Lender being obligated to make a mandatory prepayment of its borrowing under the Funding
Agreement pursuant to clause 8.6 (Remboursement anticipé obligatoire en cas de résiliation, annulation ou suspension
de la Police d’Assurance BpiFAE DGP) thereof (such Lender being an “affected Lender” for the purposes of
Clause 11.2 (Mandatory Prepayment)).

 

		(m)	Illegality for Lenders

 

It becomes unlawful in any applicable
jurisdiction for any Lender (such Lender being an “affected Lender” for the purposes of this Clause 11.1(m) and
Clause 11.2 (Mandatory Prepayment)) to perform its obligations as contemplated by this Agreement, any other Finance Document
and/or the Funding Agreement (an “Illegality Event”) and no later than the close of business on the last
day of the Option Period related to the giving of any Illegality Notice by an affected Lender pursuant to the paragraph below,
either: (x) the Borrower has not elected to take an action specified in sub-clause (1) or (2) below, (y) if
the Borrower has elected to act as set forth in clause (1) below, the Borrower has failed to take the action required in respect
of such election or (z) if the Borrower has elected to act as set forth in sub-clause (2) below, the affected Lender’s
participation in the Loan has not been transferred to one or more Affiliates, other Lenders or financial institutions.

 

Upon the occurrence of an Illegality
Event, the affected Lender may give written notice (the “Illegality Notice”) to the Borrower and the Facility
Agent of such event, including reasonable details of the relevant circumstances. If an affected Lender delivers an Illegality Notice,
the Borrower and the affected Lender shall discuss in good faith (but without obligation) what steps may be open to the relevant
Lender to mitigate or remove such circumstances in accordance with the provisions of Clause 13.3(a), but, if they are unable to
agree such steps within the Option Period or if the Borrower so elects, the Borrower shall have the right, exercisable at any time
during the Option Period, either:

 

		(1)	to prepay the affected Lender’s participation in the Loan in full on or before the expiry
of the Option Period, together with all unpaid interest and fees thereon accrued to but excluding the date of such prepayment,
or

 

		(2)	to exercise its rights in accordance with the terms and conditions of Clause 13.11(g) (Borrower’s
Lender Replacement Rights).

 

    	 	134	 

     

    

 

For the purpose of this Clause
 “Option Period” means the occurrence of the first of the two following dates: the last day of the Interest
Period occurring after the delivery of the Illegality Notice or, if earlier, the date specified by the Lender in the Illegality
Notice (being no earlier than the last day of any applicable grace period permitted by law).

 

		(n)	Illegality for the Funding Entity

 

It becomes illegal for the Funding
Entity to perform its obligations under the Funding Agreement with respect to any Lender (such Lender being an “affected
Lender” for the purposes of Clause 11.2 (Mandatory Prepayment)).

 

		(o)	Framework prohibited events

 

		(i)	The Borrower declares, pays or makes or agrees to pay or make, directly or indirectly, any Restricted
Payment, except for (A) dividends or other distributions with respect to its Equity Interests payable solely in additional
shares of its Equity Interests or options to purchase Equity Interests and (B) Restricted Payments pursuant to and in accordance
with stock option plans or other benefit plans (including with respect to performance shares issued in the ordinary course of business)
for present or former officers, directors, consultants or employees of the Borrower in the ordinary course of business consistent
with past practice;

 

		(ii)	a Group Member makes any payment of any kind under any shareholder loan;

 

		(iii)	a Group Member sells, transfers, leases or otherwise disposes of any its assets, whether by one
or a series of related transactions and that disposal or action was not conducted on arms' length terms between a willing seller
and a willing buyer and for fair market value;

 

		(iv)	any Group Member breaches any of the requirements of Clause 8.1(m), Clause 8.1(n), Clause 8.1(q),
Clause 8.1(r), Clause 8.1(s), Clause 8.4(e), Clause 8.10, Clause 8.11, Clause 8.12 or Clause 9.4(b) to (c);

 

		(v)	a Group Member completes a Debt Incurrence;

 

		(vi)	a Group Member enters into a Restricted Loan Arrangement; and/or

 

		(vii)	a Group Member makes a Restricted Voluntary Prepayment and the Facility Agent (acting upon the
instructions of BpiFAE) notifies the Borrower that BpiFAE has requested that the Borrower prepay the Deferred Tranches.

 

    	 	135	 

     

    

 

		(p)	Breach of Principles or Framework

 

The Borrower shall default in
the due performance and observance of the Principles, and/or the Framework (it being agreed that if there is inconsistency between
the terms of the Principles and the Framework, the Framework shall prevail) and, if capable of remedy, such default shall continue
unremedied for a period of ten (10) days after notice thereof shall have been given to the Borrower by the Facility Agent,
provided that, if the default does not otherwise constitute a Default or a Mandatory Prepayment Event under another section of
this Agreement, the Borrower, the Facility Agent and BpiFAE shall seek to negotiate a resolution in good faith for a maximum period
of fifteen (15) days after notice thereof shall have been given to the Borrower by the Facility Agent.

 

		11.2	Mandatory Prepayment

 

		(a)	If any Mandatory Prepayment Event shall occur and be continuing, the Facility Agent, upon the direction
of the Required Lenders, shall, by notice to the Borrower and without prejudice to the Borrower’s obligations in Clause 6.6
(Funding Losses), require the Borrower to prepay in full on the date of such notice:

 

		(i)	the Loan or (A) in the case of Clauses 11.1(k) (Funding Agreement), 11.1(l) (BpiFAE
Insurance Policy), 11.1(m) (Illegality for Lenders) and 11.1(n) (Illegality for the Funding Entity),
each affected Lender’s participation in the Loan (as applicable) or (B) in the case of Clauses 11.1(o) (Framework
prohibited events) and 11.1(p) (Breach of Principles or Framework), any drawn amount of the Deferred Tranches;

 

		(ii)	all accrued and unpaid interest on the Loan or (A) in the case of Clauses 11.1(k) (Funding
Agreement), 11.1(l) (BpiFAE Insurance Policy), 11.1(m) (Illegality for Lenders) and 11.1(n) (Illegality
for the Funding Entity), each affected Lender’s participation in the Loan (as applicable) or (B) in the case of
Clauses 11.1(o) (Framework prohibited events) and 11.1(p) (Breach of Principles or Framework), in respect
of any drawn amount of the Deferred Tranches; and

 

		(iii)	all other Obligations payable to the Lenders or (in the case of Clauses 11.1(k) (Funding
Agreement), 11.1(l) (BpiFAE Insurance Policy), 11.1(m) (Illegality for Lenders) and 11.1(n) (Illegality
for the Funding Entity)) each affected Lender (as applicable) and the Funding Entity,

 

and, in such event,
the Borrower agrees to so pay all such amounts.

 

    	 	136	 

     

    

 

		(b)	In addition to any prepayment made pursuant to paragraph (a) above, in the case of a Mandatory
Prepayment Event arising under Clause 11.1(o) (Framework prohibited events) or Clause 11.1(p) (Breach of Principles
or Framework), the Facility Agent shall, by notice to the Borrower (i) require that any part of the Deferred Tranches
that has not been advanced as at the time of such Mandatory Prepayment Event be automatically cancelled and, on the Repayment Date
on which that portion of such Deferred Tranche would have otherwise been advanced, the Borrower shall continue to be obliged to
make the relevant repayment of the Loan (and thus no deemed advance in respect of that Deferred Tranche shall occur) and (ii) immediately
terminate the waiver contained in Clause 11.1(e) (Non-Performance of Certain Covenants and Obligations) relating to
the occurrence of any Mandatory Prepayment Event in respect of Clause 9.4(a) (Financial Condition), such that any breach
of Clause 9.4(a) (Financial Condition) in existence as at the date of the notice from the Facility Agent referred to
above or any breach occurring at any time after such notice, shall constitute a Mandatory Prepayment Event with all attendant consequences.

 

		12.	THE FACILITY AGENT, MANDATED LEAD ARRANGERS AND DOCUMENTATION BANK

 

		12.1	Appointment and Duties

 

		(a)	Each Finance Party (other than the Facility Agent) hereby appoints Société Générale,
as Facility Agent, as its agent under and for purposes of this Agreement and each other Transaction Document to which the Facility
Agent is a party.

 

		(b)	Each Finance Party (other than the Facility Agent) irrevocably authorises the Facility Agent to
sign the Funds Flow Agreement and the relevant Fee Letters on behalf of such Finance Party and to act on behalf of such Finance
Party under and in respect of this Agreement and each other Transaction Document to which it is a party, including by giving the
payment instructions set forth in the Funds Flow Agreement, and, in the absence of other written instructions from the Required
Lenders received from time to time by the Facility Agent (with respect to which the Facility Agent agrees that it will comply,
except as otherwise provided in this Clause 12 (The Facility Agent, Mandated Lead Arrangers and Documentation Bank), as
otherwise advised by counsel or as otherwise instructed by any French Authority, it being understood and agreed that any instructions
provided by a French Authority shall prevail), to exercise such powers hereunder and thereunder as are specifically delegated to
or required of the Facility Agent by the terms hereof and thereof, together with such powers as may be reasonably incidental thereto.

 

		(c)	The Facility Agent shall not be obliged to act on the instructions of any Finance Party or the
Required Lenders if to do so would, in the opinion of the Facility Agent, be contrary to any provision of this Agreement, any other
Transaction Document to which the Facility Agent is a party or the BpiFAE Insurance Policy or to any law or the conflicting instructions
of any French Authority, or would expose the Facility Agent to any actual or potential liability to any third party.

 

    	 	137	 

     

    

 

		(d)	The Facility Agent’s duties under the Transaction Documents to which it is a party are solely
mechanical and administrative in nature.

 

		12.2	Indemnity

 

Without prejudice to the Borrower’s
indemnity obligations hereunder, each Lender hereby indemnifies (which indemnity shall survive any termination of this Agreement)
the Facility Agent, pro rata according to such Lender’s Commitment, from and against any and all claims, damages,
losses, liabilities and expenses (including reasonable fees and disbursements of counsel) that be incurred by or asserted or awarded
against, the Facility Agent in any way relating to or arising out of this Agreement and any other Transaction Document or any action
taken or omitted by the Facility Agent under this Agreement or any other Transaction Document; provided that no Lender shall
be liable for the payment of any portion of such claims, damages, losses, liabilities and expenses which have resulted from the
Facility Agent’s gross negligence or wilful misconduct. Without limitation of the foregoing, each Lender agrees to reimburse
the Facility Agent promptly upon demand for its ratable share of any out-of-pocket expenses (including reasonable counsel fees)
incurred by the Facility Agent in connection with the preparation, execution, delivery, administration, modification, amendment
or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities
under, this Agreement, to the extent that the Facility Agent is not reimbursed for such expenses by the Borrower. In the case of
any investigation, litigation or proceeding giving rise to any such indemnified costs, this Clause 12.2 (Indemnity) applies
whether any such investigation, litigation or proceeding is brought by the Facility Agent, any Lender or any third party. The Facility
Agent shall not be required to take any action hereunder or under any other Transaction Document, or to prosecute or defend any
suit in respect of this Agreement or any other Transaction Document, unless it is expressly required to do so under this Agreement
or is indemnified hereunder to its satisfaction. If any indemnity in favor of the Facility Agent shall be or become, in the Facility
Agent’s determination, inadequate, the Facility Agent may call for additional indemnification from the Lenders and cease
to do the acts indemnified against hereunder until such additional indemnity is given.

 

		12.3	Funding Reliance, etc.

 

Each Lender shall notify the Facility Agent
by 10:00 a.m. (Paris time), one (1) day prior to the advance of the Loan if it is not able to fund the following day.
Unless the Facility Agent shall have been notified by telephone, confirmed in writing, by any Lender by 10:00 a.m. (Paris
time), on the day prior to the advance of the Loan that such Lender will not make available the amount which would constitute its
percentage (based upon its Commitment) of the Loan on the date specified therefor, the Facility Agent may assume that such Lender
has made such amount available to the Facility Agent and, in reliance upon such assumption, may, but shall not be obliged to, make
available to the Borrower a corresponding amount. If and to the extent that such Lender shall not have made such amount available
to the Facility Agent, such Lender and the Borrower severally agree to repay the Facility Agent forthwith on demand such corresponding
amount together with interest thereon, for each day from the date the Facility Agent made such amount available to the Borrower
to the date such amount is repaid to the Facility Agent, at the interest rate applicable at the time to the Loan without premium
or penalty.

 

    	 	138	 

     

    

 

 

		12.4	Exculpation

 

The Facility Agent shall not be liable
to any other Finance Party for any action taken or omitted to be taken by it under this Agreement or any other Transaction Document,
or in connection herewith or therewith, except for the Facility Agent’s own gross negligence or wilful misconduct. No director,
officer, employee or agent of the Facility Agent shall be liable to any Finance Party other than the Facility Agent for any action
taken or omitted to be taken by it under this Agreement or any other Transaction Document, or in connection herewith or therewith.
Without limitation of the generality of the foregoing, the Facility Agent:

 

		(a)	may consult with legal counsel (including counsel for the Borrower), independent public accountants
and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it and in
accordance with the advice of such counsel, accountants or experts;

 

		(b)	makes no warranty or representation to any other Finance Party and shall not be responsible to
any other Finance Party for any statements, warranties or representations (whether written or oral) made in or in connection with
this Agreement;

 

		(c)	shall not have any duty to ascertain or to inquire as to the performance, observance or satisfaction
of any of the terms, covenants or conditions of this Agreement on the part of the Obligors or the existence at any time of any
Default, Event of Default or Mandatory Prepayment Event or to inspect the property (including the books and records) of the Obligors;

 

		(d)	shall not be responsible to any other Finance Party for the due execution, legality, validity,
enforceability, genuineness, sufficiency or value of this Agreement or any other instrument or document furnished pursuant hereto;

 

		(e)	shall incur no liability under or in respect of this Agreement by action upon any notice, consent,
certificate or other instrument or writing (which may be by facsimile or electronic mail) believed by it to be genuine and signed
or sent by the proper party or parties; and

 

    	 	139	 

     

    

 

		(f)	shall have no responsibility to the Borrower or any other Finance Party on account of:

 

		(i)	the failure of another Finance Party or the Obligor to perform any of its obligations under this
Agreement or any other Transaction Document or of the Funding Entity to perform any of its obligations under the Funding Agreement;

 

		(ii)	the financial condition of the Obligors;

 

		(iii)	the completeness or accuracy of any statements, representations or warranties made in or pursuant
to this Agreement or any other Transaction Document, or in or pursuant to any document delivered pursuant to or in connection with
this Agreement or any other Transaction Document; or

 

		(iv)	the negotiation, execution, effectiveness, genuineness, validity, enforceability, admissibility
in evidence or sufficiency of this Agreement or any other Transaction Document or of any document executed or delivered pursuant
to or in connection with any Transaction Document.

 

		12.5	Successor/Replacement

 

		(a)	Subject in all respects to the terms of the Funding Agreement, the Facility Agent may resign or
be replaced as such at any time upon at least two (2) Business Days’ prior notice to the Borrower and all Lenders, and
a successor Facility Agent (which shall also have become, previously or simultaneously, the successor Funding Paying Agent under
the Funding Agreement if the Funding Agreement is then in effect) shall be appointed with the approval or at the request of the
Funding Entity; provided that no such approval by the Funding Entity is required to be obtained if HSBC Continental Europe
is the successor Facility Agent or, for the avoidance of doubt, if the Funding Agreement is no longer in full force and effect.

 

		(b)	Upon the Borrower’s receipt of notice of a proposed successor Facility Agent under paragraph
(a) above, the Borrower shall, as soon as reasonably practicable and in any event within two (2) Business Days, advise
the existing Facility Agent in writing whether the Borrower approves or objects to such proposed successor Facility Agent; provided
that, if the Borrower fails to so advise the Facility Agent in writing within such two (2) Business Days, then the Borrower
shall be deemed to have approved of such proposed successor Facility Agent. Notwithstanding the foregoing, the Borrower’s
approval is not required for HSBC Continental Europe to become the successor Facility Agent, and the Borrower shall otherwise only
have an approval right with respect to the first proposed successor Facility Agent (other than HSBC Continental Europe) notified
to the Borrower. If the Borrower objects to such first proposed successor Facility Agent (other than HSBC Continental Europe) notified
to the Borrower, then such proposed successor Facility Agent shall not become the successor Facility Agent hereunder (unless the
Borrower, after consultation with the existing Facility Agent (which consultation shall not be required of the Borrower), agrees
to the contrary).

 

    	 	140	 

     

    

 

		(c)	Any successor Facility Agent hereunder shall be entitled to receive from the resigning or otherwise
replaced Facility Agent such documents of transfer and assignment as such successor Facility Agent or (if the Funding Agreement
is then in effect) the Funding Entity may request, and shall thereupon succeed to and become vested with all rights, powers, privileges
and duties of the resigning or otherwise replaced Facility Agent, and the resigning or otherwise replaced Facility Agent shall
be discharged from its duties and obligations under this Agreement.

 

		(d)	After any resigning or otherwise replaced Facility Agent’s resignation or replacement hereunder
as the Facility Agent, the provisions of:

 

		(i)	this Clause 12 (The Facility Agent, Mandated Lead Arrangers and Documentation Bank) shall
inure to its benefit as to any actions taken or omitted to be taken by it while it was the Facility Agent under this Agreement;
and

 

		(ii)	Clause 13.5 (Payment of Costs and Expenses) and Clause 13.6 (Indemnification) shall
continue to inure to its benefit.

 

		(e)	The Facility Agent shall resign in accordance with paragraph (a) above (and, to the extent
applicable, shall use reasonable endeavours to appoint a successor Facility Agent pursuant to paragraphs (a) and (b) above)
if, on or after the date which is three (3) months before the earliest FATCA Application Date relating to any payment to the
Facility Agent under the Finance Documents, either:

 

		(i)	the Facility Agent fails to respond to a request under Clause 6.8(k) and a Lender reasonably
believes that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application
Date;

 

		(ii)	the information supplied by the Facility Agent pursuant to Clause 6.8(k) or (l) indicates
that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or

 

		(iii)	the Facility Agent notifies the Lenders and the Borrower that the Facility Agent will not be (or
will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;

 

and (in each case) a Lender reasonably
believes that a party hereto will be required to make a FATCA Deduction that would not be required if the Facility Agent were a
FATCA Exempt Party and that Lender, by notice to the Facility Agent, requires it to resign.

 

    	 	141	 

     

    

 

		12.6	Loans by the Facility Agent

 

The Facility Agent and its Affiliates may
accept deposits from, lend money to, and generally engage in any kind of business with the Borrower or any Affiliate of the Borrower
as if the Facility Agent were not the Facility Agent hereunder and without any duty to account therefor to the other Finance Parties.
The Facility Agent shall have no duty to disclose information obtained or received by it or any of its Affiliates relating to the
Borrower or its Subsidiaries to the extent such information was obtained or received in any capacity other than as the Facility
Agent.

 

		12.7	Credit Decisions

 

Each Lender acknowledges that it has, independently
of the Facility Agent and each other Finance Party, and based on such Lender’s review of the financial information of the
Obligors, this Agreement, the other Transaction Documents and such other documents, information and investigations as such Lender
has deemed appropriate, made its own credit decision to extend its Commitment or otherwise participate in the Loan. Each Lender
also acknowledges that it will, independently of the Facility Agent and each other Finance Party, and based on such other documents,
information and investigations as it shall deem appropriate at any time, continue to make its own credit decisions as to exercising
or not exercising from time to time any rights and privileges available to it under this Agreement or any other Transaction Document.

 

		12.8	Copies, etc.

 

The Facility Agent shall give prompt notice
to each Lender and (for as long as the Funding Agreement is in effect) the Funding Entity of each notice or request required or
permitted to be given to the Facility Agent by the Borrower pursuant to the terms of this Agreement (unless concurrently delivered
to the Lenders and/or the Funding Entity, as applicable, by the Borrower). The Facility Agent will distribute to each Lender and
(for as long as the Funding Agreement is in effect) the Funding Entity each document or instrument received for its account and
copies of all other communications received by the Facility Agent from the Borrower for distribution to the Lenders and/or the
Funding Entity, as the case may be, by the Facility Agent in accordance with the terms of this Agreement.

 

    	 	142	 

     

    

 

		12.9	The Facility Agent’s Rights

 

The Facility Agent may (a)  assume
that all representations or warranties made or deemed repeated by the Obligors in or pursuant to this Agreement or any other Transaction
Document are true and complete, unless, in its capacity as the Facility Agent, it has acquired actual knowledge to the contrary;
(b)  assume that no Default, Event of Default or Mandatory Prepayment Event has occurred unless, in its capacity as Facility
Agent, it has acquired actual knowledge to the contrary; (c) rely on any document or notice believed by it to be genuine;
(d) rely as to legal or other professional matters on opinions and statements of any legal or other professional advisers
selected or approved by it; (e) rely as to any factual matters which might reasonably be expected to be within the knowledge
of the Borrower on a certificate or other document signed by or on behalf of the Borrower; and (f) refrain from exercising
any right, power, discretion or remedy unless and until instructed to exercise that right, power, discretion or remedy and as to
the manner of such exercise by the Lenders (or, where applicable, by the Required Lenders) and unless and until it has received
from the Lenders any payment which it may require on account of, or any security which it may require for, any costs, claims, expenses
(including legal and other professional fees) and liabilities which it considers it may incur or sustain in complying with those
instructions.

 

		12.10	The Facility Agent’s Duties

 

		(a)	The Facility Agent shall (i) if requested in writing to do so by a Lender, make enquiry and
advise the Lenders as to the performance or observance of any of the provisions of this Agreement or any other Transaction Document
by the Borrower and/or as to the existence of a Default, Event of Default and/or Mandatory Prepayment Event and (ii) inform
the Lenders promptly of any Default, Event of Default and/or Mandatory Prepayment Event of which the Facility Agent has actual
knowledge.

 

		(b)	The Facility Agent shall not be deemed to have actual knowledge of the falsehood or incompleteness
of any representation or warranty made or deemed repeated by the Obligors or actual knowledge of the occurrence of any Default
unless a Lender, or the Borrower, shall have given written notice thereof to the Facility Agent in its capacity as the Facility
Agent. Any information acquired by the Facility Agent other than specifically in its capacity as the Facility Agent shall not be
deemed to be information acquired by the Facility Agent in its capacity as the Facility Agent.

 

		(c)	The Facility Agent may, without any liability to account to the Lenders, generally engage in any
kind of banking or trust business with the Borrower or with the Borrower’s Subsidiaries or associated companies or with a
Lender as if it were not the Facility Agent.

 

    	 	143	 

     

    

 

		12.11	Employment of Agents

 

In performing its duties and exercising
its rights, powers, discretions and remedies under or pursuant to this Agreement, the Facility Agent shall be entitled to:

 

		(a)	employ and pay agents to do anything which the Facility Agent is empowered to do under or pursuant
to this Agreement or the other Transaction Documents (including the receipt of money and documents and the payment of money); provided
that, unless otherwise provided herein, including Clause 13.5 (Payment of Costs and Expenses), the employment of such
agents shall be for the Facility Agent’s account; and

 

		(b)	to act or refrain from taking action in reliance on the opinion of, or advice or information obtained
from, any lawyer, banker, broker, accountant, valuer or any other Person believed by the Facility Agent in good faith to be competent
to give such opinion, advice or information.

 

		12.12	Distribution of Payments

 

The Facility Agent shall pay promptly to
the order of each Lender (or, if the Funding Agreement is in effect, directly to the Funding Entity on behalf of such Lender in
accordance with the Funding Agreement) such Lender’s pro rata share of every sum of money received by the Facility
Agent pursuant to this Agreement and the other Finance Documents (with the exception of any amounts which, by the terms of this
Agreement or any Fee Letter, as the case may be, are payable to the Facility Agent for its own account or specifically for the
account of one or more Lenders) and until so paid such amount shall be held by the Facility Agent on trust absolutely for such
Lender.

 

		12.13	Reimbursement

 

The Facility Agent shall have no liability
to pay any sum to a Lender (or to the Funding Entity on behalf of such Lender) until it has itself received payment of that sum.
If, however, the Facility Agent does pay any sum to a Lender (or to the Funding Entity on behalf of such Lender) on account of
any amount prospectively due to such Lender (or to the Funding Entity on behalf of that Lender) pursuant to Clause 12.12 (Distribution
of Payments) before it has itself received payment of that amount, and the Facility Agent does not in fact receive payment
within five (5) Business Days after the date on which that payment was required to be made by the terms of this Agreement
or the other Finance Documents, as applicable, then that Lender will, on demand by the Facility Agent and without prejudice to
the Borrower’s obligations hereunder, to the extent not prohibited by the Funding Agreement, refund to the Facility Agent
an amount equal to the amount received by it (or paid to the Funding Entity on its behalf), together with an amount sufficient
to reimburse the Facility Agent for any amount which the Facility Agent may certify that it has been required to pay by way of
interest on money borrowed to fund the amount in question during the period beginning on the date on which that amount was required
to be paid by the terms of this Agreement or the other Finance Documents, as applicable, and ending on the date on which the Facility
Agent receives reimbursement.

 

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		12.14	Instructions

 

Where the Facility Agent is authorised
or directed to act or refrain from acting in accordance with the instructions of the Lenders or of the Required Lenders, each of
the Lenders shall provide the Facility Agent with instructions within three (3) Business Days of the Facility Agent’s
request (which request may be made orally or in writing). If a Lender does not provide the Facility Agent with instructions within
that period, that Lender shall be bound by the decision of the Facility Agent. Nothing in this Clause 12.14 (Instructions)
shall limit the right of the Facility Agent to take, or refrain from taking, any action without obtaining the instructions of the
Lenders or the Required Lenders, as applicable, if the Facility Agent in its discretion considers it necessary or appropriate to
take, or refrain from taking, such action in order to preserve the rights of the Lenders under or in connection with this Agreement
and/or the other Finance Documents. In that event, the Facility Agent will notify the Lenders of the action taken by it as soon
as reasonably practicable, and the Lenders agree to ratify any action taken by the Facility Agent pursuant to this Clause 12.14
(Instructions).

 

		12.15	Payments

 

All amounts payable to a Lender under this
Clause 12 (The Facility Agent, Mandated Lead Arrangers and Documentation Bank) shall be paid to such account at such bank
as that Lender may from time to time direct in writing to the Facility Agent.

 

		12.16	“Know your customer” Checks

 

Each Lender shall promptly upon the request
of the Facility Agent supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the
Facility Agent (for itself) in order for the Facility Agent to carry out and be satisfied that it has complied with all necessary
 “know your customer” and other similar checks under all applicable laws and regulations in connection with the transactions
contemplated by this Agreement and the other Transaction Documents.

 

		12.17	No Fiduciary Relationship

 

Except as provided in Clause 12.12 (Distribution
of Payments), the Facility Agent shall not have any fiduciary relationship with or be deemed to be a trustee of or for any
other Person and nothing contained in this Agreement or any other Transaction Document shall constitute a partnership between any
two or more Lenders or between the Facility Agent and any other Person.

 

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		12.18	The Mandated Lead Arrangers and the Documentation Bank

 

Except as specifically provided herein,
none of the Mandated Lead Arrangers or the Documentation Bank has any obligations of any kind to any Person under or in connection
with any Transaction Document.

 

		13.	MISCELLANEOUS PROVISIONS

 

		13.1	Waivers and Amendments

 

		(a)	The provisions of this Agreement and the other Finance Documents may from time to time be amended,
modified or waived, if such amendment, modification or waiver is in writing and consented to by the Borrower and the Required Lenders;
provided that no such amendment, modification or waiver which would:

 

		(i)	contravene or be in breach of the terms of the BpiFAE Insurance Policy or the arrangements with
Natixis DAI relating to the CIRR (if the Fixed Rate applies) or of the Funding Agreement shall be effective unless consented to
by, as applicable, BpiFAE, Natixis DAI and/or the Funding Entity;

 

		(ii)	modify any requirement hereunder that any particular action be taken by all the Lenders or by the
Required Lenders shall be effective unless consented to by each Lender;

 

		(iii)	modify this Clause 13.1 (Waivers and Amendments) or change the definition of “Required
Lenders” shall be effective without the consent of each Lender;

 

		(iv)	increase the Commitment of any Lender shall be effective without the consent of such Lender;

 

		(v)	reduce any fees described in Clause 5 (Repayment, Prepayments, Interest and Fees) payable
to any Lender shall be effective without the consent of such Lender;

 

		(vi)	extend the Longstop Date shall be effective without the consent of each Lender;

 

		(vii)	extend the due date for, or reduce the amount of, any scheduled payment, repayment or prepayment
of principal of or interest on the Loan or any other payment Obligation (or reduce the principal amount of or rate of interest
on the Loan or any other payment Obligation) owed to any Lender shall be effective without the consent of such Lender;

 

		(viii)	modify the currency in which any payment is to be made under any Finance Document shall be effective
without the consent of each Finance Party who is to receive such payment; or

 

    	 	146	 

     

    

 

		(ix)	affect adversely the interests, rights or obligations of the Facility Agent in its capacity as
such shall be effective without consent of the Facility Agent.

 

		(b)	The Borrower agrees to pay to the Facility Agent for its own account a fee in the amount of fifteen
thousand Euros (EUR 15,000) for each waiver of or amendment (i) required to be made to the Finance Documents during the term
of the Loan to correspond to changes to the Construction Contract, (ii) requested by the Borrower or (iii) required due
to the occurrence of a Default.

 

		(c)	The Borrower agrees to pay to the Funding Coordination Agent for its own account (or to the Facility
Agent for the account of the Funding Coordination Agent) a fee in the amount of fifteen thousand Euros (EUR 15,000) for each waiver
of or amendment required to be made to the Funding Agreement during the term of the Loan to correspond to (i) changes to the
Construction Contract or (ii) waivers of or amendments to the Finance Documents requested by the Borrower and/or required
due to the occurrence of a Default.

 

		(d)	Neither the Borrower’s rights nor its obligations under the Finance Documents shall be changed,
directly or indirectly, as a result of any amendment, supplement, modification, variance or novation of the Funding Agreement or
the BpiFAE Insurance Policy, except any amendments, supplements, modifications, variances or novations, as the case may be, which
occur (i) with the Borrower’s consent, (ii) at the Borrower’s request or (iii) in order to conform to
amendments, supplements, modifications, variances or novations effected in respect of the Finance Documents in accordance with
their terms.

 

		(e)	The Borrower agrees that, without the prior written consent of the Facility Agent, it shall not:

 

		(i)	agree to any change (A) to the definition of “Repayment Date” under the USD Facility
Agreement, (B) to the definition of “Business Day” under the USD Facility Agreement (but only to the extent the
same would result in a change in the definition of “Repayment Date” under the USD Facility Agreement) or (C) that
will result in a change of the payment dates of any amount of scheduled payments of principal or interest under clause 5.1(a) (as
may be varied pursuant to clause 5.1(c)(ii)) or clause 5.3(d(i)(A)) of the USD Facility Agreement;

 

		(ii)	agree to any change to the provisions of clause 7 (Representations and Warranties), clause
8 (Affirmative Covenants) and/or clause 9 (Negative Covenants) of the USD Facility Agreement but only to the extent
those provisions are, as at the date of the Amendment and Restatement No.1, substantially the same in their terms, scope and effect
as, respectively, the provisions of Clause 7 (Representations and Warranties), Clause 8 (Affirmative Covenants) and
Clause 9 (Negative Covenants);

 

    	 	147	 

     

    

 

		(iii)	agree to any change to the provisions of clause 10.1 (Listing of Events of Default) of the
USD Facility Agreement but, with regards to clauses 10.1(a) (Non-Payment of Obligations), 10.1(b) (Breach of
Warranty) and/or 10.1(c) (Non-Performance of Certain Covenants and Obligations) of the USD Facility Agreement,
only to the extent the same concern breaches of or defaults under those provisions of the USD Facility Agreement which are, as
at the date of the Amendment and Restatement No.1, substantially the same in their terms, scope and effect as the provisions of
Clauses 10.1(a) (Non-Payment of Obligations), 10.1(b) (Breach of Warranty) and/or 10.1(c) (Non-Performance
of Certain Covenants and Obligations);

 

		(iv)	agree to any change to the provisions of clause 11.1 (Listing of Mandatory Prepayment Events)
of the USD Facility Agreement but only to the extent those provisions are, as at the date of the Amendment and Restatement No.1,
substantially the same in their terms, scope and effect as the provisions of Clause 11.1 (Listing of Mandatory Prepayment Events);
and/or

 

		(v)	agree to any change to the obligations to make pari-passu and pro-rata payments under
the Facility and the USD Facility as provided under Clause 5.1(c) and under clause 5.1 (c) of the USD Facility Agreement.

 

		13.2	Exercise of Remedies

 

No failure or delay on the part of the
Facility Agent or any Lender in exercising any power or right under this Agreement or any other Finance Document shall operate
as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise
thereof or the exercise of any other power or right. No notice to or demand on the Borrower in any case shall entitle it to any
notice or demand in similar or other circumstances. No waiver or approval by the Facility Agent or any Lender under this Agreement
or any other Finance Document shall, except as may be otherwise stated in such waiver or approval, be applicable to subsequent
transactions. No waiver or approval hereunder shall require any similar or dissimilar waiver or approval thereafter to be granted
hereunder.

 

		13.3	Mitigation, Borrower Challenges, etc.

 

		(a)	Each Lender agrees to use reasonable efforts (consistent with its internal policies and legal and
regulatory restrictions and the terms of the Funding Agreement, the BpiFAE Insurance Policy and (if the Fixed Rate applies) the
arrangements with Natixis DAI relating to the CIRR), in consultation with the Borrower, to avoid any circumstances which arise
and which would result in any Commitments becoming cancellable or amounts becoming payable or prepayable pursuant to Clauses 2.5
(Cancellation due to Lender Illegality), 2.7 (Automatic Cancellation), 6.4 (Market Disruption in respect of an
Unfunded Loan Portion), 6.5 (Increased Loan Costs, etc.), 6.7 (Increased Capital Costs), 6.8(c), (d), (i) or
(j) (Taxes), 6.9 (Reserve Costs), 11.1(m) (Illegality for Lenders) and/or 11.1(n) (Illegality
for the Funding Entity), including using reasonable efforts (consistent with its internal policies and legal and regulatory
restrictions and the terms of the Funding Agreement (if it then maintains a Funded Loan Portion), the BpiFAE Insurance Policy and
(if the Fixed Rate applies) the arrangements with Natixis DAI relating to the CIRR) to designate a different Lending Office, if
such efforts would avoid such Commitments becoming cancellable or such amounts becoming payable or prepayable, provided that,
in each such case, such efforts shall not, in the reasonable judgment of such Lender, be prejudicial or otherwise disadvantageous
to such Lender and/or its Affiliates.

 

    	 	148	 

     

    

 

		(b)	If the Borrower (acting reasonably) disagrees with any of:

 

		(i)	the Funding Entity’s determination of EURIBOR in accordance with Clause 6.1(a);

 

		(ii)	a claim by the Funding Entity under Clause 6.3(b);

 

		(iii)	the notice or calculations of the Funding Entity provided pursuant to Clauses 6.5(b) or 6.7(b); or

 

		(iv)	the details, calculations or supporting documentation in respect of Funding Losses of the Funding Entity provided pursuant
to Clause 6.6(c) or (e),

 

then the Borrower shall promptly
notify the Facility Agent thereof in writing with reasonable details of the Borrower’s position and the Facility Agent shall,
subject to the terms of the Funding Agreement, use reasonable efforts to present the Borrower’s position and such details
to the Funding Entity and shall revert to the Borrower with details of any responses from the Funding Entity. Until such time as
the Funding Entity shall revise its determination or withdraw its claim (as applicable), the Funding Entity’s

 

initial determination shall apply and any claimed
amount shall be payable by the Borrower in accordance with the terms of the relevant aforementioned Clauses.

 

		(c)	For the avoidance of doubt, the Facility Agent shall not be required to take or omit to take any
action pursuant to paragraph (a) or (b) above if it would put the Facility Agent in default under the Funding Agreement
and/or the Funds Flow Agreement.

 

		(d)	The Lenders shall not exercise any voluntary cancellation or voluntary prepayment rights under
the Funding Agreement without the prior written consent of the Borrower (such consent not to be unreasonably withheld or delayed).

 

    	 	149	 

     

    

 

		13.4	Notices

 

		(a)	All notices and other communications provided to any party hereto under this Agreement or any of
the other Finance Documents shall be in writing, by facsimile or by electronic mail, shall be in the English language (or, if not
in the English language, and if so required by the Facility Agent, accompanied by a certified English translation and, in this
case, the English translation thereof will prevail unless the document is a constitutional, statutory or other official document)
and shall be addressed, delivered or transmitted to such party at its following address, facsimile number or electronic mail address:

 

		(i)	in the case of the Borrower:

 

Royal Caribbean Cruises
Ltd.

 

	 	1050 Caribbean Way
	 	 	 
	 	Miami, Florida 33132-2096 U.S.A.
	 	 	 
	 	Attention:	Antje Gibson, Vice President and Treasurer
	 	 	 
	 	Tel:	 +1 305 539 6440
	 	 	 
	 	Fax:	+1 305 539 0562
	 	 	 
	 	Email:	agibson@rccl.com

 

    	 	150	 

     

    

 

		(ii)	in the case of the Facility Agent (and all notices and communications addressed to any Lender or
Mandated Lead Arranger from any party other than the Facility Agent shall be delivered to the Facility Agent for forwarding to
such Lender or Mandated Lead Arranger, as applicable):

 

Société Générale

 

189 rue d’Aubervilliers

 

75886 PARIS Cedex 18

 

France

 

	Attention:	Muriel Baumann / Edouard Rutin
	 	 
	Tel:	+33 (0)1 58 98 22 76 / +33 1 57 29 37 79
	 	 
	Fax:	+33 (0)1 46 92 45 97
	 	 
	Email:	muriel.baumann@sgcib.com

 

 edouard.rutin@sgcib.com

 

 par-oper-fin-smo-ext@sgcib.com

 

		and	

 

		Attention:	Catherine Ferreira

		Tel:	+33 (0)1 42 14 48 45

		Fax:	+33 (0)1 70 71 95 63

		Email:	catherine.ferreira@sgcib.com
	 	 	par-oper-caf-dmt6@sgcib.com

 

		(iii)	in the case of the Documentation Bank:

 

BNP Paribas

 

Millénaire 4, 35
Rue de la Gare

 

75019 – Paris,

 

CVA05A1 – France

 

	 	Attention:	M. Thierry Anezo Khalid Bouitida / Estelle Farny
	 	 	 
	 	Tel:	+33 1 43 16 81 57 / +33 1 42 98 58 69 / +33 1 40 14 59 84

 

    	 	151	 

     

    

 

		Email:	Thierry.anezo@bnpparibas.com

 

Estelle.farny@bnpparibas.com

 

Khalid.k.bouitida@bnpparibas.com

 

		(iv)	in the case of each of the Mandated Lead Arrangers and Original Lenders, that identified with its name below:

 

		(A)	BNP Paribas:

 

BNP Paribas

 

Millénaire 4, 35
Rue de la Gare

 

75019 – Paris,

 

CVA05A1 – France

  

	 	Attention:	M. Thierry Anezo / Estelle Farny
	 	 	 
	 	Tel:	+33 1 43 16 81 57 / +33 1 40 14 59 84
	 	 	 
	 	Email:	Thierry.anezo@bnpparibas.com

 

Estelle.farny@bnpparibas.com

 

		(B)	HSBC Continental Europe:

 

HSBC Continental Europe

 

38, avenue Kléber

 

75116 PARIS

 

France

 

		Attention:	Rabiyatou Diallo / Alexandra Penda

 

		Tel:	+33 (0) 1 58 13 08 38 / +33 (0)1 41 02 67 50

 

		Fax:	+33 (0)1 40 70 28 80

 

    	 	152	 

     

    

 

		Email:	rabiyatou.diallo@hsbc.fr / alexandra.penda@hsbc.fr

 

		and	

 

		Attention:	Graham D Meek / Julie Bellais

 

		Tel:	+44 (0) 207 992 2344 / +33 (0)1 40 70 28 59

 

		Email:	graham.d.meek@hsbc.com / julie.bellais@hsbc.fr

 

		(C)	Société Générale:

 

Société Générale

 

189 rue d’Aubervilliers

 

75886 PARIS Cedex 18

 

France

 

	 	Attention:	Muriel Baumann / Edouard Rutin
	 	 	 
	 	Tel:	+33 (0)1 58 98 22 76 / +33 1 57 29 37 79
	 	 	 
	 	Fax:	+33 (0)1 46 92 45 97
	 	 	 
	 	Email:	muriel.baumann@sgcib.com

 

edouard.rutin@sgcib.com

 

par-oper-fin-smo-ext@sgcib.com

 

and

 

	 	Attention:	Catherine Ferreira
	 	 	 
	 	Tel:	+33 (0)1 42 14 48 45
	 	 	 
	 	Fax:	+33 (0)1 70 71 95 63
	 	 	 
	 	Email:	catherine.ferreira@sgcib.com
	 	 	par-oper-caf-dmt6@sgcib.com

 

    	 	153	 

     

    

 

or, in the case of any Lender
that is not an Original Lender, as set forth in the applicable Lender Transfer Certificate or Lender Assignment Agreement, or,
in any case, at such other address, facsimile number or electronic mail address as may be designated by such party in a notice
to the other parties.

 

		(b)	Any notice:

 

		(i)	if mailed and properly addressed with postage prepaid or if properly addressed and sent by pre-paid
courier service, shall be deemed given when received;

 

		(ii)	if transmitted by facsimile, shall be deemed given when transmitted provided it is received in
legible form; and

 

		(iii)	subject to paragraph (c) below, if transmitted by electronic mail, shall be deemed given upon
acknowledgment of receipt by the recipient in readable form (it being agreed that any electronic mail so acknowledged after 5:00
p.m. in the location of receipt shall be deemed to have been given on the following day).

 

		(c)	Any communication to be made between any two parties under or in connection with this Agreement
or any of the other Finance Documents may be made by electronic mail or other electronic means to the extent that those two parties
agree that, unless and until notified to the contrary, this is to be an accepted form of communication and if those two parties:

 

		(i)	notify each other in writing of their electronic mail address and/or any other information required
to enable the sending and receipt of information by that means; and

 

		(ii)	notify each other of any change to their address or any other such information supplied by them
by not less than five (5) Business Days’ notice.

 

		(d)	Subject to Clause 4.4 (Form of Conditions Precedent) and the proviso in Clause 8.1
(Financial Information, Reports, Notices, etc.), the Borrower may provide to the Facility Agent all information, documents
and other materials that it furnishes to the Facility Agent hereunder, including all notices, requests, financial statements, financial
and other reports, certificates and other materials, by transmitting the same to the Facility Agent in an electronic/soft medium
in a format acceptable to the Facility Agent, promptly followed by an original thereof (unless the Facility Agent agrees otherwise);
provided that any such items requested pursuant to Clause 8.1(j) or (k) shall be in a format acceptable to the
Borrower and the Facility Agent and any such items requested pursuant to Clause 8.1(l) shall be in a format acceptable to
BpiFAE.

 

    	 	154	 

     

    

 

		13.5	Payment of Costs and Expenses

 

		(a)	The Borrower agrees to pay on demand all reasonable and documented fees and expenses of the Finance
Parties (including the reasonable and documented fees and out-of-pocket expenses of external counsel to the Finance Parties and
of local counsel, if any, who may be retained by counsel to the Finance Parties; provided that the Borrower shall only be
required to pay the fees of one collective counsel to the Finance Parties per relevant jurisdiction) in connection with (i) structuring
the transactions contemplated hereby and

 

(ii) the negotiation, preparation,
review, printing and execution of this Agreement and the other Finance Documents and the completion of the transactions contemplated
hereby and thereby, in each case whether or not the transactions contemplated hereby are consummated.

 

		(b)	In addition, the Borrower agrees to pay the following:

 

		(i)	the documented fees and out-of-pocket expenses of the Funding Entity for which the Finance Parties
are responsible (directly or through the CDC Funding Agents) under clause 19 (Frais) of the Funding Agreement to the extent
that they arise as a result of (A) any amendments, waivers, consents, supplements or other modifications to the Funding Agreement
as may from time to time hereafter be (I) consented to, or requested, by the Borrower, (II) required to correspond to
changes to the Construction Contract or waivers of or amendments to the Finance Documents and/or (III) required due to the
occurrence of a Default that is continuing and/or (B) a Default that is continuing; and

 

		(ii)	the documented fees and out-of-pocket expenses of external counsel to the Finance Parties and of
local counsel, if any, who may be retained by counsel to the Finance Parties (provided that, except after acceleration of
the Obligations pursuant to Clause 10.3 (Action if Other Event of Default), the Borrower shall only be required to pay the
fees of one collective counsel to the Finance Parties per relevant jurisdiction) in connection with (A) any amendments, waivers,
consents, supplements or other modifications to this Agreement and/or the other Finance Documents as may from time to time hereafter
be requested or required, (B) the Finance Parties monitoring the transactions contemplated hereby or preserving their rights
under the Finance Documents and (C) the Finance Parties exercising remedies or otherwise enforcing their rights under the
Finance Documents, in each case whether or not the transactions contemplated hereby are consummated.

 

    	 	155	 

     

    

 

		(c)	The Borrower further agrees to pay, and to keep the Finance Parties harmless from all liability
for, any stamp, recording, documentary or other similar taxes arising from the execution, delivery or enforcement of this Agreement
or the borrowing hereunder.

 

		(d)	Without prejudice to paragraph (b) above, the Borrower agrees to reimburse the Finance Parties
upon demand for all out-of-pocket expenses incurred by the Finance Parties in connection with (a) the negotiation of any restructuring
or “work-out”, whether or not consummated, of any Obligations and (b) the enforcement of any Obligations.

 

		13.6	Indemnification

 

		(a)	The Borrower hereby indemnifies and holds harmless each Finance Party, the Funding Agents and each
of their respective Affiliates and their (and their Affiliates’) respective officers, advisors, directors and employees (collectively,
the “Indemnified Parties”) from and against any and all claims, damages, losses, liabilities, costs and expenses
(including fees and disbursements of counsel, which must be reasonable so long as no Event of Default is continuing), joint or
several, that may be incurred by or asserted or awarded against any Indemnified Party (including in connection with any investigation,
litigation or proceeding or the preparation of a defence in connection therewith), in each case arising out of or in connection
with or by reason of this Agreement, the other Finance Documents, the Funding Agreement or the transactions contemplated hereby
or thereby or any actual or proposed use of the proceeds of the Loans (collectively, the “Indemnified Liabilities”),
except (i) to the extent such claim, damage, loss, liability or expense is found in a final, non-appealable judgment by a
court of competent jurisdiction to have resulted primarily from such Indemnified Party’s gross negligence or wilful misconduct
or is a claim, damage, loss, liability or expense which would have been compensated under other provisions of the Finance Documents
but for any exclusions applicable thereunder and (ii) with respect to claims, damages, losses, liability or expenses arising
solely under the Funds Flow Agreement, to the extent the same are not attributable to the Borrower’s breach of the terms
thereof.

 

		(b)	In the case of an investigation, litigation or other proceeding to which the indemnity in this
Clause 13.6 (Indemnification) applies, such indemnity shall be effective whether or not such investigation, litigation or
proceeding is brought by the Borrower, any of its directors, security holders or creditors, an Indemnified Party or any other Person
or an Indemnified Party is otherwise a party thereto.

 

		(c)	Each Indemnified Party shall:

 

		(i)	furnish the Borrower with prompt notice of any action, suit or other claim covered by this Clause
13.6 (Indemnification);

 

    	 	156	 

     

    

 

		(ii)	not agree to any settlement or compromise of any such action, suit or claim without the Borrower’s
prior consent;

 

		(iii)	cooperate fully in the Borrower’s defence of any such action, suit or other claim (provided
that the Borrower shall reimburse such Indemnified Party for its out-of- pocket expenses incurred pursuant hereto, which must be
reasonable so long as no Event of Default is continuing); and

 

		(iv)	at the Borrower’s request, permit the Borrower to assume control of the defence of any such
claim, other than regulatory, supervisory or similar investigations, provided that:

 

		(A)	the Borrower acknowledges in writing its obligations to indemnify such Indemnified Party in accordance
with the terms herein in connection with such claims;

 

		(B)	the Borrower shall keep such Indemnified Party fully informed with respect to the conduct of the
defence of such claim;

 

		(C)	the Borrower shall consult in good faith with such Indemnified Party (from time to time and before
taking any material decision) about the conduct of the defence of such claim;

 

		(D)	the Borrower shall conduct the defence of such claim properly and diligently taking into account
its own interests and those of such Indemnified Party;

 

		(E)	the Borrower shall employ counsel reasonably acceptable to such Indemnified Party and at the Borrower’s
expense; and

 

		(F)	the Borrower shall not enter into a settlement with respect to such claim unless either:

 

(I)            such
settlement involves only the payment of a monetary sum, does not include any performance by or an admission of liability or responsibility
on the part of such Indemnified Party and contains a provision unconditionally releasing such Indemnified Party and each other
Indemnified Party from, and holding all such Persons harmless against, all liability in respect of claims by any releasing party;
or

 

(II)         such
Indemnified Party provides written consent to such settlement (such consent not to be unreasonably withheld or delayed).

 

    	 	157	 

     

    

 

		(d)	Notwithstanding the Borrower’s election to assume the defence of an action, suit or other
claim pursuant to paragraph (c) above, the Indemnified Party shall have the right to employ separate counsel and to participate
in the defence of such action, suit or claim and the Borrower shall bear the fees, costs and expenses of such separate counsel
if:

 

		(i)	the use of counsel chosen by the Borrower to represent such Indemnified Party would present such
counsel with an actual or potential conflict of interest;

 

		(ii)	the actual or potential defendants in, or targets of, any such action include both the Borrower
and such Indemnified Party and such Indemnified Party shall have concluded that there may be legal defences available to it which
are different from or additional to those available to the Borrower and determined that it is necessary to employ separate counsel
in order to pursue such defences (in which case the Borrower shall not have the right to assume the defence of such action on such
Indemnified Party’s behalf);

 

		(iii)	the Borrower shall not have employed counsel reasonably acceptable to such Indemnified Party to
represent such Indemnified Party within a reasonable time after notice of the institution of such action; or

 

		(iv)	the Borrower authorises such Indemnified Party to employ separate counsel at the Borrower’s
expense.

 

		(e)	If any sum due from the Borrower under the Finance Documents (a “Sum”), or any
order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the “First Currency”)
in which that Sum is payable into another currency (the “Second Currency”) for the purpose of:

 

		(i)	making or filing a claim or proof against the Borrower;

 

		(ii)	obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration
proceedings;

 

the Borrower shall as an independent
obligation, within three (3) Business Days of demand, indemnify each Indemnified Party to whom that Sum is due against any
cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of
exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of exchange available
to that Indemnified Party at the time of its receipt of that Sum.

 

    	 	158	 

     

    

 

		13.7	Survival

 

The obligations of the Borrower under Clauses
6.5 (Increased Loan Costs, etc.), 6.6 (Funding Losses), 6.7 (Increased Capital Costs), 6.8 (Taxes),
6.9 (Reserve Costs), 13.5 (Payment of Costs and Expenses) and 13.6 (Indemnification) and the obligations of
the Lenders under Clause 12.2 (Indemnity), shall in each case survive any termination of this Agreement and the payment
in full of all Obligations. The representations and warranties made by the Borrower in this Agreement shall survive the execution
and delivery of this Agreement.

 

		13.8	Severability

 

Any provision of any Finance Document which
is prohibited or unenforceable in any jurisdiction shall, as to such provision and such jurisdiction, be ineffective to the extent
of such prohibition or unenforceability without invalidating the remaining provisions of such Finance Document or affecting the
validity or enforceability of such provision in any other jurisdiction.

 

		13.9	Execution in Counterparts

 

This Agreement may be executed by the parties
hereto in several counterparts, each of which shall be deemed to be an original and all of which shall constitute together but
one and the same agreement.

 

		13.10	Successors and Assigns

 

This Agreement shall be binding upon and
shall inure to the benefit of the parties hereto and their respective successors and assigns; provided that:

 

		(a)	except to the extent permitted by Clause 9.6 (Consolidation, Merger, etc.), the Borrower
may not assign or transfer its rights or obligations hereunder without the prior written consent of the Facility Agent, each Lender,
BpiFAE and (for as long as the Funding Agreement is in effect) the Funding Entity; and

 

		(b)	the rights of sale, assignment and transfer of the Lenders are subject to Clause 13.11 (Lender
Transfers, Assignments and Participations).

 

		13.11	Lender Transfers, Assignments and Participations

 

Each Lender may transfer by novation all
or any of its rights and obligations under the Finance Documents or assign all or any such rights or sell participations in its
portion of any part of the Loan or grant security over its rights under the Finance Documents to one or more other Persons in accordance
with this Clause 13.11 (Lender Transfers, Assignments and Participations).

 

    	 	159	 

     

    

 

		(a)	Transfers and Assignments

 

		(i)	Any Lender, upon prior notice to BpiFAE and with the prior written consent of the Funding Entity
(if the Funding Agreement is then in effect and if the transferee or assignee requires the benefit thereof), Natixis DAI (if the
Loan is accruing interest at the Fixed Rate) and the Borrower (the consent of the Borrower not to be unreasonably withheld or delayed),
may at any time (and from time to time) transfer by novation all or any of its rights and obligations under the Finance Documents
or assign all or any of its rights under the Finance Documents to any Person (including BpiFAE and any financial institution presented
to the Lenders by the Borrower, which shall be subject to the approval of the Lenders (acting reasonably) and, if the Funding Agreement
is then in effect, the Funding Entity) (any such transferee or assignee, as the case may be, a “New Lender”);
provided that any New Lender (other than BpiFAE) shall, if the Fixed Rate applies, be eligible to benefit from the CIRR
stabilisation.

 

		(ii)	Notwithstanding clause (i) above, the consent of the Borrower shall not be required:

 

		(A)	in the case of any transfer or assignment to BpiFAE, any other existing Lender or any Affiliate
of any Lender (provided that, for a transfer or assignment to an Affiliate of any Lender occurring prior to the Disbursement
Date, at least three (3) Business Days’ prior written notice shall be given to the Borrower); and/or

 

		(B)	for any transfer or assignment during the continuation of an Event of Default under Clauses 10.1(a) (Non
Payment); 10.1(d)(i) (Default on other Indebtedness) and 10.1(e) (Bankruptcy, Insolvency, etc.).

 

		(iii)	The consent of the Borrower to a transfer or assignment shall be deemed to be given in the absence
of a written notice delivered by the Borrower to the Facility Agent, on or before the fifth (5th) Business Day after receipt by
the Borrower of such Lender’s request for consent, stating, in reasonable detail, the reasons why the Borrower proposes to
withhold such consent.

 

		(iv)	Notwithstanding the foregoing, the Borrower hereby expressly consents to the transfer or assignment
to Natixis of up to ten per cent. (10%) of the Commitments as at the date of this Agreement.

 

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		(v)	Any transfer or assignment by a Lender under this paragraph (a) (other than a transfer or
assignment to BpiFAE and/or where a Default is continuing and/or where the transfer or assignment is at the Borrower’s request)
shall not result in an increase of the Borrower’s obligations under Clauses 6.5 (Increased Loan Costs, etc.),
6.6 (Funding Losses), 6.7 (Increased Capital Costs), 6.8 (Taxes) and 6.9 (Reserve Costs) or any other
additional costs to the Borrower which the Borrower would not have been obligated to pay to the transferring or assigning Lender
had the transfer or assignment (as the case may be) not occurred.

 

		(b)	Procedure for Transfer or Assignment

 

		(i)	The Borrower and the Facility Agent shall be entitled to continue to deal solely and directly with the existing Lender in connection
with the interests to be transferred or assigned to a New Lender until (i) such New Lender and the transferring/assigning
Lender shall have executed and delivered to the Facility Agent a duly completed Lender Transfer Certificate or Lender Assignment
Agreement, as applicable, (ii) the Facility Agent shall have executed such Lender Transfer Certificate or Lender Assignment
Agreement, as applicable, and (iii) the processing fee described in clause (viii) below shall have been paid.

 

		(ii)	Subject to:

 

		(A)	the Facility Agent performing all necessary “know your customer” or other similar checks
under all applicable laws and regulations in relation to the New Lender; and

 

		(B)	the Facility Agent (after consultation with the Funding Entity (if the Funding Agreement is then
in effect) and upon the Lenders’ instructions) being satisfied if the Funding Agreement is then in effect that the security
in favour of the Funding Entity under the Funding Agreement will not be adversely affected by the proposed transfer/assignment
and confirming that, simultaneously with the transfer/assignment:

 

		(I)	the New Lender will have rights and/or obligations, as the case may be, of a borrower under the
Funding Agreement equal in proportion to the rights and/or obligations hereunder being transferred or assigned to the New Lender;
and

 

		(II)	the New Lender’s rights under the Finance Documents and the BpiFAE Insurance Policy will
be delegated, pledged or assigned, as applicable, in favour of the Funding Entity to the same extent as the Existing Lender’s
rights thereunder immediately prior to such transfer/assignment,

 

the Facility Agent shall, as soon
as reasonably practicable after receipt by it of a duly completed Lender Transfer Certificate or Lender Assignment Agreement appearing
on its face to comply with the terms of this Agreement, execute that Lender Transfer Certificate or Lender Assignment Agreement,
as applicable, and promptly thereafter provide a copy thereof to the Borrower.

 

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		(iii)	For as long as the Funding Agreement is in effect, any transfer or assignment under this Clause
13.11 (Lender Transfers, Assignments and Participations) shall not be effective unless (A) the New Lender shall have
rights and/or obligations, as the case may be, of a borrower under the Funding Agreement equal in proportion to the rights and/or
obligations hereunder being transferred or assigned to the New Lender and (B) the New Lender’s rights under the Finance
Documents and the BpiFAE Insurance Policy shall have been delegated, pledged or assigned, as applicable, in favour of the Funding
Entity to the same extent as the Existing Lender’s rights thereunder immediately prior to such transfer/assignment. In addition,
any transfer or assignment under paragraph (a)(iv) above shall not be effective unless Natixis is named as a co-insured under
the BpiFAE Insurance Policy.

 

		(iv)	Any transfers or assignment must be in a minimum aggregate amount of fifteen million Euros (EUR
15,000,000) (or, if less, all of the existing Lender’s Commitment or portion of the Loan, as applicable).

 

		(v)	From and after the date that the Facility Agent executes the Lender Transfer Certificate or Lender
Assignment Agreement, as applicable, (A) the New Lender thereunder shall be deemed automatically to have become a party hereto
and, to the extent that rights and/or obligations hereunder have been transferred or assigned to such New Lender in connection
with such Lender Transfer Certificate or Lender Assignment Agreement, shall have the rights and/or obligations, as the case may
be, of a Lender hereunder and under the other Finance Documents, and (B) the transferring/assigning Lender, to the extent
that rights and/or obligations hereunder have been transferred or assigned by it, shall be released from its obligations hereunder
and under the other Finance Documents.

 

		(vi)	Except to the extent resulting from a change in law occurring after the date of a transfer or assignment
(as the case may be), in no event shall the Borrower be required to pay to any New Lender any amount under Clauses 6.5 (Increased
Loan Costs, etc.), 6.6 (Funding Losses), 6.7 (Increased Capital Costs), 6.8 (Taxes) or 6.9 (Reserve
Costs) that is greater than the amount which it would have been required to pay had no such transfer or assignment been made.

 

		(vii)	Each New Lender, by executing the relevant Lender Transfer Certificate or Lender Assignment Agreement,
confirms, for the avoidance of doubt, that the Facility Agent has authority to execute on its behalf any amendment or waiver that
has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the Transfer
Date and that it is bound by that decision to the same extent as the existing Lender would have been had it remained a Lender.

 

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		(viii)	Any transferring/assigning Lender or the relevant New Lender must pay a processing fee to the Facility
Agent upon delivery of any Lender Transfer Certificate or Lender Assignment Agreement in the amount of two thousand Euros (EUR
2,000) (and shall also reimburse the Facility Agent for any reasonable out-of-pocket costs, including reasonable attorneys’
fees and expenses, incurred in connection with the assignment, unless a Default is continuing, in which case the Borrower shall
be liable for such costs, fees and expenses). Natixis shall not be required to pay any such processing fee or costs, fees or expenses
in connection with a transfer or assignment made pursuant to paragraph (a)(iv) above.

 

		(c)	Limitation on Responsibility of Existing Lenders

 

		(i)	Unless expressly agreed to the contrary, an existing Lender makes no representation or warranty
and assumes no responsibility to a New Lender for:

 

		(A)	the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any
other documents;

 

		(B)	the financial condition of the Borrower;

 

		(C)	the performance and observance by the Borrower of its obligations under the Finance Documents or
any other documents; or

 

		(D)	the accuracy of any statements (whether written or oral) made in or in connection with any Finance
Document or any other document,

 

and any representations or warranties implied by law
are excluded.

 

		(ii)	Each New Lender confirms to the relevant existing Lender and the other Finance Parties that it:

 

		(A)	has made (and shall continue to make) its own independent investigation and assessment of the financial
condition and affairs of the Borrower and its related entities in connection with its participation in this Agreement and has not
relied exclusively on any information provided to it by the existing Lender in connection with any Finance Document; and

 

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		(B)	will continue to make its own independent appraisal of the creditworthiness of the Borrower and
its related entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force.

 

		(iii)	Nothing in any Finance Document obliges any existing Lender to:

 

		(A)	accept a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned
or transferred under this Clause 13.11 (Lender Transfers, Assignments and Participations); or

 

		(B)	support any losses directly or indirectly incurred by the New Lender by reason of the non-performance
by the Borrower of its obligations under the Finance Documents or otherwise.

 

		(d)	Participations

 

Any Lender may at any time sell
to one or more commercial banks or other financial institutions participating interests in its portion of the Loan without informing,
consulting with or obtaining the consent of any other party to the Finance Documents; provided that:

 

		(i)	no participation contemplated in this paragraph (d) shall relieve such Lender from its obligations hereunder;

 

		(ii)	such Lender shall remain solely responsible for the performance of its obligations hereunder;

 

		(iii)	the Borrower and the Facility Agent shall continue to deal solely and directly with such Lender
in connection with such Lender’s rights and obligations under this Agreement and each of the other Finance Documents; and

 

		(iv)	the Borrower shall not be required to pay any amount under Clauses 6.5 (Increased Loan Costs, etc.),
6.6 (Funding Losses), 6.7 (Increased Capital Costs), 6.8 (Taxes) or 6.9 (Reserve Costs) that is greater
than the amount which it would have been required to pay had no participating interest been sold.

 

		(e)	Lender Screen

 

The Facility Agent shall maintain in its
internal data system an electronic file (the “Lender Screen”) identifying, at any time, (i) the then current
Lenders, (ii) each such Lender’s then current Commitments or participations in the Loan, as the case may be, after the
Disbursement Date, the amount of the then outstanding Loan owed to each such Lender and (iv) if applicable, the fact that
such Lender acquired or sold its Commitments or participations in the Loan, as the case may be, pursuant to a Lender Transfer Certificate
or Lender Assignment Agreement. The entries on the Lender Screen shall be conclusive, absent manifest error. Upon reasonable prior
notice, the Facility Agent shall make a screen-shot of the Lender Screen available to the Borrower and/or any Finance Party.

 

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		(f)	Security Over Lenders’ rights

 

		(i)	In addition to the other rights provided to Lenders under this Clause 13.11 (Lender Transfers,
Assignments and Participations), each Lender may at any time charge, assign or otherwise create security in or over (whether
by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender, including:

 

		(A)	any charge, assignment or other security to secure obligations to its federal reserve or central
bank;

 

		(B)	upon at least three (3) Business Days’ prior written notice to the Borrower, any charge,
assignment or other security to secure obligations of that Lender for the benefit of any of its Affiliates;

 

		(C)	any delegation, pledge or assignment in favour of the Funding Entity in connection with the Funding
Agreement; and

 

		(D)	in the case of any Lender which is a fund, any charge, assignment or other security granted to
any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security for
those obligations or securities,

 

provided that any such charge,
assignment or security shall:

 

		(I)	be made only with the Borrower’s prior written consent (such consent not to be unreasonably
withheld or delayed), except if it is made pursuant to clause (A), (B) or (C) above in which case no such consent shall
be required;

 

		(II)	not release a Lender from any of its obligations under the Finance Documents or substitute the
beneficiary of the relevant charge, assignment or other security for the Lender as a party to any of the Finance Documents; and

 

    	 	165	 

     

    

 

		(III)	not require any payments to be made by the Borrower or grant to any Person any more extensive rights
than those required to be made or granted to the relevant Lender under the Finance Documents.

 

		(ii)	Notwithstanding anything to the contrary herein, upon enforcement by the Funding Entity of any
delegation, pledge or assignment described in clause (i)(C) above in accordance with its terms, all rights of the relevant
Lender under the Finance Documents which are subject to that delegation, pledge or assignment (as applicable) shall be transferred
ipso jure to the Funding Entity which shall become the direct beneficiary of the same without the need for any formality
(including, for the avoidance of doubt, without the need to comply with the procedures provided in paragraph (a) or (b) above).

 

		(iii)	Any Lender charging, assigning or otherwise creating security in or over any of its rights under
the Finance Documents pursuant to this paragraph (f) or the relevant chargee, assignee or secured party (as applicable), other
than the Funding Entity, shall reimburse the Facility Agent for any reasonable out-of-pocket costs, including reasonable attorneys’
fees and expenses, incurred in connection with the relevant charge, assignment or other security.

 

		(g)	Borrower’s Lender Replacement Rights

 

In respect of any Lender (an
 “affected Lender”), if the Commitments of such affected Lender become cancellable pursuant to Clause 2.5 (Cancellation
due to Lender Illegality) or the Borrower is at any time required or entitled to cancel any Commitments of the affected Lender
pursuant to Clause 6.12 (Cancellation of Commitment or Prepayment of Affected Lender) or prepay the affected Lender’s
participation in the Loan pursuant to Clause 11.1(k) (Funding Agreement), Clause 11.1(m) (Illegality for Lenders)
or Clause 11.1(n) (Illegality for the Funding Entity), the Borrower shall be entitled:

 

		(i)	in the case of any such cancellation of Commitments, within thirty (30) days of receiving notice
of the relevant underlying event (which shall be at least thirty(30) days prior to the Scheduled Delivery Date or, if
the requirement to cancel is due to an illegality, such shorter period as is required by law); and

 

		(ii)	in the case of any such prepayment, within thirty (30) days of receiving notice of the relevant
underlying event or, if the requirement to prepay is due to an illegality, such shorter period as is required by law,

 

    	 	166	 

     

    

 

and (so long as no Default has
occurred and is continuing) without liability for the Borrower for any premium or penalties but subject to any liability for Funding
Losses to the extent provided for in Clause 6.6 (Funding Losses), to request that the affected Lender shall, and the affected
Lender shall, use reasonable efforts (consistent with its internal policies and legal and regulatory restrictions and the terms
of the Funding Agreement (if it then maintains a Funded Loan Portion), the BpiFAE Insurance Policy and (if the Fixed Rate applies)
the arrangements with Natixis DAI relating to the CIRR) to:

 

		(I)	with the Funding Entity’s approval and, if no Default has occurred and is continuing, in
consultation with the Borrower, replace itself with one or more Affiliates and/or one or more other financial institutions (including
any financial institution(s) presented to the Lenders by the Borrower, which must have a minimum rating of at least A- by
Standard & Poor’s and/or A3 by Moody’s and must be approved by the Funding Entity); or

 

		(II)	transfer its Commitment and its rights and obligations under this Agreement, the other Finance
Documents, the BpiFAE Insurance Policy and (if it then maintains a Funded Loan Portion) the Funding Agreement to one or more unaffected
Lenders,

 

in each case in accordance with
the terms of this Agreement and provided that such efforts would avoid such cancellation or prepayment and would not, in the reasonable
judgment of the affected Lender, be prejudicial or otherwise disadvantageous to the affected Lender and/or its Affiliates.

 

This paragraph (g) is without
prejudice to the Lenders’ obligations under Clause 13.3 (Mitigation, Borrower Challenges, etc.).

 

		13.12	Other Transactions

 

Nothing contained herein shall preclude
the Facility Agent or any other Finance Party from engaging in any transaction, in addition to those contemplated by this Agreement
or any other Finance Document, with the Borrower or any of its Affiliates in which the Borrower or such Affiliate is not restricted
hereby from engaging with any other Person.

 

		13.13	BpiFAE Premium

 

		(a)	The Borrower shall exclusively bear the cost of the BpiFAE Premium. The Borrower shall pay the
BpiFAE Premium to the Facility Agent (for the account of BpiFAE) with the proceeds of the disbursement of the Loan as specified
in the Drawing Request.

 

    	 	167	 

     

    

 

		(b)	Subject to paragraphs (c) and (d) below, the BpiFAE Premium shall be in an aggregate
amount of two point three five per cent. (2.35%) of the aggregate of the amounts made available under the Facility as described
in Clause 2.2(a)(i)(A) to (D). The estimated maximum amount of the BpiFAE Premium as of the date of this Agreement is set
out in Clause 2.2(a)(ii).

 

		(c)	The Borrower acknowledges that the maximum amount of the BpiFAE Premium set out in Clause 2.2(a)(ii) is
based on the Maximum Loan Amount and the Final Maturity Date, and that the actual amount of the BpiFAE Premium will be equal to
two point three five per cent. (2.35%) of the portion of the Loan which is actually borrowed by the Borrower in respect of the
items listed in Clause 2.2(a)(i)(A) to (D). The Borrower shall make payment of the actual amount of the BpiFAE Premium notwithstanding
that such actual amount may be different from the estimated maximum amount set out in Clause 2.2(a)(ii).

 

		(d)	If the Longstop Date is extended by agreement between the Borrower and the Lenders, the BpiFAE
Premium may be redetermined by BpiFAE and notified to the Borrower by the Facility Agent, and any increase thereof shall be promptly
paid by the Borrower to the Facility Agent with the Borrower’s own funds.

 

		(e)	Notwithstanding the above, a minimum premium being, as of the date of this Agreement, in an amount
of one thousand five hundred and fifteen Euros (EUR 1,515) shall be paid to BpiFAE by the Borrower in respect of the BpiFAE Insurance
Policy upon the execution of the BpiFAE Insurance Policy. Such amount shall remain the property of BpiFAE and is accordingly payable
by the Borrower to BpiFAE in any event.

 

		(f)	The Borrower acknowledges that the obligation to pay one hundred per cent. (100%) of the BpiFAE
Premium out of, and subject to, the Disbursement (subject to paragraph (d) above) and to pay all other duly documented costs
of BpiFAE incurred in connection with the BpiFAE Insurance Policy at the times required under the foregoing paragraphs of this
Clause 13.13 (BpiFAE Premium) is absolute and unconditional.

 

		(g)	If, following the Disbursement Date, the Borrower:

 

		(i)	voluntarily prepays all or part of the Loan, BpiFAE will refund to the Facility Agent, for the
account of the Lenders and ultimately the Borrower, eighty per cent. (80%) of the unexpired BpiFAE Premium (save in respect of
the additional BpiFAE Premium payable in relation to any Deferred Tranche), calculated in accordance with the following formula:

 

R = P x (1 – (1 / (1+2.35%)) x (N / (12 * 365))
x 80%

 

    	 	168	 

     

    

 

where:

 

“R” means the amount of the refund;

 

“P” means the amount of the prepayment;

 

“N” means the number of days between
the effective prepayment date and the Final Maturity Date; and

 

P x (1 – (1 / (1+2.35%)) corresponds to the share
of the financed BpiFAE Premium corresponding to P; and

 

		(ii)	prepays all or part of the Loan for any reason other than a voluntary prepayment, the Facility
Agent shall promptly request that BpiFAE refund to the Facility Agent, for the account of the Lenders and ultimately the Borrower,
eighty per cent. (80%) of the unexpired BpiFAE Premium (save in respect of the additional BpiFAE Premium payable in relation to
any Deferred Tranche), calculated in accordance with the formula set out in clause (i) above,

 

and in any such case, upon the
Facility Agent’s receipt of any such reimbursement from BpiFAE, the full amount of such reimbursement shall be repaid by
the Facility Agent to the Borrower. For the avoidance of doubt, should the Facility Agent not receive any such reimbursement from
BpiFAE, it shall have no payment obligations towards the Borrower. However, the Facility Agent shall duly demand the payment of
such reimbursement from BpiFAE in each case in which the right to such reimbursement arises under this paragraph (g).

 

		(h)	Subject only to paragraph (g) above, the BpiFAE Premium is not refundable to the Borrower
for any reason whatsoever and the portion of the Loan made for purposes of financing the BpiFAE Premium shall be repaid in full
by the Borrower in accordance with the terms hereof.

 

		13.14	Law and Jurisdiction

 

		(a)	Governing Law

 

This Agreement and any non-contractual
obligations arising out of or in connection with this Agreement shall in all respects be governed by and construed in accordance
with English law.

 

    	 	169	 

     

    

 

		(b)	Jurisdiction

 

For the exclusive benefit of the Finance
Parties, the parties to this Agreement irrevocably agree that the courts of England are to have exclusive jurisdiction to settle
any disputes which may arise out of or in connection with this Agreement and, for such purposes, each party hereto irrevocably
submits to the jurisdiction of such courts. The Borrower irrevocably waives any objection which it may now or in the future have
to the laying of the venue of any proceedings in any court referred to in this Clause 13.14 (Law and Jurisdiction), and
any claim that those proceedings have been brought in an inconvenient or inappropriate forum.

 

		(c)	Alternative Jurisdiction

 

Nothing contained in this Clause 13.14
(Law and Jurisdiction) shall limit the rights of the Finance Parties to commence any proceedings against the Borrower in
any other court of competent jurisdiction, nor shall the commencement of any proceedings against the Borrower in one or more jurisdictions
preclude the commencement of any proceedings in any other jurisdiction, whether concurrently or not.

 

		(d)	Service of Process

 

Without prejudice to the rights
of the Finance Parties to use any other method of service permitted by law, the Borrower irrevocably agrees that any writ, notice,
judgment or other legal process shall be sufficiently served on it if addressed to it and left at or sent by post to RCL Cruises
Ltd., presently at Building 3, The Heights – Brooklands, Weybridge, Surrey KT13 0NY, England, Attention: General Counsel,
and in any such event the Borrower shall be conclusively deemed to have been served at the time of leaving or, if posted, at 9:00
a.m. on the third (3rd) Business Day after posting by prepaid first class registered post. If the appointment of the Person
mentioned in this paragraph (d) ceases to be effective in respect of the Borrower, the Borrower shall immediately notify the
Facility Agent and appoint a further Person in England to accept service of process on its behalf in England and, failing such
appointment within fifteen (15) days, the Facility Agent shall be entitled, at the cost of the Borrower, to appoint such Person
by notice to the Borrower.

 

		(e)	Waiver of Immunity

 

To the extent that the Borrower
may in any jurisdiction claim for itself or its assets or revenues immunity from suit, execution, attachment (whether in aid of
execution, before judgment or otherwise) or other legal process and to the extent that in any such jurisdiction there may be attributed
to itself, its assets or revenues such immunity (whether or not claimed), the Borrower irrevocably agrees not to claim, and irrevocably
waives, such immunity to the full extent permitted by the laws of such jurisdiction.

 

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		13.15	Confidentiality

 

		(a)	Each party hereto (a “first party”) agrees to maintain the confidentiality of
all non-public information provided to it by any other party hereto (a “second party”), and the first party
shall not use any such information other than in connection with or in enforcement of this Agreement or in connection with other
business now or hereafter existing or contemplated with the second party, except to the extent such information (a) was or
becomes generally available to the public other than as a result of disclosure by the first party or its directors, officers, employees
and agents or (b) was or becomes available on a non-confidential basis from a source other than the second party so long as
such source is not, to its knowledge, prohibited from disclosing such information by a legal, contractual or fiduciary obligation
to the second party; provided, however, that the first party may disclose such information without consulting with
or obtaining the consent of any other party hereto:

 

		(i)	at the request or pursuant to any requirement of any self-regulatory body, governmental, banking
or taxation body, agency or official to which the first party is subject or in connection with an examination of the first party
by any such authority, body, agency or official, including the Republic of France and any French Authority;

 

		(ii)	pursuant to subpoena or other court process;

 

		(iii)	when required to do so in accordance with the provisions of any applicable requirement of law or
the rules of any relevant stock exchange;

 

		(iv)	to the extent required in connection with any litigation, arbitration, administrative or other
investigations, proceedings or disputes to which it may be party;

 

		(v)	to rating agencies, auditors, insurance and reinsurance brokers, insurers and reinsurers;

 

		(vi)	to the extent reasonably required in connection with the exercise of any remedy hereunder;

 

		(vii)	to its independent auditors, counsel, and any other professional advisors who are advised of the
confidentiality of such information;

 

    	 	171	 

     

    

 

		(viii)	to any potential participant or transferee/assignee or any Affiliate thereof or any Person who
invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any related participation
or transfer/assignment, provided that such Person agrees to keep such information confidential to the same extent required
of the first party hereunder;

 

		(ix)	to any Person to whom or for whose benefit any Lender charges, assigns or otherwise creates security
(or may do so) pursuant to Clause 13.11(f) (Security Over Lenders’ Rights);

 

		(x)	in accordance with paragraph (b) below;

 

		(xi)	as expressly permitted under the terms of any other document or agreement regarding confidentiality
to which the second party or any of its Subsidiaries is party with the first party;

 

		(xii)	to its Affiliates and its Affiliates’ directors, officers, employees, professional advisors
and agents, provided that each such Affiliate, director, officer, employee, professional advisor or agent shall keep such
information confidential to the same extent required of the first party hereunder;

 

		(xiii)	to any other party to this Agreement;

 

		(xiv)	to the Funding Agents and the Funding Entity;

 

		(xv)	to the French Authorities and any Person to whom information is required or requested to be disclosed
by the French Authorities; and

 

		(xvi)	with the consent of the applicable second party.

 

		(b)	(i)            Any Finance Party may disclose to any national or international numbering service provider
appointed by that Finance Party to provide identification numbering services in respect of this Agreement, the Facility and/or
the Borrower the following information:

 

		(A)	the Borrower’s name;

 

		(B)	the Borrower’s country of domicile;

 

		(C)	the Borrower’s place of incorporation;

 

		(D)	the date of this Agreement;

 

		(E)	the names of the Facility Agent, each Mandated Lead Arranger and the Documentation Bank;

 

    	 	172	 

     

    

 

		(F)	the date of each amendment and/or restatement of this Agreement;

 

		(G)	the amount of the total Commitments;

 

		(H)	the currency of the Facility;

 

		(I)	the type of the Facility;

 

		(J)	the ranking of the Facility;

 

		(K)	the Longstop Date and Final Maturity Date for the Facility;

 

		(L)	changes to any of the information previously supplied pursuant to clauses (A) to (K) above; and

 

		(M)	such other information agreed between such Finance Party and the Borrower,

 

to enable such numbering service provider to provide
its usual syndicated loan numbering identification services.

 

		(ii)	The parties hereto acknowledge and agree that each identification number assigned to this Agreement,
the Facility and/or the Borrower by a numbering service provider and the information associated with each such number may be disclosed
to users of its services in accordance with the standard terms and conditions of that numbering service provider.

 

		(iii)	The Borrower represents that none of the information set out in clause (i)(A) to (M) above is, nor will it at
                                                                 any time be, unpublished price-sensitive information.

 

		(iv)	The Facility Agent shall notify the Borrower and the other Finance Parties of:

 

		(A)	the name of any numbering service provider appointed by the Facility Agent in respect of this Agreement, the Facility and/or
the Borrower; and

		(B)	the number or, as the case may be, numbers assigned to this Agreement, the Facility and/or the Borrower by such numbering service
provider.

 

		(c)	Each of the parties hereto shall be responsible for any breach of this Clause 13.15 (Confidentiality)
by any of its directors, officers or employees operating within the scope of his/her professional duties.

 

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		13.16	Acknowledgment and Consent to Bail-In

 

Notwithstanding anything to the contrary
in any Finance Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges
that any liability of any EEA Financial Institution arising under any Finance Document, to the extent such liability is unsecured,
may be subject to the write-down and conversion powers of a Resolution Authority and agrees and consents to, and acknowledges and
agrees to be bound by:

 

		(a)	the application of any Write-Down and Conversion Powers by a Resolution Authority to any such liabilities
arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and

 

		(b)	the effects of any Bail-in Action on any such liability, including, if applicable:

 

		(i)	a reduction in full or
in part or cancellation of any such liability;

 

		(ii)	a conversion of all, or a portion of, such liability into shares or other instruments of ownership
in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred
on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any
such liability under this Agreement or any other Finance Document; or

 

		(iii)	the variation of the terms of such liability in connection with the exercise of the write-down
and conversion powers of any Resolution Authority.

 

    	 	174	 

     

    

 

SIGNATURE PAGE (1 OF 2)

 

FACILITY AGREEMENT

(Harmony of the Seas (ex Hull No. A34))

 

This Agreement has been signed on the date set forth at the
beginning of this Agreement.

 

The Borrower

 

	 	ROYAL CARIBBEAN CRUISES
    LTD.	 

 

	 	By:	 	 

	 	Name:	 
	 	Title:	 

 

	 	The Facility Agent	 

 

	 	SOCIÉTÉ
    GÉNÉRALE	 

 

	 	By:	 	 

	 	Name:	 
	 	Title:	 

 

    	 	175	 

     

    

 

SIGNATURE PAGE (2 OF 2)

 

FACILITY AGREEMENT

(Harmony of the Seas

 

(ex Hull No. A34))

 

	 	The Mandated Lead Arrangers	 
	 	 
	 	BNP PARIBAS	 

 

	 	By:	 	 

	 	Name:	 
	 	 	 
	 	Title:	 

 

	 	HSBC CONTINENTAL EUROPE	 

 

	 	By:	 	 

	 	Name:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	SOCIÉTÉ GÉNÉRALE	 

 

	 	By:	 	 

	 	Name:	 
	 	 	 
	 	Title:	 

 

	 	The Original Lenders	 
	 	 	 
	 	BNP PARIBAS	 

 

		By:	 	 

	 	Name:	 
	 	 	 
	 	Title:	 

 

    	 	Page 176

     

    

 

	 	HSBC CONTINENTAL EUROPE	 

 

		By:	 	 

	 	Name:	 
	 	 	 
	 	Title:	 

	 	 
	 	SOCIÉTÉ GÉNÉRALE	 

 

	 	By:	 	 

	 	Name:	 
	 	 	 
	 	Title:	 

 

    	 	Page 177

     

    

 

Schedule 4

Form of Guarantor Confirmation Certificate

 

[Insert name of relevant Guarantor
here]

GUARANTOR’S CERTIFICATE

[●], 2021

 

This Certificate is delivered on behalf of [Insert name
of relevant Guarantor entity here] (the Guarantor)], a [company][corporation] incorporated in [●].

 

[I][We], [insert name of the authorized officers/directors],
the undersigned, in [my][our] capacity as [[a] duly authorized officer[s]] [or][director] of the Guarantor and not in any individual
capacity, do hereby confirm in relation to the Agreements (each as more particularly defined in Schedule 1 of this Certificate)
as follows:

 

		1.	Unless otherwise defined in this Certificate, words and expressions defined in the Agreements shall
have the meanings when used in this Certificate.

 

		2.	The Guarantor is a guarantor under each Agreement.

 

		3.	[I][We] hereby acknowledge on behalf of the Guarantor that, in the context of the Debt Deferral
Extension Framework published by each ECA backing the Agreements, each Agreement shall be amended or, as the case may be, amended
and restated pursuant to an amendment agreement (each a Vessel Loan Amendment) in order to record the agreement of the respective
parties to:

		a.	add a new debt deferral tranche (the Applicable Debt Deferral Tranche) in those Agreements
where there are principal repayments scheduled to occur between approximately April 2021 and March 2022 (or, in the case
of the facility agreement for m.v. “Ovation of the Seas”, approximately between May 2021 and April 2022)
(in each case, the Applicable Debt Deferral Period), in order to effectively defer principal repayments due under each Agreement
falling due during such Applicable Debt Deferral Period, which Applicable Debt Deferral Tranche shall, in the case of each relevant
Agreement:

		i.	be in an amount of approximately the aggregate principal amount of the repayment installments falling
due under such relevant Agreement during the Applicable Debt Deferral Period applicable to it (including payments due during such
period on any first debt deferral if and to the extent already agreed); and

		ii.	bear interest on the terms provided in that Vessel Loan Amendment;

		b.	extend the waiver of the applicable Borrower’s compliance with the financial covenants set
forth in each Agreement:

		i.	in each case where the relevant Agreement is BpiFAE-backed, through the end of the third quarter
of 2022; and

		ii.	in each case where the relevant Agreement is Hermes and/or Finnvera-backed, through to the end
of the fourth quarter of 2022,

provided, however, that if the relevant ECA and Lenders
under any Agreement approve a longer waiver period, the applicable Vessel Loan Amendment relating to such Agreement shall include
the longer such waiver period; and

		c.	any adjustments to the financial, indebtedness, negative pledge or other covenants as are required
by the relevant Lenders and ECAs in order to give effect to the amendments contemplated in (a) and (b) above.

 

		4.	This Certificate is one of the “certificates” required to be provided pursuant to clause
3.1(b) of each Vessel Loan Amendment and in the context of the requirements of clause 3.1(b) of each Vessel Loan Amendment,
[I][we] hereby further acknowledge and confirm on behalf of the Guarantor the following:

		a.	the amendments contemplated in the Vessel Loan Amendment for each Agreement and the contents thereof
are approved;

 

    	 	Page 178

     

    

 

		b.	the Guarantee given by the Guarantor in each Agreement and each other Loan Document or Finance
Document, as the case may be (as defined in each such Agreement) to which the Guarantor is a party shall remain and continue in
full force and effect notwithstanding the amendment and restatement of each such Agreement pursuant to the Vessel Loan Amendment
applicable to it;

 

		c.	the Guarantee given by the Guarantor in each Agreement shall extend to any new obligations assumed
by the Borrower under such Agreement as amended by the Vessel Loan Amendment applicable to it (including pursuant to the Applicable
Debt Deferral Tranche) and the floating rate applicable to such Applicable Debt Deferral Tranche (as more particularly set out
in sub-paragraphs (i) and (ii) of 3(a) above)); and

 

		d.	continuing to guarantee the amended obligations of the Borrower under the Agreements as amended
by the Vessel Loan Amendment applicable to it does not cause any borrowing, guaranteeing or similar limit binding on the Guarantor
to be exceeded.

 

		5.	[I][We] hereby confirm that:

 

		a.	the copy of the certificate or articles of incorporation, formation or organization or other comparable
organizational document of the Guarantor (collectively, the Organizational Documents); and

 

		b.	the by-laws or operating, management or similar agreements of the Guarantor (collectively, the
Operating Documents),

 

in each case, appended to the Secretary’s Certificate
dated 21 December 2020 (the Original Secretary’s Certificate) remain true and correct on the date of this Certificate
and have not been amended, modified or revoked and remain in full force and effect.

 

		6.	[I][we] hereby represent and warrant on behalf of the Guarantor that [I][we] have the authority
to sign this Certificate as evidenced by [●] of the Original Secretary’s Certificate (the Authorization). The
Authorization has not been modified or rescinded and remains in full force and effect.

 

		7.	[The Guarantor does not have its management or control in Liberia nor does it undertake any business
activity in Liberia.

 

		8.	Less than a majority of the shareholders of the Guarantor hereto by vote or value are resident
in Liberia.][7 and 8 to be included in the Certificate for RCL Cruise Holdings LLC and RCI Holdings LLC only as Liberian
entities]

 

		9.	This Certificate shall be governed by and construed in accordance with New York law.

 

[Signature Pages Follow]

 

    	 	Page 179

     

    

 

Annex A

Repayment Schedule

 

 

    	 	Page 180

     

    

 

Annex B

Debt Deferral Extension Regular Monitoring Requirements

 

Debt Deferral
Extension - Regular Monitoring Requirements

 

Monitoring Period:

 

-         Starting point:
approval

 

-         End: Until the
Existing and the New Debt Deferral Tranches are repaid, whereby the list of documents and frequency shall be reviewed and adjusted
annually by the Facility Agent.

 

	 	Rhythm 	Description 
	1. 	monthly 	
        Reporting of the:

        1.       Total
        Free Liquidity Position – def.: free cash + free undrawn credit lines;

        2.       Free
        Net Liquidity Position – Total Free Liquidity Position minus all planned debt repayments

        (bank loan, commercial papers, bonds) which are
        due within the following 6 months.;

        3.       In
        case the Free Net Liquidity Position does decease to 6x the average of the monthly operational cash burn rate the ECA can
        decide on its own discretion whether a shorter reporting rhythm shall be implemented (e.g. weekly).;

        4.       Description
        of additional measures implemented to increase the liquidity position (debt, mezzanine and equity measures) / Whereby details of
        the respective terms and conditions shall be included (e.g. securities, ranking), for easy reference an ongoing list would be preferred
        with (a) measures taken, (b) additional measures finalized in the respective month and (c) additional measures planned.;

        5.       Description
        of of additional cost cutting measures implemented to reduce the outflow of liquidity (OPEX, CAPEX, Debt Deferrals etc.);

        6.       Repayment
        or refinancing of existing debt

         

 

    	 	Page 181

     

    

 

	2. 	monthly 	
        Cash Flow Projection of the cruise line on
        a monthly basis

        The Projection means
        cash flow statements in excel format, complete with formulas, shall cover the following period:

        1.       Actual
        figures: The current financial year (whereby at least 1 quarter with actual historical figures have to be included);

        2.       Projection:
        At least the following 24 months starting from the respective current month

        (including shut down period and recovery phase)

         

        Cash Flow Projection showing:

        1.     operating
cash flow including and separately listed Cruise-Revenues (including but not limited to occupancy rate, ticket prices, capacity
of the overall fleet, capacity of fleet in operation), Cruise-OPEX, other COGS, net customer deposits collection (providing details
of deposit refund separately), working capital and SG&A;

2.     cash
flow from investing activities (separately: detailing capex in vessels, general capex and disposals / In addition for information
purposes the newbuilding capex which will be paid out of equity.),

3.     cash
flow from financing activities (detailing proceeds from equity, proceeds from debt separated by type of funding and ECA facilities,
debt repayments separately), etc.

4.     Interest
expenses

         

        Such Cash Flow Projection shall be accompanied by
        a descriptive Note of Assumptions which does include comments on:

         

        1. Changes:

        (i)     The
main changes to the underlying assumptions with respect to revenue / cash collections and disbursement of operational costs and
SG&A,

(ii)    The
main changes to the underlying assumptions with respect to Debt Deferrals (with the ECA backed transactions or other class of creditors)

 

	 	 	

(iii)   The
main changes with respect to Major Capex (and such Equity payments in relation to Major Capex)

 

And in each case whether those changes
are due to timing issues or more fundamental changes compared to the initial Test Scheme Template for the Debt Deferral Extension
(if not previously disclosed), or the previous Liquidity Forecast.

 

        2. Mitigants or additional
        liquidity measure that are incorporated in the Liquidity Forecast, or planned but not yet incorporated in the Liquidity Forecast.

         

	3. 	monthly 	Testing of the applicable Minimum Liquidity Covenant according to the amended loan documentation

                                                                                 

 

    	 	Page 182

     

    

 

	4. 	monthly 	
        1.       Cash
        Burn Rate

        2.       Cash
        Burn Rate adjusted to net deposits collection

        3.       Net
        Liquidity position to Cash Burn rate

         

        Def. Cash
        Burn rate means operating costs plus debt service plus capital expenditure (net of financing) Def. Cash Burn
        rate adjusted means operating costs plus debt service plus capital expenditure (net of financing) plus net
        deposits collection.

         

        To be reported as long as the
        company achieves a positive (adj.) EBITDA after interest costs in two consecutive months

         

	5. 	monthly 	
        Booking Curve - Average ticket price and occupancy
        for the season 2021 and season 2022 including a comparison of both parameters at the same point in time for bookings in 2019 for
        the season 2020

         

        Format tbd with the ECA Agent / Figures to be provided
        in table / split by quarter mandatory

         

	6. 	monthly 	
        Status of the fleet on a per vessel basis:
        Active vessels (+ occupancy level) / Vessels in layup / Vessels classified for sale

         

        Fleet wide average of occupancy (incl. active
        and idle vessels)

         

	7. 	monthly 	Confirmation that no dividends have been declared / paid within the current month.

                                                                                 

	8. 	monthly 	
        Development of the customer deposits:

        1.     For
cancelled cruises with starting dates in the past: Percentage of customers which requested a refund and percentage of those who
re-booked or accepted a voucher.

2.     Overview
of the amount of deposits which have been collected in connection with cruises in the next 4 quarters (split by quarter).

3.     Customer
Deposits for cruises starting within the next 3 months

4.     Amount
of collected deposits which are at risk to be refunded, based on the company’s own assumption of how many passengers of future
cancelled cruises might chose a refund instead of a re-booking or a voucher.

 

	9. 	monthly 	
        Other Creditors and Debtors:

        

1.     Please
state clearly whenever terms and conditions (amount, interest, tenor, maturity schedule and securities) of existing credit facilities
(incl. other debt holiday agreements) have been amended which fall into the same class as the ECAs or other classes.

2.     How
are generally unsecured and secured financings treated?

3.     How
do the debtors (like credit card companies) currently act? Do creditors withhold payments?

4.     Other
Creditors and Debtors: What is the company asking from the other creditors (e.g. Bondholder, LeaseCos, FactorCos etc.) and what
is their response? Do the respective documentation include cross default clauses?

 

	 	 	 

 

    	 	Page 183

     

    

 

	10 	
        bi-

        monthly
	
        Update about the changes of signed building contracts

         

        The ECA shall be updated about the company`s current
        plans to amendment any building contract or about any upcoming negotiations with the national yard.

         

	11 	quarterly	Unaudited financial statements or management accounts (incl. P&L (incl. EBITDA), balance sheet and cash flow statement)

                                                                                 

	12 	quarterly	Company shall provide the calculation of the financial covenants which currently are waived.

 

    	 	Page 184

     

    

 

Annex C

Replacement covenants with effect from the Guarantee Release Date

 

    	 	Page 185

     

    

 

Schedule P

Replacement covenants with effect from
the Guarantee Release Date

 

It is acknowledged and agreed, with effect
from the Guarantee Release Date, this Agreement shall be amended as follows:

 

“incur” means
to create, incur, assume, guarantee or otherwise become directly or indirectly liable and “incurred” or “incurrence”
shall have a correlative meaning.

 

“Inherited Indebtedness”
means any Indebtedness (other than any Indebtedness that would, following the acquisition or creation of the relevant Subsidiary,
become Permitted Principal Subsidiary Indebtedness or Permitted Non-Principal Subsidiary Indebtedness) of any corporation that
becomes a Subsidiary of the Borrower after the Guarantee Release Date so long as (i) the acquisition or creation of such corporation
by the Borrower is not otherwise prohibited by the terms of this Agreement and (ii) such Indebtedness is in existence at the
time such corporation becomes a Subsidiary of the Borrower and was not incurred by the Borrower or any of its Subsidiaries in anticipation
thereof.

 

“Inherited Lien”
means any Lien (other than a Lien that would, following the acquisition or creation of the relevant Subsidiary, become a Permitted
Lien) in respect of any Inherited Indebtedness on any asset of any corporation that becomes a Subsidiary of the Borrower after
the Guarantee Release Date so long as (i) the acquisition or creation of such corporation by the Borrower is not otherwise
prohibited by the terms of this Agreement and (ii) such Liens are in existence at the time such corporation becomes a Subsidiary
of the Borrower and were not created by the Borrower or any of its Subsidiaries in anticipation thereof.

 

“Non-Principal Subsidiary”
means a Subsidiary other than a Principal Subsidiary.

 

“Permitted Principal
Subsidiary Indebtedness” means:

 

		a.	Indebtedness owing to the Borrower or a direct or indirect Subsidiary of the Borrower; and

 

		b.	obligations in respect of Hedging Instruments entered into for the purpose of managing interest
rate, foreign currency exchange or commodity exposure risk and not for speculative purposes.

 

“Permitted Liens”
means:

 

		a.	Liens securing Government-related Obligations;

 

    	 	Page 186

     

    

 

		b.	Liens for taxes, assessments or other governmental charges or levies not at the time delinquent
or thereafter payable without penalty or being diligently contested in good faith by appropriate proceedings;

 

		c.	Liens of carriers, warehousemen, mechanics, materialmen and landlords incurred in the ordinary
course of business for sums not overdue by more than 60 days or being diligently contested in good faith by appropriate proceedings;

 

		d.	Liens incurred in the ordinary course of business in connection with workers' compensation, unemployment
insurance or other forms of governmental insurance or benefits;

 

		e.	Liens for current crew's wages and salvage;

 

		f.	Liens arising by operation of law as the result of the furnishing of necessaries for any Vessel
so long as the same are discharged in the ordinary course of business or are being diligently contested in good faith by appropriate
proceedings;

 

		g.	Liens on Vessels that:

 

(i)         secure
obligations covered (or reasonably expected to be covered) by insurance;

 

(ii)        were
incurred in the course of or incidental to trading such Vessel in connection with repairs or other work to such Vessel; or

 

(iii)       were
incurred in connection with work to such Vessel that is required to be performed pursuant to applicable law, rule, regulation or
order;

 

provided that, in each
case described in this clause (g), such Liens are either (x) discharged in the ordinary course of business or (y) being
diligently contested in good faith by appropriate proceedings;

 

		h.	normal and customary rights of set-off upon deposits of cash or other Liens originating solely
by virtue of any statutory or common law provision relating to bankers' liens, rights of set-off or similar rights in favour of
banks or other depository institutions;

 

		i.	Liens in respect of rights of set-off, recoupment and holdback in favour of credit card processors
securing obligations in connection with credit card processing services incurred in the ordinary course of business;

 

		j.	Liens on cash or Cash Equivalents or marketable securities securing:

 

(i)         obligations
in respect of Hedging Instruments entered into for the purpose of managing interest rate, foreign currency exchange or commodity
exposure risk and not for speculative purposes; or

 

(ii)        letters
of credit that support such obligations;

 

    	 	Page 187

     

    

 

		k.	deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety
and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business and
deposits securing liabilities to insurance carriers under insurance or self-insurance arrangements;

 

		l.	easements, zoning restrictions, rights-of-way and similar encumbrances on real property imposed
by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially detract
from the value of the affected property or interfere with the ordinary conduct of business of the Borrower or any Subsidiary;

 

		m.	licenses, sublicenses, leases or subleases granted to other Persons not materially interfering
with the conduct of the business of the Borrower or any of its Subsidiaries; and

 

		n.	Liens on any property of Silversea identified in Section 2 of Exhibit I hereto.

 

“Permitted Non-Principal
Subsidiary Indebtedness” means:

 

		a.	Indebtedness owing to the Borrower or a direct or indirect Subsidiary of the Borrower;

 

		b.	obligations in respect of Hedging Instruments entered into for the purpose of managing interest
rate, foreign currency exchange or commodity exposure risk and not for speculative purposes; and

 

		c.	other Indebtedness other than Indebtedness for borrowed money (it being agreed for this purpose
that any Group Member Guarantee granted in connection with Indebtedness for borrowed money shall be considered to be Indebtedness
for borrowed money).

 

    	 	Page 188

     

    

 

		1.	Clauses 9.2 and 9.3 shall be deleted in their entirety and replaced with the following (and all
other provisions and clause references shall be construed accordingly):

 

Clause 9.2 Subsidiary
Indebtedness and Liens

 

		(a)	With effect from the Guarantee Release Date and except to the extent permitted by paragraph (b) below:

 

		(i)	the Borrower will not permit:

 

		A.	any of its Principal Subsidiaries to incur any Indebtedness other than Permitted Principal Subsidiary
Indebtedness; and

 

		B.	any of its Non-Principal Subsidiaries to incur any Indebtedness other than Permitted Non-Principal
Subsidiary Indebtedness; and

 

		(ii)	the Borrower (having regard, in the case of any ECA Financed Vessel, to Clause 9.12) will not,
and will not permit any of its Subsidiaries to, permit to exist any Lien upon any of its property, revenues or assets, whether
now owned or hereafter acquired other than Permitted Liens.

 

		(b)	Paragraph (a) above shall not, however, prohibit any Indebtedness or Lien provided that
(but again having regard, in the case of any ECA Financed Vessel, to Clause 9.12) immediately following the incurrence (including
any Group Member Guarantees) of the Indebtedness or Lien (as applicable):

 

		(i)	the sum of the aggregate principal amount (without duplication) of (x) Indebtedness incurred
by Principal Subsidiaries (excluding Permitted Principal Subsidiary Indebtedness), (y) Indebtedness incurred by Non-Principal
Subsidiaries (excluding Permitted Non-Principal Subsidiary Indebtedness) and (z) the Indebtedness secured by Liens (other
than Permitted Liens) granted by any Group Member does not exceed 20.0% of the total assets of the Borrower and its Subsidiaries
taken as a whole as determined in accordance with GAAP as at the last day of the most recent ended Fiscal Quarter;

 

		(ii)	in the event the Senior Debt Rating of the Borrower is at Investment Grade as given by either Moody’s
and S&P (determined at the time of the incurrence of the Indebtedness or Lien), the sum of the aggregate principal amount (without
duplication) of (x) Indebtedness incurred by Principal Subsidiaries (excluding Permitted Principal Subsidiary Indebtedness)
and (y) the Indebtedness secured by Liens (excluding Permitted Liens) granted by any Group Member does not exceed 10.0% of
the total assets of the Borrower and its Subsidiaries taken as a whole as determined in accordance with GAAP as at the last day
of the most recent ended Fiscal Quarter;

 

    	 	Page 189

     

    

 

		(iii)	in the event the Senior Debt Rating of the Borrower is below Investment Grade as given by both
Moody’s and S&P (determined at the time of creation of the Lien or the granting of a Group Member Guarantee (as applicable)):

 

		A.	the aggregate principal amount of Indebtedness secured by first priority Liens (excluding Permitted
Liens) granted by any Group Member does not exceed 5% of the total assets of the Borrower and its Subsidiaries taken as a whole
as determined in accordance with GAAP as at the last day of the most recent ended Fiscal Quarter;

 

		B.	the aggregate principal amount of Indebtedness secured by second (or lower) priority Liens (excluding
Permitted Liens) granted by any Group Member does not exceed 5% of the total assets of the Borrower and its Subsidiaries taken
as a whole as determined in accordance with GAAP as at the last day of the most recent ended Fiscal Quarter; and

 

		C.	the sum of the aggregate principal amount (without duplication) of (x) Indebtedness (including
any Group Member Guarantees) incurred by Principal Subsidiaries (excluding Permitted Principal Subsidiary Indebtedness) and (y) Indebtedness
secured by Liens (excluding Permitted Liens) granted by any Group Member pursuant to (iii)(A) and (B) above does not
exceed 10.0% of the total assets of the Borrower and its Subsidiaries taken as a whole as determined in accordance with GAAP as
at the last day of the most recent ended Fiscal Quarter,

 

provided that if, following
the Guarantee Release Date, the Borrower enters into a transaction which results in the existence of any Inherited Lien or Inherited
Indebtedness, and solely as a result of that Inherited Lien (and the related Inherited Indebtedness secured by that Inherited Lien)
or Inherited Indebtedness, the thresholds referred to in this paragraph (b) are exceeded, whilst no breach of this clause
shall be deemed to have occurred at the time of such transaction, no further Indebtedness or Liens of the type referred to in this
paragraph (b) shall be permitted to be incurred or, as the case may, permitted to exist until such time as the Borrower is
in compliance with the thresholds referred to above (and taking into account for such purpose any unsecured Inherited Indebtedness
or Inherited Indebtedness secured by any Inherited Lien).

 

		2.	Clause 9.3 shall be deleted in its entirety and replaced with “Intentionally Omitted”.

 

		3.	A new Clause 9.12 shall be inserted as follows:

 

Clause 9.12 Negative
Pledge Over ECA Financed Vessels

 

For the purposes of this Clause
9.12:

 

“repaid”
means scheduled repayments or voluntary or mandatory prepayment and not repayments arising following the acceleration of the relevant
ECA Financing after the occurrence of an Event of Default; and

 

    	 	Page 190

     

    

 

“credit support”
means a Lien over any ECA Financed Vessel granted by any Group Member or a Group Member Guarantee from a Group Member (other than
the Borrower) that owns (directly or indirectly) any ECA Financed Vessel.

 

In connection with the granting
of any Lien or Group Member Guarantee pursuant to Clause 9.2(b) above, no Group Member shall use any ECA Financed Vessel as
credit support in respect of any Indebtedness except:

 

(i)         if
more than 75.0% of the aggregate principal amount of Indebtedness originally incurred under the ECA Financing in respect of that
ECA Financed Vessel has been repaid by the relevant Group Member, that Group Member shall be entitled to grant credit support over
or in respect of that ECA Financed Vessel on the basis, and in compliance with the terms of, Clause 9.2(b); and

 

(ii)        if
an amount equal to or higher than 15.0% but less than or equal to 75% of the aggregate principal amount of Indebtedness originally
incurred under the ECA Financing in respect of that ECA Financed Vessel has been repaid by the relevant Group Member (determined
at the time the relevant credit support is provided), the relevant Group Member shall be entitled to provide such credit support
over that ECA Financed Vessel on the basis of, and subject to the compliance with, the terms of, Clause 9.2(b), provided that the
amount of Indebtedness secured or supported (as applicable) by that credit support shall not exceed an amount equal to FV x (A
/ B) where:

 

FV = the fair value of that ECA
Financed Vessel at the time of the provision of that credit support (as evidenced by the information to be provided pursuant to
sub-paragraph (v) below);

 

A = the aggregate principal amount
of Indebtedness incurred under the ECA Financing in respect of that ECA Financed Vessel which has been repaid by the relevant Group
Member at the time the credit support is provided; and

 

B = the amount of Indebtedness
originally incurred by the relevant Group Member under the ECA Financing in respect of that ECA Financed Vessel,

 

it being acknowledged and agreed
that:

 

(iii)       where
the relevant credit support being provided in accordance with this Clause 9.12 is a Group Member Guarantee from a Group Member
that owns (directly or indirectly) one or more ECA Financed Vessels but does not own (directly or indirectly) any other Vessels,
the amount of Indebtedness that can be supported by such Group Member Guarantee shall be equal to the aggregate amount of Indebtedness
that would be permitted to be secured under this Clause 9.12 if, instead of a Group Member Guarantee, each relevant Principal Subsidiary
owning each relevant ECA Financed Vessel was to provide a Lien as credit support in respect of that Indebtedness;

 

    	 	Page 191

     

    

 

(iv)       where
the relevant credit support being provided in accordance with this Clause 9.12 is a Group Member Guarantee from a Group Member
that owns (directly or indirectly) one or more ECA Financed Vessels and other Vessels, the restrictions contained in this Clause
9.12 as to the amount of the Indebtedness that can be supported by such credit support must be preserved at all times and, not
later than five Business Days after the date upon which that Group Member grants the relevant Group Member Guarantee, the Borrower
shall notify the Facility Agent in writing of such event and shall provide any information as may be reasonably requested by the
Facility Agent to verify that the requirements of this Clause 9.12 have been complied with following the provision of such Group
Member Guarantee; and

 

(v)        not
later than five Business Days after the date upon which a Group Member provides any credit support, the Borrower shall provide
the Facility Agent with evidence as to its compliance with this Clause 9.12, which evidence shall include all required calculations
and other information required by the Facility Agent (acting reasonably) to determine such compliance; and

 

(vi)       no
Group Member shall be entitled to use any ECA Financed Vessel as credit support in the manner contemplated by this Clause 9.12:

 

		(A)	until such time as the relevant Group Member has repaid at least 15.0% of the aggregate principal
amount of Indebtedness originally incurred under the ECA Financing in respect of that ECA Financed Vessel; and/or

 

		(B)	at any time in which a Default has occurred and is continuing.

 

    	 	Page 192

     

    

 

SIGNATORIES

 

Sixth Amendment and Restatement Agreement
in respect of Hull A34

 

	Borrower	 
	 	 
	Royal Caribbean Cruises Ltd.	)
	Name: Lucy Shtenko	) /S/ LUCY SHTENKO
	Title: Attorney-in-fact	)

 

    

     

    

 

	Facility Agent	 
	 	 
	Société Générale	)
	Name: Jean-Etienne Errera	) /S/ JEAN-ETIENNE ERRERA
	Title: Structured Finance Middle Office - Head	)
	 	 
	 	 
	Mandated Lead Arrangers	 
	 	 
	 	 
	BNP Paribas	)
	Name: M. Alexandre de Valthaire	) /S/ M. Alexandre de Valthaire
	Title: Head of France & UK Export Finance	)
	 	 
	Name: Khalid Boutida	)/S/ KHALID BOUTIDA
	Title: Asset Finance Export Finance	)
	 	 
	 	 
	Société Générale	)
	Name: Agnes Deschenes Voirin	) /S/ AGNES DESCHENES VOIRIN
	Title: Director	)
	 	 
	 	 
	HSBC Continental Europe	)
	Name: Guy Woelfel	) /S/ GUY WOELFEL
	Title: Managing Director	)
	 	 
	Name: Julie Bellais	) /S/ JULIE BELLAIS
	Title: Director	)

 

    

     

    

 

	Lenders	 
	 	 
	BNP Paribas	)
	Name: M. Alexandre de Valthaire	) /S/ M. Alexandre de Valthaire
	Title: Head of France & UK Export Finance	)
	 	 
	Name: Khalid Boutida	)/S/ KHALID BOUTIDA
	Title: Asset Finance Export Finance	)
	 	 
	 	 
	Société Générale	)
	Name: Agnes Deschenes Voirin	) /S/ AGNES DESCHENES VOIRIN
	Title: Director	)
	 	 
	 	 
	HSBC Continental Europe	)
	Name: Guy Woelfel	) /S/ GUY WOELFEL
	Title: Managing Director	)
	 	 
	Name: Julie Bellais	) /S/ JULIE BELLAIS
	Title: Director	)
	 	 
	 	 
	Natixis	)
	Name: Thibault Lantoine	) /S/ THIBAULT LANTOINE
	Title: Wholesale Banking – Structured and	)
	Asset Finance	 
	 	 
	Name: Frederic Marechaux	) /S/ FREDERIC MARECHAUX
	Title: Director	)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00321-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00321-of-00352.parquet"}]]