EX-4.35 Revolving Credit Facility



 





Exhibit 4.35



[Confidential Treatment]



DATED 22 DECEMBER 2006




NCL CORPORATION LTD.

(as borrower)




DnB NOR BANK ASA

CITIBANK N.A.

COMMERZBANK AKTIENGESELLSCHAFT

KfW

NORDEA BANK NORGE ASA

NORDDEUTSCHE LANDESBANK GIROZENTRALE

(as mandated lead arrangers)




THE SEVERAL BANKS

particulars of which are set out in Schedule 1

(as original lenders)




DnB NOR BANK ASA

(as agent)




 






UP TO USD610,000,000

REVOLVING LOAN FACILITY AGREEMENT




 






[**] [Confidential Treatment]








 









 





CONTENTS




	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Page
	1	 	Definitions and Construction	 	 	1	 
	 

	 	 	1.1	 	 	Definitions
	 	 	1	 
	 

	 	 	1.2	 	 	Construction
	 	 	15	 
	 

	 	 	1.3	 	 	Agent
	 	 	16	 
	 

	 	 	1.4	 	 	Third Party rights
	 	 	16	 
	 
	 	 	 	 	 	 	 	 	 	 
	2	 	The Facility	 	 	16	 
	 

	 	 	2.1	 	 	Availability
	 	 	16	 
	 

	 	 	2.2	 	 	Purpose and Application
	 	 	17	 
	 

	 	 	2.3	 	 	Advance of a Revolving Credit Facility Drawing to the Borrower
	 	 	17	 
	 

	 	 	2.4	 	 	Advance of a Swingline Facility Drawing to the Borrower
	 	 	17	 
	 

	 	 	2.5	 	 	Break costs
	 	 	18	 
	 

	 	 	2.6	 	 	Conditions of drawdown
	 	 	18	 
	 

	 	 	2.7	 	 	Several obligations of the Lenders
	 	 	19	 
	 

	 	 	2.8	 	 	Lender’s failure to perform
	 	 	19	 
	 

	 	 	2.9	 	 	Fulfilment of conditions after drawdown
	 	 	19	 
	 
	 	 	 	 	 	 	 	 	 	 
	3	 	Repayment, Reduction, Cancellation and Prepayment of the Facility	 	 	19	 
	 

	 	 	3.1	 	 	Repayment
	 	 	19	 
	 

	 	 	3.2	 	 	Scheduled reductions of Commitments to the Facility
	 	 	20	 
	 

	 	 	3.3	 	 	Sale or Total Loss of a Vessel: mandatory cancellation
	 	 	20	 
	 

	 	 	3.4	 	 	Amounts payable on prepayment
	 	 	20	 
	 

	 	 	3.5	 	 	Notice of prepayment
	 	 	21	 
	 

	 	 	3.6	 	 	Voluntary cancellation of Commitments
	 	 	21	 
	 

	 	 	3.7	 	 	Additional partial cancellation
	 	 	22	 
	 

	 	 	3.8	 	 	Prepayment during Term
	 	 	22	 
	 

	 	 	3.9	 	 	Mandatory cancellation in case of illegality
	 	 	22	 
	 

	 	 	3.10	 	 	Voluntary cancellation following imposition of Substitute Basis
	 	 	23	 
	 

	 	 	3.11	 	 	Cancellation in case of Total Loss of a Vessel
	 	 	23	 
	 

	 	 	3.12	 	 	Cancellation in case of sale of a Vessel
	 	 	23	 
	 
	 	 	 	 	 	 	 	 	 	 
	4	 	Interest	 	 	24	 
	 

	 	 	4.1	 	 	Payment of interest
	 	 	24	 
	 

	 	 	4.2	 	 	Selection and duration of Interest Periods
	 	 	24	 
	 

	 	 	4.3	 	 	No notice and unavailability
	 	 	24	 
	 

	 	 	4.4	 	 	Extension and shortening of Interest Periods
	 	 	24	 
	 

	 	 	4.5	 	 	Interest Rate
	 	 	25	 
	 

	 	 	4.6	 	 	Bank basis
	 	 	25	 
	 

	 	 	4.7	 	 	Default interest
	 	 	25	 
	 
	 	 	 	 	 	 	 	 	 	 
	5	 	Swingline Facility	 	 	26	 
	 

	 	 	5.1	 	 	Swingline Lender’s participation
	 	 	26	 
	 

	 	 	5.2	 	 	Relationship with the Revolving Credit Facility
	 	 	26	 
	 

	 	 	5.3	 	 	Reallocation
	 	 	26	 






 









 






	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Page
	6	 	Substitute Basis of Funding	 	 	27	 
	 

	 	 	6.1	 	 	Market disturbance
	 	 	27	 
	 

	 	 	6.2	 	 	Suspension of drawdown
	 	 	28	 
	 

	 	 	6.3	 	 	Certificates of Substitute Basis
	 	 	28	 
	 

	 	 	6.4	 	 	Review
	 	 	28	 
	 
	 	 	 	 	 	 	 	 	 	 
	7	 	Payments	 	 	29	 
	 

	 	 	7.1	 	 	Place for payment
	 	 	29	 
	 

	 	 	7.2	 	 	Deductions and grossing-up
	 	 	29	 
	 

	 	 	7.3	 	 	Production of receipts for Taxes
	 	 	30	 
	 

	 	 	7.4	 	 	Currency of account
	 	 	30	 
	 

	 	 	7.5	 	 	Money of account
	 	 	30	 
	 

	 	 	7.6	 	 	Accounts
	 	 	31	 
	 

	 	 	7.7	 	 	Earnings
	 	 	31	 
	 

	 	 	7.8	 	 	Continuing security
	 	 	31	 
	 

	 	 	7.9	 	 	Mitigation
	 	 	32	 
	 
	 	 	 	 	 	 	 	 	 	 
	8	 	Yield Protection and Force Majeure	 	 	32	 
	 

	 	 	8.1	 	 	Increased costs
	 	 	32	 
	 

	 	 	8.2	 	 	Force Majeure
	 	 	33	 
	 
	 	 	 	 	 	 	 	 	 	 
	9	 	Representations and Warranties	 	 	34	 
	 

	 	 	9.1	 	 	Duration
	 	 	34	 
	 

	 	 	9.2	 	 	Representations and warranties
	 	 	34	 
	 
	 	 	 	 	 	 	 	 	 	 
	10	 	Undertakings	 	 	39	 
	 

	 	 	10.1	 	 	Duration
	 	 	39	 
	 

	 	 	10.2	 	 	Information
	 	 	39	 
	 

	 	 	10.3	 	 	Financial Undertakings
	 	 	40	 
	 

	 	 	10.4	 	 	Dividends
	 	 	41	 
	 

	 	 	10.5	 	 	Notification of default
	 	 	41	 
	 

	 	 	10.6	 	 	Consents and registrations
	 	 	41	 
	 

	 	 	10.7	 	 	Negative pledge
	 	 	42	 
	 

	 	 	10.8	 	 	Disposals
	 	 	42	 
	 

	 	 	10.9	 	 	Purchases
	 	 	42	 
	 

	 	 	10.10	 	 	Change of name or business
	 	 	42	 
	 

	 	 	10.11	 	 	Mergers
	 	 	43	 
	 

	 	 	10.12	 	 	Maintenance of status and franchises
	 	 	43	 
	 

	 	 	10.13	 	 	Financial records
	 	 	44	 
	 

	 	 	10.14	 	 	Subordination of indebtedness
	 	 	44	 
	 

	 	 	10.15	 	 	Guarantees
	 	 	44	 
	 

	 	 	10.16	 	 	Further assurance
	 	 	44	 
	 

	 	 	10.17

10.18	 	 	Valuation of the Vessels 

Marginal security
	 	 	44

45	 
	 

	 	 	10.19	 	 	No dealings with Master Agreements
	 	 	45	 
	 

	 	 	10.20	 	 	Financial year end
	 	 	46	 
	 

	 	 	10.21	 	 	Maintenance and insurance
	 	 	46	 
	 

	 	 	10.22	 	 	Vessels
	 	 	46	 






 









 






	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Page
	11	 	Rights of the Agent and the Lenders	 	 	46	 
	 

	 	 	11.1	 	 	No derogation of rights
	 	 	46	 
	 

	 	 	11.2	 	 	Enforcement of remedies
	 	 	46	 
	 
	 	 	 	 	 	 	 	 	 	 
	12	 	Default	 	 	47	 
	 

	 	 	12.1	 	 	Events of default
	 	 	47	 
	 

	 	 	12.2	 	 	Acceleration
	 	 	52	 
	 

	 	 	12.3	 	 	Default indemnity
	 	 	53	 
	 

	 	 	12.4	 	 	Set off
	 	 	53	 
	 

	 	 	12.5	 	 	Master Agreement rights
	 	 	54	 
	 
	 	 	 	 	 	 	 	 	 	 
	13	 	Application of Funds	 	 	54	 
	 

	 	 	13.1	 	 	Total Loss proceeds/proceeds of sale
	 	 	54	 
	 

	 	 	13.2	 	 	General funds/Event of Default monies
	 	 	55	 
	 

	 	 	13.3	 	 	Application of proceeds of Insurances
	 	 	56	 
	 

	 	 	13.4	 	 	Suspense account
	 	 	56	 
	 
	 	 	 	 	 	 	 	 	 	 
	14	 	Fees	 	 	57	 
	 

	 	 	14.1	 	 	Commitment fee
	 	 	57	 
	 

	 	 	14.2	 	 	Other fees
	 	 	57	 
	 
	15

	 	Expenses
	 	 	57	 
	 

	 	 	15.1	 	 	Initial expenses
	 	 	57	 
	 

	 	 	15.2	 	 	Enforcement expenses
	 	 	57	 
	 

	 	 	15.3	 	 	Stamp duties
	 	 	57	 
	 
	 	 	 	 	 	 	 	 	 	 
	16	 	Waivers, Remedies Cumulative	 	 	58	 
	 

	 	 	16.1	 	 	No waiver
	 	 	58	 
	 

	 	 	16.2	 	 	Remedies cumulative
	 	 	58	 
	 

	 	 	16.3	 	 	Severability
	 	 	58	 
	 

	 	 	16.4	 	 	Time of essence
	 	 	58	 
	 
	 	 	 	 	 	 	 	 	 	 
	17	 	Counterparts	 	 	58	 
	 
	 	 	 	 	 	 	 	 	 	 
	18	 	Changes to the Lenders	 	 	58	 
	 

	 	 	18.1	 	 	Assignments and transfers by the Lenders
	 	 	58	 
	 

	 	 	18.2	 	 	Conditions of assignment or transfer
	 	 	59	 
	 

	 	 	18.3	 	 	Assignment or transfer fee
	 	 	60	 
	 

	 	 	18.4	 	 	Limitation of responsibility of Existing Lenders
	 	 	60	 
	 

	 	 	18.5	 	 	Procedure for transfer
	 	 	60	 
	 

	 	 	18.6	 	 	Copy of Transfer Certificate to Borrower
	 	 	61	 
	 

	 	 	18.7	 	 	Disclosure of information
	 	 	61	 
	 

	 	 	18.8	 	 	Borrower’s co-operation
	 	 	62	 
	 
	 	 	 	 	 	 	 	 	 	 
	19	 	Changes to the Borrower	 	 	62	 
	 
	 	 	 	 	 	 	 	 	 	 
	20	 	Reference Banks and Agent	 	 	62	 
	 

	 	 	20.1	 	 	Reference Banks
	 	 	62	 
	 

	 	 	20.2	 	 	Decision making
	 	 	62	 






 









 






	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Page
	 

	 	 	20.3	 	 	The Agent
	 	 	64	 
	 

	 	 	20.4	 	 	Retirement and replacement of the Agent
	 	 	68	 
	 
	 	 	 	 	 	 	 	 	 	 
	21	 	Notices	 	 	69	 
	 

	 	 	21.1	 	 	Mode of communication
	 	 	69	 
	 

	 	 	21.2	 	 	Address
	 	 	69	 
	 

	 	 	21.3	 	 	Telefax communication
	 	 	69	 
	 

	 	 	21.4	 	 	Electronic mail
	 	 	70	 
	 

	 	 	21.5	 	 	Receipt
	 	 	71	 
	 

	 	 	21.6	 	 	Language
	 	 	71	 
	 
	 	 	 	 	 	 	 	 	 	 
	22	 	Governing Law	 	 	71	 
	 
	 	 	 	 	 	 	 	 	 	 
	23	 	Waiver of Immunity	 	 	71	 
	 
	 	 	 	 	 	 	 	 	 	 
	24	 	Jurisdiction	 	 	71	 
	 
	 	 	 	 	 	 	 	 	 	 
	Schedule 1 Particulars of Agent, Mandated Lead Arrangers and Original Lenders	 	 	75	 
	 
	 	 	 	 	 	 	 	 	 	 
	Schedule 2 Notice of Drawdown	 	 	79	 
	 
	 	 	 	 	 	 	 	 	 	 
	Schedule 3 Conditions Precedent	 	 	81	 
	 
	 	 	 	 	 	 	 	 	 	 
	Schedule 4 Confidentiality Undertaking	 	 	86	 
	 
	 	 	 	 	 	 	 	 	 	 
	Schedule 5 Transfer Certificate	 	 	89	 
	 
	 	 	 	 	 	 	 	 	 	 
	Schedule 6 Quarterly Statement of Financial Covenants	 	 	94	 






 









 





FACILITY AGREEMENT




Dated 22 December 2006




BETWEEN:





	(1)	 	NCL CORPORATION LTD. a company organised and existing under the laws of Bermuda with its
registered office at Milner House, 18 Parliament Street, Hamilton HM 12, Bermuda as borrower
(the “Borrower”);
	 
	(2)	 	THE SEVERAL BANKS particulars of which are set out in Schedule 1 as mandated lead arrangers
and underwriters (collectively the “Mandated Lead Arrangers” and each individually a “Mandated
Lead Arranger”);
	 
	(3)	 	THE SEVERAL BANKS particulars of which are set out in Schedule 1 as lenders (collectively the
“Original Lenders” and each individually an “Original Lender” and including, unless the
context otherwise requires, the Swingline Lender); and
	 
	(4)	 	DnB NOR BANK ASA of Stranden 21, NO-0021 Oslo, Norway as agent (the “Agent”).





WHEREAS:



The Mandated Lead Arrangers have arranged for a syndicate of international banks and/or financial
institutions to provide a revolving credit facility of up to six hundred and ten million Dollars
(USD610,000,000), including a swingline facility of up to twenty million Dollars (USD20,000,000),
to the Borrower on the terms and subject to the conditions set out in this Agreement, in the case
of the revolving credit facility, to refinance all existing indebtedness related to the Vessels and
for general corporate purposes for the Borrower and its Subsidiaries and, in the case of the
swingline facility, for general short term corporate purposes of the Borrower.




NOW IT IS HEREBY AGREED as follows:





	1	 	Definitions and Construction






	 	1.1	 	Definitions
	 
	 	 	 	In this Agreement:
	 
	 	 	 	“Accounts” means the audited consolidated profit and loss account and balance sheet
(including all additional information and notes thereto) of the Borrower and its
consolidated Subsidiaries together with the auditors’ report;
	 
	 	 	 	“Advance Date”, in relation to any Drawing, means the date on which that Drawing is
advanced to the Borrower pursuant to Clause 2.3 or Clause 2.4 and applied in
accordance with the relevant part of Clause 2.2;
	 
	 	 	 	“Affiliate” means, with respect to any person, any other person controlling,
controlled by or under common control with, such person and for purposes of this
definition, “control” (including, with correlative meanings, the terms
“controlling”, “controlled by” and “under common control with”), as applied to any
person, means the possession, directly or indirectly, of the power to vote ten per
cent (10%) or more of the securities having voting power for the election of
directors of such person, or otherwise to direct or cause
the direction of the





 









 





	 	 	 	management and policies of that person, whether through the
ownership of voting securities or by contract or otherwise;
	 
	 	 	 	“Agreement” means this agreement;
	 
	 	 	 	“Applicable Margin” means, in respect of a Drawing or the commitment fee payable
pursuant to Clause 14.1, the rate per annum set out in the table below determined
on the Quotation Date for the relevant Interest Period in the case of a Drawing and
on the relevant payment date in respect of the said commitment fee based on the
ratio of Total Funded Debt to Consolidated EBITDA for the period of the four (4)
consecutive financial quarters ending at the end of the previous financial quarter
for which the Agent has received, or should have received, accounts:





	 	 	 
	Total Funded Debt :	 	Applicable Margin
	Consolidated EBITDA	 	 
	[**] [Confidential Treatment]

	 	One point five per cent (1.50%)
	[**] [Confidential Treatment]

	 	[**] [Confidential Treatment]
	[**] [Confidential Treatment]

	 	[**] [Confidential Treatment]
	[**] [Confidential Treatment]
	 	[**] [Confidential Treatment]







	 	 	 	PROVIDED THAT the highest rate appearing in the table above shall apply if the
accounts required to determine the Applicable Margin have not been received by the
Agent;
	 
	 	 	 	“Approved Stock Exchange” means the New York Stock Exchange, NASDAQ or such other
stock exchange in the United States of America as is approved in writing by the
Agent (acting on the instructions of the Majority Lenders);
	 
	 	 	 	“Associated Company” in relation to any company, means any company which is a
Subsidiary or Holding Company of that company or the majority of whose shares are
beneficially owned by the same person or persons as own the majority of the shares
of that company;
	 
	 	 	 	“Availability Period” means the period beginning on the Signing Date and ending one
(1) month before the Final Maturity Date;
	 
	 	 	 	“Available Commitment” means, in relation to a Lender, the amount of its Commitment
in respect of the Revolving Credit Facility or the Swingline Facility (as the case
may be) less the amount of its Contribution to the Revolving Credit Facility or the
Swingline Facility (as the case may be);
	 
	 	 	 	“Business Day” means any day on which banks and financial markets in London, Oslo,
Frankfurt am Main and New York are open for the transaction of business of the
nature contemplated by this Agreement;
	 
	 	 	 	“Cash Balance” means, at any date of determination, the unencumbered and otherwise
unrestricted cash and cash equivalents of the NCLC Group;




2









 







	 	 	 	“Certified Copy” means, in relation to any document delivered or issued by or on
behalf of any company, a copy of such document certified as a true, complete and
up-to-date copy of the original by any of the directors or the secretary or
assistant secretary or an attorney-in-fact for the time being of that company;
	 
	 	 	 	“Charges” means the two (2) valid and effective first priority shares charges one
(1) to be executed in respect of each of the Owners by the Shareholder as holder
(legally and beneficially) of all the authorised and issued shares in the relevant
Owner in favour of the Agent such charges to be in the form and on the terms and
conditions agreed between the Lenders and the Borrower and as specified in
paragraph 24 of Schedule 3;
	 
	 	 	 	“Commitment” means, as to each Original Lender and the Swingline Lender, the sums
set out opposite its name in Schedule 1 as the amount respectively of the Revolving
Credit Facility and the Swingline Facility which, subject to the terms of this
Agreement, it is obliged to advance to the Borrower under Clause 2 (or, where the
context so admits, such amount which any successor in title, assignee or transferee
(including any Transferee) of any Original Lender or Lender or the Swingline Lender
shall be obliged to advance to the Borrower under Clause 2, following the
assumption of all or any portion of such liability from any Original Lender or
Lender or the Swingline Lender hereunder) in each case as such amount may be
reduced, cancelled or terminated under this Agreement;
	 
	 	 	 	“Commitment Period” means the period beginning on the Signing Date and ending on
the earlier of the last day of the Availability Period and the date on which the
Facility is cancelled hereunder;
	 
	 	 	 	“Compulsory Acquisition” means requisition for title or other compulsory
acquisition of a Vessel including its capture, seizure, detention or confiscation
or expropriation but excluding any requisition for hire by or on behalf of any
government or governmental authority or agency or by any persons acting or
purporting to act on behalf of any such government or governmental authority or
agency;
	 
	 	 	 	“Confidentiality Undertaking” means the undertaking to be entered into relating to
the release of financial information pertaining to the NCLC Group by the Agent or
any Lender to a potential Transferee or assignee such undertaking to be in the form
of Schedule 4;
	 
	 	 	 	“Confirmation” means a Confirmation exchanged or deemed to be exchanged between a
Lender or its Affiliate (as the case may be) and the Borrower as contemplated by
the relevant Master Agreement;
	 
	 	 	 	“Consolidated Debt Service” means, for any relevant period, the sum (without double
counting), determined in accordance with US GAAP, of:






	 	(i)	 	the aggregate principal payable or paid during such period on
any Indebtedness for Borrowed Money of any member of the NCLC Group, other
than:






	 	(a)	 	principal of any such Indebtedness for
Borrowed Money prepaid at the option of the relevant member of the
NCLC Group;
	 




3









 







	 	(b)	 	principal of any such Indebtedness for
Borrowed Money prepaid upon the sale or Total Loss of any vessel
owned or leased under a capital lease by any member of the NCLC
Group; and    
 
	 	(c)	 	balloon payments of any such Indebtedness
for Borrowed Money payable during such period (and for the purpose of
this paragraph (c) a “balloon payment” shall not include any
scheduled repayment instalment of such Indebtedness for Borrowed
Money which forms part of the balloon);







	(ii)	 	Consolidated Interest Expense for such period;
	 
	(iii)	 	the aggregate amount of any dividend or distribution of
present or future assets, undertakings, rights or revenues to any shareholder
of any member of the NCLC Group (other than the Borrower or one of its wholly
owned Subsidiaries) or any distribution in respect of share capital during
such period (“Distributions”); and
	 
	(iv)	 	all rent under any capital lease obligations by which the
Borrower or any consolidated Subsidiary is bound which are payable or paid
during such period and the portion of any debt discount that must be amortised
in such period,




as calculated in accordance with US GAAP and derived from the then latest unaudited
consolidated accounts of the NCLC Group delivered to the Agent in the case of any
period ending at the end of any of the first three (3) financial quarters of each
financial year of the Borrower and the then latest Accounts delivered to the Agent
in the case of the final quarter of each such financial year;



“Consolidated EBITDA” means, for any relevant period, the aggregate of:





	(i)	 	Consolidated Net Income from the Borrower’s operations for
such period; and
	 
	(ii)	 	the aggregate amounts deducted in determining Consolidated
Net Income for such period in respect of gains and losses from the sale of
assets or reserves relating thereto, Consolidated Interest Expense,
depreciation and amortisation, impairment charges and any other non-cash
charges and deferred income tax expense for such period;




“Consolidated Interest Expense” means, for any relevant period, the consolidated
interest expense (excluding capitalised interest) of the NCLC Group for such
period;



“Consolidated Net Income” means, for any relevant period, the consolidated net
income (or loss) of the NCLC Group for such period as determined in accordance with
US GAAP;



“Contribution” means, as to each Original Lender and the Swingline Lender, the
portion of the sums set out opposite its name in Schedule 1 or any substitute
schedule for Schedule 1 advanced to the Borrower and for the time being
outstanding;

4









 







“Co-ordination Deeds” means the two (2) co-ordination deeds one (1) to be executed
by each of the Owners in relation to (among other things) the mortgages registered
or to be registered over its Vessel including the relevant Mortgage such deed to be
in the form and on the terms and conditions agreed between the Lenders and the
Borrower and as specified in paragraph 21.7 of Schedule 3;



“Credit Support Document” means any document described as such in a Master
Agreement and any other document referred to in any such document which has the
effect of creating security in favour of the Agent or the Lenders;



“Credit Support Provider” means any person (other than the Borrower) described as
such in a Master Agreement;



“Disclosure Letter” means the letter so designated, given by the Borrower and
acknowledged by the Agent on the Signing Date and containing details of any
material litigation, arbitration or administrative proceedings affecting any
Obligor which have been instituted and served, or, to the knowledge of the
Borrower, threatened (and for this purpose proceedings shall be deemed to be
material if they involve a claim in an amount exceeding [**]
[Confidential Treatment] Dollars
[**] [Confidential Treatment] or the equivalent in another currency);



“Dollars” and “USD” means the lawful currency of the United States of America;



“Drawdown Notice” means a notice to be given by the Borrower to the Agent pursuant
to Clause 2.3.1 or Clause 2.4.1;



“Drawing” means a Revolving Credit Facility Drawing or a Swingline Facility
Drawing;



“Earnings” means, in respect of a Vessel, (whether earned or to be earned) any and
all freights, hire, fares and passage monies, proceeds of requisition (other than
proceeds of Compulsory Acquisition), rebates and commissions, all earnings deriving
from contracts of employment, demurrage, charterparties, contracts of
affreightment, pooling agreements and joint ventures, compensation, remuneration
for salvage and towage services, damages howsoever arising and detention monies,
damages for breach of any charterparty or other contract for the employment of that
Vessel, any amounts payable in consideration of the termination or variation of any
charterparty or other such contract and any other earnings whatsoever due or to
become due to the relevant Owner;



“Earnings Assignments” means, pursuant to the Co-ordination Deeds, the two (2)
valid and effective first legal assignments of the Earnings of the Vessels
(together with the notices thereof and the acknowledgements) one (1) to be executed
by each of the Owners in respect of its Vessel in favour of the Agent such
assignments, notices and acknowledgements to be in the form and on the terms and
conditions agreed between the Lenders and the Borrower and as specified in
paragraph 21.4 of Schedule 3;



“Encumbrance” means any mortgage, charge, pledge, lien, assignment, hypothecation,
title retention, preferential right or trust arrangement or any other security
agreement or arrangement;



“Event of Default” means any of the events specified in Clause 12;







5









 







“Facility” means the facility granted hereunder in the amount of the aggregate of
the Maximum Revolving Credit Facility Amount and the Maximum Swingline Facility
Amount or (as the context may require) the amount thereof for the time being
advanced and outstanding under this Agreement;



“Final Maturity Date” means the date falling eighty four (84) months from the
Signing Date or such other date as is determined by the provisions of Clause 3;



“Finance Parties” means the Mandated Lead Arrangers, the Lenders and the Agent and
“Finance Party” means any one of them;



“Financial Indebtedness” means any obligation for the payment or repayment of
money, whether as principal or as surety and whether present or future, actual or
contingent;



“Force Majeure” means, in relation to the Agent or any Lender, any event or
circumstance which is beyond the reasonable control of such party, which cannot be
foreseen or if foreseeable which is unavoidable, which occurs after the Signing
Date and which prevents that party from performing any of its obligations under
this Agreement;



“Free Liquidity” means, at any date of determination, the aggregate of the Cash
Balance and any amounts freely available for drawing under the Facility or any
other revolving or other credit facilities of the NCLC Group, which remain undrawn,
could be drawn for general working capital purposes or other general corporate
purposes and would not, if drawn, be repayable within six (6) months;



“Guarantees” means the two (2) joint and several guarantees one (1) to be executed
by each of the Owners in favour of the Agent such guarantees to be in the form and
on the terms and conditions agreed between the Lenders and the Borrower and as
specified in paragraph 23 of Schedule 3;



“Holding Company” has the meaning defined in the United Kingdom Companies Act 1985,
Section 736 as substituted by the United Kingdom Companies Act 1989, Section 144;



“Indebtedness for Borrowed Money” means Financial Indebtedness (whether present or
future, actual or contingent, long-term or short-term, secured or unsecured) in
respect of:





	(i)	 	moneys borrowed or raised;
	 
	(ii)	 	the advance or extension of credit (including interest and other charges on or in respect of
any of the foregoing);
	 
	(iii)	 	the amount of any liability in respect of leases which, in accordance with US GAAP, are
capital leases;
	 
	(iv)	 	the amount of any liability in respect of the purchase price for assets or services payment
of which is deferred for a period in excess of one hundred and eighty (180) days;




6









 






	(v)	 	all reimbursement obligations whether contingent or not in respect of amounts paid under a
letter of credit or similar instrument; and
	 
	(vi)	 	(without double counting) any guarantee of Financial Indebtedness falling within paragraphs
(i) to (v) above;




PROVIDED THAT the following shall not constitute Indebtedness for Borrowed Money:





	(a)	 	loans and advances made by other members of the NCLC Group
which are subordinated to the rights of the Lenders;
	 
	(b)	 	loans and advances made by Star Cruises Limited which are
subordinated to the rights of the Lenders; and
	 
	(c)	 	any Master Agreement Liabilities and any similar liabilities
of the Borrower or any other member of the NCLC Group to a counterparty under
any other master agreement relating to interest or currency exchange
transactions of a non-speculative nature;




“Insurance Assignments” means, pursuant to the Co-ordination Deeds, the two (2)
valid and effective first legal assignments of the Insurances of the Vessels
(together with the notices thereof) one (1) to be executed by each of the Owners in
respect of its Vessel in favour of the Agent such assignments and notices to be in
the form and on the terms and conditions agreed between the Lenders and the
Borrower and as specified in paragraph 21.5 of Schedule 3;



“Insurances” means all policies and contracts of insurance and entries of a Vessel
in a protection and indemnity or war risks association which are effected in
respect of that Vessel, her freights, disbursements, profits or otherwise and all
benefits, including all claims and returns of premiums thereunder and shall also
include all compensation payable by virtue of Compulsory Acquisition;



“Interest Payment Date” means the last day of each Interest Period and if an
Interest Period is longer than six (6) months’ duration the date falling at the end
of each successive period of six (6) months during such Interest Period from its
commencement;



“Interest Period” means each period ascertained in accordance with Clause 4.2,
Clause 4.7 or Clause 5.3;



“Interest Rate” means the rate of interest applicable to a Drawing calculated in
accordance with Clause 4.5, Clause 4.7, Clause 5.3 or Clause 6.3;



“LIBOR” means with respect to any Interest Period with respect to a Revolving
Credit Facility Drawing the rate of interest (expressed as an annual rate)
determined by the Agent to be:





	(i)	 	the offered rate for deposits in Dollars for a period
equivalent to such Interest Period which appears on the Reuters BBA Page LIBOR
01 at or about 11.00 a.m. London time on the Quotation Date; or




7









 






	(ii)	 	if no rate is provided for the respective Interest Period on
the Reuters BBA Page LIBOR 01, the interpolated rate per annum for deposits in
Dollars in an amount approximately equal to the Revolving Credit Facility
Drawing as calculated by the Agent, such interpolated rate to be based on the
Reuters BBA Page LIBOR 01 PROVIDED THAT LIBOR for periods of less than one (1)
week will be ascertained under sub-section (iii) below;




OR (if Reuters BBA Page LIBOR 01 is discontinued or if the Agent is unable to make
the said determination due to technical breakdown in the relevant system or the
Interest Period is less than one (1) week)





	(iii)	 	the arithmetic mean (rounded upwards, if necessary, to the
nearest one-sixteenth of one per cent (1/16%)) of the rates per annum notified
to the Agent by each of the Reference Banks as the rate at which deposits in
Dollars in an amount approximately equal to the Revolving Credit Facility
Drawing are offered to such Reference Bank by leading banks in the London
Interbank Market at such Reference Bank’s request at or about 11.00 a.m.
London time on the Quotation Date for a period equal to the Interest Period
and for delivery on the first Business Day thereof;




“Lender” means:





	(i)	 	any Original Lender; and
	 
	(ii)	 	any bank, financial institution, trust, fund or other entity
which has become a party to this Agreement in accordance with Clause 18,




which in each case has not ceased to be a party to this Agreement in accordance
with the terms of this Agreement;



“Lending Branch” means in respect of the Agent and each Original Lender its office
at the address set out beneath its name in Schedule 1 or such other office as it
shall from time to time select and notify through the Agent to the Borrower and the
Agent;



“Lim Family” means:





	(i)	 	Tan Sri Lim Goh Tong;
	 
	(ii)	 	his spouse;
	 
	(iii)	 	his direct lineal descendants;
	 
	(iv)	 	the personal estate of any of the above persons; and
	 
	(v)	 	any trust created for the benefit of one or more of the above
persons and their estates;




“Majority Lenders” means:





	(a)	 	if a Drawing has not then been advanced, a Lender or Lenders
whose Commitments aggregate more than sixty seven per cent (67%) of the
aggregate total of the Commitments (or, if the aggregate total of the




8









 






	 	 	Commitments have been reduced to zero, aggregated more than sixty seven per
cent (67%) of the aggregate total of the Commitments immediately prior to the
reduction); or
	 
	(b)	 	at any other time, a Lender or Lenders whose Contributions to
the Facility aggregate more than sixty seven per cent (67%) of the Facility
then outstanding;




“Management Agreements” means the agreements entered into between the Owners and
the Manager in respect of the Vessels providing for the commercial and technical
management and crewing of the Vessels such agreements to be in the form and on the
terms and conditions agreed between the Agent and the Borrower and as specified in
paragraph 21.2 of Schedule 3;



“Management Agreement Assignments” means the two (2) valid and effective first
legal assignments of the Management Agreements (together with the notices thereof
and the acknowledgements) one (1) to be executed by each of the Owners in respect
of its Vessel in favour of the Agent such assignments, notices and acknowledgements
to be in the form and on the terms and conditions agreed between the Lenders and
the Borrower and as specified in paragraph 21.6 of Schedule 3;



“Manager” means NCL (Bahamas) Ltd. a company organised and existing under the laws
of Bermuda with its registered office at Milner House, 18 Parliament Street,
Hamilton HM 12, Bermuda, the company providing commercial and technical management
and crewing services for the Vessels pursuant to the Management Agreements;



“Mandatory Cost” means the cost imputed to a Lender of compliance with the
mandatory liquid asset requirements of any central bank or other fiscal, monetary
or other authority;



“Master Agreement” means any ISDA Master Agreement (or any other form of master
agreement relating to interest or currency exchange transactions of a
non-speculative nature) entered into between a Lender or its Affiliate and the
Borrower before the Signing Date in relation to the obligations of the Borrower
under this Agreement, including each Schedule to any Master Agreement and each
Confirmation exchanged under any Master Agreement;



“Master Agreement Liabilities” means, at any relevant time, all liabilities of the
Borrower to a Lender or its Affiliate (as the case may be) under the relevant
Master Agreement, whether actual or contingent, present or future;



“Material Adverse Effect” means a material adverse effect on (i) the validity or
enforceability of any of the Security Documents or the rights or remedies of the
Lenders or their Affiliates (as the case may be) thereunder (ii) the ability of any
Obligor to perform its obligations under any of the Security Documents or (iii) the
business, operations, condition (financial or otherwise) or prospects of the
Borrower, either of the Owners or the NCLC Group taken as a whole;



“Maturity Date” in relation to a Drawing means the last day of its Term;




9









 







“Maximum Facility Amount” means the aggregate of the Maximum Tranche Amount in
respect of each of Tranche 1 and Tranche 2 (subject to Clause 2.6 and paragraph 36
of Schedule 3), as reduced from time to time pursuant to Clause 3;



“Maximum Revolving Credit Facility Amount” means the Maximum Facility Amount, as
reduced from time to time pursuant to Clause 3 and by the Swingline Facility;



“Maximum Swingline Facility Amount” means twenty million Dollars (USD20,000,000),
subject to Clause 3;



“Maximum Tranche Amount” means five hundred and ten million Dollars
(USD510,000,000), in the case of Tranche 1, and one hundred million Dollars
(USD100,000,000), in the case of Tranche 2;



“month” means a period starting on one day in a calendar month and ending on the
numerically corresponding day in the next calendar month save that, where any such
period would otherwise end on a day which is not a Business Day, it shall end on
the next Business Day, unless that day falls in the calendar month succeeding that
in which it would otherwise have ended, in which case it shall end on the preceding
Business Day PROVIDED THAT, if a period starts on the last Business Day in a
calendar month or if there is no numerically corresponding day in the month in
which that period ends, that period shall end on the last Business Day in that
later month;



“Mortgages” means, pursuant to the Co-ordination Deeds, the two (2) first priority
statutory Bahamian ship mortgages and deeds of covenants collateral thereto one (1)
to be granted by each of the Owners over its Vessel in each case in favour of the
Agent as security pursuant hereto and to the Master Agreements such mortgages and
deeds of covenants to be in the forms and on the terms and conditions agreed
between the Lenders and the Borrower and as specified in paragraph 21.3 of Schedule
3;



“NCLC Fleet” means the vessels owned by the companies in the NCLC Group;



“NCLC Group” means the Borrower and its wholly owned Subsidiaries provided that for
the purposes of the definitions of “Cash Balance”, “Consolidated Debt Service”,
“Consolidated Interest Expense”, “Consolidated Net Income”, “Total Capitalisation”,
“Total Funded Debt” and “Total Net Funded Debt” in this Clause 1.1, Clause 10.2 and
Clause 10.3 “NCLC Group” means the Borrower, its Subsidiaries and any other entity
which is required to be consolidated in the Borrower’s accounts in accordance with
US GAAP;



“Norwegian Dawn” means Norwegian Dawn Limited of International House, Castle Hill,
Victoria Road, Douglas, Isle of Man IM2 4RB, British Isles;



“Norwegian Sun” means Norwegian Sun Limited a company organised and existing under
the laws of Bermuda with its registered office at Canon’s Court, 22 Victoria
Street, Hamilton HM 12, Bermuda;



“Obligors” means the Borrower, the Owners, the Shareholder, the Manager, any other
Credit Support Provider and any other party from time to time to any of the
Security Documents excluding the Agent and the Lenders;




10









 







“Outstanding Indebtedness” means all sums of any kind payable actually or
contingently to the Agent or the Lenders under or pursuant to this Agreement or any
other Transaction Document (whether by way of repayment of principal, payment of
interest or default interest, payment of any indemnity or counter indemnity,
reimbursement for fees, costs or expenses or otherwise howsoever) and any Master
Agreement Liabilities;



“Owners” means Norwegian Sun and Norwegian Dawn;



“Permitted Liens” means (i) any Encumbrance created by or pursuant to the Security
Documents (ii) liens on a Vessel up to an aggregate amount at any time not
exceeding fifteen million Dollars (USD15,000,000) for current crew’s wages and
salvage and liens incurred in the ordinary course of trading a Vessel (iii) any
deposits or pledges to secure the performance of bids, tenders, bonds or contracts
(iv) any other Encumbrance notified by any of the Obligors to the Agent prior to
the Signing Date (v) any Encumbrance in respect of existing Financial Indebtedness
of a person which becomes a Subsidiary of the Borrower or is merged with or into
the Borrower or any of its Subsidiaries (vi) liens on assets leased, acquired or
upgraded after the Signing Date or assets newly constructed or converted after the
Signing Date provided that (a) such liens secure Financial Indebtedness otherwise
permitted under this Agreement (b) such liens are incurred within one (1) year
following such lease, acquisition, upgrade, construction or conversion and (c) the
Financial Indebtedness secured by such liens does not exceed the cost of such
upgrade or the cost of such assets acquired or leased (vii) statutory and other
similar liens arising in the ordinary course of business unrelated to Financial
Indebtedness and securing obligations not yet delinquent or which are being
contested in good faith by appropriate proceedings and for which adequate reserves
have been established and (viii) liens arising out of the existence of judgments or
awards in respect of the Borrower or any of its Subsidiaries, provided that the
aggregate amount of all cash and the fair market value of all other property
subject to such liens as are described in paragraphs (vi) to (viii) above does not
exceed fifteen million Dollars (USD15,000,000);



“Possible Event of Default” means any event which, with the giving of notice,
passage of time or occurrence of any other event, would constitute an Event of
Default;



“Process Agent” means Clifford Chance Secretaries Limited whose registered office
is presently at 10 Upper Bank Street, London E14 5JJ or any other person in England
nominated by the Borrower or any other Obligor and approved by the Agent as agent
to accept service of legal proceedings on their behalf under any of the Security
Documents;



“Quotation Date” means, in relation to any Interest Period, the day on which
quotations would ordinarily be given in the interbank eurocurrency market for
Dollar deposits for delivery on the first day of that Interest Period PROVIDED THAT
if such quotation date is not a Business Day the quotation date shall be the
preceding Business Day;



“Reduction Dates” means, subject to the provisions of Clause 3, (i) the date
falling thirty six (36) months after the Signing Date and (ii) the last day of each
of the [**] [Confidential Treatment] consecutive periods of
[**] [Confidential Treatment] months the first of such periods




11









 








commencing on the date falling thirty six (36) months after the Signing Date and
the [**] [Confidential Treatment] such period terminating [**]
[Confidential Treatment] years thereafter;



“Reference Banks” means the principal London offices (if any) of the Mandated Lead
Arrangers;



“Renewal Date”, in relation to any Revolving Credit Facility Drawing, means a date
on which that Drawing is extended by any Renewal Notice for such Drawing;



“Renewal Notice” means a notice to be given by the Borrower to the Agent to extend
the period of a Term;



“Reuters BBA Page LIBOR 01” means the display currently designated as Reuters BBA
Page LIBOR 01, which includes London Interbank Offered Rates of four (4) major
banks, which are members of the International Swaps and Derivatives Association,
Inc., and the British Bankers’ Association overnight rate for Dollars, or such
other service as may be nominated by the British Bankers’ Association as the
information vendor for displaying the London Interbank Offered Rates of major banks
in the London Interbank Market;



“Revolving Credit Facility” means the revolving credit facility made available
under this Agreement as described in Clause 2 or (as the context may require) the
principal amount thereof for the time being advanced and outstanding under this
Agreement;



“Revolving Credit Facility Drawing” means any amount of the Revolving Credit
Facility advanced by the Lenders to the Borrower pursuant to Clause 2.3;



“Same Day Funds” means Dollar funds settled through the New York Clearing House
Interbank Payments System or such other funds for payment in Dollars as the Agent
shall specify by notice to the Borrower as being customary at the time for the
settlement of international transactions in New York of the type contemplated by
this Agreement;



“Security Documents” means this Agreement, the Charges, the Mortgages, the
Guarantees, the Earnings Assignments, the Insurance Assignments, the Management
Agreement Assignments, the Master Agreements, the Co-ordination Deeds and any other
Credit Support Documents, the fee letter referred to in Clause 14.2 and any other
fee letter in relation to the Facility and all such other documents as may be
executed at any time in favour of the Agent or any of the other Finance Parties as
security for the obligations of the Borrower and/or the other Obligors whether
executed pursuant to the express provisions of this Agreement or otherwise
howsoever;



“Security Period” means the period beginning on the first Advance Date and ending
on the date on which the amounts outstanding under this Agreement and under each of
the other Security Documents are finally and irrevocably repaid and/or cancelled in
full;



“Shareholder” means NCL International, Ltd. a company organised and existing under the laws of
Bermuda with its registered office at Milner House, 18 Parliament Street, Hamilton HM 12, Bermuda;


12









 






“Signing Date” means the date of this Agreement;



“Subsidiary” has the meaning defined in the United Kingdom Companies Act 1985, Section 736 as substituted by the United Kingdom Companies Act 1989, Section 144;



“Substitute Basis” means an alternative basis for maintaining a Drawing certified by the Agent pursuant to Clause 6.3.1;



“Suspension Notice” means a notice given by the Agent to the Borrower pursuant to Clause 6.1;



“Swingline Facility” means the swingline loan facility made available under this Agreement as described in Clause 2 or (as the context may require) the principal amount thereof for the time being advanced and outstanding under this Agreement which swingline loan facility is part of the Revolving Credit Facility;



“Swingline Facility Drawing” means any amount of the Swingline Facility advanced by the Swingline Lender to the Borrower pursuant to Clause 2.4;



“Swingline Lender” means:





	(i)	 	DnB NOR Bank ASA; or
	 
	(ii)	 	any other person that becomes a Swingline Lender after the Signing Date in accordance with Clause 18,




which in each case has not ceased to be a party to this Agreement in accordance with the terms of this Agreement;



“Taxes” means all present and future income and other taxes, levies, duties, imposts, charges, deductions, compulsory liens and withholdings whatsoever together with interest thereon and penalties with respect thereto, if any, and any payments made on or in respect thereof and “Taxation” shall be construed accordingly;



“Term” means, in relation to a Drawing, the last day of the Interest Period in respect of that Drawing as specified in the Drawdown Notice for such Drawing and, in the case of a Revolving Credit Facility Drawing, as extended by any Renewal Notice for such Revolving Credit Facility Drawing PROVIDED THAT no Event of Default or Possible Event of Default has occurred before the relevant Renewal Date and the renewal of such Revolving C
redit Facility Drawing would not constitute an Event of Default or a Possible Event of Default and, in the case of any Drawing, PROVIDED THAT the Term shall not extend beyond the Final Maturity Date;



“Third Party” means any person or group of persons acting in concert (as the expression “acting in concert” is defined in the City Code on Take-overs and Mergers) who or which is not a member of the Lim Family;



“Total Capitalisation” means, at any date of determination, Total Net Funded Debt plus the consolidated stockholders’ equity of the NCLC Group at such date determined in accordance with US GAAP and derived from the then latest





13










 






unaudited and consolidated accounts of the NCLC Group delivered to the Agent
in the case of the first three (3) quarters of each financial year and the then
latest Accounts delivered to the Agent in the case of the final quarter of each
financial year;




“Total Funded Debt” means, as at any relevant date, Total Net Funded Debt excluding
Indebtedness for Borrowed Money related to vessels under construction for a member
of the NCLC Group;




“Total Loss” means any actual or constructive or arranged or agreed or compromised
total loss or Compulsory Acquisition of a Vessel;




“Total Net Funded Debt” means, as at any relevant date:




	 	(i)	 	Indebtedness for Borrowed Money of the NCLC Group; and
	 
	 	(ii)	 	the amount of any Indebtedness for Borrowed Money of any person
which is not a member of the NCLC Group but which is guaranteed by a member of
the NCLC Group as at such date;






less an amount equal to any Cash Balance as at such date;




“Tranche 1” means, of the Revolving Credit Facility, the relevant Maximum Tranche
Amount or (as the context may require) the principal amount thereof for the time
being advanced and outstanding under this Agreement;




“Tranche 2” means, of the Revolving Credit Facility, the relevant Maximum Tranche
Amount or (as the context may require) the principal amount thereof for the time
being advanced and outstanding under this Agreement;




“Transaction” means a transaction entered into between a Lender or its Affiliate
(as the case may be) and the Borrower governed by the relevant Master Agreement;




“Transaction Documents” means the Security Documents, the Drawdown Notices, the
Renewal Notices, the Management Agreements and any other material document now or
hereafter issued in connection with the documents or the transaction herein
referred to;




“Transfer Certificate” means the certificate attached hereto as Schedule 5;




“Transfer Date” means, in relation to any Transfer Certificate, the date specified
in such Transfer Certificate as the date for the making of the transfer or, where
such transfer is specified as being subject to the fulfilment of certain conditions,
the date on which the Agent receives a certificate from the Lender making the
transfer confirming that all such conditions have been fulfilled;




“Transferee” means any reputable bank acceptable to the Agent which becomes a party
to this Agreement as a Lender pursuant to Clause 18;




“US GAAP” means generally accepted accounting principles in the United States of
America consistently applied (or, if not consistently applied, accompanied by
details of the inconsistencies) including, without limitation, those set forth in
the opinion and pronouncements of the Accounting Principles Board of the American



14









 






Institute of Certified Public Accountants and statements and pronouncements of the
Financial Accounting Standards Board; and




“Vessels” means the following vessels, and everything now or in the future belonging
to them on board and ashore, currently registered under the respective flags set out
below in the ownership of the respective Owners set out below and “Vessel” means
either one of them:



	 	 	 	 	 	 	 	 	 
	Name	 	Flag	 	Berths	 	Owner
	“NORWEGIAN DAWN”

	 	Bahamas
	 	 	2,220	 	 	Norwegian Dawn Limited
	 
	 	 	 	 	 	 	 	 
	“NORWEGIAN SUN”

	 	Bahamas
	 	 	1,940	 	 	Norwegian Sun Limited







	 	1.2	 	Construction






In this Agreement unless the context otherwise requires:




	 	1.2.1	 	clause headings are inserted for convenience of reference only
and shall be ignored in the construction of this Agreement;
	 
	 	1.2.2	 	references to Clauses and to Schedules are to be construed as
references to clauses of and schedules to this Agreement unless otherwise
stated and references to this Agreement are to be construed as references to
this Agreement including its Schedules;
	 
	 	1.2.3	 	references to (or to any specified provision of) this
Agreement or any other document shall be construed as references to this
Agreement, that provision or that document as from time to time amended,
supplemented and/or novated;
	 
	 	1.2.4	 	references to any Act or any statutory instrument shall be
construed as references to that Act or that statutory instrument as from time
to time re-enacted, amended or supplemented;
	 
	 	1.2.5	 	references to any party to this Agreement or any other
document shall include reference to such party’s successors and permitted
assigns;
	 
	 	1.2.6	 	words importing the plural shall include the singular and vice
versa;
	 
	 	1.2.7	 	references to a person shall be construed as references to an
individual, firm, company, corporation, unincorporated body of persons or any
state or any agency thereof;
	 
	 	1.2.8	 	where any matter requires the approval or consent of the Agent
such approval or consent shall not be deemed to have been given unless given in
writing; where any matter is required to be acceptable to the Agent shall not
be deemed to have accepted such matter unless its acceptance is communicated in
writing; the Agent may give or withhold its consent, approval or acceptance at
its unfettered discretion; and





15









 






	 	1.2.9	 	a certificate by the Agent as to any amount due or calculation
made hereunder shall be conclusive except for manifest error.






	 	1.3	 	Agent






The Agent has been appointed by the Lenders as agent under Clause 20.3 and (unless
the context otherwise requires) references herein to the Agent shall be construed as
references to itself and the Lenders. The Borrower shall only communicate with the
Lenders under this Agreement and the other Security Documents through the Agent and
as hereinafter referred to.




	 	1.4	 	Third Party rights






A person who is not a party to this Agreement has no right under the Contracts
(Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of
this Agreement.




	 	2	 	The Facility






	 	2.1	 	Availability






	 	2.1.1	 	The Lenders grant to the Borrower the Facility which is of a
revolving nature. The Revolving Credit Facility and the Swingline Facility
shall be available to the Borrower during the Availability Period subject to
the provisions of Clause 2.2, Clause 2.3 and Clause 2.4. Each Drawing shall be
repaid on its Maturity Date. However, a Term of a Revolving Credit Facility
Drawing may be extended to the end of the succeeding Interest Period in respect
of that Drawing by the giving of a Renewal Notice by the Borrower to the Agent
not later than 9.00 a.m. London time four (4) Business Days prior to the
commencement of the relevant Interest Period.
	 
	 	2.1.2	 	Each Lender shall advance its Contribution to a Revolving
Credit Facility Drawing in the proportion which its Commitment for the time
being bears to the other Commitments of the Lenders to the Revolving Credit
Facility.
	 
	 	2.1.3	 	None of the Agent or any other Lender shall be liable for any
failure or delay on the part of any Lender in making any advance hereunder nor
shall the Agent have any obligation to seek to procure additional Lenders in
the event of such a failure PROVIDED THAT if any Lender should fail to advance
its Contribution to an advance hereunder, that Lender and the Agent will take
all reasonable steps to mitigate the effect of that failure. Notwithstanding
the aforesaid proviso, no Lender shall be obliged to increase its Contribution
hereunder in respect of the failure by any other Lender to fund any
Contribution.
	 
	 	2.1.4	 	The Swingline Lender shall advance its Contribution to a
Swingline Facility Drawing in the proportion which its Commitment for the time
being bears to the other Commitments of the Lenders to the Swingline Facility.
	 
	 	2.1.5	 	The Swingline Lender shall advance its Contribution to each
Swingline Facility Drawing through its Lending Branch in New York.




16









 












	 	2.2	 	Purpose and Application






	 	2.2.1	 	The Borrower shall apply or procure the application of the
Revolving Credit Facility in refinance of all existing indebtedness relating to
the Vessels and for general corporate purposes for the Borrower and its
Subsidiaries.
	 
	 	2.2.2	 	The Borrower shall apply or procure the application of the
Swingline Facility for general short term corporate purposes of the Borrower
PROVIDED THAT a Swingline Facility Drawing may not be applied in repayment or
prepayment of another Swingline Facility Drawing.






	 	2.3	 	Advance of a Revolving Credit Facility Drawing to the Borrower






The Borrower shall only draw down a Revolving Credit Facility Drawing if:




	 	2.3.1	 	the Agent receives notice of the Borrower’s request for the
Revolving Credit Facility Drawing by not later than 9.00 a.m. London time four
(4) Business Days prior to the Advance Date in the form of Schedule 2;
	 
	 	2.3.2	 	the Advance Date proposed is a Business Day within the
relevant Availability Period;
	 
	 	2.3.3	 	the Revolving Credit Facility Drawing is in a minimum amount
of ten million Dollars (USD10,000,000);
	 
	 	2.3.4	 	on any Advance Date not more than [**]
[Confidential Treatment] Revolving Credit
Facility Drawings will be outstanding;
	 
	 	2.3.5	 	the drawdown of the Revolving Credit Facility Drawing would
not result in the amount of the Facility exceeding the Maximum Facility Amount
on the Advance Date;
	 
	 	2.3.6	 	no Event of Default or Possible Event of Default has occurred
before the relevant Advance Date and such drawing would not constitute an Event
of Default or a Possible Event of Default;
	 
	 	2.3.7	 	the representations and warranties set out in Clause 9 and
each of the other Security Documents are correct on the relevant Advance Date;
	 
	 	2.3.8	 	no event or circumstance has occurred which the Majority
Lenders believe has had or reasonably believe will have a Material Adverse
Effect; and
	 
	 	2.3.9	 	it is then lawful for each of the Lenders to make available
its relevant Contribution to the Revolving Credit Facility Drawing.






	 	2.4	 	Advance of a Swingline Facility Drawing to the Borrower






The Borrower shall only draw down a Swingline Drawing if:




	 	2.4.1	 	the Swingline Lender receives notice of the Borrower’s request
for the Swingline Facility Drawing by 10.00 a.m. New York time on the Advance







17









 






	 	 	 	Date in the form of Schedule 2 (only one Swingline Facility Drawing may be
requested in each such notice);






	 	2.4.2	 	the Advance Date proposed is a Business Day within the
Availability Period;
	 
	 	2.4.3	 	the Swingline Facility Drawing is in a minimum amount of two
million Dollars (USD2,000,000);
	 
	 	2.4.4	 	on any Advance Date not more than [**]
[Confidential Treatment] Swingline Facility
Drawings will be outstanding;
	 
	 	2.4.5	 	the drawdown of the Swingline Facility Drawing would not
result in the amount of the Swingline Facility exceeding the Maximum Swingline
Facility Amount on the Advance Date;
	 
	 	2.4.6	 	the drawdown of the Swingline Facility Drawing would not
result in the amount of the Facility exceeding the Maximum Facility Amount on
the Advance Date;
	 
	 	2.4.7	 	no Event of Default or Possible Event of Default has occurred
before the relevant Advance Date and such drawing would not constitute an Event
of Default or a Possible Event of Default;
	 
	 	2.4.8	 	the representations and warranties set out in Clause 9 and
each of the other Security Documents are correct on the relevant Advance Date;
	 
	 	2.4.9	 	no event or circumstance has occurred which the Majority
Lenders believe has had or reasonably believe will have a Material Adverse
Effect; and
	 
	 	2.4.10	 	it is then lawful for the Swingline Lender to make available its relevant
Contribution to the Swingline Facility Drawing.






	 	2.5	 	Break costs






If for any reason a Drawing is not advanced to the Borrower hereunder after the
relevant Drawdown Notice has been given to the Agent pursuant to Clause 2.3 or
Clause 2.4, the Borrower will pay to the Agent for the account of the relevant
Lenders such amount as the Agent may certify as necessary to compensate the relevant
Lenders (other than any Lender whose default has caused the Drawing not to be drawn
down) for any loss (including any losses under any Master Agreements) or expense on
account of funds borrowed, contracted for or utilised in order to fund their
Contributions to the Drawing. Each Lender shall supply to the Agent a certificate
of break costs which in the absence of manifest error shall be conclusive as to the
amounts due.




	 	2.6	 	Conditions of drawdown






The Agent shall not be under any obligation to advance a Drawing hereunder until all
the documents and evidence referred to in the relevant part of Schedule 3 are in the
possession of the Agent in form and substance satisfactory to the Agent.






18









 






	 	2.7	 	Several obligations of the Lenders






The obligations and rights of each Lender hereunder are several and if for any
reason the Borrower receives an amount greater than the aggregate of the
Contributions to the Drawing, the Borrower forthwith upon the demand of the Agent
shall pay to the Agent (for the account of those Lenders whose Contributions were
exceeded) the amount certified by the Agent as representing the excess of the amount
paid to the Borrower over the due and proper amount of the Contributions of the
Lenders actually received by the Agent.




	 	2.8	 	Lender’s failure to perform






Subject to Clause 2.1.3, the failure by a Lender to perform its obligations
hereunder shall not affect the obligations of the Borrower towards any other party
hereto nor shall any such other party be liable for the failure by such Lender to
perform its obligations hereunder.




	 	2.9	 	Fulfilment of conditions after drawdown






If the Lenders, acting unanimously, decide (or the Agent in accordance with Clause
20 decides) to permit the advance of a Drawing to the Borrower hereunder without the
Agent having received all of the documents or evidence referred to in the relevant
part or parts of Schedule 3, the Borrower will nevertheless deliver the remaining
documents or evidence to the Agent within such period as the Agent may stipulate and
the advance of the Drawing shall not be construed as a waiver of the Agent’s right
to receive the documents or evidence as aforesaid nor shall this provision impose on
the Agent or the Lenders any obligation to permit the advance of the Drawing in the
absence of any of such documents or evidence.




	 	3	 	Repayment, Reduction, Cancellation and Prepayment of the Facility






	 	3.1	 	Repayment






The Borrower shall repay each Drawing on its Maturity Date. If a Drawing (the “new
Drawing”) is to be made on a day on which another Drawing (the “maturing Drawing”)
is due to be repaid then, subject to the terms of this Agreement:




	 	3.1.1	 	the maturing Drawing shall be deemed to have been repaid on
its Maturity Date either in whole (if the new Drawing is equal to or greater
than the maturing Drawing) or in part (if the new Drawing is less than the
maturing Drawing); and
	 
	 	3.1.2	 	to the extent that the maturing Drawing is so deemed to have
been repaid, the principal amount of the new Drawing to be made on such date
shall be deemed to have been credited to the account of the Borrower by the
Agent on behalf of the Lenders in accordance with the terms of this Agreement
and the Lenders shall only be obliged to make available to the Borrower
pursuant to Clause 2.3 or Clause 2.4 a principal amount equal to the amount by
which the new Drawing exceeds the maturing Drawing.






On the Final Maturity Date, all outstanding Drawings and other sums (if any) then
owing under this Agreement shall in any event be repaid or paid in full.



19









 






	 	3.2	 	Scheduled reductions of Commitments to the Facility






	 	3.2.1	 	Subject to the second paragraph of this Clause 3.2.1, on each
of the Reduction Dates the Maximum Facility Amount as at the Signing Date shall
be reduced by [**] [Confidential Treatment] Dollars [**] [Confidential Treatment].
	 
	 	 	 	The Borrower shall pay to the Agent all accrued interest on the reduction
amount to that Reduction Date. Amounts repaid by the Borrower pursuant to
this Clause 3.2.1 shall not be available for reborrowing.






	 	3.2.2	 	Without prejudice to any other provision of this Agreement,
the Commitments to the Facility shall be reduced to zero on the Final Maturity
Date.
	 
	 	3.2.3	 	The Maximum Swingline Facility Amount shall not be reduced
prior to the Final Maturity Date save to the extent that the aggregate of the
Available Commitments does not exceed the Maximum Swingline Facility Amount.






	 	3.3	 	Sale or Total Loss of a Vessel: mandatory cancellation






If at any time during the Security Period a Vessel is sold or is or becomes a Total
Loss, the Commitments to the Facility shall be reduced by an amount equal to (x) the
sum of (i) the then aggregate amount of the Drawings plus (ii) the aggregate of the
Available Commitments multiplied by (y) a fraction, the numerator of which is the
market value of that Vessel as assessed in accordance with the provisions of Clause
10.17 and the denominator of which is the aggregate of the market value of the
Vessels as assessed in accordance with the provisions of Clause 10.17 on the date on
which the proceeds of such sale or Total Loss are made available.




	 	3.4	 	Amounts payable on prepayment






Any prepayment of a Drawing or the Facility under this Clause 3 shall be made
together with:




	 	3.4.1	 	accrued interest on the amount to be prepaid to the date of
such prepayment (calculated in respect of any period during which a Substitute
Basis has applied by virtue of Clause 6.3, at the rate per annum more
particularly described in Clause 6.2);
	 
	 	3.4.2	 	any additional amounts payable under Clause 7.2 and Clause
8.1;
	 
	 	3.4.3	 	costs certified by the Agent as necessary to compensate the
Lenders for the cost of repaying fixed deposits borrowed to fund any part of
any Drawing or the Facility which is prepaid before the relevant Maturity Date
or the fixed term by reference to which the relevant Interest Rate has been
ascertained; and
	 
	 	3.4.4	 	all other sums payable by the Borrower to the relevant Lender
under this Agreement including, without limitation, any accrued commitment fee
payable under Clause 14.1.







20









 












	 	3.5	 	Notice of prepayment






No voluntary prepayment of a Drawing may be effected under this Clause 3 unless the
Borrower shall have given the Agent at least four (4) Business Days’ notice (such
notice to be received not later than 9.00 a.m. London time on that day), in the case
of a Revolving Credit Facility Drawing, and at least one (1) Business Days’ notice
(such notice to be received not later than 9.00 a.m. New York time on that day), in
the case of a Swingline Facility Drawing, of its intention to make such prepayment.
Every notice of prepayment shall be effective only on actual receipt by the Agent,
shall be irrevocable, shall specify the amount to be prepaid and shall oblige the
Borrower to make such prepayment on the date specified. Unless and to the extent
that the Commitments to the Facility are cancelled or reduced on or with effect from
the date of any such prepayment, amounts prepaid may be re-drawn under this
Agreement. The Borrower may not prepay any Drawing or any part thereof save as
expressly provided in this Agreement.




The Drawing(s) to be wholly or partially prepaid pursuant to Clause 3.2.1 and Clause
3.8 shall be selected by the Borrower by not fewer than four (4) Business Days’
notice (such notice to be received not later than 9.00 a.m. London time on that
day), in the case of a Revolving Credit Facility Drawing, and at least one (1)
Business Days’ notice (such notice to be received not later than 9.00 a.m. New York
time on that day), in the case of a Swingline Facility Drawing, to the Agent, which
shall be irrevocable. The Borrower shall not be permitted to make any selection
pursuant to this Clause which would result in partial prepayment of more than one
(1) Drawing. If the Borrower fails to give notice to the Agent selecting the
Drawing(s) to be prepaid, the Borrower shall be deemed to have selected to prepay
first any Drawings having an Interest Period ending on the Reduction Date in
question or the Final Maturity Date. If there are no such Drawings or the aggregate
amount of the Drawing(s) having an Interest Period ending on the Reduction Date in
question or the Final Maturity Date either exceeds or falls short of the amount
required to be prepaid, the Borrower shall prepay, in full or in part, the
Drawing(s) selected by the Agent.




	 	3.6	 	Voluntary cancellation of Commitments






The
Borrower may at any time during the Availability Period by notice to the Agent
(effective only on actual receipt) cancel with effect from a date not less than four
(4) Business Days (such notice to be received not later than 9.00 a.m. London time
on that day) after the receipt by the Agent of such notice the whole or any part
(being a minimum amount of [**] [Confidential Treatment] Dollars [**] [Confidential Treatment] but not more than the
Available Commitments of all of the Lenders to the Facility as at such date) of the
total of the Available Commitments to the Facility as at such date of all the
Lenders. Any such notice of cancellation, once given, shall be irrevocable and upon
such cancellation taking effect the Commitment of each of the Lenders to the
Facility shall be permanently reduced proportionately and the Borrower shall on the
date designated in its notice prepay such amount of the outstanding Drawings as will
ensure that immediately thereafter the aggregate amount of the Drawings will not
exceed the Commitments to the Facility as so reduced by virtue of the Borrower’s
cancellation.




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	 	3.7	 	Additional partial cancellation






The Borrower may also at any time during the Availability Period by notice to the
Agent (effective only on actual receipt) cancel with effect from a date not less
than four (4) Business Days (such notice to be received not later than 9.00 a.m.
London time on that day) after receipt by the Agent of such notice the whole but not
part only, but without prejudice to its obligations under Clause 7.2 and Clause 8.1,
of the Commitment to the Facility of any Lender to which the Borrower shall have
become obliged to pay additional amounts under Clause 7.2 or Clause 8.1. Upon any
notice of such prepayment being given, the Commitment of the relevant Lender to the
Facility shall be reduced to zero and the Borrower shall be obliged to prepay the
Contribution of such Lender to the Facility on such date.




	 	3.8	 	Prepayment during Term






The
Borrower may at any time by notice to the Agent (effective only on actual
receipt) prepay the whole or, in the case of a Revolving Credit Facility Drawing,
any part (being a minimum amount of [**] [Confidential Treatment] Dollars [**] [Confidential Treatment] or such
lesser amount as is acceptable to the Agent) of any Drawing prior to its Maturity
Date on not less than four (4) Business Days’ notice (such notice to be received not
later than 9.00 a.m. London time on that day), in the case of a Revolving Credit
Facility Drawing, and on not less than one (1) Business Days’ notice (such notice to
be received not later than 9.00 a.m. New York time on that day), in the case of a
Swingline Facility Drawing (whether or not any part of the Commitment to the
Facility is also being cancelled on such date pursuant to any provision of this
Agreement) and the Borrower shall when making such prepayment, make such prepayment
together with any amounts as referred to in Clause 3.4.




	 	3.9	 	Mandatory cancellation in case of illegality






If any change in, or in the interpretation or application of, any law, regulation or
treaty shall make it unlawful in any jurisdiction applicable to any of the Lenders
for that Lender to make available or maintain its Contribution to the Facility or to
give effect to its obligations as contemplated hereby, the Agent may, by notice
thereof to the Borrower, declare that the relevant Lender’s obligations shall be
terminated forthwith whereupon (if any of the Facility has then been advanced) the
Borrower shall prepay forthwith to the relevant Lender its Contribution to the
Facility together with interest thereon to the date of such prepayment and all other
amounts due to such Lender under Clause 3.4 and under the Security Documents (or, if
permitted by the relevant law, regulation or treaty, at the end of the then current
Interest Period).




A Lender affected by any provision of this Clause 3.9 shall promptly inform the
Agent after becoming aware of the relevant change and the Agent shall, as soon as
reasonably practicable thereafter, notify the Borrower of the change and its
possible results. Without affecting the Borrower’s obligations under this Clause
3.9 and in consultation with the Agent, the affected Lender will then take all such
reasonable steps as may be open to it to mitigate the effect of the change (for
example (and if then possible) by changing its Lending Branch or transferring some
or all of its rights and obligations under this Agreement to another financial
institution reasonably acceptable to the Borrower and the Agent). The reasonable






22









 






costs of mitigating the effect of any such change shall be borne by the Borrower
save where such costs are of an internal administrative nature and are not incurred
in dealings by any Lender with third parties.




	 	3.10	 	Voluntary cancellation following imposition of Substitute Basis






The Borrower may notify the Agent within ten (10) Business Days of the receipt of a
certificate from the Agent of a Substitute Basis under Clause 6.3 whether or not it
wishes to cancel the Facility or the relevant part thereof, in which event the
Borrower shall forthwith cancel the Facility or such relevant part thereof and
prepay such amount of the outstanding Drawings as will ensure that immediately
thereafter the aggregate of the amount of the Drawings will not exceed the
Commitments to the Facility or relevant part thereof as so reduced by virtue of the
Borrower’s cancellation.




	 	3.11	 	Cancellation in case of Total Loss of a Vessel






If a Vessel is or becomes a Total Loss, then the Borrower will, within thirty (30)
days thereof or, if the Agent is satisfied in its sole discretion acting reasonably
that the Total Loss is adequately covered by the Insurances and that the relevant
insurance proceeds will be payable to the Agent on behalf of the Lenders within one
hundred and fifty (150) days thereof, by no later than the date which is one hundred
and fifty (150) days after the date of the event giving rise to such Total Loss
cancel and prepay the Facility in accordance with Clause 3.3 and Clause 13.1.




For the purposes of this Clause 3.11, a Total Loss shall be deemed to have occurred:




	 	3.11.1	 	if it consists of an actual loss, at noon Greenwich Mean Time on the actual
date of loss or, if that is not known, on the date on which the Vessel was last
heard of;
	 
	 	3.11.2	 	if it consists of a Compulsory Acquisition, at noon Greenwich Mean Time on
the date on which the requisition is expressed to take effect by the person
requisitioning the Vessel; or
	 
	 	3.11.3	 	if it consists of a constructive or compromised or arranged or agreed total
loss or damage to the Vessel rendering repair impracticable or uneconomical or
rendering the Vessel permanently unfit for normal use, at noon Greenwich Mean
Time on the date on which notice claiming the loss of the Vessel is given to
its insurers.






	 	3.12	 	Cancellation in case of sale of a Vessel






If a Vessel is sold by the relevant Owner with the prior consent of the Majority
Lenders (which consent is not to be unreasonably withheld or delayed), then the
Borrower will concurrent with completion of the sale cancel and prepay the relevant
amount in accordance with Clause 3.3 and Clause 13.1. Subject to Clause 3.4,
prepayment of the relevant amount consequent upon the permitted sale of the relevant
Vessel shall absolve the Borrower from any liability to pay prepayment fees or costs
other than legal, registration or other costs incurred in relation to the release
and discharge of the Security Documents.



23









 






	 	4	 	Interest






	 	4.1	 	Payment of interest






The Borrower shall pay interest on each Drawing at the Interest Rate applicable for
each Interest Period in respect thereof which interest shall be payable in arrears
on each Interest Payment Date.




	 	4.2	 	Selection and duration of Interest Periods






	 	4.2.1	 	The Borrower may give notice to the Agent to be received by
the Agent not later than 9.00 a.m. London time four (4) Business Days prior to
the commencement of each Interest Period in respect of a Revolving Credit
Facility Drawing, specifying whether that Interest Period is to be of one (1)
month’s or three (3) or six (6) months’ duration or of such other period as the
Borrower and all the Lenders may agree PROVIDED THAT no more than three (3)
Interest Periods of one (1) month’s duration may be requested in any one (1)
calendar year in respect of the Revolving Credit Facility. Interest Periods
shall commence, in the case of the first in respect of a Revolving Credit
Facility Drawing, on the relevant Advance Date and, in the case of Interest
Periods other than the first, on the expiry of the preceding Interest Period.
Each Interest Period shall, subject to the following provisions of this Clause
4, be of a duration selected by the Borrower as above PROVIDED THAT the final
Interest Period in respect of a Revolving Credit Facility Drawing shall end on
the Maturity Date of that Revolving Credit Facility Drawing.
	 
	 	4.2.2	 	The Borrower may give notice to the Swingline Lender with a
copy to the Agent, to be received by the Swingline Lender and the Agent not
later than 10.00 a.m. New York time on the Advance Date in respect of a
Swingline Facility Drawing, specifying whether that Interest Period is to be of
one (1), two (2), three (3), four (4) or five (5) Business Days’ duration.
Interest Periods shall commence on the relevant Advance Date. Each Interest
Period shall, subject to the following provisions of this Clause 4, be of a
duration selected by the Borrower as above PROVIDED THAT no Interest Period in
respect of a Swingline Facility Drawing shall end after the Final Maturity
Date.






	 	4.3	 	No notice and unavailability






If the Borrower fails to select an Interest Period in accordance with Clause 4.2 or
the Agent certifies that deposits for the period selected by the Borrower are not
available to each of the Lenders in the ordinary course of business in the relevant
interbank eurocurrency market to fund the Drawing, the Borrower shall be deemed to
have selected an Interest Period of three (3) months (or such other period as the
Agent may in its sole discretion decide).




	 	4.4	 	Extension and shortening of Interest Periods






	 	4.4.1	 	If an Interest Period would otherwise end on a day which is
not a Business Day, the Interest Period shall be extended until the next
following Business Day unless the next following Business Day falls in the next






24










 






calendar month in which case the Interest Period will be shortened to expire
on the preceding Business Day.




	 	4.4.2	 	If an Interest Period commences on the last Business Day in a
month and if there is no day in the month in which the Interest Period will end
which corresponds numerically to the day on which it begins, the Interest
Period shall end on the last Business Day in that month.






	 	4.5	 	Interest Rate






	 	4.5.1	 	Subject to Clause 4.7, Clause 5.3 and Clause 6, the rate of
interest applicable to a Revolving Credit Facility Drawing during an Interest
Period shall be the rate per annum which is the sum of LIBOR, the Applicable
Margin and Mandatory Costs.
	 
	 	4.5.2	 	Subject to Clause 4.7 and Clause 6, the rate of interest
applicable to a Swingline Facility Drawing during an Interest Period shall be
the rate per annum which is the sum of the British Bankers’ Association
overnight rate for Dollars which appears on the Reuters BBA Page LIBOR 01 at or
about 11.00 a.m. London time on the Advance Date, the aggregate of the
Applicable Margin and [**] [Confidential Treatment] per cent [**] [Confidential Treatment] and Mandatory
Costs.






	 	4.6	 	Bank basis






Interest, commitment fee and any other payments hereunder or under the fee letter
referred to in Clause 14.2 or any other fee letter of an annual nature shall accrue
from day to day and be computed on the basis of a year of three hundred and sixty
(360) days and for the actual number of days elapsed.




	 	4.7	 	Default interest






If the Borrower fails to pay on the due date any sum due under this Agreement or any
of the other Security Documents to which it may at any time be a party, the Borrower
shall, without affecting any other remedy of the Agent or the Lenders, on demand pay
interest on such sum from the due date to the actual date of payment (as well after
as before judgment). Such interest shall accrue on a daily basis at the higher of
the Interest Rate fixed for the latest Interest Period and the rate computed by the
Agent and certified by the Agent to the Borrower as being the aggregate of (a) the
Applicable Margin (plus [**] [Confidential Treatment] if the relevant
Interest Period is in respect of a Swingline Facility Drawing or an Unpaid Amount
(as defined in Clause 5.3.2)), Mandatory Costs and [**] [Confidential Treatment] and (b) the
greater of (i) in the case of the Lenders, the average (rounded upwards if necessary
to the next integral multiple of [**] [Confidential Treatment]) of the
respective rates per annum at which each of the Lenders is able to acquire in
accordance with its normal practice deposits in Dollars in successive periods of one
(1) month (or for such shorter period as the Agent may in its sole discretion
select) in the relevant interbank eurocurrency market in an amount equivalent to or
comparable with its relevant Contribution to such sum, and, in the case of the
Agent, the rate per annum at which it is able to acquire in accordance with its
normal practice deposits in Dollars in successive periods of one (1) month (or for
such shorter period as the Agent may in its sole discretion select) in the relevant
interbank eurocurrency market in an amount






25









 






equivalent to such sum, as at approximately 11.00 a.m. London time on any relevant
day and (ii) in the case of the Lenders, the average (rounded upwards if necessary
to the next integral multiple of [**] [Confidential Treatment] of the cost
to each of the Lenders of funding its relevant Contribution to such sum, and, in the
case of the Agent, the cost of funding such sum, such interest to be compounded at
the end of the period selected by the Agent and to be payable on demand. In the
event of LIBOR not being available then the Agent shall in its discretion use the
Substitute Basis for its calculation as set out in Clause 6.3.




	5	 	Swingline Facility






	 	5.1	 	Swingline Lender’s participation






The Swingline Lender shall notify the Agent by 9.00 a.m. Oslo time on the Business
Day after it receives a notice from the Borrower pursuant to Clause 2.4.1 of the
amount of the Swingline Facility Drawing.




	 	5.2	 	Relationship with the Revolving Credit Facility






	 	5.2.1	 	The Revolving Credit Facility may be used by way of the
Swingline Facility. The Swingline Facility is not independent of the Revolving
Credit Facility.
	 
	 	5.2.2	 	Notwithstanding any other term of this Agreement the Swingline
Lender is only obliged to advance a Swingline Facility Drawing to the extent
that it would not result in its Commitment in the Facility exceeding its
Available Commitment after the earlier of the relevant Due Date and the
relevant Reallocation Date.






	 	5.3	 	Reallocation






	 	5.3.1	 	If a Swingline Facility Drawing is not repaid in full on its
due date (the “Due Date”), the Agent shall (on being requested to do so in
writing by the Swingline Lender) set the date (the “Reallocation Date”) on
which payments shall be made between the Lenders to re-distribute the unpaid
amount between them. The Reallocation Date shall be the third (3rd)
Business Day after the Due Date. The Agent shall give notice to each affected
Lender of the Reallocation Date not later than 10.00 a.m. London time two (2)
Business Days prior to the Reallocation Date and notify it of the amounts to be
paid or received by it. Interest shall be payable on the Swingline Facility
Drawing between the Due Date and the Reallocation Date in accordance with
Clause 5.3.2. The Interest Period shall commence on the Due Date and expire on
the Reallocation Date.
	 
	 	5.3.2	 	On the Reallocation Date each Lender shall pay to the Agent
its proportion of the Unpaid Amount less its Unpaid Swingline Participation (if
any). If this produces a negative figure for a Lender no amount need be paid
by that Lender. Any such payment made shall be deemed to be a Contribution of
that Lender to a Revolving Credit Facility Drawing. The Interest Rate
applicable to the Unpaid Amount shall be the rate per annum which is the sum of
LIBOR, the aggregate of the Applicable Margin and [**] [Confidential Treatment] and Mandatory Costs. The Interest Period shall be of one (1)
month’s duration. The provisions of






26









 






	 	 	 	Clause 2.3 shall not apply to the deemed Revolving Credit Facility Drawing.






The “proportion” of a Lender means the proportion
borne by:




	 	(a)	 	its Commitment (or, if its Commitment is then
zero, its Commitment immediately prior to its reduction to zero) minus
its Contribution to the Facility (but ignoring its Contribution to the
unpaid Swingline Facility Drawing): to
	 
	 	(b)	 	the aggregate of the Available Commitments (or,
if the Commitments are then zero, the Commitments immediately prior to
their reduction to zero) minus any outstanding Revolving Credit
Facility Drawings (but ignoring the unpaid Swingline Facility Drawing).






The “Unpaid Amount” means, in relation to a Swingline Facility Drawing, any
principal not repaid and/or any interest accrued but unpaid on that
Swingline Facility Drawing calculated from the Advance Date to the
Reallocation Date.




The “Unpaid Swingline Participation” of a Lender means that part of the
Unpaid Amount (if any) owed to that Lender (before any redistribution under
this Clause 5.3).




	 	5.3.3	 	Out of the funds received by the Agent pursuant to Clause
5.3.2 the Agent shall pay to the Swingline Lender an amount equal to the
Shortfall (if any) of the Swingline Lender where:






The “Shortfall” of the Swingline Lender is an amount equal to its Unpaid
Swingline Participation minus its proportion of the Unpaid Amount.




	 	5.3.4	 	(a) On a payment under this Clause 5.3, the paying Lender will
be subrogated to the rights of the Swingline Lender.
	 
	 	(b)	 	If and to the extent a paying Lender is not
able to rely on its rights under Clause 5.3.4(a), the Borrower shall be
liable to the paying Lender for a debt equal to the amount the paying
Lender has paid under this Clause 5.3.
	 
	 	(c)	 	Any payment under this Clause 5.3 does not
reduce the obligations in aggregate of any Obligor.






	6	 	Substitute Basis of Funding






	 	6.1	 	Market disturbance






Notwithstanding anything to the contrary in this Agreement, if prior to the
commencement of any Interest Period the Agent shall determine in good faith (which
determination shall be conclusive and binding on the parties hereto) that:




	 	6.1.1	 	by reason of circumstances affecting the relevant interbank
eurocurrency market adequate and fair means do not exist for ascertaining the
Interest Rate during such Interest Period pursuant to Clause 4 or Clause 5; or




27









 






	 	6.1.2	 	deposits in Dollars of equal duration to such Interest Period
will not be available to any of the Lenders in the relevant interbank
eurocurrency market in sufficient amounts in the ordinary course of business to
fund its relevant Contribution during such Interest Period; or
	 
	 	6.1.3	 	by reason of any material change in applicable law or
regulation or of any change in national or international financial or economic
conditions any of the Lenders is unable to fund or to continue to fund its
relevant Contribution during such Interest Period by deposits obtained in the
relevant interbank eurocurrency market,






then the Agent shall promptly give a notice (being a Suspension Notice), containing
full particulars thereof in reasonable detail to the Borrower.




	 	6.2	 	Suspension of drawdown






If a Suspension Notice is given by the Agent before the advance of a Drawing in
accordance with Clause 2 then the Agent shall not be obliged to advance any Drawing
until notice to the contrary is given by the Agent. During the period of thirty
(30) days from the giving of such Suspension Notice, the Agent and any Lender
affected by the relevant market disturbance shall consult in good faith with the
Borrower with a view to agreeing to an alternative basis for advancing of the
Facility or any relevant part thereof. If such alternative basis is agreed between
the Borrower, the Agent and the relevant Lender or Lenders, it shall apply in
accordance with its terms.




	 	6.3	 	Certificates of Substitute Basis






	 	6.3.1	 	If a Drawing has been advanced before a Suspension Notice is
given, the Lender or Lenders affected by the relevant market disturbance shall
within thirty (30) days following the date of the Suspension Notice, certify
(through the Agent) in good faith to the Borrower an alternative basis (being
the Substitute Basis) for maintaining its relevant Contribution affected by the
relevant market disturbance. Such Substitute Basis may be retroactive to the
beginning of the then current Interest Period in respect of the Drawing and may
include an alternative method of fixing the Interest Rate (which shall reflect
the cost to the relevant Lender or Lenders of funding its relevant Contribution
from other sources plus the Applicable Margin) or alternative Interest Periods
for the relevant Drawing, provided always that so far as practicable any such
Substitute Basis shall be computed in a manner and for periods as similar as
possible to those provided in Clause 4.
	 
	 	6.3.2	 	Each Substitute Basis so certified shall be binding upon the
Borrower, the Agent and the Lenders and shall be treated as part of this
Agreement.






	 	6.4	 	Review






So long as any Substitute Basis is in force, the Agent, in consultation with the
Borrower and the Lenders, shall from time to time, but not less often than monthly,
review whether or not the circumstances referred to in Clause 6.1 still prevail with
a view to returning to the normal provisions of this Agreement.



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	7	 	Payments






	 	7.1	 	Place for payment






Subject to Clause 13.3, all payments by the Borrower under this Agreement or any of
the other Security Documents to which it may at any time be a party shall be made to
the Agent in Same Day Funds to Bank of New York, New York, for the account of DnB
NOR Bank ASA, Oslo account no [**] [Confidential Treatment] by 10.00 a.m. New York time, or such other
account or bank as the Agent may from time to time designate.




	 	7.2	 	Deductions and grossing-up






	 	7.2.1	 	Each payment to be made by the Borrower to the Agent or the
Lenders hereunder or under the fee letter referred to in Clause 14.2 or any
other fee letter shall be made free and clear of and without deduction for or
on account of Taxes unless the Borrower is required by law to make such a
payment subject to the deduction or withholding of Taxes, in which case the sum
payable by the Borrower in respect of which such deduction or withholding is
required to be made shall be increased to the extent necessary to ensure that,
after the making of such deduction or withholding, the Agent or the Lenders
receives and retains (free from any liability in respect of any such deduction
or withholding) a net sum equal to the sum which it would have received and so
retained had no such deduction or withholding been made or required to be made.
	 
	 	7.2.2	 	Without prejudice to the provisions of Clause 7.2.1, if any
Lender or the Agent on its behalf or the Agent is required to make any payment
on account of tax (not being a tax imposed on the net income of its Lending
Branch by the jurisdiction in which it is incorporated or in which its Lending
Branch is located or any other tax existing and applicable on the Signing Date
under the laws of any jurisdiction) or otherwise on or in relation to any sum
received or receivable hereunder by such Lender or the Agent on its behalf or
the Agent (including, without limitation, any sum received or receivable under
this Clause 7) or any liability in respect of any such payment is asserted,
imposed, levied or assessed against such Lender or the Agent on its behalf or
the Agent, the Borrower shall, upon demand of the Agent, indemnify such Lender
or the Agent on its behalf or the Agent against such payment or liability,
together with any interest, penalties and expenses payable or incurred in
connection therewith other than interest penalties and expenses that are
otherwise imposed or asserted on account of the bad faith or wilful neglect of
such Lender or the Agent on its behalf or the Agent. If any Lender or the
Agent proposes to make a claim under the provisions of this Clause 7.2.2 it
shall certify to the Borrower in reasonable detail within thirty (30) days (or
such longer period as any Lender or the Agent may reasonably require) after
becoming aware of the event by reason of which it is entitled to make its claim
or claims the basis of its claim or claims, such certificate to be conclusive,
save for manifest error.






29









 












	 	7.3	 	Production of receipts for Taxes






If the Borrower makes any payment hereunder in respect of which it is required by
law to make any deduction or withholding, it shall pay the full amount to be
deducted or withheld to the relevant taxation or other authority within the time
allowed for such payment under applicable law and shall deliver to the Agent within
thirty (30) days after it has made such payment to the applicable authority any
original receipt issued by such authority evidencing the payment to such authority
of all amounts so required to be deducted or withheld from such payment.




If an additional payment is made under Clause 7.2.2 and any Lender or the Agent on
its behalf or the Agent determines that it has received or been granted a credit
against or relief of or calculated with reference to the deduction or withholding
giving rise to such additional payment, such Lender or the Agent on its behalf or
the Agent shall, to the extent that it can do so without prejudice to the retention
of the amount of such credit, relief, remission or repayment, pay to the Borrower
such amount as such Lender or the Agent on its behalf or the Agent shall in its
opinion have concluded to be attributable to the relevant deduction or withholding.
Any such payment shall be conclusive evidence of the amount due to the Borrower
hereunder and shall be accepted by the Borrower in full and final settlement of its
rights of reimbursement hereunder in respect of such deduction or withholding.
Nothing herein contained shall interfere with the right of any Lender and the Agent
to arrange their respective tax affairs in whatever manner they think fit.




	 	7.4	 	Currency of account






Unless the Agent agrees or requires otherwise in accordance with the terms of this
Agreement:




	 	7.4.1	 	a repayment or payment of all or part of the Facility, the
Revolving Credit Facility, the Swingline Facility or any sum due and payable
but unpaid by any Obligor (other than the Manager) under the Security Documents
shall be made in the currency in which the Facility, the Revolving Credit
Facility, the Swingline Facility or such unpaid sum is denominated on its due
date;
	 
	 	7.4.2	 	each payment of interest shall be made in the currency in
which the sum in respect of which the interest is payable was denominated when
that interest accrued; and
	 
	 	7.4.3	 	each payment in respect of costs, expenses or Taxes shall be
made in the currency in which the costs, expenses or Taxes are incurred






	 	7.5	 	Money of account






If any sum due from the Borrower under this Agreement or any other Security Document
to which it may at any time be a party, or any order or judgment given or made in
relation thereto, has to be converted from the currency (the “first currency”) in
which the same is payable under such Security Document, order or judgment into
another currency (the “second currency”) for the purpose of:



30









 






	 	7.5.1	 	making or filing a claim or proof against the Borrower;
	 
	 	7.5.2	 	obtaining an order or judgment in any court or other tribunal; or
	 
	 	7.5.3	 	enforcing any order or judgment given or made in relation thereto;






the Borrower shall indemnify and hold harmless the Finance Parties from and against
any damages or losses suffered as a result of any discrepancy between (a) the rate
of exchange used to convert the sum in question from the first currency into the
second currency and (b) the rate or rates of exchange at which each Lender or the
Agent may in the ordinary course of business purchase the first currency with the
second currency upon receipt of a sum paid to it in satisfaction, in whole or in
part, of any such order, judgment, claim or proof. The above indemnity shall
constitute an obligation of the Borrower separate and independent from its other
obligations and shall apply irrespective of any indulgence granted by the Finance
Parties or any of them.




	 	7.6	 	Accounts






The Agent shall maintain in accordance with its usual practice accounts evidencing
the amounts from time to time lent by and owing to each of the Lenders hereunder or
under any of the other Security Documents. In any legal action or proceeding
arising out of or in connection with this Agreement or any other Security Documents,
the entries made in the accounts so maintained shall be prima facie evidence, save
in the case of manifest error, of the existence and amounts of the obligations of
the Borrower recorded therein.




	 	7.7	 	Earnings






Provided no Event of Default or Possible Event of Default has occurred (following
which the Agent shall (inter alia) be entitled to request the Owners to give notice
pursuant to clause 4 of the Earnings Assignments and apply the Earnings in
accordance with Clause 13.2) the Earnings shall throughout the Security Period be at
the free disposal of the Owners.




	 	7.8	 	Continuing security






The security created by this Agreement and each of the other Security Documents
shall be held by the Agent and/or the Lenders as a continuing security for the
repayment of the Outstanding Indebtedness and the security so created shall not be
satisfied by any intermediate payment or satisfaction of any part of the amount
hereby or thereby secured or by any amendment of this Agreement or any of the other
Security Documents. Such security shall be in addition to and shall not in any way
be prejudiced or affected by any collateral or other security now or hereafter held
by the Agent or the Lenders or any of them for all or any part of the amount hereby
or thereby secured or any other right or remedy of the Agent or the Lenders or any
of them under this Agreement or any of the other Security Documents, by operation of
law or otherwise howsoever arising. All the powers arising from any and all such
security may be exercised from time to time as the Agent or the Lenders or any of
them may deem expedient.



31









 






	 	7.9	 	Mitigation






Without affecting the Borrower’s obligations under Clause 7.2 the affected Lender or
the Agent shall take such reasonable steps as may be open to it to mitigate the
effect of any tax withholding requirement. The reasonable costs of mitigating the
effect shall be borne by the Borrower.




	8	 	Yield Protection and Force Majeure






	 	8.1	 	Increased costs






	 	8.1.1	 	If by reason of:






	 	(a)	 	any change in law or in its interpretation or
administration after the Signing Date; and/or
	 
	 	(b)	 	after the Signing Date compliance with any
request from or requirement of any central bank or other fiscal,
monetary or other authority including but without limitation the Basle
Committee on Banking Supervision whether or not having the force of
law:






	 	(i)	 	any of the Lenders or an
Associated Company incurs a cost as a result of the relevant
Lender performing its obligations under this Agreement and/or
its advancing its Contribution hereunder; or
	 
	 	(ii)	 	there is any increase in the
cost to any of the Lenders or an Associated Company of the
relevant Lender funding or maintaining all or any of the
advances comprised in a class of advances formed by or
including its Contribution advanced or to be advanced by it
hereunder; or
	 
	 	(iii)	 	any of the Lenders or an
Associated Company incurs a cost as a result of the relevant
Lender having entered into and/or its assuming or maintaining
its commitment under this Agreement; or
	 
	 	(iv)	 	any of the Lenders or an
Associated Company becomes liable to make any payment on
account of Tax or otherwise (other than Tax on its overall net
income) on or calculated by reference to the amount of the
relevant Lender’s Contribution advanced or to be advanced
hereunder and/or any sum received or receivable by it
hereunder; or
	 
	 	(v)	 	any of the Lenders or an
Associated Company suffers any decrease in its rate of return
as a result of any changes in the requirements relating to
capital ratios, monetary control ratios, reserve assets, the
payment of special deposits, liquidity costs or other similar
requirements affecting that Lender or Associated Company,




32









 












except to the extent included in the Mandatory Cost then the Borrower shall
from time to time on demand pay to the Agent for the account of the relevant
Lender, Lenders, Associated Company or Associated Companies amounts
sufficient to indemnify the relevant Lender, Lenders, Associated Company or
Associated Companies against, as the case may be, such cost, such increased
cost (or such proportion of such increased cost as is in the reasonable
opinion of the relevant Lender, Lenders, Associated Company or Associated
Companies attributable to the funding or maintaining of the relevant Lender
or Lenders’ Contribution(s) hereunder) or such liability.




	 	8.1.2	 	A Lender affected by any provision of Clause 8.1.1 shall
promptly inform the Agent after becoming aware of the relevant change or
request and its possible results and the Agent shall, as soon as reasonably
practicable thereafter, notify the Borrower of the change or request and its
possible results. Without affecting the Borrower’s obligations under Clause
8.1.1 and in consultation with the Agent, the affected Lender will then take
all such reasonable steps as may be open to it to mitigate the effect of the
change or request (for example (if then possible) by changing its Lending
Branch or transferring some or all of its rights and obligations under this
Agreement to another financial institution reasonably acceptable to the Agent
and after consultation with the Borrower). The reasonable costs of mitigating
the effect of any such change shall be borne by the Borrower save where such
costs are of an internal administrative nature and are not incurred in dealings
by any Lender with third parties.






	 	8.2	 	Force Majeure






Where the Agent or any Lender (the “Non-Performing Party”) is prevented from
performing any of its obligations under this Agreement by reason of Force Majeure
this Agreement shall remain in effect but the Non-Performing Party’s relevant
obligations shall be suspended for so long as the Force Majeure continues and to the
extent that the Non-Performing Party is so prevented, PROVIDED THAT:




	 	8.2.1	 	the suspension of performance is of no greater scope and of no
longer duration than is required by the Force Majeure;
	 
	 	8.2.2	 	the obligations of the Non-Performing Party shall not be
excused as a result of the Force Majeure; and
	 
	 	8.2.3	 	in respect of the suspension of the Non-Performing Party’s
obligations:






	 	(a)	 	the Non-Performing Party gives the Agent prompt
written notice which the Agent shall forthwith upon receipt send to the
Borrower describing the circumstances of Force Majeure (including the
nature of the occurrence, its expected duration and the effects of the
Force Majeure on the ability of the Non-Performing Party to perform its
relevant obligations), and continues to furnish weekly reports with
respect thereto during the period of Force Majeure;
	 
	 	(b)	 	the Non-Performing Party uses all reasonable
efforts to remedy its inability to perform and to mitigate the effects
of the Force Majeure; and




33









 






	 	(c)	 	as soon as reasonably possible after the
cessation of the Force Majeure the Non-Performing Party shall notify
the Agent (who shall notify the Borrower) in writing of such cessation
and shall resume performance of its obligations under this Agreement if
such resumption is then possible.






	9	 	Representations and Warranties






	 	9.1	 	Duration






The representations and warranties in Clause 9.2 shall survive the execution of this
Agreement and shall be deemed to be repeated, with reference mutatis mutandis to the
facts and circumstances subsisting, as if made on each day until the Borrower has no
remaining obligations, actual or contingent, under or pursuant to this Agreement or
any of the other Security Documents.




	 	9.2	 	Representations and warranties






The Borrower represents and warrants to the Finance Parties that:




	 	9.2.1	 	Status Each Obligor is a corporation duly organised,
constituted and validly existing under the laws of the country of its
incorporation, possessing perpetual corporate existence, the capacity to sue
and be sued in its own name and the power to own and charge its assets and
carry on its business as it is now being conducted.
	 
	 	9.2.2	 	Powers and authority Each of the Obligors has the power to
enter into and perform this Agreement and those of the other Security Documents
to which it is a party and the transactions contemplated hereby and thereby and
has taken all necessary action to authorise the entry into and performance of
this Agreement and such other Security Documents and such transactions.
	 
	 	9.2.3	 	Legal validity This Agreement constitutes legal, valid and
binding obligations of the Borrower enforceable in accordance with its terms
and in entering into this Agreement and borrowing the Facility, the Borrower is
acting on its own account. Each other Transaction Document constitutes (or
will constitute when executed) legal, valid and binding obligations of each
Obligor expressed to be a party thereto enforceable in accordance with their
respective terms.
	 
	 	9.2.4	 	Non-conflict with laws The entry into and performance of this
Agreement and the other Transaction Documents and the transactions contemplated
hereby and thereby do not and will not conflict with:






	 	(a)	 	any law or regulation or any official or judicial order; or
	 
	 	(b)	 	the constitutional documents of any Obligor; or
	 
	 	(c)	 	any agreement or document to which any Obligor
is a party or which is binding upon such Obligor or any of its assets,





34









 











nor result in the creation or imposition of any Encumbrance on an Obligor or
its assets pursuant to the provisions of any such agreement or document.




	 	9.2.5	 	No default Save as disclosed in writing to the Agent prior to
the Signing Date, no event has occurred which constitutes a default under or in
respect of any Transaction Document to which any Obligor is a party or by which
any Obligor may be bound (including (inter alia) this Agreement) and no event
has occurred which, with the giving of notice, lapse of time, determination of
materiality or other condition might constitute a default under or in respect
of any such Transaction Document and no event has occurred which constitutes a
default under or in respect of any agreement or document to which any Obligor
is a party or by which any Obligor may be bound to an extent or in a manner
which might have a material adverse effect on its business, assets or financial
condition and no event has occurred which, with the giving of notice, lapse of
time, determination of materiality or other condition might constitute a
default under or in respect of any such agreement or document.
	 
	 	9.2.6	 	Consents Except for the filing of those Security Documents
which require registration in the Companies Registries in England and Wales,
the Isle of Man, the United States of America and/or Bermuda, which filing must
be completed within twenty one (21) days and one (1) month respectively of the
execution of the relevant Security Document(s) in the case of England and Wales
and the Isle of Man, and for the registration of the Mortgages through the
Bahamas Maritime Authority, all authorisations, approvals, consents, licences,
exemptions, filings, registrations, notarisations and other matters, official
or otherwise, required in connection with the entry into, performance, validity
and enforceability of this Agreement and each of the other Transaction
Documents and the transactions contemplated thereby have been obtained or
effected and are in full force and effect.
	 
	 	9.2.7	 	Accuracy of information All information furnished by any
Obligor relating to the business and affairs of any Obligor in connection with
this Agreement and the other Transaction Documents was and remains true and
correct in all material respects and there are no other material facts or
considerations the omission of which would render any such information
misleading.
	 
	 	9.2.8	 	Full disclosure Each Obligor has fully disclosed in writing
to the Agent all facts relating to each Obligor which it knows or should
reasonably know and which might reasonably be expected to influence the Lenders
in deciding whether or not to enter into this Agreement.
	 
	 	9.2.9	 	No Encumbrances None of the assets or rights of any Obligor
is subject to any Encumbrance except Permitted Liens.
	 
	 	9.2.10	 	Pari passu or priority status The claims of the Finance Parties against the
Borrower under this Agreement will rank at least pari passu with the claims of
all unsecured creditors of the Borrower (other than claims of such creditors to
the extent that they are statutorily preferred) and in




35









 






	 	 	 	priority to the claims of any creditor of the Borrower who is also an
Obligor.
	 
	 	9.2.11	 	Solvency The Obligors are and shall remain, after the advance to them of the
Facility or any of it, solvent in accordance with the laws of Bermuda and the
United Kingdom and in particular with the provisions of the United Kingdom’s
Insolvency Act 1986 (as from time to time amended) and the requirements
thereof.
	 
	 	9.2.12	 	Winding-up, etc. Subject to Clause 10.11, neither the Borrower nor any other
Obligor has taken any corporate action nor have any other steps been taken or
legal proceedings been started or (to the best of its knowledge and belief)
threatened against any of them for the winding-up, dissolution or for the
appointment of a liquidator, administrator, receiver, administrative receiver,
trustee or similar officer of any of them or any or all of their assets or
revenues nor have either sought any other relief under any applicable
insolvency or bankruptcy law.
	 
	 	9.2.13	 	Accounts The consolidated audited accounts of the NCLC Group for the period
ending on 31 December of each financial year during the period of this
Agreement (which accounts will be prepared in accordance with US GAAP) will
fairly represent the financial condition of the NCLC Group as shown in such
audited accounts.
	 
	 	9.2.14	 	Litigation Save as disclosed in the Disclosure Letter and/or the Borrower’s
most recent US Securities Exchange Commission filing, no litigation,
arbitration or administrative proceedings of or before any court, arbitral body
or agency (including but not limited to investigative proceedings) are current
or pending or, to its knowledge, threatened, which might, if adversely
determined, have a Material Adverse Effect. For the avoidance of doubt, the
disclosure of any such litigation, arbitration or administrative proceedings
after the Signing Date shall not be deemed to be a fact and circumstance
subsisting at any time that this representation is deemed to be repeated
pursuant to Clause 9.1.
	 
	 	9.2.15	 	Tax liabilities To the best of its knowledge, the NCLC Group has complied
with all taxation laws in all jurisdictions in which it is subject to Taxation
and has paid all material Taxes due and payable by it; no material claims are
being asserted against it with respect to Taxes, which might, if such claims
were successful, have a material adverse effect on the ability of any Obligor
to perform its obligations under the Transaction Documents.
	 
	 	9.2.16	 	Ownership of assets Each member of the NCLC Group has good and marketable
title to all its assets which is reflected in the audited accounts referred to
in Clause 9.2.13.
	 
	 	9.2.17	 	No immunity None of the Obligors nor any of their respective assets enjoys
any right of immunity (sovereign or otherwise) from set-off, suit or execution
in respect of their obligations under this Agreement or any of the other
Transaction Documents or by any relevant or applicable law.




36









 






	 	9.2.18	 	Taxes on payments As at the Signing Date all amounts payable by the Borrower
hereunder may be made free and clear of and without deduction for or on account
of any Taxation.
	 
	 	9.2.19	 	Place of business None of the Obligors has a place of business in any
jurisdiction (except as already disclosed) which requires any of the Security
Documents to be filed or registered in that jurisdiction to ensure the validity
of the Security Documents to which it is a party.
	 
	 	9.2.20	 	Ownership of shares All the shares in each of the Owners and the Manager
shall be legally and beneficially owned directly or indirectly by the Borrower
and such structure shall remain so throughout the Security Period. Further, no
Event of Default has occurred under Clause 12.1.16 in respect of the ownership
and/or control of the shares in the Borrower.
	 
	 	9.2.21	 	Completeness of documents The copies of the Management Agreements and any
other relevant third party agreements delivered to the Agent are true and
complete copies of each such document constituting valid and binding
obligations of the parties thereto enforceable in accordance with their
respective terms and no amendments thereto or variations thereof have been
agreed other than (if applicable), in the case of the Management Agreements, in
accordance with clause 6.1.17 of the two (2) deeds of covenants collateral to
the two (2) first priority statutory Bahamian ship mortgages, as amended by the
Co-ordination Deeds, to be granted by each of the Owners over its Vessel nor
has any action been taken by the parties thereto which would in any way render
such document inoperative or unenforceable.
	 
	 	9.2.22	 	No undisclosed commissions There are and will be no commissions, rebates,
premiums or other payments by or to or on account of any Obligor, their
shareholders or directors in connection with the transaction as a whole other
than as disclosed to the Agent in writing.
	 
	 	9.2.23	 	Environment Each of the Obligors:






	 	(a)	 	is in compliance with all applicable federal,
state, local, foreign and international laws, regulations, conventions
and agreements relating to pollution prevention or protection of human
health or the environment (including, without limitation, ambient air,
surface water, ground water, navigable waters, water of the contiguous
zone, ocean waters and international waters), including without
limitation, laws, regulations, conventions and agreements relating to:






	 	(i)	 	emissions, discharges, releases
or threatened releases of chemicals, pollutants, contaminants,
wastes, toxic substances, hazardous materials, oil, hazard
substances, petroleum and petroleum products and by-products
(“Materials of Environmental Concern”); or
	 
	 	(ii)	 	the manufacture, processing,
distribution, use, treatment, storage, disposal, transport or
handling of Materials of




37









 






	 	 	 	Environmental Concern (such laws, regulations, conventions
and agreements the “Environmental Laws”);






	 	(b)	 	has all permits, licences, approvals, rulings,
variances, exemptions, clearances, consents or other authorisations
required under applicable Environmental Laws (“Environmental
Approvals”) and are in compliance with all Environmental Approvals
required to operate its business as presently conducted or as
reasonably anticipated to be conducted;
	 
	 	(c)	 	has not received any notice, claim, action,
cause of action, investigation or demand by any other person, alleging
potential liability for, or a requirement to incur, investigatory
costs, clean-up costs, response and/or remedial costs (whether incurred
by a governmental entity or otherwise), natural resources damages,
property damages, personal injuries, attorney’s fees and expenses or
fines or penalties, in each case arising out of, based on or resulting
from:






	 	(i)	 	the presence or release or
threat of release into the environment of any Material of
Environmental Concern at any location, whether or not owned by
such person; or
	 
	 	(ii)	 	circumstances forming the basis
of any violation, or alleged violation, of any Environmental
Law or Environmental Approval (“Environmental Claim”),






which is material; and




there are no circumstances that may prevent or interfere with such full
compliance in the future.




There is no Environmental Claim pending or threatened against any of the
Obligors which the Borrower, in its reasonable opinion, believes to be
material.




There are no past or present actions, activities, circumstances, conditions,
events or incidents, including, without limitation, the release, emission,
discharge or disposal of any Material of Environmental Concern, that the
Borrower reasonably believes could form the basis of any bona fide material
Environmental Claim against any of the Obligors.




	 	9.2.24	 	Money laundering Any borrowing by the Borrower hereunder, and the
performance of its obligations hereunder and under the other Security
Documents, will be for its own account and will not, to the best of its
knowledge, involve any breach by it of any law or regulatory measure relating
to “money laundering” as defined in Article 1 of the Directive (91/308/EEC) of
the Council of the European Communities.




38









 












	10	 	Undertakings






	 	10.1	 	Duration






The undertakings in this Clause 10 shall remain in full force and effect until the
Borrower has no remaining obligations, actual or contingent, under or pursuant to
this Agreement or any of the other Security Documents.




	 	10.2	 	Information






The Borrower will provide to the Agent (or will procure the provision of):




	 	10.2.1	 	as soon as practicable (and in any event within one hundred and twenty (120)
days after the close of each of its financial years) a Certified Copy of its
Accounts (commencing with the audited accounts made up to 31 December 2006);
	 
	 	10.2.2	 	as soon as practicable (and in any event within sixty (60) days after the
close of each of the first three (3) quarters of each financial year) a
Certified Copy of the unaudited consolidated accounts of the NCLC Group for
that quarter (commencing with the unaudited accounts made up to 31 March 2007);
	 
	 	10.2.3	 	as soon as practicable (and in any event within one hundred and twenty (120)
days after the close of each financial year), beginning with the financial year
ending 31 December 2006, annual cash flow projections on a consolidated basis
of the NCLC Group showing on a monthly basis advance ticket sales (for at least
twelve (12) months following the date of such statement) for the NCLC Group;
	 
	 	10.2.4	 	as soon as practicable (and in any event not later than 31 January of each
financial year):






	 	(a)	 	a budget for the NCLC Group for such new
financial year including a twelve (12) month liquidity budget for such
new financial year;
	 
	 	(b)	 	updated financial projections of the NCLC Group
for at least the next five (5) years (including income statement,
balance sheet and cash flow projections for the NCLC Group); and
	 
	 	(c)	 	an outline of the assumptions supporting the
budget and financial projections referred to in paragraphs (a) and (b)
of this Clause 10.2.4;






	 	10.2.5	 	within fifteen (15) days of a request from the Agent (but at intervals no
more frequently than annually at the Borrower’s expense unless an Event of
Default has occurred and is continuing), a valuation of each of the Vessels
obtained in accordance with the provisions of Clause 10.17;
	 
	 	10.2.6	 	as soon as practicable (and in any event within sixty (60) days after the
close of each of the first three (3) quarters of its financial year and within
one hundred and twenty (120) days after the close of each financial year)




39









 






	 	 	 	a statement signed by the NCLC Group’s chief financial officer in the form
of Schedule 6 (commencing with the fourth quarter of the financial year
ending 31 December 2006) and such other information as the Agent may
request;
	 
	 	10.2.7	 	promptly, such further information in its possession or control regarding its
financial condition and operations and those of any company in the NCLC Group
as the Agent may request; and
	 
	 	10.2.8	 	on a quarterly basis, details of any material litigation, arbitration or
administrative proceedings affecting any Obligor which are instituted and
served, or, to the knowledge of the Borrower, threatened (and for this purpose
proceedings shall be deemed to be material if they involve a claim in an amount
exceeding [**] [Confidential Treatment] Dollars [**] [Confidential Treatment] or the equivalent in another
currency).






All accounts required under this Clause 10.2 shall be prepared in accordance with US
GAAP and shall fairly represent the financial condition of the relevant company.




	 	10.3	 	Financial Undertakings






The Borrower will ensure that:




	 	10.3.1	 	at all times the minimum Free Liquidity will be not less than [**] [Confidential Treatment]
Dollars [**] [Confidential Treatment];
	 
	 	10.3.2	 	either:






	 	(a)	 	as at 30 September 2006 and as at the end of
each subsequent financial quarter the ratio of Consolidated EBITDA to
Consolidated Debt Service for the NCLC Group, computed for the period
of the four (4) consecutive financial quarters ending at the end of the
relevant financial quarter, shall not be less than [**] [Confidential Treatment]; or
	 
	 	(b)	 	at all times during the period of twelve (12)
months ending as at the end of the relevant financial quarter the NCLC
Group has maintained a minimum Free Liquidity in an amount which is not
less than [**] [Confidential Treatment] Dollars [**] [Confidential Treatment]; and






	 	10.3.3	 	as at 30 September 2006 and as at the end of each subsequent financial
quarter, the ratio of Total Net Funded Debt to Total Capitalisation of the NCLC
Group shall not exceed [**] [Confidential Treatment].
	 
	 		 	Amounts available for drawing under the Facility or any other revolving or
other credit facilities of the NCLC Group which remain undrawn at the time
of the relevant calculation shall not be counted as cash or indebtedness for
the purposes of this ratio.







Save as specified in Clause 10.3.2, the ratios referred to in this Clause 10.3 will
be measured on a quarterly basis by reference to the consolidated accounts of the
NCLC Group.





40









 






	 	10.4	 	Dividends






	 	10.4.1	 	During any financial year of the Borrower until the date on which the
Borrower becomes a listed company on an Approved Stock Exchange (on which date
the restriction contained in this Clause 10.4.1 shall cease to apply), the
Borrower shall not and shall procure that no other member of the NCLC Group
shall, pay any dividends or make any other distributions in respect of its
share capital to any person which during any financial year of the Borrower in
aggregate exceeds fifty per cent (50%) of the Consolidated Net Income (if
positive) of the NCLC Group for such financial year PROVIDED HOWEVER THAT
(whether before or after the Borrower becomes a listed company on an Approved
Stock Exchange) the NCLC Group shall not be entitled to pay any dividend or
make any distribution in respect of any of its share capital if an Event of
Default has occurred and is continuing or would occur as a result of the
payment of such dividend or the making of such distribution and shall provide
the Agent with a certificate signed by the chief financial officer of the NCLC
Group confirming that no Event of Default has occurred and is continuing or
would occur as a result of the payment of a dividend or the making of a
distribution before such dividend is paid or distribution is made.
	 
	 	10.4.2	 	Subject to the provisions of Clause 10.4.1, the Borrower will procure that
any dividends or other distributions and interest paid or payable in connection
with such dividends or other distributions will be received promptly by the
Borrower directly or indirectly from the Owners’ shareholder(s) (if such
shareholder is not the Borrower) by way of dividend.






	 	10.5	 	Notification of default






The Borrower will notify the Agent of any Event of Default or Possible Event of
Default forthwith upon any Obligor becoming aware of the occurrence thereof. Upon
the Agent’s request from time to time the Borrower will issue a certificate stating
whether any Obligor is aware of the occurrence of any Event of Default or Possible
Event of Default.




	 	10.6	 	Consents and registrations






The Borrower will procure that (and will promptly furnish Certified Copies to the
Agent of) all such authorisations, approvals, consents, licences and exemptions as
may be required under any applicable law or regulation to enable it or any Obligor
to perform its obligations under, and ensure the validity or enforceability of, each
of the Transaction Documents are obtained and promptly renewed from time to time and
will procure that the terms of the same are complied with at all times. Insofar as
such filings or registrations have not been completed on or before the first Advance
Date the Borrower will procure the filing or registration within applicable time
limits of each Security Document which requires filing or registration together with
all ancillary documents required to preserve the priority and enforceability of the
Security Documents.



41









 






	 	10.7	 	Negative pledge






The Borrower will not create or permit to subsist any Encumbrance on the whole or
any part of its or the Owners’ present or future assets, except for the following:




	 	10.7.1	 	Encumbrances created with the prior consent of the Lenders; or
	 
	 	10.7.2	 	Permitted Liens.






	 	10.8	 	Disposals






Except with the prior consent of all the Lenders, the Borrower shall not (and will
procure that no other company in the NCLC Group shall), either in a single
transaction or in a series of transactions whether related or not and whether
voluntarily or involuntarily, sell, transfer, lease or otherwise dispose of all or a
substantial part of its assets except that the following disposals shall not be
taken into account:




	 	10.8.1	 	disposals made in the ordinary course of trading of the disposing entity
(excluding disposal of ships) including without limitation, the payment of cash
as consideration for the purchase or acquisition of any asset or service or in
the discharge of any obligation incurred for value in the ordinary course of
trading;
	 
	 	10.8.2	 	disposals of cash raised or borrowed for the purposes for which such cash was
raised or borrowed;
	 
	 	10.8.3	 	disposals of assets in exchange for other assets comparable or superior as to
type and value; and
	 
	 	10.8.4	 	a vessel or any other asset owned by any member of the NCLC Group (other than
the Owners) may be sold provided such sale is on a willing seller willing buyer
basis at or about market rate and at arm’s length subject always to the
provisions of any loan documentation for the financing of such vessel or other
asset.






	 	10.9	 	Purchases






Except with the prior consent of all the Lenders, the Borrower shall not (and will
procure that no other company in the NCLC Group shall), either in a single
transaction or in a series of transactions whether related or not purchase any
asset:




	 	10.9.1	 	other than on arm’s length terms;
	 
	 	10.9.2	 	which is not for its use in its ordinary course of business; or
	 
	 	10.9.3	 	the cost of which is more than its fair market value at the date of
acquisition.






	 	10.10	 	Change of name or business






Except with the prior consent of the Majority Lenders, the Borrower shall not change
its name or make or threaten to make any substantial change in its business as
presently conducted or carry on any other business which is



42









 







substantial in relation to its business as presently conducted so as to affect, in
the opinion of the Majority Lenders, the Borrower’s ability to perform its
obligations hereunder and shall not form any further subsidiaries and the Borrower
will procure that the other Obligors continue, throughout the Security Period, to
perform their current business activities PROVIDED THAT any new leisure or
hospitality venture embarked upon by any member of the NCLC Group (other than the
Borrower) shall not constitute a substantial change in its business.




	 	10.11	 	Mergers






Except with the prior consent of the Majority Lenders, the Borrower will not enter
into any amalgamation, restructure, substantial reorganisation, merger, de-merger or
consolidation or anything analogous to the foregoing nor will it acquire any equity,
share capital or obligations of any corporation or other entity and will procure
that no company in the NCLC Group (other than the Shareholder or NCL America
Holdings, Inc.) shall do so.




However, the prior consent of the Majority Lenders shall not be required in respect
of any amalgamation, voluntary cessation of business, consolidation, voluntary
dissolution, solvent liquidation, merger, de-merger, voluntary termination of
existence, solvent winding-up, restructure or other reorganisation (any of which,
for the purposes of this Clause, shall be referred to as a “Reorganisation”)
involving wholly owned (whether directly or indirectly) Subsidiaries of the Borrower
only which does not imperil the security created by any of the Security Documents or
affect the ability of any Obligor duly to perform any of its obligations under any
Security Document to which it may be a party at any time, PROVIDED THAT the Borrower
has first consulted with the Agent with regard to the proposed Reorganisation and
provides evidence satisfactory to the Agent that the Borrower will be in compliance
with the financial undertakings contained in Clause 10.3 after any such
Reorganisation SUBJECT TO:




	 	10.11.1	 	Clause 9.2.20; and
	 
	 	10.11.2	 	the cash flows from which the Outstanding Indebtedness will be repaid
remaining comparable as to amount (relative to the amount of the Outstanding
Indebtedness) and accessibility for the Borrower to the cash flows as at the
Signing Date, in the sole discretion of the Lenders.






For the avoidance of doubt, if the Agent is satisfied the Borrower will be in
compliance with the financial undertakings contained in Clause 10.3 after the
acquisition by a member of the NCLC Group of any shares in any company or
corporation, such acquisition shall not in itself constitute a merger or
consolidation with such company or corporation requiring the consent of the Majority
Lenders under this Clause 10.11.




	 	10.12	 	Maintenance of status and franchises






The Borrower will do all such things as are necessary to maintain its corporate
existence in good standing and will ensure that it has the right and is duly
qualified to conduct its business as it is conducted in all applicable jurisdictions
and will obtain and maintain all franchises and rights necessary for the conduct of
its business.



43









 






	 	10.13	 	Financial records






The Borrower will keep proper books of record and account, in which proper and
correct entries shall be made of all financial transactions and the assets,
liabilities and business of the Borrower in accordance with US GAAP.




	 	10.14	 	Subordination of indebtedness






The Borrower shall procure that any and all indebtedness (and in particular with any
other Obligor) is at all times fully subordinated to the Security Documents and the
obligations of the Borrower hereunder. Upon the occurrence of an Event of Default
or a Possible Event of Default, the Borrower shall not make any repayments of
principal, payments of interest or of any other costs, fees, expenses or liabilities
arising from or representing such indebtedness.




	 	10.15	 	Guarantees






Save as contemplated by this Agreement, the Borrower will procure that none of the
owners of mortgaged vessels in the NCLC Fleet will issue or enter into any guarantee
or indemnity or otherwise become directly or contingently liable for the obligations
of any other person, firm or corporation, otherwise than in the ordinary course of
its business as owner of its vessel.




Subject to the above provision of this Clause, the Borrower will not, and will
procure that no member of the NCLC Group will, issue or enter into any guarantee or
indemnity or otherwise become directly or contingently liable for the obligations of
any other person, firm or corporation without first notifying the Agent with full
details of the amount(s) and the period(s) of the guarantee(s) or indemnity(ies), if
such is or are in excess of (in aggregate (if applicable)) the amount of [**] [Confidential Treatment] Dollars [**] [Confidential Treatment].




	 	10.16	 	Further assurance






The Borrower will, from time to time on being required to do so by the Agent, do or
procure the doing of all such acts and/or execute or procure the execution of all
such documents in a form satisfactory to the Agent as the Agent may reasonably
consider necessary for giving full effect to any of the Transaction Documents or
securing to the Finance Parties or any of them the full benefit of the rights,
powers and remedies conferred upon the Finance Parties or any of them in any such
Transaction Document.




	 	10.17	 	Valuation of the Vessels






	 	10.17.1	 	Each of the Vessels shall for the purposes of this Clause 10.17 be valued in
Dollars by two (2) independent firms of shipbrokers or shipvaluers nominated by
the Borrower and approved by the Agent (acting on the instructions of the
Majority Lenders) or failing such nomination and approval, appointed by the
Agent (acting on such instructions) in its sole discretion (each such valuation
to be made without, unless reasonably required by the Agent, physical
inspection and on the basis of a sale for prompt delivery for cash at arm’s
length on normal commercial terms as between a willing buyer and a willing
seller without taking into account the benefit of any charterparty or other
engagement concerning the






44









 






	 	 	 	Vessel). The first such valuations in respect of each of the Vessels shall
be obtained on or about sixty (60) days prior to the first Advance Date and
thereafter they shall be obtained within fifteen (15) days of a request from
the Agent (but at intervals no more frequently than annually at the
Borrower’s expense unless an Event of Default has occurred and is
continuing). The average of the valuations shall constitute the value of
the Vessel for the purposes of this Clause 10.17.
	 
	 	10.17.2	 	The Borrower shall procure that forthwith upon the issuance of any valuation
obtained pursuant to this Clause 10.17 a copy thereof is sent directly to the
Agent for review.






	 	10.18	 	Marginal security






If at any time the value of the Vessels as assessed in accordance with the
provisions of Clause 10.17:




	 	10.18.1	 	is less than one hundred per cent (100%) of the amount of the aggregate of
the Available Commitments and the Contributions to the Facility during the
period commencing on the Signing Date and ending forty eight (48) months after
the Signing Date;
	 
	 	10.18.2	 	is less than one hundred and ten per cent (110%) of the amount of the
aggregate of the Available Commitments and the Contributions to the Facility
during the period commencing on the date falling forty eight (48) months after
the Signing Date and ending seventy two (72) months after the Signing Date; and
	 
	 	10.18.3	 	thereafter, is less than one hundred and twenty per cent (120%) of the
amount of the aggregate of the Available Commitments and the Contributions to
the Facility,






then the Borrower shall, upon notice from the Agent, within ten (10) Business Days
either:




	 	(a)	 	provide the Agent with additional security acceptable to the
Majority Lenders such that the security value of the Vessels and any additional
security provided to the Agent hereunder (at valuations reasonably estimated by
the Agent from time to time) is at least one hundred per cent (100%), one
hundred and ten per cent (110%) or one hundred and twenty per cent (120%) (as
the case may be) of the aggregate of the Available Commitments and the
Contributions to the Facility; or
	 
	 	(b)	 	reduce the Available Commitments by such an amount that the
value of the security is at least one hundred per cent (100%), one hundred and
ten per cent (110%) or one hundred and twenty per cent (120%) (as the case may
be) of the amount of the aggregate of the Available Commitments and the
Contributions to the Facility.






	 	10.19	 	No dealings with Master Agreements






The Borrower shall not assign, novate or encumber or in any other way transfer any
of its rights or obligations under any Master Agreement.



45









 






	 	10.20	 	Financial year end






The Borrower shall not change its financial year end.




	 	10.21	 	Maintenance and insurance






The Borrower will keep, and will procure that each member of the NCLC Group keeps,
all of its real property and assets properly maintained and in existence and will
comprehensively insure, and will procure that each member of the NCLC Group
comprehensively insures, for its full reinstatement cost all of its property which
is of an insurable nature in such name as the Agent shall in writing approve and on
such terms, for such amounts and of such types as would be effected by prudent
companies carrying on business similar to the Borrower or its Subsidiary (as the
case may be). In particular but without limitation, the Borrower shall procure that
each of the Owners maintains and insures its Vessel in accordance with the
provisions of the relevant Mortgage.




	 	10.22	 	Vessels






The Borrower will procure that each of the Vessels is traded within the NCLC Fleet
from the first Advance Date and throughout the remainder of the Security Period.




	11	 	Rights of the Agent and the Lenders






	 	11.1	 	No derogation of rights






Any rights conferred on the Agent and the Lenders or any of them by this Agreement
or any other Security Document shall be in addition to and not in substitution for
or in derogation of any other right which the Agent and the Lenders or any of them
might at any time have to seek from the Borrower or any other person for payment of
sums due from the Borrower or indemnification against liabilities as a result of the
Borrower’s default in payment of sums due from it under this Agreement or any other
Security Document.




	 	11.2	 	Enforcement of remedies






None of the Agent or the Lenders shall be obliged before taking steps to enforce any
rights conferred on it or them by this Clause or this Agreement or exercising any of
the rights, powers and remedies conferred on it or them hereby or by law:




	 	11.2.1	 	to take action or obtain judgment in any court against the Borrower or any
other person from whom it or they may seek payment of any sum due from the
Borrower under this Agreement or any other Security Document;
	 
	 	11.2.2	 	to make or file any claim in a bankruptcy, winding-up, liquidation or
re-organisation of the Borrower or any other such person; or
	 
	 	11.2.3	 	to enforce or seek to enforce any other rights it or they may have against
the Borrower or any other such person.




46









 












	12	 	Default






	 	12.1	 	Events of default






Each of the events set out below is an Event of Default:




	 	12.1.1	 	Non-payment






The Borrower or any other Obligor (other than the Manager) does not pay on
the due date any amount of principal or interest of the Facility (provided
however that if any such amount is not paid when due solely by reason of
some error or omission on the part of the bank or banks through whom the
relevant funds are being transmitted no Event of Default shall occur for the
purposes of this Clause 12.1.1 until the expiry of three (3) Business Days
following the date on which such payment is due), or within three (3) days
of the due date any other amount, payable by it under any Security Document
to which it may at any time be a party, at the place and in the currency in
which it is expressed to be payable.




	 	12.1.2	 	Breach of other obligations






	 	(a)	 	Any Obligor fails to comply with any other
material provision of any Security Document to which it is a party or
there is any other material breach in the sole opinion of the Agent of
any of the Transaction Documents and such failure (if in the opinion of
the Agent in its sole discretion it is capable of remedy) continues
unremedied for a period of thirty (30) days from the date of its
occurrence and in any such case as aforesaid the Agent in its sole
discretion considers that such failure is or could reasonably be
expected to become materially prejudicial to the interests, rights or
position of the Finance Parties or any of them; or
	 
	 	(b)	 	If there is a repudiation or termination of any
Transaction Document or if any of the parties thereto becomes entitled
to terminate or repudiate any of them and evidences an intention so to
do.






	 	12.1.3	 	Misrepresentation






Any representation, warranty or statement made or repeated in, or in
connection with, any Security Document or in any accounts, certificate,
statement or opinion delivered by or on behalf of any Obligor thereunder or
in connection therewith is materially incorrect when made or would, if
repeated at any time hereafter by reference to the facts subsisting at such
time, no longer be materially correct.




	 	12.1.4	 	Cross default






	 	(a)	 	Any event of default occurs under any financial
contract or financial document relating to any Financial Indebtedness
of any member of the NCLC Group.




47









 






	 	(b)	 	Any such Financial Indebtedness or any sum
payable in respect thereof is not paid when due (after the expiry of
any applicable grace period(s)) whether by acceleration or otherwise.
	 
	 	(c)	 	Any Encumbrance over any assets of any member
of the NCLC Group becomes enforceable.
	 
	 	(d)	 	Any other Financial Indebtedness of any member
of the NCLC Group is not paid when due or is or becomes capable of
being declared due prematurely by reason of default or any security for
the same becomes enforceable by reason of default,






PROVIDED THAT:




	 	(i)	 	No Event of Default will arise if the relevant
Financial Indebtedness is not accelerated or, if it is accelerated but,
in aggregate, the Financial Indebtedness is less than fifteen million
Dollars (USD15,000,000);
	 
	 	(ii)	 	Financial Indebtedness being contested by the
Borrower in good faith will be disregarded PROVIDED first that full
details of the dispute shall be submitted to the Agent forthwith upon
its occurrence and second if the dispute remains unresolved for a
period of one hundred and fifty (150) days this Clause 12.1.4(ii) shall
not apply to that Financial Indebtedness; and
	 
	 	(iii)	 	If at any time hereafter the Borrower or any
other member of the NCLC Group agrees to the incorporation of a cross
default provision into any financial contract or financial document
relating to any Financial Indebtedness that is more onerous than this
Clause 12.1.4, then the Borrower shall immediately notify the Agent and
that cross default provision shall be deemed to apply to this Agreement
as if set out in full herein with effect from the date of such
financial contract or financial document and during the currency of
that financial contract or financial document.






	 	12.1.5	 	Winding-up






Subject to Clause 10.11, any order is made or an effective resolution passed
or other action taken for the suspension of payments or dissolution,
termination of existence, liquidation, winding-up or bankruptcy of any
member of the NCLC Group.




	 	12.1.6	 	Moratorium or arrangement with creditors






A moratorium in respect of all or any debts of any member of the NCLC Group
or a composition or an arrangement with creditors of any member of the NCLC
Group or any similar proceeding or arrangement by which the assets of any
member of the NCLC Group are submitted to the control of its creditors is
applied for, ordered or declared or any member of the NCLC Group commences
negotiations with any one or more of its creditors with a view to the
general readjustment or rescheduling of all or a significant part of its
Financial Indebtedness.



48









 






	 	12.1.7	 	Appointment of liquidators etc.






A liquidator (subject to Clause 10.11), trustee, administrator, receiver,
manager or similar officer is appointed in respect of any member of the NCLC
Group or in respect of all or any substantial part of the assets of any
member of the NCLC Group and in any such case such appointment is not
withdrawn within thirty (30) days (the “Grace Period”) unless the Agent
considers in its sole discretion that the interest of the Lenders might
reasonably be expected to be adversely affected in which event the Grace
Period shall not apply.




	 	12.1.8	 	Insolvency






Any member of the NCLC Group becomes or is declared insolvent or is unable,
or admits in writing its inability, to pay its debts as they fall due or
becomes insolvent within the terms of any applicable law.




	 	12.1.9	 	Legal process






Any
distress, execution, attachment or other process affects the whole or
any substantial part of the assets of any member of the NCLC Group and
remains undischarged for a period of twenty one (21) days or any uninsured
judgment in excess of [**] [Confidential Treatment] Dollars [**] [Confidential Treatment] following
final appeal remains unsatisfied for a period of thirty (30) days in the
case of a judgment made in the United States of America and otherwise for a
period of sixty (60) days PROVIDED THAT no Event of Default shall be deemed
to have occurred unless the distress, execution, attachment, other process
or judgment adversely affects any Obligor’s ability to meet any of its
material obligations under any Security Document to which it is a party or
cause to occur any of the events specified in Clauses 12.1.5 to 12.1.8 (the
determination of which shall be in the Majority Lenders’ sole discretion).




	 	12.1.10	 	Analogous events






Anything analogous to or having a substantially similar effect to any of the
events specified in Clauses 12.1.5 to 12.1.9 shall occur under the laws of
any applicable jurisdiction.




	 	12.1.11	 	Cessation of business






Subject to Clause 10.11, any member of the NCLC Group ceases to carry on all
or a substantial part of its business.




	 	12.1.12	 	Revocation of consents






Any authorisation, approval, consent, licence, exemption, filing,
registration or notarisation or other requirement necessary to enable any
Obligor to comply with any of its obligations under any of the Transaction
Documents to which it is a party is materially adversely modified, revoked
or withheld or does not remain in full force and effect and within ninety
(90) days of the date of its occurrence such event is not remedied to the
satisfaction of the Agent and the Agent considers in its sole discretion




49









 







that such failure is or might be expected to become materially prejudicial
to the interests, rights or position of the Finance Parties or any of them
PROVIDED THAT the Borrower shall not be entitled to the aforesaid ninety
(90) day period if the modification, revocation or withholding of the
authorisation, approval or consent is due to an act or omission of any
Obligor and the Agent is satisfied in its sole discretion that the Finance
Parties’ interests might reasonably be expected to be materially adversely
affected.




	 	12.1.13	 	Unlawfulness






At any time it is unlawful or impossible for:




	 	(a)	 	any Obligor to perform any of its obligations
under any Security Document to which it is a party; or
	 
	 	(b)	 	the Agent or any other Finance Party to
exercise any of its rights under any of the Security Documents;






PROVIDED THAT no Event of Default shall be deemed to have occurred (except
where the unlawfulness or impossibility adversely affects any Obligor’s
payment obligations under this Agreement and/or the other Security Documents
(the determination of which shall be in the Agent’s sole discretion) in
which case the following provisions of this Clause 12.1.13 shall not apply)
where the unlawfulness or impossibility prevents any Obligor from performing
its obligations (other than its payment obligations under this Agreement and
the other Security Documents) and is cured within a period of twenty one
(21) days of the occurrence of the event giving rise to the unlawfulness or
impossibility and the relevant Obligor, within the aforesaid period,
performs its obligation(s) and PROVIDED FURTHER THAT no Event of Default
shall be deemed to have occurred where the Agent and/or any relevant Finance
Party could, in its sole discretion, mitigate the consequences of
unlawfulness or impossibility in the manner described in Clause 3.9. The
costs of mitigation shall be determined in accordance with Clause 3.9.




	 	12.1.14	 	Insurances






An Owner fails to insure its Vessel in the manner specified in the relevant
Mortgage or fails to renew the Insurances at least ten (10) days prior to
the date of expiry thereof and produce prompt confirmation of such renewal
to the Agent.




	 	12.1.15	 	Total Loss






If the Vessel shall become a Total Loss and the proceeds of the Insurances
in respect thereof shall not have been received by the Agent within one
hundred and fifty (150) days after the date of the event giving rise to such
Total Loss.



50









 






	 	12.1.16	 	Ownership and control of the Borrower






If:




	 	(a)	 	at any time when the ordinary share capital of
the Borrower is not publicly listed on an Approved Stock Exchange or at
any time when a dividend is to be paid to the existing shareholders of
the Borrower by way of a share issue pursuant to a public offering on
an Approved Stock Exchange, the Lim Family together or individually do
not or will not, directly or indirectly, control the Borrower and
beneficially own, directly or indirectly, at least fifty one per cent
(51%) of the issued share capital of, and equity interest in, the
Borrower; or
	 
	 	(b)	 	at any time following the listing of the
ordinary share capital of the Borrower on an Approved Stock Exchange:






	 	(i)	 	any individual or any Third
Party:






	 	(A)	 	owns legally
and/or beneficially and either directly or indirectly
at least [**] [Confidential Treatment] per cent [**] [Confidential Treatment] of the ordinary
share capital of the Borrower; or
	 
	 	(B)	 	has the right
or the ability to control either directly or indirectly
the affairs of or the composition of the majority of
the board of directors (or equivalent) of the Borrower,






and, at the same time as any of the events described in
paragraphs (A) or (B) of this Clause have occurred and are
continuing, the Lim Family together or individually do not,
directly or indirectly, beneficially own at least fifty one
per cent (51%) of the issued share capital of, and equity
interest in, the Borrower; or




	 	(ii)	 	the Borrower ceases to be a
listed company on an Approved Stock Exchange without the prior
written consent of the Majority Lenders,






(and, for the purpose of this Clause 12.1.16 “control” of any company,
limited partnership or other legal entity (a “body corporate”) by a member
of the Lim Family, means that one (1) or more members of the Lim Family has,
directly or indirectly, the power to direct the management and policies of
such a body corporate, whether through the ownership of more than fifty per
cent (50%) of the issued voting capital of that body corporate or by
contract, trust or other arrangement).




	 	12.1.17	 	Disposals






If the Borrower or any other member of the NCLC Group shall have concealed,
removed, or permitted to be concealed or removed, any part of its property,
with intent to hinder, delay or defraud its creditors or any of them, or
made or suffered a transfer of any of its property which may be




51









 







fraudulent under any bankruptcy, fraudulent conveyance or similar law; or
shall have made any transfer of its property to or for the benefit of a
creditor with the intention of preferring such creditor over any other
creditor.




	 	12.1.18	 	Prejudice to security






Anything is done or suffered or omitted to be done by any Obligor which in
the reasonable opinion of the Agent would or might be expected to imperil
the security created by any of the Security Documents.




	 	12.1.19	 	Governmental intervention






The authority of any member of the NCLC Group in the conduct of its business
is wholly or substantially curtailed by any seizure or intervention by or on
behalf of any authority and within ninety (90) days of the date of its
occurrence any such seizure or intervention is not relinquished or withdrawn
and the Agent reasonably considers that the relevant occurrence is or might
be expected to become materially prejudicial to the interests, rights or
position of the Finance Parties PROVIDED THAT the Borrower shall not be
entitled to the aforesaid ninety (90) day period if the seizure or
intervention executed by any authority is due to an act or omission of any
member of the NCLC Group and the Agent is satisfied, in its sole discretion,
that the Finance Parties’ interest might reasonably be expected to be
materially adversely affected.




	 	12.1.20	 	Master Agreement termination






A notice is given by a Lender or its Affiliate (as the case may be) under
section 6(a) of the relevant Master Agreement, or by any person under
section 6(b)(iv) of a Master Agreement, in either case designating an Early
Termination Date for the purpose of the Master Agreement, or a Master
Agreement is for any other reason terminated, cancelled, suspended,
rescinded, revoked or otherwise ceases to remain in full force and effect.




	 	12.2	 	Acceleration






	 	12.2.1	 	On the occurrence of an Event of Default or a Possible Event of Default and
at any time thereafter whilst such event shall be continuing the Agent may if a
Drawing has not yet been advanced, by notice to the Borrower cancel the
obligations of the Lenders under this Agreement.
	 
	 	12.2.2	 	On the occurrence of an Event of Default and at any time thereafter whilst
such event shall be continuing, if a Drawing has been advanced the Agent may:






	 	(a)	 	by notice to the Borrower declare the whole or
any part of the Facility due and repayable in accordance with the terms
of such notice whereupon the same shall become due and repayable
accordingly together with all interest accrued thereon and all other
amounts payable hereunder and under any of the other Security




52









 






	 	 	 	Documents and the Commitments to the Facility shall be cancelled;
and/or
	 
	 	(b)	 	from time to time exercise all or any of its
rights under any of the Security Documents in such order and in such
manner as it shall deem appropriate; and/or
	 
	 	(c)	 	at its sole discretion terminate or continue
with the Management Agreements.






	 	12.3	 	Default indemnity






The Borrower shall on demand indemnify the Agent and the Lenders, without prejudice
to any of their other rights under this Agreement and the other Security Documents,
against any loss or expense which the Agent or the Lenders shall certify as
sustained or incurred by any of them as a consequence of:




	 	12.3.1	 	any default in payment by the Borrower of any sum under this Agreement or any
of the other Security Documents when due, including, without limitation, any
liability incurred by the Agent and the Lenders by reason of any delay or
failure of the Borrower to pay any such sums;
	 
	 	12.3.2	 	any break in funding (including without limitation warehousing and other
related costs) due to the occurrence of any Event of Default or Possible Event
of Default;
	 
	 	12.3.3	 	any prepayment of the Facility or any part thereof being made at any time for
any reason; and/or
	 
	 	12.3.4	 	a Drawing not being drawn for any reason (excluding any default by the Agent
or any Lender) after the relevant Drawdown Notice has been given,






including, in any such case, but not limited to, any loss or expense sustained or
incurred in maintaining or funding a Drawing or in liquidating or re-employing
deposits from third parties acquired to effect or maintain the Drawing and also any
loss or expense (including without limitation warehousing and other related costs)
incurred in connection with any Master Agreement.




	 	12.4	 	Set off






Following the occurrence of any Event of Default and for so long as the same is
continuing, the Borrower irrevocably authorises the Agent and the Lenders without
prior notice to apply any credit balance to which the Borrower is entitled upon any
account of the Borrower with any branch of any of the Agent and the Lenders in or
towards satisfaction of any sum due to the Agent or any Lender hereunder but unpaid,
and to combine any accounts of the Borrower for this purpose. If such set-off
requires a credit balance in a currency other than Dollars to be transferred to an
account maintained in connection herewith the transfer shall be effected by
crediting to the account in question the amount of Dollars which the Agent or the
Lender (as the case may be) could obtain by exchanging such currency for Dollars at
the rate of exchange at which its Lending Branch would, at the opening of business
on the date on which the combination is




53










 






effected, have sold the currency of that credit balance for Dollars for immediate
delivery.




	 	12.5	 	Master Agreement rights
	 
	 	 	 	The rights conferred on the Agent and the Lenders by Clause 12.4 shall be in
addition to, and without prejudice to or limitation of, the rights of netting and
set off conferred on the Lenders and/or their Affiliates by the Master Agreements.






	13	 	Application of Funds






	 	13.1	 	Total Loss proceeds/proceeds of sale
	 
	 	 	 	In the event of a Vessel becoming a Total Loss or if a Vessel is sold then the Total
Loss proceeds or proceeds of sale of the Vessel shall be held by the Agent and
applied in the following manner and order:





	 	 	 	 	 
	 

	 	FIRSTLY
	 	to the payment of all fees, expenses and charges (including brokers’
commissions), the expenses of any sale, the expenses of retaining any attorney,
solicitors’ fees, court costs and any other expenses or advances made or
incurred by the Agent or any Lender in the protection of the Agent’s and the
Lender’s rights or the pursuance of its or their remedies hereunder and under
the other Security Documents or to any payments whether voluntary or not which
the Agent considers advisable to protect its or their security and to provide
adequate indemnity against liens claiming priority over or equality with the
lien of the Security Documents or any other Encumbrances;
	 
	 	 	 	 
	 

	 	SECONDLY
	 	in or towards payment in such order as the Lenders may require of any
accrued (but unpaid) fees and interest thereon to which the Finance Parties or
any of them are entitled hereunder and/or under the other Security Documents
(other than the Master Agreements) in connection with the Facility;
	 
	 	 	 	 
	 

	 	THIRDLY
	 	in or towards satisfaction of all interest accrued on the Facility;
	 
	 	 	 	 
	 

	 	FOURTHLY
	 	in retention by the Agent in its discretion in a suspense or impersonal
interest bearing security realised account of such sum as it considers
appropriate by way of security for the Outstanding Indebtedness (other than the
Master Agreement Liabilities) or for any actual or contingent liability of the
Finance Parties or any of them in connection with the transactions herein
contemplated;
	 
	 	 	 	 
	 

	 	FIFTHLY
	 	in or towards payment of the Facility (whether or not then due and payable);
	 
	 	 	 	 
	 

	 	SIXTHLY
	 	in or towards satisfaction of any other amounts due from the Borrower to the
Finance Parties under the Security Documents (other than the Master Agreement
Liabilities)






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	 	 	 	using in the discretion of the Agent the same order of
application as FIRSTLY to FIFTHLY;
	 
	 	 	 	 
	 

	 	SEVENTHLY
	 	in retention of such other sum or sums as the Agent may require as
security for any further monies which may reasonably be expected to become due
and payable to the Finance Parties under this Agreement or any of the other
Security Documents and which the assigned Earnings may be insufficient to
satisfy;
	 
	 	 	 	 
	 

	 	EIGHTHLY
	 	in or towards satisfaction of any additional security or amount to be
prepaid in accordance with Clause 10.18;
	 
	 	 	 	 
	 

	 	NINTHLY
	 	in or towards satisfaction of the Master Agreement Liabilities in the same
order in which the Transactions were entered into by the Borrower with the
Lenders and/or their Affiliates (as the case may be); and
	 
	 	 	 	 
	 

	 	TENTHLY
	 	the balance, if any, in payment to the Borrower or whomsoever shall then be
entitled thereto.
	 
	 	 	 	 
	 	 	In the event of the proceeds being insufficient to pay the amounts referred to above
the Agent shall be entitled to collect the balance from the Borrower.







	 	13.2	 	General funds/Event of Default monies
	 
	 	 	 	If an Event of Default has occurred and any monies are received by the Agent or any
other Finance Party under or pursuant to the Security Documents or if any other
monies are received by or in the possession of the Agent or any other Finance Party
under or pursuant to the Security Documents which are expressed hereunder and/or
under the Security Documents to be distributed in accordance with the provisions of
this Clause or where no express provisions are made for disposal, such monies shall
be applied in the discretion of the Agent as follows:





	 	 	 	 	 
	 

	 	FIRSTLY
	 	to the payment of all fees, expenses and charges (including brokers’
commissions), the expenses of any sale, the expenses of retaining any attorney,
solicitors’ fees, court costs and any other expenses or advances made or
incurred by the Agent or any Finance Party in the protection of the Agent’s and
the Finance Parties’ rights or the pursuance of its or their remedies hereunder
and under the other Security Documents or to any payments whether voluntary or
not which the Agent considers advisable to protect its or their security and to
provide adequate indemnity against liens claiming priority over or equality
with the lien of the Security Documents or any other Encumbrances;
	 
	 	 	 	 
	 

	 	SECONDLY
	 	in or towards payment in such order as the Lenders may require of any
accrued (but unpaid) fees and interest thereon to which the Finance Parties are
entitled hereunder and/or under the other Security Documents (other than the
Master Agreements) in connection with the Facility;






55









 






	 	 	 	 	 
	 

	 	THIRDLY
	 	in or towards satisfaction of all interest accrued on the Facility;
	 
	 	 	 	 
	 

	 	FOURTHLY
	 	in retention by the Agent in its discretion in a suspense or impersonal
interest bearing security realised account of such sum as it considers
appropriate by way of security for the Outstanding Indebtedness (other than the
Master Agreement Liabilities) or for any actual or contingent liability of the
Finance Parties or any of them in connection with the transactions herein
contemplated;
	 
	 	 	 	 
	 

	 	FIFTHLY
	 	in or towards payment of the Facility;
	 
	 	 	 	 
	 

	 	SIXTHLY
	 	in or towards satisfaction of any other amounts due from the Borrower to the
Finance Parties under the Security Documents (other than the Master Agreement
Liabilities) using in the discretion of the Agent the same order of application
as FIRSTLY to FIFTHLY;
	 
	 	 	 	 
	 

	 	SEVENTHLY
	 	in retention of such other sum or sums as the Agent may require as
security for any further monies which may reasonably be expected to become due
and payable to the Finance Parties under this Agreement, any of the other
Security Documents and which the assigned Earnings may be insufficient to
satisfy;
	 
	 	 	 	 
	 

	 	EIGHTHLY
	 	in or towards satisfaction of the Master Agreement Liabilities in the same
order in which the Transactions were entered into by the Borrower with the
Lenders and/or their Affiliates (as the case may be); and
	 
	 	 	 	 
	 

	 	NINTHLY
	 	the balance (if any) shall be released to the Borrower or to its order or
whomsoever else may be entitled thereto.







	 	13.3	 	Application of proceeds of Insurances
	 
	 	 	 	Proceeds of the Insurances for partial losses shall be applied in accordance with
the relevant Insurance Assignment and/or the loss payable clause endorsed on the
Insurances in the form approved by the Agent and in the case of a Total Loss of a
Vessel in accordance with Clause 3.11 and Clause 13.1.
	 
	 	13.4	 	Suspense account
	 
	 	 	 	Any monies received or recovered by the Agent or any Lender under or in connection
with the Security Documents and credited to any suspense or impersonal interest
bearing security realised account in accordance with FOURTHLY of Clause 13.1 or
Clause 13.2 may be held in such account for so long as the Agent thinks fit pending
application at the Agent’s discretion in accordance with Clause 13.1 or Clause 13.2
(as the case may be).




56









 












	14	 	Fees






	 	14.1	 	Commitment fee
	 
	 	 	 	The Borrower shall pay to the Agent for distribution to the Lenders quarterly in
arrears during the Commitment Period and on the last day of the Commitment Period,
[**] [Confidential Treatment] per cent [**] [Confidential Treatment] of the Applicable Margin on the relevant payment date on the
daily undrawn, uncancelled amount of Tranche 1 and, from the date that the condition
of drawdown relating to Tranche 2 is satisfied, on the daily undrawn, uncancelled
amount of the Facility during the Commitment Period.
	 
	 	 	 	The Borrower shall also pay to the Agent for distribution to the Lenders quarterly
in arrears during the Commitment Period and on the last day of the Commitment
Period, [**] [Confidential Treatment] per cent [**] [Confidential Treatment] of the Applicable Margin on the relevant payment date
on the daily undrawn, uncancelled amount of Tranche 2 during the Commitment Period
until the date that the condition of drawdown relating to Tranche 2 is satisfied.
	 
	 	14.2	 	Other fees
	 
	 	 	 	The Borrower will pay to the Agent on behalf of itself and the other Finance Parties
such fees as are set out in separate fee letters dated 1 December 2006 between the
Mandated Lead Arrangers and/or the Agent and the Borrower.






	15	 	Expenses






	 	15.1	 	Initial expenses
	 
	 	 	 	The Borrower shall reimburse the Agent on demand on a full indemnity basis for the
charges and expenses (together with value added tax or any similar tax thereon and
including without limitation travel expenses and the fees (as pre-agreed) and
expenses of legal, insurance and other advisers) incurred by the Mandated Lead
Arrangers, the Lenders and the Agent in respect of the arrangement and syndication
of the Facility and the negotiation, preparation, issue, printing, execution and
registration of this Agreement and the other Transaction Documents and any other
documents required in connection with the implementation of this Agreement.
	 
	 	15.2	 	Enforcement expenses
	 
	 	 	 	The Borrower shall reimburse the Finance Parties on demand of the Agent on a full
indemnity basis for all charges and expenses (including value added tax or any
similar tax thereon and including the fees and expenses of legal advisers) incurred
by the Finance Parties in connection with the enforcement of, or the preservation of
any rights under, this Agreement and the other Security Documents.
	 
	 	15.3	 	Stamp duties
	 
	 	 	 	The Borrower shall pay or indemnify the Finance Parties on demand of the Agent
against any and all stamp, registration and similar Taxes which may be payable in
any jurisdiction in connection with the entry into, performance and enforcement of
this Agreement or any of the other Security Documents.





57









 












	16	 	Waivers, Remedies Cumulative






	 	16.1	 	No waiver
	 
	 	 	 	No failure to exercise and no delay in exercising on the part of the Agent or any of
the Lenders any right or remedy under any of the Security Documents shall operate as
a waiver thereof, nor shall any single or partial exercise of any right or remedy
preclude any other or further exercise thereof, or the exercise of any other right
or remedy. No waiver by the Agent or any of the Lenders shall be effective unless
it is in writing.
	 
	 	16.2	 	Remedies cumulative
	 
	 	 	 	The rights and remedies of the Agent, and the Lenders provided herein are cumulative
and not exclusive of any rights or remedies provided by law.
	 
	 	16.3	 	Severability
	 
	 	 	 	If any provision of this Agreement is prohibited or unenforceable in any
jurisdiction, such prohibition or unenforceability shall not invalidate the
remaining provisions hereof or affect the validity or enforceability of such
provision in any other jurisdiction.
	 
	 	16.4	 	Time of essence
	 
	 	 	 	Time is of the essence in respect of all of the obligations of the Borrower under
the Security Documents provided however that none of the Agent or any of the Lenders
shall be entitled to terminate or treat this Agreement or any of the other Security
Documents as having been repudiated otherwise than in circumstances which constitute
an Event of Default.






	17	 	Counterparts
	 
	 	 	This Agreement may be executed in any number of counterparts and all such counterparts taken
together shall be deemed to constitute one and the same agreement.
	 
	18	 	Changes to the Lenders






	 	18.1	 	Assignments and transfers by the Lenders
	 
	 	 	 	Subject to this Clause 18, a Lender (the “Existing Lender”) may:






	 	18.1.1	 	assign any of its rights under the Security Documents; or
	 
	 	18.1.2	 	transfer by novation any of its rights and obligations under the Security
Documents,






to
another bank or financial institution or to a trust, fund or other entity which
is regularly engaged in or established for the purpose of making, purchasing or
investing in loans, securities or other financial assets (the “New Lender”) PROVIDED
THAT any such assignment or transfer shall be in respect of an amount of its
Commitment and/or Contribution of not less than [**] [Confidential Treatment] Dollars
[**] [Confidential Treatment] and PROVIDED THAT the Swingline Lender may only assign all of its
rights or transfer all of its rights and obligations to



58









 







another such bank or financial institution, trust, fund or other entity with an
office in New York.




Further, the Borrower shall have the right to require that an Existing Lender
assigns or transfers the whole of its Commitment and Contribution to a New Lender
proposed by the Borrower and approved by the Lenders if the cost to the Existing
Lender of funding any part of the Facility is materially higher than the cost to the
other Lenders or if the Existing Lender is affected by the provisions of Clauses
3.9, 7.2 or 8.1 and the cost to the Borrower is materially higher than in respect of
the other Lenders similarly affected.




	 	18.2	 	Conditions of assignment or transfer






	 	18.2.1	 	The consent of the Agent and the Borrower is required for an assignment or
transfer by a Lender, unless the assignment or transfer is to another Lender or
an Affiliate of a Lender. The said consent of the Borrower may not be
unreasonably withheld or delayed and shall not be required if an Event of
Default or a Possible Event of Default has occurred and is continuing.
	 
	 	18.2.2	 	An assignment will only be effective on:






	 	(a)	 	receipt by the Agent of written confirmation
from the New Lender (in form and substance satisfactory to the Agent)
that the New Lender will assume the same obligations to the Agent and
the other Lenders as it would have been under if it was an Original
Lender; and
	 
	 	(b)	 	performance by the Agent of all “know your
customer” or other checks relating to any person that it is required to
carry out in relation to such assignment to a New Lender, the
completion of which the Agent shall promptly notify to the Existing
Lender and the New Lender.






	 	18.2.3	 	A transfer will only be effective if the procedure set out in Clause 18.5 is
complied with.
	 
	 	18.2.4	 	If:






	 	(a)	 	a Lender assigns or transfers any of its rights
or obligations under the Security Documents or changes its Lending
Branch; and
	 
	 	(b)	 	as a result of circumstances existing at the
date the assignment, transfer or change occurs, the Borrower would be
obliged to make a payment to the New Lender or Lender acting through
its new Lending Branch under Clause 7,






then the New Lender or Lender acting through its new Lending Branch is only
entitled to receive payment under that Clause to the same extent as the
Existing Lender or Lender acting through its previous Lending Branch would
have been if the assignment, transfer or change had not occurred.



59









 






	 	18.3	 	Assignment or transfer fee
	 
	 	 	 	The Existing Lender shall, on the date upon which an assignment or transfer takes
effect, pay to the Agent (for its own account) a fee of three thousand Dollars
(USD3,000).
	 
	 	18.4	 	Limitation of responsibility of Existing Lenders






	 
	 	18.4.1	 	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 Security Documents or any other documents;
	 
	 	(b)	 	the financial condition of the Borrower;
	 
	 	(c)	 	the performance and observance by any Obligor
of its obligations under the Security Documents or any other documents;
or
	 
	 	(d)	 	the accuracy of any statements (whether written
or oral) made in or in connection with any Security Document or any
other document,






and any representations or warranties implied by
law are excluded.




	 	18.4.2	 	Each New Lender confirms to the Existing Lender, the Agent and the other
Lenders that it:






	 	(a)	 	has made (and shall continue to make) its own
independent investigation and assessment of the financial condition and
affairs of each Obligor 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 Security Document; and
	 
	 	(b)	 	will continue to make its own independent
appraisal of the creditworthiness of each Obligor and its related
entities whilst any amount is or may be outstanding under the Security
Documents or any Commitment is in force.






	 	18.4.3	 	Nothing in any Security Document obliges an Existing Lender to:






	 	(a)	 	accept a re-transfer from a New Lender of any
of the rights and obligations assigned or transferred under this Clause
18; or
	 
	 	(b)	 	support any losses directly or indirectly
incurred by the New Lender by reason of the non-performance by any
Obligor of its obligations under the Security Documents or otherwise.






	 	18.5	 	Procedure for transfer






	 	18.5.1	 	Subject to the conditions set out in Clause 18.2, a transfer is effected in
accordance with Clause 18.5.3 when the Agent executes an otherwise




60









 






	 	 	 	duly completed Transfer Certificate delivered to it by the Existing Lender
and the New Lender. The Agent shall, subject to Clause 18.5.2, as soon as
reasonably practicable after receipt by it of a duly completed Transfer
Certificate appearing on its face to comply with the terms of this Agreement
and delivered in accordance with the terms of this Agreement, execute that
Transfer Certificate.
	 
	 	18.5.2	 	The Agent shall only be obliged to execute a Transfer Certificate delivered
to it by the Existing Lender and the New Lender once it is satisfied it has
complied with all necessary “know your customer” or other similar checks under
all applicable laws and regulations in relation to the transfer to such New
Lender.
	 
	 	18.5.3	 	On the Transfer Date:






	 	(a)	 	to the extent that in the Transfer Certificate
the Existing Lender seeks to transfer by novation its rights and
obligations under the Security Documents each of the Borrower and the
Existing Lender shall be released from further obligations towards one
another under the Security Documents and their respective rights
against one another shall be cancelled (being the “Discharged Rights
and Obligations”);
	 
	 	(b)	 	each of the Borrower and the New Lender shall
assume obligations towards one another and/or acquire rights against
one another which differ from the Discharged Rights and Obligations
only insofar as the Borrower and the New Lender have assumed and/or
acquired the same in place of the Borrower and the Existing Lender;
	 
	 	(c)	 	the Agent, the New Lender and other Lenders
shall acquire the same rights and assume the same obligations between
themselves as they would have acquired and assumed had the New Lender
been an Original Lender with the rights and/or obligations acquired or
assumed by it as a result of the transfer and to that extent the Agent
and the Existing Lender shall each be released from further obligations
to each other under this Agreement; and
	 
	 	(d)	 	the New Lender shall become a party as a
“Lender”.






	 	18.6	 	Copy of Transfer Certificate to Borrower
	 
	 	 	 	The Agent shall, as soon as reasonably practicable after it has executed a Transfer
Certificate, send to the Borrower a copy of that Transfer Certificate.
	 
	 	18.7	 	Disclosure of information
	 
	 	 	 	Any Lender may disclose to any of its Affiliates and any other person:






	 	18.7.1	 	to (or through) whom that Lender assigns or transfers (or may potentially
assign or transfer) all or any of its rights and obligations under this
Agreement;




61









 






	 	18.7.2	 	with (or through) whom that Lender enters into (or may potentially enter
into) any sub-participation in relation to, or any other transaction under
which payments are to be made by reference to, this Agreement or the Borrower;
or
	 
	 	18.7.3	 	to whom, and to the extent that, information is required to be disclosed by
any applicable law or regulation,






any information about any Obligor and the Transaction Documents as that Lender shall
consider appropriate if, in relation to Clauses 18.7.1 and 18.7.2, the person to
whom the information is to be given has entered into a Confidentiality Undertaking.




	 	18.8	 	Borrower’s co-operation
	 
	 	 	 	The Borrower shall co-operate fully with the Lender in relation to any assignment or
transfer proposed by the Lender and shall execute, or procure the execution of, any
documents which the Lender may require.






	19	 	Changes to the Borrower
	 
	 	 	The Borrower may not assign any of its rights or transfer any of its rights or obligations
under the Security Documents.
	 
	20	 	Reference Banks and Agent






	 	20.1	 	Reference Banks
	 
	 	 	 	If:






	 	20.1.1	 	the whole of the Contribution (if any) of any Reference Bank is prepaid;
	 
	 	20.1.2	 	the Commitment of any Reference Bank is cancelled or reduced to zero in
accordance with Clause 3.9 or any other relevant provision hereof;
	 
	 	20.1.3	 	a Reference Bank transfers the whole of its rights and obligations (if any)
as a Lender under this Agreement; or
	 
	 	20.1.4	 	where applicable, any Reference Bank ceases to provide quotations to the
Agent for the purposes of determining LIBOR,






the Agent may, acting on the instructions of the Majority Lenders, terminate the
appointment of such Reference Bank and appoint another Lender to replace such
Reference Bank.




	 	20.2	 	Decision making






	 	20.2.1	 	Save as expressly provided in Clause 20.2.2 or as otherwise expressly
provided herein, any proposed course of action in connection with any matter
requiring the consent of the Lenders under or in connection howsoever with this
Agreement shall only be taken with the consent of all the Lenders including,
but without limitation to the generality of the foregoing:




62









 












	 	(a)	 	the release of the Borrower from any of its
obligations hereunder provided that the Agent may agree with the
Borrower the terms and conditions upon which a condition precedent that
is not material, in the opinion of the Agent, may be deemed to be a
condition subsequent;
	 
	 	(b)	 	the amendment of any of the provisions of this
Agreement;
	 
	 	(c)	 	any time or other indulgence to be granted to
the Borrower in respect of its obligations under this Agreement.






	 	20.2.2	 	Proposals in connection with the following matters shall, in the absence of
agreement thereon by all of the Lenders or as otherwise provided in this
Agreement, be determined by the Majority Lenders:






	 	(a)	 	the making of any declaration by the Agent
under Clause 12.2;
	 
	 	(b)	 	the institution of any legal proceedings for
the enforcement of any rights or powers whatsoever pursuant to the
terms of this Agreement;
	 
	 	(c)	 	any course of action whatsoever from time to
time (other than the making of a demand for payment hereunder) whether
of a legal or commercial nature or otherwise howsoever for the purpose
of achieving a full or partial recovery of any principal, interest or
other amount due and payable by the Borrower hereunder or otherwise in
connection therewith following the making of a declaration by the Agent
under Clause 12.2;
	 
	 	(d)	 	any other matter in respect of which this
Agreement expressly provides that the consent of the Majority Lenders
shall be required.






	 	20.2.3	 	Any determination of the Lenders shall be ascertained by the Agent either:






	 	(a)	 	by means of a telefax sent by the Agent to each
of the Lenders in identical terms on the proposal or matter in issue;
or
	 
	 	(b)	 	by means of the vote of representatives of each
Lender at a meeting convened by the Agent and held for the purpose of
discussing (inter alia) such proposal or matter in issue.






Furthermore, it is hereby agreed by the Lenders that:




	 	(i)	 	where a decision of the Lenders is sought by
the Agent by means of a telefax sent in accordance with paragraph (a)
above and PROVIDED THAT the Agent verifies forthwith by telephone with
each relevant Lender that it has received such telefax in good order,
then the Agent may in its telefax:






	 	(1)	 	recommend a proposed course of
action to be taken by the Lenders; and




63









 






	 	(2)	 	specify a time limit (of not
less than three (3) Business Days) within which the Lenders are
required to respond to the Agent’s recommendation






so that, if any Lender fails to notify the Agent within such time
limit of its response to the recommendation, such Lender shall be
deemed to have accepted and approved the course of action proposed
by the Agent; and




	 	(ii)	 	where the approval of the Majority Lenders is
required in respect of any matter, the approval shall be deemed to have
been given as soon as the Agent receives the requisite number of votes
in favour of the proposal so that the Agent may act on the basis of
such votes without having to wait for the response of (or to give any
notification to) any other Lender who has yet to reply to the Agent.






	 	20.3	 	The Agent






	 	20.3.1	 	Each of the Lenders hereby appoints the Agent to act as its agent under this
Agreement and the Security Documents with such rights, powers and discretions
as are expressly delegated to the Agent hereunder and thereunder.
	 
	 	20.3.2	 	The Agent shall:






	 	(a)	 	promptly inform the Lenders of the contents of
any notice or request received by it from the Borrower under this
Agreement (whether such notice or request is addressed to the Agent
alone or the Agent on behalf of the Lenders) and of any information
delivered to it pursuant to Clause 10.2 and of any other matters which
the Agent considers material;
	 
	 	(b)	 	promptly deliver to the Lenders copies of any
accounts and certificates delivered to it pursuant to Clause 10.2 and,
as soon as reasonably practicable, copies of the documents delivered in
satisfaction of the requirements of Schedule 3;
	 
	 	(c)	 	promptly inform the Lenders in reasonable
detail of any exercise by it of any of the rights, powers and/or
discretions vested in it hereunder (but without the Agent being under
any obligation to give prior notice to the Lenders of any such
exercise);
	 
	 	(d)	 	promptly notify the Lenders of the occurrence
of any Event of Default or any other default by the Borrower in the due
performance of or compliance with its material obligations under this
Agreement of which the Agent has actual knowledge or actual notice and
the occurrence of which the Agent has verified;
	 
	 	(e)	 	if directed by the Majority Lenders, exercise
(or refrain from exercising) any right, power or discretion vested in
it hereunder in accordance with the directions (subject to Clause
20.2.1) of the Majority Lenders provided, however, that it may refrain
from




64









 






	 	 	 	acting in accordance with any such directions until it has received
such security as it may require (whether by way of payment in
advance or otherwise) for all costs, claims, expenses (including
legal fees) and liabilities which it will or may expend or incur in
complying with such directions and for this purpose the Agent shall
make a demand for such security addressed to all the Lenders;
	 
	 	(f)	 	receive from the Borrower all payments of
principal, interest and other moneys expressed to be payable to the
Agent hereunder on behalf of all or any of the Lenders and shall
promptly distribute the same amongst the Lenders and itself in
accordance with the terms of this Agreement pending which the Agent
shall hold any and all such moneys on trust for the Lenders and itself;
and
	 
	 	(g)	 	enter into any amendment to any of the Security
Documents or grant any waiver of any obligation of any of the Obligors
under any of such Security Documents if so instructed by the Lenders.






	 	20.3.3	 	The relationship between the Agent on the one part and each Lender on the
other is that of agent and principal and, except in relation to any moneys
referred to in Clause 20.3.2(f) and held by the Agent pending distribution
hereunder, the Agent shall not have a fiduciary relationship with or be, or be
deemed to be, a trustee of or for any such party.
	 
	 	20.3.4	 	In addition to the powers expressly given to the Agent by this Agreement:






	 	(a)	 	the Lenders may give the Agent (generally or in
any particular case) any powers which the Lenders consider appropriate;
and
	 
	 	(b)	 	the Agent has power to take any other action
which it considers to be reasonably incidental or conducive to the
performance of its functions under this Agreement or otherwise
appropriate in the context of those functions, including the exercise
of any powers given to it by the Lenders.






	 	20.3.5	 	The rights, powers and discretions vested in the Agent by this Agreement
shall only be exercised by the Agent in accordance with the instructions of the
Majority Lenders or (if so required in accordance with the provisions of Clause
20.2.1) the Lenders provided however that the Agent shall be entitled (but not
bound) to exercise or refrain from exercising any such right, power or
discretion without the directions of the Majority Lenders or the Lenders (as
the case may be) if the Agent believes that the immediate exercise of such
right, power or discretion is necessary or desirable to protect the interests
of the Lenders under or in respect of this Agreement.
	 
	 	 	 	Where any right, power or discretion is vested in the Agent under this
Agreement but is expressed as being exercisable in accordance with the
directions of the Lenders or the Majority Lenders, such right, power or
discretion shall not be exercised by the Agent without the lawful directions
of the Lenders or the Majority Lenders (as the case may be).




65









 






	 	20.3.6	 	Notwithstanding anything to the contrary expressed or implied herein, the
Agent shall not:






	 	(a)	 	be bound to enquire as to the occurrence or
otherwise of any Event of Default or as to the performance by the
Borrower of its obligations under this Agreement;
	 
	 	(b)	 	be bound to disclose to any other person any
information relating to the Borrower if such disclosure would or might
in its opinion constitute a breach of any law or regulation or be
otherwise actionable at the suit of any person;
	 
	 	(c)	 	have any responsibility to the Lenders or each
other for:






	 	(i)	 	the financial position,
creditworthiness, affairs or prospects of the Borrower;
	 
	 	(ii)	 	the performance or
non-performance howsoever by the Borrower of any of its
obligations hereunder;
	 
	 	(iii)	 	the due execution,
effectiveness, genuineness, validity or enforceability of this
Agreement or any document relating hereto or any filing or
recording thereof or the taking of any other action whatsoever
and howsoever in connection therewith or the collectability of
any sum due hereunder;
	 
	 	(iv)	 	any computations and/or
information supplied to the Lenders by the Agent in reliance
upon which the Lenders have entered into this Agreement;






	 	(d)	 	be under any liability whatsoever for any
consequence of relying on:






	 	(i)	 	any written communication or
document believed by it to be genuine or correct and to have
been communicated or signed by the person by whom it is
purported to have been communicated or signed; or
	 
	 	(ii)	 	the advice or opinions of any
professional advisers selected by it;






	 	(e)	 	be under any duty to account to any Lender or
the Agent for any sum received by it for its own account or the profit
element of any such sum; or
	 
	 	(f)	 	be under any obligation other than those for
which express provision is made herein.






	 	20.3.7	 	The Agent may:






	 	(a)	 	carry out its duties hereunder through such
officers, directors, employees, consultants or independent agents as it
may in its unfettered discretion think fit;




66









 






	 	(b)	 	assume that no Event of Default has occurred
and that the Borrower is not in breach of its obligations under this
Agreement unless the Agent has actual knowledge or actual notice to the
contrary;
	 
	 	(c)	 	engage and pay for the advice or services of
any internal or external lawyers, accountants, surveyors or other
experts whose advice or services may to it seem necessary, expedient or
desirable and rely upon any advice so obtained;
	 
	 	(d)	 	rely as to any matters of fact which might
reasonably be expected to be within the knowledge of the Borrower upon
a certificate signed by or on behalf of the Borrower; and
	 
	 	(e)	 	rely upon any communication or document
believed by it to be genuine.






	 	20.3.8	 	It is understood that each of the Lenders has itself been, and will continue
to be, solely responsible for making its own independent appraisal of and
investigations into the financial condition, creditworthiness, condition,
affairs, status and nature of the Borrower and, accordingly, each of the
Lenders warrants to the Agent that it has not relied and will not rely on the
Agent:






	 	(a)	 	to check or enquire on its behalf into the
adequacy, accuracy or completeness of any information provided by the
Borrower in connection with this Agreement; or
	 
	 	(b)	 	to assess or keep under review on its behalf
the financial condition, creditworthiness, condition, affairs, status
or nature of the Borrower.






	 	20.3.9	 	Subject to the terms of this Agreement, this Agreement shall be serviced,
supervised and administered by the Agent in the ordinary course of its business
and in accordance with its usual practices. In performing its duties and
functions hereunder, the Agent shall exercise the same care as it normally
exercises in making and administering loans for its own account, but assumes no
further responsibility in respect of such performance.
	 
	 	20.3.10	 	The Agent shall not be under any liability as a result of taking or omitting
to take any action in relation to this Agreement save in the case of gross
negligence or wilful misconduct and the Lenders will not assert or seek to
assert against any director, officer or employee of the Agent any claim they
might have against any of them in respect of the matters referred to in this
Clause 20.3.10.
	 
	 	20.3.11	 	The Agent (or any officer thereof) shall not be precluded by reason of so
acting from underwriting, guaranteeing the subscription of or subscribing for
or otherwise acquiring, holding or dealing with any debentures, shares or
securities whatsoever of the Borrower or from entering into any contract or
financial or other transaction with or from engaging in any banking or other
business with the Borrower and shall not be liable to




67









 






	 	 	 	account for any profit made or payment received by it thereby or in
connection therewith.






	 	20.4	 	Retirement and replacement of the Agent






	 	20.4.1	 	The Agent may retire at any time without assigning any reason by giving to
the Borrower, the Agent and the Lenders not less than thirty (30) days notice
of its intention to do so. Unless the Agent in its notice of retirement
nominates any of its associated companies to be its successor, the successor
Agent may be appointed by the Majority Lenders (with the prior written consent
of the Borrower, such consent not to be unreasonably withheld or delayed)
during such thirty (30) day period PROVIDED THAT, should they fail to do so,
the Agent may then appoint as its successor a reputable and experienced bank
with an office in London.
	 
	 	20.4.2	 	If any Lender is dissatisfied with the Agent and wants it to be replaced,
such Lender shall consult with the other relevant Lenders and the Borrower for
a period of up to thirty (30) days to decide whether the Agent should be
replaced and, if so, by whom (such replacement being one of the relevant
Lenders or an associated company thereof). If at the end of such period the
relevant Lenders unanimously agree that the Agent should be replaced by a
particular Lender or one of its associated companies, and if the Borrower
consents in writing to the identity of the proposed replacement (such consent
(a) not to be unreasonably withheld and (b) not to be required if an Event of
Default has occurred and is continuing), then notice shall be given by the
relevant Lenders to the Agent specifying the date, being not fewer than five
(5) Business Days after the date of such notice, on which the appointment of
the successor Agent is, subject to Clause 20.4.4, to take effect.
	 
	 	20.4.3	 	For the purposes of this Clause 20.4:






	 	(a)	 	an “associated company” of the Agent and/or any
Lender shall mean any company which is a holding company of the Agent
and/or such Lender or a wholly-owned subsidiary of it or its parent
company; and
	 
	 	(b)	 	“relevant Lenders” means all of the Lenders
other than that Lender which acts as Agent or whose associated company
acts in such capacity.






	 	20.4.4	 	Any appointment of a successor Agent under Clause 20.4.1 or Clause 20.4.2
shall take effect upon:






	 	(a)	 	the successor confirming in writing its
agreement to be bound by the provisions of this Agreement; and
	 
	 	(b)	 	notice thereof by the Agent and its successor
(which notice, shall specify the banks to which payments to the new
Agent shall be made thereafter) being given to each of the other
parties to this Agreement.




68









 












	 	20.4.5	 	If a successor to the Agent is appointed under the provisions of this Clause
20.4:






	 	(a)	 	the outgoing Agent shall be discharged from any
further obligation under this Agreement;
	 
	 	(b)	 	its successor and each of the other parties
hereto shall have the same rights and obligations amongst themselves as
they would have had if such successor had been a party hereto in place
of the outgoing Agent;
	 
	 	(c)	 	Clause 20 and the other provisions of this
Agreement shall remain in effect for the benefit and protection of the
outgoing Agent in relation to any claim or loss which may be brought
against or incurred by it in connection with or as a result of any act,
omission, breach, neglect or other occurrence or matter relating to or
arising out of this Agreement which took place before its resignation.






	21	 	Notices






	 	21.1	 	Mode of communication
	 
	 	 	 	Except as otherwise provided herein, each notice, request, demand or other
communication or document to be given or made hereunder shall be given in writing
but unless otherwise stated, may be made by telefax.
	 
	 	21.2	 	Address
	 
	 	 	 	Any notice, demand or other communication (unless made by telefax) to be made or
delivered by the Agent to the Borrower pursuant to this Agreement shall (unless the
Borrower has by fifteen (15) days’ written notice to the Agent specified another
address) be made or delivered to the Borrower at 7665 Corporate Center Drive, Miami,
Florida 33126, United States of America (marked for the attention of Ms Bonnie Biumi
and the Legal Department (but one (1) copy shall suffice)). Any notice, demand or
other communication to be made or delivered by the Borrower to the Agent or the
Swingline Lender pursuant to this Agreement shall (unless the Agent or the Swingline
Lender has by fifteen (15) days’ written notice to the Borrower specified another
address) be made or delivered to the Agent or the Swingline Lender (as the case may
be) at its Lending Branch, the details of which are set out in Schedule 1.
	 
	 	21.3	 	Telefax communication
	 
	 	 	 	Any notice, demand or other communication to be made or delivered pursuant to this
Agreement may be sent by telefax to the relevant telephone numbers (which at the
date hereof in respect of the Borrower is +1 305 436 4140 (marked for the attention
of Ms Bonnie Biumi) and +1 305 436 4117 (marked for the attention of the Legal
Department) and in the case of the Agent or any Original Lender (including the
Swingline Lender) is as recorded in Schedule 1) specified by it from time to time
for the purpose and shall be deemed to have been received when transmission of such
telefax communication has been completed. Each such telefax communication, if made
to the Agent or any Lender (including the




69









 






	 	 	 	Swingline Lender) by the Borrower, shall be signed by the person or persons
authorised in writing by the Borrower and whose signature appears on the list of
specimen signatures contained in the secretary’s certificate required to be
delivered by paragraph 2 of Part I of Schedule 3 and shall be expressed to be for
the attention of the department or officer whose name has been notified for the time
being for that purpose by the Agent or any Lender (including the Swingline Lender)
to the Borrower.
	 
	 	21.4	 	Electronic mail
	 
	 	 	 	Any notice, demand or other communication other than a Drawdown Notice or a Renewal
Notice to be made or delivered pursuant to this Agreement may be made by electronic
mail or other electronic means, if the Agent, the Borrower and/or the Lender
(including the Swingline Lender):






	 	21.4.1	 	agree that, unless and until notified to the contrary, this is to be an
accepted form of communication; and
	 
	 	21.4.2	 	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
	 
	 	21.4.3	 	notify each other of any change to their electronic mail address or any other
such information supplied by them.






Any Original Lender (including the Swingline Lender) which sets out an email address
beneath its name in Schedule 1 is deemed to agree to receiving notices, demands or
other communications from the Agent or, in the case of the Swingline Lender, the
Borrower, by electronic mail.




Any electronic communication made:




	 	(a)	 	by the Agent to the Borrower or a Lender or by the Swingline
Lender to the Borrower or the Agent will be effective when it is sent by the
Agent or the Swingline Lender (as the case may be) unless the Agent or the
Swingline Lender (as the case may be) receives a message indicating failed
delivery and, if upon the sender’s express request, a confirmation of receipt
is requested, such confirmation has been sent; and
	 
	 	(b)	 	by the Borrower or a Lender (including the Swingline Lender) to
the Agent will be effective only when actually received by the Agent and then
only if it is addressed in such a manner as the Agent shall specify to that
party for this purpose.






The Agent shall notify the Borrower and the Lenders (including the Swingline Lender)
and the Borrower or a Lender (including the Swingline Lender) shall notify the Agent
in each case promptly upon becoming aware that its electronic mail system or other
electronic means of communication cannot be used due to technical failure (and that
failure is continuing for more than two (2) Business Days). Until the Agent, the
Borrower or that Lender (including the Swingline Lender) has notified as aforesaid
that the failure has been remedied, all notices between the Agent and the Borrower
or that Lender (including the Swingline Lender) shall be sent by fax or letter in
accordance with this Clause 21.



70









 






	 	21.5	 	Receipt
	 
	 	 	 	Each such notice, demand or other communication shall be deemed to have been made or
delivered (in the case of any letter) when delivered to its office for the time
being or, if sent by post, five (5) days after being deposited in the post first
class or express airmail (as the case may be) postage prepaid in an envelope
addressed to it at that address or, if sent by electronic mail, in accordance with
Clause 21.4.
	 
	 	21.6	 	Language
	 
	 	 	 	Each notice, demand or other communication made or delivered by one (1) party to
another pursuant to this Agreement or any other Security Document shall be in the
English language or accompanied by a certified English translation. In the event of
any conflict between the translation and the original text the translation shall
prevail unless the original text is a statutory instrument, legal process or any
other document of a similar type.






	22	 	Governing Law
	 
	 	 	This Agreement shall be governed by English law.

	 
	23	 	
Waiver of Immunity
	 
	 	 	To the extent that the Borrower may in any jurisdiction claim for itself or its assets
immunity from suit, execution, attachment (whether in aid of execution, before judgment or
otherwise) or other legal process in relation to this Agreement or the other Security
Documents and to the extent that in any such jurisdiction there may be attributed to itself
or its assets such immunity (whether or not claimed) the Borrower hereby irrevocably and
unconditionally agrees throughout the Security Period not to claim and hereby irrevocably
waives such immunity to the full extent permitted by the laws of such jurisdiction. In
respect of any legal action or proceedings arising out of or in connection with any of the
Security Documents the Borrower hereby consents generally as a matter of procedure in
relation to the waiver of immunity (but not so as to prejudice any defence which the
Borrower may have on the merits of the substantive issue) to the giving of any relief or the
issue of any process in connection with such legal action or proceedings including without
limitation, the making, enforcement or execution against any property whatsoever
(irrespective of its uses or intended uses) of any order or judgment which may be made or
given in such legal action or proceedings.
	 
	24	 	Jurisdiction






	 	24.1	 	The courts of England have exclusive jurisdiction to settle any dispute arising
out of or in connection with this Agreement (including a dispute regarding the
existence, validity or termination of this Agreement) (a “Dispute”). Each party to
this Agreement agrees that the courts of England are the most appropriate and
convenient courts to settle Disputes and accordingly no party will argue to the
contrary.
	 
	 	 	 	This Clause 24.1 is for the benefit of the Lenders and the Agent only. As a result,
no such party shall be prevented from taking proceedings relating to a Dispute in
any other courts with jurisdiction. To the extent allowed by law, any such party
may take concurrent proceedings in any number of jurisdictions.




71









 






	 	24.2	 	The Borrower may not, without the Agent’s prior written consent, terminate the
appointment of the Process Agent; if the Process Agent resigns or its appointment
ceases to be effective, the Borrower shall within fourteen (14) days appoint a company
which has premises in London and has been approved by the Agent to act as the
Borrower’s process agent with unconditional authority to receive and acknowledge
service on behalf of the Borrower of all process or other documents connected with
proceedings in the English courts which relate to this Agreement.
	 
	 	24.3	 	For the purpose of securing its obligations under Clause 24.2, the Borrower
irrevocably agrees that, if it for any reason fails to appoint a process agent within
the period specified in Clause 24.2, the Agent may appoint any person (including a
company controlled by or associated with the Agent or any Lender) to act as the
Borrower’s process agent in England with the unconditional authority described in
Clause 24.2.
	 
	 	24.4	 	No neglect or default by a process agent appointed or designated under this
Clause (including a failure by it to notify the Borrower of the service of any process
or to forward any process to the Borrower) shall invalidate any proceedings or
judgment.
	 
	 	24.5	 	The Borrower appoints in the case of the courts of England the Process Agent to
receive, for and on its behalf service of process in England of any legal proceedings
with respect to this Agreement and any other Security Document.
	 
	 	24.6	 	A judgment relating to this Agreement which is given or would be enforced by an
English court shall be conclusive and binding on the Borrower and may be enforced
without review in any other jurisdiction.
	 
	 	24.7	 	Nothing in this Clause shall exclude or limit any right which the Agent or a
Lender may have (whether under the laws of any country, an international convention or
otherwise) with regard to the bringing of proceedings, the service of process, the
recognition or enforcement of a judgment or any similar or related matter in any
jurisdiction.
	 
	 	24.8	 	In this Clause “judgment” includes order, injunction, declaration and any other
decision or relief made or granted by a court.




IN WITNESS whereof the parties hereto have caused this Agreement to be duly executed as a deed on
the day first written above.




	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	      PA Turner 
	by PA
Turner

	 	 	)	 
	for and on behalf of

	 	 	)	 
	NCL CORPORATION LTD.

	 	 	)	 
	in the presence of:

	 	 	)	 






72









 





	 	 	 	 	 	 	 	 	 
	SIGNED
SEALED and DELIVERED as a DEED

	 	 	 	 	)	 	 	Theodora Kokota
	by Theodora Kokota

	 	 	 	 	)	 	 	 
	for and on hehalf of

	 	 	 	 	)	 	 	 
	DnB NOR BANK ASA

	 	 	 	 	)	 	 	 
	as a
Mandated Lead Arranger, an Original Lender,

	 	 	 	 	)	 	 	 
	the Swingline Leader and the Agent

	 	 	 	 	)	 	 	 
	in the presence of:

	 	Carolyn Hamilton Stephenson Hardwood
	 	 	)	 	 	 
	 

	 	One St. Paul’s Church Yard
	 	 	)	 	 	 
	 

	 	London EC4M 8SH solicitors
	 	 	)	 	 	 
	 
	 	 	 	 	 	 	 	 
	SIGNED
SEALED and DELIVERED as a DEED
	 	 	 	 	)	 	 	Theodora Kokota
	by Theodora Kokota

	 	 	 	 	)	 	 	 
	for and on hehalf of

	 	 	 	 	)	 	 	 
	CITIBANK
N.A.

	 	 	 	 	)	 	 	 
	as a Mandated Lead Arranger and an Original Lender

	 	 	 	 	)	 	 	 
	in the presence of:

	 	Carolyn Hamilton Stephenson Hardwood
	 	 	)	 	 	 
	 

	 	One St. Paul’s Church Yard
	 	 	)	 	 	 
	 

	 	London EC4M 8SH solicitors
	 	 	)	 	 	 
	 
	 	 	 	 	 	 	 	 
	SIGNED
SEALED and DELIVERED as a DEED
	 	 	 	 	)	 	 	Theodora Kokota
	by Theodora Kokota

	 	 	 	 	)	 	 	 
	for and on hehalf of

	 	 	 	 	)	 	 	 
	COMMERZBANK
AKTIENGESELLSCHAFT

	 	 	 	 	)	 	 	 
	Hamburg
Branch, Global Shipping

	 	 	 	 	)	 	 	 
	as a Mandated Lead Arranger and an Original Lender

	 	 	 	 	)	 	 	 
	in the presence of:

	 	Carolyn Hamilton Stephenson Hardwood
	 	 	)	 	 	 
	 

	 	One St. Paul’s Church Yard
	 	 	)	 	 	 
	 

	 	London EC4M 8SH solicitors
	 	 	)	 	 	 
	 
	 	 	 	 	 	 	 	 
	SIGNED
SEALED and DELIVERED as a DEED
	 	 	 	 	)	 	 	Theodora Kokota
	by Theodora Kokota

	 	 	 	 	)	 	 	 
	for and on hehalf of

	 	 	 	 	)	 	 	 
	KRW

	 	 	 	 	)	 	 	 
	as a Mandated Lead Arranger and an Original Lender

	 	 	 	 	)	 	 	 
	in the presence of:

	 	Carolyn Hamilton Stephenson Hardwood
	 	 	)	 	 	 
	 

	 	One St. Paul’s Church Yard
	 	 	)	 	 	 
	 

	 	London EC4M 8SH solicitors
	 	 	)	 	 	 
	 
	 	 	 	 	 	 	 	 







73









 






	 	 	 	 	 	 	 	 	 
	SIGNED
SEALED and DELIVERED as a DEED
	 	 	 	 	)	 	 	Theodora Kokota
	by Theodora Kokota

	 	 	 	 	)	 	 	 
	for and on hehalf of

	 	 	 	 	)	 	 	 
	NORDDEUTSCHE
LANDESBANK GIROZENTRALE

	 	 	 	 	)	 	 	 
	as a Mandated Lead Arranger and an Original Lender

	 	 	 	 	)	 	 	 
	in the presence of:

	 	Carolyn Hamilton Stephenson Hardwood
	 	 	)	 	 	 
	 

	 	One St. Paul’s Church Yard
	 	 	)	 	 	 
	 

	 	London EC4M 8SH solicitors
	 	 	)	 	 	 
	 
	 	 	 	 	 	 	 	 
	SIGNED
SEALED and DELIVERED as a DEED
	 	 	 	 	)	 	 	Theodora Kokota
	by Theodora Kokota

	 	 	 	 	)	 	 	 
	for and on hehalf of

	 	 	 	 	)	 	 	 
	NORDEA
BANK NORGE ASA

	 	 	 	 	)	 	 	 
	as a Mandated Lead Arranger and an Original Lender

	 	 	 	 	)	 	 	 
	in the presence of:

	 	Carolyn Hamilton Stephenson Hardwood
	 	 	)	 	 	 
	 

	 	One St. Paul’s Church Yard
	 	 	)	 	 	 
	 

	 	London EC4M 8SH solicitors
	 	 	)	 	 	 
	 
	 	 	 	 	 	 	 	 





74









 






Schedule 1




Particulars of Agent, Mandated Lead Arrangers

and Original Lenders




Name and Address




Agent




DnB NOR BANK ASA

Stranden 21

NO-0021 Oslo

Norway




	 	 	 
	Fax:

	 	+47 22 482894
	Attn:

	 	Mrs Solveig Nuland Knoff






Mandated Lead Arrangers




Name and Address




DnB NOR BANK ASA




Stranden 21

NO-0021 Oslo

Norway




	 	 	 
	Fax:

	 	+47 22 482020
	Attn:

	 	Mr Jon Flovik
	Email:

	 	jon.flovik@dnbnor.no






CITIBANK N.A.

388 Greenwich Street, 23rd Floor

New York, New York 10013

United States of America




	 	 	 
	Fax:

	 	+1 646 291 5051
	Attn:

	 	Mr Philip Ziegler
	Email:

	 	philip.ziegler@citigroup.com






COMMERZBANK AKTIENGESELLSCHAFT

Hamburg Branch

Global Shipping

Ness 7-9

20457 Hamburg

Germany




	 	 	 
	Fax:

	 	+49 40 3683 4068 / 2049
	Attn:

	 	Mr Stefan Kuch / Mr Siegfried Hoffmann
	Email:

	 	stefan.kuch@commerzbank.com /
	 

	 	siegfried.hoffmann@commerzbank.com







75









 







Name and
Address 

KfW

Palmengartenstrasse 5-9

60325 Frankfurt am Main

Germany




	 	 	 
	Fax:

	 	+49 69 7431 3768/4110
	Attn:

	 	Mr Josef Schmid / Ms Clare Dooley
	Email:

	 	josef.schmid@kfw.de /
	 

	 	clare.dooley@kfw.de






NORDDEUTSCHE LANDESBANK 
GIROZENTRALE

Friedrichswall 10

30159 Hannover

Germany




	 	 	 
	Fax:

	 	+49 511 361 4785
	Attn:

	 	Mr Thomas Schramme / Mr Alexander Viets
	Email:

	 	shipping@nordlb.de






NORDEA BANK NORGE ASA

Middelthuns gate 17

Oslo

Norway

P O Box 1166 Sentrum

NO-0107 Oslo




	 	 	 
	Fax:

	 	+47 22 484278
	Attn:

	 	Mr Arne Berglund
	Email:

	 	arne.berglund@nordea.com






76









 






Lenders (including the Swingline Lender)




	 	 	 	 	 	 	 
	Name and Address	 	Commitment to	 	Commitment to
	 	 	 	 	Revolving Credit	 	Swingline Facility
	 	 	 	 	Facility as a	 	as a Proportion
	 	 	 	 	Proportion	 	 
	For all matters:	 	 	 	 
	 
	 	 	 	 	 	 
	DnB NOR BANK ASA	 	[**] [Confidential Treatment]	 	[**] [Confidential Treatment]
	Stranden 21	 	 	 	 
	NO-0021 Oslo	 	 	 	 
	Norway	 	 	 	 
	 
	 	 	 	 	 	 
	Fax:
	 	+47 22 482020	 	 	 	 
	Attn:
	 	Mr Jon Flovik	 	 	 	 
	Email:
	 	jon.flovik@dnbnor.no	 	 	 	 
	 
	 	 	 	 	 	 
	For all matters relating to the Swingline Facility:	 	 	 	 
	 
	 	 	 	 	 	 
	DnB NOR BANK ASA	 	 	 	[**] [Confidential Treatment]
	New York Branch	 	 	 	 
	200 Park Avenue	 	 	 	 
	31st Floor	 	 	 	 
	New York, NY 10166-0396	 	 	 	 
	United States of America	 	 	 	 
	 
	 	 	 	 	 	 
	Fax:
	 	+1 212 681 4123	 	 	 	 
	Attn:
	 	Ms Helene Vales / Ms Fay Murray	 	 	 	 
	Email:
	 	helene.vales@dnbnor.no /	 	 	 	 
	 
	 	fay.murray@dnbnor.no1	 	 	 	 
	 
	 	 	 	 	 	 
	CITIBANK N.A.	 	[**] [Confidential Treatment]	 	[**] [Confidential Treatment]
	399 Park Ave 16th FLS	 	 	 	 
	New York, NY 10043	 	 	 	 
	United States of America	 	 	 	 
	 
	 	 	 	 	 	 
	Fax:
	 	+1 212 994 0847	 	 	 	 
	Attn:
	 	Mr Askia Abdul-Qadir	 	 	 	 
	Email:
	 	askia.m1.abdulquadir@citigroup.com	 	 	 	 








 




			
	1	 	See Clause 21.4 in respect of Drawdown Notices




77









 










	 	 	 	 	 	 	 
	Name and Address	 	Commitment to	 	Commitment to
	 	 	 	 	Revolving Credit	 	Swingline Facility
	 	 	 	 	Facility as a	 	as a Proportion
	 	 	 	 	Proportion	 	 
	COMMERZBANK AKTIENGESELLSCHAFT	 	[**] [Confidential Treatment]	 	[**] [Confidential Treatment]
	Hamburg Branch	 	 	 	 
	Global Shipping	 	 	 	 
	Ness 7-9	 	 	 	 
	20457 Hamburg	 	 	 	 
	Germany	 	 	 	 
	 
	 	 	 	 	 	 
	Fax:
	 	+49 40 3683 4068 / 2049	 	 	 	 
	Attn:
	 	Mr Stefan Kuch / Mr Siegfried Hoffmann	 	 	 	 
	Email:
	 	stefan.kuch@commerzbank.com /	 	 	 	 
	 
	 	siegfried.hoffmann@commerzbank.com	 	 	 	 
	 
	 	 	 	 	 	 
	KfW	 	[**] [Confidential Treatment]	 	[**] [Confidential Treatment]
	Palmengartenstrasse 5-9	 	 	 	 
	60325 Frankfurt am Main	 	 	 	 
	Germany	 	 	 	 
	 
	 	 	 	 	 	 
	Fax:
	 	+49 69 7431 3768/4110	 	 	 	 
	Attn:
	 	Mr Josef Schmid / Ms Clare Dooley	 	 	 	 
	Email:
	 	josef.schmid@kfw.de /	 	 	 	 
	 
	 	clare.dooley@kfw.de	 	 	 	 
	 
	 	 	 	 	 	 
	NORDDEUTSCHE LANDESBANK

 GIROZENTRALE	 	[**] [Confidential Treatment]	 	[**] [Confidential Treatment]
	Friedrichswall 10	 	 	 	 
	30159 Hannover	 	 	 	 
	Germany	 	 	 	 
	 
	 	 	 	 	 	 
	Fax:
	 	+49 511 361 4785	 	 	 	 
	Attn:
	 	Mr Thomas Schramme / Mr Alexander Viets	 	 	 	 
	Email:
	 	shipping@nordlb.de	 	 	 	 
	 
	 	 	 	 	 	 
	NORDEA BANK NORGE ASA	 	[**] [Confidential Treatment]	 	[**] [Confidential Treatment]
	Middelthuns gate 17	 	 	 	 
	Oslo	 	 	 	 
	P O Box 1166 Sentrum	 	 	 	 
	NO-0107 Oslo	 	 	 	 
	Norway	 	 	 	 
	 
	 	 	 	 	 	 
	Fax:
	 	+47 22 484278	 	 	 	 
	Attn:
	 	Mr Arne Berglund	 	 	 	 
	Email:
	 	arne.berglund@nordea.com	 	 	 	 






78









 






Schedule 2




Notice of Drawdown




Clause 2.3 or Clause 2.4




	 	 	 
	FROM:

	 	NCL CORPORATION LTD.
	 

	 	Milner House
	 

	 	18 Parliament Street
	 

	 	Hamilton HM 12
	 

	 	Bermuda
	 
	 	 
	TO:

	 	[DnB NOR BANK ASA
	 

	 	Stranden 21
	 

	 	NO-0021 Oslo
	 

	 	Norway]
	 
	 	 
	 

	 	[DnB NOR BANK ASA
	 

	 	New York Branch
	 

	 	200 Park Avenue
	 

	 	31st Floor
	 

	 	New York, NY 10166-0396
	 

	 	United States of America]






20[  ]



Dear Sirs




			
	 	 	 
	FACILITY AGREEMENT DATED
	 	DECEMBER 2006 (THE “FACILITY AGREEMENT”)
	 	 	 




We refer to the Facility Agreement pursuant to which you have agreed to advance to us the Facility
on the terms and conditions set out therein.



Terms and expressions defined in the Facility Agreement shall have the same respective meanings
when used in this notice.



We hereby give you notice that we wish to draw down a Drawing of the [Revolving Credit
Facility][Swingline Facility] in the amount of [                    ] Dollars (USD[          ]) under Clause 2.[3][4] of the Facility Agreement on [               ] 20[  ].



Such amount is to be paid to:



[               ]



We confirm that:





	(i)	 	all of the representations and warranties contained in Clause 9 of the Facility Agreement
remain true and correct;






	(ii)	 	no Possible Event of Default or Event of Default has occurred nor will occur with the giving
of this notice;




79









 












	(iii)	 	the Interest Period shall be of [one (1) month’s][three (3)][six (6)] [months’] [one (1)
Business Day’s][two (2)][three (3)][four (4)][five (5)] [Business Days’] duration;






	(iv)	 	the Drawing will be applied [in refinancing all existing indebtedness related to the
Vessels][for general corporate and working capital purposes of the Borrower and its
Subsidiaries][for general short term corporate purposes of the Borrower but not the repayment
or prepayment of another Swingline Facility Drawing]; [and]






	(v) 	 	[upon application of the Drawing hereby requested to be advanced in the manner hereinbefore
appearing all sums owing to the existing financiers of the Vessels shall have been fully and
finally repaid].





Yours faithfully

NCL CORPORATION LTD.




By:                                                                                 




80









 








Schedule 3




Conditions Precedent




Clause 2.6



The Facility is expressly conditional upon the Agent having received in such form and substance as
it shall require:





	 	 	A On signing hereof





Borrower





	1	 	Certified Copies of any consents required from any ministry, governmental, financial or other
authority for the execution of and performance by the Borrower of its obligations under this
Agreement and each of the Security Documents or if no such consents are required a secretary’s
certificate of the Borrower to this effect confirming that no such consents are required.
	 
	2	 	Notarially attested secretary’s certificate for the Borrower:






	 	2.1	 	attaching a copy of its Certificate of Incorporation and Memorandum of
Association and Bye-Laws evidencing power to:






	 	2.1.1	 	enter into the transactions contemplated by this Agreement and
in the other Security Documents and to buy ships and enter into arrangements
for the chartering and management thereof; and
	 
	 	2.1.2	 	borrow money in the amount referred to in this Agreement and
as security therefor to mortgage or charge assets;






	 	2.2	 	giving the names of the present officers and directors;
	 
	 	2.3	 	setting out specimen signatures of persons who would be authorised to sign
documents or otherwise perform its obligations under the Security Documents;
	 
	 	2.4	 	giving the legal and beneficial owners of its shares and the number of shares
held by each shareholder;
	 
	 	2.5	 	attaching copies of resolutions passed at a duly convened meeting of the
directors authorising the borrowing of the Facility and the execution of this Agreement
and such of the other Security Documents to which the Borrower is a party and the issue
of any power of attorney to execute the same; and
	 
	 	2.6	 	containing a declaration of solvency as at the date of the secretary’s
certificate.






	3	 	Where the secretary’s certificate referred to in paragraph 2 of this Schedule 3 is dated more
than fifteen (15) days prior to the Signing Date, a bringdown certificate, which need not be
notarially attested if signed by the same person that signed the secretary’s certificate
referred to in paragraph 2 of this Schedule 3.






	4	 	The original power of attorney issued pursuant to the resolutions referred to in paragraph 2
above, notarially attested.




81









 












	5	 	The Disclosure Letter duly executed.





Other Obligors





	6	 	Certified Copies of any consents required from any ministry, governmental, financial or other
authority for the execution of and performance by each of the other Obligors of its
obligations under the Security Documents to which it is a party or if no such consents are
required a secretary’s certificate of that Obligor to this effect confirming that no such
consents are required.






	7	 	Notarially attested secretary’s certificate:






	 	7.1	 	attaching a copy of its Certificate of Incorporation and Memorandum of
Association and Bye-Laws evidencing power to enter into the transactions contemplated
by this Agreement;
	 
	 	7.2	 	giving the names of the present officers and directors;
	 
	 	7.3	 	setting out specimen signatures of persons who would be authorised to sign
documents or otherwise perform its obligations under the Security Documents;
	 
	 	7.4	 	attaching copies of resolutions passed at a duly convened meeting of the
directors approving the granting and the execution of the documents whose execution is
contemplated hereby, insofar as they relate to it and the issue of any power of
attorney to execute the same; and
	 
	 	7.5	 	containing a declaration of solvency as at the date of the secretary’s
certificate.






	8	 	Where the secretary’s certificate referred to in paragraph 7 of this Schedule 3 is dated more
than fifteen (15) days prior to the Signing Date, a bringdown certificate, which need not be
notarially attested if signed by the same person that signed the secretary’s certificate
referred to in paragraph 7 of this Schedule 3.






	9	 	The original powers of attorney issued pursuant to the resolutions referred to in paragraph
7.1 of this Schedule 3, notarially attested.





General





	10	 	Confirmation from the Process Agent that it will act for each of the Obligors as agent for
service of process in England.






	11	 	Opinions from lawyers appointed by the Agent including English, Bermudan and Isle of Man
lawyers as to any of the foregoing matters or otherwise as the Lenders may require in the form
required by the Lenders.






	12	 	A copy of:






	 	12.1	 	the audited consolidated financial statements of the NCLC Group for the
financial year ending on 31 December 2005;
	 
	 	12.2	 	the unaudited consolidated financial statements of the NCLC Group for the
fiscal quarter ending on 30 September 2006; and




82









 






	 	12.3	 	detailed projected consolidated financial statements of the NCLC Group for the
six (6) financial years commencing with the financial year ending on 31 December 2006,
which projections shall (a) reflect the forecasted consolidated financial condition of
the NCLC Group after giving effect to the Facility and the related financing thereof;
and (b) be prepared and approved by the chief financial officer of the NCLC Group.






	13	 	Letter from the secretary of the Borrower to the Agent stating that the Borrower is and shall
remain, after the advance to it of the Facility or any of it, solvent in accordance with the
laws of Bermuda and the United Kingdom and in particular with the provisions of the United
Kingdom’s Insolvency Act 1986 (as from time to time amended) and the requirements thereof.
	 
	14	 	Copies of all Companies Acts forms for filing of charges in Bermuda.
	 
	15	 	Payment of all fees under Clause 14 and all expenses due under Clause 15.
	 
	B.	 	At least five (5) Business Days before the first Advance Date in respect of Tranche 1
	 
	16	 	Drawdown notice duly executed by the Borrower in the form of Schedule 2.
	 
	17	 	Certified Copy of such documents as have been received by the Owners from the existing
financiers of the Vessels in evidence of the existing indebtedness in respect of the Vessels.
	 
	18	 	Financial projections of the NCLC Group for the twelve (12) month period commencing on the
first day of the financial quarter of the NCLC Group in which the first Advance Date falls
(including income statement, balance sheet and cash flow statement for the NCLC Group) and an
outline of the assumptions supporting such budget and financial projections and details of any
scheduled dry-docking of any of the vessels owned and/or operated by companies in the NCLC
Group during such period, demonstrating that the Borrower will be in compliance with the
financial undertakings contained in Clause 10.3 during such twelve (12) month period.
	 
	C	 	On the first Advance Date in respect of Tranche 1
	 
	19	 	Such evidence as the Lenders may require that the Borrower has raised a minimum of two
hundred million Dollars (USD200,000,000) in paid up new equity since 30 November 2006, which
amount has not been released or repaid.
	 
	20	 	Such evidence as the Lenders may require that each of the Vessels is:






	 	20.1	 	at least provisionally registered in the name of the relevant Owner under the
Bahamian flag with a certificate of registry free from all liens and encumbrances
except the relevant Mortgage and any other mortgage acceptable to the Lenders and the
subject of a Co-ordination Deed;
	 
	 	20.2	 	classified with the highest classification available free of all
recommendations and qualifications with Det Norske Veritas, save as disclosed to the
Agent;
	 
	 	20.3	 	insured in accordance with the terms of the Security Documents; and
	 
	 	20.4	 	managed by the Manager pursuant to the relevant Management Agreement.




83









 












	21	 	In respect of each of the Vessels:






	 	21.1	 	copies of valid trading and other certificates;
	 
	 	21.2	 	Certified Copy of the Management Agreement;
	 
	 	21.3	 	Mortgage duly executed and lodged for registration at the Bahamas Maritime
Authority in London;
	 
	 	21.4	 	Earnings Assignment duly executed;
	 
	 	21.5	 	Insurance Assignment duly executed;
	 
	 	21.6	 	Management Agreement Assignment duly executed;
	 
	 	21.7	 	Co-ordination Deed duly executed; and
	 
	 	21.8	 	Telefax confirmations from the insurance brokers for marine risks (hull and
machinery) and the managers of any protection and indemnity or war risks association
through whom any Insurances in respect of the Vessels have been placed that the
Insurances have been placed and upon receipt of notices of assignment of the Insurances
they will issue letters of undertaking in the form approved by the Lenders.






	22	 	In respect of each of the Vessels, the first valuations referred to in Clause 10.17.1
providing evidence that the aggregate market value of the Vessels is not less than [**] [Confidential Treatment] Dollars [**] [Confidential Treatment].
	 
	23	 	Guarantees duly executed by the Owners.
	 
	24	 	Charges duly executed in respect of the Owners.
	 
	25	 	Opinions from Bahamian lawyers appointed by the Agent as to due registration of the Vessels
and due registration of the Mortgages and from English, Bermudan and Isle of Man lawyers
appointed by the Agent as to any of the foregoing matters or otherwise as the Lenders may
require in the form required by the Lenders.
	 
	26	 	From the Agent’s insurance advisers, a report on the Insurances for each of the Vessels and a
certificate confirming that such Insurances are placed with such insurance companies and/or
underwriters and/or clubs, in such amounts, against such risks, and in such form, as should be
acceptable to the Lenders and conform with the provisions of the relevant Mortgage.
	 
	27	 	Where a secretary’s certificate referred to in paragraph 2 or paragraph 7 of this Schedule 3
is dated more than ten (10) days prior to the first Advance Date, a bringdown certificate,
which need not be notarially attested if signed by the same person that signed the secretary’s
certificate referred to in paragraph 2 or paragraph 7 (as the case may be) of this Schedule 3.
	 
	28	 	Certified Copy of the carrier initiative agreement(s) executed pursuant to the Mortgages.
	 
	29	 	Certified Copies of any current certificates of financial responsibility in respect of the
Vessels issued under OPA.







84









 






	30	 	Certified Copies of valid safety management certificates (or interim safety management
certificates) issued to the Vessels in respect of their management by the Manager pursuant to
the International Safety Management Code.
	 
	31	 	Certified Copies of a valid document of compliance (or an interim document of compliance)
issued to the Manager in respect of ships of the same type as the Vessels pursuant to the
International Safety Management Code.
	 
	32	 	Certified Copies of valid international ship security certificates issued to the Vessels in
accordance with the International Ship and Port Facility Security Code adopted by the
International Maritime Organisation.
	 
	33	 	Certified Copies of valid international air pollution prevention certificates issued to the
Vessels under Annex VI (Regulations for the Prevention of Air Pollution from Ships) to the
International Convention for the Prevention of Pollution from Ships 1973 (as modified in 1978
and 1997) (as the same may be amended from time to time).





General





	34	 	Copies of Companies Act forms for filing of charges in Bermuda and the Isle of Man.
	 
	35	 	Payment of all fees due under Clause 14 and all expenses due under Clause 15.
	 
	D	 	On the first Advance Date in respect of Tranche 2
	 
	36	 	Such evidence as the Lenders may require that the Borrower has raised a further minimum of
two hundred million Dollars (USD200,000,000) in paid up new equity
and an aggregate of four hundred million Dollars (USD400,000,000) in paid up new equity since 30 November 2006, which
amount has not been released or repaid.




85









 











Schedule 4




Confidentiality Undertaking




[ON BANK’S HEADED PAPER]




	 	 	 
	TO:

	 	NCL CORPORATION LTD.
	 

	 	Milner House
	 

	 	18 Parliament Street
	 

	 	Hamilton HM 12
	 

	 	Bermuda
	 
	 	 
	 

	 	DnB NOR BANK ASA
	 

	 	Stranden 21
	 

	 	NO-0021 Oslo
	 

	 	Norway






NCL CORPORATION LTD.

UP TO USD610,000,000 FACILITY (THE “FACILITY”)

FORM OF CONFIDENTIALITY UNDERTAKING



In connection with a possible future transaction involving NCL Corporation Ltd., a Bermuda company,
and certain of its subsidiaries and affiliates (hereinafter collectively referred to as “NCL”) and
BANK NAME (“BANK NAME”), NCL is furnishing BANK NAME with certain proprietary and confidential
information concerning NCL and its business, assets and liabilities. The information furnished to
BANK NAME together with analyses, compilations, studies and other documents prepared by BANK NAME
or its agents, representatives (including attorneys, accountants and financial advisors) or
employees which contain or otherwise reflect such information for BANK NAME review of NCL, is
hereinafter referred to as “Confidential Information”. In consideration of NCL furnishing BANK
NAME with the Confidential Information, NCL asks BANK NAME to agree that:





	1	 	Except as otherwise provided herein, the Confidential Information will be kept confidential
and shall not, without NCL’s prior written consent be disclosed by BANK NAME, or by its
directors, officers, affiliates, agents, representatives, advisors or employees (collectively,
its “Representatives”), in any manner whatsoever, in whole or in part, and shall not be used
by BANK NAME or its Representatives, other than for the purpose of evaluating the transaction
described above. Moreover, except as otherwise provided herein, BANK NAME agrees to reveal
the Confidential Information only to its Representatives who need to know the Confidential
Information for the purpose of the transaction described above, who are informed by BANK NAME
of the confidential nature of the Confidential Information and who shall agree to keep such
information confidential in accordance with BANK NAME’s customary practices with respect to
the handling of confidential information. BANK NAME shall be responsible for any breach of
this Agreement by its Representatives.






	2	 	Except as otherwise provided herein, without NCL’s prior written consent, BANK NAME and its
Representatives will not disclose to any person the fact that the Confidential




86









 






	 	 	Information has been made available to BANK NAME, that discussions or negotiations are
taking place concerning a possible transaction relating to BANK NAME or any of the terms,
conditions or other facts with respect to any such possible transaction (including the
status thereof).






	3	 	NCL may at any time terminate further access by BANK NAME or its Representatives to the
Confidential Information and BANK NAME agrees that the Confidential Information, except for
the portion of the Confidential Information which consists of analyses, compilations, studies
or other documents prepared by BANK NAME or its Representatives, will be returned to NCL or
destroyed, in each case, immediately upon our request, or in the event BANK NAME does not
proceed with the transaction that is the subject of this Agreement, including all copies,
whether electronic or otherwise, made of the Confidential Information, except that BANK NAME
may keep such copies of the Confidential Information as may be required by applicable legal
and regulatory requirements. No such termination will affect the obligations of BANK NAME or
its Representatives hereunder, all of which obligations shall continue until such time as this
Agreement terminates pursuant to paragraph 9 below.






	4	 	Notwithstanding the foregoing, the term “Confidential Information” shall not include
information that (and the terms of this Agreement shall be inoperative as to such information)
(i) is or becomes generally available to the public through no breach of this Agreement by
BANK NAME or its Representatives, or (ii) is in BANK NAME or its Representatives’ possession
or becomes available to BANK NAME or its Representatives on a non-confidential basis from a
source other than NCL or any of its affiliates or agents, or (iii) is otherwise available to
the general public or generally known or available to the public or within the passenger
cruise industry or (iv) was or is independently developed by BANK NAME or its Representatives
through no breach of BANK NAME’s or its Representatives’ obligations hereunder.






	5	 	BANK NAME understands that NCL has endeavoured to include in the Confidential Information
those materials which NCL believes to be reliable and relevant for the purpose of BANK NAME
evaluation, but BANK NAME acknowledges that neither NCL nor any of its affiliates nor any of
its or its agents, representatives or employees make any representation or warranty as to the
completeness of the Confidential Information. BANK NAME agrees that neither NCL nor any of
its affiliates nor any of its or its agents, representatives or employees shall have any
liability to BANK NAME or its Representatives resulting from the use or content of the
Confidential Information.






	6	 	Notwithstanding anything herein to the contrary, it shall not be a breach of this Agreement
to disclose any Confidential Information, if such disclosure is (a) consented to in writing by
NCL, or (b) made to BANK NAME’s regulatory authorities or other governmental or regulatory
agencies or (c) required by law or applicable legal process, provided that, solely in the case
of this clause (c), BANK NAME shall (unless prohibited by court order, law or regulation) (i)
use reasonable efforts to give the earliest notice possible to NCL that such disclosure is or
may be required and (ii) take reasonable measures to cooperate in protecting the confidential
or proprietary nature of the Confidential Information which must so be disclosed.






	7	 	Without the prior written consent of NCL, BANK NAME will not solicit any employee of NCL to
become employed by BANK NAME that, to the actual and personal




87









 






	 	 	knowledge (and not constructive knowledge) of the BANK NAME officer, employee or
representative making such solicitation, has devoted a substantial amount of effort to the
underlying transaction contemplated hereby.






	8	 	This Agreement may be amended, modified, superseded or waived only by a written instrument
which specifically states that it amends this Agreement executed and delivered by an
authorized officer for each entity to be bound by such amendment.






	9	 	The term of this Agreement shall commence on the date set forth above and shall continue for
a period of two (2) years from such date, except when such Confidential Information is a trade
secret of NCL and is identified as such by NCL, in which case BANK NAME’s obligations to
protect such Confidential Information shall be perpetual and continuing.






	10	 	It is further understood and agreed that no failure or delay by NCL in exercising any right,
power or privilege hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise thereof preclude any other or further exercise thereof or the exercise of any
right, power or privilege hereunder.






	11	 	BANK NAME agrees that monetary damages would not be a sufficient remedy for any breach of
this Agreement by BANK NAME or its Representatives, and that in addition to all other
remedies, NCL shall be entitled to seek specific performance and injunctive or other equitable
relief as a remedy for any such breach.






	12	 	This Agreement is made subject to and shall be construed under the laws of the State of
Florida, without giving effect to its principles or rules regarding conflicts of laws, and the
parties hereto agree that the state or federal courts situated in Miami-Dade County, Florida
shall have exclusive jurisdiction to resolve any disputes with respect to this Agreement or
the Confidential Information, with each party irrevocably consenting to the jurisdiction
thereof for any actions, suits or proceedings arising out of or relating to this Agreement or
the Confidential Information, and each party hereto irrevocably waives its rights to jury
trials with respect thereto.





AGREED TO AND ACCEPTED BY:

For and on behalf of

BANK NAME:



By:                                                              
                   



Date:




88









 








Schedule 5




Transfer Certificate



Lenders are advised not to employ Transfer Certificates or otherwise to assign or transfer
interests in the Facility Agreement without further ensuring that the transaction complies with all
applicable laws and requisitions, including the Financial Services Act 1986 and regulations made
thereunder and similar statutes which may be in force in other jurisdictions.




	 	 	 
	TO:

	 	DnB NOR BANK ASA (the “Agent”) as agent on its own behalf and for and
on behalf of the Borrower, the Owners and the Lenders as each such
term is defined in the Facility Agreement referred to below
	 
	 	 
	 

	 	ATTENTION: Mrs Solveig Nuland Knoff







Date:


This certificate (the “Transfer Certificate”) relates to a loan facility agreement dated
December 2006 (as the same may from time to time be amended, supplemented and/or novated the
"Facility Agreement”) made between (among others) (1) NCL Corporation Ltd. as borrower (the
"Borrower”) (2) the banks and financial institutions referred to therein as lenders (the “Lenders”)
and (3) the Agent whereby the Lenders have agreed to make available to the Borrower a revolving
loan facility in the amount of up to six hundred and ten million Dollars (USD610,000,000). Terms
defined in the Facility Agreement shall, unless otherwise defined herein, have the same meanings
herein as therein.



In this Transfer Certificate:



the “Transferor” means [full name] of [lending branch];



the “Transferee” means [full name] of [lending branch].





	1	 	The Transferor with full title guarantee transfers to the Transferee absolutely in accordance
with Clause 18.1 of the Facility Agreement all rights and interests (present, future or
contingent) which the Transferor has as Lender under or by virtue of the Facility Agreement
and all the other Security Documents insofar as such rights and interests relate to that
portion of its [Commitment][Contribution] to the Facility in an amount of [                    ] Dollars (USD[               ]) out of its total
[Commitment][Contribution] which at the date hereof is [          ] Dollars (USD[               ]).






	2	 	By virtue of this Transfer Certificate and Clause 18.5 of the Facility Agreement, the
Transferor is discharged entirely with effect from the Transfer Date from that portion of its
[Commitment][Contribution] to the Facility and its obligations relating thereto to the extent
of [                              ] Dollars (USD[                    ]) out of its total [Commitment][Contribution] at such date.






	3	 	The Transferee hereby requests:






	 	3.1	 	the Borrower, the Owners, the Agent and the Lenders to accept the executed
copies of this Transfer Certificate as being delivered pursuant to and for the purposes
of Clause 18.1 of the Facility Agreement; and




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	 	3.2	 	the Agent to execute this Transfer Certificate on behalf of itself and the
other said parties pursuant to Clause 18.5 of the Facility Agreement so that this
Transfer Certificate will take effect in accordance with the terms thereof on [specify
date of transfer] [or] [the date on which the Agent receives a certificate signed by
[the Transferor] confirming that the following conditions have been fulfilled [specify
conditions to transfer].






	4	 	The Transferee:






	 	4.1	 	confirms that it has received a copy of the Facility Agreement and the other
Security Documents together with such other documents and information as it has
required in connection with the transaction contemplated thereby;
	 
	 	4.2	 	confirms that it has not relied and will not hereafter rely on the Transferor,
the Agent or the Lenders to check or enquire on its behalf into the legality, validity,
effectiveness, adequacy, accuracy or completeness of the Facility Agreement or any
other of the Security Documents or any other documents or information;
	 
	 	4.3	 	agrees that it has not relied and will not rely on the Transferor, the Agent or
the Lenders to assess or keep under review on its behalf the financial condition,
creditworthiness, condition, affairs, status or nature of the Borrower or any other
party to the Facility Agreement or any other of the Security Documents (save as
otherwise expressly provided therein);
	 
	 	4.4	 	warrants that it has power and authority to become a party to the Facility
Agreement and has taken all necessary action to authorise execution of this Transfer
Certificate and to obtain all necessary approvals and consents to the assumption of its
obligations under the Facility Agreement and the other Security Documents;
	 
	 	4.5	 	if not already a Lender, appoints the Agent to act as its agent as provided in
the Facility Agreement and the other Security Documents and agrees to be bound by the
terms of Clause 18.5 of the Facility Agreement and by all the terms of Clause 20 of the
Facility Agreement.






	5	 	The Transferor:






	 	5.1	 	warrants to the Transferee that it has full power to enter into this Transfer
Certificate and has taken all corporate action necessary to authorise it to do so;
	 
	 	5.2	 	warrants to the Transferee that this Transfer Certificate is binding on the
Transferor under the laws of England, the country in which the Transferor is
incorporated and the country in which its Lending Branch is located; and
	 
	 	5.3	 	agrees that it will, at its own expense, execute any documents which the
Transferee reasonably requests for perfecting in any relevant jurisdiction the
Transferee’s title under this Transfer Certificate or for any similar purpose.






	6	 	The Transferee hereby undertakes to the Transferor and each of the other parties to the
Facility Agreement that it will perform in accordance with its terms all those obligations
which by the terms of the Facility Agreement will be assumed by it after the transfer
contemplated by this Transfer Certificate has taken effect.




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	7	 	If a Transferor and a Transferee effect a transfer in accordance with Clause 3 of this
Transfer Certificate during an Interest Period, the Agent shall make all payments which would
have become due to the Transferor under the Facility Agreement during the relevant Interest
Period to the Transferor, as if no such transfer had been effected by the Transferor to the
Transferee, according to the percentages of the Transferor’s Contribution and/or Commitment
transferred and retained pursuant to Clauses 1 and 2 of this Transfer Certificate, and the
Transferor and the Transferee shall be responsible for paying to each other pro rata all
amounts (if any) due to them from each other for such Interest Period. On and from the
commencement of the immediately succeeding Interest Period, the Agent shall make all payments
due under the Facility Agreement for the account of the Transferor, to the Transferor, and
shall make all payments due under the Facility Agreement for the account of the Transferee, to
the Transferee. This provision is for administrative convenience only and shall not affect
the rights of the Transferor and the Transferee under the Facility Agreement.






	8	 	None of the Transferor, the Agent or the Lenders:






	 	8.1	 	makes any representation or warranty nor assumes any responsibility with
respect to the legality, validity, effectiveness, adequacy or enforceability of the
Facility Agreement or any other of the Security Documents or any document relating
thereto;
	 
	 	8.2	 	assumes any responsibility for the financial condition of the Borrower or any
other party to the Facility Agreement or any other of the Security Documents or any
such other document or for the performance and observance by the Borrower or any other
party to the Facility Agreement or any other of the Security Documents or any such
other document (save as otherwise expressly provided therein) and any and all such
conditions and warranties, whether expressed or implied by law or otherwise, are hereby
excluded (except as aforesaid).






	9	 	The Transferor and the Transferee each undertakes that it will on demand fully indemnify the
Agent in respect of any claim, proceeding, liability or expense which relates to or results
from this Transfer Certificate or any matter connected with or arising out of it unless caused
by the Agent’s or the Agent’s gross negligence or wilful misconduct, as the case may be.






	10	 	The agreements and undertaking of the Transferee in this Transfer Certificate are given to
and for the benefit of and made with each of the other parties to the Facility Agreement.






	11	 	This Transfer Certificate shall be governed by, and construed in accordance with, English
law.




IN WITNESS whereof the Transferor, the Transferee and the Agent (as agent for and on behalf of
itself as the Agent, the Borrower, the Owners and the Lenders (other than the Transferor)) have
caused this Transfer Certificate to be executed on the day first written above.




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	The Transferor
	 	 	 	 
	 
	 	 	 	 
	SIGNED by

	 	 	)	 
	 

	 	 	)	 
	for and on behalf of

	 	 	)	 
	[          ]

	 	 	)	 
	in the presence of:

	 	 	)	 
	 
	 	 	 	 
	The Transferee
	 	 	 	 
	 
	 	 	 	 
	SIGNED by

	 	 	)	 
	 

	 	 	)	 
	for and on behalf of

	 	 	)	 
	[          ]

	 	 	)	 
	in the presence of:

	 	 	)	 
	 
	 	 	 	 
	The Agent
	 	 	 	 
	 
	 	 	 	 
	SIGNED by

	 	 	)	 
	 

	 	 	)	 
	for and on behalf of

	 	 	)	 
	DnB NOR BANK ASA

	 	 	)	 
	as agent for and on behalf

	 	 	)	 
	of itself as the Agent, the Borrower,

	 	 	)	 
	the Owners and the Lenders

	 	 	)	 
	in the presence of:

	 	 	)	 






	 	 	 
	Note:

	 	The execution of this Transfer Certificate alone may not transfer a proportionate share of
the Transferor’s interest in the security constituted by the Security Documents in the
Transferor’s or Transferee’s jurisdiction. It is the responsibility of each individual Lender
to ascertain whether any other documents are required to perfect a transfer of such a share in
the Transferor’s interest in such security in any such jurisdiction, and, if so, to seek
appropriate advice and arrange for execution of the same.






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Schedule

Administrative Details of Transferee




Name of Transferee:




Lending Branch:




Contact Person

(Loan Administration Department):




Telephone:




Fax:




Email:




Contact Person

(Credit Administration Department):




Telephone:




Fax:




Email:




Account for Payments:




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Schedule 6




Quarterly Statement of Financial Covenants




	 	 	 
	TO:

	 	DnB NOR BANK ASA
	 

	 	Stranden 21
	 

	 	NO-0021 Oslo
	 

	 	Norway
	 
	 	 
	 

	 	Attn: Mr Jon Flovik





We refer to clause 10.3 of the loan facility agreement dated     December 2006 (as amended,
varied and/or supplemented from time to time) (the “Facility Agreement”) between (among others) you
as agent and ourselves as borrower. Terms defined in the Facility Agreement shall have the same
meanings herein.



We hereby certify the amounts set out in the attached schedule as at the last day of the financial
quarter ending           20[   ] for NCL Corporation Ltd. (the “Borrower”) and its
subsidiaries on a consolidated basis. We also hereby certify that the Borrower is in compliance
with all the financial covenants set out in clause 10.3 of the Facility Agreement [[and that no
Event of Default or Possible Event of Default has occurred and is continuing][an [Event of
Default][Possible Event of Default] has occurred and is continuing under clause 12.1.[  ] of the
Facility Agreement and the following step[s][is/are] being taken to cure the same: [   ]]].



NCL CORPORATION LTD.




	 	 	 
	 

By: [          ]

	 	 
	Chief Financial Officer
	 	 
	 
	 	 
	Dated:                     20[   ]
	 	 







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Schedule




Statement of Financial Covenants as of [                ] 20[  ] (in USD’000)




	 	 	 	 	 	 	 	 	 
	Clause (of
	 	 	 	 	 	 	 	 
	Facility 

Agreement)	 	 	 	as of [•]	 	Required Covenants

	 	 	 	 	 	 	A>[**] [Confidential Treatment]

	 

	 	 	 	 	 	(10.3.1)**	 	 
	10.3.1/	 	 	 	 	 	A>[**] [Confidential Treatment]

	10.3.2(b)**	 	Free Liquidity	 	A	 	(10.3.2(b))**

	10.3.2(a)

	 	Consolidated EBITDA:
	 	B
	 	>[**] [Confidential Treatment]	 	 
	 

	 	Consolidated Debt Service
	 	C	 	 	 	 
	10.3.3

	 	Total Net Funded Debt:
	 	D
	 	<[**] [Confidential Treatment]	 	 
	 

	 	Total Capitalisation
	 	E	 	 	 	 
	 
	 

	 	Consolidated EBITDA	 	 	 	 	 	 
	 

	 	Consolidated Net Income

(loss)
	 	 	 	x	 	 
	(Deduct)/Add:

	 	(Gain)/Loss on sale of
assets or reserves
	 	 	 	x	 	 
	Add:

	 	Consolidated Interest

Expense
	 	 	 	x	 	 
	Add:

	 	Depreciation and
amortisation of assets
	 	 	 	x	 	 
	Add:

	 	Impairment charges
	 	 	 	x	 	 
	(Deduct)/Add:

	 	Other non-cash charges (gains)
	 	 	 	x	 	 
	Add:

	 	Deferred income tax expense
	 	 	 	x	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	Consolidated EBITDA
	 	 	 	x
	 	B
	 

	 	 	 	 	 	 	 	 
	 

	 	Consolidated Debt Service	 	 	 	 	 	 
	 

	 	Principal paid/payable (excluding
balloon payments, voluntary
prepayments/repayments on sale/total
loss of an NCLC Fleet
vessel)
	 	 	 	x	 	 
	Add:

	 	Consolidated Interest Expense
	 	 	 	x	 	 
	 

	 	Distributions
	 	 	 	x	 	 
	 

	 	Rent under capitalised leases
	 	 	 	x	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	Consolidated Debt Service
	 	 	 	x
	 	C
	 

	 	 	 	 	 	 	 	 
	 

	 	Total Net Funded Debt	 	 	 	 	 	 
	 

	 	Indebtedness for Borrowed Money
	 	 	 	x	 	 
	Add:

	 	Guarantees of non-NCLC Group
members’ obligations
	 	 	 	x	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	x	 	 
	 

	 	 	 	 	 	 	 	 
	Deduct:

	 	Cash Balance
	 	 	 	(x)	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	Total Net Funded Debt
	 	 	 	(x)
	 	D
	 

	 	 	 	 	 	 	 	 
	 

	 	Total Capitalisation	 	 	 	 	 	 
	 

	 	Total Net Funded Debt
	 	 	 	x	 	 
	Add:

	 	Consolidated stockholders’ equity
	 	 	 	x	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	Total Capitalisation
	 	 	 	x
	 	E
	 

	 	 	 	 	 	 	 	 





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For and on behalf of NCL CORPORATION LTD.




                                                            

[ ]



I, [ ], the officer primarily responsible for the financial management of the NCLC
Group, hereby declare that, to the best of knowledge and belief, the above Statement of Financial
Covenants as of [ ] 20[ ], in my opinion, is true and correct.




                                                            

[ ]

Chief Financial Officer

NCL CORPORATION LTD.




Dated:                20[ ]





	**	 	Evidence satisfactory to the Agent of A at all times during the relevant period shall be
provided together with this statement






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