Document:

<PAGE>   1
                                                             EXHIBIT 4(ii)(e)(8)

                                                                     Document 18

                                                              GUARANTY AGREEMENT

                                                                       Exhibit 8
                                                                              to
                                                              Security Agreement

<PAGE>   2

                                TABLE OF CONTENTS

                               GUARANTY AGREEMENT

<TABLE>
<CAPTION>
SECTION                                     HEADING
PAGE
<S>      <C>                                                                                                     <C>
1.       Definitions..............................................................................................1

2.       Guarantee................................................................................................2

3.       Secretary's Rights.......................................................................................3

4.       Primary Liability........................................................................................3

5.       Representations and Warranties...........................................................................3

6.       Continuing Guarantee.....................................................................................4

7.       Default..................................................................................................4

8.       Notices..................................................................................................4

9.       Amendments and Supplements...............................................................................5

10.      Governing Law............................................................................................5

11.      Counterparts.............................................................................................5
</TABLE>

<PAGE>   3

                       GUARANTY AGREEMENT IN FAVOR OF THE
                            UNITED STATES OF AMERICA

         THIS GUARANTY (this "Guaranty Agreement"), dated this October 16, 2000,
is by and between DELTA QUEEN COASTAL VOYAGES, L.L.C., a Delaware limited
liability company (the "Guarantor"), TO THE UNITED STATES OF AMERICA (the
"United States"), represented by the SECRETARY OF TRANSPORTATION, acting by and
through the MARITIME ADMINISTRATOR (the "Secretary").

                                   WITNESSETH:

         A. WHEREAS, the Guarantor owns 99 percent of the membership interest of
Cape May Light, L.L.C., a Delaware limited liability company (the "Shipowner");

         B. WHEREAS, the Shipowner, in connection with the financing of the cost
of construction of the Vessel on the date hereof borrowed certain funds and
created and authorized the issuance of obligations designated "United States
Government Guaranteed Ship Financing Bonds, 2000 Series" in the aggregate
principal amount of $37,900,000 (the "Obligations") bearing interest at the rate
specified therein;

         C. WHEREAS, the Shipowner, on the date hereof, accepted the Secretary's
Commitment to Guarantee Obligations (the "Commitment") pursuant to Title XI of
the Merchant Marine Act, 1936, as amended (the "Act"), whereby the Secretary
authorized a guarantee to be endorsed upon each of the Obligations (the
"Guarantees");

         D. WHEREAS, the Shipowner has, in consideration of the issuance of the
Guarantees by the Secretary of the payment of the unpaid interest on, and the
unpaid balance of the principal of the Obligations, pursuant to the terms and
provisions of the Security Agreement, Contract No. MA-13627, dated the date
hereof between the Shipowner and the Secretary (the "Security Agreement"),
issued and delivered to the Secretary a promissory note in the principal amount
of $37,900,000 (said promissory note, as originally executed and as the same may
hereafter be amended, modified, supplemented or endorsed, herein called the
"Secretary's Note");

         E. WHEREAS, the Secretary required this Guaranty Agreement from the
Guarantor as an integral part of the consideration offered by or on behalf of
the Shipowner as a condition of the Secretary entering into the Commitment and
issuing the Guarantees, and the Guarantor is entering into this Guaranty
Agreement for the purpose of guaranteeing the Shipowner's obligations to the
Secretary under the Secretary's Note.

         NOW, THEREFORE, in consideration of the premises and of other good and
valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the Guarantor hereby agrees as follows:

         1. Definitions. Unless otherwise specifically defined herein, the
capitalized terms used herein are defined in Schedule X to the Security
Agreement and any reference therein to other instruments shall have the
respective meaning stated in Schedule X of the Security Agreement or such other
instruments.

<PAGE>   4

         2. Guarantee.

         (a) The Guarantor hereby absolutely, irrevocably, and unconditionally
guarantees the due and punctual payment of the principal and interest on the
Secretary's Note. The Guarantor shall be required to make said payments under
this Guaranty Agreement upon receipt of a written notice from the Secretary
which states that the Shipowner has not promptly, completely or effectively made
said payments. The failure of Guarantor to receive such a written notice or the
failure of the Secretary to send said notice shall not relieve the Guarantor of
its obligations under this Guaranty Agreement. This Guaranty Agreement shall be
enforceable and exercisable by the Secretary from the first day of any failure
by the Shipowner to make payment or mandatory prepayment of the principal of and
the interest on the Secretary's Note when the same shall be due. The Guarantor
shall immediately pay to the Secretary or its designee in immediately available
funds, such payments guaranteed herein.

         (b) The Guarantor hereby consents and agrees that its obligations under
this Guaranty Agreement will not be discharged by any act or omission to act of
any kind by the Secretary or any other person or any other circumstances
whatsoever (including, but not limited to, any extension, rearrangement, or
renewal with respect to any indebtedness or other obligation of the Shipowner
with or without notice to the Guarantor, any waiver of any right of the
Secretary under the terms of the Secretary's Note, the Security Agreement, the
Mortgage, or this Guaranty Agreement, any release of security, any transfer or
assignment of rights or obligations accruing to the Secretary under the
Secretary's Note, the Security Agreement, the Mortgage, or this Guaranty
Agreement, any corporate reorganization, dissolution, merger, acquisition of or
by or other alteration of the corporate existence or structure of the Shipowner
or the Guarantor, discharge of the Shipowner in bankruptcy, the invalidity,
illegality, or unenforceability of the Secretary's Note, the Security Agreement,
the Mortgage, or this Guaranty Agreement or the absence of any action to enforce
the obligations of the Shipowner) which might constitute a legal or equitable
discharge of the Guarantor; it being the intention of the Guarantor that this
Guaranty Agreement be absolute, continuing, and unconditional and the guarantee
hereunder shall only be discharged by the payment in full of all sums so
guaranteed hereunder.

         (c) The Guarantor hereby irrevocably and unconditionally waives: (1)
notice of any of the matters referred to in this Guaranty Agreement and any
action by the Secretary in reliance thereon; (2) all notices which may be
required by statute, rule of law, or otherwise to preserve any rights against
the Guarantor hereunder, including without limitations, any demand, protest,
proof of notice of non-payment of all sums payable under the Secretary's Note or
any notice of any failure on the part of the Shipowner to perform or comply with
any covenant, term, or obligations of any agreement to which it is a party; (3)
any requirement for the enforcement, assertion, or exercise of any right,
remedy, power, or privilege under or with respect to the Mortgage, the Security
Agreement, or the Secretary's Note; (4) any requirement of diligence; (5) any
requirement that the Shipowner be joined as a party to any proceedings for the
enforcement of any provision of this Guaranty Agreement, or that the Secretary
proceed against any other guarantor executing this Guaranty Agreement or any
other guaranty agreement; (6) any and all defenses to payment hereunder, except
the defense of payment already made, and agrees to confess without contesting
liability hereunder for any judgment entered hereon; (7) presentment, demand,

                                       2

<PAGE>   5

protest, notice of protest and dishonor, notice of intent to accelerate, and
notice of acceptance; or (8) the right to require the Secretary to pursue any
remedy in the Secretary's power whatsoever.

            (d) The Guarantor hereby agrees that this Guaranty Agreement shall
continue to be effective or shall be reinstated, as the case may be, if at any
time payment of any sum hereby guaranteed is rescinded or must be otherwise
restored or returned by the Secretary, upon the insolvency, bankruptcy, or
reorganization of the Shipowner, or otherwise, all as though such payment had
not been made. The Guarantor further agrees that if the maturity of any
obligations guaranteed herein be accelerated by bankruptcy or otherwise, such
maturity shall also be deemed accelerated for the purpose of this Guaranty
Agreement without demand or notice to the Guarantor.

            (e) Any amount payable hereunder shall not be subject to any
reduction by reason of any counterclaim, set-off, deduction, abatement, or
otherwise.

            (f) The Guarantor shall pay all reasonable costs and expenses
(including, without limitation, attorneys' fees and expenses) incurred in
connection with the enforcement of the obligations of the Guarantor under this
Guaranty Agreement.

            (g) The Secretary's Note may be amended, modified, or endorsed
without the consent of the Guarantor.

            (h) The Secretary may enforce the Guarantor's obligations hereunder
without in any way first pursuing or exhausting any other rights or remedies
which the Secretary may have against the Shipowner or any other person, firm, or
corporation or against any security the Secretary may hold.

         3. Secretary's Rights. The Guarantor authorizes the Secretary, without
notice or demand and without affecting the Guarantor's liability hereunder, to
take and hold security for the payment of this Guaranty Agreement and/or any of
the obligations guaranteed herein and exchange, enforce, waive, and release any
such security; and to apply such security and direct the order or manner of sale
thereof as the Secretary in his discretion may determine; and to obtain a
guarantee of any of the obligations guaranteed herein from any one or more
persons, corporations, or entities whomsoever and at any time or times to
enforce, waive, rearrange, modify, limit or release such other persons,
corporations, or entities from their obligations under such guarantees.

         4. Primary Liability. It is expressly agreed that the liability of the
Guarantor for the payment of the obligations guaranteed herein shall be primary
and not secondary.

         5. Representations and Warranties. The Guarantor represents and
warrants as follows:

            (a) It is a limited liability company duly organized, validly
existing, and in good standing under the laws of the state of Delaware and has
full power and authority (legal and other) to execute, deliver, and carry out
the terms of this Guaranty Agreement;

                                       3

<PAGE>   6

            (b) This Guaranty Agreement has been duly authorized, executed, and
delivered by the Guarantor and constitutes the legal, valid, and binding
obligation of the Guarantor enforceable against the Guarantor in accordance with
its terms;

            (c) The execution, delivery, and performance by the Guarantor of
this Guaranty Agreement does not require the approval or consent of its
shareholders or of any governmental authority and does not contravene the
Guarantor's Limited Liability Company Agreement, or any mortgage, indenture, or
other agreement binding upon it, or any law, regulation, order, judgment, or
decree applicable to the Guarantor;

            (d) The Guarantor's guarantee pursuant to this Guaranty Agreement
may be expected to benefit, directly or indirectly, the Guarantor; and

            (e) The Guarantor has fully adequate financial resources, funds, and
assets to satisfy its obligations under this Guaranty Agreement and the
Guarantor will in the future retain sufficient financial resources, funds, and
assets to fully satisfy its obligations under this Guaranty Agreement.

         6. Continuing Guarantee. This Guaranty Agreement is a continuing
guarantee of payment and collectability and shall:

            (a) Remain in full force and effect so long as any obligation of the
Shipowner to the Secretary referred to herein exists;

            (b) Be binding upon the Guarantor, its successors and assigns;

            (c) Be executed and issued for the sole and exclusive benefit of the
United States, and no other party shall be permitted to claim any benefit,
direct or indirect, therefrom. This Guaranty Agreement is nonassignable, any
assignment thereof shall be null and void and have no legal effect whatsoever;
and

            (d) Inure to the benefit of, and be enforceable by the Secretary,
his successors and assigns.

         7. Default. A default under the terms of this Guaranty Agreement shall
be deemed to occur if the Guarantor fails to make any payment guaranteed
hereunder.

         8. Notices. All communications may be made or delivered in person or by
certified or registered mail, postage prepaid, addressed to the Guarantor or the
Secretary as provided below or to such other address as the Guarantor or the
Secretary may hereafter specify in a written notice to the other and all notices
or other communications shall be in writing so addressed and shall be effective
upon receipt by the addressee thereof:

                                       4

<PAGE>   7

       Guarantor:         DELTA QUEEN COASTAL VOYAGES, L.L.C.
                          Robin Street Wharf
                          1380 Port of New Orleans Place
                           New Orleans, Louisiana 70130-1890
                          Attn: Executive Vice President and General Counsel

       Secretary:         SECRETARY OF TRANSPORTATION
                          c/o Maritime Administration
                          U.S. Department of Transportation
                          Washington, DC  20590
                          Attn:    Chief, Division of Ship
                                   Financing Contracts

         9. Amendments and Supplements. No agreement shall be effective to
change or modify, supplement, amend, or discharge in whole or in part this
Guaranty Agreement unless such agreement is in writing, signed by the Guarantor
and the Secretary.

         10. Governing Law. This Guaranty Agreement shall be governed by federal
law of the United States of America or in the absence of applicable federal law
by the laws of the State of Louisiana.

         11. Counterparts. This Guaranty Agreement may be executed in one or
more counterparts. All such counterparts shall be deemed to be originals and
shall together constitute but one and the same instrument.

                                       5

<PAGE>   8

         IN WITNESS WHEREOF, this Guaranty Agreement has been executed by the
Guarantor as of the day and year first above written.

GUARANTOR:                     DELTA QUEEN COASTAL VOYAGES, L.L.C.

                               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

<PAGE>   9

ACKNOWLEDGED BY:

                                       UNITED STATES OF AMERICA,
                                       SECRETARY OF TRANSPORTATION

                                       MARITIME ADMINISTRATOR

                                       By       /S/ JOEL C. RICHARD
                                         -------------------------------------
                                            Its Secretary

ATTEST:

By       /s/ Sarah J. Washington
   -------------------------------------------
      Its Assistant Secretary<PAGE>   1

                                                             EXHIBIT 4(ii)(f)(1)

                                                           Contract No. MA-13635

                       COMMITMENT TO GUARANTEE OBLIGATIONS

                                       by

                          THE UNITED STATES OF AMERICA

                                   Accepted by

                             CAPE COD 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 COD 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

<PAGE>   3

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
<PAGE>   4

                                                                      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 Cod 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 Cod 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 $38,500,000, 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-13637, the Indenture, the Authorization Agreement, Contract No. MA-13636, the
Secretary's Note, the Financial Agreement, Contract MA-13639, and the Depository
Agreement, Contract No. MA-13640; (ii) the Guarantor shall execute and deliver
the Guaranty Agreement, Contract No. MA-13641; and (iii) the Shipowner, the
Guarantor and the Parent Company shall execute and deliver the Funding
Agreement, Contract No. MA-13642.

                                   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 $44,204,526. 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.

                                       2
<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 CFR ss.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:

                                       3
<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 COD 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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