Exhibit 10

DATED
1st JULY 2003



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AGREEMENT FOR EURO 135 MILLION  TERM AND MULTI-CURRENCY  REVOLVING CREDIT FACILITY

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NICHOLSON GRAHAM & JONES 110 CANNON STREET LONDON EC4N 6AR
TEL: 020 7648 9000
FAX: 020 7648 9001
REF: RAH/O.40-31

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CONTENTS

|Clause     |  | Page                                               
|---------- |  | ---------------------------------------------------
|1.         |  | DEFINITIONS AND INTERPRETATION                     
|2.         |  | CONDITIONS                                         
|3.         |  | FACILITY A                                         
|4.         |  | PURPOSE                                            
|5.         |  | DRAWDOWN UNDER FACILITY A                          
|6.         |  | REPAYMENT AND PREPAYMENT (FACILITY A)              
|7.         |  | INTEREST (FACILITY A)                              
|8.         |  | FACILITY B                                         
|9.         |  | PURPOSE                                            
|10.        |  | DRAWDOWN (FACILITY B)                              
|11.        |  | CURRENCIES                                         
|12.        |  | REPAYMENT, PREPAYMENT AND CANCELLATION (FACILITY B)
|13.        |  | INTEREST (FACILITY B)                              
|14.        |  | FEES AND EXPENSES                                  
|15.        |  | PAYMENTS                                           
|16.        |  | SECURITY                                           
|17.        |  | REPRESENTATIONS AND WARRANTIES                     
|18.        |  | UNDERTAKINGS                                       
|19.        |  | DEFAULT AND ACCELERATED REPAYMENT                  
|20.        |  | INDEMNITIES                                        
|21.        |  | TAXES                                              
|22.        |  | CHANGES IN CIRCUMSTANCES                           
|23.        |  | GENERAL                                            
|SCHEDULE 1 |  |                                                    
|           |  | Drawdown Notice                                    
|SCHEDULE 2 |  |                                                    
|           |  | Conditions Precedent                               

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THIS AGREEMENTis dated 1st July 2003

and
madeBETWEEN

IT IS AGREED as follows:

PART 1  DEFINITIONS AND INTERPRETATION

1.DEFINITIONS AND INTERPRETATION

1.1Definitions

In this Agreement, unless the context otherwise requires:





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1.2Interpretation



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1.3Third Party Rights



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PART 2  CONDITIONS PRECEDENT

2.CONDITIONS

2.1Conditions for the first Advance



2.2Conditions for all Advances



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PART 3  FACILITY A

3.FACILITY A



4.PURPOSE

5.DRAWDOWN UNDER FACILITY A

5.1Drawdown



5.2Payment of Advance



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5.3Cancellation of Facility A



6.REPAYMENT AND PREPAYMENT (FACILITY A)

6.1Repayment



(1)

(2)1st to 4th Repayment Dates

euro 1,500,0005th to 8th Repayment Dates

euro 1,750,0009th to 19th Repayment Dates

euro 2,250,000




6.2Prepayment of Facility A



7.INTEREST (FACILITY A)

7.1Interest



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7.2Payment



7.3Interest Periods



7.4Notification



7.5Hedging



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PART 4  FACILITY B

8.FACILITY B



9.PURPOSE

10.DRAWDOWN (FACILITY B)

10.1Drawdown



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10.2Payment of Advances



10.3Cancellation of undrawn Facility B



10.4Paying Agent



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11.CURRENCIES

11.1Rollovers: same currency



11.2Rollovers: different currency



12.REPAYMENT, PREPAYMENT AND CANCELLATION (FACILITY B)

12.1Repayment



12.2Prepayment



12.3Cancellation



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12.4Exchange Risk



13.INTEREST (FACILITY B)

13.1Interest



13.2Payment



13.3Interest Periods



13.4Notification



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PART 5  FEES AND EXPENSES

14.FEES AND EXPENSES

14.1Commitment fee



14.2Guarantee Providers fee



14.3Administration fee



14.4Prepayment and cancellation fees



14.5Expenses



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14.6Duties



14.7Payment by deduction



14.8Imposta Sostitutiva



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PART 6  PAYMENTS

15.PAYMENTS

15.1Payments



15.2Currencies



15.3Business Days



15.4Default interest



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15.5Basis of calculation



15.6Accounts



15.7Deposits



15.8Change of currency



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PART 7  SECURITY

16.SECURITY

16.1Security



16.2Security Account



16.3Further assurance



16.4Loan to value ratio



16.5Value shortfall



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PART 8  REPRESENTATIONS, WARRANTIES, UNDERTAKINGS AND DEFAULT

17.REPRESENTATIONS AND WARRANTIES

17.1Representations and warranties



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17.2Repetition



17.3Effect of investigation



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18.UNDERTAKINGS

18.1General undertakings





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18.2Negative Pledge



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18.3Disposals



18.4Financial statements



18.5Financial Covenants



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18.6Collateral Option



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19.DEFAULT AND ACCELERATED REPAYMENT

19.1Events of Default





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19.2Rights on a Default



19.3Accelerated repayment



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20.INDEMNITIES

20.1Indemnities



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20.2Currency



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PART 9  TAXES AND CHANGES IN CIRCUMSTANCES

21.TAXES

21.1Grossing up payments



21.2Notification



21.3Tax receipts



21.4Indemnity



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21.5Tax Credits



21.6Mitigation





21.7Deductibility



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22.CHANGES IN CIRCUMSTANCES

22.1Increased costs



22.2Illegality



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22.3Market disruption





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PART 10  GENERAL

23.GENERAL

23.1Set-off



23.2Assignment and Facility Offices



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23.3Notices





23.4Waivers



23.5Severance



23.6Counterparts



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23.7Language



23.8Law and Jurisdiction



AS WITNESSwhereof this Agreement has been duly executed the date first above written.

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SCHEDULE 1  Drawdown Notice

|    |  |                                                    
|--- |  | ---------------------------------------------------
|To: |  | Barclays Bank PLC
54 Lombard Street
London EC3P 3AH

For
the attention of:

Date:        200    

Dear
Sirs

Facility Agreement dated        2003

We
refer to the above Facility Agreement. Words and expressions defined in the Facility Agreement shall have the same meanings in this notice.

| | Proposed Utilisation Date: |  | [                ] (or, if that is not a Business Day,
the next Business Day)
| | -------------------------- |  | -----------------------------------------------------------------------------
| | Facility to be utilised:   |  | [Facility A]/[Facility B]*                                                   
| | Currency of Loan:          |  | [euro][Sterling][Dollars]*                                                   
| | Amount:                    |  | [        ] or, if less, the Available Facility                               
| | Payment Instructions       |  |                                                                             
| | Interest Period:           |  | [1][2][3]* months                                                            
| | Purpose of Advance         |  | [see Clause 10.1(a)(ii)]                                                     

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Yours
faithfully

For
and on behalf of ORIENT-EXPRESS HOTELS LTDAuthorised Signatory

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SCHEDULE 2  Conditions Precedent

In
this Schedule, "certified" means certified by a Director or another duly authorised officer of the Borrower or other relevant company as being a true complete and up-to-date
copy as at a date no earlier than five Business Days before the first Drawdown Date under Facility A (or where such copies have been delivered to the Bank more than five Business Days before
the first Drawdown Date under Facility A, a confirmation from a Director or another duly authorised officer of the Borrower or other relevant company that such copies previously delivered
remain true, complete and up-to-date as at a date no earlier than five Business Days before the first Drawdown Date under Facility A).

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ORIENT-EXPRESS HOTELS LTD

By:
/s/ Anthony Kavanagh

Print
name: Anthony Kavanagh

Office/authority:
Attorney-in-fact

BARCLAYS BANK PLC

By:
/s/ Giuseppe Broccoli

Print
name: Giuseppe Broccoli

Office/authority:
Attorney-in-fact

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