Document:

Second Supplemental Deed

 

EXHIBIT
4.4

DATED AS OF 30 SEPTEMBER 2005

NORWEGIAN SUN LIMITED

(as borrower)

NCL CORPORATION LTD.

(as guarantor)

DnB NOR BANK ASA

(as paying agent)

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

(as security agent)

 

SECOND SUPPLEMENTAL DEED TO SECURED LOAN AGREEMENT

dated 9 July 2003 (as amended) (among other things)

Post delivery finance for one cruise vessel being

“NORWEGIAN SUN”

 

STEPHENSON HARWOOD

One St Paul’s Churchyard

London EC4M 8SH

Tel: +44 (0)20 7329 4422

Fax: + 44 (0)20 7329 7100

Ref: 1253/42-00036/42-02611/44-01579

 

 

CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	1
	 	Definitions and Construction	 	 	1	 
	 
	 	 	 	 	 	 
	2
	 	Amendment of Original Loan Agreement, Original Guarantee and Security Documents	 	 	2	 
	 
	 	 	 	 	 	 
	3
	 	Conditions Precedent	 	 	3	 
	 
	 	 	 	 	 	 
	4
	 	Representations and Warranties	 	 	4	 
	 
	 	 	 	 	 	 
	5
	 	Expenses	 	 	5	 
	 
	 	 	 	 	 	 
	6
	 	Further Assurance	 	 	5	 
	 
	 	 	 	 	 	 
	7
	 	Counterparts	 	 	5	 
	 
	 	 	 	 	 	 
	8
	 	Notices	 	 	5	 
	 
	 	 	 	 	 	 
	9
	 	Governing Law	 	 	6	 
	 
	 	 	 	 	 	 
	10
	 	Jurisdiction	 	 	6	 
	 
	 	 	 	 	 	 
	Schedule 1
	 	Amendment of Original Loan Agreement	 	 	9	 
	 
	 	 	 	 	 	 
	Schedule 2
	 	Amendment of Original Guarantee	 	 	14	 
	 
	 	 	 	 	 	 
	Schedule 3
	 	Quarterly Statement of Financial Covenants	 	 	18	 

 

 

SECOND SUPPLEMENTAL DEED

DATED                                                            2005

BETWEEN:

	(1)	 	NORWEGIAN SUN LIMITED of Canon’s Court, 22 Victoria Street, Hamilton HM 12, Bermuda as
borrower (the “Borrower”);
	 
	(2)	 	NCL CORPORATION LTD. of Milner House, 18 Parliament Street, Hamilton HM 12, Bermuda (the “New
Guarantor”);
	 
	(3)	 	DnB NOR BANK ASA of Stranden 21, NO-0021 Oslo, Norway as paying agent for itself and the
Lenders (as hereinafter defined) (the “Paying Agent”); and
	 
	(4)	 	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED of 1 Queen’s Road Central, Hong Kong as
security agent for the Lenders (the “Security Agent”).

WHEREAS:

	(A)	 	By a loan agreement dated 9 July 2003 (the “Original Loan Agreement”) entered into between
(among others) the Borrower, the Lenders, the Paying Agent and the Security Agent, the Lenders
granted to the Borrower a secured loan in the maximum amount of two hundred and twenty five
million Dollars (USD225,000,000) (the “Facility”) to part-finance the acquisition by the
Borrower of m.v. “NORWEGIAN SUN” (the “Vessel”) on the terms and conditions therein contained.
The repayment of the Facility by the Borrower has been secured by (among other things) a
guarantee and indemnity dated 23 April 2004 executed by the Guarantor (the “Original
Guarantee”).
	 
	(B)	 	The Guarantor has requested the consent of the Lenders, the Security Agent and the Paying
Agent to the amendment of certain provisions of the Original Loan Agreement and the Original
Guarantee to conform such provisions to similar provisions in other loan documentation to
which the Guarantor and/or other members of the NCLC Group are party. This Deed shall be
executed as a deed.

NOW THIS DEED WITNESSES 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 Loan Agreement shall have the meanings set
out therein. In addition, the following terms and expressions shall have the meanings
set out below:
	 
	 	 	 	“Guarantee” means the Original Guarantee as amended by this Deed; and
	 
	 	 	 	“Loan Agreement” means the Original Loan Agreement as amended by this Deed.
	 
	 	1.2	 	The provisions of Clauses 1.2 and 1.3 of the Loan Agreement shall apply hereto
(mutatis mutandis).

 

 

	2	 	Amendment of Original Loan Agreement, Original Guarantee and Security Documents

	 	2.1	 	Subject to Clause 3, the parties hereto agree that from the date of this Deed
the Original Loan Agreement shall be read and construed as if:

	 	2.1.1	 	the clauses referred to in the first column of Schedule 1 had
been amended to read as set out in the second column of Schedule 1; and
	 
	 	2.1.2	 	the definitions of Account Charge and Operating Account in
clause 1.1 had been deleted.

	 	2.2	 	Subject to Clause 3, the parties hereto agree that from the date of this Deed
the Original Guarantee shall be read and construed as if:

	 	2.2.1	 	the clauses referred to in the first column of Schedule 2 had
been amended to read as set out in the second column of Schedule 2;
	 
	 	2.2.2	 	the definitions of Intangible Assets, Tangible Assets,
Tangible Net Worth and Total Funded Debt in clause 11.4 had been deleted;
	 
	 	2.2.3	 	the following definition had been inserted in clause 11.4:
	 
	 	 	 	““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 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;”; and
	 
	 	2.2.4	 	schedule 1 had been deleted and substituted with Schedule 3.

	 	2.3	 	Each of the Borrower and the Guarantor hereby confirms to the Security Agent
and the Paying Agent that with effect from the date of this Deed:

	 	2.3.1	 	all references to the Original Loan Agreement in the Security
Documents to which it is a party shall be construed as references to the Loan
Agreement and all terms used in such Security Documents whose meanings are
defined by reference to the Original Loan Agreement shall be defined by
reference to the Loan Agreement;
	 
	 	2.3.2	 	the Security Documents to which it is a party shall apply to,
and extend to secure, the whole of the Outstanding Indebtedness as defined in
clause 1.1 of the Loan Agreement;
	 
	 	2.3.3	 	its obligations under the Security Documents to which it is a
party shall not be discharged, impaired or otherwise affected by reason of the
execution of this Deed or of any of the documents or transactions contemplated
hereby; 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

 

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

	3	 	Conditions Precedent

	 	3.1	 	The consent of the Security Agent and the Paying Agent to the variation of the
provisions of the Original Loan Agreement and the Original Guarantee is conditional
upon and shall not be effective unless and until the Paying Agent has received the
following in form and substance satisfactory to it:

	 	3.1.1	 	on the date of this Deed, one (1) counterpart of this Deed
duly executed by the Borrower and the Guarantor;
	 
	 	3.1.2	 	a written confirmation from the Process Agent that it will act
for the Borrower and the Guarantor as agent for service of process in England
in respect of this Deed;
	 
	 	3.1.3	 	the following corporate documents in respect of each of the
Borrower and the Guarantor (together the “Relevant Parties”):

	 	(a)	 	Certified Copies of any consents required from
any ministry, governmental, financial or other authority for the
execution of and performance by the respective Relevant Party of its
obligations under this Deed or if no such consents are required a
certificate from a duly appointed officer of the Relevant Party to this
effect confirming that no such consents are required;
	 
	 	(b)	 	notarially attested secretary’s certificate of
each of the Relevant Parties:

	 	(i)	 	attaching a copy of its
Certificate of Incorporation and Memorandum of Association and
Bye-Laws (or equivalent constitutional documents) evidencing
power to enter into the transactions contemplated in this Deed;
	 
	 	(ii)	 	giving the names of its present
officers and directors;
	 
	 	(iii)	 	setting out specimen
signatures of such officers and directors as are authorised by
the Relevant Party to sign documents or otherwise undertake the
performance of that Relevant Party’s obligations under this
Deed;
	 
	 	(iv)	 	giving the legal owner of its shares and the number of such shares held;
	 
	 	(v)	 	attaching copies of resolutions
passed at duly convened meetings of the directors and, if
required by the Paying Agent, the shareholders or members of
each of the Relevant Parties authorising (as applicable) the
execution of this Deed and the issue of any power of attorney
to execute the same; and

3

 

	 	(vi)	 	containing a declaration of
solvency as at the date of the certificate of the duly
appointed officer of the Relevant Party;

	 	3.1.4	 	the original powers of attorney, if any, issued pursuant to
the resolutions referred to above and notarially attested; and
	 
	 	3.1.5	 	the issue of such favourable written legal opinions including
in respect of Bermuda in such form as the Paying Agent may require relating to
all aspects of the transactions contemplated hereby governed by any applicable
law,
	 
	 	PROVIDED THAT no Event of Default and no Possible Event of Default has occurred and
is continuing on the date on which the conditions precedent set out in this Clause
3.1 have been satisfied (subject to Clause 3.2).

	 	3.2	 	If the Paying Agent in accordance with the Agency and Trust Deed decides to
permit the amendment of the Original Loan Agreement and the Original Guarantee hereby
without having received all of the documents or evidence referred to in Clause 3.1, the
Borrower will nevertheless deliver the remaining documents or evidence to the Paying
Agent within fourteen (14) days of the date of this Deed (or such other period as the
Paying Agent may stipulate) and the amendment of the Original Loan Agreement and the
Original Guarantee as aforesaid shall not be construed as a waiver of the Paying
Agent’s right to receive the documents or evidence as aforesaid nor shall this
provision impose on the Security Agent, the Paying Agent or the Lenders any obligation
to permit the amendment in the absence of such documents or evidence.

	4	 	Representations and Warranties

	 	4.1	 	Each of the Borrower and the Guarantor represents and warrants to the Security
Agent and the Paying Agent that:

	 	4.1.1	 	it has the power to enter into and perform this Deed and the
transactions contemplated hereby and has taken all necessary action to
authorise the entry into and performance of this Deed and such transactions;
	 
	 	4.1.2	 	this Deed constitutes its legal, valid and binding obligations
enforceable in accordance with its terms;
	 
	 	4.1.3	 	its entry into and performance of this Deed and the
transactions contemplated hereby do not and will not conflict with:

	 	(a)	 	any law or regulation or any official or judicial order; or
	 
	 	(b)	 	its constitutional documents; or
	 
	 	(c)	 	any agreement or document to which it is a
party or which is binding upon it or any of its assets,
	 
	 	nor result in the creation or imposition of any Encumbrance on it or its
assets pursuant to the provisions of any such agreement or document and in
particular but without prejudice to the foregoing the entry into and

4

 

	 	 	 	performance of this Deed and the transactions contemplated hereby and
thereby will not render invalid, void or voidable any security granted by it
to the Security Agent;

	 	4.1.4	 	all authorisations, approvals, consents, licences, exemptions,
filings, registrations, notarisations and other matters, official or otherwise,
required in connection with the entry into, performance, validity and
enforceability of this Deed and each of the other documents contemplated hereby
and thereby and the transactions contemplated hereby and thereby have been
obtained or effected and are in full force and effect;
	 
	 	4.1.5	 	all information furnished by it to the Paying 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 Paying Agent all
facts relating to its business which it knows or should reasonably know and
which might reasonably be expected to influence the Security Agent or the
Paying Agent in deciding whether or not to enter into this Deed.

	5	 	Expenses
	 
	 	 	The Borrower and the Guarantor jointly and severally undertake to reimburse the Paying Agent
on demand 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 Security Agent or the Paying Agent in
respect of the negotiation, preparation, printing, execution, registration and enforcement
of this Deed and any other documents required in connection with the implementation of this
Deed.

	6	 	Further Assurance
	 
	 	 	Each of the Borrower and the Guarantor will, from time to time on being required to do so by
the Paying 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 Paying Agent as the Paying
Agent may reasonably consider necessary for giving full effect to this Deed or any of the
documents contemplated hereby or securing to the Security Agent or the Paying Agent the full
benefit of the rights, powers and remedies conferred upon the Security Agent or the Paying
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 or the Guarantor pursuant to this Deed shall (unless the
Borrower or the Guarantor has by fifteen (15) days’ written notice to the

5

 

	 	 	 	Paying Agent specified another address) be made or delivered to the Borrower and/or
the Guarantor c/o 7665 Corporate Center Drive, Miami, Florida 33126, United States
of America (marked for the attention of Ms Bonnie Biumi and the Legal Department
(but one (1) copy shall suffice)) with a copy to c/o Star Cruises Limited, Star
Cruises Terminal, Pulau Indah, PO Box No. 288, 42009 Pelabuhan Klang, Selangor Darul
Ehsan, Malaysia (marked for the attention of Mr Gerard Lim). Any notice, demand or
other communication to be made or delivered by the Borrower or the Guarantor
pursuant to this Deed shall (unless the Paying Agent has by fifteen (15) days’
written notice to the Borrower and the Guarantor specified another address) be made
or delivered to the Paying Agent at its Office, the details of which are set out in
schedule 2 of the Original Loan Agreement.
	 
	 	8.2	 	Any notice, demand or other communication to be made or delivered pursuant to
this Deed may be sent by telefax to the relevant telephone numbers (which at the date
hereof in respect of the Borrower and the Guarantor is +1 305 436 4140 (marked for the
attention of Ms Bonnie Biumi) and +1 305 436 4117 (marked for the attention of the
Legal Department) with a copy to +60 3 3884 0213 (marked for the attention of Mr Gerard
Lim) and in the case of the Security Agent or the Paying Agent is as recorded in
schedule 2 of the Original Loan Agreement) specified by it from time to time for the
purpose and shall be deemed to have been received when transmission of such telefax
communication has been completed. Each such telefax communication, if made to the
Security Agent or the Paying 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 Security Agent or the Paying Agent
to the Borrower and the Guarantor.
	 
	 	8.3	 	The provisions of clauses 20.1, 20.4 and 20.5 of the Original Loan Agreement
shall apply to this Deed.

	9	 	Governing Law
	 
	 	 	This Deed shall be governed by English law.

	10	 	Jurisdiction

	 	10.1	 	The courts of England have exclusive jurisdiction to settle any dispute arising
out of or in connection with this Deed (including a dispute regarding the existence,
validity or termination of this Agreement) (a “Dispute”). Each party to this Deed
agrees that the courts of England are the most appropriate and convenient courts to
settle Disputes and accordingly no party will argue to the contrary.
	 
	 	 	 	This Clause 10.1 is for the benefit of the Security Agent and the Paying 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.
	 
	 	10.2	 	Neither the Borrower nor the Guarantor may, without the Paying Agent’s prior
written consent, terminate the appointment of the Process Agent; if the Process

6

 

	 	 	 	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 Paying Agent to act as the
Borrower’s and/or the Guarantor’s (as the case may be) process agent with
unconditional authority to receive and acknowledge service on behalf of the Borrower
and/or the Guarantor of all process or other documents connected with proceedings in
the English courts which relate to this Deed.
	 
	 	10.3	 	For the purpose of securing its obligations under Clause 10.2, each of the
Borrower and the Guarantor irrevocably agrees that, if it for any reason fails to
appoint a process agent within the period specified in Clause 10.2, the Paying Agent
may appoint any person (including a company controlled by or associated with the Paying
Agent or any Lender) to act as the Borrower’s or the Guarantor’s (as the case may be)
process agent in England with the unconditional authority described in Clause 10.2.
	 
	 	10.4	 	No neglect or default by a process agent appointed or designated under this
Clause (including a failure by it to notify the Borrower or the Guarantor (as the case
may be) of the service of any process or to forward any process to the Borrower or the
Guarantor (as the case may be)) shall invalidate any proceedings or judgment.
	 
	 	10.5	 	Each of the Borrower and the Guarantor appoints in the case of the courts of
England the Process Agent to receive, for and on its behalf service of process in
England of any legal proceedings with respect to this Deed.
	 
	 	10.6	 	A judgment relating to this Deed which is given or would be enforced by an
English court shall be conclusive and binding on the Borrower and/or the Guarantor (as
the case may be) and may be enforced without review in any other jurisdiction.
	 
	 	10.7	 	Nothing in this Clause shall exclude or limit any right which the Security
Agent or the Paying Agent 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 28 day of NOVEMBER 2005 and acknowledge that the effective date of this Deed is 30 September
2005.

	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 
	by PAUL ALAN TURNER

	 	 	)	 
	for and on behalf of

	 	 	)	     P.A. TURNER
	NORWEGIAN SUN LIMITED

	 	 	)	 
	in the presence of:

	 	VIJAY JEYARATNAM 
	)	 

7

 

	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 
	by PAUL ALAN TURNER

	 	 	)	 
	for and on behalf of

	 	 	)	     P.A. TURNER
	NCL CORPORATION LTD.

	 	 	)	 
	in the presence of:

	 	LUKE
CLARK

TRAINEE SOLICITOR

CLIFFORD CHANCE LLP

10 UPPERBANK STREET

LONDON E14 5JJ
	)	 
	 
	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 
	by K.H. HOLTH, SENIOR VICE PRESIDENT

	 	 	)	 
	for and on behalf of

	 	 	)	     K.H. HOLTH
	DnB NOR BANK ASA

	 	 	)	 
	as the Paying Agent

	 	 	)	 
	in the presence of:

	 	STIG
H. EIDEM

ADVOKAT M.N.A

ST RANDEN 21, 0021 0SLO
	)	 
	 
	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

by HELEN LS. MOK 018815

	 	 	)

)	 
	for and on behalf of

	 	 	)	     H.L.S. MOK
	THE HONGKONG AND SHANGHAI

	 	 	)	 
	BANKING CORPORATION LIMITED

	 	 	)	 
	as the Security Agent

	 	 	)	 
	in the presence of:

	 	RITA
SIT PVI CHAN

ADDRESS: LEVEL 30, IQUEEN’S ROAD
 CENTRAL,
HK     

OCCUPAINDN: BANKING
	)	 

8

 

Schedule 1

Amendment of Original Loan Agreement

	 	 	 	 	 
	Definition/Clause	 	Amendment
	Clause 1.1.,
“Indebtedness for
Borrowed Money”	 	“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 Star which are subordinated to the rights of the Lenders.
	 
	 	 	 	 
	 	 	For the avoidance of doubt, the arrangements contemplated by and pursuant to the L/C Facilities shall not fall within
this definition of “Indebtedness for Borrowed Money” until the Beneficiary (as defined in each of the L/C Facility
Agreements) presents a draft under a Letter of Credit (as defined in a L/C Facility Agreement) when the amount of that
draft shall fall within this definition until the Standby Lenders and/or the Second L/C Issuer (as the case may be)
have or has been indemnified in full in respect of that draft;

9

 

	 	 	 	 	 
	Definition/Clause	 	Amendment
	Clause 1.1,
“Permitted Liens”	 	“Permitted Liens” means (i) any Encumbrance created by or pursuant to the Security Documents (ii) 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 (iii) the Second Mortgage Documents (iv) any
deposits or pledges to secure the performance of bids, tenders, bonds or contracts (v) any other Encumbrance notified
by any of the Obligors to the Paying Agent prior to the Restatement Date (vi) liens on assets leased, acquired or
upgraded after the Restatement Date or assets newly constructed or converted after the Restatement 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 and (viii) liens arising out of the existence of
judgments or awards in respect of the Borrower, 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 (vi) to (viii) above does not exceed
ten million Dollars (USD10,000,000);
	 
	 	 	 	 
	Clause 1.1,
“Security Documents”	 	“Security Documents” means this Agreement, the Debenture, the Mortgage, the Guarantee, the Earnings Assignment, the
Insurance Assignment, the Charge, the Management Agreement Assignment, the Co-ordination Deed and all such other
documents as may be executed at any time in favour of the Security 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;
	 
	 	 	 	 
	Clause 7.6 (Earnings)	 	Provided no Event of Default or Possible Event of Default has occurred (following which the Security Agent shall
(inter alia) be entitled to request the Borrower to give notice pursuant to Clause 3 of the Earnings Assignment and
apply the Earnings in accordance with Clause 13.1) the Earnings shall throughout the Security Period be at the free
disposal of the Borrower.
	 
	 	 	 	 
	Clause 10.2.1(b)	 	as soon as practicable (and in any event within sixty (60) days of the end of each quarter of each financial year) a
Certified Copy of the unaudited consolidated accounts of the Borrower and the Group for that quarter such Group
accounts being substituted with NCLC Group accounts commencing with the unaudited accounts made up to 31 March 2004;

10

 

	 	 	 	 	 
	Definition/Clause	 	Amendment
	Clause 10.2.1(d)	 	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 ten million Dollars (USD10,000,000) or
the equivalent in another currency).
	 
	 	 	 	 
	Clause 10.8 (second
paragraph)	 	However, the prior consent of the Paying Agent shall not be required in respect of any consolidation, reorganisation
or restructure involving wholly owned (whether directly or indirectly) Subsidiaries of the Guarantor only which does
not imperil the security created by any of the Security Documents or 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, provided that the Borrower
has first consulted with the Paying Agent with regard to the proposed consolidation, reorganisation or restructure,
provides evidence satisfactory to the Agent that the Guarantor will be in compliance with the financial undertakings
contained in Clause 11 of the Guarantee after any such consolidation, reorganisation or restructure SUBJECT TO:
	 
	 	 	 	 
	Clause 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 fifteen (15) days of receiving any request to that
effect from the Paying 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 Paying 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 Paying Agent may require).
	 
	 	 	 	 
	Clause 10.21.12	 	not without the prior written consent of the Paying 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;
	 
	 	 	 	 
	Clause 10.21.13	 	promptly to furnish the Paying Agent with full information regarding any casualties or other accidents or damage to
the Vessel involving an amount in excess of ten million Dollars (USD10,000,000);
	 
	 	 	 	 
	Clause 10.22.7(a)	 	accidents to the Vessel involving repairs the cost of which will or is likely to exceed ten million Dollars
(USD10,000,000);

11

 

	 	 	 	 	 
	Definition/Clause	 	Amendment
	Clause 10.22.8	 	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 ten million Dollars (USD10,000,000) shall forthwith be provided to the Paying
Agent. As and when the Paying Agent may so require it will make such books available for inspection on behalf of the
Paying Agent and provide evidence satisfactory to the Paying 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;
	 
	 	 	 	 
	Clause 10.22.9	 	maintain the type of the Vessel as at 9 July 2003 and not put the Vessel into the possession of any person without the
prior consent of the Paying Agent for the purpose of work being done on it in an amount exceeding or likely to exceed
ten million Dollars (USD10,000,000) unless such person shall first have given to the Paying Agent a written
undertaking addressed to the Paying Agent in terms satisfactory to the Paying Agent agreeing not to exercise a lien on
the Vessel or its Earnings for the cost of such work or for any other reason;
	 
	 	 	 	 
	Clause 10.22.10	 	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
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 ten million Dollars (USD10,000,000) shall be forthwith provided to the Paying 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;
	 
	 	 	 	 
	Clause 12.1.2(a)	 	Any Obligor fails to comply with any other material provision of any Security Document or there is any other material
breach in the sole opinion of the Paying Agent of any of the Transaction Documents and such failure (if in the opinion
of the Paying Agent 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 Paying Agent 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 Lenders; or

12

 

	 	 	 	 	 
	Definition/Clause	 	Amendment
	Clause 12.1.4(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 ten million Dollars (USD10,000,000); and
	 
	 	 	 	 
	Clause 12.1.9	 	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 ten million Dollars (USD10,000,000) 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 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 sub-clauses 12.1.5 to 12.1.8 of this Clause
(the determination of which shall be in the Paying Agent’s sole discretion).

13

 

Schedule 2

Amendment of Original Guarantee

	 	 	 	 	 	 	 	 	 	 	 
	Definition/Clause	 	Amendment
	Clause 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 Certified Copy of the unaudited consolidated accounts of the NCLC Group for that quarter (commencing with
the unaudited accounts made up to 31 March 2004);
	 
	 	 	 	 	 	 	 	 	 	 
	Clause 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 2004, 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;
	 
	 	 	 	 	 	 	 	 	 	 
	Clause 9.2.4(b)	 	updated financial projections of the NCLC Group for at least the next five (5) years (including an income statement
and projected results for the operation of the vessels owned and/or operated by any member of the NCLC Group) and an
outline of the assumptions supporting such budget and financial projections including but without limitation any
scheduled drydockings;
	 
	 	 	 	 	 	 	 	 	 	 
	Clause 9.2.5	 	from time to time (but at intervals no more frequently than annually at the Guarantor’s expense unless an Event of
Default has occurred and is continuing) within fifteen (15) days of receiving any request to that effect from the
Paying Agent, a valuation of each of the vessels in the NCLC Fleet obtained in accordance with the provisions of
clause 10.18 of the Loan Agreement;
	 
	 	 	 	 	 	 	 	 	 	 
	Clause 9.2.6	 	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 1 (commencing with the first
quarter of the financial year ending 31 December 2004);

14

 

	 	 	 	 	 	 	 	 	 	 	 
	Definition/Clause	 	Amendment
	Clause 9.2.8	 	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 Guarantor, 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); and
	 
	 	 	 	 	 	 	 	 	 	 
	Clause 11.1.1	 	at all times the minimum Free Liquidity will be not less than fifty million Dollars (USD50,000,000);
	 
	 	 	 	 	 	 	 	 	 	 
	Clause 11.1.2

	 	either:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	(a)
	 	as at 30 September 2005 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); and
	 
	 	 	 	 	 	 	 	 	 	 
	Clause 11.1.3	 	as at 31 December 2004 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:
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	(a)
	 	nought point six five (0.65) to one (1.0) for financial quarters ending on or before 31 December 2007; and
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	(b)
	 	nought point six (0.6) to one (1.0) for each subsequent financial quarter.
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	Amounts available for drawing under any revolving or other credit facilities of the NCLC Group which remain undrawn
at the time of the relevant calculation shall not be counted as cash or indebtedness for the purposes of this ratio.

15

 

	 	 	 	 	 	 	 	 	 	 	 
	Definition/Clause	 	Amendment
	Clause 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 do not or
will 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 thirty three per cent (33%) 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 have occurred and are
continuing, the Lim Family together or individually 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 Guarantor; or
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	(b)	 	the Guarantor ceases to be a listed company on an Approved Stock Exchange without the prior written consent of
the Paying Agent,
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	(and, for the purpose of this Clause 11.2.2 “control” of any company, limited partnership or other legal entity (a
“body corporate”) by a member of the Lim Family, means that one (1) or more members of the Lim Family 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).

16

 

	 	 	 	 	 	 	 	 	 	 	 
	Definition/Clause	 	Amendment
	Clause 11.4.3,
“Cash Balance”	 	“Cash Balance” means, at any date of determination, the unencumbered and otherwise unrestricted cash and cash
equivalents of the NCLC Group;
	 
	 	 	 	 	 	 	 	 	 	 
	Clause 11.4.5	 	“Consolidated EBITDA” means, for any relevant period, the aggregate of:
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	(i)
	 	Consolidated Net Income from the Guarantor’s operations for such period;
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	(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;
	 
	 	 	 	 	 	 	 	 	 	 
	Clause 11.4.6	 	“Consolidated Interest Expense” means, for any relevant period, the consolidated interest expense (excluding
capitalised interest) of the NCLC Group for such period;
	 
	 	 	 	 	 	 	 	 	 	 
	Clause 11.4.14	 	“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 Paying Agent in the case of the first
three (3) quarters of each financial year and the then latest Accounts delivered to the Paying Agent in the case of
the final quarter of each financial year;
	 
	 	 	 	 	 	 	 	 	 	 
	Clause 11.4.16	 	“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 as at such date;

17

 

Schedule 3

Quarterly Statement of Financial Covenants

			
	TO:	 	DnB NOR BANK ASA

Stranden 21

NO-0021 Oslo

Norway

			
		 	Attn: Mr Jon Flovik

We refer to clause 11 of the guarantee dated 23 April 2004 (as amended, varied and/or supplemented
from time to time) (the “Guarantee”) issued by us in your favour. Terms defined in the Guarantee,
whether by reference to the Loan Agreement (as therein defined) or otherwise, shall have the same
meanings herein.

We hereby certify the amounts set out in the attached schedule as at the last day of the financial
quarter ending      20[ ] for NCL Corporation Ltd. (the “Guarantor”) and its
subsidiaries on a consolidated basis. We also hereby certify that the Guarantor is in compliance
with all the financial covenants set out in clauses 11.1 and 11.3 of the Guarantee [[and that no
Event of Default or Possible Event of Default has occurred and is continuing][an [Event of
Default][Possible Event of Default] has occurred and is continuing under clause 12.1.[ ] of the
Loan Agreement and the following step[s][is/are] being taken to cure the same: [ ]]].

NCL CORPORATION LTD.

                                                            

By: [                    ]

Chief Financial Officer

Dated:                     20[          ]

18

 

Schedule

Statement of Financial Covenants as of [                    ] 20[           ] (in USD’000)

	 	 	 	 	 	 	 
	Clause (of	 	 	 	 	 	 
	Guarantee)	 	 	 	as of
[Ÿ]	 	Required Covenants
	11.1.1/

11.1.2(b)**

	 	Free Liquidity	 	A	 	A>USD50,000,000

(11.1.1)**

A>USD100,000,000

(11.1.2(b))**
	11.1.2(a)

	 	Consolidated EBITDA:
	 	B
	 	>1.25:1
	 
	 

	 	Consolidated Debt Service
	 	C	 	 
	 
	11.1.3

	 	Total Net Funded Debt:
	 	D
	 	<0.65:1 up to

31 December 2007

<0.60:1 thereafter
	 

	 	Total Capitalisation
	 	E	 	 

	 	 	 	 	 	 	 
	 

	 	Consolidated EBITDA	 	 	 	 
	 

	 	Consolidated Net Income (loss)
	 	x	 	 
	(Deduct)/Add:

	 	(Gain)/Loss on sale of assets or reserves
	 	x	 	 
	Add:

	 	Consolidated Interest Expense
	 	x	 	 
	Add:

	 	Depreciation and amortisation of assets
	 	x	 	 
	Add:

	 	Impairment charges
	 	x	 	 
	(Deduct)/Add:

	 	Other non-recurring charge (gain)
	 	x	 	 
	Add:

	 	Deferred income tax expense
	 	x	 	 
	 

	 	 	 	 	 	 
	 

	 	Consolidated EBITDA
	 	x
	 	B
	 

	 	 	 	 	 	 
	 

	 	Consolidated Debt Service	 	 	 	 
	 

	 	Principal paid/payable (excluding balloon payments, voluntary
prepayments/repayments on sale/total loss of an NCLC Fleet
vessel)
	 	x	 	 
	Add:

	 	Consolidated Interest Expense
	 	x	 	 
	 

	 	Distributions
	 	x	 	 
	 

	 	Rent under capitalised leases
	 	x	 	 
	 

	 	 	 	 	 	 
	 

	 	Consolidated Debt Service
	 	x
	 	C
	 

	 	 	 	 	 	 
	 

	 	Total Net Funded Debt	 	 	 	 
	 

	 	Indebtedness for Borrowed Money
	 	x	 	 
	Add:

	 	Guarantees of non-NCLC Group members’ obligations
	 	x	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	x	 	 
	 

	 	 	 	 	 	 
	Deduct:

	 	Cash Balance
	 	(x	)	 
	 

	 	 	 	 	 	 
	 

	 	Total Net Funded Debt
	 	(x	)	D
	 

	 	 	 	 	 	 
	 

	 	Total Capitalisation

Total Net Funded Debt
	 	x	 	 
	Add:

	 	Consolidated stockholders’ equity
	 	x	 	 
	 

	 	 	 	 	 	 
	 

	 	Total Capitalisation
	 	x
	 	E
	 

	 	 	 	 	 	 

19

 

For and on behalf of NCL CORPORATION LTD.

                                                            

[                    ]

I, [                    ], the officer primarily responsible for the financial management of the NCLC
Group, hereby declare that, to the best of knowledge and belief, the above Statement of Financial
Covenants as of [ ] 20[ ], in my opinion, is true and correct.

                                                            

[                    ]

Chief Financial Officer

NCL CORPORATION LTD.

Dated:                     20[ ]

 

	**	 	Evidence satisfactory to the Agent of A at all times during the relevant period shall be
provided together with this statement

20Supplemental Amendments

 

EXHIBIT
4.6

DATED
AS OF 1 JUNE 2005

PRIDE OF AMERICA SHIP HOLDING, INC.

(as borrower)

NCL CORPORATION LTD.

(as guarantor)

COMMERZBANK AKTIENGESELLSCHAFT

Hamburg Branch

HSBC BANK PLC

(as arrangers)

COMMERZBANK AKTIENGESELLSCHAFT

Bremen Branch

HSBC BANK PLC

KfW

(as lenders)

HSBC BANK PLC

(as agent)

COMMERZBANK AKTIENGESELLSCHAFT

(as Hermes agent)

HSBC BANK PLC

(as trustee)

 

THIRD SUPPLEMENT TO SECURED LOAN AGREEMENT

dated 4 April 2003 for the equivalent amount in

United States Dollars and/or Euro of up to €258,000,000

pre- and post redelivery finance for one 1,075 cabin luxury cruise vessel

identified with no 7671 and working title “Project America”

at the yard of Lloyd Werft Bremerhaven GmbH

(tbn “PRIDE OF AMERICA”)

 

STEPHENSON HARWOOD

One St Paul’s Churchyard

London EC4M 8SH

Tel: +44 (0)20 7329 4422

Fax: + 44 (0)20 7329 7100

Ref: 1253/41-25887/42-02591/43-03502

 

 

CONTENTS

	 	 	 	 	 
	 	 	Page	 
	1 Definitions and Construction
	 	 	2	 
	2 Amendment of Original Loan Agreement and Security Documents
	 	 	3	 
	3 Conditions Precedent
	 	 	6	 
	4 Representations and Warranties
	 	 	10	 
	5 Expenses
	 	 	11	 
	6 Further Assurance
	 	 	11	 
	7 Counterparts
	 	 	12	 
	8 Notices
	 	 	12	 
	9 Governing Law
	 	 	13	 
	10 Jurisdiction
	 	 	13	 
	Schedule 1 Particulars of Arrangers
	 	 	18	 
	Schedule 2 Particulars of Agent, Hermes Agent, Trustee and Lenders
	 	 	19	 

 

 

THIRD SUPPLEMENTAL AGREEMENT TO THE LOAN AGREEMENT

DATED                     2005

BETWEEN:

	(1)	 	PRIDE OF AMERICA SHIP HOLDING, INC. of Corporation Trust Center, 1209 Orange Street,
Wilmington, Delaware 19801, United States of America as borrower (sometimes the “Second Merger
Party” and sometimes the “Borrower”);
	 
	(2)	 	NCL CORPORATION LTD. of Milner House, 18 Parliament Street, Hamilton HM 12, Bermuda (the
“Guarantor”);
	 
	(3)	 	THE SEVERAL BANKS particulars of which are set out in Schedule 1 as arrangers (collectively
the “Arrangers” and each individually an “Arranger”);
	 
	(4)	 	THE SEVERAL BANKS particulars of which are set out in Schedule 2 as lenders (collectively the
“Lenders” and each individually a “Lender”);
	 
	(5)	 	HSBC BANK PLC of 8 Canada Square, London E14 5HQ as agent (the “Agent”);
	 
	(6)	 	COMMERZBANK AKTIENGESELLSCHAFT of Kaiserplatz, 60311 Frankfurt am Main, Federal Republic of
Germany as agent (the “Hermes Agent”); and
	 
	(7)	 	HSBC BANK PLC of 8 Canada Square, London E14 5HQ as trustee (the “Trustee”).

WHEREAS:

	(A)	 	By a loan agreement dated 4 April 2003 as amended and/or restated by a first supplemental
agreement thereto dated 20 April 2004 and a second supplemental agreement thereto dated 1 July
2004 (the “Original Loan Agreement”) entered into between (among others) Ship Holding LLC (the
“First Merger Party”) as borrower, the Lenders as lenders, the Agent as agent for (among
others) the Lenders, the Hermes Agent as agent for (among others) the Lenders and the Trustee
as trustee for (among others) the Lenders, the Lenders granted to the First Merger Party a
secured loan in the maximum amount of the equivalent in Dollars and/or Euro of two hundred and
fifty eight million Euro (€258,000,000) (the “Loan”) to part-finance the completion by the
Builder of
the Vessel for the Contract Price (as such term is defined in the Original Loan Agreement)
on the terms and conditions therein contained. The repayment of the Loan by the First

 

 

	 	 	Merger Party has been secured by (among other things) a guarantee and indemnity dated 23
April 2004 granted by the Guarantor (the “Guarantee”).

	(B)	 	By a letter dated 4 March 2005 from the Guarantor and the First Merger Party to the Agent,
the Guarantor and the First Merger Party proposed that the First Merger Party be merged with
the Second Merger Party (the “Merger”), a Delaware corporation limited by shares and a wholly
owned subsidiary of NCL America Holdings, Inc. (the “Shareholder”), with the Second Merger
Party being the surviving entity.

	(C)	 	The Lenders, the Agent and the Hermes Agent consented to the Merger as more particularly
described in recital (B) on 19 April 2005 (the “Merger Date”) on the terms of this third
supplement to the Original Loan Agreement (this “Deed”). This Deed 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 Loan Agreement shall have the meanings set
out therein. In addition, the following terms and expressions shall have the meanings
set out below:
	 
	 	 	 	“Effective Date” means the date on which the conditions precedent set out in Clause
3.1 are fulfilled to the satisfaction of the Agent;
	 
	 	 	 	“Loan Agreement” means the Original Loan Agreement as amended by this Deed; and
	 
	 	 	 	“Security Letter” means the letter dated the date of this Deed between the Borrower
and the Agent attaching agreed forms of the Security Documents to be executed
pursuant thereto.
	 
	 	1.2	 	The provisions of Clauses 1.2 and 1.3 of the Loan Agreement shall apply hereto
(mutatis mutandis).

2

 

	2	 	Amendment of Original Loan Agreement and Security Documents

	 	2.1	 	The parties hereto agree that immediately upon and with effect from the Merger
the Original Loan Agreement shall be read and construed as if:

	 	2.1.1	 	all references to the First Merger Party were references to
the Second Merger Party;
	 
	 	2.1.2	 	the definition of “Charge” in clause 1.1 thereof had been
deleted and substituted with the following:
	 
	 	 	 	““Charge” means the charge over the Shares to be given by the Shareholder as
holder (legally and beneficially) of the Shares to the Trustee pursuant to
the Charge Option;”;
	 
	 	2.1.3	 	the definition of “Charge Option” in clause 1.1 thereof had
been deleted and substituted with the following:
	 
	 	 	 	““Charge Option” means the option to take the Charge to be given by the
Shareholder to the Trustee on or before the Effective Date (as such term is
defined in the third supplemental deed to this Agreement), such option and
the Charge being in the form and on the terms and conditions required by the
Agent and the Hermes Agent;”;
	 
	 	2.1.4	 	the definition of “Member” in clause 1.1 thereof had been
deleted and substituted with the following:
	 
	 	 	 	““Shareholder” means NCL America Holdings, Inc. of Corporation Trust Center,
1209 Orange Street, Wilmington, Delaware 19801, United States of America;”
	 
	 	 	 	and all references to the Member were substituted with references to the
Shareholder;
	 
	 	2.1.5	 	the definition of “Membership Interest” in clause 1.1 thereof
had been deleted and substituted with the following:

3

 

	 	 	 	““Shares” means the one thousand (1,000) authorised and issued shares of
common stock in the Borrower legally and beneficially owned by the
Shareholder;”;

	 	 	 	and all references to the Membership Interest were substituted with
references to the Shares;
	 
	 	2.1.6	 	the definition of “Tranche 9” in clause 1.1 thereof had been
deleted and substituted with the following:
	 
	 	 	 	““Tranche 9” means the amount of fifty five million Euro (€55,000,000) or
the Equivalent Amount thereof to be applied in payment of the redelivery
instalment due by the Borrower to the Builder under the Building Contract to
be advanced by the Lenders on the Redelivery Date by way of their
Contributions thereto;”;
	 
	 	2.1.7	 	the first sentence of clause 2.2.1 thereof had been deleted
and substituted with the following:
	 
	 	 	 	“Portion 1 shall finance part of the Contract Price.”;
	 
	 	2.1.8	 	the heading of clause 9.2.20 thereof had been deleted and
substituted with the following:
	 
	 	 	 	“Ownership of shares”;
	 
	 	2.1.9	 	the following clause had been inserted as clause 10.22.12 thereof:

	 	“10.22.12	 	comply, or procure that the Manager will comply, with 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) (as the same may be amended from
time to time) (“Annex VI”) or any replacement of Annex VI 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;

4

 

	 	(b)	 	maintain for the
Vessel a valid and current international air pollution
prevention certificate issued under Annex VI 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 IAPCC;”

	 	 	 	and the remaining clauses of clause 10.22 thereof had been renumbered
accordingly;
	 
	 	2.1.10	 	the address of Star in clause 18.2 thereof had been deleted and substituted
with the following:
	 
	 	 	 	“Star Cruises Terminal, Pulau Indah, PO Box No. 288, 42009 Pelabuhan Klang,
Selangor Darul Ehsan, Malaysia (marked for the attention of Mr Gerard Lim)”;
	 
	 	2.1.11	 	the telephone number “+60 (0)3 2161 3621” in clause 18.3 thereof had been
deleted and substituted with the telephone number “+60 3 3884 0213”; and
	 
	 	2.1.12	 	the following paragraph had been inserted in schedule 4 thereof:

	 	“71	 	A Certified Copy of a valid international air
pollution prevention certificate issued to the Vessel under Annex VI.”.

	 	2.2	 	Each of the Second Merger Party and the Guarantor hereby confirms to the
Lenders, the Agent, the Hermes Agent and the Trustee that with effect from the Merger
Date:

	 	2.2.1	 	all references to the Original Loan Agreement in the Security
Documents to which it is a party shall be construed as references to the
Original Loan Agreement as amended by this Deed 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 Original Loan Agreement as so
amended;

5

 

	 	2.2.2	 	the Security Documents to which it is a party (by virtue of
the Merger in the case of the Second Merger Party) shall apply to, and extend
to secure, the whole of the Outstanding Indebtedness as defined in clause 1.1
of the Original Loan Agreement as amended by this Deed;
	 
	 	2.2.3	 	its obligations under the Security Documents to which it is a
party (by virtue of the Merger in the case of the Second Merger Party) shall
not be discharged, impaired or otherwise affected by reason of the Merger, the
release of the Shareholder from the Charge Option (as defined in the Original
Loan Agreement) or the execution of this Deed or of any of the documents or
transactions contemplated hereby; and
	 
	 	2.2.4	 	its obligations under the Security Documents to which it is a
party (by virtue of the Merger in the case of the Second Merger Party) shall
remain in full force and effect as security for the obligations of the Second
Merger Party as the Borrower under the Original Loan Agreement and the other
Security Documents as amended by this Deed.

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

	3	 	Conditions Precedent

	 	3.1	 	The release of the Shareholder from its obligations under the Charge Option (as
defined in the Original Loan Agreement) 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	 	on the date of this Deed, a Certified Copy of the instrument
pursuant to which the Merger was effected (the “Certificate
of Merger”) and a
Certified Copy of the Agreement and Plan of Merger referred to in the
Certificate of Merger;

6

 

	 	3.1.2	 	on the date of this Deed, one (1) counterpart duly executed by
the Second Merger Party and the Guarantor (in the case of this Deed) and the
Second Merger Party (in respect of the Security Letter) of:

	 	(a)	 	this Deed; and
	 
	 	(b)	 	the Security Letter;

	 	3.1.3	 	on the date of this Deed, a Certified Copy of the third
supplemental agreement to the Commercial Loan Agreement (as defined in the
Original Loan Agreement) duly executed by the Second Merger Party and the
Guarantor (the amendments to be made to the Commercial Loan Agreement (as
defined in the Original Loan Agreement) pursuant to the third supplemental
agreement shall be the same, mutatis mutandis, as the amendments to be made to
the Original Loan Agreement pursuant to this Deed);
	 
	 	3.1.4	 	one (1) counterpart of the Charge Option duly executed by the
Shareholder;
	 
	 	3.1.5	 	a written confirmation from the Builder evidencing its due
consent to the Merger;
	 
	 	3.1.6	 	evidence of the due execution and registration in the
Shipbuilding Register in Bremerhaven of the original Certificate of Merger and
any other document necessary to reflect the Merger as it relates to the
registration of the Vessel and the First Pre-Redelivery Mortgage and the Second
Pre-Redelivery Mortgage;
	 
	 	3.1.7	 	evidence that all necessary changes have been made to the
Insurances to reflect the Merger;
	 
	 	3.1.8	 	a written confirmation from the Borrower that from the date of
this Deed all consents and waivers which are required under the Loan Agreement
or any of the other Security Documents in connection with the Merger have been
given in accordance with the terms of the Loan Agreement or the relevant
Security Document;

7

 

	 	3.1.9	 	a written confirmation from the Process Agent that it will act
for the Second Merger Party and the Guarantor as agent for service of process
in England in respect of this Deed and for the Shareholder in respect of the
Charge;
	 
	 	3.1.10	 	the following corporate documents in respect of each of the Second Merger
Party, the Guarantor and the Shareholder (together the
“Relevant Parties”):

	 	(a)	 	Certified Copies of any consents required from
any ministry, governmental, financial or other authority for the
execution of and performance by the respective Relevant Party of its
obligations under this Deed and each of the other Security Documents to
which it will become a party or if no such consents are required a
certificate from a duly appointed officer of the Relevant Party to this
effect confirming that no such consents are required;
	 
	 	(b)	 	notarially attested secretary’s certificate of
each of the Relevant Parties:

	 	(i)	 	attaching a copy of its
Certificate of Incorporation and Memorandum of Association and
Bye-Laws (or equivalent constitutional documents) evidencing
power to enter into the transactions contemplated in this Deed
and in the other Security Documents to which it will become a
party pursuant hereto;
	 
	 	(ii)	 	giving the names of its present
officers and directors;
	 
	 	(iii)	 	setting out specimen
signatures of such officers and directors as are authorised by
the Relevant Party to sign documents or otherwise undertake the
performance of that Relevant Party’s obligations under this
Deed and the Security Documents or other documents contemplated
hereby to which it will become a party;
	 
	 	(iv)	 	giving the legal owner of its shares and the number of such shares held;

8

 

	 	(v)	 	attaching copies of resolutions
passed at duly convened meetings of the directors and, if
required by the Agent, the shareholders or members of each of
the Relevant Parties authorising (as applicable) the execution
of this Deed and any documents contemplated in this Deed and
such of the other Security Documents to which it will become a
party and the issue of any power of attorney to execute the
same; and
	 
	 	(vi)	 	containing a declaration of
solvency as at the date of the certificate of the duly
appointed officer of the Relevant Party;

	 	3.1.11	 	the original powers of attorney, if any, issued pursuant to the resolutions
referred to above and notarially attested;
	 
	 	3.1.12	 	filing of the UCC-3 amendments with the Secretary of State of Delaware more
particularly described in Clause 4.2.4; and
	 
	 	3.1.13	 	the issue of such favourable written legal opinions including in respect of
Delaware, Bermuda and Germany 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 and no Possible Event of Default has occurred and
is continuing on the Effective Date other than that waived by the Agent pursuant to
the letters dated 9 March 2004 and 20 April 2004 from the Agent to the Borrower.
	 
	 	3.2	 	If the Lenders, acting unanimously, decide (or the Agent in accordance with the
Agency and Trust Deed decides) to permit the release of the Shareholder from its
obligations under the Charge Option (as defined in the Original Loan 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 Effective Date (or such other period as the Agent may
stipulate) and the release of the Shareholder as aforesaid shall not be construed as a
waiver of the Agent’s right to receive the

9

 

	 	 	 	documents or evidence as aforesaid nor shall this provision impose on the Agent or
the Lenders any obligation to permit the amendment in the absence of such documents
or evidence.

	4	 	Representations and Warranties

	 	4.1	 	The Second Merger Party represents and warrants to the Lenders and the Trustee
that with effect from the Merger Date it succeeded to all the rights and obligations of
the First Merger Party including but without limitation all the rights and obligations
of the First Merger Party under the Security Documents to which the First Merger Party
was a party at the Merger Date.
	 
	 	4.2	 	Each of the Borrower and the Guarantor represents and warrants to the Lenders
and the Trustee that:

	 	4.2.1	 	it has the power to enter into and perform this Deed and the
transactions contemplated hereby and has taken all necessary action to
authorise the entry into and performance of this Deed and such transactions;
	 
	 	4.2.2	 	this Deed constitutes its legal, valid and binding obligations
enforceable in accordance with its terms;
	 
	 	4.2.3	 	its entry into and performance of this Deed and the
transactions contemplated hereby do not and will not conflict with:

	 	(a)	 	any law or regulation or any official or judicial order; or
	 
	 	(b)	 	its constitutional documents; or
	 
	 	(c)	 	any agreement or document to which it is a
party or which is binding upon it or any of its assets,

nor result in the creation or imposition of any Encumbrance on it or its
assets pursuant to the provisions of any such agreement or document and in
particular but without prejudice to the foregoing the entry into and
performance of this Deed and the transactions contemplated hereby will not
render invalid, void or voidable any security granted by it to the Trustee;

10

 

	 	4.2.4	 	except for the filing of UCC-3 amendments with the Secretary
of State of Delaware evidencing the Merger and the assumption by the Second
Merger Party of the obligations of the First Merger Party under the Security
Documents to which it was a party as the borrower of the Loan, 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 the
transactions contemplated thereby have been obtained or effected and are in
full force and effect;
	 
	 	4.2.5	 	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 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;
	 
	 	4.2.6	 	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 Hermes
Agent and/or the Trustee in deciding whether or not to enter into this Deed.

	 	5	 	Expenses
	 
	 	 	 	The Borrower and the Guarantor jointly and severally undertake to reimburse the Agent on
demand 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 Hermes Agent or the Trustee
in respect of the negotiation, preparation, printing, execution, registration and
enforcement of this Deed and any other documents required in connection with the
implementation of this Deed.

	 	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

11

 

	 	 	 	execution of all such documents in a form satisfactory to the Agent and the Hermes Agent as
the Agent and the Hermes Agent may reasonably consider necessary for giving full effect to
this Deed or any of the documents contemplated hereby or securing to the Trustee the full
benefit of the rights, powers and remedies conferred upon the Trustee in any such document.
In particular, the Borrower irrevocably and unconditionally affirms that the documents
attached to the Security Letter and set out in schedule 1 thereto (the “Agreed Form Security
Documents”) as security for its obligations under the Loan Agreement will be duly executed
by the Shareholder upon the Agent’s request in that form, together with such additions and
amendments thereto as the Agent and the Hermes Agent may reasonably consider necessary for
giving full effect to this Deed and any of the Agreed Form Security Documents or securing to
the Trustee, the Agent, the Hermes Agent and/or the Lenders (as the case may be) the full
benefit of the rights, powers and remedies conferred upon the Trustee, the Agent, the Hermes
Agent and/or the Lenders (as the case may be) in any such Agreed Form Security 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 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 Mr Lamarr Cooler and the Legal Department (but one (1) copy shall
suffice)) with a copy to c/o Star Cruises Limited, Star Cruises Terminal, Pulau Indah,
PO Box No. 288, 42009 Pelabuhan Klang, Selangor Darul Ehsan, Malaysia (marked for the
attention of Mr Gerard Lim). Any notice, demand or other communication to be made or
delivered by the Borrower or the Guarantor pursuant to this Deed shall (unless the
Agent has by fifteen (15) days’ written notice to the Borrower and the Guarantor
specified another address) be made or delivered to the Agent at its Office, the details
of which are set out in Schedule 2.

12

 

	 	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 Mr Lamarr Cooler) and +1 305 436 4117 (marked for the attention of the
Legal Department) with a copy to +60 3 3884 0213 (marked for the attention of Mr Gerard
Lim) and in the case of the Agent, the Hermes Agent, the Trustee or any Lender is as
recorded in Schedule 2) 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, the Hermes Agent,
the Trustee or any Lender 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, the Hermes Agent, the Trustee or any Lender
to the Borrower and the Guarantor.
	 
	 	8.3	 	The provisions of clauses 18.1, 18.4 and 18.5 of the Loan Agreement shall apply
to this Deed.

	9	 	Governing Law
	 
	 	 	This Deed shall be governed by English law.

	10	 	Jurisdiction

	 	10.1	 	The courts of England have exclusive jurisdiction to settle any dispute arising
out of or in connection with this Deed (including a dispute regarding the existence,
validity or termination of this Agreement) (a “Dispute”). Each party to this Deed
agrees that the courts of England are the most appropriate and convenient courts to
settle Disputes and accordingly no party will argue to the contrary.
	 
	 	 	 	This Clause 10.1 is for the benefit of the Agent and the 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.

13

 

	 	10.2	 	Neither the Borrower nor the Guarantor may, without the Agent’s prior written
consent, terminate the appointment of the Process Agent; if the Process Agent resigns
or its appointment ceases to be effective, the Borrower and/or the Guarantor (as the
case may be) shall within fourteen (14) days appoint a company which has premises in
London and has been approved by the Agent to act as the Borrower’s and/or the
Guarantor’s (as the case may be) process agent with unconditional authority to receive
and acknowledge service on behalf of the Borrower and/or the Guarantor of all process
or other documents connected with proceedings in the English courts which relate to
this Deed.
	 
	 	10.3	 	For the purpose of securing its obligations under Clause 10.2, each of the
Borrower and the Guarantor irrevocably agrees that, if it for any reason fails to
appoint a process agent within the period specified in Clause 10.2, the Agent may
appoint any person (including a company controlled by or associated with the Agent or
any Lender) to act as the Borrower’s or the Guarantor’s (as the case may be) process
agent in England with the unconditional authority described in Clause 10.2.
	 
	 	10.4	 	No neglect or default by a process agent appointed or designated under this
Clause (including a failure by it to notify the Borrower or the Guarantor (as the case
may be) of the service of any process or to forward any process to the Borrower or the
Guarantor (as the case may be)) shall invalidate any proceedings or judgment.
	 
	 	10.5	 	Each of the Borrower and the Guarantor appoints in the case of the courts of
England the Process Agent to receive, for and on its behalf service of process in
England of any legal proceedings with respect to this Deed.
	 
	 	10.6	 	A judgment relating to this Deed which is given or would be enforced by an
English court shall be conclusive and binding on the Borrower and/or the Guarantor (as
the case may be) and may be enforced without review in any other jurisdiction.
	 
	 	10.7	 	Nothing in this Clause shall exclude or limit any right which the Agent or 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

14

 

	 	 	 	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 first written above.

	 	 	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 	 	 
	by PAUL ALAN TURNER

	 	 	)	 	 	 
	for and on behalf of

	 	 	)	     P.A. TURNER	 	 
	PRIDE OF AMERICA SHIP HOLDING, INC.

	 	 	)	 	 	 
	in the presence of:

	 	ALEX
TOSTERIN
A. TOSTERIN 
	)	 	 	 
	 
	 	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 	 	 
	by PAUL ALAN TURNER

	 	 	)	 	 	 
	for and on behalf of

	 	 	)	     P.A. TURNER	 	 
	NCL CORPORATION LTD.

	 	 	)	 	 	 
	in the presence of:

	 	ALEX
TOSTERIN
A. TOSTERIN 
	)	 	 	 
	 
	 	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 	 	 
	by STEPHAN
KUCH & ILONKA SCHEFE

	 	 	)	 	 	 
	for and on behalf of

	 	 	)	     S.
KUCH     I. SCHEFE	 	 
	COMMERZBANK AKTIENGESELLSCHAFT

	 	 	)	 	 	 
	Hamburg Branch

	 	 	)	 	 	 
	as an Arranger

	 	 	)	 	 	 
	in the presence of:

	 	CLAAS
RINGLEBEN
C. RINGLEBEN 
	)	 	 	 
	 
	 	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 	 	 
	by C.G. POCOCK

	 	 	)	 	 	 
	for and on behalf of

	 	 	)	     C.G. POCOCK	 	 
	HSBC BANK PLC

	 	 	)	 	 	 
	as an Arranger

	 	 	)	 	 	 
	in the presence of:

	 	NIGEL
GROOM
N. GROOM 
	)	 	 	 

15

 

	 	 	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 	 	 
	by
STEFAN KUCH & ILONKA SCHEFE

	 	 	)	 	 	 
	for and on behalf of

	 	 	)	     S. KUCH & I. SCHEFE
	COMMERZBANK AKTIENGESELLSCHAFT

	 	 	)	 	 	 
	Bremen Branch

	 	 	)	 	 	 
	as a Lender

	 	 	)	 	 	 
	in the presence of:

	 	CLAAS
RINGLEBEN
C. RINGLEBEN
	)	 	 	 
	 
	 	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 	 	 
	by C.G. POCOCK

	 	 	)	 	 	 
	for and on behalf of

	 	 	)	     C.G. POCOCK	 	 
	HSBC BANK PLC

	 	 	)	 	 	 
	as a Lender

	 	 	)	 	 	 
	in the presence of:

	 	NIGEL
GROOM
N. GROOM 
	)	 	 	 
	 
	 	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 	 	 
	by W.
PFISTERER & C. DOOLEY

	 	 	)	 	 	 
	for and on behalf of

	 	 	)	     W.
PFISTERER & C. DOOLEY	 	 
	KfW

	 	 	)	 	 	 
	as a Lender

	 	 	)	 	 	 
	in the presence of:

	 	BETTINA
VILLINJES
B. VILLINJES 
	)	 	 	 
	 
	 	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 	 	 
	by C.G. POCOCK

	 	 	)	     C.G. POCOCK	 	 
	for and on behalf of

	 	 	)	 	 	 
	HSBC BANK PLC

	 	 	)	 	 	 
	as the Agent

	 	 	)	 	 	 
	in the presence of:

	 	NIGEL
GROOM
N. GROOM 
	)	 	 	 
	 
	 	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 	 	 
	by

	 	 	)	 	 	 
	for and on behalf of

	 	 	)	 	 	 
	COMMERZBANK AKTIENGESELLSCHAFT

	 	 	)	     S. KUCH
& I. SCHEFE	 	 
	as the Hermes Agent

	 	 	)	 	 	 
	in the presence of:

	 	 	)	 	 	 

16

 

	 	 	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 	 	 
	by C.G. POCOCK

	 	 	)	 	 	 
	for and on behalf of

	 	 	)	     C.G. POCOCK	 	 
	HSBC BANK PLC

	 	 	)	 	 	 
	as the Trustee

	 	 	)	 	 	 
	in the presence of:

	 	NIGEL
GROOM   N. GROOM 
	)	 	 	 

17

 

Schedule 1

Particulars of Arrangers

COMMERZBANK AKTIENGESELLSCHAFT

Global Shipping

Hamburg Branch

Ness 7-9

20457 Hamburg

Federal Republic of Germany

Attn: Mr Stefan Kuch/Mr Christian Renke

Email: shipfinance@commerzbank.com

HSBC BANK PLC

Project and Export Finance

8 Canada Square

London E14 5HQ

Attn: Mr Alan Marshall

Email: alan.p.marshall@hsbcib.com

18

 

Schedule 2

Particulars of Agent, Hermes Agent, Trustee and Lenders

Name and Address

Agent

HSBC BANK PLC

Project and Export Finance

8 Canada Square

London E14 5HQ

Fax: +44 (0)20 7992 4428

Attn: Mr Alan Marshall

Email: alan.p.marshall@hsbcib.com

Hermes Agent

COMMERZBANK

AKTIENGESELLSCHAFT

Corporate Banking

Corporate Finance & Portfolio Management

Structured Export and Trade Finance

Kaiserplatz

60261 Frankfurt am Main

Federal Republic of Germany

Fax: +49 69 1362 3742

Attn: Mr Klaus-Dieter Schmedding

Email: exportfinance@commerzbank.com

Trustee

HSBC BANK PLC

Project and Export Finance

8 Canada Square

London E14 5HQ

Fax: +44 (0)20 7992 4428

Attn: Mr Alan Marshall

Email:alan.p.marshall@hsbcib.com

19

 

	 	 	 	 	 
	Name and address

	 	Contribution

	 

	 	in € or USD equivalent of €

	 
	 	 	 	 
	Lenders
	 	 	 	 
	 
	 	 	 	 
	COMMERZBANK

	 	90,300,000
	AKTIENGESELLSCHAFT
	 	 	 	 
	Bremen Branch
	 	 	 	 
	Schüsselkorb 5-11
	 	 	 	 
	28195 Bremen
	 	 	 	 
	Federal Republic of Germany
	 	 	 	 
	 
	 	 	 	 
	Fax: +49 421 363 3390
	 	 	 	 
	Attn: Mr Siegfried Hoffmann
	 	 	 	 
	Email: siegfried.hoffmann@commerzbank.com
	 	 	 	 
	 
	 	 	 	 
	HSBC BANK PLC

	 	90,300,000
	Project and Export Finance
	 	 	 	 
	8 Canada Square
	 	 	 	 
	London E14 5HQ
	 	 	 	 
	 
	 	 	 	 
	Fax: +44 (0)20 7992 4428
	 	 	 	 
	Attn:Mr Alan Marshall
	 	 	 	 
	Email: alan.p.marshall@hsbcib.com
	 	 	 	 
	 
	 	 	 	 
	KfW

	 	77,400,000
	(formerly known as
	 	 	 	 
	Kreditanstalt für Wiederaufbau)
	 	 	 	 
	Palmengartenstrasse 5-9
	 	 	 	 
	60325 Frankfurt am Main
	 	 	 	 
	Federal Republic of Germany
	 	 	 	 
	 
	 	 	 	 
	Fax: +49 69 7431 2944
	 	 	 	 
	Attn: Mr Wolfgang Pfisterer
	 	 	 	 
	Email: wolfgang.pfisterer@kfw.de
	 	 	 	 

20

 

EXHIBIT
4.6

 

DATED AS OF 1 JUNE 2005

PRIDE OF AMERICA SHIP HOLDING, INC.

(as borrower)

NCL CORPORATION LTD.

(as guarantor)

COMMERZBANK AKTIENGESELLSCHAFT

Hamburg Branch

HSBC BANK PLC

(as arrangers)

COMMERZBANK AKTIENGESELLSCHAFT

Bremen Branch

HSBC BANK PLC

KfW

(as lenders)

HSBC BANK PLC

(as agent)

COMMERZBANK AKTIENGESELLSCHAFT

(as Hermes agent)

HSBC BANK PLC

(as trustee)

 

THIRD SUPPLEMENT TO SECURED LOAN AGREEMENT

dated 4 April 2003 for the equivalent amount in

United States Dollars of up to €40,000,000

pre- and post redelivery finance for one 1,075 cabin luxury cruise vessel

identified with no 7671 and working title “Project America”

at the yard of Lloyd Werft Bremerhaven GmbH

(tbn “PRIDE OF AMERICA”)

 

STEPHENSON HARWOOD

One St Paul’s Churchyard

London EC4M 8SH

Tel: +44 (0)20 7329 4422

Fax: + 44 (0)20 7329 7100

Ref: 1253/41-25887/42-02591/43-03502

 

 

CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page
	1

	 	Definitions and Construction
	 	 	2	 
	 
	 	 	 	 	 	 
	2

	 	Amendment of Original Loan Agreement and Security Documents
	 	 	3	 
	 
	 	 	 	 	 	 
	3

	 	Conditions Precedent
	 	 	6	 
	 
	 	 	 	 	 	 
	4

	 	Representations and Warranties
	 	 	10	 
	 
	 	 	 	 	 	 
	5

	 	Expenses
	 	 	11	 
	 
	 	 	 	 	 	 
	6

	 	Further Assurance
	 	 	11	 
	 
	 	 	 	 	 	 
	7

	 	Counterparts
	 	 	12	 
	 
	 	 	 	 	 	 
	8

	 	Notices
	 	 	12	 
	 
	 	 	 	 	 	 
	9

	 	Governing Law
	 	 	13	 
	 
	 	 	 	 	 	 
	10

	 	Jurisdiction
	 	 	13	 
	 
	 	 	 	 	 	 
	Schedule 1

	 	Particulars of Arrangers
	 	 	18	 
	 
	 	 	 	 	 	 
	Schedule 2

	 	Particulars of Agent, Hermes Agent, Trustee and Lenders
	 	 	19	 

 

 

THIRD SUPPLEMENTAL AGREEMENT TO THE LOAN AGREEMENT

DATED                                          2005

BETWEEN:

	(1)	 	PRIDE OF AMERICA SHIP HOLDING, INC. of Corporation Trust Center, 1209 Orange Street,
Wilmington, Delaware 19801, United States of America as borrower (sometimes the “Second Merger
Party” and sometimes the “Borrower”);

	(2)	 	NCL CORPORATION LTD. of Milner House, 18 Parliament Street, Hamilton HM 12, Bermuda (the
“Guarantor”);

	(3)	 	THE SEVERAL BANKS particulars of which are set out in Schedule 1 as arrangers (collectively
the “Arrangers” and each individually an “Arranger”);

	(4)	 	THE SEVERAL BANKS particulars of which are set out in Schedule 2 as lenders (collectively the
“Lenders” and each individually a “Lender”);

	(5)	 	HSBC BANK PLC of 8 Canada Square, London E14 5HQ as agent (the “Agent”);

	(6)	 	COMMERZBANK AKTIENGESELLSCHAFT of Kaiserplatz, 60311 Frankfurt am Main, Federal Republic of
Germany as agent (the “Hermes Agent”); and

	(7)	 	HSBC BANK PLC of 8 Canada Square, London E14 5HQ as trustee (the “Trustee”).

WHEREAS:

	(A)	 	By a loan agreement dated 4 April 2003 as amended and/or restated by a first supplemental
agreement thereto dated 20 April 2004 and a second supplemental agreement thereto dated 1 July
2004 (the “Original Loan Agreement”) entered into between (among others) Ship Holding LLC (the
“First Merger Party”) as borrower, the Lenders as lenders, the Agent as agent for (among
others) the Lenders, the Hermes Agent as agent for (among others) the Lenders and the Trustee
as trustee for (among others) the Lenders, the Lenders granted to the First Merger Party a
secured loan in the maximum amount of the equivalent in Dollars of forty million Euro
(€40,000,000) (the “Loan”) to part-finance the completion by the Builder of the Vessel for
the Contract Price (as such term is defined in the Original Loan Agreement) on the terms and
conditions therein
contained. The repayment of the Loan by the First Merger Party has been secured by

 

 

	 	 	(among other things) a guarantee and indemnity dated 23 April 2004 granted by the Guarantor (the
“Guarantee”).

	(B)	 	By a letter dated 4 March 2005 from the Guarantor and the First Merger Party to the Agent,
the Guarantor and the First Merger Party proposed that the First Merger Party be merged with
the Second Merger Party (the “Merger”), a Delaware corporation limited by shares and a wholly
owned subsidiary of NCL America Holdings, Inc. (the “Shareholder”), with the Second Merger
Party being the surviving entity.

	(C)	 	The Lenders, the Agent and the Hermes Agent consented to the Merger as more particularly
described in recital (B) on 19 April 2005 (the “Merger Date”) on the terms of this third
supplement to the Original Loan Agreement (this “Deed”). This Deed 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 Loan Agreement shall have the meanings set
out therein. In addition, the following terms and expressions shall have the meanings
set out below:
	 
	 	 	 	“Effective Date” means the date on which the conditions precedent set out in Clause
3.1 are fulfilled to the satisfaction of the Agent;
	 
	 	 	 	“Loan Agreement” means the Original Loan Agreement as amended by this Deed; and
	 
	 	 	 	“Security Letter” means the letter dated the date of this Deed between the Borrower
and the Agent attaching agreed forms of the Security Documents to be executed
pursuant thereto.

	 	1.2	 	The provisions of Clauses 1.2 and 1.3 of the Loan Agreement shall apply hereto
(mutatis mutandis).

2

 

	2	 	Amendment of Original Loan Agreement and Security Documents

	 	2.1	 	The parties hereto agree that immediately upon and with effect from the
Restatement Date the Original Loan Agreement (prior to its amendment by the second
supplemental agreement thereto dated 1 July 2004) shall be read and construed as if the
definition of “Hermes Loan” in clause 1.1 thereof had been deleted and substituted with
the following:
	 
	 	 	 	““Hermes Loan” means the loan in the maximum amount of the equivalent in Dollars
and/or Euro of two hundred and fifty eight million Euro (€258,000,000) to be made
by the Hermes Loan Lenders to the Borrower pursuant to the Hermes Loan Agreement;”.

	 	2.2	 	The parties hereto agree that immediately upon and with effect from the Merger
the Original Loan Agreement shall be read and construed as if:

	 	2.2.1	 	all references to the First Merger Party were references to
the Second Merger Party;
	 
	 	2.2.2	 	the definition of “Charge” in clause 1.1 thereof had been
deleted and substituted with the following:
	 
	 	 	 	““Charge” means the charge over the Shares to be given by the Shareholder as
holder (legally and beneficially) of the Shares to the Trustee pursuant to
the Charge Option;”;
	 
	 	2.2.3	 	the definition of “Charge Option” in clause 1.1 thereof had
been deleted and substituted with the following:
	 
	 	 	 	““Charge Option” means the option to take the Charge to be given by the
Shareholder to the Trustee on or before the Effective Date (as such term is
defined in the third supplemental deed to this Agreement), such option and
the Charge being in the form and on the terms and conditions required by the
Agent and the Hermes Agent;”;
	 
	 	2.2.4	 	the definition of “Member” in clause 1.1 thereof had been
deleted and substituted with the following:

3

 

	 	 	 	““Shareholder” means NCL America Holdings, Inc. of Corporation Trust Center,
1209 Orange Street, Wilmington, Delaware 19801, United States of America;”
	 
	 	 	 	and all references to the Member were substituted with references to the
Shareholder;

	 	2.2.5	 	the definition of “Membership Interest” in clause 1.1 thereof
had been deleted and substituted with the following:
	 
	 	 	 	““Shares” means the one thousand (1,000) authorised and issued shares of
common stock in the Borrower legally and beneficially owned by the
Shareholder;”;
	 
	 	 	 	and all references to the Membership Interest were substituted with
references to the Shares;
	 
	 	2.2.6	 	the heading of clause 9.2.20 thereof had been deleted and
substituted with the following:
	 
	 	 	 	“Ownership of shares”;
	 
	 	2.2.7	 	the following clause had been inserted as clause 10.22.12 thereof:

	 	“10.22.12	 	comply, or procure that the Manager will comply, with 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) (as the same may be amended from
time to time) (“Annex VI”) or any replacement of Annex VI 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;
	 
	 	(b)	 	maintain for the
Vessel a valid and current international air pollution
prevention certificate

4

 

	 	 	 	issued under Annex VI 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 IAPCC;”

and the remaining clauses of clause 10.22 thereof had been renumbered
accordingly;

	 	2.2.8	 	the address of Star in clause 18.2 thereof had been deleted
and substituted with the following:
	 
	 	 	 	“Star Cruises Terminal, Pulau Indah, PO Box No. 288, 42009 Pelabuhan Klang,
Selangor Darul Ehsan, Malaysia (marked for the attention of Mr Gerard Lim)”;
	 
	 	2.2.9	 	the telephone number “+60 (0)3 2161 3621” in clause 18.3
thereof had been deleted and substituted with the telephone number “+60 3 3884
0213”; and
	 
	 	2.2.10	 	the following paragraph had been inserted in schedule 4 thereof:

	 	 	 	“56 A Certified Copy of a valid international air
pollution prevention certificate issued to the Vessel under Annex VI.”.

	 	2.3	 	Each of the Second Merger Party and the Guarantor hereby confirms to the
Lenders, the Agent, the Hermes Agent and the Trustee that with effect from the
Restatement Date or the Merger Date (as the case may be):

	 	2.3.1	 	all references to the Original Loan Agreement (prior to its
amendment by the second supplemental agreement thereto dated 1 July 2004) or
the Original Loan Agreement (as the case may be) in the Security Documents to
which it is a party shall be construed as references to the Original Loan
Agreement (prior to its amendment by the second supplemental agreement thereto
dated 1 July 2004) or the Original Loan Agreement (as the case may be) as
amended by this Deed and all terms used in such Security Documents whose
meanings are defined by reference to the Original Loan Agreement (prior to its
amendment by the second supplemental agreement

5

 

	 	 	 	thereto dated 1 July 2004) or the Original Loan Agreement (as the case may
be) shall be defined by reference to the Original Loan Agreement as so
amended;

	 	2.3.2	 	the Security Documents to which it is a party (by virtue of
the Merger in the case of the Second Merger Party) shall apply to, and extend
to secure, the whole of the Outstanding Indebtedness as defined in clause 1.1
of the Original Loan Agreement as amended by this Deed;
	 
	 	2.3.3	 	its obligations under the Security Documents to which it is a
party (by virtue of the Merger in the case of the Second Merger Party) shall
not be discharged, impaired or otherwise affected by reason of the Merger, the
release of the Shareholder from the Charge Option (as defined in the Original
Loan Agreement) or the execution of this Deed or of any of the documents or
transactions contemplated hereby; and
	 
	 	2.3.4	 	its obligations under the Security Documents to which it is a
party (by virtue of the Merger in the case of the Second Merger Party) shall
remain in full force and effect as security for the obligations of the Second
Merger Party as the Borrower under the Original Loan Agreement and the other
Security Documents as amended by this Deed.

	 	2.4	 	Except as expressly amended hereby or pursuant hereto the Original Loan
Agreement (prior to its amendment by the second supplemental agreement thereto dated 1
July 2004), the Original Loan Agreement and the Security Documents shall remain in full
force and effect and nothing herein contained shall relieve the Second Merger Party as
the Borrower or any other Obligor from any of its respective obligations under any such
documents.

	3	 	Conditions Precedent

	 	3.1	 	The release of the Shareholder from its obligations under the Charge Option (as
defined in the Original Loan Agreement) 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	 	on the date of this Deed, a Certified Copy of the instrument
pursuant to which the Merger was effected (the “Certificate
of Merger”) and a

6

 

	 	 	 	Certified Copy of the Agreement and Plan of Merger referred to in the
Certificate of Merger;

	 	3.1.2	 	on the date of this Deed, one (1) counterpart duly executed by
the Second Merger Party and the Guarantor (in the case of this Deed) and the
Second Merger Party (in respect of the Security Letter) of:

	 	(a)	 	this Deed; and
	 
	 	(b)	 	the Security Letter;

	 	3.1.3	 	on the date of this Deed, a Certified Copy of the third
supplemental agreement to the Hermes Loan Agreement (as defined in the Original
Loan Agreement) duly executed by the Second Merger Party and the Guarantor (the
amendments to be made to the Hermes Loan Agreement (as defined in the Original
Loan Agreement) pursuant to the third supplemental agreement shall be the same,
mutatis mutandis, as the amendments to be made to the Original Loan Agreement
pursuant to this Deed);
	 
	 	3.1.4	 	one (1) counterpart of the Charge Option duly executed by the
Shareholder;
	 
	 	3.1.5	 	a written confirmation from the Builder evidencing its due
consent to the Merger;
	 
	 	3.1.6	 	a written confirmation from the Borrower that from the date of
this Deed all consents and waivers which are required under the Loan Agreement
or any of the other Security Documents in connection with the Merger have been
given in accordance with the terms of the Loan Agreement or the relevant
Security Document;
	 
	 	3.1.7	 	a written confirmation from the Process Agent that it will act
for the Second Merger Party and the Guarantor as agent for service of process
in England in respect of this Deed and for the Shareholder in respect of the
Charge;

7

 

	 	3.1.8	 	the following corporate documents in respect of each of the
Second Merger Party, the Guarantor and the Shareholder (together the “Relevant
Parties”):

	 	(a)	 	Certified Copies of any consents required from
any ministry, governmental, financial or other authority for the
execution of and performance by the respective Relevant Party of its
obligations under this Deed and each of the other Security Documents to
which it will become a party or if no such consents are required a
certificate from a duly appointed officer of the Relevant Party to this
effect confirming that no such consents are required;
	 
	 	(b)	 	notarially attested secretary’s certificate of
each of the Relevant Parties:

	 	(i)	 	attaching a copy of its
Certificate of Incorporation and Memorandum of Association and
Bye-Laws (or equivalent constitutional documents) evidencing
power to enter into the transactions contemplated in this Deed
and in the other Security Documents to which it will become a
party pursuant hereto;
	 
	 	(ii)	 	giving the names of its present
officers and directors;
	 
	 	(iii)	 	setting out specimen
signatures of such officers and directors as are authorised by
the Relevant Party to sign documents or otherwise undertake the
performance of that Relevant Party’s obligations under this
Deed and the Security Documents or other documents contemplated
hereby to which it will become a party;
	 
	 	(iv)	 	giving the legal owner of its shares and the number of such shares held;
	 
	 	(v)	 	attaching copies of resolutions
passed at duly convened meetings of the directors and, if
required by the Agent, the shareholders or members of each of
the Relevant Parties authorising (as applicable) the execution
of this Deed and

8

 

	 	 	 	any documents contemplated in this Deed and such of the
other Security Documents to which it will become a party and
the issue of any power of attorney to execute the same; and
	 
	 	(vi)	 	containing a declaration of
solvency as at the date of the certificate of the duly
appointed officer of the Relevant Party;

	 	3.1.9	 	the original powers of attorney, if any, issued pursuant to
the resolutions referred to above and notarially attested;
	 
	 	3.1.10	 	filing of the UCC-3 amendments with the Secretary of State of Delaware more
particularly described in Clause 4.2.4; and
	 
	 	3.1.11	 	the issue of such favourable written legal opinions including in respect of
Delaware, Bermuda and Germany 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 and no Possible Event of Default has occurred and
is continuing on the Effective Date.

	 	3.2	 	If the Lenders, acting unanimously, decide (or the Agent in accordance with the
Agency and Trust Deed decides) to permit the release of the Shareholder from its
obligations under the Charge Option (as defined in the Original Loan 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 Effective Date (or such other period as the Agent may
stipulate) and the release of the Shareholder 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 in the absence of such documents or evidence.

9

 

	4	 	Representations and Warranties

	 	4.1	 	The Second Merger Party represents and warrants to the Lenders and the Trustee
that with effect from the Merger Date it succeeded to all the rights and obligations of
the First Merger Party including but without limitation all the rights and obligations
of the First Merger Party under the Security Documents to which the First Merger Party
was a party at the Merger Date.
	 
	 	4.2	 	Each of the Borrower and the Guarantor represents and warrants to the Lenders
and the Trustee that:

	 	4.2.1	 	it has the power to enter into and perform this Deed and the
transactions contemplated hereby and has taken all necessary action to
authorise the entry into and performance of this Deed and such transactions;
	 
	 	4.2.2	 	this Deed constitutes its legal, valid and binding obligations
enforceable in accordance with its terms;
	 
	 	4.2.3	 	its entry into and performance of this Deed and the
transactions contemplated hereby do not and will not conflict with:

	 	(a)	 	any law or regulation or any official or judicial order; or
	 
	 	(b)	 	its constitutional documents; or
	 
	 	(c)	 	any agreement or document to which it is a
party or which is binding upon it or any of its assets,

nor result in the creation or imposition of any Encumbrance on it or its
assets pursuant to the provisions of any such agreement or document and in
particular but without prejudice to the foregoing the entry into and
performance of this Deed and the transactions contemplated hereby will not
render invalid, void or voidable any security granted by it to the Trustee;

	 	4.2.4	 	except for the filing of UCC-3 amendments with the Secretary
of State of Delaware evidencing the Merger and the assumption by the Second
Merger Party of the obligations of the First Merger Party under the Security
Documents to which it was a party as the borrower of the Loan,

10

 

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

	 	4.2.5	 	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 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;
	 
	 	4.2.6	 	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 Hermes
Agent and/or the Trustee in deciding whether or not to enter into this Deed.

	5	 	Expenses

The Borrower and the Guarantor jointly and severally undertake to reimburse the Agent on
demand 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 Hermes Agent or the Trustee
in respect of the negotiation, preparation, printing, execution, registration and
enforcement of this Deed and any other documents required in connection with the
implementation of this Deed.

	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 and the Hermes Agent as the Agent
and the Hermes Agent may reasonably consider necessary for giving full effect to this Deed
or any of the documents contemplated hereby or securing to the Trustee the full benefit of
the rights, powers and remedies conferred upon the Trustee in

11

 

any such document. In particular, the Borrower irrevocably and unconditionally affirms that
the documents attached to the Security Letter and set out in schedule 1 thereto (the “Agreed
Form Security Documents”) as security for its obligations under the Loan Agreement will be
duly executed by the Shareholder upon the Agent’s request in that form, together with such
additions and amendments thereto as the Agent and the Hermes Agent may reasonably consider
necessary for giving full effect to this Deed and any of the Agreed Form Security Documents
or securing to the Trustee, the Agent, the Hermes Agent and/or the Lenders (as the case may
be) the full benefit of the rights, powers and remedies conferred upon the Trustee, the
Agent, the Hermes Agent and/or the Lenders (as the case may be) in any such Agreed Form
Security 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 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 Mr Lamarr Cooler and the Legal Department (but one (1) copy shall
suffice)) with a copy to c/o Star Cruises Limited, Star Cruises Terminal, Pulau Indah,
PO Box No. 288, 42009 Pelabuhan Klang, Selangor Darul Ehsan, Malaysia (marked for the
attention of Mr Gerard Lim). Any notice, demand or other communication to be made or
delivered by the Borrower or the Guarantor pursuant to this Deed shall (unless the
Agent has by fifteen (15) days’ written notice to the Borrower and the Guarantor
specified another address) be made or delivered to the Agent at its Office, the details
of which are set out in Schedule 2.
	 
	 	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 Mr Lamarr Cooler) and +1 305 436 4117 (marked for

12

 

	 	 	 	the attention of the Legal Department) with a copy to +60 3 3884 0213 (marked for
the attention of Mr Gerard Lim) and in the case of the Agent, the Hermes Agent, the
Trustee or any Lender is as recorded in Schedule 2) 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, the Hermes Agent, the Trustee or any Lender 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, the Hermes Agent, the Trustee or any Lender to the Borrower
and the Guarantor.

	 	8.3	 	The provisions of clauses 18.1, 18.4 and 18.5 of the Loan Agreement shall apply
to this Deed.

	9	 	Governing Law

This Deed shall be governed by English law.

	10	 	Jurisdiction

	 	10.1	 	The courts of England have exclusive jurisdiction to settle any dispute arising
out of or in connection with this Deed (including a dispute regarding the existence,
validity or termination of this Agreement) (a “Dispute”). Each party to this Deed
agrees that the courts of England are the most appropriate and convenient courts to
settle Disputes and accordingly no party will argue to the contrary.
	 
	 	 	 	This Clause 10.1 is for the benefit of the Agent and the 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	 	Neither the Borrower nor the Guarantor may, without the Agent’s prior written
consent, terminate the appointment of the Process Agent; if the Process Agent resigns
or its appointment ceases to be effective, the Borrower and/or the Guarantor (as the
case may be) shall within fourteen (14) days appoint a company

13

 

	 	 	 	which has premises in London and has been approved by the Agent to act as the
Borrower’s and/or the Guarantor’s (as the case may be) process agent with
unconditional authority to receive and acknowledge service on behalf of the Borrower
and/or the Guarantor of all process or other documents connected with proceedings in
the English courts which relate to this Deed.

	 	10.3	 	For the purpose of securing its obligations under Clause 10.2, each of the
Borrower and the Guarantor irrevocably agrees that, if it for any reason fails to
appoint a process agent within the period specified in Clause 10.2, the Agent may
appoint any person (including a company controlled by or associated with the Agent or
any Lender) to act as the Borrower’s or the Guarantor’s (as the case may be) process
agent in England with the unconditional authority described in Clause 10.2.
	 
	 	10.4	 	No neglect or default by a process agent appointed or designated under this
Clause (including a failure by it to notify the Borrower or the Guarantor (as the case
may be) of the service of any process or to forward any process to the Borrower or the
Guarantor (as the case may be)) shall invalidate any proceedings or judgment.
	 
	 	10.5	 	Each of the Borrower and the Guarantor appoints in the case of the courts of
England the Process Agent to receive, for and on its behalf service of process in
England of any legal proceedings with respect to this Deed.
	 
	 	10.6	 	A judgment relating to this Deed which is given or would be enforced by an
English court shall be conclusive and binding on the Borrower and/or the Guarantor (as
the case may be) and may be enforced without review in any other jurisdiction.
	 
	 	10.7	 	Nothing in this Clause shall exclude or limit any right which the Agent or 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.
	 
	 	10.8	 	In this Clause “judgment” includes order, injunction, declaration and any other
decision or relief made or granted by a court.

14

 

IN WITNESS whereof the parties hereto have caused this Deed to be duly executed as a deed on the
day first written above.

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 	 	 
	by PAUL ALAN TURNER

	 	 	)	 	 	 
	for and on behalf of

	 	 	)	     P.A. TURNER	 	 
	PRIDE OF AMERICA SHIP HOLDING, INC.

	 	 	)	 	 	 
	in the presence of:

	 	A.
TOSTEVIN

ALEX TOSTEVIN 
	)	 	 	 
	 
	 	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 	 	 
	by PAUL ALAN TURNER

	 	 	)	 	 	 
	for and on behalf of

	 	 	)	     P.A. TURNER	 	 
	NCL CORPORATION LTD.

	 	 	)	 	 	 
	in the presence of:

	 	A.
TOSTEVIN

ALEX TOSTEVIN 
	)	 	 	 
	 
	 	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 	 	 
	by
STEFAN KUCH • ILONKA SCHEFE

	 	 	)	     S.
KUCH   I. SCHEFE   C. RUNKE	 	 
	for and on behalf of

	 	 	)	 	 	 
	COMMERZBANK AKTIENGESELLSCHAFT

	 	 	)	 	 	 
	Hamburg Branch

	 	 	)	 	 	 
	as an Arranger

	 	 	)	 	 	 
	in the presence of:

	 	CHRISTIAN
RUNKE 
	)	 	 	 
	 
	 	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 	 	 
	by
C.G. POCOCK

	 	 	)	 	 	 
	for and on behalf of

	 	 	)	     C.G. POCOCK	 	 
	HSBC BANK PLC

	 	 	)	 	 	 
	as an Arranger

	 	 	)	 	 	 
	in the presence of:

	 	N.
GROOM

NIGEL GROOM 
	)	 	 	 

15

 

	 	 	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 	 	 
	by
STEFAN KUCH & ILONKA SCHEFE

	 	 	)	 	 	 
	for and on behalf of

	 	 	)	     S.
KUCH   I. SCHEFE	 	 
	COMMERZBANK AKTIENGESELLSCHAFT

	 	 	)	 	 	 
	Bremen Branch

	 	 	)	 	 	 
	as a Lender

	 	 	)	 	 	 
	in the presence of:

	 	C.
RENKE

CHRISTIAN RENKE 
	)	 	 	 
	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 	 	 
	by
C.G. POCOCK

	 	 	)	 	 	 
	for and on behalf of

	 	 	)	     C.G. POCOCK	 	 
	HSBC BANK PLC

	 	 	)	 	 	 
	as a Lender

in the presence of:

	 	N.
GROOM

NIGEL GROOM 
	)

)	 	 	 
	 
	 	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 	 	 
	by W.
PFISTERER & C. DOOLEY

	 	 	)	 	 	 
	for and on behalf of

	 	 	)	     W.
PFISTERER   C. DOOLEY	 	 
	KfW

	 	 	)	 	 	 
	as a Lender

	 	 	)	 	 	 
	in the presence of:

	 	B.
KILLINGER

BETTINA KILLINGER 
	)	 	 	 
	 
	 	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 	 	 
	by
C.G. POCOCK

	 	 	)	 	 	 
	for and on behalf of

	 	 	)	     C.G. POCOCK	 	 
	HSBC BANK PLC

	 	 	)	 	 	 
	as the Agent

	 	 	)	 	 	 
	in the presence of:

	 	N.
GROOM

NIGEL GROOM 
	)	 	 	 
	 
	 	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 	 	 
	by
STEFAN KUCH & ILONKA SCHEFE

	 	 	)	 	 	 
	for and on behalf of

	 	 	)	     S. KUCH
    I. SCHEFE	 	 
	COMMERZBANK AKTIENGESELLSCHAFT

	 	 	)	 	 	 
	as the Hermes Agent

	 	 	)	 	 	 
	in the presence of:

	 	C.
RENKE

CHRISTIAN RENKE 
	)	 	 

16

 

	 	 	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 	 	 
	by C.G. POCOCK

	 	 	)	 	 	 
	for and on behalf of

	 	 	)	     C.G. POCOCK	 	 
	HSBC BANK PLC

	 	 	)	 	 	 
	as the Trustee

	 	 	)	 	 	 
	in the presence of:

	 	N.
GROOM

NIGEL GROOM 
	)	 	 	 

17

 

Schedule 1

Particulars of Arrangers

COMMERZBANK AKTIENGESELLSCHAFT

Global Shipping

Hamburg Branch

Ness 7-9

20457 Hamburg

Federal Republic of Germany

Attn: Mr Stefan Kuch/Mr Christian Renke

Email: shipfinance@commerzbank.com

HSBC BANK PLC

Project and Export Finance

8 Canada Square

London E14 5HQ

Attn: Mr Alan Marshall

Email: alan.p.marshall@hsbcib.com

18

 

Schedule 2

Particulars of Agent, Hermes Agent, Trustee and Lenders

Name and Address

Agent

HSBC BANK PLC

Project and Export Finance

8 Canada Square

London E14 5HQ

Fax: +44 (0)20 7992 4428

Attn: Mr Alan Marshall

Email: alan.p.marshall@hsbcib.com

Hermes Agent

COMMERZBANK

AKTIENGESELLSCHAFT

Corporate Banking

Corporate Finance & Portfolio Management

Structured Export and Trade Finance

Kaiserplatz

60261 Frankfurt am Main

Federal Republic of Germany

Fax: +49 69 1362 3742

Attn: Mr Klaus-Dieter Schmedding

Email: exportfinance@commerzbank.com

Trustee

HSBC BANK PLC

Project and Export Finance

8 Canada Square

London E14 5HQ

Fax: +44 (0)20 7992 4428

Attn: Mr Alan Marshall

Email: alan.p.marshall@hsbcib.com

19

 

	 	 	 	 	 
	 

	 	 	 	 
	Name and address

	 	Contribution	 	 
	 

	 	in USD equivalent of €	 	 
	 
	 	 	 	 
	Lenders
	 	 	 	 
	 
	 	 	 	 
	COMMERZBANK

	 	14,000,000	 	 
	AKTIENGESELLSCHAFT
	 	 	 	 
	Bremen Branch
	 	 	 	 
	Schüsselkorb 5-11
	 	 	 	 
	28195 Bremen
	 	 	 	 
	Federal Republic of Germany
	 	 	 	 
	 
	 	 	 	 
	Fax: +49 421 363 3390
	 	 	 	 
	Attn: Mr Siegfried Hoffmann
	 	 	 	 
	Email: siegfried.hoffmann@commerzbank.com
	 	 	 	 
	 
	 	 	 	 
	HSBC BANK PLC

	 	14,000,000	 	 
	Project and Export Finance
	 	 	 	 
	8 Canada Square
	 	 	 	 
	London E14 5HQ
	 	 	 	 
	 
	 	 	 	 
	Fax: +44 (0)20 7992 4428
	 	 	 	 
	Attn: Mr Alan Marshall
	 	 	 	 
	Email: alan.p.marshall@hsbcib.com
	 	 	 	 
	 
	 	 	 	 
	KfW

	 	12,000,000	 	 
	(formerly known as
	 	 	 	 
	Kreditanstalt für Wiederaufbau)
	 	 	 	 
	Palmengartenstrasse 5-9
	 	 	 	 
	60325 Frankfurt am Main
	 	 	 	 
	Federal Republic of Germany
	 	 	 	 
	 
	 	 	 	 
	Fax: +49 69 7431 2944
	 	 	 	 
	Attn: Mr Wolfgang Pfisterer
	 	 	 	 
	Email: wolfgang.pfisterer@kfw.de
	 	 	 	 

20

 

EXHIBIT
4.6

DATED
AS OF 3 AUGUST 2005

PRIDE OF AMERICA SHIP HOLDING, INC.

(as borrower)

NCL CORPORATION LTD.

(as guarantor)

COMMERZBANK AKTIENGESELLSCHAFT

Hamburg Branch

HSBC BANK PLC

(as arrangers)

COMMERZBANK AKTIENGESELLSCHAFT

Bremen Branch

HSBC BANK PLC

KfW

(as lenders)

HSBC BANK PLC

(as agent)

COMMERZBANK AKTIENGESELLSCHAFT

(as Hermes agent)

HSBC BANK PLC

(as trustee)

 

FOURTH SUPPLEMENT TO SECURED LOAN AGREEMENT

dated 4 April 2003 for the equivalent amount in

United States Dollars and/or Euro of up to €258,000,000

pre- and post redelivery finance for one 1,075 cabin luxury cruise vessel

identified with no 7671 and working title “Project America”

at the yard of Lloyd Werft Bremerhaven GmbH

(tbn “PRIDE OF AMERICA”)

 

STEPHENSON HARWOOD

One St Paul’s Churchyard

London EC4M 8SH

Tel: +44 (0)20 7329 4422

Fax: + 44 (0)20 7329 7100

Ref: 1253/41-25887/42-02591/43-03502

 

 

CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	1
	 	Definitions and Construction	 	 	3	 
	 
	 	 	 	 	 	 
	2
	 	Amendment of Original Loan Agreement and Security Documents	 	 	3	 
	 
	 	 	 	 	 	 
	3
	 	Conditions Precedent	 	 	5	 
	 
	 	 	 	 	 	 
	4
	 	Representations and Warranties	 	 	8	 
	 
	 	 	 	 	 	 
	5
	 	Expenses	 	 	10	 
	 
	 	 	 	 	 	 
	6
	 	Further Assurance	 	 	10	 
	 
	 	 	 	 	 	 
	7
	 	Counterparts	 	 	11	 
	 
	 	 	 	 	 	 
	8
	 	Notices	 	 	11	 
	 
	 	 	 	 	 	 
	9
	 	Governing Law	 	 	12	 
	 
	 	 	 	 	 	 
	10
	 	Jurisdiction	 	 	12	 
	 
	 	 	 	 	 	 
	Schedule 1
	 	Particulars of Arrangers	 	 	16	 
	 
	 	 	 	 	 	 
	Schedule 2
	 	Particulars of Agent, Hermes Agent, Trustee and Lenders	 	 	17	 

 

 

FOURTH SUPPLEMENTAL AGREEMENT TO THE LOAN AGREEMENT

DATED
   2005

BETWEEN:

	(1)	 	PRIDE OF AMERICA SHIP HOLDING, INC. of Corporation Trust Center, 1209 Orange Street,
Wilmington, Delaware 19801, United States of America as borrower (the
“Borrower”);
	 
	(2)	 	NCL CORPORATION LTD. of 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 arrangers (collectively
the “Arrangers” and each individually an
“Arranger”);
	 
	(4)	 	THE SEVERAL BANKS particulars of which are set out in Schedule 2 as lenders (collectively the
“Lenders” and each individually a
“Lender”);
	 
	(5)	 	HSBC BANK PLC of 8 Canada Square, London E14 5HQ as
agent (the “Agent”);
	 
	(6)	 	COMMERZBANK AKTIENGESELLSCHAFT of Kaiserplatz, 60311 Frankfurt am Main, Federal Republic of
Germany as agent (the “Hermes Agent”); and
	 
	(7)	 	HSBC BANK PLC of 8 Canada Square, London E14 5HQ as
trustee (the “Trustee”).

WHEREAS:

	(A)	 	By a loan agreement dated 4 April 2003 as amended and/or restated by a first supplemental
agreement thereto dated 20 April 2004, a second supplemental agreement thereto dated 1 July
2004 and a third supplemental agreement thereto dated 1 June 2005 (the “Original Loan
Agreement”) entered into between the Borrower or its predecessor Ship Holding LLC (“SHLLC”) as
borrower, the Lenders as lenders, the Agent as agent for (among others) the Lenders, the
Hermes Agent as agent for (among others) the Lenders and the Trustee as trustee for (among
others) the Lenders, the Lenders granted to the Borrower a secured loan in the maximum amount
of the equivalent in Dollars and/or Euro of two hundred and fifty eight million Euro
(€258,000,000)
(the “Loan”) to part-finance the completion by the Builder of the Vessel for
the Contract Price (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 (among other things) a guarantee
and indemnity dated 23 April 2004 granted by the Guarantor (the
“Guarantee”).
	 
	(B)	 	By a fifth addendum dated 7 June 2005 (the
“Building Contract Addendum”) to the Building
Contract (as defined in the Original Loan Agreement and as amended by a fourth addendum
thereto dated 13 May 2005) (the “Original Building
Contract”) the Borrower and the Builder
agreed that of the amount of fifty five million Euro (EUR55,000,000) of the eleventh
instalment of the Contract Price payable by the Borrower to the Builder on the Redelivery Date
pursuant to the Original Building Contract, only the amount of forty nine million three
hundred thousand Euro (EUR49,300,000) would be so payable and the balance of five million
seven hundred thousand Euro (EUR5,700,000) (the “Escrow
Monies”) would be held in two (2)
separate escrow accounts opened by Clifford Chance LLP and Dr Schackow & Partner, the
Borrower’s and the Builder’s lawyers respectively, with the Agent pending the completion of
certain works as more particularly described in the Building Contract Addendum.
	 
	(C)	 	Pursuant to a drawdown notice dated 1 June 2005 as amended by subsequent instructions given
to the Agent on 6 and 7 June 2005, the Borrower requested (i) the fixing of the Interest Rate
in respect of, and drawdown of, Tranche 9 on 6 June 2005 (ii) for the amount of forty nine
million three hundred thousand Euro (EUR49,300,000) to be paid to the Builder on 7 June 2005
and (iii) for the Escrow Monies to be held in the two (2) escrow accounts more particularly
described in recital (B).
	 
	(D)	 	The Lenders, the Agent and the Hermes Agent consented to the amendment of the Original
Building Contract and to the fixing of the Interest Rate for Tranche 9 and its drawdown and
remittance as more particularly described in recital (B) on the terms of a letter dated 7 June
2005 from the Borrower to the Agent which shall be deemed to have been replaced by this fourth
supplement to the Original Loan Agreement (this “Deed”) from the date of this Deed. This Deed
shall be executed as a deed.

NOW THIS DEED WITNESSES as follows:

2

 

	1	 	Definitions and Construction

	 	1.1	 	In this Deed including the preamble and recitals hereto (unless the context
otherwise requires) any term or expression defined in the preamble or the recitals
shall have the meaning ascribed to it therein and terms and expressions not defined
herein but whose meanings are defined in the Loan Agreement shall have the meanings set
out therein. In addition, the following terms and expressions shall have the meanings
set out below:
	 
	 	 	 	“Loan Agreement” means the Original Loan Agreement as amended by this Deed; and
	 
	 	 	 	“Merger” shall have the meaning set out in the third supplemental agreement dated 1
June 2005 referred to in recital (A).
	 
	 	1.2	 	The provisions of Clauses 1.2 and 1.3 of the Loan Agreement shall apply hereto
(mutatis mutandis).

	2	 	Amendment of Original Loan Agreement and Security Documents

	 	2.1	 	Subject to Clause 3, the parties hereto agree that the Original Loan Agreement
shall be read and construed as if:

	 	2.1.1	 	the definition of “Building Contract” in clause 1.1 thereof
had been deleted and substituted with the following:
	 
	 	 	 	““Building Contract” means the amended and restated shipbuilding contract
dated as of 5 February 2003 between the Borrower and the Builder (being an
amendment and restatement of the shipbuilding contract dated 28 December
2000 between NCLL and the Builder as novated by a contract dated 5 February
2003 between NCLL, the Borrower and the Builder) as amended by a first
addendum thereto dated 7 March 2003, a second addendum thereto dated 14
March 2003, a third addendum thereto dated 1 July 2004, a fourth addendum
thereto dated 13 May 2005 and a fifth addendum thereto dated 7 June 2005 for
the completion and redelivery of the Vessel and Specification No 4-00910
dated 5 February 2003;”
	 
	 	 	 	immediately upon and with effect from 7 June 2005;

3

 

	 	2.1.2	 	the definition of “Quotation Date” in clause 1.1 thereof had
been deleted and substituted with the following:
	 
	 	 	 	““Quotation Date” means, in relation to any Pre-Redelivery Interest Period
or Interest Period, unless otherwise agreed with the Lenders and the Hermes
Agent, 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 Pre-Redelivery Interest
Period or Interest Period PROVIDED THAT if such quotation date is not a
Business Day the quotation date shall be the preceding Business Day;”
	 
	 	 	 	immediately upon and with effect from 6 June 2005;
	 
	 	2.1.3	 	the definition of “Termination Date” in clause 1.1 thereof had
been deleted and substituted with the following:
	 
	 	 	 	““Termination Date” means 6 June 2005;”
	 
	 	 	 	immediately upon and with effect from 6 June 2005; and
	 
	 	2.1.4	 	clause 11.1.21 thereof had been deleted and substituted with
the following:
	 
	 	 	 	“The Vessel has not been redelivered to the Borrower by the Builder pursuant
to the Building Contract by 3 December 2005 (or such later date as is agreed
between the Borrower, the Lenders and Hermes).”
	 
	 	 	 	immediately upon and with effect from 6 June 2005.

	 	2.2	 	Each of the Borrower and the Guarantor hereby confirms to the Lenders, the
Agent, the Hermes Agent and the Trustee that with effect from the date of this Deed:

	 	2.2.1	 	all references to the Original Loan Agreement in the Security
Documents to which it is a party shall be construed as references to the
Original Loan Agreement as amended by this Deed and all terms used in such
Security Documents whose meanings are defined by reference to the Original Loan

4

 

	 	 	 	Agreement shall be defined by reference to the Original Loan Agreement as so
amended;
	 
	 	2.2.2	 	the Security Documents to which it is a party (in some cases,
in the case of the Borrower, by virtue of the Merger) shall apply to, and
extend to secure, the whole of the Outstanding Indebtedness as defined in
clause 1.1 of the Original Loan Agreement as amended by this Deed;
	 
	 	2.2.3	 	its obligations under the Security Documents to which it is a
party (by virtue of the Merger in the case of the Borrower) 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
	 
	 	2.2.4	 	its obligations under the Security Documents to which it is a
party (by virtue of the Merger in the case of the Borrower) shall remain in
full force and effect as security for the obligations of the Borrower under the
Original Loan Agreement and the other Security Documents as amended by this
Deed.

	 	2.3	 	Except as expressly amended hereby or pursuant hereto the Original Loan
Agreement and the Security Documents shall remain in full force and effect and nothing
herein contained shall relieve the Borrower or any other Obligor from any of its
respective obligations under any such documents. In particular but without limitation
each of the Borrower and the Guarantor confirms the Borrower’s obligation to pay
interest at the Interest Rate on Tranche 9 (in addition to interest at the Interest
Rate on the balance of the Loan) from 6 June 2005 notwithstanding that Tranche 9 (after
deduction of the Escrow Monies) was only paid to the Builder on 7 June 2005.

	3	 	Conditions Precedent

	 	3.1	 	The consent of the Lenders, the Agent and the Hermes Agent to the amendment of
the Original Building Contract and the variation of the provisions of the Original Loan
Agreement in relation to Tranche 9 is conditional upon and shall not be effective
unless and until the Agent has received the following in form and substance
satisfactory to it:

5

 

	 	3.1.1	 	on the date of this Deed, one (1) counterpart duly executed by
the Borrower and the Guarantor of this Deed;
	 
	 	3.1.2	 	a Certified Copy of the Building Contract Addendum;
	 
	 	3.1.3	 	evidence that the two (2) accounts have been opened with the
Agent for receipt of the Escrow Monies;
	 
	 	3.1.4	 	a second amendment to the Post Redelivery Mortgage (the
“Second Mortgage Amendment”) duly executed and lodged for recordation at the
United States Coast Guard National Vessel Documentation Center;
	 
	 	3.1.5	 	a written confirmation from the Process Agent that it will act
for the Borrower and the Guarantor as agent for service of process in England
in respect of this Deed;
	 
	 	3.1.6	 	the following corporate documents in respect of each of the
Borrower and the Guarantor (together the “Relevant
Parties”):

	 	(a)	 	Certified Copies of any consents required from
any ministry, governmental, financial or other authority for the
execution of and performance by the respective Relevant Party of its
obligations under this Deed and the Second Mortgage Amendment or if no
such consents are required a certificate from a duly appointed officer
of the Relevant Party to this effect confirming that no such consents
are required;
	 
	 	(b)	 	notarially attested secretary’s certificate of
each of the Relevant Parties:

	 	(i)	 	attaching a copy of its
Certificate of Incorporation and Memorandum of Association and
Bye-Laws (or equivalent constitutional documents) evidencing
power to enter into the transactions contemplated in this Deed
and the Second Mortgage Amendment;
	 
	 	(ii)	 	giving the names of its present
officers and directors;

6

 

	 	(iii)	 	setting out specimen
signatures of such officers and directors as are authorised by
the Relevant Party to sign documents or otherwise undertake the
performance of that Relevant Party’s obligations under this
Deed, the Second Mortgage Amendment and the other documents
contemplated hereby to which it will become a party;
	 
	 	(iv)	 	giving the legal owner of its
shares and the number of such shares held;
	 
	 	(v)	 	attaching copies of resolutions
passed at duly convened meetings of the directors and, if
required by the Agent, the shareholders or members of each of
the Relevant Parties authorising (as applicable) the execution
of this Deed, the Second Mortgage Amendment and any documents
contemplated in this Deed or the Second Mortgage Amendment and
the issue of any power of attorney to execute the same; and
	 
	 	(vi)	 	containing a declaration of
solvency as at the date of the certificate of the duly
appointed officer of the Relevant Party;

	 	3.1.7	 	the original powers of attorney, if any, issued pursuant to
the resolutions referred to above and notarially attested; and
	 
	 	3.1.8	 	the issue of such favourable written legal opinions including
in respect of Delaware and Bermuda 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 and no Possible Event of Default has occurred and
is continuing on the date on which the conditions precedent set out in this Clause
3.1 have been satisfied (subject to Clause 3.2) other than that Event of Default
waived by the Agent pursuant to the letters dated 9 March 2004 and 20 April 2004
from the Agent to SHLLC.

7

 

	 	3.2	 	If the Lenders, acting unanimously, decide (or the Agent in accordance with the
Agency and Trust Deed decides) to permit the amendment of the Original Loan 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 date of this Deed (or such other period as the
Agent may stipulate) and the amendment of the Original Loan 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 or the Lenders any
obligation to permit the amendment in the absence of such documents or evidence.

	4	 	Representations and Warranties

	 	4.1	 	Each of the Borrower and the Guarantor represents and warrants to the Lenders
and the Trustee that:

	 	4.1.1	 	it has the power to enter into and perform this Deed and the
Second Mortgage Amendment and the transactions contemplated hereby and has
taken all necessary action to authorise the entry into and performance of this
Deed, the Second Mortgage Amendment and such transactions;
	 
	 	4.1.2	 	this Deed constitutes its legal, valid and binding obligations
enforceable in accordance with its terms;
	 
	 	4.1.3	 	its entry into and performance of this Deed, the Second
Mortgage Amendment and the transactions contemplated hereby do not and will not
conflict with:

	 	(a)	 	any law or regulation or any official or judicial order; or
	 
	 	(b)	 	its constitutional documents; or
	 
	 	(c)	 	any agreement or document to which it is a
party or which is binding upon it or any of its assets,

nor result in the creation or imposition of any Encumbrance on it or its
assets pursuant to the provisions of any such agreement or document and in
particular but without prejudice to the foregoing the entry into and
performance of this Deed and the Second Mortgage Amendment and the

8

 

transactions contemplated hereby and thereby will not render invalid, void
or voidable any security granted by it to the Trustee;

	 	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 the Second Mortgage Amendment 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, the Second Mortgage Amendment 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;
	 
	 	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 Hermes
Agent and/or the Trustee in deciding whether or not to enter into this Deed;
	 
	 	4.1.7	 	it will procure that the Builder completes the works referred
to in annexes 2 and 3 to the Building Contract Addendum in accordance with the
Building Contract Addendum;
	 
	 	4.1.8	 	if the Builder accepts liability or is adjudged to be liable
to the Borrower in the arbitration proceedings referred to in clause 2.8 of the
Building Contract Addendum, it will either:

	 	(a)	 	procure that the Builder completes the works
required to be done in order to remove the cause of the excessive noise
and vibration levels in accordance with the Building Contract Addendum;
or

9

 

	 	(b)	 	procure that such works are carried out
promptly by another first class shipbuilder or ship repairer to at
least the same specification as that to which the Builder would have
worked;

	 	4.1.9	 	any Escrow Monies received by the Borrower (other than
interest on the Escrow Monies) shall be applied to remedy the works or defect
to which the particular Escrow Monies relate; and
	 
	 	4.1.10	 	any Escrow Monies received by the Borrower following the occurrence of an
Event of Default or a Possible Event of Default shall be paid and applied in
accordance with clause 12 of the Loan Agreement and until so paid and applied
shall be held by the Borrower in trust for and to the order of the Trustee.

	5	 	Expenses
	 
	 	 	The Borrower and the Guarantor jointly and severally undertake to reimburse the Agent on
demand 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 Hermes Agent or the Trustee
in respect of the negotiation, preparation, printing, execution, registration and
enforcement of this Deed, the Second Mortgage Amendment and any other documents required in
connection with the implementation of this Deed or the Second Mortgage Amendment.

	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 and the Hermes Agent as the Agent
and the Hermes Agent may reasonably consider necessary for giving full effect to this Deed
or any of the documents contemplated hereby or securing to the Trustee the full benefit of
the rights, powers and remedies conferred upon the Trustee in any such document.

10

 

	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 or the Guarantor pursuant to this Deed shall (unless the
Borrower or the Guarantor has by fifteen (15) days’ written notice to the Agent
specified another address) be made or delivered to the Borrower and/or the Guarantor
c/o 7665 Corporate Center Drive, Miami, Florida 33126, United States of America (marked
for the attention of Ms Bonnie Biumi and the Legal Department (but one (1) copy shall
suffice)) with a copy to c/o Star Cruises Limited, Star Cruises Terminal, Pulau Indah,
PO Box No. 288, 42009 Pelabuhan Klang, Selangor Darul Ehsan, Malaysia (marked for the
attention of Mr Gerard Lim). Any notice, demand or other communication to be made or
delivered by the Borrower or the Guarantor pursuant to this Deed shall (unless the
Agent has by fifteen (15) days’ written notice to the Borrower and the Guarantor
specified another address) be made or delivered to the Agent at its Office, the details
of which are set out in Schedule 2.
	 
	 	8.2	 	Any notice, demand or other communication to be made or delivered pursuant to
this Deed may be sent by telefax to the relevant telephone numbers (which at the date
hereof in respect of the Borrower and the Guarantor is +1 305 436 4140 (marked for the
attention of Ms Bonnie Biumi) and +1 305 436 4117 (marked for the attention of the
Legal Department) with a copy to +60 3 3884 0213 (marked for the attention of Mr Gerard
Lim) and in the case of the Agent, the Hermes Agent, the Trustee or any Lender is as
recorded in Schedule 2) 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, the Hermes Agent,
the Trustee or any Lender 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

11

 

	 	 	 	been notified for the time being for that purpose by the Agent, the Hermes Agent,
the Trustee or any Lender to the Borrower and the Guarantor.
	 
	 	8.3	 	The provisions of clauses 18.1, 18.4 and 18.5 of the Loan Agreement shall apply
to this Deed.

	9	 	Governing Law
	 
	 	 	This Deed shall be governed by English law.

	10	 	Jurisdiction

	 	10.1	 	The courts of England have exclusive jurisdiction to settle any dispute arising
out of or in connection with this Deed (including a dispute regarding the existence,
validity or termination of this Agreement) (a “Dispute”). Each party to this Deed
agrees that the courts of England are the most appropriate and convenient courts to
settle Disputes and accordingly no party will argue to the contrary.
	 
	 	 	 	This Clause 10.1 is for the benefit of the Agent and the 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	 	Neither the Borrower nor the Guarantor may, without the Agent’s prior written
consent, terminate the appointment of the Process Agent; if the Process Agent resigns
or its appointment ceases to be effective, the Borrower and/or the Guarantor (as the
case may be) shall within fourteen (14) days appoint a company which has premises in
London and has been approved by the Agent to act as the Borrower’s and/or the
Guarantor’s (as the case may be) process agent with unconditional authority to receive
and acknowledge service on behalf of the Borrower and/or the Guarantor of all process
or other documents connected with proceedings in the English courts which relate to
this Deed.
	 
	 	10.3	 	For the purpose of securing its obligations under Clause 10.2, each of the
Borrower and the Guarantor irrevocably agrees that, if it for any reason fails to
appoint a process agent within the period specified in Clause 10.2, the Agent may
appoint any person (including a company controlled by or associated with the Agent or
any Lender) to act as the Borrower’s or the Guarantor’s (as the case may

12

 

	 	 	 	be) process agent in England with the unconditional authority described in Clause
10.2.
	 
	 	10.4	 	No neglect or default by a process agent appointed or designated under this
Clause (including a failure by it to notify the Borrower or the Guarantor (as the case
may be) of the service of any process or to forward any process to the Borrower or the
Guarantor (as the case may be)) shall invalidate any proceedings or judgment.
	 
	 	10.5	 	Each of the Borrower and the Guarantor appoints in the case of the courts of
England the Process Agent to receive, for and on its behalf service of process in
England of any legal proceedings with respect to this Deed.
	 
	 	10.6	 	A judgment relating to this Deed which is given or would be enforced by an
English court shall be conclusive and binding on the Borrower and/or the Guarantor (as
the case may be) and may be enforced without review in any other jurisdiction.
	 
	 	10.7	 	Nothing in this Clause shall exclude or limit any right which the Agent or 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.
	 
	 	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 first written above.

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 	 	 
	by
Owen McHugh

	 	 	)	 	 	 
	for and on behalf of

	 	 	)	     Owen McHugh	 	 
	PRIDE OF AMERICA SHIP HOLDING, INC.

	 	 	)	 	 	 
	in the presence of:

	Cheng Rong Li,

Trainee Solicitor

Stephenson Harwood

One, St. Paul’s Churchyard

London

EC4M 85H 
	 	)	     C. R. Li	 	 

13

 

	 	 	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 	 	 
	by
Owen McHugh

	 	 	)	 	 	 
	for and on behalf of

	 	 	)	     Owen McHugh	 	 
	NCL CORPORATION LTD.

	 	 	)	 	 	 
	in the presence of:

	Einar
Blaauw

Clifford Chance 
	 	)	     E. Blaauw	 	 
	 
	 	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 	 	 
	by
Marcus Weber • Christian Renke

	 	 	)	
     M. Weber	 	 
	for and on behalf of

	 	 	)	     C. Renke 	 	 
	COMMERZBANK AKTIENGESELLSCHAFT

	 	 	)	 	 	 
	Hamburg Branch

	 	 	)	 	 	 
	as an Arranger

	 	 	)	 	 	 
	in the presence of:

	Svenja
Weber

Commerzbank AG, Assistant 
	 	)	     S. Weber	 	 
	 
	 	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 	 	 
	by
C.G. Pocock

	 	 	)	     C.G. Pocock	 	 
	for and on behalf of

	 	 	)	 	 	 
	HSBC BANK PLC

as an Arranger

	 	 	)

)	 	 	 
	in the presence of:

	Nigel Groom 
	 	)	     N. Groom	 	 
	 
	 	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 	 	 
	by
Siegfried Hoffman & Wolfgang Schmidt

	 	 	)	     S. Hoffman	 	 
	for and on behalf of

	 	 	)	     W. Schmidt	 	 
	COMMERZBANK AKTIENGESELLSCHAFT

	 	 	)	 	 	 
	Bremen Branch

	 	 	)	 	 	 
	as a Lender

	 	 	)	 	 	 
	in the presence of:

	Wolfgang
Gesdwa,
Vice President 
	 	)	     W. Gesdwa	 	 
	 
	 	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

by C.G. Pocock

	 	 	)

)	     C.G. Pocock	 	 
	for and on behalf of

	 	 	)	 	 	 
	HSBC BANK PLC

	 	 	)	 	 	 
	as a Lender

	 	 	)	 	 	 
	in the presence of:

	Nigel Groom 
	 	)	     N. Groom	 	 

14

 

	 	 	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

by W. PFISTERER & C. DOOLEY

	 	 	)

)	  	 	 
	for and on behalf of

	 	 	)	     W.
PFISTERER     C. DOOLEY	 	 
	KfW

	 	 	)	 	 	 
	as a Lender

	 	 	)	 	 	 
	in the presence of:

	 	JUTTA
WELIE

J. WELIE,
 KFW FRANKFURT,
 SENIOR PROJECT
MANAGER     
	)	 	 	 
	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 	 	 
	by C.
G. POCOCK

	 	 	)	 	 	 
	for and on behalf of

	 	 	)	     C.
G. POCOCK	 	 
	HSBC BANK PLC

	 	 	)	 	 	 
	as the Agent

in the presence of:

	 	NIGEL
GROOM

N. GROOM
	)

)	 	 	 
	 
	 	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 	 	 
	by
for and on behalf of BETEOLOT & ETCER

	 	 	)

	     BETEOLOT & ETCER	 	 
	 
	COMMERZBANK AKTIENGESELLSCHAFT

	 	 	)	 	 	 
	as the Hermes Agent

	 	 	)	 	 	 
	in the presence of:

	 	 	)	 	 	 
	 
	 	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

by C.G. POCOCK

	 	 	)

)	 	 	 
	for and on behalf of
HSBC BANK PLC
as the Trustee

in the presence of:

	 	NIGEL
GROOM

N. GROOM 
	)

)

)

)	     C.G. POCOCK	 	 

15

 

Schedule 1

Particulars of Arrangers

COMMERZBANK AKTIENGESELLSCHAFT

Global Shipping

Hamburg Branch

Ness 7-9

20457 Hamburg

Federal Republic of Germany

Attn: Mr Stefan Kuch/Mr Christian Renke

Email: shipfinance@commerzbank.com

HSBC BANK PLC

Project and Export Finance

8 Canada Square

London E14 5HQ

Attn: Mr Alan Marshall

Email: alan.p.marshall@hsbcib.com

16

 

Schedule 2

Particulars of Agent, Hermes Agent, Trustee and Lenders

Name and Address

Agent

HSBC BANK PLC

Project and Export Finance

8 Canada Square

London E14 5HQ

Fax: +44 (0)20 7992 4428

Attn: Mr Alan Marshall

Email: alan.p.marshall@hsbcib.com

Hermes Agent

COMMERZBANK

AKTIENGESELLSCHAFT

Corporate Banking

Corporate Finance & Portfolio Management

Structured Export and Trade Finance

Kaiserplatz

60261 Frankfurt am Main

Federal Republic of Germany

Fax: +49 69 1362 3742

Attn: Mr Klaus-Dieter Schmedding

Email: exportfinance@commerzbank.com

Trustee

HSBC BANK PLC

Project and Export Finance

8 Canada Square

London E14 5HQ

Fax: +44 (0)20 7992 4428

Attn: Mr Alan Marshall

Email: alan.p.marshall@hsbcib.com

17

 

	 	 	 	 	 
	Name and address

	 	Contribution                          

	 

	 	in € or USD equivalent of €

	 
	 	 	 	 
	Lenders
	 	 	 	 
	 
	 	 	 	 
	COMMERZBANK

	 	 	90,300,000	 
	AKTIENGESELLSCHAFT
	 	 	 	 
	Bremen Branch
	 	 	 	 
	Schüsselkorb 5-11
	 	 	 	 
	28195 Bremen
	 	 	 	 
	Federal Republic of Germany
	 	 	 	 
	 
	 	 	 	 
	Fax:       +49 421 363 3390
	 	 	 	 
	Attn:      Mr Siegfried Hoffmann
	 	 	 	 
	Email:   siegfried.hoffmann@commerzbank.com
	 	 	 	 
	 
	 	 	 	 
	HSBC BANK PLC

	 	 	90,300,000	 
	Project and Export Finance
	 	 	 	 
	8 Canada Square
	 	 	 	 
	London E14 5HQ
	 	 	 	 
	 
	 	 	 	 
	Fax:      +44 (0)20 7992 4428
	 	 	 	 
	Attn:     Mr Alan Marshall
	 	 	 	 
	Email:   alan.p.marshall@hsbcib.com
	 	 	 	 
	 
	 	 	 	 
	KfW

	 	 	77,400,000	 
	(formerly known as
	 	 	 	 
	Kreditanstalt für Wiederaufbau)
	 	 	 	 
	Palmengartenstrasse 5-9
	 	 	 	 
	60325 Frankfurt am Main
	 	 	 	 
	Federal Republic of Germany
	 	 	 	 
	 
	 	 	 	 
	Fax:
      +49 69 7431 2944
	 	 	 	 
	Attn:      Mr Wolfgang Pfisterer
	 	 	 	 
	Email:    wolfgang.pfisterer@kfw.de
	 	 	 	 

18

 

EXHIBIT
4.6

DATED
AS OF 30 SEPTEMBER 2005

PRIDE OF AMERICA SHIP HOLDING, INC.

(as borrower)

NCL CORPORATION LTD.

(as guarantor)

HSBC BANK PLC

(as agent)

COMMERZBANK AKTIENGESELLSCHAFT

(as Hermes agent)

HSBC BANK PLC

(as trustee)

 

FIFTH SUPPLEMENTAL DEED TO (AMONG OTHER THINGS)

SECURED LOAN AGREEMENT

dated 4 April 2003 for the equivalent amount in

United States Dollars and/or Euro of up to
€258,000,000

pre- and post redelivery finance for one 1,075 cabin luxury cruise vessel

identified with no 7671 and working title “Project America”

at the yard of Lloyd Werft Bremerhaven GmbH

(now named “PRIDE OF AMERICA”)

 

STEPHENSON HARWOOD

One St Paul’s Churchyard

London EC4M 8SH

Tel: +44 (0)20 7329 4422

Fax: + 44 (0)20 7329 7100

Ref: 1253/41-25887/42-02591/43-03502/44-01536

 

 

CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page
	1

	 	Definitions and Construction
	 	 	1	 
	 
	 	 	 	 	 	 
	2

	 	Amendment of Original Loan Agreement, Original Guarantee and Security Documents
	 	 	2	 
	 
	 	 	 	 	 	 
	3

	 	Conditions Precedent
	 	 	3	 
	 
	 	 	 	 	 	 
	4

	 	Representations and Warranties
	 	 	5	 
	 
	 	 	 	 	 	 
	5

	 	Expenses
	 	 	5	 
	 
	 	 	 	 	 	 
	6

	 	Further Assurance
	 	 	6	 
	 
	 	 	 	 	 	 
	7

	 	Counterparts
	 	 	6	 
	 
	 	 	 	 	 	 
	8

	 	Notices
	 	 	6	 
	 
	 	 	 	 	 	 
	9

	 	Governing Law
	 	 	7	 
	 
	 	 	 	 	 	 
	10

	 	Jurisdiction
	 	 	7	 
	 
	 	 	 	 	 	 
	Schedule 1

	 	Amendment of Original Loan Agreement
	 	 	9	 
	 
	 	 	 	 	 	 
	Schedule 2

	 	Amendment of Original Guarantee
	 	 	14	 
	 
	 	 	 	 	 	 
	Schedule 3

	 	Quarterly Statement of Financial Covenants
	 	 	18	 

 

 

FIFTH SUPPLEMENTAL DEED

DATED                                        2005

BETWEEN:

	(1)	 	PRIDE OF AMERICA SHIP HOLDING, INC. of Corporation Trust Center, 1209 Orange Street,
Wilmington, Delaware 19801, United States of America as borrower (the
“Borrower”);
	 
	(2)	 	NCL CORPORATION LTD. of Milner House, 18 Parliament Street, Hamilton HM 12, Bermuda as
guarantor (the “Guarantor”);
	 
	(3)	 	HSBC BANK PLC of 8 Canada Square, London E14 5HQ as
agent (the “Agent”);
	 
	(4)	 	COMMERZBANK AKTIENGESELLSCHAFT of Kaiserplatz, 60311 Frankfurt am Main, Federal Republic of
Germany as agent (the “Hermes Agent”); and
	 
	(5)	 	HSBC BANK PLC of 8 Canada Square, London E14 5HQ as trustee for itself and the Lenders (as
hereinafter defined) (the “Trustee”).

WHEREAS:

	(A)	 	By a loan agreement dated 4 April 2003 as amended and/or restated by a first supplemental
agreement thereto dated 20 April 2004, a second supplemental agreement thereto dated 1 July
2004, a third supplemental agreement thereto dated 1 June 2005
(the “Third Supplement”) and a
fourth supplemental agreement thereto dated 3 August 2005 (the
“Original Loan Agreement”)
entered into between the Borrower or its predecessor Ship Holding LLC (“SHLLC”) as borrower,
the Lenders as lenders, the Agent as agent for (among others) the Lenders, the Hermes Agent as
agent for (among others) the Lenders and the Trustee as trustee for (among others) the
Lenders, the Lenders granted to the Borrower a secured loan in the maximum amount of the
equivalent in Dollars and/or Euro of two hundred and fifty eight million Euro
(€258,000,000) (the “Loan”) to part-finance the completion by the Builder of the Vessel for
the Contract Price (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
(among other things) a guarantee and indemnity dated 23 April 2004 granted by the Guarantor
(the “Original Guarantee”).
	 
	(B)	 	The Guarantor has requested the consent of the Lenders, the Agent, the Hermes Agent and the
Trustee to the amendment of certain provisions of the Original Loan Agreement and the Original
Guarantee to conform such provisions to similar provisions in other loan documentation to
which the Guarantor and/or other members of the NCLC Group are party. This Deed shall be
executed as a deed.

NOW THIS DEED WITNESSES 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 Loan Agreement shall have

 

 

	 	 	 	the meanings set out therein. In addition, the following terms and expressions
shall have the meanings set out below:
	 
	 	 	 	“Guarantee” means the Original Guarantee as amended by this Deed; and
	 
	 	 	 	“Loan Agreement” means the Original Loan Agreement as amended by this Deed.
	 
	 	1.2	 	The provisions of Clauses 1.2 and 1.3 of the Loan Agreement shall apply hereto
(mutatis mutandis).

	2	 	Amendment of Original Loan Agreement, Original Guarantee and Security Documents

	 	2.1	 	Subject to Clause 3, the parties hereto agree that from the date of this Deed
the Original Loan Agreement shall be read and construed as if:

	 	2.1.1	 	the clauses referred to in the first column of Schedule 1 had
been amended to read as set out in the second column of Schedule 1; and
	 
	 	2.1.2	 	the definitions of Account Charge and Operating Account in
clause 1.1 had been deleted.

	 	2.2	 	Subject to Clause 3, the parties hereto agree that from the date of this Deed
the Original Guarantee shall be read and construed as if:

	 	2.2.1	 	the clauses referred to in the first column of Schedule 2 had
been amended to read as set out in the second column of Schedule 2;
	 
	 	2.2.2	 	the definitions of Intangible Assets, Tangible Assets,
Tangible Net Worth and Total Funded Debt in clause 11.4 had been deleted;
	 
	 	2.2.3	 	the following definition had been inserted in clause 11.4:
	 
	 	 	 	““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 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;”; and
	 
	 	2.2.4	 	schedule 1 had been deleted and substituted with Schedule 3.

	 	2.3	 	Each of the Borrower and the Guarantor hereby confirms to the Agent, the Hermes
Agent and the Trustee that with effect from the date of this Deed:

	 	2.3.1	 	all references to the Original Loan Agreement in the Security
Documents to which it is a party shall be construed as references to the Loan
Agreement and all terms used in such Security Documents whose meanings are
defined by reference to the Original Loan Agreement shall be defined by
reference to the Loan Agreement;
	 
	 	2.3.2	 	the Security Documents to which it is a party (in some cases,
in the case of the Borrower, by virtue of the Merger (as defined in the Third

2

 

	 	 	 	Supplement)) shall apply to, and extend to secure, the whole of the
Outstanding Indebtedness as defined in clause 1.1 of the Loan Agreement;
	 
	 	2.3.3	 	its obligations under the Security Documents to which it is a
party (in some cases, in the case of the Borrower, by virtue of the Merger)
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
	 
	 	2.3.4	 	its obligations under the Security Documents to which it is a
party (in some cases, in the case of the Borrower, by virtue of the Merger)
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	 	Except as expressly amended hereby or pursuant hereto the Original Loan
Agreement and the Security Documents shall remain in full force and effect and nothing
herein contained shall relieve the Borrower or any other Obligor from any of its
respective obligations under any such documents.

	3	 	Conditions Precedent

	 	3.1	 	The consent of the Agent, the Hermes Agent and the Trustee to the variation of
the provisions of the Original Loan Agreement and the Original Guarantee is conditional
upon and shall not be effective unless and until the Agent has received the following
in form and substance satisfactory to it:

	 	3.1.1	 	on the date of this Deed, one (1) counterpart of this Deed
duly executed by the Borrower and the Guarantor;
	 
	 	3.1.2	 	a written confirmation from the Process Agent that it will act
for the Borrower and the Guarantor as agent for service of process in England
in respect of this Deed;
	 
	 	3.1.3	 	the following corporate documents in respect of each of the
Borrower and the Guarantor (together the “Relevant
Parties”):

	 	(a)	 	Certified Copies of any consents required from
any ministry, governmental, financial or other authority for the
execution of and performance by the respective Relevant Party of its
obligations under this Deed or if no such consents are required a
certificate from a duly appointed officer of the Relevant Party to this
effect confirming that no such consents are required;
	 
	 	(b)	 	notarially attested secretary’s certificate of
each of the Relevant Parties:

	 	(i)	 	attaching a copy of its
Certificate of Incorporation and Memorandum of Association and
Bye-Laws (or equivalent constitutional documents) evidencing
power to enter into the transactions contemplated in this Deed;
	 
	 	(ii)	 	giving the names of its present
officers and directors;

3

 

	 	(iii)	 	setting out specimen
signatures of such officers and directors as are authorised by
the Relevant Party to sign documents or otherwise undertake the
performance of that Relevant Party’s obligations under this
Deed;
	 
	 	(iv)	 	giving the legal owner of its shares and the number of such shares held;
	 
	 	(v)	 	attaching copies of resolutions
passed at duly convened meetings of the directors and, if
required by the Agent, the shareholders or members of each of
the Relevant Parties authorising (as applicable) the execution
of this Deed and the amendment to the Post Redelivery Mortgage
and the issue of any power of attorney to execute the same; and
	 
	 	(vi)	 	containing a declaration of
solvency as at the date of the certificate of the duly
appointed officer of the Relevant Party;

	 	3.1.4	 	the original powers of attorney, if any, issued pursuant to
the resolutions referred to above and notarially attested;
	 
	 	3.1.5	 	a third amendment to the Post Redelivery Mortgage duly
executed and lodged for recordation at the United States Coast Guard National
Vessel Documentation Center; and
	 
	 	3.1.6	 	the issue of such favourable written legal opinions including
in respect of Delaware and Bermuda 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 and no Possible Event of Default has occurred and
is continuing on the date on which the conditions precedent set out in this Clause
3.1 have been satisfied (subject to Clause 3.2) other than that Event of Default
waived by the Agent pursuant to the letters dated 9 March 2004 and 20 April 2004
from the Agent to SHLLC.

	 	3.2	 	If the Agent, the Hermes Agent and the Trustee, acting unanimously, decide (or
the Agent in accordance with the Agency and Trust Deed decides) to permit the amendment
of the Original Loan Agreement and the Original Guarantee hereby without the Agent
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 date of this Deed (or such other period as the Agent
may stipulate) and the amendment of the Original Loan Agreement and the Original
Guarantee as aforesaid shall not be construed as a waiver of the Agent’s right to
receive the documents or evidence as aforesaid nor shall this provision impose on the
Agent, the Hermes Agent, the Trustee or the Lenders any obligation to permit the
amendment in the absence of such documents or evidence.

4

 

	4	 	Representations and Warranties

	 	4.1	 	Each of the Borrower and the Guarantor represents and warrants to the Agent,
the Hermes Agent and the Trustee that:

	 	4.1.1	 	it has the power to enter into and perform this Deed and the
transactions contemplated hereby and has taken all necessary action to
authorise the entry into and performance of this Deed and such transactions;
	 
	 	4.1.2	 	this Deed constitutes its legal, valid and binding obligations
enforceable in accordance with its terms;
	 
	 	4.1.3	 	its entry into and performance of this Deed and the
transactions contemplated hereby do not and will not conflict with:

	 	(a)	 	any law or regulation or any official or judicial order; or
	 
	 	(b)	 	its constitutional documents; or
	 
	 	(c)	 	any agreement or document to which it is a
party or which is binding upon it or any of its assets,

	 	 	 	nor result in the creation or imposition of any Encumbrance on it or its
assets pursuant to the provisions of any such agreement or document and in
particular but without prejudice to the foregoing the entry into and
performance of this Deed and the transactions contemplated hereby and
thereby will not render invalid, void or voidable any security granted by it
to the Trustee;
	 
	 	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 Agent, the Hermes Agent and/or
the Trustee in deciding whether or not to enter into this Deed.

	5	 	Expenses

	 	 	The Borrower and the Guarantor jointly and severally undertake to reimburse the Agent on
demand 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

5

 

	 	 	and expenses of legal and other advisers) incurred by the Agent, the Hermes Agent or the
Trustee in respect of the negotiation, preparation, printing, execution, registration and
enforcement of this Deed and any other documents required in connection with the
implementation of this Deed.

	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 and the Hermes Agent as the Agent
and the Hermes Agent may reasonably consider necessary for giving full effect to this Deed
or any of the documents contemplated hereby or securing to the Trustee the full benefit of
the rights, powers and remedies conferred upon the Agent, the Hermes Agent or the Trustee 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 or the Guarantor pursuant to this Deed shall (unless the
Borrower or the Guarantor has by fifteen (15) days’ written notice to the Agent
specified another address) be made or delivered to the Borrower and/or the Guarantor
c/o 7665 Corporate Center Drive, Miami, Florida 33126, United States of America (marked
for the attention of Ms Bonnie Biumi and the Legal Department (but one (1) copy shall
suffice)) with a copy to c/o Star Cruises Limited, Star Cruises Terminal, Pulau Indah,
PO Box No. 288, 42009 Pelabuhan Klang, Selangor Darul Ehsan, Malaysia (marked for the
attention of Mr Gerard Lim). Any notice, demand or other communication to be made or
delivered by the Borrower or the Guarantor pursuant to this Deed shall (unless the
Agent has by fifteen (15) days’ written notice to the Borrower and the Guarantor
specified another address) be made or delivered to the Agent at its Office, the details
of which are set out in schedule 2 of the Original Loan Agreement.
	 
	 	8.2	 	Any notice, demand or other communication to be made or delivered pursuant to
this Deed may be sent by telefax to the relevant telephone numbers (which at the date
hereof in respect of the Borrower and the Guarantor is +1 305 436 4140 (marked for the
attention of Ms Bonnie Biumi) and +1 305 436 4117 (marked for the attention of the
Legal Department) with a copy to +60 3 3884 0213 (marked for the attention of Mr Gerard
Lim) and in the case of the Agent, the Hermes Agent or the Trustee is as recorded in
schedule 2 of the Original Loan Agreement) specified by it from time to time for the
purpose and shall be deemed to have been received when transmission of such telefax
communication has been completed. Each such telefax communication, if made to the
Agent, the Hermes Agent or the Trustee 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

6

 

	 	 	 	has been notified for the time being for that purpose by the Agent, the Hermes Agent
or the Trustee to the Borrower and the Guarantor.
	 
	 	8.3	 	The provisions of clauses 18.1, 18.4 and 18.5 of the Original Loan Agreement
shall apply to this Deed.

	9	 	Governing Law

	 	 	This Deed shall be governed by English law.

	10	 	Jurisdiction

	 	10.1	 	The courts of England have exclusive jurisdiction to settle any dispute arising
out of or in connection with this Deed (including a dispute regarding the existence,
validity or termination of this Agreement) (a “Dispute”). Each party to this Deed
agrees that the courts of England are the most appropriate and convenient courts to
settle Disputes and accordingly no party will argue to the contrary.
	 
	 	 	 	This Clause 10.1 is for the benefit of the Agent, the Hermes Agent and the Trustee
only. As a result, no such party shall be prevented from taking proceedings
relating to a Dispute in any other courts with jurisdiction. To the extent allowed
by law, any such party may take concurrent proceedings in any number of
jurisdictions.
	 
	 	10.2	 	Neither the Borrower nor the Guarantor may, without the Agent’s prior written
consent, terminate the appointment of the Process Agent; if the Process Agent resigns
or its appointment ceases to be effective, the Borrower and/or the Guarantor (as the
case may be) shall within fourteen (14) days appoint a company which has premises in
London and has been approved by the Agent to act as the Borrower’s and/or the
Guarantor’s (as the case may be) process agent with unconditional authority to receive
and acknowledge service on behalf of the Borrower and/or the Guarantor of all process
or other documents connected with proceedings in the English courts which relate to
this Deed.
	 
	 	10.3	 	For the purpose of securing its obligations under Clause 10.2, each of the
Borrower and the Guarantor irrevocably agrees that, if it for any reason fails to
appoint a process agent within the period specified in Clause 10.2, the Agent may
appoint any person (including a company controlled by or associated with the Agent or
any Lender) to act as the Borrower’s or the Guarantor’s (as the case may be) process
agent in England with the unconditional authority described in Clause 10.2.
	 
	 	10.4	 	No neglect or default by a process agent appointed or designated under this
Clause (including a failure by it to notify the Borrower or the Guarantor (as the case
may be) of the service of any process or to forward any process to the Borrower or the
Guarantor (as the case may be)) shall invalidate any proceedings or judgment.
	 
	 	10.5	 	Each of the Borrower and the Guarantor appoints in the case of the courts of
England the Process Agent to receive, for and on its behalf service of process in
England of any legal proceedings with respect to this Deed.

7

 

	 	10.6	 	A judgment relating to this Deed which is given or would be enforced by an
English court shall be conclusive and binding on the Borrower and/or the Guarantor (as
the case may be) and may be enforced without review in any other jurisdiction.
	 
	 	10.7	 	Nothing in this Clause shall exclude or limit any right which the Agent, the
Hermes Agent or the Trustee 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 28 day of November 2005 and acknowledge that the effective date of this Deed is 30 September
2005.

	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 
	by PAUL ALAN TURNER

	 	 	)	 
	for and on behalf of

	 	 	)	     P.A. TURNER
	PRIDE OF AMERICA SHIP HOLDING, INC.

	 	 	)	 
	in the presence of:

	 	VIJAY
JEYARATNAM

V. JEYARATNAM 
	)	 
	 
	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 
	by PAUL ALAN TURNER

	 	 	)	 
	for and on behalf of

	 	 	)	     P.A. TURNER
	NCL CORPORATION LTD.

	 	 	)	 
	in the presence of:

	 	LUKE
CLARK

TRAINEE SOLICITOR

CLIFFORD CHANCE LLP

10 UPPER BANK STREET

LONDON E14 5JJ
	)	 
	 
	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 
	by ILONKA SCHEFE / MARTIN HUGGER

	 	 	)	 
	for and on behalf of

	 	 	)	     I/ SCHEFE / M. HUGGER
	COMMERZBANK AKTIENGESELLSCHAFT

	 	 	)	 
	as the Hermes Agent

	 	 	)	 
	in the presence of:

	 	CHRISTIAN
RUNKE, ASSISTANT MANAGER

COMMERZBANK AKTIENGESELLSCHAFT

GLOBAL SHIPPING

NESS 7-9

20457 HAMBURG
	)	 
	 
	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 
	by CHRISTOPHER GEOFFREY POCOCK

	 	 	)	 
	for and on behalf of

	 	 	)	     C.G. POCOCK
	HSBC BANK PLC

	 	 	)	 
	as the Agent and the Trustee

	 	 	)	 
	in the presence of:

	 	ROBIRT
IAN HOSSACK, MANAGER     

R.I. HOSSACK

HSBC BANK PLC

PROJECT AND EXPORT FINANCE

LEVEL 17

8 CANADA SQUARE

LONDON E14 5HQ
	)	 

8

 

Schedule 1

Amendment of Original Loan Agreement

	 	 	 	 	 
	Definition/Clause	 	Amendment
	Clause 1.1,

“Indebtedness for
Borrowed Money”	 	“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 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; and
	 
	 	 	 	 
	 

	 	(b)
	 	loans and advances made by Star which are subordinated to the rights of the Lenders.

9

 

	 	 	 	 	 
	Definition/Clause	 	Amendment
	Clause 1.1,
“Permitted Liens”	 	“Permitted Liens” means (i) any Encumbrance created by or pursuant to the Security Documents (ii) 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 (iii) the Commercial Loan Security Documents
(iv) any deposits or pledges to secure the performance of bids, tenders, bonds or contracts (v) any Encumbrance 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 (vi) any other Encumbrance notified by any of the Obligors to the
Agent prior to 4 April 2003 (vii) liens on assets leased, acquired or upgraded after the Restatement Date or assets
newly constructed or converted after the Restatement 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 (viii) 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 and (ix) liens arising out of the existence of judgments or awards in respect of the Guarantor or any
of its Subsidiaries, 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 ten million Dollars
(USD10,000,000);
	 
	 	 	 	 
	Clause 1.1,

“Security Documents”	 	“Security Documents” means this Agreement, the Guarantee, the Hermes Cover, the Building Contract, Refund Guarantee
and Performance Guarantees Assignment, the Construction Risks Insurance Assignment, the Supervision Agreement
Assignment, the Management Agreement Assignment, the Sub-Agency Agreement Assignment, the Mortgages, the Charge
Option, the Charge, the Earnings Assignment, the Insurance Assignment and all such other documents as may be executed
at any time in favour of (among others) the Trustee, the Hermes Agent and/or any of the Lenders as security for the
obligations of the Borrower, the other Obligors and the Builder whether executed pursuant to the express provisions of
this Agreement or otherwise howsoever;
	 
	 	 	 	 
	Clause 7.6 (Earnings)	 	Provided no Event of Default or Possible Event of Default has occurred (following which the Agent shall (inter alia)
be entitled to request the Borrower to give notice pursuant to clause 3 of the Earnings Assignment and apply such
Earnings in accordance with Clause 12.1) such Earnings shall throughout the Security Period be at the free disposal of
the Borrower.

10

 

	 	 	 	 	 
	Definition/Clause	 	Amendment
	Clause 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
Certified Copy of the unaudited consolidated accounts of the NCLC Group and the unaudited accounts of the Borrower for
that quarter (commencing with unaudited accounts made up to 31 March 2004);
	 
	 	 	 	 
	Clause 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 ten million Dollars (USD10,000,000) or
the equivalent in another currency).
	 
	 	 	 	 
	Clause 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 fifteen (15) 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).
	 
	 	 	 	 
	Clause 10.21.13	 	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;
	 
	 	 	 	 
	Clause 10.21.14	 	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 ten million Dollars (USD10,000,000);
	 
	 	 	 	 
	Clause 10.22.8(a)	 	accidents to the Vessel involving repairs the cost of which will or is likely to exceed ten million Dollars
(USD10,000,000);

11

 

	 	 	 	 	 
	Definition/Clause	 	Amendment
	Clause 10.22.9	 	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 ten million Dollars (USD10,000,000) 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;
	 
	 	 	 	 
	Clause 10.22.10	 	maintain the type of the Vessel as at the Redelivery 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 ten million Dollars (USD10,000,000) 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
its Earnings for the cost of such work or for any other reason;
	 
	 	 	 	 
	Clause 10.22.11
(final paragraph)	 	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 ten million Dollars (USD10,000,000) 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;
	 
	 	 	 	 
	Clause 11.1.2.(a)	 	Any Obligor or the Builder fails to comply with any other material provision of any Security Document or there is any
other material breach in the sole opinion of the Agent of any of the Transaction Documents and such failure (if in the
opinion of the Agent 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 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 Lenders; or

12

 

	 	 	 	 	 
	Definition/Clause	 	Amendment
	Clause 11.1.4(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 ten million Dollars (USD10,000,000); and
	 
	 	 	 	 
	Clause 11.1.9	 	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 ten million Dollars (USD10,000,000) 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 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 sub-clauses 11.1.5 to 11.1.8 of this Clause
(the determination of which shall be in the Agent’s sole discretion).

13

 

Schedule 2

Amendment of Original Guarantee

	 	 	 
	Definition/Clause	 	Amendment
	Clause 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 Certified Copy of the unaudited consolidated accounts of the NCLC Group for that quarter (commencing with
the unaudited accounts made up to 31 March 2004);
	 
	 	 
	Clause 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 2004, 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;
	 
	 	 
	Clause 9.2.4(b)

	 	updated financial projections of the NCLC Group for at least the next five (5) years (including an income statement
and projected results for the operation of the vessels owned and/or operated by any member of the NCLC Group) and an
outline of the assumptions supporting such budget and financial projections including but without limitation any
scheduled drydockings;
	 
	 	 
	Clause 9.2.5

	 	from time to time (but at intervals no more frequently than annually at the Guarantor’s expense unless an Event of
Default has occurred and is continuing) within fifteen (15) days of receiving any request to that effect from an
Agent, a valuation of each of the vessels in the NCLC Fleet obtained in accordance with the provisions of clause
10.18 of the relevant Loan Agreement;
	 
	 	 
	Clause 9.2.6

	 	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 1 (commencing with the first
quarter of the financial year ending 31 December 2004);

14

 

	 	 	 	 	 
	Definition/Clause	 	Amendment
	Clause 9.2.8	 	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 Guarantor, 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); and
	 
	 	 	 	 
	Clause 11.1.1	 	at all times the minimum Free Liquidity will be not less than fifty million Dollars (USD50,000,000);
	 
	 	 	 	 
	Clause 11.1.2	 	either:
	 
	 	 	 	 
	 

	 	(a)
	 	as at 30 September 2005 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); and
	 
	 	 	 	 
	Clause 11.1.3	 	as at 31 December 2004 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:
	 
	 	 	 	 
	 

	 	(a)
	 	nought point six five (0.65) to one (1.0) for financial quarters ending on or before 31 December 2007; and
	 
	 	 	 	 
	 

	 	(b)
	 	nought point six (0.6) to one (1.0) for each subsequent financial quarter.
	 
	 	 	 	 
	 	 	Amounts available for drawing under any revolving or other credit facilities of the NCLC Group which remain undrawn
at the time of the relevant calculation shall not be counted as cash or indebtedness for the purposes of this ratio.

15

 

	 	 	 	 	 	 	 	 	 	 	 
	Definition/Clause	 	Amendment
	Clause 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 do not or
will 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 thirty three per cent (33%) 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; or

	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	and, at the same time as any of the events described in paragraphs (i) or (ii) of this Clause have occurred and are
continuing, the Lim Family together or individually 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 Guarantor; or
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	(b)	 	the Guarantor ceases to be a listed company on an Approved Stock Exchange without the prior written consent of
each of the Agents,
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	(and, for the purpose of this Clause 11.2.2 “control” of any company, limited partnership or other legal entity (a
“body corporate”) by a member of the Lim Family, means that one (1) or more members of the Lim Family 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).

16

 

	 	 	 	 	 
	Definition/Clause	 	Amendment
	Clause 11.4, “Cash
Balance”	 	“Cash Balance” means, at any date of determination, the unencumbered and otherwise unrestricted cash and cash
equivalents of the NCLC Group;
	 
	 	 	 	 
	Clause 11.4,
“Consolidated
EBITDA”	 	“Consolidated EBITDA” means, for any relevant period, the aggregate of:
	 
	 	 	 	 
	 

	 	(a)
	 	Consolidated Net Income from the Guarantor’s operations for such period;
	 
	 	 	 	 
	 

	 	(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;
	 
	Clause 11.4,
“Consolidated
Interest Expense”	 	“Consolidated Interest Expense” means, for any relevant period, the consolidated interest expense (excluding
capitalised interest) of the NCLC Group for such period;
	 
	 	 	 	 
	Clause 11.4, “Total
Capitalisation”	 	“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 GAAP and derived from the then
latest unaudited and consolidated accounts of the NCLC Group delivered to each of the Agents in the case of the
first three (3) quarters of each financial year and the then latest Accounts delivered to each of the Agents in the
case of the final quarter of each financial year;
	 
	 	 	 	 
	Clause 11.4, “Total
Net Funded Debt”

	 	“Total Net Funded Debt” means, as at any relevant date:
	 
	 	 	 	 
	 

	 	(a)
	 	Indebtedness for Borrowed Money of the NCLC Group; and
	 
	 	 	 	 
	 
	 	(b)
	 	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 as at such date;

17

 

Schedule 3

Quarterly Statement of Financial Covenants

	 	 	 
	TO:

	 	HSBC BANK PLC
	 

	 	Project and Export Finance
	 

	 	8 Canada Square
	 

	 	London E14 5HQ
	 

	 	England
	 
	 	 
	 

	 	Attn: Mr Alan Marshall
	 
	 	 
	 

	 	(as the Hermes Loan Agent and the Commercial Loan Agent (as each such term is defined in the
Guarantee (as hereinafter defined))

We refer to clause 11 of the guarantee dated 23 April 2004 (as amended, varied and/or supplemented
from time to time the “Guarantee”) issued by us in favour of the Hermes Loan Trustee and the
Commercial Loan Trustee. Terms defined in the Loan Agreements (as therein defined) shall have the
same meanings herein.

We hereby certify the amounts set out in the attached schedule as at the last day of the financial
quarter ending          20[     ] for NCL Corporation Ltd. (the “Guarantor") and its
subsidiaries on a consolidated basis. We also hereby certify that the Guarantor is in compliance
with all the financial covenants set out in clauses 11.1 and 11.3 of the Guarantee [[and that no
Event of Default or Possible Event of Default has occurred and is continuing][an [Event of
Default][Possible Event of Default] has occurred and is continuing under clause 11.1.[     ] of the
[Hermes][Commercial] Loan Agreement and the following step[s][is/are] being taken to cure the same:
[     ]]].

NCL CORPORATION LTD.

	 	 	 
	 

By: [          ]

	 	 
	Chief Financial Officer
	 	 
	 
	 	 
	Dated:           20[  ]
	 	 

18

 

Schedule

Statement of Financial Covenants as of [     ] 20[  ] (in USD’000)

	 	 	 	 	 	 	 
	Clause (of	 	 	 	 	 	 	 	 
	Guarantee)	 	 	 	as of [·]	 	Required Covenants	 	 
	11.1.1/
11.1.2(b)**

	 	Free Liquidity
	 	A
	 	 	 	A>USD50,000,000

(11.1.1)**	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	A>USD100,000,000

(11.1.2(b))**	 	 
	 	 	 	 	 	 	 
	11.1.2(a)

	 	Consolidated EBITDA:
	 	B
	 	 	 	>1.25:1	 	 
	 	 	 	 	 	 	 
	 

	 	Consolidated Debt Service
	 	C	 	 	 	 	 	 
	 	 	 	 	 	 	 
	11.1.3

	 	Total Net Funded Debt:
	 	D
	 	 	 	<0.65:1 up to
 31
December 2007

<0.60:1 thereafter	 	 
	 	 	 	 	 	 	 
	 

	 	Total Capitalisation
	 	E	 	 	 	 	 	 

	 	 	 	 	 	 	 
	 

	 	Consolidated EBITDA	 	 	 	 
	 

	 	Consolidated Net Income (loss)
	 	x	 	 
	(Deduct)/Add:

	 	(Gain)/Loss on sale of assets or reserves
	 	x	 	 
	Add:

	 	Consolidated Interest Expense
	 	x	 	 
	Add:

	 	Depreciation and amortisation of assets
	 	x	 	 
	Add:

	 	Impairment charges
	 	x	 	 
	(Deduct)/Add:

	 	Other non-recurring charge (gain)
	 	x	 	 
	Add:

	 	Deferred income tax expense
	 	x	 	 
	 

	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Consolidated EBITDA
	 	x
	 	B
	 

	 	 	 	 	 	 
	 

	 	Consolidated Debt Service	 	 	 	 
	 

	 	Principal paid/payable (excluding balloon payments, voluntary
prepayments/repayments on sale/total loss of an NCLC Fleet
vessel)
	 	x	 	 
	Add:

	 	Consolidated Interest Expense
	 	x	 	 
	 

	 	Distributions
	 	x	 	 
	 

	 	Rent under capitalised leases
	 	x	 	 
	 

	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Consolidated Debt Service
	 	x
	 	C
	 

	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Total Net Funded Debt	 	 	 	 
	 

	 	Indebtedness for Borrowed Money
	 	x	 	 
	Add:

	 	Guarantees of non-NCLC Group members’ obligations
	 	x	 	 
	 

	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	x	 	 
	 

	 	 	 	 	 	 
	Deduct:

	 	Cash Balance
	 	(x)	 	 
	 

	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Total Net Funded Debt
	 	(x)
	 	D
	 

	 	 	 	 	 	 
	 

	 	Total Capitalisation	 	 	 	 
	 

	 	Total Net Funded Debt
	 	x	 	 
	Add:

	 	Consolidated stockholders’ equity
	 	x	 	 
	 

	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Total Capitalisation
	 	x
	 	E
	 

	 	 	 	 	 	 

19

 

For and on behalf of NCL CORPORATION LTD.

	 	 	 
	 

[          ]

	 	 

I, [          ], the officer primarily responsible for the financial management of the NCLC
Group, hereby declare that, to the best of knowledge and belief, the above Statement of Financial
Covenants as of [ ] 20[ ], in my opinion, is true and correct.

	 	 	 
	 

[          ]
Chief Financial Officer

	 	 
	NCL CORPORATION LTD.
	 	 

Dated:                               20[ ]

 

			
	**	 	Evidence satisfactory to the Agent of A at all times during the relevant period shall be
provided together with this statement

20

 

EXHIBIT
4.6

DATED
AS OF 30 SEPTEMBER 2005

PRIDE OF AMERICA SHIP HOLDING, INC.

(as borrower)

NCL CORPORATION LTD.

(as guarantor)

HSBC BANK PLC

(as agent)

COMMERZBANK AKTIENGESELLSCHAFT

(as Hermes agent)

HSBC BANK PLC

(as trustee)

 

FOURTH SUPPLEMENTAL DEED TO (AMONG OTHER THINGS)

SECURED LOAN AGREEMENT

dated 4 April 2003 for the equivalent amount in

United States Dollars of up to €40,000,000

pre- and post redelivery finance for one 1,075 cabin luxury cruise vessel

identified with no 7671 and working title “Project America”

at the yard of Lloyd Werft Bremerhaven GmbH

(now named “PRIDE OF AMERICA”)

 

STEPHENSON HARWOOD

One St Paul’s Churchyard

London EC4M 8SH

Tel: +44 (0)20 7329 4422

Fax: + 44 (0)20 7329 7100

Ref: 1253/41-25887/42-02591/43-03502/44-01536

 

 

CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	1
	 	Definitions and Construction	 	 	1	 
	 
	 	 	 	 	 	 
	2
	 	Amendment of Original Loan Agreement, Original Guarantee and Security Documents	 	 	2	 
	 
	 	 	 	 	 	 
	3
	 	Conditions Precedent	 	 	3	 
	 
	 	 	 	 	 	 
	4
	 	Representations and Warranties	 	 	4	 
	 
	 	 	 	 	 	 
	5
	 	Expenses	 	 	5	 
	 
	 	 	 	 	 	 
	6
	 	Further Assurance	 	 	6	 
	 
	 	 	 	 	 	 
	7
	 	Counterparts	 	 	6	 
	 
	 	 	 	 	 	 
	8
	 	Notices	 	 	6	 
	 
	 	 	 	 	 	 
	9
	 	Governing Law	 	 	7	 
	 
	 	 	 	 	 	 
	10
	 	Jurisdiction	 	 	7	 
	 
	 	 	 	 	 	 
	Schedule 1
	 	Amendment of Original Loan Agreement	 	 	9	 
	 
	 	 	 	 	 	 
	Schedule 2
	 	Amendment of Original Guarantee	 	 	14	 
	 
	 	 	 	 	 	 
	Schedule 3
	 	Quarterly Statement of Financial Covenants	 	 	18	 

 

 

FOURTH SUPPLEMENTAL DEED

DATED                                                             2005

BETWEEN:

	(1)	 	PRIDE OF AMERICA SHIP HOLDING, INC. of Corporation Trust Center, 1209 Orange Street,
Wilmington, Delaware 19801, United States of America as borrower (the
“Borrower”)
	 
	(2)	 	NCL CORPORATION LTD. of Milner House, 18 Parliament Street, Hamilton HM 12, Bermuda as
guarantor (the “Guarantor”)
	 
	(3)	 	HSBC BANK PLC of 8 Canada Square, London E14 5HQ as
agent (the “Agent”)
	 
	(4)	 	COMMERZBANK AKTIENGESELLSCHAFT of Kaiserplatz, 60311 Frankfurt am Main, Federal Republic of
Germany as agent (the “Hermes Agent”) and
	 
	(5)	 	HSBC BANK PLC of 8 Canada Square, London E14 5HQ as trustee for itself and the Lenders (as
hereinafter defined) (the “Trustee”).

WHEREAS:

	(A)	 	By a loan agreement dated 4 April 2003 as amended and/or restated by a first supplemental
agreement thereto dated 20 April 2004, a second supplemental agreement thereto dated 1 July
2004 and a third supplemental agreement thereto dated 1
June 2005 (the “Third Supplement”)
entered into between the Borrower or its predecessor Ship Holding LLC (“SHLLC”) as borrower,
the Lenders as lenders, the Agent as agent for (among others) the Lenders, the Hermes Agent as
agent for (among others) the Lenders and the Trustee as trustee for (among others) the Lenders
(the “Original Loan Agreement”), the Lenders granted to the Borrower a secured loan in the
maximum amount of the equivalent in Dollars of forty million Euro
(€40,000,000) (the “Loan”)
to part-finance the completion by the Builder of the Vessel for the Contract Price (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 (among other things) a
guarantee and indemnity dated 23 April 2004 granted by the Guarantor (the “Original
Guarantee”).
	 
	(B)	 	The Guarantor has requested the consent of the Lenders, the Agent, the Hermes Agent and the
Trustee to the amendment of certain provisions of the Original Loan Agreement and the Original
Guarantee to conform such provisions to similar provisions in other loan documentation to
which the Guarantor and/or other members of the NCLC Group are party. This Deed shall be
executed as a deed.

NOW THIS DEED WITNESSES 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 Loan Agreement shall have

 

 

	 	 	 	the meanings set out therein. In addition, the following terms and expressions
shall have the meanings set out below:
	 
	 	 	 	“Guarantee” means the Original Guarantee as amended by this Deed; and
	 
	 	 	 	“Loan Agreement” means the Original Loan Agreement as amended by this Deed.
	 
	 	1.2	 	The provisions of Clauses 1.2 and 1.3 of the Loan Agreement shall apply hereto
(mutatis mutandis).

	2	 	Amendment of Original Loan Agreement, Original Guarantee and Security Documents

	 	2.1	 	Subject to Clause 3, the parties hereto agree that from the date of this Deed
the Original Loan Agreement shall be read and construed as if:

	 	2.1.1	 	the clauses referred to in the first column of Schedule 1 had
been amended to read as set out in the second column of Schedule 1; and
	 
	 	2.1.2	 	the definitions of Account Charge and Operating Account in
clause 1.1 had been deleted.

	 	2.2	 	Subject to Clause 3, the parties hereto agree that from the date of this Deed
the Original Guarantee shall be read and construed as if:

	 	2.2.1	 	the clauses referred to in the first column of Schedule 2 had
been amended to read as set out in the second column of Schedule 2;
	 
	 	2.2.2	 	the definitions of Intangible Assets, Tangible Assets,
Tangible Net Worth and Total Funded Debt in clause 11.4 had been deleted;
	 
	 	2.2.3	 	the following definition had been inserted in clause 11.4:
	 
	 	 	 	““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 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;”; and
	 
	 	2.2.4	 	schedule 1 had been deleted and substituted with Schedule 3.

	 	2.3	 	Each of the Borrower and the Guarantor hereby confirms to the Agent, the Hermes
Agent and the Trustee that with effect from the date of this Deed:

	 	2.3.1	 	all references to the Original Loan Agreement in the Security
Documents to which it is a party shall be construed as references to the Loan
Agreement and all terms used in such Security Documents whose meanings are
defined by reference to the Original Loan Agreement shall be defined by
reference to the Loan Agreement;
	 
	 	2.3.2	 	the Security Documents to which it is a party (in some cases,
in the case of the Borrower, by virtue of the Merger (as defined in the Third

2

 

	 	 	 	Supplement)) shall apply to, and extend to secure, the whole of the
Outstanding Indebtedness as defined in clause 1.1 of the Loan Agreement;
	 
	 	2.3.3	 	its obligations under the Security Documents to which it is a
party (in some cases, in the case of the Borrower, by virtue of the Merger)
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
	 
	 	2.3.4	 	its obligations under the Security Documents to which it is a
party (in some cases, in the case of the Borrower, by virtue of the Merger)
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	 	Except as expressly amended hereby or pursuant hereto the Original Loan
Agreement and the Security Documents shall remain in full force and effect and nothing
herein contained shall relieve the Borrower or any other Obligor from any of its
respective obligations under any such documents.

	3	 	Conditions Precedent

	 	3.1	 	The consent of the Agent, the Hermes Agent and the Trustee to the variation of
the provisions of the Original Loan Agreement and the Original Guarantee is conditional
upon and shall not be effective unless and until the Agent has received the following
in form and substance satisfactory to it:

	 	3.1.1	 	on the date of this Deed, one (1) counterpart of this Deed
duly executed by the Borrower and the Guarantor;
	 
	 	3.1.2	 	a written confirmation from the Process Agent that it will act
for the Borrower and the Guarantor as agent for service of process in England
in respect of this Deed;
	 
	 	3.1.3	 	the following corporate documents in respect of each of the
Borrower and the Guarantor (together the “Relevant
Parties”):

	 	(a)	 	Certified Copies of any consents required from
any ministry, governmental, financial or other authority for the
execution of and performance by the respective Relevant Party of its
obligations under this Deed or if no such consents are required a
certificate from a duly appointed officer of the Relevant Party to this
effect confirming that no such consents are required;
	 
	 	(b)	 	notarially attested secretary’s certificate of
each of the Relevant Parties:

	 	(i)	 	attaching a copy of its
Certificate of Incorporation and Memorandum of Association and
Bye-Laws (or equivalent constitutional documents) evidencing
power to enter into the transactions contemplated in this Deed;
	 
	 	(ii)	 	giving the names of its present
officers and directors;

3

 

	 	(iii)	 	setting out specimen
signatures of such officers and directors as are authorised by
the Relevant Party to sign documents or otherwise undertake the
performance of that Relevant Party’s obligations under this
Deed;
	 
	 	(iv)	 	giving the legal owner of its shares and the number of such shares held;
	 
	 	(v)	 	attaching copies of resolutions
passed at duly convened meetings of the directors and, if
required by the Agent, the shareholders or members of each of
the Relevant Parties authorising (as applicable) the execution
of this Deed and the amendment to the Mortgage and the issue of
any power of attorney to execute the same; and
	 
	 	(vi)	 	containing a declaration of
solvency as at the date of the certificate of the duly
appointed officer of the Relevant Party;

	 	3.1.4	 	the original powers of attorney, if any, issued pursuant to
the resolutions referred to above and notarially attested;
	 
	 	3.1.5	 	a third amendment to the Mortgage duly executed and lodged for
recordation at the United States Coast Guard National Vessel Documentation
Center; and
	 
	 	3.1.6	 	the issue of such favourable written legal opinions including
in respect of Delaware and Bermuda 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 and no Possible Event of Default has occurred and
is continuing on the date on which the conditions precedent set out in this Clause
3.1 have been satisfied (subject to Clause 3.2).
	 
	 	3.2	 	If the Agent, the Hermes Agent and the Trustee, acting unanimously, decide (or
the Agent in accordance with the Agency and Trust Deed decides) to permit the amendment
of the Original Loan Agreement and the Original Guarantee hereby without the Agent
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 date of this Deed (or such other period as the Agent
may stipulate) and the amendment of the Original Loan Agreement and the Original
Guarantee as aforesaid shall not be construed as a waiver of the Agent’s right to
receive the documents or evidence as aforesaid nor shall this provision impose on the
Agent, the Hermes Agent, the Trustee or the Lenders any obligation to permit the
amendment in the absence of such documents or evidence.

	4	 	Representations and Warranties

	 	4.1	 	Each of the Borrower and the Guarantor represents and warrants to the Agent,
the Hermes Agent and the Trustee that:

4

 

	 	4.1.1	 	it has the power to enter into and perform this Deed and the
transactions contemplated hereby and has taken all necessary action to
authorise the entry into and performance of this Deed and such transactions;
	 
	 	4.1.2	 	this Deed constitutes its legal, valid and binding obligations
enforceable in accordance with its terms;
	 
	 	4.1.3	 	its entry into and performance of this Deed and the
transactions contemplated hereby do not and will not conflict with:

	 	(a)	 	any law or regulation or any official or judicial order; or
	 
	 	(b)	 	its constitutional documents; or
	 
	 	(c)	 	any agreement or document to which it is a
party or which is binding upon it or any of its assets,

	 	 	 	nor result in the creation or imposition of any Encumbrance on it or its
assets pursuant to the provisions of any such agreement or document and in
particular but without prejudice to the foregoing the entry into and
performance of this Deed and the transactions contemplated hereby and
thereby will not render invalid, void or voidable any security granted by it
to the Trustee;
	 
	 	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 Agent, the Hermes Agent and/or
the Trustee in deciding whether or not to enter into this Deed.

	5	 	Expenses
	 
	 	 	The Borrower and the Guarantor jointly and severally undertake to reimburse the Agent on
demand 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 Hermes Agent or the Trustee
in respect of the negotiation, preparation, printing, execution, registration and
enforcement of this Deed and any other documents required in connection with the
implementation of this Deed.

5

 

	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 and the Hermes Agent as the Agent
and the Hermes Agent may reasonably consider necessary for giving full effect to this Deed
or any of the documents contemplated hereby or securing to the Trustee the full benefit of
the rights, powers and remedies conferred upon the Agent, the Hermes Agent or the Trustee 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 or the Guarantor pursuant to this Deed shall (unless the
Borrower or the Guarantor has by fifteen (15) days’ written notice to the Agent
specified another address) be made or delivered to the Borrower and/or the Guarantor
c/o 7665 Corporate Center Drive, Miami, Florida 33126, United States of America (marked
for the attention of Ms Bonnie Biumi and the Legal Department (but one (1) copy shall
suffice)) with a copy to c/o Star Cruises Limited, Star Cruises Terminal, Pulau Indah,
PO Box No. 288, 42009 Pelabuhan Klang, Selangor Darul Ehsan, Malaysia (marked for the
attention of Mr Gerard Lim). Any notice, demand or other communication to be made or
delivered by the Borrower or the Guarantor pursuant to this Deed shall (unless the
Agent has by fifteen (15) days’ written notice to the Borrower and the Guarantor
specified another address) be made or delivered to the Agent at its Office, the details
of which are set out in schedule 2 of the Original Loan Agreement.
	 
	 	8.2	 	Any notice, demand or other communication to be made or delivered pursuant to
this Deed may be sent by telefax to the relevant telephone numbers (which at the date
hereof in respect of the Borrower and the Guarantor is +1 305 436 4140 (marked for the
attention of Ms Bonnie Biumi) and +1 305 436 4117 (marked for the attention of the
Legal Department) with a copy to +60 3 3884 0213 (marked for the attention of Mr Gerard
Lim) and in the case of the Agent, the Hermes Agent or the Trustee is as recorded in
schedule 2 of the Original Loan Agreement) specified by it from time to time for the
purpose and shall be deemed to have been received when transmission of such telefax
communication has been completed. Each such telefax communication, if made to the
Agent, the Hermes Agent or the Trustee 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, the Hermes Agent or the
Trustee to the Borrower and the Guarantor.
	 
	 	8.3	 	The provisions of clauses 18.1, 18.4 and 18.5 of the Original Loan Agreement
shall apply to this Deed.

6

 

	9	 	Governing Law
	 
	 	 	This Deed shall be governed by English law.

	10	 	Jurisdiction

	 	10.1	 	The courts of England have exclusive jurisdiction to settle any dispute arising
out of or in connection with this Deed (including a dispute regarding the existence,
validity or termination of this Agreement) (a “Dispute”). Each party to this Deed
agrees that the courts of England are the most appropriate and convenient courts to
settle Disputes and accordingly no party will argue to the contrary.
	 
	 	 	 	This Clause 10.1 is for the benefit of the Agent, the Hermes Agent and the Trustee
only. As a result, no such party shall be prevented from taking proceedings
relating to a Dispute in any other courts with jurisdiction. To the extent allowed
by law, any such party may take concurrent proceedings in any number of
jurisdictions.
	 
	 	10.2	 	Neither the Borrower nor the Guarantor may, without the Agent’s prior written
consent, terminate the appointment of the Process Agent; if the Process Agent resigns
or its appointment ceases to be effective, the Borrower and/or the Guarantor (as the
case may be) shall within fourteen (14) days appoint a company which has premises in
London and has been approved by the Agent to act as the Borrower’s and/or the
Guarantor’s (as the case may be) process agent with unconditional authority to receive
and acknowledge service on behalf of the Borrower and/or the Guarantor of all process
or other documents connected with proceedings in the English courts which relate to
this Deed.
	 
	 	10.3	 	For the purpose of securing its obligations under Clause 10.2, each of the
Borrower and the Guarantor irrevocably agrees that, if it for any reason fails to
appoint a process agent within the period specified in Clause 10.2, the Agent may
appoint any person (including a company controlled by or associated with the Agent or
any Lender) to act as the Borrower’s or the Guarantor’s (as the case may be) process
agent in England with the unconditional authority described in Clause 10.2.
	 
	 	10.4	 	No neglect or default by a process agent appointed or designated under this
Clause (including a failure by it to notify the Borrower or the Guarantor (as the case
may be) of the service of any process or to forward any process to the Borrower or the
Guarantor (as the case may be)) shall invalidate any proceedings or judgment.
	 
	 	10.5	 	Each of the Borrower and the Guarantor appoints in the case of the courts of
England the Process Agent to receive, for and on its behalf service of process in
England of any legal proceedings with respect to this Deed.
	 
	 	10.6	 	A judgment relating to this Deed which is given or would be enforced by an
English court shall be conclusive and binding on the Borrower and/or the Guarantor (as
the case may be) and may be enforced without review in any other jurisdiction.
	 
	 	10.7	 	Nothing in this Clause shall exclude or limit any right which the Agent, the
Hermes Agent or the Trustee may have (whether under the laws of any country,

7

 

	 	 	 	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
28 day of November 2005 and acknowledge that the effective date of this Deed is 30 September
2005.

	 	 	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED 

	 	 	)	 	 	 
	by
PAUL ALAN TURNER

	 	 	)	 	 	 
	for and on behalf of

	 	 	)	     P.A. TURNER	 	 
	PRIDE OF AMERICA SHIP HOLDING, INC.

	 	 	)	 	 	 
	in the presence of:

	 	VIJAY
JEYARATNAM

V. JEYARATNAM
	)	 	 	 
	 
	 	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 	 	 
	by
PAUL ALAN TURNER

	 	 	)	 	 	 
	for and on behalf of

	 	 	)	     P.A. TURNER	 	 
	NCL CORPORATION LTD.

	 	 	)	 	 	 
	in the presence of:

	 	LUKE
CLARK

TRAINEE SOLICITOR

CLIFFORD CHANCE

10 UPPERBANK STREET

LONDON E14 5JJ
	)	 	 	 
	 
	 	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 	 	 
	by
MARTIN HUGGER / ILONKA SCHEFE

	 	 	)	 	 	 
	for and on behalf of

	 	 	)	     M.
HUGGER   I. SCHEFE	 	 
	COMMERZBANK AKTIENGESELLSCHAFT

	 	 	)	 	 	 
	as the Hermes Agent

	 	 	)

)	 	 	 
	in the presence of:

	 	CHRISTIAN
RENKE   C. RENKE

ASSISTANT MANAGER

COMMERZBANK AKTIENGESELLSCHAFT    

GLOBAL SHIPPING

NESS 7-9

20457 HAMBURG
	 	 	 
	 
	 	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 	 	 
	by
CHRISTOPHER GEOFFREY POCOCK

	 	 	)	 	 	 
	for and on behalf of

	 	 	)	     C.G. POCOCK	 	 
	HSBC BANK PLC

	 	 	)	 	 	 
	as the Agent and the Trustee

	 	 	)

)	 	 	 
	in the presence of:

	 	R.I.
HOSSACK

ROBIRT IAN HOSSACK

MANAGER

HSBC BANK PLC

PROJECT & EXPORT FINANCE

LEVEL 17

8 CANADA SQUARE

LONDON E14 5HQ
	 	 	 

8

 

Schedule 1

Amendment of Original Loan Agreement

	 	 	 	 	 
	Definition/Clause	 	Amendment	 	 
	Clause 1.1.,

“Indebtedness for

Borrowed Money”	 	“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 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; and
	 
	 	 	 	 
	 

	 	(b)
	 	loans and advances made by Star which are subordinated to the rights of the Lenders.

9

 

	 	 	 
	Definition/Clause	 	Amendment
	Clause 1.1,
“Permitted Liens”

	 	“Permitted Liens” means (i) any Encumbrance created by or pursuant to the Security Documents (ii) 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 (iii) the Hermes Loan Security Documents (iv)
any deposits or pledges to secure the performance of bids, tenders, bonds or contracts (v) any Encumbrance 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 (vi) any other Encumbrance notified by any of the Obligors to the Agent prior
to 4 April 2003 (vii) liens on assets leased, acquired or upgraded after the Restatement Date or assets newly
constructed or converted after the Restatement 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 (viii) 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 and (ix) liens arising out of the existence of judgments or awards in respect of the Guarantor or any
of its Subsidiaries, 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 ten million Dollars
(USD10,000,000);
	 
	 	 
	Clause 1.1,
“Security Documents”

	 	“Security Documents” means this Agreement, the Guarantee, the Management Agreement Assignment, the Mortgage, the
Charge Option, the Charge, the Earnings Assignment, the Insurance Assignment and all such other documents as may be
executed at any time in favour of (among others) the Trustee, the Hermes Agent and/or any of the Lenders 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;
	 
	 	 
	Clause 7.6 (Earnings)

	 	Provided no Event of Default or Possible Event of Default has occurred (following which the Agent shall (inter alia)
be entitled to request the Borrower to give notice pursuant to clause 3 of the Earnings Assignment and apply such
Earnings in accordance with Clause 12.1) such Earnings shall throughout the Security Period be at the free disposal of
the Borrower.

10

 

	 	 	 
	Definition/Clause	 	Amendment
	Clause 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
Certified Copy of the unaudited consolidated accounts of the NCLC Group and the unaudited accounts of the Borrower for
that quarter (commencing with unaudited accounts made up to 31 March 2004);
	 
	 	 
	Clause 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 ten million Dollars (USD10,000,000) or
the equivalent in another currency).
	 
	 	 
	Clause 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 fifteen (15) 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).
	 
	 	 
	Clause 10.21.12

	 	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;
	 
	 	 
	Clause 10.21.13

	 	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 ten million Dollars (USD10,000,000);
	 
	 	 
	Clause 10.22.8(a)

	 	accidents to the Vessel involving repairs the cost of which will or is likely to exceed ten million Dollars
(USD10,000,000);

11

 

	 	 	 
	Definition/Clause	 	Amendment
	Clause 10.22.9

	 	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 ten million Dollars (USD10,000,000) 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;
	 
	 	 
	Clause 10.22.10

	 	maintain the type of the Vessel as at the Redelivery 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 ten million Dollars (USD10,000,000) 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
its Earnings for the cost of such work or for any other reason;
	 
	 	 
	Clause 10.22.11
(final paragraph)

	 	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 ten million Dollars (USD10,000,000) 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;
	 
	 	 
	Clause 11.1.2.(a)

	 	Any Obligor fails to comply with any other material provision of any Security Document or there is any other material
breach in the sole opinion of the Agent of any of the Transaction Documents and such failure (if in the opinion of the
Agent 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 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
Lenders; or

12

 

	 	 	 
	Definition/Clause	 	Amendment
	Clause 11.1.4(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 ten million Dollars (USD10,000,000); and
	 
	 	 
	Clause 11.1.9

	 	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 ten million Dollars (USD10,000,000) 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 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 sub-clauses 11.1.5 to 11.1.8 of this Clause
(the determination of which shall be in the Agent’s sole discretion).

13

 

Schedule 2

Amendment of Original Guarantee

	 	 	 
	Definition/Clause	 	Amendment
	Clause 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 Certified Copy of the unaudited consolidated accounts of the NCLC Group for that quarter (commencing with
the unaudited accounts made up to 31 March 2004);
	 
	 	 
	Clause 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 2004, 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;
	 
	 	 
	Clause 9.2.4(b)

	 	updated financial projections of the NCLC Group for at least the next five (5) years (including an income statement
and projected results for the operation of the vessels owned and/or operated by any member of the NCLC Group) and an
outline of the assumptions supporting such budget and financial projections including but without limitation any
scheduled drydockings;
	 
	 	 
	Clause 9.2.5

	 	from time to time (but at intervals no more frequently than annually at the Guarantor’s expense unless an Event of
Default has occurred and is continuing) within fifteen (15) days of receiving any request to that effect from an
Agent, a valuation of each of the vessels in the NCLC Fleet obtained in accordance with the provisions of clause
10.18 of the relevant Loan Agreement;
	 
	 	 
	Clause 9.2.6

	 	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 1 (commencing with the first
quarter of the financial year ending 31 December 2004);

14

 

	 	 	 
	Definition/Clause	 	Amendment
	Clause 9.2.8

	 	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 Guarantor, 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); and
	 
	 	 
	Clause 11.1.1

	 	at all times the minimum Free Liquidity will be not less than fifty million Dollars (USD50,000,000);
	 
	 	 
	Clause 11.1.2

	 	either:

	 	(a)	 	as at 30 September 2005 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); and

	 	 	 
	Clause 11.1.3

	 	as at 31 December 2004 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:

	 	(a)	 	nought point six five (0.65) to one (1.0) for financial quarters ending on or before 31 December 2007; and
	 
	 	(b)	 	nought point six (0.6) to one (1.0) for each subsequent financial quarter.

	 	 	 
	 

	 	Amounts available for drawing under any revolving or other credit facilities of the NCLC Group which remain undrawn
at the time of the relevant calculation shall not be counted as cash or indebtedness for the purposes of this ratio.

15

 

	 	 	 
	Definition/Clause	 	Amendment
	Clause 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 do not or
will 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 thirty three per cent (33%) 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; or
and, at the same time as any of the events described in paragraphs (i) or (ii) of this Clause have occurred and are
continuing, the Lim Family together or individually 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 Guarantor; or

	 	(b)	 	the Guarantor ceases to be a listed company on an Approved Stock Exchange without the prior written consent of
each of the Agents,

	 	 	 
	 

	 	(and, for the purpose of this Clause 11.2.2 “control” of any company, limited partnership or other legal entity (a
“body corporate”) by a member of the Lim Family, means that one (1) or more members of the Lim Family 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).

16

 

	 	 	 
	Definition/Clause	 	Amendment
	Clause 11.4, “Cash
Balance”

	 	“Cash Balance” means, at any date of determination, the unencumbered and otherwise unrestricted cash and cash
equivalents of the NCLC Group;
	 
	 	 
	Clause 11.4,

	 	“Consolidated EBITDA” means, for any relevant period, the aggregate of:
	“Consolidated
EBITDA”
	 	 

	 	(a)	 	Consolidated Net Income from the Guarantor’s operations for such period;
	 
	 	(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;

	 	 	 
	Clause 11.4,
“Consolidated
Interest Expense”

	 	“Consolidated Interest Expense” means, for any relevant period, the consolidated interest expense (excluding
capitalised interest) of the NCLC Group for such period;
	 
	 	 
	Clause 11.4, “Total
Capitalisation”

	 	“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 GAAP and derived from the then
latest unaudited and consolidated accounts of the NCLC Group delivered to each of the Agents in the case of the
first three (3) quarters of each financial year and the then latest Accounts delivered to each of the Agents in the
case of the final quarter of each financial year;
	 
	 	 
	Clause 11.4, “Total

	 	“Total Net Funded Debt” means, as at any relevant date:
	Net Funded Debt”
	 	 

	 	(a)	 	Indebtedness for Borrowed Money of the NCLC Group; and
	 
	 	(b)	 	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 as at such date;

17

 

Schedule 3

Quarterly Statement of Financial Covenants

	 	 	 
	TO:

	 	HSBC BANK PLC
	 

	 	Project and Export Finance
	 

	 	8 Canada Square
	 

	 	London E14 5HQ
	 

	 	England
	 
	 	 
	 

	 	Attn: Mr Alan Marshall
	 
	 	 
	 

	 	(as the Hermes Loan Agent and the Commercial Loan Agent (as each such term is defined in the
Guarantee (as hereinafter defined))

We refer to clause 11 of the guarantee dated 23 April 2004 (as amended, varied and/or supplemented
from time to time the “Guarantee”) issued by us in favour of the Hermes Loan Trustee and the
Commercial Loan Trustee. Terms defined in the Loan Agreements (as therein defined) shall have the
same meanings herein.

We hereby certify the amounts set out in the attached schedule as at the last day of the financial
quarter ending  20[ ] for NCL Corporation Ltd. (the
“Guarantor”) and its
subsidiaries on a consolidated basis. We also hereby certify that the Guarantor is in compliance
with all the financial covenants set out in clauses 11.1 and 11.3 of the Guarantee [[and that no
Event of Default or Possible Event of Default has occurred and is continuing][an [Event of
Default][Possible Event of Default] has occurred and is continuing under clause 11.1.[ ] of the
[Hermes][Commercial] Loan Agreement and the following step[s][is/are] being taken to cure the same:
[            ]]].

NCL CORPORATION LTD.

	 	 	 
	 

By: [       ]

	 	 
	Chief Financial Officer
	 	 

Dated:           20[       ]

18

 

Schedule

Statement of Financial Covenants as of [       ] 20[ ] (in USD’000)

	 	 	 	 	 	 	 
	Clause (of	 	 	 	 	 	 
	Guarantee)	 	 	 	as of [•	]	Required Covenants
	11.1.1/

	 	Free Liquidity
	 	A
	 	A>USD50,000,000
	11.1.2(b)**

	 	 	 	 	 	(11.1.1)**
	 	 	 	 	 	 	 
	 	 	 	 	 	 	A>USD100,000,000
		 		 		 	(11.1.2(b))**
	 	 	 	 	 	 	 
	11.1.2(a)

	 	Consolidated EBITDA:
	 	B
	 	>1.25:1
	 	 	 	 	 	 	 
		 	Consolidated Debt Service
	 	C	 	 
	 	 	 	 	 	 	 
	11.1.3

	 	Total Net Funded Debt:
	 	D
	 	<0.65:1 up to 31
	 

	 	 	 	 	 	December 2007
	 	 	 	 	 	 	<0.60:1 thereafter
	 	 	 	 	 	 	 
	 

	 	Total Capitalisation
	 	E	 	 

	 	 	 	 	 	 	 
	 

	 	Consolidated EBITDA	 	 	 	 
	 

	 	Consolidated Net Income (loss)
	 	x	 	 
	(Deduct)/Add:

	 	(Gain)/Loss on sale of assets or reserves
	 	x	 	 
	Add:

	 	Consolidated Interest Expense
	 	x	 	 
	Add:

	 	Depreciation and amortisation of assets
	 	x	 	 
	Add:

	 	Impairment charges
	 	x	 	 
	(Deduct)/Add:

	 	Other non-recurring charge (gain)
	 	x	 	 
	Add:

	 	Deferred income tax expense
	 	x	 	 
	 

	 	 	 	 	 	 
	 

	 	Consolidated EBITDA
	 	x
	 	B
	 

	 	 	 	 	 	 
	 

	 	Consolidated Debt Service	 	 	 	 
	 

	 	Principal paid/payable (excluding balloon payments, voluntary
prepayments/repayments on sale/total loss of an NCLC Fleet
vessel)
	 	x	 	 
	Add:

	 	Consolidated Interest Expense
	 	x	 	 
	 

	 	Distributions
	 	x	 	 
	 

	 	Rent under capitalised leases
	 	x	 	 
	 

	 	 	 	 	 	 
	 

	 	Consolidated Debt Service
	 	x
	 	C
	 

	 	 	 	 	 	 
	 

	 	Total Net Funded Debt	 	 	 	 
	 

	 	Indebtedness for Borrowed Money
	 	x	 	 
	Add:

	 	Guarantees of non-NCLC Group members’ obligations
	 	x	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	x	 	 
	 

	 	 	 	 	 	 
	Deduct:

	 	Cash Balance
	 	(x)	 	 
	 

	 	 	 	 	 	 
	 

	 	Total Net Funded Debt
	 	(x)
	 	D
	 

	 	 	 	 	 	 
	 

	 	Total Capitalisation	 	 	 	 
	 

	 	Total Net Funded Debt
	 	x	 	 
	Add:

	 	Consolidated stockholders’ equity
	 	x	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Total Capitalisation
	 	x
	 	E
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	 

19

 

For and on behalf of NCL CORPORATION LTD.

	 	 	 
	 

[       ]

	 	 

I, [       ], the officer primarily responsible for the financial management of the NCLC
Group, hereby declare that, to the best of knowledge and belief, the above Statement of Financial
Covenants as of [ ] 20[ ], in my opinion, is true and correct.

	 	 	 
	 

 [       ]

	 	 
	Chief Financial Officer
	 	 
	NCL CORPORATION LTD.
	 	 
	 
	Dated:           20[ ]
	 	 

 

			
	**	 	Evidence satisfactory to the Agent of A at all times during the relevant period shall be
provided together with this statement

20

 

EXHIBIT
4.6

DATED
10 MARCH 2006

PRIDE OF AMERICA SHIP HOLDING, INC.

(as borrower)

NCL CORPORATION LTD.

(as guarantor)

HSBC BANK PLC

(as agent)

COMMERZBANK AKTIENGESELLSCHAFT

(as Hermes agent)

HSBC BANK PLC

(as trustee)

 

FIFTH SUPPLEMENTAL DEED TO (AMONG OTHER THINGS)

THE SECURED LOAN AGREEMENT

dated 4 April 2003 for the equivalent amount in

United States Dollars of up to €40,000,000

pre- and post redelivery finance for one 1,075 cabin luxury cruise vessel

identified with no 7671 and working title “Project America”

at the yard of Lloyd Werft Bremerhaven GmbH

(now named “PRIDE OF AMERICA”)

 

STEPHENSON HARWOOD

One St Paul’s Churchyard

London EC4M 8SH

Tel: +44 (0)20 7329 4422

Fax: +44 (0)20 7329 7100

Ref: 1253/41-25887/42-02591/43-03502/44-01536/44-02443

 

 

CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page
	1

	 	Definitions and Construction
	 	 	1	 
	 
	 	 	 	 	 	 
	2

	 	Amendment of Original Loan Agreement and Security Documents
	 	 	2	 
	 
	 	 	 	 	 	 
	3

	 	Conversion
	 	 	9	 
	 
	 	 	 	 	 	 
	4

	 	Conditions Precedent
	 	 	9	 
	 
	 	 	 	 	 	 
	5

	 	Representations and Warranties
	 	 	10	 
	 
	 	 	 	 	 	 
	6

	 	Expenses
	 	 	11	 
	 
	 	 	 	 	 	 
	7

	 	Further Assurance
	 	 	12	 
	 
	 	 	 	 	 	 
	8

	 	Counterparts
	 	 	12	 
	 
	 	 	 	 	 	 
	9

	 	Notices
	 	 	12	 
	 
	 	 	 	 	 	 
	10

	 	Governing Law
	 	 	13	 
	 
	 	 	 	 	 	 
	11

	 	Jurisdiction
	 	 	13	 
	 
	 	 	 	 	 	 
	Schedule 1

	 	Form of Notice of Fixed Rate
	 	 	15	 

 

 

FIFTH SUPPLEMENTAL DEED

DATED            March 2006

BETWEEN:

	(1)	 	PRIDE OF AMERICA SHIP HOLDING, INC. of Corporation Trust Center, 1209 Orange Street,
Wilmington, Delaware 19801, United States of America as borrower (the
“Borrower”);
	 
	(2)	 	NCL CORPORATION LTD. of Milner House, 18 Parliament Street, Hamilton HM 12, Bermuda as
guarantor (the “Guarantor”);
	 
	(3)	 	HSBC BANK PLC of 8 Canada Square, London E14 5HQ as
agent (the “Agent”);
	 
	(4)	 	COMMERZBANK AKTIENGESELLSCHAFT of Kaiserplatz, 60311 Frankfurt am Main, Federal Republic of
Germany as agent (the “Hermes Agent”); and
	 
	(5)	 	HSBC BANK PLC of 8 Canada Square, London E14 5HQ as trustee for itself and the Lenders (as
hereinafter defined) (the “Trustee”).

WHEREAS:

	(A)	 	By a loan agreement dated 4 April 2003 as amended and/or restated by a first supplemental
agreement thereto dated 20 April 2004, a second supplemental agreement thereto dated 1 July
2004, a third supplemental agreement thereto dated 1 June 2005
(the “Third Supplement”) and a
fourth supplemental agreement thereto dated as of 30 September 2005 entered into between the
Borrower or its predecessor Ship Holding LLC as borrower, the Lenders as lenders, the Agent as
agent for (among others) the Lenders, the Hermes Agent as agent for (among others) the Lenders
and the Trustee as trustee for (among others) the Lenders (the
“Original Loan Agreement”), the
Lenders granted to the Borrower a secured loan in the maximum amount of the equivalent in
Dollars of forty million euro
(€40,000,000)
(the “Loan”) to part-finance the completion by the
Builder of the Vessel for the Contract Price (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 (among other things) a guarantee and indemnity dated 23 April
2004 as amended from time to time granted by the Guarantor (the
“Original Guarantee”).
	 
	(B)	 	The Guarantor has requested the consent of the Lenders, the Agent, the Hermes Agent and the
Trustee to the amendment of certain of the provisions of the Original Loan Agreement to enable
the Borrower to elect for a fixed rate of interest for the Loan payable on each Interest
Payment Date during the period starting on the date from which the fixed rate of interest is
to apply and ending on the final Repayment Date.
	 
	(C)	 	This Deed 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 Loan Agreement shall have the
meanings set out therein. In addition, the following terms and expressions shall
have the meanings set out below:
	 
	 	 	 	“Loan Agreement” means the Original Loan Agreement as amended by this Deed.
	 
	 	1.2	 	The provisions of Clauses 1.2 and 1.3 of the Loan Agreement shall apply hereto
(mutatis mutandis).

	2	 	Amendment of Original Loan Agreement and Security Documents

	 	2.1	 	Subject to Clause 4, the parties hereto agree that from the date of this Deed
the Original Loan Agreement shall be read and construed as if:

	 	2.1.1	 	the following definitions had been inserted in clause 1.1
(Definitions):
	 
	 	 	 	“Conversion” means the conversion of the method of calculating interest
from the Floating Interest Rate to the Fixed Rate;
	 
	 	 	 	“Conversion Date” has the meaning ascribed to that term in Clause 5.2.2;
	 
	 	 	 	“Election Date” has the meaning ascribed to that term in Clause 5.2.2;
	 
	 	 	 	“Fixed Rate” means the fixed rate of interest agreed jointly by the Borrower
and each of the Lenders at or about 11.00 a.m. London time on the Quotation
Date prior to the Conversion Date payable, subject to Clause 5.11, on each
Interest Payment Date during the Fixed Rate Period;
	 
	 	 	 	“Fixed Rate Period” means the period starting on (and including) the
Conversion Date and ending on the final Repayment Date;
	 
	 	 	 	“Floating Interest Rate” means for each Interest Period selected pursuant to
Clause 5.2.1 the aggregate of LIBOR and the Margin;
	 
	 	 	 	“Interest Exchange Arrangement” means such interest rate arrangements as a
Lender shall deem necessary to make in respect of its Contribution in order
to offer the Fixed Rate to the Borrower;
	 
	 	 	 	“Notice of Fixed Rate” means a notice in the form of Schedule 8;”;
	 
	 	2.1.2	 	the definitions of “Applicable Interest Rate”, “Interest
Payment Date”, “Interest Period” and “Interest Rate” in clause 1.1
(Definitions) had been deleted and substituted with the following:
	 
	 	 	 	“Applicable Interest Rate” means, until (but excluding) the Conversion
Date, the Floating Interest Rate and, thereafter, the Fixed Rate subject to
Clause 5.11 and Clause 6;
	 
	 	 	 	“Interest Payment Date” means the last day of each Interest Period and each
Repayment Date occurring during an Interest Period or the Fixed Rate Period;

2

 

	 	 	 	“Interest Period” means each period ascertained in accordance with Clause
5.2 or Clause 5.11;
	 
	 	 	 	“Interest Rate” means the rate of interest applicable to the Loan calculated
in accordance with Clause 5.9, Clause 5.11 or Clause 6.3;
	 
	 	 	 	“Transaction Documents” means the Security Documents, the Hermes Loan
Security Documents, the Hermes Loan Agreement, the Building Contract, the
Drawdown Notices, the Supervision Agreement, the Management Agreement, the
Sub-Agency Agreement, the Co-ordination Deed, the Agency and Trust Deed and
any other material document now or hereafter issued in connection with the
documents or the transaction herein referred to and also including any
Interest Exchange Arrangement;”;
	 
	 	2.1.3	 	clause 2.5 had been deleted and substituted with the following:

	 	"2.5	 	Break costs on failure to draw
	 
	 	 	 	If for any reason any Tranche is not drawn down by the Borrower
hereunder after notice of drawdown 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 Tranche not to be drawn down) for any loss
(including the cost of breaking deposits or re-employing funds
(including warehousing and other related costs)) or expense
(including warehousing and other related costs) on account of funds
borrowed, contracted for (whether in Euro or in Dollars) or utilised
in order to fund its Contribution to the Tranche or any losses under
any Interest Exchange Arrangement and/or any swap agreements or
other interest rate management products entered into by the Lenders
for the purpose of this transaction. 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.”;

	 	2.1.4	 	clause 4.8 had been deleted and substituted with the following:

	 	"4.8	 	Break costs on prepayment
	 
	 	 	 	If any repayment or prepayment of the Loan or part thereof is made
otherwise than on the last day of an Interest Period or, following
Conversion, any repayment or prepayment of the Loan or part thereof
is made otherwise than on the last day of the Fixed Rate Period, the
Borrower shall pay to the Agent on behalf of the Lenders on demand
such additional amount as the Agent may certify (such certificate to
contain a calculation thereof in reasonable detail) as necessary to
compensate each of the Lenders for any loss (including the cost of
breaking deposits or re-employing funds (including warehousing and
other related costs)) or expense (including warehousing and other
related costs) on account of funds borrowed, contracted for or
utilised to

3

 

	 	 	 	fund the amount so repaid or prepaid or any losses under any
Interest Exchange Arrangement and/or any swap agreements or other
interest rate management products entered into by the Lenders for
the purpose of this transaction provided that each Lender shall pay
to the Borrower any swap breakage gain actually received by the
Lender under any Interest Exchange Arrangement to which it is a
party and/or any swap agreements or other interest rate management
products entered into by the Lender for the purpose of this
transaction.”;

	 	2.1.5	 	clause 5.1 had been deleted and substituted with the following:

	 	“5.1	 	Payment of interest
	 
	 	 	 	The Borrower shall pay interest on the Loan or any part thereof at
the Applicable Interest Rate for each Interest Period in respect
thereof which interest shall be payable in arrears on each Interest
Payment Date PROVIDED THAT if the current Interest Period does not
end on the relevant Interest Payment Date the Borrower shall only
pay the interest accrued during that Interest Period up to but not
including the Interest Payment Date.”;

	 	2.1.6	 	the existing two paragraphs of clause 5.2 (Selection and
duration of Interest Periods) had been numbered clause 5.2.1;
	 
	 	2.1.7	 	the following clauses had been inserted in clause 5 (Interest)
where appropriate and the relevant clauses of clause 5 had been renumbered
accordingly:

	 	“5.2.2	 	Subject to the consent of the Hermes Agent and of each of the
Lenders remaining in full force and effect on the date of the
Election Notice (as hereinafter defined), the Borrower may, if
no Event of Default has occurred and is continuing and no Total
Loss has occurred, at any time prior to 29 September 2006,
elect to convert the basis upon which interest is calculated
hereunder by giving notice (an “Election Notice”) to the Agent
not less than fifteen (15) Business Days (or such shorter time
as the parties may agree) before the date on which the Interest
Exchange Arrangements are to be entered into (the “Election
Date”) to request that with effect from a date on or prior to
29 September 2006 (the “Conversion Date”) the rate of interest
applicable to the Loan then outstanding shall be the Fixed
Rate.
	 
	 	5.2.3	 	The Borrower shall forthwith
provide a copy of the Election Notice to the Guarantor, who
shall upon receipt provide a written confirmation to both the
Borrower and the Agent that the Guarantee remains in full force
and effect, PROVIDED ALWAYS that no Interest Exchange
Arrangement will be entered into by a Lender unless a
confirmation satisfactory to the Agent, the Lenders and the
Hermes Agent is received from the Guarantor.

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	 	5.2.4	 	Any such request under Clause
5.2.2 shall be irrevocable, provided that any informal request
made by the Borrower to the Agent for an indication of the
rates which might be available should the Borrower deliver an
Election Notice shall not be construed as the giving of an
Election Notice by the Borrower pursuant to Clause 5.2.2. The
parties hereto agree that not more than two (2) informal
requests may be made.
	 
	 	5.2.5	 	On receipt of an Election
Notice from the Borrower pursuant to Clause 5.2.2, the Agent
shall promptly notify the Lenders of such election and of the
applicable Election Date and Conversion Date.

	 	5.3	 	Conversion
	 
	 	 	 	Conversion shall only occur if:

	 	5.3.1	 	the Agent has received an Election Notice;
	 
	 	5.3.2	 	the Agent has received the
confirmation from the Guarantor referred to in Clause 5.2.3;
	 
	 	5.3.3	 	the Agent has received
evidence of the Interest Exchange Arrangements executed by the
parties thereto; and
	 
	 	5.3.4	 	the Fixed Rate for the Loan
has been determined.

	 	 	 	In the absence of satisfaction of any of the above or any other
relevant provision of Clause 5.2, interest on the Loan shall
continue to be calculated at the Floating Interest Rate.
	 
	 	5.4	 	Fixed Rate
	 
	 	 	 	The Lenders, the Agent and the Borrower agree that as soon as the
Fixed Rate shall have been determined, the Agent shall inform the
Borrower by issuing to the Borrower a Notice of Fixed Rate. Upon
such issuance the Borrower’s obligation will be to pay interest on
the Loan at the Fixed Rate from the Conversion Date and, until such
date, at the Floating Interest Rate.
	 
	 	5.5	 	Break costs in relation to Conversion
	 
	 	 	 	If an Election Notice has been given to the Facility Agent pursuant
to Clause 5.2.2 and Conversion does not occur on the Conversion Date
as a result of the relevant provisions of Clause 5.2, Clause 5.3
and/or Clause 5.4 not being satisfied or waived, other than as a
result of gross negligence or wilful misconduct of the Agent or any
of the Lenders, the Borrower shall pay to the Agent for the account
of the Lenders interest accrued to but excluding the Conversion Date
together with such amount as the Agent may certify (such certificate
to contain a calculation thereof in reasonable detail) as necessary
to compensate each of

5

 

	 	 	 	the Lenders for any loss (including the cost of breaking deposits or
re-employing funds (including warehousing and other related costs))
or any losses under any Interest Exchange Arrangement and/or any
swap agreements or other interest rate management products entered
into by the Lenders for the purpose of this transaction as a
consequence of Conversion not being made on the Conversion Date.
	 
	 	 	 	If it is necessary for the Lenders to break deposits or re-employ
funds taken or borrowed to make or maintain such Lender’s
Contribution to the Loan in order for Conversion to take place on
the Conversion Date, the Borrower shall pay to the Agent for the
account of the Lenders interest accrued to but excluding the
Conversion Date together with such amount as the Agent may certify
to be necessary to compensate a Lender for any losses incurred as a
consequence of the Interest Period in respect of the Loan being
prematurely terminated in order to allow Conversion to occur on the
Conversion Date including, without limitation, any loss (including
the cost of breaking deposits (including warehousing and other
related costs)) or expense (including warehousing and other related
costs) on account of funds borrowed, contracted for or utilised to
fund such Lender’s Contribution to the Loan.
	 
	 	5.9	 	Applicable Interest Rate

	 	5.9.1	 	In respect of Interest Periods
pursuant to Clause 5.2.1 and subject to Clause 5.11 and Clause
6, the rate of interest applicable to the Loan (or relevant
part in the case of the division of the Loan under Clause 5.7)
during an Interest Period shall be the Floating Interest Rate.
	 
	 	5.9.2	 	In respect of Interest Periods
pursuant to Clause 5.2.2 and subject to Clause 5.11 and Clause
6, the rate of interest applicable to the Loan (or relevant
part in the case of the division of the Loan under Clause 5.7)
during an Interest Period shall be the Fixed Rate.”;

	 	2.1.8	 	the reference to “Clause 5.3” in clause 5.6 (No notice and
unavailability) had been substituted with a reference to “Clause 5.2”;
	 
	 	2.1.9	 	the reference to “Clauses 5.2 and 5.3” in clause 5.7 (Separate
Interest Periods for Instalments) had been substituted with a reference to
“Clauses 5.2 and 5.6”;
	 
	 	2.1.10	 	the first paragraph of clause 5.11 (Default interest) had been deleted and
substituted with the following:
	 
	 	 	 	“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, pay interest on such sum from the due date to the
actual date of payment (as well after as before judgment). Such

6

 

	 	 	 	interest shall accrue on a daily basis at the higher of the Applicable
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:”;
	 
	 	2.1.11	 	clause 6.1.1 (Market disturbance) had been deleted and substituted with the
following:
	 
	 	“6.1.1	 	by reason of circumstances affecting the London Interbank
eurocurrency market adequate and fair means do not exist for
ascertaining the Floating Interest Rate during such Interest Period
pursuant to Clause 5; or”;
	 
	 	2.1.12	 	the words “the Interest Exchange Arrangements,” had been inserted in line 2
of clause 9.2.21 after the words “the Sub-Agency Agreement,”;
	 
	 	2.1.13	 	the last paragraph of clause 11.3 had been deleted and substituted with the
following:
	 
	 	 	 	“including, in any such case, but not limited to, any loss or expense
sustained or incurred in maintaining or funding the Loan or in liquidating
or re-employing deposits from third parties acquired to effect or maintain
the Loan, any loss (including the cost of breaking deposits or re-employing
funds (including warehousing and other related costs)) or any losses under
any Interest Exchange Arrangement and/or any swap agreements or other
interest rate management products entered into by the Lenders for the
purpose of this transaction.”;
	 
	 	2.1.14	 	the words “or an Interest Exchange Arrangement” had been inserted at the end
of clause 12.1, FIRSTLY;
	 
	 	2.1.15	 	a new clause 12.1, EIGHTHLY had been inserted as follows:

	 	 	 	 	 
	 

	 	“EIGHTHLY
	 	any loss (including the cost of breaking deposits or
re-employing funds (including warehousing and other related costs)) or
any losses under any Interest Exchange Arrangement and/or any swap
agreements or other interest rate management products entered into by
the Lenders for the purpose of this transaction; and”;

	 	 	 	and the existing clause 12.1, EIGHTHLY had been renamed clause 12.1,
NINTHLY;
	 
	 	2.1.16	 	clause 12.2, FIRSTLY had been deleted and substituted with the
following:

	 	 	 	 	 
	 

	 	“FIRSTLY
	 	in or towards payment of all fees, costs and expenses
(excluding any costs (including without limitation any warehousing and
other related costs) incurred in breaking any Interest Exchange
Arrangement or any interest rate swap agreements or other interest rate
management products entered into by the Lenders for the purposes of
this transaction) incurred by the Agent or any

7

 

	 	 	 	 	 
	 

	 	 	 	Lender in connection with the Loan and which are for the
time being unpaid;”

	 	2.1.17	 	a new clause 12.2, SEVENTHLY had been inserted as follows:

	 	 	 	 	 
	 

	 	“SEVENTHLY
	 	any loss (including the cost of breaking deposits or
re-employing funds (including warehousing and other related costs)) or
any losses under any Interest Exchange Arrangement and/or any swap
agreements or other interest rate management products entered into by
the Lenders for the purpose of this transaction; and”;

	 	 	 	and the existing clause 12.2, SEVENTHLY had been renamed clause
12.2, EIGHTHLY; and
	 
	 	2.1.18	 	Schedule 1 to this Deed was schedule 8 to the Original Loan Agreement.

	 	2.2	 	Each of the Borrower and the Guarantor hereby confirms to the Agent, the Hermes
Agent and the Trustee that with effect from the date of this Deed:

	 	2.2.1	 	all references to the Original Loan Agreement in the Security
Documents to which it is a party shall be construed as references to the Loan
Agreement, 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 and all references in such Security Documents to clauses of
the Original Loan Agreement shall be construed as references to the
corresponding clauses of the Loan Agreement;
	 
	 	2.2.2	 	the Security Documents to which it is a party (in some cases,
in the case of the Borrower, by virtue of the Merger (as defined in the Third
Supplement)) shall apply to, and extend to secure, the whole of the Outstanding
Indebtedness as defined in clause 1.1 (Definitions) of the Loan Agreement;
	 
	 	2.2.3	 	its obligations under the Security Documents to which it is a
party (in some cases, in the case of the Borrower, by virtue of the Merger)
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
	 
	 	2.2.4	 	its obligations under the Security Documents to which it is a
party (in some cases, in the case of the Borrower, by virtue of the Merger)
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.

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

8

 

	3	 	Conversion

	 	3.1	 	On the date of this Deed the principal amount of the Loan outstanding under the
Loan Agreement is forty four million four hundred and nineteen thousand and forty one
Dollars and ninety nine cents (USD44,419,041.99).
	 
	 	3.2	 	The Agent has received an Election Notice to convert the basis upon which
interest is calculated under the Loan Agreement to a Fixed Rate with effect from 14
March 2006 (the “Relevant Election Notice”).
	 
	 	3.3	 	The Agent has notified the Lenders of its receipt of the Relevant Election
Notice and of the applicable Election Date and Conversion Date.
	 
	 	3.4	 	The Guarantor hereby confirms to the Borrower and the Agent that it has
received a copy of the Relevant Election Notice and the Guarantee remains in full force
and effect.
	 
	 	3.5	 	Each of the Borrower and the Guarantor acknowledges that if Conversion does not
occur on 14 March 2006 as contemplated by the Relevant Election Notice, interest on the
Loan shall continue to be calculated at the Floating Interest Rate until Conversion
does occur.

	4	 	Conditions Precedent

	 	4.1	 	The consent of the Agent, the Hermes Agent and the Trustee to the variation of
the provisions of the Original Loan Agreement is conditional upon and shall not be
effective unless and until the Agent has received the following in form and substance
satisfactory to it:

	 	4.1.1	 	on the date of this Deed, one (1) counterpart of this Deed
duly executed by the Borrower and the Guarantor;
	 
	 	4.1.2	 	a written confirmation from the Process Agent that it will act
for the Borrower and the Guarantor as agent for service of process in England
in respect of this Deed;
	 
	 	4.1.3	 	the following corporate documents in respect of each of the
Borrower and the Guarantor (together the “Relevant
Parties”):

	 	(a)	 	Certified Copies of any consents required from
any ministry, governmental, financial or other authority for the
execution of and performance by the respective Relevant Party of its
obligations under this Deed or if no such consents are required a
certificate from a duly appointed officer of the Relevant Party to this
effect confirming that no such consents are required;
	 
	 	(b)	 	notarially attested secretary’s certificate of
each of the Relevant Parties:

	 	(i)	 	attaching a copy of its
Certificate of Incorporation and Memorandum of Association and
Bye-Laws (or equivalent constitutional documents) evidencing
power to enter into the transactions contemplated in this Deed;

9

 

	 	(ii)	 	giving the names of its present
officers and directors;
	 
	 	(iii)	 	setting out specimen
signatures of such officers and directors as are authorised by
the Relevant Party to sign documents or otherwise undertake the
performance of that Relevant Party’s obligations under this
Deed;
	 
	 	(iv)	 	giving the legal owner of its shares and the number of such shares held;
	 
	 	(v)	 	attaching copies of resolutions
passed at duly convened meetings of the directors and, if
required by the Agent, the shareholders or members of each of
the Relevant Parties authorising (as applicable) the execution
of this Deed and the amendment to the Mortgage and the issue of
any power of attorney to execute the same; and
	 
	 	(vi)	 	containing a declaration of
solvency as at the date of the certificate of the duly
appointed officer of the Relevant Party;

	 	4.1.4	 	the original powers of attorney, if any, issued pursuant to
the resolutions referred to above and notarially attested;
	 
	 	4.1.5	 	a fifth amendment to the Mortgage duly executed and lodged for
recordation at the United States Coast Guard National Vessel Documentation
Center; and
	 
	 	4.1.6	 	the issue of such favourable written legal opinions including
in respect of Delaware and Bermuda 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 and no Possible Event of Default has occurred and
is continuing on the date on which the conditions precedent set out in this Clause
4.1 have been satisfied (subject to Clause 4.2).
	 
	 	4.2	 	If the Agent, the Hermes Agent and the Trustee, acting unanimously, decide (or
the Agent in accordance with the Agency and Trust Deed decides) to permit the amendment
of the Original Loan Agreement hereby without the Agent having received all of the
documents or evidence referred to in Clause 4.1, the Borrower will nevertheless deliver
the remaining documents or evidence to the Agent within fourteen (14) days of the date
of this Deed (or such other period as the Agent may stipulate) and the amendment of the
Original Loan 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 Hermes Agent, the Trustee or the Lenders any obligation to permit the
amendment in the absence of such documents or evidence.

	5	 	Representations and Warranties

	 	5.1	 	Each of the Borrower and the Guarantor represents and warrants to the Agent,
the Hermes Agent and the Trustee that:

10

 

	 	5.1.1	 	it has the power to enter into and perform this Deed and the
transactions contemplated hereby and has taken all necessary action to
authorise the entry into and performance of this Deed and such transactions;
	 
	 	5.1.2	 	this Deed constitutes its legal, valid and binding obligations
enforceable in accordance with its terms;
	 
	 	5.1.3	 	its entry into and performance of this Deed and the
transactions contemplated hereby do not and will not conflict with:

	 	(a)	 	any law or regulation or any official or judicial order; or
	 
	 	(b)	 	its constitutional documents; or
	 
	 	(c)	 	any agreement or document to which it is a
party or which is binding upon it or any of its assets,

	 	 	 	nor result in the creation or imposition of any Encumbrance on it or its
assets pursuant to the provisions of any such agreement or document and in
particular but without prejudice to the foregoing the entry into and
performance of this Deed and the transactions contemplated hereby and
thereby will not render invalid, void or voidable any security granted by it
to the Trustee;
	 
	 	5.1.4	 	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;
	 
	 	5.1.5	 	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
	 
	 	5.1.6	 	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 Agent, the Hermes Agent and/or
the Trustee in deciding whether or not to enter into this Deed.

	6	 	Expenses
	 
	 	 	The Borrower and the Guarantor jointly and severally undertake to reimburse the Agent on
demand 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 Hermes Agent or the Trustee
in respect of the negotiation, preparation, printing, execution, registration and
enforcement of this Deed and any other documents required in connection with the
implementation of this Deed.

11

 

	7	 	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 and the Hermes Agent as the Agent
and the Hermes Agent may reasonably consider necessary for giving full effect to this Deed
or any of the documents contemplated hereby or securing to the Trustee the full benefit of
the rights, powers and remedies conferred upon the Agent, the Hermes Agent or the Trustee in
any such document.

	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 or the Guarantor pursuant to this Deed shall (unless the
Borrower or the Guarantor has by fifteen (15) days’ written notice to the Agent
specified another address) be made or delivered to the Borrower and/or the Guarantor
c/o 7665 Corporate Center Drive, Miami, Florida 33126, United States of America (marked
for the attention of Ms Bonnie Biumi and the Legal Department (but one (1) copy shall
suffice)) with a copy to c/o Star Cruises Limited, Star Cruises Terminal, Pulau Indah,
PO Box No. 288, 42009 Pelabuhan Klang, Selangor Darul Ehsan, Malaysia (marked for the
attention of Mr Gerard Lim). Any notice, demand or other communication to be made or
delivered by the Borrower or the Guarantor pursuant to this Deed shall (unless the
Agent has by fifteen (15) days’ written notice to the Borrower and the Guarantor
specified another address) be made or delivered to the Agent at its Office, the details
of which are set out in schedule 2 of the Original Loan Agreement.
	 
	 	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 and the Guarantor is +1 305 436 4140 (marked for the
attention of Ms Bonnie Biumi) and +1 305 436 4117 (marked for the attention of the
Legal Department) with a copy to +60 3 3884 0213 (marked for the attention of Mr Gerard
Lim) and in the case of the Agent, the Hermes Agent or the Trustee is as recorded in
schedule 2 of the Original Loan Agreement) specified by it from time to time for the
purpose and shall be deemed to have been received when transmission of such telefax
communication has been completed. Each such telefax communication, if made to the
Agent, the Hermes Agent or the Trustee 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, the Hermes Agent or the
Trustee to the Borrower and the Guarantor.
	 
	 	9.3	 	The provisions of clauses 18.1, 18.4 and 18.5 of the Original Loan Agreement
shall apply to this Deed.

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	10	 	Governing Law
	 
	 	 	This Deed shall be governed by English law.

	11	 	Jurisdiction

	 	11.1	 	The courts of England have exclusive jurisdiction to settle any dispute arising
out of or in connection with this Deed (including a dispute regarding the existence,
validity or termination of this Agreement) (a “Dispute”). Each party to this Deed
agrees that the courts of England are the most appropriate and convenient courts to
settle Disputes and accordingly no party will argue to the contrary.
	 
	 	 	 	This Clause 11.1 is for the benefit of the Agent, the Hermes Agent and the Trustee
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	 	Neither the Borrower nor the Guarantor may, without the Agent’s prior written
consent, terminate the appointment of the Process Agent; if the Process Agent resigns
or its appointment ceases to be effective, the Borrower and/or the Guarantor (as the
case may be) shall within fourteen (14) days appoint a company which has premises in
London and has been approved by the Agent to act as the Borrower’s and/or the
Guarantor’s (as the case may be) process agent with unconditional authority to receive
and acknowledge service on behalf of the Borrower and/or the Guarantor of all process
or other documents connected with proceedings in the English courts which relate to
this Deed.
	 
	 	11.3	 	For the purpose of securing its obligations under Clause 11.2, each of the
Borrower and the Guarantor irrevocably agrees that, if it for any reason fails to
appoint a process agent within the period specified in Clause 11.2, the Agent may
appoint any person (including a company controlled by or associated with the Agent or
any Lender) to act as the Borrower’s or the Guarantor’s (as the case may be) process
agent in England with the unconditional authority described in Clause 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 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.
	 
	 	11.5	 	Each of the Borrower and the Guarantor appoints in the case of the courts of
England the Process Agent to receive, for and on its behalf service of process in
England of any legal proceedings with respect to this Deed.
	 
	 	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 and/or the Guarantor (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
Hermes Agent or the Trustee may have (whether under the laws of any country,

13

 

	 	 	 	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 first written above.

	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 
	by PAUL ALAN TURNER

	 	 	)	 
	for and on behalf of

	 	 	)	     P.A. TURNER
	PRIDE OF AMERICA SHIP HOLDING, INC.

	 	 	)	 
	in the presence of:

	 	N. A.
THOMPSON

NOTARY PUBLIC LONDON, ENGLAND (NICHOLAS A. THOMPSON)
	)	 
	 
	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 
	by PAUL ALAN TURNER

	 	 	)	 
	for and on behalf of

	 	 	)	     
	NCL CORPORATION LTD.

	 	 	)

)

	 
	in the presence of:

	 	N. A.
THOMPSON

NOTARY PUBLIC LONDON, ENGLAND (NICHOLAS A. THOMPSON)
	 
	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 
	by
MARCUS WEBER & FIORINA RICCOBON

	 	 	)	 
	for and on behalf of

	 	 	)	     M.
WEBER   F. RICCOBON
	COMMERZBANK AKTIENGESELLSCHAFT

	 	 	)	 
	as the Hermes Agent

	 	 	)
)	 
	in the presence of:

	 	CHRISTIAN
RUNKE

BANK CLERK,

C. RUNKE

COMMERZBANK AKTIENGESELLSCHAFT

GLOBAL SHIPPING

NESS 7-9

20457 HAMBURG
	 
	 
	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 
	by M. MONKS

	 	 	)	 
	an authorised signatory of

	 	 	)	     M. MONKS
	HSBC BANK PLC

	 	 	)	 
	as the Agent and the Trustee

	 	 	)	 
	in the presence of:

	 	M.
PLUNLEY

M. PLUNEY

BANK BK

HSBC BANK PLC

8 CANADA SQ.

LONDON
	)	 

14

 

Schedule 1

Form of Notice of Fixed Rate

	 	 	 
	To:

	 	PRIDE OF AMERICA SHIP HOLDING, INC.
	 

	 	(formerly Ship Holding LLC) (the
“Borrower”)
	 

	 	Corporation Trust Center
	 

	 	1209 Orange Street
	 

	 	Wilmington
	 

	 	Delaware 19801
	 

	 	United States of America
	 
	 	 
	From:

	 	HSBC BANK PLC (the
“Facility Agent”)
	 

	 	Project and Export Finance
	 

	 	8 Canada Square
	 

	 	London E14 5HQ
	 
	 	 
	 

	 	Attn:           Mr Alan Marshall

Loan Agreement dated 4 April 2003 (as amended and/or restated from time to time) between (among
others) (1) the Borrower (2) the Lenders (3) the Agent (4) the Hermes Agent and (5) the Trustee
(the “Loan Agreement”) relating to the financing of the completion of m.v. “PRIDE OF AMERICA”

The Agent hereby gives notice to the Borrower that, pursuant to Clause 5.4 (Fixed Rate) of the Loan
Agreement, the Borrower shall from [date] 2006 pay interest on the outstanding amount of the Loan
at the Fixed Rate of [       ] per
cent ([•]%) per annum.

Capitalised terms used herein shall have the same meanings as in the Loan Agreement.

Date:            2006

	 	 	 
	 

HSBC BANK PLC

	 	 
	By:
	 	 
	 
	 	 
	Agreed:
	 	 
	 
	 	 
	 

PRIDE OF AMERICA SHIP HOLDING, INC.

	 	 
	By:
	 	 
	 
	 	 
	Date:                               2006
	 	 

15

 

DATED 22 DECEMBER 2005

PRIDE OF AMERICA SHIP HOLDING, INC.

(as borrower)

NCL CORPORATION LTD.

(as guarantor)

HSBC BANK PLC

(as agent)

COMMERZBANK AKTIENGESELLSCHAFT

(as Hermes agent)

HSBC BANK PLC

(as trustee)

 

SIXTH SUPPLEMENTAL DEED TO (AMONG OTHER THINGS)

SECURED LOAN AGREEMENT

dated 4 April 2003 for the equivalent amount in

United States Dollars and/or Euro of up to €258,000,000

pre- and post redelivery finance for one 1,075 cabin luxury cruise vessel

identified with no 7671 and working title “Project America"

at the yard of Lloyd Werft Bremerhaven GmbH

(now named “PRIDE OF AMERICA”)

 

STEPHENSON HARWOOD

One St Paul’s Churchyard

London EC4M 8SH

Tel: +44 (0)20 7329 4422

Fax: +44 (0)20 7329 7100

Ref: 1253/41-25887/42-02591/43-03502/44-01536/44-02443

 

 

CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page
	1

	 	Definitions and Construction
	 	 	1	 
	 
	 	 	 	 	 	 
	2

	 	Amendment of Original Loan Agreement and Security Documents
	 	 	2	 
	 
	 	 	 	 	 	 
	3

	 	Conversion
	 	 	3	 
	 
	 	 	 	 	 	 
	4

	 	Conditions Precedent
	 	 	3	 
	 
	 	 	 	 	 	 
	5

	 	Representations and Warranties
	 	 	5	 
	 
	 	 	 	 	 	 
	6

	 	Expenses
	 	 	6	 
	 
	 	 	 	 	 	 
	7

	 	Further Assurance
	 	 	6	 
	 
	 	 	 	 	 	 
	8

	 	Counterparts
	 	 	6	 
	 
	 	 	 	 	 	 
	9

	 	Notices
	 	 	6	 
	 
	 	 	 	 	 	 
	10

	 	Governing Law
	 	 	7	 
	 
	 	 	 	 	 	 
	11

	 	Jurisdiction
	 	 	7	 

 

 

SIXTH SUPPLEMENTAL DEED

DATED December 2005

BETWEEN:

	(1)	 	PRIDE OF AMERICA SHIP HOLDING, INC. of Corporation Trust Center, 1209 Orange Street,
Wilmington, Delaware 19801, United States of America as borrower (the
“Borrower”);
	 
	(2)	 	NCL CORPORATION LTD. of Milner House, 18 Parliament Street, Hamilton HM 12, Bermuda as
guarantor (the “Guarantor”);
	 
	(3)	 	HSBC BANK PLC of 8 Canada Square, London E14 5HQ as
agent (the “Agent”);
	 
	(4)	 	COMMERZBANK AKTIENGESELLSCHAFT of Kaiserplatz, 60311 Frankfurt am Main, Federal Republic of
Germany as agent (the “Hermes Agent”); and
	 
	(5)	 	HSBC BANK PLC of 8 Canada Square, London E14 5HQ as trustee for itself and the Lenders (as
hereinafter defined) (the “Trustee”).

     WHEREAS:

	(A)	 	By a loan agreement dated 4 April 2003 as amended and/or restated by a first supplemental
agreement thereto dated 20 April 2004, a second supplemental agreement thereto dated 1 July
2004, a third supplemental agreement thereto dated 1 June 2005
(the “Third Supplement”), a
fourth supplemental agreement thereto dated 3 August 2005 and a fifth supplemental agreement
thereto dated as of 30 September 2005 (the “Original
Loan Agreement”) entered into between the
Borrower or its predecessor Ship Holding LLC (“SHLLC”) as borrower, the Lenders as lenders,
the Agent as agent for (among others) the Lenders, the Hermes Agent as agent for (among
others) the Lenders and the Trustee as trustee for (among others) the Lenders, the Lenders
granted to the Borrower a secured loan in the maximum amount of the equivalent in Dollars
and/or Euro of two hundred and fifty eight million Euro
(€258,000,000)
(the “Loan”) to
part-finance the completion by the Builder of the Vessel for the Contract Price (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 (among other things) a guarantee and
indemnity dated 23 April 2004 as amended from time to time granted by the Guarantor (the
“Original Guarantee”).
	 
	(B)	 	The Guarantor has requested the consent of the Lenders, the Agent, the Hermes Agent and the
Trustee to the amendment of certain of the provisions of the Original Loan Agreement which
relate to an election by the Borrower for a Fixed Rate. This Deed 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 Loan Agreement shall have

 

 

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

     “Loan Agreement” means the Original Loan Agreement as amended by this Deed.

     1.2 The provisions of Clauses 1.2 and 1.3 of the Loan Agreement shall apply hereto
(mutatis mutandis).

	2	 	Amendment of Original Loan Agreement and Security Documents

	 	2.1	 	Subject to Clause 4, the parties hereto agree that from the date of this Deed
the Original Loan Agreement shall be read and construed as if clause 5.3.2 had been
deleted and substituted with the following:

	 	“5.3.2  	 	Subject to the consent of Hermes and of each of the Lenders remaining in full
force and effect on the date of the Election Notice (as hereinafter defined),
the Borrower may, if no Event of Default has occurred and is
continuing and no Total Loss has occurred, at any time prior to 30 June
2006, elect to convert the basis upon which interest is calculated hereunder
by giving notice (an “Election Notice”) to the Agent not less than fifteen
(15) Business Days (or such shorter time as the parties may agree) before
the date on which the Interest Exchange Arrangements are to be entered into
(the “Election Date”) to request that with effect from an Interest Payment
Date on or prior to 30 June 2006 (the “Conversion
Date”) the rate of
interest applicable to the Loan then outstanding shall be the Fixed Rate.”

	 	2.2	 	Each of the Borrower and the Guarantor hereby confirms to the Agent, the Hermes
Agent and the Trustee that with effect from the date of this Deed:

	 	2.2.1	 	all references to the Original Loan Agreement in the Security
Documents to which it is a party shall be construed as references to the Loan
Agreement and all terms used in such Security Documents whose meanings are
defined by reference to the Original Loan Agreement shall be defined by
reference to the Loan Agreement;
	 
	 	2.2.2	 	the Security Documents to which it is a party (in some cases,
in the case of the Borrower, by virtue of the Merger (as defined in the Third
Supplement)) shall apply to, and extend to secure, the whole of the Outstanding
Indebtedness as defined in clause 1.1 of the Loan Agreement;
	 
	 	2.2.3	 	its obligations under the Security Documents to which it is a
party (in some cases, in the case of the Borrower, by virtue of the Merger)
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
	 
	 	2.2.4	 	its obligations under the Security Documents to which it is a
party (in some cases, in the case of the Borrower, by virtue of the Merger)
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

 

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

	3	 	Conversion

	 	3.1	 	The Euro Loan will be repaid and readvanced in accordance with clause 2.5.4 of
the Loan Agreement on 30 December 2005. Following the said repayment and readvance of
the Euro Loan, on 30 December 2005 the principal amount of the Loan outstanding under
the Loan Agreement will be two hundred and ninety two million two hundred and eighteen
thousand four hundred and forty eight Dollars and forty cents (USD292,218,448.40).
	 
	 	3.2	 	The Agent has received an Election Notice to convert the basis upon which
interest is calculated under the Loan Agreement to a Fixed Rate with effect from 30
December 2005 (the “Relevant Election Notice”).
	 
	 	3.3	 	The Agent has notified the Lenders of its receipt of the Relevant Election
Notice and of the applicable Election Date and Conversion Date.
	 
	 	3.4	 	The Guarantor hereby confirms to the Borrower and the Agent that it has
received a copy of the Relevant Election Notice and the Guarantee remains in full force
and effect.
	 
	 	3.5	 	Each of the Borrower and the Guarantor acknowledges that if Conversion does not
occur on 30 December 2005 as contemplated by the Relevant Election Notice, interest on
the Loan shall continue to be calculated at the Floating Interest Rate until Conversion
does occur.

	4	 	Conditions Precedent

	 	4.1	 	The consent of the Agent, the Hermes Agent and the Trustee to the variation of
the provisions of the Original Loan Agreement is conditional upon and shall not be
effective unless and until the Agent has received the following in form and substance
satisfactory to it:

	 	4.1.1	 	on the date of this Deed, one (1) counterpart of this Deed
duly executed by the Borrower and the Guarantor;
	 
	 	4.1.2	 	a written confirmation from the Process Agent that it will act
for the Borrower and the Guarantor as agent for service of process in England
in respect of this Deed;
	 
	 	4.1.3	 	the following corporate documents in respect of each of the
Borrower and the Guarantor (together the “Relevant
Parties”):

	 	(a)	 	Certified Copies of any consents required from
any ministry, governmental, financial or other authority for the
execution of and performance by the respective Relevant Party of its
obligations under this Deed or if no such consents are required a
certificate from a duly appointed officer of the Relevant Party to this
effect confirming that no such consents are required;

3

 

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

	 	(i)	 	attaching a copy of its
Certificate of Incorporation and Memorandum of Association and
Bye-Laws (or equivalent constitutional documents) evidencing
power to enter into the transactions contemplated in this Deed;
	 
	 	(ii)	 	giving the names of its present
officers and directors;
	 
	 	(iii)	 	setting out specimen
signatures of such officers and directors as are authorised by
the Relevant Party to sign documents or otherwise undertake the
performance of that Relevant Party’s obligations under this
Deed;
	 
	 	(iv)	 	giving the legal owner of its shares and the number of such shares held;
	 
	 	(v)	 	attaching copies of resolutions
passed at duly convened meetings of the directors and, if
required by the Agent, the shareholders or members of each of
the Relevant Parties authorising (as applicable) the execution
of this Deed and the amendment to the Post Redelivery Mortgage
and the issue of any power of attorney to execute the same; and
	 
	 	(vi)	 	containing a declaration of
solvency as at the date of the certificate of the duly
appointed officer of the Relevant Party;

	 	4.1.4	 	the original powers of attorney, if any, issued pursuant to
the resolutions referred to above and notarially attested;
	 
	 	4.1.5	 	a fourth amendment to the Post Redelivery Mortgage duly
executed and lodged for recordation at the United States Coast Guard National
Vessel Documentation Center; and
	 
	 	4.1.6	 	the issue of such favourable written legal opinions including
in respect of Delaware and Bermuda 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 and no Possible Event of Default has occurred and
is continuing on the date on which the conditions precedent set out in this Clause
4.1 have been satisfied (subject to Clause 4.2) other than that Event of Default
waived by the Agent pursuant to the letters dated 9 March 2004 and 20 April 2004
from the Agent to SHLLC.

	 	4.2	 	If the Agent, the Hermes Agent and the Trustee, acting unanimously, decide (or
the Agent in accordance with the Agency and Trust Deed decides) to permit the amendment
of the Original Loan Agreement hereby without the Agent having received all of the
documents or evidence referred to in Clause 4.1, the Borrower will nevertheless deliver
the remaining documents or evidence to the Agent within fourteen (14) days of the date
of this Deed (or such other period as the

4

 

	 	 	 	Agent may stipulate) and the amendment of the
Original Loan 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 Hermes Agent, the Trustee or the Lenders any obligation to permit the
amendment in the absence of such documents or evidence.

	5	 	Representations and Warranties

	 	5.1	 	Each of the Borrower and the Guarantor represents and warrants to the Agent,
the Hermes Agent and the Trustee that:

	 	5.1.1	 	it has the power to enter into and perform this Deed and the
transactions contemplated hereby and has taken all necessary action to
authorise the entry into and performance of this Deed and such transactions;
	 
	 	5.1.2	 	this Deed constitutes its legal, valid and binding obligations
enforceable in accordance with its terms;
	 
	 	5.1.3	 	its entry into and performance of this Deed and the
transactions contemplated hereby do not and will not conflict with:

	 	(a)	 	any law or regulation or any official or judicial order; or
	 
	 	(b)	 	its constitutional documents; or
	 
	 	(c)	 	any agreement or document to which it is a
party or which is binding upon it or any of its assets,

	 	 	 	nor result in the creation or imposition of any Encumbrance on it or its
assets pursuant to the provisions of any such agreement or document and in
particular but without prejudice to the foregoing the entry into and
performance of this Deed and the transactions contemplated hereby and
thereby will not render invalid, void or voidable any security granted by it
to the Trustee;

	 	5.1.4	 	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;
	 
	 	5.1.5	 	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
	 
	 	5.1.6	 	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 Agent, the Hermes Agent and/or
the Trustee in deciding whether or not to enter into this Deed.

5

 

	6	 	Expenses

The Borrower and the Guarantor jointly and severally undertake to reimburse the Agent on
demand 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 Hermes Agent or the Trustee
in respect of the negotiation, preparation, printing, execution, registration and
enforcement of this Deed and any other documents required in connection with the
implementation of this Deed.

	7	 	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 and the Hermes Agent as the Agent
and the Hermes Agent may reasonably consider necessary for giving full effect to this Deed
or any of the documents contemplated hereby or securing to the
Trustee the full benefit of the rights, powers and remedies conferred upon the Agent, the
Hermes Agent or the Trustee in any such document.

	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 or the Guarantor pursuant to this Deed shall (unless the
Borrower or the Guarantor has by fifteen (15) days’ written notice to the Agent
specified another address) be made or delivered to the Borrower and/or the Guarantor
c/o 7665 Corporate Center Drive, Miami, Florida 33126, United States of America (marked
for the attention of Ms Bonnie Biumi and the Legal Department (but one (1) copy shall
suffice)) with a copy to c/o Star Cruises Limited, Star Cruises Terminal, Pulau Indah,
PO Box No. 288, 42009 Pelabuhan Klang, Selangor Darul Ehsan, Malaysia (marked for the
attention of Mr Gerard Lim). Any notice, demand or other communication to be made or
delivered by the Borrower or the Guarantor pursuant to this Deed shall (unless the
Agent has by fifteen (15) days’ written notice to the Borrower and the Guarantor
specified another address) be made or delivered to the Agent at its Office, the details
of which are set out in schedule 2 of the Original Loan Agreement.
	 
	 	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 and the Guarantor is +1 305 436 4140 (marked for the
attention of Ms Bonnie Biumi) and +1 305 436 4117 (marked for the attention of the
Legal Department) with a copy to +60 3 3884 0213 (marked for the attention of Mr Gerard
Lim) and in the case of the Agent, the Hermes Agent or the Trustee is as recorded in
schedule 2 of the Original Loan Agreement) specified by it from time to time for the
purpose and shall be deemed to have been received when transmission of such telefax
communication has been completed. Each such telefax communication, if made to the
Agent, the Hermes Agent or the Trustee by the Borrower or the Guarantor, shall be
signed by the

6

 

	 	 	 	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, the Hermes Agent or the
Trustee to the Borrower and the Guarantor.

	 	9.3	 	The provisions of clauses 18.1, 18.4 and 18.5 of the Original Loan Agreement
shall apply to this Deed.

	10	 	Governing Law

This Deed shall be governed by English law.

	11	 	Jurisdiction

	 	11.1	 	The courts of England have exclusive jurisdiction to settle any dispute arising
out of or in connection with this Deed (including a dispute regarding the existence,
validity or termination of this Agreement) (a “Dispute”). Each party to this Deed
agrees that the courts of England are the most appropriate and convenient courts to
settle Disputes and accordingly no party will argue to the contrary.
	 
	 	 	 	This Clause 11.1 is for the benefit of the Agent, the Hermes Agent and the Trustee
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	 	Neither the Borrower nor the Guarantor may, without the Agent’s prior written
consent, terminate the appointment of the Process Agent; if the Process Agent resigns
or its appointment ceases to be effective, the Borrower and/or the Guarantor (as the
case may be) shall within fourteen (14) days appoint a company which has premises in
London and has been approved by the Agent to act as the Borrower’s and/or the
Guarantor’s (as the case may be) process agent with unconditional authority to receive
and acknowledge service on behalf of the Borrower and/or the Guarantor of all process
or other documents connected with proceedings in the English courts which relate to
this Deed.
	 
	 	11.3	 	For the purpose of securing its obligations under Clause 11.2, each of the
Borrower and the Guarantor irrevocably agrees that, if it for any reason fails to
appoint a process agent within the period specified in Clause 11.2, the Agent may
appoint any person (including a company controlled by or associated with the Agent or
any Lender) to act as the Borrower’s or the Guarantor’s (as the case may be) process
agent in England with the unconditional authority described in Clause 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 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.

7

 

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

8

 

IN WITNESS whereof the parties hereto have caused this Deed to be duly executed as a deed on the
day first written above.

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 	 	 
	by PAUL ALAN TURNER

	 	 	)	 	 	 
	for and on behalf of

	 	 	)	     P.A. TURNER	 	 
	PRIDE OF AMERICA SHIP HOLDING, INC.

	 	 	)	 	 	 
	in the presence of:

	 	THEODORA
KOKOTA

TRAINEE SOLICITOR 
	)	 	 	 
	 
	 	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 	 	 
	by PAUL ALAN TURNER

	 	 	)	 	 	 
	for and on behalf of

	 	 	)	     P.A. TURNER	 	 
	NCL CORPORATION LTD.

	 	 	)	 	 	 
	in the presence of:

	 	THEODORA
KOKOTA
TRAINEE SOLICITOR
 
	)	 	 	 
	 
	 	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 	 	 
	by
JULIE CLEGG

	 	 	)	     J. CLEGG	 	 
	for and on behalf of

	 	 	)	 	 	 
	COMMERZBANK AKTIENGESELLSCHAFT

	 	 	)	 	 	 
	as
the Hermes Agent

	 	 	)	 	 	 
	in the presence of:

	 	THEODORA
KOKOTA
TRAINEE SOLICITOR
 
	)	 	 	 
	 
	 	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	 	 	 
	by
CHRISTOR GEOFFREY POCOCK

	 	 	)	 	 	 
	for and on behalf of

	 	 	)	     CHRISTOR
GEOFFREY POCOCK	 	 
	HSBC BANK PLC

	 	 	)	 	 	 
	as
the Agent and the Trustee

	 	 	)	 	 	 
	in the presence of:

	 	
NIGEL GROOM 
	)	 	 	 

9

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