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Exhibit 4.49
 REIMBURSEMENT AND DISTRIBUTION AGREEMENT
 BY AND AMONG
 NCL INVESTMENT LTD.,
 STAR CRUISES LIMITED
 AND
 NCL CORPORATION LTD.
           August 17, 2007




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TABLE OF CONTENTS
 PageARTICLE I
DEFINITIONS; INTERPRETATION1.1
    
    
    Definitions
    
    
    11.2
    
    
    Rules of Construction
    
    
    5ARTICLE II
OPERATION OF NCLA2.1
    
    
    NCLA Operations
    
    
    62.2
    
    
    Reimbursement Obligation
    
    
    72.3
    
    
    SCL Election to Terminate NCLA Undertakings
    
    
    72.4
    
    
    Election of the Company in relation to the NCLA Business
    
    
    82.5
    
    
    Shut Down Procedure
    
    
    92.6
    
    
    Mitigation of Costs
    
    
    92.7
    
    
    Outside Determination Date
    
    
    10ARTICLE III
PAYMENT AND DISTRIBUTION3.1
    
    
    NCLA Continuation Agreement Transactions
    
    
    103.2
    
    
    NCLA Wind-up Determination or Company Termination Election Transactions
    
    
    103.3
    
    
    Source of Funds
    
    
    11ARTICLE IV
TERMINATION4.1
    
    
    Termination Events
    
    
    11ARTICLE V
POST-TERMINATION AND PAYMENT PROVISIONS5.1
    
    
    Post-Termination Expenses
    
    
    115.2
    
    
    Early Redeployment
    
    
    11




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TABLE OF CONTENTS
 PageARTICLE VI
MISCELLANEOUS6.1
    
    
    Invoicing and Payment
    
    
    126.2
    
    
    Notification
    
    
    136.3
    
    
    Confidentiality
    
    
    136.4
    
    
    Publicity
    
    
    136.5
    
    
    Further Actions; Cooperation
    
    
    146.6
    
    
    Effective Date
    
    
    146.7
    
    
    Expenses
    
    
    146.8
    
    
    Amendments; Waivers
    
    
    146.9
    
    
    Dividend Waiver and Disclaimer
    
    
    146.10
    
    
    Notices
    
    
    156.11
    
    
    No Conflicting Agreements
    
    
    166.12
    
    
    Entire Agreement
    
    
    176.13
    
    
    Governing Law; Exclusive Jurisdiction; Waiver of Jury Trial
    
    
    176.14
    
    
    No Third Party Beneficiaries
    
    
    186.15
    
    
    Counterparts
    
    
    186.16
    
    
    Severability of Provisions
    
    
    186.17
    
    
    Remedies
    
    
    186.18
    
    
    Assignments; Successors and Assigns
    
    
    18SchedulesSchedule 1.1(a):     Accumulated Book Depreciation




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Agreement NCL Corporation Ltd. Company Star Cruises Limited SCL NCL Investment Ltd. Investor Party Parties
  WHEREAS Equity Investment
 WHEREAS
 WHEREAS
 WHEREAS
 WHEREAS Article III
 NOW, THEREFORE
   Definitions
 AAA Section 6.13(b)
 Accumulated Book Depreciation
 Agreement
 1




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Allocable Aloha Indebtedness
 Allocable America Indebtedness
 Allocable NCLA Indebtedness
 Aloha Accumulated Book Depreciation Schedule 1.1(a)
 Aloha Assets
 Aloha Vessel
 America Accumulated Book Depreciation Schedule 1.1(a)
 America Capital Expenditures
 America Cash Losses
 America EBITDA
 America Vessel
 Applicable Law
 2




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Blended Rate
 Cash Losses Cap
 CLOB International
 Code
 Companies Act
 Company Termination Election Section 2.3(b)
 Distribution Section 3.2(b)
 Distribution Date Section 3.2(b)
 Early Redeployment Section 5.2
 Early Redeployment Expenses Section 5.2
 Effective Date
 Excluded Assets
 Governmental Authority
 Losses
 3




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NCLA
 NCLA Business
 NCLA Capital Expenditures
 NCLA Cash Losses
 NCLA Continuation Agreement Section 2.4(a)
 NCLA EBITDA
 NCLA Financial Statements
 NCLA Undertakings Section 2.1
 NCLA Valuation Date Section 2.3(c)
 NCLA Wind-up Determination Section 2.4(b)
 Notice Date Section 2.3(c)
 Payment Section 3.1
 Post-Termination Expenses
 4




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SCL Termination Election Section 2.3(a)
 Services
 Shared Overhead Expenses
 Shut Down Costs Section 3.2
 Shut Down Procedure Section
2.5
 Stock Exchange
 Subscription Agreement
 Tribunal Section 6.13(b)
 Unused Losses Cap
  Rules of Construction
   5




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NCLA Operations
 Conduct of Business Schedule 7.2
 NCLA Business Operation and Management Section 2.1(a)
 6




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Reimbursement Obligation
 Section 2.2(b) provided however Section 2.2
 less provided provided further Section 2.2
 SCL Election to Terminate NCLA Undertakings
 Election by SCL Section 2.3(c) SCL Termination Election
 7




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Section 2.4
 Termination by the Company Company Termination Election Section 2.5 Article III
 Notice Date Section
2.3(a) Section 2.3(b) Notice Date NCLA Valuation Date Sections 2.4(a)(i)-(ii) Section 3.1
 Election of the Company in relation to the NCLA Business
  NCLA Continuation Agreement
 Section 2.1(b)
 Article V
 Sections 3.1 3.3
 NCLA Wind-up Determination
 8




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Section 2.1(b)
 Section
2.5
 Section 3.2
 Shut Down Procedure
   provided however
 Section 2.2
 Sections 5.1 5.2
  Mitigation of Costs provided however Section 2.6
 9




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Outside Determination Date Articles II III
   NCLA Continuation Agreement Transactions Payment
 NCLA Wind-up Determination or Company Termination Election Transactions
  Section 3.2 Distribution Distribution
Date
 Section 3.2(b)
 10




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Source of Funds Article III Section 3.3
   Termination Events
     Post-Termination Expenses provided however Section 5.1 Section 5.2
 Early Redeployment Early
Redeployment
 11




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Early Redeployment Expenses provided however Section 5. Section
5.2
   Invoicing and Payment Article II Article V
  Article II Article V
 Section 6.1(c) Section 6.1
  12




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Notification
 Confidentiality
 Publicity
 provided
 Section 6.4(a)
 13




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Further Actions; Cooperation
 Effective Date
 Expenses
 Amendments; Waivers
 Dividend Waiver and Disclaimer Article III,
 14




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Notices
  (i)
    
    If, to the Company:
 NCL Corporation Ltd.
7665 Corporate Center Drive
Miami, FL 33126
Attention: Mark Warren
Telephone: (305) 436-4095
Facsimile: (305) 436-4117
and, prior to the Closing, with a copy (which shall not constitute
notice) to:
Cleary Gottlieb Steen & Hamilton LLP
One Liberty Plaza
New York, NY 10006
Attention: Daniel S. Sternberg
Telephone: (212) 225-2630
Facsimile: (212) 225-3999
and, after the Closing, with a copy (which shall not constitute
notice) to:
OMelveny & Myers LLP
Times Square Tower
7 Times Square
New York, NY 10036
Attention: Douglas A. Ryder
Telephone: (212) 326-2000
Facsimile: (212) 326-2061
 15




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(ii)
    
    If, to SCL:
 Star Cruises Limited
Suite 1501, Ocean Centre
5 Canton Road, Tsimshatsui
Kowloon, Hong Kong
Attention: Louisa Tam
Telephone: +(852)-2378-2963
Facsimile: +(852)-2268-5463
and, with a copy (which shall not constitute notice) to:
Cleary Gottlieb Steen & Hamilton LLP
One Liberty Plaza
New York, NY 10006
Attention: Daniel S. Sternberg
Telephone: (212) 225-2630
Facsimile: (212) 225-3999
 (iii)
    
    If, to the Investor:
 NCL Investment Corp.
c/o Apollo Management VI, LP
9 West 57th Street, 43rd Floor
NY, NY 10019
Attention: Steven Martinez
Telephone: (212) 515-3200
Facsimile: (212) 515-3288
and, with a copy (which shall not constitute notice) to:
OMelveny & Myers LLP
Times Square Tower
7 Times Square
New York, NY 10036
Attention: Douglas A. Ryder
Telephone: (212) 326-2000
Facsimile: (212) 326-2061
  No Conflicting Agreements
 16




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Entire Agreement
 Governing Law; Exclusive Jurisdiction; Waiver of Jury Trial
  AAA Section 6.13 Section 6.13 Tribunal provided however Section
6.13
 17




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No Third Party Beneficiaries
 Counterparts
 Severability of Provisions
 Remedies
 Assignments; Successors and Assigns provided however
  18




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IN WITNESS WHEREOF
 THE COMPANY:
NCL CORPORATION LTD.By:

/s/ David Colin Sinclair VeitchName:
    David Colin Sinclair VeitchTitle:
    Deputy Chairman, President and CEOSCL:
STAR CRUISES LIMITEDBy:

/s/ David Chua Ming HuatName:
    David Chua Ming HuatTitle:
    President           [Signature Page to Reimbursement and Distribution Agreement]




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INVESTOR:
NCL INVESTMENT CORP.By:

/s/ Steven MartinezName:
    Steven MartinezTitle:
    Authorized Person                     [Signature Page to Reimbursement and Distribution Agreement]