Document:

EX-4.34 Syndicate Loan Facility/Hull D33

 

Exhibit 4.34

[Confidential Treatment]

	 	 	 
	 

	 	 

DATED
22 SEPTEMBER 2006

F3 TWO, LTD.

as Borrower

BNP PARIBAS

as Agent

BNP PARIBAS, CALYON, HSBC FRANCE AND SOCIETE GENERALE

as Mandated Lead Arrangers and Lenders

 

LOAN AGREEMENT

Hull No. D33

EUR662,905,320

 

 

CONTENTS

	 	 	 	 	 	 	 
	Clause	 	 	 	Page	 
	1.
	 	DEFINITIONS AND CONSTRUCTION	 	 	2	 
	 
	 	 	 	 	 	 
	2.
	 	AVAILABILITY OF THE LOAN	 	 	9	 
	 
	 	 	 	 	 	 
	3.
	 	DRAWING	 	 	9	 
	 
	 	 	 	 	 	 
	4.
	 	REPAYMENT OF LOAN AND PAYMENT OF INTEREST	 	 	15	 
	 
	 	 	 	 	 	 
	5.
	 	CLAIMS OR DEFENCES MAY NOT BE OPPOSED TO THE LENDERS	 	 	15	 
	 
	 	 	 	 	 	 
	6.
	 	COFACE PREMIUM	 	 	15	 
	 
	 	 	 	 	 	 
	7.
	 	FEES	 	 	16	 
	 
	 	 	 	 	 	 
	8.
	 	TAXES, INCREASED COSTS, COSTS AND RELATED CHARGES	 	 	17	 
	 
	 	 	 	 	 	 
	9.
	 	REPRESENTATIONS AND WARRANTIES	 	 	19	 
	 
	 	 	 	 	 	 
	10.
	 	UNDERTAKINGS	 	 	24	 
	 
	 	 	 	 	 	 
	11.
	 	PREPAYMENT	 	 	38	 
	 
	 	 	 	 	 	 
	12.
	 	INTEREST ON LATE PAYMENTS	 	 	38	 
	 
	 	 	 	 	 	 
	13.
	 	ACCELERATION - EVENTS OF DEFAULT	 	 	39	 
	 
	 	 	 	 	 	 
	14.
	 	MANDATORY PREPAYMENT	 	 	44	 
	 
	 	 	 	 	 	 
	15.
	 	CURRENCY OF PAYMENT	 	 	44	 
	 
	 	 	 	 	 	 
	16.
	 	SECURITY	 	 	45	 
	 
	 	 	 	 	 	 
	17.
	 	APPLICATION OF SUMS RECEIVED	 	 	45	 
	 
	 	 	 	 	 	 
	18.
	 	CHANGES TO THE LENDERS	 	 	45	 
	 
	 	 	 	 	 	 
	19.
	 	CHANGES TO THE OBLIGORS	 	 	49	 
	 
	 	 	 	 	 	 
	20.
	 	ROLE OF THE AGENT AND THE MANDATED LEAD ARRANGERS	 	 	49	 
	 
	 	 	 	 	 	 
	21.
	 	CONDUCT OF BUSINESS BY THE FINANCE PARTIES	 	 	53	 
	 
	 	 	 	 	 	 
	22.
	 	SHARING AMONG THE FINANCE PARTIES	 	 	54	 
	 
	 	 	 	 	 	 
	23.
	 	PAYMENT MECHANICS	 	 	55	 
	 
	 	 	 	 	 	 
	24.
	 	GOVERNING LAW	 	 	57	 
	 
	 	 	 	 	 	 
	25.
	 	ENFORCEMENT	 	 	57	 
	 
	 	 	 	 	 	 
	26.
	 	APPENDICES	 	 	57	 
	 
	 	 	 	 	 	 
	27.
	 	NOTICES	 	 	57	 
	 
	 	 	 	 	 	 
	28.
	 	MISCELLANEOUS	 	 	58	 
	 
	 	 	 	 	 	 
	29.
	 	COMING INTO FORCE	 	 	58	 

 

 

THIS
LOAN AGREEMENT (the “Agreement”) is entered into
this day of September 2006

BETWEEN:

	(1)	 	F3 TWO, LTD., a company incorporated in and existing under the laws of Bermuda with
registration number EC38768 and with its registered office at Milner House, 18 Parliament
Street, Hamilton HM 12, Bermuda (the “Borrower”);
	 
	(2)	 	THE SEVERAL BANKS, particulars of which are set out in Appendix II as lenders (the
“Original Lenders”);
	 
	(3)	 	THE SEVERAL BANKS, particulars of which are set out in Appendix II as mandated lead
arrangers (the “Mandated Lead Arrangers”); and
	 
	(4)	 	BNP PARIBAS as agent for the lenders (the
“Agent”).

WHEREAS:

	(A)	 	A shipbuilding contract was signed as of 7
September 2006 (the “Building Contract”),
between the Borrower and Aker Yards S.A. (the “Builder”) for the design, construction and
delivery of a two thousand one hundred (2,100) passenger cabin cruise vessel having hull no.
D33, specification hull no. [**] [Confidential Treatment] dated 7 September 2006, to be ready for
delivery on 31 May 2010 (the “Vessel”).
	 
	(B)	 	The contract price of the Vessel is seven hundred and thirty five million euro
(EUR735,000,000) (subject to adjustment in accordance with the terms of the Building Contract)
(the “Contract Price”), payable at the times and in the manner specified in the Building
Contract. The terms of payment of the Contract Price are as follows:

	 	(i)	 	[**] [Confidential Treatment] payable within three (3) Working Days (as defined in the Building Contract) after the
Effective Date (as defined in the Building Contract);
	 
	 	(ii)	 	[**] [Confidential Treatment] payable on first steel cutting but not before [**] [Confidential Treatment];
	 
	 	(iii)	 	[**] [Confidential Treatment] payable on completion of keel laying but not before [**] [Confidential Treatment];
	 
	 	(iv)	 	[**] [Confidential Treatment] payable on the date the Vessel is launched into the water at the yard of the Builder
but not before [**] [Confidential Treatment]; and
	 
	 	(v)	 	the remainder payable upon delivery and acceptance of the
vessel.

	(C)	 	The Contract Price may be increased or decreased from time to time with respect to
certain modifications to the Building Contract, the plans or the specification (the “Change
Orders”).
	 
	(D)	 	The Lenders agree to make available to the Borrower a loan facility on the terms and
conditions set out herein for the purpose of assisting the Borrower to finance part of the
Contract Price (including the amount of the Change Orders) and the related Coface Premium.

 

 

NOW THEREFORE, it is agreed as follows:

	1.	 	DEFINITIONS AND CONSTRUCTION
	 
	1.1	 	Definitions
	 
	 	 	In this Agreement (including the Recitals) and the Appendices (all of which form an integral
part of this Agreement) the following expressions shall have the meanings set out opposite
them below.
	 
	 	 	“Affiliate” means, with respect to any person, any other person controlling, controlled by
or under common control with, such person and for purposes of this definition, “control”
(including, with correlative meanings, the terms “controlling”, “controlled by” and “under
common control with”), as applied to any person, means the possession, directly or
indirectly, of the power to vote ten per cent. (10%) or more of the securities having voting
power for the election of directors of such person, or otherwise to direct or cause the
direction of the management and policies of that person, whether through the ownership of
voting securities or by contract of otherwise.
	 
	 	 	“Annex VI” means Annex VI (Regulations for the Prevention of Air Pollution from Ships) to
the International Convention for the Prevention of Pollution from Ships 1973 (as modified in
1978 and 1997).
	 
	 	 	“Assignment of Earnings” means an assignment to be entered into between the Borrower and the
Finance Parties and to be in the agreed form.
	 
	 	 	“Assignment of Insurances” means an assignment to be entered into between the Borrower, the
Manager, if applicable, and the Finance Parties and to be in the agreed form.
	 
	 	 	“Assignment of Management Agreement” means an assignment to be entered into between the
Borrower and the Finance Parties and to be in the agreed form.
	 
	 	 	“Assignment of Warranty Rights” means an assignment to be entered into between the Borrower
and the Finance Parties with respect to the Borrower’s rights under the post-delivery
warranty given by the Builder under the Building Contract.
	 
	 	 	“Availability Termination Date” means the
date falling [**] [Confidential Treatment]  days
(being the period stipulated in article 9, clause 2.1(i)(b) of the Building Contract) after
[**] [Confidential Treatment].
	 
	 	 	“Building Contract” means that certain contract entered into between the Borrower and the
Builder dated as of 7 September 2006, as from time to time amended, in respect of the
design, construction and delivery of the Vessel.
	 
	 	 	“Builder” means Aker Yards S.A., a company incorporated in France and having its principal
office at Avenue Bourdelle — B.P. 90180, 44613 Saint-Nazaire Cedex, France, Republic of
France.
	 
	 	 	“Business Day” means a full day on which commercial banks are open for business and dealing
in deposits in New York and Paris.
	 
	 	 	“Certified Copy” means, in relation to any document delivered or issued by or on behalf of
any company, a copy of such document certified as a true, complete and up-to-date copy of
the original by any of the directors or the secretary or assistant secretary or any
attorney-in-fact for the time being of that company.

- 2 -

 

	 	 	“Change Order Amount” means the cost of the Change Orders.
	 
	 	 	“Change Orders” means those certain change orders to the specifications of the Vessel as may
be agreed to from time to time by the Borrower and the Builder, the net cost of which is
payable at delivery.
	 
	 	 	“CIRR” (Commercial Interest Reference Rate) means four point eight nine per cent. (4.89%)
per annum being the fixed rate in force for medium and long term export credits in euro
according to the Organisation for Economic Co-operation and Development rules as determined
by the competent French Authorities.
	 
	 	 	“Coface” means Compagnie Française d’Assurance pour le Commerce Extérieur a French société
anonyme with its registered office at 12 Cours Michelet, La Défense, 92800 Puteaux, France,
registered with the Registry of Commerce and Companies of Nanterre under number 552 069 791.
	 
	 	 	“Coface Insurance Policy” means the insurance policy in respect of this Agreement to be
issued by Coface for the benefit of the Lenders, in form and substance satisfactory to the
Agent and the Lenders.
	 
	 	 	“Coface Premium” means the amount payable by the Borrower to Coface through the Agent on the
Delivery Date in respect of the Coface Insurance Policy which shall be [**] [Confidential Treatment] of the Total Financed Contract Price.
	 
	 	 	“Commitment” means:

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

	 	 	to the extent not increased, cancelled, reduced or transferred by it under this Agreement.
	 
	 	 	“Compulsory Acquisition” means requisition for title or other compulsory acquisition of the
Vessel including her capture, seizure, detention or confiscation or expropriation but
excluding any requisition for hire by or on behalf of any government or governmental
authority or agency or by any persons acting or purporting to act on behalf of any such
government or governmental authority or agency.
	 
	 	 	“Contract Price” means the total price payable by the Borrower to the Builder for the Vessel
in accordance with the Building Contract being, as at the date of the Building Contract,
seven hundred and thirty five million euro (EUR735,000,000).
	 
	 	 	“Delivery Date” means the date and time stated in the Protocol of Delivery and Acceptance.
	 
	 	 	“Document of Compliance” means a document issued to the Vessel’s operator as evidence of its
compliance with the requirements of the ISM Code.
	 
	 	 	“Dollar” and “USD” mean the lawful currency of the United States of America.
	 
	 	 	“Drawdown Date” means the date on which the Loan is drawn down and applied in accordance
with Clause 2.

-3-

 

	 	 	“Drawdown Notice” means the drawdown notice and certificate duly executed by the Borrower
substantially in the form of Appendix IV.
	 
	 	 	“Earnings” means, in respect of the Vessel, (whether earned or to be earned) any and all
freights, hire, fares and passage monies, proceeds of requisition (other than proceeds of
Compulsory Acquisition), rebates and commissions, all earnings deriving from contracts of
employment, demurrage, charterparties, contracts of affreightment, pooling agreements and
joint ventures, compensation, remuneration for salvage and towage services, damages
howsoever arising and detention monies, damages for breach of any charterparty or other
contract for the employment of the Vessel, any amounts payable in consideration of the
termination or variation of any charterparty or other such contract and any other earnings
whatsoever due or to become due to the Borrower.
	 
	 	 	“Encumbrance” means any mortgage, charge, pledge, lien, assignment, hypothecation, title
retention, preferential right or trust arrangement or any other security agreement or
arrangement.
	 
	 	 	“EONIA” means the weighted average overnight rate calculated by the European Central Bank on
all overnight unsecured lending transactions carried out in the euro area interbank money
market and reported by the panel of reference banks selected for the calculation of the
EONIA. This annual rate is published on page 247 of the Bridge/Telerate server or any other
page as may replace such page, by the Banking Federation of the European Union prior to the
start of operations on the TARGET Day following its reporting to the European Central Bank
(D+1) by the reference banks.
	 
	 	 	“euro” and “EUR” means the single currency of the Participating Member States.
	 
	 	 	“Event of Default” means any one of the events specified in Clause 13.2.
	 
	 	 	“Facility Office” means the office or offices notified by a Lender to the Agent in writing
on or before the date it becomes a Lender (or, following that date, by not less than five
(5) Business Days’ written notice) as the office or offices through which it will perform
its obligations under this Agreement.
	 
	 	 	“Financed Contract Price” means the lesser of five hundred and eighty eight million euro
(EUR588,000,000) and eighty per cent. (80%) of the Contract Price less the Change Order
Amount.
	 
	 	 	“Financed Change Order Amount” means the lesser of fifty eight million eight hundred
thousand euro (EUR58,800,000) and eighty per cent. (80%) of the Change Order Amount.
	 
	 	 	“Finance Party” means the Agent, a Mandated Lead Arranger or a Lender and its successors in
title, permitted assignees and permitted transferees.
	 
	 	 	“Financial Indebtedness” means any obligation for the payment or repayment of money, whether
as principal or as surety and whether present or future, actual or contingent.
	 
	 	 	“French Authorities” means the Direction Générale du Trésor et de la Politique Economique of
the French Ministry of Economy and Finance, any successors thereto, or any other authority
in or of the French Republic having jurisdiction over and responsibility for the provision,
management or regulation of the terms, conditions and issuance of export credits in or for
the French Republic including (inter alia) such entities to whom authority in respect of
extension or administration of export financing matters have been delegated, such as Coface.

-4-

 

	 	 	“GAAP” means generally accepted accounting principles in the United States of America
consistently applied (or, if not consistently applied, accompanied by details of the
inconsistencies) including, without limitation, those set forth in the opinion and
pronouncements of the Accounting Principles Board of the American Institute of Certified
Public Accountants and statements and pronouncements of the Financial Accounting Standards
Board.
	 
	 	 	“Group” means the Guarantor and its Subsidiaries.
	 
	 	 	“Guarantee” means the guarantee of the obligations of the Borrower under this Agreement to
be signed by the Guarantor and to be in the agreed form.
	 
	 	 	“Guarantor” means NCL Corporation Ltd., a company incorporated in and existing under the
laws of Bermuda with registration number EC34678 and with its registered office at Milner
House, 18 Parliament Street, Hamilton HM 12, Bermuda.
	 
	 	 	“IAPPC” means a valid international air pollution prevention certificate for the Vessel
issued under Annex VI.
	 
	 	 	“Insurances” means all policies and contracts of insurance and entries of the Vessel in a
protection and indemnity or war risks association which are effected in respect of the
Vessel, her freights, disbursements, profits or otherwise and all benefits, including all
claims and returns of premiums thereunder and shall also include all compensation payable by
virtue of Compulsory Acquisition.
	 
	 	 	“Intended Delivery Date” means 16 November 2009 (the date on which the Vessel will be ready
for delivery pursuant to the Building Contract as at the date of this Agreement) or any
other date notified by the Borrower to the Agent in accordance with Clause 27 as being the
date on which the Vessel will be ready for delivery pursuant to the Building Contract.
	 
	 	 	“ISM Code” means the International Management Code for the Safe Operation of Ships and for
Pollution Prevention adopted by the International Maritime Organisation.
	 
	 	 	“ISPS Code” means the International Ship and Port Facility Security Code adopted by the
International Maritime Organisation.
	 
	 	 	“Lender” means:

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

	 	 	which in each case has not ceased to be a Party in accordance with the terms of this
Agreement.
	 
	 	 	“Loan” means the aggregate of the amount of the Total Financed Contract Price paid to the
Builder pursuant to Clause 2.1.1 and the amount of the Coface Premium reimbursed to the
Agent pursuant to Clause 2.1.2 as such amount may be increased or decreased pursuant to the
terms of this Agreement or (as the context may require) the amount thereof for the time
being drawn down and outstanding hereunder.
	 
	 	 	“Management Agreement” means the management agreement entered or to be entered into between
the Borrower and the Manager with respect to the Vessel.

-5-

 

	 	 	“Manager” means NCL (Bahamas) Ltd., a company incorporated in and existing under the laws of
Bermuda with registration number EC34680 and with its registered office at Milner House, 18
Parliament Street, Hamilton HM 12, Bermuda.
	 
	 	 	“Maritime Registry” means the maritime registry which the Borrower will specify to the
Lenders no later than three (3) months before the Intended Delivery Date, being that of the
Bahamas or such other registry as the Lenders may in their discretion agree.
	 
	 	 	“Maximum Loan Amount” means the amount of six hundred and sixty two million nine hundred and
five thousand three hundred and twenty euro (EUR662,905,320).
	 
	 	 	“Mortgage” means the first priority mortgage and, if applicable, deed of covenants
collateral thereto over the Vessel in favour of the Finance Parties, to be granted as
provided for in Clause 16 and to be in the agreed form.
	 
	 	 	“Obligors” means the Borrower, the Guarantor and the Manager.
	 
	 	 	“Participating Member State” means any member state of the European Union that adopts or has
adopted the euro as its lawful currency in accordance with legislation of the European Union
relating to Economic and Monetary Union.
	 
	 	 	“Party” means a party to this Agreement.
	 
	 	 	“Permitted Liens” means:

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

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

	 	(c)	 	any deposits or pledges to secure the performance of bids, tenders, bonds or
contracts;
	 
	 	(d)	 	any other Encumbrance notified by any of the Obligors to the Agent prior to
the date hereof;
	 
	 	(e)	 	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;
	 
	 	(f)	 	liens on assets leased, acquired or upgraded after the date hereof or assets
newly constructed or converted after the date hereof provided that (i) such liens
secure Financial Indebtedness otherwise permitted under this Agreement (ii) such liens
are incurred within one (1) year following such lease, acquisition, upgrade,
construction or conversion and (iii) the Financial Indebtedness secured by such liens
does not exceed the cost of such upgrade or the cost of such assets acquired or leased;
	 
	 	(g)	 	statutory and other similar liens arising in the ordinary course of business
unrelated to Financial Indebtedness and securing obligations not yet delinquent or
which are being contested in good faith by appropriate proceedings and for which
adequate reserves have been established; and

-6-

 

	 	(h)	 	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 (f) to (h) above does not
exceed twenty five million Dollars (USD25,000,000).
	 
	 	 	“Protocol of Delivery and Acceptance” means the protocol of delivery and acceptance of the
Vessel to be signed by the Borrower and the Builder in accordance with article 7, clause
1.3(i) of the Building Contract.
	 
	 	 	“Safety Management Certificate” means a document issued to the Vessel as evidence that the
Vessel’s operator and its shipboard management operate in accordance with an approved Safety
Management System.
	 
	 	 	“Safety Management System” means a structured and documented system enabling the personnel
of the Vessel’s operator to implement effectively the safety and environmental protection
policy of that Vessel operator.
	 
	 	 	“Security Documents” means this Agreement, the Guarantee, the Mortgage, the Assignment of
Warranty Rights, the Assignment of Insurances, the Assignment of Earnings, the Assignment of
Management Agreement and all such other documents as may be executed at any time in favour
of the Finance Parties or any of them as security for the obligations of the Borrower and
the other Obligors whether executed pursuant to the express provisions of this Agreement or
otherwise howsoever.
	 
	 	 	“Security Period” means the period beginning on the Drawdown Date and ending on the date on
which the amounts outstanding under this Agreement and under each of the other Security
Documents are finally paid or repaid in full.
	 
	 	 	“Subsidiary” means, with respect to the Guarantor, any company or corporation of which more
than fifty per cent. (50%) of the outstanding share capital having ordinary voting power to
elect a majority of the board of directors of such company or corporation (irrespective of
whether at the time share capital of any other class or classes of such company or
corporation shall or might have voting power upon the occurrence of any contingency) is at
the time directly or indirectly owned by the Guarantor, by the Guarantor and one or more
other Subsidiaries of the Guarantor, or by one or more other Subsidiaries of the Guarantor.
	 
	 	 	“TARGET” (Trans-European Automated Real-time Gross settlement Express Transfer) means the
European real time gross settlement system managed by the European Central Bank and linking
the real time gross settlement systems of the Member States of the European Union.
	 
	 	 	“TARGET Day” means the day when the TARGET (Trans-European Automated Real-Time Gross
settlement Express Transfer) system is open.
	 
	 	 	“Taxes” means all present and future income and other taxes, levies, imposts, deductions,
compulsory liens and withholdings whatsoever together with interest thereon and penalties
with respect thereto, if any, and any payments made on or in respect thereof and “Taxation”
shall be construed accordingly.
	 
	 	 	“Termination Date” means the date falling
[**]  [Confidential Treatment] years after the Delivery Date.

-7-

 

	 	 	“Total Commitments” means the aggregate of the Commitments, being six hundred and sixty two
million nine hundred and five thousand three hundred and twenty euro (EUR662,905,320).
	 
	 	 	“Total Financed Contract Price” means the aggregate of:

	 	(a)	 	the Financed Contract Price; and
	 
	 	(b)	 	the Financed Change Order Amount.

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

	 	(a)	 	in the case of an actual total loss of the Vessel, the actual date on which
the Vessel was lost or, if such date is not known, the date on which the Vessel was
last reported; or
	 
	 	(b)	 	in the case of a constructive total loss of the Vessel, or in the case of a
compromised or arranged total loss of the Vessel, the date of the event giving rise to
the claim for such constructive total loss or to the claim for a compromised or
arranged total loss; or
	 
	 	(c)	 	in the case of a Compulsory Acquisition on the date of the Compulsory
Acquisition.

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

	 	(a)	 	the proposed Transfer Date specified in the Transfer Certificate; and
	 
	 	(b)	 	the date on which the Agent executes the Transfer Certificate.

	 	 	“Vessel” means the passenger cruise vessel referred to in Recital (A) of this Agreement and
more specially described in the Building Contract, and, to the extent the context permits,
includes all manuals, logs and technical records relating to the said vessel.
	 
	1.2	 	Construction
	 
	 	 	References in this Agreement to a document “in the agreed form” are to the form of the
relevant document which is attached to the security letter of the same date as this
Agreement or to such other form as the parties hereto may from time to time agree, subject
to modification in accordance with the provisions of the security letter.
	 
	 	 	A person who is not a Party has no right under the Contracts (Rights of Third Parties) Act
1999 to enforce or to enjoy the benefit of any term of this Agreement.

-8-

 

	 	 	A provision of law including but without limitation a regulation is a reference to that
provision or regulation as amended or re-enacted from time to time and a regulation includes
any regulation, rule, official directive, request or guideline (whether or not having the
force of law) of any governmental, intergovernmental or supranational body, agency,
department or regulatory, self-regulatory or other authority or organisation.
	 
	2.	 	AVAILABILITY OF THE LOAN
	 
	2.1	 	Commitment
	 
	 	 	Each of the Lenders shall (in proportion to its share of the Total Commitments) make
available to the Borrower a loan in a maximum amount of six hundred and two million six
hundred and forty one thousand two hundred euro (EUR602,641,200) intended to:

	 	2.1.1	 	be paid to the Builder up to a maximum amount of five hundred and eighty
eight million euro (EUR588,000,000) corresponding to eighty per cent. (80%) of the
Contract Price of the Vessel prior to any Change Order;
	 
	 	2.1.2	 	reimburse the Agent up to an amount of fourteen million six hundred and forty
one thousand two hundred euro (EUR14,641,200) corresponding to one hundred per cent.
(100%) of the related Coface Premium payable to Coface.

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

	 	2.1.3	 	up to an amount of fifty eight million eight hundred thousand euro
(EUR58,800,000) (being ten per cent. (10%) of the Financed Contract Price) to pay to
the Builder up to eighty per cent. (80%) of the Change Order Amount; and
	 
	 	2.1.4	 	up to an amount of [**] [Confidential Treatment] to reimburse
the Agent [**] [Confidential Treatment] per cent.
[**] [Confidential Treatment] of the related Coface Premium payable to Coface.

	2.2	 	Purpose
	 
	 	 	The Loan may only be used to pay for goods and services of French origin. However, within
the limits and under the conditions fixed by the French Authorities, this may be extended to
cover goods and services incorporated in deliveries made by the Builder and originating from
countries other than the Borrower’s country and France, which have been sub-contracted by
the Builder and therefore remain under the Builder’s responsibility.
	 
	3.	 	DRAWING
	 
	3.1	 	Conditions precedent
	 
	 	 	The Borrower may only draw under the Loan when the following conditions have been fulfilled
to the satisfaction of the Lenders and provided no Event of Default shall have occurred and
remains unremedied or be likely to occur:

	 	3.1.1	 	No later than the date of this Agreement:

	 	(a)	 	Receipt by the Agent of an opinion of legal counsel to the Lenders as
to Bermudan law, together with the corporate documentation of the Borrower
supporting the opinion, including but without limitation the

-9-

 

	 	 	 	Memorandum of Association and Bye-laws as filed with the competent
authorities and a certificate of a competent officer of the Borrower
containing specimen signatures of the persons authorised to sign the
documents on behalf of the Borrower, to the effect that:

	 	(i)	 	the Borrower has been duly organized and is validly existing as
a company under the laws of Bermuda;
	 
	 	(ii)	 	this Agreement falls within the scope of the Borrower’s
corporate purpose as defined by its Memorandum of Association and
Bye-laws;
	 
	 	(iii)	 	the Borrower’s representatives were at the date of this
Agreement fully empowered to sign this Agreement;
	 
	 	(iv)	 	either all administrative requirements applicable to the
Borrower (whether in Bermuda or elsewhere) concerning the transfer of
funds abroad and acquisitions of euro to meet its obligations hereunder
have been complied with, or that there are no such requirements; and
	 
	 	(v)	 	this Agreement is the legal, valid and binding obligations of
the Borrower enforceable in accordance with their terms (containing such
exceptions as are standard for opinions of this type).

	 	(b)	 	Receipt by the Agent of an opinion of legal counsel to the Agent as
to English law confirming that the obligations of the Borrower under this
Agreement are legally valid and binding obligations enforceable by the
relevant Finance Parties in the English courts.
	 
	 	(c)	 	Receipt by the Agent of a Certified Copy of the executed Building
Contract.
	 
	 	(d)	 	Receipt by the Agent of a confirmation from Clifford Chance
Secretaries Limited that it will act for the Borrower as agent for service of
process in England in respect of this Agreement.

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

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

	 	(i)	 	the Guarantor has been duly organized and is validly existing as
a company under the laws of Bermuda;
	 
	 	(ii)	 	the Guarantee falls within the scope of the Guarantor’s
corporate purpose as defined by its Memorandum of Association and
Bye-laws;
	 
	 	(iii)	 	the Guarantor’s representative was at the date of the
Guarantee fully empowered to sign the Guarantee;

-10-

 

	 	(iv)	 	either all administrative requirements applicable to the
Guarantor (whether in Bermuda or elsewhere) concerning the transfer of
funds abroad and acquisitions of euro to meet its obligations under the
Guarantee have been complied with, or that there are no such
requirements; and
	 
	 	(v)	 	the Guarantee is the legal, valid and binding obligations of the
Guarantor enforceable in accordance with their terms (containing such
exceptions as are standard for opinions of this type).

	 	(b)	 	Receipt by the Agent of the executed Guarantee and a statement
confirming that the Guarantor is in compliance with its obligations under
clauses 11.1 and 11.3 of the Guarantee. The statement shall be signed by the
chief financial officer of the Group (as such term is defined in clause 11.4
of the Guarantee), be in the form of schedule 1 to the Guarantee and be for
the financial quarter ending 30 June 2006.
	 
	 	(c)	 	Receipt by the Agent of an opinion of legal counsel to the Agent as
to English law confirming that the obligations of the Guarantor under the
Guarantee are legally valid and binding obligations enforceable by the
relevant Finance Parties in the English courts.
	 
	 	(d)	 	Receipt by the Agent of a confirmation from Clifford Chance
Secretaries Limited that it will act for the Guarantor as agent for service of
process in England in respect of the Guarantee.

	3.1.3	 	No later than three (3) months before the Intended Delivery Date, receipt by
the Agent of notification from the Borrower of its preferred Maritime Registry.
	 
	3.1.4	 	On the date falling ninety (90) days before the Intended Delivery Date and on
each subsequent date prior to the Drawdown Date on which a statement in the form of
schedule 1 to the Guarantee is to be received by the Agent pursuant to clause 9.2.5 of
the Guarantee, receipt by the Agent of a statement confirming that the Guarantor is in
compliance with its obligations under clauses 11.1 and 11.3 of the Guarantee. The
statement shall be signed by the chief financial officer of the Group (as such term is
defined in clause 11.4 of the Guarantee), be in the form of schedule 1 to the Guarantee
and be for the last financial quarter in respect of which the Guarantor is obliged to
provide such a statement pursuant to clause 9.2.5 of the Guarantee.
	 
	3.1.5	 	No later than sixty (60) days before the Intended Delivery Date, receipt by
the Agent of notification from the Borrower of the Intended Delivery Date.
	 
	3.1.6	 	No later than ten (10) Business Days before the Intended Delivery Date,
receipt by the Agent of insurance documents in form and substance satisfactory to the
Lenders confirming that the Insurances have been effected and will be in full force and
effect on the Delivery Date.
	 
	3.1.7	 	No later than five (5) Business Days before the Intended Delivery Date,
receipt by the Agent of:

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

-11-

 

	 	(b)	 	a Certified Copy of each of the Change Orders and of the power of
attorney pursuant to which the authorised signatory of the Borrower signed the
Drawdown Notice and a specimen of his signature; and
	 
	 	(c)	 	a copy of the notice of delivery given by the Builder to the Borrower
pursuant to and in accordance with article 7, clause 1.1 of the Building
Contract.

	3.1.8	 	No later than the Delivery Date:

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

	 	(i)	 	the Lenders may continue to rely on the legal opinion given
pursuant to Clause 3.1.1(a)(i);
	 
	 	(ii)	 	the Mortgage, the Assignment of Warranty Rights, the Assignment
of Insurances, the Assignment of Earnings and the Assignment of
Management Agreement fall within the scope of the Borrower’s corporate
purpose as defined by its Memorandum of Association and Bye-laws and are
binding on it;
	 
	 	(iii)	 	the Assignment of Insurances (if applicable) and the
acknowledgement of the notice of assignment of the Management Agreement
fall within the scope of the Manager’s corporate purpose as defined by
its Memorandum of Association and Bye-laws and are binding on it; and
	 
	 	(iv)	 	the Borrower’s representatives are fully empowered to sign the
Protocol of Delivery and Acceptance, the Mortgage, the Assignment of
Warranty Rights, the Assignment of Insurances, the Assignment of
Earnings and the Assignment of Management Agreement and the Manager’s
representatives are fully empowered to sign the Assignment of Insurances
(if applicable) and the acknowledgement of the notice of assignment of
the Management Agreement.

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

	 	(i)	 	the four (4) pre-delivery instalments of the Contract Price; and
	 
	 	(ii)	 	any other part of the Contract Price as at the Delivery Date
not being financed hereunder.

	 	(c)	 	Evidence that:

	 	(i)	 	the Vessel is at least provisionally registered in the name of
the Borrower in the Maritime Registry;
	 
	 	(ii)	 	title to the Vessel is held by the Borrower free of all
Encumbrances other than any maritime lien in respect of crew’s wages and
trade debts arising out of equipment, consumable and other stores placed

-12-

 

	 	 	 	On board the Vessel prior to or concurrently with delivery, none of
which is overdue;
	 
	 	(iii)	 	the Mortgage has been duly registered in the Maritime Registry
and constitutes a first priority security interest over the Vessel and
that all taxes and fees payable to the Maritime Registry in respect of
the Vessel have been paid in full.

	 	(d)	 	Receipt by the Agent of a Certified Copy of a classification
certificate (or interim classification certificate) showing the Vessel to be
classed in accordance with Clause 9.4.3.
	 
	 	(e)	 	Receipt by the Agent of duly executed originals of the Mortgage, the
Assignment of Warranty Rights, the Assignment of Insurances, the Assignment of
Earnings and the Assignment of Management Agreement together with relevant
notices of assignment and the acknowledgement of the notice of assignment of
the Management Agreement.
	 
	 	(f)	 	Receipt by the Agent of all amounts which are due and payable
hereunder by the Borrower on or prior to the Delivery Date.
	 
	 	(g)	 	Receipt by the Agent of a legal opinion of counsel to the Lenders as
to the law of the Maritime Registry confirming:

	 	(i)	 	the valid registration of the Vessel in the Maritime Registry;
and
	 
	 	(ii)	 	the Mortgage over the Vessel has been validly registered in the
Maritime Registry.

	 	(h)	 	Receipt by the Agent of an opinion of legal counsel to the Agent as
to English law confirming that the obligations of the Borrower under the deed
of covenants constituting part of the Mortgage (if applicable), the Assignment
of Warranty Rights, the Assignment of Insurances, the Assignment of Earnings
and the Assignment of Management Agreement are legally valid and binding
obligations enforceable by the relevant Finance Parties in the English courts.
	 
	 	(i)	 	Receipt by the Agent of a certificate from the Borrower, signed by an
authorised representative of the Borrower, attesting that the representations
and warranties contained in Clause 9 are true and correct as of the Delivery
Date in consideration of the facts and circumstances existing as of the
Delivery Date.
	 
	 	(j)	 	Receipt by the Agent of the documents mentioned in Appendix I.
	 
	 	(k)	 	Receipt by the Agent of a Certified Copy of the executed Management
Agreement.
	 
	 	(l)	 	Receipt by the Agent of a Certified Copy of the carrier initiative
agreement executed pursuant to Clause 10.16, any current certificate of
financial responsibility in respect of the Vessel issued under OPA, a valid
Safety Management Certificate (or interim Safety Management Certificate)
issued to the Vessel in respect of its management by the Manager pursuant to
the ISM Code, a valid Document of Compliance (or interim Document of
Compliance) issued to the Manager in respect of ships of the same type as the
Vessel pursuant to the ISM Code, a valid

-13-

 

	 	 	 	International Ship Security Certificate issued to the Vessel in accordance
with the ISPS Code and a valid IAPPC issued to the Vessel in accordance with
Annex VI.
	 
	 	(m)	 	Receipt by the Agent of a Certified Copy of the power of attorney
pursuant to which the authorised signatory(ies) of the Borrower signed the
documents referred to in this Clause 3.1.6 and to which the Borrower is a
party and a specimen of his or their signature(s).
	 
	 	(n)	 	Receipt by the Agent of a confirmation from Clifford Chance
Secretaries Limited that it will act for each of the relevant Obligors as
agent for service of process in England in respect of the deed of covenants
constituting part of the Mortgage (if applicable), the Assignment of Warranty
Rights, the Assignment of Insurances, the Assignment of Earnings and the
Assignment of Management Agreement.
	 
	 	(o)	 	The Coface Insurance Policy documentation relating to the
transactions contemplated by this Agreement has been received by the Agent and
remains in full force and effect, the Agent having notified the Borrower of
the issue of the Coface Insurance Policy in form and substance satisfactory to
the Lenders as soon as practicable after its issue.

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

	 	3.2.1	 	to pay to the Builder:

	 	(a)	 	the amount in euro remaining due under the Building Contract up to an
amount equal to the lesser of five hundred and eighty eight million euro
(EUR588,000,000) and eighty per cent. (80%) of the Contract Price of the
Vessel prior to any Change Order; and
	 
	 	(b)	 	subject to Clause 2.2, the amount in euro up to the lesser of fifty
eight million eight hundred thousand euro (EUR58,800,000) and eighty per cent.
(80%) of the Change Order Amount capped at [**]
 per cent. [**]  of the Financed
Contract Price; and

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

	 	 	The payment instruction contained in this Clause 3.2 is irrevocable.
	 
	 	 	Subject to Clause 3.1, payment will be made to the Builder by a single advance in euro on
the Delivery Date of the Vessel during usual banking hours in the French Republic to the
Builder’s account as specified by the Builder in accordance with the Building Contract after
receipt and verification by the Agent of the documents provided under Appendix I.
	 
	 	 	Verification of the documents provided under Appendix I shall be limited to checking their
apparent compliance as defined in the Uniform Customs and Practices for Documentary Credits
 — ICC Publication 500 (UCP 500 latest revision).

- 14 -

 

The Borrower expressly acknowledges that the payment terms set out in this Clause may only
be modified with the agreement of the Builder, the Agent, the Lenders and the Borrower in
the case of Clause 3.2.1 and with the agreement of the Agent, the Lenders and the Borrower
in the case of Clause 3.2.2.

Drawing may not be made under this Agreement (and the Loan shall not be available) after the
earlier of the Delivery Date and the Availability Termination Date.

However, the Lenders will use their best efforts to agree to a postponement of the
Availability Termination Date upon application by the Borrower accompanied by an explanation
in reasonable detail of the reason for the delay in the Intended Delivery Date beyond the
Availability Termination Date. The Borrower acknowledges that any such postponement is
subject to the prior written approval of Coface.

	4.	 	REPAYMENT OF LOAN AND PAYMENT OF INTEREST

The Borrower shall repay to the Lenders the principal amount of the Loan drawn down under
this Agreement together with interest on the Loan at the CIRR from the Drawdown Date by
twenty four (24) consecutive equal half yearly instalments. The first instalment of
principal and interest shall be due six (6) months after the Delivery Date and the final
instalment shall be due on the Termination Date together with all other sums due under this
Agreement. The interest shall be calculated on the actual number of days elapsed divided by
three hundred and sixty (360).

The amount of each instalment of principal and interest will be calculated by the Agent
following the Drawdown Date. The Agent shall deliver to the Borrower and the Lenders as
soon as practicable following such calculation and in any event no later than ten (10)
Business Days after the Drawdown Date, a repayment schedule setting out the dates and the
amounts of the instalments up to and including the Termination Date.

The repayment schedule shall be sent by fax and, in the case of the Borrower, by
international express courier.

In the absence of manifest error, the repayment schedule will constitute an unconditional
and irrevocable undertaking by the Borrower to pay the Lenders the amounts of principal and
interest set out therein.

The Borrower reserves the right to inform the Agent within ten (10) Business Days of receipt
of the repayment schedule by courier if it contains a material error and to request its
correction.

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

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

	6.	 	COFACE PREMIUM

The Coface Premium is due and payable on or prior to the Drawdown Date and proportionally to
the amount of the Loan drawn down under this Agreement. A minimum non-refundable premium,
being one thousand five hundred and fifteen euro (EUR1,515), shall be paid to Coface upon
signature of the Coface Insurance Policy. Otherwise, no Coface Premium is due if the Loan
is not drawn down. Except as

- 15 -

 

otherwise stated below in the case of a prepayment, the Coface Premium is not refundable for
any reason whatsoever.

The
Borrower has requested and the Lenders have agreed to finance [**] [Confidential Treatment] per cent.
[**] [Confidential Treatment] of the Coface Premium payable under this Agreement in accordance with Clauses 2.1.2
and 2.1.4 up to the amount of [**] [Confidential Treatment].

Consequently, the Borrower hereby irrevocably instructs the Agent to pay the Coface Premium
to Coface on the Borrower’s behalf and the financing of such payment shall be made by
drawing under the Loan in accordance with Clauses 2.1.2 and 2.1.4 of this Agreement.
Notwithstanding any other provision of this Agreement, the Borrower acknowledges that the
obligation of the Borrower to reimburse the Lenders for the full amount of the Coface
Premium referred to in this Agreement as and when it arises is absolute and unconditional.

The Coface Premium financed by the Loan will be repayable in any event by the Borrower to
the Lenders in the manner specified in Clause 4 and under any and all circumstances
including but without limitation in the event of prepayment or acceleration of the Loan.

If the Loan is prepaid in whole or in part by the Borrower and if no amounts are then due
and unpaid by the Borrower to the Finance Parties, the Agent will, on receipt from Coface,
refund to the Borrower the portion of the Coface Premium reimbursed by Coface. If there is
an amount due and unpaid by the Borrower to the Finance Parties, the Agent shall apply any
amount received from Coface in accordance with Clause 17.

Any refund of the Coface Premium will not exceed eighty per cent. (80%) of the amount of the
Coface Premium for the period from the prepayment date to the Termination Date.

	7.	 	FEES

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

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

	 	(a)	 	as to [**] [Confidential Treatment] per cent. [**] [Confidential Treatment] of such fee amount within ten (10)
Business Days after the date of this Agreement; and
	 
	 	(b)	 	unless this Agreement is terminated pursuant to Clause 29, as to
[**] [Confidential Treatment] per cent. [**] [Confidential Treatment] of such fee amount on the first anniversary of the
date of this Agreement.

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

	 	(a)	 	[**] [Confidential Treatment] per cent. [**] [Confidential Treatment]%) per annum for the first two
(2) years after the date of this Agreement; and
	 
	 	(b)	 	[**] [Confidential Treatment] two per cent. [**] [Confidential Treatment] %) per annum thereafter.

This commitment fee shall be calculated on the undrawn amount of the Maximum Loan
Amount and paid in arrears on the date falling six (6) months after the date of
this Agreement and on each date falling at the end of each

- 16 -

 

following consecutive six (6) month period, with the exception of the commitment
fee due in respect of the last period, which shall be paid on the Drawdown Date, or
the date of receipt by the Agent of the written termination notice sent by the
Borrower as described in Clause 29, whichever is the earliest. The commitment fee
shall be calculated on the actual number of days elapsed divided by three hundred
and sixty (360).

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

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

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

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

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

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

- 17 -

 

	 	(b)	 	there is any increase in the cost to any of the Lenders of funding or
maintaining all or any of the advances comprised in a class of advances formed
by or including its Commitment advanced or to be advanced by it hereunder; or
	 
	 	(c)	 	any of the Lenders incurs a cost as a result of its having entered
into and/or its assuming or maintaining its commitment under this Agreement;
or
	 
	 	(d)	 	any of the Lenders becomes liable to make any payment on account of
Tax or otherwise (other than Tax on its overall net income) on or calculated
by reference to the amount of its Commitment advanced or to be advanced
hereunder and/or any sum received or receivable by it hereunder; or
	 
	 	(e)	 	any of the Lenders suffers any decrease in its rate of return as a
result of any changes in the requirements relating to capital ratios, monetary
control ratios, the payment of special deposits, liquidity costs or other
similar requirements affecting that Lender,

then the Borrower shall from time to time on demand pay to the Agent for the account of the
relevant Lender or Lenders amounts sufficient to indemnify the relevant Lender or Lenders
against, as the case may be, such cost, such increased cost (or such proportion of such
increased cost as is in the reasonable opinion of the relevant Lender or Lenders
attributable to the funding or maintaining of its or their Commitment(s) hereunder) or such
liability.

A Lender affected by any provision of this Clause 8.3 shall promptly inform the Agent after
becoming aware of the relevant change and its possible results (which notice shall be
conclusive evidence of the relevant change and its possible results) and the Agent shall, as
soon as reasonably practicable thereafter, notify the Borrower of the change and its
possible results. Without affecting the Borrower’s obligations under this Clause 8.3 and in
consultation with the Agent, the affected Lender will then take all such reasonable steps as
may be open to it to mitigate the effect of the change (for example (if then possible) by
changing its Facility Office or transferring some or all of its rights and obligations under
this Agreement to another financial institution reasonably acceptable to the Borrower and
the Agent). The reasonable costs of mitigating the effect of any such change shall be borne
by the Borrower save where such costs are of an internal administrative nature and are not
incurred in dealings by any Lender with third parties.

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

- 18 -

 

	 	 	consultations or proceedings made necessary by the acts of, or failure to act on the part
of, the Borrower.

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

	9.	 	REPRESENTATIONS AND WARRANTIES
	 
	9.1	 	Duration

	 	9.1.1	 	The representations and warranties in Clause 9.2 are made on the date of this
Agreement and shall be deemed to be repeated, with reference mutatis mutandis to the
facts and circumstances subsisting, as if made on each day until the Borrower has no
remaining obligations, actual or contingent, under or pursuant to this Agreement or any
of the other Security Documents.
	 
	 	9.1.2	 	The representations and warranties in Clause 9.3 are made on the date of this
Agreement and shall be deemed to be repeated, with reference mutatis mutandis to the
facts and circumstances subsisting, as if made on the date falling sixty (60) days
before the Intended Delivery Date and thereafter on each day until the Borrower has no
remaining obligations, actual or contingent, under or pursuant to this Agreement or any
of the other Security Documents.
	 
	 	9.1.3	 	The representations and warranties in Clause 9.4 are made on the Delivery
Date and shall be deemed to be repeated, with reference mutatis mutandis to the facts
and circumstances subsisting, as if made thereafter on each day until the Borrower has
no remaining obligations, actual or contingent, under or pursuant to this Agreement or
any of the other Security Documents.

	9.2	 	Continuing representations and warranties

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

	 	9.2.1	 	Status

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

	 	9.2.2	 	Powers and authority

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

	 	9.2.3	 	Legal validity

This Agreement and each other Transaction Document constitutes (or will constitute
when executed) legal, valid and binding obligations of each Obligor expressed to be
a party thereto enforceable in accordance with their respective

- 19 -

 

terms and in entering into this Agreement and borrowing the Loan, the Borrower is
acting on its own account.

	 	9.2.4	 	Non-conflict with laws

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

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

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

	 	9.2.5	 	Consents

Except for:

	 	(a)	 	the filing of those Security Documents to be filed with the Registrar
of Companies in Bermuda; and
	 
	 	(b)	 	the registration of the Mortgage through the relevant authority of
the Maritime Registry,

all authorisations, approvals, consents, licences, exemptions, filings,
registrations, notarisations and other matters, official or otherwise, required in
connection with the entry into, performance, validity and enforceability of this
Agreement and each of the other Transaction Documents to which any Obligor is a
party and the transactions contemplated thereby have been obtained or effected and
are in full force and effect except authorisations, approvals, consents, licences,
exemptions, filings and registrations required in the normal day to day course of
the operation of the Vessel and not already obtained by the Borrower.

	 	9.2.6	 	Accuracy of information

All information furnished by any Obligor relating to the business and affairs of
any Obligor in connection with this Agreement and the other Transaction Documents
was and remains true and correct in all material respects and there are no other
material facts or considerations the omission of which would render any such
information misleading.

	 	9.2.7	 	Full disclosure

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

-20-

 

	 	9.2.8	 	Pari passu or priority status

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

	 	9.2.9	 	Solvency

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

	 	9.2.10	 	Winding-up, etc.

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

	 	9.2.11	 	Accounts

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

	 	9.2.12	 	No immunity

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

	 	9.2.13	 	Ownership of shares

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

	 	9.2.14	 	Completeness of documents

The copies of the Building Contract, the Management Agreement and any other
relevant third party agreements including but without limitation the copies of any
documents in respect of the Insurances delivered to the Agent are true and complete
copies of each such document constituting valid and binding obligations of the
parties thereto enforceable in accordance with their respective terms and, subject
to Clauses 10.14 and 10.25, no amendments thereto or variations thereof have been
agreed nor has any action been taken by the parties

- 21 -

 

thereto which would in any way render such document inoperative or unenforceable.

	 	9.2.15	 	Money laundering

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

	9.3	 	Semi-continuing representations and warranties

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

	 	9.3.1	 	No default

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

	 	9.3.2	 	No encumbrances

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

	 	9.3.3	 	Litigation

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

	 	9.3.4	 	Tax liabilities

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

	 	9.3.5	 	Ownership of assets

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

- 22 -

 

	 	9.3.6	 	Place of business

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

	 	9.3.7	 	Environment

Each of the Obligors:

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

	 	(i)	 	emissions, discharges, releases or threatened
releases of chemicals, pollutants, contaminants, wastes, toxic
substances, hazardous materials, oil, hazard substances, petroleum and
petroleum products and by-products (“Materials of Environmental
Concern”); or
	 
	 	(ii)	 	the manufacture, processing, distribution, use,
treatment, storage, disposal, transport or handling of Materials of
Environmental Concern (such laws, regulations, conventions and
agreements the “Environmental Laws”);

	 	(b)	 	has all permits, licences, approvals, rulings, variances, exemptions,
clearances, consents or other authorisations required under applicable
Environmental Laws (“Environmental Approvals”) and is in compliance with all
Environmental Approvals required to operate its business as presently
conducted or as reasonably anticipated to be conducted;
	 
	 	(c)	 	has not received any notice, claim, action, cause of action,
investigation or demand by any other person, alleging potential liability for,
or a requirement to incur, investigatory costs, clean-up costs, response
and/or remedial costs (whether incurred by a governmental entity or
otherwise), natural resources damages, property damages, personal injuries,
attorney’s fees and expenses or fines or penalties, in each case arising out
of, based on or resulting from:

	 	(i)	 	the presence or release or threat of release
into the environment of any Material of Environmental Concern at any
location, whether or not owned by such person; or
	 
	 	(ii)	 	circumstances forming the basis of any
violation, or alleged violation, of any Environmental Law or
Environmental Approval (“Environmental Claim”); and

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

- 23 -

 

There is no material Environmental Claim pending or threatened against any of the
Obligors.

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

	9.4	 	Representations on the Delivery Date

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

	 	9.4.1	 	in its absolute and unencumbered ownership save as contemplated by the
Security Documents;
	 
	 	9.4.2	 	at least provisionally registered in its name under the laws and flag of the
Maritime Registry;
	 
	 	9.4.3	 	classed with the highest classification available for a vessel of its type
free of all recommendations and qualifications with Det Norske Veritas;
	 
	 	9.4.4	 	operationally seaworthy and in compliance with all relevant provisions,
regulations and requirements (statutory or otherwise) applicable to ships registered
under the laws and flag of the Maritime Registry;
	 
	 	9.4.5	 	in compliance with the ISM Code, the ISPS Code and Annex VI;
	 
	 	9.4.6	 	insured in accordance with the provisions of Clause 10.20 and in compliance
with the requirements therein in respect of such insurances; and
	 
	 	9.4.7	 	managed by the Manager on and subject to the terms set out in the Management
Agreement.

	10.	 	UNDERTAKINGS
	 
	10.1	 	Duration

	 	10.1.1	 	The undertakings in Clauses 10.2, 10.3, 10.4, 10.5, 10.6, 10.7, 10.8, 10.9,
10.10, 10.11, 10.13, 10.15, 10.17, 10.23, 10.24 and 10.25 shall remain in full force
and effect until the Borrower has no remaining obligations, actual or contingent, under
or pursuant to this Agreement or any of the other Security Documents.
	 
	 	10.1.2	 	The undertakings in Clauses 10.12, 10.14, 10.16, 10.18, 10.19, 10.20, 10.21
and 10.22 shall apply with effect from, and shall remain in full force and effect
after, the date falling sixty (60) days before the Intended Delivery Date until the
Borrower has no remaining obligations, actual or contingent, under or pursuant to this
Agreement or any of the other Security Documents.

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

	 	10.2.1	 	as soon as practicable (and in any event within one hundred and twenty (120)
days after the close of each of its financial years) a Certified Copy of its unaudited
accounts for that year and a Certified Copy of the audited accounts of

- 24 -

 

	 	 	 	the Guarantor and its consolidated Subsidiaries for that year (commencing with
accounts made up to 31 December in the year in which the Drawdown Date occurs in
the case of the Borrower and with accounts made up to 31 December 2005 in the case
of the consolidated accounts of the Guarantor);    
 
	 	10.2.2	 	as soon as practicable (and in any event within sixty (60) days of the end
of each quarter of each financial year) a copy of the unaudited consolidated accounts
of the Guarantor for that quarter (commencing with unaudited accounts made up to 30
June 2006);
	 
	 	10.2.3	 	promptly, such further information in its possession or control regarding
its financial condition and operations and those of any company in the Group as the
Agent may request for the benefit of the Finance Parties; and
	 
	 	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
[**] [Confidential Treatment] Dollars or the equivalent in another currency).
	 
	 	 	 	All accounts required under this Clause 10.2 shall be prepared in accordance with GAAP and
shall fairly represent the financial condition of the relevant company. In this Clause 10.2
and in Clause 9.3.5 “Group” shall have the meaning ascribed to it in clause 11.4 of the
Guarantee.

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

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

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

	 	10.5.1	 	Encumbrances created with the prior consent of the Lenders; or
	 
	 	10.5.2	 	Permitted Liens.

- 25 -

 

	10.6	 	Disposals
	 
	 	 	Except with the prior consent of all the Lenders, the Borrower shall not, either in a single
transaction or in a series of transactions whether related or not and whether voluntarily or
involuntarily, sell, transfer, lease or otherwise dispose of any of its assets except in the
case of items being replaced or renewed provided that the net impact is not a reduction in
the value of the Vessel.

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

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

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

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

	10.11	 	Financial indebtedness and subordination of indebtedness

	 	10.11.1	 	Otherwise than in the ordinary course of business as owner of the Vessel,
except as contemplated by this Agreement and except any loan, advance or credit
extended by the Guarantor or any member of the Group which is a wholly owned Subsidiary
of the Guarantor, the Borrower will not create, incur, assume or allow to exist any
financial indebtedness, enter into any finance lease or undertake any material capital
commitment (including but not limited to the purchase of any capital asset).
	 
	 	10.11.2	 	The Borrower shall procure that any and all indebtedness (and in particular
with any other Obligor) is at all times fully subordinated to the Security Documents
and the obligations of the Borrower hereunder. Upon the occurrence of an Event of
Default, the Borrower shall not make any repayments of principal, payments of interest
or of any other costs, fees, expenses or liabilities arising from or representing such
indebtedness. In this Clause “fully subordinated” shall mean that any claim of the
lender against the Borrower in relation to such indebtedness shall rank after and be in
all respects subordinate to all of the

- 26 -

 

	 	 	 	rights and claims of the Finance Parties under this Agreement and the other
Security Documents and that the lender shall not take any steps to enforce its
rights to recover any monies owing to it by the Borrower and in particular but
without limitation the lender will not institute any legal or quasi-legal
proceedings under any jurisdiction at any time against the Vessel, her Earnings or
Insurances or the Borrower and it will not compete with the Finance Parties or any
of them in a liquidation or other winding-up or bankruptcy of the Borrower or in
any proceedings in connection with the Vessel, her Earnings or Insurances.

	10.12	 	Pooling of earnings and charters
	 
	 	 	The Borrower will not enter into in respect of the Vessel, nor permit to exist:

	 	10.12.1	 	any pooling agreement or other arrangement for the sharing of any of the
Earnings or the expenses of the Vessel except with a member of the Group and provided
that it does not adversely affect the rights of the Finance Parties under the
Assignment of Earnings in the reasonable opinion of the Agent; or
	 
	 	10.12.2	 	any demise or bareboat charter; or
	 
	 	10.12.3	 	any charter whereunder two (2) months’ charterhire (or the equivalent
thereof) is payable in advance in respect of the Vessel; or
	 
	 	10.12.4	 	any charter of the Vessel or contract of affreightment or employment which,
with the exercise of options for extension, could be for a period longer than thirteen
(13) months; or
	 
	 	10.12.5	 	any charter of the Vessel or contract of affreightment or employment
whereunder the hire payable is below approximately the market rate prevailing when the
Vessel’s letting or employment is fixed,
	 
	 	but if, with the prior written consent of the Agent, the Borrower enters into in respect of
the Vessel a charter with a company outside the Group, the Borrower hereby undertakes to
execute in favour of the Finance Parties an assignment of such charter and the Earnings
therefrom such assignment to be in substantially the form of the Assignment of Earnings and
as required by the Agent provided however that the Borrower may in respect of the Vessel
enter into a bareboat charter in form approved by the Agent with any company which is a
member of the Group provided that if so requested by the Agent and without limitation:

	 	10.12.6	 	any such bareboat charterer shall enter into such deeds (including but not
limited to a subordination and assignment deed), agreements and indemnities as the
Agent shall in its sole discretion require prior to entering into the bareboat charter
with the Borrower; and
	 
	 	10.12.7	 	the Borrower shall assign the benefit of any such bareboat charter and its
interest in the Insurances to the Finance Parties by way of further security for the
Borrower’s obligations under the Security Documents.

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

- 27 -

 

	10.14	 	Management and employment
	 
	 	 	Except with the prior consent of the Agent, the Borrower will not:

	 	10.14.1	 	permit any person other than the Manager to be the manager of, including
providing crewing services to, the Vessel;
	 
	 	10.14.2	 	permit any amendment to be made to the terms of the Management Agreement
unless the amendment is advised by the Borrower’s tax counsel or is deemed necessary by
the parties thereto to reflect the prevailing circumstances but provided that the
amendment does not imperil the security to be provided pursuant to the Security
Documents or adversely affect the ability of any Obligor to perform its obligations
under the Transaction Documents; or
	 
	 	10.14.3	 	permit the Vessel to be employed other than within the NCL or NCL America
brand (as applicable).

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

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

	10.17	 	Further assurance
	 
	 	 	The Borrower will, from time to time on being required to do so by the Agent, do or procure
the doing of all such acts and/or execute or procure the execution of all such documents in
a form satisfactory to the Agent as the Agent may reasonably consider necessary for giving
full effect to any of the Transaction Documents or the Coface Insurance Policy or securing
to the Finance Parties the full benefit of the rights, powers and remedies conferred upon
the Finance Parties or any of them in any such Transaction Document.

	10.18	 	Valuation of the Vessel

	 	10.18.1	 	The Borrower will from time to time (but at intervals no more frequently
than annually at the Borrower’s expense unless an Event of Default has occurred and
remains unremedied) within thirty (30) days of receiving any request to that effect
from the Agent, procure that the Vessel is valued by an independent reputable
shipbroker or shipvaluer experienced in valuing cruise ships appointed by the Borrower
and approved by the Agent (which approval shall

- 28 -

 

	 	 	 	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).    
 
	 	10.18.2	 	If the Borrower does not accept the valuation obtained pursuant to Clause
10.18.1 (the “First Valuation”) it may (at its own expense) within five (5) Business
Days of receipt of the First Valuation obtain a second valuation (the “Second
Valuation”) from another independent reputable shipbroker or shipvaluer experienced in
valuing cruise ships appointed by the Borrower and approved by the Agent which approval
shall not be unreasonably withheld or delayed.
	 
	 	10.18.3	 	If the Second Valuation exceeds the First Valuation by a margin of no less
than ten per cent. (10%) of the First Valuation the Borrower may at its expense
forthwith upon receipt of the Second Valuation request the shipbrokers and/or
shipvaluers appointed pursuant to Clauses 10.18.1 and 10.18.2 to obtain a third
valuation (the “Third Valuation”) from a further independent reputable shipbroker or
shipvaluer experienced in valuing cruise ships approved by the Agent such approval not
to be unreasonably withheld or delayed. Subject to the Third Valuation being made
available within five (5) Business Days of the date of the Second Valuation, the
valuation of the Vessel will be determined on the basis of the average of the three
valuations so obtained. If the Third Valuation is not made available within the
aforementioned time limit, the Vessel shall be valued on the basis of the average of
the First Valuation and the Second Valuation.
	 
	 	10.18.4	 	The Borrower shall procure that forthwith upon the issuance of any
valuation obtained pursuant to this Clause 10.18 a copy thereof is sent directly to the
Agent for review.

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

	10.20	 	Insurances
	 
	 	 	The Borrower covenants with the Finance Parties and undertakes:

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

	 	(a)	 	one hundred and twenty five per cent. (125%) of the amount of the
Loan; and
	 
	 	(b)	 	the full market and commercial value of the Vessel determined in
accordance with Clause 10.18 from time to time

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

- 29 -

 

	 	(i)	 	fire and marine risks including but without limitation hull and
machinery and all other risks customarily and usually covered by first-class
and prudent shipowners in the London insurance markets under English marine
policies or Agent-approved policies containing the ordinary conditions
applicable to similar vessels;
	 
	 	(ii)	 	war risks and war risks (protection and indemnity) up to the
insured amount;
	 
	 	(iii)	 	excess risks that is to say the proportion of claims for
general average and salvage charges and under the running down clause not
recoverable in consequence of the value at which the Vessel is assessed for the
purpose of such claims exceeding the insured value;
	 
	 	(iv)	 	protection and indemnity risks with full standard coverage as
offered by first-class protection and indemnity associations and up to the
highest limit of liability available (for oil pollution risk the highest limit
currently available is one billion Dollars (USD1,000,000,000) and this to be
increased if reasonably requested by the Agent and the increase is possible in
accordance with the standard protection and indemnity cover for vessels of its
type and is compatible with prudent insurance practice for first class cruise
shipowners or operators in waters where the Vessel trades from time to time
from the Delivery Date until the end of the Security Period);
	 
	 	(v)	 	when and while the Vessel is laid-up, in lieu of hull
insurance, normal port risks; and
	 
	 	(vi)	 	such other risks as the Agent may from time to time reasonably
require;

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

	10.20.2	 	to agree that the Agent shall take out mortgagee interest insurance on such
conditions as the Agent may reasonably require and mortgagee interest insurance for
pollution risks as from time to time agreed each for an amount in the currency in which
the Loan is denominated of one hundred and ten per cent. (110%) of the amount of the
Loan, the Borrower having no interest or entitlement in respect of such policies; the
Borrower shall upon demand of the Agent reimburse the Agent for the costs of effecting
and/or maintaining any such insurance(s) and the Agent hereby undertakes to use its
reasonable endeavours to match the premium level that the Borrower would have paid if
the Borrower itself had arranged such cover on such conditions (as demonstrated to the
reasonable satisfaction of the Agent);
	 
	10.20.3	 	if the Vessel shall trade in the United States of America and/or the
Exclusive Economic Zone of the United States of America (the “EEZ”) as such term is
defined in the US Oil Pollution Act 1990 (“OPA”), to comply strictly with the
requirements of OPA and any similar legislation which may from time to time be enacted
in any jurisdiction in which the Vessel presently trades or may or will trade at any
time during the existence of this Agreement and in particular

- 30 -

 

	 	 	before such trade is commenced and during the entire period during which such trade
is carried on:

	 	(a)	 	to pay any additional premiums required to maintain protection and
indemnity cover for oil pollution up to the limit available to it for the
Vessel in the market;
	 
	 	(b)	 	to make all such quarterly or other voyage declarations as may from
time to time be required by the Vessel’s protection and indemnity association
and to comply with all obligations in order to maintain such cover, and
promptly to deliver to the Agent copies of such declarations;
	 
	 	(c)	 	to submit the Vessel to such additional periodic, classification,
structural or other surveys which may be required by the Vessel’s protection
and indemnity insurers to maintain cover for such trade and promptly to
deliver to the Agent copies of reports made in respect of such surveys;
	 
	 	(d)	 	to implement any recommendations contained in the reports issued
following the surveys referred to in Clause 10.20.4(c) within the time limit
specified therein and to provide evidence satisfactory to the Agent that the
protection and indemnity insurers are satisfied that this has been done;
	 
	 	(e)	 	in particular strictly to comply with the requirements of any
applicable law, convention, regulation, proclamation or order with regard to
financial responsibility for liabilities imposed on the Borrower or the Vessel
with respect to pollution by any state or nation or political subdivision
thereof, including but not limited to OPA, and to provide the Agent on demand
with such information or evidence as it may reasonably require of such
compliance;
	 
	 	(f)	 	to procure that the protection and indemnity insurances do not
contain a clause excluding the Vessel from trading in waters of the United
States of America and the EEZ or any other provision analogous thereto and to
provide the Agent with evidence that this is so; and
	 
	 	(g)	 	strictly to comply with any operational or structural regulations
issued from time to time by any relevant authorities under OPA so that at all
times the Vessel falls within the provisions which limit strict liability
under OPA for oil pollution;

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

- 31 -

 

	 	10.20.6	 	 to procure that each of the relevant brokers and associations furnishes the
Agent with a letter of undertaking in such form as may be required by the Agent and
waives any lien for premiums or calls except in relation to premiums or calls solely
attributable to the Vessel;    
 
	 	10.20.7	 	punctually to pay all premiums, calls, contributions or other sums payable
in respect of the Insurances on the Vessel and to produce all relevant receipts when so
required by the Agent;
	 
	 	10.20.8	 	to renew each of the Insurances on the Vessel at least five (5) days before
the expiry thereof and to give immediate notice to the Agent of such renewal and to
procure that the relevant brokers or associations shall promptly confirm in writing to
the Agent that such renewal is effected it being understood by the Borrower that any
failure to renew the Insurances on the Vessel at least five (5) days before the expiry
thereof or to give or procure the relevant notices of such renewal shall constitute an
Event of Default;
	 
	 	10.20.9	 	to arrange for the execution of such guarantees as may from time to time be
required by any protection and indemnity and/or war risks association;
	 
	 	10.20.10	 	to furnish the Agent from time to time on request with full information
about all Insurances maintained on the Vessel and the names of the offices, companies,
underwriters, associations or clubs with which such Insurances are placed;
	 
	 	10.20.11	 	not to agree to any variation in the terms of any of the Insurances on the
Vessel without the prior approval of the Agent nor to do any act or voluntarily suffer
or permit any act to be done whereby any Insurances shall or may be rendered invalid,
void, voidable, suspended, defeated or unenforceable and not to suffer or permit the
Vessel to engage in any voyage nor to carry any cargo not permitted under any of the
Insurances without first obtaining the consent of the insurers or reinsurers concerned
and complying with such requirements as to payment of extra premiums or otherwise as
the insurers or reinsurers may impose;
	 
	 	10.20.12	 	not without the prior written consent of the Agent to settle, compromise
or abandon any claim in respect of any of the Insurances on the Vessel other than a
claim of less than ten million Dollars (USD10,000,000) or the equivalent in any other
currency and not being a claim arising out of a Total Loss;
	 
	 	10.20.13	 	promptly to furnish the Agent with full information regarding any
casualties or other accidents or damage to the Vessel involving an amount in excess of
[**] [Confidential Treatment] Dollars [**] [Confidential Treatment];
	 
	 	10.20.14	 	to apply or ensure the appliance of all such sums receivable in respect of
the Insurances on the Vessel for the purpose of making good the loss and fully
repairing all damage in respect whereof the insurance monies shall have been received;
	 
	 	10.20.15	 	that in the event of it making default in insuring and keeping insured the
Vessel as hereinbefore provided then the Agent may (but shall not be bound to) insure
the Vessel or enter the Vessel in such manner and to such extent as the Agent in its
discretion thinks fit and in such case all the cost of effecting and maintaining such
insurance together with interest thereon at the Interest Rate shall be paid on demand
by the Borrower to the Agent; and

- 32 -

 

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

	10.21	 	Operation and maintenance of the Vessel
	 
	 	 	From the Delivery Date until the end of the Security Period at its own expense the Borrower
will:

	 	10.21.1	 	keep the Vessel in a good and efficient state of repair so as to maintain
it to the highest classification notation available for the Vessel of its age and type
free of all recommendations and qualifications with Det Norske Veritas. On the
Delivery Date and annually thereafter, it will furnish to the Agent a statement by such
classification society that such classification notation is maintained. It will comply
with all recommendations, regulations and requirements (statutory or otherwise) from
time to time applicable to the Vessel and shall have on board as and when required
thereby valid certificates showing compliance therewith and shall procure that all
repairs to or replacements of any damaged, worn or lost parts or equipment are carried
out (both as regards workmanship and quality of materials) so as not to diminish the
value or class of the Vessel. It will not make any substantial modifications or
alterations to the Vessel or any part thereof which would reduce the market and
commercial value of the Vessel determined in accordance with Clause 10.18 without the
prior consent of the Agent;
	 
	 	10.21.2	 	submit the Vessel to continuous survey in respect of its machinery and hull
and such other surveys as may be required for classification purposes and, if so
required by the Agent, supply to the Agent copies in English of the survey reports;
	 
	 	10.21.3	 	permit surveyors or agents appointed by the Agent to board the Vessel at
all reasonable times to inspect its condition or satisfy themselves as to repairs
proposed or already carried out and afford all proper facilities for such inspections;
	 
	 	10.21.4	 	comply, or procure that the Manager will comply, with the ISM Code (as the
same may be amended from time to time) or any replacement of the ISM Code (as the same
may be amended from time to time) and in particular, without prejudice to the
generality of the foregoing, as and when required to do so by the ISM Code and at all
times thereafter:

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

- 33 -

 

	 	(b)	 	provide the Agent with copies of any such Document of Compliance and
Safety Management Certificate as soon as the same are issued; and
	 
	 	(c)	 	keep, or procure that there is kept, on board the Vessel a copy of
any such Document of Compliance and the original of any such Safety Management
Certificate;

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

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

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

	 	(a)  	 	procure that the Vessel’s master and crew are familiar with, and that
the Vessel complies with, Annex VI; and
	 
	 	(b)  	 	maintain for the Vessel throughout the Security Period a valid and
current IAPPC and provide a copy to the Agent; and
	 
	 	(c)  	 	notify the Agent immediately in writing of any actual or threatened
withdrawal, suspension, cancellation or modification of the IAPPC;

	 	10.21.7	 	not employ the Vessel or permit its employment in any trade or business
which is forbidden by any applicable law or is otherwise illicit or in carrying illicit
or prohibited goods or in any manner whatsoever which may render it liable to
condemnation in a prize court or to destruction, seizure or confiscation or that may
expose the Vessel to penalties. In the event of hostilities in any part of the world
(whether war be declared or not) it will not employ the Vessel or permit its employment
in carrying any contraband goods;
	 
	 	10.21.8	 	promptly provide the Agent with (a) all information which the Agent may
reasonably require regarding the Vessel, its employment, earnings, position and
engagements (b) particulars of all towages and salvages and (c) copies of all charters
and other contracts for its employment and otherwise concerning it;
	 
	 	10.21.9	 	give notice to the Agent promptly and in reasonable detail upon the
Borrower or any other Obligor becoming aware of:

	 	(a)  	 	accidents to the Vessel involving repairs the cost of which will or
is likely to exceed [**] [Confidential Treatment] Dollars [**] [Confidential Treatment];
	 
	 	(b)  	 	the Vessel becoming or being likely to become a Total Loss;
	 
	 	(c)  	 	any recommendation or requirement made by any insurer or
classification society or by any competent authority which is not complied
with, or cannot be complied with, within any time limit relating thereto and
that

- 34 -

 

might reasonably affect the maintenance of either the Insurances or the
classification of the Vessel;

	 	(d)	 	any writ or claim served against or any arrest of the Vessel or the
exercise of any lien or purported lien on the Vessel, her Earnings or
Insurances;
	 
	 	(e)	 	the Vessel ceasing to be registered under the flag of the Maritime
Registry or anything which is done or not done whereby such registration may
be imperilled;
	 
	 	(f)	 	it becoming impossible or unlawful for it to fulfil any of its
obligations under the Security Documents; and
	 
	 	(g)	 	anything done or permitted or not done in respect of the Vessel by
any person which is likely to imperil the security created by the Security
Documents;

	 	10.21.10	 	promptly pay and discharge all debts, damages and liabilities, taxes,
assessments, charges, fines, penalties, tolls, dues and other outgoings in respect of
the Vessel and keep proper books of account in respect thereof provided always that the
Borrower shall not be obliged to compromise any debts, damages and liabilities as
aforesaid which are being contested in good faith subject always that full details of
any such contested debt, damage or liability which, either individually or in aggregate
exceeds [**] [Confidential Treatment] Dollars [**] [Confidential Treatment] shall forthwith be provided to the
Agent. As and when the Agent may so require the Borrower will make such books
available for inspection on behalf of the Agent and provide evidence satisfactory to
the Agent that the wages and allotments and the insurance and pension contributions of
the master and crew are being regularly paid, that all deductions of crew’s wages in
respect of any tax liability are being properly accounted for and that the master has
no claim for disbursements other than those incurred in the ordinary course of trading
on the voyage then in progress or completed prior to such inspection;
	 
	 	10.21.11	 	maintain the type of the Vessel as at the Delivery Date and not put the
Vessel into the possession of any person without the prior consent of the Agent for the
purpose of work being done on it in an amount exceeding or likely to exceed [**] [Confidential Treatment] Dollars [**] [Confidential Treatment] unless such person shall first have given to the Agent
a written undertaking addressed to the Agent in terms satisfactory to the Agent
agreeing not to exercise a lien on the Vessel or her Earnings for the cost of such work
or for any other reason;
	 
	 	10.21.12	 	promptly pay and discharge all liabilities which have given rise, or may
give rise, to liens or claims enforceable against the Vessel under the laws of all
countries to whose jurisdiction the Vessel may from time to time be subject and in
particular the Borrower hereby agrees to indemnify and hold the Finance Parties, their
successors, assigns, directors, officers, shareholders, employees and agents harmless
from and against any and all claims, losses, liabilities, damages, expenses (including
attorneys, fees and expenses and consultant fees) and injuries of any kind whatsoever
asserted against the Finance Parties, with respect to or as a result of the presence,
escape, seepage, spillage, release, leaking, discharge or migration from the Vessel or
other properties owned or operated by the Borrower of any hazardous substance,
including without limitation, any claims asserted or arising under any applicable
environmental, health and safety laws, codes and ordinances, and all rules and
regulations

- 35 -

 

	 	 	 	promulgated thereunder of all governmental agencies, regardless of whether or not
caused by or within the control of the Borrower subject to the following:

	 	(a)	 	it is the parties’ understanding that the Finance Parties do not now,
have never and do not intend in the future to exercise any operational control
or maintenance over the Vessel or any other properties and operations owned or
operated by the Borrower, nor in the past, presently, or intend in the future
to, maintain an ownership interest in the Vessel or any other properties owned
or operated by the Borrower except as may arise upon enforcement of the
Lenders’ rights under the Mortgage;
	 
	 	(b)	 	the indemnity and hold harmless contained in this Clause 10.21.12
shall not extend to the Finance Parties in their capacity as equity investors
in the Borrower or as an owner of any property or interest as to which the
Borrower is also owner but only to their capacity as lenders, holders of
security interests or beneficiaries of security interests; and
	 
	 	(c)	 	unless and until an Event of Default shall have occurred and without
prejudice to the right of each Lender to be indemnified pursuant to this
Clause 10.21.12:

	 	(i)	 	each Lender will, if it is reasonably
practicable to do so, notify the Borrower upon receiving a claim in
respect of which the relevant Lender is or may become entitled to an
indemnity under this Clause 10.21.12;
	 
	 	(ii)	 	subject to the prior written approval of the
relevant Lender which the Lender shall have the right to withhold, the
Borrower will be entitled to take, in the name of the relevant Lender,
such action as the Borrower may see fit to avoid, dispute, resist,
appeal, compromise or defend any such claims, losses, liabilities,
damages, expenses and injuries as are referred to above in this Clause
10.21.12 or to recover the same from any third party, subject to the
Borrower first ensuring that the relevant Lender is secured to its
reasonable satisfaction against all expenses thereby incurred or to be
incurred; and
	 
	 	(iii)	 	the relevant Lender will, to the extent that
it is reasonably practicable to do so, seek the approval of the
Borrower (such approval not to be unreasonably withheld or delayed)
before making any admission of liability, agreement or compromise with
a third party, or any payment to a third party, in respect of such
claims, losses, liabilities, damages, expenses and injuries as are
referred to above in this Clause 10.21.12 and, to the extent that the
Borrower is entitled to take action in accordance with sub-clause (ii)
above and subject to the Borrower first ensuring that the relevant
Lender is secured to its reasonable satisfaction against all expenses
thereby incurred or to be incurred, the relevant Lender will provide
such information, assistance and other co-operation as the Borrower
may reasonably request in connection with such action,

provided always that the Borrower shall not be obliged to compromise any
liabilities as aforesaid which are being contested in good faith subject always
that full details of any such contested liabilities which, either individually or
in aggregate, exceed [**] [Confidential Treatment] Dollars [**] [Confidential Treatment] shall be

- 36 -

 

forthwith provided to the Agent. If the Vessel is arrested or detained for any
reason it will procure its immediate release by providing bail or taking such
other steps as the circumstances may require;

	 	10.21.13	 	give to the Agent at such times as it may from time to time reasonably
require a certificate, duly signed on its behalf, as to the total amount of any debts,
damages and liabilities relating to the Vessel and details of such of those debts,
damages and liabilities as are over a certain amount to be specified by the Agent at
the relevant time and, if so required by the Agent, forthwith discharge such of those
debts, damages and liabilities as the Agent shall require other than those being
contested in good faith; and
	 
	 	10.21.14	 	maintain the registration of the Vessel under and fly the flag of the
Maritime Registry and not do or permit anything to be done whereby such registration
may be forfeited or imperilled.

	10.22	 	Dividends
	 
	 	 	Subject to the provisions of clause 11.3 of the Guarantee, the Borrower will procure that
any dividends or other distributions and interest paid or payable in connection with such
dividends or other distributions will be received promptly by the Guarantor directly or
indirectly from the Borrower’s shareholder (if such shareholder is not the Guarantor) by way
of dividend.
	 
	10.23	 	Irrevocable payment instructions
	 
	 	 	The Borrower shall not modify, revoke or withhold the payment instructions set out in
Clause 3.2 without the agreement of the Builder (in the case of Clause 3.2.1 only), the
Agent and the Lenders .
	 
	10.24	 	“Know your customer” checks
	 
	 	 	If:

	 	10.24.1	 	the introduction of or any change in (or in the interpretation,
administration or application of) any law or regulation made after the date of this
Agreement;
	 
	 	10.24.2	 	any change in the status of a Borrower after the date of this Agreement; or
	 
	 	10.24.3	 	a proposed assignment or transfer by a Lender of any of its rights and
obligations under this Agreement to a party that is not a Lender prior to such
assignment or transfer,
	 
		obliges the Agent or any Lender (or, in the case of Clause 10.24.3, any prospective New
Lender) to comply with “know your customer” or similar identification procedures in
circumstances where the necessary information is not already available to it, the Borrowers
shall promptly upon the request of the Agent or any Lender supply, or procure the supply of,
such documentation and other evidence as is reasonably requested by the Agent (for itself or
on behalf of any Lender) or any Lender (for itself or, in the case of the event described in
Clause 10.24.3, on behalf of any prospective New Lender) in order for the Agent, such Lender
or, in the case of the event described in Clause 20.6.1(c), any prospective New Lender to
carry out and be satisfied it has complied with all necessary “know your customer” or other
similar checks under all applicable laws and regulations pursuant to the transactions
contemplated in the Finance Documents.

- 37 -

 

	10.25	 	Building Contract

The Borrower shall not substantially modify the Building Contract, directly or indirectly,
if, by reason of regulations which apply to a Lender, such modification would make such
Lender’s Commitment impossible to fulfil or would change the substance or form of its
Commitment. The Borrower may, therefore, submit to the Lenders any proposals for
modification which, in its opinion, might have such a consequence, and the Lenders will
indicate in a timely manner whether the modification proposed will allow the Loan to be
maintained.

On or about the last day of each successive period of three (3) months commencing on the
date of this Agreement and on the date of the Drawdown Notice, the Borrower undertakes to
provide the Agent with a copy of any Change Order entered into during that three (3) month
or other period. The Borrower also undertakes to notify the Agent of any change in the
Intended Delivery Date as soon as practicable after the change has occurred.

	11.	 	PREPAYMENT

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

	 	11.1.1	 	the difference (if positive), calculated by the Lenders, between the actual
cost for the Lenders of the funding for the Loan and the rate of interest for the
monies to be invested by the Lenders, applied to the amounts so prepaid for the period
from said prepayment until the next interest prepayment date (if prepayment does not occur on an interest payment date). Details of any such
calculation shall be supplied to the Borrower by the Lenders; and
	 
	 	11.1.2	 	the charges (if any) imposed on the Lenders by the French Authorities
(funding or breakage costs of the French Authority in charge of monitoring the CIRR).

	11.2	 	Any prepayment of the whole of the Loan shall be made together with all other sums
due under this Agreement.
	 
	11.3	 	Amounts prepaid shall be applied in accordance with Clause 17.
	 
	11.4	 	Amounts prepaid may not be reborrowed.
	 
	12.	 	INTEREST ON LATE PAYMENTS
	 
	12.1	 	Without prejudice to the provisions of Clause 13 and without this Clause in any way
constituting a waiver of terms of payment, all sums due by the Borrower under this Agreement
will automatically bear interest on a day to day basis from the date when they are payable
until the date of actual payment at a rate per annum equal to the higher of:

	 	12.1.1	 	EONIA plus [**] [Confidential Treatment] per cent. [**]; [Confidential Treatment] and
	 
	 	12.1.2	 	the CIRR plus [**] [Confidential Treatment] per cent. [**] [Confidential Treatment].

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

- 38 -

 

	13.	 	ACCELERATION — EVENTS OF DEFAULT
	 
	13.1	 	If any one of the Events of Default set out in Clause 13.2 occurs and remains
unremedied:

	 	13.1.1	 	if the Loan has not been drawn down, no drawing under the Loan may be
requested from the Lenders; or
	 
	 	13.1.2	 	if the Loan has already been drawn down, the Lenders may require immediate
payment of the outstanding principal amount of the Loan (including but without
limitation the amount representing the financed Coface Premium) together with all other
sums due under this Agreement:

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

	 	13.2.1	 	Non-payment

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

	 	13.2.2	 	Breach of other obligations

	 	(a)	 	Any Obligor fails to comply with any provision of any Security
Document and in particular but without limitation any failure by the Guarantor
to comply with the provisions of Clauses 9 (General Undertakings: Positive
Covenants), 10 (General Undertakings: Negative Covenants) and/or 11 (Financial
Undertakings and Ownership and Control of the Guarantor) of the Guarantee or
there is any breach in the sole opinion of the Agent of any of the Transaction
Documents.
	 
	 	 	 	If the Loan has already been drawn down, an Event of Default shall not have
arisen if the failure (if in the opinion of the Agent in its sole discretion
it is capable of remedy) has been remedied within a period of thirty (30)
days from the date of its occurrence, if the failure was known to that
Obligor, or from the date the relevant Obligor is notified by the Agent of
the failure, if the failure was not known to that Obligor, unless in any such
case as aforesaid the Agent in its sole discretion considers that the failure
is or could reasonably be expected to become materially prejudicial to the
interests, rights or position of the Lenders; or
	 
	 	(b)	 	If there is a repudiation or termination of any Transaction Document
or if any of the parties thereto becomes entitled to terminate or repudiate
any of them and evidences an intention so to do.

- 39 -

 

	13.2.3	 	Misrepresentation

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

	13.2.4	 	Cross default

	 	(a)	 	Any event of default occurs under any financial contract or financial
document relating to any Financial Indebtedness of any member of the Group;
	 
	 	(b)	 	Any such Financial Indebtedness or any sum payable in respect thereof
is not paid when due (after the expiry of any applicable grace period(s))
whether by acceleration or otherwise;
	 
	 	(c)	 	Any Encumbrance over any assets of any member of the Group becomes
enforceable;
	 
	 	(d)	 	Any other Financial Indebtedness of any member of the Group is not
paid when due or is or becomes capable of being declared due prematurely by
reason of default or any security for the same becomes enforceable by reason
of default;

provided that:

	 	(i)	 	No Event of Default will arise if the relevant Financial
Indebtedness is not accelerated or, if it is accelerated but, in aggregate,
the Financial Indebtedness is less than twenty five million Dollars (USD25,000,000); and
	 
	 	(ii)	 	Financial Indebtedness being contested by the Borrower in
good faith will be disregarded for a period of one hundred and fifty (150)
days from its occurrence if full details of the dispute are submitted to the
Agent forthwith upon its occurrence. If the dispute remains unresolved for a
period of more than one hundred and fifty (150) days from its occurrence, this
Clause 13.2.4(ii) shall not apply to that Financial Indebtedness.

	13.2.5	 	Winding-up

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

	13.2.6	 	Moratorium or arrangement with creditors

A moratorium in respect of all or any debts of any member of the Group or a
composition or an arrangement with creditors of any member of the Group or any
similar proceeding or arrangement by which the assets of any member of the Group
are submitted to the control of its creditors is applied for, ordered or declared
or any member of the Group commences negotiations with any one or more of its
creditors with a view to the general readjustment or rescheduling of all or a
significant part of its Financial Indebtedness.

- 40 -

 

	13.2.7	 	Appointment of liquidators etc.

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

	13.2.8	 	Insolvency

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

	13.2.9	 	Legal process

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

	13.2.10	 	Analogous events

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

	13.2.11	 	Cessation of business

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

	13.2.12	 	Revocation of consents

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

- 41 -

 

its sole discretion that the Lenders’ interests might reasonably be expected to be
materially adversely affected.

	13.2.13	 	Unlawfulness

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

	 	(a)	 	the unlawfulness or impossibility preventing any Obligor from
performing its obligations (other than its payment obligations under this
Agreement, the other Transaction Documents) is cured within a period of twenty
one (21) days of the occurrence of the event giving rise to the unlawfulness
or impossibility and the relevant Obligor within the aforesaid period,
performs its obligation(s) (except where the unlawfulness or impossibility
adversely affects any Obligor’s payment obligations under this Agreement, the
other Transaction Documents (the determination of which shall be in the
Agent’s sole discretion) in which case the following provisions of this Clause
13.2.13 shall not apply); and/or
	 
	 	(b)	 	where a Finance Party was aware of the default and could, in its sole
discretion, mitigate the consequences of the unlawfulness or impossibility.
The reasonable costs of mitigating the consequences of the unlawfulness or
impossibility shall be borne by the Borrower save where such costs are of an
internal administrative nature and are not incurred in dealings by the Finance
Party with third parties.

	13.2.14	 	Insurances

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

	13.2.15	 	Disposals

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

	13.2.16	 	Prejudice to security

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

	13.2.17	 	Material adverse change

Any material adverse change in the business, assets or financial condition of any
Obligor occurs which in the reasonable opinion of the Agent would or

- 42 -

 

might reasonably be expected to affect the ability of that Obligor duly to perform any of
its material obligations under any Security Document to which it may at any time be
a party. For the purposes of this Clause 13.2.17 and without prejudice to the
generality of the expression “material obligations” any payment obligations of any
Obligor shall be deemed material.

	13.2.18	 	Governmental intervention

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

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

	 	13.3.1	 	there is a failure by an Obligor to perform any material obligation under
the Transaction Documents on the relevant due date or within any applicable grace
period, including but without limitation if the Guarantor fails to provide to the
Agent the statement referred to in Clause 3.1.4 in the manner described in that
Clause; or
	 
	 	13.3.2	 	the relevant event would imperil the security created by the Guarantee.
In no event shall the provisions of this Clause 13.3 be interpreted as a waiver of the
Agent’s right to serve a notice under Clause 13.4 in respect of any Event of Default which
has occurred and remains unremedied on the date falling sixty (60) days before the Intended
Delivery Date.

	13.4	 	Notice of any Event of Default and/or of the acceleration of the payment of the
principal of the Loan, interest thereon and all other sums due under this Agreement shall be
given by the Agent in accordance with Clause 27.
	 
	13.5	 	In no event shall any delay in exercising the Lenders’ right to require advance
repayment be interpreted as a waiver of this right.
	 
	13.6	 	Furthermore, in case of such accelerated repayment following an Event of Default,
the Borrower shall be liable to pay to the Agent, in addition to the Coface Premium pursuant
to Clause 6, compensation calculated as provided for in Clause 11.
	 
	13.7	 	Following an Event of Default and for so long as the same remains unremedied, the
Borrower irrevocably authorises the Agent and the Lenders to apply any credit balance to which
the Borrower is entitled upon any account of the Borrower with any branch of any of the Agent
and the Lenders in or towards satisfaction of any sum due to the Agent or any Lender hereunder
but unpaid, and to combine any accounts of the Borrower for this purpose. If such set-off
requires a credit balance in a currency other than the required

- 43 -

 

	 	 	currency to be transferred to an account maintained in connection herewith the transfer shall be effected by crediting to
the account in question the amount of the required currency which the Agent or the Lender (as
the case may be) could obtain by exchanging such currency for the required currency at the
rate of exchange at which its Facility Office would, at the opening of business on the date on
which the combination is effected, have sold the currency of that credit balance for the
required currency for immediate delivery.

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

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

	 	14.1.1	 	the Vessel shall become a Total Loss; or
	 
	 	14.1.2	 	if the Coface Insurance Policy is modified, suspended, terminated or
rescinded unless caused by the wilful misconduct or gross negligence of a Finance
Party.

	14.2	 	However, if the Vessel shall become a Total Loss (but without prejudice to the
Lenders’ rights to receive the proceeds of the Insurances or Compulsory Acquisition forthwith
upon collection as may be provided for in the Mortgage and/or the Assignment of Insurances),
the Borrower shall not be required to pay its indebtedness under this
Agreement earlier than the date which is one hundred and fifty (150) days after the Total
Loss Date.
	 
	14.3	 	The provisions of Clause 11 shall apply mutatis mutandis to any prepayment pursuant
to this Clause 14.
	 
	15.	 	CURRENCY OF PAYMENT

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

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

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

These sums must be credited before 11.00 a.m. New York time or 11.00 a.m. Paris time (in the
case that the payment is in euro) in freely transferable and convertible currency. For each
payment to be made, the Borrower shall notify the Agent on the third

- 44 -

 

Business Day prior to the due payment date that it will issue instructions to its bank (which shall be named in
such notification) to make the relevant payment.

	16.	 	SECURITY

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

	 	16.1.1	 	the Guarantee to be signed within ten (10) Business Days of the date of this
Agreement in favour of the Finance Parties;
	 
	 	16.1.2	 	the Mortgage to be executed and registered in favour of the Finance Parties
forthwith upon delivery of the Vessel; and
	 
	 	16.1.3	 	the Assignment of Warranty Rights, the Assignment of Insurances, the
Assignment of Earnings and the Assignment of Management Agreement to be executed in
favour of the Finance Parties forthwith upon delivery of the Vessel.

	17.	 	APPLICATION OF SUMS RECEIVED

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

	 	17.1.1	 	in priority, to payments of any kind due or in arrears in the order of their
due payment dates and first, to fees, charges and expenses, second, to interest payable
pursuant to Clause 12, third, to interest payable pursuant to Clause 4, fourth, to the
principal of the Loan payable pursuant to Clause 4 and, fifth, to any other sums due
under this Agreement and, if relevant, pro rata to each of the Lenders; or
	 
	 	17.1.2	 	if no payments are in arrears or if these payments have been discharged as
set out above, then and to sums remaining due under this Agreement and, if relevant,
pro rata to each of the Lenders and in each case in inverse order of maturity, the
interest being recalculated accordingly.

	18.	 	CHANGES TO THE LENDERS
	 
	18.1	 	Assignments and transfers by the Lenders

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

	 	18.1.1	 	assign its rights; or
	 
	 	18.1.2	 	transfer by novation its rights and obligations,

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

	18.2	 	Conditions of assignment or transfer

	 	18.2.1	 	The consent of the Borrower is required for an assignment or transfer by an
Existing Lender, unless the assignment or transfer is to another Lender or an Affiliate
of a Lender.
	 
	 	18.2.2	 	The consent of the Borrower to an assignment or transfer must not be
unreasonably withheld or delayed.

- 45 -

 

	 	18.2.3	 	The assignment or transfer must be with respect to a minimum Commitment of
[**] [Confidential Treatment] Dollars [**] [Confidential Treatment] or, if less, the Existing Lender’s full
Commitment.
	 
	 	18.2.4	 	An assignment will only be effective on:

	 	(a)	 	receipt by the Agent of written confirmation from the New Lender (in
form and substance satisfactory to the Agent) that the New Lender will assume
the same obligations to the other Finance Parties as it would have been under
if it was an Original Lender; and
	 
	 	(b)	 	performance by the Agent of all necessary “know your customer” or
other similar checks under all applicable laws and regulations in relation to
such assignment to a New Lender, the completion of which the Agent shall
promptly notify to the Existing Lender and the New Lender.

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

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

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

	18.3	 	Assignment or transfer fee

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

	18.4	 	Limitation of responsibility of Existing Lenders

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

	 	(a)	 	the legality, validity, effectiveness, adequacy or enforceability of
the Security Documents or any other documents;
	 
	 	(b)	 	the financial condition of any Obligor;
	 
	 	(c)	 	the performance and observance by any Obligor of its obligations
under the Security Documents or any other documents; or

- 46 -

 

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

and any representations or warranties implied by law are excluded.

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

	 	(a)	 	has made (and shall continue to make) its own independent
investigation and assessment of the financial condition and affairs of each
Obligor and its related entities in connection with its participation in this
Agreement and has not relied exclusively on any information provided to it by
the Existing Lender in connection with any Security Document; and
	 
	 	(b)	 	will continue to make its own independent appraisal of the
creditworthiness of each Obligor and its related entities whilst any amount is
or may be outstanding under the Security Documents or any Commitment is in
force.

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

	 	(a)	 	accept a re-transfer from a New Lender of any of the rights and
obligations assigned or transferred under this Clause 18; or
	 
	 	(b)	 	support any losses directly or indirectly incurred by the New Lender
by reason of the non-performance by any Obligor of its obligations under the
Security Documents or otherwise.

	18.5	 	Procedure for transfer

	 	18.5.1	 	Subject to the conditions set out in Clause 18.2 a transfer is effected in
accordance with Clause 18.5.3 when the Agent executes an otherwise duly completed
Transfer Certificate delivered to it by the Existing Lender and the New Lender. The
Agent shall, subject to Clause 18.5.2, as soon as reasonably practicable after receipt
by it of a duly completed Transfer Certificate appearing on its face to comply with the
terms of this Agreement and delivered in accordance with the terms of this Agreement,
execute that Transfer Certificate.
	 
	 	18.5.2	 	The Agent shall only be obliged to execute a Transfer Certificate delivered
to it by the Existing Lender and the New Lender once it is satisfied it has complied
with all necessary “know your customer” or other similar checks under all applicable
laws and regulations in relation to the transfer to such New Lender.
	 
	 	18.5.3	 	On the Transfer Date:

	 	(a)	 	to the extent that in the Transfer Certificate the Existing Lender
seeks to transfer by novation its rights and obligations under the Security
Documents each of the Obligors and the Existing Lender shall be released from further obligations towards one another under the Security Documents and their
respective rights against one another under the Security Documents shall be
cancelled (being the “Discharged Rights and Obligations”);    
 
	 	(b)	 	each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as that
Obligor

- 47 -

 

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

	18.6	 	Copy of Transfer Certificate to Borrower

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

	18.7	 	Permitted disclosure

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

	 	18.7.1	 	any person to (or through) whom that Lender assigns or transfers (or may
potentially assign or transfer) all or any of its rights and obligations under this
Agreement;
	 
	 	18.7.2	 	any person with (or through) whom that Lender enters into (or may
potentially enter into) any sub-participation in relation to, or any other transaction
under which payments are to be made by reference to, this Agreement or any Obligor;
	 
	 	18.7.3	 	any person to whom, and to the extent that, information is required to be
disclosed by any applicable law or regulation;
	 
	 	18.7.4	 	any other Finance Party, or any employee, officer, director or
representative of such entity which needs to know such information or receive such
document in the course of such person’s employ or duties;
	 
	 	18.7.5	 	Coface, or any employee, officer, director or representative of such entity
which needs to know such information or receive such document in the course of such
person’s employ or duties;
	 
	 	18.7.6	 	the Guarantor or any other member of the Group, or any employee, officer,
director or representative of such entity which needs to know such information or
receive such document in the course of such person’s employ or duties; or
	 
	 	18.7.7	 	auditors, insurance and reinsurance brokers, insurers and reinsurers and
professional advisers, including legal advisers, which need to know such information,

any information about any Obligor, this Agreement and the other Security Documents as that
Finance Party shall consider appropriate. Each of the Finance Parties may also disclose to
the Builder, or any employee, officer, director or representative of the Builder which needs
to know such information or receive such document in the course of such person’s employ or
duties, such information about any Obligor, this Agreement and the

- 48 -

 

other Security Documents as that Finance Party reasonably considers normal practice for a French export credit.

Each of the Finance Parties acknowledges that all information received now or in the future
from or on behalf of the Obligors under or pursuant to or in connection with the Transaction
Documents or the Coface Insurance Policy (other than any information which is in the public
domain other than as a result of a breach of this Clause) is confidential information and
undertakes to advise this fact to any recipient of any such information under this Clause.

	19.	 	CHANGES TO THE OBLIGORS

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

	20.	 	ROLE OF THE AGENT AND THE MANDATED LEAD ARRANGERS
	 
	20.1	 	Appointment of the Agent

	 	20.1.1	 	Each other Finance Party appoints the Agent to act as its agent under and in
connection with this Agreement and the other Security Documents and the Coface
Insurance Policy.
	 
	 	20.1.2	 	Each other Finance Party authorises the Agent to exercise the rights,
powers, authorities and discretions specifically given to the Agent under or in
connection with the Security Documents together with any other incidental rights,
powers, authorities and discretions.

	20.2	 	Duties of the Agent

	 	20.2.1	 	The Agent shall promptly forward to a Party the original or a copy of any
document which is delivered to the Agent for that Party by any other Party.
	 
	 	20.2.2	 	Except where a Security Document specifically provides otherwise, the Agent
is not obliged to review or check the adequacy, accuracy or completeness of any
document it forwards to another Party.
	 
	 	20.2.3	 	If the Agent receives notice from a Party referring to this Agreement,
describing an Event of Default and stating that the circumstance described is an Event
of Default, it shall promptly notify the other Finance Parties.
	 
	 	20.2.4	 	If the Agent is aware of the non-payment of any principal, interest,
commitment fee or other fee payable to a Finance Party (other than the Agent or a
Mandated Lead Arranger) under this Agreement it shall promptly notify the other Finance
Parties.
	 
	 	20.2.5	 	The Agent’s duties under the Security Documents are solely administrative in
nature.

	20.3	 	Role of the Mandated Lead Arrangers

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

- 49 -

 

	20.4	 	No fiduciary duties

	 	20.4.1	 	Nothing in this Agreement constitutes the Agent or any of the Mandated Lead
Arrangers as a trustee or fiduciary of any other person.
	 
	 	20.4.2	 	Neither the Agent nor any of the Mandated Lead Arrangers shall be bound to
account to any Lender for any sum or the profit element of any sum received by it for
its own account.

	20.5	 	Business with the Guarantor

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

	20.6	 	Rights and discretions of the Agent

	 	20.6.1	 	The Agent may rely on:

	 	(a)	 	any representation, notice or document believed by it to be genuine,
correct and appropriately authorised; and
	 
	 	(b)	 	any statement made by a director, authorised signatory or employee of
any person regarding any matters which may reasonably be assumed to be within
his knowledge or within his power to verify.

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

	 	(a)	 	no Event of Default has occurred (unless it has actual knowledge of
an Event of Default arising under Clause 13.2); and
	 
	 	(b)	 	any right, power, authority or discretion vested in any Party or the
Lenders has not been exercised.

	 	20.6.3	 	The Agent may engage, pay for and rely on the advice or services of any
lawyers, accountants, surveyors or other experts.
	 
	 	20.6.4	 	The Agent may act in relation to the Security Documents through its
personnel and agents.
	 
	 	20.6.5	 	The Agent may disclose to any other Party any information it reasonably
believes it has received as the Agent under this Agreement.
	 
	 	20.6.6	 	Notwithstanding any other provision of any Security Document to the
contrary, neither the Agent nor any of the Mandated Lead Arrangers is obliged to do or
omit to do anything if it would or might in its reasonable opinion constitute a breach
of any law or regulation or a breach of a fiduciary duty or duty of confidentiality.

	20.7	 	Lenders’ instructions

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

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

- 50 -

 

	 	 	 	instructed by the Lenders, refrain from exercising any right, power,
authority or discretion vested in it as the Agent); and    
 
	 	(b)	 	not be liable for any act (or omission) if it acts (or refrains from
taking any action) in accordance with an instruction of the Lenders.

	 	20.7.2	 	Unless a contrary indication appears in a Security Document, any
instructions given by the Lenders will be binding on all the Finance Parties.
	 
	 	20.7.3	 	The Agent may refrain from acting in accordance with the instructions of the
Lenders until it has received such security as it may require for any cost, loss or
liability (together with any associated value added tax) which it may incur in
complying with the instructions.
	 
	 	20.7.4	 	In the absence of instructions from the Lenders the Agent may act (or
refrain from taking action) as it considers to be in the best interest of the Lenders.
	 
	 	20.7.5	 	The Agent is not authorised to act on behalf of a Lender (without first
obtaining that Lender’s consent) in any legal or arbitration proceedings relating to
any Security Document.

	20.8	 	Responsibility for documentation

The Agent is not responsible for:

	 	20.8.1	 	the adequacy, accuracy and/or completeness of any information (whether oral
or written) supplied by the Agent, a Mandated Lead Arranger, an Obligor or any other
person given in or in connection with any Transaction Document or the Coface Insurance
Policy; or
	 
	 	20.8.2	 	is responsible for the legality, validity, effectiveness, adequacy or
enforceability of any Transaction Document or the Coface Insurance Policy or any other
agreement, arrangement or document entered into, made or executed in anticipation of or in connection with any Transaction Document or the Coface
Insurance Policy.

	20.9	 	Exclusion of liability

	 	20.9.1	 	Without limiting Clause 20.9.2, the Agent will not be liable for any action
taken by it under or in connection with any Security Document, unless directly caused
by its gross negligence or wilful misconduct.
	 
	 	20.9.2	 	No Party (other than the Agent) may take any proceedings against any
officer, employee or agent of the Agent in respect of any claim it might have against
the Agent or in respect of any act or omission of any kind by that officer, employee or
agent in relation to any Security Document and any officer, employee or agent of the
Agent may rely on this Clause.
	 
	 	20.9.3	 	The Agent will not be liable for any delay (or any related consequences) in
crediting an account with an amount required under the Security Documents to be paid by
the Agent if the Agent has taken all necessary steps as soon as reasonably practicable
to comply with the regulations or operating procedures of any recognised clearing or
settlement system used by the Agent for that purpose.
	 
	 	20.9.4	 	Nothing in this Agreement shall oblige the Agent or a Mandated Lead Arranger
to carry out any “know your customer” or other checks in relation to any person

- 51 -

 

	 	 	 	on behalf of any Lender and each Lender confirms to the Agent and the Mandated Lead
Arrangers that it is solely responsible for any such checks it is required to carry out
and that it may not rely on any statement in relation to such checks made by the Agent
or a Mandated Lead Arranger.

	20.10	 	Lenders’ indemnity to the Agent

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

	20.11	 	Resignation of the Agent

	 	20.11.1	 	The Agent may resign and appoint one of its Affiliates as successor by
giving notice to the other Finance Parties and the Borrower.
	 
	 	20.11.2	 	Alternatively the Agent may resign by giving notice to the other Finance
Parties and the Borrower, in which case the Lenders (after consultation with the
Borrower) may appoint a successor Agent.
	 
	 	20.11.3	 	If the Lenders have not appointed a successor Agent in accordance with
Clause 20.11.2 within thirty (30) days after notice of resignation was given, the Agent
(after consultation with the Borrower) may appoint a successor Agent.
	 
	 	20.11.4	 	The retiring Agent shall, at its own cost, make available to the successor
Agent such documents and records and provide such assistance as the successor Agent may
reasonably request for the purposes of performing its functions as Agent under the
Security Documents.
	 
	 	20.11.5	 	The Agent’s resignation notice shall only take effect upon the appointment
of a successor.
	 
	 	20.11.6	 	Upon the appointment of a successor, the retiring Agent shall be discharged
from any further obligation in respect of the Security Documents but shall remain
entitled to the benefit of this Clause 20. Its successor and each of the other Parties
shall have the same rights and obligations amongst themselves as they would have had if
such successor had been an original Party.
	 
	 	20.11.7	 	After consultation with Coface, the Lenders may, by notice to the Agent,
require it to resign in accordance with Clause 20.11.2. In this event, the Agent shall
resign in accordance with Clause 20.11.2.

	20.12	 	Confidentiality

	 	20.12.1	 	In acting as agent for the Finance Parties, the Agent shall be regarded as
acting through its agency division which shall be treated as a separate entity from any
other of its divisions or departments.
	 
	 	20.12.2	 	If information is received by another division or department of the Agent,
it may be treated as confidential to that division or department and the Agent shall
not be deemed to have notice of it.

- 52 -

 

	20.13	 	Relationship with the Lenders

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

	20.14	 	Credit appraisal by the Lenders

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

	 	20.14.1	 	the financial condition, status and nature of the Guarantor and each
Subsidiary of the Guarantor;
	 
	 	20.14.2	 	the legality, validity, effectiveness, adequacy or enforceability of any
Security Document and any other agreement, arrangement or document entered into, made
or executed in anticipation of, under or in connection with any Security Document;
	 
	 	20.14.3	 	whether that Lender has recourse, and the nature and extent of that
recourse, against any Party or any of its respective assets under or in connection with
any Security Document, the transactions contemplated by the Security Documents or any
other agreement, arrangement or document entered into, made or executed in anticipation
of, under or in connection with any Security Document; and
	 
	 	20.14.4	 	the adequacy, accuracy and/or completeness of any information provided by
the Agent, any Party or by any other person under or in connection with any Security
Document, the transactions contemplated by the Security Documents or any other agreement, arrangement or document entered into, made or executed in
anticipation of, under or in connection with any Security Document.

	20.15	 	Deduction from amounts payable by the Agent

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

	21.	 	CONDUCT OF BUSINESS BY THE FINANCE PARTIES

	21.1	 	No provision of this Agreement will:

	 	21.1.1	 	interfere with the right of any Finance Party to arrange its affairs (tax or
otherwise) in whatever manner it thinks fit;
	 
	 	21.1.2	 	oblige any Finance Party to investigate or claim any credit, relief,
remission or repayment available to it or the extent, order and manner of any claim; or
	 
	 	21.1.3	 	oblige any Finance Party to disclose any information relating to its affairs
(tax or otherwise) or any computations in respect of tax.

- 53 -

 

	22.	 	SHARING AMONG THE FINANCE PARTIES
	 
	22.1	 	Payments to Finance Parties

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

	 	22.1.1	 	the Recovering Finance Party shall, within three (3) Business Days, notify
details of the receipt or recovery to the Agent;
	 
	 	22.1.2	 	the Agent shall determine whether the receipt or recovery is in excess of
the amount the Recovering Finance Party would have been paid had the receipt or
recovery been received or made by the Agent and distributed in accordance with Clause
17 and Clause 23), without taking account of any tax which would be imposed on the
Agent in relation to the receipt, recovery or distribution; and
	 
	 	22.1.3	 	the Recovering Finance Party shall, within three (3) Business Days of demand
by the Agent, pay to the Agent an amount (the “Sharing Payment”) equal to such receipt
or recovery less any amount which the Agent determines may be retained by the
Recovering Finance Party as its share of any payment to be made, in accordance with
Clause 17 and Clause 23.

	22.2	 	Redistribution of payments

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

	22.3	 	Recovering Finance Party’s rights

	 	22.3.1	 	On a distribution by the Agent under Clause 22.2, the Recovering Finance
Party will, if possible under the relevant applicable laws, be subrogated to the rights
of the Finance Parties which have shared in the redistribution.
	 
	 	22.3.2	 	If and to the extent that the Recovering Finance Party is not able to rely
on its rights under Clause 22.3.1, the relevant Obligor shall be liable to the
Recovering Finance Party for a debt equal to the Sharing Payment which is immediately
due and payable.

	22.4	 	Reversal of redistribution

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

	 	22.4.1	 	each Lender which has received a share of the relevant Sharing Payment
pursuant to Clause 22.4 shall, upon request of the Agent, pay to the Agent for account
of that Recovering Finance Party an amount equal to the appropriate part of its share
of the Sharing Payment (together with an amount as is necessary to reimburse that
Recovering Finance Party for its proportion of any interest on the Sharing Payment
which that Recovering Finance Party is required to pay); and
	 
	 	22.4.2	 	that Recovering Finance Party’s rights of subrogation in respect of any
reimbursement shall be cancelled and the relevant Obligor will be liable to the
reimbursing Finance Party for the amount so reimbursed.

- 54 -

 

	22.5	 	Exceptions

	 	22.5.1	 	This Clause 22 shall not apply to the extent that the Recovering Finance
Party would not, after making any payment pursuant to this Clause, have a valid and
enforceable claim against the relevant Obligor.
	 
	 	22.5.2	 	A Recovering Finance Party is not obliged to share with any other Finance
Party any amount which the Recovering Finance Party has received or recovered as a
result of taking legal or arbitration proceedings, if:

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

	23.	 	PAYMENT MECHANICS
	 
	23.1	 	Payments to the Agent

	 	23.1.1	 	On each date on which an Obligor or a Lender is required to make a payment
under a Security Document, that Obligor or Lender shall make the same available to the
Agent (unless a contrary indication appears in a Security Document) for value on the
due date at the time and in such funds specified by the Agent as being customary at the
time for settlement of transactions in the relevant currency in the place of payment.
	 
	 	23.1.2	 	Payment shall be made to such account in the principal financial centre of
the country of that currency (or, in relation to euro, in a principal financial centre
in a Participating Member State or London) with such bank as the Agent specifies.

	23.2	 	Distributions by the Agent

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

	23.3	 	Distributions to an Obligor

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

	23.4	 	Clawback

	 	23.4.1	 	Where a sum is to be paid to the Agent under the Security Documents for
another Party, the Agent is not obliged to pay that sum to that other Party (or to

- 55 -

 

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

	23.5	 	No set-off by Obligors

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

	23.6	 	Business Days

	 	23.6.1	 	Any payment which is due to be made on a day that is not a Business Day
shall be made on the next Business Day in the same calendar month (if there is one) or
the preceding Business Day (if there is not).
	 
	 	23.6.2	 	During any extension of the due date for payment of any principal or unpaid
sum under this Agreement interest is payable on the principal or unpaid sum at the rate
payable on the original due date.

	23.7	 	Currency of account

	 	23.7.1	 	Subject to Clauses 23.7.2 and 23.7.3 euro is the currency of account and
payment for any sum from an Obligor under any Security Document.
	 
	 	23.7.2	 	Each payment in respect of costs, expenses or taxes shall be made in the
currency in which the costs, expenses or taxes are incurred.
	 
	 	23.7.3	 	Any amount expressed to be payable in a currency other than euro shall be
paid in that other currency.

	23.8	 	Change of currency

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

	 	(a)	 	any reference in the Security Documents to, and any obligations
arising under the Security Documents in, the currency of that country shall be
translated into, or paid in, the currency or currency unit of that country
designated by the Agent (after consultation with the Lenders and the
Borrower); and
	 
	 	(b)	 	any translation from one currency or currency unit to another shall
be at the official rate of exchange recognised by the central bank for the
conversion of that currency or currency unit into the other, rounded up or
down by the Agent (acting reasonably).

	 	23.8.2	 	If a change in any currency of a country occurs, this Agreement will, to the
extent the Agent (acting reasonably and after consultation with the Lenders and the
Borrower) specifies to be necessary, be amended to comply with any 

- 56 -

 

	 	 	 	generally accepted conventions and market practice in the relevant interbank market and otherwise to
reflect the change in currency.

	24.	 	GOVERNING LAW

This Agreement is governed by English law.

	25.	 	ENFORCEMENT

	25.1	 	Jurisdiction of English courts

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

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

	25.2	 	Service of process

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

	 	25.2.1	 	irrevocably appoints Clifford Chance Secretaries Limited as its agent for
service of process in relation to any proceedings before the English courts in
connection with any Finance Document; and
	 
	 	25.2.2	 	agrees that failure by a process agent to notify the Borrower of the process
will not invalidate the proceedings concerned.

	26.	 	APPENDICES

The appendices form an integral part of this Agreement.

	27.	 	NOTICES

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

	 	 	 
	For the Borrower:
	 	c/o 7665 Corporate Center Drive
	 
	 	Miami
	 
	 	Florida 33126
	 
	 	United States of America
	 
	 	Facsimile: +1 305 436 4140 (Ms Bonnie Biumi) and 

+1 305 436 4117 (Legal Department)
	 
	 	Attention: Ms Bonnie Biumi and the Legal Department

- 57 -

 

	 	 	 
	For the Agent:
	 	BNP Paribas
	 
	 	ECEP/Export Finance
	 
	 	ACI: CHDESA1
	 
	 	37 Place du Marché Saint-Honoré
	 
	 	75031 Paris Cedex 01
	 
	 	France
	 
	 	Facsimile: +33 01 4316 8184
	 
	 	Attention: Mrs Dominique Laplasse (Team Head)
	 
	 	 
	For the Lenders:
	 	c/o the Agent

or to such other address or numbers as each party may notify to the other. Notices shall be
effective upon receipt as set forth above. Any communications by facsimile shall be
confirmed by registered mail or recognized international courier service, but the
communication shall be deemed received on the date of the facsimile transmission (or if that
day is not a business day in the place where the facsimile is received, on the next business
day in that place).

Provided that for so long as no notice of acceleration has been issued pursuant to Clause
13.4, notices addressed to the Agent shall be deemed to have been addressed to the Lenders.

	28.	 	MISCELLANEOUS
	 
	28.1	 	If any term of this Agreement becomes invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired.
	 
	28.2	 	No failure or delay on the part of the Lenders in exercising any right, power or
privilege hereunder shall operate as a waiver thereof; nor shall any single or partial
exercise thereof preclude any other or further exercise thereof by the Lenders or the exercise
by the Lenders of any other right, power or privilege. The rights and remedies of the Lenders
herein provided are cumulative and not exclusive of any rights or remedies provided by law.
	 
	28.3	 	This Agreement shall not be capable of being modified otherwise than by an express
modification in writing signed by the Borrower and the Lenders.
	 
	29.	 	COMING INTO FORCE

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

Service by the Borrower of the written notice in accordance with the preceding paragraph
shall constitute a condition subsequent to this Agreement.

- 58 -

 

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

	 	 	 
	Made in five (5) originals on the date before written.
	 	 
	 
	 	 
	F3 ONE, LTD.

	 	BNP PARIBAS
	 
	 	 
	by:
Bonnie Biumi

	 	by: J.D.
Amsler          S. Ferdane
	Bonnie Biumi
 
	 	J.D.
Amsler                S. Ferdane
	 

	 	 
	its:
Attorney-in-fact

	 	its: Authorized Signatories
	 
	 	 
	CALYON

	 	HSBC FRANCE
	 
	 	 
	by:
Jerome Lebond

	 	by: Gilles
Pirot          Erick
Dadat
	Jerome Lebond 
	 	Gilles
Pirot                 Erick
Dadat 
	 

	 	 
	its:
Attorney-in-fact

	 	its: Authorized Signatories
	 
	 	 
	SOCIETE GENERALE
	 	 
	 
	 	 
	by:
Isabella Seneca
	 	 
	Isabella Seneca 
	 	 
	 

	 	 
	its:
Attorney-in-fact
	 	 

- 59 -

 

APPENDIX I

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

Certified Copy of the commercial invoice, duly executed by the Builder in favour of the Borrower
and countersigned by the Borrower.

Certified Copy of the Protocol of Delivery and Acceptance, duly executed by the Builder and the
Borrower.

Certified Copy of the declaration of warranty, duly executed by the Builder confirming that the
Vessel is delivered to the Borrower free and clear of all encumbrances whatsoever.

Certified Copy of the commercial invoice(s) corresponding to the Change Orders or any other similar
document issued by the Builder stating the Change Order Amount, duly executed by the Builder in
favour of the Borrower and countersigned by the Borrower.

Acknowledgement of the notice of assignment of the Borrower’s rights under the post-delivery
warranty given by the Builder under the Building Contract pursuant to the Assignment of Warranty
Rights.

Certified Copy of the power of attorney pursuant to which the authorised signatory of the Builder
signed the documents referred to in this Appendix I and a specimen of his signature.

- 60 -

 

APPENDIX II

THE ORIGINAL LENDERS AND THE MANDATED LEAD ARRANGERS

	 	 	 	 	 
	Name	 	Registered Address	 	Registered Number with the
	 	 	 	 	Registry of Trade and
	 	 	 	 	Companies
	BNP PARIBAS

	 	16 boulevard des

Italiens, 75009 Paris,

France
	 	662 042 449 (RCS Paris)
	 
	 	 	 	 
	CALYON

	 	9 quai du Président

Paul Doumer, 92920

Paris La Défense

Cedex, France
	 	304 187 701 (RCS Nanterre)
	 
	 	 	 	 
	HSBC FRANCE

	 	103 avenue des Champs

Elysées, 75419 Paris,

Cedex 08, France
	 	775 670 284 (RCS Paris)
	 
	 	 	 	 
	SOCIETE GENERALE

	 	29 boulevard

Haussmann, 75009

Paris, France
	 	552 120 222 (RCS Paris)
	 
	 	 	 	 
	each a French société anonyme
	 	 	 	 

- 61 -

 

APPENDIX III

FORM OF TRANSFER CERTIFICATE

	 	 	 
	To:

	 	[  ] as Agent
	 
	 	 
	From:

	 	[The Existing Lender] (the “Existing Lender”) and [The New Lender]
(the “New Lender”)
	 
	 	 
	Dated:
	 	 

F3 Two, Ltd. — EUR662,905,320 Loan Agreement

dated            September 2006 (the “Agreement”)

	1.	 	We refer to the Agreement. This is a Transfer Certificate. Terms defined in the
Agreement have the same meaning in this Transfer Certificate unless given a different meaning
in this Transfer Certificate.
	 
	2.	 	We refer to Clause 18.5:

	 	(c)	 	The Existing Lender and the New Lender agree to the Existing Lender
transferring to the New Lender by novation all or part of the Existing Lender’s
Commitment, rights and obligations referred to in the Schedule in accordance with
Clause 18.5.
	 
	 	(d)	 	The proposed Transfer Date is [ ].
	 
	 	(e)	 	The Facility Office and address, fax number and attention details for notices
of the New Lender for the purposes of Clause 27 are set out in the Schedule.

	3.	 	The New Lender expressly acknowledges the limitations on the Existing Lender’s
obligations set out in Clause 18.4.3.
	 
	4.	 	This Transfer Certificate may be executed in any number of counterparts and this has
the same effect as if the signatures on the counterparts were on a single copy of this
Transfer Certificate.
	 
	5.	 	This Transfer Certificate is governed by English law.

THE SCHEDULE

Commitment/rights and obligations to be transferred

[insert relevant details]

[Facility Office address, fax number and attention details for notices and account details for

payments]

	 	 	 
	[Existing Lender]

	 	[New Lender]
	 
	 	 
	By:

	 	By:

- 62 -

 

This Transfer Certificate is accepted by the Agent and the Transfer Date is confirmed as [
].

[Agent]

By:

- 63 -

 

APPENDIX IV

FORM OF DRAWDOWN NOTICE

BNP Paribas

ECEP/Export Finance

ACI: CHDESA1

37 Place du Marché Saint-Honoré

75031 Paris Cedex 01

France

Date       20[09][10]

Dear Sirs

Hull No. C33 Drawdown Notice

We refer to the loan agreement for hull no. C33 dated            September 2006 made between ourselves
as borrower, yourselves, [•], [•] and [•] as lenders and yourselves as agent (the “Agreement”).
Terms defined in the Agreement shall have the same meaning in this Notice.

We hereby give you notice that pursuant to the Agreement and on [date of proposed drawdown]
20[09][10], we wish to draw down the Loan in the sum of the equivalent in Dollars of [
] euro (EUR[ ]) upon the terms and subject to the
conditions contained therein.

In accordance with the provisions of Clause 3.2, we hereby request you to advance the Loan by
crediting the proceeds as follows:

[Details to be provided]

We confirm that at the date hereof the representations and warranties set out in Clause 9 of the
Agreement are true and no Event of Default has occurred and remains unremedied.

Yours faithfully

for and on behalf of

F3 TWO, LTD.

- 64 -

 

DATED 6th October 2006

NCL CORPORATION LTD. 

(as guarantor)

- in favour of -

BNP PARIBAS

CALYON

HSBC FRANCE

and

SOCIETE GENERALE

(as lenders)

- and -

BNP PARIBAS

(as agent)

 

GUARANTEE

IN RESPECT OF THE OBLIGATIONS OF

F3 TWO, LTD.

 

			
	 	 	 

 

 

CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page
	1	 	Definitions and Construction
	 	 	1	 
	2	 	Guarantee and Indemnity
	 	 	2	 
	3	 	Survival of Guarantor’s Liability
	 	 	3	 
	4	 	Continuing Guarantee
	 	 	4	 
	5	 	Exclusion of the Guarantor’s Rights
	 	 	5	 
	6	 	Payments
	 	 	6	 
	7	 	Enforcement
	 	 	7	 
	8	 	Representations and Warranties
	 	 	7	 
	9	 	General Undertakings: Positive Covenants
	 	 	10	 
	10	 	General Undertakings: Negative Covenants
	 	 	11	 
	11	 	Financial Undertakings and Ownership and Control of the Guarantor
	 	 	13	 
	12	 	Discharge
	 	 	18	 
	13	 	Assignment and Transfer
	 	 	18	 
	14	 	Miscellaneous Provisions
	 	 	19	 
	15	 	Waiver of Immunity
	 	 	20	 
	16	 	Notices
	 	 	20	 
	17	 	Governing Law
	 	 	21	 
	18	 	Jurisdiction
	 	 	21	 
	Schedule 1	 	Quarterly Statement of Financial Covenants
	 	 	24	 
	Schedule 2	 	Particulars of Agent and Lenders
	 	 	27	 

 

 

DEED OF GUARANTEE AND INDEMNITY

Dated the 6th day of October 2006

BY:

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

IN FAVOUR OF:

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

WHEREAS:

	(A)	 	By a loan agreement dated 22 September 2006 (the “Loan Agreement”) made between (among
others) (1) F3 Two, Ltd. as borrower (the “Borrower”) (2) the Lenders and (3) the Agent, the
Lenders have agreed, on the terms and conditions therein set out, to make available to the
Borrower their participations in a loan facility of up to six hundred and sixty two million
nine hundred and five thousand three hundred and twenty euro (EUR 662,905,320) (the “Loan”)
in order to assist the Borrower in financing part of the purchase price of the Vessel.

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

NOW THIS DEED WITNESSES:

	1	 	Definitions and Construction

	 	1.1	 	In this Deed the following terms and expressions shall have the meanings set
out below; in addition, terms and expressions not defined herein but whose meanings
are defined in the Loan Agreement shall have the meanings set out therein.
	 
	 	 	 	“Accounts” means the audited consolidated profit and loss account and balance
sheet (including all additional information and notes thereto) of the Guarantor
and its consolidated Subsidiaries together with the relative directors’ and
auditors’ reports;
	 
	 	 	 	“Event of Default” means any of the events specified in clause 13.2 of the Loan
Agreement or specified as such in Clause 11;
	 
	 	 	 	“Obligors” means the Borrower, the Guarantor and the Manager;
	 
	 	 	 	“Office” means in respect of the Agent and each Lender its office at the address
set out beneath its name in Schedule 2 or such other office as it shall from time
to time select and notify through the Agent to the Borrower;

 

 

	 	 	 	“Outstanding Indebtedness” means all sums of any kind payable actually or
contingently to the Finance Parties under or pursuant to the Loan Agreement or any
Transaction Document (whether by way of repayment of principal, payment of interest
or default interest, payment of any indemnity or counter-indemnity, reimbursement
for fees, costs or expenses or otherwise howsoever); and
	 
	 	 	 	“Process Agent” means Clifford Chance Secretaries Limited or any other person in
England nominated by the Assignor and approved by the Agent to accept service of
legal proceedings on its behalf under any of the Transaction Documents.

	 	1.2	 	In this Deed unless the context otherwise requires:

	 	1.2.1	 	clause headings are inserted for convenience of reference
only and shall be ignored in the construction of this Deed;
	 
	 	1.2.2	 	references to Clauses and to Schedules are to be construed
as references to clauses of and schedules to this Deed unless otherwise
stated and references to this Deed are to be construed as references to this
Deed including its Schedules;
	 
	 	1.2.3	 	references to (or to any specified provision of) this Deed
or any other document shall be construed as references to this Deed, that
provision or that document as from time to time amended, supplemented or
novated;
	 
	 	1.2.4	 	references to any Act or any statutory instrument shall be
construed as references to that Act or that statutory instrument as from time
to time re-enacted, amended or supplemented;
	 
	 	1.2.5	 	references to any party to this Deed or any other document
shall include reference to such party’s successors and permitted assigns and
transferees;
	 
	 	1.2.6	 	words importing the plural shall include the singular and vice versa;
	 
	 	1.2.7	 	references to a person shall be construed as references to
an individual, firm, company, corporation, unincorporated body of persons or
any state or any agency thereof; and
	 
	 	1.2.8	 	where any matter requires the approval or consent of the
Lenders or the Agent such approval or consent shall not be deemed to have
been given unless given in writing; where any matter is required to be
acceptable to the Lenders or the Agent, the Lenders or the Agent (as the case
may be) shall not be deemed to have accepted such matter unless its
acceptance is communicated in writing; each of the Lenders and the Agent may
give or withhold its consent, approval or acceptance at its unfettered
discretion.

	2	 	Guarantee and Indemnity

	 	2.1	 	In consideration of the Lenders agreeing at the request of the Guarantor to
make the Loan available to the Borrower in accordance with the terms of the Loan
Agreement, the payment by the Beneficiaries to the Guarantor of ten Dollars (USD 10)
and other good and valuable consideration (the receipt and adequacy of which the
Guarantor hereby acknowledges) the Guarantor:

2

 

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

	 	(a)	 	the due and punctual payment by the Borrower
to the Lenders or the Agent (for itself and on behalf of the Lenders)
(as the case may be) (as and when due by acceleration, demand or
otherwise howsoever) of the Outstanding Indebtedness and every part
thereof; and
	 
	 	(b)	 	the due and punctual performance of all the
obligations to be performed by each of the Obligors under or pursuant
to the Loan Agreement and the other Security Documents; and

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

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

	 	2.2.1	 	any loss incurred by the Beneficiaries as a result of the
Loan Agreement and each other Security Document to which any of the Obligors
is a party or any provision thereof becoming invalid, void, voidable or
unenforceable for any reason whatsoever after execution hereof; and
	 
	 	2.2.2	 	any loss or damage of any kind arising directly or indirectly
from any failure on the part of any of the Obligors to perform any obligation
to be performed by any of the Obligors under and pursuant to the Loan
Agreement and each other Security Document to which any of the Obligors is a
party.

	3	 	Survival of Guarantor’s Liability

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

	 	3.1.1	 	any time, forbearance or other indulgence given or agreed
by any of the Finance Parties to or with any of the Obligors or any other
person in respect of any of their obligations under the Loan Agreement and
each other Transaction Document to which any of the Obligors or that other
person is a party; or
	 
	 	3.1.2	 	any legal limitation, disability or incapacity relating to
any of the Obligors; or
	 
	 	3.1.3	 	any invalidity, irregularity, unenforceability, imperfection
or avoidance of or any defect in any security granted by, or the obligations
of any of the Obligors or any other person under, the Loan Agreement and each
other Transaction Document to which any of the Obligors or that other person
is

3

 

	 	 	 	a party or any amendment to or variation thereof or of any other document
or security comprised therein; or
	 
	 	3.1.4	 	any change in the name, constitution, memorandum of
association or otherwise of any of the Obligors or the amalgamation or merger
of any of the Obligors with any other corporate entity; or
	 
	 	3.1.5	 	the liquidation, bankruptcy or dissolution (or proceedings
analogous thereto) of any of the Obligors or any other person or the
appointment of a receiver or administrative receiver or administrator or
trustee or similar officer of any of the assets of any of the Obligors or any
other person or the occurrence of any circumstances whatsoever affecting any
Obligor’s or that other person’s liability to discharge its obligations under
the Loan Agreement and each other Transaction Document to which it is a
party; or
	 
	 	3.1.6	 	any challenge, dispute or avoidance by any liquidator of
any of the Obligors or any other person in respect of any claim by the
Guarantor by right of subrogation in any such liquidation; or
	 
	 	3.1.7	 	any release of any other Obligor or any other person or any
renewal, exchange or realisation of any security or obligation provided under
or by virtue of any of the Transaction Documents or the provision to any of
the Finance Parties at any time of any further security for the obligations of
the Borrower under any of the Transaction Documents; or
	 
	 	3.1.8	 	the release of any co-guarantor and/or indemnitor who is
now or may hereafter become under a joint and several liability with the
Guarantor under this Deed or the release of any other guarantor, indemnitor
or other third party obligor in respect of the obligations of any Obligor
under any of the Transaction Documents; or
	 
	 	3.1.9	 	any failure on the part of any of the Finance Parties
(whether intentional or not) to take or perfect any security agreed to be
taken under or in relation to any of the Transaction Documents or to enforce
any of the Transaction Documents; or
	 
	 	3.1.10	 	any other act, matter or thing (save for repayment in full of the
Outstanding Indebtedness) which might otherwise constitute a legal or
equitable discharge of any of the Guarantor’s obligations under this Deed.

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

	4	 	Continuing Guarantee

	 	4.1	 	This Deed shall be:

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

4

 

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

	 	4.2	 	Any satisfaction of obligations by the Guarantor to the Beneficiaries or any
discharge given by the Beneficiaries to the Guarantor or any other agreement reached
between the Beneficiaries and the Guarantor in relation to this Deed shall be, and be
deemed always to have been, void ab initio if any act satisfying any of the said
obligations or on the faith of which any such discharge was given or any such agreement
was entered into is subsequently avoided in whole or in part by or pursuant to any
provision of any applicable law whatsoever.
	 
	 	4.3	 	This Deed shall remain the property of the Beneficiaries and, notwithstanding
that all monies and liabilities due or incurred by any of the Obligors to the
Beneficiaries which are guaranteed hereunder shall have been paid or discharged, the
Beneficiaries shall be entitled not to discharge this Deed or any security held by the
Beneficiaries for the obligations of the Guarantor hereunder for such period as may in
the reasonable opinion of the Beneficiaries be necessary or appropriate under any
applicable insolvency law after the last of such monies and liabilities have been paid
or discharged and in the event of bankruptcy, winding-up or any similar proceedings
being commenced in respect of any of the Obligors or any other person, the
Beneficiaries shall be at liberty not to discharge this Deed or any security held by
the Beneficiaries for the obligations of the Guarantor hereunder for and during such
further period as the Beneficiaries may determine at their sole discretion.

	5	 	Exclusion of the Guarantor’s Rights

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

	 	5.1.1	 	be entitled to share in or succeed to or benefit from (by
subrogation or otherwise) any rights which the Beneficiaries may have in
respect of the Outstanding Indebtedness or any security therefor or all or
any of the proceeds of such rights or security; or
	 
	 	5.1.2	 	without the prior written consent of the Beneficiaries:

	 	(a)	 	exercise in respect of any amount paid by the
Guarantor hereunder any right of indemnity, subrogation, contribution
or any other right or remedy which it may have in respect thereof; or
	 
	 	(b)	 	claim payment of any other monies for the time
being due to the Guarantor or to which it may become entitled or
exercise or enforce or benefit from any other right, remedy or
security in respect thereof; or
	 
	 	(c)	 	prove in a liquidation of any Obligor in
competition with the Beneficiaries for any monies owing to the
Guarantor by any other Obligor on any account whatsoever,

5

 

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

	6	 	Payments

	 	6.1	 	Each payment to be made by the Guarantor hereunder shall be made in
immediately available funds in the currency in which such payment is due
without set-off, counterclaim, deduction or retention of any kind by payment to
such bank account or accounts as the Agent may from time to time notify to the
Guarantor in writing.
	 
	 	 	 	If the Guarantor is required by law to make such a payment subject to the deduction
or withholding of Taxes, in which case the sum payable by the Guarantor in respect
of which such deduction or withholding is required to be made shall be increased to
the extent necessary to ensure that, after the making of such deduction or
withholding, the Lenders receive and retain (free from any liability in respect of
any such deduction or withholding) a net sum equal to the sum which they would have
received and so retained had no such deduction or withholding been made or required
to be made.
	 
	 	6.2	 	Without prejudice to the provisions of Clause 6.1, if any Lender or the Agent
on the Lenders’ behalf is required to make any payment on account of Tax (not being
a tax imposed on the net income of its Office by the jurisdiction in which it is
incorporated or in which its Office is located or any other tax existing and
applicable on the date of this Deed under the laws of any jurisdiction) on or in
relation to any sum received or receivable hereunder by such Lender or the Agent
on the Lenders’ behalf (including, without limitation, any sum received or
receivable under this Clause 6) or any liability in respect of any such payment is
asserted, imposed, levied or assessed against such Lender or the Agent on the
Lenders’ behalf, the Guarantor shall, upon demand of the Agent, indemnify such
Lender or the Agent against such payment or liability, together with any interest,
penalties and expenses payable or incurred in connection therewith, other than
interest, penalties, and expenses that are otherwise imposed or asserted on account
of the bad faith or wilful neglect of such Lender or the Agent.
	 
	 	 	 	If any Lender proposes to make a claim under the provisions of this Clause 6.2 it
shall certify to the Guarantor in reasonable detail within thirty (30) days (or
such longer period as any Lender may reasonably require) after becoming aware of
the event by reason of which it is entitled to make its claim or claims the basis
of its claim or claims, such certificate to be conclusive, save for manifest
error.
	 
	 	6.3	 	The certificate of the Agent from time to time as to sums owed by any Obligor
under the Security Documents and sums owed by the Guarantor hereunder shall, save for
manifest error, be conclusive and binding for all purposes and prima facie evidence of
the existence and extent of such debts in any legal action or proceedings arising in
connection herewith.
	 
	 	6.4	 	If the Guarantor makes any payment hereunder in respect of which it is
required by law to make any deduction or withholding for Taxes, it shall pay the full
amount to be deducted or withheld to the relevant taxation or other authority

6

 

	 	 	 	within the time allowed for such payment under applicable law and shall deliver to
the Agent within thirty (30) days after it has made such payment to the applicable
authority any original receipt issued by such authority evidencing the payment to
such authority of all amounts so required to be deducted or withheld from such
payment.
	 
	 	 	 	If an additional payment is made under Clause 6.1 and any Lender or the Agent on
its behalf determines that it has received or been granted a credit against or
relief of or calculated with reference to the deduction or withholding giving rise
to such additional payment, such Lender or the Agent (as the case may be) shall, to
the extent that it can do so without prejudice to the retention of the amount of
such credit, relief, remission or repayment and provided that it has received the
cash benefit of such credit, relief or remission, pay to the Guarantor such amount
as such Lender or the Agent shall in its reasonable opinion have concluded to be
attributable to the relevant deduction or withholding. Any such payment shall be
conclusive evidence of the amount due to the Guarantor hereunder and shall be
accepted by the Guarantor in full and final settlement of its rights of
reimbursement hereunder in respect of such deduction or withholding. Nothing herein
contained shall interfere with the right of any Lender and the Agent to arrange
their respective tax affairs in whatever manner they think fit.

	7	 	Enforcement

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

	8	 	Representations and Warranties

	 	8.1	 	Duration

	 	8.1.1	 	The representations and warranties in Clause 8.2 shall
survive the execution of this Deed and shall be deemed to be repeated, with
reference mutatis mutandis to the facts and circumstances subsisting, as if
made on each day until each Obligor has no remaining obligations, actual or
contingent, under or pursuant to the Loan Agreement or any of the other
Security Documents.
	 
	 	8.1.2	 	The representations and warranties in Clause 8.3 shall
survive the execution of this Deed and shall be deemed to be repeated, with
reference mutatis mutandis to the facts and circumstances subsisting, as if
made on the date falling sixty (60) days before the Intended Delivery Date and
thereafter on each day until each Obligor has no remaining obligations, actual
or contingent, under or pursuant to the Loan Agreement or any of the other
Security Documents.

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

7

 

	 	8.2.1	 	it is a limited liability exempt company, duly incorporated and validly existing
under the laws of Bermuda, possessing perpetual corporate existence, the capacity to sue
and be sued in its own name and the power to own its assets and carry on its business as
it is now being conducted;
	 
	 	8.2.2	 	The Guarantor is and shall remain, after the giving of this Deed, solvent in accordance
with the laws of Bermuda and the United Kingdom and in particular with the provisions of the
Insolvency Act 1986 (as from time to time amended) and the requirements thereof;
	 
	 	8.2.3	 	it has the power to enter into and perform this Deed and all necessary corporate or other
action has been taken to authorise the entry into and performance of this Deed;
	 
	 	8.2.4	 	this Deed constitutes its legal, valid and binding obligations enforceable in accordance
with its terms;
	 
	 	8.2.5	 	the entry into and performance of this Deed and the transactions contemplated hereby do not
and will not be a breach of or conflict with:

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

	 	 	 	nor result in the creation or imposition of any Encumbrance on any of its assets pursuant
to the provisions of any such agreement or document;
	 
	 	8.2.6	 	all authorisations, approvals, consents, licences, exemptions, filings, registrations,
notarisations and other matters, official or otherwise, required in connection with the entry
into, performance, validity and enforceability of this Deed and the transactions contemplated
hereby have been obtained or effected and are in full force and effect;
	 
	 	8.2.7	 	all information furnished by or on behalf of the Guarantor relating to the business and
affairs of any member of the Group in connection with this Deed was and remains true and
correct in all material respects and there are no other material facts or considerations the
omission of which would render any such information misleading;
	 
	 	8.2.8	 	the Guarantor has fully disclosed to the Lenders through the Agent all facts relating to
the Group which it knows or should reasonably know and which might reasonably be expected to
influence the Lenders in deciding whether or not to enter into the Loan Agreement;
	 
	 	8.2.9	 	the Accounts for the financial year ended 31 December 2005 (which accounts have been
prepared in accordance with GAAP) fairly represent the consolidated financial condition of the
Guarantor as at 31 December 2005;

8

 

	 	8.2.10	 	the claims of the Beneficiaries against the Guarantor under this Deed will
rank at least pari passu with the claims of all other unsecured creditors of the
Guarantor other than claims of such creditors to the extent that the same are
statutorily preferred;
	 
	 	8.2.11	 	subject to Clause 10.6, no member of the Group has taken any corporate action nor
have any other steps been taken or legal proceedings been started or (to the best of
the Guarantor’s knowledge and belief) threatened against any member of the Group for
its winding-up and/or dissolution or for the appointment of a liquidator,
administrator, receiver, administrative receiver, trustee or similar officer of it or
any or all of its assets or revenues nor has any member of the Group sought any other
relief under any applicable insolvency or bankruptcy law;
	 
	 	8.2.12	 	neither the Guarantor nor any of its assets enjoys any right of immunity from
set-off, suit or execution in respect of its obligations under this Deed;
	 
	 	8.2.13	 	all the shares in the Borrower and the Manager shall be legally and beneficially
owned directly or indirectly by the Guarantor and such structure shall remain so
throughout the Security Period. Further, no Event of Default has occurred under
Clause 11.2 in respect of the ownership and/or control of the shares in the
Guarantor; and
	 
	 	8.2.14	 	it has reviewed and agrees to all the terms and conditions of the Loan Agreement
and each other Security Document to which any Obligor is or is to be a party.

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

	 	8.3.1	 	no event has occurred and remains unremedied which constitutes a default
under or in respect of any agreement or document to which the Guarantor is a party or
by which it may be bound (including, inter alia, this Deed);
	 
	 	8.3.2	 	no litigation, arbitration or administrative proceedings are current or
pending or to its knowledge threatened, which might, if adversely determined, have a
material adverse effect on the ability of the Guarantor to perform its obligations
under this Deed, save as disclosed by the Guarantor in its most recent US Securities
Exchange Commission filing;
	 
	 	8.3.3	 	to the best of its knowledge, each of the Obligors has complied with all
taxation laws in all jurisdictions in which it is subject to Taxation and has paid all
Taxes due and payable by it including but without limitation any disputed Taxes unless
a sufficient reserve has been made pending resolution of the dispute and no material
claims are being asserted against any of the Obligors with respect to Taxes, which
might, if such claims were successful, have a material adverse effect on the ability
of that Obligor to perform its obligations under the Transaction Documents to which it
is a party; and

9

 

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

	9	 	General Undertakings: Positive Covenants

	 	9.1	 	The undertakings contained in this Clause 9 shall remain in full force and
effect from the date of this Deed until the end of the Security Period.
	 
	 	9.2	 	The Guarantor will provide to the Agent:

	 	9.2.1	 	as soon as practicable (and in any event within one hundred
and twenty (120) days after the close of each of its financial years) a
Certified Copy of its Accounts (commencing with the audited accounts made up
to 31 December 2005);
	 
	 	9.2.2	 	as soon as practicable (and in any event within sixty (60)
days after the close of each quarter of each financial year) a copy of the
unaudited consolidated accounts of the Guarantor for that quarter (commencing
with the unaudited accounts made up to 30 June 2006);
	 
	 	9.2.3	 	as soon as practicable (and in any event within one hundred
and twenty (120) days after the close of each financial year), beginning with
the year ending 31 December 2006, annual cash flow projections on a
consolidated basis of the Guarantor showing on a monthly basis advance ticket
sales (for at least twelve (12) months following the date of such statement)
for the Group; and
	 
	 	9.2.4	 	as soon as practicable (and in any event not later than 31
January of each financial year):

	 	(a)	 	a budget for the Group for such new financial
year including a twelve (12) month liquidity budget for such new
financial year; and
	 
	 	(b)	 	updated financial projections of the Group for
at least the next five (5) years and an outline of the assumptions
supporting such budget and financial projections including but without
limitation any scheduled drydrockings;

	 	9.2.5	 	on the date of this Deed, in the case of the first, on the
date falling ninety (90) days before the Intended Delivery Date, in the case
of the second, and otherwise as soon as practicable (and in any event within
sixty (60) days after the close of each of the first three (3) quarters of its
financial year and within one hundred and twenty (120) days after the close of
each financial year) a statement signed by the Group’s chief financial officer
in the form of Schedule 1 (commencing with the second quarter of the financial
year ending 31 December 2006);
	 
	 	9.2.6	 	promptly, such further information in its possession or
control regarding its financial condition and operations and those of any
company in the Group, including but without limitation a corporate structure
chart for the

10

 

	 	 	 	Group including details of the percentage of the shareholdings held, as the
Agent may request for the benefit of the Finance Parties; and
	 
	 	9.2.7	 	details of any material litigation, arbitration or
administrative proceedings which affect any Obligor as soon as the same are
instituted and served, or, to the knowledge of the Guarantor, threatened (and
for this purpose proceedings shall be deemed to be material if they involve a
claim in an amount exceeding [**] [Confidential Treatment] Dollars [**] [Confidential Treatment] or
the equivalent in another currency).

	 	 	 	All accounts required under this Clause 9.2 shall be prepared in accordance with
GAAP and shall fairly represent the financial condition of the relevant company. In
this Clause 9.2 “Group” shall have the meaning ascribed to it in Clause 11.4.
	 
	 	9.3	 	Subject to the provisions of Clause 11.3, the Guarantor will procure that any
dividends or other distributions and interest paid or payable in connection with such
dividends or other distributions will be received by the Guarantor by way of dividend
promptly.
	 
	 	9.4	 	The Guarantor will keep proper books of record and account in which proper and
correct entries shall be made of all financial transactions and the assets,
liabilities and business of the Guarantor in accordance with GAAP.
	 
	 	9.5	 	The Guarantor will notify the Agent of any Event of Default forthwith upon the
Guarantor becoming aware of the occurrence thereof.
	 
	 	9.6	 	The Guarantor will procure that all such authorisations, approvals, consents,
licences and exemptions as may be required under any applicable law or regulation to
enable it to perform its obligations under, and ensure the validity or enforceability
of, this Deed are obtained and promptly renewed from time to time and will promptly
furnish certified copies thereof to the Agent upon request and will procure that the
terms of the same are complied with at all times.
	 
	 	9.7	 	The Guarantor will do all such things as are necessary to maintain its
corporate existence in good standing and will ensure that it has the right and is duly
qualified to conduct its business as it is conducted in all applicable jurisdictions
and will obtain and maintain all franchises and rights necessary for the conduct of
its business.

	10	 	General Undertakings: Negative Covenants

	 	10.1	 	The undertakings contained in this Clause 10 shall remain in full force from
the date of this Deed until the end of the Security Period.
	 
	 	10.2	 	Except with the prior written consent of the Agent (acting on the
instructions of the Lenders in the case of a sale of the Vessel pursuant to Clause
10.2.1), the Guarantor will not, and will procure that no other member of the Group
will, either in a single transaction or in a series of transactions whether related or
not and whether voluntarily or involuntarily, agree to or actually sell, assign,
abandon or otherwise transfer or dispose of all or any of its assets or any share or
interest therein except that:

11

 

	 	10.2.1	 	the Borrower may agree to sell the Vessel on the condition that
contemporaneously with the completion of the sale the Loan is prepaid in
accordance with the provisions of clause 11 of the Loan Agreement;
	 
	 	10.2.2	 	the Borrower may let the Vessel on charter in accordance with the provisions of
clause 10 of the Loan Agreement;
	 
	 	10.2.3	 	disposals may be made in the ordinary course of trading of the disposing entity
(excluding disposal of ships) including without limitation, the payment of cash as
consideration for the purchase or acquisition of any asset or service or in the
discharge of any obligation incurred for value in the ordinary course of trading;
	 
	 	10.2.4	 	disposals may be made (other than by the Borrower) to another member of the Group;
	 
	 	10.2.5	 	disposals of cash raised or borrowed may be made for the purposes for which such
cash was raised or borrowed;
	 
	 	10.2.6	 	disposals of assets in exchange for other assets comparable or superior as to type
and value may be made; and
	 
	 	10.2.7	 	a vessel owned by any member of the Group (other than the Borrower) may be sold
provided such sale is on a willing seller willing buyer basis at or about market
rate and at arm’s length subject always to the provisions of any loan documentation
for the financing of such vessel.

	 	10.3	 	Except with the prior written consent of the Agent, the Guarantor will not, and will
procure that no other member of the Group will, make any loan or advance or extend credit to
any person, firm or corporation except in the ordinary course of business (in this Clause,
“Group” shall exclude the Borrower).
	 
	 	10.4	 	The Guarantor will not, and will procure that no other member of the Group will, issue or
enter into any one (1) or more guarantee or indemnity or otherwise become directly or
contingently liable for the obligations of any other person, firm or corporation without
notifying the Agent promptly thereafter with full details of the amount(s) and the period(s)
of the guarantee(s) or indemnity(ies), if such is or are in excess of (in aggregate (if
applicable)) the amount of [**] [Confidential Treatment] Dollars [**] [Confidential Treatment].
	 
	 	10.5	 	Except with the prior written consent of the Agent, the Guarantor will not, and will
procure that no other member of the Group will, make or threaten to make any substantial
change in its business as presently conducted, or carry on any other business which is
substantial in relation to its business as presently conducted so as to affect, in the
reasonable opinion of the Agent, the ability of the Guarantor or the Borrower to perform its
obligations under the Security Documents to which it is a party PROVIDED THAT any new
leisure or hospitality venture embarked upon by any member of the Group shall not constitute
a substantial change in its business (in this Clause, “Group” shall exclude the Borrower).
	 
	 	10.6	 	The Guarantor and any other member of the Group may enter into any
amalgamation, restructure, substantial reorganisation,merger, de-merger,

12

 

	 	 	 	consolidation, winding-up, dissolution or anything analogous to the foregoing or
acquire any equity, share capital or obligations of any corporation or other entity
if such entry or acquisition would not:

	 	10.6.1	 	imperil the security created by any of the Security Documents or the Coface
Insurance Policy;
	 
	 	10.6.2	 	affect the ability of any Obligor duly to perform any of its obligations
under any Security Document to which it may be a party at any time; or
	 
	 	10.6.3	 	affect the ability of the Guarantor to comply with the
financial undertakings contained in Clause 11,

	 	 	 	after any such amalgamation, restructure, substantial reorganisation, merger,
de-merger, consolidation, winding-up, dissolution or anything analogous to the
foregoing or acquisition of any equity, share capital or obligations of any
corporation or other entity (in this Clause, “Group” shall exclude the Borrower).
	 
	 	10.7	 	Except with the prior written consent of the Agent, the Guarantor will not
alter its financial year end.
	 
	 	10.8	 	The Guarantor has not taken and shall not take from any other Obligor any
security or counter-security in respect of any of its obligations under this Deed
PROVIDED ALWAYS that if the Guarantor, in breach of this Clause, takes any security
or counter-security as aforesaid, such security shall be held by the Guarantor as
trustee upon trust for the Beneficiaries.

	11	 	Financial Undertakings and Ownership and Control of the Guarantor

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

	 	 11.1.1	 	at all times the minimum Free Liquidity will be not less than [**] [Confidential Treatment]
Dollars [**] [Confidential Treatment];
	 
	 	 11.1.2	 	either:

	 	(a)	 	as at the end of each financial quarter the
ratio of Consolidated EBITDA to Consolidated Debt Service for the
Group, computed for the period of the four (4) consecutive financial
quarters ending at the end of the relevant financial quarter, shall
not be less than [**] [Confidential Treatment] to [**] [Confidential Treatment]; or
	 
	 	(b)	 	at all times during the period of twelve (12)
months ending as at the end of the relevant financial quarter the
Group has maintained a minimum Free Liquidity in an amount which is
not less than [**] [Confidential Treatment] Dollars [**] [Confidential Treatment]; and

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

13

 

	 	(a)	 	[**] [Confidential Treatment] to [**] [Confidential Treatment] for financial quarters ending on
or before 31 December 2007; and
	 
	 	(b)	 	[**] [Confidential Treatment] to [**] [Confidential Treatment] for each subsequent
financial quarter.

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

	11.2	 	It will be an Event of Default if:

	 	11.2.1	 	at any time when the ordinary share capital of the Guarantor is not publicly listed
on an Approved Stock Exchange or at any time when a dividend is paid to the existing
shareholders of the Guarantor by way of a share issue pursuant to a public offering
on an Approved Stock Exchange, the Lim Family together or individually do not,
directly or indirectly, control the Guarantor and beneficially own, directly or
indirectly, at least fifty one per cent (51%) of the issued share capital of, and
equity interest in, the Guarantor; or
	 
	 	11.2.2	 	at any time following the listing of the ordinary share capital of the Guarantor on
an Approved Stock Exchange:

	 	(a)	 	any individual or any Third Party:

	 	(i)	 	owns legally and/or beneficially and
either directly or indirectly at least [**] [Confidential Treatment] per cent [**] [Confidential Treatment]
of the ordinary share capital of the Guarantor; or
	 
	 	(ii)	 	has the right or the ability to control
either directly or indirectly the affairs of or the composition of
the majority of the board of directors (or equivalent) of the
Guarantor;

	 	 	 	and, at the same time as any of the events described in paragraphs (i) or
(ii) of this Clause has occurred and remains unremedied, 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 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).

14

 

	11.3	 	During any financial year of the Guarantor until the date on which the Guarantor
becomes a listed company on an Approved Stock Exchange (on which date the restriction
contained in this Clause 11.3 shall cease to apply), the Guarantor shall not and shall
procure that no other member of the Group shall, pay any dividends or make any other
distributions in respect of its share capital to any person or make any repayments of
capital or payments of interest in respect of Financial Indebtedness to an Affiliate of
the Guarantor (other than to the Guarantor and/or its wholly owned Subsidiaries) which
during any financial year of the Guarantor in aggregate exceeds [**] [Confidential Treatment] per cent [**] [Confidential Treatment] of
the Consolidated Net Income (if positive) of the Group for such financial year, PROVIDED
HOWEVER THAT the Group shall not be entitled to pay any dividend or make any distribution
in respect of any of its share capital or make any repayments of capital or payments of
interest if an Event of Default has occurred and remains unremedied or would occur as a
result of the payment of such dividend or the making of such distribution.
	 
	11.4	 	In Clause 11.1, Clause 11.2, Clause 11.3 and Schedule 1:

	 	11.4.1	 	“Affiliate” means, with respect to any person, any other person controlling,
controlled by or under common control with, such person and for purposes of this
definition, “control” (including, with correlative meanings, the terms “controlling”,
“controlled by” and “under common control with”), as applied to any person, means the
possession, directly or indirectly, of the power to vote ten per cent (10%) or more
of the securities having voting power for the election of directors of such person,
or otherwise to direct or cause the direction of the management and policies of that
person, whether through the ownership of voting securities or by contract or
otherwise;
	 
	 	11.4.2	 	“Approved Stock Exchange” means the New York Stock Exchange, NASDAQ or such other
stock exchange in the United States of America as is approved in writing by the
Agent;
	 
	 	11.4.3	 	“Cash Balance” means, at any date of determination, the unencumbered and otherwise
unrestricted cash and cash equivalents of the Group;
	 
	 	11.4.4	 	“Consolidated Debt Service” means, for any relevant period, the sum (without double
counting), determined in accordance with GAAP, of:

	 	(a)	 	the aggregate principal payable or paid during such
period on any Indebtedness of any member of the Group, other than:

	 	(i)	 	principal of any such Indebtedness prepaid
at the option of the relevant member of the Group;
	 
	 	(ii)	 	principal of any such Indebtedness prepaid
upon the sale or Total Loss of any vessel owned or leased under a
capital lease by any member of the Group; and
	 
	 	(iii)	 	balloon payments of any such Indebtedness
payable during such period (and for the purpose of this paragraph
(iii) a “balloon payment” shall not include any

15

 

	 	scheduled repayment instalment of such Indebtedness which forms part
of the balloon);

	 	(b)	 	Consolidated Interest Expense for such period;

	 	(c)	 	the aggregate amount of any dividend or distribution of present or future
assets, undertakings, rights or revenues to any shareholder of any member of the
Group (other than the Guarantor or one of its wholly owned Subsidiaries) or any
distribution in respect of share capital during such period
(“Distributions”); and
	 
	 	(d)	 	all rent under any capital lease obligations by which the Guarantor or any
consolidated Subsidiary is bound which are payable or paid during such period and
the portion of any debt discount that must be amortised in such period,

	 	 	 	as calculated in accordance with GAAP and derived from the then latest unaudited
consolidated accounts of the Guarantor delivered to the Agent in the case of any period
ending at the end of any of the first three (3) financial quarters of each financial year
of the Guarantor and the then latest Accounts delivered to the Agent in the case of the
final quarter of each such financial year;

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

	 	(a)	 	Consolidated Net Income from the Guarantor’s operations for such period;
and
	 
	 	(b)	 	the aggregate amounts deducted in determining Consolidated Net Income for
such period in respect of gains and losses from the sale of assets or reserves
relating thereto, Consolidated Interest Expense, depreciation and amortisation,
impairment charges and any other non-cash charges and deferred income tax expense
for such period;

	 	11.4.6	 	“Consolidated Interest Expense” means, for any relevant period, the consolidated interest
expense (excluding capitalised interest) of the Group for such period;
	 
	 	11.4.7	 	“Consolidated Net Income” means, for any relevant period, the consolidated net income (or
loss) of the Group for such period as determined in accordance with GAAP;
	 
	 	11.4.8	 	“Free Liquidity” means, at any date of determination, the aggregate of the Cash Balance and
any amounts freely available for drawing under any revolving or other credit facilities of the
Group, which remains undrawn, could be drawn for general working capital purposes or other
general corporate purposes and would not, if drawn, be repayable within six (6) months;

16

 

	 	11.4.9	 	“Group” means, for the purposes of this Clause 11, the Guarantor, its Subsidiaries
and any other entity which is required to be consolidated in the Guarantor’s accounts in
accordance with GAAP;
	 
	 	11.4.10	 	“Indebtedness” means Financial Indebtedness (whether present or future, actual or
contingent, long-term or short-term, secured or unsecured) in respect of:

	 	(a)	 	moneys borrowed or raised;
	 
	 	(b)	 	the advance or extension of credit (including interest and other charges
on or in respect of any of the foregoing);
	 
	 	(c)	 	the amount of any liability in respect of leases which, in accordance with
GAAP, are capital leases;
	 
	 	(d)	 	the amount of any liability in respect of the purchase price for assets or
services payment of which is deferred for a period in excess of one hundred and
eighty (180) days;
	 
	 	(e)	 	all reimbursement obligations whether contingent or not in respect of
amounts paid under a letter of credit or similar instrument; and
	 
	 	(f)	 	(without double counting) any guarantee of Financial Indebtedness falling
within paragraphs (a) to (e) above;

	 	 	 	PROVIDED THAT the following shall not constitute Indebtedness:

	 	(i)	 	loans and advances made by other members of the Group which
are subordinated to the rights of the Finance Parties;
	 
	 	(ii)	 	loans and advances made by the Guarantor’s parent company which are
subordinated to the rights of the Finance Parties; and
	 
	 	(iii)	 	any liabilities of the Guarantor or any other member of the Group to a
counterparty under any master agreement relating to the interest or currency
exchange transactions of a non-speculative nature.

	 	11.4.11	 	“Lim Family” means:

	 	(a)	 	Tan Sri Lim Goh Tong;
	 
	 	(b)	 	his spouse;

	 
	 	(c)	 	his direct lineal descendants;

	 
	 	(d)	 	

the personal estate of any of the above persons; and
	 
	 	(e)	 	any trust created for the benefit of one or more of the above persons and
their estates;

	 	11.4.12	 	“Third Party” means any person or group of persons acting in concert
(as the expression “acting in concert” is defined in the City Code on

17

 

	 	 	 	Take-overs and Mergers) who or which is not a member of the Lim Family;

	 	11.4.13	 	“Total Capitalisation” means, at any date of determination, Total Net
Funded Debt plus the consolidated stockholders’ equity of the Group at
such date determined in accordance with GAAP and derived from the then
latest unaudited and consolidated accounts of the Guarantor delivered to
the Agent in the case of the first three (3) quarters of each financial year
and the then latest Accounts delivered to the Agent in the case of the final
quarter of each financial year;
	 
	 	11.4.14	 	“Total Net Funded Debt” means, as at any relevant date:

	 	(a)	 	Indebtedness of the Group; and
	 
	 	(b)	 	the amount of any Indebtedness of any person
which is not a member of the Group but which is guaranteed by a
member of the Group as at such date;

	 	 	 	less an amount equal to any Cash Balance as at such date.

	 	11.5	 	Save as specified in Clause 11.1.2, the ratios referred to in Clause 11.1
will be measured on a quarterly basis by reference to the consolidated accounts of
the Guarantor.

	12	 	Discharge

	 	12.1	 	Subject to Clause 4.3, following the irrevocable repayment or payment to the
Lenders or the Agent (for itself and on behalf of the Lenders) of all the Outstanding
Indebtedness the Beneficiaries will at the Guarantor’s request return this Deed to
the Guarantor and shall, at the request and cost of the Guarantor, transfer to the
Guarantor such rights as the Beneficiaries may at such time have in the security for
the Outstanding Indebtedness and to the proceeds of any such rights or security.

	13	 	Assignment and Transfer

	 	13.1	 	This Deed shall be binding upon and enure to the benefit of the
Beneficiaries and their successors and permitted assigns and transferees.
	 
	 	13.2	 	The Guarantor shall not be entitled to assign or transfer all or any part of
its rights, benefits or obligations under this Deed.
	 
	 	13.3	 	The Lenders and/or the Agent may transfer their respective rights hereunder
to any person to whom their respective rights and obligations under the Loan
Agreement are transferred in accordance with the Loan Agreement.
	 
	 	13.4	 	Any Finance Party may disclose to any of its Affiliates and to the following
other persons:

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

18

 

	 	(b)	 	any person with (or through) whom that Lender enters into (or may
potentially enter into) any sub-participation in relation to, or any other
transaction under which payments are to be made by reference to, this Deed
or any Obligor;
	 
	 	(c)	 	any person to whom, and to the extent that, information is
required to be disclosed by any applicable law or regulation;
	 
	 	(d)	 	any other Finance Party, or any employee, officer, director or
representative of such entity which needs to know such information or receive
such document in the course of such person’s employ or duties;
	 
	 	(e)	 	Coface, or any employee, officer, director or representative
of such entity which needs to know such information or receive such document
in the course of such person’s employ or duties;
	 
	 	(f)	 	the Guarantor or any other member of the Group, or any
employee, officer, director or representative of such entity which needs to
know such information or receive such document in the course of such person’s
employ or duties; or
	 
	 	(g)	 	auditors, insurance and reinsurance brokers, insurers and
reinsurers and professional advisers, including legal advisers, which need to
know such information,

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

	 	13.5	 	A person (including any body of persons) who is not a party to this Deed has
no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of
this Deed but this does not affect any right or remedy of a third party which exists
or is available apart from that Act.

	14	 	Miscellaneous Provisions

	 	14.1	 	No failure to exercise and no delay in exercising on the part of the
Beneficiaries or any of the other Finance Parties any right or remedy under this Deed
or under any other of the Security Documents shall operate as a waiver thereof, nor
shall any single or partial exercise of any right or remedy preclude any other or
further exercise thereof or the exercise of any other right or remedy. No waiver by
the

19

 

	 	 	 	Beneficiaries or any of the other Finance Parties shall be effective unless it is
in writing.

	 	14.2	 	The rights and remedies of the Finance Parties provided herein and in the
other Security Documents are cumulative and not exclusive of any rights or remedies
provided by law.
	 
	 	14.3	 	If any provision of this Deed or the Loan Agreement or any other Security
Document to which any Obligor is a party is prohibited or unenforceable in any
jurisdiction, such prohibition or unenforceability shall not invalidate the remaining
provisions hereof or thereof or affect the validity or enforceability of such
provision in any other jurisdiction.
	 
	 	14.4	 	Time is of the essence in respect of all of the obligations of the Guarantor
under this Deed.

	15	 	Waiver of Immunity

	 	15.1	 	The Guarantor irrevocably and unconditionally:

	 	15.1.1	 	waives any right of immunity which it or its assets now has or may
hereafter acquire in relation to any legal proceedings (including, but
without limitation, actions in rem and/or in personam) brought against it or
its assets by the Beneficiaries in relation to this Deed; and
	 
	 	15.1.2	 	consents generally in respect of any such proceedings to the giving of any
relief including, without limitation, the issue of any process in connection
with such proceedings and the making, enforcement or execution against any
property whatsoever (irrespective of its use or intended use) of any order or
judgment which may be made or given in such proceedings.

	16	 	Notices

	 	16.1	 	Each notice, demand or other communication to be made under this Deed shall
be made in writing which, unless otherwise stated, includes telefax.
	 
	 	16.2	 	Any notice, demand or other communication to be made or delivered by the
Agent to the Guarantor pursuant to this Deed shall (unless the Guarantor has by
fifteen (15) days’ written notice to the Agent specified another address) be made or
delivered to the Guarantor at 7665 Corporation Center Drive, Miami, Florida 33126,
United States of America marked for the attention of Ms Bonnie Biumi (telefax no. +1
305 436 4140) and the Legal Department (telefax no. +1 305 436 4117) and shall be
deemed to have been made or delivered (in the case of telefax) when transmission of
such telefax communication has been completed or (in the case of any letter) when
delivered to the aforesaid address or (as the case may be) five (5) days after being
deposited in the post first class postage prepaid in an envelope addressed to it at
that address. Any notice, demand or other communication to be made or delivered by the
Guarantor to the Agent pursuant to this Deed shall (unless the Agent has by fifteen
(15) days’ written notice to the Guarantor specified another address) be made or
delivered to the Agent (for itself and on behalf of the Lenders) at its office for the
time being which is at present at BNP Paribas, ECEP/Export Finance, ACI:CHDESAl, 37
Place du Marche Saint-Honore, 75031 Paris Cedex 01, France marked for
the attention of

20

 

	 	 	 	Mrs Dominique Laplasse (telefax no. +33 1 43 16 81 84) and shall be deemed to have
been made or delivered (in the case of telefax) when transmission of such telefax
communication has been completed or (in the case of any letter) when delivered to
the aforesaid address or (as the case may be) five (5) days after being deposited
in the post first class postage prepaid in an envelope addressed to it at that
address.
	 	16.3	 	Each notice, demand or other communication made or delivered by one (1)
party to the other pursuant to this Deed shall be in the English language or
accompanied by a certified English translation.

	17	 	Governing Law

	 	 	This Deed shall be governed by and construed in accordance with the laws of England.

	18	 	Jurisdiction

	 	18.1	 	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 Deed) (a “Dispute”). Each party to this Deed
agrees that the courts of England are the most appropriate and convenient courts
to settle Disputes and accordingly no party will argue to the contrary.

This Clause 18.1 is for the benefit of the Beneficiaries only. As a result, such
party shall not be prevented from taking proceedings relating to a Dispute in any
other courts with jurisdiction. To the extent allowed by law, such party may take
concurrent proceedings in any number of jurisdictions.
	 
	 	18.2	 	The Guarantor may not, without the Agent’s prior written consent, terminate
the appointment of the Process Agent; if the Process Agent resigns or its appointment
ceases to be effective, the Guarantor shall within fourteen (14) days appoint a
company which has premises in London and has been approved by the Agent to act as the
Guarantor’s process agent with unconditional authority to receive and acknowledge
service on behalf of the Guarantor of all process or other documents connected with
proceedings in the English courts which relate to this Deed.
	 
	 	18.3	 	For the purpose of securing its obligations under Clause 18.2, the Guarantor
irrevocably agrees that, if it for any reason fails to appoint a process agent within
the period specified in Clause 18.2, the Agent may appoint any person (including a
company controlled by or associated with the Agent or any Lender) to act as the
Guarantor’s process agent in England with the unconditional authority described in
Clause 18.2.
	 
	 	18.4	 	No neglect or default by a process agent appointed or designated under this
Clause (including a failure by it to notify the Guarantor of the service of any
process or to forward any process to the Guarantor) shall invalidate any proceedings
or judgment.
	 
	 	18.5	 	The Guarantor appoints in the case of the courts of England the Process Agent
to receive, for and on its behalf service of process in England of any legal
proceedings with respect to this Deed.

21

 

	 	18.6	 	A judgment relating to this Deed which is given or would be enforced by an
English court shall be conclusive and binding on the Guarantor and may be enforced
without review in any other jurisdiction.
	 
	 	18.7	 	Nothing in this Clause shall exclude or limit any right which the
Beneficiaries, may have (whether under the laws of any country, an international
convention or otherwise) with regard to the bringing of proceedings, the service of
process, the recognition or enforcement of a judgment or any similar or related matter
in any jurisdiction.
	 
	 	18.8	 	In this Clause “judgment” includes order, injunction, declaration and any
other decision or relief made or granted by a court.

IN WITNESS whereof this Deed of Guarantee and Indemnity has been executed by the parties hereto on
the day first written above.

	 	 	 	 	 	 	 	 	 
	SIGNED
SEALED and DELIVERED as a DEED

	 	 	 	 	)	 	 	Colin Veitch 
	for and on behalf of

	 	 	 	 	)	 	 	 
	NCL CORPORATION LTD.

	 	 	 	 	)	 	 	 
	acting by Colin Veitch

	 	 	 	 	)	 	 	 
	its duly appointed attorney-in-fact

	 	 	 	 	)	 	 	 
	in the presence of:

	 	Paul Alan Turner
	 	 	)	 	 	 
	 

	 	PAUL ALAN TURNER
	 	 	)	 	 	 
	 

	 	SOLICITOR, CLIFFORD CHANCE LLP	 	 	 	 	 	 
	SIGNED
SEALED and DELIVERED as a DEED

	 	 	 	 	)	 	 	Signature Illegible 
	for and on behalf of

	 	 	 	 	)	 	 	 
	BNP PARIBAS

	 	 	 	 	)	 	 	 
	as a Lender Sandrine FERDANE

	 	 	 	 	)	 	 	 
	acting by Jean-Daniel AMSLER

	 	 	 	 	)	 	 	 
	its duly appointed AUTHORIZED SIGNATORIES

	 	 	 	 	)	 	 	 
	in the presence of:

	 	Jean Philippe POIRIER
	 	 	)	 	 	 
	 

	 	MANAGER, BNP PARIBAS	 	 	 	 	 	 
	SIGNED
SEALED and DELIVERED as a DEED

	 	 	 	 	)	 	 	Signature Illegible 
	for and on behalf of

	 	 	 	 	)	 	 	 
	CALYON

	 	 	 	 	)	 	 	 
	acting by Jerome LEBLOND

	 	 	 	 	)	 	 	 
	its duly appointed attorney-in-fact

	 	 	 	 	)	 	 	 
	in the presence of:

	 	Jean Philippe POIRIER
	 	 	)	 	 	 
	 

	 	MANAGER, BNP PARIBAS	 	 	 	 	 	 

22

 

	 	 	 	 	 	 	 	 	 
	SIGNED
SEALED and DELIVERED as a DEED

	 	 	 	 	)	 	 	Signature Illegible 
	for and on behalf of

	 	 	 	 	)	 	 	 
	HSBC FRANCE Gilles PINOT

	 	 	 	 	)	 	 	 
	acting by Erick DADAT

	 	 	 	 	)	 	 	 
	its duly appointed Authorized Signatories

	 	 	 	 	)	 	 	 
	in the presence of:

	 	Jean Philippe POIRIER
	 	 	)	 	 	 
	 

	 	MANAGER, BNP PARIBAS
	 	 	)	 	 	 
	 
	 	 	 	 	 	 	 	 
	SIGNED
SEALED and DELIVERED as a DEED

	 	 	 	 	)	 	 	Signature Illegible 
	for and on behalf of

	 	 	 	 	)	 	 	 
	SOCIETE GENERALE Isabella GUILLOU

	 	 	 	 	)	 	 	 
	acting by Deputy Global Head of Export Finance

	 	 	 	 	)	 	 	 
	its duly appointed Authorized Signatory

	 	 	 	 	)	 	 	 
	in the presence of:

	 	Jean Philippe POIRIER
	 	 	)	 	 	 
	 

	 	MANAGER, BNP PARIBAS
	 	 	)	 	 	 
	 
	 	 	 	 	 	 	 	 
	SIGNED
SEALED and DELIVERED as a DEED

	 	 	 	 	)	 	 	Signature Illegible 
	for and on behalf of

	 	 	 	 	)	 	 	 
	BNP PARIBAS

	 	 	 	 	)	 	 	 
	as
the Agent Sandrine FERDANE

	 	 	 	 	)	 	 	 
	acting
by Jean-Daniel AMSLER

	 	 	 	 	)	 	 	 
	its duly appointed AUTHORIZED SIGNATORIES

	 	 	 	 	)	 	 	 
	in the presence of:

	 	Jean Philippe POIRIER
	 	 	)	 	 	 
	 

	 	MANAGER, BNP PARIBAS
	 	 	)	 	 	 

23

 

Schedule 1

Quarterly Statement of Financial Covenants

	 	 	 
	TO:

	 	BNP PARIBAS
	 

	 	ECEP/Export Finance
	 

	 	ACI:CHDESA1
	 

	 	37 Place du Marché Saint-Honoré
	 

	 	75031 Paris Cedex 01
	 

	 	France
	 
	 	 
	 

	 	Attn: Mrs Dominique Laplasse
	 
	 	 
	 

	 	(as the Agent (as such term is defined in the Guarantee (as hereinafter defined))

We refer to clause 11 of the guarantee dated • 2006 (as amended, varied and/or supplemented from
time to time the “Guarantee”) issued by us in favour of the Beneficiaries. 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 has occurred and remains unremedied.

NCL CORPORATION LTD.

	 	 	 
	 

By: [               ]

	 	 
	Chief Financial Officer
	 	 
	 
	 	 
	Dated:                    20[  ]

	 	 

24

 

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>[**] [Confidential Treatment]
	11.1.2(b)** [Confidential Treatment]

	 	 	 	 	 	(11.1.1)** [Confidential Treatment]
	 

	 	 	 	 	 	A>[**] [Confidential Treatment]
	 

	 	 	 	 	 	(11.1.2(b))** [Confidential Treatment]
	11.1.2(a)

	 	Consolidated EBITDA:
	 	B
	 	>[**] [Confidential Treatment]
	 
	 	 	 	 	 	 
	 

	 	Consolidated Debt Service	 	C	 	 
	 
	 	 	 	 	 	 
	11.1.3

	 	Total Net Funded Debt:
	 	D
	 	<[**] [Confidential Treatment] up to
	 

	 	 	 	 	 	31 December 2007<[**] [Confidential Treatment] 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
	 	 	 	x
	 

	 	on sale/total loss of an NCLC Fleet Vessel)	 	 	 	 
	Add:

	 	Consolidated Interest Expense
	 	 	 	x
	 

	 	Distributions
	 	 	 	x
	 

	 	Rent under capitalised leases
	 	 	 	x
	 

	 	Consolidated Debt Service
	 	 	 	x          C
	 

	 	Total Net Funded Debt	 	 	 	 
	 

	 	Indebtedness
	 	 	 	x
	Add:

	 	Guarantees of non-NCLC Group
members’ obligations	 	 	 	 
	 

	 	 
	 	 	 	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

25

 

For and on behalf of NCL CORPORATION LTD.

	 	 	 
	 

[               ]

	 	 

I, [      ], the officer primarily responsible for the financial management of the 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

26

 

Schedule 2

Particulars of Agent and Lenders

	 	 	 	 	 
	Name	 	Registered Address	 	Registered Number with the
	 	 	 	 	Registry of Trade and
	 	 	 	 	Companies
	BNP PARIBAS

	 	16 boulevard des Italiens,
	 	662 042 449 (RCS Paris)
	(as Agent and Lender)

	 	75009 Paris, France	 	 
	 
	 	 	 	 
	CALYON

	 	9 quai du Président Paul
	 	304 187 701 (RCS Nanterre)
	(as Lender)

	 	Doumer, 92920 Paris La Défense

Cedex, France	 	 
	 
	 	 	 	 
	HSBC FRANCE

	 	103 avenue des Champs
	 	775 670 284 (RCS Paris)
	(as Lender)

	 	Elysées, 75419 Paris, Cedex 08,

France	 	 
	 
	 	 	 	 
	SOCIETE GENERALE

	 	29 boulevard Haussmann,
	 	552 120 222 (RCS Paris)
	(as Lender)

	 	75009 Paris, France	 	 
	 
	 	 	 	 
	each a French
société anonyme	 	 

27EX-4.35 Revolving Credit Facility

 

Exhibit 4.35

[Confidential Treatment]

DATED 22 DECEMBER 2006

NCL CORPORATION LTD.

(as borrower)

DnB NOR BANK ASA

CITIBANK N.A.

COMMERZBANK AKTIENGESELLSCHAFT

KfW

NORDEA BANK NORGE ASA

NORDDEUTSCHE LANDESBANK GIROZENTRALE

(as mandated lead arrangers)

THE SEVERAL BANKS

particulars of which are set out in Schedule 1

(as original lenders)

DnB NOR BANK ASA

(as agent)

 

UP TO USD610,000,000

REVOLVING LOAN FACILITY AGREEMENT

 

[**] [Confidential Treatment]

 

 

CONTENTS

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Page
	1	 	Definitions and Construction	 	 	1	 
	 

	 	 	1.1	 	 	Definitions
	 	 	1	 
	 

	 	 	1.2	 	 	Construction
	 	 	15	 
	 

	 	 	1.3	 	 	Agent
	 	 	16	 
	 

	 	 	1.4	 	 	Third Party rights
	 	 	16	 
	 
	 	 	 	 	 	 	 	 	 	 
	2	 	The Facility	 	 	16	 
	 

	 	 	2.1	 	 	Availability
	 	 	16	 
	 

	 	 	2.2	 	 	Purpose and Application
	 	 	17	 
	 

	 	 	2.3	 	 	Advance of a Revolving Credit Facility Drawing to the Borrower
	 	 	17	 
	 

	 	 	2.4	 	 	Advance of a Swingline Facility Drawing to the Borrower
	 	 	17	 
	 

	 	 	2.5	 	 	Break costs
	 	 	18	 
	 

	 	 	2.6	 	 	Conditions of drawdown
	 	 	18	 
	 

	 	 	2.7	 	 	Several obligations of the Lenders
	 	 	19	 
	 

	 	 	2.8	 	 	Lender’s failure to perform
	 	 	19	 
	 

	 	 	2.9	 	 	Fulfilment of conditions after drawdown
	 	 	19	 
	 
	 	 	 	 	 	 	 	 	 	 
	3	 	Repayment, Reduction, Cancellation and Prepayment of the Facility	 	 	19	 
	 

	 	 	3.1	 	 	Repayment
	 	 	19	 
	 

	 	 	3.2	 	 	Scheduled reductions of Commitments to the Facility
	 	 	20	 
	 

	 	 	3.3	 	 	Sale or Total Loss of a Vessel: mandatory cancellation
	 	 	20	 
	 

	 	 	3.4	 	 	Amounts payable on prepayment
	 	 	20	 
	 

	 	 	3.5	 	 	Notice of prepayment
	 	 	21	 
	 

	 	 	3.6	 	 	Voluntary cancellation of Commitments
	 	 	21	 
	 

	 	 	3.7	 	 	Additional partial cancellation
	 	 	22	 
	 

	 	 	3.8	 	 	Prepayment during Term
	 	 	22	 
	 

	 	 	3.9	 	 	Mandatory cancellation in case of illegality
	 	 	22	 
	 

	 	 	3.10	 	 	Voluntary cancellation following imposition of Substitute Basis
	 	 	23	 
	 

	 	 	3.11	 	 	Cancellation in case of Total Loss of a Vessel
	 	 	23	 
	 

	 	 	3.12	 	 	Cancellation in case of sale of a Vessel
	 	 	23	 
	 
	 	 	 	 	 	 	 	 	 	 
	4	 	Interest	 	 	24	 
	 

	 	 	4.1	 	 	Payment of interest
	 	 	24	 
	 

	 	 	4.2	 	 	Selection and duration of Interest Periods
	 	 	24	 
	 

	 	 	4.3	 	 	No notice and unavailability
	 	 	24	 
	 

	 	 	4.4	 	 	Extension and shortening of Interest Periods
	 	 	24	 
	 

	 	 	4.5	 	 	Interest Rate
	 	 	25	 
	 

	 	 	4.6	 	 	Bank basis
	 	 	25	 
	 

	 	 	4.7	 	 	Default interest
	 	 	25	 
	 
	 	 	 	 	 	 	 	 	 	 
	5	 	Swingline Facility	 	 	26	 
	 

	 	 	5.1	 	 	Swingline Lender’s participation
	 	 	26	 
	 

	 	 	5.2	 	 	Relationship with the Revolving Credit Facility
	 	 	26	 
	 

	 	 	5.3	 	 	Reallocation
	 	 	26	 

 

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Page
	6	 	Substitute Basis of Funding	 	 	27	 
	 

	 	 	6.1	 	 	Market disturbance
	 	 	27	 
	 

	 	 	6.2	 	 	Suspension of drawdown
	 	 	28	 
	 

	 	 	6.3	 	 	Certificates of Substitute Basis
	 	 	28	 
	 

	 	 	6.4	 	 	Review
	 	 	28	 
	 
	 	 	 	 	 	 	 	 	 	 
	7	 	Payments	 	 	29	 
	 

	 	 	7.1	 	 	Place for payment
	 	 	29	 
	 

	 	 	7.2	 	 	Deductions and grossing-up
	 	 	29	 
	 

	 	 	7.3	 	 	Production of receipts for Taxes
	 	 	30	 
	 

	 	 	7.4	 	 	Currency of account
	 	 	30	 
	 

	 	 	7.5	 	 	Money of account
	 	 	30	 
	 

	 	 	7.6	 	 	Accounts
	 	 	31	 
	 

	 	 	7.7	 	 	Earnings
	 	 	31	 
	 

	 	 	7.8	 	 	Continuing security
	 	 	31	 
	 

	 	 	7.9	 	 	Mitigation
	 	 	32	 
	 
	 	 	 	 	 	 	 	 	 	 
	8	 	Yield Protection and Force Majeure	 	 	32	 
	 

	 	 	8.1	 	 	Increased costs
	 	 	32	 
	 

	 	 	8.2	 	 	Force Majeure
	 	 	33	 
	 
	 	 	 	 	 	 	 	 	 	 
	9	 	Representations and Warranties	 	 	34	 
	 

	 	 	9.1	 	 	Duration
	 	 	34	 
	 

	 	 	9.2	 	 	Representations and warranties
	 	 	34	 
	 
	 	 	 	 	 	 	 	 	 	 
	10	 	Undertakings	 	 	39	 
	 

	 	 	10.1	 	 	Duration
	 	 	39	 
	 

	 	 	10.2	 	 	Information
	 	 	39	 
	 

	 	 	10.3	 	 	Financial Undertakings
	 	 	40	 
	 

	 	 	10.4	 	 	Dividends
	 	 	41	 
	 

	 	 	10.5	 	 	Notification of default
	 	 	41	 
	 

	 	 	10.6	 	 	Consents and registrations
	 	 	41	 
	 

	 	 	10.7	 	 	Negative pledge
	 	 	42	 
	 

	 	 	10.8	 	 	Disposals
	 	 	42	 
	 

	 	 	10.9	 	 	Purchases
	 	 	42	 
	 

	 	 	10.10	 	 	Change of name or business
	 	 	42	 
	 

	 	 	10.11	 	 	Mergers
	 	 	43	 
	 

	 	 	10.12	 	 	Maintenance of status and franchises
	 	 	43	 
	 

	 	 	10.13	 	 	Financial records
	 	 	44	 
	 

	 	 	10.14	 	 	Subordination of indebtedness
	 	 	44	 
	 

	 	 	10.15	 	 	Guarantees
	 	 	44	 
	 

	 	 	10.16	 	 	Further assurance
	 	 	44	 
	 

	 	 	10.17

10.18	 	 	Valuation of the Vessels 

Marginal security
	 	 	44

45	 
	 

	 	 	10.19	 	 	No dealings with Master Agreements
	 	 	45	 
	 

	 	 	10.20	 	 	Financial year end
	 	 	46	 
	 

	 	 	10.21	 	 	Maintenance and insurance
	 	 	46	 
	 

	 	 	10.22	 	 	Vessels
	 	 	46	 

 

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Page
	11	 	Rights of the Agent and the Lenders	 	 	46	 
	 

	 	 	11.1	 	 	No derogation of rights
	 	 	46	 
	 

	 	 	11.2	 	 	Enforcement of remedies
	 	 	46	 
	 
	 	 	 	 	 	 	 	 	 	 
	12	 	Default	 	 	47	 
	 

	 	 	12.1	 	 	Events of default
	 	 	47	 
	 

	 	 	12.2	 	 	Acceleration
	 	 	52	 
	 

	 	 	12.3	 	 	Default indemnity
	 	 	53	 
	 

	 	 	12.4	 	 	Set off
	 	 	53	 
	 

	 	 	12.5	 	 	Master Agreement rights
	 	 	54	 
	 
	 	 	 	 	 	 	 	 	 	 
	13	 	Application of Funds	 	 	54	 
	 

	 	 	13.1	 	 	Total Loss proceeds/proceeds of sale
	 	 	54	 
	 

	 	 	13.2	 	 	General funds/Event of Default monies
	 	 	55	 
	 

	 	 	13.3	 	 	Application of proceeds of Insurances
	 	 	56	 
	 

	 	 	13.4	 	 	Suspense account
	 	 	56	 
	 
	 	 	 	 	 	 	 	 	 	 
	14	 	Fees	 	 	57	 
	 

	 	 	14.1	 	 	Commitment fee
	 	 	57	 
	 

	 	 	14.2	 	 	Other fees
	 	 	57	 
	 
	15

	 	Expenses
	 	 	57	 
	 

	 	 	15.1	 	 	Initial expenses
	 	 	57	 
	 

	 	 	15.2	 	 	Enforcement expenses
	 	 	57	 
	 

	 	 	15.3	 	 	Stamp duties
	 	 	57	 
	 
	 	 	 	 	 	 	 	 	 	 
	16	 	Waivers, Remedies Cumulative	 	 	58	 
	 

	 	 	16.1	 	 	No waiver
	 	 	58	 
	 

	 	 	16.2	 	 	Remedies cumulative
	 	 	58	 
	 

	 	 	16.3	 	 	Severability
	 	 	58	 
	 

	 	 	16.4	 	 	Time of essence
	 	 	58	 
	 
	 	 	 	 	 	 	 	 	 	 
	17	 	Counterparts	 	 	58	 
	 
	 	 	 	 	 	 	 	 	 	 
	18	 	Changes to the Lenders	 	 	58	 
	 

	 	 	18.1	 	 	Assignments and transfers by the Lenders
	 	 	58	 
	 

	 	 	18.2	 	 	Conditions of assignment or transfer
	 	 	59	 
	 

	 	 	18.3	 	 	Assignment or transfer fee
	 	 	60	 
	 

	 	 	18.4	 	 	Limitation of responsibility of Existing Lenders
	 	 	60	 
	 

	 	 	18.5	 	 	Procedure for transfer
	 	 	60	 
	 

	 	 	18.6	 	 	Copy of Transfer Certificate to Borrower
	 	 	61	 
	 

	 	 	18.7	 	 	Disclosure of information
	 	 	61	 
	 

	 	 	18.8	 	 	Borrower’s co-operation
	 	 	62	 
	 
	 	 	 	 	 	 	 	 	 	 
	19	 	Changes to the Borrower	 	 	62	 
	 
	 	 	 	 	 	 	 	 	 	 
	20	 	Reference Banks and Agent	 	 	62	 
	 

	 	 	20.1	 	 	Reference Banks
	 	 	62	 
	 

	 	 	20.2	 	 	Decision making
	 	 	62	 

 

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Page
	 

	 	 	20.3	 	 	The Agent
	 	 	64	 
	 

	 	 	20.4	 	 	Retirement and replacement of the Agent
	 	 	68	 
	 
	 	 	 	 	 	 	 	 	 	 
	21	 	Notices	 	 	69	 
	 

	 	 	21.1	 	 	Mode of communication
	 	 	69	 
	 

	 	 	21.2	 	 	Address
	 	 	69	 
	 

	 	 	21.3	 	 	Telefax communication
	 	 	69	 
	 

	 	 	21.4	 	 	Electronic mail
	 	 	70	 
	 

	 	 	21.5	 	 	Receipt
	 	 	71	 
	 

	 	 	21.6	 	 	Language
	 	 	71	 
	 
	 	 	 	 	 	 	 	 	 	 
	22	 	Governing Law	 	 	71	 
	 
	 	 	 	 	 	 	 	 	 	 
	23	 	Waiver of Immunity	 	 	71	 
	 
	 	 	 	 	 	 	 	 	 	 
	24	 	Jurisdiction	 	 	71	 
	 
	 	 	 	 	 	 	 	 	 	 
	Schedule 1 Particulars of Agent, Mandated Lead Arrangers and Original Lenders	 	 	75	 
	 
	 	 	 	 	 	 	 	 	 	 
	Schedule 2 Notice of Drawdown	 	 	79	 
	 
	 	 	 	 	 	 	 	 	 	 
	Schedule 3 Conditions Precedent	 	 	81	 
	 
	 	 	 	 	 	 	 	 	 	 
	Schedule 4 Confidentiality Undertaking	 	 	86	 
	 
	 	 	 	 	 	 	 	 	 	 
	Schedule 5 Transfer Certificate	 	 	89	 
	 
	 	 	 	 	 	 	 	 	 	 
	Schedule 6 Quarterly Statement of Financial Covenants	 	 	94	 

 

 

FACILITY AGREEMENT

Dated 22 December 2006

BETWEEN:

	(1)	 	NCL CORPORATION LTD. a company organised and existing under the laws of Bermuda with its
registered office at Milner House, 18 Parliament Street, Hamilton HM 12, Bermuda as borrower
(the “Borrower”);
	 
	(2)	 	THE SEVERAL BANKS particulars of which are set out in Schedule 1 as mandated lead arrangers
and underwriters (collectively the “Mandated Lead Arrangers” and each individually a “Mandated
Lead Arranger”);
	 
	(3)	 	THE SEVERAL BANKS particulars of which are set out in Schedule 1 as lenders (collectively the
“Original Lenders” and each individually an “Original Lender” and including, unless the
context otherwise requires, the Swingline Lender); and
	 
	(4)	 	DnB NOR BANK ASA of Stranden 21, NO-0021 Oslo, Norway as agent (the “Agent”).

WHEREAS:

The Mandated Lead Arrangers have arranged for a syndicate of international banks and/or financial
institutions to provide a revolving credit facility of up to six hundred and ten million Dollars
(USD610,000,000), including a swingline facility of up to twenty million Dollars (USD20,000,000),
to the Borrower on the terms and subject to the conditions set out in this Agreement, in the case
of the revolving credit facility, to refinance all existing indebtedness related to the Vessels and
for general corporate purposes for the Borrower and its Subsidiaries and, in the case of the
swingline facility, for general short term corporate purposes of the Borrower.

NOW IT IS HEREBY AGREED as follows:

	1	 	Definitions and Construction

	 	1.1	 	Definitions
	 
	 	 	 	In this Agreement:
	 
	 	 	 	“Accounts” means the audited consolidated profit and loss account and balance sheet
(including all additional information and notes thereto) of the Borrower and its
consolidated Subsidiaries together with the auditors’ report;
	 
	 	 	 	“Advance Date”, in relation to any Drawing, means the date on which that Drawing is
advanced to the Borrower pursuant to Clause 2.3 or Clause 2.4 and applied in
accordance with the relevant part of Clause 2.2;
	 
	 	 	 	“Affiliate” means, with respect to any person, any other person controlling,
controlled by or under common control with, such person and for purposes of this
definition, “control” (including, with correlative meanings, the terms
“controlling”, “controlled by” and “under common control with”), as applied to any
person, means the possession, directly or indirectly, of the power to vote ten per
cent (10%) or more of the securities having voting power for the election of
directors of such person, or otherwise to direct or cause
the direction of the

 

 

	 	 	 	management and policies of that person, whether through the
ownership of voting securities or by contract or otherwise;
	 
	 	 	 	“Agreement” means this agreement;
	 
	 	 	 	“Applicable Margin” means, in respect of a Drawing or the commitment fee payable
pursuant to Clause 14.1, the rate per annum set out in the table below determined
on the Quotation Date for the relevant Interest Period in the case of a Drawing and
on the relevant payment date in respect of the said commitment fee based on the
ratio of Total Funded Debt to Consolidated EBITDA for the period of the four (4)
consecutive financial quarters ending at the end of the previous financial quarter
for which the Agent has received, or should have received, accounts:

	 	 	 
	Total Funded Debt :	 	Applicable Margin
	Consolidated EBITDA	 	 
	[**] [Confidential Treatment]

	 	One point five per cent (1.50%)
	[**] [Confidential Treatment]

	 	[**] [Confidential Treatment]
	[**] [Confidential Treatment]

	 	[**] [Confidential Treatment]
	[**] [Confidential Treatment]
	 	[**] [Confidential Treatment]

	 	 	 	PROVIDED THAT the highest rate appearing in the table above shall apply if the
accounts required to determine the Applicable Margin have not been received by the
Agent;
	 
	 	 	 	“Approved Stock Exchange” means the New York Stock Exchange, NASDAQ or such other
stock exchange in the United States of America as is approved in writing by the
Agent (acting on the instructions of the Majority Lenders);
	 
	 	 	 	“Associated Company” in relation to any company, means any company which is a
Subsidiary or Holding Company of that company or the majority of whose shares are
beneficially owned by the same person or persons as own the majority of the shares
of that company;
	 
	 	 	 	“Availability Period” means the period beginning on the Signing Date and ending one
(1) month before the Final Maturity Date;
	 
	 	 	 	“Available Commitment” means, in relation to a Lender, the amount of its Commitment
in respect of the Revolving Credit Facility or the Swingline Facility (as the case
may be) less the amount of its Contribution to the Revolving Credit Facility or the
Swingline Facility (as the case may be);
	 
	 	 	 	“Business Day” means any day on which banks and financial markets in London, Oslo,
Frankfurt am Main and New York are open for the transaction of business of the
nature contemplated by this Agreement;
	 
	 	 	 	“Cash Balance” means, at any date of determination, the unencumbered and otherwise
unrestricted cash and cash equivalents of the NCLC Group;

2

 

	 	 	 	“Certified Copy” means, in relation to any document delivered or issued by or on
behalf of any company, a copy of such document certified as a true, complete and
up-to-date copy of the original by any of the directors or the secretary or
assistant secretary or an attorney-in-fact for the time being of that company;
	 
	 	 	 	“Charges” means the two (2) valid and effective first priority shares charges one
(1) to be executed in respect of each of the Owners by the Shareholder as holder
(legally and beneficially) of all the authorised and issued shares in the relevant
Owner in favour of the Agent such charges to be in the form and on the terms and
conditions agreed between the Lenders and the Borrower and as specified in
paragraph 24 of Schedule 3;
	 
	 	 	 	“Commitment” means, as to each Original Lender and the Swingline Lender, the sums
set out opposite its name in Schedule 1 as the amount respectively of the Revolving
Credit Facility and the Swingline Facility which, subject to the terms of this
Agreement, it is obliged to advance to the Borrower under Clause 2 (or, where the
context so admits, such amount which any successor in title, assignee or transferee
(including any Transferee) of any Original Lender or Lender or the Swingline Lender
shall be obliged to advance to the Borrower under Clause 2, following the
assumption of all or any portion of such liability from any Original Lender or
Lender or the Swingline Lender hereunder) in each case as such amount may be
reduced, cancelled or terminated under this Agreement;
	 
	 	 	 	“Commitment Period” means the period beginning on the Signing Date and ending on
the earlier of the last day of the Availability Period and the date on which the
Facility is cancelled hereunder;
	 
	 	 	 	“Compulsory Acquisition” means requisition for title or other compulsory
acquisition of a Vessel including its capture, seizure, detention or confiscation
or expropriation but excluding any requisition for hire by or on behalf of any
government or governmental authority or agency or by any persons acting or
purporting to act on behalf of any such government or governmental authority or
agency;
	 
	 	 	 	“Confidentiality Undertaking” means the undertaking to be entered into relating to
the release of financial information pertaining to the NCLC Group by the Agent or
any Lender to a potential Transferee or assignee such undertaking to be in the form
of Schedule 4;
	 
	 	 	 	“Confirmation” means a Confirmation exchanged or deemed to be exchanged between a
Lender or its Affiliate (as the case may be) and the Borrower as contemplated by
the relevant Master Agreement;
	 
	 	 	 	“Consolidated Debt Service” means, for any relevant period, the sum (without double
counting), determined in accordance with US GAAP, of:

	 	(i)	 	the aggregate principal payable or paid during such period on
any Indebtedness for Borrowed Money of any member of the NCLC Group, other
than:

	 	(a)	 	principal of any such Indebtedness for
Borrowed Money prepaid at the option of the relevant member of the
NCLC Group;
	 

3

 

	 	(b)	 	principal of any such Indebtedness for
Borrowed Money prepaid upon the sale or Total Loss of any vessel
owned or leased under a capital lease by any member of the NCLC
Group; and    
 
	 	(c)	 	balloon payments of any such Indebtedness
for Borrowed Money payable during such period (and for the purpose of
this paragraph (c) a “balloon payment” shall not include any
scheduled repayment instalment of such Indebtedness for Borrowed
Money which forms part of the balloon);

	(ii)	 	Consolidated Interest Expense for such period;
	 
	(iii)	 	the aggregate amount of any dividend or distribution of
present or future assets, undertakings, rights or revenues to any shareholder
of any member of the NCLC Group (other than the Borrower or one of its wholly
owned Subsidiaries) or any distribution in respect of share capital during
such period (“Distributions”); and
	 
	(iv)	 	all rent under any capital lease obligations by which the
Borrower or any consolidated Subsidiary is bound which are payable or paid
during such period and the portion of any debt discount that must be amortised
in such period,

as calculated in accordance with US GAAP and derived from the then latest unaudited
consolidated accounts of the NCLC Group delivered to the Agent in the case of any
period ending at the end of any of the first three (3) financial quarters of each
financial year of the Borrower and the then latest Accounts delivered to the Agent
in the case of the final quarter of each such financial year;

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

	(i)	 	Consolidated Net Income from the Borrower’s operations for
such period; and
	 
	(ii)	 	the aggregate amounts deducted in determining Consolidated
Net Income for such period in respect of gains and losses from the sale of
assets or reserves relating thereto, Consolidated Interest Expense,
depreciation and amortisation, impairment charges and any other non-cash
charges and deferred income tax expense for such period;

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

“Consolidated Net Income” means, for any relevant period, the consolidated net
income (or loss) of the NCLC Group for such period as determined in accordance with
US GAAP;

“Contribution” means, as to each Original Lender and the Swingline Lender, the
portion of the sums set out opposite its name in Schedule 1 or any substitute
schedule for Schedule 1 advanced to the Borrower and for the time being
outstanding;

4

 

“Co-ordination Deeds” means the two (2) co-ordination deeds one (1) to be executed
by each of the Owners in relation to (among other things) the mortgages registered
or to be registered over its Vessel including the relevant Mortgage such deed to be
in the form and on the terms and conditions agreed between the Lenders and the
Borrower and as specified in paragraph 21.7 of Schedule 3;

“Credit Support Document” means any document described as such in a Master
Agreement and any other document referred to in any such document which has the
effect of creating security in favour of the Agent or the Lenders;

“Credit Support Provider” means any person (other than the Borrower) described as
such in a Master Agreement;

“Disclosure Letter” means the letter so designated, given by the Borrower and
acknowledged by the Agent on the Signing Date and containing details of any
material litigation, arbitration or administrative proceedings affecting any
Obligor which have been instituted and served, or, to the knowledge of the
Borrower, threatened (and for this purpose proceedings shall be deemed to be
material if they involve a claim in an amount exceeding [**]
[Confidential Treatment] Dollars
[**] [Confidential Treatment] or the equivalent in another currency);

“Dollars” and “USD” means the lawful currency of the United States of America;

“Drawdown Notice” means a notice to be given by the Borrower to the Agent pursuant
to Clause 2.3.1 or Clause 2.4.1;

“Drawing” means a Revolving Credit Facility Drawing or a Swingline Facility
Drawing;

“Earnings” means, in respect of a Vessel, (whether earned or to be earned) any and
all freights, hire, fares and passage monies, proceeds of requisition (other than
proceeds of Compulsory Acquisition), rebates and commissions, all earnings deriving
from contracts of employment, demurrage, charterparties, contracts of
affreightment, pooling agreements and joint ventures, compensation, remuneration
for salvage and towage services, damages howsoever arising and detention monies,
damages for breach of any charterparty or other contract for the employment of that
Vessel, any amounts payable in consideration of the termination or variation of any
charterparty or other such contract and any other earnings whatsoever due or to
become due to the relevant Owner;

“Earnings Assignments” means, pursuant to the Co-ordination Deeds, the two (2)
valid and effective first legal assignments of the Earnings of the Vessels
(together with the notices thereof and the acknowledgements) one (1) to be executed
by each of the Owners in respect of its Vessel in favour of the Agent such
assignments, notices and acknowledgements to be in the form and on the terms and
conditions agreed between the Lenders and the Borrower and as specified in
paragraph 21.4 of Schedule 3;

“Encumbrance” means any mortgage, charge, pledge, lien, assignment, hypothecation,
title retention, preferential right or trust arrangement or any other security
agreement or arrangement;

“Event of Default” means any of the events specified in Clause 12;

5

 

“Facility” means the facility granted hereunder in the amount of the aggregate of
the Maximum Revolving Credit Facility Amount and the Maximum Swingline Facility
Amount or (as the context may require) the amount thereof for the time being
advanced and outstanding under this Agreement;

“Final Maturity Date” means the date falling eighty four (84) months from the
Signing Date or such other date as is determined by the provisions of Clause 3;

“Finance Parties” means the Mandated Lead Arrangers, the Lenders and the Agent and
“Finance Party” means any one of them;

“Financial Indebtedness” means any obligation for the payment or repayment of
money, whether as principal or as surety and whether present or future, actual or
contingent;

“Force Majeure” means, in relation to the Agent or any Lender, any event or
circumstance which is beyond the reasonable control of such party, which cannot be
foreseen or if foreseeable which is unavoidable, which occurs after the Signing
Date and which prevents that party from performing any of its obligations under
this Agreement;

“Free Liquidity” means, at any date of determination, the aggregate of the Cash
Balance and any amounts freely available for drawing under the Facility or any
other revolving or other credit facilities of the NCLC Group, which remain undrawn,
could be drawn for general working capital purposes or other general corporate
purposes and would not, if drawn, be repayable within six (6) months;

“Guarantees” means the two (2) joint and several guarantees one (1) to be executed
by each of the Owners in favour of the Agent such guarantees to be in the form and
on the terms and conditions agreed between the Lenders and the Borrower and as
specified in paragraph 23 of Schedule 3;

“Holding Company” has the meaning defined in the United Kingdom Companies Act 1985,
Section 736 as substituted by the United Kingdom Companies Act 1989, Section 144;

“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;

6

 

	(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 Cruises Limited which are
subordinated to the rights of the Lenders; and
	 
	(c)	 	any Master Agreement Liabilities and any similar liabilities
of the Borrower or any other member of the NCLC Group to a counterparty under
any other master agreement relating to interest or currency exchange
transactions of a non-speculative nature;

“Insurance Assignments” means, pursuant to the Co-ordination Deeds, the two (2)
valid and effective first legal assignments of the Insurances of the Vessels
(together with the notices thereof) one (1) to be executed by each of the Owners in
respect of its Vessel in favour of the Agent such assignments and notices to be in
the form and on the terms and conditions agreed between the Lenders and the
Borrower and as specified in paragraph 21.5 of Schedule 3;

“Insurances” means all policies and contracts of insurance and entries of a Vessel
in a protection and indemnity or war risks association which are effected in
respect of that Vessel, her freights, disbursements, profits or otherwise and all
benefits, including all claims and returns of premiums thereunder and shall also
include all compensation payable by virtue of Compulsory Acquisition;

“Interest Payment Date” means the last day of each Interest Period and if an
Interest Period is longer than six (6) months’ duration the date falling at the end
of each successive period of six (6) months during such Interest Period from its
commencement;

“Interest Period” means each period ascertained in accordance with Clause 4.2,
Clause 4.7 or Clause 5.3;

“Interest Rate” means the rate of interest applicable to a Drawing calculated in
accordance with Clause 4.5, Clause 4.7, Clause 5.3 or Clause 6.3;

“LIBOR” means with respect to any Interest Period with respect to a Revolving
Credit Facility Drawing the rate of interest (expressed as an annual rate)
determined by the Agent to be:

	(i)	 	the offered rate for deposits in Dollars for a period
equivalent to such Interest Period which appears on the Reuters BBA Page LIBOR
01 at or about 11.00 a.m. London time on the Quotation Date; or

7

 

	(ii)	 	if no rate is provided for the respective Interest Period on
the Reuters BBA Page LIBOR 01, the interpolated rate per annum for deposits in
Dollars in an amount approximately equal to the Revolving Credit Facility
Drawing as calculated by the Agent, such interpolated rate to be based on the
Reuters BBA Page LIBOR 01 PROVIDED THAT LIBOR for periods of less than one (1)
week will be ascertained under sub-section (iii) below;

OR (if Reuters BBA Page LIBOR 01 is discontinued or if the Agent is unable to make
the said determination due to technical breakdown in the relevant system or the
Interest Period is less than one (1) week)

	(iii)	 	the arithmetic mean (rounded upwards, if necessary, to the
nearest one-sixteenth of one per cent (1/16%)) of the rates per annum notified
to the Agent by each of the Reference Banks as the rate at which deposits in
Dollars in an amount approximately equal to the Revolving Credit Facility
Drawing are offered to such Reference Bank by leading banks in the London
Interbank Market at such Reference Bank’s request at or about 11.00 a.m.
London time on the Quotation Date for a period equal to the Interest Period
and for delivery on the first Business Day thereof;

“Lender” means:

	(i)	 	any Original Lender; and
	 
	(ii)	 	any bank, financial institution, trust, fund or other entity
which has become a party to this Agreement in accordance with Clause 18,

which in each case has not ceased to be a party to this Agreement in accordance
with the terms of this Agreement;

“Lending Branch” means in respect of the Agent and each Original Lender its office
at the address set out beneath its name in Schedule 1 or such other office as it
shall from time to time select and notify through the Agent to the Borrower and the
Agent;

“Lim Family” means:

	(i)	 	Tan Sri Lim Goh Tong;
	 
	(ii)	 	his spouse;
	 
	(iii)	 	his direct lineal descendants;
	 
	(iv)	 	the personal estate of any of the above persons; and
	 
	(v)	 	any trust created for the benefit of one or more of the above
persons and their estates;

“Majority Lenders” means:

	(a)	 	if a Drawing has not then been advanced, a Lender or Lenders
whose Commitments aggregate more than sixty seven per cent (67%) of the
aggregate total of the Commitments (or, if the aggregate total of the

8

 

	 	 	Commitments have been reduced to zero, aggregated more than sixty seven per
cent (67%) of the aggregate total of the Commitments immediately prior to the
reduction); or
	 
	(b)	 	at any other time, a Lender or Lenders whose Contributions to
the Facility aggregate more than sixty seven per cent (67%) of the Facility
then outstanding;

“Management Agreements” means the agreements entered into between the Owners and
the Manager in respect of the Vessels providing for the commercial and technical
management and crewing of the Vessels such agreements to be in the form and on the
terms and conditions agreed between the Agent and the Borrower and as specified in
paragraph 21.2 of Schedule 3;

“Management Agreement Assignments” means the two (2) valid and effective first
legal assignments of the Management Agreements (together with the notices thereof
and the acknowledgements) one (1) to be executed by each of the Owners in respect
of its Vessel in favour of the Agent such assignments, notices and acknowledgements
to be in the form and on the terms and conditions agreed between the Lenders and
the Borrower and as specified in paragraph 21.6 of Schedule 3;

“Manager” means NCL (Bahamas) Ltd. a company organised and existing under the laws
of Bermuda with its registered office at Milner House, 18 Parliament Street,
Hamilton HM 12, Bermuda, the company providing commercial and technical management
and crewing services for the Vessels pursuant to the Management Agreements;

“Mandatory Cost” means the cost imputed to a Lender of compliance with the
mandatory liquid asset requirements of any central bank or other fiscal, monetary
or other authority;

“Master Agreement” means any ISDA Master Agreement (or any other form of master
agreement relating to interest or currency exchange transactions of a
non-speculative nature) entered into between a Lender or its Affiliate and the
Borrower before the Signing Date in relation to the obligations of the Borrower
under this Agreement, including each Schedule to any Master Agreement and each
Confirmation exchanged under any Master Agreement;

“Master Agreement Liabilities” means, at any relevant time, all liabilities of the
Borrower to a Lender or its Affiliate (as the case may be) under the relevant
Master Agreement, whether actual or contingent, present or future;

“Material Adverse Effect” means a material adverse effect on (i) the validity or
enforceability of any of the Security Documents or the rights or remedies of the
Lenders or their Affiliates (as the case may be) thereunder (ii) the ability of any
Obligor to perform its obligations under any of the Security Documents or (iii) the
business, operations, condition (financial or otherwise) or prospects of the
Borrower, either of the Owners or the NCLC Group taken as a whole;

“Maturity Date” in relation to a Drawing means the last day of its Term;

9

 

“Maximum Facility Amount” means the aggregate of the Maximum Tranche Amount in
respect of each of Tranche 1 and Tranche 2 (subject to Clause 2.6 and paragraph 36
of Schedule 3), as reduced from time to time pursuant to Clause 3;

“Maximum Revolving Credit Facility Amount” means the Maximum Facility Amount, as
reduced from time to time pursuant to Clause 3 and by the Swingline Facility;

“Maximum Swingline Facility Amount” means twenty million Dollars (USD20,000,000),
subject to Clause 3;

“Maximum Tranche Amount” means five hundred and ten million Dollars
(USD510,000,000), in the case of Tranche 1, and one hundred million Dollars
(USD100,000,000), in the case of Tranche 2;

“month” means a period starting on one day in a calendar month and ending on the
numerically corresponding day in the next calendar month save that, where any such
period would otherwise end on a day which is not a Business Day, it shall end on
the next Business Day, unless that day falls in the calendar month succeeding that
in which it would otherwise have ended, in which case it shall end on the preceding
Business Day PROVIDED THAT, if a period starts on the last Business Day in a
calendar month or if there is no numerically corresponding day in the month in
which that period ends, that period shall end on the last Business Day in that
later month;

“Mortgages” means, pursuant to the Co-ordination Deeds, the two (2) first priority
statutory Bahamian ship mortgages and deeds of covenants collateral thereto one (1)
to be granted by each of the Owners over its Vessel in each case in favour of the
Agent as security pursuant hereto and to the Master Agreements such mortgages and
deeds of covenants to be in the forms and on the terms and conditions agreed
between the Lenders and the Borrower and as specified in paragraph 21.3 of Schedule
3;

“NCLC Fleet” means the vessels owned by the companies in the NCLC Group;

“NCLC Group” means the Borrower and its wholly owned Subsidiaries provided that for
the purposes of the definitions of “Cash Balance”, “Consolidated Debt Service”,
“Consolidated Interest Expense”, “Consolidated Net Income”, “Total Capitalisation”,
“Total Funded Debt” and “Total Net Funded Debt” in this Clause 1.1, Clause 10.2 and
Clause 10.3 “NCLC Group” means the Borrower, its Subsidiaries and any other entity
which is required to be consolidated in the Borrower’s accounts in accordance with
US GAAP;

“Norwegian Dawn” means Norwegian Dawn Limited of International House, Castle Hill,
Victoria Road, Douglas, Isle of Man IM2 4RB, British Isles;

“Norwegian Sun” means Norwegian Sun Limited a company organised and existing under
the laws of Bermuda with its registered office at Canon’s Court, 22 Victoria
Street, Hamilton HM 12, Bermuda;

“Obligors” means the Borrower, the Owners, the Shareholder, the Manager, any other
Credit Support Provider and any other party from time to time to any of the
Security Documents excluding the Agent and the Lenders;

10

 

“Outstanding Indebtedness” means all sums of any kind payable actually or
contingently to the Agent or the Lenders under or pursuant to this Agreement or any
other Transaction Document (whether by way of repayment of principal, payment of
interest or default interest, payment of any indemnity or counter indemnity,
reimbursement for fees, costs or expenses or otherwise howsoever) and any Master
Agreement Liabilities;

“Owners” means Norwegian Sun and Norwegian Dawn;

“Permitted Liens” means (i) any Encumbrance created by or pursuant to the Security
Documents (ii) liens on a Vessel up to an aggregate amount at any time not
exceeding fifteen million Dollars (USD15,000,000) for current crew’s wages and
salvage and liens incurred in the ordinary course of trading a Vessel (iii) any
deposits or pledges to secure the performance of bids, tenders, bonds or contracts
(iv) any other Encumbrance notified by any of the Obligors to the Agent prior to
the Signing Date (v) any Encumbrance in respect of existing Financial Indebtedness
of a person which becomes a Subsidiary of the Borrower or is merged with or into
the Borrower or any of its Subsidiaries (vi) liens on assets leased, acquired or
upgraded after the Signing Date or assets newly constructed or converted after the
Signing Date provided that (a) such liens secure Financial Indebtedness otherwise
permitted under this Agreement (b) such liens are incurred within one (1) year
following such lease, acquisition, upgrade, construction or conversion and (c) the
Financial Indebtedness secured by such liens does not exceed the cost of such
upgrade or the cost of such assets acquired or leased (vii) statutory and other
similar liens arising in the ordinary course of business unrelated to Financial
Indebtedness and securing obligations not yet delinquent or which are being
contested in good faith by appropriate proceedings and for which adequate reserves
have been established and (viii) liens arising out of the existence of judgments or
awards in respect of the Borrower 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 (vi) to (viii) above does not
exceed fifteen million Dollars (USD15,000,000);

“Possible Event of Default” means any event which, with the giving of notice,
passage of time or occurrence of any other event, would constitute an Event of
Default;

“Process Agent” means Clifford Chance Secretaries Limited whose registered office
is presently at 10 Upper Bank Street, London E14 5JJ or any other person in England
nominated by the Borrower or any other Obligor and approved by the Agent as agent
to accept service of legal proceedings on their behalf under any of the Security
Documents;

“Quotation Date” means, in relation to any Interest Period, the day on which
quotations would ordinarily be given in the interbank eurocurrency market for
Dollar deposits for delivery on the first day of that Interest Period PROVIDED THAT
if such quotation date is not a Business Day the quotation date shall be the
preceding Business Day;

“Reduction Dates” means, subject to the provisions of Clause 3, (i) the date
falling thirty six (36) months after the Signing Date and (ii) the last day of each
of the [**] [Confidential Treatment] consecutive periods of
[**] [Confidential Treatment] months the first of such periods

11

 

commencing on the date falling thirty six (36) months after the Signing Date and
the [**] [Confidential Treatment] such period terminating [**]
[Confidential Treatment] years thereafter;

“Reference Banks” means the principal London offices (if any) of the Mandated Lead
Arrangers;

“Renewal Date”, in relation to any Revolving Credit Facility Drawing, means a date
on which that Drawing is extended by any Renewal Notice for such Drawing;

“Renewal Notice” means a notice to be given by the Borrower to the Agent to extend
the period of a Term;

“Reuters BBA Page LIBOR 01” means the display currently designated as Reuters BBA
Page LIBOR 01, which includes London Interbank Offered Rates of four (4) major
banks, which are members of the International Swaps and Derivatives Association,
Inc., and the British Bankers’ Association overnight rate for Dollars, or such
other service as may be nominated by the British Bankers’ Association as the
information vendor for displaying the London Interbank Offered Rates of major banks
in the London Interbank Market;

“Revolving Credit Facility” means the revolving credit facility made available
under this Agreement as described in Clause 2 or (as the context may require) the
principal amount thereof for the time being advanced and outstanding under this
Agreement;

“Revolving Credit Facility Drawing” means any amount of the Revolving Credit
Facility advanced by the Lenders to the Borrower pursuant to Clause 2.3;

“Same Day Funds” means Dollar funds settled through the New York Clearing House
Interbank Payments System or such other funds for payment in Dollars as the Agent
shall specify by notice to the Borrower as being customary at the time for the
settlement of international transactions in New York of the type contemplated by
this Agreement;

“Security Documents” means this Agreement, the Charges, the Mortgages, the
Guarantees, the Earnings Assignments, the Insurance Assignments, the Management
Agreement Assignments, the Master Agreements, the Co-ordination Deeds and any other
Credit Support Documents, the fee letter referred to in Clause 14.2 and any other
fee letter in relation to the Facility and all such other documents as may be
executed at any time in favour of the Agent or any of the other Finance Parties 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;

“Security Period” means the period beginning on the first Advance Date and ending
on the date on which the amounts outstanding under this Agreement and under each of
the other Security Documents are finally and irrevocably repaid and/or cancelled in
full;

“Shareholder” means NCL International, Ltd. a company organised and existing under the laws of
Bermuda with its registered office at Milner House, 18 Parliament Street, Hamilton HM 12, Bermuda;

12

 

“Signing Date” means the date of this Agreement;

“Subsidiary” has the meaning defined in the United Kingdom Companies Act 1985, Section 736 as substituted by the United Kingdom Companies Act 1989, Section 144;

“Substitute Basis” means an alternative basis for maintaining a Drawing certified by the Agent pursuant to Clause 6.3.1;

“Suspension Notice” means a notice given by the Agent to the Borrower pursuant to Clause 6.1;

“Swingline Facility” means the swingline loan facility made available under this Agreement as described in Clause 2 or (as the context may require) the principal amount thereof for the time being advanced and outstanding under this Agreement which swingline loan facility is part of the Revolving Credit Facility;

“Swingline Facility Drawing” means any amount of the Swingline Facility advanced by the Swingline Lender to the Borrower pursuant to Clause 2.4;

“Swingline Lender” means:

	(i)	 	DnB NOR Bank ASA; or
	 
	(ii)	 	any other person that becomes a Swingline Lender after the Signing Date in accordance with Clause 18,

which in each case has not ceased to be a party to this Agreement in accordance with the terms of this Agreement;

“Taxes” means all present and future income and other taxes, levies, duties, imposts, charges, deductions, compulsory liens and withholdings whatsoever together with interest thereon and penalties with respect thereto, if any, and any payments made on or in respect thereof and “Taxation” shall be construed accordingly;

“Term” means, in relation to a Drawing, the last day of the Interest Period in respect of that Drawing as specified in the Drawdown Notice for such Drawing and, in the case of a Revolving Credit Facility Drawing, as extended by any Renewal Notice for such Revolving Credit Facility Drawing PROVIDED THAT no Event of Default or Possible Event of Default has occurred before the relevant Renewal Date and the renewal of such Revolving C
redit Facility Drawing would not constitute an Event of Default or a Possible Event of Default and, in the case of any Drawing, PROVIDED THAT the Term shall not extend beyond the Final Maturity Date;

“Third Party” means any person or group of persons acting in concert (as the expression “acting in concert” is defined in the City Code on Take-overs and Mergers) who or which is not a member of the Lim Family;

“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

13

 

unaudited and consolidated accounts of the NCLC Group delivered to the Agent
in the case of the first three (3) quarters of each financial year and the then
latest Accounts delivered to the Agent in the case of the final quarter of each
financial year;

“Total Funded Debt” means, as at any relevant date, Total Net Funded Debt excluding
Indebtedness for Borrowed Money related to vessels under construction for a member
of the NCLC Group;

“Total Loss” means any actual or constructive or arranged or agreed or compromised
total loss or Compulsory Acquisition of a Vessel;

“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;

“Tranche 1” means, of the Revolving Credit Facility, the relevant Maximum Tranche
Amount or (as the context may require) the principal amount thereof for the time
being advanced and outstanding under this Agreement;

“Tranche 2” means, of the Revolving Credit Facility, the relevant Maximum Tranche
Amount or (as the context may require) the principal amount thereof for the time
being advanced and outstanding under this Agreement;

“Transaction” means a transaction entered into between a Lender or its Affiliate
(as the case may be) and the Borrower governed by the relevant Master Agreement;

“Transaction Documents” means the Security Documents, the Drawdown Notices, the
Renewal Notices, the Management Agreements and any other material document now or
hereafter issued in connection with the documents or the transaction herein
referred to;

“Transfer Certificate” means the certificate attached hereto as Schedule 5;

“Transfer Date” means, in relation to any Transfer Certificate, the date specified
in such Transfer Certificate as the date for the making of the transfer or, where
such transfer is specified as being subject to the fulfilment of certain conditions,
the date on which the Agent receives a certificate from the Lender making the
transfer confirming that all such conditions have been fulfilled;

“Transferee” means any reputable bank acceptable to the Agent which becomes a party
to this Agreement as a Lender pursuant to Clause 18;

“US GAAP” means generally accepted accounting principles in the United States of
America consistently applied (or, if not consistently applied, accompanied by
details of the inconsistencies) including, without limitation, those set forth in
the opinion and pronouncements of the Accounting Principles Board of the American

14

 

Institute of Certified Public Accountants and statements and pronouncements of the
Financial Accounting Standards Board; and

“Vessels” means the following vessels, and everything now or in the future belonging
to them on board and ashore, currently registered under the respective flags set out
below in the ownership of the respective Owners set out below and “Vessel” means
either one of them:

	 	 	 	 	 	 	 	 	 
	Name	 	Flag	 	Berths	 	Owner
	“NORWEGIAN DAWN”

	 	Bahamas
	 	 	2,220	 	 	Norwegian Dawn Limited
	 
	 	 	 	 	 	 	 	 
	“NORWEGIAN SUN”

	 	Bahamas
	 	 	1,940	 	 	Norwegian Sun Limited

	 	1.2	 	Construction

In this Agreement unless the context otherwise requires:

	 	1.2.1	 	clause headings are inserted for convenience of reference only
and shall be ignored in the construction of this Agreement;
	 
	 	1.2.2	 	references to Clauses and to Schedules are to be construed as
references to clauses of and schedules to this Agreement unless otherwise
stated and references to this Agreement are to be construed as references to
this Agreement including its Schedules;
	 
	 	1.2.3	 	references to (or to any specified provision of) this
Agreement or any other document shall be construed as references to this
Agreement, that provision or that document as from time to time amended,
supplemented and/or novated;
	 
	 	1.2.4	 	references to any Act or any statutory instrument shall be
construed as references to that Act or that statutory instrument as from time
to time re-enacted, amended or supplemented;
	 
	 	1.2.5	 	references to any party to this Agreement or any other
document shall include reference to such party’s successors and permitted
assigns;
	 
	 	1.2.6	 	words importing the plural shall include the singular and vice
versa;
	 
	 	1.2.7	 	references to a person shall be construed as references to an
individual, firm, company, corporation, unincorporated body of persons or any
state or any agency thereof;
	 
	 	1.2.8	 	where any matter requires the approval or consent of the Agent
such approval or consent shall not be deemed to have been given unless given in
writing; where any matter is required to be acceptable to the Agent shall not
be deemed to have accepted such matter unless its acceptance is communicated in
writing; the Agent may give or withhold its consent, approval or acceptance at
its unfettered discretion; and

15

 

	 	1.2.9	 	a certificate by the Agent as to any amount due or calculation
made hereunder shall be conclusive except for manifest error.

	 	1.3	 	Agent

The Agent has been appointed by the Lenders as agent under Clause 20.3 and (unless
the context otherwise requires) references herein to the Agent shall be construed as
references to itself and the Lenders. The Borrower shall only communicate with the
Lenders under this Agreement and the other Security Documents through the Agent and
as hereinafter referred to.

	 	1.4	 	Third Party rights

A person who is not a party to this Agreement has no right under the Contracts
(Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of
this Agreement.

	 	2	 	The Facility

	 	2.1	 	Availability

	 	2.1.1	 	The Lenders grant to the Borrower the Facility which is of a
revolving nature. The Revolving Credit Facility and the Swingline Facility
shall be available to the Borrower during the Availability Period subject to
the provisions of Clause 2.2, Clause 2.3 and Clause 2.4. Each Drawing shall be
repaid on its Maturity Date. However, a Term of a Revolving Credit Facility
Drawing may be extended to the end of the succeeding Interest Period in respect
of that Drawing by the giving of a Renewal Notice by the Borrower to the Agent
not later than 9.00 a.m. London time four (4) Business Days prior to the
commencement of the relevant Interest Period.
	 
	 	2.1.2	 	Each Lender shall advance its Contribution to a Revolving
Credit Facility Drawing in the proportion which its Commitment for the time
being bears to the other Commitments of the Lenders to the Revolving Credit
Facility.
	 
	 	2.1.3	 	None of the Agent or any other Lender shall be liable for any
failure or delay on the part of any Lender in making any advance hereunder nor
shall the Agent have any obligation to seek to procure additional Lenders in
the event of such a failure PROVIDED THAT if any Lender should fail to advance
its Contribution to an advance hereunder, that Lender and the Agent will take
all reasonable steps to mitigate the effect of that failure. Notwithstanding
the aforesaid proviso, no Lender shall be obliged to increase its Contribution
hereunder in respect of the failure by any other Lender to fund any
Contribution.
	 
	 	2.1.4	 	The Swingline Lender shall advance its Contribution to a
Swingline Facility Drawing in the proportion which its Commitment for the time
being bears to the other Commitments of the Lenders to the Swingline Facility.
	 
	 	2.1.5	 	The Swingline Lender shall advance its Contribution to each
Swingline Facility Drawing through its Lending Branch in New York.

16

 

	 	2.2	 	Purpose and Application

	 	2.2.1	 	The Borrower shall apply or procure the application of the
Revolving Credit Facility in refinance of all existing indebtedness relating to
the Vessels and for general corporate purposes for the Borrower and its
Subsidiaries.
	 
	 	2.2.2	 	The Borrower shall apply or procure the application of the
Swingline Facility for general short term corporate purposes of the Borrower
PROVIDED THAT a Swingline Facility Drawing may not be applied in repayment or
prepayment of another Swingline Facility Drawing.

	 	2.3	 	Advance of a Revolving Credit Facility Drawing to the Borrower

The Borrower shall only draw down a Revolving Credit Facility Drawing if:

	 	2.3.1	 	the Agent receives notice of the Borrower’s request for the
Revolving Credit Facility Drawing by not later than 9.00 a.m. London time four
(4) Business Days prior to the Advance Date in the form of Schedule 2;
	 
	 	2.3.2	 	the Advance Date proposed is a Business Day within the
relevant Availability Period;
	 
	 	2.3.3	 	the Revolving Credit Facility Drawing is in a minimum amount
of ten million Dollars (USD10,000,000);
	 
	 	2.3.4	 	on any Advance Date not more than [**]
[Confidential Treatment] Revolving Credit
Facility Drawings will be outstanding;
	 
	 	2.3.5	 	the drawdown of the Revolving Credit Facility Drawing would
not result in the amount of the Facility exceeding the Maximum Facility Amount
on the Advance Date;
	 
	 	2.3.6	 	no Event of Default or Possible Event of Default has occurred
before the relevant Advance Date and such drawing would not constitute an Event
of Default or a Possible Event of Default;
	 
	 	2.3.7	 	the representations and warranties set out in Clause 9 and
each of the other Security Documents are correct on the relevant Advance Date;
	 
	 	2.3.8	 	no event or circumstance has occurred which the Majority
Lenders believe has had or reasonably believe will have a Material Adverse
Effect; and
	 
	 	2.3.9	 	it is then lawful for each of the Lenders to make available
its relevant Contribution to the Revolving Credit Facility Drawing.

	 	2.4	 	Advance of a Swingline Facility Drawing to the Borrower

The Borrower shall only draw down a Swingline Drawing if:

	 	2.4.1	 	the Swingline Lender receives notice of the Borrower’s request
for the Swingline Facility Drawing by 10.00 a.m. New York time on the Advance

17

 

	 	 	 	Date in the form of Schedule 2 (only one Swingline Facility Drawing may be
requested in each such notice);

	 	2.4.2	 	the Advance Date proposed is a Business Day within the
Availability Period;
	 
	 	2.4.3	 	the Swingline Facility Drawing is in a minimum amount of two
million Dollars (USD2,000,000);
	 
	 	2.4.4	 	on any Advance Date not more than [**]
[Confidential Treatment] Swingline Facility
Drawings will be outstanding;
	 
	 	2.4.5	 	the drawdown of the Swingline Facility Drawing would not
result in the amount of the Swingline Facility exceeding the Maximum Swingline
Facility Amount on the Advance Date;
	 
	 	2.4.6	 	the drawdown of the Swingline Facility Drawing would not
result in the amount of the Facility exceeding the Maximum Facility Amount on
the Advance Date;
	 
	 	2.4.7	 	no Event of Default or Possible Event of Default has occurred
before the relevant Advance Date and such drawing would not constitute an Event
of Default or a Possible Event of Default;
	 
	 	2.4.8	 	the representations and warranties set out in Clause 9 and
each of the other Security Documents are correct on the relevant Advance Date;
	 
	 	2.4.9	 	no event or circumstance has occurred which the Majority
Lenders believe has had or reasonably believe will have a Material Adverse
Effect; and
	 
	 	2.4.10	 	it is then lawful for the Swingline Lender to make available its relevant
Contribution to the Swingline Facility Drawing.

	 	2.5	 	Break costs

If for any reason a Drawing is not advanced to the Borrower hereunder after the
relevant Drawdown Notice has been given to the Agent pursuant to Clause 2.3 or
Clause 2.4, the Borrower will pay to the Agent for the account of the relevant
Lenders such amount as the Agent may certify as necessary to compensate the relevant
Lenders (other than any Lender whose default has caused the Drawing not to be drawn
down) for any loss (including any losses under any Master Agreements) or expense on
account of funds borrowed, contracted for or utilised in order to fund their
Contributions to the Drawing. Each Lender shall supply to the Agent a certificate
of break costs which in the absence of manifest error shall be conclusive as to the
amounts due.

	 	2.6	 	Conditions of drawdown

The Agent shall not be under any obligation to advance a Drawing hereunder until all
the documents and evidence referred to in the relevant part of Schedule 3 are in the
possession of the Agent in form and substance satisfactory to the Agent.

18

 

	 	2.7	 	Several obligations of the Lenders

The obligations and rights of each Lender hereunder are several and if for any
reason the Borrower receives an amount greater than the aggregate of the
Contributions to the Drawing, the Borrower forthwith upon the demand of the Agent
shall pay to the Agent (for the account of those Lenders whose Contributions were
exceeded) the amount certified by the Agent as representing the excess of the amount
paid to the Borrower over the due and proper amount of the Contributions of the
Lenders actually received by the Agent.

	 	2.8	 	Lender’s failure to perform

Subject to Clause 2.1.3, the failure by a Lender to perform its obligations
hereunder shall not affect the obligations of the Borrower towards any other party
hereto nor shall any such other party be liable for the failure by such Lender to
perform its obligations hereunder.

	 	2.9	 	Fulfilment of conditions after drawdown

If the Lenders, acting unanimously, decide (or the Agent in accordance with Clause
20 decides) to permit the advance of a Drawing to the Borrower hereunder without the
Agent having received all of the documents or evidence referred to in the relevant
part or parts of Schedule 3, the Borrower will nevertheless deliver the remaining
documents or evidence to the Agent within such period as the Agent may stipulate and
the advance of the Drawing shall not be construed as a waiver of the Agent’s right
to receive the documents or evidence as aforesaid nor shall this provision impose on
the Agent or the Lenders any obligation to permit the advance of the Drawing in the
absence of any of such documents or evidence.

	 	3	 	Repayment, Reduction, Cancellation and Prepayment of the Facility

	 	3.1	 	Repayment

The Borrower shall repay each Drawing on its Maturity Date. If a Drawing (the “new
Drawing”) is to be made on a day on which another Drawing (the “maturing Drawing”)
is due to be repaid then, subject to the terms of this Agreement:

	 	3.1.1	 	the maturing Drawing shall be deemed to have been repaid on
its Maturity Date either in whole (if the new Drawing is equal to or greater
than the maturing Drawing) or in part (if the new Drawing is less than the
maturing Drawing); and
	 
	 	3.1.2	 	to the extent that the maturing Drawing is so deemed to have
been repaid, the principal amount of the new Drawing to be made on such date
shall be deemed to have been credited to the account of the Borrower by the
Agent on behalf of the Lenders in accordance with the terms of this Agreement
and the Lenders shall only be obliged to make available to the Borrower
pursuant to Clause 2.3 or Clause 2.4 a principal amount equal to the amount by
which the new Drawing exceeds the maturing Drawing.

On the Final Maturity Date, all outstanding Drawings and other sums (if any) then
owing under this Agreement shall in any event be repaid or paid in full.

19

 

	 	3.2	 	Scheduled reductions of Commitments to the Facility

	 	3.2.1	 	Subject to the second paragraph of this Clause 3.2.1, on each
of the Reduction Dates the Maximum Facility Amount as at the Signing Date shall
be reduced by [**] [Confidential Treatment] Dollars [**] [Confidential Treatment].
	 
	 	 	 	The Borrower shall pay to the Agent all accrued interest on the reduction
amount to that Reduction Date. Amounts repaid by the Borrower pursuant to
this Clause 3.2.1 shall not be available for reborrowing.

	 	3.2.2	 	Without prejudice to any other provision of this Agreement,
the Commitments to the Facility shall be reduced to zero on the Final Maturity
Date.
	 
	 	3.2.3	 	The Maximum Swingline Facility Amount shall not be reduced
prior to the Final Maturity Date save to the extent that the aggregate of the
Available Commitments does not exceed the Maximum Swingline Facility Amount.

	 	3.3	 	Sale or Total Loss of a Vessel: mandatory cancellation

If at any time during the Security Period a Vessel is sold or is or becomes a Total
Loss, the Commitments to the Facility shall be reduced by an amount equal to (x) the
sum of (i) the then aggregate amount of the Drawings plus (ii) the aggregate of the
Available Commitments multiplied by (y) a fraction, the numerator of which is the
market value of that Vessel as assessed in accordance with the provisions of Clause
10.17 and the denominator of which is the aggregate of the market value of the
Vessels as assessed in accordance with the provisions of Clause 10.17 on the date on
which the proceeds of such sale or Total Loss are made available.

	 	3.4	 	Amounts payable on prepayment

Any prepayment of a Drawing or the Facility under this Clause 3 shall be made
together with:

	 	3.4.1	 	accrued interest on the amount to be prepaid to the date of
such prepayment (calculated in respect of any period during which a Substitute
Basis has applied by virtue of Clause 6.3, at the rate per annum more
particularly described in Clause 6.2);
	 
	 	3.4.2	 	any additional amounts payable under Clause 7.2 and Clause
8.1;
	 
	 	3.4.3	 	costs certified by the Agent as necessary to compensate the
Lenders for the cost of repaying fixed deposits borrowed to fund any part of
any Drawing or the Facility which is prepaid before the relevant Maturity Date
or the fixed term by reference to which the relevant Interest Rate has been
ascertained; and
	 
	 	3.4.4	 	all other sums payable by the Borrower to the relevant Lender
under this Agreement including, without limitation, any accrued commitment fee
payable under Clause 14.1.

20

 

	 	3.5	 	Notice of prepayment

No voluntary prepayment of a Drawing may be effected under this Clause 3 unless the
Borrower shall have given the Agent at least four (4) Business Days’ notice (such
notice to be received not later than 9.00 a.m. London time on that day), in the case
of a Revolving Credit Facility Drawing, and at least one (1) Business Days’ notice
(such notice to be received not later than 9.00 a.m. New York time on that day), in
the case of a Swingline Facility Drawing, of its intention to make such prepayment.
Every notice of prepayment shall be effective only on actual receipt by the Agent,
shall be irrevocable, shall specify the amount to be prepaid and shall oblige the
Borrower to make such prepayment on the date specified. Unless and to the extent
that the Commitments to the Facility are cancelled or reduced on or with effect from
the date of any such prepayment, amounts prepaid may be re-drawn under this
Agreement. The Borrower may not prepay any Drawing or any part thereof save as
expressly provided in this Agreement.

The Drawing(s) to be wholly or partially prepaid pursuant to Clause 3.2.1 and Clause
3.8 shall be selected by the Borrower by not fewer than four (4) Business Days’
notice (such notice to be received not later than 9.00 a.m. London time on that
day), in the case of a Revolving Credit Facility Drawing, and at least one (1)
Business Days’ notice (such notice to be received not later than 9.00 a.m. New York
time on that day), in the case of a Swingline Facility Drawing, to the Agent, which
shall be irrevocable. The Borrower shall not be permitted to make any selection
pursuant to this Clause which would result in partial prepayment of more than one
(1) Drawing. If the Borrower fails to give notice to the Agent selecting the
Drawing(s) to be prepaid, the Borrower shall be deemed to have selected to prepay
first any Drawings having an Interest Period ending on the Reduction Date in
question or the Final Maturity Date. If there are no such Drawings or the aggregate
amount of the Drawing(s) having an Interest Period ending on the Reduction Date in
question or the Final Maturity Date either exceeds or falls short of the amount
required to be prepaid, the Borrower shall prepay, in full or in part, the
Drawing(s) selected by the Agent.

	 	3.6	 	Voluntary cancellation of Commitments

The
Borrower may at any time during the Availability Period by notice to the Agent
(effective only on actual receipt) cancel with effect from a date not less than four
(4) Business Days (such notice to be received not later than 9.00 a.m. London time
on that day) after the receipt by the Agent of such notice the whole or any part
(being a minimum amount of [**] [Confidential Treatment] Dollars [**] [Confidential Treatment] but not more than the
Available Commitments of all of the Lenders to the Facility as at such date) of the
total of the Available Commitments to the Facility as at such date of all the
Lenders. Any such notice of cancellation, once given, shall be irrevocable and upon
such cancellation taking effect the Commitment of each of the Lenders to the
Facility shall be permanently reduced proportionately and the Borrower shall on the
date designated in its notice prepay such amount of the outstanding Drawings as will
ensure that immediately thereafter the aggregate amount of the Drawings will not
exceed the Commitments to the Facility as so reduced by virtue of the Borrower’s
cancellation.

21

 

	 	3.7	 	Additional partial cancellation

The Borrower may also at any time during the Availability Period by notice to the
Agent (effective only on actual receipt) cancel with effect from a date not less
than four (4) Business Days (such notice to be received not later than 9.00 a.m.
London time on that day) after receipt by the Agent of such notice the whole but not
part only, but without prejudice to its obligations under Clause 7.2 and Clause 8.1,
of the Commitment to the Facility of any Lender to which the Borrower shall have
become obliged to pay additional amounts under Clause 7.2 or Clause 8.1. Upon any
notice of such prepayment being given, the Commitment of the relevant Lender to the
Facility shall be reduced to zero and the Borrower shall be obliged to prepay the
Contribution of such Lender to the Facility on such date.

	 	3.8	 	Prepayment during Term

The
Borrower may at any time by notice to the Agent (effective only on actual
receipt) prepay the whole or, in the case of a Revolving Credit Facility Drawing,
any part (being a minimum amount of [**] [Confidential Treatment] Dollars [**] [Confidential Treatment] or such
lesser amount as is acceptable to the Agent) of any Drawing prior to its Maturity
Date on not less than four (4) Business Days’ notice (such notice to be received not
later than 9.00 a.m. London time on that day), in the case of a Revolving Credit
Facility Drawing, and on not less than one (1) Business Days’ notice (such notice to
be received not later than 9.00 a.m. New York time on that day), in the case of a
Swingline Facility Drawing (whether or not any part of the Commitment to the
Facility is also being cancelled on such date pursuant to any provision of this
Agreement) and the Borrower shall when making such prepayment, make such prepayment
together with any amounts as referred to in Clause 3.4.

	 	3.9	 	Mandatory cancellation in case of illegality

If any change in, or in the interpretation or application of, any law, regulation or
treaty shall make it unlawful in any jurisdiction applicable to any of the Lenders
for that Lender to make available or maintain its Contribution to the Facility or to
give effect to its obligations as contemplated hereby, the Agent may, by notice
thereof to the Borrower, declare that the relevant Lender’s obligations shall be
terminated forthwith whereupon (if any of the Facility has then been advanced) the
Borrower shall prepay forthwith to the relevant Lender its Contribution to the
Facility together with interest thereon to the date of such prepayment and all other
amounts due to such Lender under Clause 3.4 and under the Security Documents (or, if
permitted by the relevant law, regulation or treaty, at the end of the then current
Interest Period).

A Lender affected by any provision of this Clause 3.9 shall promptly inform the
Agent after becoming aware of the relevant change and the Agent shall, as soon as
reasonably practicable thereafter, notify the Borrower of the change and its
possible results. Without affecting the Borrower’s obligations under this Clause
3.9 and in consultation with the Agent, the affected Lender will then take all such
reasonable steps as may be open to it to mitigate the effect of the change (for
example (and if then possible) by changing its Lending Branch or transferring some
or all of its rights and obligations under this Agreement to another financial
institution reasonably acceptable to the Borrower and the Agent). The reasonable

22

 

costs of mitigating the effect of any such change shall be borne by the Borrower
save where such costs are of an internal administrative nature and are not incurred
in dealings by any Lender with third parties.

	 	3.10	 	Voluntary cancellation following imposition of Substitute Basis

The Borrower may notify the Agent within ten (10) Business Days of the receipt of a
certificate from the Agent of a Substitute Basis under Clause 6.3 whether or not it
wishes to cancel the Facility or the relevant part thereof, in which event the
Borrower shall forthwith cancel the Facility or such relevant part thereof and
prepay such amount of the outstanding Drawings as will ensure that immediately
thereafter the aggregate of the amount of the Drawings will not exceed the
Commitments to the Facility or relevant part thereof as so reduced by virtue of the
Borrower’s cancellation.

	 	3.11	 	Cancellation in case of Total Loss of a Vessel

If a Vessel is or becomes a Total Loss, then the Borrower will, within thirty (30)
days thereof or, if the Agent is satisfied in its sole discretion acting reasonably
that the Total Loss is adequately covered by the Insurances and that the relevant
insurance proceeds will be payable to the Agent on behalf of the Lenders within one
hundred and fifty (150) days thereof, by no later than the date which is one hundred
and fifty (150) days after the date of the event giving rise to such Total Loss
cancel and prepay the Facility in accordance with Clause 3.3 and Clause 13.1.

For the purposes of this Clause 3.11, a Total Loss shall be deemed to have occurred:

	 	3.11.1	 	if it consists of an actual loss, at noon Greenwich Mean Time on the actual
date of loss or, if that is not known, on the date on which the Vessel was last
heard of;
	 
	 	3.11.2	 	if it consists of a Compulsory Acquisition, at noon Greenwich Mean Time on
the date on which the requisition is expressed to take effect by the person
requisitioning the Vessel; or
	 
	 	3.11.3	 	if it consists of a constructive or compromised or arranged or agreed total
loss or damage to the Vessel rendering repair impracticable or uneconomical or
rendering the Vessel permanently unfit for normal use, at noon Greenwich Mean
Time on the date on which notice claiming the loss of the Vessel is given to
its insurers.

	 	3.12	 	Cancellation in case of sale of a Vessel

If a Vessel is sold by the relevant Owner with the prior consent of the Majority
Lenders (which consent is not to be unreasonably withheld or delayed), then the
Borrower will concurrent with completion of the sale cancel and prepay the relevant
amount in accordance with Clause 3.3 and Clause 13.1. Subject to Clause 3.4,
prepayment of the relevant amount consequent upon the permitted sale of the relevant
Vessel shall absolve the Borrower from any liability to pay prepayment fees or costs
other than legal, registration or other costs incurred in relation to the release
and discharge of the Security Documents.

23

 

	 	4	 	Interest

	 	4.1	 	Payment of interest

The Borrower shall pay interest on each Drawing at the Interest Rate applicable for
each Interest Period in respect thereof which interest shall be payable in arrears
on each Interest Payment Date.

	 	4.2	 	Selection and duration of Interest Periods

	 	4.2.1	 	The Borrower may give notice to the Agent to be received by
the Agent not later than 9.00 a.m. London time four (4) Business Days prior to
the commencement of each Interest Period in respect of a Revolving Credit
Facility Drawing, specifying whether that Interest Period is to be of one (1)
month’s or three (3) or six (6) months’ duration or of such other period as the
Borrower and all the Lenders may agree PROVIDED THAT no more than three (3)
Interest Periods of one (1) month’s duration may be requested in any one (1)
calendar year in respect of the Revolving Credit Facility. Interest Periods
shall commence, in the case of the first in respect of a Revolving Credit
Facility Drawing, on the relevant Advance Date and, in the case of Interest
Periods other than the first, on the expiry of the preceding Interest Period.
Each Interest Period shall, subject to the following provisions of this Clause
4, be of a duration selected by the Borrower as above PROVIDED THAT the final
Interest Period in respect of a Revolving Credit Facility Drawing shall end on
the Maturity Date of that Revolving Credit Facility Drawing.
	 
	 	4.2.2	 	The Borrower may give notice to the Swingline Lender with a
copy to the Agent, to be received by the Swingline Lender and the Agent not
later than 10.00 a.m. New York time on the Advance Date in respect of a
Swingline Facility Drawing, specifying whether that Interest Period is to be of
one (1), two (2), three (3), four (4) or five (5) Business Days’ duration.
Interest Periods shall commence on the relevant Advance Date. Each Interest
Period shall, subject to the following provisions of this Clause 4, be of a
duration selected by the Borrower as above PROVIDED THAT no Interest Period in
respect of a Swingline Facility Drawing shall end after the Final Maturity
Date.

	 	4.3	 	No notice and unavailability

If the Borrower fails to select an Interest Period in accordance with Clause 4.2 or
the Agent certifies that deposits for the period selected by the Borrower are not
available to each of the Lenders in the ordinary course of business in the relevant
interbank eurocurrency market to fund the Drawing, the Borrower shall be deemed to
have selected an Interest Period of three (3) months (or such other period as the
Agent may in its sole discretion decide).

	 	4.4	 	Extension and shortening of Interest Periods

	 	4.4.1	 	If an Interest Period would otherwise end on a day which is
not a Business Day, the Interest Period shall be extended until the next
following Business Day unless the next following Business Day falls in the next

24

 

calendar month in which case the Interest Period will be shortened to expire
on the preceding Business Day.

	 	4.4.2	 	If an Interest Period commences on the last Business Day in a
month and if there is no day in the month in which the Interest Period will end
which corresponds numerically to the day on which it begins, the Interest
Period shall end on the last Business Day in that month.

	 	4.5	 	Interest Rate

	 	4.5.1	 	Subject to Clause 4.7, Clause 5.3 and Clause 6, the rate of
interest applicable to a Revolving Credit Facility Drawing during an Interest
Period shall be the rate per annum which is the sum of LIBOR, the Applicable
Margin and Mandatory Costs.
	 
	 	4.5.2	 	Subject to Clause 4.7 and Clause 6, the rate of interest
applicable to a Swingline Facility Drawing during an Interest Period shall be
the rate per annum which is the sum of the British Bankers’ Association
overnight rate for Dollars which appears on the Reuters BBA Page LIBOR 01 at or
about 11.00 a.m. London time on the Advance Date, the aggregate of the
Applicable Margin and [**] [Confidential Treatment] per cent [**] [Confidential Treatment] and Mandatory
Costs.

	 	4.6	 	Bank basis

Interest, commitment fee and any other payments hereunder or under the fee letter
referred to in Clause 14.2 or any other fee letter of an annual nature shall accrue
from day to day and be computed on the basis of a year of three hundred and sixty
(360) days and for the actual number of days elapsed.

	 	4.7	 	Default interest

If the Borrower fails to pay on the due date any sum due under this Agreement or any
of the other Security Documents to which it may at any time be a party, the Borrower
shall, without affecting any other remedy of the Agent or the Lenders, on demand pay
interest on such sum from the due date to the actual date of payment (as well after
as before judgment). Such interest shall accrue on a daily basis at the higher of
the Interest Rate fixed for the latest Interest Period and the rate computed by the
Agent and certified by the Agent to the Borrower as being the aggregate of (a) the
Applicable Margin (plus [**] [Confidential Treatment] if the relevant
Interest Period is in respect of a Swingline Facility Drawing or an Unpaid Amount
(as defined in Clause 5.3.2)), Mandatory Costs and [**] [Confidential Treatment] and (b) the
greater of (i) in the case of the Lenders, the average (rounded upwards if necessary
to the next integral multiple of [**] [Confidential Treatment]) of the
respective rates per annum at which each of the Lenders is able to acquire in
accordance with its normal practice deposits in Dollars in successive periods of one
(1) month (or for such shorter period as the Agent may in its sole discretion
select) in the relevant interbank eurocurrency market in an amount equivalent to or
comparable with its relevant Contribution to such sum, and, in the case of the
Agent, the rate per annum at which it is able to acquire in accordance with its
normal practice deposits in Dollars in successive periods of one (1) month (or for
such shorter period as the Agent may in its sole discretion select) in the relevant
interbank eurocurrency market in an amount

25

 

equivalent to such sum, as at approximately 11.00 a.m. London time on any relevant
day and (ii) in the case of the Lenders, the average (rounded upwards if necessary
to the next integral multiple of [**] [Confidential Treatment] of the cost
to each of the Lenders of funding its relevant Contribution to such sum, and, in the
case of the Agent, the cost of funding such sum, such interest to be compounded at
the end of the period selected by the Agent and to be payable on demand. In the
event of LIBOR not being available then the Agent shall in its discretion use the
Substitute Basis for its calculation as set out in Clause 6.3.

	5	 	Swingline Facility

	 	5.1	 	Swingline Lender’s participation

The Swingline Lender shall notify the Agent by 9.00 a.m. Oslo time on the Business
Day after it receives a notice from the Borrower pursuant to Clause 2.4.1 of the
amount of the Swingline Facility Drawing.

	 	5.2	 	Relationship with the Revolving Credit Facility

	 	5.2.1	 	The Revolving Credit Facility may be used by way of the
Swingline Facility. The Swingline Facility is not independent of the Revolving
Credit Facility.
	 
	 	5.2.2	 	Notwithstanding any other term of this Agreement the Swingline
Lender is only obliged to advance a Swingline Facility Drawing to the extent
that it would not result in its Commitment in the Facility exceeding its
Available Commitment after the earlier of the relevant Due Date and the
relevant Reallocation Date.

	 	5.3	 	Reallocation

	 	5.3.1	 	If a Swingline Facility Drawing is not repaid in full on its
due date (the “Due Date”), the Agent shall (on being requested to do so in
writing by the Swingline Lender) set the date (the “Reallocation Date”) on
which payments shall be made between the Lenders to re-distribute the unpaid
amount between them. The Reallocation Date shall be the third (3rd)
Business Day after the Due Date. The Agent shall give notice to each affected
Lender of the Reallocation Date not later than 10.00 a.m. London time two (2)
Business Days prior to the Reallocation Date and notify it of the amounts to be
paid or received by it. Interest shall be payable on the Swingline Facility
Drawing between the Due Date and the Reallocation Date in accordance with
Clause 5.3.2. The Interest Period shall commence on the Due Date and expire on
the Reallocation Date.
	 
	 	5.3.2	 	On the Reallocation Date each Lender shall pay to the Agent
its proportion of the Unpaid Amount less its Unpaid Swingline Participation (if
any). If this produces a negative figure for a Lender no amount need be paid
by that Lender. Any such payment made shall be deemed to be a Contribution of
that Lender to a Revolving Credit Facility Drawing. The Interest Rate
applicable to the Unpaid Amount shall be the rate per annum which is the sum of
LIBOR, the aggregate of the Applicable Margin and [**] [Confidential Treatment] and Mandatory Costs. The Interest Period shall be of one (1)
month’s duration. The provisions of

26

 

	 	 	 	Clause 2.3 shall not apply to the deemed Revolving Credit Facility Drawing.

The “proportion” of a Lender means the proportion
borne by:

	 	(a)	 	its Commitment (or, if its Commitment is then
zero, its Commitment immediately prior to its reduction to zero) minus
its Contribution to the Facility (but ignoring its Contribution to the
unpaid Swingline Facility Drawing): to
	 
	 	(b)	 	the aggregate of the Available Commitments (or,
if the Commitments are then zero, the Commitments immediately prior to
their reduction to zero) minus any outstanding Revolving Credit
Facility Drawings (but ignoring the unpaid Swingline Facility Drawing).

The “Unpaid Amount” means, in relation to a Swingline Facility Drawing, any
principal not repaid and/or any interest accrued but unpaid on that
Swingline Facility Drawing calculated from the Advance Date to the
Reallocation Date.

The “Unpaid Swingline Participation” of a Lender means that part of the
Unpaid Amount (if any) owed to that Lender (before any redistribution under
this Clause 5.3).

	 	5.3.3	 	Out of the funds received by the Agent pursuant to Clause
5.3.2 the Agent shall pay to the Swingline Lender an amount equal to the
Shortfall (if any) of the Swingline Lender where:

The “Shortfall” of the Swingline Lender is an amount equal to its Unpaid
Swingline Participation minus its proportion of the Unpaid Amount.

	 	5.3.4	 	(a) On a payment under this Clause 5.3, the paying Lender will
be subrogated to the rights of the Swingline Lender.
	 
	 	(b)	 	If and to the extent a paying Lender is not
able to rely on its rights under Clause 5.3.4(a), the Borrower shall be
liable to the paying Lender for a debt equal to the amount the paying
Lender has paid under this Clause 5.3.
	 
	 	(c)	 	Any payment under this Clause 5.3 does not
reduce the obligations in aggregate of any Obligor.

	6	 	Substitute Basis of Funding

	 	6.1	 	Market disturbance

Notwithstanding anything to the contrary in this Agreement, if prior to the
commencement of any Interest Period the Agent shall determine in good faith (which
determination shall be conclusive and binding on the parties hereto) that:

	 	6.1.1	 	by reason of circumstances affecting the relevant interbank
eurocurrency market adequate and fair means do not exist for ascertaining the
Interest Rate during such Interest Period pursuant to Clause 4 or Clause 5; or

27

 

	 	6.1.2	 	deposits in Dollars of equal duration to such Interest Period
will not be available to any of the Lenders in the relevant interbank
eurocurrency market in sufficient amounts in the ordinary course of business to
fund its relevant Contribution during such Interest Period; or
	 
	 	6.1.3	 	by reason of any material change in applicable law or
regulation or of any change in national or international financial or economic
conditions any of the Lenders is unable to fund or to continue to fund its
relevant Contribution during such Interest Period by deposits obtained in the
relevant interbank eurocurrency market,

then the Agent shall promptly give a notice (being a Suspension Notice), containing
full particulars thereof in reasonable detail to the Borrower.

	 	6.2	 	Suspension of drawdown

If a Suspension Notice is given by the Agent before the advance of a Drawing in
accordance with Clause 2 then the Agent shall not be obliged to advance any Drawing
until notice to the contrary is given by the Agent. During the period of thirty
(30) days from the giving of such Suspension Notice, the Agent and any Lender
affected by the relevant market disturbance shall consult in good faith with the
Borrower with a view to agreeing to an alternative basis for advancing of the
Facility or any relevant part thereof. If such alternative basis is agreed between
the Borrower, the Agent and the relevant Lender or Lenders, it shall apply in
accordance with its terms.

	 	6.3	 	Certificates of Substitute Basis

	 	6.3.1	 	If a Drawing has been advanced before a Suspension Notice is
given, the Lender or Lenders affected by the relevant market disturbance shall
within thirty (30) days following the date of the Suspension Notice, certify
(through the Agent) in good faith to the Borrower an alternative basis (being
the Substitute Basis) for maintaining its relevant Contribution affected by the
relevant market disturbance. Such Substitute Basis may be retroactive to the
beginning of the then current Interest Period in respect of the Drawing and may
include an alternative method of fixing the Interest Rate (which shall reflect
the cost to the relevant Lender or Lenders of funding its relevant Contribution
from other sources plus the Applicable Margin) or alternative Interest Periods
for the relevant Drawing, provided always that so far as practicable any such
Substitute Basis shall be computed in a manner and for periods as similar as
possible to those provided in Clause 4.
	 
	 	6.3.2	 	Each Substitute Basis so certified shall be binding upon the
Borrower, the Agent and the Lenders and shall be treated as part of this
Agreement.

	 	6.4	 	Review

So long as any Substitute Basis is in force, the Agent, in consultation with the
Borrower and the Lenders, shall from time to time, but not less often than monthly,
review whether or not the circumstances referred to in Clause 6.1 still prevail with
a view to returning to the normal provisions of this Agreement.

28

 

	7	 	Payments

	 	7.1	 	Place for payment

Subject to Clause 13.3, all payments by the Borrower under this Agreement or any of
the other Security Documents to which it may at any time be a party shall be made to
the Agent in Same Day Funds to Bank of New York, New York, for the account of DnB
NOR Bank ASA, Oslo account no [**] [Confidential Treatment] by 10.00 a.m. New York time, or such other
account or bank as the Agent may from time to time designate.

	 	7.2	 	Deductions and grossing-up

	 	7.2.1	 	Each payment to be made by the Borrower to the Agent or the
Lenders hereunder or under the fee letter referred to in Clause 14.2 or any
other fee letter shall be made free and clear of and without deduction for or
on account of Taxes unless the Borrower is required by law to make such a
payment subject to the deduction or withholding of Taxes, in which case the sum
payable by the Borrower in respect of which such deduction or withholding is
required to be made shall be increased to the extent necessary to ensure that,
after the making of such deduction or withholding, the Agent or the Lenders
receives and retains (free from any liability in respect of any such deduction
or withholding) a net sum equal to the sum which it would have received and so
retained had no such deduction or withholding been made or required to be made.
	 
	 	7.2.2	 	Without prejudice to the provisions of Clause 7.2.1, if any
Lender or the Agent on its behalf or the Agent is required to make any payment
on account of tax (not being a tax imposed on the net income of its Lending
Branch by the jurisdiction in which it is incorporated or in which its Lending
Branch is located or any other tax existing and applicable on the Signing Date
under the laws of any jurisdiction) or otherwise on or in relation to any sum
received or receivable hereunder by such Lender or the Agent on its behalf or
the Agent (including, without limitation, any sum received or receivable under
this Clause 7) or any liability in respect of any such payment is asserted,
imposed, levied or assessed against such Lender or the Agent on its behalf or
the Agent, the Borrower shall, upon demand of the Agent, indemnify such Lender
or the Agent on its behalf or the Agent against such payment or liability,
together with any interest, penalties and expenses payable or incurred in
connection therewith other than interest penalties and expenses that are
otherwise imposed or asserted on account of the bad faith or wilful neglect of
such Lender or the Agent on its behalf or the Agent. If any Lender or the
Agent proposes to make a claim under the provisions of this Clause 7.2.2 it
shall certify to the Borrower in reasonable detail within thirty (30) days (or
such longer period as any Lender or the Agent may reasonably require) after
becoming aware of the event by reason of which it is entitled to make its claim
or claims the basis of its claim or claims, such certificate to be conclusive,
save for manifest error.

29

 

	 	7.3	 	Production of receipts for Taxes

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

If an additional payment is made under Clause 7.2.2 and any Lender or the Agent on
its behalf or the Agent determines that it has received or been granted a credit
against or relief of or calculated with reference to the deduction or withholding
giving rise to such additional payment, such Lender or the Agent on its behalf or
the Agent shall, to the extent that it can do so without prejudice to the retention
of the amount of such credit, relief, remission or repayment, pay to the Borrower
such amount as such Lender or the Agent on its behalf or the Agent shall in its
opinion have concluded to be attributable to the relevant deduction or withholding.
Any such payment shall be conclusive evidence of the amount due to the Borrower
hereunder and shall be accepted by the Borrower in full and final settlement of its
rights of reimbursement hereunder in respect of such deduction or withholding.
Nothing herein contained shall interfere with the right of any Lender and the Agent
to arrange their respective tax affairs in whatever manner they think fit.

	 	7.4	 	Currency of account

Unless the Agent agrees or requires otherwise in accordance with the terms of this
Agreement:

	 	7.4.1	 	a repayment or payment of all or part of the Facility, the
Revolving Credit Facility, the Swingline Facility or any sum due and payable
but unpaid by any Obligor (other than the Manager) under the Security Documents
shall be made in the currency in which the Facility, the Revolving Credit
Facility, the Swingline Facility or such unpaid sum is denominated on its due
date;
	 
	 	7.4.2	 	each payment of interest shall be made in the currency in
which the sum in respect of which the interest is payable was denominated when
that interest accrued; and
	 
	 	7.4.3	 	each payment in respect of costs, expenses or Taxes shall be
made in the currency in which the costs, expenses or Taxes are incurred

	 	7.5	 	Money of account

If any sum due from the Borrower under this Agreement or any other Security Document
to which it may at any time be a party, or any order or judgment given or made in
relation thereto, has to be converted from the currency (the “first currency”) in
which the same is payable under such Security Document, order or judgment into
another currency (the “second currency”) for the purpose of:

30

 

	 	7.5.1	 	making or filing a claim or proof against the Borrower;
	 
	 	7.5.2	 	obtaining an order or judgment in any court or other tribunal; or
	 
	 	7.5.3	 	enforcing any order or judgment given or made in relation thereto;

the Borrower shall indemnify and hold harmless the Finance Parties from and against
any damages or losses suffered as a result of any discrepancy between (a) the rate
of exchange used to convert the sum in question from the first currency into the
second currency and (b) the rate or rates of exchange at which each Lender or the
Agent may in the ordinary course of business purchase the first currency with the
second currency upon receipt of a sum paid to it in satisfaction, in whole or in
part, of any such order, judgment, claim or proof. The above indemnity shall
constitute an obligation of the Borrower separate and independent from its other
obligations and shall apply irrespective of any indulgence granted by the Finance
Parties or any of them.

	 	7.6	 	Accounts

The Agent shall maintain in accordance with its usual practice accounts evidencing
the amounts from time to time lent by and owing to each of the Lenders hereunder or
under any of the other Security Documents. In any legal action or proceeding
arising out of or in connection with this Agreement or any other Security Documents,
the entries made in the accounts so maintained shall be prima facie evidence, save
in the case of manifest error, of the existence and amounts of the obligations of
the Borrower recorded therein.

	 	7.7	 	Earnings

Provided no Event of Default or Possible Event of Default has occurred (following
which the Agent shall (inter alia) be entitled to request the Owners to give notice
pursuant to clause 4 of the Earnings Assignments and apply the Earnings in
accordance with Clause 13.2) the Earnings shall throughout the Security Period be at
the free disposal of the Owners.

	 	7.8	 	Continuing security

The security created by this Agreement and each of the other Security Documents
shall be held by the Agent and/or the Lenders as a continuing security for the
repayment of the Outstanding Indebtedness and the security so created shall not be
satisfied by any intermediate payment or satisfaction of any part of the amount
hereby or thereby secured or by any amendment of this Agreement or any of the other
Security Documents. Such security shall be in addition to and shall not in any way
be prejudiced or affected by any collateral or other security now or hereafter held
by the Agent or the Lenders or any of them for all or any part of the amount hereby
or thereby secured or any other right or remedy of the Agent or the Lenders or any
of them under this Agreement or any of the other Security Documents, by operation of
law or otherwise howsoever arising. All the powers arising from any and all such
security may be exercised from time to time as the Agent or the Lenders or any of
them may deem expedient.

31

 

	 	7.9	 	Mitigation

Without affecting the Borrower’s obligations under Clause 7.2 the affected Lender or
the Agent shall take such reasonable steps as may be open to it to mitigate the
effect of any tax withholding requirement. The reasonable costs of mitigating the
effect shall be borne by the Borrower.

	8	 	Yield Protection and Force Majeure

	 	8.1	 	Increased costs

	 	8.1.1	 	If by reason of:

	 	(a)	 	any change in law or in its interpretation or
administration after the Signing Date; and/or
	 
	 	(b)	 	after the Signing Date compliance with any
request from or requirement of any central bank or other fiscal,
monetary or other authority including but without limitation the Basle
Committee on Banking Supervision whether or not having the force of
law:

	 	(i)	 	any of the Lenders or an
Associated Company incurs a cost as a result of the relevant
Lender performing its obligations under this Agreement and/or
its advancing its Contribution hereunder; or
	 
	 	(ii)	 	there is any increase in the
cost to any of the Lenders or an Associated Company of the
relevant Lender funding or maintaining all or any of the
advances comprised in a class of advances formed by or
including its Contribution advanced or to be advanced by it
hereunder; or
	 
	 	(iii)	 	any of the Lenders or an
Associated Company incurs a cost as a result of the relevant
Lender having entered into and/or its assuming or maintaining
its commitment under this Agreement; or
	 
	 	(iv)	 	any of the Lenders or an
Associated Company becomes liable to make any payment on
account of Tax or otherwise (other than Tax on its overall net
income) on or calculated by reference to the amount of the
relevant Lender’s Contribution advanced or to be advanced
hereunder and/or any sum received or receivable by it
hereunder; or
	 
	 	(v)	 	any of the Lenders or an
Associated Company suffers any decrease in its rate of return
as a result of any changes in the requirements relating to
capital ratios, monetary control ratios, reserve assets, the
payment of special deposits, liquidity costs or other similar
requirements affecting that Lender or Associated Company,

32

 

except to the extent included in the Mandatory Cost then the Borrower shall
from time to time on demand pay to the Agent for the account of the relevant
Lender, Lenders, Associated Company or Associated Companies amounts
sufficient to indemnify the relevant Lender, Lenders, Associated Company or
Associated Companies against, as the case may be, such cost, such increased
cost (or such proportion of such increased cost as is in the reasonable
opinion of the relevant Lender, Lenders, Associated Company or Associated
Companies attributable to the funding or maintaining of the relevant Lender
or Lenders’ Contribution(s) hereunder) or such liability.

	 	8.1.2	 	A Lender affected by any provision of Clause 8.1.1 shall
promptly inform the Agent after becoming aware of the relevant change or
request and its possible results and the Agent shall, as soon as reasonably
practicable thereafter, notify the Borrower of the change or request and its
possible results. Without affecting the Borrower’s obligations under Clause
8.1.1 and in consultation with the Agent, the affected Lender will then take
all such reasonable steps as may be open to it to mitigate the effect of the
change or request (for example (if then possible) by changing its Lending
Branch or transferring some or all of its rights and obligations under this
Agreement to another financial institution reasonably acceptable to the Agent
and after consultation with the Borrower). The reasonable costs of mitigating
the effect of any such change shall be borne by the Borrower save where such
costs are of an internal administrative nature and are not incurred in dealings
by any Lender with third parties.

	 	8.2	 	Force Majeure

Where the Agent or any Lender (the “Non-Performing Party”) is prevented from
performing any of its obligations under this Agreement by reason of Force Majeure
this Agreement shall remain in effect but the Non-Performing Party’s relevant
obligations shall be suspended for so long as the Force Majeure continues and to the
extent that the Non-Performing Party is so prevented, PROVIDED THAT:

	 	8.2.1	 	the suspension of performance is of no greater scope and of no
longer duration than is required by the Force Majeure;
	 
	 	8.2.2	 	the obligations of the Non-Performing Party shall not be
excused as a result of the Force Majeure; and
	 
	 	8.2.3	 	in respect of the suspension of the Non-Performing Party’s
obligations:

	 	(a)	 	the Non-Performing Party gives the Agent prompt
written notice which the Agent shall forthwith upon receipt send to the
Borrower describing the circumstances of Force Majeure (including the
nature of the occurrence, its expected duration and the effects of the
Force Majeure on the ability of the Non-Performing Party to perform its
relevant obligations), and continues to furnish weekly reports with
respect thereto during the period of Force Majeure;
	 
	 	(b)	 	the Non-Performing Party uses all reasonable
efforts to remedy its inability to perform and to mitigate the effects
of the Force Majeure; and

33

 

	 	(c)	 	as soon as reasonably possible after the
cessation of the Force Majeure the Non-Performing Party shall notify
the Agent (who shall notify the Borrower) in writing of such cessation
and shall resume performance of its obligations under this Agreement if
such resumption is then possible.

	9	 	Representations and Warranties

	 	9.1	 	Duration

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

	 	9.2	 	Representations and warranties

The Borrower represents and warrants to the Finance Parties that:

	 	9.2.1	 	Status Each Obligor is a corporation duly organised,
constituted and validly existing under the laws of the country of its
incorporation, possessing perpetual corporate existence, the capacity to sue
and be sued in its own name and the power to own and charge its assets and
carry on its business as it is now being conducted.
	 
	 	9.2.2	 	Powers and authority Each of the Obligors has the power to
enter into and perform this Agreement and those of the other Security Documents
to which it is a party and the transactions contemplated hereby and thereby and
has taken all necessary action to authorise the entry into and performance of
this Agreement and such other Security Documents and such transactions.
	 
	 	9.2.3	 	Legal validity This Agreement constitutes legal, valid and
binding obligations of the Borrower enforceable in accordance with its terms
and in entering into this Agreement and borrowing the Facility, the Borrower is
acting on its own account. Each other Transaction Document constitutes (or
will constitute when executed) legal, valid and binding obligations of each
Obligor expressed to be a party thereto enforceable in accordance with their
respective terms.
	 
	 	9.2.4	 	Non-conflict with laws The entry into and performance of this
Agreement and the other Transaction Documents and the transactions contemplated
hereby and thereby do not and will not conflict with:

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

34

 

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

	 	9.2.5	 	No default Save as disclosed in writing to the Agent prior to
the Signing Date, no event has occurred which constitutes a default under or in
respect of any Transaction Document to which any Obligor is a party or by which
any Obligor may be bound (including (inter alia) this Agreement) and no event
has occurred which, with the giving of notice, lapse of time, determination of
materiality or other condition might constitute a default under or in respect
of any such Transaction Document and no event has occurred which constitutes a
default under or in respect of any agreement or document to which any Obligor
is a party or by which any Obligor may be bound to an extent or in a manner
which might have a material adverse effect on its business, assets or financial
condition and no event has occurred which, with the giving of notice, lapse of
time, determination of materiality or other condition might constitute a
default under or in respect of any such agreement or document.
	 
	 	9.2.6	 	Consents Except for the filing of those Security Documents
which require registration in the Companies Registries in England and Wales,
the Isle of Man, the United States of America and/or Bermuda, which filing must
be completed within twenty one (21) days and one (1) month respectively of the
execution of the relevant Security Document(s) in the case of England and Wales
and the Isle of Man, and for the registration of the Mortgages through the
Bahamas Maritime Authority, all authorisations, approvals, consents, licences,
exemptions, filings, registrations, notarisations and other matters, official
or otherwise, required in connection with the entry into, performance, validity
and enforceability of this Agreement and each of the other Transaction
Documents and the transactions contemplated thereby have been obtained or
effected and are in full force and effect.
	 
	 	9.2.7	 	Accuracy of information All information furnished by any
Obligor relating to the business and affairs of any Obligor in connection with
this Agreement and the other Transaction Documents was and remains true and
correct in all material respects and there are no other material facts or
considerations the omission of which would render any such information
misleading.
	 
	 	9.2.8	 	Full disclosure Each Obligor has fully disclosed in writing
to the Agent all facts relating to each Obligor which it knows or should
reasonably know and which might reasonably be expected to influence the Lenders
in deciding whether or not to enter into this Agreement.
	 
	 	9.2.9	 	No Encumbrances None of the assets or rights of any Obligor
is subject to any Encumbrance except Permitted Liens.
	 
	 	9.2.10	 	Pari passu or priority status The claims of the Finance Parties against the
Borrower under this Agreement will rank at least pari passu with the claims of
all unsecured creditors of the Borrower (other than claims of such creditors to
the extent that they are statutorily preferred) and in

35

 

	 	 	 	priority to the claims of any creditor of the Borrower who is also an
Obligor.
	 
	 	9.2.11	 	Solvency The Obligors are and shall remain, after the advance to them of the
Facility or any of it, solvent in accordance with the laws of Bermuda and the
United Kingdom and in particular with the provisions of the United Kingdom’s
Insolvency Act 1986 (as from time to time amended) and the requirements
thereof.
	 
	 	9.2.12	 	Winding-up, etc. Subject to Clause 10.11, neither the Borrower nor any other
Obligor has taken any corporate action nor have any other steps been taken or
legal proceedings been started or (to the best of its knowledge and belief)
threatened against any of them for the winding-up, dissolution or for the
appointment of a liquidator, administrator, receiver, administrative receiver,
trustee or similar officer of any of them or any or all of their assets or
revenues nor have either sought any other relief under any applicable
insolvency or bankruptcy law.
	 
	 	9.2.13	 	Accounts The consolidated audited accounts of the NCLC Group for the period
ending on 31 December of each financial year during the period of this
Agreement (which accounts will be prepared in accordance with US GAAP) will
fairly represent the financial condition of the NCLC Group as shown in such
audited accounts.
	 
	 	9.2.14	 	Litigation Save as disclosed in the Disclosure Letter and/or the Borrower’s
most recent US Securities Exchange Commission filing, no litigation,
arbitration or administrative proceedings of or before any court, arbitral body
or agency (including but not limited to investigative proceedings) are current
or pending or, to its knowledge, threatened, which might, if adversely
determined, have a Material Adverse Effect. For the avoidance of doubt, the
disclosure of any such litigation, arbitration or administrative proceedings
after the Signing Date shall not be deemed to be a fact and circumstance
subsisting at any time that this representation is deemed to be repeated
pursuant to Clause 9.1.
	 
	 	9.2.15	 	Tax liabilities To the best of its knowledge, the NCLC Group has complied
with all taxation laws in all jurisdictions in which it is subject to Taxation
and has paid all material Taxes due and payable by it; no material claims are
being asserted against it with respect to Taxes, which might, if such claims
were successful, have a material adverse effect on the ability of any Obligor
to perform its obligations under the Transaction Documents.
	 
	 	9.2.16	 	Ownership of assets Each member of the NCLC Group has good and marketable
title to all its assets which is reflected in the audited accounts referred to
in Clause 9.2.13.
	 
	 	9.2.17	 	No immunity None of the Obligors nor any of their respective assets enjoys
any right of immunity (sovereign or otherwise) from set-off, suit or execution
in respect of their obligations under this Agreement or any of the other
Transaction Documents or by any relevant or applicable law.

36

 

	 	9.2.18	 	Taxes on payments As at the Signing Date all amounts payable by the Borrower
hereunder may be made free and clear of and without deduction for or on account
of any Taxation.
	 
	 	9.2.19	 	Place of business None of the Obligors has a place of business in any
jurisdiction (except as already disclosed) which requires any of the Security
Documents to be filed or registered in that jurisdiction to ensure the validity
of the Security Documents to which it is a party.
	 
	 	9.2.20	 	Ownership of shares All the shares in each of the Owners and the Manager
shall be legally and beneficially owned directly or indirectly by the Borrower
and such structure shall remain so throughout the Security Period. Further, no
Event of Default has occurred under Clause 12.1.16 in respect of the ownership
and/or control of the shares in the Borrower.
	 
	 	9.2.21	 	Completeness of documents The copies of the Management Agreements and any
other relevant third party agreements delivered to the Agent are true and
complete copies of each such document constituting valid and binding
obligations of the parties thereto enforceable in accordance with their
respective terms and no amendments thereto or variations thereof have been
agreed other than (if applicable), in the case of the Management Agreements, in
accordance with clause 6.1.17 of the two (2) deeds of covenants collateral to
the two (2) first priority statutory Bahamian ship mortgages, as amended by the
Co-ordination Deeds, to be granted by each of the Owners over its Vessel nor
has any action been taken by the parties thereto which would in any way render
such document inoperative or unenforceable.
	 
	 	9.2.22	 	No undisclosed commissions There are and will be no commissions, rebates,
premiums or other payments by or to or on account of any Obligor, their
shareholders or directors in connection with the transaction as a whole other
than as disclosed to the Agent in writing.
	 
	 	9.2.23	 	Environment Each of the Obligors:

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

	 	(i)	 	emissions, discharges, releases
or threatened releases of chemicals, pollutants, contaminants,
wastes, toxic substances, hazardous materials, oil, hazard
substances, petroleum and petroleum products and by-products
(“Materials of Environmental Concern”); or
	 
	 	(ii)	 	the manufacture, processing,
distribution, use, treatment, storage, disposal, transport or
handling of Materials of

37

 

	 	 	 	Environmental Concern (such laws, regulations, conventions
and agreements the “Environmental Laws”);

	 	(b)	 	has all permits, licences, approvals, rulings,
variances, exemptions, clearances, consents or other authorisations
required under applicable Environmental Laws (“Environmental
Approvals”) and are in compliance with all Environmental Approvals
required to operate its business as presently conducted or as
reasonably anticipated to be conducted;
	 
	 	(c)	 	has not received any notice, claim, action,
cause of action, investigation or demand by any other person, alleging
potential liability for, or a requirement to incur, investigatory
costs, clean-up costs, response and/or remedial costs (whether incurred
by a governmental entity or otherwise), natural resources damages,
property damages, personal injuries, attorney’s fees and expenses or
fines or penalties, in each case arising out of, based on or resulting
from:

	 	(i)	 	the presence or release or
threat of release into the environment of any Material of
Environmental Concern at any location, whether or not owned by
such person; or
	 
	 	(ii)	 	circumstances forming the basis
of any violation, or alleged violation, of any Environmental
Law or Environmental Approval (“Environmental Claim”),

which is material; and

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

There is no Environmental Claim pending or threatened against any of the
Obligors which the Borrower, in its reasonable opinion, believes to be
material.

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

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

38

 

	10	 	Undertakings

	 	10.1	 	Duration

The undertakings in this Clause 10 shall remain in full force and effect until the
Borrower has no remaining obligations, actual or contingent, under or pursuant to
this Agreement or any of the other Security Documents.

	 	10.2	 	Information

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

	 	10.2.1	 	as soon as practicable (and in any event within one hundred and twenty (120)
days after the close of each of its financial years) a Certified Copy of its
Accounts (commencing with the audited accounts made up to 31 December 2006);
	 
	 	10.2.2	 	as soon as practicable (and in any event within sixty (60) days after the
close of each of the first three (3) quarters 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 2007);
	 
	 	10.2.3	 	as soon as practicable (and in any event within one hundred and twenty (120)
days after the close of each financial year), beginning with the financial year
ending 31 December 2006, annual cash flow projections on a consolidated basis
of the NCLC Group showing on a monthly basis advance ticket sales (for at least
twelve (12) months following the date of such statement) for the NCLC Group;
	 
	 	10.2.4	 	as soon as practicable (and in any event not later than 31 January of each
financial year):

	 	(a)	 	a budget for the NCLC Group for such new
financial year including a twelve (12) month liquidity budget for such
new financial year;
	 
	 	(b)	 	updated financial projections of the NCLC Group
for at least the next five (5) years (including income statement,
balance sheet and cash flow projections for the NCLC Group); and
	 
	 	(c)	 	an outline of the assumptions supporting the
budget and financial projections referred to in paragraphs (a) and (b)
of this Clause 10.2.4;

	 	10.2.5	 	within fifteen (15) days of a request from the Agent (but at intervals no
more frequently than annually at the Borrower’s expense unless an Event of
Default has occurred and is continuing), a valuation of each of the Vessels
obtained in accordance with the provisions of Clause 10.17;
	 
	 	10.2.6	 	as soon as practicable (and in any event within sixty (60) days after the
close of each of the first three (3) quarters of its financial year and within
one hundred and twenty (120) days after the close of each financial year)

39

 

	 	 	 	a statement signed by the NCLC Group’s chief financial officer in the form
of Schedule 6 (commencing with the fourth quarter of the financial year
ending 31 December 2006) and such other information as the Agent may
request;
	 
	 	10.2.7	 	promptly, such further information in its possession or control regarding its
financial condition and operations and those of any company in the NCLC Group
as the Agent may request; and
	 
	 	10.2.8	 	on a quarterly basis, details of any material litigation, arbitration or
administrative proceedings affecting any Obligor which 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 [**] [Confidential Treatment] Dollars [**] [Confidential Treatment] or the equivalent in another
currency).

All accounts required under this Clause 10.2 shall be prepared in accordance with US
GAAP and shall fairly represent the financial condition of the relevant company.

	 	10.3	 	Financial Undertakings

The Borrower will ensure that:

	 	10.3.1	 	at all times the minimum Free Liquidity will be not less than [**] [Confidential Treatment]
Dollars [**] [Confidential Treatment];
	 
	 	10.3.2	 	either:

	 	(a)	 	as at 30 September 2006 and as at the end of
each subsequent financial quarter the ratio of Consolidated EBITDA to
Consolidated Debt Service for the NCLC Group, computed for the period
of the four (4) consecutive financial quarters ending at the end of the
relevant financial quarter, shall not be less than [**] [Confidential Treatment]; 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 [**] [Confidential Treatment] Dollars [**] [Confidential Treatment]; and

	 	10.3.3	 	as at 30 September 2006 and as at the end of each subsequent financial
quarter, the ratio of Total Net Funded Debt to Total Capitalisation of the NCLC
Group shall not exceed [**] [Confidential Treatment].
	 
	 		 	Amounts available for drawing under the Facility or any other revolving or
other credit facilities of the NCLC Group which remain undrawn at the time
of the relevant calculation shall not be counted as cash or indebtedness for
the purposes of this ratio.

Save as specified in Clause 10.3.2, the ratios referred to in this Clause 10.3 will
be measured on a quarterly basis by reference to the consolidated accounts of the
NCLC Group.

40

 

	 	10.4	 	Dividends

	 	10.4.1	 	During any financial year of the Borrower until the date on which the
Borrower becomes a listed company on an Approved Stock Exchange (on which date
the restriction contained in this Clause 10.4.1 shall cease to apply), the
Borrower shall not and shall procure that no other member of the NCLC Group
shall, pay any dividends or make any other distributions in respect of its
share capital to any person which during any financial year of the Borrower in
aggregate exceeds fifty per cent (50%) of the Consolidated Net Income (if
positive) of the NCLC Group for such financial year PROVIDED HOWEVER THAT
(whether before or after the Borrower becomes a listed company on an Approved
Stock Exchange) the NCLC Group shall not be entitled to pay any dividend or
make any distribution in respect of any of its share capital if an Event of
Default has occurred and is continuing or would occur as a result of the
payment of such dividend or the making of such distribution and shall provide
the Agent with a certificate signed by the chief financial officer of the NCLC
Group confirming that no Event of Default has occurred and is continuing or
would occur as a result of the payment of a dividend or the making of a
distribution before such dividend is paid or distribution is made.
	 
	 	10.4.2	 	Subject to the provisions of Clause 10.4.1, the Borrower will procure that
any dividends or other distributions and interest paid or payable in connection
with such dividends or other distributions will be received promptly by the
Borrower directly or indirectly from the Owners’ shareholder(s) (if such
shareholder is not the Borrower) by way of dividend.

	 	10.5	 	Notification of default

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

	 	10.6	 	Consents and registrations

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

41

 

	 	10.7	 	Negative pledge

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

	 	10.7.1	 	Encumbrances created with the prior consent of the Lenders; or
	 
	 	10.7.2	 	Permitted Liens.

	 	10.8	 	Disposals

Except with the prior consent of all the Lenders, the Borrower shall not (and will
procure that no other company in the NCLC Group shall), either in a single
transaction or in a series of transactions whether related or not and whether
voluntarily or involuntarily, sell, transfer, lease or otherwise dispose of all or a
substantial part of its assets except that the following disposals shall not be
taken into account:

	 	10.8.1	 	disposals made in the ordinary course of trading of the disposing entity
(excluding disposal of ships) including without limitation, the payment of cash
as consideration for the purchase or acquisition of any asset or service or in
the discharge of any obligation incurred for value in the ordinary course of
trading;
	 
	 	10.8.2	 	disposals of cash raised or borrowed for the purposes for which such cash was
raised or borrowed;
	 
	 	10.8.3	 	disposals of assets in exchange for other assets comparable or superior as to
type and value; and
	 
	 	10.8.4	 	a vessel or any other asset owned by any member of the NCLC Group (other than
the Owners) may be sold provided such sale is on a willing seller willing buyer
basis at or about market rate and at arm’s length subject always to the
provisions of any loan documentation for the financing of such vessel or other
asset.

	 	10.9	 	Purchases

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

	 	10.9.1	 	other than on arm’s length terms;
	 
	 	10.9.2	 	which is not for its use in its ordinary course of business; or
	 
	 	10.9.3	 	the cost of which is more than its fair market value at the date of
acquisition.

	 	10.10	 	Change of name or business

Except with the prior consent of the Majority Lenders, the Borrower shall not change
its name or make or threaten to make any substantial change in its business as
presently conducted or carry on any other business which is

42

 

substantial in relation to its business as presently conducted so as to affect, in
the opinion of the Majority Lenders, the Borrower’s ability to perform its
obligations hereunder and shall not form any further subsidiaries and the Borrower
will procure that the other Obligors continue, throughout the Security Period, to
perform their current business activities PROVIDED THAT any new leisure or
hospitality venture embarked upon by any member of the NCLC Group (other than the
Borrower) shall not constitute a substantial change in its business.

	 	10.11	 	Mergers

Except with the prior consent of the Majority Lenders, the Borrower will not enter
into any amalgamation, restructure, substantial reorganisation, merger, de-merger or
consolidation or anything analogous to the foregoing nor will it acquire any equity,
share capital or obligations of any corporation or other entity and will procure
that no company in the NCLC Group (other than the Shareholder or NCL America
Holdings, Inc.) shall do so.

However, the prior consent of the Majority Lenders shall not be required in respect
of any amalgamation, voluntary cessation of business, consolidation, voluntary
dissolution, solvent liquidation, merger, de-merger, voluntary termination of
existence, solvent winding-up, restructure or other reorganisation (any of which,
for the purposes of this Clause, shall be referred to as a “Reorganisation”)
involving wholly owned (whether directly or indirectly) Subsidiaries of the Borrower
only which does not imperil the security created by any of the Security Documents or
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 Agent with regard to the proposed Reorganisation and
provides evidence satisfactory to the Agent that the Borrower will be in compliance
with the financial undertakings contained in Clause 10.3 after any such
Reorganisation SUBJECT TO:

	 	10.11.1	 	Clause 9.2.20; and
	 
	 	10.11.2	 	the cash flows from which the Outstanding Indebtedness will be repaid
remaining comparable as to amount (relative to the amount of the Outstanding
Indebtedness) and accessibility for the Borrower to the cash flows as at the
Signing Date, in the sole discretion of the Lenders.

For the avoidance of doubt, if the Agent is satisfied the Borrower will be in
compliance with the financial undertakings contained in Clause 10.3 after the
acquisition by a member of the NCLC Group of any shares in any company or
corporation, such acquisition shall not in itself constitute a merger or
consolidation with such company or corporation requiring the consent of the Majority
Lenders under this Clause 10.11.

	 	10.12	 	Maintenance of status and franchises

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

43

 

	 	10.13	 	Financial records

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

	 	10.14	 	Subordination of indebtedness

The Borrower shall procure that any and all indebtedness (and in particular with any
other Obligor) is at all times fully subordinated to the Security Documents and the
obligations of the Borrower hereunder. Upon the occurrence of an Event of Default
or a Possible Event of Default, the Borrower shall not make any repayments of
principal, payments of interest or of any other costs, fees, expenses or liabilities
arising from or representing such indebtedness.

	 	10.15	 	Guarantees

Save as contemplated by this Agreement, the Borrower will procure that none of the
owners of mortgaged vessels in the NCLC Fleet will issue or enter into any guarantee
or indemnity or otherwise become directly or contingently liable for the obligations
of any other person, firm or corporation, otherwise than in the ordinary course of
its business as owner of its vessel.

Subject to the above provision of this Clause, the Borrower will not, and will
procure that no member of the NCLC Group will, issue or enter into any guarantee or
indemnity or otherwise become directly or contingently liable for the obligations of
any other person, firm or corporation without first notifying the Agent with full
details of the amount(s) and the period(s) of the guarantee(s) or indemnity(ies), if
such is or are in excess of (in aggregate (if applicable)) the amount of [**] [Confidential Treatment] Dollars [**] [Confidential Treatment].

	 	10.16	 	Further assurance

The Borrower will, from time to time on being required to do so by the Agent, do or
procure the doing of all such acts and/or execute or procure the execution of all
such documents in a form satisfactory to the Agent as the Agent may reasonably
consider necessary for giving full effect to any of the Transaction Documents or
securing to the Finance Parties or any of them the full benefit of the rights,
powers and remedies conferred upon the Finance Parties or any of them in any such
Transaction Document.

	 	10.17	 	Valuation of the Vessels

	 	10.17.1	 	Each of the Vessels shall for the purposes of this Clause 10.17 be valued in
Dollars by two (2) independent firms of shipbrokers or shipvaluers nominated by
the Borrower and approved by the Agent (acting on the instructions of the
Majority Lenders) or failing such nomination and approval, appointed by the
Agent (acting on such instructions) in its sole discretion (each such valuation
to be made without, unless reasonably required by the Agent, physical
inspection and on the basis of a sale for prompt delivery for cash at arm’s
length on normal commercial terms as between a willing buyer and a willing
seller without taking into account the benefit of any charterparty or other
engagement concerning the

44

 

	 	 	 	Vessel). The first such valuations in respect of each of the Vessels shall
be obtained on or about sixty (60) days prior to the first Advance Date and
thereafter they shall be obtained within fifteen (15) days of a request from
the Agent (but at intervals no more frequently than annually at the
Borrower’s expense unless an Event of Default has occurred and is
continuing). The average of the valuations shall constitute the value of
the Vessel for the purposes of this Clause 10.17.
	 
	 	10.17.2	 	The Borrower shall procure that forthwith upon the issuance of any valuation
obtained pursuant to this Clause 10.17 a copy thereof is sent directly to the
Agent for review.

	 	10.18	 	Marginal security

If at any time the value of the Vessels as assessed in accordance with the
provisions of Clause 10.17:

	 	10.18.1	 	is less than one hundred per cent (100%) of the amount of the aggregate of
the Available Commitments and the Contributions to the Facility during the
period commencing on the Signing Date and ending forty eight (48) months after
the Signing Date;
	 
	 	10.18.2	 	is less than one hundred and ten per cent (110%) of the amount of the
aggregate of the Available Commitments and the Contributions to the Facility
during the period commencing on the date falling forty eight (48) months after
the Signing Date and ending seventy two (72) months after the Signing Date; and
	 
	 	10.18.3	 	thereafter, is less than one hundred and twenty per cent (120%) of the
amount of the aggregate of the Available Commitments and the Contributions to
the Facility,

then the Borrower shall, upon notice from the Agent, within ten (10) Business Days
either:

	 	(a)	 	provide the Agent with additional security acceptable to the
Majority Lenders such that the security value of the Vessels and any additional
security provided to the Agent hereunder (at valuations reasonably estimated by
the Agent from time to time) is at least one hundred per cent (100%), one
hundred and ten per cent (110%) or one hundred and twenty per cent (120%) (as
the case may be) of the aggregate of the Available Commitments and the
Contributions to the Facility; or
	 
	 	(b)	 	reduce the Available Commitments by such an amount that the
value of the security is at least one hundred per cent (100%), one hundred and
ten per cent (110%) or one hundred and twenty per cent (120%) (as the case may
be) of the amount of the aggregate of the Available Commitments and the
Contributions to the Facility.

	 	10.19	 	No dealings with Master Agreements

The Borrower shall not assign, novate or encumber or in any other way transfer any
of its rights or obligations under any Master Agreement.

45

 

	 	10.20	 	Financial year end

The Borrower shall not change its financial year end.

	 	10.21	 	Maintenance and insurance

The Borrower will keep, and will procure that each member of the NCLC Group keeps,
all of its real property and assets properly maintained and in existence and will
comprehensively insure, and will procure that each member of the NCLC Group
comprehensively insures, for its full reinstatement cost all of its property which
is of an insurable nature in such name as the Agent shall in writing approve and on
such terms, for such amounts and of such types as would be effected by prudent
companies carrying on business similar to the Borrower or its Subsidiary (as the
case may be). In particular but without limitation, the Borrower shall procure that
each of the Owners maintains and insures its Vessel in accordance with the
provisions of the relevant Mortgage.

	 	10.22	 	Vessels

The Borrower will procure that each of the Vessels is traded within the NCLC Fleet
from the first Advance Date and throughout the remainder of the Security Period.

	11	 	Rights of the Agent and the Lenders

	 	11.1	 	No derogation of rights

Any rights conferred on the Agent and the Lenders or any of them by this Agreement
or any other Security Document shall be in addition to and not in substitution for
or in derogation of any other right which the Agent and the Lenders or any of them
might at any time have to seek from the Borrower or any other person for payment of
sums due from the Borrower or indemnification against liabilities as a result of the
Borrower’s default in payment of sums due from it under this Agreement or any other
Security Document.

	 	11.2	 	Enforcement of remedies

None of the Agent or the Lenders shall be obliged before taking steps to enforce any
rights conferred on it or them by this Clause or this Agreement or exercising any of
the rights, powers and remedies conferred on it or them hereby or by law:

	 	11.2.1	 	to take action or obtain judgment in any court against the Borrower or any
other person from whom it or they may seek payment of any sum due from the
Borrower under this Agreement or any other Security Document;
	 
	 	11.2.2	 	to make or file any claim in a bankruptcy, winding-up, liquidation or
re-organisation of the Borrower or any other such person; or
	 
	 	11.2.3	 	to enforce or seek to enforce any other rights it or they may have against
the Borrower or any other such person.

46

 

	12	 	Default

	 	12.1	 	Events of default

Each of the events set out below is an Event of Default:

	 	12.1.1	 	Non-payment

The Borrower or any other Obligor (other than the Manager) does not pay on
the due date any amount of principal or interest of the Facility (provided
however that if any such amount is not paid when due solely by reason of
some error or omission on the part of the bank or banks through whom the
relevant funds are being transmitted no Event of Default shall occur for the
purposes of this Clause 12.1.1 until the expiry of three (3) Business Days
following the date on which such payment is due), or within three (3) days
of the due date any other amount, payable by it under any Security Document
to which it may at any time be a party, at the place and in the currency in
which it is expressed to be payable.

	 	12.1.2	 	Breach of other obligations

	 	(a)	 	Any Obligor fails to comply with any other
material provision of any Security Document to which it is a party 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 Finance Parties or any of them; or
	 
	 	(b)	 	If there is a repudiation or termination of any
Transaction Document or if any of the parties thereto becomes entitled
to terminate or repudiate any of them and evidences an intention so to
do.

	 	12.1.3	 	Misrepresentation

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

	 	12.1.4	 	Cross default

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

47

 

	 	(b)	 	Any such Financial Indebtedness or any sum
payable in respect thereof is not paid when due (after the expiry of
any applicable grace period(s)) whether by acceleration or otherwise.
	 
	 	(c)	 	Any Encumbrance over any assets of any member
of the NCLC Group becomes enforceable.
	 
	 	(d)	 	Any other Financial Indebtedness of any member
of the NCLC Group is not paid when due or is or becomes capable of
being declared due prematurely by reason of default or any security for
the same becomes enforceable by reason of default,

PROVIDED THAT:

	 	(i)	 	No Event of Default will arise if the relevant
Financial Indebtedness is not accelerated or, if it is accelerated but,
in aggregate, the Financial Indebtedness is less than fifteen million
Dollars (USD15,000,000);
	 
	 	(ii)	 	Financial Indebtedness being contested by the
Borrower in good faith will be disregarded PROVIDED first that full
details of the dispute shall be submitted to the Agent forthwith upon
its occurrence and second if the dispute remains unresolved for a
period of one hundred and fifty (150) days this Clause 12.1.4(ii) shall
not apply to that Financial Indebtedness; and
	 
	 	(iii)	 	If at any time hereafter the Borrower or any
other member of the NCLC Group agrees to the incorporation of a cross
default provision into any financial contract or financial document
relating to any Financial Indebtedness that is more onerous than this
Clause 12.1.4, then the Borrower shall immediately notify the Agent and
that cross default provision shall be deemed to apply to this Agreement
as if set out in full herein with effect from the date of such
financial contract or financial document and during the currency of
that financial contract or financial document.

	 	12.1.5	 	Winding-up

Subject to Clause 10.11, any order is made or an effective resolution passed
or other action taken for the suspension of payments or dissolution,
termination of existence, liquidation, winding-up or bankruptcy of any
member of the NCLC Group.

	 	12.1.6	 	Moratorium or arrangement with creditors

A moratorium in respect of all or any debts of any member of the NCLC Group
or a composition or an arrangement with creditors of any member of the NCLC
Group or any similar proceeding or arrangement by which the assets of any
member of the NCLC Group are submitted to the control of its creditors is
applied for, ordered or declared or any member of the NCLC Group commences
negotiations with any one or more of its creditors with a view to the
general readjustment or rescheduling of all or a significant part of its
Financial Indebtedness.

48

 

	 	12.1.7	 	Appointment of liquidators etc.

A liquidator (subject to Clause 10.11), trustee, administrator, receiver,
manager or similar officer is appointed in respect of any member of the NCLC
Group or in respect of all or any substantial part of the assets of any
member of the NCLC Group and in any such case such appointment is not
withdrawn within thirty (30) days (the “Grace Period”) unless the Agent
considers in its sole discretion that the interest of the Lenders might
reasonably be expected to be adversely affected in which event the Grace
Period shall not apply.

	 	12.1.8	 	Insolvency

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

	 	12.1.9	 	Legal process

Any
distress, execution, attachment or other process affects the whole or
any substantial part of the assets of any member of the NCLC Group and
remains undischarged for a period of twenty one (21) days or any uninsured
judgment in excess of [**] [Confidential Treatment] Dollars [**] [Confidential Treatment] following
final appeal remains unsatisfied for a period of thirty (30) days in the
case of a judgment made in the United States of America and otherwise for a
period of sixty (60) days PROVIDED THAT no Event of Default shall be deemed
to have occurred unless the distress, execution, attachment, other process
or judgment adversely affects any Obligor’s ability to meet any of its
material obligations under any Security Document to which it is a party or
cause to occur any of the events specified in Clauses 12.1.5 to 12.1.8 (the
determination of which shall be in the Majority Lenders’ sole discretion).

	 	12.1.10	 	Analogous events

Anything analogous to or having a substantially similar effect to any of the
events specified in Clauses 12.1.5 to 12.1.9 shall occur under the laws of
any applicable jurisdiction.

	 	12.1.11	 	Cessation of business

Subject to Clause 10.11, any member of the NCLC Group ceases to carry on all
or a substantial part of its business.

	 	12.1.12	 	Revocation of consents

Any authorisation, approval, consent, licence, exemption, filing,
registration or notarisation or other requirement necessary to enable any
Obligor to comply with any of its obligations under any of the Transaction
Documents to which it is a party is materially adversely modified, revoked
or withheld or does not remain in full force and effect and within ninety
(90) days of the date of its occurrence such event is not remedied to the
satisfaction of the Agent and the Agent considers in its sole discretion

49

 

that such failure is or might be expected to become materially prejudicial
to the interests, rights or position of the Finance Parties or any of them
PROVIDED THAT the Borrower shall not be entitled to the aforesaid ninety
(90) day period if the modification, revocation or withholding of the
authorisation, approval or consent is due to an act or omission of any
Obligor and the Agent is satisfied in its sole discretion that the Finance
Parties’ interests might reasonably be expected to be materially adversely
affected.

	 	12.1.13	 	Unlawfulness

At any time it is unlawful or impossible for:

	 	(a)	 	any Obligor to perform any of its obligations
under any Security Document to which it is a party; or
	 
	 	(b)	 	the Agent or any other Finance Party to
exercise any of its rights under any of the Security Documents;

PROVIDED THAT no Event of Default shall be deemed to have occurred (except
where the unlawfulness or impossibility adversely affects any Obligor’s
payment obligations under this Agreement and/or the other Security Documents
(the determination of which shall be in the Agent’s sole discretion) in
which case the following provisions of this Clause 12.1.13 shall not apply)
where the unlawfulness or impossibility prevents any Obligor from performing
its obligations (other than its payment obligations under this Agreement and
the other Security Documents) and is cured within a period of twenty one
(21) days of the occurrence of the event giving rise to the unlawfulness or
impossibility and the relevant Obligor, within the aforesaid period,
performs its obligation(s) and PROVIDED FURTHER THAT no Event of Default
shall be deemed to have occurred where the Agent and/or any relevant Finance
Party could, in its sole discretion, mitigate the consequences of
unlawfulness or impossibility in the manner described in Clause 3.9. The
costs of mitigation shall be determined in accordance with Clause 3.9.

	 	12.1.14	 	Insurances

An Owner fails to insure its Vessel in the manner specified in the relevant
Mortgage or fails to renew the Insurances at least ten (10) days prior to
the date of expiry thereof and produce prompt confirmation of such renewal
to the Agent.

	 	12.1.15	 	Total Loss

If the Vessel shall become a Total Loss and the proceeds of the Insurances
in respect thereof shall not have been received by the Agent within one
hundred and fifty (150) days after the date of the event giving rise to such
Total Loss.

50

 

	 	12.1.16	 	Ownership and control of the Borrower

If:

	 	(a)	 	at any time when the ordinary share capital of
the Borrower is not publicly listed on an Approved Stock Exchange or at
any time when a dividend is to be paid to the existing shareholders of
the Borrower by way of a share issue pursuant to a public offering on
an Approved Stock Exchange, the Lim Family together or individually do
not or will not, directly or indirectly, control the Borrower and
beneficially own, directly or indirectly, at least fifty one per cent
(51%) of the issued share capital of, and equity interest in, the
Borrower; or
	 
	 	(b)	 	at any time following the listing of the
ordinary share capital of the Borrower on an Approved Stock Exchange:

	 	(i)	 	any individual or any Third
Party:

	 	(A)	 	owns legally
and/or beneficially and either directly or indirectly
at least [**] [Confidential Treatment] per cent [**] [Confidential Treatment] of the ordinary
share capital of the Borrower; or
	 
	 	(B)	 	has the right
or the ability to control either directly or indirectly
the affairs of or the composition of the majority of
the board of directors (or equivalent) of the Borrower,

and, at the same time as any of the events described in
paragraphs (A) or (B) of this Clause have occurred and are
continuing, the Lim Family together or individually do not,
directly or indirectly, beneficially own at least fifty one
per cent (51%) of the issued share capital of, and equity
interest in, the Borrower; or

	 	(ii)	 	the Borrower ceases to be a
listed company on an Approved Stock Exchange without the prior
written consent of the Majority Lenders,

(and, for the purpose of this Clause 12.1.16 “control” of any company,
limited partnership or other legal entity (a “body corporate”) by a member
of the Lim Family, 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).

	 	12.1.17	 	Disposals

If the Borrower or any other member of the NCLC Group shall have concealed,
removed, or permitted to be concealed or removed, any part of its property,
with intent to hinder, delay or defraud its creditors or any of them, or
made or suffered a transfer of any of its property which may be

51

 

fraudulent under any bankruptcy, fraudulent conveyance or similar law; or
shall have made any transfer of its property to or for the benefit of a
creditor with the intention of preferring such creditor over any other
creditor.

	 	12.1.18	 	Prejudice to security

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

	 	12.1.19	 	Governmental intervention

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

	 	12.1.20	 	Master Agreement termination

A notice is given by a Lender or its Affiliate (as the case may be) under
section 6(a) of the relevant Master Agreement, or by any person under
section 6(b)(iv) of a Master Agreement, in either case designating an Early
Termination Date for the purpose of the Master Agreement, or a Master
Agreement is for any other reason terminated, cancelled, suspended,
rescinded, revoked or otherwise ceases to remain in full force and effect.

	 	12.2	 	Acceleration

	 	12.2.1	 	On the occurrence of an Event of Default or a Possible Event of Default and
at any time thereafter whilst such event shall be continuing the Agent may if a
Drawing has not yet been advanced, by notice to the Borrower cancel the
obligations of the Lenders under this Agreement.
	 
	 	12.2.2	 	On the occurrence of an Event of Default and at any time thereafter whilst
such event shall be continuing, if a Drawing has been advanced the Agent may:

	 	(a)	 	by notice to the Borrower declare the whole or
any part of the Facility due and repayable in accordance with the terms
of such notice whereupon the same shall become due and repayable
accordingly together with all interest accrued thereon and all other
amounts payable hereunder and under any of the other Security

52

 

	 	 	 	Documents and the Commitments to the Facility shall be cancelled;
and/or
	 
	 	(b)	 	from time to time exercise all or any of its
rights under any of the Security Documents in such order and in such
manner as it shall deem appropriate; and/or
	 
	 	(c)	 	at its sole discretion terminate or continue
with the Management Agreements.

	 	12.3	 	Default indemnity

The Borrower shall on demand indemnify the Agent and the Lenders, without prejudice
to any of their other rights under this Agreement and the other Security Documents,
against any loss or expense which the Agent or the Lenders shall certify as
sustained or incurred by any of them as a consequence of:

	 	12.3.1	 	any default in payment by the Borrower of any sum under this Agreement or any
of the other Security Documents when due, including, without limitation, any
liability incurred by the Agent and the Lenders by reason of any delay or
failure of the Borrower to pay any such sums;
	 
	 	12.3.2	 	any break in funding (including without limitation warehousing and other
related costs) due to the occurrence of any Event of Default or Possible Event
of Default;
	 
	 	12.3.3	 	any prepayment of the Facility or any part thereof being made at any time for
any reason; and/or
	 
	 	12.3.4	 	a Drawing not being drawn for any reason (excluding any default by the Agent
or any Lender) after the relevant Drawdown Notice has been given,

including, in any such case, but not limited to, any loss or expense sustained or
incurred in maintaining or funding a Drawing or in liquidating or re-employing
deposits from third parties acquired to effect or maintain the Drawing and also any
loss or expense (including without limitation warehousing and other related costs)
incurred in connection with any Master Agreement.

	 	12.4	 	Set off

Following the occurrence of any Event of Default and for so long as the same is
continuing, the Borrower irrevocably authorises the Agent and the Lenders without
prior notice to apply any credit balance to which the Borrower is entitled upon any
account of the Borrower with any branch of any of the Agent and the Lenders in or
towards satisfaction of any sum due to the Agent or any Lender hereunder but unpaid,
and to combine any accounts of the Borrower for this purpose. If such set-off
requires a credit balance in a currency other than Dollars to be transferred to an
account maintained in connection herewith the transfer shall be effected by
crediting to the account in question the amount of Dollars which the Agent or the
Lender (as the case may be) could obtain by exchanging such currency for Dollars at
the rate of exchange at which its Lending Branch would, at the opening of business
on the date on which the combination is

53

 

effected, have sold the currency of that credit balance for Dollars for immediate
delivery.

	 	12.5	 	Master Agreement rights
	 
	 	 	 	The rights conferred on the Agent and the Lenders by Clause 12.4 shall be in
addition to, and without prejudice to or limitation of, the rights of netting and
set off conferred on the Lenders and/or their Affiliates by the Master Agreements.

	13	 	Application of Funds

	 	13.1	 	Total Loss proceeds/proceeds of sale
	 
	 	 	 	In the event of a Vessel becoming a Total Loss or if a Vessel is sold then the Total
Loss proceeds or proceeds of sale of the Vessel shall be held by the Agent and
applied in the following manner and order:

	 	 	 	 	 
	 

	 	FIRSTLY
	 	to the payment of all fees, expenses and charges (including brokers’
commissions), the expenses of any sale, the expenses of retaining any attorney,
solicitors’ fees, court costs and any other expenses or advances made or
incurred by the Agent or any Lender in the protection of the Agent’s and the
Lender’s rights or the pursuance of its or their remedies hereunder and under
the other Security Documents or to any payments whether voluntary or not which
the Agent considers advisable to protect its or their security and to provide
adequate indemnity against liens claiming priority over or equality with the
lien of the Security Documents or any other Encumbrances;
	 
	 	 	 	 
	 

	 	SECONDLY
	 	in or towards payment in such order as the Lenders may require of any
accrued (but unpaid) fees and interest thereon to which the Finance Parties or
any of them are entitled hereunder and/or under the other Security Documents
(other than the Master Agreements) in connection with the Facility;
	 
	 	 	 	 
	 

	 	THIRDLY
	 	in or towards satisfaction of all interest accrued on the Facility;
	 
	 	 	 	 
	 

	 	FOURTHLY
	 	in retention by the Agent in its discretion in a suspense or impersonal
interest bearing security realised account of such sum as it considers
appropriate by way of security for the Outstanding Indebtedness (other than the
Master Agreement Liabilities) or for any actual or contingent liability of the
Finance Parties or any of them in connection with the transactions herein
contemplated;
	 
	 	 	 	 
	 

	 	FIFTHLY
	 	in or towards payment of the Facility (whether or not then due and payable);
	 
	 	 	 	 
	 

	 	SIXTHLY
	 	in or towards satisfaction of any other amounts due from the Borrower to the
Finance Parties under the Security Documents (other than the Master Agreement
Liabilities)

54

 

	 	 	 	 	 
	 

	 	 	 	using in the discretion of the Agent the same order of
application as FIRSTLY to FIFTHLY;
	 
	 	 	 	 
	 

	 	SEVENTHLY
	 	in retention of such other sum or sums as the Agent may require as
security for any further monies which may reasonably be expected to become due
and payable to the Finance Parties under this Agreement or any of the other
Security Documents and which the assigned Earnings may be insufficient to
satisfy;
	 
	 	 	 	 
	 

	 	EIGHTHLY
	 	in or towards satisfaction of any additional security or amount to be
prepaid in accordance with Clause 10.18;
	 
	 	 	 	 
	 

	 	NINTHLY
	 	in or towards satisfaction of the Master Agreement Liabilities in the same
order in which the Transactions were entered into by the Borrower with the
Lenders and/or their Affiliates (as the case may be); and
	 
	 	 	 	 
	 

	 	TENTHLY
	 	the balance, if any, in payment to the Borrower or whomsoever shall then be
entitled thereto.
	 
	 	 	 	 
	 	 	In the event of the proceeds being insufficient to pay the amounts referred to above
the Agent shall be entitled to collect the balance from the Borrower.

	 	13.2	 	General funds/Event of Default monies
	 
	 	 	 	If an Event of Default has occurred and any monies are received by the Agent or any
other Finance Party under or pursuant to the Security Documents or if any other
monies are received by or in the possession of the Agent or any other Finance Party
under or pursuant to the Security Documents which are expressed hereunder and/or
under the Security Documents to be distributed in accordance with the provisions of
this Clause or where no express provisions are made for disposal, such monies shall
be applied in the discretion of the Agent as follows:

	 	 	 	 	 
	 

	 	FIRSTLY
	 	to the payment of all fees, expenses and charges (including brokers’
commissions), the expenses of any sale, the expenses of retaining any attorney,
solicitors’ fees, court costs and any other expenses or advances made or
incurred by the Agent or any Finance Party in the protection of the Agent’s and
the Finance Parties’ rights or the pursuance of its or their remedies hereunder
and under the other Security Documents or to any payments whether voluntary or
not which the Agent considers advisable to protect its or their security and to
provide adequate indemnity against liens claiming priority over or equality
with the lien of the Security Documents or any other Encumbrances;
	 
	 	 	 	 
	 

	 	SECONDLY
	 	in or towards payment in such order as the Lenders may require of any
accrued (but unpaid) fees and interest thereon to which the Finance Parties are
entitled hereunder and/or under the other Security Documents (other than the
Master Agreements) in connection with the Facility;

55

 

	 	 	 	 	 
	 

	 	THIRDLY
	 	in or towards satisfaction of all interest accrued on the Facility;
	 
	 	 	 	 
	 

	 	FOURTHLY
	 	in retention by the Agent in its discretion in a suspense or impersonal
interest bearing security realised account of such sum as it considers
appropriate by way of security for the Outstanding Indebtedness (other than the
Master Agreement Liabilities) or for any actual or contingent liability of the
Finance Parties or any of them in connection with the transactions herein
contemplated;
	 
	 	 	 	 
	 

	 	FIFTHLY
	 	in or towards payment of the Facility;
	 
	 	 	 	 
	 

	 	SIXTHLY
	 	in or towards satisfaction of any other amounts due from the Borrower to the
Finance Parties under the Security Documents (other than the Master Agreement
Liabilities) using in the discretion of the Agent the same order of application
as FIRSTLY to FIFTHLY;
	 
	 	 	 	 
	 

	 	SEVENTHLY
	 	in retention of such other sum or sums as the Agent may require as
security for any further monies which may reasonably be expected to become due
and payable to the Finance Parties under this Agreement, any of the other
Security Documents and which the assigned Earnings may be insufficient to
satisfy;
	 
	 	 	 	 
	 

	 	EIGHTHLY
	 	in or towards satisfaction of the Master Agreement Liabilities in the same
order in which the Transactions were entered into by the Borrower with the
Lenders and/or their Affiliates (as the case may be); and
	 
	 	 	 	 
	 

	 	NINTHLY
	 	the balance (if any) shall be released to the Borrower or to its order or
whomsoever else may be entitled thereto.

	 	13.3	 	Application of proceeds of Insurances
	 
	 	 	 	Proceeds of the Insurances for partial losses shall be applied in accordance with
the relevant Insurance Assignment and/or the loss payable clause endorsed on the
Insurances in the form approved by the Agent and in the case of a Total Loss of a
Vessel in accordance with Clause 3.11 and Clause 13.1.
	 
	 	13.4	 	Suspense account
	 
	 	 	 	Any monies received or recovered by the Agent or any Lender under or in connection
with the Security Documents and credited to any suspense or impersonal interest
bearing security realised account in accordance with FOURTHLY of Clause 13.1 or
Clause 13.2 may be held in such account for so long as the Agent thinks fit pending
application at the Agent’s discretion in accordance with Clause 13.1 or Clause 13.2
(as the case may be).

56

 

	14	 	Fees

	 	14.1	 	Commitment fee
	 
	 	 	 	The Borrower shall pay to the Agent for distribution to the Lenders quarterly in
arrears during the Commitment Period and on the last day of the Commitment Period,
[**] [Confidential Treatment] per cent [**] [Confidential Treatment] of the Applicable Margin on the relevant payment date on the
daily undrawn, uncancelled amount of Tranche 1 and, from the date that the condition
of drawdown relating to Tranche 2 is satisfied, on the daily undrawn, uncancelled
amount of the Facility during the Commitment Period.
	 
	 	 	 	The Borrower shall also pay to the Agent for distribution to the Lenders quarterly
in arrears during the Commitment Period and on the last day of the Commitment
Period, [**] [Confidential Treatment] per cent [**] [Confidential Treatment] of the Applicable Margin on the relevant payment date
on the daily undrawn, uncancelled amount of Tranche 2 during the Commitment Period
until the date that the condition of drawdown relating to Tranche 2 is satisfied.
	 
	 	14.2	 	Other fees
	 
	 	 	 	The Borrower will pay to the Agent on behalf of itself and the other Finance Parties
such fees as are set out in separate fee letters dated 1 December 2006 between the
Mandated Lead Arrangers and/or the Agent and the Borrower.

	15	 	Expenses

	 	15.1	 	Initial expenses
	 
	 	 	 	The Borrower shall reimburse the Agent on demand on a full indemnity basis for the
charges and expenses (together with value added tax or any similar tax thereon and
including without limitation travel expenses and the fees (as pre-agreed) and
expenses of legal, insurance and other advisers) incurred by the Mandated Lead
Arrangers, the Lenders and the Agent in respect of the arrangement and syndication
of the Facility and the negotiation, preparation, issue, printing, execution and
registration of this Agreement and the other Transaction Documents and any other
documents required in connection with the implementation of this Agreement.
	 
	 	15.2	 	Enforcement expenses
	 
	 	 	 	The Borrower shall reimburse the Finance Parties on demand of the Agent on a full
indemnity basis for all charges and expenses (including value added tax or any
similar tax thereon and including the fees and expenses of legal advisers) incurred
by the Finance Parties in connection with the enforcement of, or the preservation of
any rights under, this Agreement and the other Security Documents.
	 
	 	15.3	 	Stamp duties
	 
	 	 	 	The Borrower shall pay or indemnify the Finance Parties on demand of the Agent
against any and all stamp, registration and similar Taxes which may be payable in
any jurisdiction in connection with the entry into, performance and enforcement of
this Agreement or any of the other Security Documents.

57

 

	16	 	Waivers, Remedies Cumulative

	 	16.1	 	No waiver
	 
	 	 	 	No failure to exercise and no delay in exercising on the part of the Agent or any of
the Lenders any right or remedy under any of the Security Documents shall operate as
a waiver thereof, nor shall any single or partial exercise of any right or remedy
preclude any other or further exercise thereof, or the exercise of any other right
or remedy. No waiver by the Agent or any of the Lenders shall be effective unless
it is in writing.
	 
	 	16.2	 	Remedies cumulative
	 
	 	 	 	The rights and remedies of the Agent, and the Lenders provided herein are cumulative
and not exclusive of any rights or remedies provided by law.
	 
	 	16.3	 	Severability
	 
	 	 	 	If any provision of this Agreement is prohibited or unenforceable in any
jurisdiction, such prohibition or unenforceability shall not invalidate the
remaining provisions hereof or affect the validity or enforceability of such
provision in any other jurisdiction.
	 
	 	16.4	 	Time of essence
	 
	 	 	 	Time is of the essence in respect of all of the obligations of the Borrower under
the Security Documents provided however that none of the Agent or any of the Lenders
shall be entitled to terminate or treat this Agreement or any of the other Security
Documents as having been repudiated otherwise than in circumstances which constitute
an Event of Default.

	17	 	Counterparts
	 
	 	 	This Agreement may be executed in any number of counterparts and all such counterparts taken
together shall be deemed to constitute one and the same agreement.
	 
	18	 	Changes to the Lenders

	 	18.1	 	Assignments and transfers by the Lenders
	 
	 	 	 	Subject to this Clause 18, a Lender (the “Existing Lender”) may:

	 	18.1.1	 	assign any of its rights under the Security Documents; or
	 
	 	18.1.2	 	transfer by novation any of its rights and obligations under the Security
Documents,

to
another bank or financial institution or to a trust, fund or other entity which
is regularly engaged in or established for the purpose of making, purchasing or
investing in loans, securities or other financial assets (the “New Lender”) PROVIDED
THAT any such assignment or transfer shall be in respect of an amount of its
Commitment and/or Contribution of not less than [**] [Confidential Treatment] Dollars
[**] [Confidential Treatment] and PROVIDED THAT the Swingline Lender may only assign all of its
rights or transfer all of its rights and obligations to

58

 

another such bank or financial institution, trust, fund or other entity with an
office in New York.

Further, the Borrower shall have the right to require that an Existing Lender
assigns or transfers the whole of its Commitment and Contribution to a New Lender
proposed by the Borrower and approved by the Lenders if the cost to the Existing
Lender of funding any part of the Facility is materially higher than the cost to the
other Lenders or if the Existing Lender is affected by the provisions of Clauses
3.9, 7.2 or 8.1 and the cost to the Borrower is materially higher than in respect of
the other Lenders similarly affected.

	 	18.2	 	Conditions of assignment or transfer

	 	18.2.1	 	The consent of the Agent and the Borrower is required for an assignment or
transfer by a Lender, unless the assignment or transfer is to another Lender or
an Affiliate of a Lender. The said consent of the Borrower may not be
unreasonably withheld or delayed and shall not be required if an Event of
Default or a Possible Event of Default has occurred and is continuing.
	 
	 	18.2.2	 	An assignment will only be effective on:

	 	(a)	 	receipt by the Agent of written confirmation
from the New Lender (in form and substance satisfactory to the Agent)
that the New Lender will assume the same obligations to the Agent and
the other Lenders as it would have been under if it was an Original
Lender; and
	 
	 	(b)	 	performance by the Agent of all “know your
customer” or other checks relating to any person that it is required to
carry out in relation to such assignment to a New Lender, the
completion of which the Agent shall promptly notify to the Existing
Lender and the New Lender.

	 	18.2.3	 	A transfer will only be effective if the procedure set out in Clause 18.5 is
complied with.
	 
	 	18.2.4	 	If:

	 	(a)	 	a Lender assigns or transfers any of its rights
or obligations under the Security Documents or changes its Lending
Branch; and
	 
	 	(b)	 	as a result of circumstances existing at the
date the assignment, transfer or change occurs, the Borrower would be
obliged to make a payment to the New Lender or Lender acting through
its new Lending Branch under Clause 7,

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

59

 

	 	18.3	 	Assignment or transfer fee
	 
	 	 	 	The Existing Lender shall, on the date upon which an assignment or transfer takes
effect, pay to the Agent (for its own account) a fee of three thousand Dollars
(USD3,000).
	 
	 	18.4	 	Limitation of responsibility of Existing Lenders

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

	 	(a)	 	the legality, validity, effectiveness, adequacy
or enforceability of the Security Documents or any other documents;
	 
	 	(b)	 	the financial condition of the Borrower;
	 
	 	(c)	 	the performance and observance by any Obligor
of its obligations under the Security Documents or any other documents;
or
	 
	 	(d)	 	the accuracy of any statements (whether written
or oral) made in or in connection with any Security Document or any
other document,

and any representations or warranties implied by
law are excluded.

	 	18.4.2	 	Each New Lender confirms to the Existing Lender, the Agent and the other
Lenders that it:

	 	(a)	 	has made (and shall continue to make) its own
independent investigation and assessment of the financial condition and
affairs of each Obligor and its related entities in connection with its
participation in this Agreement and has not relied exclusively on any
information provided to it by the Existing Lender in connection with
any Security Document; and
	 
	 	(b)	 	will continue to make its own independent
appraisal of the creditworthiness of each Obligor and its related
entities whilst any amount is or may be outstanding under the Security
Documents or any Commitment is in force.

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

	 	(a)	 	accept a re-transfer from a New Lender of any
of the rights and obligations assigned or transferred under this Clause
18; or
	 
	 	(b)	 	support any losses directly or indirectly
incurred by the New Lender by reason of the non-performance by any
Obligor of its obligations under the Security Documents or otherwise.

	 	18.5	 	Procedure for transfer

	 	18.5.1	 	Subject to the conditions set out in Clause 18.2, a transfer is effected in
accordance with Clause 18.5.3 when the Agent executes an otherwise

60

 

	 	 	 	duly completed Transfer Certificate delivered to it by the Existing Lender
and the New Lender. The Agent shall, subject to Clause 18.5.2, as soon as
reasonably practicable after receipt by it of a duly completed Transfer
Certificate appearing on its face to comply with the terms of this Agreement
and delivered in accordance with the terms of this Agreement, execute that
Transfer Certificate.
	 
	 	18.5.2	 	The Agent shall only be obliged to execute a Transfer Certificate delivered
to it by the Existing Lender and the New Lender once it is satisfied it has
complied with all necessary “know your customer” or other similar checks under
all applicable laws and regulations in relation to the transfer to such New
Lender.
	 
	 	18.5.3	 	On the Transfer Date:

	 	(a)	 	to the extent that in the Transfer Certificate
the Existing Lender seeks to transfer by novation its rights and
obligations under the Security Documents each of the Borrower and the
Existing Lender shall be released from further obligations towards one
another under the Security Documents and their respective rights
against one another shall be cancelled (being the “Discharged Rights
and Obligations”);
	 
	 	(b)	 	each of the Borrower and the New Lender shall
assume obligations towards one another and/or acquire rights against
one another which differ from the Discharged Rights and Obligations
only insofar as the Borrower and the New Lender have assumed and/or
acquired the same in place of the Borrower and the Existing Lender;
	 
	 	(c)	 	the Agent, the New Lender and other Lenders
shall acquire the same rights and assume the same obligations between
themselves as they would have acquired and assumed had the New Lender
been an Original Lender with the rights and/or obligations acquired or
assumed by it as a result of the transfer and to that extent the Agent
and the Existing Lender shall each be released from further obligations
to each other under this Agreement; and
	 
	 	(d)	 	the New Lender shall become a party as a
“Lender”.

	 	18.6	 	Copy of Transfer Certificate to Borrower
	 
	 	 	 	The Agent shall, as soon as reasonably practicable after it has executed a Transfer
Certificate, send to the Borrower a copy of that Transfer Certificate.
	 
	 	18.7	 	Disclosure of information
	 
	 	 	 	Any Lender may disclose to any of its Affiliates and any other person:

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

61

 

	 	18.7.2	 	with (or through) whom that Lender enters into (or may potentially enter
into) any sub-participation in relation to, or any other transaction under
which payments are to be made by reference to, this Agreement or the Borrower;
or
	 
	 	18.7.3	 	to whom, and to the extent that, information is required to be disclosed by
any applicable law or regulation,

any information about any Obligor and the Transaction Documents as that Lender shall
consider appropriate if, in relation to Clauses 18.7.1 and 18.7.2, the person to
whom the information is to be given has entered into a Confidentiality Undertaking.

	 	18.8	 	Borrower’s co-operation
	 
	 	 	 	The Borrower shall co-operate fully with the Lender in relation to any assignment or
transfer proposed by the Lender and shall execute, or procure the execution of, any
documents which the Lender may require.

	19	 	Changes to the Borrower
	 
	 	 	The Borrower may not assign any of its rights or transfer any of its rights or obligations
under the Security Documents.
	 
	20	 	Reference Banks and Agent

	 	20.1	 	Reference Banks
	 
	 	 	 	If:

	 	20.1.1	 	the whole of the Contribution (if any) of any Reference Bank is prepaid;
	 
	 	20.1.2	 	the Commitment of any Reference Bank is cancelled or reduced to zero in
accordance with Clause 3.9 or any other relevant provision hereof;
	 
	 	20.1.3	 	a Reference Bank transfers the whole of its rights and obligations (if any)
as a Lender under this Agreement; or
	 
	 	20.1.4	 	where applicable, any Reference Bank ceases to provide quotations to the
Agent for the purposes of determining LIBOR,

the Agent may, acting on the instructions of the Majority Lenders, terminate the
appointment of such Reference Bank and appoint another Lender to replace such
Reference Bank.

	 	20.2	 	Decision making

	 	20.2.1	 	Save as expressly provided in Clause 20.2.2 or as otherwise expressly
provided herein, any proposed course of action in connection with any matter
requiring the consent of the Lenders under or in connection howsoever with this
Agreement shall only be taken with the consent of all the Lenders including,
but without limitation to the generality of the foregoing:

62

 

	 	(a)	 	the release of the Borrower from any of its
obligations hereunder provided that the Agent may agree with the
Borrower the terms and conditions upon which a condition precedent that
is not material, in the opinion of the Agent, may be deemed to be a
condition subsequent;
	 
	 	(b)	 	the amendment of any of the provisions of this
Agreement;
	 
	 	(c)	 	any time or other indulgence to be granted to
the Borrower in respect of its obligations under this Agreement.

	 	20.2.2	 	Proposals in connection with the following matters shall, in the absence of
agreement thereon by all of the Lenders or as otherwise provided in this
Agreement, be determined by the Majority Lenders:

	 	(a)	 	the making of any declaration by the Agent
under Clause 12.2;
	 
	 	(b)	 	the institution of any legal proceedings for
the enforcement of any rights or powers whatsoever pursuant to the
terms of this Agreement;
	 
	 	(c)	 	any course of action whatsoever from time to
time (other than the making of a demand for payment hereunder) whether
of a legal or commercial nature or otherwise howsoever for the purpose
of achieving a full or partial recovery of any principal, interest or
other amount due and payable by the Borrower hereunder or otherwise in
connection therewith following the making of a declaration by the Agent
under Clause 12.2;
	 
	 	(d)	 	any other matter in respect of which this
Agreement expressly provides that the consent of the Majority Lenders
shall be required.

	 	20.2.3	 	Any determination of the Lenders shall be ascertained by the Agent either:

	 	(a)	 	by means of a telefax sent by the Agent to each
of the Lenders in identical terms on the proposal or matter in issue;
or
	 
	 	(b)	 	by means of the vote of representatives of each
Lender at a meeting convened by the Agent and held for the purpose of
discussing (inter alia) such proposal or matter in issue.

Furthermore, it is hereby agreed by the Lenders that:

	 	(i)	 	where a decision of the Lenders is sought by
the Agent by means of a telefax sent in accordance with paragraph (a)
above and PROVIDED THAT the Agent verifies forthwith by telephone with
each relevant Lender that it has received such telefax in good order,
then the Agent may in its telefax:

	 	(1)	 	recommend a proposed course of
action to be taken by the Lenders; and

63

 

	 	(2)	 	specify a time limit (of not
less than three (3) Business Days) within which the Lenders are
required to respond to the Agent’s recommendation

so that, if any Lender fails to notify the Agent within such time
limit of its response to the recommendation, such Lender shall be
deemed to have accepted and approved the course of action proposed
by the Agent; and

	 	(ii)	 	where the approval of the Majority Lenders is
required in respect of any matter, the approval shall be deemed to have
been given as soon as the Agent receives the requisite number of votes
in favour of the proposal so that the Agent may act on the basis of
such votes without having to wait for the response of (or to give any
notification to) any other Lender who has yet to reply to the Agent.

	 	20.3	 	The Agent

	 	20.3.1	 	Each of the Lenders hereby appoints the Agent to act as its agent under this
Agreement and the Security Documents with such rights, powers and discretions
as are expressly delegated to the Agent hereunder and thereunder.
	 
	 	20.3.2	 	The Agent shall:

	 	(a)	 	promptly inform the Lenders of the contents of
any notice or request received by it from the Borrower under this
Agreement (whether such notice or request is addressed to the Agent
alone or the Agent on behalf of the Lenders) and of any information
delivered to it pursuant to Clause 10.2 and of any other matters which
the Agent considers material;
	 
	 	(b)	 	promptly deliver to the Lenders copies of any
accounts and certificates delivered to it pursuant to Clause 10.2 and,
as soon as reasonably practicable, copies of the documents delivered in
satisfaction of the requirements of Schedule 3;
	 
	 	(c)	 	promptly inform the Lenders in reasonable
detail of any exercise by it of any of the rights, powers and/or
discretions vested in it hereunder (but without the Agent being under
any obligation to give prior notice to the Lenders of any such
exercise);
	 
	 	(d)	 	promptly notify the Lenders of the occurrence
of any Event of Default or any other default by the Borrower in the due
performance of or compliance with its material obligations under this
Agreement of which the Agent has actual knowledge or actual notice and
the occurrence of which the Agent has verified;
	 
	 	(e)	 	if directed by the Majority Lenders, exercise
(or refrain from exercising) any right, power or discretion vested in
it hereunder in accordance with the directions (subject to Clause
20.2.1) of the Majority Lenders provided, however, that it may refrain
from

64

 

	 	 	 	acting in accordance with any such directions until it has received
such security as it may require (whether by way of payment in
advance or otherwise) for all costs, claims, expenses (including
legal fees) and liabilities which it will or may expend or incur in
complying with such directions and for this purpose the Agent shall
make a demand for such security addressed to all the Lenders;
	 
	 	(f)	 	receive from the Borrower all payments of
principal, interest and other moneys expressed to be payable to the
Agent hereunder on behalf of all or any of the Lenders and shall
promptly distribute the same amongst the Lenders and itself in
accordance with the terms of this Agreement pending which the Agent
shall hold any and all such moneys on trust for the Lenders and itself;
and
	 
	 	(g)	 	enter into any amendment to any of the Security
Documents or grant any waiver of any obligation of any of the Obligors
under any of such Security Documents if so instructed by the Lenders.

	 	20.3.3	 	The relationship between the Agent on the one part and each Lender on the
other is that of agent and principal and, except in relation to any moneys
referred to in Clause 20.3.2(f) and held by the Agent pending distribution
hereunder, the Agent shall not have a fiduciary relationship with or be, or be
deemed to be, a trustee of or for any such party.
	 
	 	20.3.4	 	In addition to the powers expressly given to the Agent by this Agreement:

	 	(a)	 	the Lenders may give the Agent (generally or in
any particular case) any powers which the Lenders consider appropriate;
and
	 
	 	(b)	 	the Agent has power to take any other action
which it considers to be reasonably incidental or conducive to the
performance of its functions under this Agreement or otherwise
appropriate in the context of those functions, including the exercise
of any powers given to it by the Lenders.

	 	20.3.5	 	The rights, powers and discretions vested in the Agent by this Agreement
shall only be exercised by the Agent in accordance with the instructions of the
Majority Lenders or (if so required in accordance with the provisions of Clause
20.2.1) the Lenders provided however that the Agent shall be entitled (but not
bound) to exercise or refrain from exercising any such right, power or
discretion without the directions of the Majority Lenders or the Lenders (as
the case may be) if the Agent believes that the immediate exercise of such
right, power or discretion is necessary or desirable to protect the interests
of the Lenders under or in respect of this Agreement.
	 
	 	 	 	Where any right, power or discretion is vested in the Agent under this
Agreement but is expressed as being exercisable in accordance with the
directions of the Lenders or the Majority Lenders, such right, power or
discretion shall not be exercised by the Agent without the lawful directions
of the Lenders or the Majority Lenders (as the case may be).

65

 

	 	20.3.6	 	Notwithstanding anything to the contrary expressed or implied herein, the
Agent shall not:

	 	(a)	 	be bound to enquire as to the occurrence or
otherwise of any Event of Default or as to the performance by the
Borrower of its obligations under this Agreement;
	 
	 	(b)	 	be bound to disclose to any other person any
information relating to the Borrower if such disclosure would or might
in its opinion constitute a breach of any law or regulation or be
otherwise actionable at the suit of any person;
	 
	 	(c)	 	have any responsibility to the Lenders or each
other for:

	 	(i)	 	the financial position,
creditworthiness, affairs or prospects of the Borrower;
	 
	 	(ii)	 	the performance or
non-performance howsoever by the Borrower of any of its
obligations hereunder;
	 
	 	(iii)	 	the due execution,
effectiveness, genuineness, validity or enforceability of this
Agreement or any document relating hereto or any filing or
recording thereof or the taking of any other action whatsoever
and howsoever in connection therewith or the collectability of
any sum due hereunder;
	 
	 	(iv)	 	any computations and/or
information supplied to the Lenders by the Agent in reliance
upon which the Lenders have entered into this Agreement;

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

	 	(i)	 	any written communication or
document believed by it to be genuine or correct and to have
been communicated or signed by the person by whom it is
purported to have been communicated or signed; or
	 
	 	(ii)	 	the advice or opinions of any
professional advisers selected by it;

	 	(e)	 	be under any duty to account to any Lender or
the Agent for any sum received by it for its own account or the profit
element of any such sum; or
	 
	 	(f)	 	be under any obligation other than those for
which express provision is made herein.

	 	20.3.7	 	The Agent may:

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

66

 

	 	(b)	 	assume that no Event of Default has occurred
and that the Borrower is not in breach of its obligations under this
Agreement unless the Agent has actual knowledge or actual notice to the
contrary;
	 
	 	(c)	 	engage and pay for the advice or services of
any internal or external lawyers, accountants, surveyors or other
experts whose advice or services may to it seem necessary, expedient or
desirable and rely upon any advice so obtained;
	 
	 	(d)	 	rely as to any matters of fact which might
reasonably be expected to be within the knowledge of the Borrower upon
a certificate signed by or on behalf of the Borrower; and
	 
	 	(e)	 	rely upon any communication or document
believed by it to be genuine.

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

	 	(a)	 	to check or enquire on its behalf into the
adequacy, accuracy or completeness of any information provided by the
Borrower in connection with this Agreement; or
	 
	 	(b)	 	to assess or keep under review on its behalf
the financial condition, creditworthiness, condition, affairs, status
or nature of the Borrower.

	 	20.3.9	 	Subject to the terms of this Agreement, this Agreement shall be serviced,
supervised and administered by the Agent in the ordinary course of its business
and in accordance with its usual practices. In performing its duties and
functions hereunder, the Agent shall exercise the same care as it normally
exercises in making and administering loans for its own account, but assumes no
further responsibility in respect of such performance.
	 
	 	20.3.10	 	The Agent shall not be under any liability as a result of taking or omitting
to take any action in relation to this Agreement save in the case of gross
negligence or wilful misconduct and the Lenders will not assert or seek to
assert against any director, officer or employee of the Agent any claim they
might have against any of them in respect of the matters referred to in this
Clause 20.3.10.
	 
	 	20.3.11	 	The Agent (or any officer thereof) shall not be precluded by reason of so
acting from underwriting, guaranteeing the subscription of or subscribing for
or otherwise acquiring, holding or dealing with any debentures, shares or
securities whatsoever of the Borrower or from entering into any contract or
financial or other transaction with or from engaging in any banking or other
business with the Borrower and shall not be liable to

67

 

	 	 	 	account for any profit made or payment received by it thereby or in
connection therewith.

	 	20.4	 	Retirement and replacement of the Agent

	 	20.4.1	 	The Agent may retire at any time without assigning any reason by giving to
the Borrower, the Agent and the Lenders not less than thirty (30) days notice
of its intention to do so. Unless the Agent in its notice of retirement
nominates any of its associated companies to be its successor, the successor
Agent may be appointed by the Majority Lenders (with the prior written consent
of the Borrower, such consent not to be unreasonably withheld or delayed)
during such thirty (30) day period PROVIDED THAT, should they fail to do so,
the Agent may then appoint as its successor a reputable and experienced bank
with an office in London.
	 
	 	20.4.2	 	If any Lender is dissatisfied with the Agent and wants it to be replaced,
such Lender shall consult with the other relevant Lenders and the Borrower for
a period of up to thirty (30) days to decide whether the Agent should be
replaced and, if so, by whom (such replacement being one of the relevant
Lenders or an associated company thereof). If at the end of such period the
relevant Lenders unanimously agree that the Agent should be replaced by a
particular Lender or one of its associated companies, and if the Borrower
consents in writing to the identity of the proposed replacement (such consent
(a) not to be unreasonably withheld and (b) not to be required if an Event of
Default has occurred and is continuing), then notice shall be given by the
relevant Lenders to the Agent specifying the date, being not fewer than five
(5) Business Days after the date of such notice, on which the appointment of
the successor Agent is, subject to Clause 20.4.4, to take effect.
	 
	 	20.4.3	 	For the purposes of this Clause 20.4:

	 	(a)	 	an “associated company” of the Agent and/or any
Lender shall mean any company which is a holding company of the Agent
and/or such Lender or a wholly-owned subsidiary of it or its parent
company; and
	 
	 	(b)	 	“relevant Lenders” means all of the Lenders
other than that Lender which acts as Agent or whose associated company
acts in such capacity.

	 	20.4.4	 	Any appointment of a successor Agent under Clause 20.4.1 or Clause 20.4.2
shall take effect upon:

	 	(a)	 	the successor confirming in writing its
agreement to be bound by the provisions of this Agreement; and
	 
	 	(b)	 	notice thereof by the Agent and its successor
(which notice, shall specify the banks to which payments to the new
Agent shall be made thereafter) being given to each of the other
parties to this Agreement.

68

 

	 	20.4.5	 	If a successor to the Agent is appointed under the provisions of this Clause
20.4:

	 	(a)	 	the outgoing Agent shall be discharged from any
further obligation under this Agreement;
	 
	 	(b)	 	its successor and each of the other parties
hereto shall have the same rights and obligations amongst themselves as
they would have had if such successor had been a party hereto in place
of the outgoing Agent;
	 
	 	(c)	 	Clause 20 and the other provisions of this
Agreement shall remain in effect for the benefit and protection of the
outgoing Agent in relation to any claim or loss which may be brought
against or incurred by it in connection with or as a result of any act,
omission, breach, neglect or other occurrence or matter relating to or
arising out of this Agreement which took place before its resignation.

	21	 	Notices

	 	21.1	 	Mode of communication
	 
	 	 	 	Except as otherwise provided herein, each notice, request, demand or other
communication or document to be given or made hereunder shall be given in writing
but unless otherwise stated, may be made by telefax.
	 
	 	21.2	 	Address
	 
	 	 	 	Any notice, demand or other communication (unless made by telefax) to be made or
delivered by the Agent to the Borrower pursuant to this Agreement shall (unless the
Borrower has by fifteen (15) days’ written notice to the Agent specified another
address) be made or delivered to the Borrower at 7665 Corporate Center Drive, Miami,
Florida 33126, United States of America (marked for the attention of Ms Bonnie Biumi
and the Legal Department (but one (1) copy shall suffice)). Any notice, demand or
other communication to be made or delivered by the Borrower to the Agent or the
Swingline Lender pursuant to this Agreement shall (unless the Agent or the Swingline
Lender has by fifteen (15) days’ written notice to the Borrower specified another
address) be made or delivered to the Agent or the Swingline Lender (as the case may
be) at its Lending Branch, the details of which are set out in Schedule 1.
	 
	 	21.3	 	Telefax communication
	 
	 	 	 	Any notice, demand or other communication to be made or delivered pursuant to this
Agreement may be sent by telefax to the relevant telephone numbers (which at the
date hereof in respect of the Borrower is +1 305 436 4140 (marked for the attention
of Ms Bonnie Biumi) and +1 305 436 4117 (marked for the attention of the Legal
Department) and in the case of the Agent or any Original Lender (including the
Swingline Lender) is as recorded in Schedule 1) specified by it from time to time
for the purpose and shall be deemed to have been received when transmission of such
telefax communication has been completed. Each such telefax communication, if made
to the Agent or any Lender (including the

69

 

	 	 	 	Swingline Lender) by the Borrower, shall be signed by the person or persons
authorised in writing by the Borrower and whose signature appears on the list of
specimen signatures contained in the secretary’s certificate required to be
delivered by paragraph 2 of Part I of Schedule 3 and shall be expressed to be for
the attention of the department or officer whose name has been notified for the time
being for that purpose by the Agent or any Lender (including the Swingline Lender)
to the Borrower.
	 
	 	21.4	 	Electronic mail
	 
	 	 	 	Any notice, demand or other communication other than a Drawdown Notice or a Renewal
Notice to be made or delivered pursuant to this Agreement may be made by electronic
mail or other electronic means, if the Agent, the Borrower and/or the Lender
(including the Swingline Lender):

	 	21.4.1	 	agree that, unless and until notified to the contrary, this is to be an
accepted form of communication; and
	 
	 	21.4.2	 	notify each other in writing of their electronic mail address and/or any
other information required to enable the sending and receipt of information by
that means; and
	 
	 	21.4.3	 	notify each other of any change to their electronic mail address or any other
such information supplied by them.

Any Original Lender (including the Swingline Lender) which sets out an email address
beneath its name in Schedule 1 is deemed to agree to receiving notices, demands or
other communications from the Agent or, in the case of the Swingline Lender, the
Borrower, by electronic mail.

Any electronic communication made:

	 	(a)	 	by the Agent to the Borrower or a Lender or by the Swingline
Lender to the Borrower or the Agent will be effective when it is sent by the
Agent or the Swingline Lender (as the case may be) unless the Agent or the
Swingline Lender (as the case may be) receives a message indicating failed
delivery and, if upon the sender’s express request, a confirmation of receipt
is requested, such confirmation has been sent; and
	 
	 	(b)	 	by the Borrower or a Lender (including the Swingline Lender) to
the Agent will be effective only when actually received by the Agent and then
only if it is addressed in such a manner as the Agent shall specify to that
party for this purpose.

The Agent shall notify the Borrower and the Lenders (including the Swingline Lender)
and the Borrower or a Lender (including the Swingline Lender) shall notify the Agent
in each case promptly upon becoming aware that its electronic mail system or other
electronic means of communication cannot be used due to technical failure (and that
failure is continuing for more than two (2) Business Days). Until the Agent, the
Borrower or that Lender (including the Swingline Lender) has notified as aforesaid
that the failure has been remedied, all notices between the Agent and the Borrower
or that Lender (including the Swingline Lender) shall be sent by fax or letter in
accordance with this Clause 21.

70

 

	 	21.5	 	Receipt
	 
	 	 	 	Each such notice, demand or other communication shall be deemed to have been made or
delivered (in the case of any letter) when delivered to its office for the time
being or, if sent by post, five (5) days after being deposited in the post first
class or express airmail (as the case may be) postage prepaid in an envelope
addressed to it at that address or, if sent by electronic mail, in accordance with
Clause 21.4.
	 
	 	21.6	 	Language
	 
	 	 	 	Each notice, demand or other communication made or delivered by one (1) party to
another pursuant to this Agreement or any other Security Document shall be in the
English language or accompanied by a certified English translation. In the event of
any conflict between the translation and the original text the translation shall
prevail unless the original text is a statutory instrument, legal process or any
other document of a similar type.

	22	 	Governing Law
	 
	 	 	This Agreement shall be governed by English law.

	 
	23	 	
Waiver of Immunity
	 
	 	 	To the extent that the Borrower may in any jurisdiction claim for itself or its assets
immunity from suit, execution, attachment (whether in aid of execution, before judgment or
otherwise) or other legal process in relation to this Agreement or the other Security
Documents and to the extent that in any such jurisdiction there may be attributed to itself
or its assets such immunity (whether or not claimed) the Borrower hereby irrevocably and
unconditionally agrees throughout the Security Period not to claim and hereby irrevocably
waives such immunity to the full extent permitted by the laws of such jurisdiction. In
respect of any legal action or proceedings arising out of or in connection with any of the
Security Documents the Borrower hereby consents generally as a matter of procedure in
relation to the waiver of immunity (but not so as to prejudice any defence which the
Borrower may have on the merits of the substantive issue) to the giving of any relief or the
issue of any process in connection with such legal action or proceedings including without
limitation, the making, enforcement or execution against any property whatsoever
(irrespective of its uses or intended uses) of any order or judgment which may be made or
given in such legal action or proceedings.
	 
	24	 	Jurisdiction

	 	24.1	 	The courts of England have exclusive jurisdiction to settle any dispute arising
out of or in connection with this Agreement (including a dispute regarding the
existence, validity or termination of this Agreement) (a “Dispute”). Each party to
this Agreement agrees that the courts of England are the most appropriate and
convenient courts to settle Disputes and accordingly no party will argue to the
contrary.
	 
	 	 	 	This Clause 24.1 is for the benefit of the Lenders and the Agent only. As a result,
no such party shall be prevented from taking proceedings relating to a Dispute in
any other courts with jurisdiction. To the extent allowed by law, any such party
may take concurrent proceedings in any number of jurisdictions.

71

 

	 	24.2	 	The Borrower may not, without the Agent’s prior written consent, terminate the
appointment of the Process Agent; if the Process Agent resigns or its appointment
ceases to be effective, the Borrower shall within fourteen (14) days appoint a company
which has premises in London and has been approved by the Agent to act as the
Borrower’s process agent with unconditional authority to receive and acknowledge
service on behalf of the Borrower of all process or other documents connected with
proceedings in the English courts which relate to this Agreement.
	 
	 	24.3	 	For the purpose of securing its obligations under Clause 24.2, the Borrower
irrevocably agrees that, if it for any reason fails to appoint a process agent within
the period specified in Clause 24.2, the Agent may appoint any person (including a
company controlled by or associated with the Agent or any Lender) to act as the
Borrower’s process agent in England with the unconditional authority described in
Clause 24.2.
	 
	 	24.4	 	No neglect or default by a process agent appointed or designated under this
Clause (including a failure by it to notify the Borrower of the service of any process
or to forward any process to the Borrower) shall invalidate any proceedings or
judgment.
	 
	 	24.5	 	The Borrower appoints in the case of the courts of England the Process Agent to
receive, for and on its behalf service of process in England of any legal proceedings
with respect to this Agreement and any other Security Document.
	 
	 	24.6	 	A judgment relating to this Agreement which is given or would be enforced by an
English court shall be conclusive and binding on the Borrower and may be enforced
without review in any other jurisdiction.
	 
	 	24.7	 	Nothing in this Clause shall exclude or limit any right which the Agent or a
Lender may have (whether under the laws of any country, an international convention or
otherwise) with regard to the bringing of proceedings, the service of process, the
recognition or enforcement of a judgment or any similar or related matter in any
jurisdiction.
	 
	 	24.8	 	In this Clause “judgment” includes order, injunction, declaration and any other
decision or relief made or granted by a court.

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

	 	 	 	 	 
	SIGNED SEALED and DELIVERED as a DEED

	 	 	)	      PA Turner 
	by PA
Turner

	 	 	)	 
	for and on behalf of

	 	 	)	 
	NCL CORPORATION LTD.

	 	 	)	 
	in the presence of:

	 	 	)	 

72

 

	 	 	 	 	 	 	 	 	 
	SIGNED
SEALED and DELIVERED as a DEED

	 	 	 	 	)	 	 	Theodora Kokota
	by Theodora Kokota

	 	 	 	 	)	 	 	 
	for and on hehalf of

	 	 	 	 	)	 	 	 
	DnB NOR BANK ASA

	 	 	 	 	)	 	 	 
	as a
Mandated Lead Arranger, an Original Lender,

	 	 	 	 	)	 	 	 
	the Swingline Leader and the Agent

	 	 	 	 	)	 	 	 
	in the presence of:

	 	Carolyn Hamilton Stephenson Hardwood
	 	 	)	 	 	 
	 

	 	One St. Paul’s Church Yard
	 	 	)	 	 	 
	 

	 	London EC4M 8SH solicitors
	 	 	)	 	 	 
	 
	 	 	 	 	 	 	 	 
	SIGNED
SEALED and DELIVERED as a DEED
	 	 	 	 	)	 	 	Theodora Kokota
	by Theodora Kokota

	 	 	 	 	)	 	 	 
	for and on hehalf of

	 	 	 	 	)	 	 	 
	CITIBANK
N.A.

	 	 	 	 	)	 	 	 
	as a Mandated Lead Arranger and an Original Lender

	 	 	 	 	)	 	 	 
	in the presence of:

	 	Carolyn Hamilton Stephenson Hardwood
	 	 	)	 	 	 
	 

	 	One St. Paul’s Church Yard
	 	 	)	 	 	 
	 

	 	London EC4M 8SH solicitors
	 	 	)	 	 	 
	 
	 	 	 	 	 	 	 	 
	SIGNED
SEALED and DELIVERED as a DEED
	 	 	 	 	)	 	 	Theodora Kokota
	by Theodora Kokota

	 	 	 	 	)	 	 	 
	for and on hehalf of

	 	 	 	 	)	 	 	 
	COMMERZBANK
AKTIENGESELLSCHAFT

	 	 	 	 	)	 	 	 
	Hamburg
Branch, Global Shipping

	 	 	 	 	)	 	 	 
	as a Mandated Lead Arranger and an Original Lender

	 	 	 	 	)	 	 	 
	in the presence of:

	 	Carolyn Hamilton Stephenson Hardwood
	 	 	)	 	 	 
	 

	 	One St. Paul’s Church Yard
	 	 	)	 	 	 
	 

	 	London EC4M 8SH solicitors
	 	 	)	 	 	 
	 
	 	 	 	 	 	 	 	 
	SIGNED
SEALED and DELIVERED as a DEED
	 	 	 	 	)	 	 	Theodora Kokota
	by Theodora Kokota

	 	 	 	 	)	 	 	 
	for and on hehalf of

	 	 	 	 	)	 	 	 
	KRW

	 	 	 	 	)	 	 	 
	as a Mandated Lead Arranger and an Original Lender

	 	 	 	 	)	 	 	 
	in the presence of:

	 	Carolyn Hamilton Stephenson Hardwood
	 	 	)	 	 	 
	 

	 	One St. Paul’s Church Yard
	 	 	)	 	 	 
	 

	 	London EC4M 8SH solicitors
	 	 	)	 	 	 
	 
	 	 	 	 	 	 	 	 

73

 

	 	 	 	 	 	 	 	 	 
	SIGNED
SEALED and DELIVERED as a DEED
	 	 	 	 	)	 	 	Theodora Kokota
	by Theodora Kokota

	 	 	 	 	)	 	 	 
	for and on hehalf of

	 	 	 	 	)	 	 	 
	NORDDEUTSCHE
LANDESBANK GIROZENTRALE

	 	 	 	 	)	 	 	 
	as a Mandated Lead Arranger and an Original Lender

	 	 	 	 	)	 	 	 
	in the presence of:

	 	Carolyn Hamilton Stephenson Hardwood
	 	 	)	 	 	 
	 

	 	One St. Paul’s Church Yard
	 	 	)	 	 	 
	 

	 	London EC4M 8SH solicitors
	 	 	)	 	 	 
	 
	 	 	 	 	 	 	 	 
	SIGNED
SEALED and DELIVERED as a DEED
	 	 	 	 	)	 	 	Theodora Kokota
	by Theodora Kokota

	 	 	 	 	)	 	 	 
	for and on hehalf of

	 	 	 	 	)	 	 	 
	NORDEA
BANK NORGE ASA

	 	 	 	 	)	 	 	 
	as a Mandated Lead Arranger and an Original Lender

	 	 	 	 	)	 	 	 
	in the presence of:

	 	Carolyn Hamilton Stephenson Hardwood
	 	 	)	 	 	 
	 

	 	One St. Paul’s Church Yard
	 	 	)	 	 	 
	 

	 	London EC4M 8SH solicitors
	 	 	)	 	 	 
	 
	 	 	 	 	 	 	 	 

74

 

Schedule 1

Particulars of Agent, Mandated Lead Arrangers

and Original Lenders

Name and Address

Agent

DnB NOR BANK ASA

Stranden 21

NO-0021 Oslo

Norway

	 	 	 
	Fax:

	 	+47 22 482894
	Attn:

	 	Mrs Solveig Nuland Knoff

Mandated Lead Arrangers

Name and Address

DnB NOR BANK ASA

Stranden 21

NO-0021 Oslo

Norway

	 	 	 
	Fax:

	 	+47 22 482020
	Attn:

	 	Mr Jon Flovik
	Email:

	 	jon.flovik@dnbnor.no

CITIBANK N.A.

388 Greenwich Street, 23rd Floor

New York, New York 10013

United States of America

	 	 	 
	Fax:

	 	+1 646 291 5051
	Attn:

	 	Mr Philip Ziegler
	Email:

	 	philip.ziegler@citigroup.com

COMMERZBANK AKTIENGESELLSCHAFT

Hamburg Branch

Global Shipping

Ness 7-9

20457 Hamburg

Germany

	 	 	 
	Fax:

	 	+49 40 3683 4068 / 2049
	Attn:

	 	Mr Stefan Kuch / Mr Siegfried Hoffmann
	Email:

	 	stefan.kuch@commerzbank.com /
	 

	 	siegfried.hoffmann@commerzbank.com

75

 

Name and
Address 

KfW

Palmengartenstrasse 5-9

60325 Frankfurt am Main

Germany

	 	 	 
	Fax:

	 	+49 69 7431 3768/4110
	Attn:

	 	Mr Josef Schmid / Ms Clare Dooley
	Email:

	 	josef.schmid@kfw.de /
	 

	 	clare.dooley@kfw.de

NORDDEUTSCHE LANDESBANK 
GIROZENTRALE

Friedrichswall 10

30159 Hannover

Germany

	 	 	 
	Fax:

	 	+49 511 361 4785
	Attn:

	 	Mr Thomas Schramme / Mr Alexander Viets
	Email:

	 	shipping@nordlb.de

NORDEA BANK NORGE ASA

Middelthuns gate 17

Oslo

Norway

P O Box 1166 Sentrum

NO-0107 Oslo

	 	 	 
	Fax:

	 	+47 22 484278
	Attn:

	 	Mr Arne Berglund
	Email:

	 	arne.berglund@nordea.com

76

 

Lenders (including the Swingline Lender)

	 	 	 	 	 	 	 
	Name and Address	 	Commitment to	 	Commitment to
	 	 	 	 	Revolving Credit	 	Swingline Facility
	 	 	 	 	Facility as a	 	as a Proportion
	 	 	 	 	Proportion	 	 
	For all matters:	 	 	 	 
	 
	 	 	 	 	 	 
	DnB NOR BANK ASA	 	[**] [Confidential Treatment]	 	[**] [Confidential Treatment]
	Stranden 21	 	 	 	 
	NO-0021 Oslo	 	 	 	 
	Norway	 	 	 	 
	 
	 	 	 	 	 	 
	Fax:
	 	+47 22 482020	 	 	 	 
	Attn:
	 	Mr Jon Flovik	 	 	 	 
	Email:
	 	jon.flovik@dnbnor.no	 	 	 	 
	 
	 	 	 	 	 	 
	For all matters relating to the Swingline Facility:	 	 	 	 
	 
	 	 	 	 	 	 
	DnB NOR BANK ASA	 	 	 	[**] [Confidential Treatment]
	New York Branch	 	 	 	 
	200 Park Avenue	 	 	 	 
	31st Floor	 	 	 	 
	New York, NY 10166-0396	 	 	 	 
	United States of America	 	 	 	 
	 
	 	 	 	 	 	 
	Fax:
	 	+1 212 681 4123	 	 	 	 
	Attn:
	 	Ms Helene Vales / Ms Fay Murray	 	 	 	 
	Email:
	 	helene.vales@dnbnor.no /	 	 	 	 
	 
	 	fay.murray@dnbnor.no1	 	 	 	 
	 
	 	 	 	 	 	 
	CITIBANK N.A.	 	[**] [Confidential Treatment]	 	[**] [Confidential Treatment]
	399 Park Ave 16th FLS	 	 	 	 
	New York, NY 10043	 	 	 	 
	United States of America	 	 	 	 
	 
	 	 	 	 	 	 
	Fax:
	 	+1 212 994 0847	 	 	 	 
	Attn:
	 	Mr Askia Abdul-Qadir	 	 	 	 
	Email:
	 	askia.m1.abdulquadir@citigroup.com	 	 	 	 

 

			
	1	 	See Clause 21.4 in respect of Drawdown Notices

77

 

	 	 	 	 	 	 	 
	Name and Address	 	Commitment to	 	Commitment to
	 	 	 	 	Revolving Credit	 	Swingline Facility
	 	 	 	 	Facility as a	 	as a Proportion
	 	 	 	 	Proportion	 	 
	COMMERZBANK AKTIENGESELLSCHAFT	 	[**] [Confidential Treatment]	 	[**] [Confidential Treatment]
	Hamburg Branch	 	 	 	 
	Global Shipping	 	 	 	 
	Ness 7-9	 	 	 	 
	20457 Hamburg	 	 	 	 
	Germany	 	 	 	 
	 
	 	 	 	 	 	 
	Fax:
	 	+49 40 3683 4068 / 2049	 	 	 	 
	Attn:
	 	Mr Stefan Kuch / Mr Siegfried Hoffmann	 	 	 	 
	Email:
	 	stefan.kuch@commerzbank.com /	 	 	 	 
	 
	 	siegfried.hoffmann@commerzbank.com	 	 	 	 
	 
	 	 	 	 	 	 
	KfW	 	[**] [Confidential Treatment]	 	[**] [Confidential Treatment]
	Palmengartenstrasse 5-9	 	 	 	 
	60325 Frankfurt am Main	 	 	 	 
	Germany	 	 	 	 
	 
	 	 	 	 	 	 
	Fax:
	 	+49 69 7431 3768/4110	 	 	 	 
	Attn:
	 	Mr Josef Schmid / Ms Clare Dooley	 	 	 	 
	Email:
	 	josef.schmid@kfw.de /	 	 	 	 
	 
	 	clare.dooley@kfw.de	 	 	 	 
	 
	 	 	 	 	 	 
	NORDDEUTSCHE LANDESBANK

 GIROZENTRALE	 	[**] [Confidential Treatment]	 	[**] [Confidential Treatment]
	Friedrichswall 10	 	 	 	 
	30159 Hannover	 	 	 	 
	Germany	 	 	 	 
	 
	 	 	 	 	 	 
	Fax:
	 	+49 511 361 4785	 	 	 	 
	Attn:
	 	Mr Thomas Schramme / Mr Alexander Viets	 	 	 	 
	Email:
	 	shipping@nordlb.de	 	 	 	 
	 
	 	 	 	 	 	 
	NORDEA BANK NORGE ASA	 	[**] [Confidential Treatment]	 	[**] [Confidential Treatment]
	Middelthuns gate 17	 	 	 	 
	Oslo	 	 	 	 
	P O Box 1166 Sentrum	 	 	 	 
	NO-0107 Oslo	 	 	 	 
	Norway	 	 	 	 
	 
	 	 	 	 	 	 
	Fax:
	 	+47 22 484278	 	 	 	 
	Attn:
	 	Mr Arne Berglund	 	 	 	 
	Email:
	 	arne.berglund@nordea.com	 	 	 	 

78

 

Schedule 2

Notice of Drawdown

Clause 2.3 or Clause 2.4

	 	 	 
	FROM:

	 	NCL CORPORATION LTD.
	 

	 	Milner House
	 

	 	18 Parliament Street
	 

	 	Hamilton HM 12
	 

	 	Bermuda
	 
	 	 
	TO:

	 	[DnB NOR BANK ASA
	 

	 	Stranden 21
	 

	 	NO-0021 Oslo
	 

	 	Norway]
	 
	 	 
	 

	 	[DnB NOR BANK ASA
	 

	 	New York Branch
	 

	 	200 Park Avenue
	 

	 	31st Floor
	 

	 	New York, NY 10166-0396
	 

	 	United States of America]

20[  ]

Dear Sirs

			
	 	 	 
	FACILITY AGREEMENT DATED
	 	DECEMBER 2006 (THE “FACILITY AGREEMENT”)
	 	 	 

We refer to the Facility Agreement pursuant to which you have agreed to advance to us the Facility
on the terms and conditions set out therein.

Terms and expressions defined in the Facility Agreement shall have the same respective meanings
when used in this notice.

We hereby give you notice that we wish to draw down a Drawing of the [Revolving Credit
Facility][Swingline Facility] in the amount of [                    ] Dollars (USD[          ]) under Clause 2.[3][4] of the Facility Agreement on [               ] 20[  ].

Such amount is to be paid to:

[               ]

We confirm that:

	(i)	 	all of the representations and warranties contained in Clause 9 of the Facility Agreement
remain true and correct;

	(ii)	 	no Possible Event of Default or Event of Default has occurred nor will occur with the giving
of this notice;

79

 

	(iii)	 	the Interest Period shall be of [one (1) month’s][three (3)][six (6)] [months’] [one (1)
Business Day’s][two (2)][three (3)][four (4)][five (5)] [Business Days’] duration;

	(iv)	 	the Drawing will be applied [in refinancing all existing indebtedness related to the
Vessels][for general corporate and working capital purposes of the Borrower and its
Subsidiaries][for general short term corporate purposes of the Borrower but not the repayment
or prepayment of another Swingline Facility Drawing]; [and]

	(v) 	 	[upon application of the Drawing hereby requested to be advanced in the manner hereinbefore
appearing all sums owing to the existing financiers of the Vessels shall have been fully and
finally repaid].

Yours faithfully

NCL CORPORATION LTD.

By:                                                                                 

80

 

Schedule 3

Conditions Precedent

Clause 2.6

The Facility is expressly conditional upon the Agent having received in such form and substance as
it shall require:

	 	 	A On signing hereof

Borrower

	1	 	Certified Copies of any consents required from any ministry, governmental, financial or other
authority for the execution of and performance by the Borrower of its obligations under this
Agreement and each of the Security Documents or if no such consents are required a secretary’s
certificate of the Borrower to this effect confirming that no such consents are required.
	 
	2	 	Notarially attested secretary’s certificate for the Borrower:

	 	2.1	 	attaching a copy of its Certificate of Incorporation and Memorandum of
Association and Bye-Laws evidencing power to:

	 	2.1.1	 	enter into the transactions contemplated by this Agreement and
in the other Security Documents and to buy ships and enter into arrangements
for the chartering and management thereof; and
	 
	 	2.1.2	 	borrow money in the amount referred to in this Agreement and
as security therefor to mortgage or charge assets;

	 	2.2	 	giving the names of the present officers and directors;
	 
	 	2.3	 	setting out specimen signatures of persons who would be authorised to sign
documents or otherwise perform its obligations under the Security Documents;
	 
	 	2.4	 	giving the legal and beneficial owners of its shares and the number of shares
held by each shareholder;
	 
	 	2.5	 	attaching copies of resolutions passed at a duly convened meeting of the
directors authorising the borrowing of the Facility and the execution of this Agreement
and such of the other Security Documents to which the Borrower is a party and the issue
of any power of attorney to execute the same; and
	 
	 	2.6	 	containing a declaration of solvency as at the date of the secretary’s
certificate.

	3	 	Where the secretary’s certificate referred to in paragraph 2 of this Schedule 3 is dated more
than fifteen (15) days prior to the Signing Date, a bringdown certificate, which need not be
notarially attested if signed by the same person that signed the secretary’s certificate
referred to in paragraph 2 of this Schedule 3.

	4	 	The original power of attorney issued pursuant to the resolutions referred to in paragraph 2
above, notarially attested.

81

 

	5	 	The Disclosure Letter duly executed.

Other Obligors

	6	 	Certified Copies of any consents required from any ministry, governmental, financial or other
authority for the execution of and performance by each of the other Obligors of its
obligations under the Security Documents to which it is a party or if no such consents are
required a secretary’s certificate of that Obligor to this effect confirming that no such
consents are required.

	7	 	Notarially attested secretary’s certificate:

	 	7.1	 	attaching a copy of its Certificate of Incorporation and Memorandum of
Association and Bye-Laws evidencing power to enter into the transactions contemplated
by this Agreement;
	 
	 	7.2	 	giving the names of the present officers and directors;
	 
	 	7.3	 	setting out specimen signatures of persons who would be authorised to sign
documents or otherwise perform its obligations under the Security Documents;
	 
	 	7.4	 	attaching copies of resolutions passed at a duly convened meeting of the
directors approving the granting and the execution of the documents whose execution is
contemplated hereby, insofar as they relate to it and the issue of any power of
attorney to execute the same; and
	 
	 	7.5	 	containing a declaration of solvency as at the date of the secretary’s
certificate.

	8	 	Where the secretary’s certificate referred to in paragraph 7 of this Schedule 3 is dated more
than fifteen (15) days prior to the Signing Date, a bringdown certificate, which need not be
notarially attested if signed by the same person that signed the secretary’s certificate
referred to in paragraph 7 of this Schedule 3.

	9	 	The original powers of attorney issued pursuant to the resolutions referred to in paragraph
7.1 of this Schedule 3, notarially attested.

General

	10	 	Confirmation from the Process Agent that it will act for each of the Obligors as agent for
service of process in England.

	11	 	Opinions from lawyers appointed by the Agent including English, Bermudan and Isle of Man
lawyers as to any of the foregoing matters or otherwise as the Lenders may require in the form
required by the Lenders.

	12	 	A copy of:

	 	12.1	 	the audited consolidated financial statements of the NCLC Group for the
financial year ending on 31 December 2005;
	 
	 	12.2	 	the unaudited consolidated financial statements of the NCLC Group for the
fiscal quarter ending on 30 September 2006; and

82

 

	 	12.3	 	detailed projected consolidated financial statements of the NCLC Group for the
six (6) financial years commencing with the financial year ending on 31 December 2006,
which projections shall (a) reflect the forecasted consolidated financial condition of
the NCLC Group after giving effect to the Facility and the related financing thereof;
and (b) be prepared and approved by the chief financial officer of the NCLC Group.

	13	 	Letter from the secretary of the Borrower to the Agent stating that the Borrower is and shall
remain, after the advance to it of the Facility or any of it, solvent in accordance with the
laws of Bermuda and the United Kingdom and in particular with the provisions of the United
Kingdom’s Insolvency Act 1986 (as from time to time amended) and the requirements thereof.
	 
	14	 	Copies of all Companies Acts forms for filing of charges in Bermuda.
	 
	15	 	Payment of all fees under Clause 14 and all expenses due under Clause 15.
	 
	B.	 	At least five (5) Business Days before the first Advance Date in respect of Tranche 1
	 
	16	 	Drawdown notice duly executed by the Borrower in the form of Schedule 2.
	 
	17	 	Certified Copy of such documents as have been received by the Owners from the existing
financiers of the Vessels in evidence of the existing indebtedness in respect of the Vessels.
	 
	18	 	Financial projections of the NCLC Group for the twelve (12) month period commencing on the
first day of the financial quarter of the NCLC Group in which the first Advance Date falls
(including income statement, balance sheet and cash flow statement for the NCLC Group) and an
outline of the assumptions supporting such budget and financial projections and details of any
scheduled dry-docking of any of the vessels owned and/or operated by companies in the NCLC
Group during such period, demonstrating that the Borrower will be in compliance with the
financial undertakings contained in Clause 10.3 during such twelve (12) month period.
	 
	C	 	On the first Advance Date in respect of Tranche 1
	 
	19	 	Such evidence as the Lenders may require that the Borrower has raised a minimum of two
hundred million Dollars (USD200,000,000) in paid up new equity since 30 November 2006, which
amount has not been released or repaid.
	 
	20	 	Such evidence as the Lenders may require that each of the Vessels is:

	 	20.1	 	at least provisionally registered in the name of the relevant Owner under the
Bahamian flag with a certificate of registry free from all liens and encumbrances
except the relevant Mortgage and any other mortgage acceptable to the Lenders and the
subject of a Co-ordination Deed;
	 
	 	20.2	 	classified with the highest classification available free of all
recommendations and qualifications with Det Norske Veritas, save as disclosed to the
Agent;
	 
	 	20.3	 	insured in accordance with the terms of the Security Documents; and
	 
	 	20.4	 	managed by the Manager pursuant to the relevant Management Agreement.

83

 

	21	 	In respect of each of the Vessels:

	 	21.1	 	copies of valid trading and other certificates;
	 
	 	21.2	 	Certified Copy of the Management Agreement;
	 
	 	21.3	 	Mortgage duly executed and lodged for registration at the Bahamas Maritime
Authority in London;
	 
	 	21.4	 	Earnings Assignment duly executed;
	 
	 	21.5	 	Insurance Assignment duly executed;
	 
	 	21.6	 	Management Agreement Assignment duly executed;
	 
	 	21.7	 	Co-ordination Deed duly executed; and
	 
	 	21.8	 	Telefax confirmations from the insurance brokers for marine risks (hull and
machinery) and the managers of any protection and indemnity or war risks association
through whom any Insurances in respect of the Vessels have been placed that the
Insurances have been placed and upon receipt of notices of assignment of the Insurances
they will issue letters of undertaking in the form approved by the Lenders.

	22	 	In respect of each of the Vessels, the first valuations referred to in Clause 10.17.1
providing evidence that the aggregate market value of the Vessels is not less than [**] [Confidential Treatment] Dollars [**] [Confidential Treatment].
	 
	23	 	Guarantees duly executed by the Owners.
	 
	24	 	Charges duly executed in respect of the Owners.
	 
	25	 	Opinions from Bahamian lawyers appointed by the Agent as to due registration of the Vessels
and due registration of the Mortgages and from English, Bermudan and Isle of Man lawyers
appointed by the Agent as to any of the foregoing matters or otherwise as the Lenders may
require in the form required by the Lenders.
	 
	26	 	From the Agent’s insurance advisers, a report on the Insurances for each of the Vessels and a
certificate confirming that such Insurances are placed with such insurance companies and/or
underwriters and/or clubs, in such amounts, against such risks, and in such form, as should be
acceptable to the Lenders and conform with the provisions of the relevant Mortgage.
	 
	27	 	Where a secretary’s certificate referred to in paragraph 2 or paragraph 7 of this Schedule 3
is dated more than ten (10) days prior to the first Advance Date, a bringdown certificate,
which need not be notarially attested if signed by the same person that signed the secretary’s
certificate referred to in paragraph 2 or paragraph 7 (as the case may be) of this Schedule 3.
	 
	28	 	Certified Copy of the carrier initiative agreement(s) executed pursuant to the Mortgages.
	 
	29	 	Certified Copies of any current certificates of financial responsibility in respect of the
Vessels issued under OPA.

84

 

	30	 	Certified Copies of valid safety management certificates (or interim safety management
certificates) issued to the Vessels in respect of their management by the Manager pursuant to
the International Safety Management Code.
	 
	31	 	Certified Copies of a valid document of compliance (or an interim document of compliance)
issued to the Manager in respect of ships of the same type as the Vessels pursuant to the
International Safety Management Code.
	 
	32	 	Certified Copies of valid international ship security certificates issued to the Vessels in
accordance with the International Ship and Port Facility Security Code adopted by the
International Maritime Organisation.
	 
	33	 	Certified Copies of valid international air pollution prevention certificates issued to the
Vessels under 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).

General

	34	 	Copies of Companies Act forms for filing of charges in Bermuda and the Isle of Man.
	 
	35	 	Payment of all fees due under Clause 14 and all expenses due under Clause 15.
	 
	D	 	On the first Advance Date in respect of Tranche 2
	 
	36	 	Such evidence as the Lenders may require that the Borrower has raised a further minimum of
two hundred million Dollars (USD200,000,000) in paid up new equity
and an aggregate of four hundred million Dollars (USD400,000,000) in paid up new equity since 30 November 2006, which
amount has not been released or repaid.

85

 

Schedule 4

Confidentiality Undertaking

[ON BANK’S HEADED PAPER]

	 	 	 
	TO:

	 	NCL CORPORATION LTD.
	 

	 	Milner House
	 

	 	18 Parliament Street
	 

	 	Hamilton HM 12
	 

	 	Bermuda
	 
	 	 
	 

	 	DnB NOR BANK ASA
	 

	 	Stranden 21
	 

	 	NO-0021 Oslo
	 

	 	Norway

NCL CORPORATION LTD.

UP TO USD610,000,000 FACILITY (THE “FACILITY”)

FORM OF CONFIDENTIALITY UNDERTAKING

In connection with a possible future transaction involving NCL Corporation Ltd., a Bermuda company,
and certain of its subsidiaries and affiliates (hereinafter collectively referred to as “NCL”) and
BANK NAME (“BANK NAME”), NCL is furnishing BANK NAME with certain proprietary and confidential
information concerning NCL and its business, assets and liabilities. The information furnished to
BANK NAME together with analyses, compilations, studies and other documents prepared by BANK NAME
or its agents, representatives (including attorneys, accountants and financial advisors) or
employees which contain or otherwise reflect such information for BANK NAME review of NCL, is
hereinafter referred to as “Confidential Information”. In consideration of NCL furnishing BANK
NAME with the Confidential Information, NCL asks BANK NAME to agree that:

	1	 	Except as otherwise provided herein, the Confidential Information will be kept confidential
and shall not, without NCL’s prior written consent be disclosed by BANK NAME, or by its
directors, officers, affiliates, agents, representatives, advisors or employees (collectively,
its “Representatives”), in any manner whatsoever, in whole or in part, and shall not be used
by BANK NAME or its Representatives, other than for the purpose of evaluating the transaction
described above. Moreover, except as otherwise provided herein, BANK NAME agrees to reveal
the Confidential Information only to its Representatives who need to know the Confidential
Information for the purpose of the transaction described above, who are informed by BANK NAME
of the confidential nature of the Confidential Information and who shall agree to keep such
information confidential in accordance with BANK NAME’s customary practices with respect to
the handling of confidential information. BANK NAME shall be responsible for any breach of
this Agreement by its Representatives.

	2	 	Except as otherwise provided herein, without NCL’s prior written consent, BANK NAME and its
Representatives will not disclose to any person the fact that the Confidential

86

 

	 	 	Information has been made available to BANK NAME, that discussions or negotiations are
taking place concerning a possible transaction relating to BANK NAME or any of the terms,
conditions or other facts with respect to any such possible transaction (including the
status thereof).

	3	 	NCL may at any time terminate further access by BANK NAME or its Representatives to the
Confidential Information and BANK NAME agrees that the Confidential Information, except for
the portion of the Confidential Information which consists of analyses, compilations, studies
or other documents prepared by BANK NAME or its Representatives, will be returned to NCL or
destroyed, in each case, immediately upon our request, or in the event BANK NAME does not
proceed with the transaction that is the subject of this Agreement, including all copies,
whether electronic or otherwise, made of the Confidential Information, except that BANK NAME
may keep such copies of the Confidential Information as may be required by applicable legal
and regulatory requirements. No such termination will affect the obligations of BANK NAME or
its Representatives hereunder, all of which obligations shall continue until such time as this
Agreement terminates pursuant to paragraph 9 below.

	4	 	Notwithstanding the foregoing, the term “Confidential Information” shall not include
information that (and the terms of this Agreement shall be inoperative as to such information)
(i) is or becomes generally available to the public through no breach of this Agreement by
BANK NAME or its Representatives, or (ii) is in BANK NAME or its Representatives’ possession
or becomes available to BANK NAME or its Representatives on a non-confidential basis from a
source other than NCL or any of its affiliates or agents, or (iii) is otherwise available to
the general public or generally known or available to the public or within the passenger
cruise industry or (iv) was or is independently developed by BANK NAME or its Representatives
through no breach of BANK NAME’s or its Representatives’ obligations hereunder.

	5	 	BANK NAME understands that NCL has endeavoured to include in the Confidential Information
those materials which NCL believes to be reliable and relevant for the purpose of BANK NAME
evaluation, but BANK NAME acknowledges that neither NCL nor any of its affiliates nor any of
its or its agents, representatives or employees make any representation or warranty as to the
completeness of the Confidential Information. BANK NAME agrees that neither NCL nor any of
its affiliates nor any of its or its agents, representatives or employees shall have any
liability to BANK NAME or its Representatives resulting from the use or content of the
Confidential Information.

	6	 	Notwithstanding anything herein to the contrary, it shall not be a breach of this Agreement
to disclose any Confidential Information, if such disclosure is (a) consented to in writing by
NCL, or (b) made to BANK NAME’s regulatory authorities or other governmental or regulatory
agencies or (c) required by law or applicable legal process, provided that, solely in the case
of this clause (c), BANK NAME shall (unless prohibited by court order, law or regulation) (i)
use reasonable efforts to give the earliest notice possible to NCL that such disclosure is or
may be required and (ii) take reasonable measures to cooperate in protecting the confidential
or proprietary nature of the Confidential Information which must so be disclosed.

	7	 	Without the prior written consent of NCL, BANK NAME will not solicit any employee of NCL to
become employed by BANK NAME that, to the actual and personal

87

 

	 	 	knowledge (and not constructive knowledge) of the BANK NAME officer, employee or
representative making such solicitation, has devoted a substantial amount of effort to the
underlying transaction contemplated hereby.

	8	 	This Agreement may be amended, modified, superseded or waived only by a written instrument
which specifically states that it amends this Agreement executed and delivered by an
authorized officer for each entity to be bound by such amendment.

	9	 	The term of this Agreement shall commence on the date set forth above and shall continue for
a period of two (2) years from such date, except when such Confidential Information is a trade
secret of NCL and is identified as such by NCL, in which case BANK NAME’s obligations to
protect such Confidential Information shall be perpetual and continuing.

	10	 	It is further understood and agreed that no failure or delay by NCL in exercising any right,
power or privilege hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise thereof preclude any other or further exercise thereof or the exercise of any
right, power or privilege hereunder.

	11	 	BANK NAME agrees that monetary damages would not be a sufficient remedy for any breach of
this Agreement by BANK NAME or its Representatives, and that in addition to all other
remedies, NCL shall be entitled to seek specific performance and injunctive or other equitable
relief as a remedy for any such breach.

	12	 	This Agreement is made subject to and shall be construed under the laws of the State of
Florida, without giving effect to its principles or rules regarding conflicts of laws, and the
parties hereto agree that the state or federal courts situated in Miami-Dade County, Florida
shall have exclusive jurisdiction to resolve any disputes with respect to this Agreement or
the Confidential Information, with each party irrevocably consenting to the jurisdiction
thereof for any actions, suits or proceedings arising out of or relating to this Agreement or
the Confidential Information, and each party hereto irrevocably waives its rights to jury
trials with respect thereto.

AGREED TO AND ACCEPTED BY:

For and on behalf of

BANK NAME:

By:                                                              
                   

Date:

88

 

Schedule 5

Transfer Certificate

Lenders are advised not to employ Transfer Certificates or otherwise to assign or transfer
interests in the Facility Agreement without further ensuring that the transaction complies with all
applicable laws and requisitions, including the Financial Services Act 1986 and regulations made
thereunder and similar statutes which may be in force in other jurisdictions.

	 	 	 
	TO:

	 	DnB NOR BANK ASA (the “Agent”) as agent on its own behalf and for and
on behalf of the Borrower, the Owners and the Lenders as each such
term is defined in the Facility Agreement referred to below
	 
	 	 
	 

	 	ATTENTION: Mrs Solveig Nuland Knoff

Date:

This certificate (the “Transfer Certificate”) relates to a loan facility agreement dated
December 2006 (as the same may from time to time be amended, supplemented and/or novated the
"Facility Agreement”) made between (among others) (1) NCL Corporation Ltd. as borrower (the
"Borrower”) (2) the banks and financial institutions referred to therein as lenders (the “Lenders”)
and (3) the Agent whereby the Lenders have agreed to make available to the Borrower a revolving
loan facility in the amount of up to six hundred and ten million Dollars (USD610,000,000). Terms
defined in the Facility Agreement shall, unless otherwise defined herein, have the same meanings
herein as therein.

In this Transfer Certificate:

the “Transferor” means [full name] of [lending branch];

the “Transferee” means [full name] of [lending branch].

	1	 	The Transferor with full title guarantee transfers to the Transferee absolutely in accordance
with Clause 18.1 of the Facility Agreement all rights and interests (present, future or
contingent) which the Transferor has as Lender under or by virtue of the Facility Agreement
and all the other Security Documents insofar as such rights and interests relate to that
portion of its [Commitment][Contribution] to the Facility in an amount of [                    ] Dollars (USD[               ]) out of its total
[Commitment][Contribution] which at the date hereof is [          ] Dollars (USD[               ]).

	2	 	By virtue of this Transfer Certificate and Clause 18.5 of the Facility Agreement, the
Transferor is discharged entirely with effect from the Transfer Date from that portion of its
[Commitment][Contribution] to the Facility and its obligations relating thereto to the extent
of [                              ] Dollars (USD[                    ]) out of its total [Commitment][Contribution] at such date.

	3	 	The Transferee hereby requests:

	 	3.1	 	the Borrower, the Owners, the Agent and the Lenders to accept the executed
copies of this Transfer Certificate as being delivered pursuant to and for the purposes
of Clause 18.1 of the Facility Agreement; and

89

 

	 	3.2	 	the Agent to execute this Transfer Certificate on behalf of itself and the
other said parties pursuant to Clause 18.5 of the Facility Agreement so that this
Transfer Certificate will take effect in accordance with the terms thereof on [specify
date of transfer] [or] [the date on which the Agent receives a certificate signed by
[the Transferor] confirming that the following conditions have been fulfilled [specify
conditions to transfer].

	4	 	The Transferee:

	 	4.1	 	confirms that it has received a copy of the Facility Agreement and the other
Security Documents together with such other documents and information as it has
required in connection with the transaction contemplated thereby;
	 
	 	4.2	 	confirms that it has not relied and will not hereafter rely on the Transferor,
the Agent or the Lenders to check or enquire on its behalf into the legality, validity,
effectiveness, adequacy, accuracy or completeness of the Facility Agreement or any
other of the Security Documents or any other documents or information;
	 
	 	4.3	 	agrees that it has not relied and will not rely on the Transferor, the Agent or
the Lenders to assess or keep under review on its behalf the financial condition,
creditworthiness, condition, affairs, status or nature of the Borrower or any other
party to the Facility Agreement or any other of the Security Documents (save as
otherwise expressly provided therein);
	 
	 	4.4	 	warrants that it has power and authority to become a party to the Facility
Agreement and has taken all necessary action to authorise execution of this Transfer
Certificate and to obtain all necessary approvals and consents to the assumption of its
obligations under the Facility Agreement and the other Security Documents;
	 
	 	4.5	 	if not already a Lender, appoints the Agent to act as its agent as provided in
the Facility Agreement and the other Security Documents and agrees to be bound by the
terms of Clause 18.5 of the Facility Agreement and by all the terms of Clause 20 of the
Facility Agreement.

	5	 	The Transferor:

	 	5.1	 	warrants to the Transferee that it has full power to enter into this Transfer
Certificate and has taken all corporate action necessary to authorise it to do so;
	 
	 	5.2	 	warrants to the Transferee that this Transfer Certificate is binding on the
Transferor under the laws of England, the country in which the Transferor is
incorporated and the country in which its Lending Branch is located; and
	 
	 	5.3	 	agrees that it will, at its own expense, execute any documents which the
Transferee reasonably requests for perfecting in any relevant jurisdiction the
Transferee’s title under this Transfer Certificate or for any similar purpose.

	6	 	The Transferee hereby undertakes to the Transferor and each of the other parties to the
Facility Agreement that it will perform in accordance with its terms all those obligations
which by the terms of the Facility Agreement will be assumed by it after the transfer
contemplated by this Transfer Certificate has taken effect.

90

 

	7	 	If a Transferor and a Transferee effect a transfer in accordance with Clause 3 of this
Transfer Certificate during an Interest Period, the Agent shall make all payments which would
have become due to the Transferor under the Facility Agreement during the relevant Interest
Period to the Transferor, as if no such transfer had been effected by the Transferor to the
Transferee, according to the percentages of the Transferor’s Contribution and/or Commitment
transferred and retained pursuant to Clauses 1 and 2 of this Transfer Certificate, and the
Transferor and the Transferee shall be responsible for paying to each other pro rata all
amounts (if any) due to them from each other for such Interest Period. On and from the
commencement of the immediately succeeding Interest Period, the Agent shall make all payments
due under the Facility Agreement for the account of the Transferor, to the Transferor, and
shall make all payments due under the Facility Agreement for the account of the Transferee, to
the Transferee. This provision is for administrative convenience only and shall not affect
the rights of the Transferor and the Transferee under the Facility Agreement.

	8	 	None of the Transferor, the Agent or the Lenders:

	 	8.1	 	makes any representation or warranty nor assumes any responsibility with
respect to the legality, validity, effectiveness, adequacy or enforceability of the
Facility Agreement or any other of the Security Documents or any document relating
thereto;
	 
	 	8.2	 	assumes any responsibility for the financial condition of the Borrower or any
other party to the Facility Agreement or any other of the Security Documents or any
such other document or for the performance and observance by the Borrower or any other
party to the Facility Agreement or any other of the Security Documents or any such
other document (save as otherwise expressly provided therein) and any and all such
conditions and warranties, whether expressed or implied by law or otherwise, are hereby
excluded (except as aforesaid).

	9	 	The Transferor and the Transferee each undertakes that it will on demand fully indemnify the
Agent in respect of any claim, proceeding, liability or expense which relates to or results
from this Transfer Certificate or any matter connected with or arising out of it unless caused
by the Agent’s or the Agent’s gross negligence or wilful misconduct, as the case may be.

	10	 	The agreements and undertaking of the Transferee in this Transfer Certificate are given to
and for the benefit of and made with each of the other parties to the Facility Agreement.

	11	 	This Transfer Certificate shall be governed by, and construed in accordance with, English
law.

IN WITNESS whereof the Transferor, the Transferee and the Agent (as agent for and on behalf of
itself as the Agent, the Borrower, the Owners and the Lenders (other than the Transferor)) have
caused this Transfer Certificate to be executed on the day first written above.

91

 

	 	 	 	 	 
	The Transferor
	 	 	 	 
	 
	 	 	 	 
	SIGNED by

	 	 	)	 
	 

	 	 	)	 
	for and on behalf of

	 	 	)	 
	[          ]

	 	 	)	 
	in the presence of:

	 	 	)	 
	 
	 	 	 	 
	The Transferee
	 	 	 	 
	 
	 	 	 	 
	SIGNED by

	 	 	)	 
	 

	 	 	)	 
	for and on behalf of

	 	 	)	 
	[          ]

	 	 	)	 
	in the presence of:

	 	 	)	 
	 
	 	 	 	 
	The Agent
	 	 	 	 
	 
	 	 	 	 
	SIGNED by

	 	 	)	 
	 

	 	 	)	 
	for and on behalf of

	 	 	)	 
	DnB NOR BANK ASA

	 	 	)	 
	as agent for and on behalf

	 	 	)	 
	of itself as the Agent, the Borrower,

	 	 	)	 
	the Owners and the Lenders

	 	 	)	 
	in the presence of:

	 	 	)	 

	 	 	 
	Note:

	 	The execution of this Transfer Certificate alone may not transfer a proportionate share of
the Transferor’s interest in the security constituted by the Security Documents in the
Transferor’s or Transferee’s jurisdiction. It is the responsibility of each individual Lender
to ascertain whether any other documents are required to perfect a transfer of such a share in
the Transferor’s interest in such security in any such jurisdiction, and, if so, to seek
appropriate advice and arrange for execution of the same.

92

 

Schedule

Administrative Details of Transferee

Name of Transferee:

Lending Branch:

Contact Person

(Loan Administration Department):

Telephone:

Fax:

Email:

Contact Person

(Credit Administration Department):

Telephone:

Fax:

Email:

Account for Payments:

93

 

Schedule 6

Quarterly Statement of Financial Covenants

	 	 	 
	TO:

	 	DnB NOR BANK ASA
	 

	 	Stranden 21
	 

	 	NO-0021 Oslo
	 

	 	Norway
	 
	 	 
	 

	 	Attn: Mr Jon Flovik

We refer to clause 10.3 of the loan facility agreement dated     December 2006 (as amended,
varied and/or supplemented from time to time) (the “Facility Agreement”) between (among others) you
as agent and ourselves as borrower. Terms defined in the Facility Agreement 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 “Borrower”) and its
subsidiaries on a consolidated basis. We also hereby certify that the Borrower is in compliance
with all the financial covenants set out in clause 10.3 of the Facility Agreement [[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
Facility Agreement and the following step[s][is/are] being taken to cure the same: [   ]]].

NCL CORPORATION LTD.

	 	 	 
	 

By: [          ]

	 	 
	Chief Financial Officer
	 	 
	 
	 	 
	Dated:                     20[   ]
	 	 

94

 

Schedule

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

	 	 	 	 	 	 	 	 	 
	Clause (of
	 	 	 	 	 	 	 	 
	Facility 

Agreement)	 	 	 	as of [•]	 	Required Covenants

	 	 	 	 	 	 	A>[**] [Confidential Treatment]

	 

	 	 	 	 	 	(10.3.1)**	 	 
	10.3.1/	 	 	 	 	 	A>[**] [Confidential Treatment]

	10.3.2(b)**	 	Free Liquidity	 	A	 	(10.3.2(b))**

	10.3.2(a)

	 	Consolidated EBITDA:
	 	B
	 	>[**] [Confidential Treatment]	 	 
	 

	 	Consolidated Debt Service
	 	C	 	 	 	 
	10.3.3

	 	Total Net Funded Debt:
	 	D
	 	<[**] [Confidential Treatment]	 	 
	 

	 	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-cash charges (gains)
	 	 	 	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
	 

	 	 	 	 	 	 	 	 

95

 

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

96

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00118-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00118-of-00352.parquet"}]]