##### 



Exhibit 4.25
  DATED
13 NOVEMBER 2006
 NORWEGIAN DAWN LIMITED
(as borrower)
 NCL CORPORATION LTD.
(as guarantor)
 COMMERZBANK AKTIENGESELLSCHAFT
(as co-ordinator)
 COMMERZBANK INTERNATIONAL S.A.
(as agent)
 
 SIXTH SUPPLEMENTAL DEED TO (AMONG OTHER THINGS)
SECURED LOAN AGREEMENT
dated 26 June 1999 (as amended) post delivery
finance for one cruise vessel being
NORWEGIAN DAWN




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CONTENTS
 Page1
    
    Definitions and Construction
    
    
    22
    
    Amendment of Original Loan Agreement, Original Guarantee and Security Documents
    
    
    23
    
    Conditions Precedent
    
    
    34
    
    Representations and Warranties
    
    
    45
    
    Expenses
    
    
    56
    
    Further Assurance
    
    
    67
    
    Counterparts
    
    
    68
    
    Notices
    
    
    69
    
    Governing Law
    
    
    710
    
    Jurisdiction
    
    
    7Schedule 1
    
    Amendment of Original Loan Agreement
    
    
    9Schedule 2
    
    Amendment of Original Guarantee
    
    
    10Schedule 3
    
    Quarterly Statement of Financial Covenants
    
    
    11




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SIXTH SUPPLEMENTAL DEED
 DATED
13 NOVEMBER 2006
 BETWEEN:
 (1)
    
    NORWEGIAN DAWN LIMITEDof International House, Castle Hill, Victoria Road, Douglas, Isle of
Man IM2 4RB, British Isles as borrower (the Borrower);(2)
    
    NCL CORPORATION LTD.of Milner House, 18 Parliament Street, Hamilton HM12, Bermuda (the
Guarantor);(3)
    
    COMMERZBANK AKTIENGESELLSCHAFT, Hamburg Branch of Ness 7-9, 20457 Hamburg, Federal Republic
of Germany as co-ordinator (the Co-ordinator); and(4)
    
    COMMERZBANK INTERNATIONAL S.A.of 25 rue Edward Steichen, L-2540 Luxembourg as agent for
itself and the Lenders (the Agent).
 WHEREAS
 (A)
    
    By a loan agreement dated 26 June 1999 as amended by transfer certificates dated 23 June
2000, 4 December 2000, 19 January 2001 and 22 February 2001 between Commerzbank
Aktiengesellschaft, Emden Branch as transferor and Bremer Bank Niederlassung der Dresdner Bank
Aktiengesellschaft, Bremen, Deutsche Schiffsbank Aktiengesellschaft, Bremen and Hamburg, The
Bank of Nova Scotia, Singapore Branch and Landesbank Schleswig-Holstein Girozentrale (now
known as HSH Nordbank AG) respectively as transferees, a first supplemental agreement dated 17
August 2000, a second supplemental agreement dated 23 October 2001, a third supplemental
agreement dated 21 March 2002, a fourth supplemental agreement dated 20 April 2004 and a fifth
supplemental agreement dated as of 30 September 2005 (the Supplemental Agreements and
together with the said loan agreement and the said transfer certificates the Original Loan
Agreement) entered into between (among others) the Borrower and Norwegian Star Limited (the
Original Borrowers), the Lenders, the Co-ordinator and the Agent, the Lenders granted to the
Original Borrowers a secured loan in the maximum amount of six hundred and twenty six million
nine hundred and twenty two thousand Dollars (USD626,922,000) (the Facility) to part-finance
the construction by the Builder of (among other things) the Norwegian Dawn Vessel to be
purchased by Norwegian Dawn for the Norwegian Dawn Contract Price (as such term is defined in
the Original Loan Agreement) on the terms and conditions therein contained. The repayment of
the Facility by the Borrower has been secured by (among other things) a guarantee and
indemnity dated 23 April 2004 executed by the Guarantor as amended by the said fifth
supplemental agreement dated as of 30 September 2005 (the Original Guarantee).(B)
    
    The Guarantor has requested the consent of the Lenders, the Agent and the Co-ordinator to the
amendment of certain provisions of the Original Loan Agreement and the Original Guarantee to
conform such provisions to similar provisions in other loan documentation to which the
Guarantor and/or other members of the NCLC Group are party. This Deed shall be executed as a
deed.
 NOW THIS DEED WITNESSES




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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 Loan Agreement shall have the meanings set
out therein. In addition, the following terms and expressions shall have the meanings
set out below:Guarantee means the Original Guarantee as amended by this Deed; andLoan Agreement means the Original Loan Agreement as amended by this Deed.1.2
    
    The provisions of Clauses 1.2 and 1.3 of the Loan Agreement shall apply hereto
(mutatis mutandis).
 2
    
    Amendment of Original Loan Agreement, Original Guarantee and Security Documents
 2.1
    
    Subject to Clause 3, the parties hereto agree that from the date of this Deed
the Original Loan Agreement shall be read and construed as if 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 1.2.2
    
    Subject to Clause 3, the parties hereto agree that from the date of this Deed
the Original Guarantee shall be read and construed as if:
 2.2.1
    
    the clauses referred to in the first column of Schedule 2 had
been amended to read as set out in the second column of Schedule 2; and2.2.2
    
    schedule 1 had been deleted and substituted with Schedule 3.
 2.3
    
    Each of the Borrower and the Guarantor hereby confirms to the Agent and the
Co-ordinator that with effect from the date of this Deed:
 2.3.1
    
    all references to the Original Loan Agreement in the Security
Documents to which it is a party shall be construed as references to the Loan
Agreement and all terms used in such Security Documents whose meanings are
defined by reference to the Original Loan Agreement shall be defined by
reference to the Loan Agreement;2.3.2
    
    the Security Documents to which it is a party shall apply to,
and extend to secure, the whole of the Outstanding Indebtedness as defined in
clause 1.1 of the Loan Agreement;2.3.3
    
    its obligations under the Security Documents to which it is a
party 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; and2.3.4
    
    its obligations under the Security Documents to which it is a
party shall remain in full force and effect as security for the obligations of
the
 2




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Borrower under the Loan Agreement and the other Security Documents as
amended by this Deed.
 2.4
    
    Except as expressly amended hereby or pursuant hereto the Original Loan
Agreement and the Security Documents shall remain in full force and effect and nothing
herein contained shall relieve the Borrower or any other Obligor from any of its
respective obligations under any such documents.
 3
    
    Conditions Precedent
 3.1
    
    The consent of the Agent and the Co-ordinator for themselves and on behalf of
the Lenders to the variation of the provisions of the Original Loan Agreement and the
Original Guarantee is conditional upon and shall not be effective unless and until the
Co-ordinator 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 and the Guarantor;3.1.2
    
    a written confirmation from the Process Agent that it will act
for the Borrower and the Guarantor as agent for service of process in England
in respect of this Deed;3.1.3
    
    the following corporate documents in respect of each of the
Borrower and the Guarantor (together the Relevant Parties):
 (a)
    
    Certified Copies of any consents required from
any ministry, governmental, financial or other authority for the
execution of and performance by the respective Relevant Party of its
obligations under this Deed or if no such consents are required a
certificate from a duly appointed officer of the Relevant Party to this
effect confirming that no such consents are required;(b)
    
    notarially attested secretarys certificate of
each of the Relevant Parties:
 (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 Relevant Party to sign documents or otherwise undertake the
performance of that Relevant Party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
 3




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Co-ordinator, 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 Relevant Party;
 or (if applicable) certifying that there has been no change to the
statements made in his or her secretarys certificate last provided
to the Co-ordinator with respect to paragraphs (b)(i), (ii), (iii),
(iv) and (vi) of this Clause 3.1.3(b) and attaching copies of
resolutions passed at duly convened meetings of the directors and,
if required by the Co-ordinator, 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;
 3.1.4
    
    the original powers of attorney, if any, issued pursuant to
the resolutions referred to above and notarially attested;3.1.5
    
    a Certified Copy of a letter from the Borrower to the Manager
notifying of the provisions of clause 10.14(C) of the Loan Agreement; and3.1.6
    
    the issue of such favourable written legal opinions including
in respect of the Isle of Man and Bermuda in such form as the Co-ordinator 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 and
the Co-ordinator 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 Co-ordinator in accordance with the Agency and Trust Deed decides to
permit the amendment of the Original Loan Agreement and the Original Guarantee 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
Co-ordinator within fourteen (14) days of the date of this Deed (or such other period
as the Co-ordinator may stipulate) and the amendment of the Original Loan Agreement and
the Original Guarantee as aforesaid shall not be construed as a waiver of the
Co-ordinators right to receive the documents or evidence as aforesaid nor shall this
provision impose on the Agent, the Co-ordinator or the Lenders any obligation to permit
the amendment in the absence of such documents or evidence.
 4
    
    Representations and Warranties
 4.1
    
    Each of the Borrower and the Guarantor represents and warrants to the Agent and
the Co-ordinator that:
 4




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4.1.1
    
    it has the power to enter into and perform this Deed and the
transactions contemplated hereby and has taken all necessary action to
authorise the entry into and performance of this Deed and such transactions;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 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
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 Co-ordinator 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 Co-ordinator all
facts relating to its business which it knows or should reasonably know and
which might reasonably be expected to influence the Agent or the Co-ordinator
in deciding whether or not to enter into this Deed.
 5
    
    ExpensesThe Borrower and the Guarantor jointly and severally undertake to reimburse the Co-ordinator
immediately 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 the fees and
expenses of legal and other advisers) incurred by the Agent or the Co-ordinator 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.
 5




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6
    
    Further AssuranceEach of the Borrower and the Guarantor will, from time to time on being required to do so by
the Co-ordinator, 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 Co-ordinator as the
Co-ordinator may reasonably consider necessary for giving full effect to this Deed or any of
the documents contemplated hereby or securing to the Agent or the Co-ordinator the full
benefit of the rights, powers and remedies conferred upon the Agent or the Co-ordinator 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 or the Guarantor pursuant to this Deed shall (unless the
Borrower or the Guarantor has by fifteen (15) days written notice to the Agent
specified another address) be made or delivered to the Borrower and/or the Guarantor
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 or the Guarantor pursuant to this Deed shall (unless the
Agent has by fifteen (15) days written notice to the Borrower and the Guarantor
specified another address) be made or delivered to the Agent at its Office, the details
of which are set out in schedule 2 of the Original Loan 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 and the Guarantor 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 or the Co-ordinator is as recorded in schedule 2 of
the Original Loan 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 or the
Co-ordinator by the Borrower or the Guarantor, shall be signed by the person or persons
authorised in writing by the Borrower or the Guarantor (as the case may be) 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 or the Co-ordinator to the Borrower and the Guarantor.8.3
    
    The provisions of clauses 20.1, 20.4 and 20.5 of the Original Loan Agreement
shall apply to this Deed.
 6




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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 and the Co-ordinator 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
    
    Neither the Borrower nor the Guarantor may, 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 and/or the Guarantor (as the
case may be) 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 and/or the
Guarantors (as the case may be) process agent with unconditional authority to receive
and acknowledge service on behalf of the Borrower and/or the Guarantor 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, each of the
Borrower and the Guarantor 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 or the Guarantors (as the case may be) process
agent in England with the unconditional authority described in Clause 10.2.10.4
    
    No neglect or default by a process agent appointed or designated under this
Clause (including a failure by it to notify the Borrower or the Guarantor (as the case
may be) of the service of any process or to forward any process to the Borrower or the
Guarantor (as the case may be)) shall invalidate any proceedings or judgment.10.5
    
    Each of the Borrower and the Guarantor 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/or the Guarantor (as
the case may be) 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 or the
Co-ordinator may have (whether under the laws of any country, an international
convention or otherwise) with regard to the bringing of proceedings, the service
 7




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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
    
    
    
    
    )
    
    
    Vijay Jeyaratnamby Vijay Jeyaratnam
    
    
    
    
    )for and on behalf of
    
    
    
    
    )NORWEIGIAN DAWN LIMITED
    
    
    
    
    )in the presence of:
    
    Jaya Prasannan
    
    
    )Trainee Solicitor
    
    
    )One St. Pauls ChurchYard
    
    
    )London EC4M 8SH
    
    
    )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 of
    
    
    
    
    )COMMERZBANK AKTIENGESELLSCHAFT
    
    
    
    
    )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 of
    
    
    
    
    )COMMERZBANK
INTERNATIONAL S.A.
    
    
    
    
    )in the presence of:
    
    Jaya Prasannan
    
    
    )Trainee Solicitor
    
    
    )One St. Pauls ChurchYard
    
    
    )London EC4M 8SH
    
    
    )
 8




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Schedule 1
 Amendment of Original Loan Agreement
 Definition/Clause
    
    AmendmentClause 9.2(U)
    
    Completeness of documents The copies of the Building Contracts, the Management Agreements and any
other relevant third party agreements delivered to the Co-ordinator 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 10.14 nor has any action been taken by the parties thereto which would in
any way render such document inoperative or unenforceable.Clause 10.14
    
    ManagementExcept with the prior consent of the Co-ordinator, neither Borrower will:(A) permit any person other than the Manager to be the manager of, including providing crewing
services to, its Vessel;(B) permit any amendment to be made to the terms of the Management Agreement in respect of its
Vessel unless the amendment is advised by the Borrower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 its Vessel to be employed other than within the NCL or NCL America brand (as
applicable).
 9




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Schedule 2
 Amendment of Original Guarantee
 Definition/Clause
    
    AmendmentClause 11.1(C)
    
    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 any 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.
 10




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Schedule 3
 Quarterly Statement of Financial Covenants
 TO:
    
    COMMERZBANK AKTIENGESELLSCHAFTHamburg BranchNess 7-920457 HamburgFederal Republic of Germany
 Attn:
 Guarantee
 Guarantor
 NCL CORPORATION LTD.By:    [                    ]Chief Financial OfficerDated:    20[                     ]
 11




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Schedule
 Statement of Financial Covenants as of [ ] 20[ ] (in USD
000)
 Clause (ofGuarantee)
    
    
    
    as of []
    
    Required Covenants11.1(A)/
11.1(B)(ii)**
    
    Free Liquidity
    
    A
    
    A>[**] [Confidential Treatment]
(11.1(A))**
A>[**] [Confidential Treatment]
(11.1(B)(ii))**11.1(B)(i)
    
    Consolidated EBITDA:
    
    B
    
    >[**] [Confidential Treatment]Consolidated Debt Service
    
    C11.1(C)
    
    Total Net Funded Debt:
    
    D
    
    <[**] [Confidential Treatment]Total Capitalisation
    
    E
 Consolidated 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 ServicePrincipal 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 DebtIndebtedness 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
 12




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NCL CORPORATION LTD.
 [                                                            ]
  [                                                            ]Chief Financial OfficerNCL CORPORATION LTD.
  
 **
    
    Evidence satisfactory to the Co-ordinator of A at all times during the relevant period shall
be provided together with this statement 13