Document:

Third Supplemental Deed, dated April 2, 2009

 Exhibit 4.33 
 [*]: THE CONFIDENTIAL PORTION HAS BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND THE OMITTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE COMMISSION. 
 [**]: THE CONFIDENTIAL PORTION HAS BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT PREVIOUSLY GRANTED BY THE COMMISSION AND THE OMITTED
MATERIAL HAS BEEN FILED SEPARATELY WITH THE COMMISSION. 
 DATED 2 April 2009 
 F3 TWO, LTD. 
 (as borrower) 
 NCL CORPORATION LTD. 
 (as guarantor) 
 THE SEVERAL BANKS 

(particulars of which are set out in Schedule 1) 
 (as lenders) 
 BNP PARIBAS 
 (as agent) 
  
  
 THIRD
SUPPLEMENTAL DEED TO (AMONG OTHER THINGS) 
 LOAN AGREEMENT 
 dated 22 September 2006 
 for the amount of up
to EUR662,905,320 
 post delivery finance for 
 a passenger cruise vessel having hull no. D33 
 at
the yard of Aker Yards S.A. (now known as STX France Cruise S.A.) 
  
  
 [**]

 CONTENTS 
  

					
	 	  	 	  	Page
			
	 1
	  	Definitions and Construction	  	1
			
	 2
	  	Amendment and/or Restatement of Original Loan Agreement, Original Guarantee and Other Security Documents	  	2
			
	 3
	  	Conditions Precedent	  	4
			
	 4
	  	Representations and Warranties	  	6
			
	 5
	  	Fee and Expenses	  	7
			
	 6
	  	Further Assurance	  	8
			
	 7
	  	Counterparts	  	8
			
	 8
	  	Notices	  	8
			
	 9
	  	Governing Law	  	9
			
	 10
	  	Jurisdiction	  	9
			
	 Schedule 1
	  	The Agent and the Lenders	  	12
			
	 Schedule 2
	  	Loan Agreement	  	13
			
	 Schedule 3
	  	Guarantee	  	14

 THIRD SUPPLEMENTAL DEED 
 DATED 2 April 2009 
 BETWEEN: 
  

	(1)	F3 TWO, LTD., a company incorporated in and existing under the laws of Bermuda with registration number EC38768 and with its registered office at Milner House,
18 Parliament Street, Hamilton HM 12, Bermuda as borrower (the “Borrower”); 

  

	(2)	NCL CORPORATION LTD., a company incorporated under the laws of Bermuda and having its registered office at Milner House, 18 Parliament Street, Hamilton HM 12,
Bermuda as guarantor (the “Guarantor”); 

  

	(3)	THE SEVERAL BANKS particulars of which are set out in Schedule 1 as lenders (collectively the “Lenders” and each individually a
“Lender”); and 

  

	(4)	BNP PARIBAS as agent for the lenders (the “Agent”). 

 WHEREAS: 
  

	(A)	By a loan agreement dated 22 September 2006 as amended and restated by a first supplemental deed thereto dated 21 December 2007 entered into between (among
others) the Borrower as borrower, the Lenders as lenders and the Agent as agent for (among others) the Lenders (the “Original Loan Agreement”), the Lenders granted to the Borrower a secured loan in the maximum amount of six hundred
and sixty two million nine hundred and five thousand three hundred and twenty euro (EUR662,905,320) (the “Loan”) for the purpose of enabling the Borrower to finance (among other things) the construction of the Vessel (as such term
is defined in the Original Loan Agreement) on the terms and conditions therein contained. The repayment of the Loan by the Borrower has been secured by a guarantee and indemnity dated 6 October 2006 as amended and restated by a first
supplemental deed thereto dated 21 December 2007 granted by the Guarantor (the “Original Guarantee”). 

  

	(B)	The Borrower and the Guarantor have requested the consent of the Lenders and the Agent to (among other things) the granting of additional security by members of the
Group as security for (among others) the lenders of the Group Credit Facilities (other than the Lenders and the providers of the USD15,000,000 facility made to NCL (Bahamas) Ltd. pursuant to a facility agreement dated 20 April 2004 (as amended
and/or restated from time to time)). The Borrower and the Guarantor have also requested the consent of the Lenders and the Agent to certain amendments to the Original Loan Agreement being made that were to have been made pursuant to a second
supplemental deed thereto dated 24 April 2008. 

  

	(C)	The consent of the Lenders and the Agent is given in respect of the above matters on the terms of this third supplement to the Original Loan Agreement (this
“Deed”) which shall be executed as a deed. 

 NOW THIS DEED WITNESSES as follows: 
  

	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 Original Loan Agreement shall have the meanings set out therein. In addition, the following terms and expressions shall have
the meanings set out below: 

 “Amendment Document” means, in respect of a Group Credit Facility
other than the Loan, the supplemental deed to the facility agreement and, if applicable, the guarantee of the Guarantor of even date herewith; 

 “Group Credit Facilities” means the EUR662,905,320 facility made to the
Borrower pursuant to the Original Loan Agreement, the USD800,000,000 facility made to the Guarantor pursuant to a facility agreement dated 7 July 2004 (as amended and/or restated from time to time), the EUR624,000,000 facility made to the
Guarantor pursuant to a facility agreement dated 7 October 2005 (as amended and/or restated from time to time), the USD610,000,000 facility made to the Guarantor pursuant to a facility agreement dated 22 December 2006 (as amended and/or
restated from time to time), the USD15,000,000 facility made to NCL (Bahamas) Ltd. pursuant to a facility agreement dated 20 April 2004 (as amended and/or restated from time to time), the EUR308,130,000 facility made to Pride of Hawaii, Inc.
pursuant to a facility agreement dated 20 April 2004 (as amended and/or restated from time to time), the USD334,050,000 facility made to Norwegian Jewel Limited pursuant to a facility agreement dated 20 April 2004 (as amended and/or
restated from time to time), the EUR258,000,000 facility made to Pride of America Ship Holding, Inc. pursuant to a facility agreement dated 4 April 2003 (as amended and/or restated from time to time) and the EUR40,000,000 facility made to Pride
of America Ship Holding, Inc. pursuant to a facility agreement dated 4 April 2003 (as amended and/or restated from time to time); 
 “Guarantee” means the Original Guarantee as amended and restated by this Deed and as set out in Schedule 3; 
 “Loan Agreement” means the Original Loan Agreement as amended and restated by this Deed and as set out in Schedule 2; 
 “New Process Agent” means EC3 Services Limited whose registered office is presently at 51 Eastcheap, London EC3M 1JP; and 
 “Second Restatement Date” means the date on which the conditions precedent set out in Clause 3.1 are fulfilled to the
satisfaction of the Agent or waived by the Agent pursuant to Clause 3.2. 
  

	 	1.2	The provisions of clause 1.2 of the Loan Agreement shall apply hereto (mutatis mutandis). 

  

	2	Amendment and/or Restatement of Original Loan Agreement, Original Guarantee and Other Security Documents 

  

	 	2.1	Subject to Clause 3.1, the parties hereto agree that immediately upon and with effect from the Second Restatement Date the Original Loan Agreement shall be amended and
restated to read in accordance with the amended and restated facility agreement as set out in Schedule 2 and (as so amended and restated) will continue to be binding upon each of the parties thereto in accordance with its terms as so amended and
restated. 

  

 2 

	 	2.2	Subject to Clause 3.1, the Guarantor and the Beneficiaries (as defined in the Original Guarantee) agree that immediately upon and with effect from the Second
Restatement Date the Original Guarantee shall be amended and restated to read in accordance with the amended and restated guarantee as set out in Schedule 3 and (as so amended and restated) will continue to be binding upon each of the parties
thereto in accordance with its terms as so amended and restated. 

  

	 	2.3	Each of the Borrower and the Guarantor hereby confirms to the Lenders and the Agent that with effect from the Second Restatement Date: 

  

	 	2.3.1	all references to the Original Loan Agreement in the other Security Documents 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 shall apply to, and extend to secure, the whole of the Outstanding Indebtedness as defined in clause 1.1 of the Loan Agreement, until it has been
repaid or paid in full to the Lenders (or to the Agent on their behalf) and the Agent; 

  

	 	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 and in particular but without limitation by the granting of time to the Borrower under the Original Loan Agreement; and 

  

	 	2.3.4	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 Borrower under the Loan
Agreement and the other Security Documents as amended by this Deed. 

  

	 	2.4	The Lenders hereby confirm to the Borrower that with effect from the Second Restatement Date: 

  

	 	2.4.1	neither the requested amendments to the Original Loan Agreement and the facility agreements in respect of the other Group Credit Facilities nor the negotiation and
execution of the Amendment Documents, constitute or will constitute an Event of Default; and 

  

	 	2.4.2	the Lenders only waive any rights they may have to claim an Event of Default as a result of such negotiations and amendments that occurred on and prior to the Second
Restatement Date. 

  

	 	2.5	Except as expressly amended hereby or pursuant hereto the Original Loan Agreement, the Original Guarantee and the other Security Documents shall remain in full force
and effect and nothing herein contained shall relieve the Borrower, the Guarantor or any other Obligor from any of its respective obligations under any such documents. 

  

 3 

	3	Conditions Precedent 

  

	 	3.1	The amendment and restatement of the Original Loan Agreement and the Original Guarantee provided for in Clause 2 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	prior to the date of this Deed, an updated integrated financial model for the Group for the period until 31 December 2019 which is hereby agreed to have been
satisfied by the financial model for the Group posted on www.intralinks.com on 5 March 2009; 

  

	 	3.1.2	on the date of this Deed: 

  

	 	(a)	one (1) counterpart of this Deed duly executed by the parties hereto; 

  

	 	(b)	a written confirmation from the New Process Agent that it will act for each of the Borrower and the Guarantor as agent for service of process in England in respect of
this Deed; 

  

	 	(c)	evidence that each of the Lenders has received payment of the handling fee to which it is entitled as more particularly described in Clause 5.1; and

  

	 	(d)	the following corporate documents in respect of each of the Borrower and the Guarantor (together the “Relevant Parties”): 

  

	 	(i)	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 any document to be executed pursuant hereto 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; 

  

	 	(ii)	notarially attested secretary’s certificate of each of the Relevant Parties: 

  

	 	(1)	attaching a copy of its Certificate of Incorporation and Memorandum of Association and Bye-Laws (or equivalent constitutional documents) which do not prohibit the
entering into of the transactions contemplated in this Deed; 

  

	 	(2)	giving the names of its present officers and directors; 

  

	 	(3)	setting out specimen signatures of such persons as are authorised by the Relevant Party to sign documents or otherwise undertake the performance of that Relevant
Party’s obligations under this Deed; 

  

 4 

	 	(4)	giving the legal owner of its shares and the number of such shares held; 

  

	 	(5)	attaching copies of resolutions passed at duly convened meetings of the directors and, if required by the Agent, the shareholders 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 

  

	 	(6)	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 Agent with respect to paragraphs (1), (2), (3), (4) and (6) of this Clause 3.1.2(d)(ii) and attaching copies of resolutions passed at duly convened meetings of the directors and, if required by the Agent, the shareholders of each of
the Relevant Parties authorising (as applicable) the execution of this Deed and any document to be executed pursuant hereto and the issue of any power of attorney to execute the same; and 
  

	 	(iii)	the original powers of attorney, if any, issued pursuant to the resolutions referred to above and notarially attested; 

  

	 	3.1.3	evidence that the Investors and Star in the aggregate have contributed one hundred million Dollars (USD100,000,000) in cash as new equity for the Guarantor since 27
January 2009, by way of a certificate of the Group’s chief financial officer attaching copies of one or more wire transfers in an aggregate amount of one hundred million Dollars (USD100,000,000) and stating that the payments are an equity
contribution for the Guarantor; 

  

	 	3.1.4	a written termination notice from F3 One, Ltd. of the loan in the amount of the equivalent in Dollars of EUR662,905,320 made available to it by the Lenders pursuant to
a loan agreement dated 22 September 2006; 

  

	 	3.1.5	a Certified Copy of: 

  

	 	(a)	an agreement dated 16 December 2008 between (among others) the Guarantor, the Borrower and the Builder; and 

  

	 	(b)	a letter agreement dated 30 January 2009 between the Builder and the Borrower, 

 in relation to the construction of the Vessel pursuant to the Building Contract; 
  

	 	3.1.6	one (1) counterpart of the side letter in the terms negotiated and agreed with the Guarantor in August 2008 concerning waiver fees for new amendment requests
(excluding the amendments requested in this Deed); 

  

	 	3.1.7	evidence that all the conditions precedent to the amendment and restatement of each facility agreement and, if applicable, guarantee under each Amendment Document have
been satisfied; and 

  

 5 

	 	3.1.8	agreement to the issue of such favourable written legal opinions including by Conyers Dill & Pearman in respect of Bermuda and Stephenson Harwood in respect of
England in such form as the Agent may require relating to all aspects of the transactions contemplated hereby governed by any applicable law, 

 PROVIDED THAT no Event of Default has occurred and is continuing on the Second Restatement Date (subject to Clause 3.2). 
  

	 	3.2	If the Agent in accordance with clause 20 of the Original Loan Agreement decides to permit the amendment and restatement 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 Agent within fourteen (14) days of the Second Restatement
Date (or such other period as the Agent may stipulate) and the amendment and restatement of the Original Loan Agreement and the Original Guarantee 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 and restatement 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 Lenders and 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 and each other document contemplated hereby to which it is a party will, when executed, constitute 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 and documents 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
Lenders and/or the Agent; 
  

 6 

	 	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 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; and 

  

	 	4.1.6	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 Lenders and/or the Agent in deciding whether or not to enter into this Deed. 

  

	5	Fee and Expenses 

  

	 	5.1	The Borrower shall pay to each of the Lenders directly or through the Agent on the date of this Deed a non-refundable handling fee of [*] provided that a Lender which
is the provider of any other loan or other facility to the Borrower or any other member of the Group shall only be entitled to receive one (1) such fee of [*]. Notwithstanding any provision of this Deed, the Original Loan Agreement or the Loan
Agreement to the contrary, no Lender shall be required to share with the other Lenders and/or the Agent any such handling fee received. 

  

	 	5.2	The Borrower and the Guarantor jointly and severally undertake to reimburse the Agent on demand on a full indemnity basis for all 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, or in connection with, the negotiation, preparation, printing, execution,
registration and enforcement of this Deed and any other documents required in connection with the implementation of this Deed. 

  

	 	5.3	The Borrower and the Guarantor jointly and severally undertake to reimburse the Agent and the Lenders on demand of the Agent on a full indemnity basis for all charges
and expenses (together with value added tax or any similar tax thereon and including without limitation the fees and expenses of legal advisers) incurred by the Agent and/or the Lenders in respect of, or in connection with the enforcement of, or the
preservation of any rights under this Deed. It is expressly agreed that all such charges and expenses incurred by the Agent to determine the position should the Amendment Documents not be executed or become effective or should the Borrower or any of
its subsidiaries file for bankruptcy protection under Chapter 11 of the US Bankruptcy Code or similar legislation in any other applicable jurisdiction, shall be reimbursed on demand of the Agent on a full indemnity basis. Nothing in this
Clause 5.3 shall prevent the Agent and the Lenders from obtaining advice (or an update of any previously obtained advice) after the Second Restatement Date in relation to the Borrower or any of its subsidiaries filing for bankruptcy protection
under Chapter 11 of the US Bankruptcy Code or similar legislation in any other applicable jurisdiction if in connection with the enforcement of, or the preservation of any rights under, the Loan Agreement and the other Security Documents,
pursuant to clause 8.4 of the Loan Agreement. 

  

 7 

	6	Further Assurance 

 Each
of the Borrower and the Guarantor 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 Lenders and/or the Agent the full benefit of the rights, powers and remedies conferred upon the Lenders and/or
the Agent in any such document. 
  

	7	Counterparts 

 This 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 and/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 the Chief Financial Officer and the Legal Department) (but one (1) copy shall suffice) with a copy to the Investors c/o Apollo Management, LP, 9 West 57th Street, 43rd Floor, New York, NY 10019, United States of America (marked for the attention of Mr Steven
Martinez). 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 ECEP/Export Finance, ACI: CHDESA1, 37 Place du Marché Saint-Honoré, 75031 Paris Cedex 01, France (marked for the attention of Mrs Dominique Laplasse (Team Head)/Mr Jean
Philippe Poirier). 

  

	 	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 the Chief Financial Officer) and +1 305 436 4117 (marked for the attention of the Legal Department) with a copy to the Investors c/o Apollo
Management, LP, fax number +1 212 515 3288 (marked for the attention of Mr Steven Martinez) and in respect of the Agent is +33 01 4316 8184/+33 01 4298 0029 (marked for the attention of Mrs Dominique Laplasse (Team Head)/Mr Jean Philippe Poirier))
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 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 to the Borrower and the Guarantor. 

  

	 	8.3	Subject to Clause 8.2, the provisions of clause 27 of the Original Loan Agreement shall apply to this Deed. 

  

 8 

	9	Governing Law 

 This Deed
and any non-contractual obligations arising from or in connection with it shall be governed by English law. 
  

	10	Jurisdiction 

  

	 	10.1	The courts of England have exclusive jurisdiction to settle any dispute: 

  

	 	10.1.1	arising out of or in connection with this Deed (including a dispute regarding the existence, validity or termination of this Deed); or 

  

	 	10.1.2	relating to any non-contractual obligations arising from or in connection with this Deed, 

 (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
Lenders 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	Each of the Borrower and the Guarantor appoints in the case of the courts of England the New Process Agent to receive, for and on its behalf service of process in
England of any legal proceedings with respect to this Deed. 

  

	 	10.3	Neither of the Borrower or the Guarantor may, without the Agent’s prior written consent, terminate the appointment of the New Process Agent; if the New 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. 

  

	 	10.4	For the purpose of securing its obligations under Clause 10.3, 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 10.3, 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 10.3. 

  

	 	10.5	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. 

  

	 	10.6	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. 

  

 9 

	 	10.7	Nothing in this Clause shall exclude or limit any right which the Agent or the Lenders 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 whereof the parties hereto have caused this Deed to be duly executed as a deed on the day and year first
before written. 
  

			
	SIGNED SEALED and DELIVERED as a DEED	  	)
	By Paul A. Turner, Attorney-in-fact	  	) /s/ Paul A. Turner
	for and on behalf of	  	)
	F3 TWO, LTD.	  	)
	in the presence of:	  	)

 Stephanie Shih 
 Stephenson Harwood 
 One St. Paul’s Churchyard

 London, EC4M 85H 
  

			
	SIGNED SEALED and DELIVERED as a DEED	  	)
	By Steve Martinez	  	)
	for and on behalf of	  	) /s/ Steve Martinez
	NCL CORPORATION LTD.	  	)
	in the presence of:	  	)

  

			
	SIGNED SEALED and DELIVERED as a DEED	  	)
	By Stephanie Shih	  	)
	for and on behalf of	  	) /s/ Stephanie Shih
	BNP PARIBAS	  	)
	as a Lender and the Agent	  	)
	in the presence of:	  	)

 Jennifer Li 
 Stephenson Harwood 
 One St. Paul’s Churchyard

 London, EC4M 85H 
  

			
	SIGNED SEALED and DELIVERED as a DEED	  	)
	By Stephanie Shih	  	)
	for and on behalf of	  	) /s/ Stephanie Shih
	CALYON	  	)
	in the presence of:	  	)

 Jennifer Li 
 Stephenson Harwood 
 One St. Paul’s Churchyard

 London, EC4M 85H 
  

 10 

			
	SIGNED SEALED and DELIVERED as a DEED	  	)
	By Stephanie Shih	  	)
	for and on behalf of	  	) /s/ Stephanie Shih
	HSBC FRANCE	  	)
	in the presence of:	  	)

 Jennifer Li 
 Stephenson Harwood 
 One St. Paul’s Churchyard 
 London, EC4M 85H 
  

			
	SIGNED SEALED and DELIVERED as a DEED	  	)
	By Stephanie Shih	  	)
	for and on behalf of	  	) /s/ Stephanie Shih
	SOCIETE GENERALE	  	)
	in the presence of:	  	)

 Jennifer Li 
 Stephenson Harwood 
 One St. Paul’s Churchyard 
 London, EC4M 85H 
  

 11 

 Schedule 1 
 The Agent and the Lenders 
  

 12 

 Schedule 2 
 Loan Agreement 
  

 13 

 DATED 22 SEPTEMBER 2006 
 F3 TWO, LTD. 
 as Borrower 
 BNP PARIBAS 
 as Agent 
 BNP PARIBAS, CALYON, HSBC FRANCE AND SOCIETE GENERALE 
 as Mandated Lead Arrangers and Lenders 
  
  
 LOAN AGREEMENT

 Hull No. D33 
 EUR662,905,320 
 AS AMENDED AND RESTATED ON 
 2 APRIL 2009 
  
  
  

 14 

 CONTENTS 
  

					
	Clause	  	 	  	Page
			
	1.	  	Definitions And Construction	  	17
			
	2.	  	Availability Of The Loan	  	28
			
	3.	  	Drawing	  	28
			
	4.	  	Repayment Of Loan And Payment Of Interest	  	34
			
	5.	  	Claims Or Defences May Not Be Opposed To The Lenders	  	35
			
	6.	  	Coface Premium	  	35
			
	7.	  	Fees	  	35
			
	8.	  	Taxes, Increased Costs, Costs And Related Charges	  	36
			
	9.	  	Representations And Warranties	  	38
			
	10.	  	Undertakings	  	44
			
	11.	  	Prepayment	  	58
			
	12.	  	Interest On Late Payments	  	59
			
	13.	  	Acceleration - Events Of Default	  	59
			
	14.	  	Mandatory Prepayment	  	64
			
	15.	  	Currency Of Payment	  	65
			
	16.	  	Security	  	65
			
	17.	  	Application Of Sums Received	  	65
			
	18.	  	Changes To The Lenders	  	66
			
	19.	  	Changes To The Obligors	  	69
			
	20.	  	Role Of The Agent And The Mandated Lead Arrangers	  	69
			
	21.	  	Conduct Of Business By The Finance Parties	  	74
			
	22.	  	Sharing Among The Finance Parties	  	74
			
	23.	  	Payment Mechanics	  	76
			
	24.	  	Governing Law	  	78
			
	25.	  	Enforcement	  	78
			
	26.	  	Appendices	  	78
			
	27.	  	Notices	  	78
			
	28.	  	Miscellaneous	  	79
			
	29.	  	Coming Into Force	  	80
			
	30.	  	Steering Committee	  	80

  

 15 

 THIS LOAN AGREEMENT (the “Agreement”) is entered into this 22 day of September 2006
(as amended and restated on 2 April 2009) 
 BETWEEN: 
  

	(1)	F3 TWO, LTD., a company incorporated in and existing under the laws of Bermuda with registration number EC38768 and with its registered office at Milner House,
18 Parliament Street, Hamilton HM 12, Bermuda (the “Borrower”); 

  

	(2)	THE SEVERAL BANKS, particulars of which are set out in Appendix II as lenders (the “Original Lenders”); 

  

	(3)	THE SEVERAL BANKS, particulars of which are set out in Appendix II as mandated lead arrangers (the “Mandated Lead Arrangers”); and

  

	(4)	BNP PARIBAS as agent for the lenders (the “Agent”). 

 WHEREAS: 
  

	(A)	A shipbuilding contract was signed as of 7 September 2006 and amended by an agreement dated 16 December 2008 and a letter of agreement dated 30 January 2009 (the
“Building Contract”) between (among others) the Borrower and Aker Yards S.A. (now known as STX France Cruise S.A.) (the “Builder”) for the design, construction and delivery of a two thousand one hundred (2,100)
passenger cabin cruise vessel having hull no. D33, specification hull no. PB6847 [.07 rev A] dated 7 September 2006, to be ready for delivery on 31 May 2010 (the “Vessel”). 

  

	(B)	The contract price of the Vessel is seven hundred and thirty five million euro (EUR735,000,000) (subject to adjustment in accordance with the terms of the Building
Contract) (the “Contract Price”), payable at the times and in the manner specified in the Building Contract. The terms of payment of the Contract Price are as follows: 

  

	 	(i)	[**] payable within three (3) Working Days (as defined in the Building Contract) after the Effective Date (as defined in the Building Contract);

  

	 	(ii)	[**] payable on first steel cutting but not before [**]; 

  

	 	(iii)	[**] payable on completion of keel laying but not before [**]; 

  

	 	(iv)	[**] payable on the date the Vessel is launched into the water at the yard of the Builder but not before [**]; and 

  

	 	(v)	the remainder payable upon delivery and acceptance of the Vessel. 

  

	(C)	The Contract Price may be increased or decreased from time to time with respect to certain modifications to the Building Contract, the plans or the specification (the
“Change Orders”). 

  

	(D)	The Lenders agree to make available to the Borrower a loan facility on the terms and conditions set out herein for the purpose of assisting the Borrower to finance part
of the Contract Price (including the amount of the Change Orders) and the related Coface Premium. 

  

 16 

 NOW THEREFORE, it is agreed as follows: 
  

	1.	DEFINITIONS AND CONSTRUCTION 

  

	1.1	Definitions 

 In this
Agreement (including the Recitals) and the Appendices (all of which form an integral part of this Agreement) the following expressions shall have the meanings set out opposite them below. 
 “Affiliate” means, with respect to any person, any other person controlling, controlled by or under common control with,
such person and for purposes of this definition, “control” (including, with correlative meanings, the terms “controlling”, “controlled by” and “under common control with”), as
applied to any person, means the possession, directly or indirectly, of the power to vote ten per cent. (10%) or more of the securities having voting power for the election of directors of such person, or otherwise to direct or cause the
direction of the management and policies of that person, whether through the ownership of voting securities or by contract of otherwise. 
 “Amendment Document” means, in respect of a Group Credit Facility other than the Loan, the supplemental deed to the facility agreement and, if applicable, the guarantee of the Guarantor
of even date with the Third Supplemental Deed. 
 “Annex VI” means Annex VI (Regulations for the Prevention of
Air Pollution from Ships) to the International Convention for the Prevention of Pollution from Ships 1973 (as modified in 1978 and 1997). 
 “Apollo” means the Fund and any Fund Affiliate. 
 “Apollo-Related Transactions” means the transactions described in Appendix V. 
 “Apollo
Transaction Documents” means the Subscription Agreement, the Shareholders’ Agreement and the Reimbursement Agreement. 
 “Assignment of Earnings” means an assignment to be entered into between the Borrower and the Finance Parties and to be in the agreed form. 
 “Assignment of Insurances” means an assignment to be entered into between the Borrower, the Manager, if applicable, and the Finance Parties and to be in the agreed form. 
 “Assignment of Management Agreement” means an assignment to be entered into between the Borrower and the Finance Parties and
to be in the agreed form. 
 “Assignment of Warranty Rights” means an assignment to be entered into between the
Borrower and the Finance Parties with respect to the Borrower’s rights under the post-delivery warranty given by the Builder under the Building Contract. 
 “Availability Termination Date” means the date falling [**] (being the period stipulated in article 9, clause 2.1(i)(b) of the Building Contract) after [**]. 
 “Building Contract” means that certain contract entered into between the Borrower and the Builder dated as of
7 September 2006, as from time to time amended, in respect of the design, construction and delivery of the Vessel. 
  

 17 

 “Builder” means STX France Cruise S.A. (formerly known as Aker Yards S.A.),
a company incorporated in France and having its principal office at Avenue Bourdelle - B.P. 90180, 44613 Saint-Nazaire Cedex, France, Republic of France. 
 “Business Day” means a full day on which commercial banks are open for business and dealing in deposits in New York and Paris. 
 “Certified Copy” means, in relation to any document delivered or issued by or on behalf of any company, a copy of such
document certified as a true, complete and up-to-date copy of the original by any of the directors or the secretary or assistant secretary or any attorney-in-fact for the time being of that company. 
 “Change Order Amount” means the cost of the Change Orders. 
 “Change Orders” means those certain change orders to the specifications of the Vessel as may be agreed to from time to time
by the Borrower and the Builder, the net cost of which is payable at delivery. 
 “CIRR” (Commercial Interest
Reference Rate) means four point eight nine per cent. (4.89%) per annum being the fixed rate in force for medium and long term export credits in euro according to the Organisation for Economic Co-operation and Development rules as determined by
the competent French Authorities. 
 “Coface” means Compagnie Française d’Assurance pour le
Commerce Extérieur a French société anonyme with its registered office at 12 Cours Michelet, La Défense, 92800 Puteaux, France, registered with the Registry of Commerce and Companies of Nanterre under number
552 069 791. 
 “Coface Insurance Policy” means the insurance policy in respect of this Agreement to
be issued by Coface for the benefit of the Lenders, in form and substance satisfactory to the Agent and the Lenders. 
 “Coface Premium” means the amount payable by the Borrower to Coface through the Agent on the Delivery Date in respect of the Coface Insurance Policy which shall be [**] of the Total Financed Contract Price. 
 “Commitment” means: 
  

	 	(a)	in relation to an Original Lender, [**] of the Maximum Loan Amount and the amount of any other Commitment transferred to it under this Agreement; and

  

	 	(b)	in relation to any other Lender, the amount of any Commitment transferred to it under this Agreement, 

 to the extent not increased, cancelled, reduced or transferred by it under this Agreement. 
 “Compulsory Acquisition” means requisition for title or other compulsory acquisition of the Vessel including her capture,
seizure, detention or confiscation or expropriation but excluding any requisition for hire by or on behalf of any government or governmental authority or agency or by any persons acting or purporting to act on behalf of any such government or
governmental authority or agency. 
  

 18 

 “Contract Price” means the total price payable by the Borrower to the
Builder for the Vessel in accordance with the Building Contract being, as at the date of the Building Contract, seven hundred and thirty five million euro (EUR735,000,000). 
 “Credit Card Processor Security Documents” means: 
  

	 	(a)	any ship mortgage and, if applicable, deed of covenants collateral thereto to be granted over a vessel in the Group Fleet (other than the Hermes Vessels and the Vessel)
and the assignment(s) of the earnings and insurances of such vessel ranking junior in priority to any ship mortgage and, if applicable, deed of covenants collateral thereto, assignment and other applicable security document granted as security for
the repayment of one or more of the Group Credit Facilities; and 

  

	 	(b)	any guarantee by the applicable shipowner (fully subordinated to any guarantees supporting the Group Credit Facilities), 

 in each case in favour of one or more providers of credit card processing services to the Group. 
 “Delivery Date” means the date and time stated in the Protocol of Delivery and Acceptance. 
 “Document of Compliance” means a document issued to the Vessel’s operator as evidence of its compliance with the
requirements of the ISM Code. 
 “Dollar” and “USD” mean the lawful currency of the United
States of America. 
 “Drawdown Date” means the date on which the Loan is drawn down and applied in accordance
with Clause 2. 
 “Drawdown Notice” means the drawdown notice and certificate duly executed by the Borrower
substantially in the form of Appendix IV. 
 “Earnings” means, in respect of the Vessel, (whether earned or to
be earned) any and all freights, hire, fares and passage monies, proceeds of requisition (other than proceeds of Compulsory Acquisition), rebates and commissions, all earnings deriving from contracts of employment, demurrage, charterparties,
contracts of affreightment, pooling agreements and joint ventures, compensation, remuneration for salvage and towage services, damages howsoever arising and detention monies, damages for breach of any charterparty or other contract for the
employment of the Vessel, any amounts payable in consideration of the termination or variation of any charterparty or other such contract and any other earnings whatsoever due or to become due to the Borrower. 
 “Encumbrance” means any mortgage, charge, pledge, lien, assignment, hypothecation, title retention, preferential right or
trust arrangement or any other security agreement or arrangement. 
 “EONIA” means the weighted average
overnight rate calculated by the European Central Bank on all overnight unsecured lending transactions carried out in the euro area interbank money market and reported by the panel of reference banks selected for the calculation of the EONIA. This
annual rate is published on page 247 of the Bridge/Telerate server or any other page as may replace such page, by the Banking Federation of the European Union prior to the start of operations on the TARGET Day following its reporting to the European
Central Bank (D+1) by the reference banks. 
  

 19 

 “euro” and “EUR” means the single currency of the
Participating Member States. 
 “Event of Default” means any one of the events specified in Clause 13.2.

 “Facility Office” means the office or offices notified by a Lender to the Agent in writing on or before the
date it becomes a Lender (or, following that date, by not less than five (5) Business Days’ written notice) as the office or offices through which it will perform its obligations under this Agreement. 
 “Financed Contract Price” means the lesser of five hundred and eighty eight million euro (EUR588,000,000) and eighty per
cent. (80%) of the Contract Price less the Change Order Amount. 
 “Financed Change Order Amount” means the
lesser of fifty eight million eight hundred thousand euro (EUR58,800,000) and eighty per cent. (80%) of the Change Order Amount. 
 “Finance Party” means the Agent, a Mandated Lead Arranger or a Lender and its successors in title, permitted assignees and permitted transferees. 
 “Financial Indebtedness” means any obligation for the payment or repayment of money, whether as principal or as surety and whether present or future, actual or contingent. 
 “First Supplemental Deed” means the first supplemental deed dated 21 December 2007 to this Agreement. 
 “French Authorities” means the Direction Générale du Trésor et de la Politique Economique of the
French Ministry of Economy and Finance, any successors thereto, or any other authority in or of the French Republic having jurisdiction over and responsibility for the provision, management or regulation of the terms, conditions and issuance of
export credits in or for the French Republic including (inter alia) such entities to whom authority in respect of extension or administration of export financing matters have been delegated, such as Coface. 
 “Fund” means Apollo Management VI, LP a Delaware limited partnership with its principal place of
business at 9 West 57th Street, 43rd Floor, New York, NY 10019, United States of America and other
affiliated co-investment partnerships. 
 “Fund Affiliate” means the Investors and (a) each other Affiliate
(as defined in Appendix V) of the Fund that is neither a “portfolio company” (which means a company actively engaged in providing goods to unaffiliated customers), whether or not controlled, nor a company controlled by a portfolio company
and (b) any individual who is a partner or employee of Apollo Management, LP, Apollo Management IV, LP or Apollo Management V, LP. 
 “GAAP” means generally accepted accounting principles in the United States of America consistently applied (or, if not consistently applied, accompanied by details of the inconsistencies) including, without limitation,
those set forth in the opinion and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board. 
 “Group” means the Guarantor and its Subsidiaries. 
  

 20 

 “Group Fleet” means the vessels owned by the companies in the Group and
being at the Second Restatement Date: 
 “NORWEGIAN SPIRIT” owned by Norwegian Spirit, Ltd. 
 “NORWEGIAN STAR” owned by Norwegian Star Limited 
 “NORWEGIAN PEARL” owned by Norwegian Pearl, Ltd. 
 “NORWEGIAN
GEM” owned by Norwegian Gem, Ltd. 
 “NORWEGIAN SUN” owned by Norwegian Sun Limited 
 “NORWEGIAN DAWN” owned by Norwegian Dawn Limited 
 “NORWEGIAN JEWEL” owned by Norwegian Jewel Limited 
 “NORWEGIAN
JADE” (ex “PRIDE OF HAWAII”) owned by Pride of Hawaii, Inc. 
 “PRIDE OF AMERICA” owned by Pride of
America Ship Holding, Inc. 
 “Group Credit Facilities” means the USD800,000,000 facility made to the Guarantor
pursuant to a facility agreement dated 7 July 2004 (as amended and/or restated from time to time), the EUR624,000,000 facility made to the Guarantor pursuant to a facility agreement dated 7 October 2005 (as amended and/or restated from time to
time), the USD610,000,000 facility made to the Guarantor pursuant to a facility agreement dated 22 December 2006 (as amended and/or restated from time to time), the USD15,000,000 facility made to the Sub-Agent pursuant to a facility agreement dated
20 April 2004 (as amended and/or restated from time to time), the EUR308,130,000 facility made to Pride of Hawaii, Inc. pursuant to a facility agreement dated 20 April 2004 (as amended and/or restated from time to time), the USD334,050,000 facility
made to Norwegian Jewel Limited pursuant to a facility agreement dated 20 April 2004 (as amended and/or restated from time to time), the EUR258,000,000 facility made to Pride of America Ship Holdings Inc. pursuant to a facility agreement dated 4
April 2003 (as amended and/or restated from time to time), the EUR40,000,000 facility made to Pride of America Ship Holdings Inc. pursuant to a facility agreement dated 4 April 2003 (as amended and/or restated from time to time) and the Loan.

 “Group-Wide Lenders” means the lenders of the Group Credit Facilities. 
 “Guarantee” means the guarantee of the obligations of the Borrower under this Agreement to be signed by the Guarantor and to
be in the agreed form. 
 “Guaranteed Loan Lenders” means the lenders of the EUR308,130,000 facility made to
Pride of Hawaii, Inc. pursuant to a facility agreement dated 20 April 2004 (as amended and/or restated from time to time), the USD334,050,000 facility made to Norwegian Jewel Limited pursuant to a facility agreement dated 20 April 2004 (as amended
and/or restated from time to time), the EUR258,000,000 facility made to Pride of America Ship Holding, Inc. pursuant to a facility agreement dated 4 April 2003 (as amended and/or restated from time to time) and the EUR40,000,000 facility made to
Pride of America Ship Holding, Inc. pursuant to a facility agreement dated 4 April 2003 (as amended and/or restated from time to time). 
 “Guarantor” means NCL Corporation Ltd., a company incorporated in and existing under the laws of Bermuda with registration number EC34678 and with its registered office at Milner House, 18 Parliament Street, Hamilton
HM 12, Bermuda. 
 “Hermes Vessel Owner Second Guarantees” means the three (3) joint and several guarantees
one (1) to be executed by each of the owners of the Hermes Vessels in favour of the Restructuring Trustee as trustee for the Guaranteed Loan Lenders. 
 “Hermes Vessel Owner Third Guarantees” means the three (3) joint and several guarantees one (1) to be executed by each of the owners of the Hermes Vessels in favour of the
Restructuring Trustee as trustee for the Non-Guaranteed Loan Lenders. 
 “Hermes Vessels” means “NORWEGIAN
JEWEL” owned by Norwegian Jewel Limited, “NORWEGIAN JADE” owned by Pride of Hawaii, Inc. and “PRIDE OF AMERICA” owned by Pride of America Ship Holding, Inc. 
 “IAPPC” means a valid international air pollution prevention certificate for the Vessel issued under Annex VI. 

“Insurances” means all policies and contracts of insurance and entries of the Vessel in a protection and indemnity or war
risks association which are effected in respect of the Vessel, her freights, disbursements, profits or otherwise and all benefits, including all claims and returns of premiums thereunder and shall also include all compensation payable by virtue of
Compulsory Acquisition. 
 “Intended Delivery Date” means 31 May 2010 (the date on which the Vessel will be
ready for delivery pursuant to the Building Contract as at the date of this Agreement) or any other date notified by the Borrower to the Agent in accordance with Clause 27 as being the date on which the Vessel will be ready for delivery pursuant to
the Building Contract. 
 “Investor I” means NCL Investment Ltd. a company organised and existing under the laws
of Bermuda with its registered office at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda. 
 “Investor
II” means NCL Investment II Ltd. a company organised and existing under the laws of the Cayman Islands with its registered office at c/o Walkers SPV Limited, Walker House, 87 Mary Street, George Town, Grand Cayman KY1-9002, Cayman
Islands, British West Indies. 
  

 21 

 “Investors” means Investor I and Investor II. 
 “ISM Code” means the International Management Code for the Safe Operation of Ships and for Pollution Prevention adopted by
the International Maritime Organisation. 
 “ISPS Code” means the International Ship and Port Facility Security
Code adopted by the International Maritime Organisation. 
 “Lender” means: 
  

	 	(a)	any Original Lender; and 

  

	 	(b)	any bank or financial institution which has become a Party in accordance with Clause 18, 

 which in each case has not ceased to be a Party in accordance with the terms of this Agreement. 
 “Letter of Credit Facilities” means letter of credit facilities entered into from time to time in the amount of in aggregate
up to [*] to be obtained by the Guarantor which facilities will be used to provide credit support in respect of the Guarantor’s credit card processing arrangements. 
 “Letter of Credit Facilities Security Documents” means: 
  

	 	(a)	any ship mortgage and, if applicable, deed of covenants collateral thereto to be granted over a vessel in the Group Fleet (other than the Hermes Vessels and the Vessel)
and the assignment(s) of the earnings and insurances of such vessel ranking junior in priority to any ship mortgage and, if applicable, deed of covenants collateral thereto, assignment and other applicable security document granted as security for
the repayment of one or more of the Group Credit Facilities; and 

  

	 	(b)	any guarantee by the applicable shipowner (fully subordinated to any guarantees supporting the Group Credit Facilities), 

 in each case in favour of the provider of a Letter of Credit Facility. 
 “Loan” means the aggregate of the amount of the Total Financed Contract Price paid to the Builder pursuant to Clause 2.1.1
and the amount of the Coface Premium reimbursed to the Agent pursuant to Clause 2.1.2 as such amount may be increased or decreased pursuant to the terms of this Agreement or (as the context may require) the amount thereof for the time being drawn
down and outstanding hereunder. 
 “Majority Group-Wide Lenders” means Group-Wide Lenders the aggregate of whose
contributions and commitments to the Group Credit Facilities exceed fifty per cent. (50%) of the aggregate total of the contributions and commitments of all the Group-Wide Lenders. 
 “Management Agreement” means the management agreement entered or to be entered into between the Borrower and the Manager
with respect to the Vessel. 
 “Manager” means NCL (Bahamas) Ltd., a company incorporated in and existing under
the laws of Bermuda with registration number EC34680 and with its registered office at Milner House, 18 Parliament Street, Hamilton HM 12, Bermuda. 
  

 22 

 “Margin” means at all times during the twelve (12) month period
commencing on the Drawdown Date [*] at all times thereafter. 
 “Maritime Registry” means the maritime registry
which the Borrower will specify to the Lenders no later than three (3) months before the Intended Delivery Date, being that of the Bahamas or such other registry as the Lenders may in their discretion agree. 
 “Maximum Loan Amount” means the amount of six hundred and sixty two million nine hundred and five thousand three hundred and
twenty euro (EUR662,905,320). 
 “Mortgage” means the first priority mortgage and, if applicable, deed of
covenants collateral thereto over the Vessel in favour of the Finance Parties, to be granted as provided for in Clause 16 and to be in the agreed form. 
 “NCL America Holdings” means NCL America Holdings, Inc. of Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801, United States of America. 
 “NCL International” means NCL International, Ltd. of Milner House, 18 Parliament Street, Hamilton HM 12, Bermuda.

 “Non-Guaranteed Loan Lenders” means the lenders of the USD800,000,000 facility made to the Guarantor pursuant
to a facility agreement dated 7 July 2004 (as amended and/or restated from time to time), the EUR624,000,000 facility made to the Guarantor pursuant to a facility agreement dated 7 October 2005 (as amended and/or restated from time to
time) and the USD610,000,000 facility made to the Guarantor pursuant to a facility agreement dated 22 December 2006 (as amended and/or restated from time to time). 
 “Obligors” means the Borrower, the Guarantor and the Manager. 
 “Participating Member State” means any member state of the European Union that adopts or has adopted the euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary
Union. 
 “Party” means a party to this Agreement. 
 “Permitted Indebtedness” means: 
  

	 	(i)	any monies borrowed or raised other than from any direct or indirect shareholder of the Guarantor prior to the date on which the last of the Third Supplemental Deed and
the Amendment Documents have been signed by all the parties thereto and notified by the Guarantor to the Agent prior to such date; 

  

	 	(ii)	the Letter of Credit Facilities; and 

  

	 	(iii)	Permitted Refinancing Indebtedness. 

  

 23 

 “Permitted Liens” means: 
  

	 	(a)	any Encumbrance created by or pursuant to the Security Documents; and 

  

	 	(b)	liens on the Vessel up to an aggregate amount at any time not exceeding ten million Dollars (USD10,000,000) for current crew’s wages and salvage and liens incurred
in the ordinary course of trading the Vessel; and 

 in the case of the Manager in respect of paragraph
(d) only and in the case of the Guarantor: 
  

	 	(c)	any deposits or pledges to secure the performance of bids, tenders, bonds or contracts; 

  

	 	(d)	(x) any other Encumbrance notified by any of the Obligors to the Agent prior to the date on which the Third Supplemental Deed and the Amendment Documents have been
signed by all the parties thereto (y) any Encumbrance created by or pursuant to (i) the Letter of Credit Facilities Security Documents (ii) the Credit Card Processor Security Documents (iii) the Hermes Vessel Owner Second
Guarantees (iv) the Second Mortgages (v) the Second Assignments (vi) the Hermes Vessel Owner Third Guarantees (vii) the Third Mortgages and (viii) the Third Assignments and (z) any other Encumbrance created over a
vessel in the Group Fleet (other than a Hermes Vessel or the Vessel) or its related assets in favour of any party approved by the Agent (acting on the instructions of the Lenders). 

  

	 	(e)	subject to clause 10.6 of the Guarantee, any Encumbrances in respect of existing Financial Indebtedness of a person which becomes a Subsidiary of the Guarantor or is
merged with or into the Guarantor or any of its Subsidiaries; 

  

	 	(f)	liens on assets leased, acquired or upgraded after the date hereof or assets newly constructed or converted after the date hereof provided that (i) such liens
secure Financial Indebtedness otherwise permitted under this Agreement (ii) such liens are incurred within one (1) year following such lease, acquisition, upgrade, construction or conversion and (iii) the Financial Indebtedness
secured by such liens does not exceed the cost of such upgrade or the cost of such assets acquired or leased; 

  

	 	(g)	statutory and other similar liens arising in the ordinary course of business unrelated to Financial Indebtedness and securing obligations not yet delinquent or which
are being contested in good faith by appropriate proceedings and for which adequate reserves have been established; 

  

	 	(h)	subject to Clause 13.2.9, liens arising out of the existence of judgments or awards in respect of the Guarantor or any of its Subsidiaries; and

  

	 	(i)	any deposits, liens or other Encumbrances placed or incurred in connection with any bond or other surety from time to time provided to the US Federal Maritime
Commission in order to comply with laws, regulations and rules applicable to the operators of passenger vessels operating to or from ports in the United States of America, 

 provided that the aggregate amount of all cash and the fair market value of all other property subject to such liens as are described in
paragraphs (f) to (h) above does not exceed twenty five million Dollars (USD25,000,000) and provided further that any such lien as is described in paragraphs (f) to (h) above does not imperil the security created by any of the
Security Documents and/or affect the ability of any Obligor duly to perform any of its obligations under any Security Document to which it is or may be a party at any time, in each case in the opinion of the Agent. 
  

 24 

 “Protocol of Delivery and Acceptance” means the protocol of delivery and
acceptance of the Vessel to be signed by the Borrower and the Builder in accordance with article 7, clause 1.3(i) of the Building Contract. 
 “Reimbursement Agreement” means the reimbursement and distribution agreement dated 17 August 2007, by and among Investor I, Star and the Guarantor. 
 “Restructuring Trustee” means [*] as trustee for (directly or indirectly) (among others) the Guaranteed Loan Lenders and the
Non-Guaranteed Loan Lenders. 
 “Safety Management Certificate” means a document issued to the Vessel as
evidence that the Vessel’s operator and its shipboard management operate in accordance with an approved Safety Management System. 
 “Safety Management System” means a structured and documented system enabling the personnel of the Vessel’s operator to implement effectively the safety and environmental protection policy of that Vessel operator.

 “Second Assignments” means the three (3) valid and effective second legal assignments of the earnings
and insurances of the Hermes Vessels (together with the notices thereof) one (1) to be executed by each of the owners of the Hermes Vessels in respect of its Hermes Vessel and the one (1) valid and effective second priority subordination
and assignment to be executed by the Manager (as bareboat charterer) in respect of m.v. “NORWEGIAN JADE” in each case in favour of the Restructuring Trustee as trustee for the Guaranteed Loan Lenders. 
 “Second Mortgages” means the two (2) second priority statutory Bahamian ship mortgages and deeds of covenants
collateral thereto and the one (1) second preferred US ship mortgage one (1) to be granted by respectively each of the owners of the Hermes Vessels over its Hermes Vessel in favour of the Restructuring Trustee as trustee for the Guaranteed
Loan Lenders. 
 “Second Restatement Date” has the meaning set out in the Third Supplemental Deed. 

“Security Documents” means this Agreement which includes any supplemental agreement or deed hereto, the Guarantee, the
Mortgage, the Assignment of Warranty Rights, the Assignment of Insurances, the Assignment of Earnings, the Assignment of Management Agreement and all such other documents as may be executed at any time in favour of the Finance Parties or any of them
as security for the obligations of the Borrower and the other Obligors whether executed pursuant to the express provisions of this Agreement or otherwise howsoever. 
 “Security Period” means the period beginning on the Drawdown Date and ending on the date on which the amounts outstanding under this Agreement and under each of the other Security
Documents are finally paid or repaid in full. 
 “Shareholders’ Agreement” means the shareholders’
agreement dated 17 August 2007 made or to be made between Star, the Investors (directly in the case of Investor I and by way of joinder in the case of Investor II) and the Guarantor. 
 “Star” means Star Cruises Limited a company organised and existing under the laws of Bermuda with its registered office at
Canon’s Court, 22 Victoria Street, Hamilton HM 12, Bermuda. 
  

 25 

 “Steering Committee” means a committee established by, and formed from, the
Group-Wide Lenders with the purpose of co-ordinating the relationship between the Guarantor and the Group-Wide Lenders and monitoring the performance of the Group Credit Facilities. The initial members of the Steering Committee shall be [*].

 “Subscription Agreement” means the subscription agreement dated 17 August 2007 made or to be made
between Star, the Investors (directly in the case of Investor I and by way of assignment in the case of Investor II) and the Guarantor. 
 “Subsidiary” means, with respect to the Guarantor, any company or corporation of which more than fifty per cent. (50%) of the outstanding share capital having ordinary voting power to elect a majority of the board of
directors of such company or corporation (irrespective of whether at the time share capital of any other class or classes of such company or corporation shall or might have voting power upon the occurrence of any contingency) is at the time directly
or indirectly owned by the Guarantor, by the Guarantor and one or more other Subsidiaries of the Guarantor, or by one or more other Subsidiaries of the Guarantor. 
 “TARGET” (Trans-European Automated Real-time Gross settlement Express Transfer) means the European real time gross settlement system managed by the European Central Bank and linking the
real time gross settlement systems of the Member States of the European Union. 
 “TARGET Day” means the day
when the TARGET (Trans-European Automated Real-Time Gross settlement Express Transfer) system is open. 
 “Taxes”
means all present and future income and other taxes, levies, imposts, deductions, compulsory liens and withholdings whatsoever together with interest thereon and penalties with respect thereto, if any, and any payments made on or in respect
thereof and “Taxation” shall be construed accordingly. 
 “Termination Date” means the date
falling [**] after the Delivery Date. 
 “Third Assignments” means the three (3) valid and effective third
legal assignments of the earnings and insurances of the Hermes Vessels (together with the notices thereof) one (1) to be executed by each of the owners of the Hermes Vessels in respect of its Hermes Vessel and the one (1) valid and
effective third priority subordination and assignment to be executed by the Manager (as bareboat charterer) in respect of m.v. “NORWEGIAN JADE” in each case in favour of the Restructuring Trustee as trustee for the Non-Guaranteed Loan
Lenders. 
 “Third Mortgages” means the two (2) third priority statutory Bahamian ship mortgages and deeds
of covenants collateral thereto and the one (1) third preferred US ship mortgage one (1) to be granted by respectively each of the owners of the Hermes Vessels over its Hermes Vessel in favour of the Restructuring Trustee as trustee for
the Non-Guaranteed Loan Lenders. 
 “Third Supplemental Deed” means the third supplemental deed dated
     April 2009 to this Agreement. 
 “Total Commitments” means the aggregate of the
Commitments, being six hundred and sixty two million nine hundred and five thousand three hundred and twenty euro (EUR662,905,320). 
  

 26 

 “Total Financed Contract Price” means the aggregate of: 
  

	 	(a)	the Financed Contract Price; and 

  

	 	(b)	the Financed Change Order Amount. 

 “Total Loss” means the actual or constructive or compromised or agreed or arranged total loss or the Compulsory Acquisition of the Vessel, including any such total loss as may arise during a requisition for hire.

 “Total Loss Date” means: 
  

	 	(a)	in the case of an actual total loss of the Vessel, the actual date on which the Vessel was lost or, if such date is not known, the date on which the Vessel was last
reported; or 

  

	 	(b)	in the case of a constructive total loss of the Vessel, or in the case of a compromised or arranged total loss of the Vessel, the date of the event giving rise to the
claim for such constructive total loss or to the claim for a compromised or arranged total loss; or 

  

	 	(c)	in the case of a Compulsory Acquisition on the date of the Compulsory Acquisition. 

 “Transaction Documents” means the Security Documents, the Building Contract, the Drawdown Notice, the Management Agreement
and any other material document now or hereafter issued in connection with the documents or the transaction referred to in this Agreement. 
 “Transfer Certificate” means a certificate substantially in the form set out in Appendix III or any other form agreed between the Agent and the Borrower. 
 “Transfer Date” means, in relation to a transfer, the later of: 
  

	 	(a)	the proposed Transfer Date specified in the Transfer Certificate; and 

  

	 	(b)	the date on which the Agent executes the Transfer Certificate. 

 “Vessel” means the passenger cruise vessel referred to in Recital (A) of this Agreement and more specially described in the Building Contract, and, to the extent the context permits,
includes all manuals, logs and technical records relating to the said vessel. 
  

	1.2	Construction 

 References
in this Agreement to a document “in the agreed form” are to the form of the relevant document which is attached to the security letter of the same date as this Agreement or to such other form as the parties hereto may from time to time
agree, subject to modification in accordance with the provisions of the security letter. 
 A person who is not a Party has no
right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Agreement. 
 A provision of law including but without limitation a regulation is a reference to that provision or regulation as amended or re-enacted from time to time and a regulation includes any regulation, rule, official directive, request or
guideline (whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation. 
  

 27 

	2.	AVAILABILITY OF THE LOAN 

  

	2.1	Commitment 

 Each of the
Lenders shall (in proportion to its share of the Total Commitments) make available to the Borrower a loan in a maximum amount of six hundred and two million six hundred and forty one thousand two hundred euro (EUR602,641,200) intended to:

  

	 	2.1.1	be paid to the Builder up to a maximum amount of five hundred and eighty eight million euro (EUR588,000,000) corresponding to eighty per cent. (80%) of the Contract
Price of the Vessel prior to any Change Order; 

  

	 	2.1.2	reimburse the Agent up to an amount of fourteen million six hundred and forty one thousand two hundred euro (EUR14,641,200) corresponding to one hundred per cent.
(100%) of the related Coface Premium payable to Coface. 

 In the event that the Contract Price for the Vessel
prior to any Change Order increases pursuant to the terms of the Building Contract, the Lenders agree, if the Borrower so requests in the Drawdown Notice, to increase the maximum amount of the Loan by: 
  

	 	2.1.3	up to an amount of fifty eight million eight hundred thousand euro (EUR58,800,000) (being ten per cent. (10%) of the Financed Contract Price) to pay to the Builder up
to eighty per cent. (80%) of the Change Order Amount; and 

  

	 	2.1.4	up to an amount of [*] to reimburse the Agent [*] of the related Coface Premium payable to Coface. 

  

	2.2	Purpose 

 The Loan may
only be used to pay for goods and services of French origin. However, within the limits and under the conditions fixed by the French Authorities, this may be extended to cover goods and services incorporated in deliveries made by the Builder and
originating from countries other than the Borrower’s country and France, which have been sub-contracted by the Builder and therefore remain under the Builder’s responsibility. 
  

	3.	DRAWING 

  

	3.1	Conditions precedent 

 The Borrower may only draw under the Loan when the following conditions have been fulfilled to the satisfaction of the Lenders and provided no Event of Default shall have occurred and is continuing or be likely to occur: 
  

	 	3.1.1	No later than the date of this Agreement: 

  

	 	(a)	Receipt by the Agent of an opinion of legal counsel to the Lenders as to Bermudan law, together with the corporate documentation of the Borrower supporting the opinion,
including but without limitation the Memorandum of Association and Bye-laws as filed with the competent authorities and a certificate of a competent officer of the Borrower containing specimen signatures of the persons authorised to sign the
documents on behalf of the Borrower, to the effect that: 

  

	 	(i)	the Borrower has been duly organized and is validly existing as a company under the laws of Bermuda; 

  

 28 

	 	(ii)	this Agreement falls within the scope of the Borrower’s corporate purpose as defined by its Memorandum of Association and Bye-laws; 

  

	 	(iii)	the Borrower’s representatives were at the date of this Agreement fully empowered to sign this Agreement; 

  

	 	(iv)	either all administrative requirements applicable to the Borrower (whether in Bermuda or elsewhere) concerning the transfer of funds abroad and acquisitions of euro to
meet its obligations hereunder have been complied with, or that there are no such requirements; and 

  

	 	(v)	this Agreement is the legal, valid and binding obligations of the Borrower enforceable in accordance with their terms (containing such exceptions as are standard for
opinions of this type). 

  

	 	(b)	Receipt by the Agent of an opinion of legal counsel to the Agent as to English law confirming that the obligations of the Borrower under this Agreement are legally
valid and binding obligations enforceable by the relevant Finance Parties in the English courts. 

  

	 	(c)	Receipt by the Agent of a Certified Copy of the executed Building Contract. 

  

	 	(d)	Receipt by the Agent of a confirmation from Clifford Chance Secretaries Limited that it will act for the Borrower as agent for service of process in England in respect
of this Agreement. 

  

	 	3.1.2	No later than ten (10) Business Days after the date of this Agreement: 

  

	 	(a)	Receipt by the Agent of an opinion of legal counsel to the Lenders as to Bermudan law, together with the corporate documentation of the Guarantor supporting the
opinion, including but without limitation the Memorandum of Association and Bye-laws as filed with the competent authorities and a certificate of a competent officer of the Guarantor containing specimen signatures of the persons authorised to sign
the documents on behalf of the Guarantor, to the effect that: 

  

	 	(i)	the Guarantor has been duly organized and is validly existing as a company under the laws of Bermuda; 

  

	 	(ii)	the Guarantee falls within the scope of the Guarantor’s corporate purpose as defined by its Memorandum of Association and Bye-laws; 

  

	 	(iii)	the Guarantor’s representative was at the date of the Guarantee fully empowered to sign the Guarantee; 

  

	 	(iv)	either all administrative requirements applicable to the Guarantor (whether in Bermuda or elsewhere) concerning the transfer of funds abroad and acquisitions of euro to
meet its obligations under the Guarantee have been complied with, or that there are no such requirements; and 

  

 29 

	 	(v)	the Guarantee is the legal, valid and binding obligations of the Guarantor enforceable in accordance with their terms (containing such exceptions as are standard for
opinions of this type). 

  

	 	(b)	Receipt by the Agent of the executed Guarantee and a statement confirming that the Guarantor is in compliance with its obligations under clauses 11.1 and 11.3 of
the Guarantee. The statement shall be signed by the chief financial officer of the Group (as such term is defined in clause 11.4 of the Guarantee), be in the form of schedule 1 to the Guarantee and be for the financial quarter ending
30 June 2006. 

  

	 	(c)	Receipt by the Agent of an opinion of legal counsel to the Agent as to English law confirming that the obligations of the Guarantor under the Guarantee are legally
valid and binding obligations enforceable by the relevant Finance Parties in the English courts. 

  

	 	(d)	Receipt by the Agent of a confirmation from Clifford Chance Secretaries Limited that it will act for the Guarantor as agent for service of process in England in respect
of the Guarantee. 

  

	 	3.1.3	No later than three (3) months before the Intended Delivery Date, receipt by the Agent of notification from the Borrower: 

  

	 	(a)	of its preferred Maritime Registry; and 

  

	 	(b)	that each of the Apollo-Related Transactions has been completed or that the parties to any Apollo-Related Transaction that has not been completed by the date referred
to above have agreed not to implement that Apollo-Related Transaction. 

  

	 	3.1.4	On the date falling ninety (90) days before the Intended Delivery Date and on each subsequent date prior to the Drawdown Date on which a statement in the form
of schedule 1 to the Guarantee is to be received by the Agent pursuant to clause 9.2.5 of the Guarantee, receipt by the Agent of a statement confirming that the Guarantor is in compliance with its obligations under clauses 11.1 and 11.3 of
the Guarantee. The statement shall be signed by the chief financial officer of the Group (as such term is defined in clause 11.4 of the Guarantee), be in the form of schedule 1 to the Guarantee and be for the last financial quarter in respect of
which the Guarantor is obliged to provide such a statement pursuant to clause 9.2.5 of the Guarantee. 

  

	 	3.1.5	No later than the date falling ninety (90) days before the Intended Delivery Date, receipt by the Agent of the amendment fee referred to in Clause 7.1.4.

  

	 	3.1.6	No later than sixty (60) days before the Intended Delivery Date, receipt by the Agent of notification from the Borrower of the Intended Delivery Date.

  

	 	3.1.7	No later than ten (10) Business Days before the Intended Delivery Date, receipt by the Agent of insurance documents in form and substance satisfactory to
the Lenders confirming that the Insurances have been effected and will be in full force and effect on the Delivery Date. 

  

 30 

	 	3.1.8	No later than five (5) Business Days before the Intended Delivery Date, receipt by the Agent of: 

  

	 	(a)	the Drawdown Notice from the Borrower, signed by a duly authorised signatory of the Borrower, specifying the amount of the Loan to be drawn down;

  

	 	(b)	a Certified Copy of each of the Change Orders and of the power of attorney pursuant to which the authorised signatory of the Borrower signed the Drawdown Notice and a
specimen of his signature; and 

  

	 	(c)	a copy of the notice of delivery given by the Builder to the Borrower pursuant to and in accordance with article 7, clause 1.1 of the Building Contract.

  

	 	3.1.9	No later than the Delivery Date: 

  

	 	(a)	Receipt by the Agent of a legal opinion of counsel to the Lenders as to Bermudan law together with the corporate documentation of the Borrower and the Manager
supporting such opinions, including but without limitation, in the case of the Manager, the Memorandum of Association and Bye-laws as filed with the competent authorities and a certificate of a competent officer of the Borrower and the Manager
containing specimen signatures of the persons authorised to sign the documents on behalf of the Borrower and the Manager, confirming that: 

  

	 	(i)	the Lenders may continue to rely on the legal opinion given pursuant to Clause 3.1.1(a)(i); 

  

	 	(ii)	the Mortgage, the Assignment of Warranty Rights, the Assignment of Insurances, the Assignment of Earnings and the Assignment of Management Agreement fall within the
scope of the Borrower’s corporate purpose as defined by its Memorandum of Association and Bye-laws and are binding on it; 

  

	 	(iii)	the Assignment of Insurances (if applicable) and the acknowledgement of the notice of assignment of the Management Agreement fall within the scope of the Manager’s
corporate purpose as defined by its Memorandum of Association and Bye-laws and are binding on it; and 

  

	 	(iv)	the Borrower’s representatives are fully empowered to sign the Protocol of Delivery and Acceptance, the Mortgage, the Assignment of Warranty Rights, the Assignment
of Insurances, the Assignment of Earnings and the Assignment of Management Agreement and the Manager’s representatives are fully empowered to sign the Assignment of Insurances (if applicable) and the acknowledgement of the notice of assignment
of the Management Agreement. 

  

	 	(b)	Receipt by the Agent of evidence of payment to the Builder of: 

  

	 	(i)	the four (4) pre-delivery instalments of the Contract Price; and 

  

 31 

	 	(ii)	any other part of the Contract Price as at the Delivery Date not being financed hereunder. 

  

	 	(c)	Evidence that: 

  

	 	(i)	the Vessel is at least provisionally registered in the name of the Borrower in the Maritime Registry; 

  

	 	(ii)	title to the Vessel is held by the Borrower free of all Encumbrances other than any maritime lien in respect of crew’s wages and trade debts arising out of
equipment, consumable and other stores placed on board the Vessel prior to or concurrently with delivery, none of which is overdue; 

  

	 	(iii)	the Mortgage has been duly registered in the Maritime Registry and constitutes a first priority security interest over the Vessel and that all taxes and fees payable to
the Maritime Registry in respect of the Vessel have been paid in full. 

  

	 	(d)	Receipt by the Agent of a Certified Copy of a classification certificate (or interim classification certificate) showing the Vessel to be classed in accordance with
Clause 9.4.3. 

  

	 	(e)	Receipt by the Agent of duly executed originals of the Mortgage, the Assignment of Warranty Rights, the Assignment of Insurances, the Assignment of Earnings and the
Assignment of Management Agreement together with relevant notices of assignment and the acknowledgement of the notice of assignment of the Management Agreement. 

  

	 	(f)	Receipt by the Agent of all amounts which are due and payable hereunder by the Borrower on or prior to the Delivery Date. 

  

	 	(g)	Receipt by the Agent of a legal opinion of counsel to the Lenders as to the law of the Maritime Registry confirming: 

  

	 	(i)	the valid registration of the Vessel in the Maritime Registry; and 

  

	 	(ii)	the Mortgage over the Vessel has been validly registered in the Maritime Registry. 

  

	 	(h)	Receipt by the Agent of an opinion of legal counsel to the Agent as to English law confirming that the obligations of the Borrower under the deed of covenants
constituting part of the Mortgage (if applicable), the Assignment of Warranty Rights, the Assignment of Insurances, the Assignment of Earnings and the Assignment of Management Agreement are legally valid and binding obligations enforceable by the
relevant Finance Parties in the English courts. 

  

	 	(i)	Receipt by the Agent of a certificate from the Borrower, signed by an authorised representative of the Borrower, attesting that the representations and warranties
contained in Clause 9 are true and correct as of the Delivery Date in consideration of the facts and circumstances existing as of the Delivery Date. 

  

	 	(j)	Receipt by the Agent of the documents mentioned in Appendix I. 

  

 32 

	 	(k)	Receipt by the Agent of a Certified Copy of the executed Management Agreement. 

  

	 	(l)	Receipt by the Agent of a Certified Copy of the carrier initiative agreement executed pursuant to Clause 10.16 or evidence of any voluntary arrangements made under the
Customs-Trade Partnership Against Terrorism of the United States of America pursuant to Clause 10.16, any current certificate of financial responsibility in respect of the Vessel issued under OPA, a valid Safety Management Certificate (or
interim Safety Management Certificate) issued to the Vessel in respect of its management by the Manager pursuant to the ISM Code, a valid Document of Compliance (or interim Document of Compliance) issued to the Manager in respect of ships of the
same type as the Vessel pursuant to the ISM Code, a valid International Ship Security Certificate issued to the Vessel in accordance with the ISPS Code and a valid IAPPC issued to the Vessel in accordance with Annex VI. 

  

	 	(m)	Receipt by the Agent of a Certified Copy of the power of attorney pursuant to which the authorised signatory(ies) of the Borrower signed the documents referred to in
this Clause 3.1.6 and to which the Borrower is a party and a specimen of his or their signature(s). 

  

	 	(n)	Receipt by the Agent of a confirmation from the Process Agent that it will act for each of the relevant Obligors as agent for service of process in England in respect
of the deed of covenants constituting part of the Mortgage (if applicable), the Assignment of Warranty Rights, the Assignment of Insurances, the Assignment of Earnings and the Assignment of Management Agreement. 

  

	 	(o)	The Coface Insurance Policy documentation relating to the transactions contemplated by this Agreement has been received by the Agent and remains in full force and
effect, the Agent having notified the Borrower of the issue of the Coface Insurance Policy in form and substance satisfactory to the Lenders as soon as practicable after its issue. 

  

	3.2	Borrower’s irrevocable payment instructions 

 The Lenders shall not be obliged to fulfil their obligation to make the Loan available other than by paying the Builder the Total Financed Contract Price (or (as the context may require) the amount
thereof drawn down) on behalf of and in the name of the Borrower and by reimbursing the Agent for the related Coface Premium. 
 The Borrower hereby instructs the Lenders in accordance with this Clause 3.2: 
  

	 	3.2.1	to pay to the Builder: 

  

	 	(a)	the amount in euro remaining due under the Building Contract up to an amount equal to the lesser of five hundred and eighty eight million euro (EUR588,000,000) and
eighty per cent. (80%) of the Contract Price of the Vessel prior to any Change Order; and 

  

	 	(b)	subject to Clause 2.2, the amount in euro up to the lesser of fifty eight million eight hundred thousand euro (EUR58,800,000) and eighty per cent. (80%) of the
Change Order Amount capped at [*] of the Financed Contract Price; and 

  

 33 

	 	3.2.2	to reimburse the Agent, by drawing under the Loan, the related Coface Premium. 

 The payment instruction contained in this Clause 3.2 is irrevocable. 
 Subject to Clause 3.1, payment will be made to the Builder by a single advance in euro on the Delivery Date of the Vessel during usual
banking hours in the French Republic to the Builder’s account as specified by the Builder in accordance with the Building Contract after receipt and verification by the Agent of the documents provided under Appendix I. 
 Verification of the documents provided under Appendix I shall be limited to checking their apparent compliance as defined in the Uniform
Customs and Practices for Documentary Credits - ICC Publication 500 (UCP 500 latest revision). 
 The Borrower expressly
acknowledges that the payment terms set out in this Clause may only be modified with the agreement of the Builder, the Agent, the Lenders and the Borrower in the case of Clause 3.2.1 and with the agreement of the Agent, the Lenders and the Borrower
in the case of Clause 3.2.2. 
 Drawing may not be made under this Agreement (and the Loan shall not be available) after the
earlier of the Delivery Date and the Availability Termination Date. 
 However, the Lenders will use their best efforts to agree
to a postponement of the Availability Termination Date upon application by the Borrower accompanied by an explanation in reasonable detail of the reason for the delay in the Intended Delivery Date beyond the Availability Termination Date. The
Borrower acknowledges that any such postponement is subject to the prior written approval of Coface. 
  

	4.	REPAYMENT OF LOAN AND PAYMENT OF INTEREST 

 The Borrower shall repay to the Lenders the principal amount of the Loan drawn down under this Agreement together with interest on the Loan at the CIRR [*] from the Drawdown Date by twenty four (24)
consecutive equal half yearly instalments. The first instalment of principal and interest shall be due six (6) months after the Delivery Date and the final instalment shall be due on the Termination Date together with all other sums due under this
Agreement. The interest shall be calculated on the actual number of days elapsed divided by three hundred and sixty (360). 
 The
amount of each instalment of principal and interest will be calculated by the Agent following the Drawdown Date. The Agent shall deliver to the Borrower and the Lenders as soon as practicable following such calculation and in any event no later than
ten (10) Business Days after the Drawdown Date, a repayment schedule setting out the dates and the amounts of the instalments up to and including the Termination Date. 
 The repayment schedule shall be sent by fax and, in the case of the Borrower, by international express courier. 
 In the absence of manifest error, the repayment schedule will constitute an unconditional and irrevocable undertaking by the Borrower to pay the Lenders the amounts of principal and interest set out
therein. 
 The Borrower reserves the right to inform the Agent within ten (10) Business Days of receipt of the repayment
schedule by courier if it contains a material error and to request its correction. 
  

 34 

	5.	CLAIMS OR DEFENCES MAY NOT BE OPPOSED TO THE LENDERS 

 The Borrower may not escape liability under the terms of this Agreement by opposing to the Lenders claims or defences of any kind whatsoever arising under the Building Contract, and in particular from its
performance, or from any other relationship between the Borrower and the Builder. 
  

	6.	COFACE PREMIUM 

 The
Coface Premium is due and payable on or prior to the Drawdown Date and proportionally to the amount of the Loan drawn down under this Agreement. A minimum non refundable premium, being one thousand five hundred and fifteen euro (EUR1,515), shall be
paid to Coface upon signature of the Coface Insurance Policy. Otherwise, no Coface Premium is due if the Loan is not drawn down. Except as otherwise stated below in the case of a prepayment, the Coface Premium is not refundable for any reason
whatsoever. 
 The Borrower has requested and the Lenders have agreed to finance [**] of the Coface Premium payable under this
Agreement in accordance with Clauses 2.1.2 and 2.1.4 up to the amount being [**]. 
 Consequently, the Borrower hereby
irrevocably instructs the Agent to pay the Coface Premium to Coface on the Borrower’s behalf and the financing of such payment shall be made by drawing under the Loan in accordance with Clauses 2.1.2 and 2.1.4 of this Agreement. Notwithstanding
any other provision of this Agreement, the Borrower acknowledges that the obligation of the Borrower to reimburse the Lenders for the full amount of the Coface Premium referred to in this Agreement as and when it arises is absolute and
unconditional. 
 The Coface Premium financed by the Loan will be repayable in any event by the Borrower to the Lenders in the
manner specified in Clause 4 and under any and all circumstances including but without limitation in the event of prepayment or acceleration of the Loan. 
 If the Loan is prepaid in whole or in part by the Borrower and if no amounts are then due and unpaid by the Borrower to the Finance Parties, the Agent will, on receipt from Coface, refund to the Borrower
the portion of the Coface Premium reimbursed by Coface. If there is an amount due and unpaid by the Borrower to the Finance Parties, the Agent shall apply any amount received from Coface in accordance with Clause 17. 
 Any refund of the Coface Premium will not exceed eighty per cent. (80%) of the amount of the Coface Premium for the period from the
prepayment date to the Termination Date. 
  

	7.	FEES 

 The following fees
shall be paid to the Agent by the Borrower as required hereunder: 
  

	 	7.1.1	For the Mandated Lead Arrangers, an arrangement fee equal to [**] of the Maximum Loan Amount payable: 

  

	 	(a)	as to [**] of such fee amount within ten (10) Business Days after the date of this Agreement; and 

  

	 	(b)	unless this Agreement is terminated pursuant to Clause 29, as to [**] of such fee amount on the first anniversary of the date of this Agreement.

  

 35 

	 	7.1.2	For the Lenders, a commitment fee for the period from the date of this Agreement to the Delivery Date of the Vessel, or the date of receipt by the Agent of the written
termination notice sent by the Borrower as described in Clause 29, whichever is the earliest, computed at the rate of: 

  

	 	(a)	[**] per annum for the first two (2) years after the date of this Agreement; and 

  

	 	(b)	[**] per annum thereafter. 

 This commitment fee shall be calculated on the undrawn amount of the Maximum Loan Amount and paid in arrears on the date falling six (6) months after the date of this Agreement and on each date falling at the end of each following
consecutive six (6) month period, with the exception of the commitment fee due in respect of the last period, which shall be paid on the Drawdown Date, or the date of receipt by the Agent of the written termination notice sent by the Borrower
as described in Clause 29, whichever is the earliest. The commitment fee shall be calculated on the actual number of days elapsed divided by three hundred and sixty (360). 
  

	 	7.1.3	For the Agent, an annual agency fee of [**] shall be paid within ten (10) Business Days of the date of this Agreement and, unless this Agreement is terminated
pursuant to Clause 29, on or before each anniversary date thereof until total repayment of the Loan. 

  

	 	7.1.4	For the Lenders, an amendment fee of nought point [*]. This amendment fee shall be deemed to have been earned on the date on which the Third Supplemental Deed and the
Amendment Documents have been signed by all the parties thereto but shall be payable on the date falling ninety (90) days prior to the Intended Delivery Date provided that if this Agreement is terminated pursuant to Clause 29 prior to that date then
the amendment fee shall be paid in full on the termination date. 

  

	8.	TAXES, INCREASED COSTS, COSTS AND RELATED CHARGES 

  

	8.1	All Taxes legally payable in France as a consequence of the signature or performance of this Agreement shall be paid by the Lenders. 

  

	8.2	All Taxes legally payable outside France (other than taxes payable by each of the Lenders on its overall net income) as a consequence of the signature or performance of
this Agreement shall be paid by the Borrower. In consequence, all payments of principal and interest, interest on late payments, compensation, costs, fees and related charges, due in connection with this Agreement shall be made without any deduction
or withholding in respect of Taxes. The Borrower therefore hereby agrees expressly that if for any reason full payment of the above amounts is not made, it will immediately pay the Lenders the sums necessary to compensate exactly the effect of the
deductions or withholdings made in respect of Taxes. If the Borrower fails to perform this obligation, the Lenders shall be entitled, in accordance with Clause 13, either not to make available the Loan or, as the case may require, to require
immediate repayment of the Loan. 

 If an additional payment is made under this Clause and any Lender or the Agent
on its behalf determines that it has received or been granted a credit against or relief of or calculated with reference to the deduction or withholding giving rise to such additional payment, such Lender or the Agent (as the case may be) shall, to
the extent that it can do so without prejudice to the retention of the amount of such credit, relief, remission or repayment and provided that it has received the cash benefit of such credit, relief or remission, pay to the Borrower such amount as
such Lender or the Agent shall in its reasonable opinion have concluded to be attributable to the relevant deduction or withholding. Any such payment shall be conclusive evidence of the amount due to the Borrower hereunder and shall be accepted by
the Borrower in full and final settlement of its rights of reimbursement hereunder in respect of such deduction or withholding. Nothing herein contained shall interfere with the right of any Lender and the Agent to arrange their respective tax
affairs in whatever manner they think fit. 
  

 36 

	8.3	If after the date of this Agreement by reason of: 

  

	 	8.3.1	any change in law or in its interpretation or administration; and/or 

  

	 	8.3.2	compliance with any request from or requirement of any central bank or other fiscal, monetary or other authority including but without limitation the Basle Committee on
Banking Regulations and Supervisory Practices whether or not having the force of law: 

  

	 	(a)	any of the Lenders incurs a cost as a result of its performing its obligations under this Agreement and/or its advancing its Commitment hereunder; or

  

	 	(b)	there is any increase in the cost to any of the Lenders of funding or maintaining all or any of the advances comprised in a class of advances formed by or including its
Commitment advanced or to be advanced by it hereunder; or 

  

	 	(c)	any of the Lenders incurs a cost as a result of its having entered into and/or its assuming or maintaining its commitment under this Agreement; or

  

	 	(d)	any of the Lenders becomes liable to make any payment on account of Tax or otherwise (other than Tax on its overall net income) on or calculated by reference to the
amount of its Commitment advanced or to be advanced hereunder and/or any sum received or receivable by it hereunder; or 

  

	 	(e)	any of the Lenders suffers any decrease in its rate of return as a result of any changes in the requirements relating to capital ratios, monetary control ratios, the
payment of special deposits, liquidity costs or other similar requirements affecting that Lender, 

 then the
Borrower shall from time to time on demand pay to the Agent for the account of the relevant Lender or Lenders amounts sufficient to indemnify the relevant Lender or Lenders against, as the case may be, such cost, such increased cost (or such
proportion of such increased cost as is in the reasonable opinion of the relevant Lender or Lenders attributable to the funding or maintaining of its or their Commitment(s) hereunder) or such liability. 
 A Lender affected by any provision of this Clause 8.3 shall promptly inform the Agent after becoming aware of the relevant change and its
possible results (which notice shall be conclusive evidence of the relevant change and its possible results) and the Agent shall, as soon as reasonably practicable thereafter, notify the Borrower of the change and its possible results. Without
affecting the Borrower’s obligations under this Clause 8.3 and in consultation with the Agent, the affected Lender will then take all such reasonable steps as may be open to it to mitigate the effect of the change (for example (if then
possible) by changing its Facility Office or transferring some or all of its rights and obligations under this Agreement to another financial institution reasonably acceptable to the Borrower and the Agent). The reasonable costs of mitigating the
effect of any such change shall be borne by the Borrower save where such costs are of an internal administrative nature and are not incurred in dealings by any Lender with third parties. 
  

 37 

	8.4	The Borrower undertakes to pay to the Agent, upon demand, all reasonable costs and expenses, duties and fees, including but without limitation agreed legal costs, out
of pocket expenses and travel costs, incurred by the Mandated Lead Arrangers and the Original Lenders in connection with the negotiation, preparation and execution of all agreements, guarantees, security agreements and related documents entered
into, or to be entered into, for the purpose of the transaction contemplated hereby as well as all costs and expenses, duties and fees incurred by the Lenders in connection with the registration, filing, enforcement or discharge of the said
guarantees or security agreements, including without limitation the fees and expenses of legal advisers and insurance experts, the cost of registration and discharge of security interests and the related travel and out of pocket expenses; the
Borrower further undertakes to pay to the Agent all costs, expenses, duties and fees incurred by the Lenders in connection with any variation of this Agreement and the related documents, guarantees and security agreements, any supplements thereto
and waiver given in relation thereto, in connection with the enforcement or preservation of any rights under this Agreement and/or the related guarantees and security agreements, including in each case the fees and expenses of legal advisers, and in
connection with the consultations or proceedings made necessary by the acts of, or failure to act on the part of, the Borrower. 

  

	8.5	The Borrower undertakes to pay to the Agent, upon demand, any reasonable costs necessarily incurred by the Lenders in funding the Loan in the event that the Delivery
Date is later than the Intended Delivery Date unless the Borrower has given the Agent at least three (3) Business Days’ notification of such delay in the Delivery Date. 

  

	8.6	The Borrower shall reimburse any Lender that is a member of the Steering Committee on demand on a full indemnity basis for all documented charges and expenses
reasonably incurred (including value added tax or any similar tax thereon and including the fees and expenses of legal and other advisers) by that Lender in carrying out its duties as a member of the Steering Committee on or before 31 December
2010. 

  

	9.	REPRESENTATIONS AND WARRANTIES 

  

	9.1	Duration 

  

	 	9.1.1	The representations and warranties in Clause 9.2 are made on the date of this Agreement and shall be deemed to be repeated, with reference mutatis mutandis to the facts
and circumstances subsisting, as if made on each day until the Borrower has no remaining obligations, actual or contingent, under or pursuant to this Agreement or any of the other Security Documents. 

  

	 	9.1.2	The representations and warranties in Clause 9.3 are made on the date of this Agreement and shall be deemed to be repeated, with reference mutatis mutandis to the facts
and circumstances subsisting, as if made on the date falling sixty (60) days before the Intended Delivery Date and thereafter on each day until the Borrower has no remaining obligations, actual or contingent, under or pursuant to this Agreement
or any of the other Security Documents. 

  

 38 

	 	9.1.3	The representations and warranties in Clause 9.4 are made on the Delivery Date and shall be deemed to be repeated, with reference mutatis mutandis to the facts and
circumstances subsisting, as if made thereafter on each day until the Borrower has no remaining obligations, actual or contingent, under or pursuant to this Agreement or any of the other Security Documents. 

  

	9.2	Continuing representations and warranties 

 The Borrower represents and warrants to each of the Lenders that: 
  

	 	9.2.1	Status 

 Each Obligor is
a company duly organised, constituted and validly existing under the laws of the country of its incorporation, possessing perpetual corporate existence, the capacity to sue and be sued in its own name and the power to own and charge its assets and
carry on its business as it is now being conducted. 
  

	 	9.2.2	Powers and authority 

 Each of the Obligors has the power to enter into and perform this Agreement and those of the other Security Documents to which it is a party and the transactions contemplated hereby and thereby and has taken all necessary action to
authorise the entry into and performance of this Agreement and such other Security Documents and such transactions. 
  

	 	9.2.3	Legal validity 

 This
Agreement, each other Transaction Document and each of the Apollo Transaction Documents constitutes (or will constitute when executed) legal, valid and binding obligations of each Obligor expressed to be a party thereto enforceable in accordance
with its respective terms and in entering into this Agreement and borrowing the Loan, the Borrower is acting on its own account. 
  

	 	9.2.4	Non-conflict with laws 

 The entry into and performance of this Agreement, the other Transaction Documents, the Apollo Transaction Documents and the transactions contemplated hereby and thereby do not and will not conflict with: 
  

	 	(a)	any law or regulation or any official or judicial order; or 

  

	 	(b)	the constitutional documents of any Obligor; or 

  

	 	(c)	any agreement or document to which any Obligor is a party or which is binding upon such Obligor or any of its assets, 

 nor result in the creation or imposition of any Encumbrance on an Obligor or its assets pursuant to the provisions of any such agreement or
document, except for Permitted Liens. 
  

 39 

	 	9.2.5	Consents 

 Except for:

  

	 	(a)	the filing of those Security Documents to be filed with the Registrar of Companies in Bermuda; and 

  

	 	(b)	the registration of the Mortgage through the relevant authority of the Maritime Registry, 

 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 Agreement and each of the other Transaction Documents to which any Obligor is a party and the transactions contemplated thereby have been
obtained or effected and are in full force and effect except authorisations, approvals, consents, licences, exemptions, filings and registrations required in the normal day to day course of the operation of the Vessel and not already obtained by the
Borrower. 
  

	 	9.2.6	Accuracy of information 

 All information furnished by any Obligor relating to the business and affairs of any Obligor in connection with this Agreement and the other Transaction Documents 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. 
  

	 	9.2.7	Full disclosure 

 Each
Obligor has fully disclosed to the Agent all facts relating to each Obligor which it knows or should reasonably know and which might reasonably be expected to influence the Lenders in deciding whether or not to enter into this Agreement. 

 

	 	9.2.8	Pari passu or priority status 

 The claims of the Finance Parties against the Borrower under this Agreement will rank at least pari passu with the claims of all unsecured creditors of the Borrower (other than claims of such creditors to the extent that they are
statutorily preferred) and in priority to the claims of any creditor of the Borrower who is also an Obligor. 
  

	 	9.2.9	Solvency 

 The Borrower
is and shall remain, after the advance to it of the Loan, solvent in accordance with the laws of Bermuda and the United Kingdom and in particular with the provisions of the Insolvency Act 1986 (as from time to time amended) and the requirements
thereof. 
  

	 	9.2.10	Winding-up, etc. 

 Subject to clause 10.6 of the Guarantee, neither the Borrower nor any other Obligor has taken any corporate action nor have any other steps been taken or legal proceedings been started or (to the best of its knowledge and belief) threatened
against any of them for the reorganisation, winding-up, dissolution or for the appointment of a liquidator, administrator, receiver, administrative receiver, trustee or similar officer of any of them or any or all of their assets or revenues nor has
it sought any other relief under any applicable insolvency or bankruptcy law. 
  

 40 

	 	9.2.11	Accounts 

 The
consolidated audited accounts of the Guarantor for the period ending on 31 December 2005 (which accounts have been prepared in accordance with GAAP) fairly represent the financial condition of the Guarantor as shown in such audited accounts.

  

	 	9.2.12	No immunity 

 None of the
Obligors nor any of their respective assets enjoys any right of immunity (sovereign or otherwise) from set-off, suit or execution in respect of their obligations under this Agreement or any of the other Transaction Documents or by any relevant or
applicable law. 
  

	 	9.2.13	Ownership of shares 

 All
the authorised and issued shares in each of the Borrower and the Manager shall be legally and beneficially owned directly or indirectly by the Guarantor and such structure shall remain so throughout the Security Period unless the prior consent of
the Lenders has been obtained. Further, no Event of Default has occurred under clause 11.2 of the Guarantee in respect of the ownership and/or control of the shares in the Guarantor. 
  

	 	9.2.14	Completeness of documents 

 The copies of the Building Contract, the Management Agreement, the Apollo Transaction Documents and any other relevant third party agreements including but without limitation the copies of any documents in respect of the Insurances
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, subject to Clauses 10.14 and 10.25, no amendments
thereto or variations thereof have been agreed nor has any action been taken by the parties thereto which would in any way render such document inoperative or unenforceable. 
  

	 	9.2.15	Money laundering 

 Any
borrowing by the Borrower under this Agreement, and the performance of its obligations under this Agreement and the other Transaction Documents, will be for its own account and will not involve any breach by it of any law or regulatory measure
relating to “money laundering” as defined in Article 1 of the Directive (91/308/EEC) of the Council of the European Communities. 
  

	9.3	Semi-continuing representations and warranties 

 The Borrower represents and warrants to each of the Lenders that: 
  

	 	9.3.1	No default 

 No event has
occurred which constitutes a default under or in respect of any Transaction Document to which any Obligor or the Builder is a party or by which any Obligor or the Builder may be bound (including (inter alia) this Agreement) and no event has occurred
which constitutes a default under or in respect of any agreement or document to which any Obligor is a party or by which any Obligor may be bound to an extent or in a manner which might have a material adverse effect, in the opinion of the Agent, on
the ability of that Obligor to perform its obligations under the Transaction Documents to which it is a party. 
  

 41 

	 	9.3.2	No encumbrances 

 None of
the assets or rights of any Obligor is subject to any Encumbrance except Permitted Liens. 
  

	 	9.3.3	Litigation 

 No
litigation, arbitration or administrative proceedings are current or pending or, to its knowledge, threatened, which might, if adversely determined, have a material adverse effect on the ability of an Obligor to perform its obligations under the
Transaction Documents to which it is a party, save as disclosed by the Guarantor in its most recent US Securities Exchange Commission filing. 
  

	 	9.3.4	Tax liabilities 

 To the
best of its knowledge, each of the Obligors has complied with all taxation laws in all jurisdictions in which it is subject to Taxation and has paid all Taxes due and payable by it including but without limitation any disputed Taxes unless a
sufficient reserve has been made pending resolution of the dispute and no material claims are being asserted against any of the Obligors with respect to Taxes, which might, if such claims were successful, have a material adverse effect on the
ability of that Obligor to perform its obligations under the Transaction Documents to which it is a party. 
  

	 	9.3.5	Ownership of assets 

 Each member of the Group has good and marketable title to all its assets which are reflected in the audited accounts referred to in Clause 9.2.11. 
  

	 	9.3.6	Place of business 

 None
of the Obligors has a place of business in any jurisdiction (except as already disclosed) which requires any of the Security Documents to be filed or registered in that jurisdiction to ensure the validity of the Security Documents to which it is a
party. 
  

	 	9.3.7	Environment 

 Each of the
Obligors: 
  

	 	(a)	is in compliance with all applicable federal, state, local, foreign and international laws, regulations, conventions and agreements relating to pollution prevention or
protection of human health or the environment (including, without limitation, ambient air, surface water, ground water, navigable waters, water of the contiguous zone, ocean waters and international waters), including without limitation, laws,
regulations, conventions and agreements relating to: 

  

	 	(i)	emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous materials, oil, hazard substances,
petroleum and petroleum products and by-products (“Materials of Environmental Concern”); or 

  

 42 

	 	(ii)	the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Materials of Environmental Concern (such laws, regulations,
conventions and agreements the “Environmental Laws”); 

  

	 	(b)	has all permits, licences, approvals, rulings, variances, exemptions, clearances, consents or other authorisations required under applicable Environmental Laws
(“Environmental Approvals”) and is in compliance with all Environmental Approvals required to operate its business as presently conducted or as reasonably anticipated to be conducted; 

  

	 	(c)	has not received any notice, claim, action, cause of action, investigation or demand by any other person, alleging potential liability for, or a requirement to incur,
investigatory costs, clean-up costs, response and/or remedial costs (whether incurred by a governmental entity or otherwise), natural resources damages, property damages, personal injuries, attorney’s fees and expenses or fines or penalties, in
each case arising out of, based on or resulting from: 

  

	 	(i)	the presence or release or threat of release into the environment of any Material of Environmental Concern at any location, whether or not owned by such person; or

  

	 	(ii)	circumstances forming the basis of any violation, or alleged violation, of any Environmental Law or Environmental Approval (“Environmental Claim”); and

 there are no circumstances that may prevent or interfere with such full compliance in the future. 

There is no material Environmental Claim pending or threatened against any of the Obligors. 
 There are no past or present actions, activities, circumstances, conditions, events or incidents, including, without limitation, the
release, emission, discharge or disposal of any Material of Environmental Concern, that could form the basis of any Environmental Claim against any of the Obligors. 
  

	9.4	Representations on the Delivery Date 

 The Borrower further represents and warrants to each of the Lenders that on the Delivery Date the Vessel will be: 
  

	 	9.4.1	in its absolute and unencumbered ownership save as contemplated by the Security Documents; 

  

	 	9.4.2	at least provisionally registered in its name under the laws and flag of the Maritime Registry; 

  

 43 

	 	9.4.3	classed with the highest classification available for a vessel of its type free of all recommendations and qualifications with Det Norske Veritas;

  

	 	9.4.4	operationally seaworthy and in compliance with all relevant provisions, regulations and requirements (statutory or otherwise) applicable to ships registered under the
laws and flag of the Maritime Registry; 

  

	 	9.4.5	in compliance with the ISM Code, the ISPS Code and Annex VI; 

  

	 	9.4.6	insured in accordance with the provisions of Clause 10.20 and in compliance with the requirements therein in respect of such insurances; and 

 

	 	9.4.7	managed by the Manager on and subject to the terms set out in the Management Agreement. 

  

	10.	UNDERTAKINGS 

  

	10.1	Duration 

  

	 	10.1.1	The undertakings in Clauses 10.2, 10.3, 10.4, 10.5, 10.6, 10.7, 10.8, 10.9, 10.10, 10.11, 10.13, 10.15, 10.17, 10.23, 10.24 and 10.25 shall remain in full force and
effect until the Borrower has no remaining obligations, actual or contingent, under or pursuant to this Agreement or any of the other Security Documents. 

  

	 	10.1.2	The undertakings in Clauses 10.12, 10.14, 10.16, 10.18, 10.19, 10.20, 10.21 and 10.22 shall apply with effect from, and shall remain in full force and effect after, the
date falling sixty (60) days before the Intended Delivery Date until the Borrower has no remaining obligations, actual or contingent, under or pursuant to this Agreement or any of the other Security Documents. 

  

	10.2	Information 

 The Borrower
will provide to the Agent for the benefit of the Lenders (or will procure the provision of): 
  

	 	10.2.1	as soon as practicable (and in any event within one hundred and twenty (120) days after the close of each of its financial years) a Certified Copy of its unaudited
accounts for that year and a Certified Copy of the audited accounts of the Guarantor and its consolidated Subsidiaries for that year (commencing with accounts made up to 31 December in the year in which the Drawdown Date occurs in the case of
the Borrower and with accounts made up to 31 December 2005 in the case of the consolidated accounts of the Guarantor); 

  

	 	10.2.2	as soon as practicable (and in any event within sixty (60) days of the end of each quarter of each financial year) a copy of the unaudited consolidated accounts of
the Guarantor for that quarter (commencing with unaudited accounts made up to 30 June 2006); 

  

	 	10.2.3	promptly, such further information in its possession or control regarding its financial condition and operations and those of any company in the Group as the Agent may
request for the benefit of the Finance Parties; and 

  

 44 

	 	10.2.4	details of any material litigation, arbitration or administrative proceedings which affect any Obligor as soon as the same are instituted and served, or, to the
knowledge of the Borrower, threatened (and for this purpose proceedings shall be deemed to be material if they involve a claim in an amount exceeding [**] or the equivalent in another currency). 

 All accounts required under this Clause 10.2 shall be prepared in accordance with GAAP and shall fairly represent the financial condition of
the relevant company. In this Clause 10.2 and in Clause 9.3.5 “Group” shall have the meaning ascribed to it in clause 11.4 of the Guarantee. 
  

	10.3	Notification of default 

 The Borrower will notify the Agent of any Event of Default forthwith upon becoming aware of the occurrence thereof. Upon the Agent’s request from time to time the Borrower will issue a certificate stating whether any Obligor is aware
of the occurrence of any Event of Default. 
  

	10.4	Consents and registrations 

 The Borrower will procure that (and will promptly furnish Certified Copies to the Agent on the request of the Agent of) all such authorisations, approvals, consents, licences and exemptions as may be required under any applicable law or
regulation to enable it or any Obligor to perform its obligations under, and ensure the validity or enforceability of, each of the Transaction Documents are obtained and promptly renewed from time to time and will procure that the terms of the same
are complied with at all times. Insofar as such filings or registrations have not been completed on or before the Drawdown Date the Borrower will procure the filing or registration within applicable time limits of each Security Document which
requires filing or registration together with all ancillary documents required to preserve the priority and enforceability of the Security Documents. 
  

	10.5	Negative pledge 

 The
Borrower will not create or permit to subsist any Encumbrance on the whole or any part of its present or future assets, except for the following: 
  

	 	10.5.1	Encumbrances created with the prior written consent of the Lenders; or 

  

	 	10.5.2	Permitted Liens, 

 [*]

  

	10.6	Disposals 

 Except with
the prior consent of all the Lenders, the Borrower shall not, either in a single transaction or in a series of transactions whether related or not and whether voluntarily or involuntarily, sell, transfer, lease or otherwise dispose of any of its
assets except in the case of items being replaced or renewed provided that the net impact is not a reduction in the value of the Vessel provided that the number of vessels in the Group Fleet on the Second Restatement Date shall not be decreased by
more than half. 
  

 45 

	10.7	Change of business 

 Except with the prior consent of the Agent, the Borrower shall not make or threaten to make any substantial change in its business as presently conducted, namely that of a single ship owning company for the Vessel, or carry on any other
business which is substantial in relation to its business as presently conducted so as to affect, in the opinion of the Agent, the Borrower’s ability to perform its obligations hereunder and the Borrower will procure that the other Obligors
continue, throughout the Security Period, to perform their current business activities provided that any change or discontinuation in the business activities of any Obligor (other than the Borrower) in accordance with the Apollo-Related Transactions
shall be permitted. 
  

	10.8	Mergers 

 Except with the
prior consent of the Lenders, the Borrower will not enter into any amalgamation, restructure, substantial reorganisation, merger, de-merger or consolidation or anything analogous to the foregoing nor will it acquire any equity, share capital or
obligations of any corporation or other entity. 
  

	10.9	Maintenance of status and franchises 

 The Borrower will do all such things as are necessary to maintain its corporate existence in good standing and will ensure that it has the right and is duly qualified to conduct its business as it is
conducted in all applicable jurisdictions and will obtain and maintain all franchises and rights necessary for the conduct of its business. 
  

	10.10	Financial records 

 The
Borrower will keep proper books of record and account, in which proper and correct entries shall be made of all financial transactions and the assets, liabilities and business of the Borrower in accordance with GAAP. 
  

	10.11	Financial indebtedness and subordination of indebtedness 

  

	 	10.11.1	Otherwise than in the ordinary course of business as owner of the Vessel, except as contemplated by this Agreement and except any loan, advance or credit extended by
the Guarantor or any member of the Group which is a wholly owned Subsidiary of the Guarantor, the Borrower will not create, incur, assume or allow to exist any financial indebtedness, enter into any finance lease or undertake any material capital
commitment (including but not limited to the purchase of any capital asset). 

  

	 	10.11.2	The Borrower shall procure that any and all indebtedness (and in particular with any other Obligor and/or any shareholder of the Guarantor) is at all times fully
subordinated to the Security Documents and the obligations of the Borrower hereunder. The Borrower shall not make any repayments of principal, payments of interest or of any other costs, fees, expenses or liabilities arising from or representing
indebtedness with any shareholder of the Guarantor. Upon the occurrence of an Event of Default the Borrower shall not make any repayments of principal, payments of interest or of any other costs, fees, expenses or liabilities arising from or
representing indebtedness with any other Obligor. In this Clause “fully subordinated” shall mean that any claim of the lender against the Borrower in relation to such indebtedness shall rank after and be in all respects subordinate to all
of the rights and claims of the Finance Parties under this Agreement and the other Security Documents and that the lender shall not take any steps to enforce its rights to recover any monies owing to it by the Borrower and in particular but without
limitation the lender will not institute any legal or quasi-legal proceedings under any jurisdiction at any time against the Vessel, her Earnings or Insurances or the Borrower and it will not compete with the Finance Parties or any of them in a
liquidation or other winding-up or bankruptcy of the Borrower or in any proceedings in connection with the Vessel, her Earnings or Insurances. 

  

 46 

	10.12	Pooling of earnings and charters 

 The Borrower will not enter into in respect of the Vessel, nor permit to exist: 
  

	 	10.12.1	any pooling agreement or other arrangement for the sharing of any of the Earnings or the expenses of the Vessel except with a member of the Group and provided that it
does not adversely affect the rights of the Finance Parties under the Assignment of Earnings in the reasonable opinion of the Agent; or 

  

	 	10.12.2	any demise or bareboat charter; or 

  

	 	10.12.3	any charter whereunder two (2) months’ charterhire (or the equivalent thereof) is payable in advance in respect of the Vessel; or 

  

	 	10.12.4	any charter of the Vessel or contract of affreightment or employment which, with the exercise of options for extension, could be for a period longer than thirteen (13)
months; or 

  

	 	10.12.5	any charter of the Vessel or contract of affreightment or employment whereunder the hire payable is below approximately the market rate prevailing when the
Vessel’s letting or employment is fixed, 

 but if, with the prior written consent of the Agent, the Borrower
enters into in respect of the Vessel a charter with a company outside the Group, the Borrower hereby undertakes to execute in favour of the Finance Parties an assignment of such charter and the Earnings therefrom such assignment to be in
substantially the form of the Assignment of Earnings and as required by the Agent provided however that the Borrower may in respect of the Vessel enter into a bareboat charter in form approved by the Agent with any company which is a member of the
Group provided that if so requested by the Agent and without limitation: 
  

	 	10.12.6	any such bareboat charterer shall enter into such deeds (including but not limited to a subordination and assignment deed), agreements and indemnities as the Agent
shall in its sole discretion require prior to entering into the bareboat charter with the Borrower; and 

  

	 	10.12.7	the Borrower shall assign the benefit of any such bareboat charter and its interest in the Insurances to the Finance Parties by way of further security for the
Borrower’s obligations under the Security Documents. 

  

	10.13	Loans and guarantees by the Borrower 

 Otherwise than in the ordinary course of business as owner of the Vessel, the Borrower will not make any loan or advance or extend credit to any person, firm or corporation or issue or enter into any
guarantee or indemnity or otherwise become directly or contingently liable for the obligations of any other person, firm or corporation. 
  

 47 

	10.14	Management and employment 

 Except with the prior consent of the Agent, the Borrower will not: 
  

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

  

	 	10.14.2	permit any amendment to be made to the terms of the Management Agreement unless the amendment is advised by the Borrower’s tax counsel or is deemed necessary by
the parties thereto to reflect the prevailing circumstances 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 

  

	 	10.14.3	permit the Vessel to be employed other than within the NCL brand. 

  

	10.15	Acquisition of shares 

 The Borrower will not acquire any equity, share capital, assets or obligations of any corporation or other entity or permit its shares to be held other than directly or indirectly by the Guarantor. 
  

	10.16	Trading with the United States of America 

 The Borrower shall in respect of the Vessel take all reasonable precautions to prevent any infringements of the Anti-Drug Abuse Act of 1986 of the United States of America (as the same may be amended
and/or re-enacted from time to time hereafter) or any similar legislation applicable to the Vessel in any other jurisdiction in which the Vessel shall trade (a “Relevant Jurisdiction”) where the Vessel trades in the territorial
waters of the United States of America or a Relevant Jurisdiction and, for this purpose, the Borrower shall, inter alia, enter into a “Carrier Initiative Agreement” with the United States’ Customs Service (if such is possible) or into
voluntary arrangements made under the Customs-Trade Partnership Against Terrorism of the United States of America (if such is possible and appropriate to cruise vessels) and procure that the same (or a similar agreement or arrangement in a Relevant
Jurisdiction) is maintained in full force and effect and its obligations thereunder performed by it in respect of the Vessel throughout any period of United States of America (including coastal waters over which it claims jurisdiction) or Relevant
Jurisdiction related trading. 
  

	10.17	Further assurance 

 The
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 any of the Transaction Documents or the Coface Insurance Policy or securing to the Finance Parties the full benefit of the rights, powers and remedies conferred upon the Finance Parties or any of them in any such
Transaction Document. 
  

	10.18	Valuation of the Vessel 

  

	 	10.18.1	The Borrower will from time to time (but at intervals no more frequently than annually at the Borrower’s expense unless an Event of Default has occurred and is
continuing) within thirty (30) days of receiving any request to that effect from the Agent, procure that the Vessel is valued by an independent reputable shipbroker or shipvaluer experienced in valuing cruise ships appointed by the Borrower and
approved by the Agent (which approval shall not be unreasonably withheld or delayed and such valuation to be made with or without taking into account the benefit or otherwise of any fixed employment relating to the Vessel as the Agent may require).

  

 48 

	 	10.18.2	If the Borrower does not accept the valuation obtained pursuant to Clause 10.18.1 (the “First Valuation”) it may (at its own expense) within five
(5) Business Days of receipt of the First Valuation obtain a second valuation (the “Second Valuation”) from another independent reputable shipbroker or shipvaluer experienced in valuing cruise ships appointed by the Borrower
and approved by the Agent which approval shall not be unreasonably withheld or delayed. 

  

	 	10.18.3	If the Second Valuation exceeds the First Valuation by a margin of no less than ten per cent. (10%) of the First Valuation the Borrower may at its expense
forthwith upon receipt of the Second Valuation request the shipbrokers and/or shipvaluers appointed pursuant to Clauses 10.18.1 and 10.18.2 to obtain a third valuation (the “Third Valuation”) from a further independent reputable
shipbroker or shipvaluer experienced in valuing cruise ships approved by the Agent such approval not to be unreasonably withheld or delayed. Subject to the Third Valuation being made available within five (5) Business Days of the date of the
Second Valuation, the valuation of the Vessel will be determined on the basis of the average of the three valuations so obtained. If the Third Valuation is not made available within the aforementioned time limit, the Vessel shall be valued on the
basis of the average of the First Valuation and the Second Valuation. 

  

	 	10.18.4	The Borrower shall procure that forthwith upon the issuance of any valuation obtained pursuant to this Clause 10.18 a copy thereof is sent directly to the Agent for
review. 

  

	10.19	Earnings 

 The Borrower
will procure that the Earnings (if any) are paid in full without set off and free and clear of and without deduction for any taxes levies duties imposts charges fees restrictions or conditions of any nature whatsoever. 
  

	10.20	Insurances 

 The Borrower
covenants with the Finance Parties and undertakes: 
  

	 	10.20.1	from the Delivery Date until the end of the Security Period to insure the Vessel in its name and keep the Vessel insured on an agreed value basis for an amount in the
currency in which the Loan is denominated approved by the Agent but not being less than the greater of: 

  

	 	(a)	one hundred and twenty five per cent. (125%) of the amount of the Loan; and 

  

	 	(b)	the full market and commercial value of the Vessel determined in accordance with Clause 10.18 from time to time 

 through internationally recognised independent first class insurance companies, underwriters, war risks and protection and indemnity
associations acceptable to the Agent in each instance on terms and conditions approved by the Agent including as to deductibles but at least in respect of: 
  

	 	(i)	fire and marine risks including but without limitation hull and machinery and all other risks customarily and usually covered by first-class and prudent shipowners in
the London insurance markets under English marine policies or Agent-approved policies containing the ordinary conditions applicable to similar vessels; 

  

 49 

	 	(ii)	war risks and war risks (protection and indemnity) up to the insured amount; 

  

	 	(iii)	excess risks that is to say the proportion of claims for general average and salvage charges and under the running down clause not recoverable in consequence of the
value at which the Vessel is assessed for the purpose of such claims exceeding the insured value; 

  

	 	(iv)	protection and indemnity risks with full standard coverage as offered by first-class protection and indemnity associations and up to the highest limit of liability
available (for oil pollution risk the highest limit currently available is one billion Dollars (USD1,000,000,000) and this to be increased if reasonably requested by the Agent and the increase is possible in accordance with the standard protection
and indemnity cover for vessels of its type and is compatible with prudent insurance practice for first class cruise shipowners or operators in waters where the Vessel trades from time to time from the Delivery Date until the end of the Security
Period); 

  

	 	(v)	when and while the Vessel is laid-up, in lieu of hull insurance, normal port risks; and 

  

	 	(vi)	such other risks as the Agent may from time to time reasonably require; 

 and in any event in respect of those risks and at those levels covered by first class and prudent owners and/or financiers in the international market in respect of similar tonnage provided that if any of
such insurances are also effected in the name of any other person (other than the Borrower and/or a Finance Party) such person shall if so required by the Agent execute a first priority assignment of its interest in such insurances in favour of the
Finance Parties in similar terms mutatis mutandis to the Assignment of Insurances; 
  

	 	10.20.2	to agree that the Agent shall take out mortgagee interest insurance on such conditions as the Agent may reasonably require and mortgagee interest insurance for
pollution risks as from time to time agreed each for an amount in the currency in which the Loan is denominated of one hundred and ten per cent. (110%) of the amount of the Loan, the Borrower having no interest or entitlement in respect of such
policies; the Borrower shall upon demand of the Agent reimburse the Agent for the costs of effecting and/or maintaining any such insurance(s) and the Agent hereby undertakes to use its reasonable endeavours to match the premium level that the
Borrower would have paid if the Borrower itself had arranged such cover on such conditions (as demonstrated to the reasonable satisfaction of the Agent); 

  

 50 

	 	10.20.3	if the Vessel shall trade in the United States of America and/or the Exclusive Economic Zone of the United States of America (the “EEZ”) as such term
is defined in the US Oil Pollution Act 1990 (“OPA”), to comply strictly with the requirements of OPA and any similar legislation which may from time to time be enacted in any jurisdiction in which the Vessel presently trades or may
or will trade at any time during the existence of this Agreement and in particular before such trade is commenced and during the entire period during which such trade is carried on: 

  

	 	(a)	to pay any additional premiums required to maintain protection and indemnity cover for oil pollution up to the limit available to it for the Vessel in the market;

  

	 	(b)	to make all such quarterly or other voyage declarations as may from time to time be required by the Vessel’s protection and indemnity association and to comply
with all obligations in order to maintain such cover, and promptly to deliver to the Agent copies of such declarations; 

  

	 	(c)	to submit the Vessel to such additional periodic, classification, structural or other surveys which may be required by the Vessel’s protection and indemnity
insurers to maintain cover for such trade and promptly to deliver to the Agent copies of reports made in respect of such surveys; 

  

	 	(d)	to implement any recommendations contained in the reports issued following the surveys referred to in Clause 10.20.4(c) within the time limit specified therein and to
provide evidence satisfactory to the Agent that the protection and indemnity insurers are satisfied that this has been done; 

  

	 	(e)	in particular strictly to comply with the requirements of any applicable law, convention, regulation, proclamation or order with regard to financial responsibility for
liabilities imposed on the Borrower or the Vessel with respect to pollution by any state or nation or political subdivision thereof, including but not limited to OPA, and to provide the Agent on demand with such information or evidence as it may
reasonably require of such compliance; 

  

	 	(f)	to procure that the protection and indemnity insurances do not contain a clause excluding the Vessel from trading in waters of the United States of America and the EEZ
or any other provision analogous thereto and to provide the Agent with evidence that this is so; and 

  

	 	(g)	strictly to comply with any operational or structural regulations issued from time to time by any relevant authorities under OPA so that at all times the Vessel falls
within the provisions which limit strict liability under OPA for oil pollution; 

  

	 	10.20.4	to give notice forthwith of any assignment of its interest in the Insurances to the relevant brokers, insurance companies, underwriters and/or associations in the form
approved by the Agent; 

  

	 	10.20.5	to execute and deliver all such documents and do all such things as may be necessary to confer upon the Finance Parties legal title to the Insurances in respect of the
Vessel and to procure that the interest of the Finance Parties is at all times filed with all slips, cover notes, policies and certificates of entry and to procure (a) that a loss payable clause in the form approved by the Agent shall be filed
with all the hull, machinery and equipment and war risks policies in respect of the Vessel and (b) that a loss payable clause in the form approved by the Agent shall be endorsed upon the protection and indemnity certificates of entry in respect
of the Vessel; 

  

 51 

	 	10.20.6	to procure that each of the relevant brokers and associations furnishes the Agent with a letter of undertaking in such form as may be required by the Agent and waives
any lien for premiums or calls except in relation to premiums or calls solely attributable to the Vessel; 

  

	 	10.20.7	punctually to pay all premiums, calls, contributions or other sums payable in respect of the Insurances on the Vessel and to produce all relevant receipts when so
required by the Agent; 

  

	 	10.20.8	to renew each of the Insurances on the Vessel at least five (5) days before the expiry thereof and to give immediate notice to the Agent of such renewal and to
procure that the relevant brokers or associations shall promptly confirm in writing to the Agent that such renewal is effected it being understood by the Borrower that any failure to renew the Insurances on the Vessel at least five (5) days
before the expiry thereof or to give or procure the relevant notices of such renewal shall constitute an Event of Default; 

  

	 	10.20.9	to arrange for the execution of such guarantees as may from time to time be required by any protection and indemnity and/or war risks association;

  

	 	10.20.10	to furnish the Agent from time to time on request with full information about all Insurances maintained on the Vessel and the names of the offices, companies,
underwriters, associations or clubs with which such Insurances are placed; 

  

	 	10.20.11	not to agree to any variation in the terms of any of the Insurances on the Vessel without the prior approval of the Agent nor to do any act or voluntarily suffer or
permit any act to be done whereby any Insurances shall or may be rendered invalid, void, voidable, suspended, defeated or unenforceable and not to suffer or permit the Vessel to engage in any voyage nor to carry any cargo not permitted under any of
the Insurances without first obtaining the consent of the insurers or reinsurers concerned and complying with such requirements as to payment of extra premiums or otherwise as the insurers or reinsurers may impose; 

  

	 	10.20.12	not without the prior written consent of the Agent to settle, compromise or abandon any claim in respect of any of the Insurances on the Vessel other than a claim of
less than ten million Dollars (USD10,000,000) or the equivalent in any other currency and not being a claim arising out of a Total Loss; 

  

	 	10.20.13	promptly to furnish the Agent with full information regarding any casualties or other accidents or damage to the Vessel involving an amount in excess of [**];

  

	 	10.20.14	to apply or ensure the appliance of all such sums receivable in respect of the Insurances on the Vessel for the purpose of making good the loss and fully repairing all
damage in respect whereof the insurance monies shall have been received; 

  

 52 

	 	10.20.15	that in the event of it making default in insuring and keeping insured the Vessel as hereinbefore provided then the Agent may (but shall not be bound to) insure the
Vessel or enter the Vessel in such manner and to such extent as the Agent in its discretion thinks fit and in such case all the cost of effecting and maintaining such insurance together with interest thereon at the Interest Rate shall be paid on
demand by the Borrower to the Agent; and 

  

	 	10.20.16	to agree that the Agent shall be entitled from time to time (but at intervals no more frequently than annually at the Borrower’s expense up to an amount of ten
thousand euro (EUR10,000) annually, except in the case that the Delivery Date and any renewal or amendment of the Insurances to be assigned to the Finance Parties pursuant to the Assignment of Insurances fall within one (1) year of each other or
such Insurances are amended within one (1) year of the Delivery Date or their renewal (as the case may be)) to instruct independent reputable insurance advisers for the purpose of obtaining any advice or information regarding any matter concerning
the Insurances which the Agent shall at its sole discretion deem necessary, it being hereby specifically agreed that it shall reimburse the Agent on demand for all reasonable costs and expenses incurred by the Agent in connection with the
instruction of such advisers as aforesaid. 

  

	10.21	Operation and maintenance of the Vessel 

 From the Delivery Date until the end of the Security Period at its own expense the Borrower will: 
  

	 	10.21.1	keep the Vessel in a good and efficient state of repair so as to maintain it to the highest classification notation available for the Vessel of its age and type free of
all recommendations and qualifications with Det Norske Veritas. On the Delivery Date and annually thereafter, it will furnish to the Agent a statement by such classification society that such classification notation is maintained. It will comply
with all recommendations, regulations and requirements (statutory or otherwise) from time to time applicable to the Vessel and shall have on board as and when required thereby valid certificates showing compliance therewith and shall procure that
all repairs to or replacements of any damaged, worn or lost parts or equipment are carried out (both as regards workmanship and quality of materials) so as not to diminish the value or class of the Vessel. It will not make any substantial
modifications or alterations to the Vessel or any part thereof which would reduce the market and commercial value of the Vessel determined in accordance with Clause 10.18 without the prior consent of the Agent; 

  

	 	10.21.2	submit the Vessel to continuous survey in respect of its machinery and hull and such other surveys as may be required for classification purposes and, if so required by
the Agent, supply to the Agent copies in English of the survey reports; 

  

	 	10.21.3	permit surveyors or agents appointed by the Agent to board the Vessel at all reasonable times to inspect its condition or satisfy themselves as to repairs proposed or
already carried out and afford all proper facilities for such inspections; 

  

	 	10.21.4	comply, or procure that the Manager will comply, with the ISM Code (as the same may be amended from time to time) or any replacement of the ISM Code (as the same may be
amended from time to time) and in particular, without prejudice to the generality of the foregoing, as and when required to do so by the ISM Code and at all times thereafter: 

  

	 	(a)	hold, or procure that the Manager holds, a valid Document of Compliance duly issued to the Borrower or the Manager (as the case may be) pursuant to the ISM Code and a
valid Safety Management Certificate duly issued to the Vessel pursuant to the ISM Code; 

  

 53 

	 	(b)	provide the Agent with copies of any such Document of Compliance and Safety Management Certificate as soon as the same are issued; and 

  

	 	(c)	keep, or procure that there is kept, on board the Vessel a copy of any such Document of Compliance and the original of any such Safety Management Certificate;

  

	 	10.21.5	comply, or procure that the Manager will comply, with the ISPS Code (as the same may be amended from time to time) or any replacement of the ISPS Code (as the same may
be amended from time to time) and in particular, without prejudice to the generality of the foregoing, as and when required to do so by the ISPS Code and at all times thereafter: 

  

	 	(a)	keep, or procure that there is kept, on board the Vessel the original of the International Ship Security Certificate; and 

  

	 	(b)	keep, or procure that there is kept, on board the Vessel a copy of the ship security plan prepared pursuant to the ISPS Code; 

  

	 	10.21.6	comply with Annex VI (as the same may be amended from time to time) or any replacement of Annex VI (as the same may be amended from time to time) and in particular,
without limitation, to: 

  

	 	(a)	procure that the Vessel’s master and crew are familiar with, and that the Vessel complies with, Annex VI; and 

  

	 	(b)	maintain for the Vessel throughout the Security Period a valid and current IAPPC and provide a copy to the Agent; and 

  

	 	(c)	notify the Agent immediately in writing of any actual or threatened withdrawal, suspension, cancellation or modification of the IAPPC; 

  

	 	10.21.7	not employ the Vessel or permit its employment in any trade or business which is forbidden by any applicable law or is otherwise illicit or in carrying illicit or
prohibited goods or in any manner whatsoever which may render it liable to condemnation in a prize court or to destruction, seizure or confiscation or that may expose the Vessel to penalties. In the event of hostilities in any part of the world
(whether war be declared or not) it will not employ the Vessel or permit its employment in carrying any contraband goods; 

  

	 	10.21.8	promptly provide the Agent with (a) all information which the Agent may reasonably require regarding the Vessel, its employment, earnings, position and engagements
(b) particulars of all towages and salvages and (c) copies of all charters and other contracts for its employment and otherwise concerning it; 

  

 54 

	 	10.21.9	give notice to the Agent promptly and in reasonable detail upon the Borrower or any other Obligor becoming aware of: 

  

	 	(a)	accidents to the Vessel involving repairs the cost of which will or is likely to exceed [**]; 

  

	 	(b)	the Vessel becoming or being likely to become a Total Loss; 

  

	 	(c)	any recommendation or requirement made by any insurer or classification society or by any competent authority which is not complied with, or cannot be complied with,
within any time limit relating thereto and that might reasonably affect the maintenance of either the Insurances or the classification of the Vessel; 

  

	 	(d)	any writ or claim served against or any arrest of the Vessel or the exercise of any lien or purported lien on the Vessel, her Earnings or Insurances;

  

	 	(e)	the Vessel ceasing to be registered under the flag of the Maritime Registry or anything which is done or not done whereby such registration may be imperilled;

  

	 	(f)	it becoming impossible or unlawful for it to fulfil any of its obligations under the Security Documents; and 

  

	 	(g)	anything done or permitted or not done in respect of the Vessel by any person which is likely to imperil the security created by the Security Documents;

  

	 	10.21.10	promptly pay and discharge all debts, damages and liabilities, taxes, assessments, charges, fines, penalties, tolls, dues and other outgoings in respect of the Vessel
and keep proper books of account in respect thereof provided always that the Borrower shall not be obliged to compromise any debts, damages and liabilities as aforesaid which are being contested in good faith subject always that full details of any
such contested debt, damage or liability which, either individually or in aggregate exceeds [**] shall forthwith be provided to the Agent. As and when the Agent may so require the Borrower will make such books available for inspection on behalf of
the Agent and provide evidence satisfactory to the Agent that the wages and allotments and the insurance and pension contributions of the master and crew are being regularly paid, that all deductions of crew’s wages in respect of any tax
liability are being properly accounted for and that the master has no claim for disbursements other than those incurred in the ordinary course of trading on the voyage then in progress or completed prior to such inspection; 

 

	 	10.21.11	maintain the type of the Vessel as at the Delivery Date and not put the Vessel into the possession of any person without the prior consent of the Agent for the purpose
of work being done on it in an amount exceeding or likely to exceed [**] unless such person shall first have given to the Agent a written undertaking addressed to the Agent in terms satisfactory to the Agent agreeing not to exercise a lien on the
Vessel or her Earnings for the cost of such work or for any other reason; 

  

 55 

	 	10.21.12	promptly pay and discharge all liabilities which have given rise, or may give rise, to liens or claims enforceable against the Vessel under the laws of all countries to
whose jurisdiction the Vessel may from time to time be subject and in particular the Borrower hereby agrees to indemnify and hold the Finance Parties, their successors, assigns, directors, officers, shareholders, employees and agents harmless from
and against any and all claims, losses, liabilities, damages, expenses (including attorneys, fees and expenses and consultant fees) and injuries of any kind whatsoever asserted against the Finance Parties, with respect to or as a result of the
presence, escape, seepage, spillage, release, leaking, discharge or migration from the Vessel or other properties owned or operated by the Borrower of any hazardous substance, including without limitation, any claims asserted or arising under any
applicable environmental, health and safety laws, codes and ordinances, and all rules and regulations promulgated thereunder of all governmental agencies, regardless of whether or not caused by or within the control of the Borrower subject to the
following: 

  

	 	(a)	it is the parties’ understanding that the Finance Parties do not now, have never and do not intend in the future to exercise any operational control or maintenance
over the Vessel or any other properties and operations owned or operated by the Borrower, nor in the past, presently, or intend in the future to, maintain an ownership interest in the Vessel or any other properties owned or operated by the Borrower
except as may arise upon enforcement of the Lenders’ rights under the Mortgage; 

  

	 	(b)	the indemnity and hold harmless contained in this Clause 10.21.12 shall not extend to the Finance Parties in their capacity as equity investors in the Borrower or as an
owner of any property or interest as to which the Borrower is also owner but only to their capacity as lenders, holders of security interests or beneficiaries of security interests; and 

  

	 	(c)	unless and until an Event of Default shall have occurred and without prejudice to the right of each Lender to be indemnified pursuant to this Clause 10.21.12:

  

	 	(i)	each Lender will, if it is reasonably practicable to do so, notify the Borrower upon receiving a claim in respect of which the relevant Lender is or may become entitled
to an indemnity under this Clause 10.21.12; 

  

	 	(ii)	subject to the prior written approval of the relevant Lender which the Lender shall have the right to withhold, the Borrower will be entitled to take, in the name of
the relevant Lender, such action as the Borrower may see fit to avoid, dispute, resist, appeal, compromise or defend any such claims, losses, liabilities, damages, expenses and injuries as are referred to above in this Clause 10.21.12 or to recover
the same from any third party, subject to the Borrower first ensuring that the relevant Lender is secured to its reasonable satisfaction against all expenses thereby incurred or to be incurred; and 

  

 56 

	 	(iii)	the relevant Lender will, to the extent that it is reasonably practicable to do so, seek the approval of the Borrower (such approval not to be unreasonably withheld or
delayed) before making any admission of liability, agreement or compromise with a third party, or any payment to a third party, in respect of such claims, losses, liabilities, damages, expenses and injuries as are referred to above in this Clause
10.21.12 and, to the extent that the Borrower is entitled to take action in accordance with sub-clause (ii) above and subject to the Borrower first ensuring that the relevant Lender is secured to its reasonable satisfaction against all expenses
thereby incurred or to be incurred, the relevant Lender will provide such information, assistance and other co-operation as the Borrower may reasonably request in connection with such action, 

 provided always that the Borrower shall not be obliged to compromise any liabilities as aforesaid which are being contested in good faith
subject always that full details of any such contested liabilities which, either individually or in aggregate, exceed [**] shall be forthwith provided to the Agent. If the Vessel is arrested or detained for any reason it will procure its immediate
release by providing bail or taking such other steps as the circumstances may require; 
  

	 	10.21.13	give to the Agent at such times as it may from time to time reasonably require a certificate, duly signed on its behalf, as to the total amount of any debts, damages
and liabilities relating to the Vessel and details of such of those debts, damages and liabilities as are over a certain amount to be specified by the Agent at the relevant time and, if so required by the Agent, forthwith discharge such of those
debts, damages and liabilities as the Agent shall require other than those being contested in good faith; and 

  

	 	10.21.14	maintain the registration of the Vessel under and fly the flag of the Maritime Registry and not do or permit anything to be done whereby such registration may be
forfeited or imperilled. 

  

	10.22	Dividends 

 The Borrower
will procure that any dividends or other distributions and interest paid or payable in connection with such dividends or other distributions will be received promptly by the Guarantor directly or indirectly from the Borrower’s shareholder (if
such shareholder is not the Guarantor) by way of dividend. 
  

	10.23	Irrevocable payment instructions 

 The Borrower shall not modify, revoke or withhold the payment instructions set out in Clause 3.2 without the agreement of the Builder (in the case of Clause 3.2.1 only), the Agent and the Lenders. 
  

	10.24	“Know your customer” checks 

 If: 
  

	 	10.24.1	the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the date of this Agreement;

  

	 	10.24.2	any change in the status of a Borrower after the date of this Agreement; or 

  

 57 

	 	10.24.3	a proposed assignment or transfer by a Lender of any of its rights and obligations under this Agreement to a party that is not a Lender prior to such assignment or
transfer, 

 obliges the Agent or any Lender (or, in the case of Clause 10.24.3, any prospective New Lender) to
comply with “know your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, the Borrowers shall promptly upon the request of the Agent or any Lender supply, or
procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or, in the case of the event described in Clause 10.24.3, on behalf of any
prospective New Lender) in order for the Agent, such Lender or, in the case of the event described in Clause 20.6.1(c), any prospective New Lender to carry out and be satisfied it has complied with all necessary “know your customer” or
other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. 
  

	10.25	Building Contract 

 The
Borrower shall not substantially modify the Building Contract, directly or indirectly, if, by reason of regulations which apply to a Lender, such modification would make such Lender’s Commitment impossible to fulfil or would change the
substance or form of its Commitment. The Borrower may, therefore, submit to the Lenders any proposals for modification which, in its opinion, might have such a consequence, and the Lenders will indicate in a timely manner whether the modification
proposed will allow the Loan to be maintained. 
 On or about the last day of each successive period of three (3) months
commencing on the date of this Agreement and on the date of the Drawdown Notice, the Borrower undertakes to provide the Agent with a copy of any Change Order entered into during that three (3) month or other period. The Borrower also undertakes
to notify the Agent of any change in the Intended Delivery Date as soon as practicable after the change has occurred. 
  

	11.	PREPAYMENT 

  

	11.1	The Borrower may prepay all or part of the Loan (but if in part being an amount that reduces the Loan by a minimum amount of one (1) repayment instalment of
principal of the Loan together with interest thereon) without penalty provided the prepayment is made on the relevant interest payment date and one (1) month’s prior written notice indicating the intended date of prepayment is given to the
Agent, but compensation shall be payable to the Lenders in the sum of: 

  

	 	11.1.1	the difference (if positive), calculated by the Lenders, between the actual cost for the Lenders of the funding for the Loan and the rate of interest for the monies to
be invested by the Lenders, applied to the amounts so prepaid for the period from said prepayment until the next interest prepayment date (if prepayment does not occur on an interest payment date). Details of any such calculation shall be supplied
to the Borrower by the Lenders; and 

  

	 	11.1.2	the charges (if any) imposed on the Lenders by the French Authorities (funding or breakage costs of the French Authority in charge of monitoring the CIRR).

  

	11.2	Any prepayment of the whole of the Loan shall be made together with all other sums due under this Agreement. 

  

	11.3	Amounts prepaid shall be applied in accordance with Clause 17. 

  

 58 

	11.4	Amounts prepaid may not be reborrowed. 

  

	12.	INTEREST ON LATE PAYMENTS 

  

	12.1	Without prejudice to the provisions of Clause 13 and without this Clause in any way constituting a waiver of terms of payment, all sums due by the Borrower under this
Agreement will automatically bear interest on a day to day basis from the date when they are payable until the date of actual payment at a rate per annum equal to the higher of: 

  

	 	12.1.1	EONIA plus [**]; and 

  

	 	12.1.2	the CIRR plus [**]. 

 Such
interest will itself bear interest at the above rate if it is due for an entire year. 
  

	13.	ACCELERATION - EVENTS OF DEFAULT 

  

	13.1	If any one of the Events of Default set out in Clause 13.2 occurs and is continuing: 

  

	 	13.1.1	if the Loan has not been drawn down, no drawing under the Loan may be requested from the Lenders; or 

  

	 	13.1.2	if the Loan has already been drawn down, the Lenders may require immediate payment of the outstanding principal amount of the Loan (including but without limitation the
amount representing the financed Coface Premium) together with all other sums due under this Agreement: 

  

	13.2	The following are the Events of Default referred to in Clause 13.1: 

  

	 	13.2.1	Non-payment 

 The
Borrower or any other Obligor does not pay on the due date any amount of principal or interest of the Loan (provided however that if any such amount is not paid when due solely by reason of some error or omission on the part of the bank or banks
through whom the relevant funds are being transmitted no Event of Default shall occur for the purposes of this Clause 13.2.1 until the expiry of three (3) Business Days following the date on which such payment is due), or within three
(3) Business Days of the due date any other amount payable by it under any Security Document to which it may at any time be a party including but without limitation any amount payable by the Guarantor under the Guarantee, at the place and in
the currency in which it is expressed to be payable. 
  

	 	13.2.2	Breach of other obligations 

  

	 	(a)	Any Obligor fails to comply with any provision of any Security Document and in particular but without limitation any failure by the Guarantor to comply with the
provisions of Clauses 9 (General Undertakings: Positive Covenants), 10 (General Undertakings: Negative Covenants) and/or 11 (Financial Undertakings and Ownership and Control of the Guarantor) of the Guarantee or there is any breach in the sole
opinion of the Agent of any of the Transaction Documents. 

  

 59 

 If the Loan has already been drawn down, an Event of Default shall not have arisen if the
failure (if in the opinion of the Agent in its sole discretion it is capable of remedy) has been remedied within a period of thirty (30) days from the date of its occurrence, if the failure was known to that Obligor, or from the date the
relevant Obligor is notified by the Agent of the failure, if the failure was not known to that Obligor, unless in any such case as aforesaid the Agent in its sole discretion considers that the failure is or could reasonably be expected to become
materially prejudicial to the interests, rights or position of the Lenders; or 
  

	 	(b)	If there is a repudiation or termination of any Transaction Document or if any of the parties thereto becomes entitled to terminate or repudiate any of them and
evidences an intention so to do. 

  

	 	13.2.3	Misrepresentation 

 Any
representation, warranty or statement made or repeated in, or in connection with, any Transaction Document or the Coface Insurance Policy or in any accounts, certificate, statement or opinion delivered by or on behalf of any Obligor thereunder or in
connection therewith is materially incorrect when made or would, if repeated at any time hereafter by reference to the facts subsisting at such time, no longer be materially correct. 
  

	 	13.2.4	Cross default 

  

	 	(a)	Any event of default occurs under any financial contract or financial document relating to any Financial Indebtedness of any member of the Group;

  

	 	(b)	Any such Financial Indebtedness or any sum payable in respect thereof is not paid when due (after the expiry of any applicable grace period(s)) whether by acceleration
or otherwise; 

  

	 	(c)	Any Encumbrance over any assets of any member of the Group becomes enforceable; 

  

	 	(d)	Any other Financial Indebtedness of any member of the Group is not paid when due or is or becomes capable of being declared due prematurely by reason of default or any
security for the same becomes enforceable by reason of default; 

 PROVIDED THAT: 
  

	 	(i)	No Event of Default will arise if the relevant Financial Indebtedness is not accelerated or, if it is accelerated but, in aggregate, the Financial Indebtedness is less
than [*]; and 

  

	 	(ii)	Financial Indebtedness being contested by the Borrower in good faith will be disregarded for a period of [*] days from its occurrence if full details of the dispute are
submitted to the Agent forthwith upon its occurrence. If the dispute remains unresolved for a period of more than [*] from its occurrence, this Clause 13.2.4(ii) shall not apply to that Financial Indebtedness. 

  

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	 	13.2.5	Winding-up 

 Subject to
clause 10.6 of the Guarantee, any order is made or an effective resolution passed or other action taken for the suspension of payments or reorganisation, dissolution, termination of existence, liquidation, winding-up or bankruptcy of any member of
the Group. 
  

	 	13.2.6	Moratorium or arrangement with creditors 

 A moratorium in respect of all or any debts of any member of the Group or a composition or an arrangement with creditors of any member of the Group or any similar proceeding or arrangement by which the
assets of any member of the Group are submitted to the control of its creditors is applied for, ordered or declared or, [*]. 
  

	 	13.2.7	Appointment of liquidators etc. 

 A liquidator, trustee, administrator, receiver, administrative receiver, manager or similar officer is appointed in respect of any member of the Group or in respect of all or any substantial part of the assets of any member of the Group and
in any such case such appointment is not withdrawn within thirty (30) days (the “Grace Period”) unless the Agent considers in its sole discretion that the interest of the Lenders might reasonably be expected to be adversely
affected in which event the Grace Period shall not apply. 
  

	 	13.2.8	Insolvency 

 Any member
of the Group becomes or is declared insolvent or is unable, or admits in writing its inability, to pay its debts as they fall due or becomes insolvent within the terms of any applicable law. 
  

	 	13.2.9	Legal process 

 Any
distress, execution, attachment or other process affects the whole or any substantial part of the assets of any member of the Group and remains undischarged for a period of twenty one (21) days or any uninsured judgment in excess of [**]
following final appeal remains unsatisfied for a period of thirty (30) days in the case of a judgment made in the United States of America and otherwise for a period of sixty (60) days PROVIDED THAT no Event of Default shall be
deemed to have occurred unless the distress, execution, attachment or other process adversely affects any Obligor’s ability to meet any of its material obligations under this Agreement or the other Security Documents or cause to occur any of
the events specified in Clauses 13.2.5 to 13.2.8 (the determination of which shall be in the Agent’s sole discretion). 
  

	 	13.2.10	Analogous events 

 Anything analogous to or having a substantially similar effect to any of the events specified in Clauses 13.2.5 to 13.2.9 shall occur under the laws of any applicable jurisdiction. 
  

 61 

	 	13.2.11	Cessation of business 

 Subject to clause 10.6 of the Guarantee, any member of the Group ceases to carry on all or a substantial part of its business. 
  

	 	13.2.12	Revocation of consents 

 Any authorisation, approval, consent, licence, exemption, filing, registration or notarisation or other requirement necessary to enable any Obligor to comply with any of its obligations under any of the Transaction Documents is materially
adversely modified, revoked or withheld or does not remain in full force and effect and within ninety (90) days of the date of its occurrence such event is not remedied to the satisfaction of the Agent and the Agent considers in its sole
discretion that such failure is or might be expected to become materially prejudicial to the interests, rights or position of the Lenders provided that the Borrower shall not be entitled to the aforesaid ninety (90) day period if the
modification, revocation or withholding of the authorisation, approval or consent is due to an act or omission of any Obligor and the Agent is satisfied in its sole discretion that the Lenders’ interests might reasonably be expected to be
materially adversely affected. 
  

	 	13.2.13	Unlawfulness 

 At any
time it is unlawful or impossible for any Obligor to perform any of its material (to the Finance Parties or any of them) obligations under any Transaction Document to which it is a party or it is unlawful or impossible for the Finance Parties or any
Lender to exercise any of their or its rights under any of the Transaction Documents, provided that no Event of Default shall be deemed to have occurred where: 
  

	 	(a)	the unlawfulness or impossibility preventing any Obligor from performing its obligations (other than its payment obligations under this Agreement, the other Transaction
Documents) is cured within a period of twenty one (21) days of the occurrence of the event giving rise to the unlawfulness or impossibility and the relevant Obligor within the aforesaid period, performs its obligation(s) (except where the
unlawfulness or impossibility adversely affects any Obligor’s payment obligations under this Agreement, the other Transaction Documents (the determination of which shall be in the Agent’s sole discretion) in which case the following
provisions of this Clause 13.2.13 shall not apply); and/or 

  

	 	(b)	where a Finance Party was aware of the default and could, in its sole discretion, mitigate the consequences of the unlawfulness or impossibility. The reasonable costs
of mitigating the consequences of the unlawfulness or impossibility shall be borne by the Borrower save where such costs are of an internal administrative nature and are not incurred in dealings by the Finance Party with third parties.

  

	 	13.2.14	Insurances 

 The Borrower
fails to insure the Vessel in the manner specified in Clause 10.20 or fails to renew the Insurances at least five (5) days prior to the date of expiry thereof and produce prompt confirmation of such renewal to the Agent. 
  

 62 

	 	13.2.15	Disposals 

 If the
Borrower or any other member of the Group shall have concealed, removed, or permitted to be concealed or removed, any part of its property, with intent to hinder, delay or defraud its creditors or any of them, or made or suffered a transfer of any
of its property which may be fraudulent under any bankruptcy, fraudulent conveyance or similar law; or shall have made any transfer of its property to or for the benefit of a creditor with the intention of preferring such creditor over any other
creditor. 
  

	 	13.2.16	Prejudice to security 

 Anything is done or suffered or omitted to be done by any Obligor which in the reasonable opinion of the Agent would or might be expected to imperil the security created by any of the Security Documents. 
  

	 	13.2.17	Material adverse change 

 Any material adverse change in the business, assets or financial condition of any Obligor occurs which in the reasonable opinion of the Agent would or might reasonably be expected to affect the ability of that Obligor duly to perform any of
its material obligations under any Security Document to which it is or may at any time be a party. For the purposes of this Clause 13.2.17 and without prejudice to the generality of the expression “material obligations” any
payment obligations of any Obligor shall be deemed material. 
  

	 	13.2.18	Governmental intervention 

 The authority of any member of the Group in the conduct of its business is wholly or substantially curtailed by any seizure or intervention by or on behalf of any authority and within ninety (90) days of the date of its occurrence any
such seizure or intervention is not relinquished or withdrawn and the Agent reasonably considers that the relevant occurrence is or might be expected to become materially prejudicial to the interests, rights or position of the Lenders provided that
the Borrower shall not be entitled to the aforesaid ninety (90) day period if the seizure or intervention executed by any authority is due to an act or omission of any member of the Group and the Agent is satisfied, in its sole discretion, that
the Lenders’ interest might reasonably be expected to be materially adversely affected. 
  

	13.3	If at any time during the period commencing on the day after the date of this Agreement and ending on the date falling sixty (60) days before the Intended Delivery
Date (the “Limited Period”) any event should occur that would constitute an Event of Default, the Agent shall not be entitled to serve a notice under Clause 13.4 unless during the Limited Period: 

  

	 	13.3.1	there is a failure by an Obligor to perform any material obligation under the Transaction Documents on the relevant due date or within any applicable grace period,
including but without limitation if the Guarantor fails to provide to the Agent the statement referred to in Clause 3.1.4 in the manner described in that Clause; or 

  

	 	13.3.2	the relevant event would imperil the security created by the Guarantee. 

  

 63 

 In no event shall the provisions of this Clause 13.3 be interpreted as a waiver of the
Agent’s right to serve a notice under Clause 13.4 in respect of any Event of Default which has occurred and is continuing on the date falling sixty (60) days before the Intended Delivery Date. 
  

	13.4	Notice of any Event of Default and/or of the acceleration of the payment of the principal of the Loan, interest thereon and all other sums due under this Agreement
shall be given by the Agent in accordance with Clause 27. 

  

	13.5	In no event shall any delay in exercising the Lenders’ right to require advance repayment be interpreted as a waiver of this right. 

  

	13.6	Furthermore, in case of such accelerated repayment following an Event of Default, the Borrower shall be liable to pay to the Agent, in addition to the Coface Premium
pursuant to Clause 6, compensation calculated as provided for in Clause 11. 

  

	13.7	Following an Event of Default and for so long as the same is continuing, the Borrower irrevocably authorises the Agent and the Lenders to apply any credit balance to
which the Borrower is entitled upon any account of the Borrower with any branch of any of the Agent and the Lenders in or towards satisfaction of any sum due to the Agent or any Lender hereunder but unpaid, and to combine any accounts of the
Borrower for this purpose. If such set-off requires a credit balance in a currency other than the required currency to be transferred to an account maintained in connection herewith the transfer shall be effected by crediting to the account in
question the amount of the required currency which the Agent or the Lender (as the case may be) could obtain by exchanging such currency for the required currency at the rate of exchange at which its Facility Office would, at the opening of business
on the date on which the combination is effected, have sold the currency of that credit balance for the required currency for immediate delivery. 

  

	13.8	In the event that the accelerated amount is received by the Agent before the date of normal maturity of the accelerated interest payments, the Borrower shall, subject
to no sums remaining due to the Lenders from the Borrower, be entitled to refund of interest for the actual number of days between the date on which the Lenders received the amount and the normal date for payment of such amount.

  

	14.	MANDATORY PREPAYMENT 

  

	14.1	Subject to Clause 14.2, the Borrower shall forthwith prepay the outstanding principal amount of the Loan (including but without limitation the amount representing the
financed Coface Premium) together with all other sums due under this Agreement if: 

  

	 	14.1.1	the Vessel shall become a Total Loss; or 

  

	 	14.1.2	if the Coface Insurance Policy is modified, suspended, terminated or rescinded unless caused by the wilful misconduct or gross negligence of a Finance Party.

  

	14.2	However, if the Vessel shall become a Total Loss (but without prejudice to the Lenders’ rights to receive the proceeds of the Insurances or Compulsory Acquisition
forthwith upon collection as may be provided for in the Mortgage and/or the Assignment of Insurances), the Borrower shall not be required to pay its indebtedness under this Agreement earlier than the date which is one hundred and fifty
(150) days after the Total Loss Date. 

  

 64 

	14.3	The provisions of Clause 11 shall apply mutatis mutandis to any prepayment pursuant to this Clause 14. 

  

	15.	CURRENCY OF PAYMENT 

 The
funds for payment of all sums due by the Borrower under this Agreement, shall be paid in euro or Dollars (in the case that the payment is due in Dollars) to the credit of: 
  

	 	15.1.1	BNP Paribas, Paris, Swift code: [**], IBAN: [**], under the following reference: “BFI/LSI/BOCI Crédits Acheteurs - Commercial Loan Hull No D 33 dated
22 September 2006” in the case of euro; and 

  

	 	15.1.2	the account of BNP Paribas, Paris, Swift code: [**], account number [**] with BNP Paribas S.A., The Equitable Building, 787 Seventh Avenue, New York, New York NY 10019,
Swift code: [**], under the following reference: “BFI/LSI/BOCI Crédits Acheteurs - Commercial Loan Hull No D 33 dated 22 September 2006” in the case of Dollars. 

 These sums must be credited before 11.00 a.m. Paris time or 11.00 a.m. New York time (in the case that the payment is in Dollars) in freely
transferable and convertible currency. For each payment to be made, the Borrower shall notify the Agent on the third Business Day prior to the due payment date that it will issue instructions to its bank (which shall be named in such notification)
to make the relevant payment. 
  

	16.	SECURITY 

 All the
Borrower’s payment obligations under this Agreement shall be secured by: 
  

	 	16.1.1	the Guarantee to be signed within ten (10) Business Days of the date of this Agreement in favour of the Finance Parties; 

  

	 	16.1.2	the Mortgage to be executed and registered in favour of the Finance Parties forthwith upon delivery of the Vessel; and 

  

	 	16.1.3	the Assignment of Warranty Rights, the Assignment of Insurances, the Assignment of Earnings and the Assignment of Management Agreement to be executed in favour of the
Finance Parties forthwith upon delivery of the Vessel. 

  

	17.	APPLICATION OF SUMS RECEIVED 

 All sums received under this Agreement by the Agent, on behalf of the Lenders, or by any of the Lenders for any reason whatsoever will, without prejudice to complementary provisions of the Mortgage, be applied: 
  

	 	17.1.1	in priority, to payments of any kind due or in arrears in the order of their due payment dates and first, to fees, charges and expenses, second, to interest payable
pursuant to Clause 12, third, to interest payable pursuant to Clause 4, fourth, to the principal of the Loan payable pursuant to Clause 4 and, fifth, to any other sums due under this Agreement and, if relevant, pro rata to each of the
Lenders; or 

  

	 	17.1.2	if no payments are in arrears or if these payments have been discharged as set out above, then and to sums remaining due under this Agreement and, if relevant, pro
rata to each of the Lenders and in each case in inverse order of maturity, the interest being recalculated accordingly. 

  

 65 

	18.	CHANGES TO THE LENDERS 

  

	18.1	Assignments and transfers by the Lenders 

 Subject to this Clause 18, a Lender (the “Existing Lender”) may: 
  

	 	18.1.1	assign its rights; or 

  

	 	18.1.2	transfer by novation its rights and obligations, 

 to another bank or financial institution which is authorised by the French Authorities to enter into French export credits benefiting from the CIRR (the “New Lender”). 
  

	18.2	Conditions of assignment or transfer 

  

	 	18.2.1	The consent of the Borrower is required for an assignment or transfer by an Existing Lender, unless the assignment or transfer is to another Lender or an Affiliate of a
Lender. 

  

	 	18.2.2	The consent of the Borrower to an assignment or transfer must not be unreasonably withheld or delayed. 

  

	 	18.2.3	The assignment or transfer must be with respect to a minimum Commitment of [**] or, if less, the Existing Lender’s full Commitment. 

  

	 	18.2.4	An assignment will only be effective on: 

  

	 	(a)	receipt by the Agent of written confirmation from the New Lender (in form and substance satisfactory to the Agent) that the New Lender will assume the same obligations
to the other Finance Parties as it would have been under if it was an Original Lender; and 

  

	 	(b)	performance by the Agent of all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to such
assignment to a New Lender, the completion of which the Agent shall promptly notify to the Existing Lender and the New Lender. 

  

	 	18.2.5	A transfer will only be effective if the procedure set out in Clause 18.5 is complied with. 

  

	 	18.2.6	If: 

  

	 	(a)	a Lender assigns or transfers its rights or obligations under the Security Documents or changes its Facility Office; and 

  

	 	(b)	as a result of circumstances existing at the date the assignment, transfer or change occurs, an Obligor would be obliged to make a payment to the New Lender or Lender
acting through its new Facility Office under Clause 8, 

 then the New Lender or Lender acting through its new
Facility Office is only entitled to receive payment under that Clause to the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred. 

 

 66 

	18.3	Assignment or transfer fee 

 The New Lender shall, on the date upon which an assignment or transfer takes effect, pay to the Agent (for its own account) a fee of [**]. The New Lender shall also pay to the Agent, upon demand, all reasonable costs and expenses, duties
and fees, including but without limitation legal costs and out of pocket expenses, incurred by the Agent or the Lenders in connection with any necessary amendment to or supplementing of the Transaction Documents or any of them or the Coface
Insurance Policy as a consequence of the assignment or transfer. 
  

	18.4	Limitation of responsibility of Existing Lenders 

  

	 	18.4.1	Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for:

  

	 	(a)	the legality, validity, effectiveness, adequacy or enforceability of the Security Documents or any other documents; 

  

	 	(b)	the financial condition of any Obligor; 

  

	 	(c)	the performance and observance by any Obligor of its obligations under the Security Documents or any other documents; or 

  

	 	(d)	the accuracy of any statements (whether written or oral) made in or in connection with any Security Document or any other document, 

 and any representations or warranties implied by law are excluded. 
  

	 	18.4.2	Each New Lender confirms to the Existing Lender and the other Finance Parties that it: 

  

	 	(a)	has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities
in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any Security Document; and 

  

	 	(b)	will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under
the Security Documents or any Commitment is in force. 

  

	 	18.4.3	Nothing in any Security Document obliges an Existing Lender to: 

  

	 	(a)	accept a re-transfer from a New Lender of any of the rights and obligations assigned or transferred under this Clause 18; or 

  

	 	(b)	support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Security Documents or
otherwise. 

  

 67 

	18.5	Procedure for transfer 

  

	 	18.5.1	Subject to the conditions set out in Clause 18.2 a transfer is effected in accordance with Clause 18.5.3 when the Agent executes an otherwise duly completed Transfer
Certificate delivered to it by the Existing Lender and the New Lender. The Agent shall, subject to Clause 18.5.2, as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with the
terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer Certificate. 

  

	 	18.5.2	The Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the New Lender once it is satisfied it has complied with
all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to the transfer to such New Lender. 

  

	 	18.5.3	On the Transfer Date: 

  

	 	(a)	to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Security Documents each of the
Obligors and the Existing Lender shall be released from further obligations towards one another under the Security Documents and their respective rights against one another under the Security Documents shall be cancelled (being the
“Discharged Rights and Obligations”); 

  

	 	(b)	each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights
and Obligations only insofar as that Obligor and the New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender; 

  

	 	(c)	the Agent, the Mandated Lead Arrangers, the New Lender and the other Lenders shall acquire the same rights and assume the same obligations between themselves as they
would have acquired and assumed had the New Lender been an Original Lender with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Agent, the Mandated Lead Arrangers and the Existing Lender
shall each be released from further obligations to each other under the Security Documents; and 

  

	 	(d)	the New Lender shall become a Party as a “Lender”. 

  

	18.6	Copy of Transfer Certificate to Borrower 

 The Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate, send to the Borrower a copy of that Transfer Certificate. 
  

	18.7	Permitted disclosure 

 Any
Finance Party may disclose to any of its Affiliates and to the following other persons: 
  

	 	18.7.1	any person to (or through) whom that Lender assigns or transfers (or may potentially assign or transfer) all or any of its rights and obligations under this Agreement;

  

 68 

	 	18.7.2	any person with (or through) whom that Lender enters into (or may potentially enter into) any sub-participation in relation to, or any other transaction under which
payments are to be made by reference to, this Agreement or any Obligor; 

  

	 	18.7.3	any person to whom, and to the extent that, information is required to be disclosed by any applicable law or regulation; 

  

	 	18.7.4	any other Finance Party, or any employee, officer, director or representative of such entity which needs to know such information or receive such document in the course
of such person’s employ or duties; 

  

	 	18.7.5	Coface, or any employee, officer, director or representative of such entity which needs to know such information or receive such document in the course of such
person’s employ or duties; 

  

	 	18.7.6	the Guarantor or any other member of the Group, or any employee, officer, director or representative of such entity which needs to know such information or receive such
document in the course of such person’s employ or duties; or 

  

	 	18.7.7	auditors, insurance and reinsurance brokers, insurers and reinsurers and professional advisers, including legal advisers, which need to know such information,

 any information about any Obligor, this Agreement and the other Security Documents as that Finance Party shall
consider appropriate. Each of the Finance Parties may also disclose to the Builder, or any employee, officer, director or representative of the Builder which needs to know such information or receive such document in the course of such person’s
employ or duties, such information about any Obligor, this Agreement and the other Security Documents as that Finance Party reasonably considers normal practice for a French export credit. 
 Each of the Finance Parties acknowledges that all information received now or in the future from or on behalf of the Obligors under or
pursuant to or in connection with the Transaction Documents or the Coface Insurance Policy (other than any information which is in the public domain other than as a result of a breach of this Clause) is confidential information and undertakes to
advise this fact to any recipient of any such information under this Clause. 
  

	19.	CHANGES TO THE OBLIGORS 

 No Obligor may assign any of its rights or transfer any of its rights or obligations under the Security Documents without the unanimous consent of the Lenders. 
  

	20.	ROLE OF THE AGENT AND THE MANDATED LEAD ARRANGERS 

  

	20.1	Appointment of the Agent 

  

	 	20.1.1	Each other Finance Party appoints the Agent to act as its agent under and in connection with this Agreement and the other Security Documents and the Coface Insurance
Policy. 

  

 69 

	 	20.1.2	Each other Finance Party authorises the Agent to exercise the rights, powers, authorities and discretions specifically given to the Agent under or in connection with
the Security Documents together with any other incidental rights, powers, authorities and discretions. 

  

	20.2	Duties of the Agent 

  

	 	20.2.1	The Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Agent for that Party by any other Party.

  

	 	20.2.2	Except where a Security Document specifically provides otherwise, the Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it
forwards to another Party. 

  

	 	20.2.3	If the Agent receives notice from a Party referring to this Agreement, describing an Event of Default and stating that the circumstance described is an Event of
Default, it shall promptly notify the other Finance Parties. 

  

	 	20.2.4	If the Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable to a Finance Party (other than the Agent or a Mandated Lead
Arranger) under this Agreement it shall promptly notify the other Finance Parties. 

  

	 	20.2.5	The Agent’s duties under the Security Documents are solely administrative in nature. 

  

	20.3	Role of the Mandated Lead Arrangers 

 None of the Mandated Lead Arrangers has any obligations of any kind to any other Party under or in connection with any Transaction Document or the Coface Insurance Policy. 
  

	20.4	No fiduciary duties 

  

	 	20.4.1	Nothing in this Agreement constitutes the Agent or any of the Mandated Lead Arrangers as a trustee or fiduciary of any other person. 

  

	 	20.4.2	Neither the Agent nor any of the Mandated Lead Arrangers shall be bound to account to any Lender for any sum or the profit element of any sum received by it for its own
account. 

  

	20.5	Business with the Guarantor 

 The Agent and each of the Mandated Lead Arrangers may accept deposits from, lend money to and generally engage in any kind of banking or other business with any Affiliate or Subsidiary of the Guarantor. 
  

	20.6	Rights and discretions of the Agent 

  

	 	20.6.1	The Agent may rely on: 

  

	 	(a)	any representation, notice or document believed by it to be genuine, correct and appropriately authorised; and 

  

 70 

	 	(b)	any statement made by a director, authorised signatory or employee of any person regarding any matters which may reasonably be assumed to be within his knowledge or
within his power to verify. 

  

	 	20.6.2	The Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Lenders) that: 

  

	 	(a)	no Event of Default has occurred (unless it has actual knowledge of an Event of Default arising under Clause 13.2); and 

  

	 	(b)	any right, power, authority or discretion vested in any Party or the Lenders has not been exercised. 

  

	 	20.6.3	The Agent may engage, pay for and rely on the advice or services of any lawyers, accountants, surveyors or other experts. 

  

	 	20.6.4	The Agent may act in relation to the Security Documents through its personnel and agents. 

  

	 	20.6.5	The Agent may disclose to any other Party any information it reasonably believes it has received as the Agent under this Agreement. 

  

	 	20.6.6	Notwithstanding any other provision of any Security Document to the contrary, neither the Agent nor any of the Mandated Lead Arrangers is obliged to do or omit to do
anything if it would or might in its reasonable opinion constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality. 

  

	20.7	Lenders’ instructions 

  

	 	20.7.1	Unless a contrary indication appears in a Security Document, the Agent shall: 

  

	 	(a)	exercise any right, power, authority or discretion vested in it as Agent in accordance with any instructions given to it by the Lenders (or, if so instructed by the
Lenders, refrain from exercising any right, power, authority or discretion vested in it as the Agent); and 

  

	 	(b)	not be liable for any act (or omission) if it acts (or refrains from taking any action) in accordance with an instruction of the Lenders. 

  

	 	20.7.2	Unless a contrary indication appears in a Security Document, any instructions given by the Lenders will be binding on all the Finance Parties. 

 

	 	20.7.3	The Agent may refrain from acting in accordance with the instructions of the Lenders until it has received such security as it may require for any cost, loss or
liability (together with any associated value added tax) which it may incur in complying with the instructions. 

  

	 	20.7.4	In the absence of instructions from the Lenders the Agent may act (or refrain from taking action) as it considers to be in the best interest of the Lenders.

  

	 	20.7.5	The Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender’s consent) in any legal or arbitration proceedings relating to any
Security Document. 

  

 71 

	20.8	Responsibility for documentation 

 The Agent is not responsible for: 
  

	 	20.8.1	the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by the Agent, a Mandated Lead Arranger, an Obligor or any other person
given in or in connection with any Transaction Document or the Coface Insurance Policy; or 

  

	 	20.8.2	the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document or the Coface Insurance Policy or any other agreement, arrangement or
document entered into, made or executed in anticipation of or in connection with any Transaction Document or the Coface Insurance Policy. 

  

	20.9	Exclusion of liability 

  

	 	20.9.1	Without limiting Clause 20.9.2, the Agent will not be liable for any action taken by it under or in connection with any Security Document, unless directly caused by its
gross negligence or wilful misconduct. 

  

	 	20.9.2	No Party (other than the Agent) may take any proceedings against any officer, employee or agent of the Agent in respect of any claim it might have against the Agent or
in respect of any act or omission of any kind by that officer, employee or agent in relation to any Security Document and any officer, employee or agent of the Agent may rely on this Clause. 

  

	 	20.9.3	The Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Security Documents to be paid by the
Agent if the Agent has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Agent for that purpose. 

 

	 	20.9.4	Nothing in this Agreement shall oblige the Agent or a Mandated Lead Arranger to carry out any “know your customer” or other checks in relation to any person
on behalf of any Lender and each Lender confirms to the Agent and the Mandated Lead Arrangers that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by
the Agent or a Mandated Lead Arranger. 

  

	20.10	Lenders’ indemnity to the Agent 

 Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero)
indemnify the Agent, within three (3) Business Days of demand, against any cost, loss or liability incurred by the Agent (otherwise than by reason of the Agent’s gross negligence or wilful misconduct) in acting as Agent under the Security
Documents (unless the Agent has been reimbursed by an Obligor pursuant to a Security Document). 
  

	20.11	Resignation of the Agent 

  

	 	20.11.1	The Agent may resign and appoint one of its Affiliates as successor by giving notice to the other Finance Parties and the Borrower. 

  

 72 

	 	20.11.2	Alternatively the Agent may resign by giving notice to the other Finance Parties and the Borrower, in which case the Lenders (after consultation with the Borrower) may
appoint a successor Agent. 

  

	 	20.11.3	If the Lenders have not appointed a successor Agent in accordance with Clause 20.11.2 within thirty (30) days after notice of resignation was given, the Agent
(after consultation with the Borrower) may appoint a successor Agent. 

  

	 	20.11.4	The retiring Agent shall, at its own cost, make available to the successor Agent such documents and records and provide such assistance as the successor Agent may
reasonably request for the purposes of performing its functions as Agent under the Security Documents. 

  

	 	20.11.5	The Agent’s resignation notice shall only take effect upon the appointment of a successor. 

  

	 	20.11.6	Upon the appointment of a successor, the retiring Agent shall be discharged from any further obligation in respect of the Security Documents but shall remain entitled
to the benefit of this Clause 20. Its successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party. 

  

	 	20.11.7	After consultation with Coface, the Lenders may, by notice to the Agent, require it to resign in accordance with Clause 20.11.2. In this event, the Agent shall resign
in accordance with Clause 20.11.2. 

  

	20.12	Confidentiality 

  

	 	20.12.1	In acting as agent for the Finance Parties, the Agent shall be regarded as acting through its agency division which shall be treated as a separate entity from any other
of its divisions or departments. 

  

	 	20.12.2	If information is received by another division or department of the Agent, it may be treated as confidential to that division or department and the Agent shall not be
deemed to have notice of it. 

  

	20.13	Relationship with the Lenders 

 The Agent may treat each Lender as a Lender, entitled to payments under this Agreement and acting through its Facility Office unless it has received not less than five (5) Business Days’ prior notice from that Lender to the
contrary in accordance with the terms of this Agreement. 
  

	20.14	Credit appraisal by the Lenders 

 Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Security Document, each Lender confirms to the Agent and each of the Mandated Lead Arrangers that it has been, and
will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with any Security Document including but not limited to: 
  

	 	20.14.1	the financial condition, status and nature of the Guarantor and each Subsidiary of the Guarantor; 

  

 73 

	 	20.14.2	the legality, validity, effectiveness, adequacy or enforceability of any Security Document and any other agreement, arrangement or document entered into, made or
executed in anticipation of, under or in connection with any Security Document; 

  

	 	20.14.3	whether that Lender has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in connection with any Security
Document, the transactions contemplated by the Security Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Security Document; and 

  

	 	20.14.4	the adequacy, accuracy and/or completeness of any information provided by the Agent, any Party or by any other person under or in connection with any Security Document,
the transactions contemplated by the Security Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Security Document. 

  

	20.15	Deduction from amounts payable by the Agent 

 If any Party owes an amount to the Agent under the Security Documents the Agent may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that Party which the
Agent would otherwise be obliged to make under the Security Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Security Documents that Party shall be regarded as having received any amount
so deducted. 
  

	21.	CONDUCT OF BUSINESS BY THE FINANCE PARTIES 

  

	21.1	No provision of this Agreement will: 

  

	 	21.1.1	interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit; 

  

	 	21.1.2	oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or

  

	 	21.1.3	oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of tax. 

  

	22.	SHARING AMONG THE FINANCE PARTIES 

  

	22.1	Payments to Finance Parties 

 If a Finance Party (a “Recovering Finance Party”) receives or recovers any amount from an Obligor other than in accordance with Clause 23 and applies that amount to a payment due under the Security Documents then:

  

	 	22.1.1	the Recovering Finance Party shall, within three (3) Business Days, notify details of the receipt or recovery to the Agent; 

  

	 	22.1.2	the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance Party would have been paid had the receipt or recovery been
received or made by the Agent and distributed in accordance with Clause 17 and Clause 23), without taking account of any tax which would be imposed on the Agent in relation to the receipt, recovery or distribution; and 

  

 74 

	 	22.1.3	the Recovering Finance Party shall, within three (3) Business Days of demand by the Agent, pay to the Agent an amount (the “Sharing Payment”)
equal to such receipt or recovery less any amount which the Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with Clause 17 and Clause 23. 

  

	22.2	Redistribution of payments 

 The Agent shall treat the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the Finance Parties (other than the Recovering Finance Party) in accordance with Clause 17 and Clause 23. 
  

	22.3	Recovering Finance Party’s rights 

  

	 	22.3.1	On a distribution by the Agent under Clause 22.2, the Recovering Finance Party will, if possible under the relevant applicable laws, be subrogated to the rights of the
Finance Parties which have shared in the redistribution. 

  

	 	22.3.2	If and to the extent that the Recovering Finance Party is not able to rely on its rights under Clause 22.3.1, the relevant Obligor shall be liable to the Recovering
Finance Party for a debt equal to the Sharing Payment which is immediately due and payable. 

  

	22.4	Reversal of redistribution 

 If any part of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then: 
  

	 	22.4.1	each Lender which has received a share of the relevant Sharing Payment pursuant to Clause 22.4 shall, upon request of the Agent, pay to the Agent for account of that
Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which
that Recovering Finance Party is required to pay); and 

  

	 	22.4.2	that Recovering Finance Party’s rights of subrogation in respect of any reimbursement shall be cancelled and the relevant Obligor will be liable to the reimbursing
Finance Party for the amount so reimbursed. 

  

	22.5	Exceptions 

  

	 	22.5.1	This Clause 22 shall not apply to the extent that the Recovering Finance Party would not, after making any payment pursuant to this Clause, have a valid and enforceable
claim against the relevant Obligor. 

  

	 	22.5.2	A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering Finance Party has received or recovered as a result of
taking legal or arbitration proceedings, if: 

  

	 	(a)	it notified that other Finance Party of the legal or arbitration proceedings; and 

  

 75 

	 	(b)	that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did not do so as soon as reasonably practicable having received
notice and did not take separate legal or arbitration proceedings. 

  

	23.	PAYMENT MECHANICS 

  

	23.1	Payments to the Agent 

  

	 	23.1.1	On each date on which an Obligor or a Lender is required to make a payment under a Security Document, that Obligor or Lender shall make the same available to the Agent
(unless a contrary indication appears in a Security Document) for value on the due date at the time and in such funds specified by the Agent as being customary at the time for settlement of transactions in the relevant currency in the place of
payment. 

  

	 	23.1.2	Payment shall be made to such account in a principal financial centre in a Participating Member State or London (or, in the case of any other currency, in the principal
financial centre of the country of that currency) with such bank as the Agent specifies. 

  

	23.2	Distributions by the Agent 

 Each payment received by the Agent under the Security Documents for another Party shall, subject to Clause 23.3, Clause 23.4 and Clause 20.15 be made available by the Agent as soon as practicable after receipt to the Party entitled to
receive payment in accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the Agent by not less than five (5) Business Days’ notice with a bank in a
principal financial centre in a Participating Member State or London (or, in the case of any other currency, in the principal financial centre of the country of that currency). 
  

	23.3	Distributions to an Obligor 

 The Agent may (with the consent of the Obligor or in accordance with Clause 13.7 apply any amount received by it for that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that
Obligor under the Security Documents or in or towards purchase of any amount of any currency to be so applied. 
  

	23.4	Clawback 

  

	 	23.4.1	Where a sum is to be paid to the Agent under the Security Documents for another Party, the Agent is not obliged to pay that sum to that other Party (or to enter into or
perform any related exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum. 

  

	 	23.4.2	If the Agent pays an amount to another Party and it proves to be the case that the Agent had not actually received that amount, then the Party to whom that amount (or
the proceeds of any related exchange contract) was paid by the Agent shall on demand refund the same to the Agent together with interest on that amount from the date of payment to the date of receipt by the Agent, calculated by the Agent to reflect
its cost of funds. 

  

 76 

	23.5	No set-off by Obligors 

 All payments to be made by an Obligor under the Security Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim. 
  

	23.6	Business Days 

  

	 	23.6.1	Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the
preceding Business Day (if there is not). 

  

	 	23.6.2	During any extension of the due date for payment of any principal or unpaid sum under this Agreement interest is payable on the principal or unpaid sum at the rate
payable on the original due date. 

  

	23.7	Currency of account 

  

	 	23.7.1	Subject to Clauses 23.7.2 and 23.7.3 euro is the currency of account and payment for any sum from an Obligor under any Security Document. 

  

	 	23.7.2	Each payment in respect of costs, expenses or taxes shall be made in the currency in which the costs, expenses or taxes are incurred. 

  

	 	23.7.3	Any amount expressed to be payable in a currency other than euro shall be paid in that other currency. 

  

	23.8	Change of currency 

  

	 	23.8.1	Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised by the central bank of any country as the lawful currency
of that country, then: 

  

	 	(a)	any reference in the Security Documents to, and any obligations arising under the Security Documents in, the currency of that country shall be translated into, or paid
in, the currency or currency unit of that country designated by the Agent (after consultation with the Lenders and the Borrower); and 

  

	 	(b)	any translation from one currency or currency unit to another shall be at the official rate of exchange recognised by the central bank for the conversion of that
currency or currency unit into the other, rounded up or down by the Agent (acting reasonably). 

  

	 	23.8.2	If a change in any currency of a country occurs, this Agreement will, to the extent the Agent (acting reasonably and after consultation with the Lenders and the
Borrower) specifies to be necessary, be amended to comply with any generally accepted conventions and market practice in the relevant interbank market and otherwise to reflect the change in currency. 

  

 77 

	24.	GOVERNING LAW 

 This
Agreement and any non-contractual obligations arising from or in connection with it shall be governed by English law. 
  

	25.	ENFORCEMENT 

  

	25.1	Jurisdiction of English courts 

 The courts of England have exclusive jurisdiction to settle any dispute: 
  

	 	25.1.1	arising out of or in connection with this Agreement (including a dispute regarding the existence, validity or termination of this Agreement); or

  

	 	25.1.2	relating to any non-contractual obligations arising from or in connection with this Agreement, 

 (a “Dispute”). Each Party to this Agreement 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 25.1 is for the benefit of the Finance
Parties only. As a result, no Finance Party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, any Finance Party may take concurrent proceedings in any number of
jurisdictions. 
  

	25.2	Service of process 

 Without prejudice to any other mode of service allowed under any relevant law, the Borrower: 
  

	 	25.2.1	irrevocably appoints Clifford Chance Secretaries Limited as its agent for service of process in relation to any proceedings before the English courts in connection with
any Finance Document; and 

  

	 	25.2.2	agrees that failure by a process agent to notify the Borrower of the process will not invalidate the proceedings concerned. 

  

	26.	APPENDICES 

 The
appendices form an integral part of this Agreement. 
  

	27.	NOTICES 

 Any notices and
demands and, subject to Clause 25.2.1, service of process relating to this Agreement or its performance, shall be in writing and shall be validly addressed, delivered or served at the respective addresses below: 
  

			
	 For the Borrower:
	  	 c/o 7665 Corporate Center Drive
 Miami
 Florida 33126
 United
States of America

		  	 Facsimile: +1 305 436 4140 (the Chief Financial Officer) and
 +1 305 436 4117 (Legal Department)
 Attention: the Chief Financial Officer and the Legal
Department

  

 78 

			
		  	 with a copy to:
  
 the Investors
 c/o Apollo Management, LP

9 West 57th Street, 43rd Floor
 New
York, NY 10019
 United States of America
 marked for the attention of Mr Steven Martinez
 Facsimile: +1 212 515 3288

		
	 For the Agent:
	  	 BNP Paribas
 ECEP/Export
Finance
 ACI: CHDESA1
 37 Place du
Marché Saint-Honoré
 75031 Paris Cedex 01
 France

		  	 Facsimile: +33 01 4316 8184/+33 01 4298 0029
 Attention: Mrs Dominique Laplasse (Team Head)/
 Mr Jean Philippe
Poirier

		
	 For the Lenders:
	  	c/o the Agent

 or to such other address or
numbers as each party may notify to the other. Notices shall be effective upon receipt as set forth above provided that if the copy of any notice is not received by the Investors it shall not affect the effectiveness of the notice. Any
communications by facsimile shall be confirmed by registered mail or recognized international courier service, but the communication shall be deemed received on the date of the facsimile transmission (or if the day is not a business day in the place
where the facsimile is received, on the next business day in that place). 
 Provided that for so long as no notice of
acceleration has been issued pursuant to Clause 13.4, notices addressed to the Agent shall be deemed to have been addressed to the Lenders. 
  

	28.	MISCELLANEOUS 

  

	28.1	If any term of this Agreement becomes invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall not
in any way be affected or impaired. 

  

	28.2	No failure or delay on the part of the Lenders in exercising any right, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial
exercise thereof preclude any other or further exercise thereof by the Lenders or the exercise by the Lenders of any other right, power or privilege. The rights and remedies of the Lenders herein provided are cumulative and not exclusive of any
rights or remedies provided by law. 

  

	28.3	This Agreement shall not be capable of being modified otherwise than by an express modification in writing signed by the Borrower and the Lenders.

  

 79 

	29.	COMING INTO FORCE 

 This
Agreement shall come into force on the date of its signature but the rights and obligations of the Borrower hereunder may be terminated by written notice from the Borrower to the Agent, such notice to be received not later than sixty (60) days
prior to the Intended Delivery Date. Following service of such notice (which shall be irrevocable), the Borrower shall have no further right to draw down the Loan and the Borrower shall have no further obligations under this Agreement save in
respect of fees, costs and expenses incurred under or in respect of this Agreement on or before the date on which the notice becomes effective or as a result of the service of the notice. 
 Service by the Borrower of the written notice in accordance with the preceding paragraph shall constitute a condition subsequent to this
Agreement. 
  

	30.	STEERING COMMITTEE 

  

	30.1	Establishment 

 The
Group-Wide Lenders shall establish the Steering Committee. 
  

	30.2	No obligation 

 Notwithstanding anything to the contrary expressed or implied herein, no member of the Steering Committee shall: 
  

	 	30.2.1	be bound to enquire as to the occurrence or otherwise of any Event of Default or as to the performance by the Borrower of its obligations under this Agreement;

  

	 	30.2.2	be bound to disclose to any other person any information relating to the Borrower if such disclosure would or might in its opinion constitute a breach of any law or
regulation or be otherwise actionable at the suit of any person; 

  

	 	30.2.3	have any responsibility to the Lenders or each other for: 

  

	 	(a)	the financial position, creditworthiness, affairs or prospects of the Borrower and the other Obligors; 

  

	 	(b)	the performance or non-performance howsoever by the Borrower of any of its obligations hereunder; 

  

	 	(c)	the due execution, effectiveness, genuineness, validity or enforceability of this Agreement or any document relating hereto or any filing or recording thereof or the
taking of any other action whatsoever and howsoever in connection therewith or the collectability of any sum due hereunder; 

  

	 	(d)	be under any liability whatsoever for any consequence of relying on: 

  

	 	(i)	any written communication or document believed by it to be genuine or correct and to have been communicated or signed by the person by whom it is purported to have been
communicated or signed; or 

  

	 	(ii)	the advice or opinions of any professional advisers selected by it or the Steering Committee; 

  

 80 

	 	(e)	be under any duty to account to any Lender for any sum received by it for its own account or the profit element of any such sum; or 

  

	 	(f)	be under any obligation other than those for which express provision is made herein. 

  

	30.3	Authority 

 Each member of
the Steering Committee may: 
  

	 	30.3.1	carry out its duties through such officers, directors, employees, consultants or independent agents as it may in its unfettered discretion think fit;

  

	 	30.3.2	assume that no Event of Default has occurred and that the Borrower is not in breach of its obligations under this Agreement unless the member has actual knowledge or
actual notice to the contrary; 

  

	 	30.3.3	with the agreement of the Steering Committee, engage any internal or external lawyers, accountants, surveyors or other experts whose advice or services may to it seem
necessary, expedient or desirable and rely upon any advice so obtained PROVIDED THAT the law firm appointed as principal advisers to the Steering Committee shall be approved by the Majority Group-Wide Lenders; 

  

	 	30.3.4	rely as to any matters of fact which might reasonably be expected to be within the knowledge of the Guarantor upon a certificate signed by or on behalf of the
Guarantor; and 

  

	 	30.3.5	rely upon any communication or document believed by it to be genuine. 

  

	30.4	No reliance 

 Notwithstanding the establishment of the Steering Committee, it is understood that each of the Lenders has itself been, and will continue to be, solely responsible for making its own independent appraisal of and investigations into the
financial condition, creditworthiness, condition, affairs, status and nature of the Borrower and the other Obligors and, accordingly, each of the Lenders warrants to the members of the Steering Committee that it has not relied and will not rely on
the Steering Committee: 
  

	 	30.4.1	to check or enquire on its behalf into the adequacy, accuracy or completeness of any information provided by the Borrower or any other Obligor in connection with this
Agreement; or 

  

	 	30.4.2	to assess or keep under review on its behalf the financial condition, creditworthiness, condition, affairs, status or nature of the Borrower or any other Obligor.

  

	30.5	Standard of care 

 Subject
to the terms of this Agreement, each member of the Steering Committee shall exercise the same care as it normally exercises in making and administering loans for its own account in performing its duties as a member of the Steering Committee but
assumes no further responsibility in respect of such performance. 
  

	30.6	No liability 

 No member
of the Steering Committee shall be under any liability as a result of taking or omitting to take any action in relation to the Group Credit Facilities and the Lenders will not assert or seek to assert against any director, officer or employee of
that member any claim they might have against any of them in respect of the matters referred to in this Clause 30.6. 
  

	30.7	No fiduciary relationship 

 The relationship between a member of the Steering Committee on the one part and each Lender on the other is that of agent and principal only and no member of the Steering Committee shall have a fiduciary relationship with or be, or be
deemed to be, a trustee of or for any such party. 
  

	30.8	Not Agent 

 Notwithstanding the provisions of Clause 30.7, no member of the Steering Committee shall be regarded as the Agent or exercise any right, power or discretion expressly delegated to the Agent under this Agreement or the Security Documents.

  

	30.9	Non-binding 

 Unless
expressly authorised in writing by the Group-Wide Lenders and then on such terms and conditions as the Group-Wide Lenders may require, the Steering Committee shall not negotiate the terms of or enter into any agreement on behalf of the Group-Wide
Lenders or any of them. 
 This Clause 30 may be relied upon by any member of the Steering Committee notwithstanding the second paragraph of
Clause 1.2. 
  

 81 

 Made in five (5) originals on the date before written. 
  

			
	F3 TWO, LTD.	 	BNP PARIBAS
		
	 by:
	 	by:
		
	  
	 	  

	 its:
	 	its:
		
	 CALYON
	 	HSBC FRANCE
		
	 by:
	 	by:
		
	  
	 	  

	 its:
	 	its:
		
	 SOCIETE GENERALE
	 	
		
	by:	 	
		
	  
	 	
	 its:
	 	

  

 82 

 APPENDIX I 
 DOCUMENTS TO BE PRODUCED BY THE BUILDER TO BNP PARIBAS AS AGENT 
  

 83 

 APPENDIX II 
 THE ORIGINAL LENDERS AND THE MANDATED LEAD ARRANGERS 
  

 84 

 APPENDIX III 
 FORM OF TRANSFER CERTIFICATE 
  

 85 

 APPENDIX IV 
 FORM OF DRAWDOWN NOTICE 
  

 86 

 APPENDIX V 
 APOLLO-RELATED TRANSACTIONS 
  

	1	Subscription Agreement 

  

	 	1.1	At the closing of the transactions contemplated by the Subscription Agreement (the “Closing”), the Investors shall pay to the Guarantor
USD1,000,000,000 as payment for newly-issued ordinary shares (“Ordinary Shares”) in the capital of the Guarantor, par value USD1.00 per share (the “Subscribed Ordinary Shares”). The Subscribed Ordinary Shares shall
represent fifty per cent. (50%) of the issued and outstanding Ordinary Shares of the Guarantor as of the Closing. 

  

	 	1.2	On the Jade Transfer Date (i) NCL America Holdings will transfer the Jade Assets to NCL International (or one of NCL International’s existing or newly-formed
subsidiaries), and the Jade Vessel shall be re-flagged in connection with such transfer from the US flag to the Bahamas flag provided that in the event that the transfer of the Jade Assets can be effected in a manner that the parties to the
Subscription Agreement agree is more advantageous from a tax perspective than the manner set forth above, such transfer shall be effected in an alternative manner and (ii) NCL International (or one of its existing or newly-formed subsidiaries)
will assume the Jade Liabilities (such transactions together the “Jade Transfer”). 

  

	 	1.3	Effective as of the Closing, in consideration of the mutual covenants and agreements contained therein, the Guarantor has released, waived and forever discharged Star,
its Subsidiaries and their respective predecessors, successors, assigns, officers, directors, shareholders, employees and agents and their respective counsel (for the benefit of Star and its Subsidiaries) from any and all actions, causes of actions,
demands, suits, contracts, agreements, Encumbrances, Liabilities, or Losses of any type, based on any fact or circumstance arising prior to the Closing based on Star’s relationship with the Guarantor and its Subsidiaries prior to the Closing
(including any claims relating to actual or alleged breaches of fiduciary or other duties by Star’s directors, officers or shareholders), whether based on contract or any applicable law (including tort, statute, local ordinance, regulation or
any comparable law) in any jurisdiction. 

  

	 	1.4	Star, the Guarantor and the Investors have stated their mutual intention that, following the Closing, Star and the Guarantor continue their current policies and
practices of close collaboration in support of their mutual efforts to develop their respective cruise line businesses, including providing assistance to each other in mutually-beneficial strategic initiatives, consultation, co-ordination,
collaboration in shipbuilding and sharing of ship design and providing or assisting in obtaining any necessary consents and approvals relating to such initiatives, shipbuilding or ship design provided that in no event shall Star or the Guarantor be
obligated to engage in any such efforts if such efforts could reasonably be expected to have an adverse effect on the operation or prospects of such party’s respective cruise line business. 

  

	 	1.5	Star has indemnification obligations running in favour of the Investors. In the event that the Investors suffer any indemnifiable Losses in cash, Star may elect in its
sole discretion to have all or a portion of the indemnity obligation of Star deemed satisfied by having the Guarantor issue to the Investors additional Ordinary Shares. 

  

 87 

	 	1.6	If the transactions contemplated by the Subscription Agreement upon the Closing (as described in clause 1.1 of this Appendix) are consummated, at the Closing, the
Guarantor shall pay, by wire transfer of immediately available funds, to each Person who is the payee of any outstanding Guarantor Transaction Expenses as of the Closing Date, the amount owed to such Person. For the avoidance of doubt, in the event
that the Closing Date transaction fee payable to either (i) an Affiliate of the Investors or (ii) Star or an Affiliate thereof exceeds, in either case, an amount which is equal to half of the amount paid to Citigroup Global Markets, Inc.
or an Affiliate thereof for its mergers and acquisitions advisory fee, such excess amount shall be paid, with respect to (i), by Star, or with respect to (ii), by the Investors. If the transactions contemplated by the Subscription Agreement upon the
Closing (as described in clause 1.1 of this Appendix) are not consummated, all costs and expenses incurred in connection with the Subscription Agreement and the transactions contemplated thereby shall be paid by the party incurring such costs and
expenses. 

  

	2	Shareholders’ Agreement 

 For so long as the ratio of the number of the Equity Securities owned by the Star Group on a fully diluted basis divided by the number of the Equity Securities owned by the Investor Group on a fully diluted basis is at least 0.6, the
Guarantor may not take any of the actions set forth in schedule II of the Shareholders’ Agreement without the prior written approval of Star. For the purpose of this clause “on a fully diluted basis” means taking into account
any shares issued or issuable under warrants, options and convertible instruments (or other equity equivalents). 
  

	3	Reimbursement Agreement 

  

	 	3.1	NCL America Holdings Undertakings 

 Star and Investor I have agreed (the “NCLA Undertakings”) to cause the Guarantor to conduct the NCLA Business in the usual and ordinary course of business after the Closing Date. In connection therewith, Star shall
periodically reimburse the Guarantor for any NCLA Cash Losses up to the amount of the Cash Losses Cap. 
  

	 	3.2	Star Termination Election 

 At any time after the Closing Date, Star may give notice (the “Star Termination Election”) to the Guarantor and Investor I that it is terminating the NCLA Undertakings. Following receipt by the Guarantor of the Star
Termination Election, the parties to the Reimbursement Agreement shall then within thirty (30) days thereafter either (i) enter into the NCLA Continuation Agreement (as defined in clause 3.4 of this Appendix) or (ii) make the NCLA
Wind-up Determination (as defined in clause 3.5 of this Appendix). 
  

 88 

	 	3.3	Guarantor Termination Election 

 In the event the Star Termination Election has not been delivered prior to 1 December 2008, then on the earlier of (i) such date and (ii) the date on which the aggregate amount of NCLA Cash Losses actually accrued equals or
exceeds USD37,500,000, the Guarantor may give notice to Star (the “Guarantor Termination Election”) that it is terminating the NCLA Undertakings. Following receipt by Star of the Guarantor Termination Election (a) the parties
to the Reimbursement Agreement shall undertake the Shut Down Procedure (b) the America Assets shall be transferred by NCL America Holdings to NCL International (or one of its existing or newly-formed subsidiaries), which transfer shall be
accomplished through liquidations to the extent necessary and NCL International (or one of its existing or newly-formed subsidiaries) shall assume any liabilities associated with the America Assets, and the Pride of America Vessel shall be
re-flagged in connection with such transfer from the US flag to the Bahamas flag (such transactions together the “America Transfer”) (c) the Guarantor shall pay to Star an amount equal to USD460,000,000 less any America
Accumulated Book Depreciation and less any Allocable America Indebtedness (d) the Guarantor shall prepay and/or cancel the relevant percentage of the term loan and revolving credit facilities outstanding under the credit facilities related to
the Aloha Assets (and the lenders under such facilities shall release all of their liens on the Aloha Assets) and cause the transfer to Star (or one of its subsidiaries) of all of NCL America Holdings’ right, title and interest in the Aloha
Assets free and clear of any Encumbrances through liquidations that qualify as complete liquidations under section 331 of the Code of NCL America Holdings, Pride of Aloha, Inc., a Delaware corporation, and each of NCL America Holdings’ other
subsidiaries, to the extent necessary and (e) Star shall reimburse the Guarantor for any and all Shut Down Costs up to USD35,000,000 (each such payment, distribution or transaction, the “Wind Up Transactions”). Following any
decision to shut down the NCLA Business, any decision to sell or otherwise dispose of any of the assets of the NCLA Business (other than the Pride of America Vessel, the Pride of Aloha Vessel and their respective related assets) as part of the Shut
Down Procedure shall be determined solely by Star. The net proceeds of any such sale or disposition(s) shall be deducted from and shall reduce the Shut Down Costs by such amount of net proceeds. 
  

	 	3.4	NCL America Holdings Continuation Agreement 

 In the event that Star has provided the Guarantor and Investor I with the Star Termination Election, then within thirty (30) days thereafter, the Guarantor and Star will mutually agree in
writing that the Guarantor shall continue to operate and manage the NCLA Business (the “NCLA Continuation Agreement”), in which case (i) Star’s obligations to reimburse the Guarantor for the NCLA Cash Losses shall
terminate, and Star shall not be obligated to pay for any Shut Down Costs and (ii) the Guarantor shall pay to Star an amount equal to USD800,000,000, less the Aloha Accumulated Book Depreciation, less the America Accumulated Book Depreciation,
less the Allocable Aloha Indebtedness and less the Allocable America Indebtedness (such amounts together the “Payment”) provided that the Payment shall be funded in part by an incremental equity contribution to the Guarantor by each
of Star and Investor I in the amount of USD170,000,000, less one-half of the Aloha Accumulated Book Depreciation and less one-half of the Allocable Aloha Indebtedness. 
  

 89 

 Subject to the proviso in the immediately preceding paragraph, the Guarantor shall use
reasonable best efforts to fund any payments to Star pursuant to the NCLA Continuation Agreement, NCLA Wind Up Transactions or the Guarantor Termination Election by either the use of funds generated internally by the Guarantor or generated from the
incurrence of additional Indebtedness from existing or new debt facilities. In the event that the Guarantor is unable to fund payments in such a manner, Star and Investor I acknowledge and agree that such funds shall be generated by the net
proceeds of a primary offering of additional Ordinary Shares to the existing shareholders of the Guarantor at the Subscription Price. 
  

	 	3.5	NCL America Holdings Wind-up Determination 

 In the event that the Guarantor and Star have not entered into the NCLA Continuation Agreement by the end of such thirty (30) day period or the Guarantor provides to Star notice prior to the
expiration of such thirty (30) day period that the Guarantor has elected to shut down the NCLA Business (either such circumstance, the “NCLA Wind-up Determination”) the parties shall consummate the Wind Up Transactions.

 If none of the Guarantor Termination Election, the NCLA Continuation Agreement or the NCLA Wind-up Determination has been made
by 31 December 2008, the provisions of the Reimbursement Agreement shall apply as if the Guarantor and Star have entered into the NCLA Continuation Agreement. 
  

	4	Indenture 

 As a result of
the transactions contemplated by the Subscription Agreement (as described in clause 1.1 of this Appendix), a change of control is triggered under the Indenture, dated 15 July 2004, between the Guarantor and JPMorgan Chase Bank, N.A., as
indenture trustee, with respect to USD250,000,000 10 5/8% Senior Notes due 2014. At Closing, pursuant to and as required by the terms of the Indenture, the Guarantor will proceed with a repurchase offer for the outstanding bonds at a purchase
price in cash equal to one hundred and one per cent. (101%) of the principal amount plus accrued and unpaid interest. Apollo holds USD29,000,000 in principal amount of the said 10 5/8% Senior Notes due 2014. 
 Defined Terms 
 Capitalized terms defined in
this Agreement and not otherwise defined in this Appendix shall have the meanings specified for such terms in this Agreement. As used in this Appendix, the following terms shall have the meanings specified below: 
 “additional Ordinary Shares” means Ordinary Shares issued by the Guarantor following the issuance of the Subscribed Ordinary Shares;

 “Affiliate” means, with respect to any Person (i) who is an individual, a spouse, parent, sibling or lineal descendant
of such Person (ii) that is an entity, an officer, manager, director, shareholder, member, general partner, limited partner or an Affiliate of such Person and (iii) any other Person that, directly or indirectly, through one or more
intermediaries, controls, or is controlled by, or is under common control with, another Person. For purposes of this definition, the terms “control”, “controlling”, “controlled by” and “under common control
with”, as used with respect to any Person, means the possession, directly or indirectly, of the power to direct the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise;

 “Allocable Aloha Indebtedness” means USD0; 
  

 90 

 “Allocable America Indebtedness” means USD251,000,000; 
 “Allocable Jade Indebtedness” means EUR383,000,000; 
 “Allocable NCLA Indebtedness” means USD251,000,000; 
 “Aloha Accumulated
Book Depreciation” means any accumulated book depreciation calculated in accordance with GAAP with respect to the Pride of Aloha Vessel from 1 April 2007 to the NCLA Valuation Date, as set forth in schedule 1 to this Appendix;

 “Aloha Assets” means the following assets relating wholly and directly to the Pride of Aloha Vessel, in each case to the
extent transferable or assignable: (i) the Pride of Aloha Vessel (ii) all permits issued by any governmental authority to NCL America Holdings and related to the Pride of Aloha Vessel and (iii) all of the Pride of Aloha Vessel’s
appliances, equipment, engines, machinery, boats, tackle, outfit, bunkers, oils and fuels, spare parts, consumable provisions and stores, appurtenances and belongings, whether on board or ashore; 
 “Amended and Restated Incorporation Documents” means the memorandum of increase of authorised share capital and the amended and restated
bye-laws of the Guarantor and the Guarantor’s existing memorandum of association; 
 “America Accumulated Book
Depreciation” means any accumulated book depreciation calculated in accordance with GAAP with respect to the Pride of America Vessel from 1 April 2007 to the NCLA Valuation Date, as set forth in schedule1 to this Appendix; 

“America Assets” means: (i) the Pride of America Vessel (ii) all permits issued by any governmental authority to NCL America
Holdings or any of its subsidiaries and related to the Pride of America Vessel, in each case to the extent transferable or assignable (iii) all monies received with respect to payments for cruises on the Pride of America Vessel which will take
place after the closing date of the America Transfer (iv) all supplies and inventory on the Pride of America Vessel for cruises on the Pride of America Vessel which will take place after the closing date of the America Transfer (v) all
accounts and notes receivable of NCL America Holdings or any of its subsidiaries related to cruises on the Pride of America Vessel which will take place after the closing date of the America Transfer (vi) all insurance and indemnity claims
relating to the Pride of America Vessel or America Liabilities made by or on behalf of Star, the Guarantor or NCL America Holdings (or any of their respective subsidiaries) and received after the closing date of the America Transfer and
(vii) all other assets, properties, rights and claims used, held for use or intended to be used in connection with the operation or conduct of the Pride of America Vessel after the closing date of the America Transfer; 
 “America Liabilities” means the Allocable America Indebtedness and any other liability relating to the America Assets; 
 “Applicable Law” means with respect to any Person, all provisions of common or statutory laws, statutes, ordinances, rules, regulations or
Orders applicable to such Person. For the avoidance of doubt, Applicable Law shall include the Listing Rules; 
 “Cash Losses
Cap” means USD50,000,000; 
 “Closing Date” shall mean the date on which the closing of the investment in the
Guarantor by the Investors occurs and which is expected to be on or about fourteen (14) days after the date of the First Supplemental Deed; 
  

 91 

 “Code” means the Internal Revenue Code of 1986 of the United States of America, as amended;

 “Encumbrances” means any lien, encumbrance, hypothecation, charge, mortgage, equity, trust, equitable interest, claim,
preference, right of possession, right of seizure, lease, tenancy, license, covenant, interference, proxy, right of first refusal, option or right of first option, preemptive right, community property interest, legend, defect, impediment, exception,
limitation, impairment, imperfection of title or restriction of any nature (including any restrictions on the voting of any Security, any restriction on the Transfer of any Security or other asset, any restriction on the receipt of any income
derived from any asset, any restriction on the use of any asset and any restriction on the possession, exercise or transfer of any other attribute of ownership of any asset); 
 “Equity Securities” means (i) the Ordinary Shares and any other equity securities of the Guarantor and (ii) any securities issued or issuable directly or indirectly with respect
to the securities referred to in clause (i) above by way of conversion, exercise or exchange, bonus share issue, share dividend, share sub-division, or share split or in connection with a combination of shares, recapitalization,
reclassification, amalgamation, merger, consolidation, reorganization or other similar event; 
 “Existing Star Controlling
Shareholders” means Golden Hope Limited, as trustee of the Golden Hope Unit Trust, Resorts World Bhd, Genting Overseas Holdings Limited, Tan Sri Lim Kok Thay, Puan Sri Lee Kim Hua, Joondalup Limited, Goldsfine Investments Ltd., and each
other controlled Affiliate of Tan Sri Lim Kok Thay; 
 “Governmental Authority” means any national, European Union, federal,
provincial, state, county, city, local, foreign or international governmental, administrative or regulatory authority, commission, committee, agency or body (including any court, tribunal or arbitral body) and specifically including The Stock
Exchange of Hong Kong Limited; 
 “Guarantor Transaction Expenses” means (i) the third person fees and expenses,
reasonably incurred by the Investors, Star, the Guarantor and its Subsidiaries in connection with the drafting, negotiation, execution, and delivery of the Subscription Agreement, the Shareholders’ Agreement and the Reimbursement Agreement, the
amended and restated incorporation documents of the Guarantor, the Voting Agreement and all other documents, agreements and instruments executed and delivered in connection therewith, in each case, as amended, modified or supplemented from time to
time, and other documents relating to the investment process, including (a) all of the fees and expenses of the Guarantor’s and Star’s accountants, lawyers, and other advisors, including Citigroup Global Markets, Inc., Cleary Gottlieb
Steen & Hamilton LLP, Cox Hallett Wilkinson, Clifford Chance and Access Capital Limited (b) all of the fees and expenses (including due diligence fees and expenses) of the Investors’ accountants, lawyers, and other advisors,
including Aon Corporation, O’Melveny & Myers LLP, Conyers Dill & Pearman and Burke & Parsons (c) the amount of all filing fees required to be paid pursuant to any competition and antitrust laws and any other
regulatory filings required and (d) the mergers and acquisitions advisory fee payable to Citigroup Global Markets, Inc. or an Affiliate thereof and (ii) the Closing Date transaction fees payable to (a) an Affiliate of the Investors
and (b) Star or an Affiliate thereof provided that the Closing Date transaction fee payable to each such Person in paragraph (ii) of this definition shall not exceed an amount which is equal to half of the amount paid to Citigroup Global
Markets, Inc. or an Affiliate thereof for its mergers and acquisitions advisory fee; 
  

 92 

 “Indebtedness” means, with respect to any Person, without duplication (i) all
obligations for borrowed money, including all obligations evidenced by notices or similar instruments (ii) all obligations issued or assumed as the deferred purchase price of property or services (other than current trade liabilities incurred
in the ordinary course and payable in accordance with customary practice) (iii) all capital lease obligations under GAAP (iv) all obligations secured by an Encumbrance (v) all obligations to pay a specified purchase price for goods
and services, whether or not delivered or accepted (vi) all obligations in respect of swap or hedge agreements or similar agreements (vii) all negative cash balances and refunds payable (viii) the principal component of all
obligations, contingent or otherwise, in respect of letters of credit and bankers’ acceptances (ix) all guarantees of Indebtedness described in clauses (i) to (viii) above and (x) all change in control payments payable in
connection with the consummation of the transactions contemplated by the Transaction Documents; 
 “Investor Group” means the
Investors together with their Permitted Transferees who hold Equity Securities; 
 “Jade Assets” means: (i) the Jade
Vessel (ii) all permits issued by any governmental authority to NCL America Holdings or any of its subsidiaries and related to the Jade Vessel, in each case to the extent transferable or assignable (iii) all monies received with respect to
payments for cruises on the Jade Vessel which will take place after the closing date of the Jade Transfer (iv) all supplies and inventory on the Jade Vessel for cruises on the Jade Vessel which will take place after the closing date of the Jade
Transfer (v) all accounts and notes receivable of NCL America Holdings or any of its subsidiaries related to cruises on the Jade Vessel which will take place after the closing date of the Jade Transfer (vi) all insurance and indemnity
claims relating to the Jade Vessel or Jade Liabilities made by or on behalf of Star, the Guarantor or NCL America Holdings (or any of their respective subsidiaries) and received after the closing date of the Jade Transfer and (vii) all other
assets, properties, rights and claims used, held for use or intended to be used in connection with the operation or conduct of the Jade Vessel after the closing date of the Jade Transfer; 
 “Jade Liabilities” means the Allocable Jade Indebtedness and any other liability relating to the Jade Assets; 
 “Jade Transfer Date” means 9 February 2008, or such other date mutually agreed in writing by the parties to the Subscription
Agreement; 
 “Jade Vessel” means the 2006 built United States documented passenger vessel “PRIDE OF HAWAII”,
official number 1160677, IMO number 9304057, and all appurtenances thereto whether on board or ashore; 
 “Liabilities” means
any and all direct or indirect Indebtedness, Losses, claims or responsibilities, whether known or unknown, accrued or fixed, absolute or contingent, matured or unmatured, secured or unsecured or determined or determinable, whether or not of a kind
required by GAAP to be set forth on a financial statement, including (but not limited to) those arising under any Applicable Law and those arising under any contract or otherwise; 
 “Listing Rules” means The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited; 
 “Losses” means any and all direct or indirect payments, obligations, recoveries, deficiencies, fines, penalties, interest, assessments, losses, damages (including damages resulting in
diminution in value, lost income and profits and interruptions in the business of the Guarantor or any of its Subsidiaries), liabilities, costs, expenses, to the extent actually incurred, including (i) attorneys’ fees and expenses relating
to such Loss and/or necessary to enforce rights to indemnification in connection with the Subscription Agreement and (ii) consultants’ and experts’ fees and other costs of defence or investigation, and interest on any amount payable
to a third party as a result of the foregoing (whether accrued, absolute, contingent, known, or otherwise, but excluding punitive, exemplary, special and consequential damages (other than as expressly included in this definition)); 
  

 93 

 “NCLA Business” means the operations and business conducted by NCL America Holdings and its
subsidiaries, which include the operation of the Pride of America Vessel and the Pride of Aloha Vessel and, until the Jade Transfer has been completed, the Jade Vessel; 
 “NCLA Capital Expenditures” means, for any period, the aggregate amount of any capital expenditures made by NCL America Holdings and any of its subsidiaries in such period with respect to
the NCLA Business (including any capital expenditures made in relation to the Jade Vessel until the Jade Transfer has been completed); 
 “NCLA Cash Losses” means the amount, if negative, of the sum of (i) NCLA EBITDA less (ii) NCLA Capital Expenditures less (iii) interest paid or accrued on the Allocable NCLA Indebtedness at a blended rate, in
each case in respect of the period beginning on the Closing Date and ending on the NCLA Valuation Date and in each case as reflected on the financial statements of NCL America Holdings or the accounting books and records of NCL America Holdings;

 “NCLA EBITDA” means, for any period, the sum of (i) net revenues less (ii) ship operating expenses and selling,
general and administrative expenses as allocated in a manner consistent with past practice as included in management reports, in each case as determined in accordance with GAAP and as reflected in the financial statements of NCL America Holdings or
the accounting books and records of NCL America Holdings. For the avoidance of doubt (a) any Shared Overhead Expenses which are incurred by the Guarantor and its subsidiaries in any such period shall be included (without duplication) in the
calculation of NCLA EBITDA for such period and (b) any Shut Down Costs, Post-Termination Expenses or expenses in connection with the early redeployment of the Pride of America Vessel in the Guarantor’s fleet which are incurred in any such
period shall not be included in the calculation of NCLA EBITDA for such period; 
 “NCLA Valuation Date” means the date that is
ninety (90) days after the date on which notice of the Star Termination Election or the Guarantor Termination Election is delivered; 
 “Order” means all judgments, injunctions, orders and decrees of all Governmental Authorities in any legal, administrative or arbitration action, suit, complaint, charge, hearing, mediation, inquiry, investigation or
proceeding in which the Person in question is a party or by which any of its properties or assets are bound; 
 “Permitted
Transfer” means: 
  

	(i)	with respect to the Investors, any Transfer by an Investor to an Affiliate of the Investor (including (a) the partners, members and stockholders of the Investor,
and, if such Affiliate is an entity, the partners, members and stockholders of such Affiliate (b) any limited partner which has directly or indirectly invested, or otherwise has ownership interests, in Apollo Investment Fund VI, LP or one of
its Affiliated investment funds or (c) prior to the first anniversary of the Closing Date, of up to forty per cent. (40%) of the Equity Securities held by the Investor as at the Closing Date in the aggregate to any funds, financial
institutions or individuals acting as a co-investor in the Guarantor with the Investor; and 

  

	(ii)	with respect to Star, any Transfer by Star to (a) any wholly-owned Subsidiary of Star or (b) any Existing Star Controlling Shareholder;

  

 94 

 “Permitted Transferees” means any Person to whom a Permitted Transfer is made or is to be
made; 
 “Person” means any legal person, including any individual, corporation, investment fund, partnership, limited
partnership, limited liability company, joint venture, joint stock company, association, trust, unincorporated entity or Governmental Authority or other entity; 
 “Post-Termination Expenses” means all of the (i) costs and expenses with respect to the operations of the NCLA Business that are incurred, consistent with past practice by the
Guarantor and its subsidiaries, after the NCLA Valuation Date through 31 December 2008 and (ii) costs and expenses that would have been allocated and attributable to the Pride of Aloha Vessel had the vessel remained in service as part of
the NCL America Holdings fleet until 31 December 2008, in each case based upon an allocation of corporate costs on a capacity day basis in a manner consistent with past practice and the Guarantor’s then-currently published sailing
schedule; 
 “Pride of Aloha Vessel” means United States documented passenger cruise vessel “PRIDE OF ALOHA”,
official number 1153219, IMO number 9128532; 
 “Pride of America Vessel” means the United States documented passenger cruise
vessel “PRIDE OF AMERICA”, official number 1146542, IMO number 9209221, and all appurtenances thereto whether on board or ashore; 
 “Security” means, with respect to any Person, all equity securities or equity interests of such Person, all securities convertible into or exchangeable for equity securities or equity interests of such Person, and all
options, warrants, and other rights to purchase or otherwise acquire from such Person equity interests, including any stock appreciation or similar rights, contractual or otherwise; 
 “Shared Overhead Expenses” means those overhead expenses incurred by the Guarantor and any of its subsidiaries which are attributable to the operation and management of the NCLA Business
based upon an allocation of corporate costs on a capacity day basis in a manner consistent with past practice and the Guarantor’s then-currently published sailing schedule, and shall include any capital expenditures made by the Guarantor and
any of its subsidiaries (other than NCL America Holdings and its subsidiaries) with respect to the NCLA Business; 
 “Shut Down
Costs” shall mean (i) any and all costs and expenses incurred by the Guarantor and any of its subsidiaries in connection with the shut down of the operation and management of the NCLA Business, whether accrued or paid and (ii) all
documentary, gross receipts, sales, transfer and use taxes and similar liabilities, if any, resulting directly or indirectly from the transactions contemplated by clause 3.3 and clause 3.4 of this Appendix; 
 “Shut Down Procedure” means all actions necessary in connection with the shut down of the operation and management of the NCLA Business,
including taking all steps reasonably necessary to wind-up and liquidate, in liquidations qualifying as complete liquidations under section 331 of the Code, NCL America Holdings and each of the Subsidiaries of NCL America Holdings (except as
otherwise agreed by Investor I and NCL America Holdings); 
 “Star Group” means Star together with its Permitted
Transferees who hold Equity Securities; 
 “Subscription Price” means USD1,000,000,000; 
  

 95 

 “Subsidiaries” means, with respect to any Person, any corporation, association,
partnership, limited liability company or other business entity of which fifty per cent. (50%) or more of the total voting power of equity securities or equity interests (including partnership interests) entitled (without regard to the
occurrence of any contingency) to vote in the election of managers, directors, representatives or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person (ii) such Person and one or more Subsidiaries
of such Person or (iii) one or more Subsidiaries of such Person. For the purposes of this definition, the term “controlled” means the possession, directly or indirectly, of the power to direct the management and policies of a Person,
whether through the ownership of voting securities, by contract or otherwise. Notwithstanding the foregoing, WorldCard International Limited shall be deemed not to be a “Subsidiary” of Star for the purposes of the Subscription Agreement;

 “Transaction Documents” means the Apollo Transaction Documents, the Amended and Restated Incorporation Documents, the Voting
Agreement and all other documents, agreements and instruments executed and delivered in connection therewith, in each case, as amended, modified or supplemented from time to time; 
 “Transfer” means, as to any Security or asset, to sell, transfer, assign, gift, pledge, grant a security interest in, distribute, encumber or otherwise dispose of (including the
foreclosure or other acquisition by any lender with respect to such Security or asset pledged to such lender by the holder of such Security or asset), whether directly or indirectly, such Security or asset, either voluntarily or involuntarily and
with or without consideration; and 
 “Voting Agreement” means the voting agreement dated as of 17 August 2007, by and
among Investor I and certain of the Existing Star Controlling Shareholders. 
  

 96 

 Schedule 1 
 Accumulated Book Depreciation 
  

 97 

 Schedule 3 
 Guarantee 
  

 98 

 DATED 6 OCTOBER 2006 
 NCL CORPORATION LTD. 
 (as guarantor) 

- in favour of - 
 BNP PARIBAS 
 CALYON 
 HSBC FRANCE 
 and 
 SOCIETE GENERALE 
 (as lenders) 
 - and - 
 BNP PARIBAS 
 (as agent) 
  
  
 GUARANTEE 
 IN RESPECT OF THE OBLIGATIONS OF 

 F3 TWO, LTD. 
 AS AMENDED AND RESTATED ON 
 2 APRIL 2009 
  
  
 [**] 
  

 99 

 CONTENTS 
  

					
	 	  	 	  	Page
			
	 1
	  	Definitions and Construction	  	101
			
	 2
	  	Guarantee and Indemnity	  	103
			
	 3
	  	Survival of Guarantor’s Liability	  	104
			
	 4
	  	Continuing Guarantee	  	105
			
	 5
	  	Exclusion of the Guarantor’s Rights	  	105
			
	 6
	  	Payments	  	106
			
	 7
	  	Enforcement	  	107
			
	 8
	  	Representations and Warranties	  	108
			
	 9
	  	General Undertakings: Positive Covenants	  	110
			
	 10
	  	General Undertakings: Negative Covenants	  	112
			
	 11
	  	Financial Undertakings and Ownership and Control of the Guarantor	  	114
			
	 12
	  	Special Liquidity	  	119
			
	 13
	  	Chartering	  	119
			
	 14
	  	Hedging	  	119
			
	 15
	  	Equity Contribution	  	119
			
	 16
	  	Indebtedness	  	119
			
	 17
	  	Discharge	  	119
			
	 18
	  	Assignment and Transfer	  	120
			
	 19
	  	Miscellaneous Provisions	  	121
			
	 20
	  	Waiver of Immunity	  	121
			
	 21
	  	Notices	  	122

  

 100 

					
	 22
	  	Governing Law	  	122
			
	 23
	  	Jurisdiction	  	122
			
	 Schedule 1
	  	Quarterly Statement of Financial Covenants	  	126
			
	 Schedule 2
	  	Particulars of Agent and Lenders	  	127
			
	 Schedule 3
	  	Budgeted Consolidated EBITDA	  	128
			
	 Schedule 4
	  	Report on Bookings	  	129

  

 101 

 DEED OF GUARANTEE AND INDEMNITY 
 DATED the 6 day of October 2006 (as amended and restated on 2 April 2009) 
 BY:

  

	(1)	NCL CORPORATION LTD. being a company validly existing under the laws of Bermuda with registration number EC34678 and with its registered office at Milner House,
18 Parliament Street, Hamilton HM 12, Bermuda as guarantor (the “Guarantor”); 

 IN FAVOUR OF: 

 

	(2)	BNP PARIBAS, CALYON, HSBC FRANCE AND SOCIETE GENERALE, whose details are more particularly set out in Schedule 2 as lenders (the “Lenders”); and

  

	(3)	BNP PARIBAS, whose details are more particularly set out in Schedule 2 as agent (the “Agent” and collectively with the Lenders the
“Beneficiaries”). 

 WHEREAS: 
  

	(A)	By a loan agreement dated 22 September 2006 (the “Loan Agreement”) made between (among others) (1) F3 Two, Ltd. as borrower (the
“Borrower”) (2) the Lenders and (3) the Agent, the Lenders have agreed, on the terms and conditions therein set out, to make available to the Borrower their participations in a loan facility of up to six hundred and sixty
two million nine hundred and five thousand three hundred and twenty euro (EUR662,905,320) (the “Loan”) in order to assist the Borrower in financing part of the purchase price of the Vessel. 

  

	(B)	It is a condition precedent to the Beneficiaries performing their obligations under the Loan Agreement that the Guarantor enters into this Deed.

 NOW THIS DEED WITNESSES: 
  

	1	Definitions and Construction 

  

	 	1.1	In this Deed the following terms and expressions shall have the meanings set out below; in addition, terms and expressions not defined herein but whose meanings are
defined in the Loan Agreement shall have the meanings set out therein. 

 “Accounts” means the
audited consolidated profit and loss account and balance sheet (including all additional information and notes thereto) of the Guarantor and its consolidated Subsidiaries together with the relative directors’ and auditors’ reports;

 “Cash Sweep Bank Account” [*]; 
 “Cash Sweep Credit Facilities” [*]; 
 “Cash Sweep Determination Date” [*]; 
 “Cash Sweep
Lenders” means the lenders of the Cash Sweep Credit Facilities; 
 “Cash Sweep Payment Date”[*];

  

 102 

 “Event of Default” means any of the events specified in clause 13.2 of the
Loan Agreement or specified as such in Clause 11; 
 “Liquidity” means the Cash Balance plus undrawn and freely
available amounts under the Group Credit Facilities less increased liquidity generated by new equity for the Guarantor (other than the New Cash Equity); 
 “New Cash Equity” means the one hundred million Dollars (USD100,000,000) to be contributed by the Investors and Star in the aggregate in cash as new equity for the Guarantor after 27
January 2009 and on or before the Second Restatement Date; 
 “Obligors” means the Borrower, the Guarantor and
the Manager; 
 “Office” means in respect of the Agent and each Lender its office at the address set out
beneath its name in Schedule 2 or such other office as it shall from time to time select and notify through the Agent to the Borrower; 
 “Outstanding Indebtedness” means all sums of any kind payable actually or contingently to the Finance Parties under or pursuant to the Loan Agreement or any Transaction Document (whether by way of repayment of principal,
payment of interest or default interest, payment of any indemnity or counter-indemnity, reimbursement for fees, costs or expenses or otherwise howsoever); 
 “Special Liquidity Sources” means increased liquidity of the Group arising from the permitted sale of assets PROVIDED THAT only the net proceeds of any such sale, after the
deduction of brokers’ fees and other costs justifiable in relation to the sale and the principal of, interest on and any break costs in connection with any Indebtedness prepaid upon such sale, shall be counted as increased liquidity;

 “Special Liquidity Sources Determination Date” means the date on which Special Liquidity Sources arise;

 “Special Liquidity Sources Payment Date” means the date falling not later than fourteen (14) Business Days
after a Special Liquidity Sources Determination Date; 
 “Total Cash Sweep Amount” [*]; and 
 “Total Special Liquidity Sources Amount” means Special Liquidity Sources of the Group on a Special Liquidity Sources
Determination Date. 
  

	 	1.2	In this Deed unless the context otherwise requires: 

  

	 	1.2.1	clause headings are inserted for convenience of reference only and shall be ignored in the construction of this Deed; 

  

	 	1.2.2	references to Clauses and to Schedules are to be construed as references to clauses of and schedules to this Deed unless otherwise stated and references to this Deed
are to be construed as references to this Deed including its Schedules; 

  

	 	1.2.3	references to (or to any specified provision of) this Deed or any other document shall be construed as references to this Deed, that provision or that document as from
time to time amended, restated, supplemented or novated; 

  

	 	1.2.4	references to any Act or any statutory instrument shall be construed as references to that Act or that statutory instrument as from time to time re-enacted, amended or
supplemented; 

  

	 	1.2.5	references to any party to this Deed or any other document shall include reference to such party’s successors and permitted assigns and transferees;

  

	 	1.2.6	words importing the plural shall include the singular and vice versa; 

  

 103 

	 	1.2.7	references to a person shall be construed as references to an individual, firm, company, corporation, unincorporated body of persons or any state or any agency thereof;
and 

  

	 	1.2.8	where any matter requires the approval or consent of the Lenders or the Agent such approval or consent shall not be deemed to have been given unless given in writing;
where any matter is required to be acceptable to the Lenders or the Agent, the Lenders or the Agent (as the case may be) shall not be deemed to have accepted such matter unless its acceptance is communicated in writing; each of the Lenders and the
Agent may give or withhold its consent, approval or acceptance at its unfettered discretion. 

  

	2	Guarantee and Indemnity 

  

	 	2.1	In consideration of the Lenders agreeing at the request of the Guarantor to make the Loan available to the Borrower in accordance with the terms of the Loan Agreement,
the payment by the Beneficiaries to the Guarantor of ten Dollars (USD10) and other good and valuable consideration (the receipt and adequacy of which the Guarantor hereby acknowledges) the Guarantor: 

  

	 	2.1.1	as primary obligor as and for its own debt and not merely as surety hereby undertakes to the Lenders to be responsible for and hereby guarantees to the Lenders:

  

	 	(a)	the due and punctual payment by the Borrower to the Lenders or the Agent (for itself and on behalf of the Lenders) (as the case may be) (as and when due by
acceleration, demand or otherwise howsoever) of the Outstanding Indebtedness and every part thereof; and 

  

	 	(b)	the due and punctual performance of all the obligations to be performed by each of the Obligors under or pursuant to the Loan Agreement and the other Security
Documents; and 

  

	 	2.1.2	unconditionally undertakes immediately on demand by the Agent from time to time to pay and/or perform its obligations under Clause 2.1.1. 

  

	 	2.2	For the same consideration as referred to in Clause 2.1 the Guarantor (as a separate and independent obligation) unconditionally undertakes immediately on demand by the
Agent from time to time to indemnify the Beneficiaries and hold each of them harmless in respect of: 

  

	 	2.2.1	any loss incurred by the Beneficiaries as a result of the Loan Agreement and each other Security Document to which any of the Obligors is a party or any provision
thereof becoming invalid, void, voidable or unenforceable for any reason whatsoever after execution hereof; and 

  

	 	2.2.2	any loss or damage of any kind arising directly or indirectly from any failure on the part of any of the Obligors to perform any obligation to be performed by any of
the Obligors under and pursuant to the Loan Agreement and each other Security Document to which any of the Obligors is a party. 

  

 104 

	3	Survival of Guarantor’s Liability 

  

	 	3.1	The Guarantor’s liability to the Beneficiaries under this Deed shall not be discharged, impaired or otherwise affected by reason of any of the following events or
circumstances (regardless of whether any such events or circumstances occur with or without the Guarantor’s knowledge or consent): 

  

	 	3.1.1	any time, forbearance or other indulgence given or agreed by any of the Finance Parties to or with any of the Obligors or any other person in respect of any of their
obligations under the Loan Agreement and each other Transaction Document to which any of the Obligors or that other person is a party; or 

  

	 	3.1.2	any legal limitation, disability or incapacity relating to any of the Obligors; or 

  

	 	3.1.3	any invalidity, irregularity, unenforceability, imperfection or avoidance of or any defect in any security granted by, or the obligations of any of the Obligors or any
other person under, the Loan Agreement and each other Transaction Document to which any of the Obligors or that other person is a party or any amendment to or variation thereof or of any other document or security comprised therein; or

  

	 	3.1.4	any change in the name, constitution, memorandum of association or otherwise of any of the Obligors or the amalgamation or merger of any of the Obligors with any other
corporate entity; or 

  

	 	3.1.5	the liquidation, bankruptcy or dissolution (or proceedings analogous thereto) of any of the Obligors or any other person or the appointment of a receiver or
administrative receiver or administrator or trustee or similar officer of any of the assets of any of the Obligors or any other person or the occurrence of any circumstances whatsoever affecting any Obligor’s or that other person’s
liability to discharge its obligations under the Loan Agreement and each other Transaction Document to which it is a party; or 

  

	 	3.1.6	any challenge, dispute or avoidance by any liquidator of any of the Obligors or any other person in respect of any claim by the Guarantor by right of subrogation in any
such liquidation; or 

  

	 	3.1.7	any release of any other Obligor or any other person or any renewal, exchange or realisation of any security or obligation provided under or by virtue of any of the
Transaction Documents or the provision to any of the Finance Parties at any time of any further security for the obligations of the Borrower under any of the Transaction Documents; or 

  

	 	3.1.8	the release of any co-guarantor and/or indemnitor who is now or may hereafter become under a joint and several liability with the Guarantor under this Deed or the
release of any other guarantor, indemnitor or other third party obligor in respect of the obligations of any Obligor under any of the Transaction Documents; or 

  

	 	3.1.9	any failure on the part of any of the Finance Parties (whether intentional or not) to take or perfect any security agreed to be taken under or in relation to any of the
Transaction Documents or to enforce any of the Transaction Documents; or 

  

 105 

	 	3.1.10	any other act, matter or thing (save for repayment in full of the Outstanding Indebtedness) which might otherwise constitute a legal or equitable discharge of any of
the Guarantor’s obligations under this Deed. 

  

	 	3.2	The Guarantor’s liability to the Beneficiaries under this Deed shall not be discharged by reason of any of the events or circumstances referred to in
Clause 3.1 in so far as they relate to Coface. 

  

	4	Continuing Guarantee 

  

	 	4.1	This Deed shall be: 

  

	 	4.1.1	a continuing guarantee remaining in full force and effect until irrevocable payment in full has been received by the Beneficiaries of each and every part and the
ultimate balance of the Outstanding Indebtedness in accordance with the Loan Agreement and each other Security Document to which any of the Obligors is a party; and 

  

	 	4.1.2	in addition to and not in substitution for or in derogation of any other security held by any of the Finance Parties from time to time in respect of the Outstanding
Indebtedness or any part thereof. 

  

	 	4.2	Any satisfaction of obligations by the Guarantor to the Beneficiaries or any discharge given by the Beneficiaries to the Guarantor or any other agreement reached
between the Beneficiaries and the Guarantor in relation to this Deed shall be, and be deemed always to have been, void ab initio if any act satisfying any of the said obligations or on the faith of which any such discharge was given or any such
agreement was entered into is subsequently avoided in whole or in part by or pursuant to any provision of any applicable law whatsoever. 

  

	 	4.3	This Deed shall remain the property of the Beneficiaries and, notwithstanding that all monies and liabilities due or incurred by any of the Obligors to the
Beneficiaries which are guaranteed hereunder shall have been paid or discharged, the Beneficiaries shall be entitled not to discharge this Deed or any security held by the Beneficiaries for the obligations of the Guarantor hereunder for such period
as may in the reasonable opinion of the Beneficiaries be necessary or appropriate under any applicable insolvency law after the last of such monies and liabilities have been paid or discharged and in the event of bankruptcy, winding-up or any
similar proceedings being commenced in respect of any of the Obligors or any other person, the Beneficiaries shall be at liberty not to discharge this Deed or any security held by the Beneficiaries for the obligations of the Guarantor hereunder for
and during such further period as the Beneficiaries may determine at their sole discretion. 

  

	5	Exclusion of the Guarantor’s Rights 

  

	 	5.1	Until the obligations of the Obligors under the Loan Agreement and each other Security Document to which they are a party have been fully performed, the Guarantor shall
not: 

  

	 	5.1.1	be entitled to share in or succeed to or benefit from (by subrogation or otherwise) any rights which the Beneficiaries may have in respect of the Outstanding
Indebtedness or any security therefor or all or any of the proceeds of such rights or security; or 

  

 106 

	 	5.1.2	without the prior written consent of the Beneficiaries: 

  

	 	(a)	exercise in respect of any amount paid by the Guarantor hereunder any right of indemnity, subrogation, contribution or any other right or remedy which it may have in
respect thereof; or 

  

	 	(b)	claim payment of any other monies for the time being due to the Guarantor or to which it may become entitled or exercise or enforce or benefit from any other right,
remedy or security in respect thereof; or 

  

	 	(c)	prove in a liquidation of any Obligor in competition with the Beneficiaries for any monies owing to the Guarantor by any other Obligor on any account whatsoever,

 PROVIDED ALWAYS that if the Guarantor, in breach of this Clause, receives or recovers any monies
pursuant to any such exercise, claim or proof, such monies shall be held by the Guarantor as trustee upon trust for the Beneficiaries to apply the same as if they were monies received or recovered by the Beneficiaries under this Deed. 
  

	6	Payments 

  

	 	6.1	Each payment to be made by the Guarantor hereunder shall be made in immediately available funds in the currency in which such payment is due without set-off,
counterclaim, deduction or retention of any kind by payment to such bank account or accounts as the Agent may from time to time notify to the Guarantor in writing. 

 If the Guarantor is required by law to make such a payment subject to the deduction or withholding of Taxes, in which case the sum payable
by the Guarantor in respect of which such deduction or withholding is required to be made shall be increased to the extent necessary to ensure that, after the making of such deduction or withholding, the Lenders receive and retain (free from any
liability in respect of any such deduction or withholding) a net sum equal to the sum which they would have received and so retained had no such deduction or withholding been made or required to be made. 
  

	 	6.2	Without prejudice to the provisions of Clause 6.1, if any Lender or the Agent on the Lenders’ behalf is required to make any payment on account of Tax (not being a
tax imposed on the net income of its Office by the jurisdiction in which it is incorporated or in which its Office is located or any other tax existing and applicable on the date of this Deed under the laws of any jurisdiction) on or in relation to
any sum received or receivable hereunder by such Lender or the Agent on the Lenders’ behalf (including, without limitation, any sum received or receivable under this Clause 6) or any liability in respect of any such payment is asserted,
imposed, levied or assessed against such Lender or the Agent on the Lenders’ behalf, the Guarantor shall, upon demand of the Agent, indemnify such Lender or the Agent against such payment or liability, together with any interest, penalties and
expenses payable or incurred in connection therewith, other than interest, penalties, and expenses that are otherwise imposed or asserted on account of the bad faith or wilful neglect of such Lender or the Agent. 

  

 107 

 If any Lender proposes to make a claim under the provisions of this Clause 6.2 it shall
certify to the Guarantor in reasonable detail within thirty (30) days (or such longer period as any Lender may reasonably require) after becoming aware of the event by reason of which it is entitled to make its claim or claims the basis of its
claim or claims, such certificate to be conclusive, save for manifest error. 
  

	 	6.3	The certificate of the Agent from time to time as to sums owed by any Obligor under the Security Documents and sums owed by the Guarantor hereunder shall, save for
manifest error, be conclusive and binding for all purposes and prima facie evidence of the existence and extent of such debts in any legal action or proceedings arising in connection herewith. 

  

	 	6.4	If the Guarantor makes any payment hereunder in respect of which it is required by law to make any deduction or withholding for Taxes, it shall pay the full amount to
be deducted or withheld to the relevant taxation or other authority within the time allowed for such payment under applicable law and shall deliver to the Agent within thirty (30) days after it has made such payment to the applicable authority
any original receipt issued by such authority evidencing the payment to such authority of all amounts so required to be deducted or withheld from such payment. 

 If an additional payment is made under Clause 6.1 and any Lender or the Agent on its behalf determines that it has received or been granted
a credit against or relief of or calculated with reference to the deduction or withholding giving rise to such additional payment, such Lender or the Agent (as the case may be) shall, to the extent that it can do so without prejudice to the
retention of the amount of such credit, relief, remission or repayment and provided that it has received the cash benefit of such credit, relief or remission, pay to the Guarantor such amount as such Lender or the Agent shall in its reasonable
opinion have concluded to be attributable to the relevant deduction or withholding. Any such payment shall be conclusive evidence of the amount due to the Guarantor hereunder and shall be accepted by the Guarantor in full and final settlement of its
rights of reimbursement hereunder in respect of such deduction or withholding. Nothing herein contained shall interfere with the right of any Lender and the Agent to arrange their respective tax affairs in whatever manner they think fit. 

 

	7	Enforcement 

  

	 	7.1	The Beneficiaries shall not be obliged before taking steps to enforce this Deed to take any action whatsoever against any of the Obligors or any other person and the
Guarantor hereby waives all such formalities or rights to which it would otherwise be entitled or which the Beneficiaries would otherwise first be required to satisfy or fulfil before proceeding or making demand against the Guarantor hereunder
provided that the Beneficiaries shall not be entitled to enforce their rights under this Deed otherwise than in circumstances which would constitute an Event of Default. 

  

 108 

	8	Representations and Warranties 

  

	 	8.1	Duration 

  

	 	8.1.1	The representations and warranties in Clause 8.2 shall survive the execution of this Deed and shall be deemed to be repeated, with reference mutatis mutandis to the
facts and circumstances subsisting, as if made on each day until each Obligor has no remaining obligations, actual or contingent, under or pursuant to the Loan Agreement or any of the other Security Documents. 

  

	 	8.1.2	The representations and warranties in Clause 8.3 shall survive the execution of this Deed and shall be deemed to be repeated, with reference mutatis mutandis to the
facts and circumstances subsisting, as if made on the date falling sixty (60) days before the Intended Delivery Date and thereafter on each day until each Obligor has no remaining obligations, actual or contingent, under or pursuant to the Loan
Agreement or any of the other Security Documents. 

  

	 	8.2	Continuing representations and warranties The Guarantor represents and warrants to the Beneficiaries that: 

  

	 	8.2.1	it is a limited liability exempt company, duly incorporated and validly existing under the laws of Bermuda, possessing perpetual corporate existence, the capacity to
sue and be sued in its own name and the power to own its assets and carry on its business as it is now being conducted; 

  

	 	8.2.2	The Guarantor is and shall remain, after the giving of this Deed, solvent in accordance with the laws of Bermuda and the United Kingdom and in particular with the
provisions of the Insolvency Act 1986 (as from time to time amended) and the requirements thereof; 

  

	 	8.2.3	it has the power to enter into and perform this Deed and all necessary corporate or other action has been taken to authorise the entry into and performance of this
Deed; 

  

	 	8.2.4	this Deed constitutes its legal, valid and binding obligations enforceable in accordance with its terms; 

  

	 	8.2.5	the entry into and performance of this Deed and the transactions contemplated hereby do not and will not be a breach of or 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 any of its assets pursuant to the provisions of any such agreement or
document; 
  

	 	8.2.6	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 the transactions contemplated hereby have been obtained or effected and are in full force and effect; 

  

 109 

	 	8.2.7	all information furnished by or on behalf of the Guarantor relating to the business and affairs of any member of the Group in connection with this Deed 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; 

  

	 	8.2.8	the Guarantor has fully disclosed to the Lenders through the Agent all facts relating to the Group which it knows or should reasonably know and which might reasonably
be expected to influence the Lenders in deciding whether or not to enter into the Loan Agreement; 

  

	 	8.2.9	the Accounts for the financial year ended 31 December 2005 (which accounts have been prepared in accordance with GAAP) fairly represent the consolidated financial
condition of the Guarantor as at 31 December 2005; 

  

	 	8.2.10	the claims of the Beneficiaries against the Guarantor under this Deed will rank at least pari passu with the claims of all other unsecured creditors of the Guarantor
other than claims of such creditors to the extent that the same are statutorily preferred; 

  

	 	8.2.11	subject to Clause 10.6, no member of the Group has taken any corporate action nor have any other steps been taken or legal proceedings been started or (to the best of
the Guarantor’s knowledge and belief) threatened against any member of the Group for its winding-up and/or dissolution or for the appointment of a liquidator, administrator, receiver, administrative receiver, trustee or similar officer of it or
any or all of its assets or revenues nor has any member of the Group sought any other relief under any applicable insolvency or bankruptcy law; 

  

	 	8.2.12	neither the Guarantor nor any of its assets enjoys any right of immunity from set-off, suit or execution in respect of its obligations under this Deed;

  

	 	8.2.13	all the authorised and issued shares in each of the Borrower and the Manager shall be legally and beneficially owned directly or indirectly by the Guarantor and such
structure shall remain so throughout the Security Period unless the prior consent of the Lenders has been obtained. Further, no Event of Default has occurred under Clause 11.2 in respect of the ownership and/or control of the shares in the
Guarantor; and 

  

	 	8.2.14	it has reviewed and agrees to all the terms and conditions of the Loan Agreement and each other Security Document to which any Obligor is or is to be a party.

  

	 	8.3	Semi-continuing representations and warranties The Guarantor represents and warrants to the Beneficiaries that: 

  

	 	8.3.1	no event has occurred and is continuing which constitutes a default under or in respect of any agreement or document to which the Guarantor is a party or by which it
may be bound (including, inter alia, this Deed); 

  

 110 

	 	8.3.2	no litigation, arbitration or administrative proceedings are current or pending or to its knowledge threatened, which might, if adversely determined, have a material
adverse effect on the ability of the Guarantor to perform its obligations under this Deed, save as disclosed by the Guarantor in its most recent US Securities Exchange Commission filing; 

  

	 	8.3.3	to the best of its knowledge, each of the Obligors has complied with all taxation laws in all jurisdictions in which it is subject to Taxation and has paid all Taxes
due and payable by it including but without limitation any disputed Taxes unless a sufficient reserve has been made pending resolution of the dispute and no material claims are being asserted against any of the Obligors with respect to Taxes, which
might, if such claims were successful, have a material adverse effect on the ability of that Obligor to perform its obligations under the Transaction Documents to which it is a party; and 

  

	 	8.3.4	the Guarantor does not have a place of business in any jurisdiction which would require this Deed to be filed or registered (if it had a place of business in that
jurisdiction) to ensure the validity of this Deed. 

  

	9	General Undertakings: Positive Covenants 

  

	 	9.1	The undertakings contained in this Clause 9 shall remain in full force and effect from the date of this Deed until the end of the Security Period.

  

	 	9.2	The Guarantor will provide to the Agent: 

  

	 	9.2.1	as soon as practicable (and in any event within one hundred and twenty (120) days after the close of each of its financial years) a Certified Copy of its Accounts
(commencing with the audited accounts made up to 31 December 2005); 

  

	 	9.2.2	as soon as practicable (and in any event within sixty (60) days after the close of each quarter of each financial year) a copy of the unaudited consolidated
accounts of the Guarantor for that quarter (commencing with the unaudited accounts made up to 30 June 2006); 

  

	 	9.2.3	as soon as practicable (and in any event within one hundred and twenty (120) days after the close of each financial year), beginning with the year ending
31 December 2006, annual cash flow projections on a consolidated basis of the Guarantor showing on a monthly basis advance ticket sales (for at least twelve (12) months following the date of such statement) for the Group; and

  

	 	9.2.4	as soon as practicable (and in any event not later than 31 January of each financial year): 

  

	 	(a)	a budget for the Group for such new financial year including a twelve (12) month liquidity budget for such new financial year; and 

  

 111 

	 	(b)	updated financial projections of the Group for at least the next five (5) years (including an income statement and quarterly break downs for the first of these five (5)
years), 

  

	 	9.2.4	as soon as practicable (and in any event not later than 31 January of each financial year): 

  

	 	(a)	a budget for the Group for such new financial year including a twelve (12) month liquidity budget for such new financial year; and 

  

	 	(b)	updated financial projections of the Group for at least the next five (5) years (including an income statement and quarterly break downs for the first of these
five (5) years), 

 and an outline of the assumptions supporting such budget and financial projections
including but without limitation any scheduled drydockings; 
  

	 	9.2.5	on the date of this Deed, in the case of the first, on the date falling ninety (90) days before the Intended Delivery Date, in the case of the second, and
otherwise as soon as practicable (and in any event within sixty (60) days after the close of each of the first three (3) quarters of its financial year and within one hundred and twenty (120) days after the close of each financial
year) a statement signed by the Group’s chief financial officer in the form of Schedule 1 (commencing with the second quarter of the financial year ending 31 December 2006); 

  

	 	9.2.6	promptly, such further information in its possession or control regarding its financial condition and operations and those of any company in the Group, including but
without limitation a corporate structure chart for the Group including details of the percentage of the shareholdings held, as the Agent may request for the benefit of the Finance Parties; and 

  

	 	9.2.7	details of any material litigation, arbitration or administrative proceedings which affect any Obligor as soon as the same are instituted and served, or, to the
knowledge of the Guarantor, threatened (and for this purpose proceedings shall be deemed to be material if they involve a claim in an amount exceeding [**] or the equivalent in another currency). 

  

	 	9.2.8	as soon as practicable (and in any event no later than the twenty fifth (25th) day of each month), a monthly bank reporting package for the Group for the previous month
comprised of a profit and loss statement, a balance sheet, a cash flow statement and a statement of the Free Liquidity (as defined in Clause 11.4) (commencing with the month to 31 March 2009); 

  

	 	9.2.9	a quarterly earnings conference telephone call (commencing with the financial quarter to 31 March 2009) to take place as soon as practicable and in any event no later
than forty (40) days after the end of any relevant financial quarter except the fourth financial quarter and no later than seventy five (75) days after the end of the fourth financial quarter; 

  

	 	9.2.10	as soon as practicable (and in any event within thirty (30) days after the close of each quarter of each financial year) a report on bookings for the following year and
a comparison with the previous year in the form of Schedule 4 (commencing with the financial quarter ending 30 June 2009); and 

  

	 	9.2.11	on or immediately after the date falling ten (10) Business Days prior to 31 March 2010 and to each Cash Sweep Payment Date a statement showing the calculation of
Liquidity at the relevant Cash Sweep Determination Date (whether or not there is a Total Cash Sweep Amount) and, if applicable, the amounts of the Total Cash Sweep Amount to be paid to the Cash Sweep Lenders on the relevant Cash Sweep Payment Date,
subject to any agreement with the Cash Sweep Lenders to the contrary. 

 All accounts required under this Clause
9.2 shall be prepared in accordance with GAAP and shall fairly represent the financial condition of the relevant company. In this Clause 9.2 “Group” shall have the meaning ascribed to it in Clause 11.4. 
  

	 	9.3	The Guarantor will keep proper books of record and account in which proper and correct entries shall be made of all financial transactions and the assets, liabilities
and business of the Guarantor in accordance with GAAP. 

  

	 	9.4	The Guarantor will notify the Agent of any Event of Default forthwith upon the Guarantor becoming aware of the occurrence thereof. 

  

	 	9.5	The Guarantor will procure that all such authorisations, approvals, consents, licences and exemptions as may be required under any applicable law or regulation to
enable it to perform its obligations under, and ensure the validity or enforceability of, this Deed are obtained and promptly renewed from time to time and will promptly furnish certified copies thereof to the Agent upon request and will procure
that the terms of the same are complied with at all times. 

  

 112 

	 	9.6	The Guarantor will do all such things as are necessary to maintain its corporate existence in good standing and will ensure that it has the right and is duly qualified
to conduct its business as it is conducted in all applicable jurisdictions and will obtain and maintain all franchises and rights necessary for the conduct of its business. 

  

	 	9.7	The Guarantor will procure that each of the Apollo-Related Transactions has been completed no later than three (3) months before the Intended Delivery Date.

  

	 	9.8	The Guarantor shall procure that any and all of its indebtedness with any other Obligor and/or any shareholder of the Guarantor is at all times fully subordinated to
the Security Documents and the obligations of the Guarantor hereunder. The Guarantor shall also procure that any and all of the indebtedness, except Permitted Indebtedness, of the owners or prospective owners of mortgaged vessels in the Group Fleet
is at all times fully subordinated to the Security Documents and the obligations of the Guarantor hereunder. The Guarantor shall not make or permit to be made any repayments of principal, payments of interest or of any other costs, fees, expenses or
liabilities arising from or representing indebtedness with any shareholder of the Guarantor. Upon the occurrence of an Event of Default the Guarantor shall not make any repayments of principal, payments of interest or of any other costs, fees,
expenses or liabilities arising from or representing indebtedness with any other Obligor. 

  

	10	General Undertakings: Negative Covenants 

  

	 	10.1	The undertakings contained in this Clause 10 shall remain in full force from the date of this Deed until the end of the Security Period. 

  

	 	10.2	Except with the prior written consent of the Agent (acting on the instructions of the Lenders in the case of a sale of the Vessel pursuant to Clause 10.2.1), the
Guarantor will not, and will procure that no other member of the Group will, either in a single transaction or in a series of transactions whether related or not and whether voluntarily or involuntarily, agree to or actually sell, assign, abandon or
otherwise transfer or dispose of all or any of its assets or any share or interest therein except that: 

  

	 	10.2.1	the Borrower may agree to sell the Vessel on the condition that contemporaneously with the completion of the sale the Loan is prepaid in accordance with the provisions
of clause 11 of the Loan Agreement; 

  

	 	10.2.2	the Borrower may let the Vessel on charter in accordance with the provisions of clause 10 of the Loan Agreement; 

  

	 	10.2.3	disposals may be made in the ordinary course of trading of the disposing entity (excluding disposal of ships) including without limitation, the payment of cash as
consideration for the purchase or acquisition of any asset or service or in the discharge of any obligation incurred for value in the ordinary course of trading; 

  

	 	10.2.4	disposals may be made (other than by the Borrower) to another member of the Group; 

  

	 	10.2.5	disposals of cash raised or borrowed may be made for the purposes for which such cash was raised or borrowed; 

  

	 	10.2.6	disposals of assets in exchange for other assets comparable or superior as to type and value may be made; 

  

	 	10.2.7	a vessel owned by any member of the Group (other than the Borrower) may be sold provided such sale is on a willing seller willing buyer basis at or about market rate
and at arm’s length subject always to the provisions of any loan documentation for the financing of such vessel; 

  

 113 

	 	10.2.8	disposals of assets constituting Apollo-Related Transactions may be made, 

 PROVIDED THAT the number of vessels in the Group Fleet existing on the Second Restatement Date shall not at any time [*]. 
  

	 	10.3	Except with the prior written consent of the Agent, the Guarantor will not, and will procure that no other member of the Group will, make any loan or advance or extend
credit to any person, firm or corporation except in the ordinary course of business (in this Clause, “Group” shall exclude the Borrower). 

  

	 	10.4	The Guarantor will not, and will procure that no other member of the Group will, issue or enter into any one (1) or more guarantee or indemnity or otherwise become
directly or contingently liable for the obligations of any other person, firm or corporation without notifying the Agent promptly thereafter with full details of the amount(s) and the period(s) of the guarantee(s) or indemnity(ies), unless:

  

	 	10.4.1	such is or are less than (in aggregate (if applicable)) the amount of [*]; or 

  

	 	10.4.2	such is or are in favour of one or more providers of credit card processing services to the Group and/or any provider of a Letter of Credit Facility (such guarantees to
be fully subordinated to any guarantees supporting the Group Credit Facilities). 

  

	 	10.5	Except with the prior written consent of the Agent, the Guarantor will not, and will procure that no other member of the Group will, make or threaten to make any
substantial change in its business as presently conducted, or carry on any other business which is substantial in relation to its business as presently conducted so as to affect, in the reasonable opinion of the Agent, the ability of the Guarantor
or the Borrower to perform its obligations under the Security Documents to which it is a party PROVIDED THAT any new leisure or hospitality venture embarked upon by any member of the Group shall not constitute a substantial change in its
business (in this Clause, “Group” shall exclude the Borrower) and PROVIDED FURTHER THAT any change of or discontinuation in the business activities of any Obligor (other than the Borrower) in accordance with the
Apollo-Related Transactions shall be permitted. 

  

	 	10.6	The Guarantor and any other member of the Group may enter into any amalgamation, restructure, substantial reorganisation, merger, de-merger, consolidation, winding-up,
dissolution or anything analogous to the foregoing which, for the avoidance of doubt, may include the creation of new Subsidiaries, or acquire any equity, share capital or obligations of any corporation or other entity if it constitutes an
Apollo-Related Transaction or if such entry, creation or acquisition would not: 

  

	 	10.6.1	imperil the security created by any of the Security Documents or the Coface Insurance Policy; 

  

	 	10.6.2	affect the ability of any Obligor duly to perform any of its obligations under any Security Document to which it may be a party at any time; or

  

 114 

	 	10.6.3	affect the ability of the Guarantor to comply with the financial undertakings contained in Clause 11, 

 after any such amalgamation, restructure, substantial reorganisation, merger, de-merger, consolidation, winding-up, dissolution or anything
analogous to the foregoing has been entered into, any such new Subsidiary has been created or any such equity, share capital or obligations of any corporation or other entity has been acquired (in this Clause 10.6, “Group” shall
exclude the Borrower). 
  

	 	10.7	Except with the prior written consent of the Agent, the Guarantor will not alter its financial year end. 

  

	 	10.8	The Guarantor has not taken and shall not take from any other Obligor any security or counter-security in respect of any of its obligations under this Deed PROVIDED
ALWAYS that if the Guarantor, in breach of this Clause, takes any security or counter-security as aforesaid, such security shall be held by the Guarantor as trustee upon trust for the Beneficiaries. 

  

	 	10.9	Except with the prior consent of all the Lenders, the Guarantor shall not (and will procure that no other company in the Group shall), either in a single transaction or
in a series of transactions whether related or not purchase any asset or make any investment: 

  

	 	10.9.1	other than on arm’s length terms; 

  

	 	10.9.2	which is not for its use in its ordinary course of business; 

  

	 	10.9.3	the cost of which is more than its fair market value at the date of acquisition; or 

  

	 	10.9.4	other than an asset constituting an Apollo-Related Transaction. 

 For the avoidance of doubt the purchase of a vessel shall not be permitted under this Clause 10.9 or any other provision of the Loan Agreement or this Deed. 
  

	11	Financial Undertakings and Ownership and Control of the Guarantor 

  

	 	11.1	The Guarantor will ensure that for the financial quarter ending as at 30 June 2006, for the financial quarter ending immediately prior to or on the date falling
ninety (90) days before the Intended Delivery Date and for each subsequent financial quarter: 

  

	 	11.1.1	at all times the minimum Free Liquidity will be not less than [**]; 

  

	 	11.1.2	either: 

  

	 	(a)	as at the end of each financial quarter the ratio of Consolidated EBITDA to Consolidated Debt Service for the Group, computed for the period of the four
(4) consecutive financial quarters ending at the end of the relevant financial quarter, shall not be less than [**]; or 

  

	 	(b)	at all times during the period of twelve (12) months ending as at the end of the relevant financial quarter the Group has maintained a minimum Free Liquidity in an
amount which is not less than [**]; and 

  

 115 

	 	11.1.3	as at the end of each financial quarter the ratio of Total Net Funded Debt to Total Capitalisation of the Group shall not exceed [**]. 

  

	 	    	Amounts available for drawing under any revolving or other credit facilities of the 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. 

  

	 	11.2	It will be an Event of Default if: 

  

	 	11.2.1	at any time when the ordinary share capital of the Guarantor is not publicly listed on an Approved Stock Exchange or at any time when a dividend is paid to the existing
shareholders of the Guarantor by way of a share issue pursuant to a public offering on an Approved Stock Exchange, the Lim Family (together or individually) and Apollo in the aggregate do not, directly or indirectly, control the Guarantor and
beneficially own, directly or indirectly, at least fifty one per cent (51%) of the issued share capital of, and equity interest in, the Guarantor; or 

  

	 	11.2.2	at any time following the listing of the ordinary share capital of the Guarantor on an Approved Stock Exchange: 

  

	 	(a)	any individual or any Third Party: 

  

	 	(i)	owns legally and/or beneficially and either directly or indirectly at least [**] of the ordinary share capital of the Guarantor; or 

  

	 	(ii)	has the right or the ability to control either directly or indirectly the affairs of or the composition of the majority of the board of directors (or equivalent) of the
Guarantor; 

  

	 	    	and, at the same time as any of the events described in paragraphs (i) or (ii) of this Clause has occurred and is continuing, the Lim Family (together or
individually) and Apollo in the aggregate do not, directly or indirectly, beneficially own at least [*] of the issued share capital of, and equity interest in, the Guarantor; or 

  

	 	(b)	the Guarantor ceases to be a listed company on an Approved Stock Exchange without the prior written consent of the Agent (acting on the instructions of the Lenders),

 (and, for the purpose of this Clause 11.2 “control” of any company, limited partnership or
other legal entity (a “body corporate”) by a member of the Lim Family and Apollo, means that one (1) or more members of the Lim Family or Apollo has, directly or indirectly, the power to direct the management and policies of
such a body corporate, whether through the ownership of more than [*] of the issued voting capital of that body corporate or by contract, trust or other arrangement). 
  

 116 

	 	11.3	The Guarantor shall not and shall procure that no other member of the Group shall, pay any dividends or make any other distributions in respect of its share capital to
any person or make any repayments of capital or payments of interest in respect of Financial Indebtedness of an Affiliate of the Guarantor other than payments, distributions, dividends or repayments to another member of the Group. For the avoidance
of doubt distributions made in respect of the tax liability to each relevant jurisdiction in respect of consolidated, combined, unitary or affiliated tax returns for the relevant jurisdiction of any member of the Group or holder of the
Guarantor’s share capital attributable to any member of the Group shall not be restricted by this Clause 11.3. 

 The Guarantor will procure that any dividends or other distributions and interest paid or payable in connection with such dividends or other distributions will be received promptly by the Guarantor directly or indirectly from the
Borrower’s shareholder(s) (if such shareholder is not the Guarantor) by way of dividend. 
  

	 	11.4	In Clause 11.1, Clause 11.2, Clause 11.3, Clause 11.6 and Schedule 1: 

  

	 	11.4.1	“Affiliate” means, with respect to any person, any other person controlling, controlled by or under common control with, such person and for purposes
of this definition, “control” (including, with correlative meanings, the terms “controlling”, “controlled by” and “under common control with”), as applied to any person, means the
possession, directly or indirectly, of the power to vote ten per cent (10%) or more of the securities having voting power for the election of directors of such person, or otherwise to direct or cause the direction of the management and policies
of that person, whether through the ownership of voting securities or by contract or otherwise; 

  

	 	11.4.2	“Approved Stock Exchange” means the New York Stock Exchange, NASDAQ or such other stock exchange in the United States of America as is approved in
writing by the Agent; 

  

	 	11.4.3	“Budgeted Consolidated EBITDA” means the relevant amount set out in Schedule 3; 

  

	 	11.4.4	“Cash Balance” means, at any date of determination, the unencumbered and otherwise unrestricted cash and cash equivalents of the Group;

  

	 	11.4.5	“Consolidated Debt Service” means, for any relevant period, the sum (without double counting), determined in accordance with GAAP, of:

  

	 	(a)	the aggregate principal payable or paid during such period on any Indebtedness of any member of the Group, other than: 

  

	 	(i)	principal of any such Indebtedness prepaid at the option of the relevant member of the Group or by way of the cash sweep provisions of the loan documentation in respect
of the Cash Sweep Credit Facilities; 

  

	 	(ii)	principal of any such Indebtedness prepaid upon the sale or Total Loss of any vessel owned or leased under a capital lease by any member of the Group or under an
Apollo-Related Transaction; and 

  

 117 

	 	(iii)	balloon payments of any such Indebtedness payable during such period (and for the purpose of this paragraph (iii) a “balloon payment” shall not
include any scheduled repayment instalment of such Indebtedness which forms part of the balloon or under an Apollo-Related Transaction; 

  

	 	(b)	Consolidated Interest Expense for such period; 

  

	 	(c)	the aggregate amount of any dividend or distribution of present or future assets, undertakings, rights or revenues to any shareholder of any member of the Group (other
than the Guarantor or one of its wholly owned Subsidiaries) or any distribution in respect of share capital during such period (“Distributions”) other than the tax distributions described in Clause 11.3; and

  

	 	(d)	all rent under any capital lease obligations by which the Guarantor or any consolidated Subsidiary is bound which are payable or paid during such period and the portion
of any debt discount that must be amortised in such period, 

 as calculated in accordance with GAAP and derived
from the then latest unaudited consolidated accounts of the Guarantor delivered to the Agent in the case of any period ending at the end of any of the first three (3) financial quarters of each financial year of the Guarantor and the then
latest Accounts delivered to the Agent in the case of the final quarter of each such financial year; 
  

	 	11.4.6	“Consolidated EBITDA” means, for any relevant period, the aggregate of: 

  

	 	(a)	Consolidated Net Income from the Guarantor’s operations for such period; and 

  

	 	(b)	the aggregate amounts deducted in determining Consolidated Net Income for such period in respect of gains and losses from the sale of assets or reserves relating
thereto, Consolidated Interest Expense, depreciation and amortisation, impairment charges and any other non-cash charges and deferred income tax expense for such period; 

  

	 	11.4.7	“Consolidated Interest Expense” means, for any relevant period, the consolidated interest expense (excluding capitalised interest) of the Group for
such period; 

  

	 	11.4.8	“Consolidated Net Income” means, for any relevant period, the consolidated net income (or loss) of the Group for such period as determined in
accordance with GAAP; 

  

	 	11.4.9	“Free Liquidity” means, at any date of determination, the aggregate of the Cash Balance and any amounts freely available for drawing under any
revolving or other credit facilities of the Group, which remains undrawn, could be drawn for general working capital purposes or other general corporate purposes and would not, if drawn, be repayable within six (6) months;

  

 118 

	 	11.4.10	“Group” means, for the purposes of this Clause 11, the Guarantor, its Subsidiaries and any other entity which is required to be consolidated in the
Guarantor’s accounts in accordance with GAAP; 

  

	 	11.4.11	“Indebtedness” means Financial Indebtedness (whether present or future, actual or contingent, long-term or short-term, secured or unsecured) in respect
of: 

  

	 	(a)	moneys borrowed or raised; 

  

	 	(b)	the advance or extension of credit (including interest and other charges on or in respect of any of the foregoing); 

  

	 	(c)	the amount of any liability in respect of leases which, in accordance with GAAP, are capital leases; 

  

	 	(d)	the amount of any liability in respect of the purchase price for assets or services payment of which is deferred for a period in excess of one hundred and eighty
(180) days; 

  

	 	(e)	all reimbursement obligations whether contingent or not in respect of amounts paid under a letter of credit or similar instrument; and 

  

	 	(f)	(without double counting) any guarantee of Financial Indebtedness falling within paragraphs (a) to (e) above; 

 PROVIDED THAT the following shall not constitute Indebtedness: 
  

	 	(i)	loans and advances made by other members of the Group which are subordinated to the rights of the Finance Parties; 

  

	 	(ii)	loans and advances made by any shareholder of the Guarantor which are subordinated to the rights of the Finance Parties; and 

  

	 	(iii)	any liabilities of the Guarantor or any other member of the Group to a counterparty under any master agreement relating to the interest or currency exchange
transactions of a non-speculative nature; 

  

	 	11.4.12	“Lim Family” means: 

  

	 	(a)	the late Tan Sri Lim Goh Tong; 

  

	 	(b)	his spouse; 

  

	 	(c)	his direct lineal descendants; 

  

	 	(d)	the personal estate of any of the above persons; and 

  

	 	(e)	any trust created for the benefit of one or more of the above persons and their estates; 

  

 119 

	 	11.4.13	“Third Party” means any person or group of persons acting in concert (as the expression “acting in concert” is defined in the City
Code on Take-overs and Mergers) who or which is not a member of the Lim Family or Apollo; 

  

	 	11.4.14	“Total Capitalisation” means, at any date of determination, Total Net Funded Debt plus the consolidated stockholders’ equity of the Group at such
date determined in accordance with GAAP and derived from the then latest unaudited and consolidated accounts of the Guarantor delivered to the Agent in the case of the first three (3) quarters of each financial year and the then latest Accounts
delivered to the Agent in the case of the final quarter of each financial year PROVIDED THAT for any such accounts delivered after the Second Restatement Date, the effect of any impairment of intangible assets shall be added back to
stockholders’ equity; 

  

	 	11.4.15	“Total Net Funded Debt” means, as at any relevant date: 

  

	 	(a)	Indebtedness of the Group; and 

  

	 	(b)	the amount of any Indebtedness of any person which is not a member of the Group but which is guaranteed by a member of the Group as at such date;

 less an amount equal to any Cash Balance and all amounts from time to time standing to the credit of the [*] as
at such date. 
  

	 	11.5	Save as specified in Clause 11.1.2, the ratios referred to in Clause 11.1 and Clause 11.6 will be measured on a quarterly basis by reference to the consolidated
accounts of the Guarantor. 

  

	 	11.6	If Consolidated EBITDA at the end of any financial quarter (computed for the period of the four (4) consecutive financial quarters ending at the end of such financial
quarter) for the period between the Second Restatement Date up to and including 31 December 2010 is more than [*] lower than Budgeted Consolidated EBITDA for such period, then the Majority Group-Wide Lenders shall have the right to request the
Guarantor promptly to appoint, at its cost, an independent restructuring firm acceptable to the Majority Group-Wide Lenders to provide a due diligence report on the management restructuring plan and its present state to the Group-Wide Lenders as
soon as practicable. The Guarantor shall use commercially reasonable efforts to assist such restructuring firm in preparing such due diligence report within sixty (60) days of the request. 

  

	12	Special Liquidity 

  

	 	12.1.1	Provided that no Event of Default has occurred and is continuing, any Total Special Liquidity Sources Amount shall be applied on the relevant Special Liquidity Sources
Payment Date in prepayment, reduction and/or cancellation of the Cash Sweep Credit Facilities. 

  

	 	12.1.2	Notwithstanding anything to the contrary, payment under this Clause 12 shall only be required to the extent such payment does not reduce Liquidity to a level below [*].

  

	 	12.1.3	No vessel in the Group Fleet may be sold unless any Special Liquidity Sources arising from the sale are applied in accordance with this Clause 12.

  

	13	Chartering 

 Notwithstanding the provisions of clause 10.12 and clause 10.14 of the Loan Agreement, the Guarantor shall not (and will procure that no company in the Group shall), charter (in or out) any vessel, except that the following shall be
permitted: 
  

	 	13.1	the chartering out of m.v. “NORWEGIAN JADE” by Pride of Hawaii, Inc. to the Manager and any other intra-Group chartering of any vessel, which complies with
clause 10.12 and clause 10.14.3 of the Loan Agreement; 

  

	 	13.2	any extra-Group chartering out of a vessel that would be permissible under clause 10.12 and clause 10.14 of the Loan Agreement, except that no such extra-Group charter
may be made: 

  

	 	13.2.1	other than in the usual course of business of the vessel’s owner or other Group operator; 

  

 120 

	 	13.2.2	directly or indirectly to another cruise line; 

  

	 	13.2.3	for a period longer than two (2) months; and/or 

  

	 	13.2.4	other than at or about market rate at the time the charter is fixed; 

  

	 	13.3	the sale and initial lease-back of any vessel in the Group Fleet subject to compliance with Clause 12 and Clause 10.2 and in accordance with clauses 10.12.1, 10.12.3
and 10.12.5 of the Loan Agreement; and 

  

	 	13.4	any charter of a vessel in existence at the date of the Third Supplemental Deed to or from a person that is not a company in the Group at the Second Restatement Date
PROVIDED THAT any extension or renewal of such a charter shall only be permitted if either it is not materially adverse to the Group or the Group-Wide Lenders, in the opinion of the Majority Group-Wide Lenders, or the extension or renewal is
solely at the option of that person which is not a company in the Group. 

  

	14	Hedging 

 Notwithstanding
any other provision of the Loan Agreement or this Deed to the contrary, the Guarantor shall not (and will procure that no company in the Group shall) enter into any ISDA Master Agreement (or any other form of master agreement) or any transaction
under any such master agreement relating to a fuel, interest or currency exchange transaction unless: 
  

	 	a)	the counterparty to such master agreement is a Group-Wide Lender (or an Affiliate (as defined in Clause 11.4) of a Group-Wide Lender); and 

  

	 	b)	the entry into that master agreement or transaction is for non-speculative reasons. 

  

	15	Equity Contribution 

 If
the Guarantor fails to comply with the financial covenants under the loan documentation in respect of the Cash Sweep Credit Facilities during the period from the Second Restatement Date up to and including 31 December 2010, the Guarantor shall, with
the support and co-operation of its shareholders, use commercially reasonable endeavours and take all practicable steps to procure the contribution by the Investors, Star and/or any other capital provider of new equity in cash for the Guarantor. To
the extent such endeavour is successful, such contribution shall be made within thirty (30) days from the date of such breach and be in an amount (in addition to the New Cash Equity) not exceeding the lesser of the amount required by the Majority
Group-Wide Lenders and [*], in aggregate. 
  

	16	Indebtedness 

 Notwithstanding any other provision of the Loan Agreement or this Deed to the contrary, the Guarantor shall not (and will procure that no company in the Group shall) incur any Indebtedness (as defined in Clause 11.4) other than Permitted
Indebtedness. 
  

	17	Discharge 

 Subject to
Clause 4.3, following the irrevocable repayment or payment to the Lenders or the Agent (for itself and on behalf of the Lenders) of all the Outstanding Indebtedness the Beneficiaries will at the Guarantor’s request return this Deed to the
Guarantor and shall, at the request and cost of the Guarantor, transfer to the Guarantor such rights as the Beneficiaries may at such time have in the security for the Outstanding Indebtedness and to the proceeds of any such rights or security.

  

 121 

	18	Assignment and Transfer 

  

	 	18.1	This Deed shall be binding upon and enure to the benefit of the Beneficiaries and their successors and permitted assigns and transferees. 

  

	 	18.2	The Guarantor shall not be entitled to assign or transfer all or any part of its rights, benefits or obligations under this Deed. 

  

	 	18.3	The Lenders and/or the Agent may transfer their respective rights hereunder to any person to whom their respective rights and obligations under the Loan Agreement are
transferred in accordance with the Loan Agreement. 

  

	 	18.4	Any Finance Party may disclose to any of its Affiliates and to the following other persons: 

  

	 	(a)	any person to (or through) whom that Lender assigns or transfers (or may potentially assign or transfer) all or any of its rights and obligations under this Deed;

  

	 	(b)	any person with (or through) whom that Lender enters into (or may potentially enter into) any sub-participation in relation to, or any other transaction under which
payments are to be made by reference to, this Deed or any Obligor; 

  

	 	(c)	any person to whom, and to the extent that, information is required to be disclosed by any applicable law or regulation; 

  

	 	(d)	any other Finance Party, or any employee, officer, director or representative of such entity which needs to know such information or receive such document in the course
of such person’s employ or duties; 

  

	 	(e)	Coface, or any employee, officer, director or representative of such entity which needs to know such information or receive such document in the course of such
person’s employ or duties; 

  

	 	(f)	the Guarantor or any other member of the Group, or any employee, officer, director or representative of such entity which needs to know such information or receive such
document in the course of such person’s employ or duties; or 

  

	 	(g)	auditors, insurance and reinsurance brokers, insurers and reinsurers and professional advisers, including legal advisers, which need to know such information,

 any information about any Obligor, this Deed and the other Security Documents as that Finance Party shall
consider appropriate. Each of the Finance Parties may also disclose to the Builder, or any employee, officer, director or representative of the Builder which needs to know such information or receive such document in the course of such person’s
employ or duties, such information about any Obligor, this Deed and the other Security Documents as that Finance Party reasonably considers normal practice for a French export credit. 
  

 122 

 Each of the Finance Parties acknowledges that all information received now or in the future
from or on behalf of the Obligors under or pursuant to or in connection with the Transaction Documents or the Coface Insurance Policy (other than any information which is in the public domain other than as a result of a breach of this Clause) is
confidential information and undertakes to advise this fact to any recipient of any such information under this Clause. 
  

	 	18.5	A person (including any body of persons) who is not a party to this Deed has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this
Deed but this does not affect any right or remedy of a third party which exists or is available apart from that Act. 

  

	19	Miscellaneous Provisions 

  

	 	19.1	No failure to exercise and no delay in exercising on the part of the Beneficiaries or any of the other Finance Parties any right or remedy under this Deed or under any
other of the Security Documents shall operate as a waiver thereof, nor shall any single or partial exercise of any right or remedy preclude any other or further exercise thereof or the exercise of any other right or remedy. No waiver by the
Beneficiaries or any of the other Finance Parties shall be effective unless it is in writing. 

  

	 	19.2	The rights and remedies of the Finance Parties provided herein and in the other Security Documents are cumulative and not exclusive of any rights or remedies provided
by law. 

  

	 	19.3	If any provision of this Deed or the Loan Agreement or any other Security Document to which any Obligor is a party is prohibited or unenforceable in any jurisdiction,
such prohibition or unenforceability shall not invalidate the remaining provisions hereof or thereof or affect the validity or enforceability of such provision in any other jurisdiction. 

  

	 	19.4	Time is of the essence in respect of all of the obligations of the Guarantor under this Deed. 

  

	20	Waiver of Immunity 

  

	 	20.1	The Guarantor irrevocably and unconditionally: 

  

	 	20.1.1	waives any right of immunity which it or its assets now has or may hereafter acquire in relation to any legal proceedings (including, but without limitation, actions in
rem and/or in personam) brought against it or its assets by the Beneficiaries in relation to this Deed; and 

  

	 	20.1.2	consents generally in respect of any such proceedings to the giving of any relief including, without limitation, the issue of any process in connection with such
proceedings and the making, enforcement or execution against any property whatsoever (irrespective of its use or intended use) of any order or judgment which may be made or given in such proceedings. 

  

 123 

	21	Notices 

  

	 	21.1	Each notice, demand or other communication to be made under this Deed shall be made in writing which, unless otherwise stated, includes telefax.

  

	 	21.2	 Any notice, demand or other communication to be made or delivered by the Agent to the Guarantor pursuant to this Deed shall (unless the Guarantor has
by fifteen (15) days’ written notice to the Agent specified another address) be made or delivered to the Guarantor at 7665 Corporation Center Drive, Miami, Florida 33126, United States of America marked for the attention of the Chief
Financial Officer (telefax no. +1 305 436 4140) and the Legal Department (telefax no. +1 305 436 4117) with a copy to the Investors c/o Apollo Management, LP, 9 West 57th Street, 43rd Floor, New York, NY 10019, United States of America marked for the attention of Mr Steven Martinez (telefax no. +1 212
515 3288) and shall be deemed to have been made or delivered (in the case of any telefax) when transmission of such telefax communication has been completed or (in the case of any letter) when delivered to the aforesaid address or (as the case may
be) five (5) days after being deposited in the post first class postage prepaid in an envelope addressed to it at that address PROVIDED THAT if the copy of any notice, demand or other communication is not received by the Investors it
shall not affect the effectiveness of the notice. Any notice, demand or other communication to be made or delivered by the Guarantor to the Agent pursuant to this Deed shall (unless the Agent has by fifteen (15) days’ written notice to the
Guarantor specified another address) be made or delivered to the Agent (for itself and on behalf of the Lenders) at its office for the time being which is at present at BNP Paribas, ECEP/Export Finance, ACI:CHDESA1, 37 Place du Marché
Saint-Honoré, 75031 Paris Cedex 01, France marked for the attention of Mrs Dominique Laplasse (telefax no. +33 1 43 16 81 84) and shall be deemed to have been made or delivered (in the case of telefax) when transmission of such telefax
communication has been completed or (in the case of any letter) when delivered to the aforesaid address or (as the case may be) five (5) days after being deposited in the post first class postage prepaid in an envelope addressed to it at that
address. 

  

	 	21.3	Each notice, demand or other communication made or delivered by one (1) party to the other pursuant to this Deed shall be in the English language or accompanied by
a certified English translation. 

  

	22	Governing Law 

 This Deed
and any non-contractual obligations arising from or in connection with it shall be governed by and construed in accordance with the laws of England. 
  

	23	Jurisdiction 

  

	 	23.1	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Deed or relating to any non-contractual obligations
arising from or in connection with this Deed (including a dispute regarding the existence, validity or termination of this Deed) (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. 

  

 124 

 This Clause 23.1 is for the benefit of the Beneficiaries only. As a result, such party
shall not be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, such party may take concurrent proceedings in any number of jurisdictions. 
  

	 	23.2	The Guarantor 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 Guarantor shall within fourteen (14) days appoint a company which has premises in London and has been approved by the Agent to act as the Guarantor’s process agent with unconditional authority to receive and
acknowledge service on behalf of the Guarantor of all process or other documents connected with proceedings in the English courts which relate to this Deed. 

  

	 	23.3	For the purpose of securing its obligations under Clause 23.2, the Guarantor irrevocably agrees that, if it for any reason fails to appoint a process agent within the
period specified in Clause 23.2, the Agent may appoint any person (including a company controlled by or associated with the Agent or any Lender) to act as the Guarantor’s process agent in England with the unconditional authority described in
Clause 23.2. 

  

	 	23.4	No neglect or default by a process agent appointed or designated under this Clause (including a failure by it to notify the Guarantor of the service of any process or
to forward any process to the Guarantor) shall invalidate any proceedings or judgment. 

  

	 	23.5	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. 

  

	 	23.6	A judgment relating to this Deed which is given or would be enforced by an English court shall be conclusive and binding on the Guarantor and may be enforced without
review in any other jurisdiction. 

  

	 	23.7	Nothing in this Clause shall exclude or limit any right which the Beneficiaries 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. 

  

	 	23.8	In this Clause “judgment” includes order, injunction, declaration and any other decision or relief made or granted by a court.

 IN WITNESS whereof this Deed of Guarantee and Indemnity has been executed by the parties hereto on the day first written
above. 
  

 125 

					
	 SIGNED SEALED and DELIVERED as a DEED
	  	)	  	
	 for and on behalf of
	  	)	  	
	 NCL CORPORATION LTD.
	  	)	  	
	 acting by
	  	)	  	
	 its duly appointed attorney-in-fact
	  	)	  	
	 in the presence of:
	  	)	  	
			
	 SIGNED SEALED and DELIVERED as a DEED
	  	)	  	
	 for and on behalf of
	  	)	  	
	 BNP PARIBAS
	  	)	  	
	 as a Lender
	  	)	  	
	 acting by
	  	)	  	
	 its duly appointed attorney-in-fact
	  	)	  	
	 in the presence of:
	  	)	  	
			
	 SIGNED SEALED and DELIVERED as a DEED
	  	)	  	
	 for and on behalf of
	  	)	  	
	 CALYON
	  	)	  	
	 acting by
	  	)	  	
	 its duly appointed attorney-in-fact
	  	)	  	
	 in the presence of:
	  	)	  	
			
	 SIGNED SEALED and DELIVERED as a DEED
	  	)	  	
	 for and on behalf of
	  	)	  	
	 HSBC FRANCE
	  	)	  	
	 acting by
	  	)	  	
	 its duly appointed attorney-in-fact
	  	)	  	
	 in the presence of:
	  	)	  	
			
	 SIGNED SEALED and DELIVERED as a DEED
	  	)	  	
	 for and on behalf of
	  	)	  	
	 SOCIETE GENERALE
	  	)	  	
	 acting by
	  	)	  	
	 its duly appointed attorney-in-fact
	  	)	  	
	 in the presence of:
	  	)	  	

  

 126 

					
	 SIGNED SEALED and DELIVERED as a DEED
	  	)	  	
	 for and on behalf of
	  	)	  	
	 BNP PARIBAS
	  	)	  	
	 as the Agent
	  	)	  	
	 acting by
	  	)	  	
	 its duly appointed attorney-in-fact
	  	)	  	
	 in the presence of:
	  	)	  	

  

 127 

 Schedule 1 
 Quarterly Statement of Financial Covenants 
  

 128 

 Schedule 2 
 Particulars of Agent and Lenders 
  

 129 

 Schedule 3 
 Budgeted Consolidated EBITDA 
  

 130 

 Schedule 4 
 Report on Bookings 
  

 131Third Supplemental Deed, dated April 2, 2009

 Exhibit 4.34 
 [*]: THE CONFIDENTIAL PORTION HAS BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND THE OMITTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE COMMISSION. 
 [**]: THE CONFIDENTIAL PORTION HAS BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT PREVIOUSLY GRANTED BY THE COMMISSION AND THE OMITTED
MATERIAL HAS BEEN FILED SEPARATELY WITH THE COMMISSION. 
 DATED 2 APRIL 2009 
 NCL CORPORATION LTD. 
 (as borrower) 
 NORWEGIAN PEARL, LTD. 
 NORWEGIAN GEM, LTD. 
 (as guarantors) 

NCL INTERNATIONAL LTD. 
 (as shareholder) 
 NCL (BAHAMAS) LTD. 
 (as manager) 
 THE SEVERAL BANKS 
 (particulars of which are set out in Schedule 1) 
 (as lenders) 
 DnB NOR BANK ASA 
 (as agent) 
 DnB NOR BANK ASA 
 (as security agent)

 COMMERZBANK AKTIENGESELLSCHAFT 
 (as Lower Saxony guarantee agent) 
  
  
 THIRD
SUPPLEMENTAL DEED TO 
 UP TO EUR624,000,000 
 REVOLVING LOAN FACILITY AGREEMENT 
 dated
7 October 2005 
  
  
 [**] 

 CONTENTS 
  

					
	 	  	 	  	Page
	 1
	  	 Definitions and Construction
	  	2
			
	 2
	  	 Amendment and/or Restatement of Original Facility Agreement and Other Security Documents
	  	3
			
	 3
	  	 Conditions Precedent
	  	4
			
	 4
	  	 Representations and Warranties
	  	7
			
	 5
	  	 Trust
	  	8
			
	 6
	  	 Fee and Expenses
	  	9
			
	 7
	  	 Further Assurance
	  	9
			
	 8
	  	 Counterparts
	  	10
			
	 9
	  	 Notices
	  	10
			
	 10
	  	 Governing Law
	  	10
			
	 11
	  	 Jurisdiction
	  	11
			
	 Schedule 1
	  	 Particulars of Agent, Security Agent, Lower Saxony Guarantee Agent, Restructuring Trustee and Lenders
	  	17
			
	 Schedule 2
	  	 Facility Agreement
	  	18

 THIRD SUPPLEMENTAL DEED 
 DATED 2 APRIL 2009 
 BETWEEN: 
  

	(1)	NCL CORPORATION LTD. a company incorporated in and existing under the laws of Bermuda with its registered office at Milner House, 18 Parliament Street, Hamilton
HM 12, Bermuda as borrower (the “Borrower”); 

  

	(2)	NORWEGIAN PEARL, LTD. and NORWEGIAN GEM, LTD. each being a company incorporated in and existing under the laws of Bermuda with its registered office at
Milner House, 18 Parliament Street, Hamilton HM 12, Bermuda as guarantors (collectively the “Guarantors” and each individually a “Guarantor”); 

  

	(3)	NCL INTERNATIONAL LTD. a company incorporated under the laws of Bermuda and having its registered office at Milner House, 18 Parliament Street, Hamilton HM 12,
Bermuda as shareholder (the “Shareholder”); 

  

	(4)	NCL (BAHAMAS) LTD. a company incorporated in and existing under the laws of Bermuda with its registered office at Milner House, 18 Parliament Street, Hamilton HM
12, Bermuda as manager (the “Manager”); 

  

	(5)	THE SEVERAL BANKS particulars of which are set out in Schedule 1 as lenders (collectively the “Lenders” and each individually a
“Lender”); and 

  

	(6)	DnB NOR BANK ASA of Stranden 21, NO-0021 Oslo, Norway as agent for itself and the Lenders (the “Agent”); 

  

	(7)	COMMERZBANK AKTIENGESELLSCHAFT of Ness 7-9, 20457 Hamburg, Federal Republic of Germany as German State of Lower Saxony agent (the “Lower Saxony Guarantee
Agent”); and 

  

	(8)	DnB NOR BANK ASA of Stranden 21, NO-0021 Oslo, Norway as security agent (the “Security Agent”). 

 WHEREAS: 
  

	(A)	By a secured loan facility agreement dated 7 October 2005 as amended and/or restated by a first supplemental deed dated 13 November 2006 and a second
supplemental deed dated 21 December 2007 (the “Original Facility Agreement”) made between (among others) (1) the Borrower as borrower (2) the Lenders as 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 has been secured by (among other things) guarantees and indemnities dated 28 November 2006 and 1 October 2007 granted by the Guarantors respectively.

  

	(B)	The Borrower has requested the amendment of the remaining Reduction Dates for, and the amounts of the reductions of, each Tranche of the Facility.

	(C)	The consent of the Lenders, the Agent and the Lower Saxony Guarantee Agent is given in respect of the above matter on the terms of this third supplement to the Original
Facility Agreement (this “Deed”) which shall be executed as a deed. 

 NOW THIS DEED WITNESSES as follows:

  

	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 Original Facility Agreement shall have the meanings set out therein. In addition, the following terms and expressions shall
have the meanings set out below: 

 “Amendment Document” means, in respect of a NCLC Group Credit
Facility other than the Facility, the supplemental deed to the facility agreement and, if applicable, the guarantee of the Borrower with similar content to this Deed; 
 “Facility Agreement” means the Original Facility Agreement as amended and restated by this Deed and as set out in Schedule 2; 
 “NCLC Group Credit Facilities” means the Facility, the USD800,000,000 facility made to the Borrower pursuant to a facility
agreement dated 7 July 2004 (as amended and/or restated from time to time), the USD610,000,000 facility made to the Borrower pursuant to a facility agreement dated 22 December 2006 (as amended and/or restated from time to time), the
USD15,000,000 facility made to the Manager pursuant to a facility agreement dated 20 April 2004 (as amended and/or restated from time to time) the EUR308,130,000 facility made to Pride of Hawaii, Inc. pursuant to a facility agreement dated
20 April 2004 (as amended and/or restated from time to time), the USD334,050,000 facility made to Norwegian Jewel Limited pursuant to a facility agreement dated 20 April 2004 (as amended and/or restated from time to time), the
EUR258,000,000 facility made to Pride of America Ship Holding, Inc. pursuant to a facility agreement dated 4 April 2003 (as amended and/or restated from time to time), the EUR40,000,000 facility made to Pride of America Ship Holding, Inc.
pursuant to a facility agreement dated 4 April 2003 (as amended and/or restated from time to time) and the EUR662,905,320 facility made to F3 Two, Ltd. pursuant to a facility agreement dated 22 September 2006 (as amended and/or restated
from time to time); 
 “New Process Agent” means EC3 Services Limited whose registered office is presently at 51
Eastcheap, London EC3M 1JP; 
 “Second Restatement Date” means the date on which the conditions precedent set
out in Clause 3.1 are fulfilled to the satisfaction of the Agent or waived by the Agent pursuant to Clause 3.2; and 
 “Trust Property” means: 
  

	 	(a)	all benefits derived by the Security Agent from the Security Documents; and 

  

 2 

	 	(b)	all benefits arising under (including, without limitation, all proceeds of the enforcement of) each of the Security Documents, 

 with the exception of any benefits arising solely for the benefit of the Security Agent. 
  

	 	1.2	The provisions of clauses 1.2, 1.3, 1.4 and 1.5 of the Facility Agreement shall apply hereto (mutatis mutandis). 

  

	2	Amendment and/or Restatement of Original Facility Agreement and Other Security Documents 

  

	 	2.1	Subject to Clause 3.1, the parties hereto agree that immediately upon and with effect from the Second Restatement Date the Original Facility Agreement shall be amended
and restated to read in accordance with the amended and restated facility agreement as set out in Schedule 2 and (as so amended and restated) will continue to be binding upon each of the parties thereto in accordance with its terms as so amended and
restated. 

  

	 	2.2	The Borrower, each of the Guarantors and the Shareholder hereby confirms to the Lenders, the Agent, the Security Agent and the Lower Saxony Guarantee Agent that with
effect from the Second Restatement Date: 

  

	 	2.2.1	all references to the Original Facility Agreement in the other Security Documents shall be construed as references to the Facility Agreement and all terms used in such
Security Documents whose meanings are defined by reference to the Original Facility Agreement shall be defined by reference to the Facility Agreement; 

  

	 	2.2.2	the Security Documents shall apply to, and extend to secure, the whole of the Outstanding Indebtedness, as defined in clause 1.1 of the Facility Agreement, until it has
been repaid or paid in full to the Lenders (or to the Agent on their behalf) and the Agent; 

  

	 	2.2.3	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 and in particular but without limitation by the granting of time to the Borrower under the Original Facility Agreement; and 

  

	 	2.2.4	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 Borrower under the
Facility Agreement and the other Security Documents as amended by this Deed. 

  

	 	2.3	The Manager hereby acknowledges and, to the extent necessary, agrees to comply with the terms of clause 10.23 and clause 10.24 of the Facility Agreement.

  

 3 

	 	2.4	The Lenders hereby confirm to the Borrower that with effect from the Second Restatement Date: 

  

	 	2.4.1	neither the requested amendments to the Original Facility Agreement and the facility agreements in respect of the other NCLC Group Credit Facilities nor the negotiation
and execution of the Amendment Documents, constitute or will constitute an Event of Default; and 

  

	 	2.4.2	the Lenders only waive any rights they may have to claim an Event of Default as a result of such negotiations and amendments that occurred on and prior to the Second
Restatement Date. 

  

	 	2.5	Except as expressly amended hereby or pursuant hereto the Original Facility Agreement and the other Security Documents shall remain in full force and effect and nothing
herein contained shall relieve the Borrower, either of the Guarantors, the Shareholder or any other Obligor from any of its respective obligations under any such documents. 

  

	3	Conditions Precedent 

  

	 	3.1	The amendment and restatement of the Original Facility Agreement provided for in Clause 2 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	prior to the date of this Deed, an updated integrated financial model for the NCLC Group for the period until 31 December 2019 which is hereby agreed to have been
satisfied by the financial model for the NCLC Group posted on www.intralinks.com on 5 March 2009; 

  

	 	3.1.2	on the date of this Deed: 

  

	 	(a)	one (1) counterpart of this Deed duly executed by the parties hereto; 

  

	 	(b)	a written confirmation from the New Process Agent that it will act for the Borrower, each of the Guarantors, the Shareholder, the Manager and the owners of the Hermes
Vessels (as defined in the Facility Agreement) as agent for service of process in England in respect of this Deed and the documents to be executed pursuant hereto; 

  

	 	(c)	evidence that each of the Lenders has received payment of the handling fee to which it is entitled as more particularly described in Clause 6.1; and

  

	 	(d)	the following corporate documents in respect of the Borrower, each of the Guarantors, the Shareholder, the Manager and the owners of the Hermes Vessels (as defined in
the Facility Agreement) (together the “Relevant Parties”): 

  

	 	(i)	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 any document to be executed pursuant hereto 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; 

  

 4 

	 	(ii)	notarially attested secretary’s certificate of each of the Relevant Parties: 

  

	 	(1)	attaching a copy of its Certificate of Incorporation and Memorandum of Association and Bye-Laws (or equivalent constitutional documents) which do not prohibit the
entering into of the transactions contemplated in this Deed; 

  

	 	(2)	giving the names of its present officers and directors; 

  

	 	(3)	setting out specimen signatures of such persons as are authorised by the Relevant Party to sign documents or otherwise undertake the performance of that Relevant
Party’s obligations under this Deed; 

  

	 	(4)	giving the legal owner of its shares and the number of such shares held; 

  

	 	(5)	attaching copies of resolutions passed at duly convened meetings of the directors and, if required by the Agent, the shareholders 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 

  

	 	(6)	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 Agent with respect to paragraphs (1), (2), (3), (4) and (6) of this Clause 3.1.2(d)(ii) and attaching copies of resolutions passed at duly convened meetings of the directors and, if required by the Agent, the shareholders of each of
the Relevant Parties authorising (as applicable) the execution of this Deed and any document to be executed pursuant hereto and the issue of any power of attorney to execute the same; and 
  

	 	(iii)	the original powers of attorney, if any, issued pursuant to the resolutions referred to above and notarially attested; 

  

	 	3.13	evidence that the Investors and Star in the aggregate have contributed one hundred million Dollars (USD100,000,000) in cash as new equity for the Borrower since 27
January 2009, by way of a certificate of the NCLC Group’s chief financial officer attaching copies of one or more wire transfers in an aggregate amount of one hundred million Dollars (USD100,000,000) and stating that the payments are an equity
contribution for the Borrower; 

  

 5 

	 	3.1.4	a Certified Copy of each of the Hermes Vessel Owner Third Guarantees (as defined in the Facility Agreement) duly executed by the owners of the Hermes Vessels;

  

	 	3.1.5	a Certified Copy of each of the Third Mortgages (as defined in the Facility Agreement) duly executed by the owners of the Hermes Vessels (as defined in the Facility
Agreement) and lodged for registration at respectively the Bahamas Maritime Authority in London and the US Coast Guard National Vessel Documentation Center; 

  

	 	3.1.6	a Certified Copy of each of the Third Assignments (as defined in the Facility Agreement) duly executed by the owners of the Hermes Vessels (as defined in the Facility
Agreement) and the other parties thereto; 

  

	 	3.1.7	one (1) counterpart of the Third Priority Security Co-ordination Deed (as defined in the Facility Agreement) duly executed by the parties thereto;

  

	 	3.1.8	a Certified Copy confirmation from the Account Holder (as defined in the Facility Agreement) that the Cash Sweep Bank Account (as defined in the Facility Agreement) has
been opened with the Account Holder and is, and will remain, free from Encumbrances and rights of set off other than the Account Charge (as defined in the Facility Agreement); 

  

	 	3.1.9	one (1) counterpart of the Account Charge (as defined in the Facility Agreement) duly executed by the parties thereto; 

  

	 	3.1.10	evidence that all the conditions precedent to the amendment and restatement of each facility agreement and, if applicable, guarantee under each Amendment Document have
been satisfied; and 

  

	 	3.1.11	agreement to the issue of such favourable written legal opinions including in respect of Bermuda, the Isle of Man, the Bahamas, Delaware and the United States of
America and England in such form as the Agent may require relating to all aspects of the transactions contemplated hereby governed by any applicable law, 

 PROVIDED THAT no Event of Default has occurred and is continuing on the Second Restatement Date (subject to Clause 3.2). 
  

	 	3.2	If the Agent in accordance with clause 20.3 of the Original Facility Agreement decides to permit the amendment and restatement of the Original Facility Agreement 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 Second Restatement Date (or such
other period as the Agent may stipulate) and the amendment and restatement of the Original Facility Agreement 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, the Security Agent the Lower Saxony Guarantee Agent or the Lenders any obligation to permit the amendment and restatement in the absence of such documents or evidence. 

  

 6 

	4	Representations and Warranties 

  

	 	4.1	The Borrower, each of the Guarantors, the Shareholder and the Manager represents and warrants to the Lenders, the Agent, the Security Agent and the Lower Saxony
Guarantee 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 and each other document contemplated hereby to which it is a party will, when executed, constitute 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 and documents 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
other than pursuant to the Account Charge, the Credit Card Processor Security Documents and the Letter of Credit Facilities Security Documents (as all such terms are defined in the Facility Agreement) 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 or the Security Agent; 
  

	 	4.1.4	except for the registration or recordation of the Third Mortgages over the Hermes Vessels (as defined in the Facility Agreement) with the Bahamas Maritime Authority and
the United States Coast Guard National Vessel Documentation Center respectively, 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 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; and 

  

 7 

	 	4.1.6	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 Lenders, the Agent, the Security Agent and/or the Lower Saxony Guarantee Agent in deciding whether or not to enter into this Deed. 

  

	5	Trust 

 Each Lender and
the Agent appoints the Security Agent to act as its security agent for the purpose of the Security Documents with effect from the date of this Deed. 
 Each Lender and the Agent authorises the Security Agent to exercise the rights, powers, authorities and discretions specifically given to the Security Agent under or in connection with the Security
Documents together with any other incidental rights, powers, authorities and discretions. Except where the context otherwise requires, references in clause 20 of the Original Facility Agreement and the Facility Agreement to the “Agent”
shall mean the Agent and the Security Agent individually and collectively and the provisions of the said clause 20 shall form part of this Clause 5 as if set out in full herein. 
 The Security Agent agrees and declares, and each of the Lenders and the Agent acknowledges, that, subject to the terms and conditions of this
Clause 5, the Security Agent holds the Trust Property on trust for the Agent and the Lenders absolutely. Each of the Lenders and the Agent agrees that the obligations, rights and benefits vested in the Security Agent shall be performed and exercised
in accordance with this Clause. The Security Agent shall have the benefit of all of the provisions of this Clause, the Original Facility Agreement and the Facility Agreement benefiting it in its capacity as security agent for the Lenders and the
Agent, and all the powers and discretions conferred on trustees by the Trustee Act 1925 (to the extent not inconsistent with this Clause, the Original Facility Agreement and the Facility Agreement). In addition: 
  

	 	5.1	the Security Agent and any attorney, agent or delegate of the Security Agent may indemnify itself or himself out of the Trust Property against all liabilities, costs,
fees, damages, charges, losses and expenses sustained or incurred by it or him in relation to the taking or holding of any of the Trust Property or in connection with the exercise or purported exercise of the rights, trusts, powers and discretions
vested in the Security Agent or any other such person by or pursuant to the Security Documents or in respect of anything else done or omitted to be done in any way relating to the Security Documents; 

  

	 	5.2	the Lenders and the Agent acknowledge that the Security Agent shall be under no obligation to insure any property nor to require any other person to insure any property
and shall not be responsible for any loss which may be suffered by any person as a result of the lack or insufficiency of any insurance; 

  

	 	5.3	the Lenders and the Agent agree that the perpetuity period applicable to the trusts declared by this Deed shall be the period of eighty (80) years from the date of
this Deed; and 

  

	 	5.4	save as otherwise provided in the Security Documents, all moneys which under the trusts therein contained are received by the Security Agent may be invested in the name
of or under the control of the Security Agent in any investment for the time being authorised by English law for the investment by trustees of trust money or in any other investments which may be selected by the Security Agent, and the same may be
placed on deposit in the name of or under the control of the Security Agent at such bank or institution (including the Security Agent) and upon such terms as the Security Agent may think fit. 

  

 8 

 The provisions of Part I of the Trustee Act 2000 shall not apply to the Security Agent or
the Trust Property. 
  

	6	Fee and Expenses 

  

	 	6.1	The Borrower shall pay to each of the Lenders on the date of this Deed a non-refundable handling fee of [*] provided that a Lender which is the provider of any other
loan or other facility to the Borrower or any other member of the NCLC Group shall only be entitled to receive one (1) such fee of [*]. Notwithstanding any provision of this Deed, the Original Facility Agreement or the Facility Agreement to the
contrary, no Lender shall be required to share with the other Lenders, the Agent, the Security Agent and/or the Lower Saxony Guarantee Agent any such handling fee received. 

  

	 	6.2	The Borrower shall pay to the Agent for distribution to the Lenders a back-end fee of [*] of the Facility on the date of this Deed. The back-end fee shall be deemed to
have been earned on the date on which this Deed and the Amendment Documents have been signed by all the parties thereto [*]. 

  

	 	6.3	The Borrower and the Guarantors jointly and severally undertake to reimburse the Agent, the Lower Saxony Guarantee Agent and the Lenders on demand of the Agent 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, the Lower Saxony
Guarantee Agent and/or the Security Agent in respect of, or in connection with the negotiation, preparation, printing, execution, registration and enforcement of this Deed and any other documents required in connection with the implementation of
this Deed. 

  

	 	6.4	The Borrower and the Guarantors jointly and severally undertake to reimburse the Agent, the Security Agent and the Lenders on demand of the Agent on a full indemnity
basis for all charges and expenses (together with value added tax or any similar tax thereon and including without limitation the fees and expenses of legal advisers) incurred by the Agent, the Security Agent and/or the Lenders in respect of, or in
connection, with the enforcement of, or the preservation of any rights under this Deed. It is expressly agreed that all such charges and expenses incurred by the Agent or the Security Agent prior to the Second Restatement Date to determine the
position should the Amendment Documents not be executed or become effective or should the Borrower or any of its subsidiaries file for bankruptcy protection under Chapter 11 of the US Bankruptcy Code or similar legislation in any other
applicable jurisdiction, shall be reimbursed on demand of the Agent on a full indemnity basis. Nothing in this Clause 6.4 shall prevent the Agent, the Security Agent and the Lenders from obtaining advice (or an update of any previously obtained
advice) after the Second Restatement Date in relation to the Borrower or any of its subsidiaries filing for bankruptcy protection under Chapter 11 of the US Bankruptcy Code or similar legislation in any other applicable jurisdiction if in
connection with the enforcement of, or the preservation of any rights under, the Facility Agreement and the other Security Documents, pursuant to clause 15.2 of the Facility Agreement. 

  

	7	Further Assurance 

 The
Borrower, each of the Guarantors, the Shareholder and the Manager 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 Lenders, the Agent and/or the Lower Saxony Guarantee Agent the full benefit
of the rights, powers and remedies conferred upon the Lenders and/or the Agent in any such document. 
  

 9 

	8	Counterparts 

 This 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. 
  

	9	Notices 

  

	 	9.1	Any notice, demand or other communication (unless made by telefax) to be made or delivered to the Borrower, a Guarantor, the Shareholder and/or the Manager pursuant to
this Deed shall (unless the Borrower, the Guarantor, the Shareholder or the Manager has by fifteen (15) days’ written notice to the Agent or the Lower Saxony Guarantee Agent (as the case may be) specified another address) be made or
delivered to the Borrower, the Guarantor, the Shareholder and/or the Manager at /c/o 7665 Corporate Center Drive, Miami, Florida 33126, United States of America (marked for the attention of the Chief Financial Officer and the Legal Department)
(but one (1) copy shall suffice). Any notice, demand or other communication to be made or delivered by the Borrower, a Guarantor, the Shareholder or the Manager pursuant to this Deed shall (unless the Agent or the Lower Saxony Guarantee Agent
(as the case may be) has by fifteen (15) days’ written notice to the Borrower, the Guarantor, the Shareholder or the Manager specified another address) be made or delivered to the Agent or the Lower Saxony Guarantee Agent at its Lending
Branch, the details of which are set out in Schedule 1. 

  

	 	9.2	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, the Guarantors, the Shareholder and the Manager is +1 305 436 4140 (marked for the attention of the Chief Financial Officer) and +1 305 436 4117 (marked for the attention of the Legal Department) and in the case of
the Agent and the Lower Saxony Guarantee Agent is as recorded in Schedule 1) 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 Lower Saxony Guarantee Agent by the Borrower, a Guarantor, the Shareholder or the Manager, shall be signed by the person or persons authorised in writing by the Borrower, the Guarantor, the
Shareholder or the Manager (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 Lower Saxony Guarantee Agent (as the case may be) to the Borrower, the Guarantor, the Shareholder and the Manager.

  

	 	9.3	The provisions of clauses 21.1, 21.5 and 21.6 of the Original Facility Agreement shall apply to this Deed. 

  

	10	Governing Law 

 This Deed
and any non-contractual obligations arising from or in connection with it shall be governed by English law. 
  

 10 

	11	Jurisdiction 

  

	 	11.1	The courts of England have exclusive jurisdiction to settle any dispute: 

  

	 	11.1.1	arising out of or in connection with this Deed (including a dispute regarding the existence, validity or termination of this Deed); or 

  

	 	11.1.2	relating to any non-contractual obligations arising from or in connection with this Deed, 

 (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 11.1 is for the benefit of the Lenders, the
Agent, the Security Agent and the Lower Saxony Guarantee 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. 
  

	 	11.2	None of the Borrower, the Guarantors, the Shareholder or the Manager may, without the Agent’s prior written consent, terminate the appointment of the New Process
Agent; if the New Process Agent resigns or its appointment ceases to be effective, the Borrower, the Guarantors, the Shareholder and/or the Manager (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, the Guarantors’, the Shareholder’s and/or the Manager’s (as the case may be) process agent with unconditional authority to receive and acknowledge service on
behalf of the Borrower, the Guarantors, the Shareholder and/or the Manager of all process or other documents connected with proceedings in the English courts which relate to this Deed. 

  

	 	11.3	For the purpose of securing its obligations under Clause 11.2, the Borrower, each of the Guarantors, the Shareholder and the Manager irrevocably agrees that, if it for
any reason fails to appoint a process agent within the period specified in Clause 11.2, the Agent may appoint any person (including a company controlled by or associated with the Agent, the Security Agent or any Lender) to act as the
Borrower’s, that Guarantor’s , the Shareholder’s or the Manager’s (as the case may be) process agent in England with the unconditional authority described in Clause 11.2. 

  

	 	11.4	No neglect or default by a process agent appointed or designated under this Clause (including a failure by it to notify the Borrower, the Guarantors, the Shareholder or
the Manager (as the case may be) of the service of any process or to forward any process to the Borrower, the Guarantors, the Shareholder or the Manager (as the case may be)) shall invalidate any proceedings or judgment. 

  

	 	11.5	The Borrower, each of the Guarantors, the Shareholder and the Manager appoints in the case of the courts of England the New Process Agent to receive, for and on its
behalf, service of process in England of any legal proceedings with respect to this Deed. 

  

 11 

	 	11.6	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, the Guarantors , the
Shareholder and/or the Manager (as the case may be) and may be enforced without review in any other jurisdiction. 

  

	 	11.7	Nothing in this Clause shall exclude or limit any right which the Agent the Security Agent or the Lenders 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. 

  

	 	11.8	In this Clause “judgment” includes order, injunction, declaration and any other decision or relief made or granted by a court.

 IN WITNESS whereof the parties hereto have caused this Deed to be duly executed as a deed on the day and year first
before written. 
  

							
	 SIGNED SEALED and DELIVERED as a DEED
	  	)	  		  	
	 By Steve Martinez
	  	)	  		  	
	 for and on behalf of
	  	)	  	/s/ Steve Martinez	  	
	 NCL CORPORATION LTD.
	  	)	  		  	
	 in the presence of:
	  	)	  		  	
				
	 SIGNED SEALED and DELIVERED as a DEED
	  	)	  		  	
	 By Paul A. Turner, Attorney-In-Fact
	  	)	  		  	
	 for and on behalf of
	  	)	  	/s/ Paul A. Turner	  	
	 NORWEGIAN PEARL, LTD.
	  	)	  		  	
	 in the presence of:
	  	)	  		  	
				
	 Stephanie Shih
	  		  		  	
	 Stephenson Harwood
	  		  		  	
	 One St. Paul’s Churchyard
	  		  		  	
	 London, EC4M 85H
	  		  		  	
				
	 SIGNED SEALED and DELIVERED as a DEED
	  	)	  		  	
	 by
	  	)	  		  	
	 for and on behalf of
	  	)	  	/s/ Paul A. Turner	  	
	 NORWEGIAN GEM, LTD.
	  	)	  		  	
	 in the presence of:
	  	)	  		  	
				
	 Stephanie Shih
	  		  		  	
	 Stephenson Harwood
	  		  		  	
	 One St. Paul’s Churchyard
	  		  		  	
	 London, EC4M 85H
	  		  		  	

  

 12 

							
	 SIGNED SEALED and DELIVERED as a DEED
	  	)	  		  	
	 by
	  	)	  		  	
	 for and on behalf of
	  	)	  	/s/ Paul A. Turner	  	
	 NCL INTERNATIONAL LTD.
	  	)	  		  	
	 in the presence of:
	  	)	  		  	
				
	 Stephanie Shih
	  		  		  	
	 Stephenson Harwood
	  		  		  	
	 One St. Paul’s Churchyard
	  		  		  	
	 London, EC4M 85H
	  		  		  	
				
	 SIGNED SEALED and DELIVERED as a DEED
	  	)	  		  	
	 By Stephanie Shih
	  	)	  		  	
	 for and on behalf of
	  	)	  	/s/ Stephanie Shih	  	
	 COMMERZBANK AKTIENGESELLSCHAFT
	  	)	  		  	
	 in the presence of:
	  	)	  		  	
				
	 Jennifer Li
	  		  		  	
	 Stephenson Harwood
	  		  		  	
	 One St. Paul’s Churchyard
	  		  		  	
	 London, EC4M 85H
	  		  		  	

  

 13 

							
	 SIGNED SEALED and DELIVERED as a DEED
	  	)	  		  	
	 By Stephanie Shih
	  	)	  		  	
	 for and on behalf of
	  	)	  	/s/ Stephanie Shih	  	
	 DnB NOR BANK ASA
	  	)	  		  	
	 as a Lender, the Agent and the Security Agent
	  	)	  		  	
	 in the presence of:
	  	)	  		  	
				
	 Jennifer Li
	  		  		  	
	 Stephenson Harwood
	  		  		  	
	 One St. Paul’s Churchyard
	  		  		  	
	 London, EC4M 85H
	  		  		  	
				
	 SIGNED SEALED and DELIVERED as a DEED
	  	)	  		  	
	 By Stephanie Shih
	  	)	  		  	
	 for and on behalf of
	  	)	  	/s/ Stephanie Shih	  	
	 KFW IPEX-BANK GMBH
	  	)	  		  	
	 in the presence of:
	  	)	  		  	
				
	 Jennifer Li
	  		  		  	
	 Stephenson Harwood
	  		  		  	
	 One St. Paul’s Churchyard
	  		  		  	
	 London, EC4M 85H
	  		  		  	
				
	 SIGNED SEALED and DELIVERED as a DEED
	  	)	  		  	
	 By Stephanie Shih
	  	)	  		  	
	 for and on behalf of
	  	)	  		  	
	 NORDDEUTSCHE LANDESBANK
	  	)	  	/s/ Stephanie Shih	  	
	 GIROZENTRALE
	  	)	  		  	
	 in the presence of:
	  	)	  		  	
				
	 Jennifer Li
	  		  		  	
	 Stephenson Harwood
	  		  		  	
	 One St. Paul’s Churchyard
	  		  		  	
	 London, EC4M 85H
	  		  		  	
				
	 SIGNED SEALED and DELIVERED as a DEED
	  	)	  		  	
	 By Stephanie Shih
	  	)	  		  	
	 for and on behalf of
	  	)	  	/s/ Stephanie Shih	  	
	 NORDEA BANK NORGE ASA
	  	)	  		  	
	 in the presence of:
	  	)	  		  	
				
	 Jennifer Li
	  		  		  	
	 Stephenson Harwood
	  		  		  	
	 One St. Paul’s Churchyard
	  		  		  	
	 London, EC4M 85H
	  		  		  	

  

 14 

							
	 SIGNED SEALED and DELIVERED as a DEED
	  	)	  		  	
	 By Stephanie Shih
	  	)	  		  	
	 for and on behalf of
	  	)	  	/s/ Stephanie Shih	  	
	 BANK OF SCOTLAND PLC
	  	)	  		  	
	 in the presence of:
	  	)	  		  	
				
	 Jennifer Li
	  		  		  	
	 Stephenson Harwood
	  		  		  	
	 One St. Paul’s Churchyard
	  		  		  	
	 London, EC4M 85H
	  		  		  	
				
	 SIGNED SEALED and DELIVERED as a DEED
	  	)	  		  	
	 By Stephanie Shih
	  	)	  		  	
	 for and on behalf of
	  	)	  	/s/ Stephanie Shih	  	
	 BAYERISCHE HYPO-UND VEREINSBANK AG
	  	)	  		  	
	 in the presence of:
	  	)	  		  	
				
	 Jennifer Li
	  		  		  	
	 Stephenson Harwood
	  		  		  	
	 One St. Paul’s Churchyard
	  		  		  	
	 London, EC4M 85H
	  		  		  	
				
	 SIGNED SEALED and DELIVERED as a DEED
	  	)	  		  	
	 By Stephanie Shih
	  	)	  		  	
	 for and on behalf of
	  	)	  	/s/ Stephanie Shih	  	
	 DEUTSCHE SCHIFFSBANK
	  	)	  		  	
	 AKTIENGESELLSCHAFT, Bremen and Hamburg
	  	)	  		  	
	 in the presence of:
	  	)	  		  	
				
	 Jennifer Li
	  		  		  	
	 Stephenson Harwood
	  		  		  	
	 One St. Paul’s Churchyard
	  		  		  	
	 London, EC4M 85H
	  		  		  	
				
	 SIGNED SEALED and DELIVERED as a DEED
	  	)	  		  	
	 By Stephanie Shih
	  	)	  		  	
	 for and on behalf of
	  	)	  	/s/ Stephanie Shih	  	
	 FOKUS BANK
	  	)	  		  	
	 (being the Norwegian branch of Danske Bank A/S)
	  	)	  		  	
	 in the presence of:
	  	)	  		  	
				
	 Jennifer Li
	  		  		  	
	 Stephenson Harwood
	  		  		  	
	 One St. Paul’s Churchyard
	  		  		  	
	 London, EC4M 85H
	  		  		  	

  

 15 

							
	 SIGNED SEALED and DELIVERED as a DEED
	  	)	  		  	
	 By Stephanie Shih
	  	)	  		  	
	 for and on behalf of
	  	)	  	/s/ Stephanie Shih	  	
	 HSH NORDBANK AG
	  	)	  		  	
	 in the presence of:
	  	)	  		  	
				
	 Jennifer Li
	  		  		  	
	 Stephenson Harwood
	  		  		  	
	 One St. Paul’s Churchyard
	  		  		  	
	 London, EC4M 85H
	  		  		  	
				
	 SIGNED SEALED and DELIVERED as a DEED
	  	)	  		  	
	 By Stephanie Shih
	  	)	  		  	
	 for and on behalf of
	  	)	  	/s/ Stephanie Shih	  	
	 SKANDINAVISKA ENSKILDA BANKEN
	  	)	  		  	
	 AB (publ)
	  	)	  		  	
	 in the presence of:
	  	)	  		  	
				
	 Jennifer Li
	  		  		  	
	 Stephenson Harwood
	  		  		  	
	 One St. Paul’s Churchyard
	  		  		  	
	 London, EC4M 85H
	  		  		  	
				
	 SIGNED SEALED and DELIVERED as a DEED
	  	)	  		  	
	 By Stephanie Shih
	  	)	  		  	
	 for and on behalf of
	  	)	  	/s/ Stephanie Shih	  	
	 COMMERZBANK AKTIENGESELLSCHAFT
	  	)	  		  	
	 as the Lower Saxony Guarantee Agent
	  	)	  		  	
	 in the presence of:
	  	)	  		  	
				
	 Jennifer Li
	  		  		  	
	 Stephenson Harwood
	  		  		  	
	 One St. Paul’s Churchyard
	  		  		  	
	 London, EC4M 85H
	  		  		  	

  

 16 

 Schedule 1 
 Particulars of Agent, Security Agent, Lower Saxony Guarantee Agent, Restructuring 
 Trustee and Lenders 
  

 17 

 Schedule 2 
 Facility Agreement 
  

 18 

 DATED 7 OCTOBER 2005 
 NCL CORPORATION LTD. 
 (as borrower) 

DnB NOR BANK ASA 
 NORDEA BANK NORGE ASA 
 (as lead arrangers) 
 COMMERZBANK AKTIENGESELLSCHAFT 
 KfW 

NORDDEUTSCHE LANDESBANK GIROZENTRALE 
 (as co-arrangers) 
 THE SEVERAL BANKS 
 particulars of which are set out in Schedule 1 
 (as original lenders) 
 DnB NOR BANK ASA 
 (as agent) 
 COMMERZBANK AKTIENGESELLSCHAFT 
 (as Lower Saxony guarantee agent) 
  
  
 UP TO EUR624,000,000 
 REVOLVING LOAN FACILITY
AGREEMENT 
 AS AMENDED AND RESTATED ON 
 2 APRIL 2009 
  
  
 [**]

  

 19 

 CONTENTS 
  

							
	 	 	 	  	 	  	Page
	 1    
	 	 Definitions and Construction
	  	25
		 	 1.1
	  	Definitions	  	25
		 	 1.2
	  	Construction	  	45
		 	 1.3
	  	Agent	  	45
		 	 1.4
	  	Lower Saxony Guarantee Agent	  	46
		 	 1.5
	  	Third party rights	  	46
			
	 2
	 	 The Facility
	  	46
		 	 2.1
	  	Availability	  	46
		 	 2.2
	  	Purpose and Application	  	46
		 	 2.3
	  	Drawdown	  	47
		 	 2.4
	  	Break costs	  	48
		 	 2.5
	  	Conditions of drawdown	  	48
		 	 2.6
	  	Several obligations of the Lenders	  	48
		 	 2.7
	  	Lender’s failure to perform	  	48
		 	 2.8
	  	Fulfilment of conditions after drawdown	  	48
		 	 2.9
	  	Conditions subsequent	  	48
			
	 3
	 	 Currency Option
	  	48
		 	 3.1
	  	Selection of Dollars	  	48
		 	 3.2
	  	Conversion	  	49
		 	 3.3
	  	Conditions and restrictions to conversion	  	49
		 	 3.4
	  	Repayment in same currency	  	49
		 	 3.5
	  	Exercise of currency option	  	50
		 	 3.6
	  	No prepayment	  	50
		 	 3.7
	  	No discharge	  	50
			
	 4
	 	 Repayment, Reduction, Cancellation and Prepayment of the Facility
	  	50
		 	 4.1
	  	Repayment	  	50
		 	 4.2
	  	Scheduled reductions of Commitments to a Tranche	  	50
		 	 4.3
	  	Sale or Total Loss of a Vessel: mandatory cancellation	  	51
		 	 4.4
	  	Amounts payable on prepayment	  	51
		 	 4.5
	  	Notice of prepayment	  	52
		 	 4.6
	  	Voluntary cancellation of Commitments to a Tranche	  	52
		 	 4.7
	  	Additional partial cancellation	  	52
		 	 4.8
	  	Prepayment during Term	  	53
		 	 4.9
	  	Mandatory cancellation in case of illegality	  	53
		 	 4.10
	  	Voluntary cancellation following imposition of Substitute Basis	  	53
		 	 4.11
	  	Cancellation in case of Total Loss of a Vessel	  	53
		 	 4.12
	  	Cancellation in case of sale of a Vessel	  	54
		 	 4.13
	  	Cancellation in case of non-delivery of a Vessel	  	54
		 	 4.14
	  	Cancellation in case of reduction in the Owners’ Supply Costs	  	54
		 	 4.15
	  	Mandatory cancellation in case of cash sweep or special liquidity	  	55
		 	 4.16
	  	No cancellation	  	55

  

 20 

							
	 5    
	 	Interest	  	55
		 	 5.1
	  	Payment of interest	  	55
		 	 5.2
	  	Selection and duration of Interest Periods	  	55
		 	 5.3
	  	No notice and unavailability	  	55
		 	 5.4
	  	Extension and shortening of Interest Periods	  	55
		 	 5.5
	  	Interest Rate	  	55
		 	 5.6
	  	Bank basis	  	56
		 	 5.7
	  	Default interest	  	56
			
	 6
	 	 Substitute Basis of Funding
	  	56
		 	 6.1
	  	Absence of quotations	  	56
		 	 6.2
	  	Market disruption	  	56
		 	 6.3
	  	Substitute basis of interest or funding	  	57
		 	 6.4
	  	Review	  	57
			
	 7
	 	 Payments
	  	57
		 	 7.1
	  	Place for payment	  	57
		 	 7.2
	  	Deductions and grossing-up	  	58
		 	 7.3
	  	Production of receipts for Taxes	  	58
		 	 7.4
	  	Currency of account	  	59
		 	 7.5
	  	Money of account	  	59
		 	 7.6
	  	Accounts	  	60
		 	 7.7
	  	Earnings	  	60
		 	 7.8
	  	Continuing security	  	60
		 	 7.9
	  	Mitigation	  	60
			
	 8
	 	 Yield Protection and Force Majeure
	  	60
		 	 8.1
	  	Increased costs	  	60
		 	 8.2
	  	Force majeure	  	62
			
	 9
	 	 Representations and Warranties
	  	62
		 	 9.1
	  	Duration	  	62
		 	 9.2
	  	Representations and warranties	  	62
			
	 10
	 	 Undertakings
	  	67
		 	 10.1
	  	Duration	  	67
		 	 10.2
	  	Information	  	67
		 	 10.3
	  	Financial Undertakings	  	68
		 	 10.4
	  	Dividends	  	68
		 	 10.5
	  	Notification of default	  	68
		 	 10.6
	  	Consents and registrations	  	69
		 	 10.7
	  	Negative pledge	  	69
		 	 10.8
	  	Disposals	  	69
		 	 10.9
	  	Purchases and investments	  	70
		 	 10.10  
	  	Change of name or business	  	70
		 	 10.11
	  	Mergers	  	70
		 	 10.12
	  	Maintenance of status and franchises	  	71
		 	 10.13
	  	Financial records	  	71
		 	 10.14
	  	Subordination of indebtedness	  	71
		 	 10.15
	  	Guarantees	  	72

  

 21 

							
		  	10.16  	  	Further assurance	  	72
		  	10.17	  	Valuation of the Vessels	  	72
		  	10.18	  	Marginal security	  	73
		  	10.19	  	Financial year end	  	73
		  	10.20	  	Maintenance and insurance	  	73
		  	10.21	  	Lower Saxony Guarantees	  	73
		  	10.22	  	Vessels	  	74
		  	10.23	  	Cash sweep	  	74
		  	10.24	  	Special liquidity	  	74
		  	10.25	  	Chartering	  	74
		  	10.26	  	Hedging	  	74
		  	10.27	  	Equity contribution	  	74
		  	10.28	  	Indebtedness for Borrowed Money	  	74
			
	 11    
	  	Rights of the Agent and the Lenders	  	74
		  	11.1	  	No derogation of rights	  	74
		  	11.2	  	Enforcement of remedies	  	74
			
	 12
	  	Default	  	75
		  	12.1	  	Events of default	  	75
		  	12.2	  	Acceleration	  	80
		  	12.3	  	Default indemnity	  	81
		  	12.4	  	Set off	  	81
		  	12.5	  	Master Agreement rights	  	82
			
	 13
	  	Application of Funds	  	82
		  	13.1	  	Total Loss proceeds/proceeds of sale	  	82
		  	13.2	  	General funds/Event of Default monies	  	84
		  	13.3	  	Application of proceeds of Insurances	  	85
		  	13.4	  	Suspense account	  	86
			
	 14
	  	Fees	  	86
		  	14.1	  	Commitment fee	  	86
		  	14.2	  	Other fees	  	86
		  	14.3	  	Lower Saxony Guarantee fee	  	86
		  	14.4	  	Back-end fee	  	87
			
	 15
	  	Expenses	  	87
		  	15.1	  	Initial expenses	  	87
		  	15.2	  	Enforcement expenses	  	87
		  	15.3	  	Stamp duties	  	87
		  	15.4	  	Steering Committee expenses	  	87
			
	 16
	  	Waivers, Remedies Cumulative	  	87
		  	16.1	  	No waiver	  	87
		  	16.2	  	Remedies cumulative	  	88
		  	16.3	  	Severability	  	88
		  	16.4	  	Time of essence	  	88

  

 22 

							
	 17    
	 	 Counterparts
	  	88
			
	 18
	 	 Changes to the Lenders
	  	88
		 	 18.1
	  	Assignments and transfers by the Lenders	  	88
		 	 18.2
	  	Conditions of assignment or transfer	  	89
		 	 18.3
	  	Assignment or transfer fee	  	89
		 	 18.4
	  	Limitation of responsibility of Existing Lenders	  	90
		 	 18.5
	  	Procedure for transfer	  	90
		 	 18.6
	  	Copy of Transfer Certificate to Borrower	  	91
		 	 18.7
	  	Disclosure of information	  	91
		 	 18.8
	  	Borrower’s co-operation	  	92
			
	 19
	 	 Changes to the Borrower
	  	92
			
	 20
	 	 Reference Banks, Agent, Lower Saxony Guarantee Agent and Steering Committee
	  	92
		 	 20.1  
	  	Reference Banks	  	92
		 	 20.2
	  	Decision making	  	92
		 	 20.3
	  	The Agent and the Lower Saxony Guarantee Agent	  	94
		 	 20.4
	  	Retirement and replacement of the Agent and the Lower Saxony Guarantee Agent	  	99
		 	 20.5
	  	Steering Committee	  	100
			
	 21
	 	 Notices
	  	100
		 	 21.1
	  	Mode of communication	  	100
		 	 21.2
	  	Address	  	100
		 	 21.3
	  	Telefax communication	  	101
		 	 21.4
	  	Electronic mail	  	101
		 	 21.5
	  	Receipt	  	102
		 	 21.6
	  	Language	  	102
			
	 22
	 	 Governing Law
	  	102
			
	 23
	 	 Waiver of Immunity
	  	102
			
	 24
	 	 Jurisdiction
	  	103

  

					
			
	 Schedule 1
	  	Particulars of Agent, Security Agent, Lower Saxony Guarantee Agent, Restructuring Trustee, Lead Arrangers,
Co-Arrangers and Original Lenders	  	107
			
	 Schedule 2
	  	Notice of Drawdown	  	108
			
	 Schedule 3
	  	Part I: Conditions Precedent	  	109
		  	Part II: Condition Subsequent	  	110
			
	 Schedule 4
	  	Confidentiality Undertaking	  	111
			
	 Schedule 5
	  	Transfer Certificate	  	112
			
	 Schedule 6
	  	Quarterly Statement of Financial Covenants	  	113

  

 23 

					
			
	 Schedule 7
	  	Apollo-Related Transactions	  	116
			
	 Schedule 8
	  	Reduction Schedules	  	126
			
	 Schedule 9
	  	Budgeted Consolidated EBITDA	  	127
			
	 Schedule 10
	  	Report on Bookings	  	128

  

 24 

 FACILITY AGREEMENT 
 DATED 7 October 2005 (as amended and restated on 2 April 2009) 
 BETWEEN: 

 

	(1)	NCL CORPORATION LTD. of Milner House, 18 Parliament Street, Hamilton HM 12, Bermuda as borrower (the “Borrower”); 

  

	(2)	DnB NOR BANK ASA of Stranden 21, NO-0021 Oslo, Norway and NORDEA BANK NORGE ASA of Middelthuns gate 17, NO-0107 Oslo, Norway as lead arrangers
(collectively the “Lead Arrangers” and each individually a “Lead Arranger”); 

  

	(3)	THE SEVERAL BANKS particulars of which are set out in Schedule 1 as co-arrangers (collectively the “Co-Arrangers” and each individually a
“Co-Arranger”); 

  

	(4)	THE SEVERAL BANKS particulars of which are set out in Schedule 1 as lenders (collectively the “Original Lenders” and each individually an
“Original Lender”); 

  

	(5)	DnB NOR BANK ASA of Stranden 21, NO-0021 Oslo, Norway as agent (the “Agent”); and 

  

	(6)	COMMERZBANK AKTIENGESELLSCHAFT of Ness 7-9, 20457 Hamburg, Federal Republic of Germany as German State of Lower Saxony agent (the “Lower Saxony Guarantee
Agent”). 

 WHEREAS: 
 The Lead Arrangers have arranged for a syndicate of international banks and/or financial institutions to provide a revolving loan facility of up to six hundred and twenty four million euro
(EUR624,000,000), subject to Clause 3, in two (2) Tranches to the Borrower on the terms and subject to the conditions set out in this Agreement to finance in part the Contract Price due to the Builder under each Building Contract or, subject to
Clause 2.2, for general corporate and working capital purposes for the Borrower and its Subsidiaries. 
 NOW IT IS HEREBY AGREED as
follows: 
  

	1	Definitions and Construction 

  

	 	1.1	Definitions 

 In this
Agreement: 
 “Account Charge” [*]; 
 “Account Holder” [*]; 
 “Accounts” means the audited consolidated profit and loss account and balance sheet (including all additional information and notes thereto) of the Borrower and its consolidated
Subsidiaries together with the relative directors’ and auditors’ reports; 
 “Advance Date”, in
relation to any Drawing, means the date on which that Drawing is advanced to the Borrower pursuant to Clause 2.3 and applied in accordance with Clause 2.2; 
 “Agent’s Spot Rate of Exchange” means the Agent’s spot rate of exchange for the purchase of one currency with another currency in the London foreign exchange market at or about
11.00 a.m. London time on a particular day; 
  

 25 

 “Affiliate” means, with respect to any person, any other person
controlling, controlled by or under common control with, such person and for purposes of this definition, “control” (including, with correlative meanings, the terms “controlling”, “controlled by”
and “under common control with”), as applied to any person, means the possession, directly or indirectly, of the power to vote ten per cent (10%) or more of the securities having voting power for the election of directors of
such person, or otherwise to direct or cause the direction of the management and policies of that person, whether through the ownership of voting securities or by contract or otherwise; 
 “Agreement” means this agreement; 
 “Amendment Document” means, in respect of a NCLC Group Credit Facility other than the Facility, the supplemental deed to the facility agreement and, if applicable, the guarantee of the
Borrower with similar content to the Third Supplemental Deed; 
 “Apollo” means the Fund and any Fund Affiliate;

 “Apollo-Related Transactions” means the transactions described in Schedule 7; 
 “Apollo Transaction Documents” means the Subscription Agreement, the Shareholders’ Agreement and the Reimbursement
Agreement; 
 “Applicable Margin” means, in respect of a Drawing or the commitment fee payable pursuant
to Clause 14.1, the rate per annum set out in the table below determined on the Quotation Date for the relevant Interest Period in the case of a Drawing and on the relevant payment date in respect of the said commitment fee based on the ratio
of Total Funded Debt to Consolidated EBITDA for the period of the four (4) consecutive financial quarters ending at the end of the previous financial quarter for which the Agent has received, or should have received, accounts: 
  

					
	 Total
Funded Debt / EBITDA 
	  	 Applicable Margin

 until the date
 falling ninety six
 (96) months after
 the Signing Date 
	  	 Applicable Margin
 thereafter

	 	 	 
	 3
5.0
	  	 One point two three
 seven five per cent
 (1.2375%)
	  	 One point four five
 per cent (1.45%)

	 	 	 
	 < 5.0 34.0
	  	 One point nought
 seven five per cent
 (1.075%)
	  	 One point two eight
 seven five per cent
 (1.2875%)

	 	 	 
	 < 4.0
	  	 Nought point nine
 five per cent
 (0.95%)

	  	 One point one
six
 two five per cent
 (1.1625%)

 PROVIDED THAT: 
  

	 	(i)	the highest rate appearing in the respective column in the table above shall apply if the accounts required to determine the Applicable Margin have not been received by
the Agent; 

	 	(ii)	the applicable rate per annum set out in the table above shall apply to the Ordinary Principal Amount of a Tranche only and shall be increased by nought point two five
per cent (0.25%) from 1 January 2009 to 31 December 2009 inclusive and by nought point seven five per cent (0.75%) from 1 January 2010 and thereafter; and 

	 	(iii)	the applicable rate per annum set out in the table above as amended by paragraph (ii) above and further increased by six per cent (6.0%) shall apply to the Delayed
Principal Amount of each Tranche; 

 “Approved Stock Exchange” means the New York Stock Exchange,
NASDAQ or such other stock exchange in the United States of America as is approved in writing by the Agent (acting on the instructions of the Majority Lenders); 
 “Arrasas” means Arrasas Limited of International House, Castle Hill, Victoria Road, Douglas, Isle of Man IM2 4RB, British Isles; 
 “Associated Company” in relation to any company, means any company which is a Subsidiary or Holding Company of that company
or the majority of whose shares are beneficially owned by the same person or persons as own the majority of the shares of that company; 
 “Availability Period” means the Tranche A Availability Period or the Tranche B Availability Period; 
 “Available Commitment” means, in relation to a Lender, the amount of its Commitment in respect of the Facility or a Tranche (as the case may be) less the amount of its Contribution to the Facility or the Tranche (as the
case may be); 
 “Budgeted Consolidated EBITDA” means the relevant amount set out in Schedule 9; 
 “Builder” means Jos. L. Meyer GmbH of Industriegebiet Süd, 26871 Papenburg, Federal Republic of Germany, the
shipbuilder constructing the Vessels pursuant to the Building Contracts; 
 “Building Contracts” means,
in respect of Hull No S.669, the shipbuilding contract dated 24 December 2004 between the Builder, the Borrower and Norwegian Pearl for the construction and delivery of Hull No S.669 and Specification Hull No S.669 dated 22 November 2004 and the
appendices thereto marked 1, 2, 3 and 4 and, in respect of Hull No S.670, the shipbuilding contract dated as of 3 May 2005 between the Builder, the Borrower and Norwegian Gem for the construction and delivery of Hull No S.670 and Specification Hull
No S.670 dated as of 3 May 2005 and the appendices thereto marked 1, 2, 3 and 4; 
  

 26 

 “Business Day” means any day on which banks and financial markets in
London, Oslo, Frankfurt am Main and New York are open for the transaction of business of the nature contemplated by this Agreement; 
 “Cash Balance” means, at any date of determination, the unencumbered and otherwise unrestricted cash and cash equivalents of the NCLC Group; 
 “Cash Sweep Bank Account” [*]; 
 “Cash Sweep Credit
Facilities” [*]; 
 “Cash Sweep Determination Date” [*]; 
 “Cash Sweep Lenders” means the lenders of the Cash Sweep Credit Facilities; 
 “Cash Sweep Payment Date” [*]; 
 “Certified Copy” means, in relation to any document delivered or issued by or on behalf of any company, a copy of such document certified as a true, complete and up-to-date copy of the
original by any of the directors or the secretary or assistant secretary for the time being of that company; 
 “Charges” means the two (2) valid and effective first priority shares charges one (1) to be executed in respect of each of the Owners by the Shareholder as holder (legally and beneficially) of all the authorised
and issued shares in the relevant Owner in favour of the Agent such charges to be in the form and on the terms and conditions agreed between the Lenders and the Borrower and as specified in paragraph 26 of Part I of Schedule 3; 
 “Commitment” means, as to each Original Lender, the sums set out opposite its name in Schedule 1 as the amount of each
Tranche which, subject to the terms of this Agreement, it is obliged to advance to the Borrower under Clause 2 (or, where the context so admits, such amount which any successor in title, assignee or transferee (including any Transferee) of any
Original Lender or Lender shall be obliged to advance to the Borrower under Clause 2, following the assumption of all or any portion of such liability from any Original Lender or Lender hereunder) in each case as such amount may be reduced,
cancelled or terminated under this Agreement PROVIDED THAT a schedule setting out the Commitments in respect of a Tranche expressed in Dollars shall be agreed between the Agent and the Borrower on the first Currency Conversion Date in respect
of that Tranche and shall from such date be deemed to be a part of this Agreement in substitution for Schedule 1 (or any substitute therefor); 
 “Commitment Period” means, in respect of a Tranche, the period beginning on the Signing Date and ending on the earlier of the last day of the relevant Availability Period and the date on
which the relevant Tranche or the Facility is cancelled hereunder; 
 “Compulsory Acquisition” means requisition
for title or other compulsory acquisition of a Vessel including its capture, seizure, detention or confiscation or expropriation but excluding any requisition for hire by or on behalf of any government or governmental authority or agency or by any
persons acting or purporting to act on behalf of any such government or governmental authority or agency; 
 “Confidentiality Undertaking” means the undertaking to be entered into relating to the release of financial information pertaining to the NCLC Group by the Agent or any Lender to a potential Transferee or assignee such
undertaking to be in the form of Schedule 4; 
  

 27 

 “Confirmation” means a Confirmation exchanged or deemed to be exchanged
between a Lender or its Affiliate (as the case may be) and the Borrower as contemplated by the relevant Master Agreement; 
 “Consolidated Adjusted Total Assets” means the NCLC Group’s total assets (based on the then latest unaudited consolidated quarterly accounts), adjusted so that each vessel in the NCLC Fleet is valued on the basis of
its most recent valuation obtained in accordance with Clause 10.17 in the case of the Vessels and the similar clause in the facility agreements in respect of the other NCLC Group Credit Facilities; 
 “Consolidated Debt Service” means, for any relevant period, the sum (without double counting), determined in accordance with
US GAAP, of: 
  

	 	(i)	the aggregate principal payable or paid during such period on any Indebtedness for Borrowed Money of any member of the NCLC Group, other than: 

 

	 	(a)	principal of any such Indebtedness for Borrowed Money prepaid at the option of the relevant member of the NCLC Group or by virtue of Clause 10.22 or Clause 10.23;

  

	 	(b)	principal of any such Indebtedness for Borrowed Money prepaid upon the sale or Total Loss of any vessel owned or leased under a capital lease by any member of the NCLC
Group or under an Apollo-Related Transaction; and 

  

	 	(c)	balloon payments of any such Indebtedness for Borrowed Money payable during such period (and for the purpose of this paragraph (c) a “balloon
payment” shall not include any scheduled repayment instalment of such Indebtedness for Borrowed Money which forms part of the balloon) or under an Apollo-Related Transaction; 

  

	 	(ii)	Consolidated Interest Expense for such period; 

  

	 	(iii)	the aggregate amount of any dividend or distribution of present or future assets, undertakings, rights or revenues to any shareholder of any member of the NCLC Group
(other than the Borrower or one of its wholly owned Subsidiaries) or any distribution in respect of share capital during such period (“Distributions”) other than the tax distributions described in Clauses 10.4.1; and

  

	 	(iv)	all rent under any capital lease obligations by which the Borrower or any consolidated Subsidiary is bound which are payable or paid during such period and the portion
of any debt discount that must be amortised in such period, 

 as calculated in accordance with US GAAP and
derived from the then latest unaudited consolidated accounts of the NCLC Group delivered to the Agent in the case of any period ending at the end of any of the first three (3) financial quarters of each financial year of the Borrower and the
then latest Accounts delivered to the Agent in the case of the final quarter of each such financial year; 
  

 28 

 “Consolidated EBITDA” means, for any relevant period, the aggregate of:

  

	 	(i)	Consolidated Net Income from the Borrower’s operations for such period; and 

  

	 	(ii)	the aggregate amounts deducted in determining Consolidated Net Income for such period in respect of gains and losses from the sale of assets or reserves relating
thereto, Consolidated Interest Expense, depreciation and amortisation, impairment charges and any other non-cash charges and deferred income tax expense for such period; 

 “Consolidated Interest Expense” means, for any relevant period, the consolidated interest expense (excluding capitalised
interest) of the NCLC Group for such period; 
 “Consolidated Net Income” means, for any relevant period, the
consolidated net income (or loss) of the NCLC Group for such period as determined in accordance with US GAAP; 
 “Contract Prices” means, in respect of Hull No S.669, three hundred and eighty nine million euro (EUR389,000,000) being the price agreed between the Builder, the Borrower and Norwegian Pearl for the construction of
Hull No S.669 under article 8, clause 1.1 of the relevant Building Contract and, in respect of Hull No S.670, three hundred and ninety one million euro (EUR391,000,000) being the price agreed between the Builder, the Borrower and Norwegian Gem for
the construction of Hull No S.670 under article 8, clause 1.1 of the relevant Building Contract subject, in each case, to article 8, clause 1.1(ii) of the relevant Building Contract; 
 “Contribution” means, as to each Original Lender, the portion of the sums set out opposite its name in Schedule 1 or any
substitute schedule for Schedule 1 advanced to the Borrower and for the time being outstanding; 
 “converted”
means actually or notionally (as the case may require) converted by the Agent at the Agent’s Spot Rate of Exchange on the particular date for that conversion pursuant to Clause 3, and the words “convert” and
“conversion” shall be construed accordingly; 
 “Credit Card Processor Security Documents”
means: 
  

	 	(i)	any ship mortgage and, if applicable, deed of covenants collateral thereto to be granted over a vessel in the NCLC Fleet (other than the Hermes Vessels and the F3 Two
Vessel) and the assignment(s) of the earnings and insurances of such vessel ranking junior in priority to any ship mortgage and, if applicable, deed of covenants collateral thereto, assignment and other applicable security document granted as
security for the repayment of one or more of the NCLC Group Credit Facilities; and 

  

	 	(ii)	any guarantee by the applicable shipowner (fully subordinated to any guarantees supporting the NCLC Group Credit Facilities), 

 in each case in favour of one or more providers of credit card processing services to the NCLC Group; 
 “Credit Support Document” means any document described as such in a Master Agreement and any other document referred to in
any such document which has the effect of creating security in favour of the Agent or the Lenders; 
 “Credit Support
Provider” means any person (other than the Borrower) described as such in a Master Agreement; 
  

 29 

 “Currency Conversion Date” means the date on which a Drawing is advanced in
or converted to Dollars pursuant to Clause 3.1; 
 “Delayed Principal Amount” means the relevant amount set out
in the fourth column of the relevant table in Schedule 8, as reduced to reflect any relevant prepayments applied towards the Delayed Principal Amount; 
 “Delivery Date” means the date on which a Vessel is delivered to and accepted by the relevant Owner pursuant to the relevant Building Contract which date is expected to be 8
February 2007 in respect of Hull No S.669 and 1 October 2007 in respect of Hull No S.670; 
 “Disclosure Letter”
means the letter so designated, given by the Borrower and acknowledged by the Agent on the Signing Date and containing details of any material litigation, arbitration or administrative proceedings affecting any Obligor which have been instituted and
served, or, to the knowledge of the Borrower, threatened (and for this purpose proceedings shall be deemed to be material if they involve a claim in an amount exceeding ten million Dollars (USD10,000,000) or the equivalent in another currency);

 “Dollar Drawing” means the principal amount of a Drawing denominated in Dollars or (as the context may
require) the amount thereof for the time being drawn down and/or denominated in Dollars and outstanding hereunder; 
 “Dollars” and “USD” means the lawful currency of the United States of America; 
 “Drawdown Notice” means a notice to be given by the Borrower to the Agent pursuant to Clause 2.3.1; 
 “Drawing” means any amount of a Tranche advanced by the Lenders to the Borrower pursuant to Clause 2.3; 
 “Earnings” means, in respect of a Vessel, (whether earned or to be earned) any and all freights, hire, fares and passage monies, proceeds of requisition (other than proceeds of Compulsory Acquisition), rebates and
commissions, all earnings deriving from contracts of employment, demurrage, charterparties, contracts of affreightment, pooling agreements and joint ventures, compensation, remuneration for salvage and towage services, damages howsoever arising and
detention monies, damages for breach of any charterparty or other contract for the employment of that Vessel, any amounts payable in consideration of the termination or variation of any charterparty or other such contract and any other earnings
whatsoever due or to become due to the relevant Owner; 
 “Earnings Assignments” means the two (2) valid
and effective first legal assignments of the Earnings of the Vessels (together with the notices thereof and the acknowledgements) one (1) to be executed by each of the Owners in respect of its Vessel in favour of the Agent such assignments,
notices and acknowledgements to be in the form and on the terms and conditions agreed between the Lenders and the Borrower and as specified in paragraph 24.9 of Part I of Schedule 3; 
 “Encumbrance” means any mortgage, charge, pledge, lien, assignment, hypothecation, title retention, preferential right or
trust arrangement or any other security agreement or arrangement; 
 “Equivalent Amount” means the Dollar
equivalent of a euro amount determined at the Agent’s Spot Rate of Exchange for conversion of euro to Dollars at 10.00 a.m. London time five (5) Business Days prior to the relevant first Currency Conversion Date; 
  

 30 

 “EURIBOR” means with respect to any Interest Period with respect to a euro
Drawing the rate of interest (expressed as an annual rate) determined by the Agent to be: 
  

	 	(i)	the offered rate for deposits in euro for a period equivalent to such Interest Period which appears on the page of the Reuters screen which displays the average EURIBOR
rate as agreed with EURIBOR FBE for deposits in euro of the relevant amount at or about 11.00 a.m. London time on the Quotation Date; or 

  

	 	(ii)	if no rate is provided for the respective Interest Period on the said Reuters screen, the interpolated rate per annum for deposits in euro in an amount approximately
equal to the euro Drawing as calculated by the Agent, such interpolated rate to be based on the said Reuters screen PROVIDED THAT EURIBOR for periods of less than one (1) week will be ascertained under sub-section (iii) below;

 or (if the said Reuters screen is discontinued or if the Agent is unable to make the said determination due to
technical breakdown in the relevant system or the Interest Period is less than one (1) week) 
  

	 	(iii)	the arithmetic mean (rounded upwards, if necessary, to the nearest one-sixteenth of one per cent (1/16%)) of the rates per annum notified to the Agent by each of
the Reference Banks as the rate at which deposits in euro in an amount approximately equal to the euro Drawing are offered to such Reference Bank by leading banks in the London Interbank Market at such Reference Bank’s request at or about
11.00 a.m. London time on the Quotation Date for a period equal to the Interest Period and for delivery on the first Business Day thereof; 

 “EURIBOR FBE” means the Banking Federation of the European Union; 
 “euro” and “EUR” means the lawful currency of the Federal Republic of Germany; 
 “euro Drawing” means the principal amount of a Drawing denominated in euro or (as the context may require) the amount thereof for the time being drawn down and outstanding hereunder; 
 “Euro Reference Banks” means Commerzbank Aktiengesellschaft, KfW IPEX-Bank GmbH and Norddeutsche Landesbank Girozentrale;

 “Event of Default” means any of the events specified in Clause 12; 
 “F3 Two EBITDA” means the Consolidated EBITDA attributable to the F3 Two Vessel assuming the F3 Two Vessel had been in
operation since the beginning of the period in which the F3 Two-Related Debt was included in Total Net Funded Debt; 
 “F3 Two-Related Debt” means the amount of up to EUR662,905,320 to be made available to F3 Two, Ltd. pursuant to a facility agreement dated 22 September 2006 (as amended and/or restated from time to time); 

“F3 Two Vessel” means the cruise vessel with hull no. D33 at the yard of STX France Cruise S.A. (formerly known as Aker
Yards S.A.), specification hull no. PB6847 [.07 rev A] to be named “NORWEGIAN EPIC” and to be owned by F3 Two, Ltd.; 
  

 31 

 “Facility” means the facility granted hereunder in the amount of the
aggregate of the Maximum Tranche Amounts or (as the context may require) the amount thereof for the time being advanced and outstanding under this Agreement in whatever currency or currencies it is for the time being denominated; 
 “Final Maturity Date”, in respect of each Tranche, means the date falling one hundred and forty four (144) months from the
relevant Delivery Date or such other date as is determined by the provisions of Clause 4; 
 “Final Maturity Date
Payment” means the relevant Revised Reduction to be made on a Final Maturity Date; 
 “Financial
Indebtedness” means any obligation for the payment or repayment of money, whether as principal or as surety and whether present or future, actual or contingent; 
 “Force Majeure” means, in relation to the Agent, the Security Agent or any Lender, any event or circumstance which is beyond the reasonable control of such party, which cannot be foreseen
or if foreseeable which is unavoidable, which occurs after the Signing Date and which prevents that party from performing any of its obligations under this Agreement; 
 “Free Liquidity” means, at any date of determination, the aggregate of the Cash Balance and any amounts freely available for drawing under the Facility or any other revolving or other
credit facilities of the NCLC Group, which remain undrawn, could be drawn for general working capital purposes or other general corporate purposes and would not, if drawn, be repayable within six (6) months; 
 “Fund” means Apollo Management VI, LP a Delaware limited partnership with its principal place of
business at 9 West 57th Street, 43rd Floor, New York, NY 10019, United States of America and other
affiliated co-investment partnerships; 
 “Fund Affiliate” means the Investors and (i) each other Affiliate
(as defined in Schedule 7) of the Fund that is neither a “portfolio company” (which means a company actively engaged in providing goods to unaffiliated customers), whether or not controlled, nor a company controlled by a portfolio company
and (ii) any individual who is a partner or employee of Apollo Management, LP, Apollo Management IV, LP or Apollo Management V, LP; 
 “Group-Wide Lenders” means the lenders of the NCLC Group Credit Facilities; 
 “Guaranteed Loan Lenders” [*]; 
 “Guarantees” means the two (2) joint and several guarantees one (1) to be executed by each of the Owners in favour of the Agent such guarantees to be in the form and on the terms and conditions agreed between the
Lenders and the Borrower and as specified in paragraph 25 of Part I of Schedule 3; 
 “Hermes Vessel Owner Second
Guarantees” means the three (3) joint and several guarantees (1) to be executed by each of the owners of the Hermes Vessels in favour of the Restructuring Trustee as trustee for the Guaranteed Loan Lenders; 
  

 32 

 “Hermes Vessel Owner Third Guarantees” means the three (3) joint and
several guarantees (1) to be executed by each of the owners of the Hermes Vessels in favour of the Restructuring Trustee as trustee for the Non-Guaranteed Loan Lenders such guarantees to be in the form and on the terms and conditions agreed
between the Lenders and the Borrower on the date of the Third Supplemental Deed; 
 “Hermes Vessels” means
“NORWEGIAN JEWEL” owned by Norwegian Jewel Limited, “NORWEGIAN JADE” owned by Pride of Hawaii, Inc. and “PRIDE OF AMERICA” owned by Pride of America Ship Holding, Inc.; 
 “Holding Company” has the meaning defined in the United Kingdom Companies Act 1985, Section 736 as substituted by the
United Kingdom Companies Act 1989, Section 144; 
 “Hull No S.669” means [*] at the yard of the
Builder which, upon construction as a cruise vessel with two thousand three hundred and eighty four (2,384) lower berths, is to be delivered to Norwegian Pearl pursuant to the relevant Building Contract and registered in the name of Norwegian Pearl
under the laws and flag of the Commonwealth of the Bahamas; 
 “Hull No S.670” means [*] at the yard of
the Builder which, upon construction as a cruise vessel with two thousand three hundred and eighty four (2,384) lower berths, is to be delivered to Norwegian Gem pursuant to the relevant Building Contract and registered in the name of Norwegian Gem
under the laws and flag of the Commonwealth of the Bahamas; 
 “Indebtedness for Borrowed Money” means Financial
Indebtedness (whether present or future, actual or contingent, long-term or short-term, secured or unsecured) in respect of: 
  

	 	(i)	moneys borrowed or raised; 

  

	 	(ii)	the advance or extension of credit (including interest and other charges on or in respect of any of the foregoing); 

  

	 	(iii)	the amount of any liability in respect of leases which, in accordance with US GAAP, are capital leases; 

  

	 	(iv)	the amount of any liability in respect of the purchase price for assets or services payment of which is deferred for a period in excess of one hundred and eighty
(180) days; 

  

	 	(v)	all reimbursement obligations whether contingent or not in respect of amounts paid under a letter of credit or similar instrument; and 

  

	 	(vi)	(without double counting) any guarantee of Financial Indebtedness falling within paragraphs (i) to (v) above; 

 PROVIDED THAT the following shall not constitute Indebtedness for Borrowed Money: 
  

	 	(a)	loans and advances made by other members of the NCLC Group which are subordinated to the rights of the Lenders; 

  

	 	(b)	loans and advances made by any shareholder of the Borrower which are subordinated to the rights of the Lenders; and 

  

	 	(c)	any Master Agreement Liabilities and any similar liabilities of the Borrower or any other member of the NCLC Group to a counterparty under any other master agreement
relating to interest or currency exchange transactions of a non-speculative nature; 

  

 33 

 “Insurance Assignments” means the two (2) valid and effective first
legal assignments of the Insurances of the Vessels (together with the notices thereof) one (1) to be executed by each of the Owners in respect of its Vessel in favour of the Lenders and/or the Agent such assignments and notices to be in the
form and on the terms and conditions agreed between the Lenders and the Borrower and as specified in paragraph 24.10 of Part I of Schedule 3; 
 “Insurances” means all policies and contracts of insurance and entries of a Vessel in a protection and indemnity or war risks association which are effected in respect of that Vessel, her
freights, disbursements, profits or otherwise and all benefits, including all claims and returns of premiums thereunder and shall also include all compensation payable by virtue of Compulsory Acquisition; 
 “Interest Payment Date” means the last day of each Interest Period and if an Interest Period is longer than six
(6) months’ duration the date falling at the end of each successive period of six (6) months during such Interest Period from its commencement; 
 “Interest Period” means each period ascertained in accordance with Clause 5.2 or Clause 5.7; 
 “Interest Rate” means the rate of interest applicable to a Drawing calculated in accordance with Clause 5.5, Clause 5.7 or Clause 6.3; 
 “Investor I” means NCL Investment Ltd. a company organised and existing under the laws of Bermuda with its registered
office at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda; 
 “Investor II” means NCL Investment II
Ltd. a company organised and existing under the laws of the Cayman Islands with its registered office at c/o Walkers SPV Limited, Walker House, 87 Mary Street, George Town, Grand Cayman KY1-9002, Cayman Islands, British West Indies; 
 “Investors” means Investor I and Investor II; 
 “LIBOR” means with respect to any Interest Period with respect to a Dollar Drawing the rate of interest (expressed as an annual rate) determined by the Agent to be: 
  

	 	(i)	the offered rate for deposits in Dollars for a period equivalent to such Interest Period which appears on the Reuters BBA Page LIBOR 01 at or about 11.00 a.m.
London time on the Quotation Date; or 

  

	 	(ii)	if no rate is provided for the respective Interest Period on the Reuters BBA Page LIBOR 01, the interpolated rate per annum for deposits in Dollars in an amount
approximately equal to the Dollar Drawing as calculated by the Agent, such interpolated rate to be based on the Reuters BBA Page LIBOR 01 PROVIDED THAT LIBOR for periods of less than one (1) week will be ascertained under sub-section
(iii) below; 

 OR (if Reuters BBA Page LIBOR 01 is discontinued or if the Agent is unable to make the said
determination due to technical breakdown in the relevant system or the Interest Period is less than one (1) week) 
  

 34 

	 	(iii)	the arithmetic mean (rounded upwards, if necessary, to the nearest one-sixteenth of one per cent (1/16%)) of the rates per annum notified to the Agent by each of
the Reference Banks as the rate at which deposits in Dollars in an amount approximately equal to the Dollar Drawing are offered to such Reference Bank by leading banks in the London Interbank Market at such Reference Bank’s request at or about
11.00 a.m. London time on the Quotation Date for a period equal to the Interest Period and for delivery on the first Business Day thereof; 

 “Lender” means: 
  

	 	(i)	any Original Lender; and 

  

	 	(ii)	any bank, financial institution, trust, fund or other entity which has become a party to this Agreement in accordance with Clause 18, 

 which in each case has not ceased to be a party to this Agreement in accordance with the terms of this Agreement; 
 “Lending Branch” means in respect of the Agent and each Original Lender its office at the address set out beneath its name
in Schedule 1 or such other office as it shall from time to time select and notify through the Agent to the Borrower and the Agent and in the case of any other Lender such office as it shall from time to time select and notify through the Agent to
the Borrower and the Agent; 
 “Letter of Credit Facilities” means letter of credit facilities entered into from
time to time in the amount of in aggregate up to one [*] to be obtained by the Borrower which facilities will be used to provide credit support in respect of the Borrower’s credit card processing arrangements; 
 “Letter of Credit Facilities Security Documents” means: 
  

	 	(i)	any ship mortgage and, if applicable, deed of covenants collateral thereto to be granted over a vessel in the NCLC Fleet (other than the Hermes Vessels and the F3 Two
Vessel) and the assignment(s) of the earnings and insurances of such vessel ranking junior in priority to any ship mortgage and, if applicable, deed of covenants collateral thereto, assignment and other applicable security document granted as
security for the repayment of one or more of the NCLC Group Credit Facilities; and 

  

	 	(ii)	any guarantee by the applicable shipowner (fully subordinated to any guarantees supporting the NCLC Group Credit Facilities), 

 in each case in favour of the provider of a Letter of Credit Facility; 
 “Lim Family” means: 
  

	 	(i)	the late Tan Sri Lim Goh Tong; 

  

	 	(ii)	his spouse; 

  

	 	(iii)	his direct lineal descendants; 

  

	 	(iv)	the personal estate of any of the above persons; and 

  

	 	(v)	any trust created for the benefit of one or more of the above persons and their estates; 

 “Liquidity” means the Cash Balance plus undrawn and freely available amounts under the NCLC Group Credit Facilities less
increased liquidity generated by new equity for the Borrower (other than the New Cash Equity); 
 “Lower Saxony
Guaranteed Amount” means the amount guaranteed from time to time under a Lower Saxony Guarantee; 
  

 35 

 “Lower Saxony Guarantees” means the two (2) guarantees to be issued by the
German State of Lower Saxony in favour of the Lower Saxony Guarantee Agent substantially in the form appended to the Borrower’s acknowledgements referred to in paragraph 20 of Part I of Schedule 3 as security for approximately but not more than
eighty per cent (80%) of Portion B of each Maximum Tranche Amount, the maximum amount payable under each of such guarantees (assuming that the amount of three hundred and eleven million two hundred thousand euro (EUR311,200,000) is capable of being
drawn down hereunder in respect of Tranche A and the amount of three hundred and twelve million eight hundred thousand euro (EUR312,800,000) is capable of being drawn down hereunder in respect of Tranche B) being sixty two million two hundred and
forty thousand euro (EUR62,240,000) or the amount in Dollars agreed between the Lower Saxony Guarantee Agent and the German State of Lower Saxony and approved by the Lenders if the currency option contained in Clause 3 is exercised; 
 “Majority Cash Sweep Lenders” [*]; 
 “Majority Group-Wide Lenders” means Group-Wide Lenders the aggregate of whose contributions and commitments to the NCLC Group Credit Facilities exceed fifty per cent (50%) of the
aggregate total of the contributions and commitments of all the Group-Wide Lenders; 
 “Majority Lenders” means
Lenders the aggregate of whose Commitments exceed sixty seven per cent (67%) of the aggregate total of the Commitments of all the Lenders; 
 “Management Agreements” means the agreements entered into between the Owners and the Manager in respect of the Vessels providing for the commercial and technical management and crewing of
the Vessels such agreements to be in the form and on the terms and conditions agreed between the Agent and the Borrower; 
 “Management Agreement Assignments” means the two (2) valid and effective first legal assignments of the Management Agreements (together with the notices thereof and the acknowledgements) one (1) to be executed by
each of the Owners in respect of its Vessel in favour of the Agent such assignments, notices and acknowledgements to be in the form and on the terms and conditions agreed between the Lenders and the Borrower; 
 “Manager” means NCL (Bahamas) Ltd. of Milner House, 18 Parliament Street, Hamilton HM 12, Bermuda, the company providing
commercial and technical management and crewing services for the Vessels pursuant to the Management Agreements; 
 “Mandatory Cost” means the cost imputed to a Lender of compliance with the mandatory liquid asset requirements of any central bank or other fiscal, monetary or other authority; 
 “Master Agreement” means any ISDA Master Agreement (or any other form of master agreement relating to interest or currency
exchange transactions of a non-speculative nature) entered into between a Lender or its Affiliate and the Borrower before the Signing Date in relation to the obligations of the Borrower under this Agreement and/or the Building Contracts, including
each Schedule to any Master Agreement and each Confirmation exchanged under any Master Agreement; 
 “Master Agreement
Liabilities” means, at any relevant time, all liabilities of the Borrower to a Lender or its Affiliate (as the case may be) under the relevant Master Agreement, whether actual or contingent, present or future; 
  

 36 

 “Material Adverse Effect” means a material adverse effect on (i) the
validity or enforceability of any of the Security Documents or the Lower Saxony Guarantees or the rights or remedies of the Lenders or their Affiliates (as the case may be) thereunder (ii) the ability of any Obligor to perform its obligations
under any of the Security Documents or (iii) the business, operations, condition (financial or otherwise) or prospects of the Borrower, either of the Owners or the NCLC Group taken as a whole; 
 “Maturity Date” in relation to a Drawing means the last day of its Term; 
 “Maximum Tranche Amount” means: 
  

	 	(i)	before the first Currency Conversion Date in respect of a Tranche, the lower of (a) eighty per cent (80%) of the relevant Contract Price and (b) three hundred and
eleven million two hundred thousand euro (EUR311,200,000) in the case of Tranche A and three hundred and twelve million eight hundred thousand euro (EUR312,800,000) in the case of Tranche B, as reduced from time to time pursuant to Clause 4.2; and

  

	 	(ii)	from the first Currency Conversion Date in respect of a Tranche, the Equivalent Amount of the amounts referred to in paragraphs (a) and (b) of paragraph (i) of this
definition, as reduced from time to time pursuant to Clause 4.2; 

 “month” means a period
starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month save that, where any such period would otherwise end on a day which is not a Business Day, it shall end on the next Business Day,
unless that day falls in the calendar month succeeding that in which it would otherwise have ended, in which case it shall end on the preceding Business Day PROVIDED THAT, if a period starts on the last Business Day in a calendar month or if
there is no numerically corresponding day in the month in which that period ends, that period shall end on the last Business Day in that later month; 
 “Moratorium Period” means the period from the Second Restatement Date until [*] inclusive; 
 “Moratorium Undertakings” [*]; 
 “Mortgages”
means the two (2) first priority statutory Bahamian ship mortgages and deeds of covenants collateral thereto one (1) to be granted by each of the Owners over its Vessel in each case in favour of the Lenders and/or the Agent as security
pursuant hereto and to the Master Agreements such mortgages and deeds of covenants to be in the forms and on the terms and conditions agreed between the Lenders and the Borrower and as specified in paragraph 24.8 of Part I of Schedule 3; 

“NCL America Holdings” means NCL America Holdings, Inc. of Corporation Trust Center, 1209 Orange Street, Wilmington,
Delaware 19801, United States of America; 
 “NCLC Fleet” means the vessels owned by the companies in the NCLC
Group; 
 “NCLC Group” means the Borrower and its wholly owned Subsidiaries provided that for the purposes of
the definitions of “Cash Balance”, “Consolidated Debt Service”, “Consolidated Interest Expense”, “Consolidated Net Income”, “Total Capitalisation” and
“Total Net Funded Debt” in this Clause 1.1, Clause 10.2 and Clause 10.3 “NCLC Group” means the Borrower, its Subsidiaries and any other entity which is required to be consolidated in the Borrower’s
accounts in accordance with US GAAP; 
  

 37 

 “NCLC Group Credit Facilities” means the Facility, the USD800,000,000
facility made to the Borrower pursuant to a facility agreement dated 7 July 2004 (as amended and/or restated from time to time), the USD610,000,000 facility made to the Borrower pursuant to a facility agreement dated 22 December 2006 (as
amended and/or restated from time to time), the USD15,000,000 facility made to the Manager pursuant to a facility agreement dated 20 April 2004 (as amended and/or restated from time to time), the EUR308,130,000 facility made to Pride of Hawaii,
Inc. pursuant to a facility agreement dated 20 April 2004 (as amended and/or restated from time to time), the USD334,050,000 facility made to Norwegian Jewel Limited pursuant to a facility agreement dated 20 April 2004 (as amended and/or
restated from time to time), the EUR258,000,000 facility made to Pride of America Ship Holding, Inc. pursuant to a facility agreement dated 4 April 2003 (as amended and/or restated from time to time), the EUR40,000,000 facility made to Pride of
America Ship Holding, Inc. pursuant to a facility agreement dated 4 April 2003 (as amended and/or restated from time to time) and the EUR662,905,320 facility made to F3 Two, Ltd. pursuant to a facility agreement dated 22 September 2006 (as
amended and/or restated from time to time); 
 “New Cash Equity” means the one hundred million Dollars
(USD100,000,000) to be contributed by the Investors and Star in the aggregate in cash as new equity for the Borrower after 27 January 2009 and on or before the Second Restatement Date; 
 “Non-Guaranteed Loan Lenders” means the lenders of the Facility, the USD800,000,000 facility made to the Borrower pursuant
to a facility agreement dated 7 July 2004 (as amended and/or restated from time to time) and the USD610,000,000 facility made to the Borrower pursuant to a facility agreement dated 22 December 2006 (as amended and/or restated from time to
time); 
 “Norwegian Gem” means Norwegian Gem, Ltd. of Milner House, 18 Parliament Street, Hamilton HM 12,
Bermuda; 
 “Norwegian Pearl” means Norwegian Pearl, Ltd. of Milner House, 18 Parliament Street, Hamilton HM 12,
Bermuda; 
 “Obligors” means the Borrower, the Owners, the Shareholder, the Manager, any other Credit Support
Provider and any other party from time to time to any of the Security Documents excluding the Agent, the Lenders and the Lower Saxony Guarantee Agent; 
 “Ordinary Principal Amount” means the relevant amount set out in the second column of the relevant table in Schedule 8, as reduced to reflect any relevant prepayments applied towards the
Ordinary Principal Amount; 
 “Outstanding Indebtedness” means all sums of any kind payable actually or
contingently to the Agent or the Lenders under or pursuant to this Agreement or any other Transaction Document (whether by way of repayment of principal, payment of interest or default interest, payment of any indemnity or counter indemnity,
reimbursement for fees, costs or expenses or otherwise howsoever) and any Master Agreement Liabilities; 
 “Owners” means Norwegian Pearl and Norwegian Gem; 
 “Owner’s Supply Costs” means
up to twenty five million euro (EUR25,000,000) being the cost of the Buyers’ Supplies (as defined in the relevant Building Contract) in respect of a Vessel; 
 “Permitted Indebtedness” means: 
  

	 	(i)	any monies borrowed or raised other than from any direct or indirect shareholder of the Borrower prior to the date on which the Third Supplemental Deed and the
Amendment Documents have been signed by all the parties thereto and notified by the Borrower to the Agent prior to such date; 

  

	 	(ii)	the Letter of Credit Facilities; and 

  

	 	(iii)	Permitted Refinancing Indebtedness; 

  

 38 

 “Permitted Liens” means (i) any Encumbrance created by or pursuant to the
Security Documents (ii) liens on a Vessel up to an aggregate amount at any time not exceeding [**] for current crew’s wages and salvage and liens incurred in the ordinary course of trading a Vessel (iii) any deposits or pledges to secure the
performance of bids, tenders, bonds or contracts (iv) (x) any other Encumbrance notified by any of the Obligors to the Agent prior to the date on which the Third Supplemental Deed and the Amendment Documents have been signed by all the parties
thereto (y) any Encumbrance created by or pursuant to (a) the Letter of Credit Facilities Security Documents (b) the Credit Card Processor Security Documents (c) the Hermes Vessel Owner Second Guarantees (d) the Second Mortgages (e) the Second
Assignments (f) the Hermes Vessel Owner Third Guarantees (g) the Third Mortgages and (h) the Third Assignments and (z) any other Encumbrance created over a vessel in the NCLC Fleet (other than a Hermes Vessel or the F3 Two Vessel) or its related
assets in favour of any party approved by the Agent (acting on the instructions of the Majority Lenders) (v) without prejudice to Clause 10.11, any Encumbrance in respect of existing Financial Indebtedness of a person which becomes a Subsidiary of
the Borrower or is merged with or into the Borrower or any of its Subsidiaries (vi) liens on assets leased, acquired or upgraded after the Signing Date or assets newly constructed or converted after the Signing Date provided that (a) such liens
secure Financial Indebtedness otherwise permitted under this Agreement (b) such liens are incurred within one (1) year following such lease, acquisition, upgrade, construction or conversion and (c) the Financial Indebtedness secured by such liens
does not exceed the cost of such upgrade or the cost of such assets acquired or leased (vii) statutory and other similar liens arising in the ordinary course of business unrelated to Financial Indebtedness and securing obligations not yet delinquent
or which are being contested in good faith by appropriate proceedings and for which adequate reserves have been established (viii) without prejudice to Clause 12.1.9, liens arising out of the existence of judgments or awards in respect of the
Borrower or any of its Subsidiaries (ix) any other lien that may be created by the Borrower from time to time in the ordinary course of business and (x) any deposits, liens or other Encumbrances placed or incurred in connection with any bond or
other surety from time to time provided to the US Federal Maritime Commission in order to comply with laws, regulations and rules applicable to the operators of passenger vessels operating to or from ports in the United States of America PROVIDED
THAT the aggregate amount of all cash and the fair market value of all other property subject to such liens as are described in paragraphs (vii) to (ix) above does not exceed twenty five million Dollars (USD25,000,000) and PROVIDED FURTHER
THAT any such lien as is described in paragraphs (vi) to (ix) above does not imperil the security created by any of the Security Documents and/or affect the ability of any Obligor duly to perform any of its obligations under any Security
Document to which it is or may be a party at any time, in each case in the reasonable opinion of the Majority Lenders; 
 “Permitted Refinancing Indebtedness” means any monies borrowed or raised at arm’s length on usual terms and other than from any direct or indirect shareholder of the Borrower which are used to refinance the whole or
part of any Permitted Indebtedness including any Permitted Refinancing Indebtedness. Any such monies borrowed or raised in excess of the amount required to refinance any Permitted Indebtedness including any Permitted Refinancing Indebtedness shall
constitute Special Liquidity Sources and be applied in accordance with Clause 10.24; 
 “Portion A” means
(i) the first seventy five per cent (75%) of the Maximum Tranche Amount in respect of Tranche A or Tranche A (as the context may require) and (ii) the first seventy five point one three per cent (75.13%) of the Maximum Tranche
Amount in respect of Tranche B or Tranche B (as the context may require); 
 “Portion B” means (i) the last
twenty five per cent (25%) of the Maximum Tranche Amount in respect of Tranche A or Tranche A (as the context may require) and (ii) the last twenty four point eight seven per cent (24.87%) of the Maximum Tranche Amount in respect of
Tranche B or Tranche B (as the context may require); 
  

 39 

 “Process Agent” means, in respect of any Security Documents executed prior
to the date of the Third Supplemental Deed, Clifford Chance Secretaries Limited whose registered office is presently at 10 Upper Bank Street, London E14 5JJ and, thereafter, EC3 Services Limited whose registered office is presently at
51 Eastcheap, London EC3M 1JP or any other person in England nominated by the Borrower or any other Obligor and approved by the Agent as agent to accept service of legal proceedings on their behalf under any of the Security Documents;

 “Quotation Date” means, in relation to any Interest Period, the day on which quotations would ordinarily be
given in the relevant interbank eurocurrency market for Dollar or euro (as the case may be) deposits for delivery on the first day of that Interest Period PROVIDED THAT if such quotation date is not a Business Day the quotation date shall be
the preceding Business Day; 
 “Reduction Dates” means from the Second Restatement Date, subject to the
provisions of Clause 4, the dates set out in the first column of the relevant table in Schedule 8; 
 “Reference
Banks” means the principal London offices (if any) of the Lead Arrangers and the Co-Arrangers; 
 “Reimbursement
Agreement” means the reimbursement and distribution agreement dated 17 August 2007, by and among Investor I, the Borrower and Star; 
 “Relevant Cash Sweep Amount” means the amount of a Total Cash Sweep Amount to be applied in prepayment, reduction and/or cancellation of the Facility pursuant to Clause 4.15,
calculated on the basis of each Cash Sweep Credit Facility’s remaining outstanding Delayed Principal Amount (as defined in this Agreement in respect of the Facility and as defined in the relevant facility agreement in respect of each of the
other Cash Sweep Credit Facilities) and as more particularly described in Clause 10.23; 
 “Relevant Special
Liquidity Sources Amount” means the amount of a Total Special Liquidity Sources Amount to be applied in prepayment, reduction and/or cancellation of the Facility pursuant to Clause 4.15, calculated on the basis of each Cash Sweep
Credit Facility’s remaining outstanding Delayed Principal Amount (as defined in this Agreement in respect of the Facility and as defined in the relevant facility agreement in respect of each of the other Cash Sweep Credit Facilities) as more
particularly described in Clause 10.24; 
 “Renewal Date”, in relation to any Drawing, means a date on
which that Drawing is extended by any Renewal Notice for such Drawing; 
 “Renewal Notice” means a notice to be
given by the Borrower to the Agent to extend the period of a Term; 
 “Restatement Date” has the meaning set out
in the Second Supplemental Deed; 
 “Restructuring Trustee” means [*] as trustee for (directly or indirectly)
(among others) the Guaranteed Loan Lenders and the Non-Guaranteed Loan Lenders; 
 “Reuters BBA Page LIBOR 01”
means the display currently designated as Reuters BBA Page LIBOR 01, which includes London Interbank Offered Rates of four (4) major banks, which are members of the International Swaps and Derivatives Association, Inc. or such other service as
may be nominated by the British Bankers’ Association as the information vendor for displaying the London Interbank Offered Rates of major banks in the London Interbank Market; 
 “Reuters Page ECB37” means: 
  

	 	(i)	the display currently designated as Reuters Page ECB37 which includes the official interbank exchange rate for euro in Dollars as determined by the European Central
Bank, expressed in Dollars; or 

  

	 	(ii)	if no rate is provided on the Reuters Page ECB37 but is published on another screen page, then the exchange rate shall be the official interbank exchange rate for euro
in Dollars as published on such other page (the “Successor Page”); 

 or (if Reuters Page ECB37
and the Successor Page are discontinued or if the Restructuring Trustee is unable to make the said determination due to technical breakdown in the relevant system) 
  

 40 

	 	(iii)	the arithmetic mean (rounded upwards, if necessary, to the nearest one-sixteenth of one per cent (1/16%)) of the rates notified to the Restructuring Trustee by
each of the euro Reference Banks as the euro/Dollar spot offered exchange rate quotations as of 1.45 p.m. London time on the relevant Business Day; 

 “Revised Principal Amount” means the relevant amount set out in the sixth column of the relevant table in Schedule 8, as reduced to reflect any relevant prepayments applied towards the
Revised Principal Amount; 
 “Revised Reductions” means the amounts set out in the fifth column of the relevant
table in Schedule 8, as reduced to reflect any relevant prepayments applied towards the Revised Reductions; 
 “Same Day
Funds” means Dollar funds settled through the New York Clearing House Interbank Payments System or euro funds settled through TARGET or such other funds for payment in Dollars or euro (as the case may be) as the Agent shall specify by
notice to the Borrower as being customary at the time for the settlement of international transactions in New York or Frankfurt am Main (as the case may be) of the type contemplated by this Agreement; 
 “Second Assignments” means the three (3) valid and effective second legal assignments of the earnings and insurances of
the Hermes Vessels (together with the notices thereof) one (1) to be executed by each of the owners of the Hermes Vessels in respect of its Hermes Vessel in favour of the Restructuring Trustee as trustee for the Guaranteed Loan Lenders;

 “Second Mortgages” means the two (2) second priority statutory Bahamian ship mortgages and deeds of
covenants collateral thereto and the one (1) second preferred US ship mortgage one (1) to be granted by respectively each of the owners of the Hermes Vessels over its Hermes Vessel in favour of the Restructuring Trustee as trustee for the
Guaranteed Loan Lenders; 
 “Second Restatement Date” has the meaning set out in the Third Supplemental Deed;

 “Second Supplemental Deed” means the second supplemental deed dated 21 December 2007 to this Agreement;

 “Security Agent” means DnB NOR Bank ASA of Stranden 21, NO-0021 Oslo, Norway; 
 “Security Documents” means this Agreement which includes any supplemental agreement or deed thereto, the Charges, the
Mortgages, the Guarantees, the Earnings Assignments, the Insurance Assignments, the Management Agreement Assignments, the Account Charge, the Hermes Vessel Owner Third Guarantees, the Third Mortgages, the Third Assignments, the Third Priority
Security Co-ordination Deed, the Master Agreements and any other Credit Support Documents, the commitment letter referred to in Clause 14.2 and any other fee letter in relation to the Facility and all such other documents as may be executed at any
time in favour of the Agent, the Security Agent, the Restructuring Trustee, the Lenders and/or the Lower Saxony Guarantee Agent as security for the obligations of the Borrower and/or the other Obligors whether executed pursuant to the express
provisions of this Agreement or otherwise howsoever but excluding the Lower Saxony Guarantees; 
  

 41 

 “Security Period” means the period beginning on the first Advance Date and
ending on the date on which the amounts outstanding under this Agreement and under each of the other Security Documents are finally and irrevocably repaid and/or cancelled in full; 
 “Shareholder” means NCL International, Ltd. of Milner House, 18 Parliament Street, Hamilton HM 12, Bermuda; 
 “Shareholders’ Agreement” means the shareholders’ agreement dated 17 August 2007 made or to be made between
Star, the Investors (directly in the case of Investor I and by way of joinder in the case of Investor II) and the Borrower; 
 “Signing Date” means the date of this Agreement; 
 “Special Liquidity Sources” means
increased liquidity of the NCLC Group arising from (i) the incurrence of permitted Indebtedness for Borrowed Money in an amount in excess of the Indebtedness for Borrowed Money being refinanced in whole or in part and (ii) the permitted
sale of assets PROVIDED THAT only the net proceeds of any such sale, after the deduction of brokers’ fees and other costs justifiable in relation to the sale and the principal of, interest on and any break costs in connection with any
Indebtedness for Borrowed Money prepaid upon such sale, shall be counted as increased liquidity; 
 “Special Liquidity
Sources Determination Date” means the date on which Special Liquidity Sources arise; 
 “Special Liquidity
Sources Payment Date” means the date falling not later than fourteen (14) Business Days after a Special Liquidity Sources Determination Date; 
 “Star” means Star Cruises Limited a company organised and existing under the laws of Bermuda with its registered office at Canon’s Court, 22 Victoria Street, Hamilton HM 12, Bermuda;

 “Steering Committee” means a committee established by, and formed from, the Group-Wide Lenders
with the purpose of co-ordinating the relationship between the Borrower and the Group-Wide Lenders and monitoring the performance of the NCLC Group Credit Facilities. The initial members of the Steering Committee shall be [*]; 
 “Subscription Agreement” means the subscription agreement dated 17 August 2007 made or to be made between Star, the
Investors (directly in the case of Investor I and by way of assignment in the case of Investor II) and the Borrower; 
 “Subsidiary” has the meaning defined in the United Kingdom Companies Act 1985, Section 736 as substituted by the United Kingdom Companies Act 1989, Section 144; 
 “Substitute Basis” means an alternative basis for maintaining a Drawing certified by the Agent pursuant to Clause 6.3.1;

 “Suspension Notice” means a notice given by the Agent to the Borrower pursuant to Clause 6.1; 
 “TARGET” means trans European automated real time gross settlement express transfer system; 
 “Taxes” means all present and future income and other taxes, levies, imposts, deductions, compulsory liens and withholdings
whatsoever together with interest thereon and penalties with respect thereto, if any, and any payments made on or in respect thereof and “Taxation” shall be construed accordingly; 
 “Term” means, in relation to a Drawing, the last day of the Interest Period in respect of that Drawing as specified in the
Drawdown Notice for such Drawing and as extended by any Renewal Notice for such Drawing PROVIDED THAT no Event of Default has occurred before the relevant Renewal Date and the renewal of such Drawing would not constitute an Event of Default
and PROVIDED THAT the Term shall not extend beyond the relevant Final Maturity Date; 
  

 42 

 “Third Assignments” means the three (3) valid and effective third
legal assignments of the earnings and insurances of the Hermes Vessels (together with the notices thereof) one (1) to be executed by each of the owners of the Hermes Vessels in respect of its Hermes Vessel and the one (1) valid and
effective third priority subordination and assignment to be executed by NCL (Bahamas) (as bareboat charterer) in respect of m.v. “NORWEGIAN JADE” in each case in favour of the Restructuring Trustee as trustee for (among others) the
Non-Guaranteed Loan Lenders such assignments and notices to be in the form and on the terms and conditions agreed between the Lenders and the Borrower on the date of the Third Supplemental Deed; 
 “Third Mortgages” means the two (2) third priority statutory Bahamian ship mortgages and deeds of covenants collateral
thereto and the one (1) third preferred US ship mortgage one (1) to be granted by respectively each of the owners of the Hermes Vessels over its Hermes Vessel in favour of the Restructuring Trustee as trustee for the Non-Guaranteed Loan
Lenders as security pursuant hereto and to the Master Agreements such mortgages and deeds of covenants to be in the forms and on the terms and conditions agreed between the Lenders and the Borrower on the date of the Third Supplemental Deed;

 “Third Party” means any person or group of persons acting in concert (as the expression “acting in
concert” is defined in the City Code on Take-overs and Mergers) who or which is not a member of the Lim Family or Apollo; 
 “Third Priority Security Co-ordination Deed” means the deed to be made between (among others) HSBC Bank plc (as trustee for the Guaranteed Loan Lenders, as first mortgagees), the Restructuring Trustee (as trustee for the
Guaranteed Loan Lenders, as second mortgagees) and the Restructuring Trustee (as trustee for the Non-Guaranteed Loan Lenders, as third mortgagees), the Security Agent, the owners of the Hermes Vessels in relation to the Hermes Vessel Owner Third
Guarantees, the Third Mortgages and the Third Assignments such co-ordination deed to be in the form and on the terms and conditions agreed between the Lenders and the other parties to the co-ordination deed on the date of the Third Supplemental
Deed; 
 “Third Supplemental Deed” means the third supplemental deed dated April 2009 to this Agreement;

 “Total Capitalisation” means, at any date of determination, Total Net Funded Debt plus the consolidated
stockholders’ equity of the NCLC Group at such date determined in accordance with US GAAP and derived from the then latest unaudited and consolidated accounts of the NCLC Group delivered to the Agent in the case of the first three
(3) quarters of each financial year and the then latest Accounts delivered to the Agent in the case of the final quarter of each financial year PROVIDED THAT for any such accounts delivered after the Second Restatement Date, the effect
of any impairment of intangible assets shall be added back to stockholders’ equity; 
 “Total Cash Sweep
Amount” [*]; 
 “Total Funded Debt” means, as at any relevant date, Total Net Funded Debt
excluding Indebtedness for Borrowed Money related to vessels under construction for a member of the NCLC Group; 
 “Total
Loss” means any actual or constructive or arranged or agreed or compromised total loss or Compulsory Acquisition of a Vessel; 
  

 43 

 “Total Net Funded Debt” means, as at any relevant date: 
  

	 	(i)	Indebtedness for Borrowed Money of the NCLC Group; and 

  

	 	(ii)	the amount of any Indebtedness for Borrowed Money of any person which is not a member of the NCLC Group but which is guaranteed by a member of the NCLC Group as at such
date; 

 less an amount equal to any Cash Balance and all amounts from time to time standing to the credit of the
Cash Sweep Bank Account as at such date; 
 “Total Special Liquidity Sources Amount” means Special Liquidity
Sources of the NCLC Group on a Special Liquidity Sources Determination Date; 
 “Tranche A” means, of the
Facility, the revolving credit facility granted hereunder in the relevant Maximum Tranche Amount or (as the context may require) the principal amount thereof for the time being advanced and outstanding under this Agreement; 
 “Tranche A Availability Period” means the period beginning on the Delivery Date in respect of Hull No S.669 and ending one
(1) month before the relevant Final Maturity Date; 
 “Tranche B” means, of the Facility, the revolving
credit facility granted hereunder in the relevant Maximum Tranche Amount or (as the context may require) the principal amount thereof for the time being advanced and outstanding under this Agreement; 
 “Tranche B Availability Period” means the period beginning on the Delivery Date in respect of Hull No S.670 and ending one
(1) month before the relevant Final Maturity Date; 
 “Tranches” means Tranche A and Tranche B; 

“Transaction” means a transaction entered into between a Lender or its Affiliate (as the case may be) and the Borrower
governed by the relevant Master Agreement; 
 “Transaction Documents” means the Security Documents, the Building
Contracts, the Drawdown Notices, the Renewal Notices, the Management Agreements and any other material document now or hereafter issued in connection with the documents or the transaction herein referred to but excluding the Lower Saxony Guarantees;

 “Transfer Certificate” means the certificate attached hereto as Schedule 5; 
 “Transfer Date” means, in relation to any Transfer Certificate, the date specified in such Transfer Certificate as the date
for the making of the transfer or, where such transfer is specified as being subject to the fulfilment of certain conditions, the date on which the Agent receives a certificate from the Lender making the transfer confirming that all such conditions
have been fulfilled; 
 “Transferee” means any reputable bank acceptable to the Agent which becomes a party to
this Agreement as a Lender pursuant to Clause 18; 
 “US GAAP” means generally accepted accounting principles in
the United States of America consistently applied (or, if not consistently applied, accompanied by details of the inconsistencies) including, without limitation, those set forth in the opinion and pronouncements of the Accounting Principles Board of
the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board; and 
  

 44 

 “Vessels” means: 
  

	 	(i)	Hull No S.669; and 

  

	 	(ii)	Hull No S.670. 

  

	 	1.2	Construction 

 In this
Agreement unless the context otherwise requires: 
  

	 	1.2.1	clause headings are inserted for convenience of reference only and shall be ignored in the construction of this Agreement; 

  

	 	1.2.2	references to Clauses and to Schedules are to be construed as references to clauses of and schedules to this Agreement unless otherwise stated and references to this
Agreement are to be construed as references to this Agreement including its Schedules; 

  

	 	1.2.3	subject to Clause 9.2.21 and Clause 9.1, references to (or to any specified provision of) this Agreement or any other document shall be construed as references to this
Agreement, that provision or that document as from time to time amended, supplemented and/or novated; 

  

	 	1.2.4	references to any Act or any statutory instrument shall be construed as references to that Act or that statutory instrument as from time to time re-enacted, amended or
supplemented; 

  

	 	1.2.5	references to any party to this Agreement or any other document shall include reference to such party’s successors and permitted assigns; 

 

	 	1.2.6	words importing the plural shall include the singular and vice versa; 

  

	 	1.2.7	references to a person shall be construed as references to an individual, firm, company, corporation, unincorporated body of persons or any state or any agency thereof;

  

	 	1.2.8	where any matter requires the approval or consent of the Agent such approval or consent shall not be deemed to have been given unless given in writing; where any matter
is required to be acceptable to the Agent shall not be deemed to have accepted such matter unless its acceptance is communicated in writing; the Agent may give or withhold its consent, approval or acceptance at its unfettered discretion; and

  

	 	1.2.9	a certificate by the Agent as to any amount due or calculation made hereunder shall be conclusive except for manifest error. 

  

	 	1.3	Agent 

 The Agent has been
appointed by the Lenders and the Lower Saxony Guarantee Agent as agent under Clause 20.3 and (unless the context otherwise requires) references herein to the Agent shall be construed as references to itself, the Lenders and the Lower Saxony
Guarantee Agent. The Borrower shall only communicate with the Lenders under this Agreement and the other Security Documents through the Agent and as hereinafter referred to. 
  

 45 

	 	1.4	Lower Saxony Guarantee Agent 

 The Lower Saxony Guarantee Agent has been appointed by the Lenders and the Agent as agent under Clause 20.3 and (unless the context otherwise requires) references herein to the Lower Saxony Guarantee Agent shall be construed as references
to itself, the Lenders and the Agent. 
  

	 	1.5	Third party rights 

 A
person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Agreement. 
  

	2	The Facility 

  

	 	2.1	Availability 

  

	 	2.1.1	The Lenders grant to the Borrower the Facility which is of a revolving nature. Each Tranche shall be available to the Borrower during the relevant Availability Period
subject to the provisions of Clause 2.2, Clause 2.3 and Clause 3. Each Drawing shall be repaid on its Maturity Date. However, a Term may be extended to the end of the succeeding Interest Period in respect of that Drawing by the giving of a Renewal
Notice by the Borrower to the Agent not later than 9.00 a.m. London time five (5) Business Days prior to the commencement of the relevant Interest Period. 

  

	 	2.1.2	Each Lender shall advance its Contribution to a Drawing in the proportion which its Commitment for the time being bears to the other Commitments of the Lenders to the
relevant Tranche. 

  

	 	2.1.3	None of the Agent or any other Lender shall be liable for any failure or delay on the part of any Lender in making any advance hereunder nor shall the Agent have any
obligation to seek to procure additional Lenders in the event of such a failure PROVIDED THAT if any Lender should fail to advance its Contribution to an advance hereunder, that Lender and the Agent will take all reasonable steps to mitigate
the effect of that failure. Notwithstanding the aforesaid proviso, no Lender shall be obliged to increase its Contribution hereunder in respect of the failure by any other Lender to fund any Contribution. 

  

	 	2.2	Purpose and Application 

 The Borrower shall apply or procure the application by the Owners of the Facility as follows: 
  

	 	2.2.1	An amount of Tranche A equal to the amount due to the Builder under the relevant Building Contract on the relevant Delivery Date shall be applied in part payment of the
relevant Contract Price. If the whole or any part of Tranche A is prepaid in accordance with Clause 4 such whole or part may be applied for general corporate and working capital purposes for the Borrower and its Subsidiaries; and

  

	 	2.2.2	An amount of Tranche B equal to the amount due to the Builder under the relevant Building Contract on the relevant Delivery Date shall be applied in part payment of the
relevant Contract Price. If the whole or any part of Tranche B is prepaid in accordance with Clause 4 such whole or part may be applied for general corporate and working capital purposes for the Borrower and its Subsidiaries.

  

 46 

 None of the Lenders or the Agent shall be bound to monitor or verify the application of any
amount borrowed under this Agreement. 
  

	 	2.3	Drawdown 

 The Borrower
shall only draw down a Drawing if: 
  

	 	2.3.1	the Agent receives at least five (5) Business Days’ notice of the Borrower’s request for the Drawing in the form of Schedule 2; 

 

	 	2.3.2	the Advance Date proposed is a Business Day within the relevant Availability Period; 

  

	 	2.3.3	the first Drawing in respect of a Tranche is to be applied in part payment of the relevant Contract Price due to the Builder under the relevant Building Contract on the
relevant Delivery Date; 

  

	 	2.3.4	the Drawing is in a minimum amount of one million euro (EUR1,000,000) in the case of a euro Drawing or one million Dollars (USD1,000,000) in the case of a Dollar
Drawing or a whole multiple thereof; 

  

	 	2.3.5	on any Advance Date not more than five (5) Drawings will be outstanding in respect of the relevant Tranche; 

  

	 	2.3.6	the drawdown of the Drawing would not result in the amount of the relevant Tranche exceeding the relevant Maximum Tranche Amount on the Advance Date;

  

	 	2.3.7	no Event of Default has occurred before the relevant Advance Date and such drawing would not constitute an Event of Default; 

  

	 	2.3.8	the representations and warranties set out in Clause 9 and each of the other Security Documents are correct on the relevant Advance Date; 

  

	 	2.3.9	no written notice has been received indicating that the Lower Saxony Guarantees do not, or the relevant Lower Guarantee does not (as the case may be), validly exist
without restriction; and 

  

	 	2.3.10	it is then lawful for each of the Lenders to make available its relevant Contribution to the Drawing; 

 PROVIDED THAT the Lenders will only be obliged to comply with Clause 3.1 if, on the relevant Advance Date or on the commencement of
the relevant Interest Period, no Event of Default is continuing or would result from the conversion and the representations made by the Borrower under Clause 9 are true in all material respects. 
 Each Drawing advanced under this Clause 2.3 shall be deemed to have been advanced pro rata from Portion A and Portion B of the relevant
Tranche. 
  

 47 

	 	2.4	Break costs 

 If for any
reason a Drawing is not drawn down by the Borrower hereunder after the relevant Drawdown Notice has been given to the Agent pursuant to Clause 2.3, the Borrower will pay to the Agent for the account of the Lenders such amount as the Agent may
certify as necessary to compensate the Lenders (other than any Lender whose default has caused the Drawing not to be drawn down) for any loss (including any losses under any Master Agreements) or expense on account of funds borrowed, contracted for
or utilised in order to fund its Contribution to the Drawing. Each Lender shall supply to the Agent a certificate of break costs which in the absence of manifest error shall be conclusive as to the amounts due. 
  

	 	2.5	Conditions of drawdown 

 The Agent shall not be under any obligation to advance a Drawing hereunder until all the documents and evidence referred to in the relevant part of Part I of Schedule 3 are in the possession of the Agent in form and substance satisfactory
to the Agent. 
  

	 	2.6	Several obligations of the Lenders 

 The obligations and rights of each Lender hereunder are several and if for any reason the Borrower receives an amount greater than the aggregate of the Contributions to the Drawing, the Borrower forthwith
upon the demand of the Agent shall pay to the Agent (for the account of those Lenders whose Contributions were exceeded) the amount certified by the Agent as representing the excess of the amount paid to the Borrower over the due and proper amount
of the Contributions of the Lenders actually received by the Agent. 
  

	 	2.7	Lender’s failure to perform 

 Subject to Clause 2.1.3, the failure by a Lender to perform its obligations hereunder shall not affect the obligations of the Borrower towards any other party hereto nor shall any such other party be liable for the failure by such Lender to
perform its obligations hereunder. 
  

	 	2.8	Fulfilment of conditions after drawdown 

 If the Lenders, acting unanimously, decide (or the Agent in accordance with Clause 20 decides) to permit the advance of a Drawing to the Borrower hereunder without the Agent having received all of the
documents or evidence referred to in the relevant part or parts of Part I of Schedule 3, the Borrower will nevertheless deliver the remaining documents or evidence to the Agent within such period as the Agent may stipulate and the advance of the
Drawing 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 advance of the Drawing in the absence of
any of such documents or evidence. 
  

	 	2.9	Conditions subsequent 

 The Borrower undertakes to deliver or to cause to be delivered to the Agent the additional documents and other evidence listed in Part II of Schedule 3. 
  

	3	Currency Option 

  

	 	3.1	Selection of Dollars 

 The
selection of Dollars as the currency in which a Drawing is denominated is subject to the conditions of, and the observance of the restrictions to, conversion set out in Clause 3.3. The Borrower may in accordance with this Clause 3.1 select Dollars
as the currency in which it wishes a Drawing to be denominated. A selection shall be made either by the Borrower: 
  

	 	3.1.1	specifying the Dollar amount to be advanced in the Drawdown Notice relating to the relevant Drawing; or 

  

 48 

	 	3.1.2	giving notice to the Agent to be received by the Agent not later than 9.00 a.m. London time five (5) Business Days prior to the commencement of the next
Interest Period relating to the Drawing pursuant to Clause 5.2. 

  

	 	3.2	Conversion 

 If the
Borrower selects Dollars as the currency in which a Drawing is to be made in accordance with Clause 3.1, the Drawing shall be converted from euro into Dollars on, and with effect from, the beginning of the relevant Interest Period. The Drawing shall
remain denominated in Dollars until its Maturity Date and no further Drawings of the relevant Tranche may be made in euro. Further, the Maturity Date of any euro Drawing of the relevant Tranche shall be the next Interest Payment Date in respect of
that Drawing (notwithstanding the Maturity Date previously selected for the Drawing), on which date the Drawing shall be repaid in accordance with Clause 4.1. 
  

	 	3.3	Conditions and restrictions to conversion 

 The conversion into and denomination of any Drawing in Dollars shall be subject to Clause 2.3 and the following: 
  

	 	3.3.1	any Drawing up to the relevant Maximum Tranche Amount is available for conversion; 

  

	 	3.3.2	no Drawing may at any time be converted into and/or denominated in more than one (1) currency and any Drawdown Notice or other written instruction from the
Borrower requesting otherwise shall be of no effect; 

  

	 	3.3.3	a Drawing may only be converted into and denominated in Dollars if deposits in Dollars for the amount of the Drawing and for the Interest Period selected are available
to the Lenders in the London Interbank Market in the ordinary course of business on the relevant date. If such deposits are not so available to the Lenders, the Drawing in question shall be advanced and denominated or remain denominated (as the case
may be) in euro; 

  

	 	3.3.4	the Agent being in possession of evidence in form and substance satisfactory to it that from the relevant first Currency Conversion Date the sums insured under the
Insurances of the relevant Vessel will be denominated in Dollars in accordance with the provisions of the relevant Mortgage; and 

  

	 	3.3.5	the Agent having been able to arrange for the sums insured under the mortgagee interest insurance and the mortgagee interest insurance for pollution risks (each as more
particularly described in the relevant Mortgage) to be in Dollars from the relevant first Currency Conversion Date. 

  

	 	3.4	Repayment in same currency 

 During each Interest Period in respect of a Dollar Drawing, the obligation of the Borrower to repay that Drawing in accordance with Clause 4.1 or Clause 4.5 and to pay interest in respect of that Drawing shall be an obligation to repay the
Drawing and to pay interest (and any default interest pursuant to Clause 5.7) in respect of the Drawing in Dollars. 
  

 49 

	 	3.5	Exercise of currency option 

 All losses, damages, expenses, profits or currency risks arising from the exercise of the currency option contained in this Clause 3 shall be for the account of the Borrower. 
  

	 	3.6	No prepayment 

 The
conversion of a euro Drawing into Dollars or the operation of this Clause 3 shall not constitute or be construed as a prepayment pursuant to the provisions of Clause 4. 
  

	 	3.7	No discharge 

 Notwithstanding the drawdown of a euro Drawing or the subsequent conversion of the relevant euro Drawing into Dollars it is expressly acknowledged and agreed by the parties hereto that the Security Documents shall remain in full force and
effect and that they shall stand as security for the Facility in whatever currency or currencies it is for the time being denominated. 
  

	4	Repayment, Reduction, Cancellation and Prepayment of the Facility 

  

	 	4.1	Repayment 

 The Borrower
shall repay each Drawing on its Maturity Date in the currency in which it was made available. If a Drawing (the “new Drawing”) is to be made on a day on which another Drawing (the “maturing Drawing”) is due to be
repaid then, subject to the terms of this Agreement: 
  

	 	4.1.1	the maturing Drawing shall be deemed to have been repaid on its Maturity Date either in whole (if the new Drawing is equal to or greater than the maturing Drawing) or
in part (if the new Drawing is less than the maturing Drawing); and 

  

	 	4.1.2	to the extent that the maturing Drawing is so deemed to have been repaid, the principal amount of the new Drawing to be made on such date shall be deemed to have been
credited to the account of the Borrower by the Agent on behalf of the Lenders in accordance with the terms of this Agreement and the Lenders shall only be obliged to make available to the Borrower pursuant to Clause 2.3 a principal amount equal to
the amount by which the new Drawing exceeds the maturing Drawing. 

 On a Final Maturity Date, all relevant
outstanding Drawings and other sums (if any) then owing under this Agreement shall in any event be repaid or paid in full. 
  

	 	4.2	Scheduled reductions of Commitments to a Tranche 

  

	 	4.2.1	Subject to the second paragraph of this Clause 4.2.1, on each of the Reduction Dates the relevant Maximum Tranche Amount as at the date of the Third Supplemental Deed
shall be reduced by the relevant amount set out in the fifth column (Revised Reductions) of the relevant table in Schedule 8, as such Revised Reductions are reduced to reflect any relevant prepayments. 

  

 50 

 If the Borrower exercises the currency option contained in Clause 3 after the first
Reduction Date in respect of a Tranche the amounts of the reductions to be made in Dollars on the Reduction Dates in respect of that Tranche falling after the first Currency Conversion Date in respect of that Tranche shall be calculated on the first
of such Reduction Dates by dividing the relevant Maximum Tranche Amount as at the relevant Reduction Date by the number of one thirtieths (1/30ths) of the Tranche which have not been reduced prior to that Reduction Date. A reduction schedule
setting out the amounts of the reductions to be made in Dollars on the Reduction Dates remaining after the first Currency Conversion Date in respect of that Tranche shall be agreed between the Agent and the Borrower on the first Currency Conversion
Date in respect of that Tranche and shall from such date be deemed to be a part of this Agreement. Any reduction to be made on a Reduction Date in respect of a Tranche falling on or prior to the first Currency Conversion Date in respect of that
Tranche shall be made in euro. 
 The Borrower shall pay to the Agent in euro or in Dollars (as the case may be) all accrued
interest on the reduction amount to that Reduction Date. 
 Amounts repaid by the Borrower pursuant to this Clause 4.2.1 shall
not be available for reborrowing. 
  

	 	4.2.2	Without prejudice to any other provision of this Agreement, the Commitments to a Tranche shall be reduced to zero on the relevant Final Maturity Date.

  

	 	4.3	Sale or Total Loss of a Vessel: mandatory cancellation 

 If at any time during the Security Period a Vessel is sold or is or becomes a Total Loss, the Commitments to the relevant Tranche shall be reduced to zero on the date on which the proceeds of such sale or
Total Loss are made available. 
  

	 	4.4	Amounts payable on prepayment 

 Any prepayment of a Drawing or a Tranche under this Clause 4 shall be made together with: 
  

	 	4.4.1	accrued interest on the amount to be prepaid to the date of such prepayment (calculated in respect of any period during which a Substitute Basis has applied by virtue
of Clause 6.3, at the rate per annum more particularly described in Clause 6.2); 

  

	 	4.4.2	any additional amounts payable under Clause 7.2 and Clause 8.1; 

  

	 	4.4.3	costs certified by the Agent as necessary to compensate the Lenders for the cost of repaying fixed deposits borrowed to fund any part of any Drawing or the Tranche
which is prepaid before the relevant Maturity Date or the fixed term by reference to which the relevant Interest Rate has been ascertained; and 

  

	 	4.4.4	all other sums payable by the Borrower to the relevant Lender or the German State of Lower Saxony under this Agreement including, without limitation, any accrued
commitment fee payable under Clause 14.1 and any accrued Lower Saxony Guarantee fee payable under Clause 14.3. 

  

 51 

	 	4.5	Notice of prepayment 

 No
voluntary prepayment of a Drawing may be effected under this Clause 4 unless the Borrower shall have given the Agent at least five (5) Business Days’ notice of its intention to make such prepayment. Every notice of prepayment shall be
effective only on actual receipt by the Agent, shall be irrevocable, shall specify the amount to be prepaid and shall oblige the Borrower to make such prepayment on the date specified. Unless and to the extent that the Commitments to a Tranche are
cancelled or reduced on or with effect from the date of any such prepayment, amounts prepaid may be re-drawn under this Agreement. The Borrower may not prepay any Drawing or any part thereof save as expressly provided in this Agreement. 

The Drawing(s) to be wholly or partially prepaid pursuant to Clause 4.2.1 and Clause 4.8 shall be selected by the Borrower by not fewer
than five (5) Business Days’ notice to the Agent, which shall be irrevocable. The Borrower shall not be permitted to make any selection pursuant to this Clause which would result in partial prepayment of more than one (1) Drawing. If
the Borrower fails to give notice to the Agent selecting the Drawing(s) to be prepaid, the Borrower shall be deemed to have selected to prepay first any Drawings having an Interest Period ending on the Reduction Date in question. If there are no
such Drawings or the aggregate amount of the Drawing(s) having an Interest Period ending on the Reduction Date in question either exceeds or falls short of the amount required to be prepaid, the Borrower shall prepay, in full or in part, the
Drawing(s) selected by the Agent. 
  

	 	4.6	Voluntary cancellation of Commitments to a Tranche 

 The Borrower may at any time during an Availability Period by notice to the Agent (effective only on actual receipt) cancel with effect from a date not less than five (5) Business Days after the
receipt by the Agent of such notice the whole or any part (being a minimum amount of ten million euro (EUR10,000,000) or ten million Dollars (USD10,000,000) (as the case may be) or a whole multiple thereof but not more than the Available Commitments
of all of the Lenders to the relevant Tranche as at such date) of the total of the Available Commitments to the relevant Tranche as at such date of all the Lenders. Any such notice of cancellation, once given, shall be irrevocable and upon such
cancellation taking effect the Commitment of each of the Lenders to the relevant Tranche shall be permanently reduced proportionately and the Borrower shall on the date designated in its notice prepay such amount of the outstanding Drawings as will
ensure that immediately thereafter the aggregate amount of the Drawings will not exceed the Commitments to the relevant Tranche as so reduced by virtue of the Borrower’s cancellation. 
  

	 	4.7	Additional partial cancellation 

 The Borrower may also at any time during an Availability Period by notice to the Agent (effective only on actual receipt) cancel with effect from a date not less than five (5) Business Days after receipt by the Agent of such notice the
whole but not part only, but without prejudice to its obligations under Clause 7.2 and Clause 8.1, of the Commitment to the relevant Tranche of any Lender to which the Borrower shall have become obliged to pay additional amounts under
Clause 7.2 or Clause 8.1. Upon any notice of such prepayment being given, the Commitment of the relevant Lender to the relevant Tranche shall be reduced to zero and the Borrower shall be obliged to prepay the Contribution of such Lender to the
relevant Tranche on such date. 
  

 52 

  

	 	4.8	Prepayment during Term 

 The Borrower may at any time by notice to the Agent (effective only on actual receipt) prepay the whole or any part (being a minimum amount of ten million euro (EUR10,000,000) or ten million Dollars (USD10,000,000) (as the case may be) or
such lesser amount as is acceptable to the Agent) of any Drawing prior to its Maturity Date on not less than five (5) Business Days’ notice (whether or not any part of the Commitment to the relevant Tranche is also being cancelled on such date
pursuant to any provision of this Agreement) and the Borrower shall when making such prepayment, make such prepayment together with any amounts as referred to in Clause 4.4. 
  

	 	4.9	Mandatory cancellation in case of illegality 

 If any change in, or in the interpretation or application of, any law, regulation or treaty shall make it unlawful in any jurisdiction applicable to any of the Lenders for that Lender to make available or
maintain its Contribution to a Tranche or to give effect to its obligations as contemplated hereby, the Agent may, by notice thereof to the Borrower, declare that the relevant Lender’s obligations shall be terminated forthwith whereupon (if any
of the relevant Tranche has then been advanced) the Borrower shall prepay forthwith to the relevant Lender its Contribution to the Tranche together with interest thereon to the date of such prepayment and all other amounts due to such Lender under
Clause 4.4 and under the Security Documents (or, if permitted by the relevant law, regulation or treaty, at the end of the then current Interest Period). 
 A Lender affected by any provision of this Clause 4.9 shall promptly inform the Agent after becoming aware of the relevant change and the Agent shall, as soon as reasonably practicable thereafter, notify
the Borrower of the change and its possible results. Without affecting the Borrower’s obligations under this Clause 4.9 and in consultation with the Agent, the affected Lender will then take all such reasonable steps as may be open to it
to mitigate the effect of the change (for example (and if then possible and subject to the prior consent of the German State of Lower Saxony) by changing its Lending Branch or transferring some or all of its rights and obligations under this
Agreement to another financial institution reasonably acceptable to the Borrower and the Agent). The reasonable costs of mitigating the effect of any such change shall be borne by the Borrower save where such costs are of an internal administrative
nature and are not incurred in dealings by any Lender with third parties. 
  

	 	4.10	Voluntary cancellation following imposition of Substitute Basis 

 The Borrower may notify the Agent within ten (10) Business Days of the receipt of a certificate from the Agent of a Substitute Basis under Clause 6.3 whether or not it wishes to cancel a Tranche or
the relevant part thereof, in which event the Borrower shall forthwith cancel the Tranche or such relevant part thereof and prepay such amount of the outstanding Drawings as will ensure that immediately thereafter the aggregate of the amount of the
Drawings will not exceed the Commitments to the Tranche or relevant part thereof as so reduced by virtue of the Borrower’s cancellation. 
  

	 	4.11	Cancellation in case of Total Loss of a Vessel 

 If a Vessel is or becomes a Total Loss, then the Borrower will, within thirty (30) days thereof or, if the Agent is satisfied in its sole discretion that the Total Loss is adequately covered by the
Insurances and that the relevant insurance proceeds will be payable to the Agent on behalf of the Lenders within one hundred and fifty (150) days thereof, by no later than the date which is one hundred and fifty (150) days after the date of the
event giving rise to such Total Loss cancel and prepay the relevant Tranche in accordance with Clause 4.3 and Clause 13.1. 
  

 53 

 For the purposes of this Clause 4.11, a Total Loss shall be deemed to have occurred:

  

	 	4.11.1	if it consists of an actual loss, at noon Greenwich Mean Time on the actual date of loss or, if that is not known, on the date on which the Vessel was last heard of;

  

	 	4.11.2	if it consists of a Compulsory Acquisition, at noon Greenwich Mean Time on the date on which the requisition is expressed to take effect by the person requisitioning
the Vessel; or 

  

	 	4.11.3	if it consists of a constructive or compromised or arranged or agreed total loss or damage to the Vessel rendering repair impracticable or uneconomical or rendering the
Vessel permanently unfit for normal use, at noon Greenwich Mean Time on the date on which notice claiming the loss of the Vessel is given to its insurers. 

  

	 	4.12	Cancellation in case of sale of a Vessel 

 If a Vessel is sold by the relevant Owner with the prior consent of the Majority Lenders (which consent is not to be unreasonably withheld or delayed), then the Borrower will concurrent with completion of
the sale cancel and prepay the relevant Tranche in accordance with Clause 4.3 and Clause 13.1. Subject to Clause 4.4, prepayment of a Tranche consequent upon the permitted sale of the relevant Vessel shall absolve the Borrower from any
liability to pay prepayment fees or costs other than legal, registration or other costs incurred in relation to the release and discharge of the Security Documents and the release of the relevant Lower Saxony Guarantee. 
 If Hull No S.669 has not been delivered to Norwegian Pearl within two hundred and forty (240) days after 8 February 2007 or Hull No S.670 has
not been delivered to Norwegian Gem within two hundred and forty (240) days after 1 October 2007 the relevant Tranche will be cancelled. 
  

	 	4.13	Cancellation in case of non-delivery of a Vessel 

 If Hull No S.669 has not been delivered to Norwegian Pearl within two hundred and forty (240) days after 8 February 2007 or Hull No S.670 has not been delivered to Norwegian Gem within two hundred and
forty (240) days after 1 October 2007 the relevant Tranche will be cancelled. 
  

	 	4.14	Cancellation in case of reduction in the Owners’ Supply Costs 

 If the amount of a Tranche advanced on the Delivery Date of the relevant Vessel exceeds the relevant Maximum Tranche Amount when the Owners’ Supply Costs in respect of the relevant Vessel, as
evidenced by the information to be provided pursuant to paragraph 1 of Part II of Schedule 3, are determined, the Borrower shall forthwith cancel the relevant Tranche and prepay the relevant outstanding Drawings in each case by such an amount that
the relevant Maximum Tranche Amount is no longer exceeded, in accordance with Clause 4.4 and Clause 13.2. 
  

 54 

	 	4.15	[*] 

  

	 	4.16	[*] 

  

	5	Interest 

  

	 	5.1	Payment of interest 

 The
Borrower shall pay interest on each Drawing at the Interest Rate applicable for each Interest Period in respect thereof which interest shall be payable in arrears on each Interest Payment Date. 
  

	 	5.2	Selection and duration of Interest Periods 

 The Borrower may give notice to the Agent to be received by the Agent not later than 9.00 a.m. London time five (5) Business Days prior to the commencement of each Interest Period, specifying whether
that Interest Period is to be of one (1), three (3) or six (6) months’ duration or of such other period as the Borrower and all the Lenders may agree or end on the next Cash Sweep Payment Date or Maturity Date PROVIDED THAT no
more than three (3) Interest Periods of one (1) month’s duration may be requested in any one (1) calendar year in respect of a Tranche. Interest Periods shall commence, in the case of the first in respect of a Drawing, on the
relevant Advance Date and, in the case of Interest Periods other than the first, on the expiry of the preceding Interest Period. Each Interest Period shall, subject to the following provisions of this Clause 5, be of a duration selected by the
Borrower as above PROVIDED THAT the final Interest Period in respect of a Drawing shall end on the Maturity Date of that Drawing. 
  

	 	5.3	No notice and unavailability 

 If the Borrower fails to select an Interest Period in accordance with Clause 5.2 or the Agent certifies that deposits for the period selected by the Borrower are not available to each of the Lenders in the ordinary course of business in the
relevant interbank eurocurrency market to fund the Drawing, the Borrower shall be deemed to have selected an Interest Period of three (3) months (or such other period as the Agent may in its sole discretion decide). 
  

	 	5.4	Extension and shortening of Interest Periods 

  

	 	5.4.1	If an Interest Period would otherwise end on a day which is not a Business Day, the Interest Period shall be extended until the next following Business Day unless the
next following Business Day falls in the next calendar month in which case the Interest Period will be shortened to expire on the preceding Business Day. 

  

	 	5.4.2	If an Interest Period commences on the last Business Day in a month and if there is no day in the month in which the Interest Period will end which corresponds
numerically to the day on which it begins, the Interest Period shall end on the last Business Day in that month. 

  

	 	5.5	Interest Rate 

 Subject to
Clause 5.7 and Clause 6, the rate of interest applicable to a Drawing during an Interest Period shall be the rate per annum which is the sum of EURIBOR or LIBOR (as the case may be), the Applicable Margin and Mandatory Costs. 
  

 55 

	 	5.6	Bank basis 

 Interest,
commitment fee and any other payments hereunder or under the commitment letter referred to in Clause 14.2 or any other fee letter of an annual nature shall accrue from day to day and be computed on the basis of a year of three hundred and sixty
(360) days and for the actual number of days elapsed. 
  

	 	5.7	Default interest 

 If the Borrower fails to pay on the due date any sum due under this Agreement or any of the other Security Documents to which it may at any time be a party, the Borrower shall, without affecting any other remedy of the Agent or the
Lenders, on demand pay interest on such sum from the due date to the actual date of payment (as well after as before judgment). Such interest shall accrue on a daily basis at the higher of the Interest Rate fixed for the latest Interest Period and
the rate computed by the Agent and certified by the Agent to the Borrower as being the aggregate of (a) the Applicable Margin, Mandatory Costs and two per cent (2%) and (b) the greater of (i) in the case of the Lenders, the average (rounded upwards
if necessary to the next integral multiple of one-sixteenth of one per cent (1/16%)) of the respective rates per annum at which each of the Lenders is able to acquire in accordance with its normal practice deposits in euro or Dollars (as the case
may be) in successive periods of one (1) month (or for such shorter period as the Agent may in its sole discretion select) in the relevant interbank eurocurrency market in an amount equivalent to or comparable with its relevant Contribution to such
sum, and, in the case of the Agent, the rate per annum at which it is able to acquire in accordance with its normal practice deposits in euro or Dollars (as the case may be) in successive periods of one (1) month (or for such shorter period as the
Agent may in its sole discretion select) in the relevant interbank eurocurrency market in an amount equivalent to such sum, as at approximately 11.00 a.m. Brussels time (in the case of euro) and as at approximately 11.00 a.m. London time (in the
case of Dollars) on any relevant day and (ii) in the case of the Lenders, the average (rounded upwards if necessary to the next integral multiple of one-sixteenth of one per cent (1/16%)) of the cost to each of the Lenders of funding its relevant
Contribution to such sum, and, in the case of the Agent, the cost of funding such sum, such interest to be compounded at the end of the period selected by the Agent and to be payable on demand. In the event of EURIBOR or LIBOR (as the case may be)
not being available then the Agent shall in its discretion use the Substitute Basis for its calculation as set out in Clause 6.3. 
  

	6	Substitute Basis of Funding 

  

	 	6.1	Absence of quotations 

 Subject to Clause 6.2, if LIBOR is to be determined by reference to the Reference Banks but a Reference Bank does not supply a quotation by 11.00 a.m. London time, the applicable LIBOR shall be determined on the basis of the quotations
of the remaining Reference Banks. 
  

	 	6.2	Market disruption 

 If a
Market Disruption Event occurs for any Interest Period, then the rate of interest on each Lender’s relevant Contribution to a Tranche for that Interest Period shall be the percentage rate per annum which is the sum of: 
  

	 	6.2.1	the Applicable Margin; 

  

 56 

	 	6.2.2	the rate notified to the Agent by that Lender as soon as practicable, and in any event before interest is due to be paid in respect of that Interest Period, to be that
which expresses as a percentage rate per annum the cost to that Lender of funding its relevant Contribution from whatever source it may reasonably select; and 

  

	 	6.2.3	the Mandatory Cost, if any, applicable to that Lender’s relevant Contribution. 

 In this Agreement “Market Disruption Event” means: 
  

	 	(a)	at or about noon on the Quotation Date for the relevant Interest Period Reuters BBA Page LIBOR 01 is not available and none or only one of the Reference Banks supplies
a rate to the Agent to determine LIBOR for the relevant Interest Period; or 

  

	 	(b)	before close of business in London on the Quotation Date for the relevant Interest Period, the Agent receives notifications from Lenders (in number exceeding thirty
four per cent (34%) of the Lenders and whose Contributions and Commitments are not less than thirty four per cent (34%) of the relevant Tranche) that the cost to them of obtaining matching deposits in the London Interbank Market would be
in excess of LIBOR. 

  

	 	6.3	Substitute basis of interest or funding 

  

	 	6.3.1	If a Market Disruption Event occurs and the Agent or the Borrower so requires, the Agent and the Borrower shall enter into negotiations (for a period of not more than
thirty (30) days) with a view to agreeing a substitute basis for determining the rate of interest. 

  

	 	6.3.2	Any alternative basis agreed pursuant to Clause 6.3.1 shall, with the prior consent of all the Lenders and the Borrower, be binding on all parties to this Agreement.

  

	 	6.4	Review 

 So long as any
Substitute Basis is in force, the Agent, in consultation with the Borrower and the Lenders, shall from time to time, but not less often than monthly, review whether or not the circumstances referred to in Clause 6.1 or Clause 6.2 still prevail with
a view to returning to the normal provisions of this Agreement. 
  

	7	Payments 

  

	 	7.1	Place for payment 

 Subject to Clause 14.3, all payments by the Borrower under this Agreement or any of the other Security Documents to which it may at any time be a party shall be made to the Agent in Same Day Funds and: 
  

	 	7.1.1	if in euro through the EBA clearing system to DnB NOR Bank ASA, London (BIC:DNBAGB2L) in favour of DnB NOR Bank ASA, Oslo (BIC:DNBANOKK) by 10.00 a.m. Brussels time;
and 

  

	 	7.1.2	if in Dollars to Bank of New York, New York, for the account of DnB NOR Bank ASA, Oslo account no 8033261374 by 10.00 a.m. New York time, or such other
account or bank as the Agent may from time to time designate. 

  

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	 	7.2	Deductions and grossing-up 

  

	 	7.2.1	Each payment to be made by the Borrower to the Agent, the Lenders or the Lower Saxony Guarantee Agent hereunder or under the commitment letter referred to in Clause
14.2 or any other fee letter shall be made free and clear of and without deduction for or on account of Taxes unless the Borrower is required by law to make such a payment subject to the deduction or withholding of Taxes, in which case the sum
payable by the Borrower in respect of which such deduction or withholding is required to be made shall be increased to the extent necessary to ensure that, after the making of such deduction or withholding, the Agent, the Lenders or the Lower Saxony
Guarantee Agent receives and retains (free from any liability in respect of any such deduction or withholding) a net sum equal to the sum which it would have received and so retained had no such deduction or withholding been made or required to be
made. 

  

	 	7.2.2	Without prejudice to the provisions of Clause 7.2.1, if any Lender or the Agent on its behalf, the Agent or the Lower Saxony Guarantee Agent is required to make any
payment on account of tax (not being a tax imposed on the net income of its Lending Branch by the jurisdiction in which it is incorporated or in which its Lending Branch is located or any other tax existing and applicable on the Signing Date under
the laws of any jurisdiction) or otherwise on or in relation to any sum received or receivable hereunder by such Lender or the Agent on its behalf, the Agent or the Lower Saxony Guarantee Agent (including, without limitation, any sum received or
receivable under this Clause 7) or any liability in respect of any such payment is asserted, imposed, levied or assessed against such Lender or the Agent on its behalf, the Agent or the Lower Saxony Guarantee Agent, the Borrower shall, upon demand
of the Agent, indemnify such Lender or the Agent on its behalf, the Agent or the Lower Saxony Guarantee Agent against such payment or liability, together with any interest, penalties and expenses payable or incurred in connection therewith other
than interest penalties and expenses that are otherwise imposed or asserted on account of the bad faith or wilful neglect of such Lender or the Agent on its behalf, the Agent or the Lower Saxony Guarantee Agent. If any Lender, the Agent or the Lower
Saxony Guarantee Agent proposes to make a claim under the provisions of this Clause 7.2.2 it shall certify to the Borrower in reasonable detail within thirty (30) days (or such longer period as any Lender, the Agent or the Lower Saxony
Guarantee Agent may reasonably require) after becoming aware of the event by reason of which it is entitled to make its claim or claims the basis of its claim or claims, such certificate to be conclusive, save for manifest error.

  

	 	7.3	Production of receipts for Taxes 

 If the Borrower makes any payment hereunder in respect of which it is required by law to make any deduction or withholding, it shall pay the full amount to be deducted or withheld to the relevant taxation or other authority within the time
allowed for such payment under applicable law and shall deliver to the Agent within thirty (30) days after it has made such payment to the applicable authority any original receipt issued by such authority evidencing the payment to such
authority of all amounts so required to be deducted or withheld from such payment. 
  

 58 

 If an additional payment is made under Clause 7.2.2 and any Lender or the Agent on its
behalf, the Agent or the Lower Saxony Guarantee Agent determines that it has received or been granted a credit against or relief of or calculated with reference to the deduction or withholding giving rise to such additional payment, such Lender or
the Agent on its behalf, the Agent or the Lower Saxony Guarantee Agent shall, to the extent that it can do so without prejudice to the retention of the amount of such credit, relief, remission or repayment, pay to the Borrower such amount as such
Lender or the Agent on its behalf, the Agent or the Lower Saxony Guarantee Agent shall in its opinion have concluded to be attributable to the relevant deduction or withholding. Any such payment shall be conclusive evidence of the amount due to the
Borrower hereunder and shall be accepted by the Borrower in full and final settlement of its rights of reimbursement hereunder in respect of such deduction or withholding. Nothing herein contained shall interfere with the right of any Lender, the
Agent and the Lower Saxony Guarantee Agent to arrange their respective tax affairs in whatever manner they think fit. 
  

	 	7.4	Currency of account 

 Unless the Agent agrees or requires otherwise in accordance with the terms of this Agreement: 
  

	 	7.4.1	a repayment or payment of all or part of the Facility, a Tranche, a Drawing or any sum due and payable but unpaid by any Obligor under the Security Documents shall be
made in the currency in which the Facility, such Tranche, such Drawing or such unpaid sum is denominated on its due date; 

  

	 	7.4.2	each payment of interest shall be made in the currency in which the sum in respect of which the interest is payable was denominated when that interest accrued; and

  

	 	7.4.3	each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are incurred 

  

	 	7.5	Money of account 

 If any
sum due from the Borrower under this Agreement or any other Security Document to which it may at any time be a party, or any order or judgment given or made in relation thereto, has to be converted from the currency (the “first
currency”) in which the same is payable under such Security Document, order or judgment into another currency (the “second currency”) for the purpose of: 
  

	 	7.5.1	making or filing a claim or proof against the Borrower; 

  

	 	7.5.2	obtaining an order or judgment in any court or other tribunal; or 

  

	 	7.5.3	enforcing any order or judgment given or made in relation thereto; 

 the Borrower shall indemnify and hold harmless the Agent, the Lower Saxony Guarantee Agent and each of the Lenders from and against any damages or losses suffered as a result of any discrepancy between
(a) the rate of exchange used to convert the sum in question from the first currency into the second currency and (b) the rate or rates of exchange at which each Lender, the Agent or the Lower Saxony Guarantee Agent may in the ordinary
course of business purchase the first currency with the second currency upon receipt of a sum paid to it in satisfaction, in whole or in part, of any such order, judgment, claim or proof. The above indemnity shall constitute an obligation of the
Borrower separate and independent from its other obligations and shall apply irrespective of any indulgence granted by the Agent, the Lower Saxony Guarantee Agent or any of the Lenders. 
  

 59 

	 	7.6	Accounts 

 The Agent shall
maintain in accordance with its usual practice accounts evidencing the amounts from time to time lent by and owing to each of the Lenders hereunder or under any of the other Security Documents. In any legal action or proceeding arising out of or in
connection with this Agreement or any other Security Documents, the entries made in the accounts so maintained shall be prima facie evidence, save in the case of manifest error, of the existence and amounts of the obligations of the Borrower
recorded therein. 
  

	 	7.7	Earnings 

 Provided no
Event of Default has occurred (following which the Agent shall (inter alia) be entitled to request the Owners to give notice pursuant to clause 4 of the Earnings Assignments and apply the Earnings in accordance with Clause 13.2) the Earnings
shall throughout the Security Period be at the free disposal of the Owners. 
  

	 	7.8	Continuing security 

 The
security created by this Agreement, each of the other Security Documents and the Lower Saxony Guarantee shall be held by the Agent, the Lower Saxony Guarantee Agent and/or the Lenders as a continuing security for the repayment of the Outstanding
Indebtedness and the security so created shall not be satisfied by any intermediate payment or satisfaction of any part of the amount hereby or thereby secured or by any amendment of this Agreement, any of the other Security Documents or the Lower
Saxony Guarantees. Such security shall be in addition to and shall not in any way be prejudiced or affected by any collateral or other security now or hereafter held by the Agent, the Lower Saxony Guarantee Agent or the Lenders or any of them for
all or any part of the amount hereby or thereby secured or any other right or remedy of the Agent, the Lower Saxony Guarantee Agent or the Lenders or any of them under this Agreement, any of the other Security Documents or the Lower Saxony
Guarantees, by operation of law or otherwise howsoever arising. All the powers arising from any and all such security may be exercised from time to time as the Agent, the Lower Saxony Guarantee Agent or the Lenders or any of them may deem expedient.

  

	 	7.9	Mitigation 

 Without
affecting the Borrower’s obligations under Clause 7.2 the affected Lender, the Agent or the Lower Saxony Guarantee Agent shall take such reasonable steps as may be open to it to mitigate the effect of any tax withholding requirement, subject to
the prior consent of the German State of Lower Saxony. The reasonable costs of mitigating the effect shall be borne by the Borrower. 
  

	8	Yield Protection and Force Majeure 

  

	 	8.1	Increased costs 

  

	 	8.1.1	If by reason of: 

  

	 	(a)	any change in law or in its interpretation or administration; and/or 

  

 60 

	 	(b)	compliance with any request from or requirement of any central bank or other fiscal, monetary or other authority including but without limitation the Basle Committee on
Banking Supervision whether or not having the force of law: 

  

	 	(i)	any of the Lenders or an Associated Company incurs a cost as a result of the relevant Lender performing its obligations under this Agreement and/or its advancing its
Contribution hereunder; or 

  

	 	(ii)	there is any increase in the cost to any of the Lenders or an Associated Company of the relevant Lender funding or maintaining all or any of the advances comprised in a
class of advances formed by or including its Contribution advanced or to be advanced by it hereunder; or 

  

	 	(iii)	any of the Lenders or an Associated Company incurs a cost as a result of the relevant Lender having entered into and/or its assuming or maintaining its commitment under
this Agreement; or 

  

	 	(iv)	any of the Lenders or an Associated Company becomes liable to make any payment on account of Tax or otherwise (other than Tax on its overall net income) on or
calculated by reference to the amount of the relevant Lender’s Contribution advanced or to be advanced hereunder and/or any sum received or receivable by it hereunder; or 

  

	 	(v)	any of the Lenders or an Associated Company suffers any decrease in its rate of return as a result of any changes in the requirements relating to capital ratios,
monetary control ratios, reserve assets, the payment of special deposits, liquidity costs or other similar requirements affecting that Lender or Associated Company, 

 except to the extent included in the Mandatory Cost then the Borrower shall from time to time on demand pay to the Agent for the account of
the relevant Lender, Lenders, Associated Company or Associated Companies amounts sufficient to indemnify the relevant Lender, Lenders, Associated Company or Associated Companies against, as the case may be, such cost, such increased cost (or such
proportion of such increased cost as is in the reasonable opinion of the relevant Lender, Lenders, Associated Company or Associated Companies attributable to the funding or maintaining of the relevant Lender or Lenders’ Contribution(s)
hereunder) or such liability. 
  

	 	8.1.2	A Lender affected by any provision of Clause 8.1.1 shall promptly inform the Agent after becoming aware of the relevant change or request and its possible results and
the Agent shall, as soon as reasonably practicable thereafter, notify the Borrower of the change or request and its possible results. Without affecting the Borrower’s obligations under Clause 8.1.1 and in consultation with the Agent, the
affected Lender will then take all such reasonable steps as may be open to it to mitigate the effect of the change or request (for example (if then possible) by changing its Lending Branch or transferring some or all of its rights and obligations
under this Agreement to another financial institution reasonably acceptable to the Agent and after consultation with the Borrower). The reasonable costs of mitigating the effect of any such change shall be borne by the Borrower save where such costs
are of an internal administrative nature and are not incurred in dealings by any Lender with third parties. 

  

 61 

	 	8.2	Force majeure 

 Where the
Agent or any Lender (the “Non-Performing Party”) is prevented from performing any of its obligations under this Agreement by reason of Force Majeure this Agreement shall remain in effect but the Non-Performing Party’s relevant
obligations shall be suspended for so long as the Force Majeure continues and to the extent that the Non-Performing Party is so prevented, PROVIDED THAT: 
  

	 	8.2.1	the suspension of performance is of no greater scope and of no longer duration than is required by the Force Majeure; 

  

	 	8.2.2	the obligations of the Non-Performing Party shall not be excused as a result of the Force Majeure; and 

  

	 	8.2.3	in respect of the suspension of the Non-Performing Party’s obligations: 

  

	 	(a)	the Non-Performing Party gives the Agent prompt written notice which the Agent shall forthwith upon receipt send to the Borrower describing the circumstances of Force
Majeure (including the nature of the occurrence, its expected duration and the effects of the Force Majeure on the ability of the Non-Performing Party to perform its relevant obligations), and continues to furnish weekly reports with respect thereto
during the period of Force Majeure; 

  

	 	(b)	the Non-Performing Party uses all reasonable efforts to remedy its inability to perform and to mitigate the effects of the Force Majeure; and 

 

	 	(c)	as soon as reasonably possible after the cessation of the Force Majeure the Non-Performing Party shall notify the Agent (who shall notify the Borrower) in writing of
such cessation and shall resume performance of its obligations under this Agreement if such resumption is then possible. 

  

	9	Representations and Warranties 

  

	 	9.1	Duration 

 The
representations and warranties in Clause 9.2 shall survive the execution of this Agreement and shall be deemed to be repeated, with reference mutatis mutandis to the facts and circumstances subsisting, as if made on each day until the Borrower has
no remaining obligations, actual or contingent, under or pursuant to this Agreement or any of the other Security Documents. 
  

	 	9.2	Representations and warranties 

 The Borrower represents and warrants to the Agent and each of the Lenders that: 
  

	 	9.2.1	Status Each Obligor is a corporation duly organised, constituted and validly existing under the laws of the country of its incorporation, possessing perpetual
corporate existence, the capacity to sue and be sued in its own name and the power to own and charge its assets and carry on its business as it is now being conducted. 

  

 62 

	 	9.2.2	Powers and authority Each of the Obligors has the power to enter into and perform this Agreement and those of the other Security Documents to which it is a party
and the transactions contemplated hereby and thereby and has taken all necessary action to authorise the entry into and performance of this Agreement and such other Security Documents and such transactions. 

  

	 	9.2.3	Legal validity This Agreement constitutes legal, valid and binding obligations of the Borrower enforceable in accordance with its terms and in entering into this
Agreement and borrowing the Facility, the Borrower is acting on its own account. Each other Transaction Document and each Apollo Transaction Document constitutes (or will constitute when executed) legal, valid and binding obligations of each Obligor
expressed to be a party thereto enforceable in accordance with their respective terms. 

  

	 	9.2.4	Non-conflict with laws The entry into and performance of this Agreement, the other Transaction Documents, the Apollo Transaction Documents and the transactions
contemplated hereby and thereby do not and will not conflict with: 

  

	 	(a)	any law or regulation or any official or judicial order; or 

  

	 	(b)	the constitutional documents of any Obligor; or 

  

	 	(c)	any agreement or document to which any Obligor is a party or which is binding upon such Obligor or any of its assets, 

 nor result in the creation or imposition of any Encumbrance on an Obligor or its assets pursuant to the provisions of any such agreement or
document. 
  

	 	9.2.5	No default Save as disclosed in writing to the Agent prior to the Signing Date, no event has occurred which constitutes a default under or in respect of any
Transaction Document to which any Obligor is a party or by which any Obligor may be bound (including (inter alia) this Agreement) and no event has occurred which constitutes a default under or in respect of any agreement or document to which any
Obligor is a party or by which any Obligor may be bound to an extent or in a manner which might have a material adverse effect on its business, assets or financial condition. 

  

	 	9.2.6	Consents Except for the prior consent of the Bermuda Monetary Authority for the granting of the security interest over the shares comprised in the Charged
Property (as defined in the Charges) and the transfer and registration of the shares comprised in the said Charged Property to or in the name of the Agent or its nominee under clause 9.2.4 of the Charges, for the filing of those Security Documents
which require registration in the Companies Registries in England and Wales, the United States of America and/or Bermuda, which filing must be completed within twenty one (21) days of the execution of the relevant Security Document(s) in the
case of England and Wales, and for the registration of the Mortgages through the Bahamas Maritime Authority, 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 Agreement and each of the other Transaction Documents and the transactions contemplated thereby have been obtained or effected and are in full
force and effect. 

  

 63 

	 	9.2.7	Accuracy of information All information furnished by any Obligor relating to the business and affairs of any Obligor in connection with this Agreement, the other
Transaction Documents and the Lower Saxony Guarantees 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.

  

	 	9.2.8	Full disclosure Each Obligor has fully disclosed in writing to the Agent all facts relating to each Obligor which it knows or should reasonably know and which
might reasonably be expected to influence the Lenders in deciding whether or not to enter into this Agreement. 

  

	 	9.2.9	No Encumbrances None of the assets or rights of any Obligor is subject to any Encumbrance except Permitted Liens or Encumbrances created in respect of Permitted
Indebtedness. 

  

	 	9.2.10	Pari passu or priority status The claims of the Agent and the Lenders against the Borrower under this Agreement will rank at least pari passu with the claims of
all unsecured creditors of the Borrower (other than claims of such creditors to the extent that they are statutorily preferred) and in priority to the claims of any creditor of the Borrower who is also an Obligor. 

  

	 	9.2.11	Solvency The Obligors are and shall remain, after the advance to them of the Facility or any of it, solvent in accordance with the laws of Bermuda and the United
Kingdom and in particular with the provisions of the United Kingdom’s Insolvency Act 1986 (as from time to time amended) and the requirements thereof. 

  

	 	9.2.12	Winding-up, etc. Subject to Clause 10.11, neither the Borrower nor any other Obligor has taken any corporate action nor have any other steps been taken or legal
proceedings been started or (to the best of its knowledge and belief) threatened against any of them for the winding-up, dissolution or for the appointment of a liquidator, administrator, receiver, administrative receiver, trustee or similar officer
of any of them or any or all of their assets or revenues nor have either sought any other relief under any applicable insolvency or bankruptcy law. 

  

	 	9.2.13	Accounts The consolidated audited accounts of the NCLC Group for the period ending on 31 December of each financial year during the period of this Agreement
(which accounts will be prepared in accordance with US GAAP) will fairly represent the financial condition of the NCLC Group as shown in such audited accounts. 

  

	 	9.2.14	Litigation Save as disclosed in the Disclosure Letter, no litigation, arbitration or administrative proceedings are current or pending or, to its knowledge,
threatened, which might, if adversely determined, have a Material Adverse Effect. For the avoidance of doubt, the disclosure of any such litigation, arbitration or administrative proceedings after the Signing Date shall not be deemed to be a fact
and circumstance subsisting at any time that this representation is deemed to be repeated pursuant to Clause 9.1. 

  

	 	9.2.15	Tax liabilities The NCLC Group has complied with all taxation laws in all jurisdictions in which it is subject to Taxation and has paid all Taxes due and payable
by it; no material claims are being asserted against it with respect to Taxes, which might, if such claims were successful, have a material adverse effect on its business, assets or financial condition. 

  

 64 

	 	9.2.16	Ownership of assets Each member of the NCLC Group has good and marketable title to all its assets which is reflected in the audited accounts referred to in
Clause 9.2.13. 

  

	 	9.2.17	No immunity None of the Obligors nor any of their respective assets enjoys any right of immunity (sovereign or otherwise) from set-off, suit or execution in
respect of their obligations under this Agreement or any of the other Transaction Documents or by any relevant or applicable law. 

  

	 	9.2.18	Taxes on payments As at the Signing Date all amounts payable by the Borrower hereunder may be made free and clear of and without deduction for or on account of
any Taxation. 

  

	 	9.2.19	Place of business None of the Obligors has a place of business in any jurisdiction (except as already disclosed) which requires any of the Security Documents to
be filed or registered in that jurisdiction to ensure the validity of the Security Documents to which it is a party. 

  

	 	9.2.20	Ownership of shares All the authorised and issued shares in each of the Owners and the Manager are legally and beneficially owned by the Shareholder, all the
authorised and issued shares in the Shareholder are legally and beneficially owned by Arrasas and all the authorised and issued shares in Arrasas are legally and beneficially owned by the Borrower and such structure shall remain so throughout the
Security Period. Further, no Event of Default has occurred under Clause 12.1.16 in respect of the ownership and/or control of the shares in the Borrower. 

  

	 	9.2.21	Completeness of documents The copies of the Building Contracts, the Management Agreements, the Apollo Transaction Documents 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. 

  

	 	9.2.22	No undisclosed commissions There are and will be no commissions, rebates, premiums or other payments by or to or on account of any Obligor, their shareholders or
directors in connection with the transaction as a whole other than as disclosed to the Agent in writing. 

  

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	 	9.2.23	Environment Each of the Obligors: 

  

	 	(a)	is in compliance with all applicable federal, state, local, foreign and international laws, regulations, conventions and agreements relating to pollution prevention or
protection of human health or the environment (including, without limitation, ambient air, surface water, ground water, navigable waters, water of the contiguous zone, ocean waters and international waters), including without limitation, laws,
regulations, conventions and agreements relating to: 

  

	 	(i)	emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous materials, oil, hazard substances,
petroleum and petroleum products and by-products (“Materials of Environmental Concern”); or 

  

	 	(ii)	the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Materials of Environmental Concern (such laws, regulations,
conventions and agreements the “Environmental Laws”); 

  

	 	(b)	has all permits, licences, approvals, rulings, variances, exemptions, clearances, consents or other authorisations required under applicable Environmental Laws
(“Environmental Approvals”) and are in compliance with all Environmental Approvals required to operate its business as presently conducted or as reasonably anticipated to be conducted; 

  

	 	(c)	has not received any notice, claim, action, cause of action, investigation or demand by any other person, alleging potential liability for, or a requirement to incur,
investigatory costs, clean-up costs, response and/or remedial costs (whether incurred by a governmental entity or otherwise), natural resources damages, property damages, personal injuries, attorney’s fees and expenses or fines or penalties, in
each case arising out of, based on or resulting from: 

  

	 	(i)	the presence or release or threat of release into the environment of any Material of Environmental Concern at any location, whether or not owned by such person; or

  

	 	(ii)	circumstances forming the basis of any violation, or alleged violation, of any Environmental Law or Environmental Approval (“Environmental Claim”); and

 there are no circumstances that may prevent or interfere with such full compliance in the future. 

There is no Environmental Claim pending or threatened against any of the Obligors. 
 There are no past or present actions, activities, circumstances, conditions, events or incidents, including, without limitation, the
release, emission, discharge or disposal of any Material of Environmental Concern, that could form the basis of any Environmental Claim against any of the Obligors. 
  

	 	9.2.24	Money laundering Any borrowing by the Borrower hereunder, and the performance of its obligations hereunder and under the other Security Documents, will be for
its own account and will not involve any breach by it of any law or regulatory measure relating to “money laundering” as defined in Article 1 of the Directive (91/308/EEC) of the Council of the European Communities.

  

 66 

	10	Undertakings 

  

	 	10.1	Duration 

 The
undertakings in this Clause 10 shall remain in full force and effect until the Borrower has no remaining obligations, actual or contingent, under or pursuant to this Agreement or any of the other Security Documents. 
  

	 	10.2	Information 

 The Borrower
will provide to the Agent (or will procure the provision of): 
  

	 	10.2.1	as soon as practicable (and in any event within one hundred and twenty (120) days after the close of each of its financial years) a Certified Copy of its Accounts
(commencing with the audited accounts made up to 31 December 2005); 

  

	 	10.2.2	as soon as practicable (and in any event within sixty (60) days after the close of each quarter of each financial year) a Certified Copy of the unaudited
consolidated accounts of the NCLC Group for that quarter (commencing with the unaudited accounts made up to 30 June 2005); 

  

	 	10.2.3	as soon as practicable (and in any event within one hundred and twenty (120) days after the close of each financial year), beginning with the financial year ending
31 December 2005, annual cash flow projections on a consolidated basis of the NCLC Group showing on a monthly basis advance ticket sales (for at least twelve (12) months following the date of such statement) for the NCLC Group;

  

	 	10.2.4	as soon as practicable (and in any event not later than 31 January of each financial year): 

  

	 	(a)	a budget for the NCLC Group for such new financial year including a twelve (12) month liquidity budget for such new financial year; and 

 

	 	(b)	updated financial projections of the NCLC Group for at least the next five (5) years (including an income statement and quarterly break downs for the first of
those five (5) years), 

 and an outline of the assumptions supporting such budget and financial projections
including but without limitation any scheduled drydockings; 
  

	 	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; 

  

	 	10.2.6	as soon as practicable (and in any event within sixty (60) days after the close of each of the first three (3) quarters of its financial year and within one
hundred and twenty (120) days after the close of each financial year) a statement signed by the NCLC Group’s chief financial officer in the form of Schedule 6 (commencing with the second quarter of the financial year ending
31 December 2005) and such other information as the Agent may request; 

  

 67 

	 	10.2.7	promptly, such further information in its possession or control regarding its financial condition and operations and those of any company in the NCLC Group as the Agent
may request; 

  

	 	10.2.8	details of any material litigation, arbitration or administrative proceedings which affect any Obligor as soon as the same are instituted and served, or, to the
knowledge of the Borrower, threatened (and for this purpose proceedings shall be deemed to be material if they involve a claim in an amount exceeding twenty five million Dollars (USD25,000,000) or the equivalent in another currency);

  

	 	10.2.9	 as soon as practicable (and in any event no later than the twenty fifth (25th) day of each month), a monthly bank reporting package for the NCLC Group for the previous month comprised of a
profit and loss statement, a balance sheet, a cash flow statement and a statement of the Free Liquidity (commencing with the month to 31 March 2009); 

  

	 	10.2.10 	a quarterly earnings conference telephone call (commencing with the financial quarter to 31 March 2009) to take place as soon as practicable and in any event no later
than forty (40) days after the end of any relevant financial quarter except the fourth financial quarter and no later than seventy five (75) days after the end of the fourth financial quarter; and 

  

	 	10.2.11	as soon as practicable (and in any event within thirty (30) days after the close of each quarter of each financial year) a report on bookings for the following year and
a comparison with the previous year in the form of Schedule 10 (commencing with the financial quarter ending 30 June 2009). 

 All accounts required under this Clause 10.2 shall be prepared in accordance with US GAAP and shall fairly represent the financial condition of the relevant company. 
  

	 	10.3	Financial Undertakings 

 The Borrower will ensure that: 
  

	 	10.3.1	at all times the minimum Free Liquidity will be not less than fifty million Dollars (USD50,000,000); 

  

	 	10.3.2	as at the end of the relevant financial quarter: 

  

	 	(a)	as at 30 September 2006 and as at the end of each subsequent financial quarter the ratio of Consolidated EBITDA to Consolidated Debt Service for the NCLC Group,
computed for the period of the four (4) consecutive financial quarters ending at the end of the relevant financial quarter, shall not be less than one point two five (1.25) to one (1.0); or 

  

	 	(b)	at all times during the period of twelve (12) months ending as at the end of the relevant financial quarter the NCLC Group has maintained a minimum Free Liquidity in an
amount which is not less than one hundred million Dollars (USD100,000,000); 

  

	 	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 nought point seven (0.7) to one (1.0). 

  

	 	10.3.4	[*] 

  

	 	10.3.5	[*] 

  

	 	10.3.6	save as specified in Clause 10.3.2, Clause 10.3.4 and Clause 10.3.8, the ratios referred to in this Clause 10.3 will be measured on a quarterly basis by reference to
the consolidated accounts of the NCLC Group; 

  

	 	10.3.7	only the Moratorium Undertakings and the undertaking contained in Clause 10.3.8 will apply during the Moratorium Period. From the end of the Moratorium Period the
ratios referred to in this Clause 10.3, other than the ratios referred to in Clause 10.3.4 and Clause 10.3.8, will apply; 

  

	 	10.3.8	[*] 

 Save as specified in Clause
10.3.2, the ratios referred to in this Clause 10.3 will be measured on a quarterly basis by reference to the consolidated accounts of the NCLC Group. 
 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 the ratios in Clause 10.3.3, Clause 10.3.4(b)(i) and Clause 10.3.5; 
  

	 	10.4	Dividends 

  

	 	10.4.1	The Borrower shall not and shall procure that no other member of the NCLC Group shall, pay any dividends or make any other distributions in respect of its share capital
to any person other than payments, distributions or dividends to another member of the NCLC Group. For the avoidance of doubt, distributions made in respect of the tax liability to each relevant jurisdiction in respect of consolidated, combined,
unitary or affiliated tax returns for the relevant jurisdiction of any member of the NCLC Group or holder of the Borrower’s share capital attributable to any member of the NCLC Group shall not be restricted by this Clause 10.4.1.

  

	 	10.4.2	The Borrower will procure that any dividends or other distributions and interest paid or payable in connection therewith received by the Shareholder, NCL America
Holdings and/or Arrasas will be paid to the Borrower by way of dividend promptly on receipt. 

  

	 	10.5	Notification of default 

 The Borrower will notify the Agent of any Event of Default forthwith upon any Obligor becoming aware of the occurrence thereof. Upon the Agent’s request from time to time the Borrower will issue a certificate stating whether any
Obligor is aware of the occurrence of any Event of Default. 
  

 68 

	 	10.6	Consents and registrations 

 The Borrower will procure that (and will promptly furnish Certified Copies to the Agent of) all such authorisations, approvals, consents, licences and exemptions as may be required under any applicable law or regulation to enable it or any
Obligor to perform its obligations under, and ensure the validity or enforceability of, each of the Transaction Documents are obtained and promptly renewed from time to time and will procure that the terms of the same are complied with at all times.
Insofar as such filings or registrations have not been completed on or before the relevant Delivery Date the Borrower will procure the filing or registration within applicable time limits of each Security Document which requires filing or
registration together with all ancillary documents required to preserve the priority and enforceability of the Security Documents. 
  

	 	10.7	Negative pledge 

 The
Borrower will not create or permit to subsist any Encumbrance on the whole or any part of the present or future assets of the Owners or any other owner or prospective owner of a mortgaged vessel in the NCLC Fleet except for: 
  

	 	10.7.1	Encumbrances created with the prior written consent of the Lenders; 

  

	 	10.7.2	Permitted Liens; 

  

	 	10.7.3	Encumbrances created in respect of Permitted Indebtedness; and 

  

	 	10.7.4	Encumbrances created pursuant to an Apollo-Related Transaction, 

 PROVIDED THAT an Encumbrance constituting a Permitted Lien under any of paragraphs (iii), (iv), (vi), (ix) or (x) of the definition of “Permitted Liens” in Clause 1.1, or an Encumbrance
described in Clause 10.7.3 or Clause 10.7.4, may not be created over any asset which is subject to an Encumbrance constituted by a Security Document relating to this Agreement save with the prior written consent of the Agent (such consent not to be
unreasonably withheld or delayed which, for the avoidance of doubt, shall be deemed given in respect of an Encumbrance under paragraph (iv)(x) or (y) of the definition of “Permitted Liens”) and (if appropriate having regard to the
nature of the Encumbrance) following the entry by the beneficiary of the Encumbrance into intercreditor arrangements reasonably acceptable to the Agent. 
  

	 	10.8	Disposals 

 Except with
the prior consent of all the Lenders, the Borrower shall not (and will procure that no other company in the NCLC Group shall), either in a single transaction or in a series of transactions whether related or not and whether voluntarily or
involuntarily, sell, transfer, lease or otherwise dispose of all or a substantial part of its assets except that the following disposals shall not be taken into account: 
  

	 	10.8.1	disposals made in the ordinary course of trading of the disposing entity (excluding disposal of ships) including without limitation, the payment of cash as
consideration for the purchase or acquisition of any asset or service or in the discharge of any obligation incurred for value in the ordinary course of trading; 

  

	 	10.8.2	disposals of cash raised or borrowed for the purposes for which such cash was raised or borrowed; 

  

	 	10.8.3	disposals of assets in exchange for other assets comparable or superior as to type and value; 

  

	 	10.8.4	a vessel or any other asset owned by any member of the NCLC Group (other than the Owners) may be sold provided such sale is on a willing seller willing buyer basis at
or about market rate and at arm’s length subject always to the provisions of any loan documentation for the financing of such vessel or other asset; and 

  

	 	10.8.5	disposals of assets constituting Apollo-Related Transactions, 

 PROVIDED THAT the number of vessels in the NCLC Fleet on the Second Restatement Date shall not [*]. 
  

 69 

  

	 	10.9	Purchases and investments 

 Except with the prior consent of all the Lenders, the Borrower shall not (and will procure that no other company in the NCLC Group shall), either in a single transaction or in a series of transactions whether related or not purchase any
asset or make any investment: 
  

	 	10.9.1	other than on arm’s length terms; 

  

	 	10.9.2	which is not for its use in its ordinary course of business; 

  

	 	10.9.3	the cost of which is more than its fair market value at the date of acquisition; or 

  

	 	10.9.4	other than an asset constituting an Apollo-Related Transaction. 

 For the avoidance of doubt the purchase of a vessel shall not be permitted under this Clause 10.9 or any other provision of this Agreement. 
  

	 	10.10	Change of name or business 

 Except with the prior consent of the Majority Lenders and the German State of Lower Saxony, the Borrower shall not (and will procure that no other Obligor shall): 
  

	 	10.10.1	change its name or make or threaten to make any substantial change in its business as presently conducted or cease to perform its current business activities; or

  

	 	10.10.2	carry on any other business which is substantial in relation to its business as presently conducted 

 if to do the same would imperil the security created by any of the Security Documents or affect the ability of any Obligor duly to perform
its obligations under any Security Document to which it is or may be a party from time to time, in each case in the opinion of the Agent and the German State of Lower Saxony, PROVIDED THAT any new leisure or hospitality venture embarked upon
by any member of the NCLC Group (other than the Borrower) shall not constitute a substantial change in its business and PROVIDED FURTHER THAT any change of or discontinuation in the business activities of any Obligor in accordance with the
Apollo-Related Transactions shall be permitted. 
  

	 	10.11	Mergers 

 Except with the
prior consent of the Majority Lenders and the German State of Lower Saxony, the Borrower will not enter into any amalgamation, restructure, substantial reorganisation, merger, de-merger or consolidation or anything analogous to the foregoing nor
will it acquire any equity, share capital, or obligations of any corporation or other entity and will procure that no company in the NCLC Group (other than the Shareholder or NCL America Holdings) shall do so. 
 However, the prior consent of the Majority Lenders shall not be required in respect of any consolidation, reorganisation or restructure
(including the winding-up, dissolution or cessation of business of any existing Subsidiary of the Borrower, other than the Obligors, or the creation of new Subsidiaries) (a) pursuant to the Apollo-Related Transactions or

  

 70 

 
(b) involving wholly owned (whether directly or indirectly) Subsidiaries of the Borrower only which does not imperil the security created by any of the Security Documents or the Lower Saxony
Guarantees or affect the ability of any Obligor duly to perform any of its obligations under any Security Document to which it is or may be a party at any time, PROVIDED THAT, except in relation to the Apollo-Related Transactions, the
Borrower has first consulted with the Agent with regard to the proposed consolidation, reorganisation or restructure and provides evidence satisfactory to the Agent that the Borrower will be in compliance with the financial undertakings contained in
Clause 10.3 after any such reorganisation or restructure SUBJECT TO: 
  

	 	10.11.1	Clause 9.2.20; and 

  

	 	10.11.2	the cash flows from which the Outstanding Indebtedness will be repaid remaining comparable as to amount (relative to the amount of the Outstanding Indebtedness) and
accessibility for the Borrower to the cash flows as at the Signing Date, in the sole discretion of the Agent. 

 For the avoidance of doubt, if the Agent and the Lower Saxony Guarantee Agent are satisfied the Borrower will be in compliance with the financial undertakings contained in Clause 10.3 after the acquisition by a member of the NCLC Group of
any shares in any company or corporation, such acquisition shall not in itself constitute a merger or consolidation with such company or corporation requiring the consent of the Majority Lenders and the German State of Lower Saxony under this Clause
10.11. 
  

	 	10.12	Maintenance of status and franchises 

 The Borrower will do all such things as are necessary to maintain its corporate existence in good standing and will ensure that it has the right and is duly qualified to conduct its business as it is
conducted in all applicable jurisdictions and will obtain and maintain all franchises and rights necessary for the conduct of its business. 
  

	 	10.13	Financial records 

 The
Borrower will keep proper books of record and account, in which proper and correct entries shall be made of all financial transactions and the assets, liabilities and business of the Borrower in accordance with US GAAP. 
  

	 	10.14	Subordination of indebtedness 

 The Borrower shall procure that any and all of its indebtedness with any other Obligor and/or any shareholder of the Borrower is at all times fully subordinated to the Security Documents and the obligations of the Borrower hereunder. The
Borrower shall also procure that any and all of the indebtedness, except Permitted Indebtedness, of the owners or prospective owners of mortgaged vessels in the NCLC Fleet is at all times fully subordinated to the Security Documents and the
obligations of the Borrower hereunder. The Borrower shall not make or permit to be made any repayments of principal, payments of interest or of any other costs, fees, expenses or liabilities arising from or representing indebtedness with any
shareholder of the Borrower. Upon the occurrence of an Event of Default the Borrower shall not make any repayments of principal, payments of interest or of any other costs, fees, expenses or liabilities arising from or representing indebtedness with
any other Obligor. 
  

 71 

	 	10.15	Guarantees 

 Notwithstanding anything to the contrary in clause 10.5 of each of the Guarantees, save as contemplated by this Agreement or notified by the Borrower to the Agent prior to the Second Restatement Date, the Borrower will procure that none of
the owners or prospective owners of mortgaged vessels in the NCLC Fleet will issue or enter into any guarantee or indemnity or otherwise become directly or contingently liable for the obligations of any other person, firm or corporation, other than:

  

	 	10.15.1	in the ordinary course of its business as owner of its vessel; and 

  

	 	10.15.2	any guarantee of the obligations of any member of the NCLC Group to one or more providers of credit card processing services to the NCLC Group and/or any provider of a
Letter of Credit Facility (such guarantee to be fully subordinated to any guarantees supporting the NCLC Group Credit Facilities). 

  

	 	10.16	Further assurance 

 The
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 or the Lower Saxony
Guarantee Agent may reasonably consider necessary for giving full effect to any of the Transaction Documents or the Lower Saxony Guarantees or securing to the Agent, the Lower Saxony Guarantee Agent and/or the Lenders the full benefit of the rights,
powers and remedies conferred upon the Agent, the Lower Saxony Guarantee Agent and/or the Lenders in any such Transaction Document or the Lower Saxony Guarantees. 
  

	 	10.17	Valuation of the Vessels 

  

	 	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. 

  

	 	10.17.2	The Borrower shall procure that forthwith upon the issuance of any valuation obtained pursuant to this Clause 10.17 a copy thereof is sent directly to the Agent for
review. 

  

	 	10.17.3	Prior to the first Currency Conversion Date in respect of a Tranche any valuation obtained pursuant to this Clause 10.17 shall be converted into euro at the
Agent’s Spot Rate of Exchange on the date of the valuation. 

  

 72 

	 	10.18	Marginal security 

 If at
any time the value of the Vessels as assessed in accordance with the provisions of Clause 10.17 is: 
  

	 	10.18.1 	less than one hundred and five per cent (105%) of the amount of the aggregate of the Available Commitments and the Contributions to the Facility during the period
commencing on the first Delivery Date and ending twenty four (24) months after the second Delivery Date; and 

  

	 	10.18.2 	thereafter, is less than one hundred and twenty per cent (120%) of the amount of the aggregate of the Available Commitments and the Contributions to the Facility,

 then the Borrower shall, upon notice from the Agent, within ten (10) Business Days either: 
  

	 	(a)	provide the Agent with additional security acceptable to the Majority Lenders such that the security value of the Vessels and any additional security provided to the
Agent hereunder (at valuations reasonably estimated by the Agent from time to time) is at least one hundred and five per cent (105%) or one hundred and twenty per cent (120%) (as the case may be) of the aggregate of the Available Commitments and the
Contributions to the Facility; or 

  

	 	(b)	reduce the Available Commitments by such an amount that the value of the security is at least one hundred and five per cent (105%) or one hundred and twenty per cent
(120%) (as the case may be) of the amount of the aggregate of the Available Commitments and the Contributions to the Facility. 

  

	 	10.19	Financial year end 

 The
Borrower shall not change its financial year end. 
  

	 	10.20	Maintenance and insurance 

 The Borrower will keep, and will procure that each member of the NCLC Group keeps, all of its real property and assets properly maintained and in existence and will comprehensively insure, and will procure that each member of the NCLC Group
comprehensively insures, for its full reinstatement cost all of its property which is of an insurable nature in such name as the Agent shall in writing approve and on such terms, for such amounts and of such types as would be effected by prudent
companies carrying on business similar to the Borrower or its Subsidiary (as the case may be). In particular but without limitation, the Borrower shall procure that each of the Owners maintains and insures its Vessel in accordance with the
provisions of the relevant Mortgage. 
  

	 	10.21	Lower Saxony Guarantees 

 The Lenders have claims arising from this Agreement guaranteed by the German State of Lower Saxony (represented by PwC Deutsche Revision) by way of the Lower Saxony Guarantees. The unrestricted existence of the relevant Lower Saxony
Guarantee is a condition precedent to drawdown of the relevant Tranche as referred to in Clause 2.3.8 and to the maintenance of the Facility in accordance with the terms of this Agreement. 
 The terms and conditions of the Lower Saxony Guarantees are incorporated herein and in so far as they impose terms, conditions and/or
obligations on the Agent and/or the Lower Saxony Guarantee Agent and/or the Lenders in relation to the Borrower or any other Obligor then such terms, conditions and obligations are binding on the parties hereto. Further in

  

 73 

 
the event of any conflict between the terms of the Lower Saxony Guarantees and the terms of this Agreement the terms of the Lower Saxony Guarantees shall be paramount and prevail and any breach
of those terms as applied to the Borrower or any other Obligor shall be deemed to be an Event of Default. For the avoidance of doubt, the Borrower has no interest or entitlement in the proceeds of the Lower Saxony Guarantees. 
  

	 	10.22	Vessels 

 The Borrower
will procure that each of the Vessels is traded within the NCLC Fleet from her Delivery Date and throughout the remainder of the Security Period. 
  

	 	10.23	Cash sweep 

  

	 	10.23.1	The Borrower shall maintain the Cash Sweep Bank Account during the Security Period (or for such shorter period as the Majority Cash Sweep Lenders may agree) free of
Encumbrances and rights of set off other than the Account Charge. 

  

	 	10.23.2	Subject to Clause 10.23.3 and no Event of Default having occurred and being continuing, any Total Cash Sweep Amount shall be applied on the relevant Cash Sweep Payment
Date in prepayment, reduction and/or cancellation of the Cash Sweep Credit Facilities. The payment to be made under each Cash Sweep Credit Facility shall be calculated on the basis of the Accounts for the twelve (12) month period ending on the
relevant Cash Sweep Determination Date and be applied to each Cash Sweep Credit Facility on a pro rata basis based on each Cash Sweep Credit Facility’s remaining outstanding Delayed Principal Amount (as defined in this Agreement in respect of
the Facility and as defined in the relevant facility agreement in respect of each of the other Cash Sweep Credit Facilities) as of the Cash Sweep Payment Date. Each such outstanding Delayed Principal Amount, to the extent it is not already
denominated in Dollars, shall be converted into Dollars on the date falling ten (10) Business Days prior to the relevant Cash Sweep Payment Date at the rate which appears on the Reuters Page ECB37 at 1.30 p.m. London time on that date, for the
purposes of such calculation. For the avoidance of doubt, once there is no longer any remaining outstanding Delayed Principal Amount under any of the Cash Sweep Facilities, no further payments under this Clause 10.23 shall be required.

  

	 	10.23.3	The Borrower shall procure that any Total Cash Sweep Amount on the Cash Sweep Determination Dates of 31 December 2009 and 31 December 2010 shall be paid into the Cash
Sweep Bank Account on the following 31 March. On 31 March 2011 the Borrower shall procure that the Total Cash Sweep Amount on the Cash Sweep Determination Dates of 31 December 2009 and 31 December 2010 held in the Cash Sweep Bank Account shall be
applied in accordance with Clause 10.23.2 as if it were a single Total Cash Sweep Amount existing on 31 December 2010. 

  

	 	10.23.4	Notwithstanding anything to the contrary in this Agreement, to the extent that the Borrower can demonstrate to the satisfaction of the Majority Cash Sweep Lenders in
their sole discretion that the working capital needs of the NCLC Group so require, the Borrower shall be permitted to withdraw the amount agreed by the Majority Cash Sweep Lenders from the Cash Sweep Bank Account prior to 31 March 2011 and apply it
for any purpose agreed by the Majority Cash Sweep Lenders. Save as provided in this Clause 10.23.4, no sum may be withdrawn from the Cash Sweep Bank Account prior to 31 March 2011. Any accumulated interest in the Cash Sweep Bank Account remaining
after 31 March 2011 shall be remitted to the Borrower. 

  

	 	10.23.5	Each Relevant Cash Sweep Amount shall be applied to the Facility in accordance with Clause 4.15. 

  

	 	10.23.6	On or immediately after the date falling ten (10) Business Days prior to 31 March 2010 and to each Cash Sweep Payment Date the Borrower shall provide the Cash Sweep
Lenders with a statement showing the calculation of Liquidity at the relevant Cash Sweep Determination Date (whether or not there is a Total Cash Sweep Amount) and, if applicable, the amounts of the Total Cash Sweep Amount to be paid to the Cash
Sweep Lenders on the relevant Cash Sweep Payment Date, subject to Clause 10.23.4. 

  

	 	10.23.7	It is hereby acknowledged and agreed that the provisions of this Clause 10.23 and Clause 4.15 may not be amended without the consent of the Cash Sweep Lenders.

  

	 	10.24	Special liquidity 

  

	 	10.24.1	Provided that no Event of Default has occurred and is continuing, any Total Special Liquidity Sources Amount shall be applied on the relevant Special Liquidity Sources
Payment Date in prepayment, reduction and/or cancellation of the Cash Sweep Credit Facilities. The payment to be made under each Cash Sweep Credit Facility shall be applied to each Cash Sweep Credit Facility on a pro rata basis based on each Cash
Sweep Credit Facility’s remaining outstanding Delayed Principal Amount (as defined in this Agreement in respect of the Facility and as defined in the relevant facility agreement in respect of each of the other Cash Sweep Credit Facilities) as
of the Special Liquidity Sources Payment Date. Each such outstanding Delayed Principal Amount, to the extent it is not already denominated in Dollars, shall be converted into Dollars on the date falling ten (10) Business Days prior to the relevant
Special Liquidity Sources Payment Date at the rate which appears on the Reuters Page ECB37 at 1.30 p.m. London time on that date, for the purposes of such calculation. Notwithstanding anything to the contrary, payment under this Clause 10.24.1 shall
only be required to the extent such payment does not reduce Liquidity to a level below [*]. 

  

	 	10.24.2	The Relevant Special Liquidity Sources Amount shall be applied to the Facility in accordance with Clause 4.15. 

  

	 	10.24.3	It is hereby acknowledged and agreed that the provisions of this Clause 10.24 and Clause 4.15 may not be amended without the consent of the Cash Sweep Lenders.

  

	 	10.24.4	No vessel in the NCLC Fleet may be sold unless any Special Liquidity Sources arising from the sale are applied in accordance with this Clause 10.24.

  

	 	10.25	Chartering 

 Notwithstanding the provisions of clause 6.1.16 of the deeds of covenants collateral to the first priority statutory Bahamian ship mortgages over the Vessels dated 28 November 2006 and 1 October 2007 respectively (as amended and restated),
the Borrower shall not (and will procure that no company in the NCLC Group shall), charter (in or out) any vessel, except that the following shall be permitted: 
  

	 	10.25.1	the cha’rtering out of m.v. “NORWEGIAN JADE” by Pride of Hawaii, Inc. to the Manager and any other intra-NCLC Group chartering of any vessel, which
complies with clause 6.1.16 and clause 6.1.17(c) of the said deeds of covenants; 

  

	 	10.25.2	any extra-NCLC Group chartering out of a vessel that would be permissible under clause 6.1.16 and clause 6.1.17(c) of the said deeds of covenants, except that no such
extra-NCLC Group charter may be made: 

  

	 	(a)	other than in the usual course of business of the vessel’s owner or other NCLC Group Operator; 

  

	 	(b)	directly or indirectly to another cruise line; 

  

	 	(c)	for a period longer than two (2) months; and 

	 	(d)	other than at or about market rate at the time the charter is fixed; 

  

	 	10.25.3	the sale and initial lease-back of any vessel in the NCLC Fleet subject to compliance with Clause 10.24 and Clause 10.8 and in accordance with clause 6.1.16(a) and (c)
and clause 6.1.17(c) of the said deeds of covenants; and 

  

	 	10.25.4	any charter of a vessel in existence at the date of the Third Supplemental Deed to or from a person that is not a company in the NCLC Group at the Second Restatement
Date PROVIDED THAT any extension or renewal of such a charter shall only be permitted if either it is not materially adverse to the NCLC Group or the Group-Wide Lenders, in the opinion of the Majority Group-Wide Lenders, or the extension or
renewal is solely at the option of that person which is not a company in the NCLC Group. 

  

	 	10.26	Hedging 

 Notwithstanding any other provision of this Agreement to the contrary, the Borrower shall not (and will procure that no company in the NCLC Group shall) enter into any Transaction under a Master Agreement, enter into any ISDA Master
Agreement (or any other form of master agreement) or enter into any transaction under any ISDA Master Agreement (or other such form of master agreement) relating to a fuel, interest or currency exchange transaction unless: 
  

	 	10.26.1	the counterparty to such master agreement is a Group-Wide Lender (or an Affiliate of a Group-Wide Lender); and 

  

	 	10.26.2	the entry into that Transaction, master agreement or transaction is for non-speculative reasons. 

  

	 	10.27	Equity contribution 

 If the Borrower fails to comply with the Moratorium Undertakings, the Borrower shall, with the support and co-operation of its shareholders, use commercially reasonable endeavours and take all practicable steps to procure the contribution
by the Investors, Star and/or any other capital provider of new equity in cash for the Borrower. To the extent such endeavour is successful, such contribution shall be made within thirty (30) days from the date of the breach of the Moratorium
Undertakings and be in an amount (in addition to the New Cash Equity) not exceeding the lesser of the amount required by the Majority Group-Wide Lenders and [*], in aggregate. 
  

	 	10.28	Indebtedness for Borrowed Money 

 Notwithstanding any other provision of this Agreement to the contrary, the Borrower shall not (and will procure that no company in the NCLC Group shall) incur any Indebtedness for Borrowed Money other
than Permitted Indebtedness. 
  

	 	10.29	Pro rata revolver prepayments 

 Notwithstanding any other provision of this Agreement to the contrary, during the Moratorium Period the Borrower shall not make any voluntary prepayment under the revolving credit facilities provided to the Borrower pursuant to: 

 

	 	10.29.1	the USD800,000,000 facility agreement dated 7 July 2004 (as amended and/or restated from time to time); or 

  

	 	10.29.2	the USD610,000,000 facility agreement dated 22 December 2006 (as amended and/or restated from time to time), 

 Unless the Borrower shall prepay Drawings under each Tranche hereunder pro rata PROVIDED THAT any such pro rata prepayment which would
cause the Borrower to incur breakage costs hereunder may be deferred until the first such date on which no such costs would be incurred. 
  

	11	Rights of the Agent and the Lenders 

  

	 	11.1	No derogation of rights 

 Any rights conferred on the Agent, the Lower Saxony Guarantee Agent and the Lenders or any of them by this Agreement, any other Security Document or the Lower Saxony Guarantees shall be in addition to and not in substitution for or in
derogation of any other right which the Agent, the Lower Saxony Guarantee Agent and the Lenders or any of them might at any time have to seek from the Borrower or any other person for payment of sums due from the Borrower or indemnification against
liabilities as a result of the Borrower’s default in payment of sums due from it under this Agreement, any other Security Document or the Lower Saxony Guarantees. 
  

	 	11.2	Enforcement of remedies 

 None of the Agent, the Lower Saxony Guarantee Agent or the Lenders shall be obliged before taking steps to enforce any rights conferred on it or them by this Clause or this Agreement or exercising any of the rights, powers and remedies
conferred on it or them hereby or by law: 
  

	 	11.2.1	to take action or obtain judgment in any court against the Borrower or any other person from whom it or they may seek payment of any sum due from the Borrower under
this Agreement, any other Security Document or a Lower Saxony Guarantee; 

  

	 	11.2.2	to make or file any claim in a bankruptcy, winding-up, liquidation or re-organisation of the Borrower or any other such person; 

  

	 	11.2.3	to enforce or seek to enforce any other rights it or they may have against the Borrower or any other such person; or 

  

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	 	11.2.4	to enforce a Lower Saxony Guarantee. 

  

	12	Default 

  

	 	12.1	Events of default 

 Each
of the events set out below is an Event of Default: 
  

	 	12.1.1	Non-payment 

 The
Borrower or any other Obligor does not pay on the due date any amount of principal or interest of the Facility (provided however that if any such amount is not paid when due solely by reason of some error or omission on the part of the bank or banks
through whom the relevant funds are being transmitted no Event of Default shall occur for the purposes of this Clause 12.1.1 until the expiry of three (3) Business Days following the date on which such payment is due), or within three
(3) days of the due date any other amount, payable by it under any Security Document to which it may at any time be a party, at the place and in the currency in which it is expressed to be payable. 
  

	 	12.1.2	Breach of other obligations 

  

	 	(a)	Any Obligor fails to comply with any other material provision of any Security Document or a Lower Saxony Guarantee or there is any other material breach in the sole
opinion of the Agent or the Lower Saxony Guarantee Agent (in the case of a Lower Saxony Guarantee) of any of the Transaction Documents or a Lower Saxony Guarantee and such failure (if in the opinion of the Agent or the Lower Saxony Guarantee Agent
(in the case of a Lower Saxony Guarantee) in its sole discretion it is capable of remedy) continues unremedied for a period of thirty (30) days from the date of its occurrence and in any such case as aforesaid the Agent or the Lower Saxony
Guarantee Agent (in the case of a Lower Saxony Guarantee) in its sole discretion considers that such failure is or could reasonably be expected to become materially prejudicial to the interests, rights or position of the Agent, the Lower Saxony
Guarantee Agent and/or the Lenders PROVIDED THAT no Event of Default will arise if the Borrower is unable to comply with the Moratorium Undertakings but a new equity contribution (as more particularly described in Clause 10.27) is made within
thirty (30) days from the date of the breach of the Moratorium Undertakings and PROVIDED FURTHER THAT the new equity contribution will not prevent the Agent exercising its rights under Clause 12.2.2 if the Borrower is in breach of the
Moratorium Undertakings on or after the date when such new equity contribution is made; or 

  

	 	(b)	If there is a repudiation or termination of any Transaction Document or a Lower Saxony Guarantee or if any of the parties thereto becomes entitled to terminate or
repudiate any of them and evidences an intention so to do. 

  

 75 

	 	12.1.3	Misrepresentation 

 Any
representation warranty or statement made or repeated in, or in connection with, any Security Document or the Lower Saxony Guarantees or in any accounts, certificate, statement or opinion delivered by or on behalf of any Obligor thereunder or in
connection therewith is materially incorrect when made or would, if repeated at any time hereafter by reference to the facts subsisting at such time, no longer be materially correct. 
  

	 	12.1.4	Cross default 

  

	 	(a)	Any event of default occurs under any financial contract or financial document relating to any Financial Indebtedness of any member of the NCLC Group.

  

	 	(b)	Any such Financial Indebtedness or any sum payable in respect thereof is not paid when due (after the expiry of any applicable grace period(s)) whether by acceleration
or otherwise. 

  

	 	(c)	Any Encumbrance over any assets of any member of the NCLC Group becomes enforceable. 

  

	 	(d)	Any other Financial Indebtedness of any member of the NCLC Group is not paid when due or is or becomes capable of being declared due prematurely by reason of default or
any security for the same becomes enforceable by reason of default, 

 PROVIDED THAT: 
  

	 	(i)	No Event of Default will arise if the relevant Financial Indebtedness is not accelerated or, if it is accelerated but, in aggregate, the Financial Indebtedness is less
than fifteen million Dollars (USD15,000,000); 

  

	 	(ii)	Financial Indebtedness being contested by the Borrower in good faith will be disregarded PROVIDED first that full details of the dispute shall be submitted to
the Agent forthwith upon its occurrence and second if the dispute remains unresolved for a period of one hundred and fifty (150) days this Clause 12.1.4(ii) shall not apply to that Financial Indebtedness; and 

  

	 	(iii)	If at any time hereafter the Borrower or any other member of the NCLC Group agrees to the incorporation of a cross default provision into any financial contract or
financial document relating to any Financial Indebtedness that is more onerous than this Clause 12.1.4, then the Borrower shall immediately notify the Agent and that cross default provision shall be deemed to apply to this Agreement as if set out in
full herein with effect from the date of such financial contract or financial document and during the currency of that financial contract or financial document. 

  

	 	12.1.5	Winding-up 

 Subject to
Clause 10.11, any order is made or an effective resolution passed or other action taken for the suspension of payments or dissolution, termination of existence, liquidation, winding-up or bankruptcy of any member of the NCLC Group. 
  

	 	12.1.6	Moratorium or arrangement with creditors 

 A moratorium in respect of all or any debts of any member of the NCLC Group or a composition or an arrangement with creditors of any member of the NCLC Group or any similar proceeding or arrangement by
which the assets of any member of the NCLC Group are submitted to the control of its creditors is applied for, ordered or declared or, [*]. 
  

 76 

	 	12.1.7	Appointment of liquidators etc. 

 A liquidator, trustee, administrator, receiver, manager or similar officer is appointed in respect of any member of the NCLC Group or in respect of all or any substantial part of the assets of any member of the NCLC Group and in any such
case such appointment is not withdrawn within thirty (30) days (the “Grace Period”) unless the Agent considers in its sole discretion that the interest of the Lenders might reasonably be expected to be adversely affected in
which event the Grace Period shall not apply. 
  

	 	12.1.8	Insolvency 

 Any member
of the NCLC Group becomes or is declared insolvent or is unable, or admits in writing its inability, to pay its debts as they fall due or becomes insolvent within the terms of any applicable law. 
  

	 	12.1.9	Legal process 

 Any
distress, execution, attachment or other process affects the whole or any substantial part of the assets of any member of the NCLC Group and remains undischarged for a period of twenty one (21) days or any uninsured judgment in excess of twenty five
million Dollars (USD25,000,000) following final appeal remains unsatisfied for a period of thirty (30) days in the case of a judgment made in the United States of America and otherwise for a period of sixty (60) days PROVIDED THAT no Event of
Default shall be deemed to have occurred unless the distress, execution, attachment, other process or judgment adversely affects any Obligor’s ability to meet any of its material obligations under any Security Document and/or the Lower Saxony
Guarantees to which it is or may be a party or cause to occur any of the events specified in Clauses 12.1.5 to 12.1.8 (the determination of which shall be in the Majority Lenders’ sole discretion). 
  

	 	12.1.10	Analogous events 

 Anything analogous to or having a substantially similar effect to any of the events specified in Clauses 12.1.5 to 12.1.9 shall occur under the laws of any applicable jurisdiction. 
  

	 	12.1.11	Cessation of business 

 Subject to Clause 10.11, any member of the NCLC Group ceases to carry on all or a substantial part of its business. 
  

	 	12.1.12	Revocation of consents 

 Any authorisation, approval, consent, licence, exemption, filing, registration or notarisation or other requirement necessary to enable any Obligor to comply with any of its obligations under any of the Transaction Documents is materially
adversely modified, revoked or withheld or does not remain in full force and effect and within ninety (90) days of the date of its occurrence such event is not remedied to the satisfaction of the Agent and the Agent considers in its sole
discretion that such failure is or might be expected to become materially prejudicial to the interests, rights or position of the Lenders PROVIDED THAT the Borrower shall not be entitled to the aforesaid

  

 77 

 
ninety (90) day period if the modification, revocation or withholding of the authorisation, approval or consent is due to an act or omission of any Obligor and the Agent is satisfied in its
sole discretion that the Lenders’ interests might reasonably be expected to be materially adversely affected. 
  

	 	12.1.13	Unlawfulness 

 At any
time it is unlawful or impossible for: 
  

	 	(a)	any Obligor to perform any of its obligations under any Security Document to which it is a party or a Lower Saxony Guarantee; or 

  

	 	(b)	the German State of Lower Saxony to perform any of its obligations under a Lower Saxony Guarantee; or 

  

	 	(c)	the Agent, the Lower Saxony Guarantee Agent or any Lender to exercise any of its rights under any of the Security Documents or a Lower Saxony Guarantee;

 PROVIDED THAT no Event of Default shall be deemed to have occurred (except where the unlawfulness or
impossibility adversely affects any Obligor’s or the German State of Lower Saxony’s payment obligations under this Agreement, the other Security Documents and/or the Lower Saxony Guarantees (the determination of which shall be in the
Agent’s sole discretion) in which case the following provisions of this Clause 12.1.13 shall not apply) where the unlawfulness or impossibility prevents any Obligor from performing its obligations (other than its payment obligations under this
Agreement and the other Security Documents) and is cured within a period of twenty one (21) days of the occurrence of the event giving rise to the unlawfulness or impossibility and the relevant Obligor, within the aforesaid period, performs its
obligation(s) and PROVIDED FURTHER THAT no Event of Default shall be deemed to have occurred where the Agent and/or any relevant Lender could, in its sole discretion, mitigate the consequences of unlawfulness or impossibility in the manner
described in Clause 4.9. The costs of mitigation shall be determined in accordance with Clause 4.9. 
  

	 	12.1.14	Insurances 

 An Owner
fails to insure its Vessel in the manner specified in the relevant Mortgage or fails to renew the Insurances at least ten (10) days prior to the date of expiry thereof and produce prompt confirmation of such renewal to the Agent. 
  

	 	12.1.15	Total Loss 

 If the
Vessel shall become a Total Loss and the proceeds of the Insurances in respect thereof shall not have been received by the Agent within one hundred and fifty (150) days after the date of the event giving rise to such Total Loss. 
  

 78 

	 	12.1.16	Ownership and control of the Borrower 

 If: 
  

	 	(a)	at any time when the ordinary share capital of the Borrower is not publicly listed on an Approved Stock Exchange or at any time when a dividend is to be paid to the
existing shareholders of the Borrower by way of a share issue pursuant to a public offering on an Approved Stock Exchange, the Lim Family (together or individually) and Apollo in the aggregate do not or will not, directly or indirectly, control the
Borrower and beneficially own, directly or indirectly, at least fifty one per cent (51%) of the issued share capital of, and equity interest in, the Borrower; or 

  

	 	(b)	at any time following the listing of the ordinary share capital of the Borrower on an Approved Stock Exchange: 

  

	 	(i)	any Third Party: 

  

	 	(A)	owns legally and/or beneficially and either directly or indirectly at least thirty three per cent (33%) of the ordinary share capital of the Borrower; or

  

	 	(B)	has the right or the ability to control either directly or indirectly the affairs of or the composition of the majority of the board of directors (or equivalent) of the
Borrower, 

 and, at the same time as any of the events described in paragraphs (A) or (B) of this Clause have
occurred and are continuing, the Lim Family (together or individually) and Apollo in the aggregate do not, directly or indirectly, beneficially own at least fifty one per cent (51%) of the issued share capital of, and equity interest in, the
Borrower; or 
  

	 	(ii)	the Borrower ceases to be a listed company on an Approved Stock Exchange without the prior written consent of the Majority Lenders, 

 (and, for the purpose of this Clause 12.1.16 “control” of any company, limited partnership or other legal entity (a
“body corporate”) by a member of the Lim Family and Apollo means that one (1) or more members of the Lim Family or Apollo in the aggregate has, directly or indirectly, the power to direct the management and policies of such a body
corporate, whether through the ownership of more than fifty per cent (50%) of the issued voting capital of that body corporate or by contract, trust or other arrangement). 
  

	 	12.1.17	Disposals 

 If the
Borrower or any other member of the NCLC Group shall have concealed, removed, or permitted to be concealed or removed, any part of its property, with intent to hinder, delay or defraud its creditors or any of them, or made or suffered a transfer of
any of its property which may be fraudulent under any bankruptcy, fraudulent conveyance or similar law; or shall have made any transfer of its property to or for the benefit of a creditor with the intention of preferring such creditor over any other
creditor. 
  

 79 

	 	12.1.18	Prejudice to security 

 Anything is done or suffered or omitted to be done by any Obligor which in the reasonable opinion of the Agent would or might be expected to imperil the security created by any of the Security Documents or either of the Lower Saxony
Guarantees. 
  

	 	12.1.19	Material Adverse Effect 

 Any event or circumstance occurs which the Majority Lenders believe has had or reasonably believe will have a Material Adverse Effect. 
  

	 	12.1.20	Governmental intervention 

 The authority of any member of the NCLC Group in the conduct of its business is wholly or substantially curtailed by any seizure or intervention by or on behalf of any authority and within ninety (90) days of the date of its occurrence
any such seizure or intervention is not relinquished or withdrawn and the Agent reasonably considers that the relevant occurrence is or might be expected to become materially prejudicial to the interests, rights or position of the Lenders
PROVIDED THAT the Borrower shall not be entitled to the aforesaid ninety (90) day period if the seizure or intervention executed by any authority is due to an act or omission of any member of the NCLC Group and the Agent is satisfied, in
its sole discretion, that the Lenders’ interest might reasonably be expected to be materially adversely affected. 
  

	 	12.1.21	Master Agreement termination 

 A notice is given by a Lender or its Affiliate (as the case may be) under section 6(a) of the relevant Master Agreement, or by any person under section 6(b)(iv) of a Master Agreement, in either case designating an Early Termination Date for
the purpose of the Master Agreement, or a Master Agreement is for any other reason terminated, cancelled, suspended, rescinded, revoked or otherwise ceases to remain in full force and effect. 
  

	 	12.2	Acceleration 

  

	 	12.2.1	On the occurrence of an Event of Default and at any time thereafter whilst such event shall be continuing the Agent may if a Drawing has not yet been drawn down, by
notice to the Borrower cancel the obligations of the Lenders under this Agreement. 

  

	 	12.2.2	On the occurrence of an Event of Default and at any time thereafter whilst such event shall be continuing, if a Drawing has been drawn down the Agent or the Lower
Saxony Guarantee Agent (as the case may be) may: 

  

	 	(a)	by notice to the Borrower declare the whole or any part of the Facility due and repayable in accordance with the terms of such notice whereupon the same shall become
due and repayable accordingly together with all interest accrued thereon and all other amounts payable hereunder and under any of the other Security Documents; and/or 

  

 80 

	 	(b)	from time to time exercise all or any of its rights under any of the Security Documents and the Lower Saxony Guarantees in such order and in such manner as it shall
deem appropriate; and/or 

  

	 	(c)	at its sole discretion terminate or continue with the Management Agreements. 

  

	 	12.3	Default indemnity 

 The
Borrower shall on demand indemnify the Agent, the Lower Saxony Guarantee Agent and the Lenders, without prejudice to any of their other rights under this Agreement, the other Security Documents and the Lower Saxony Guarantees, against any loss or
expense which the Agent, the Lower Saxony Guarantee Agent or the Lenders shall certify as sustained or incurred by any of them as a consequence of: 
  

	 	12.3.1	any default in payment by the Borrower of any sum under this Agreement, any of the other Security Documents or the Lower Saxony Guarantees when due, including, without
limitation, any liability incurred by the Agent, the Lower Saxony Guarantee Agent and the Lenders by reason of any delay or failure of the Borrower to pay any such sums; 

  

	 	12.3.2	any break in funding (including without limitation warehousing and other related costs) due to the occurrence of any Event of Default; 

  

	 	12.3.3	any prepayment of the Facility or any part thereof being made at any time for any reason; and/or 

  

	 	12.3.4	a Drawing not being drawn for any reason (excluding any default by the Agent or any Lender) after the relevant Drawdown Notice has been given, 

including, in any such case, but not limited to, any loss or expense sustained or incurred in maintaining or funding a Drawing or in
liquidating or re-employing deposits from third parties acquired to effect or maintain the Drawing and also any loss or expense (including without limitation warehousing and other related costs) incurred in connection with any Master Agreement.

  

	 	12.4	Set off 

 Following the
occurrence of any Event of Default and for so long as the same is continuing, the Borrower irrevocably authorises the Agent, the Lower Saxony Guarantee Agent and the Lenders and each of their respective Affiliates without prior notice to apply any
credit balance to which the Borrower is entitled upon any account of the Borrower with any branch of any of the Agent, the Lower Saxony Guarantee Agent, the Lenders and any such Affiliates in or towards satisfaction of any sum due to the Agent, the
Lower Saxony Guarantee Agent or any Lender hereunder but unpaid, and to combine any accounts of the Borrower for this purpose. If such set-off requires a credit balance in a currency other than euro to be transferred to an account maintained in
connection herewith the transfer shall be effected by crediting to the account in question the amount of euro which the Agent, the Lower Saxony Guarantee Agent or the Lender or any such Affiliate (as the case may be) could obtain by exchanging such
currency for euro at the rate of exchange at which its Lending Branch would, at the opening of business on the date on which the combination is effected, have sold the currency of that credit balance for euro for immediate delivery. 
  

 81 

	 	12.5	Master Agreement rights 

 The rights conferred on the Agent and the Lenders by Clause 12.4 shall be in addition to, and without prejudice to or limitation of, the rights of netting and set off conferred on the Lenders and/or their Affiliates by the Master
Agreements. 
  

	13	Application of Funds 

  

	 	13.1	Total Loss proceeds/proceeds of sale 

 In the event of a Vessel becoming a Total Loss or if a Vessel is sold then the Total Loss proceeds or proceeds of sale of the Vessel shall be held by the Agent and applied in the following manner and
order: 
  

			
	FIRSTLY	  	to the payment of all fees, expenses and charges (including brokers’ commissions), the expenses of any sale, the expenses of retaining any attorney, solicitors’ fees,
court costs and any other expenses or advances made or incurred by the Agent, the Lower Saxony Guarantee Agent or any Lender in the protection of the Agent’s, the Lower Saxony Guarantee Agent’s and the Lender’s rights or the pursuance
of its or their remedies hereunder and under the other Security Documents and the Lower Saxony Guarantees or to any payments whether voluntary or not which the Agent considers advisable to protect its or their security and to provide adequate
indemnity against liens claiming priority over or equality with the lien of the Security Documents or any other Encumbrances;
		
	SECONDLY	  	in or towards payment in such order as the Lenders may require of any accrued (but unpaid) fees and interest thereon to which the Lead Arrangers, the Co-Arrangers, the
Lenders, the Agent and/or the Lower Saxony Guarantee Agent are entitled hereunder and/or under the other Security Documents (other than the Master Agreements) and/or under the Lower Saxony Guarantees in connection with the Facility;
		
	THIRDLY	  	in or towards satisfaction of all interest accrued on Portion A of the relevant Tranche;
		
	FOURTHLY	  	in retention by the Agent in its discretion in a suspense or impersonal interest bearing security realised account of such sum as it considers appropriate by way of security
for the Outstanding Indebtedness (other than the Master Agreement Liabilities) relating to Portion A of the relevant Tranche or for any actual or contingent liability of the Lead Arrangers, the Co-Arrangers, the Agent, the Lower Saxony Guarantee
Agent or the Lenders or any of them in connection with the transactions herein contemplated so far as they relate to Portion A of the relevant Tranche;
		
	FIFTHLY	  	in or towards payment of Portion A of the relevant Tranche (whether or not then due and payable);
		
	SIXTHLY	  	in or towards payment of all losses, damages, expenses or currency risks arising from the exercise by the Borrower of the currency option contained in Clause 3 up to the
amount of two thirtieths (2/30ths) of the relevant Portion A as at the relevant Delivery Date;

  

 82 

			
	SEVENTHLY	  	in or towards satisfaction of any other amounts due from the Borrower to the Lead Arrangers, the Co-Arrangers, the Agent, the Lower Saxony Guarantee Agent or the Lenders
under the Security Documents (other than the Master Agreement Liabilities) and/or the Lower Saxony Guarantee relating to Portion A of the relevant Tranche using in the discretion of the Agent the same order of application as FIRSTLY to
SIXTHLY;
		
	EIGHTHLY	  	in or towards satisfaction of all interest accrued on Portion B of the relevant Tranche;
		
	NINTHLY	  	in retention by the Agent in its discretion in a suspense or impersonal interest bearing security realised account of such sum as it considers appropriate by way of security
for the Outstanding Indebtedness (other than the Master Agreement Liabilities) relating to Portion B of the relevant Tranche or for any actual or contingent liability of the Lead Arrangers, the Co-Arrangers, the Agent, the Lower Saxony Guarantee
Agent or the Lenders or any of them in connection with the transactions herein contemplated so far as they relate to Portion B of the relevant Tranche;
		
	TENTHLY	  	in or towards payment of Portion B of the relevant Tranche (whether or not then due and payable);
		
	ELEVENTHLY	  	in retention of such other sum or sums as the Agent may require as security for any further monies which may reasonably be expected to become due and payable to the Lead
Arrangers, the Co-Arrangers, the Agent, the Lower Saxony Guarantee Agent and/or the Lenders under this Agreement, any of the other Security Documents or the Lower Saxony Guarantees in respect of the relevant Tranche and which the assigned Earnings
may be insufficient to satisfy;
		
	TWELFTHLY	  	in or towards satisfaction of any additional security or amount to be prepaid in accordance with Clause 10.18;
		
	THIRTEENTHLY	  	in or towards satisfaction of the Master Agreement Liabilities in respect of the relevant Tranche in the same order in which the Transactions were entered into by the
Borrower with the Lenders and/or their Affiliates (as the case may be); and
		
	FOURTEENTHLY	  	the balance, if any, in payment to the Borrower or whomsoever shall then be entitled thereto.

 In the event of the proceeds being insufficient to pay the amounts referred to above the Agent shall be entitled to collect the balance from
the Borrower. 
  

 83 

	 	13.2	General funds/Event of Default monies 

 If an Event of Default has occurred and any monies are received by the Agent, the Lower Saxony Guarantee Agent or any other Finance Party or, pursuant to Clause 12.4, any Affiliate under or pursuant
to the Security Documents or the Lower Saxony Guarantees or if any other monies are received by or in the possession of the Agent or any other Finance Party or, pursuant to Clause 12.4, any Affiliate under or pursuant to the Security Documents which
are expressed hereunder and/or under the Security Documents to be distributed in accordance with the provisions of this Clause or where no express provisions are made for disposal, such monies shall be applied in the discretion of the Agent as
follows: 
  

			
	FIRSTLY	  	to the payment of all fees, expenses and charges (including brokers’ commissions), the expenses of any sale, the expenses of retaining any attorney, solicitors’ fees,
court costs and any other expenses or advances made or incurred by the Agent, the Lower Saxony Guarantee Agent or any Lender in the protection of the Agent’s, the Lower Saxony Guarantee Agent’s and the Lender’s rights or the pursuance
of its or their remedies hereunder and under the other Security Documents and the Lower Saxony Guarantees or to any payments whether voluntary or not which the Agent considers advisable to protect its or their security and to provide adequate
indemnity against liens claiming priority over or equality with the lien of the Security Documents or any other Encumbrances;
		
	SECONDLY	  	in or towards payment in such order as the Lenders may require of any accrued (but unpaid) fees and interest thereon to which the Lead Arrangers, the Co-Arrangers, the Lenders, the
Agent and/or the Lower Saxony Guarantee Agent are entitled hereunder and/or under the other Security Documents (other than the Master Agreements) and/or the Lower Saxony Guarantees in connection with the Facility;
		
	THIRDLY	  	in or towards satisfaction of all interest accrued on Portion A of each Tranche pro rata;
		
	FOURTHLY	  	in retention by the Agent in its discretion in a suspense or impersonal interest bearing security realised account of such sum as it considers appropriate by way of security for the
Outstanding Indebtedness (other than the Master Agreement Liabilities) relating to Portion A of each Tranche or for any actual or contingent liability of the Lead Arrangers, the Co- Arrangers, the Agent, the Lower Saxony Guarantee Agent or the
Lenders or any of them in connection with the transactions herein contemplated so far as they relate to Portion A of each Tranche;
		
	FIFTHLY	  	in or towards payment of Portion A of each Tranche pro rata;
		
	SIXTHLY	  	in or towards payment of all losses, damages, expenses or currency risks arising from the exercise by the Borrower of the currency option contained in Clause 3 up to the amount of
two thirtieths (2/30ths) of the relevant Portion A as at the relevant Delivery Date of each Tranche in respect of which the currency option has been exercised;

  

 84 

			
	SEVENTHLY	  	in or towards satisfaction of any other amounts due from the Borrower to the Lead Arrangers, the Co-Arrangers, the Agent, the Lower Saxony Guarantee Agent or the Lenders
under the Security Documents (other than the Master Agreement Liabilities) and/or the Lower Saxony Guarantees relating to Portion A of each of the Tranches pro rata using in the discretion of the Agent the same order of application as FIRSTLY
to SIXTHLY;
		
	EIGHTHLY	  	in or towards satisfaction of all interest accrued on Portion B of each Tranche pro rata;
		
	NINTHLY	  	in retention by the Agent in its discretion in a suspense or impersonal interest bearing security realised account of such sum as it considers appropriate by way of security for the
Outstanding Indebtedness (other than the Master Agreement Liabilities) relating to Portion B of each Tranche or for any actual or contingent liability of the Lead Arrangers, the Co-Arrangers, the Agent, the Lower Saxony Guarantee Agent or the
Lenders or any of them in connection with the transactions herein contemplated so far as they relate to Portion B of each Tranche;
		
	TENTHLY	  	in or towards payment of Portion B of each Tranche (whether or not then due and payable) pro rata;
		
	ELEVENTHLY	  	in retention of such other sum or sums as the Agent may require as security for any further monies which may reasonably be expected to become due and payable to the Lead Arrangers,
the Co-Arrangers, the Agent, the Lower Saxony Guarantee Agent and/or the Lenders under this Agreement, any of the other Security Documents or the Lower Saxony Guarantees and which the assigned Earnings may be insufficient to
satisfy;
		
	TWELFTHLY	  	in or towards satisfaction of the Master Agreement Liabilities in the same order in which the Transactions were entered into by the Borrower with the Lenders and/or their
Affiliates (as the case may be); and
		
	THIRTEENTHLY	  	the balance (if any) shall be released to the Borrower or to its order or whomsoever else may be entitled thereto.

  

	 	13.3	Application of proceeds of Insurances 

 Proceeds of the Insurances for partial losses shall be applied in accordance with the relevant Insurance Assignment and/or the loss payable clause endorsed on the Insurances in the form approved by the
Agent and in the case of a Total Loss of a Vessel in accordance with Clause 4.11 and Clause 13.1. 
  

 85 

	 	13.4	Suspense account 

 Any
monies received or recovered by the Agent, the Lower Saxony Guarantee Agent or any Lender under or in connection with the Security Documents or the Lower Saxony Guarantees and credited to any suspense or impersonal interest bearing security realised
account in accordance with FOURTHLY or NINTHLY of Clause 13.1 or Clause 13.2 may be held in such account for so long as the Agent thinks fit pending application at the Agent’s discretion in accordance with FOURTHLY or
NINTHLY (as the case may be) of Clause 13.1 or Clause 13.2 (as the case may be). 
  

	14	Fees 

  

	 	14.1	Commitment fee 

 The
Borrower shall pay to the Agent for distribution to the Lenders quarterly in arrears during the relevant Commitment Period and on the last day of the relevant Commitment Period, [*] of the Applicable Margin on the relevant payment date on the
daily undrawn, uncancelled amount of the relevant Tranche during the relevant Commitment Period. The commitment fee payable in respect of a Tranche shall accrue in euro until the first Currency Conversion Date in respect of that Tranche and
thereafter in Dollars and be payable in euro and/or in Dollars (as the case may be). 
  

	 	14.2	Other fees 

 The Borrower
will pay to the Agent on behalf of itself, the Lower Saxony Guarantee Agent, the Lead Arrangers, the Co-Arrangers and/or the Lenders, such fees as are set out in a separate commitment letter dated 10 May 2005. 
  

	 	14.3	Lower Saxony Guarantee fee 

 Throughout the period of the validity of a Lower Saxony Guarantee, the Borrower shall pay to the Lower Saxony Guarantee Agent quarterly in arrears commencing on the first Advance Date in respect of the relevant Tranche for prompt on-payment
to the German State of Lower Saxony a guarantee fee in euro on the relevant Lower Saxony Guaranteed Amount PROVIDED THAT: 
  

	 	14.3.1	the Lower Saxony Guaranteed Amount shall not be reduced pro rata with the reductions of the relevant Tranche made on the relevant Reduction Dates until the date on
which the relevant Maximum Tranche Amount as at the relevant Delivery Date has been reduced by three thirtieths (3/30ths); and 

  

	 	14.3.2	the Lower Saxony Guaranteed Amount shall thereafter reduce by one thirtieth (1/30th) on each subsequent relevant Reduction Date that a reduction is made; and

 if the Borrower exercises the currency option contained in Clause 3 in respect of the relevant Tranche:

  

	 	14.3.3	the guarantee fee shall be payable at the applicable rate thereafter as aforesaid; and 

  

	 	14.3.4	the guarantee fee shall continue to be payable in euro calculated at the relevant rate on the relevant Lower Saxony Guaranteed Amount. 

 The Lower Saxony Guarantee fee shall be calculated at the rate of [*] per annum on the daily drawn amount of the Lower Saxony
Guaranteed Amount and at the rate of [*] per annum on the daily undrawn amount of the Lower Saxony Guaranteed Amount. For the purpose of calculating the Lower Saxony Guarantee fee as aforesaid any voluntary prepayment pursuant to Clause 4.8
shall be deemed to have been applied in prepayment pro rata of Portion A and Portion B of the relevant Tranche. 
  

 86 

 A Lower Saxony Guarantee fee schedule setting out the amounts of the fee to be paid shall be
agreed between the Lower Saxony Guarantee Agent and the Borrower on or before the relevant Delivery Date in respect of a Tranche and shall from such date be deemed to be a part of this Agreement. If the currency option contained in Clause 3 is
exercised in respect of a Tranche to take effect after the relevant Delivery Date, a new Lower Saxony Guarantee fee schedule shall be agreed between the Lower Saxony Guarantee Agent and the Borrower on the first Currency Conversion Date in respect
of that Tranche and shall from such date be deemed to be a part of this Agreement in substitution for the previously agreed Lower Saxony Guarantee fee schedule in respect of that Tranche. 
  

	 	14.4	Back-end fee 

 Without duplication of Clause 6.2 of the Third Supplemental Deed, the Borrower shall pay to the Agent for distribution to the Lenders a back-end fee of [*] of the Facility on the date of the Third Supplemental Deed. The back-end fee shall
be deemed to have been earned on the date on which the Third Supplemental Deed and the Amendment Documents have been signed by all the parties thereto [*]. 
  

	15	Expenses 

  

	 	15.1	Initial expenses 

 The
Borrower shall reimburse the Agent 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 travel expenses and the fees and expenses of legal,
insurance and other advisers) by the Lead Arrangers, the Agent and the Lower Saxony Guarantee Agent in respect of the arrangement and syndication of the Facility and the negotiation, preparation, issue, printing, execution and registration of this
Agreement, the other Transaction Documents and the Lower Saxony Guarantees and any other documents required in connection with the implementation of this Agreement. 
  

	 	15.2	Enforcement expenses 

 The
Borrower shall reimburse the Agent, the Lower Saxony Guarantee Agent and the Lenders on demand on a full indemnity basis for all charges and expenses (including value added tax or any similar tax thereon and including the fees and expenses of legal
advisers) incurred by the Agent, the Lower Saxony Guarantee Agent and each of the Lenders in connection with the enforcement of, or the preservation of any rights under, this Agreement, the other Security Documents and the Lower Saxony Guarantees.

  

	 	15.3	Stamp duties 

 The
Borrower shall pay or indemnify the Agent, the Lower Saxony Guarantee Agent and each of the Lenders on demand against any and all stamp, registration and similar Taxes which may be payable in any jurisdiction in connection with the entry into,
performance and enforcement of this Agreement or any of the other Security Documents or a Lower Saxony Guarantee. 
  

	 	15.4	Steering Committee expenses 

 The Borrower shall reimburse any Lender that is a member of the Steering Committee on demand on a full indemnity basis for all documented charges and expenses reasonably incurred (including value added tax or any similar tax thereon and
including the fees and expenses of legal and other advisers) by that Lender in carrying out its duties as a member of the Steering Committee on or before the end of the Moratorium Period. 
  

	16	Waivers, Remedies Cumulative 

  

	 	16.1	No waiver 

 No failure to
exercise and no delay in exercising on the part of the Agent, the Lower Saxony Guarantee Agent or any of the Lenders any right or remedy under any of the Security Documents or the Lower Saxony Guarantees shall operate as a waiver thereof, nor shall
any single or partial exercise of any right or remedy preclude any other or further exercise thereof, or the exercise of any other right or remedy. No waiver by the Agent, the Lower Saxony Guarantee Agent or any of the Lenders shall be effective
unless it is in writing. 
  

 87 

	 	16.2	Remedies cumulative 

 The
rights and remedies of the Agent and the Lenders provided herein are cumulative and not exclusive of any rights or remedies provided by law. 
  

	 	16.3	Severability 

 If any
provision of this Agreement is prohibited or unenforceable in any jurisdiction, such prohibition or unenforceability shall not invalidate the remaining provisions hereof or affect the validity or enforceability of such provision in any other
jurisdiction. 
  

	 	16.4	Time of essence 

 Time is
of the essence in respect of all of the obligations of the Borrower under the Security Documents and the Lower Saxony Guarantees provided however that none of the Agent, the Lower Saxony Guarantee Agent or any of the Lenders shall be entitled to
terminate or treat this Agreement or any of the other Security Documents as having been repudiated otherwise than in circumstances which constitute an Event of Default. 
  

	17	Counterparts 

 This
Agreement may be executed in any number of counterparts and all such counterparts taken together shall be deemed to constitute one and the same agreement. 
  

	18	Changes to the Lenders 

  

	 	18.1	Assignments and transfers by the Lenders 

 Subject to this Clause 18, a Lender (the “Existing Lender”) may: 
  

	 	18.1.1	assign any of its rights under the Security Documents and the Lower Saxony Guarantees; or 

  

	 	18.1.2	transfer by novation any of its rights and obligations under the Security Documents and the Lower Saxony Guarantees, 

 to another bank or financial institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose of
making, purchasing or investing in loans, securities or other financial assets (the “New Lender”) PROVIDED THAT any such assignment or transfer shall be in respect of an amount of its Commitment and/or Contribution of not
less than five million euro (EUR5,000,000) or five million Dollars (USD5,000,000) (as the case may be). 
 Further, the Borrower
shall have the right to require that an Existing Lender assigns or transfers the whole of its Commitment and Contribution to a New Lender proposed by the Borrower and approved by the Lenders if the cost to the Existing Lender of funding any part of
the Facility is materially higher than the cost to the other Lenders or if the Existing Lender is affected by the provisions of Clauses 4.9, 7.2 or 8.1 and the cost to the Borrower is materially higher than in respect of the other Lenders similarly
affected. 
  

 88 

	 	18.2	Conditions of assignment or transfer 

  

	 	18.2.1	The consent of the Agent, the Lower Saxony Guarantee Agent and the Borrower is required for an assignment or transfer by a Lender, unless the assignment or transfer is
to another Lender or an Affiliate of a Lender. The said consents of the Agent and the Borrower may not be unreasonably withheld or delayed and, in the case of the Borrower, shall not be required if an Event of Default has occurred and is continuing.

 Each Lender may, however, without the prior approval of the Agent, the Lower Saxony Guarantee Agent or the
Borrower and without payment of a fee to the Agent, at any time transfer or assign all of its rights and benefits hereunder and under the Security Documents to the German State of Lower Saxony or its nominee. 
  

	 	18.2.2	An assignment will only be effective on: 

  

	 	(a)	receipt by the Agent of written confirmation from the New Lender (in form and substance satisfactory to the Agent) that the New Lender will assume the same obligations
to the Agent and the other Lenders as it would have been under if it was an Original Lender; and 

  

	 	(b)	performance by the Agent of all “know your customer” or other checks relating to any person that it is required to carry out in relation to such assignment to
a New Lender, the completion of which the Agent shall promptly notify to the Existing Lender and the New Lender. 

  

	 	18.2.3	A transfer will only be effective if the procedure set out in Clause 18.5 is complied with. 

  

	 	18.2.4	If: 

  

	 	(a)	a Lender assigns or transfers any of its rights or obligations under the Security Documents and the Lower Saxony Guarantees or changes its Lending Branch; and

  

	 	(b)	as a result of circumstances existing at the date the assignment, transfer or change occurs, the Borrower would be obliged to make a payment to the New Lender or Lender
acting through its new Lending Branch under Clause 7, 

 then the New Lender or Lender acting through its new
Lending Branch is only entitled to receive payment under that Clause to the same extent as the Existing Lender or Lender acting through its previous Lending Branch would have been if the assignment, transfer or change had not occurred. 

 

	 	18.3	Assignment or transfer fee 

 The Existing Lender shall, on the date upon which an assignment or transfer takes effect, pay to the Agent (for its own account) a fee of three thousand Dollars (USD3,000). 
  

 89 

	 	18.4	Limitation of responsibility of Existing Lenders 

  

	 	18.4.1	Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for:

  

	 	(a)	the legality, validity, effectiveness, adequacy or enforceability of the Security Documents, the Lower Saxony Guarantees or any other documents;

  

	 	(b)	the financial condition of the Borrower or the German State of Lower Saxony; 

  

	 	(c)	the performance and observance by any Obligor or the German State of Lower Saxony of its obligations under the Security Documents, the Lower Saxony Guarantees or any
other documents; or 

  

	 	(d)	the accuracy of any statements (whether written or oral) made in or in connection with any Security Document, either Lower Saxony Guarantee or any other document,

 and any representations or warranties implied by law are excluded. 
  

	 	18.4.2	Each New Lender confirms to the Existing Lender, the Agent and the other Lenders that it: 

  

	 	(a)	has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and the German State of
Lower Saxony and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any Security Document or either Lower Saxony
Guarantee; and 

  

	 	(b)	will continue to make its own independent appraisal of the creditworthiness of each Obligor and the German State of Lower Saxony and its related entities whilst any
amount is or may be outstanding under the Security Documents or the Lower Saxony Guarantees or any Commitment is in force. 

  

	 	18.4.3	Nothing in any Security Document or either Lower Saxony Guarantee obliges an Existing Lender to: 

  

	 	(a)	accept a re-transfer from a New Lender of any of the rights and obligations assigned or transferred under this Clause 18; or 

  

	 	(b)	support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Security Documents,
the Lower Saxony Guarantees or otherwise. 

  

	 	18.5	Procedure for transfer 

  

	 	18.5.1	Subject to the conditions set out in Clause 18.2, a transfer is effected in accordance with Clause 18.5.3 when the Agent executes an otherwise duly completed Transfer
Certificate delivered to it by the Existing Lender and the New Lender. The Agent shall, subject to Clause 18.5.2, as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with the
terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer Certificate. 

  

 90 

	 	18.5.2	The Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the New Lender once it is satisfied it has complied with
all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to the transfer to such New Lender. 

  

	 	18.5.3	On the Transfer Date: 

  

	 	(a)	to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Security Documents and the Lower
Saxony Guarantees each of the Borrower and the Existing Lender shall be released from further obligations towards one another under the Security Documents and the Lower Saxony Guarantees and their respective rights against one another shall be
cancelled (being the “Discharged Rights and Obligations”); 

  

	 	(b)	each of the Borrower and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights
and Obligations only insofar as the Borrower and the New Lender have assumed and/or acquired the same in place of the Borrower and the Existing Lender; 

  

	 	(c)	the Agent, the Lower Saxony Guarantee Agent, the New Lender and other Lenders shall acquire the same rights and assume the same obligations between themselves as they
would have acquired and assumed had the New Lender been an Original Lender with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Agent, the Lower Saxony Guarantee Agent and the Existing
Lender shall each be released from further obligations to each other under this Agreement and/or the Lower Saxony Guarantees; and 

  

	 	(d)	the New Lender shall become a party as a “Lender”. 

  

	 	18.6	Copy of Transfer Certificate to Borrower 

 The Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate, send to the Borrower a copy of that Transfer Certificate. 
  

	 	18.7	Disclosure of information 

 Any Lender may disclose to any of its Affiliates and/or the German State of Lower Saxony and/or the Federal Republic of Germany and/or the European Union and/or any agency thereof or any person acting or purporting to act on any of their
behalves and any other person: 
  

	 	18.7.1	to (or through) whom that Lender assigns or transfers (or may potentially assign or transfer) all or any of its rights and obligations under this Agreement;

  

 91 

	 	18.7.2	with (or through) whom that Lender enters into (or may potentially enter into) any sub-participation in relation to, or any other transaction under which payments are
to be made by reference to, this Agreement or the Borrower; or 

  

	 	18.7.3	to whom, and to the extent that, information is required to be disclosed by any applicable law or regulation, 

 any information about any Obligor, the Transaction Documents and the Lower Saxony Guarantees as that Lender shall consider appropriate if, in
relation to Clauses 18.7.1 and 18.7.2, the person to whom the information is to be given has entered into a Confidentiality Undertaking. In the case of the German State of Lower Saxony and/or the Federal Republic of Germany and/or the European Union
and/or any agency thereof or any person acting or purporting to act on any of their behalves, the Borrower acknowledges and agrees that any such information may be used by such persons for statistical purposes and/or for reports of a general nature.

  

	 	18.8	Borrower’s co-operation 

 The Borrower shall co-operate fully with the Lender in relation to any assignment or transfer proposed by the Lender and shall execute, or procure the execution of, any documents which the Lender may require. 
  

	19	Changes to the Borrower 

 The Borrower may not assign any of its rights or transfer any of its rights or obligations under the Security Documents or the Lower Saxony Guarantees. 
  

	20	Reference Banks, Agent, Lower Saxony Guarantee Agent and Steering Committee 

  

	 	20.1	Reference Banks 

 If:

  

	 	20.1.1	the whole of the Contribution (if any) of any Reference Bank is prepaid; 

  

	 	20.1.2	the Commitment of any Reference Bank is cancelled or reduced to zero in accordance with Clause 4.9 or any other relevant provision hereof; 

  

	 	20.1.3	a Reference Bank transfers the whole of its rights and obligations (if any) as a Lender under this Agreement; or 

  

	 	20.1.4	where applicable, any Reference Bank ceases to provide quotations to the Agent for the purposes of determining LIBOR, 

 the Agent may, acting on the instructions of the Majority Lenders, terminate the appointment of such Reference Bank and appoint another
Lender to replace such Reference Bank. 
  

	 	20.2	Decision making 

  

	 	20.2.1	Save as expressly provided in Clause 20.2.2 or as otherwise expressly provided herein, any proposed course of action in connection with any matter requiring the consent
of the Lenders under or in connection howsoever with this Agreement shall only be taken with the consent of all the Lenders including, but without limitation to the generality of the foregoing: 

  

	 	(a)	the release of the Borrower from any of its obligations hereunder; 

  

 92 

	 	(b)	the amendment of any of the provisions of this Agreement; 

  

	 	(c)	any time or other indulgence to be granted to the Borrower in respect of its obligations under this Agreement. 

  

	 	20.2.2	Proposals in connection with the following matters shall, in the absence of agreement thereon by all of the Lenders or as otherwise provided in this Agreement, be
determined by the Majority Lenders and the Lower Saxony Guarantee Agent: 

  

	 	(a)	the making of any declaration by the Agent under Clause 12.2; 

  

	 	(b)	the institution of any legal proceedings for the enforcement of any rights or powers whatsoever pursuant to the terms of this Agreement; 

  

	 	(c)	any course of action whatsoever from time to time (other than the making of a demand for payment hereunder) whether of a legal or commercial nature or otherwise
howsoever for the purpose of achieving a full or partial recovery of any principal, interest or other amount due and payable by the Borrower hereunder or otherwise in connection therewith following the making of a declaration by the Agent under
Clause 12.2; 

  

	 	(d)	any other matter in respect of which this Agreement expressly provides that the consent of the Majority Lenders shall be required. 

  

	 	20.2.3	Any determination of the Lenders shall be ascertained by the Agent or the Lower Saxony Guarantee Agent (as the case may be) either: 

  

	 	(a)	by means of a telefax sent by the Agent or the Lower Saxony Guarantee Agent (as the case may be) to each of the Lenders in identical terms on the proposal or matter in
issue; or 

  

	 	(b)	by means of the vote of representatives of each Lender at a meeting convened by the Agent or the Lower Saxony Guarantee Agent (as the case may be) and held for the
purpose of discussing (inter alia) such proposal or matter in issue. 

 Furthermore, it is hereby agreed by the
Lenders that: 
  

	 	(i)	where a decision of the Lenders is sought by the Agent or the Lower Saxony Guarantee Agent (as the case may be) by means of a telefax sent in accordance with paragraph
(a) above and PROVIDED THAT the Agent or the Lower Saxony Guarantee Agent (as the case may be) verifies forthwith by telephone with each relevant Lender that it has received such telefax in good order, then the Agent or the Lower Saxony
Guarantee Agent (as the case may be) may in its telefax: 

  

	 	(1)	recommend a proposed course of action to be taken by the Lenders; and 

  

	 	(2)	specify a time limit (of not less than three (3) Business Days) within which the Lenders are required to respond to the Agent’s or the Lower Saxony Guarantee
Agent’s (as the case may be) recommendation 

  

 93 

 so that, if any Lender fails to notify the Agent or the Lower Saxony Guarantee Agent (as
the case may be) within such time limit of its response to the recommendation, such Lender shall be deemed to have accepted and approved the course of action proposed by the Agent or the Lower Saxony Guarantee Agent (as the case may be); and

  

	 	(ii)	where the approval of the Majority Lenders is required in respect of any matter, the approval shall be deemed to have been given as soon as the Agent or the Lower
Saxony Guarantee Agent (as the case may be) receives the requisite number of votes in favour of the proposal so that the Agent or the Lower Saxony Guarantee Agent (as the case may be) may act on the basis of such votes without having to wait for the
response of (or to give any notification to) any other Lender who has yet to reply to the Agent or the Lower Saxony Guarantee Agent (as the case may be). 

  

	 	20.3	The Agent and the Lower Saxony Guarantee Agent 

  

	 	20.3.1	Each of the Lenders and the Lower Saxony Guarantee Agent hereby appoints the Agent to act as its agent under this Agreement and the Security Documents with such rights,
powers and discretions as are expressly delegated to the Agent hereunder and thereunder. 

  

	 	20.3.2	Each of the Lenders and the Agent hereby appoints the Lower Saxony Guarantee Agent to act as its agent under the Lower Saxony Guarantees with such rights, powers and
discretions as are expressly delegated to the Lower Saxony Guarantee Agent hereunder and thereunder. 

  

	 	20.3.3	The Agent shall: 

  

	 	(a)	promptly inform the Lenders of the contents of any notice or request received by it from the Borrower under this Agreement (whether such notice or request is addressed
to the Agent alone or the Agent on behalf of the Lenders) and of any information delivered to it pursuant to Clause 10.2 and of any other matters which the Agent considers material; 

  

	 	(b)	promptly deliver to the Lenders copies of any accounts and certificates delivered to it pursuant to Clause 10.2 and, as soon as reasonably practicable, copies of the
documents delivered in satisfaction of the requirements of Schedule 3; 

  

	 	(c)	promptly inform the Lenders in reasonable detail of any exercise by it of any of the rights, powers and/or discretions vested in it hereunder (but without the Agent
being under any obligation to give prior notice to the Lenders of any such exercise); 

  

	 	(d)	promptly notify the Lenders of the occurrence of any Event of Default or any other default by the Borrower in the due performance of or compliance with its material
obligations under this Agreement of which the Agent has actual knowledge or actual notice and the occurrence of which the Agent has verified; 

  

 94 

	 	(e)	if directed by the Majority Lenders, exercise (or refrain from exercising) any right, power or discretion vested in it hereunder in accordance with the directions
(subject to Clause 20.2.1) of the Majority Lenders provided, however, that it may refrain from acting in accordance with any such directions until it has received such security as it may require (whether by way of payment in advance or otherwise)
for all costs, claims, expenses (including legal fees) and liabilities which it will or may expend or incur in complying with such directions and for this purpose the Agent shall make a demand for such security addressed to all the Lenders;

  

	 	(f)	receive from the Borrower all payments of principal, interest and other moneys expressed to be payable to the Agent hereunder on behalf of all or any of the Lenders and
the Lower Saxony Guarantee Agent and shall promptly distribute the same amongst the Lenders, the Lower Saxony Guarantee Agent, the German State of Lower Saxony and itself in accordance with the terms of this Agreement and the Lower Saxony Guarantees
pending which the Agent shall hold any and all such moneys on trust for the Lenders, the Lower Saxony Guarantee Agent, the German State of Lower Saxony and itself; and 

  

	 	(g)	enter into any amendment to any of the Security Documents or grant any waiver of any obligation of any of the Obligors under any of such Security Documents if so
instructed by the Lenders. 

  

	 	20.3.4	The Lower Saxony Guarantee Agent shall: 

  

	 	(a)	promptly inform the Lenders of the contents of any notice or request received by it from the German State of Lower Saxony under a Lower Saxony Guarantee (whether such
notice or request is addressed to the Lower Saxony Guarantee Agent alone or the Lower Saxony Guarantee Agent on behalf of the Lenders) and of any other matters which the Lower Saxony Guarantee Agent considers material; 

  

	 	(b)	promptly inform the Lenders in reasonable detail of any exercise by it of any of the rights, powers and/or discretions vested in it hereunder (but without the Lower
Saxony Guarantee Agent being under any obligation to give prior notice to the Lenders of any such exercise); 

  

	 	(c)	promptly notify the Lenders of the occurrence of any Event of Default or any other default by the Borrower in the due performance of or compliance with its material
obligations under a Lower Saxony Guarantee of which the Lower Saxony Guarantee Agent has actual knowledge or actual notice and the occurrence of which the Lower Saxony Guarantee Agent has verified; 

  

	 	(d)	if directed by the Majority Lenders, exercise (or refrain from exercising) any right, power or discretion vested in it hereunder in accordance with the directions
(subject to Clause 20.2.1) of the Majority Lenders provided, however, that it may refrain from acting in accordance with any such directions until it has received such security as it may require (whether by way of payment in advance or otherwise)
for all costs, claims, expenses (including legal fees) and liabilities which it will or may expend or incur in complying with such directions and for this purpose the Lower Saxony Guarantee Agent shall make a demand for such security addressed to
all the Lenders; 

  

 95 

	 	(e)	receive from the Borrower the Lower Saxony guarantee fee and shall promptly on-pay the same to the German State of Lower Saxony in accordance with the terms of this
Agreement and the Lower Saxony Guarantees pending which the Lower Saxony Guarantee Agent shall hold any and all such moneys on trust for the German State of Lower Saxony; and 

  

	 	(f)	receive from the German State of Lower Saxony all payments expressed to be payable under a Lower Saxony Guarantee on behalf of all or any of the Lenders and the Agent
and shall promptly pay the same to the Agent who shall distribute the same amongst the Lenders, the Lower Saxony Guarantee Agent and itself in accordance with the terms of this Agreement pending which the Lower Saxony Guarantee Agent and the Agent
in turn shall hold any and all such moneys on trust for the Lenders, the Agent or the Lower Saxony Guarantee Agent (as the case may be) and itself. 

  

	 	20.3.5	The relationship between the Agent on the one part and each Lender and the Lower Saxony Guarantee Agent on the other and between the Lower Saxony Guarantee Agent on the
one part and each Lender and the Agent on the other is that of agent and principal and, except in relation to any moneys referred to in Clause 20.3.3(f) and any moneys received by the Agent from the Lower Saxony Guarantee Agent and in each case held
by the Agent pending distribution hereunder and in relation to any moneys referred to in Clause 20.3.4(e) held by the Lower Saxony Guarantee Agent pending distribution by the Agent hereunder, neither the Agent nor the Lower Saxony Guarantee Agent
shall have a fiduciary relationship with or be, or be deemed to be, a trustee of or for any such party. 

  

	 	20.3.6	In addition to the powers expressly given to the Agent and the Lower Saxony Guarantee Agent by this Agreement: 

  

	 	(a)	the Lenders may give the Agent or the Lower Saxony Guarantee Agent (generally or in any particular case) any powers which the Lenders consider appropriate; and

  

	 	(b)	each of the Agent and the Lower Saxony Guarantee Agent has power to take any other action which it considers to be reasonably incidental or conducive to the performance
of its functions under this Agreement or otherwise appropriate in the context of those functions, including the exercise of any powers given to it by the Lenders. 

  

	 	20.3.7	The rights, powers and discretions vested in the Agent and the Lower Saxony Guarantee Agent by this Agreement shall only be exercised by the Agent or the Lower Saxony
Guarantee Agent (as the case may be) in accordance with the instructions of the Majority Lenders or (if so required in accordance with the provisions of Clause 20.2.1) the Lenders provided however that the Agent and/or the Lower Saxony Guarantee
Agent (as the case may be) shall be entitled (but not bound) to exercise or refrain from exercising any such right, power or discretion without the directions of the Majority Lenders or the Lenders (as the case may be) if the Agent and/or the Lower
Saxony Guarantee Agent (as the case may be) believes that the immediate exercise of such right, power or discretion is necessary or desirable to protect the interests of the Lenders under or in respect of this Agreement. 

  

 96 

 Where any right, power or discretion is vested in the Agent or the Lower Saxony Guarantee
Agent (as the case may be) under this Agreement but is expressed as being exercisable in accordance with the directions of the Lenders or the Majority Lenders, such right, power or discretion shall not be exercised by the Agent or the Lower Saxony
Guarantee Agent (as the case may be) without the lawful directions of the Lenders or the Majority Lenders (as the case may be). 
  

	 	20.3.8	Notwithstanding anything to the contrary expressed or implied herein, neither the Agent nor the Lower Saxony Guarantee Agent shall: 

  

	 	(a)	be bound to enquire as to the occurrence or otherwise of any Event of Default or as to the performance by the Borrower of its obligations under this Agreement;

  

	 	(b)	be bound to disclose to any other person any information relating to the Borrower if such disclosure would or might in its opinion constitute a breach of any law or
regulation or be otherwise actionable at the suit of any person; 

  

	 	(c)	have any responsibility to the Lenders or each other for: 

  

	 	(i)	the financial position, creditworthiness, affairs or prospects of the Borrower; 

  

	 	(ii)	the performance or non-performance howsoever by the Borrower of any of its obligations hereunder; 

  

	 	(iii)	the due execution, effectiveness, genuineness, validity or enforceability of this Agreement or any document relating hereto or any filing or recording thereof or the
taking of any other action whatsoever and howsoever in connection therewith or the collectability of any sum due hereunder; 

  

	 	(iv)	any computations and/or information supplied to the Lenders by the Agent or the Lower Saxony Guarantee Agent (as the case may be) in reliance upon which the Lenders
have entered into this Agreement; 

  

	 	(d)	be under any liability whatsoever for any consequence of relying on: 

  

	 	(i)	any written communication or document believed by it to be genuine or correct and to have been communicated or signed by the person by whom it is purported to have been
communicated or signed; or 

  

	 	(ii)	the advice or opinions of any professional advisers selected by it; 

  

	 	(e)	be under any duty to account to any Lender or the Agent or the Lower Saxony Guarantee Agent (as the case may be) for any sum received by it for its own account or the
profit element of any such sum; or 

  

 97 

	 	(f)	be under any obligation other than those for which express provision is made herein. 

  

	 	20.3.9	Each of the Agent and the Lower Saxony Guarantee Agent may: 

  

	 	(a)	carry out its duties hereunder through such officers, directors, employees, consultants or independent agents as it may in its unfettered discretion think fit;

  

	 	(b)	assume that no Event of Default has occurred and that the Borrower is not in breach of its obligations under this Agreement unless the Agent or the Lower Saxony
Guarantee Agent (as the case may be) has actual knowledge or actual notice to the contrary; 

  

	 	(c)	engage and pay for the advice or services of any internal or external lawyers, accountants, surveyors or other experts whose advice or services may to it seem
necessary, expedient or desirable and rely upon any advice so obtained; 

  

	 	(d)	rely as to any matters of fact which might reasonably be expected to be within the knowledge of the Borrower upon a certificate signed by or on behalf of the Borrower;
and 

  

	 	(e)	rely upon any communication or document believed by it to be genuine. 

  

	 	20.3.10	It is understood that each of the Lenders has itself been, and will continue to be, solely responsible for making its own independent appraisal of and investigations
into the financial condition, creditworthiness, condition, affairs, status and nature of the Borrower and the German State of Lower Saxony and, accordingly, each of the Lenders warrants to the Agent and the Lower Saxony Guarantee Agent that it has
not relied and will not rely on the Agent or the Lower Saxony Guarantee Agent (as the case may be): 

  

	 	(a)	to check or enquire on its behalf into the adequacy, accuracy or completeness of any information provided by the Borrower or the German State of Lower Saxony in
connection with this Agreement or a Lower Saxony Guarantee; or 

  

	 	(b)	to assess or keep under review on its behalf the financial condition, creditworthiness, condition, affairs, status or nature of the Borrower or the German State of
Lower Saxony. 

  

	 	20.3.11	Subject to the terms of this Agreement, this Agreement shall be serviced, supervised and administered by the Agent and the Lower Saxony Guarantee Agent in the ordinary
course of its business and in accordance with its usual practices. In performing its duties and functions hereunder, each of the Agent and the Lower Saxony Guarantee Agent shall exercise the same care as it normally exercises in making and
administering loans for its own account, but assumes no further responsibility in respect of such performance. 

  

 98 

	 	20.3.12	Neither the Agent nor the Lower Saxony Guarantee Agent shall be under any liability as a result of taking or omitting to take any action in relation to this Agreement
and/or a Lower Saxony Guarantee save in the case of gross negligence or wilful misconduct and the Lenders will not assert or seek to assert against any director, officer or employee of the Agent or the Lower Saxony Guarantee Agent any claim they
might have against any of them in respect of the matters referred to in this Clause 20.3.12. 

  

	 	20.3.13	Neither the Agent (nor any officer thereof) nor the Lower Saxony Guarantee Agent (nor any officer thereof) shall be precluded by reason of so acting from underwriting,
guaranteeing the subscription of or subscribing for or otherwise acquiring, holding or dealing with any debentures, shares or securities whatsoever of the Borrower or from entering into any contract or financial or other transaction with or from
engaging in any banking or other business with the Borrower and shall not be liable to account for any profit made or payment received by it thereby or in connection therewith. 

  

	 	20.4	Retirement and replacement of the Agent and the Lower Saxony Guarantee Agent 

  

	 	20.4.1	Each of the Agent and the Lower Saxony Guarantee Agent may retire at any time without assigning any reason by giving to the Borrower, the Agent or the Lower Saxony
Guarantee Agent (as the case may be) and the Lenders not less than thirty (30) days notice of its intention to do so. Unless the Agent or the Lower Saxony Guarantee Agent (as the case may be) in its notice of retirement nominates any of its
associated companies to be its successor, the successor Agent or Lower Saxony Guarantee Agent may be appointed by the Majority Lenders (with the prior written consent of the Borrower, such consent not to be unreasonably withheld or delayed) during
such thirty (30) day period PROVIDED THAT, should they fail to do so, the Agent or the Lower Saxony Guarantee Agent (as the case may be) may then appoint as its successor a reputable and experienced bank with an office in London.

  

	 	20.4.2	If any Lender is dissatisfied with the Agent or the Lower Saxony Guarantee Agent and wants it to be replaced, such Lender shall consult with the other relevant Lenders
and the Borrower for a period of up to thirty (30) days to decide whether the Agent or the Lower Saxony Guarantee Agent (as the case may be) should be replaced and, if so, by whom (such replacement being one of the relevant Lenders or an
associated company thereof). If at the end of such period the relevant Lenders unanimously agree that the Agent or the Lower Saxony Guarantee Agent (as the case may be) should be replaced by a particular Lender or one of its associated companies,
and if the Borrower consents in writing to the identity of the proposed replacement (such consent (a) not to be unreasonably withheld and (b) not to be required if an Event of Default has occurred and is continuing), then notice shall be
given by the relevant Lenders to the Agent or the Lower Saxony Guarantee Agent (as the case may be) specifying the date, being not fewer than five (5) Business Days after the date of such notice, on which the appointment of the successor Agent
or Lower Saxony Guarantee Agent (as the case may be) is, subject to Clause 20.4.4, to take effect. 

  

 99 

	 	20.4.3	For the purposes of this Clause 20.4: 

  

	 	(a)	an “associated company” of the Agent, the Lower Saxony Guarantee Agent and/or any Lender shall mean any company which is a holding company of the
Agent, the Lower Saxony Guarantee Agent and/or such Lender or a wholly-owned subsidiary of it or its parent company; and 

  

	 	(b)	“relevant Lenders” means all of the Lenders other than that Lender which acts as Agent or Lower Saxony Guarantee Agent or whose associated company acts
in such capacity. 

  

	 	20.4.4	Any appointment of a successor Agent or Lower Saxony Guarantee Agent under Clause 20.4.1 or 20.4.2 shall take effect upon: 

  

	 	(a)	the successor confirming in writing its agreement to be bound by the provisions of this Agreement; and 

  

	 	(b)	notice thereof by the Agent or the Lower Saxony Guarantee Agent (as the case may be) and its successor (which notice, shall specify the banks to which payments to the
new Agent or Lower Saxony Guarantee Agent shall be made thereafter) being given to each of the other parties to this Agreement. 

  

	 	20.4.5	If a successor to the Agent or the Lower Saxony Guarantee Agent is appointed under the provisions of this Clause 20.4: 

  

	 	(a)	the outgoing Agent or Lower Saxony Guarantee Agent shall be discharged from any further obligation under this Agreement; 

  

	 	(b)	its successor and each of the other parties hereto shall have the same rights and obligations amongst themselves as they would have had if such successor had been a
party hereto in place of the outgoing Agent or Lower Saxony Guarantee Agent (as the case may be); 

  

	 	(c)	Clause 20 and the other provisions of this Agreement shall remain in effect for the benefit and protection of the outgoing Agent or Lower Saxony Guarantee Agent (as the
case may be) in relation to any claim or loss which may be brought against or incurred by it in connection with or as a result of any act, omission, breach, neglect or other occurrence or matter relating to or arising out of this Agreement which
took place before its resignation. 

  

 100 

  

	 	20.5	Steering Committee 

  

	 	20.5.1	The Group-Wide Lenders shall establish the Steering Committee. 

  

	 	20.5.2	Notwithstanding anything to the contrary expressed or implied herein, no member of the Steering Committee shall: 

  

	 	(a)	be bound to enquire as to the occurrence or otherwise of any Event of Default or as to the performance by the Borrower of its obligations under this Agreement;

  

	 	(b)	be bound to disclose to any other person any information relating to the Borrower if such disclosure would or might in its opinion constitute a breach of any law or
regulation or be otherwise actionable at the suit of any person; 

  

	 	(c)	have any responsibility to the Lenders or each other for: 

  

	 	(i)	the financial position, creditworthiness, affairs or prospects of the Borrower; 

  

	 	(ii)	the performance or non-performance howsoever by the Borrower of any of its obligations hereunder; 

  

	 	(iii)	the due execution, effectiveness, genuineness, validity or enforceability of this Agreement or any document relating hereto or any filing or recording thereof or the
taking of any other action whatsoever and howsoever in connection therewith or the collectability of any sum due hereunder; 

  

	 	(d)	be under any liability whatsoever for any consequence of relying on: 

  

	 	(i)	any written communication or document believed by it to be genuine or correct and to have been communicated or signed by the person by whom it is purported to have been
communicated or signed; or 

  

	 	(ii)	the advice or opinions of any professional advisers selected by it or the Steering Committee; 

  

	 	(e)	be under any duty to account to any Lender for any sum received by it for its own account or the profit element of any such sum PROVIDED THAT any member of the
Steering Committee shall on demand of a Group-Wide Lender provide to that Group-Wide Lender evidence of any cost, charge or expense incurred in its role as a member of the Steering Committee; or 

  

	 	(f)	be under any obligation other than those for which express provision is made herein. 

  

	 	20.5.3	Each member of the Steering Committee may: 

  

	 	(a)	carry out its duties through such officers, directors, employees, consultants or independent agents as it may in its unfettered discretion think fit;

  

	 	(b)	assume that no Event of Default has occurred and that the Borrower is not in breach of its obligations under this Agreement unless the member has actual knowledge or
actual notice to the contrary; 

  

	 	(c)	with the agreement of the Steering Committee, engage any internal or external lawyers, accountants, surveyors or other experts whose advice or services may to it seem
necessary, expedient or desirable and rely upon any advice so obtained PROVIDED THAT the law firm appointed as principle advisers to the Steering Committee shall be approved by the Majority Group-Wide Lenders; 

  

	 	(d)	rely as to any matters of fact which might reasonably be expected to be within the knowledge of the Borrower upon a certificate signed by or on behalf of the Borrower;
and 

  

	 	(e)	rely upon any communication or document believed by it to be genuine. 

  

	 	20.5.4	Notwithstanding the establishment of the Steering Committee, it is understood that each of the Lenders has itself been, and will continue to be, solely responsible for
making its own independent appraisal of and investigations into the financial condition, creditworthiness, condition, affairs, status and nature of the Borrower and, accordingly, each of the Lenders warrants to the members of the Steering Committee
that it has not relied and will not rely on the Steering Committee: 

  

	 	(a)	to check or enquire on its behalf into the adequacy, accuracy or completeness of any information provided by the Borrower in connection with this Agreement; or

  

	 	(b)	to assess or keep under review on its behalf the financial condition, creditworthiness, condition, affairs, status or nature of the Borrower. 

	 	20.5.5	Subject to the terms of this Agreement, each member of the Steering Committee shall exercise the same care as it normally exercises in making and administering loans
for its own account in performing its duties as a member of the Steering Committee but assumes no further responsibility in respect of such performance. 

  

	 	20.5.6	No member of the Steering Committee shall be under any liability as a result of taking or omitting to take any action in relation to the NCLC Group Credit Facilities
and the Lenders will not assert or seek to assert against any director, officer or employee of that member any claim they might have against any of them in respect of the matters referred to in this Clause 20.5.6. 

  

	 	20.5.7	The relationship between a member of the Steering Committee on the one part and each Lender on the other is that of agent and principal only and no member of the
Steering Committee shall have a fiduciary relationship with or be, or be deemed to be, a trustee of or for any such party. 

  

	 	20.5.8	Notwithstanding the provisions of Clause 20.5.7, no member of the Steering Committee shall be regarded as the Agent or the Security Agent or exercise any right, power
or discretion expressly delegated to the Agent or the Security Agent under this Agreement or the Security Documents. 

  

	 	20.5.9	Unless expressly authorised in writing by the Group-Wide Lenders and then on such terms and conditions as the Group-Wide Lenders may require, the Steering Committee
shall not negotiate the terms of or enter into any agreement on behalf of the Group-Wide Lenders or any of them. 

 This Clause 20.5 and Clause 15.4 may be relied upon by any member of the Steering Committee notwithstanding the provisions of Clause 1.5. 
  

	21	Notices 

  

	 	21.1	Mode of communication 

 Except as otherwise provided herein, each notice, request, demand or other communication or document to be given or made hereunder shall be given in writing but unless otherwise stated, may be made by telefax. 
  

	 	21.2	Address 

 Any notice,
demand or other communication (unless made by telefax) to be made or delivered by the Agent to the Borrower pursuant to this Agreement shall (unless the Borrower has by fifteen (15) days’ written notice to the Agent specified another
address) be made or delivered to the Borrower at 7665 Corporate Center Drive, Miami, Florida 33126,

  

 101 

 
United States of America (marked for the attention of the Chief Financial Officer and the Legal Department) (but one (1) copy shall suffice). Any notice, demand or other communication to be
made or delivered by the Borrower to the Agent pursuant to this Agreement shall (unless the Agent has by fifteen (15) days’ written notice to the Borrower specified another address) be made or delivered to the Agent at its Lending Branch,
the details of which are set out in Schedule 1. 
  

	 	21.3	Telefax communication 

 Any notice, demand or other communication to be made or delivered pursuant to this Agreement 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 the Chief Financial Officer) and +1 305 436 4117 (marked for the attention of the Legal Department) and in the case of the Agent or any Original Lender is as recorded in Schedule 1) 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 any Lender 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 paragraph 2 of Part I of Schedule 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 any Lender to the Borrower. 
  

	 	21.4	Electronic mail 

 Any
notice, demand or other communication other than a Drawdown Notice or a Renewal Notice to be made or delivered pursuant to this Agreement may be made by electronic mail or other electronic means, if the Agent, the Borrower and/or the Lender:

  

	 	21.4.1	agree that, unless and until notified to the contrary, this is to be an accepted form of communication; and 

  

	 	21.4.2	notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by that means; and

  

	 	21.4.3	notify each other of any change to their electronic mail address or any other such information supplied by them. 

 Any Original Lender which sets out an email address beneath its name in Schedule 1 is deemed to agree to receiving notices, demands or other
communications from the Agent by electronic mail. 
 Any electronic communication made: 
  

	 	(a)	by the Agent to the Borrower or a Lender will be effective when it is sent by the Agent unless the Agent receives a message indicating failed delivery and, if upon the
sender’s express request, a confirmation of receipt is requested, such confirmation has been sent; and 

  

	 	(b)	by the Borrower or a Lender to the Agent will be effective only when actually received by the Agent and then only if it is addressed in such a manner as the Agent shall
specify to that party for this purpose. 

  

 102 

 The Agent shall notify the Borrower and the Lenders and the Borrower or a Lender shall
notify the Agent in each case promptly upon becoming aware that its electronic mail system or other electronic means of communication cannot be used due to technical failure (and that failure is continuing for more than two (2) Business Days).
Until the Agent, the Borrower or that Lender has notified as aforesaid that the failure has been remedied, all notices between the Agent and the Borrower or that Lender shall be sent by fax or letter in accordance with this Clause 21. 
  

	 	21.5	Receipt 

 Each such
notice, demand or other communication shall be deemed to have been made or delivered (in the case of any letter) when delivered to its office for the time being or, if sent by post, five (5) days after being deposited in the post first class or
express airmail (as the case may be) postage prepaid in an envelope addressed to it at that address or, if sent by electronic mail, in accordance with Clause 21.4. 
  

	 	21.6	Language 

 Each notice,
demand or other communication made or delivered by one (1) party to another pursuant to this Agreement, any other Security Document or the Lower Saxony Guarantees shall be in the English language or accompanied by a certified English
translation. In the event of any conflict between the translation and the original text the translation shall prevail unless the original text is a statutory instrument, legal process or any other document of a similar type or a notice, demand or
other communication from the German State of Lower Saxony or in relation to a Lower Saxony Guarantee. 
  

	22	Governing Law 

 This
Agreement and any non-contractual obligations arising from or in connection with it shall be governed by English law. 
  

	23	Waiver of Immunity 

 To
the extent that the Borrower may in any jurisdiction claim for itself or its assets immunity from suit, execution, attachment (whether in aid of execution, before judgment or otherwise) or other legal process in relation to this Agreement or the
other Security Documents and to the extent that in any such jurisdiction there may be attributed to itself or its assets such immunity (whether or not claimed) the Borrower hereby irrevocably and unconditionally agrees throughout the Security Period
not to claim and hereby irrevocably waives such immunity to the full extent permitted by the laws of such jurisdiction. In respect of any legal action or proceedings arising out of or in connection with any of the Security Documents the Borrower
hereby consents generally as a matter of procedure in relation to the waiver of immunity (but not so as to prejudice any defence which the Borrower may have on the merits of the substantive issue) to the giving of any relief or the issue of any
process in connection with such legal action or proceedings including without limitation, the making, enforcement or execution against any property whatsoever (irrespective of its uses or intended uses) of any order or judgment which may be made or
given in such legal action or proceedings. 
  

 103 

	24	Jurisdiction 

  

	 	24.1	The courts of England have exclusive jurisdiction to settle any dispute: 

  

	 	24.1.1	arising out of or in connection with this Agreement (including a dispute regarding the existence, validity or termination of this Agreement); or

  

	 	24.1.2	relating to any non-contractual obligations arising from or in connection with this Agreement, 

 (a “Dispute”). Each party to this Agreement 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 24.1 is for the benefit of the Lenders and
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. 
  

	 	24.2	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 Agreement. 

  

	 	24.3	For the purpose of securing its obligations under Clause 24.2, the Borrower irrevocably agrees that, if it for any reason fails to appoint a process agent within the
period specified in Clause 24.2, 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 24.2. 

  

	 	24.4	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. 

  

	 	24.5	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 Agreement and any other Security Document. 

  

	 	24.6	A judgment relating to this Agreement 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. 

  

	 	24.7	Nothing in this Clause shall exclude or limit any right which the Agent or a Lender 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. 

  

	 	24.8	In this Clause “judgment” includes order, injunction, declaration and any other decision or relief made or granted by a court.

  

 104 

 IN WITNESS whereof the parties hereto have caused this Agreement to be duly executed as a deed on the
day first written above. 
  

					
	 SIGNED SEALED and DELIVERED as a DEED
	  	)	  	
	 by
	  	)	  	
	 for and on behalf of
	  	)	  	
	 NCL CORPORATION LTD.
	  	)	  	
	 in the presence of:
	  	)	  	
			
	 SIGNED SEALED and DELIVERED as a DEED
	  	)	  	
	 by
	  	)	  	
	 for and on behalf of
	  	)	  	
	 DnB NOR BANK ASA
	  	)	  	
	 as a Lead Arranger, an Original Lender and the Agent
	  	)	  	
	 in the presence of:
	  	)	  	
			
	 SIGNED SEALED and DELIVERED as a DEED
	  	)	  	
	 by
	  	)	  	
	 for and on behalf of
	  	)	  	
	NORDEA BANK NORGE ASA	  	)	  	
	 as a Lead Arranger and an Original Lender
	  	)	  	
	 in the presence of:
	  	)	  	
			
	 SIGNED SEALED and DELIVERED as a DEED
	  	)	  	
	 by
	  	)	  	
	 for and on behalf of
	  	)	  	
	COMMERZBANK AKTIENGESELLSCHAFT	  	)	  	
	 Hamburg Branch
	  	)	  	
	 as a Co-Arranger and the
	  	)	  	
	 Lower Saxony Guarantee Agent
	  	)	  	
	 in the presence of:
	  	)	  	
			
	 SIGNED SEALED and DELIVERED as a DEED
	  	)	  	
	 by
	  	)	  	
	 for and on behalf of
	  	)	  	
	KfW	  	)	  	
	 as a Co-Arranger and an Original Lender
	  	)	  	
	 in the presence of:
	  	)	  	

  

 105 

					
	 SIGNED SEALED and DELIVERED as a DEED
	  	)	  	
	 by
	  	)	  	
	 for and on behalf of
	  	)	  	
	NORDDEUTSCHE LANDESBANK	  	)	  	
	GIROZENTRALE	  	)	  	
	 as a Co-Arranger and an Original Lender
	  	)	  	
	 in the presence of:
	  	)	  	
			
	 SIGNED SEALED and DELIVERED as a DEED
	  	)	  	
	 by
	  	)	  	
	 for and on behalf of
	  	)	  	
	COMMERZBANK AKTIENGESELLSCHAFT	  	)	  	
	 Bremen Branch
	  	)	  	
	 as an Original Lender
	  	)	  	
	 in the presence of:
	  	)	  	
			
	SIGNED SEALED and DELIVERED as a DEED	  	)	  	
	 by
	  	)	  	
	 for and on behalf of
	  	)	  	
	THE GOVERNOR AND COMPANY OF	  	)	  	
	THE BANK OF SCOTLAND	  	)	  	
	 (now known as Bank of Scotland plc)
	  	)	  	
	in the presence of:	  	)	  	
			
	 SIGNED SEALED and DELIVERED as a DEED
	  	)	  	
	 by
	  	)	  	
	 for and on behalf of
	  	)	  	
	BAYERISCHE HYPO- UND	  	)	  	
	VEREINSBANK AG	  	)	  	
	 in the presence of:
	  	)	  	
			
	 SIGNED SEALED and DELIVERED as a DEED
	  	)	  	
	by	  	)	  	
	 for and on behalf of
	  	)	  	
	DEUTSCHE SCHIFFSBANK	  	)	  	
	AKTIENGESELLSCHAFT	  	)	  	
	in the presence of:	  	)	  	

  

 106 

					
	 SIGNED SEALED and DELIVERED as a DEED
	  	)	  	
	 by
	  	)	  	
	 for and on behalf of
	  	)	  	
	FOKUS BANK ASA	  	)	  	
	 (now known as the Norwegian Branch of
	  	)	  	
	 Danske Bank A/S)
	  	)	  	
	 in the presence of:
	  	)	  	
			
	 SIGNED SEALED and DELIVERED as a DEED
	  	)	  	
	 by
	  	)	  	
	 for and on behalf of
	  	)	  	
	HSH NORDBANK AG	  	)	  	
	 in the presence of:
	  	)	  	
			
	 SIGNED SEALED and DELIVERED as a DEED
	  	)	  	
	 by
	  	)	  	
	for and on behalf of	  	)	  	
	SKANDINAVISKA ENSKILDA BANKEN AB	  	)	  	
	 (publ)
	  	)	  	
	 in the presence of:
	  	)	  	

  

 107 

 Schedule 1 
 Particulars of Agent, Security Agent, Lower Saxony Guarantee Agent, Restructuring 
 Trustee, Lead Arrangers, Co-Arrangers 
 and Original Lenders

  

 108 

 Schedule 2 
 Notice of Drawdown 
  

 109 

 Schedule 3 
 Part I: Conditions Precedent 
  

 110 

 Part II: Condition Subsequent 
  

 111 

 Schedule 4 
 Confidentiality Undertaking 
  

 112 

 Schedule 5 
 Transfer Certificate 
  

 113 

 Schedule 
 Administrative Details of Transferee 
  

 114 

 Schedule 6 
 Quarterly Statement of Financial Covenants 
  

 115 

 Schedule 
 Statement of Financial Covenants as of [                    ] 20[    ] (in
USD’000) 
  

 116 

 Schedule 7 
 Apollo-Related Transactions 
  

	1	Subscription Agreement 

  

	 	1.1	At the closing of the transactions contemplated by the Subscription Agreement (the “Closing”), the Investors shall pay to the Borrower USD1,000,000,000
as payment for newly-issued ordinary shares (“Ordinary Shares”) in the capital of the Borrower, par value USD1.00 per share (the “Subscribed Ordinary Shares”). The Subscribed Ordinary Shares shall represent fifty
per cent (50%) of the issued and outstanding Ordinary Shares of the Borrower as of the Closing. 

  

	 	1.2	On the Jade Transfer Date (i) NCL America Holdings will transfer the Jade Assets to the Shareholder (or one of the Shareholder’s existing or newly-formed
subsidiaries), and the Jade Vessel shall be re-flagged in connection with such transfer from the US flag to the Bahamas flag PROVIDED THAT in the event that the transfer of the Jade Assets can be effected in a manner that the parties to the
Subscription Agreement agree is more advantageous from a tax perspective than the manner set forth above, such transfer shall be effected in an alternative manner and (ii) the Shareholder (or one of its existing or newly-formed subsidiaries)
will assume the Jade Liabilities (such transactions together the “Jade Transfer”). 

  

	 	1.3	Effective as of the Closing, in consideration of the mutual covenants and agreements contained therein, the Borrower has released, waived and forever discharged Star,
its Subsidiaries and their respective predecessors, successors, assigns, officers, directors, shareholders, employees and agents and their respective counsel (for the benefit of Star and its Subsidiaries) from any and all actions, causes of actions,
demands, suits, contracts, agreements, Encumbrances, Liabilities, or Losses of any type, based on any fact or circumstance arising prior to the Closing based on Star’s relationship with the Borrower and its Subsidiaries prior to the Closing
(including any claims relating to actual or alleged breaches of fiduciary or other duties by Star’s directors, officers or shareholders), whether based on contract or any applicable law (including tort, statute, local ordinance, regulation or
any comparable law) in any jurisdiction. 

  

	 	1.4	Star, the Borrower and the Investors have stated their mutual intention that, following the Closing, Star and the Borrower continue their current policies and practices
of close collaboration in support of their mutual efforts to develop their respective cruise line businesses, including providing assistance to each other in mutually-beneficial strategic initiatives, consultation, co-ordination, collaboration in
shipbuilding and sharing of ship design and providing or assisting in obtaining any necessary consents and approvals relating to such initiatives, shipbuilding or ship design PROVIDED THAT in no event shall Star or the Borrower be obligated
to engage in any such efforts if such efforts could reasonably be expected to have an adverse effect on the operation or prospects of such party’s respective cruise line business. 

  

	 	1.5	Star has indemnification obligations running in favour of the Investors. In the event that the Investors suffer any indemnifiable Losses in cash, Star may elect in its
sole discretion to have all or a portion of the indemnity obligation of Star deemed satisfied by having the Borrower issue to the Investors additional Ordinary Shares. 

  

 117 

	 	1.6	If the transactions contemplated by the Subscription Agreement upon the Closing are consummated, at the Closing (as described in clause 1.1 of this Schedule), the
Borrower shall pay, by wire transfer of immediately available funds, to each Person who is the payee of any outstanding Borrower Transaction Expenses as of the Closing Date, the amount owed to such Person. For the avoidance of doubt, in the event
that the Closing Date transaction fee payable to either (i) an Affiliate of the Investors or (ii) Star or an Affiliate thereof exceeds, in either case, an amount which is equal to half of the amount paid to Citigroup Global Markets, Inc.
or an Affiliate thereof for its mergers and acquisitions advisory fee, such excess amount shall be paid, with respect to (i), by Star, or with respect to (ii), by the Investors. If the transactions contemplated by the Subscription Agreement upon the
Closing (as described in clause 1.1 of this Schedule) are not consummated, all costs and expenses incurred in connection with the Subscription Agreement and the transactions contemplated thereby shall be paid by the party incurring such costs and
expenses. 

  

	2	Shareholders’ Agreement 

 For so long as the ratio of the number of the Equity Securities owned by the Star Group on a fully diluted basis divided by the number of the Equity Securities owned by the Investor Group on a fully diluted basis is at least 0.6, the
Borrower may not take any of the actions set forth in schedule II of the Shareholders’ Agreement without the prior written approval of Star. For the purpose of this clause “on a fully diluted basis” means taking into account
any shares issued or issuable under warrants, options and convertible instruments (or other equity equivalents). 
  

	3	Reimbursement Agreement 

  

	 	3.1	NCL America Holdings Undertakings 

 Star and Investor I have agreed (the “NCLA Undertakings”) to cause the Borrower to conduct the NCLA Business in the usual and ordinary course of business after the Closing Date. In connection therewith, Star shall
periodically reimburse the Borrower for any NCLA Cash Losses up to the amount of the Cash Losses Cap. 
  

	 	3.2	Star Termination Election 

 At any time after the Closing Date, Star may give notice (the “Star Termination Election”) to the Borrower and Investor I that it is terminating the NCLA Undertakings. Following receipt by the Borrower of the Star
Termination Election, the parties to the Reimbursement Agreement shall then within thirty (30) days thereafter either (i) enter into the NCLA Continuation Agreement (as defined in clause 3.4 of this Schedule) or (ii) make the NCLA
Wind-up Determination (as defined in clause 3.5 of this Schedule). 
  

	 	3.3	Borrower Termination Election 

 In the event the Star Termination Election has not been delivered prior to 1 December 2008, then on the earlier of (i) such date and (ii) the date on which the aggregate amount of NCLA Cash Losses actually accrued equals or
exceeds USD37,500,000, the Borrower may give notice to Star (the “Borrower Termination Election”) that it is terminating the NCLA Undertakings. Following receipt by Star of the Borrower Termination Election (a) the parties to
the Reimbursement Agreement shall undertake the Shut Down Procedure (b) the America Assets shall be transferred by NCL America Holdings to the Shareholder (or one of its existing or newly-formed subsidiaries), which transfer shall be
accomplished through liquidations to the extent necessary and the Shareholder (or one of its existing or newly-formed subsidiaries) shall assume any liabilities associated with the America Assets, and the Pride of America Vessel shall be re-flagged
in

  

 118 

 
connection with such transfer from the US flag to the Bahamas flag (such transactions together the “America Transfer”) (c) the Borrower shall pay to Star an amount equal to
USD460,000,000 less any America Accumulated Book Depreciation and less any Allocable America Indebtedness (d) the Borrower shall prepay and/or cancel the relevant percentage of the term loan and revolving credit facilities outstanding under the
credit facilities related to the Aloha Assets (and the lenders under such facilities shall release all of their liens on the Aloha Assets) and cause the transfer to Star (or one of its subsidiaries) of all of NCL America Holdings’ right, title
and interest in the Aloha Assets free and clear of any Encumbrances through liquidations that qualify as complete liquidations under section 331 of the Code of NCL America Holdings, Pride of Aloha, Inc., a Delaware corporation, and each of NCL
America Holdings’ other subsidiaries, to the extent necessary and (e) Star shall reimburse the Borrower for any and all Shut Down Costs up to USD35,000,000 (each such payment, distribution or transaction, the “Wind Up
Transactions”). Following any decision to shut down the NCLA Business, any decision to sell or otherwise dispose of any of the assets of the NCLA Business (other than the Pride of America Vessel, the Pride of Aloha Vessel and their
respective related assets) as part of the Shut Down Procedure shall be determined solely by Star. The net proceeds of any such sale or disposition(s) shall be deducted from and shall reduce the Shut Down Costs by such amount of net proceeds.

  

	 	3.4	NCL America Holdings Continuation Agreement 

 In the event that Star has provided the Borrower and Investor I with the Star Termination Election, then within thirty (30) days thereafter, the Borrower and Star will mutually agree in writing
that the Borrower shall continue to operate and manage the NCLA Business (the “NCLA Continuation Agreement”), in which case (i) Star’s obligations to reimburse the Borrower for the NCLA Cash Losses shall terminate, and
Star shall not be obligated to pay for any Shut Down Costs and (ii) the Borrower shall pay to Star an amount equal to USD800,000,000, less the Aloha Accumulated Book Depreciation, less the America Accumulated Book Depreciation, less the
Allocable Aloha Indebtedness and less the Allocable America Indebtedness (such amounts together the “Payment”) PROVIDED THAT the Payment shall be funded in part by an incremental equity contribution to the Borrower by each of
Star and Investor I in the amount of USD170,000,000, less one-half of the Aloha Accumulated Book Depreciation and less one-half of the Allocable Aloha Indebtedness. 
 Subject to the proviso in the immediately preceding paragraph, the Borrower shall use reasonable best efforts to fund any payments to Star pursuant to the NCLA Continuation Agreement, NCLA Wind Up
Transactions or the Borrower Termination Election by either the use of funds generated internally by the Borrower or generated from the incurrence of additional Indebtedness from existing or new debt facilities. In the event that the Borrower is
unable to fund payments in such a manner, Star and Investor I acknowledge and agree that such funds shall be generated by the net proceeds of a primary offering of additional Ordinary Shares to the existing shareholders of the Borrower at the
Subscription Price. 
  

	 	3.5	NCL America Holdings Wind-up Determination 

 In the event that the Borrower and Star have not entered into the NCLA Continuation Agreement by the end of such thirty (30) day period or the Borrower provides to Star notice prior to the expiration
of such thirty (30) day period that the Borrower has elected to shut down the NCLA Business (either such circumstance, the “NCLA Wind-up Determination”) the parties shall consummate the Wind Up Transactions. 
  

 119 

 If none of the Borrower Termination Election, the NCLA Continuation Agreement or the NCLA
Wind-up Determination has been made by 31 December 2008, the provisions of the Reimbursement Agreement shall apply as if the Borrower and Star have entered into the NCLA Continuation Agreement. 
  

	4	Indenture 

 As a result of
the transactions contemplated by the Subscription Agreement (as described in clause 1.1 of this Schedule), a change of control is triggered under the Indenture, dated 15 July 2004, between the Borrower and JPMorgan Chase Bank, N.A., as
indenture trustee, with respect to USD250,000,000 10 5/8% Senior Notes due 2014. At Closing, pursuant to and as required by the terms of the Indenture, the Borrower will proceed with a repurchase offer for the outstanding bonds at a purchase
price in cash equal to one hundred and one per cent (101%) of the principal amount plus accrued and unpaid interest. Apollo holds USD29,000,000 in principal amount of the said 10 5/8% Senior Notes due 2014. 
 Defined Terms 
 Capitalized terms defined in
this Agreement and not otherwise defined in this Schedule shall have the meanings specified for such terms in this Agreement. As used in this Schedule, the following terms shall have the meanings specified below: 
 “additional Ordinary Shares” means Ordinary Shares issued by the Borrower following the issuance of the Subscribed Ordinary Shares;

 “Affiliate” means, with respect to any Person (i) who is an individual, a spouse, parent, sibling or lineal descendant
of such Person (ii) that is an entity, an officer, manager, director, shareholder, member, general partner, limited partner or an Affiliate of such Person and (iii) any other Person that, directly or indirectly, through one or more
intermediaries, controls, or is controlled by, or is under common control with, another Person. For purposes of this definition, the terms “control”, “controlling”, “controlled by” and “under common control
with”, as used with respect to any Person, means the possession, directly or indirectly, of the power to direct the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise;

 “Allocable Aloha Indebtedness” means USD0; 
 “Allocable America Indebtedness” means USD251,000,000; 
 “Allocable Jade
Indebtedness” means EUR383,000,000; 
 “Allocable NCLA Indebtedness” means USD251,000,000; 
 “Aloha Accumulated Book Depreciation” means any accumulated book depreciation calculated in accordance with GAAP with respect to the Pride
of Aloha Vessel from 1 April 2007 to the NCLA Valuation Date, as set forth in annex 1 to this Schedule; 
 “Aloha
Assets” means the following assets relating wholly and directly to the Pride of Aloha Vessel, in each case to the extent transferable or assignable: (i) the Pride of Aloha Vessel (ii) all permits issued by any governmental
authority to NCL America Holdings and related to the Pride of Aloha Vessel and (iii) all of the Pride of Aloha Vessel’s appliances, equipment, engines, machinery, boats, tackle, outfit, bunkers, oils and fuels, spare parts, consumable
provisions and stores, appurtenances and belongings, whether on board or ashore; 
  

 120 

 “Amended and Restated Incorporation Documents” means the memorandum of increase of
authorised share capital and the amended and restated bye-laws of the Borrower and the Borrower’s existing memorandum of association; 
 “America Accumulated Book Depreciation” means any accumulated book depreciation calculated in accordance with GAAP with respect to the Pride of America Vessel from 1 April 2007 to the NCLA Valuation Date, as set forth
in annex 1 to this Schedule; 
 “America Assets” means: (i) the Pride of America Vessel (ii) all permits issued
by any governmental authority to NCL America Holdings or any of its subsidiaries and related to the Pride of America Vessel, in each case to the extent transferable or assignable (iii) all monies received with respect to payments for cruises on
the Pride of America Vessel which will take place after the closing date of the America Transfer (iv) all supplies and inventory on the Pride of America Vessel for cruises on the Pride of America Vessel which will take place after the closing
date of the America Transfer (v) all accounts and notes receivable of NCL America Holdings or any of its subsidiaries related to cruises on the Pride of America Vessel which will take place after the closing date of the America Transfer
(vi) all insurance and indemnity claims relating to the Pride of America Vessel or America Liabilities made by or on behalf of Star, the Borrower or NCL America Holdings (or any of their respective subsidiaries) and received after the closing
date of the America Transfer and (vii) all other assets, properties, rights and claims used, held for use or intended to be used in connection with the operation or conduct of the Pride of America Vessel after the closing date of the America
Transfer; 
 “America Liabilities” means the Allocable America Indebtedness and any other liability relating to the America
Assets; 
 “Applicable Law” means with respect to any Person, all provisions of common or statutory laws, statutes, ordinances,
rules, regulations or Orders applicable to such Person. For the avoidance of doubt, Applicable Law shall include the Listing Rules; 
 “Borrower Transaction Expenses” means (i) the third person fees and expenses, reasonably incurred by the Investors, Star, the Borrower and its Subsidiaries in connection with the drafting, negotiation, execution, and
delivery of the Subscription Agreement, the Shareholders’ Agreement and the Reimbursement Agreement, the amended and restated incorporation documents of the Borrower, the Voting Agreement and all other documents, agreements and instruments
executed and delivered in connection therewith, in each case, as amended, modified or supplemented from time to time, and other documents relating to the investment process, including (a) all of the fees and expenses of the Borrower’s and
Star’s accountants, lawyers, and other advisors, including Citigroup Global Markets, Inc., Cleary Gottlieb Steen & Hamilton LLP, Cox Hallett Wilkinson, Clifford Chance and Access Capital Limited (b) all of the fees and expenses
(including due diligence fees and expenses) of the Investors’ accountants, lawyers, and other advisors, including Aon Corporation, O’Melveny & Myers LLP, Conyers Dill & Pearman and Burke & Parsons (c) the
amount of all filing fees required to be paid pursuant to any competition and antitrust laws and any other regulatory filings required and (d) the mergers and acquisitions advisory fee payable to Citigroup Global Markets, Inc. or an Affiliate
thereof and (ii) the Closing Date transaction fees payable to (a) an Affiliate of the Investors and (b) Star or an Affiliate thereof PROVIDED THAT the Closing Date transaction fee payable to each such Person in
paragraph (ii) of this definition shall not exceed an amount which is equal to half of the amount paid to Citigroup Global Markets, Inc. or an Affiliate thereof for its mergers and acquisitions advisory fee; 
 “Cash Losses Cap” means USD50,000,000; 
 “Closing Date” shall mean the date on which the closing of the investment in the Borrower by the Investors occurs and which is expected to be on or about fourteen (14) days after the date of the Second Supplemental
Deed; 
  

 121 

 “Code” means the Internal Revenue Code of 1986 of the United States of America, as amended;

 “Encumbrances” means any lien, encumbrance, hypothecation, charge, mortgage, equity, trust, equitable interest, claim,
preference, right of possession, right of seizure, lease, tenancy, license, covenant, interference, proxy, right of first refusal, option or right of first option, preemptive right, community property interest, legend, defect, impediment, exception,
limitation, impairment, imperfection of title or restriction of any nature (including any restrictions on the voting of any Security, any restriction on the Transfer of any Security or other asset, any restriction on the receipt of any income
derived from any asset, any restriction on the use of any asset and any restriction on the possession, exercise or transfer of any other attribute of ownership of any asset); 
 “Equity Securities” means (i) the Ordinary Shares and any other equity securities of the Borrower and (ii) any securities issued or issuable directly or indirectly with respect
to the securities referred to in clause (i) above by way of conversion, exercise or exchange, bonus share issue, share dividend, share sub-division, or share split or in connection with a combination of shares, recapitalization,
reclassification, amalgamation, merger, consolidation, reorganization or other similar event; 
 “Existing Star Controlling
Shareholders” means Golden Hope Limited, as trustee of the Golden Hope Unit Trust, Resorts World Bhd, Genting Overseas Holdings Limited, Tan Sri Lim Kok Thay, Puan Sri Lee Kim Hua, Joondalup Limited, Goldsfine Investments Ltd., and each
other controlled Affiliate of Tan Sri Lim Kok Thay; 
 “Governmental Authority” means any national, European Union, federal,
provincial, state, county, city, local, foreign or international governmental, administrative or regulatory authority, commission, committee, agency or body (including any court, tribunal or arbitral body) and specifically including The Stock
Exchange of Hong Kong Limited; 
 “Indebtedness” means, with respect to any Person, without duplication (i) all
obligations for borrowed money, including all obligations evidenced by notices or similar instruments (ii) all obligations issued or assumed as the deferred purchase price of property or services (other than current trade liabilities incurred
in the ordinary course and payable in accordance with customary practice) (iii) all capital lease obligations under US GAAP (iv) all obligations secured by an Encumbrance (v) all obligations to pay a specified purchase price for
goods and services, whether or not delivered or accepted (vi) all obligations in respect of swap or hedge agreements or similar agreements (vii) all negative cash balances and refunds payable (viii) the principal component of all
obligations, contingent or otherwise, in respect of letters of credit and bankers’ acceptances (ix) all guarantees of Indebtedness described in clauses (i) to (viii) above and (x) all change in control payments payable in
connection with the consummation of the transactions contemplated by the Transaction Documents; 
 “Investor Group” means the
Investors together with their Permitted Transferees who hold Equity Securities; 
 “Jade Assets” means: (i) the Jade
Vessel (ii) all permits issued by any governmental authority to NCL America Holdings or any of its subsidiaries and related to the Jade Vessel, in each case to the extent transferable or assignable (iii) all monies received with respect to
payments for cruises on the Jade Vessel which will take place after the closing date of the Jade Transfer (iv) all supplies and inventory on the Jade Vessel for cruises on the Jade Vessel which will take place after the closing date of the Jade
Transfer (v) all accounts and notes receivable of NCL America Holdings or any of its subsidiaries related to cruises on the Jade Vessel which will take place after the closing date of the Jade Transfer (vi) all insurance and indemnity
claims relating to the Jade Vessel or Jade Liabilities made by or on behalf of Star, the Borrower or NCL America Holdings (or any of their respective subsidiaries) and received after the closing date of the Jade Transfer and (vii) all other
assets, properties, rights and claims used, held for use or intended to be used in connection with the operation or conduct of the Jade Vessel after the closing date of the Jade Transfer; 
  

 122 

 “Jade Liabilities” means the Allocable Jade Indebtedness and any other liability relating
to the Jade Assets; 
 “Jade Transfer Date” means 9 February 2008, or such other date mutually agreed in writing by the
parties to the Subscription Agreement; 
 “Jade Vessel” means the 2006 built United States documented passenger vessel
“PRIDE OF HAWAII”, official number 1160677, IMO number 9304057, and all appurtenances thereto whether on board or ashore; 
 “Liabilities” means any and all direct or indirect Indebtedness, Losses, claims or responsibilities, whether known or unknown, accrued or fixed, absolute or contingent, matured or unmatured, secured or unsecured or
determined or determinable, whether or not of a kind required by US GAAP to be set forth on a financial statement, including (but not limited to) those arising under any Applicable Law and those arising under any contract or otherwise;

 “Listing Rules” means The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited; 

“Losses” means any and all direct or indirect payments, obligations, recoveries, deficiencies, fines, penalties, interest, assessments,
losses, damages (including damages resulting in diminution in value, lost income and profits and interruptions in the business of the Borrower or any of its Subsidiaries), liabilities, costs, expenses, to the extent actually incurred, including
(i) attorneys’ fees and expenses relating to such Loss and/or necessary to enforce rights to indemnification in connection with the Subscription Agreement and (ii) consultants’ and experts’ fees and other costs of defence or
investigation, and interest on any amount payable to a third party as a result of the foregoing (whether accrued, absolute, contingent, known, or otherwise, but excluding punitive, exemplary, special and consequential damages (other than as
expressly included in this definition)); 
 “NCLA Business” means the operations and business conducted by NCL America Holdings
and its subsidiaries, which include the operation of the Pride of America Vessel and the Pride of Aloha Vessel and, until the Jade Transfer has been completed, the Jade Vessel; 
 “NCLA Capital Expenditures” means, for any period, the aggregate amount of any capital expenditures made by NCL America Holdings and any of its subsidiaries in such period with respect to
the NCLA Business (including any capital expenditures made in relation to the Jade Vessel until the Jade Transfer has been completed); 
 “NCLA Cash Losses” means the amount, if negative, of the sum of (i) NCLA EBITDA less (ii) NCLA Capital Expenditures less (iii) interest paid or accrued on the Allocable NCLA Indebtedness at a blended rate, in
each case in respect of the period beginning on the Closing Date and ending on the NCLA Valuation Date and in each case as reflected on the financial statements of NCL America Holdings or the accounting books and records of NCL America Holdings;

 “NCLA EBITDA” means, for any period, the sum of (i) net revenues less (ii) ship operating expenses and selling,
general and administrative expenses as allocated in a manner consistent with past practice as included in management reports, in each case as determined in accordance with US GAAP and as reflected in the financial statements of NCL America
Holdings or the accounting books and records of NCL America Holdings. For the avoidance of doubt (a) any Shared Overhead Expenses which are incurred by the Borrower and its subsidiaries in any such period shall be included (without duplication)
in the calculation of NCLA EBITDA for such period and (b) any Shut Down Costs, Post-Termination Expenses or expenses in connection with the early redeployment of the Pride of America Vessel in the Borrower’s fleet which are incurred in any
such period shall not be included in the calculation of NCLA EBITDA for such period; 
  

 123 

 “NCLA Valuation Date” means the date that is ninety (90) days after the date on which
notice of the Star Termination Election or the Borrower Termination Election is delivered; 
 “Order” means all judgments,
injunctions, orders and decrees of all Governmental Authorities in any legal, administrative or arbitration action, suit, complaint, charge, hearing, mediation, inquiry, investigation or proceeding in which the Person in question is a party or by
which any of its properties or assets are bound; 
 “Permitted Transfer” means: 
  

	(i)	with respect to the Investors, any Transfer by an Investor to an Affiliate of the Investor (including (a) the partners, members and stockholders of the Investor,
and, if such Affiliate is an entity, the partners, members and stockholders of such Affiliate (b) any limited partner which has directly or indirectly invested, or otherwise has ownership interests, in Apollo Investment Fund VI, LP or one of
its Affiliated investment funds or (c) prior to the first anniversary of the Closing Date, of up to forty per cent (40%) of the Equity Securities held by the Investor as at the Closing Date in the aggregate to any funds, financial
institutions or individuals acting as a co-investor in the Borrower with the Investor; and 

  

	(ii)	with respect to Star, any Transfer by Star to (a) any wholly-owned Subsidiary of Star or (b) any Existing Star Controlling Shareholder;

 “Permitted Transferees” means any Person to whom a Permitted Transfer is made or is to be made; 
 “Person” means any legal person, including any individual, corporation, investment fund, partnership, limited partnership, limited
liability company, joint venture, joint stock company, association, trust, unincorporated entity or Governmental Authority or other entity; 
 “Post-Termination Expenses” means all of the (i) costs and expenses with respect to the operations of the NCLA Business that are incurred, consistent with past practice by the Borrower and its subsidiaries, after the
NCLA Valuation Date through 31 December 2008 and (ii) costs and expenses that would have been allocated and attributable to the Pride of Aloha Vessel had the vessel remained in service as part of the NCL America Holdings fleet until
31 December 2008, in each case based upon an allocation of corporate costs on a capacity day basis in a manner consistent with past practice and the Borrower’s then-currently published sailing schedule; 
 “Pride of Aloha Vessel” means United States documented passenger cruise vessel “PRIDE OF ALOHA”, official number 1153219, IMO
number 9128532; 
 “Pride of America Vessel” means the United States documented passenger cruise vessel “PRIDE OF
AMERICA”, official number 1146542, IMO number 9209221, and all appurtenances thereto whether on board or ashore; 
 “Security” means, with respect to any Person, all equity securities or equity interests of such Person, all securities convertible into or exchangeable for equity securities or equity interests of such Person, and all
options, warrants, and other rights to purchase or otherwise acquire from such Person equity interests, including any stock appreciation or similar rights, contractual or otherwise; 
 “Shared Overhead Expenses” means those overhead expenses incurred by the Borrower and any of its subsidiaries which are attributable to the operation and management of the NCLA Business
based upon an allocation of corporate costs on a capacity day basis in a manner consistent with past practice and the Borrower’s then-currently published sailing schedule, and shall include any capital expenditures made by the Borrower and any
of its subsidiaries (other than NCL America Holdings and its subsidiaries) with respect to the NCLA Business; 
  

 124 

 “Shut Down Costs” shall mean (i) any and all costs and expenses incurred by the
Borrower and any of its subsidiaries in connection with the shut down of the operation and management of the NCLA Business, whether accrued or paid and (ii) all documentary, gross receipts, sales, transfer and use taxes and similar liabilities,
if any, resulting directly or indirectly from the transactions contemplated by clause 3.3 and clause 3.4 of this Schedule; 
 “Shut Down
Procedure” means all actions necessary in connection with the shut down of the operation and management of the NCLA Business, including taking all steps reasonably necessary to wind-up and liquidate, in liquidations qualifying as complete
liquidations under section 331 of the Code, NCL America Holdings and each of the Subsidiaries of NCL America Holdings (except as otherwise agreed by Investor I and NCL America Holdings); 
 “Star Group” means Star together with its Permitted Transferees who hold Equity Securities; 
 “Subscription Price” means USD1,000,000,000; 
 “Subsidiaries” means, with respect to any Person, any corporation, association, partnership, limited liability company or other business entity of which fifty per cent (50%) or more
of the total voting power of equity securities or equity interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of managers, directors, representatives or trustees thereof
is at the time owned or controlled, directly or indirectly, by (i) such Person (ii) such Person and one or more Subsidiaries of such Person or (iii) one or more Subsidiaries of such Person. For the purposes of this definition, the
term “controlled” means the possession, directly or indirectly, of the power to direct the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. Notwithstanding the foregoing,
WorldCard International Limited shall be deemed not to be a “Subsidiary” of Star for the purposes of the Subscription Agreement; 
 “Transaction Documents” means the Apollo Transaction Documents, the Amended and Restated Incorporation Documents, the Voting Agreement and all other documents, agreements and instruments executed and delivered in connection
therewith, in each case, as amended, modified or supplemented from time to time; 
 “Transfer” means, as to any Security or
asset, to sell, transfer, assign, gift, pledge, grant a security interest in, distribute, encumber or otherwise dispose of (including the foreclosure or other acquisition by any lender with respect to such Security or asset pledged to such lender by
the holder of such Security or asset), whether directly or indirectly, such Security or asset, either voluntarily or involuntarily and with or without consideration; and 
 “Voting Agreement” means the voting agreement dated as of 17 August 2007, by and among Investor I and certain of the Existing Star Controlling Shareholders. 
  

 125 

 Annex 1 
 Accumulated Book Depreciation 
  

 126 

 Schedule 8 
 Reduction Schedules 
  

 127 

 Schedule 9 
 Budgeted Consolidated EBITDA 
  

 128 

 Schedule 10 
 Report on Bookings 
  

 129

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