Document:

<PAGE>   1
                                                                    4(ii)(d)(11)

                                                                         No. R-1

                              CUSIP No. 74338EAB3

                                  $50,000,000

                 U.S. GOVERNMENT GUARANTEED SHIP FINANCING NOTE
                              2000 SERIES B NOTES

                      VARIABLE RATE NOTE DUE JULY 31, 2001
                                   ISSUED BY

                          PROJECT AMERICA SHIP 1, INC.

     Project America Ship 1, Inc., a Delaware corporation (herein called the
"Shipowner"), FOR VALUE RECEIVED, promises to pay to Cede & Co. or registered
assigns, the principal sum of FIFTY MILLION AND NO/100 DOLLARS ($50,000,000) on
July 31, 2001, (unless sooner redeemed as herein provided) and to pay interest
quarterly on October 31, 2000, January 31, 2001, April 28, 2001, and at
maturity, (each, an "Interest Payment Date") commencing October 31 2000, on the
unpaid principal amount of this Note at a per annum rate adjusted quarterly for
such Interest Period equal to LIBOR minus .05% calculated on the Interest
Determination Date for such Interest Period which rate shall be applicable until
the next Interest Payment Date provided, however, in no event shall the rate of
interest payable hereunder exceed 12% per annum for any Interest Period, from
the Interest Payment Date referred to above first preceding the date of this
Note to which interest on the Notes has been paid (unless the date hereof is the
date to which interest on the Notes has been paid, in which case from the date
of this Note), or if no interest has been paid on the Notes since the Original
Issue Date (as defined in the Indenture hereinafter mentioned) of this Note,
from the Original Issue Date, until payment of said principal sum has been made
or duly provided for, and at the same rate per annum on any overdue principal.
The interest payable on each Interest Payment Date shall be payable to the
Holders in whose names the Notes (including this Note) are registered at the
close of business on the fifteenth calendar day preceding each Interest Payment
Date; provided, however that interest payable at maturity will be payable to the
registered Holder to whom principal is payable. Any interest payable on any
Interest Payment Date other than at maturity and not so punctually paid or duly
provided for will cease to be payable to the person in whose name the Note is
registered at the close of business on the applicable regular record date and
will instead be payable to the person in whose name the Note (or one or more
predecessor Notes) is registered at the close of business on a special record
date for the payment of such interest to be fixed by the Shipowner, notice of
which will be given to the registered holder of the Note (or one or more
predecessor Notes) not less than 10 days prior to such special record date.

     The principal of and the interest on this Note are payable to the
registered owner hereof at the Corporate Trust Office of the Indenture Trustee,
The Bank of New York, a New York banking corporation, (the "Indenture Trustee")
or at a Paying Agent maintained for such

<PAGE>   2
purposes in any coin or currency of the United States of America which at the
time of payment is legal tender for the payment of public and private debts
therein; provided that, payments may be made by check mailed to the address of
the registered owner hereof as such address shall appear on the Note Register of
said Indenture Trustee, and by such other methods of payment as permitted by the
Indenture.

     The amount of interest payable in respect of each Interest Period will be
calculated by applying the applicable per annum rate of interest for such
Interest Period to the principal amount of this Note outstanding at the
commencement of the Interest Period, multiplying each such amount by the actual
number of days in the Interest Period concerned (which actual number of days
will include the first day but exclude the last day of such Interest Period)
divided by 360. All percentages resulting from any calculation on the Notes will
be rounded to the nearest one hundred-thousandth of a percentage point with five
one millionths of a percentage point rounded upwards (e.g., 6.876545% (or
 .06876545) would be rounded to 6.87655% (or .0687655)), and all dollar amounts
used in or resulting from such calculation on the Notes will be rounded to the
nearest cent (with one-half cent being rounded upward). The determination of the
applicable per annum rate of interest for each Interest Period and the amount of
each interest payment as determined by the Indenture Trustee will (in the
absence of willful default, bad faith or manifest error) be final and binding on
the Shipowner and the Holders and no liability will (in the absence of willful
default, bad faith or manifest error) attach to the Indenture Trustee in
connection with the exercise or non-exercise by it of its powers, duties and
discretions.

     This Note is one of an issue of Obligations of the Shipowner of
$534,447,000 aggregate principal amount of Obligations including the Notes, in
the aggregate principal amount of $250,000,000 the second tranche of which is
designated as its "United States Government Guaranteed Ship Financing Notes 2000
Series B," all issued under a Trust Indenture dated February 10, 2000 (the
"Indenture"), between the Shipowner and the Indenture Trustee to aid in
financing the cost of the construction by the Shipowner of the Vessel. Reference
is hereby made to the Indenture for a definition of the capitalized terms used
but not defined herein and a description of the rights, limitations of rights,
obligations, duties and immunities thereunder of the Shipowner and the Indenture
Trustee, the Holders of the Notes, and the Secretary.

     In accordance with the terms of an Authorization Agreement dated February
10, 2000 between the United States of America, represented by the Secretary of
Transportation, acting by and through the Maritime Administrator (the
"Secretary") and the Indenture Trustee, and by endorsement of the guarantee of
the United States of America (the "Guarantees") on each of the Notes and the
authentication and delivery of the Guarantees by the Indenture Trustee, all
pursuant to the Act, the Notes are guaranteed by the United States of America as
provided in the Authorization Agreement and in the Guarantees endorsed thereon.
Reference is hereby made to the Authorization Agreement for a description of the
rights, limitations of rights, obligations, duties and immunities thereunder of
the Secretary, the Indenture Trustee, and the Obligees of the Notes.

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     Furthermore, it is hereby noted that Section 1103 (d) of Title XI of the
     Act provides that:

     "The full faith and credit of the United States is pledged to the payment
     of all guarantees made under this title with respect to both principal and
     interest, including interest, as may be provided for in the guarantee,
     accruing between the date of default under a guaranteed obligation and the
     payment in full of the guarantee."

     If an Indenture Default shall have occurred and be continuing, the
Indenture Trustee, as provided in the Indenture shall, not later than 60 days
from the date of such Indenture Default, demand payment by the Secretary of the
Guarantees, whereupon the entire unpaid principal amount of the Outstanding
Notes and all unpaid interest thereon shall become due and payable on the first
to occur of the date which is 30 days from the date of such demand or the date
on which the Secretary pays the Guarantees. If no demand for payment of the
Guarantees shall have been made by the Indenture Trustee on or before the 30th
day following an Indenture Default, the Obligee of any Outstanding Note may, in
the manner provided in the Indenture, make such demand in place of the Indenture
Trustee. In the event of an Indenture Default of which the Secretary has actual
knowledge, the Secretary, as provided in the Authorization Agreement, will
publish notice in the Authorized Newspaper, which shall be The Wall Street
Journal, of the occurrence of such Indenture Default within 30 days from the
date of such Indenture Default, unless demand for payment under the Guarantees
shall previously have been made by the Indenture Trustee, but any failure to
publish such notice or any defect therein shall not affect in any way any rights
of the Indenture Trustee, the Secretary or any Obligee of a Note.

     Within 30 days from the date of any demand for payment of the Guarantees,
the Secretary shall pay to the Indenture Trustee all the unpaid interest to the
date of such payment on, and the unpaid balance of the principal of such Notes
in full, in cash; provide that, in the case of a demand made as a result of an
Indenture Default, the Secretary shall not be required to make any such payment
if (i) within such 30-day period (and prior to any payment of the Guarantees by
the Secretary), the Secretary finds either that there was no Payment Default, or
that such Payment Default was remedied prior to the demand for payment of the
Guarantees, or (ii) the Secretary assumes the Notes prior to such demand and
makes all payments then in default in the manner provided in Section 6.09 of the
Indenture. In each such event the Guarantees shall continue in full force and
effect.

     The Holder of this Note, by the purchase and acceptance hereof, hereby
irrevocably appoints the Indenture Trustee and each other Obligee of any
Outstanding Note as agent and attorney-in-fact for the purpose of making any
demand for payment of the Guarantees, and (in the case of the Indenture Trustee)
of receiving and distributing such payment; provide that, no action or failure
to act by the Indenture Trustee shall affect the right of the Holder of this
Note to take any action whatsoever permitted by law and not in violation of the
terms of this Note or of the Indenture.

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     Any amount payable by the Secretary under the Guarantees shall not be
subject to any claim or defense of the United States of America, the Secretary,
or others, whether by way of counter-claim, set-off, reduction or otherwise.
Further, the Holder of this Note shall have no right, title or interest in any
collateral or security given by the Shipowner to the Secretary.

     After payment of the Guarantees by the Secretary to the Indenture Trustee,
this Note (1) if it has not then been surrendered for cancellation or canceled,
shall represent only the right to receive payment in cash of an amount (less the
amount, if any, required to be withheld with respect to transfer or other taxes
on payments to the Holder of this Note) equal to the unpaid principal amount
hereof and the unpaid interest accrued hereon to the date on which the Secretary
shall have paid the Guarantees in full in cash to the Indenture Trustee, (2)
shall otherwise no longer constitute or represent an obligation of the
Shipowner, and (3) shall not be entitled to any other rights or benefits
provided in the Indenture, subject to Section 6.08 of the Indenture.

     The Notes (including this Note) may be redeemed upon the terms and
conditions provided in the Indenture, in whole or in part, at the option of the
Shipowner, on any Interest Payment Date upon at least 30 days prior notice given
as provided in the Indenture, at a redemption price equal to 100% of the
principal amount hereof, together with the interest accrued thereon to the date
fixed for redemption.

     The Obligations (including this Note) are also subject to mandatory
redemption without premium, upon the terms and conditions provided in the
Indenture, in whole or in part, at 100% of the principal amount thereof, plus
interest accrued thereon to the date of redemption, upon at least 40 and not
more than 60 days prior notice (a) in the event that Notes must be redeemed so
that the principal amount of all Obligations Outstanding after such redemption
will not exceed 87.5% of the Depreciated Actual Cost or Actual Cost, as
determined by the Secretary, of the Vessel, (b) in the event of an actual,
constructive, agreed or compromised total loss of, or requisition of title to,
or seizure or forfeiture of, the Vessel, or (c) in the event of termination of a
contract relating to the construction of the Vessel. If the principal amount of
Outstanding Notes is reduced by reason of any redemption described in this
paragraph, the principal amount of Notes subject to Mandatory Sinking Fund
Redemptions in the future shall be reduced as provided in the Indenture.

     The Obligations (including this Note) may also be redeemed without premium
upon the terms and conditions provided in the Indenture, in whole or in part, at
the option of the Secretary, at any time following an assumption of the Notes
and the Indenture by the Secretary, upon at least 40 and not more than 60 days
prior notice given as provided in the Indenture, at a Redemption Price equal to
100% of the principal amount to be redeemed, plus interest accrued to the date
fixed for redemption.

     Any optional redemption shall be subject to the receipt of the redemption
moneys by the Indenture Trustee or any Paying Agent. Notes called for redemption
shall (unless the Shipowner shall cancel the proposed optional redemption) cease
to bear interest on and after the date fixed for redemption.

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     As provided in the Indenture and to the extent permitted thereby,
compliance by the Shipowner with any of the terms of the Indenture may be
waived, and the Indenture and the rights and obligations of the Shipowner, and
the rights of the Holders of the Notes (including this Note) thereunder may be
modified, at any time with the prior consent of the Secretary, and except as
otherwise expressly provided in the Indenture, the consent of the Holders of at
least 60% in principal amount of the Outstanding Notes affected thereby in the
manner and subject to the limitations set forth in the Indenture; provided that,
no such waiver or modification shall (1) without the consent of the Holders of
each Note affected thereby: (a) change the Stated Maturity or reduce the
principal amount of any Note, (b) extend the time of payment of, or reduce the
rate of, interest thereon, (c) change the due date of or reduce the amount of
any sinking fund payment, (d) reduce any premium payable upon the redemption
thereof, or (e) change the coin or currency in which any Note or the interest
thereon is payable; or (2) without the consent of all Holders of Notes: (a)
terminate or modify any of the Guarantees or the obligations of the United
States of America thereunder, (b) reduce the amount of any of the Guarantees,
(c) eliminate, modify or condition the duties of the Indenture Trustee to demand
payment of the Guarantees, (d) eliminate or reduce the eligibility requirements
of the Indenture Trustee, or (e) reduce the percentage of principal amount of
Notes the consent of whose Obligees is required for any such modification or
waiver.

     The Indenture provides that the Obligations (including this Note) shall no
longer be entitled to any benefit provided therein if the Notes shall have
become due and payable at Maturity (whether by redemption or otherwise) and
funds sufficient for the payment thereof (including interest to the date fixed
for such payment, together with any premium thereon) and available for such
payment (1) shall be held by the Indenture Trustee or any Paying Agent, or (2)
shall have been so held and shall thereafter have been paid to the Shipowner
after having been unclaimed for 6 years after the date of maturity thereof
(whether by redemption or otherwise) or the date of payment of the Guarantees,
except for the right (if any), of the Obligee to receive payment from the
Shipowner of any amounts paid to the Shipowner as provided in (2) above with
respect to this Note, all subject to the provisions of Section 6.08 of the
Indenture.

     This Note is transferable by the registered Holder or by his duly
authorized attorney, at the Corporate Trust Office of the Indenture Trustee,
upon surrender or cancellation of this Note, accompanied by an instrument of
transfer in form satisfactory to the Shipowner and the Indenture Trustee, duly
executed by the registered Holder hereof or his attorney duly authorized in
writing, and thereupon a new, fully registered Note and maturity for the same
aggregate principal amount will be issued to the transferee in exchange
therefor, subject to the provisions of the Indenture. The Indenture provides
that the Shipowner shall not be required to make transfers or exchanges of (1)
Notes for a period of 15 days immediately prior to an interest payment date, (2)
Notes after demand for payment of the Guarantees and prior to payment thereof or
rescission of such demand as provided in Section 6.02(a) of the Indenture, or
(3) Notes which have been selected for redemption in whole or in part.

     The Shipowner, the Secretary, the Indenture Trustee and any Paying Agent
for the payment of Notes will treat the person in whose name this Note is
registered as the absolute

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owner thereof for all purposes, and this rule may not be altered by any notice
to the contrary to any of these entities, whether this Note shall be past due or
not.

     No recourse shall be had for the payment of principal of, or the interest
on, this Note, or for any claim based hereon or on the Indenture, against any
incorporator or any past, present or future subscriber to the capital stock,
stockholder, limited partner, member, officer or director of the Shipowner or of
any successor company, either directly or indirectly, and all such liability
being expressly waived and released by the acceptance of this Note and by the
terms of the Indenture. So long as the Guarantee is in effect, there shall be no
recourse against the Shipowner.

     Neither this Note nor the Guarantee endorsed hereon shall be valid or
become obligatory for any purpose until the Indenture Trustee shall have fully
signed the authentication certificate endorsed hereon.

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     IN WITNESS WHEREOF, the Shipowner has caused this Note to be duly executed
by the manual or facsimile signatures of its duly authorized officers under its
corporate seal or facsimile thereof.

SHIPOWNER:                                   PROJECT AMERICA SHIP 1, INC.

                                             By /s/ Robert J.
                                               ---------------------------------
                                                Its Vice President

ATTEST

By
   ---------------------------------
   Its Executive Vice President

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                   GUARANTEE OF THE UNITED STATES OF AMERICA

     The United States of America, represented by the Secretary of
Transportation, acting by and through the Maritime Administrator, pursuant to
Title XI of the Merchant Marine Act, 1936, as amended, hereby guarantees to the
holder of the Note annexed hereto, upon demand of the holder or his agent,
payment of the unpaid interest on, and the unpaid balance of the principal of,
such Note, including interest accruing between the date of default under such
Note, and the payment in full of the Note under this Guarantee. The full faith
and credit of the United States of America is pledged to the payment of this
Guarantee. The validity of this Guarantee is incontestable in the hands of any
holder of such Note. Payment of this Guarantee will be made in accordance with
the provisions of such Note.

                                             UNITED STATES OF AMERICA
                                             SECRETARY OF TRANSPORTATION
             [LOGO]

                                             By:  /s/ John E. Graykowski
                                                  ------------------------------
                                                  JOHN E. GRAYKOWSKI
                                                  Acting Maritime Administrator

                      TRUSTEE's AUTHENTICATION CERTIFICATE

     This is one of the Notes described in the Indenture and the foregoing
Guarantee is one of the Guarantees described in the Authorization Agreement.

INDENTURE TRUSTEE:                           THE BANK OF NEW YORK

                                             By:
                                                  ------------------------------
                                                  Name: Mary LaGumina
                                                  Title: Vice President<PAGE>   1
                                                             EXHIBIT 4(ii)(e)(1)

                                                           Contract No. MA-13625

                       COMMITMENT TO GUARANTEE OBLIGATIONS

                                       by

                          THE UNITED STATES OF AMERICA

                                   Accepted by

                             CAPE MAY LIGHT, L.L.C.,
                                                   Shipowner

                   (Under Title XI, Merchant Marine Act, 1936,
                        as amended, and in effect on the
                       date of this Guarantee Commitment)

                             Dated October 16, 2000

<PAGE>   2

                       COMMITMENT TO GUARANTEE OBLIGATIONS

                                       by

                          THE UNITED STATES OF AMERICA

                                   Accepted by

                             CAPE MAY LIGHT, L.L.C.,
                                                    Shipowner

             (Under Title XI, Merchant Marine Act, 1936, as amended,
             and in effect on the date of this Guarantee Commitment)

                        --------------------------------

                                TABLE OF CONTENTS

Document
Number                                      Document
------                                      --------

 1    Commitment to Guarantee Obligations
 2             Schedule One -- Form of Opinion of Counsel
 3             Appendix I -- Bond Purchase Agreement
 4             Appendix II -- Trust Indenture
 5                     Schedule A -- Schedule of Definitions to Trust Indenture
 6                     Exhibit 1 -- General Provisions to Trust Indenture
 7                     Exhibit 2 -- Form of Bond(s), Guarantee and Trustee's
                       Authentication Certificate

 8                     Exhibit 3 -- Authorization Agreement
 9             Appendix III -- Security Agreement
10                     Exhibit 1 -- General Provisions Incorporated into the
                       Security Agreement by Reference

11                     Schedule X -- Schedule of Definitions

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12                    Exhibit 2 -- Form of Secretary's Note
13                    Exhibit 3 -- Form of First Preferred Ship Mortgage
14                    Exhibit 4 -- Title XI Reserve Fund and Financial Agreement
15                    Exhibit 5 -- Form of Consent of Shipyard
16                    Exhibit 6 -- Construction Contract
17                    Exhibit 7 -- Depository Agreement
18                    Exhibit 8 -- Guaranty Agreement
19                    Exhibit 9 -- Funding Agreement
20                    Exhibit 10 -- Assignment of Construction Contract
21                    Exhibit 11 -- Shipyard Security Agreement

                                       ii

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                                                                      Document 1

                                                                      COMMITMENT
                                                                              TO
                                                           GUARANTEE OBLIGATIONS

<PAGE>   5

                                TABLE OF CONTENTS

                       COMMITMENT TO GUARANTEE OBLIGATIONS

ARTICLE                                     HEADINGS                        PAGE

RECITALS......................................................................1

ARTICLE I     FINDINGS  AND DETERMINATIONS OF SECRETARY.......................2

ARTICLE II    COMMITMENT TO GUARANTEE OBLIGATIONS.............................2

ARTICLE III   THE OBLIGATIONS.................................................2

ARTICLE IV    CONDITIONS TO EXECUTION AND DELIVERY OF THE GUARANTEE...........3

ARTICLE V     VARIATION OF GUARANTEE COMMITMENT ..............................4

ARTICLE VI    TERMINATION OR ASSIGNMENT OF GUARANTEE COMMITMENT...............5

ARTICLE VII   MISCELLANEOUS...................................................5

<PAGE>   6

                       COMMITMENT TO GUARANTEE OBLIGATIONS

         THIS COMMITMENT TO GUARANTEE OBLIGATIONS, dated October 16, 2000 (the
"Guarantee Commitment"), made and entered into by the UNITED STATES OF AMERICA
(the "United States"), represented by the SECRETARY OF TRANSPORTATION, acting by
and through the MARITIME ADMINISTRATOR (the "Secretary"), and accepted on said
date by Cape May Light, L.L.C., a Delaware limited liability company (the
"Shipowner").

                                    RECITALS:

         A.       The Shipowner is the sole owner of the 300' passenger vessel
cv Cape May Light (the "Vessel") being constructed pursuant to the Construction
Contract between Atlantic Marine, Inc. (the "Shipyard") and Delta Queen Coastal
Voyages, L.L.C. (the "Guarantor"), dated May 1, 1999, and subsequently assigned
to the Shipowner.

         B.       To aid in financing the Construction of the Vessel, the
Shipowner will borrow an aggregate principal amount in Obligations not to exceed
87.5% of the Depreciated Actual Cost or Actual Cost of the Vessel, as the case
may be, as of the Closing Date. To accomplish such financing, the Shipowner has
accepted this Guarantee Commitment subject to the terms and conditions set forth
herein.

         C.       The Shipowner has entered into the Bond Purchase Agreement
providing for the sale and delivery, on the Closing Date, of bonds in the
aggregate principal amount of $37,900,000, to be designated "United States
Government Guaranteed Ship Financing Bonds, 2000 Series" (the "Bonds" or the
"Obligations") having the maturity dates and interest rates set forth in the
Obligations.

         D.       As security for the Guarantees and the Secretary's Note, (i)
the Shipowner will execute and deliver the Security Agreement, Contract No.
MA-13627, the Indenture, the Authorization Agreement, Contract No. MA-13626, the
Secretary's Note, the Financial Agreement, Contract MA-13629, and the Depository
Agreement, Contract No. MA-13630; (ii) the Guarantor shall execute and deliver
the Guaranty Agreement, Contract No. MA-13631; and (iii) the Shipowner, the
Guarantor and the Parent Company shall execute and deliver the Funding
Agreement, Contract No. MA-13634.

                                   WITNESSETH

         That under the provisions of Title XI of the Merchant Marine Act, 1936,
as amended and in consideration of (i) the covenants of the Shipowner contained
herein and (ii) other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Secretary hereby commits
itself as herein provided.

<PAGE>   7

                                    ARTICLE I
                  FINDINGS AND DETERMINATIONS OF THE SECRETARY

         Pursuant to Section 1104A(b)(1) of Title XI, the Secretary has approved
the Shipowner as responsible and possessing the ability, experience, financial
resources and other qualifications necessary to the adequate operation and
maintenance of the Vessel.

         Pursuant to Section 1104A(b)(2) of Title XI, the Secretary has
determined that the Depreciated Cost or Actual Cost of the Vessel, as the case
may be, is $44,249,278. Prior to the Closing Date, the Secretary, in its
discretion, may redetermine the Depreciated Actual Cost or Actual Cost of the
Vessel. On the Closing Date, the aggregate principal amount of the Outstanding
Obligations will not exceed 87.5% of the Depreciated Actual Cost or the Actual
Cost, as the case may be.

          Pursuant to Sections 1104A(b)(3), 1104A(b)(4) and 1104A(b)(5) of Title
XI, the Secretary has determined or will determine that: (1) the maturity date
of the Obligations is satisfactory, (2) payments of principal required by the
Obligations are satisfactory and (3) the interest rates to be borne by the
Obligations to be issued on the Closing Date are reasonable.

         Pursuant to Section 1104A(d) of Title XI, the Secretary has found that
the Shipowner's proposed use of the Vessel will be economically sound.

                                   ARTICLE II
                       COMMITMENT TO GUARANTEE OBLIGATIONS

         The United States, represented by the Secretary, hereby commits itself
to guarantee the payment of the unpaid interest on, and the unpaid balance of
the principal of, the Obligations, including interest accruing between the date
of default under the Obligations and the payment in full of the Guarantees, and,
to effect this Guarantee Commitment, hereby commits itself to execute and
deliver, the Security Agreement, the Financial Agreement, the Authorization
Agreement and the Depository Agreement on the Closing Date, and the Mortgage on
the Delivery Date pursuant to the terms of the Guarantee Commitment.

                                   ARTICLE III
                                 THE OBLIGATIONS

         The Obligations shall be issued in one or as a series of bonds as
provided in the Indenture and in the form of Obligations, annexed to the
Indenture as Exhibit 2. The Obligations shall be subject to all of the terms and
conditions set forth in the Indenture.

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<PAGE>   8

                                   ARTICLE IV
              CONDITIONS TO EXECUTION AND DELIVERY OF THE GUARANTEE

         The obligation of the Secretary to execute and deliver the Guarantee on
the Closing Date shall be subject to the following conditions unless waived in
writing by the Secretary:

         (a)      the Closing Date shall occur on or prior to March 31, 2001;

         (b)      the Shipowner and the Shipyard shall have executed and
delivered to the Secretary a copy of the Construction Contract and the Shipyard
shall have executed the Consent of Shipyard;

         (c)      the Shipowner shall have executed and delivered the following
documents on the Closing Date in the form attached hereto: the Security
Agreement, the Financial Agreement, the Indenture, the Obligation Purchase
Agreement, the Secretary's Note, the Depository Agreement, the Authorization
Agreement and the Obligations and, on the Delivery Date, the Mortgage;

         (d)      the Indenture Trustee shall have executed, in the form
attached hereto, the Indenture and the Authorization Agreement and the
Depository shall have executed the Depository Agreement;

         (e)      The Obligation purchaser shall have executed the Obligation
Purchase Agreement;

         (f)      the Guarantor shall have executed and delivered, in the form
attached hereto, the Guaranty Agreement;

         (g)      the Parent Company shall have executed and delivered, in the
form attached hereto, the Funding Agreement;

         (h)      the following documents shall have been delivered to the
Secretary: (i) two executed counterparts of the Indenture, (ii) two specimen
copies of the Obligations; (iii) two executed originals of the legal opinion
issued under section (m) of this Article; (iv) two copies of the legal opinion
delivered to the Obligees pursuant to the Obligation Purchase Agreement; and (v)
two originals of all other documents delivered by the Shipowner, the Guarantor,
the Indenture Trustee or the Depository in connection with this Closing.

         (i)      if the Shipowner intends to operate the Vessel in the U.S.
domestic trade, the Shipowner and any bareboat charterers of such Vessel shall
have furnished to the Secretary on the Closing Date an affidavit complying with
the requirements of 46 CFRss.355, demonstrating U.S. citizenship;

         (j)      the Shipowner shall have executed an Officer's Certificate
representing and warranting the truth of the following statements as of the
Closing Date:

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<PAGE>   9

                  (i)   each of the representations and warranties set out at
         Section 2.01 of the General Provisions of the Security Agreement in
         Appendix III; and

                  (ii)  the Shipowner is not in violation of any Federal laws
         having a substantial adverse effect on the interests of the United
         States of America and that the consummation of the Commitment complies
         with non-Title XI Federal law.

         (k)      At the Closing the Shipowner shall pay and the Secretary shall
receive the Guarantee Fee based upon the principal amount and maturity of the
Obligations to be issued at the Closing;

         (l)      the Shipowner shall have complied in all material respects
with its agreements under this Guarantee Commitment;

         (m)      there shall not have occurred any event which constitutes (or
after any period of time or any notice, or both, would constitute) a "Default"
under the Security Agreement;

         (n)      there shall have been delivered to the Secretary by the
Shipowner an opinion of counsel acceptable to the Secretary, in the form annexed
hereto as Schedule 1 which shall include, among other things, an opinion to the
effect that: (i) by the terms of the Security Agreement, the Shipowner has
granted to the Secretary a fully perfected, first priority security interest in
each of the assets which constitutes the Security; and (ii) all filings,
recordings, notices and other actions required to perfect the Secretary's
interests in the Security and to render such security interests valid and
enforceable under applicable State law have been duly effected;

         (o)      the Secretary shall have received a letter agreement from the
Shipowner to provide the Secretary within a reasonable time after the Closing
Date, with five conformed copies of the Guarantee Commitment and each of the
Appendices and Exhibits thereto executed on or prior to such date;

         (p)      on the Closing Date, the qualifying requirements set forth in
Section 11 of the Financial Agreement shall have been complied with and
certified to as required therein;

         (q)      at least ten days prior to the Closing Date, there shall have
been delivered to the Secretary, pro forma balance sheets for the Shipowner as
of the Closing Date, certified by an officer of the Shipowner showing, among
other things, all non-Title XI debt of the Shipowner;

         (r)      on the Closing Date, the Shipowner shall certify that all
non-Title XI loans to the Shipowner relating to the Vessel have been discharged
or subordinated satisfactorily to the Secretary;

         (s)      at least ten days prior to the Closing Date, the Shipowner
shall have provided the Secretary with satisfactory evidence of insurance as
required by the Security Agreement; and

                                   4

<PAGE>   10

         (t)      on the Closing Date the Shipowner shall execute a declaration,
in conformance with 31 USC 1352, disclosing all lobbying activities.

                                    ARTICLE V
                        VARIATION OF GUARANTEE COMMITMENT

         No variation from the terms and conditions hereof shall be permitted
except pursuant to an amendment executed by the Secretary and the Shipowner.

                                   ARTICLE VI
                TERMINATION OR ASSIGNMENT OF GUARANTEE COMMITMENT

         This Guarantee Commitment may be terminated and the parties hereto
shall have no further rights or obligations hereunder, upon written notice by
the Secretary of the termination of the obligations of the United States
pursuant to the Shipowner's failure to satisfy one or more conditions set forth
in Article IV hereof or upon the Secretary's determination, at or before the
Closing Date, that (i) the Shipowner is in violation of Federal law and such
violation would have a substantial, adverse affect on the interests of the
United States of America or (ii) the consummation of the Commitment would
violate non-Title XI Federal law. The Shipowner's warranties and representations
shall survive the termination of this Agreement and the Secretary's issuance of
the Guarantees. This Guarantee Commitment may not be assigned by the Shipowner
without the prior written approval of the Secretary and any attempt to do so
shall be null and void ab initio.

                                   ARTICLE VII
                                  MISCELLANEOUS

         (a)      The table of contents and the titles of the Articles are
inserted as a matter of convenient reference and shall not be construed as a
part of this Guarantee Commitment. This Guarantee Commitment may be executed in
any number of counterparts, each of which shall be an original, but such
counterparts shall together constitute but one and the same instrument.

         (b)      For all purposes of this Guarantee Commitment, unless
otherwise expressly provided or unless the context shall otherwise require,
capitalized terms used herein shall have the meaning given in Schedule X to the
Security Agreement.

                                       5
<PAGE>   11

         IN WITNESS WHEREOF, this Commitment to Guarantee Obligations has been
executed by the United States and accepted by the Shipowner, all as of the day
and year first above written.

                                               UNITED STATES OF AMERICA,
                                               SECRETARY OF TRANSPORTATION

                                               BY:  MARITIME ADMINISTRATOR

                                               / s / Joel C. Richard
                                               ---------------------------------
                                               Secretary

ATTEST:

/ s / Sarah J. Washington
---------------------------------
Assistant Secretary

<PAGE>   12

SHIPOWNER:               CAPE MAY LIGHT, L.L.C.

                         By:      DELTA QUEEN COASTAL VOYAGES, L.L.C.,
                                  its Managing Member

                                  By:      THE DELTA QUEEN STEAMBOAT CO.,
                                           its Managing Member

                                           By:      / S / JORDAN B. ALLEN
                                              ----------------------------------
                                              Its Executive Vice President

ATTEST:

By       / s / Pam Stringer
  ------------------------------------------
  Its Assistant Secretary

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