##### 



Exhibit 4.50
 SUBSCRIPTION AGREEMENT
 BY AND AMONG
 NCL INVESTMENT LTD.,
 STAR CRUISES LIMITED
 AND
 NCL CORPORATION LTD.
 August 17, 2007




---



##### 



TABLE OF CONTENTS
 PageARTICLE IDEFINITIONS; INTERPRETATION1.1
    
    Definitions
    
    
    21.2
    
    Rules of Construction
    
    
    12ARTICLE IITHE CLOSING; SUBSCRIPTION FOR SHARES2.1
    
    Subscription for Ordinary Shares
    
    
    132.2
    
    Closing
    
    
    132.3
    
    Closing Date Payments
    
    
    14ARTICLE III
JADE TRANSFER3.1
    
    Transfer of Jade Assets
    
    
    143.2
    
    Assumption of Jade Liabilities
    
    
    143.3
    
    Documentation
    
    
    143.4
    
    Further Assurances
    
    
    143.5
    
    Structure of Jade Transfer
    
    
    14ARTICLE IV
REPRESENTATIONS AND WARRANTIES OF THE COMPANY4.1
    
    Organization
    
    
    154.2
    
    Authorization of the Transaction Documents; Capacity
    
    
    154.3
    
    Capitalization
    
    
    164.4
    
    Subsidiaries
    
    
    174.5
    
    SEC Documents
    
    
    174.6
    
    No Conflicts
    
    
    184.7
    
    No Consent or Approval Required
    
    
    194.8
    
    Financial Information
    
    
    194.9
    
    Undisclosed Liabilities
    
    
    194.10
    
    Absence of Changes
    
    
    204.11
    
    Compliance
    
    
    204.12
    
    Licenses and Permits
    
    
    204.13
    
    Litigation
    
    
    20
 i




---



##### 



TABLE OF CONTENTS
 Page4.14
    
    Contracts
    
    
    214.15
    
    Real Property
    
    
    234.16
    
    Title to Assets, Properties and Rights; Sufficiency of Assets
    
    
    234.17
    
    Vessels
    
    
    244.18
    
    Labor Relations; Employees; ERISA Plans.
    
    
    254.19
    
    Environmental and Safety Matters
    
    
    274.20
    
    Intellectual Property Rights.
    
    
    284.21
    
    Tax Matters
    
    
    284.22
    
    Insurance
    
    
    304.23
    
    Related Party Transactions
    
    
    304.24
    
    Offering Exemption
    
    
    304.25
    
    Brokers
    
    
    304.26
    
    Exclusivity of Representations
    
    
    31ARTICLE V
REPRESENTATIONS AND WARRANTIES OF SCL5.1
    
    Organization
    
    
    315.2
    
    Authorization of the Transaction Documents; Capacity
    
    
    315.3
    
    No Conflicts
    
    
    325.4
    
    No Consent or Approval Required
    
    
    325.5
    
    Ownership
    
    
    325.6
    
    Brokers
    
    
    325.7
    
    SCL Circular
    
    
    335.8
    
    No Pending Litigation or Proceedings
    
    
    335.9
    
    Exclusivity of Representations
    
    
    335.10
    
    Securities of SCL
    
    
    335.11
    
    Contracts of SCL
    
    
    34ARTICLE VI
REPRESENTATIONS AND WARRANTIES OF THE INVESTOR6.1
    
    Organization
    
    
    346.2
    
    Authorization of the Transaction Documents; Capacity
    
    
    346.3
    
    No Conflicts
    
    
    35
 -ii-




---



##### 



TABLE OF CONTENTS
 Page6.4
    
    No Consent or Approval Required
    
    
    356.5
    
    Financing
    
    
    356.6
    
    Brokers
    
    
    366.7
    
    Operations of the Investor
    
    
    366.8
    
    Investment Experience
    
    
    366.9
    
    Investment
    
    
    376.10
    
    No Pending Litigation or Proceedings
    
    
    376.11
    
    Independence from SCL
    
    
    376.12
    
    Exclusivity of Representations
    
    
    37ARTICLE VII
COVENANTS7.1
    
    Further Actions; Cooperation; SCL Shareholder Approval
    
    
    377.2
    
    Conduct of Business
    
    
    397.3
    
    Access to Information
    
    
    427.4
    
    Interim Financial Statements and Reports
    
    
    427.5
    
    Notification
    
    
    437.6
    
    Release
    
    
    437.7
    
    Confidentiality
    
    
    447.8
    
    Competing Transaction
    
    
    447.9
    
    Financing Efforts Regarding Company Indebtedness
    
    
    457.10
    
    Financing Efforts Regarding SCL Indebtedness
    
    
    467.11
    
    Publicity
    
    
    467.12
    
    Non-Solicitation
    
    
    477.13
    
    Future Co-operation of the Company and SCL
    
    
    48ARTICLE VIII
CONDITIONS TO THE CLOSING8.1
    
    Conditions to Each Partys Obligation to Effect the Transactions
    
    
    488.2
    
    Conditions to Obligations of the Investor
    
    
    498.3
    
    Conditions to Obligations of SCL
    
    
    51
 -iii-




---



##### 



TABLE OF CONTENTS
 PageARTICLE IX
INDEMNITY PROVISIONS9.1
    
    Survival
    
    
    519.2
    
    Indemnification of Investor Indemnified Parties
    
    
    529.3
    
    Indemnification of SCL Indemnified Parties
    
    
    539.4
    
    Indemnification Procedures with Respect to Third Party Claims
    
    
    539.5
    
    Liability
    
    
    549.6
    
    Notice of an Indemnity Claim
    
    
    559.7
    
    Satisfaction of Indemnity Obligations by SCL
    
    
    559.8
    
    Indemnity Shares Option
    
    
    56ARTICLE X
TERMINATION10.1
    
    Termination
    
    
    5610.2
    
    Effect of Termination
    
    
    57ARTICLE XI
MISCELLANEOUS PROVISIONS11.1
    
    Expenses
    
    
    5711.2
    
    Amendments; Waivers
    
    
    5811.3
    
    Notices
    
    
    5811.4
    
    No Conflicting Agreements
    
    
    6011.5
    
    Entire Agreement
    
    
    6011.6
    
    Governing Law; Exclusive Jurisdiction; Waiver of Jury Trial
    
    
    6011.7
    
    No Third Party Beneficiaries
    
    
    6111.8
    
    Counterparts
    
    
    6111.9
    
    Severability of Provisions
    
    
    6111.10
    
    Remedies
    
    
    6211.11
    
    Assignments; Successors and Assigns
    
    
    6211.12
    
    Disclosure
    
    
    6211.13
    
    Rights Under Shareholders Agreement
    
    
    62
 -iv-




---



##### 



TABLE OF CONTENTS
 Schedules:Schedule 1.1(a):
    
    Persons with Knowledge of the CompanySchedule 1.1(b):
    
    Permitted EncumbrancesSchedule 1.1(c):
    
    Ship MortgagesSchedule 1.1(d):
    
    VesselsSchedule 4.1:
    
    Foreign Qualifications of the CompanySchedule 4.3(b):
    
    Restrictions on Voting, Dividend Rights and Disposition of SecuritiesSchedule 4.3(c):
    
    Outstanding Bonds, Debentures, Notes or other Obligations Having the Right to VoteSchedule 4.4(a):
    
    Subsidiaries of the CompanySchedule 4.4(b):
    
    Foreign Qualifications of the Companys SubsidiariesSchedule 4.6:
    
    ConflictsSchedule 4.7:
    
    Consents of Governmental AuthoritiesSchedule 4.9:
    
    LiabilitiesSchedule 4.10:
    
    Absence of ChangesSchedule 4.12:
    
    Permits Necessary for Conduct of BusinessSchedule 4.13:
    
    LitigationSchedule 4.14(a):
    
    Material ContractsSchedule 4.14(b):
    
    Material Contract BreachesSchedule 4.15(a):
    
    Owned Real PropertySchedule 4.15(b):
    
    Disturbances to Real Property LeasesSchedule 4.16(a):
    
    Encumbrances on Tangible Personal PropertySchedule 4.16(c):
    
    Rights to AssetsSchedule 4.17(b):
    
    Operation of the VesselsSchedule 4.17(c):
    
    Classification of VesselsSchedule 4.18(a):
    
    Labor OrganizationsSchedule 4.18(b):
    
    Mass LayoffsSchedule 4.18(c):
    
    Employee Benefit PlansSchedule 4.18(f):
    
    Company PlansSchedule 4.18(g):
    
    Company Plan LiabilitiesSchedule 4.18(i):
    
    Foreign Company PlansSchedule 4.18(j):
    
    PaymentsSchedule 4.20(a):
    
    Intellectual Property RightsSchedule 4.20(b):
    
    Infringements of Third Party Intellectual Property RightsSchedule 4.21:
    
    TaxesSchedule 4.23:
    
    Related Party TransactionsSchedule 5.3:
    
    Conflicts of SCLSchedule 5.4:
    
    Consents of SCLSchedule 6.11:
    
    Independence from SCLSchedule 7.2:
    
    Conduct of BusinessSchedule 7.2(n):
    
    BorrowingsSchedule 8.1(g):
    
    Rollover Debt
 -v-




---



##### 



ExhibitsExhibit A:
    
    Form of Amended and Restated Bye-laws and Memorandum of Increase of Authorised Share CapitalExhibit B:
    
    Reimbursement Agreement Equity Commitment LetterExhibit C:
    
    Equity Commitment LetterExhibit D:
    
    Form of Clifford Chance OpinionExhibit E:
    
    Form of Cox Hallett Wilkinson OpinionExhibit F:
    
    Form of Conyers Dill & Pearman Opinion
 -vi-




---



##### 



Agreement NCL Corporation Ltd. Company Star Cruises Limited SCL NCL
Investment Ltd. Investor Party Parties
  WHEREAS Equity
Investment
 WHEREAS
 WHEREAS
 WHEREAS
 WHEREAS
 WHEREAS
 WHEREAS Exhibit A Amended and Restated Incorporation Documents
 NOW, THEREFORE




---



##### 



Definitions
 401(k) Plan
 AAA Section 11.6(b)
 Acquisition Date
 Affiliate
 Agreement
 Aker Section 7.2(i)
 Allocable Jade Indebtedness
 Amended and Restated Incorporation Documents
 Apollo Section 6.5
 Applicable Law
 Balance Sheet Date
 Bareboat Charters Schedule
1.1(d)
 Board
 Business Day
 2




---



##### 



Bye-laws Section 4.1
 Cash Payment Option Section 9.7
 CERCLA
 Claim Notice Section 9.4(a)
 Closing Closing Date Section
2.2
 Code
 Commission
 Company
 Company Disclosure Schedule Article IV
 Company Intellectual Property Section 4.20(a)
 Company Plan Section 4.18(c)
 Company SEC Documents Section 4.5(a)
 Company Transaction Expenses provided
 Competition Authority
 3




---



##### 



Competition Laws Section 4.7
 Confidentiality Agreement
 Contracts
 DNV Section 4.17(c)
 Encumbrance
 Environmental and Safety Requirements
 Equity Commitment Letter Exhibit
C
 Equity Financing Section 6.5
 ERISA
 Exchange Act Section 4.5(a)
 Existing SCL Controlling Shareholders
 4




---



##### 



Expiration Date Section 10.1(b)
 Foreign Company Plan Section 4.18(i)
 Fundamental Company Representations Section
9.1
 Fundamental Investor Representations Section
9.1
 Fundamental SCL Representations Section 9.1
 GAAP
 Governmental Authority
 Hazardous Substances
 HKEX
 HSR Act
 Indebtedness
 Indemnified Amount Section 9.7
 5




---



##### 



Indemnified Parties Section 9.3
 Indemnifying Party Article IX
 Indemnity Claim Section 9.6
 Indemnity Claim Notice Section 9.6
 Indemnity Period Section 9.1
 Indemnity Shares Option Section 9.7
 Indenture Section 8.1(f)
 Intellectual Property Rights
 Investor
 Investor Disclosure Schedule Article VI
 Investor Indemnified Parties Section 9.2
 Jade Assets
 6




---



##### 



Jade Liabilities
 Jade Stop Date
 Jade Transfer Sections 3.1 3.2
 Jade Transfer Closing Date
 Jade Transfer Date
 Knowledge of the Company Schedule 1.1(a)
 Liability
 Listing Rules
 Losses
 Material Adverse Effect provided however
 7




---



##### 



Material Contracts Section 4.14(a)(xviii)
 Memorandum of Association
 NCLA
 NCLI
 Non-Material Transaction Control Approvals
 Notice Date Section 9.6
 Oil Pollution Act of 1990
 Order
 Ordinary Shares
 Owned Real Property Section 4.15
 Party Parties
 8




---



##### 



Payment
 Per Share Subscription Price
 Permits
 Permitted Encumbrances provided provided Schedule 1.1(b) provided Schedule 1.1(c) Ship Mortgages provided
 Person
 9




---



##### 



Proceeding
 Real Property Lease Section 4.14(a)(iii)
 Reference Date
 Registered Company Intellectual Property Section
4.20(a)
 Reimbursement Agreement
 Reimbursement Agreement Equity Commitment Letter Exhibit B
 Release
 Representatives
 Required Financial Information Section 7.9
 Restricted Period Section 7.12(a)
 Rollover Debt Section 8.1(g)
 Sarbanes-Oxley Act Section 4.5(a)
 SCL
 SCL Change of Control
 SCL Debt Consent Section 7.10
 SCL Disclosure Schedule Article V
 SCL Shareholder Approval Section 5.2
 SCL Shareholders Meeting Section 7.1(c)
 10




---



##### 



SCL Statement Section 5.7
 SEC Section 4.5(a)
 Securities
 Securities Act
 Ship Mortgages Section 1.1
 Shareholders Agreement
 Subscription Price Section 2.1(a)
 Subscribed Ordinary Shares Section 2.1(a)
 Subsidiary
 SWDA
 Target Consents Section 7.9
 Tax Benefit
 Tax Returns Section 4.21(a)
 11




---



##### 



Taxes
 Third Party Claim Section 9.4(a)
 Transaction Control Filing
 Transaction Documents
 Transfer
 Transfer Vessel
 Vessels Schedule 1.1(d)
 Voting Agreement
 Rules of Construction
  12




---



##### 



Equity Investment Subscription Price Subscribed Ordinary Shares
 Delivery of Share Certificates Section 2.1(a)
 Closing Closing Article VIII
 13




---



##### 



Closing Date
 Closing Date Payments
     Transfer of Jade Assets Section
3.2
 Assumption of Jade Liabilities Section 3.1
 Documentation
 Further Assurances Article III
 Structure of Jade Transfer Section 3.1 Section 3.1
 14




---



##### 



Company Disclosure Schedule Article IV Article IV
 Organization Schedule 4.1 Bye-laws
 Authorization of the Transaction Documents; Capacity
 15




---



##### 



Capitalization
  Schedule 4.3(b) Schedule 4.3(b) Schedule 4.3(b)
 Schedule 4.3(c)
 16




---



##### 



Subsidiaries Schedule 4.4(a) Schedule
4.4(b) Schedule 4.1 Schedule 4.4(b) Schedule 4.3(b)
 SEC Documents
 SEC Company SEC Documents Exchange
Act Sarbanes-Oxley
Act
 17




---



##### 



No Conflicts Schedule 4.6 Section 4.7 Section 5.4 Section 4.7 Section 5.4
 18




---



##### 



provided Section 4.6
 No Consent or Approval Required Schedule 4.7 Competition Laws Schedule 4.7 provided Section 4.7
 Financial Information
 Undisclosed Liabilities Schedule 4.9
   19




---



##### 



Absence of Changes Schedule 4.10
  Section
7.2 provided Section 4.10 Section 7.2
 Compliance
 Licenses and Permits Schedule 4.12
 Litigation Schedule 4.13
  20




---



##### 



Contracts
 Schedule 4.14(a)
   Real Property Lease
     21




---



##### 



(i)-(xviii) Material
Contracts
  22




---



##### 



Schedule 4.14(b)
 Real Property
 Schedule 4.15(a) Owned Real
Property Schedule 4.15(a)
 Schedule 4.15(b)
 Title to Assets, Properties and Rights; Sufficiency of Assets
 Schedule 4.16(a)
 23




---



##### 



Schedule 4.16(c)
 Vessels
 Description of the Vessels Section 1.1 Schedule 1.1(d) Schedule 1.1(d)
 Operation and Use of the Vessels Schedule
4.17(b) in rem
 24




---



##### 



Classification Schedule 4.17(c) DNV
 Regulatory Compliance
 Labor Relations; Employees; ERISA Plans
 Schedule 4.18(a)
 Schedule 4.18(b)
 Schedule 4.18(c) Schedule 4.18(c) Company Plan
 25




---



##### 



Schedule 4.18(f)
 Schedule 4.18(g)
 26




---



##### 



Schedule 4.18(i) Foreign Company Plan
 Schedule 4.18(j)
 Environmental and Safety Matters
    27




---



##### 



Intellectual Property Rights
 Schedule 4.20(a) Registered Company Intellectual Property Company Intellectual Property Schedule 4.20(a)
 Schedule 4.20(b)
 Tax Matters
 28




---



##### 



Tax Returns
  Schedule 4.21
        29




---



##### 



Insurance
   Related Party Transactions Schedule 4.23
 Offering Exemption
 Brokers
 30




---



##### 



Exclusivity of Representations
   SCL
Disclosure Schedule Article V
 Organization
 Authorization of the Transaction Documents; Capacity SCL Shareholder Approval
 31




---



##### 



No Conflicts Schedule 5.3 Section 4.7 Section 5.2 Section 5.4 Section
4.7 Section 5.4 provided Section
5.3
 No Consent or Approval Required Schedule 5.4 provided Section 5.4
 Ownership
 Brokers
 32




---



##### 



SCL Circular SCL Statement . Section 5.7
 No Pending Litigation or Proceedings
 Exclusivity of Representations Article V
 Securities of SCL
  33




---



##### 



Contracts of SCL
   Investor Disclosure Schedule Article VI
 Organization
 Authorization of the Transaction Documents; Capacity
 34




---



##### 



No Conflicts Section
4.7 Section 6.4 Section 4.7 Section 6.4 provided Section 6.3
 No Consent or Approval Required provided Section 6.4
 Financing
 Apollo Equity Financing
 35




---



##### 



Section 3.1
 Brokers
 Operations of the Investor
 Investment Experience accredited
investor Section 6.8 Article IV Article V
 36




---



##### 



Investment
 No Pending Litigation or Proceedings
 Independence from SCL Schedule 6.11
 Exclusivity of Representations
   Further Actions; Cooperation; SCL Shareholder Approval
 Article VIII
 37




---



##### 



Section 7.1 Article III
  SCL Shareholder Meeting; SCL Statement . SCL Shareholders
Meeting
 38




---



##### 



provided Section 11.3 Section 7.1
 Conduct of Business Schedule 7.2 Schedule 7.2
 39




---



##### 



Schedule 4.18(c)
 Section
7.2(h)(ii)
 40




---



##### 



provided however Aker
     Schedule 7.2(n)
     41




---



##### 



Article VIII
  Access to Information provided
 Interim Financial Statements and Reports
 42




---



##### 



Notification Section 7.5
 Release
 provided Section 7.2
 provided Section 7.2
 43




---



##### 



Confidentiality
   Section 7.7
 Competing Transaction
 44




---



##### 



Financing Efforts Regarding Company Indebtedness Section 7.1 Target Consents Sections 8.1(f) and (g) provided provided Required Financial Information provided
 45




---



##### 



Financing Efforts Regarding SCL Indebtedness Section 7.1 SCL Debt Consent Section 8.1(e)
 Publicity
 provided
 46




---



##### 



Section 7.11(a)
 Non-Solicitation
 Restricted Period provided however Section 7.12(a)
 provided however Section
7.12(b) Section 7.12(b)
 47




---



##### 



Future Co-operation of the Company and SCL Section 7.13
   Conditions to Each Partys Obligation to Effect the Transactions
 Governmental Approvals
 No Injunctions or Restraints
 No Litigation
 SCL Shareholder Approval
 48




---



##### 



Absence of Conflicts Under SCL Indebtedness
 Indenture. Indenture Section 8.1(f)
 Absence of Conflicts Under Company Indebtedness Schedule 8.1(g) Rollover Debt
 Conditions to Obligations of the Investor
 Representations and Warranties of the Company Section 4.1 Section 4.2 Section 4.3 Section 4.4 Section 4.6(A) Section 4.7 Article IV Section 8.2(a)
 49




---



##### 



Representations and Warranties of SCL Section 5.1 Section 5.2 Section 5.5 Article V Section 8.2(b)
 Performance of Obligations of the Company and SCL
 Material Adverse Effect
 Corporate Documents
 Change of Control
 Opinion Exhibit D Exhibit E
 Condition and Status of Vessels Section 8.2(h)
 50




---



##### 



Conditions to Obligations of SCL
 Representations and Warranties of the Investor Section 6.1 Section 6.2 Section 6.3 Section 6.4 Section 6.8 Article VI Section 8.3(a)
 Performance of Obligations of the Investor
 Opinion Exhibit F
   Survival Sections
4.1 4.2 4.3 4.4 4.6 4.7 4.9 Fundamental Company Representations Sections 5.1 5.2
 51




---



##### 



5.3 5.4 5.5 Fundamental SCL Representations Sections 6.1 6.2 6.3 6.4 Fundamental Investor Representations Section 9.1 Indemnity Period provided Article IX
 Indemnification of Investor Indemnified Parties Article IX Investor Indemnified Parties Section 4.9 Article V
 52




---



##### 



Indemnification of SCL Indemnified Parties Article IX SCL
Indemnified Parties Indemnified
Parties
 Indemnification Procedures with Respect to Third Party Claims
 Third Party
Claim Claim
Notice
 Article IX Article IX provided
 53




---



##### 



Article IX
 Section 9.4(b) Section 9.4(b) provided however Section 9.4(c)
 Section 9.4(d)(i)
 Liability
 Article IX
 54




---



##### 



Sections 9.2 9.3 Article IX
 Section 4.9 Section 9.5(c) Schedule 1.1(a) provided
 Notice of an Indemnity Claim Indemnity Claim Notice Indemnity Claim Section 9.7 Notice Date
 Satisfaction of Indemnity Obligations by SCL Indemnified
Amount Cash Payment Option Indemnity Shares
Option Section 9.8
 55




---



##### 



Indemnity Shares Option
    Section 9.8
   Termination
  Expiration Date provided however Article VIII Section 10.1(b)
 Sections 8.1 8.2 Sections 8.1 8.3
 Sections
 56




---



##### 



8.1 8.3 Sections 8.1 8.2
 provided however Section 10.1(e)
 Effect of Termination Article X
  Article X Article X provided Section 10.2 Sections 7.7 7.11 11.1 11.3 11.6 11.7 11.8 11.9 11.11 Article X
   Expenses Section 2.3
 57




---



##### 



Amendments; Waivers
 Notices
  (i)
    
    If, to the Company:NCL Corporation Ltd.7665 Corporate Center DriveMiami, FL 33126Attention:
    
    Mark WarrenTelephone:
    
    (305) 436-4095Facsimile:
    
    (305) 436-4117and, prior to the Closing, with a copy (which shall not constitute notice) to:Cleary Gottlieb Steen & Hamilton LLPOne Liberty PlazaNew York, NY 10006Attention:
    
    Daniel S. SternbergTelephone:
    
    (212) 225-2630Facsimile:
    
    (212) 225-3999
 58




---



##### 



and, after the Closing, with a copy (which shall not constitute notice) to:OMelveny & Myers LLPTimes Square Tower7 Times SquareNew York, NY 10036Attention:
    
    Douglas A. RyderTelephone:
    
    (212) 728-5973Facsimile:
    
    (212) 326-2061(ii)
    
    If, to SCL:Star Cruises LimitedSuite 15015 Canton Road, TsimshatsuiKowloon, Hong KongAttention:
    
    Louisa TamTelephone:
    
    (852)-2378-2963Facsimile:
    
    (852)-2268-5463and, with a copy (which shall not constitute notice) to:Cleary Gottlieb Steen & Hamilton LLPOne Liberty PlazaNew York, NY 10006Attention:
    
    Daniel S. SternbergTelephone:
    
    (212) 225-2630Facsimile:
    
    (212) 225-3999(iii)
    
    If, to the Investor:NCL Investment Ltd.c/o Apollo Management VI, LP9 West 57th Street, 43rd FloorNY, NY 10019Attention:
    
    Steven MartinezTelephone:
    
    (212) 515-3200Facsimile:
    
    (212) 515-3288
 59




---



##### 



and, with a copy (which shall not constitute notice) to:OMelveny & Myers LLPTimes Square Tower7 Times SquareNew York, NY 10036Attention:
    
    Douglas A. RyderTelephone:
    
    (212) 728-5973Facsimile:
    
    (212) 326-2061
  No Conflicting Agreements
 Entire Agreement
 Governing Law; Exclusive Jurisdiction; Waiver of Jury Trial
  60




---



##### 



AAA Section 11.6 Section 11.6 provided however Section 11.6
  No Third Party Beneficiaries Article IX
 Counterparts
 Severability of Provisions
 61




---



##### 



Remedies Article II
 Assignments; Successors and Assigns provided however
 Disclosure
 Rights Under Shareholders Agreement Article IV Article V Article VIII
 62




---



##### 



Section 11.13(i)
  63




---



##### 



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

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

/s/ David Chua Ming HuatName:
    David Chua Ming HuatTitle:
    President Signature Page to Subscription Agreement
 64




---



##### 



INVESTOR:
NCL INVESTMENT LTD.By:

/s/ Steven MartinezName:
    Steven MartinezTitle:
    Authorized Person Signature Page to Subscription Agreement
 65