##### 



Exhibit 4.32
  DATED 13 NOVEMBER 2006
 NCL CORPORATION LTD.
(as borrower)
 DnB NOR BANK ASA
(as agent)
 COMMERZBANK AKTIENGESELLSCHAFT
(as Lower Saxony guarantee agent)
 
 FIRST SUPPLEMENTAL DEED TO
UP TO EUR624,000,000
REVOLVING LOAN FACILITY AGREEMENT
dated 7 October 2005




---



##### 



CONTENTS
 Page1
    
    Definitions and Construction
    
    
    12
    
    Amendment of Original Facility Agreement and other Security Documents
    
    
    23
    
    Conditions Precedent
    
    
    24
    
    Representations and Warranties
    
    
    45
    
    Expenses
    
    
    56
    
    Further Assurance
    
    
    57
    
    Counterparts
    
    
    58
    
    Notices
    
    
    59
    
    Governing Law
    
    
    610
    
    Jurisdiction
    
    
    6Schedule 1
    
    Amendment of Original Facility Agreement
    
    
    8Schedule 2
    
    Amendment of Deed of Covenants
    
    
    10Schedule 3
    
    Amendment of Management Agreement Assignment
    
    
    11Schedule 4
    
    Quarterly Statement of Financial Covenants
    
    
    12Schedule 5
    
    Management Agreement
    
    
    15




---



##### 



FIRST SUPPLEMENTAL DEED
 DATED
13 NOVEMBER 2006
 BETWEEN:
 (1)
    
    NCL CORPORATION LTD.of Milner House, 18 Parliament Street, Hamilton HM 12, Bermuda as
borrower (the Borrower);(2)
    
    DnB NOR BANK ASAof Stranden 21, NO-0021 Oslo, Norway as agent for itself and the Lenders
(the Agent); and(3)
    
    COMMERZBANK AKTIENGESELLSCHAFTof Ness 7-9, 20457 Hamburg, Federal Republic of Germany as
German State of Lower Saxony agent (the Lower Saxony Guarantee Agent).
 WHEREAS
 (A)
    
    By a secured loan facility agreement dated 7 October 2005 (the Original Facility Agreement)
made between (among others) (1) the Borrower as borrower (2) the banks whose names and Lending
Branches appear in schedule 1 to the Facility Agreement as lenders (the Lenders) (3) the
Agent as agent and (4) the Lower Saxony Guarantee Agent as agent, the Lenders agreed to make
available to the Borrower a revolving loan facility of up to six hundred and twenty four
million euro (EUR624,000,000) or the equivalent in Dollars (the Facility) in two (2)
tranches. The repayment of the Facility by the Borrower will be secured by (among other
things) first priority statutory Bahamian ship mortgages to be granted by the Owners
respectively over the Vessels (the Mortgages).(B)
    
    The Borrower has requested the consent of the Lenders and the Agent to the amendment of
certain provisions of the Original Facility Agreement and of the agreed form of the deed of
covenants which will constitute part of each of the Mortgages (the Deed of Covenants), which
form is attached to the security letter dated 7 October 2005 between the Borrower and the
Agent (the Security Letter), to conform such provisions to similar provisions in other loan
documentation to which the Borrower and/or other members of the NCLC Group are party. This
Deed shall be executed as a deed.
 NOW THIS DEED WITNESSES
 1
    
    Definitions and Construction
 1.1
    
    In this Deed including the preamble and recitals hereto (unless the context
otherwise requires) any term or expression defined in the preamble or the recitals
shall have the meaning ascribed to it therein and terms and expressions not defined
herein but whose meanings are defined in the Facility Agreement shall have the meanings
set out therein. In addition, the following terms and expressions shall have the
meanings set out below:"Facility Agreement means the Original Facility Agreement as amended by this Deed.1.2
    
    The provisions of Clauses 1.2 and 1.3 of the Facility Agreement shall apply
hereto (mutatis mutandis).




---



##### 



2
    
    Amendment of Original Facility Agreement and other Security Documents
 2.1
    
    Subject to Clause 3, the parties hereto agree that from the date of this Deed
the Original Facility Agreement shall be read and construed as if:
 2.1.1
    
    the clauses referred to in the first column of Schedule 1 had
been amended to read as set out in the second column of Schedule 1; and2.1.2
    
    schedule 6 had been deleted and substituted with Schedule 4.
 2.2
    
    Subject to Clause 3, the parties hereto agree that from the date of this Deed
the agreed form of the Deed of Covenants to be granted by each of the Guarantors over
its Vessel shall be deemed to be amended so that the clause referred to in the first
column of Schedule 2 reads as set out in the second column of Schedule 2.2.3
    
    Subject to Clause 3, the parties hereto agree that from the date of this Deed
and primarily consequent upon the amendment of the agreed form of the Deed of Covenants
the agreed form of the Management Agreement Assignments attached to the Security Letter
shall be deemed to be amended so that:
 2.3.1
    
    the clauses referred to in the first column of Schedule 3 read
as set out in the second column of Schedule 3; and2.3.2
    
    a new clause 5.15 of the schedule of covenants to schedule 1
thereto read as follows:not permit the Vessel to be employed other than within the NCL or NCL
America brand (as applicable).;
 2.3.3
    
    Subject to Clause 3, the parties hereto agree that from the date of this Deed
the Security Letter shall be read and construed as if the Management Agreement attached
to the Security Letter had been substituted with the Management Agreement attached to
this Deed as Schedule 5.2.3.4
    
    The Borrower hereby confirms to the Agent that with effect from the date of
this Deed its obligations under the Loan Agreement shall not be discharged, impaired or
otherwise affected by reason of the execution of this Deed or of any of the documents
or transactions contemplated hereby.2.4
    
    Except as expressly amended hereby or pursuant hereto the Original Facility
Agreement shall remain in full force and effect and nothing herein contained shall
relieve the Borrower from any of its obligations under such document.
 3
    
    Conditions Precedent
 3.1
    
    The consent of the Agent and the Lower Saxony Guarantee Agent for themselves
and on behalf of the Lenders to the variation of the provisions of the Original
Facility Agreement and the Deed of Covenants is conditional upon and shall not be
effective unless and until the Agent has received the following in form and substance
satisfactory to it:
 3.1.1
    
    on the date of this Deed, one (1) counterpart of this Deed
duly executed by the Borrower;
 2




---



##### 



3.1.2
    
    a written confirmation from the Process Agent that it will act
for the Borrower as agent for service of process in England in respect of this
Deed;3.1.3
    
    the following corporate documents in respect of the Borrower:
 (a)
    
    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 Deed or if no such consents are required a certificate from a duly
appointed officer of the Borrower to this effect confirming that no
such consents are required;(b)
    
    notarially attested secretarys certificate of
the Borrower:
 (i)
    
    attaching a copy of its
Certificate of Incorporation and Memorandum of Association and
Bye-Laws (or equivalent constitutional documents) evidencing
power to enter into the transactions contemplated in this Deed;(ii)
    
    giving the names of its present
officers and directors;(iii)
    
    setting out specimen
signatures of such officers and directors as are authorised by
the Borrower to sign documents or otherwise undertake the
performance of the Borrowers obligations under this Deed;(iv)
    
    giving the legal owner of its shares and the number of such shares held;(v)
    
    attaching copies of resolutions
passed at duly convened meetings of the directors and, if
required by the Agent, the shareholders or members of each of
the Relevant Parties authorising (as applicable) the execution
of this Deed and the issue of any power of attorney to execute
the same; and(vi)
    
    containing a declaration of
solvency as at the date of the certificate of the duly
appointed officer of the Borrower;
  3.1.4
    
    the original powers of attorney, if any, issued pursuant to
the resolutions referred to above and notarially attested; and
 3




---



##### 



3.1.5
    
    the issue of such favourable written legal opinions including
in respect of Bermuda in such form as the Agent may require relating to all
aspects of the transactions contemplated hereby governed by any applicable law,
 PROVIDED THATno Event of Default and (save as disclosed in writing to the Agent
before the date of this Deed) no Possible Event of Default has occurred and is
continuing on the date on which the conditions precedent set out in this Clause 3.1
have been satisfied (subject to Clause 3.2).3.2
    
    If the Agent in accordance with clause 20 of the Original Facility Agreement
decides to permit the amendment of the Original Facility Agreement and the Deed of
Covenants hereby without having received all of the documents or evidence referred to
in Clause 3.1, the Borrower will nevertheless deliver the remaining documents or
evidence to the Agent within fourteen (14) days of the date of this Deed (or such other
period as the Agent may stipulate) and the amendment of the Original Facility Agreement
and the Deed of Covenants as aforesaid 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 amendment in
the absence of such documents or evidence.
 4
    
    Representations and Warranties
 4.1
    
    The Borrower represents and warrants to the Agent that:
 4.1.1
    
    it has the power to enter into and perform this Deed and the
transactions and documents contemplated hereby and has taken all necessary
action to authorise the entry into and performance of this Deed and such
transactions and documents;4.1.2
    
    this Deed constitutes its legal, valid and binding obligations
enforceable in accordance with its terms;4.1.3
    
    its entry into and performance of this Deed and the
transactions contemplated hereby do not and will not conflict with:
 (a)
    
    any law or regulation or any official or judicial order; or(b)
    
    its constitutional documents; or(c)
    
    any agreement or document to which it is a
party or which is binding upon it or any of its assets,
 nor result in the creation or imposition of any Encumbrance on it or its
assets pursuant to the provisions of any such agreement or document and in
particular but without prejudice to the foregoing the entry into and
performance of this Deed and the transactions and documents contemplated
hereby and thereby will not render invalid, void or voidable any security
granted by it to the Agent;4.1.4
    
    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
 4




---



##### 



enforceability of this Deed and each of the other documents contemplated hereby
and thereby and the transactions contemplated hereby and thereby have been
obtained or effected and are in full force and effect;4.1.5
    
    all information furnished by it to the Agent or its agents
relating to the business and affairs of an Obligor in connection with this Deed
and the other documents contemplated hereby and thereby 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; and4.1.6
    
    it has fully disclosed in writing to the Agent all facts
relating to its business which it knows or should reasonably know and which
might reasonably be expected to influence the Agent in deciding whether or not
to enter into this Deed.
 5
    
    ExpensesThe Borrower undertakes to reimburse the Agent on demand on a full indemnity basis for the
reasonable charges and expenses (together with value added tax or any similar tax thereon
and including without limitation the fees and expenses of legal and other advisers) incurred
by the Agent in respect of the negotiation, preparation, printing, execution, registration
and enforcement of this Deed and any other documents required in connection with the
implementation of this Deed.6
    
    Further AssuranceThe 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 this Deed or any of the documents contemplated hereby or securing to the
Agent the full benefit of the rights, powers and remedies conferred upon the Agent in any
such document.7
    
    CounterpartsThis Deed may be executed in any number of counterparts and all such counterparts taken
together shall be deemed to constitute one and the same agreement.8
    
    Notices
 8.1
    
    Any notice, demand or other communication (unless made by telefax) to be made
or delivered to the Borrower pursuant to this Deed shall (unless the Borrower has by
fifteen (15) days written notice to the Agent specified another address) be made or
delivered to the Borrower c/o 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)) with a copy to c/o Star Cruises Limited, Star Cruises
Terminal, Pulau Indah, PO Box No. 288, 42009 Pelabuhan Klang, Selangor Darul Ehsan,
Malaysia (marked for the attention of Mr Gerard Lim). Any notice, demand or other
communication to be made or delivered by the Borrower pursuant to this Deed shall (unless the Agent has
by fifteen (15) days written notice to the Borrower specified another address)
 5




---



##### 



be
made or delivered to the Agent at its Office, the details of which are set out in
schedule 1 of the Original Facility Agreement.8.2
    
    Any notice, demand or other communication to be made or delivered pursuant to
this Deed 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)
with a copy to +60 3 3884 0213 (marked for the attention of Mr Gerard Lim) and in the
case of the Agent is as recorded in schedule 1 of the Original Facility Agreement)
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 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 Clause 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 to the Borrower.8.3
    
    The provisions of clauses 23.1, 23.5 and 23.6 of the Original Facility
Agreement shall apply to this Deed.
 9
    
    Governing LawThis Deed shall be governed by English law.10
    
    Jurisdiction
 10.1
    
    The courts of England have exclusive jurisdiction to settle any dispute arising
out of or in connection with this Deed (including a dispute regarding the existence,
validity or termination of this Agreement) (a Dispute). Each party to this Deed
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 10.1 is for the benefit of 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.10.2
    
    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 Deed.10.3
    
    For the purpose of securing its obligations under Clause 10.2, the Borrower
irrevocably agrees that, if it for any reason fails to appoint a process agent within
the period specified in Clause 10.2, 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 10.2.
 6




---



##### 



10.4
    
    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.10.5
    
    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 Deed.10.6
    
    A judgment relating to this Deed 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.10.7
    
    Nothing in this Clause shall exclude or limit any right which the Agent 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.10.8
    
    In this Clause judgment includes order, injunction, declaration and any other
decision or relief made or granted by a court.
 IN WITNESS
 SIGNED
SEALED and DELIVERED as a DEED
    
    
    
    
    )
    
    
    Colin Veitchby Colin Veitch
    
    
    
    
    )for and on behalf of
    
    
    
    
    )NCL CORPORATION LTD.
    
    
    
    
    )in the presence of:
    
    Mark E. Warren
    
    
    )SIGNED
SEALED and DELIVERED as a DEED
    
    
    
    
    )
    
    
    Julie Cleggby Julie Clegg
    
    
    
    
    )for and on behalf
    
    
    
    
    )DaB NOR BANK ASA
    
    
    
    
    )as the Agent
    
    
    
    
    )in the presence of:
    
    Jaya Prasannan
    
    
    )Trainee Solicitor
    
    
    )One St. Pauls ChurchYard
    
    
    )London EC4M 8SH
    
    
    )SIGNED
SEALED and DELIVERED as a DEED
    
    
    
    
    )
    
    
    Julie Cleggby Julie Clegg
    
    
    
    
    )for and on behalf
    
    
    
    
    )COMMERZBANK AKTIENGESELLSCHART
    
    
    
    
    )as the Lower Saxony Guarantee Agent
    
    
    
    
    )in the presence of:
    
    Jaya Prasannan
    
    
    )Trainee Solicitor
    
    
    )One St. Pauls ChurchYard
    
    
    )London EC4M 8SH
    
    
    )
 7




---



##### 



Schedule 1
 Amendment of Original Facility Agreement
 Definition/Clause
    
    AmendmentClause 9.2.21
    
    Completeness of documents The copies of the Building
Contracts, 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 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.Clause 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;Clause 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.
 8




---



##### 



Definition/Clause
    
    AmendmentClause 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
Vessel). The first such valuations shall be obtained on
or about thirty (30) days prior to the Delivery Date in
respect of a Vessel 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.
 9




---



##### 



Schedule 2
 Amendment of Deed of Covenants
 Definition/Clause
    

AmendmentClause 6.1.17
    
    except with the prior consent of the Agent (acting on the instructions of the Majority Lenders) not:(a)

    permit any person other than the Manager to be the manager of, including providing crewing
services to, the Vessel;(b)

    permit any amendment to be made to the terms of the Management Agreement in respect of the
Vessel unless the amendment is advised by the Owners tax counsel or is deemed necessary by the
parties thereto but provided that the amendment does not imperil the security to be provided
pursuant to the Security Documents or adversely affect the ability of any Obligor to perform its
obligations under the Transaction Documents; or(c)

    permit the Vessel to be employed other than within the NCL or NCL America brand (as applicable).
 10




---



##### 



Schedule 3
 Amendment of Management Agreement Assignment
 Definition/Clause
    
    AmendmentClause 4
    
    Revenue and Operating CostsUpon the Agents first written request,
to provide to the Agent for information
purposes only the regular financial
statements including balance sheets,
income statement and management reports
of revenues and expenses compared to
budget received pursuant to section
[5.3] of the Management Agreement.Schedule 1, Acknowledgement of
Notice of Assignment, Clauses
6.1 and 6.2
    
    upon the Agents first written request,
the regular financial statements
including balance sheets, income
statement and management reports of
revenues and expenses compared to
budget more particularly described in
section [5.3] of the Management
Agreement;Schedule 1, Acknowledgement of
Notice of Assignment, Clause 8
    
    agree not to make or permit to be made
any amendment or modification to the
terms of the Management Agreement
without the prior written consent of
the Agent, unless such amendment or
modification thereto is advised by the
Owners tax counsel or is deemed
necessary by the parties thereto to
reflect the prevailing circumstances,
provided always that no such amendment
shall imperil the security to be
provided pursuant to the Security
Documents or adversely affect the
ability of any Obligor to perform its
obligations under the Transaction
Documents (as defined in the Facility
Agreement);
 11




---



##### 



Schedule 4
 Quarterly Statement of Financial Covenants
 TO:
    
    DnB NOR BANK ASAStranden 21NO-0021 OsloNorwayAttn: Mr Jon Flovik
 Facility Agreement
 Borrower
 NCL CORPORATION LTD.
 By:
    
    [                        ]Chief Financial Officer
 Dated:
    
    20[       ]
 12




---



##### 



Schedule
 Statement of Financial Covenants as of [       ] 20[   ] (in USD000)
 Clause (of FacilityAgreement)
    
    
    
    as of [
    ]
    Required Covenants10.3.1/ 10.3.2(b)**
    
    Free Liquidity
    
    A
    
    A> [**] [Confidential Treatment]

(11.3.1)**A> [**] [Confidential Treatment]

(11.3.2(b))**10.3.2(a)
    
    Consolidated EBITDA:
    
    B
    
    > [**] [Confidential Treatment]Consolidated Debt Service
    
    C10.3.3
    
    Total Net Funded Debt:
    
    D
    
    < [**] [Confidential Treatment]Total Capitalisation
    
    EConsolidated EBITDAConsolidated Net Income (loss)
    
    
    
    x(Deduct)/Add:
    
    (Gain)/Loss on sale of assets or reserves
    
    
    
    xAdd:
    
    Consolidated Interest Expense
    
    
    
    xAdd:
    
    Depreciation and amortisation of assets
    
    
    
    xAdd:
    
    Impairment charges
    
    
    
    x(Deduct)/Add:
    
    Other non-cash charges (gains)
    
    
    
    xAdd:
    
    Deferred income tax expense
    
    
    
    xConsolidated EBITDA
    
    
    
    x
    
    BConsolidated Debt Service

Principal paid/payable (excluding balloon payments, voluntary
prepayments/repayments on sale/total loss of an NCLC Fleet
vessel)
    
    
    
    xAdd:
    
    Consolidated Interest Expense
    
    
    
    xDistributions
    
    
    
    xRent under capitalised leases
    
    
    
    xConsolidated Debt Service
    
    
    
    x
    
    CTotal Net Funded Debt
Indebtedness for Borrowed Money
    
    
    
    xAdd:
    
    Guarantees of non-NCLC Group members obligations
    
    
    
    xxDeduct:
    
    Cash Balance
    
    
    
    (x
    )Total Net Funded Debt
    
    
    
    (x
    )
    DTotal CapitalisationTotal Net Funded Debt
    
    
    
    xAdd:
    
    Consolidated stockholders equity
    
    
    
    xTotal Capitalisation
    
    
    
    x
    
    E
 13




---



##### 



NCL CORPORATION LTD.
 [
    
    ]
  [       ]Chief Financial OfficerNCL 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
 14




---



##### 



Schedule 5
 Management Agreement
 15