Document:

<PAGE>
                                                                    EXHIBIT 4(i)

CONFORMED COPY

                               DATED 20 APRIL 2004

                               SHIP VENTURES INC.
                                  (AS BORROWER)

                         COMMERZBANK AKTIENGESELLSCHAFT
                                 HAMBURG BRANCH
                                  HSBC BANK PLC
                                       KFW
                                DNB NOR BANK ASA
                   OVERSEA-CHINESE BANKING CORPORATION LIMITED
                                SINGAPORE BRANCH
                         (AS ARRANGERS AND UNDERWRITERS)

                                THE SEVERAL BANKS
                 PARTICULARS OF WHICH ARE SET OUT IN SCHEDULE 2
                                  (AS LENDERS)

                                  HSBC BANK PLC
                                   (AS AGENT)

                         COMMERZBANK AKTIENGESELLSCHAFT
                                (AS HERMES AGENT)

                                  HSBC BANK PLC
                                  (AS TRUSTEE)

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

                             SECURED LOAN AGREEMENT
               FOR THE EQUIVALENT AMOUNT IN UNITED STATES DOLLARS
                           OF UP TO Euro 308,130,000
                         PRE- AND POST DELIVERY FINANCE
            FOR ONE LUXURY CRUISE VESSEL WITH 1,188 PASSENGER CABINS
              BEING HULL NO S.668 AT THE YARD OF JOS. L. MEYER GMBH

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

                               STEPHENSON HARWOOD
                            ONE ST PAUL'S CHURCHYARD
                                 LONDON EC4M 8SH
                            TEL: +44 (0)20 7329 4422
                            FAX: + 44 (0)20 7606 0822
                               REF: 1253/42-02376

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                                    CONTENTS

<TABLE>
<CAPTION>
                                                                                                                PAGE
<S>                                                                                                             <C>
1       Definitions and Construction......................................................................         1
        1.1       Definitions.............................................................................         1
        1.2       Construction............................................................................        20
        1.3       Agent, Hermes Agent and Trustee.........................................................        21

2       The Facility......................................................................................        22
        2.1       Availability............................................................................        22
        2.2       Purpose and Application.................................................................        22
        2.3       Drawdown................................................................................        23
        2.4       Payment of Portions.....................................................................        24
        2.5       Currency Option.........................................................................        25
        2.6       Break costs on failure to draw..........................................................        26
        2.7       Conditions of drawdown..................................................................        27
        2.8       Several obligations of the Lenders......................................................        27
        2.9       Lender's failure to perform.............................................................        27
        2.10      Fulfilment of conditions after drawdown.................................................        27

3       Repayment.........................................................................................        28

4       Prepayment........................................................................................        28
        4.1       Voluntary prepayment....................................................................        28
        4.2       Voluntary prepayment in case of increased cost..........................................        28
        4.3       Mandatory prepayment in case of illegality..............................................        28
        4.4       Voluntary prepayment following imposition of Substitute Basis...........................        29
        4.5       Prepayment in case of Total Loss of the Vessel..........................................        30
        4.6       Prepayment in case of sale of the Vessel................................................        30
        4.7       Effect of prepayment....................................................................        31
        4.8       Break costs on prepayment...............................................................        31

5       Interest..........................................................................................        31
        5.1       Payment of interest prior to the Termination Date.......................................        31
        5.2       Payment of interest from the Termination Date...........................................        32
        5.3       Selection and duration of Pre-Delivery Interest Periods and Interest Periods............        32
        5.4       Conversion..............................................................................        34
        5.5       Fixed Rate..............................................................................        34
        5.6       Break costs in relation to Conversion...................................................        34
        5.7       No notice and unavailability............................................................        35
        5.8       Separate Interest Periods for Instalments...............................................        36
        5.9       Extension and shortening of Pre-Delivery Interest Periods or Interest Periods...........        36
        5.10      Applicable Interest Rate................................................................        36
        5.11      Bank basis..............................................................................        37
        5.12      Default interest........................................................................        37

6       Substitute Basis of Funding.......................................................................        38
        6.1       Market disturbance......................................................................        38
        6.2       Suspension of drawdown..................................................................        39
</TABLE>

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<TABLE>
<S>                                                                                                               <C>
        6.3       Certificates of Substitute Basis........................................................        39
        6.4       Review..................................................................................        40

7       Payments..........................................................................................        40
        7.1       Place for payment.......................................................................        40
        7.2       Deductions and grossing-up..............................................................        40
        7.3       Production of receipts for Taxes........................................................        42
        7.4       Money of account........................................................................        43
        7.5       Accounts................................................................................        44
        7.6       Earnings................................................................................        44
        7.7       Continuing security.....................................................................        44

8       Yield Protection and Force Majeure................................................................        45
        8.1       Increased costs.........................................................................        45
        8.2       Force majeure...........................................................................        46

9       Representations and Warranties....................................................................        47
        9.1       Duration................................................................................        47
        9.2       Representations and warranties..........................................................        47
        9.3       Representations on the First Drawdown Date..............................................        55
        9.4       Representations on the Delivery Date....................................................        56

10      Undertakings......................................................................................        56
        10.1      Duration................................................................................        56
        10.2      Information.............................................................................        57
        10.3      Notification of default.................................................................        58
        10.4      Consents and registrations..............................................................        58
        10.5      Negative pledge.........................................................................        58
        10.6      Disposals...............................................................................        58
        10.7      Change of business......................................................................        59
        10.8      Mergers.................................................................................        60
        10.9      Maintenance of status and franchises....................................................        61
        10.10     Financial records.......................................................................        61
        10.11     Financial indebtedness and subordination of indebtedness................................        61
        10.12     Pooling of earnings and charters........................................................        62
        10.13     Loans and guarantees by the Borrower....................................................        63
        10.14     Supervision and Management..............................................................        63
        10.15     Acquisition of shares...................................................................        63
        10.16     Trading with the United States of America...............................................        63
        10.17     Further assurance.......................................................................        64
        10.18     Valuation of the Vessel.................................................................        64
        10.19     Marginal security.......................................................................        65
        10.20     Performance of employment contracts.....................................................        66
        10.21     Insurances..............................................................................        67
        10.22     Operation and maintenance of the Vessel.................................................        73
        10.23     Hermes Cover............................................................................        80
        10.24     Dividends...............................................................................        80

11      Default...........................................................................................        80
        11.1      Events of default.......................................................................        80
</TABLE>

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<TABLE>
<S>                                                                                                              <C>
        11.2      Acceleration............................................................................        87
        11.3      Default indemnity.......................................................................        88
        11.4      Set-off.................................................................................        89

12      Application of Funds..............................................................................        89
        12.1      Total Loss proceeds/proceeds of sale/Event of Default monies............................        89
        12.2      General funds...........................................................................        91
        12.3      Application of proceeds of Insurances...................................................        92
        12.4      Application of any reduction in the Hermes Premium......................................        93
        12.5      Suspense account........................................................................        93

13      Fees..............................................................................................        93

14      Expenses..........................................................................................        93
        14.1      Initial expenses........................................................................        93
        14.2      Enforcement expenses....................................................................        93
        14.3      Stamp duties............................................................................        94

15      Waivers, Remedies Cumulative......................................................................        94
        15.1      No waiver...............................................................................        94
        15.2      Remedies cumulative.....................................................................        94
        15.3      Severability............................................................................        94
        15.4      Time of essence.........................................................................        95

16      Counterparts......................................................................................        95

17      Assignment........................................................................................        95
        17.1      Benefit of agreement....................................................................        95
        17.2      No transfer by the Borrower.............................................................        95
        17.3      Assignments, participations and transfers by a Lender...................................        95
        17.4      Effectiveness of transfer...............................................................        96
        17.5      Transfer of rights and obligations......................................................        96
        17.6      Consent and increased obligations of the Borrower.......................................        97
        17.7      Disclosure of information...............................................................        97
        17.8      Transfer Certificate to be executed by the Agent........................................        98
        17.9      Notice of Transfer Certificates.........................................................        99
        17.10     Documentation of transfer or assignment.................................................        99
        17.11     Contracts (Rights of Third Parties) Act 1999 (the "Act")................................        99

18      Notices...........................................................................................        99
        18.1      Mode of communication...................................................................        99
        18.2      Address.................................................................................       100
        18.3      Telefax communication...................................................................       100
        18.4      Receipt.................................................................................       101
        18.5      Language................................................................................       101

19      Governing Law.....................................................................................       101

20      Waiver of Immunity................................................................................       101
</TABLE>

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<TABLE>
<S>                                                                                                              <C>
21      Rights of the Agent and the Lenders...............................................................       102
        21.1      No derogation of rights.................................................................       102
        21.2      Enforcement of remedies.................................................................       102

22      Jurisdiction......................................................................................       102

Schedule 1        Particulars of Arrangers................................................................       108

Schedule 2        Particulars of Agent, Hermes Agent, Trustee and Lenders.................................       110

Schedule 3        Notice of Drawdown......................................................................       113

Schedule 4        Conditions Precedent....................................................................       116

Schedule 5        Confidentiality Undertaking.............................................................       124

Schedule 6        Transfer Certificate....................................................................       126

Schedule 7        Form of Notice of Fixed Rate............................................................       133

Schedule 8        Chartering of the Six Vessels (as defined in Clause 10.6.4).............................       134
</TABLE>

<PAGE>

THIS LOAN AGREEMENT is made the 20th day of April 2004

BETWEEN:

(1)      SHIP VENTURES INC. of Corporation Trust Center, 1209 Orange Street,
         Wilmington, Delaware 19801, United States of America as borrower (the
         "Borrower");

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

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

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

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

(6)      HSBC BANK PLC of 8 Canada Square, London E14 5HQ as trustee (the
         "Trustee").

WHEREAS:

The Arrangers have agreed on the terms and subject to the conditions set out in
this Agreement to arrange and underwrite a loan in the Equivalent Amount of up
to three hundred and eight million one hundred and thirty thousand Euro
(EURO 308,130,000), subject to Clause 2.5, to be made by the Lenders to the
Borrower to part-finance (among other things) the construction by the Builder of
the Vessel for the Contract Price.

NOW IT IS HEREBY AGREED as follows:

1        DEFINITIONS AND CONSTRUCTION

         1.1      DEFINITIONS

                  In this Agreement:

                  "Account Charge" means the charge over the Operating Account,
                  to be given by the Borrower in favour of the Trustee (together
                  with the notice and acknowledgement thereof), such charge,
                  notice and acknowledgement to be in substantially the form and
                  on the terms and conditions required by the Agent and

<PAGE>

                  the Hermes Agent and agreed on the signing hereof and as
                  specified in paragraph 51 of Schedule 4;

                  "AGENCY AND TRUST DEED" means the deed dated the date hereof
                  entered into by the Lenders, the Agent, the Hermes Agent and
                  the Trustee whereby the Agent and the Hermes Agent will be
                  appointed as agents of the Lenders and the Trustee will be
                  appointed as trustees for the Agent, the Hermes Agent and the
                  Lenders;

                  "AGREEMENT" means this agreement;

                  "APPLICABLE INTEREST RATE" means, until (but excluding) the
                  Conversion Date, the applicable Floating Interest Rate and,
                  thereafter, the Fixed Rate subject to Clause 5.12 and Clause
                  6;

                  "ARRASAS" means Arrasas Limited of International House, Castle
                  Hill, Victoria Road, Douglas, Isle of Man IM2 4RB, British
                  Isles;

                  "ASSOCIATED COMPANY" in relation to any company, means any
                  company which is a Subsidiary or Holding Company of that
                  company or the majority of whose shares are beneficially owned
                  by the same person or persons as own the majority of the
                  shares of that company;

                  "BUILDER" means Jos. L. Meyer GmbH of Industriegebiet Sud,
                  26871 Papenburg, Federal Republic of Germany, the shipbuilder
                  constructing the Vessel pursuant to the Building Contract;

                  "BUILDING CONTRACT" means the shipbuilding contract dated as
                  of 15 September 2003 as amended by a first addendum thereto
                  dated 13 April 2004 between the Builder, the Borrower and
                  Arrasas for the construction and delivery of the Vessel and
                  Specification No P.8573 - Hull No S.668 dated 22 August 2003
                  and the appendices thereto marked A, B and C;

                  "BUILDING CONTRACT ASSIGNMENT" means the valid and effective
                  first legal assignment of the benefit of the Building Contract
                  to be executed by the Borrower and Arrasas in favour of the
                  Trustee (together with the notice and acknowledgement
                  thereof), such assignment, notice and acknowledgement being in
                  the form and on the terms and conditions required by the Agent
                  and agreed on the signing hereof and as specified in paragraph
                  29 of Schedule 4;

                                       2
<PAGE>

                  "BUSINESS DAY" means any day on which, in a country where any
                  act or thing is required to be done hereunder or under the
                  Building Contract, in the case of any payment to be made to
                  the Builder thereunder, banks and financial markets and, if
                  applicable, TARGET are open for the transaction of business of
                  the nature contemplated by this Agreement;

                  "CERTIFIED COPY" means, in relation to any document delivered
                  or issued by or on behalf of any company, a copy of such
                  document certified as a true, complete and up-to-date copy of
                  the original by any of the directors or the secretary or
                  assistant secretary for the time being of that company;

                  "CHARGE" means the charge over the Shares to be given by the
                  Shareholder as holder (legally and beneficially) of the Shares
                  to the Trustee pursuant to the Charge Option;

                  "CHARGE OPTION" means the option to take the Charge to be
                  given by the Shareholder to the Trustee on the date hereof,
                  such option and the Charge being in the form and on the terms
                  and conditions required by the Agent and the Hermes Agent and
                  as specified in paragraph 15 of Schedule 4;

                  "COMMITMENT PERIOD" means the period beginning on the date
                  hereof and ending on the date on which the Facility is drawn
                  down in full or cancelled hereunder;

                  "COMMITMENT" means, as to each Lender, the sum set out
                  opposite its name in Schedule 2 as the amount 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 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 Lender hereunder) in each case as such amount may be
                  reduced, cancelled or terminated under this Agreement;

                  "COMPULSORY ACQUISITION" means requisition for title or other
                  compulsory acquisition of the 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

                                       3
<PAGE>

                  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 Group by the Agent, the Trustee or any
                  Lender to a potential Transferee or assignee such undertaking
                  to be in the form of Schedule 5;

                  "CONSTRUCTION PERIOD" means the period beginning on the date
                  hereof and ending on the Delivery Date;

                  "CONSTRUCTION RISKS INSURANCE ASSIGNMENT" means the valid and
                  effective first priority assignment of the Insurances
                  (together with the notices thereof), to be executed by the
                  Builder and the Borrower in respect of the Vessel in favour of
                  the Trustee, such assignment and notices being in the form and
                  on the terms and conditions required by the Agent and the
                  Hermes Agent and agreed on the signing hereof and as specified
                  in paragraph 30 of Schedule 4;

                  "CONTRACT PRICE" means three hundred and fifty nine million
                  eight hundred and fifty thousand Euro (EURO 359,850,000)
                  being the price agreed between the Builder and the Borrower
                  for the construction of the Vessel under article 8, clause 1.1
                  of the Building Contract;

                  "CONTRIBUTION" means as to each Lender the sum set out
                  opposite its name in Schedule 2 as the amount which it is
                  obliged to advance to the Borrower under Clause 2 or, as the
                  case may be, the portion of such sum so advanced and for the
                  time being outstanding;

                  "CONVERSION" means the conversion of the method of calculating
                  interest from the Floating Interest Rate to the Fixed Rate;

                  "CONVERSION DATE" has the meaning ascribed to that term in
                  Clause 5.3.2;

                  "CURRENCY CONVERSION DATE" means a date on which the Euro Loan
                  at that date is converted to Dollars being a Pre-Delivery
                  Interest Payment Date or an Interest Payment Date;

                  "DELIVERY DATE" means the date on which the Vessel is
                  delivered to and accepted by the Borrower pursuant to the
                  Building Contract;

                                       4
<PAGE>

                  "DISCLOSURE LETTER" means the letter so designated given by
                  the Borrower and acknowledged by the Agent (acting on the
                  instructions of the Lenders) on the date of this Agreement;

                  "DOCUMENT OF COMPLIANCE" means a document issued to the Vessel
                  operator as evidence of its compliance with the requirements
                  of the ISM Code;

                  "DOLLARS" AND "USD" means the lawful currency of the United
                  States of America;

                  "DOLLAR LOAN" means the aggregate amount of the Portions or
                  any part thereof denominated in Dollars or (as the context may
                  require) the amount thereof for the time being drawn down
                  and/or denominated in Dollars and outstanding hereunder;

                  "DRAWDOWN DATE" means a date being a Business Day on which a
                  part of a Portion is drawn down pursuant to Clause 2.3;

                  "DRAWDOWN NOTICE" means any of the notices to be given by the
                  Borrower to the Agent pursuant to Clause 2.3.1;

                  "EARNINGS" means, in respect of the Vessel, (whether earned or
                  to be earned) any and all freights, hire and passage monies,
                  proceeds of requisition (other than proceeds of Compulsory
                  Acquisition), rebates and commissions, all earnings deriving
                  from contracts of affreightment, pooling agreements, 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, any sums payable or
                  repayable by the Builder under the Building Contract, any
                  reduction in the Hermes Premium repaid by Hermes to the
                  Borrower and any other earnings whatsoever due or to become
                  due to the Borrower;

                  "EARNINGS ASSIGNMENT" means the valid and effective first
                  legal assignment of the Earnings (together with the notice
                  thereof and the acknowledgement), to be executed by the
                  Borrower in respect of the Vessel in favour of the Trustee,
                  such assignment, notice and acknowledgement being in the form
                  and on the terms and

                                       5
<PAGE>

                  conditions required by the Agent and the Hermes Agent and
                  agreed on the signing hereof and as specified in paragraph 28
                  of Schedule 4;

                  "ELECTION DATE" has the meaning ascribed to that term in
                  Clause 5.3.2;

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

                  "EQUIVALENT AMOUNT" means the Dollar equivalent of (i) each
                  amount payable in Euro by the Borrower to the Builder under
                  the Building Contract or payable to the Borrower in
                  reimbursement of the Hermes Premium and to be drawn down
                  hereunder in Dollars or (ii) the Euro Loan on a Currency
                  Conversion Date, in each case determined at HSBC Bank plc's
                  spot rate for conversion of Dollars to Euro at 10.00 a.m.
                  London time two (2) Business Days prior to the relevant
                  Drawdown Date or the relevant Currency Conversion Date (as the
                  case may be);

                  "EURIBOR" means with respect to any Pre-Delivery Interest
                  Period or Interest Period and with respect to the Euro Loan
                  the rate of interest (expressed as an annual rate) determined
                  by the Agent to be:

                  (i)      the offered rate for deposits in Euro for a period
                           equivalent to such Pre-Delivery Interest Period or
                           Interest Period which appears on the page of the
                           Reuters screen which displays the average EURIBOR
                           rate as agreed with EURIBOR FBE for deposits in Euro
                           of the relevant amount at or about 11.00 a.m. London
                           time on the Quotation Date; or

                  (ii)     if no rate is provided for the respective
                           Pre-Delivery Interest Period or Interest Period on
                           the said Reuters screen, the interpolated rate per
                           annum for deposits in Euro in an amount approximately
                           equal to the Euro Loan as calculated by the Agent,
                           such interpolated rate to be based on the said
                           Reuters screen PROVIDED THAT EURIBOR for periods of
                           less than one (1) week will be ascertained under
                           sub-section (iii) below;

                  or (if the said Reuters screen is discontinued or if the Agent
                  is unable to make the said determination due to technical
                  breakdown in the relevant system or the Pre-Delivery Interest
                  Period or Interest Period is less than one (1) week)

                                       6
<PAGE>

                  (iii)    the arithmetic mean (rounded upwards, if necessary,
                           to the nearest one-sixteenth of one per cent (1/16%))
                           of the rates per annum notified to the Agent by each
                           of the Reference Banks as the rate at which deposits
                           in Euro in an amount approximately equal to the Euro
                           Loan 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 Pre-Delivery Interest Period or Interest
                           Period and for delivery on the first Business Day
                           thereof;

                  "EURIBOR FBE" means the Banking Federation of the European
                  Union;

                  "EURO" AND "(EURO)" means the lawful currency of the Federal
                  Republic of Germany;

                  "EURO LOAN" means the aggregate amount of the Portions or any
                  part thereof denominated in Euro or (as the context may
                  require) the amount thereof for the time being drawn down and
                  outstanding hereunder;

                  "EVENT OF DEFAULT" means any of the events specified in Clause
                  11;

                  "FACILITY" means the loan facility granted hereunder being in
                  the Equivalent Amount (in aggregate) of up to three hundred
                  and eight million one hundred and thirty thousand Euro
                  (E308,130,000), subject to Clause 2.5;

                  "FINANCIAL INDEBTEDNESS" means any obligation for the payment
                  or repayment of money, whether as principal or as surety and
                  whether present or future, actual or contingent;

                  "FIRST DRAWDOWN DATE" means the date on which Tranche 1 and,
                  if applicable, Tranche A is drawn down and applied in
                  accordance with Clause 2.2.1 and Clause 2.2.2;

                  "FIXED RATE" means the fixed rate of interest agreed jointly
                  by the Borrower and each of the Lenders at or about 11.00 a.m.
                  London time on the Quotation Date prior to the Conversion Date
                  payable, subject to Clause 5.8, on each Interest Payment Date
                  during the Fixed Rate Period;

                  "FIXED RATE PERIOD" means the period starting on (and
                  including) the Conversion Date and ending on the final
                  Repayment Date;

                                       7
<PAGE>

                  "FLOATING INTEREST RATE" means for each Pre-Delivery Period
                  and Interest Period selected pursuant to Clause 5.3.1 the
                  aggregate of LIBOR or EURIBOR (as the case may be) and the
                  Margin;

                  "FORCE MAJEURE" means, in relation to the Agent, the Hermes
                  Agent, the Trustee 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 date of this Agreement and which
                  prevents that party from performing any of its obligations
                  under this Agreement;

                  "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 Star and its Subsidiaries;

                  "GUARANTEE" means the guarantee to be executed by the
                  Guarantor in favour of the Trustee on the date hereof, such
                  guarantee being in the form and on the terms and conditions
                  required by the Agent and the Hermes Agent and as specified in
                  paragraph 14 of Schedule 4;

                  "GUARANTOR" means NCL Corporation Ltd. of Reid Hall, 3 Reid
                  Street, Hamilton HM 11, Bermuda and with its principal place
                  of business at 7665 Corporate Center Drive, Miami, Florida
                  33126, United States of America;

                  "HERMES" means Euler Hermes Kreditversicherungs-AG of
                  Friedensallee 254, 22763 Hamburg, Federal Republic of Germany;

                  "HERMES COVER" means the guarantee from the Federal Republic
                  of Germany acting through Hermes for the period of the
                  transaction in the amount and on the terms and conditions
                  required by the Lenders;

                  "HERMES INSURANCE PREMIUM" means the amount payable in Euro by
                  the Borrower to Hermes through the Hermes Agent in respect of
                  the Hermes Cover;

                                       8
<PAGE>

                  "HERMES ISSUING FEES" means the amount payable in Euro by the
                  Borrower to Hermes through the Hermes Agent by way of handling
                  fees in respect of the Hermes Cover;

                  "HERMES PREMIUM" means the aggregate of the Hermes Issuing
                  Fees and the Hermes Insurance Premium;

                  "HOLDING COMPANY" has the meaning defined in the Companies Act
                  1985, Section 736 as substituted by the Companies Act 1989,
                  Section 144;

                  "IOL" means Inter-Ocean Limited of International House, Castle
                  Hill, Victoria Road, Douglas, Isle of Man IM2 4RB, British
                  Isles;

                  "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;

                  "INDEBTEDNESS FOR BORROWED MONEY" means Financial Indebtedness
                  (whether present or future, actual or contingent, long-term or
                  short-term, secured or unsecured) in respect of:

                  (i)      moneys borrowed or raised;

                  (ii)     the advance or extension of credit (including
                           interest and other charges on or in respect of any of
                           the foregoing);

                  (iii)    the amount of any liability in respect of leases
                           which, in accordance with GAAP, are capital leases;

                  (iv)     the amount of any liability in respect of the
                           purchase price for assets or services payment of
                           which is deferred for a period in excess of one
                           hundred and eighty (180) days;

                  (v)      all reimbursement obligations whether contingent or
                           not in respect of amounts paid under a letter of
                           credit or similar instrument;

                                       9
<PAGE>

                  (vi)     all interest rate and currency swap and similar
                           agreements obliging the making of payments, whether
                           periodically or upon the happening of a contingency
                           (and the value of such Financial Indebtedness shall
                           be the mark-to-market valuation of such transaction
                           at the relevant time); and

                  (vii)    (without double counting) any guarantee of Financial
                           Indebtedness falling within paragraphs (i) to (vi)
                           above;

                  "INSTALMENT" means the amount of principal of the Loan
                  repayable on a Repayment Date in accordance with Clause 3;

                  "INSURANCE ASSIGNMENT" means the valid and effective first
                  legal assignment of the Insurances (together with the notice
                  thereof), to be executed by the Borrower in respect of the
                  Vessel in favour of the Trustee, such assignment and notice to
                  be in the form and on the terms and conditions required by the
                  Agent and the Hermes Agent and agreed on the signing hereof
                  and as specified in paragraph 44 of Schedule 4;

                  "INSURANCES" means all policies and contracts of insurance
                  (including construction risks insurance under the Building
                  Contract) and entries of the Vessel in a protection and
                  indemnity or war risks association which are effected in
                  respect of the Vessel, its 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 EXCHANGE ARRANGEMENT" means such interest rate
                  arrangements as a Lender shall deem necessary to make in
                  respect of its Contribution in order to offer the Fixed Rate
                  to the Borrower;

                  "INTEREST PAYMENT DATE" means the last day of each Interest
                  Period and each Repayment Date occurring during an Interest
                  Period or the Fixed Rate Period;

                  "INTEREST PERIOD" means each period ascertained in accordance
                  with Clause 5.3 or Clause 5.12 other than a Pre-Delivery
                  Interest Period;

                  "INTEREST RATE" means the rate(s) of interest applicable to
                  the Loan calculated in accordance with Clause 5.10, Clause
                  5.12 or Clause 6.3;

                                       10
<PAGE>

                  "LIBOR" means with respect to any Pre-Delivery Interest Period
                  or Interest Period and with respect to the Dollar Loan 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 Pre-Delivery Interest Period or
                           Interest Period which appears on the Reuters Page
                           LIBO at or about 11.00 a.m. London time on the
                           Quotation Date; or

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

                  or (if Reuters Page LIBO is discontinued or if the Agent is
                  unable to make the said determination due to technical
                  breakdown in the relevant system or the Pre-Delivery Interest
                  Period or 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
                           Dollar Loan 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 Pre-Delivery Interest Period or Interest
                           Period and for delivery on the first Business Day
                           thereof;

                  "LOAN" means the aggregate principal amount of the Dollar Loan
                  and the Euro Loan or (as the context may require) the amount
                  thereof for the time being drawn down and outstanding
                  hereunder;

                  "MANAGEMENT AGREEMENT" means the agreement to be entered into
                  between the Borrower and the Manager providing for the ship
                  management and crewing services of the Vessel, such agreement
                  to be in the form and on the terms and conditions required by
                  the Agent and agreed on the signing hereof and as specified in
                  paragraph 47 of Schedule 4;

                                       11
<PAGE>

                  "MANAGEMENT AGREEMENT ASSIGNMENT" means the valid and
                  effective first legal assignment of the Management Agreement
                  (together with the notice thereof and the acknowledgement), to
                  be executed by the Borrower in favour of the Trustee, such
                  assignment, notice and acknowledgement to be in the form and
                  on the terms and conditions required by the Agent and the
                  Hermes Agent and agreed on the signing hereof and as specified
                  in paragraph 49 of Schedule 4;

                  "MANAGER" means NCL America Inc. of Corporation Trust Center,
                  1209 Orange Street, Wilmington, Delaware 19801, United States
                  of America, the company providing ship management and crewing
                  services for the Vessel pursuant to the Management Agreement;

                  "MARGIN" means the rate of nought point seven five per cent
                  (0.75%) per annum;

                  "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;

                  "MORTGAGE" means either of the Pre-Delivery Mortgage or the
                  Post Delivery Mortgage;

                  "NCLC FLEET" means the vessels owned by companies in the NCLC
                  Group;

                  "NCLC GROUP" means the Guarantor and its Subsidiaries;

                  "NCL INTERNATIONAL" means NCL International, Ltd. of Reid
                  Hall, 3 Reid Street, Hamilton HM 11, Bermuda;

                  "NCLL" means Norwegian Cruise Line Limited of Reid Hall, 3
                  Reid Street, Hamilton HM 11, Bermuda;

                  "NOTICE OF FIXED RATE" means a notice in the form of Schedule
                  7;

                                       12
<PAGE>

                  "OBLIGORS" means the Borrower, the Guarantor, the Manager, the
                  Sub-Agent, the Shareholder, the Supervisor, Arrasas and any
                  other party from time to time to any of the Security Documents
                  excluding the Builder, Hermes, the Arrangers, the Trustee, the
                  Agent, the Hermes Agent and the Lenders;

                  "OFFICE" means in respect of the Agent, the Hermes Agent, the
                  Trustee 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;

                  "OPERATING ACCOUNT" means the account opened or to be opened
                  by the Borrower with such bank or banks as may be approved by
                  the Agent and the Hermes Agent from time to time for receipt
                  of the Earnings;

                  "OUTSTANDING INDEBTEDNESS" means all sums of any kind payable
                  actually or contingently to the Trustee, the Agent, the Hermes
                  Agent or the Lenders under or pursuant to this 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);

                  "PERMITTED LIENS" means (i) any Encumbrance created by or
                  pursuant to the Security Documents (ii) liens on the Vessel up
                  to an aggregate amount at any time not exceeding five million
                  Dollars (USD5,000,000) for current crew's wages and salvage
                  and liens incurred in the ordinary course of trading the
                  Vessel and (iii) any other Encumbrance notified by any of the
                  Obligors to the Agent prior to the date hereof;

                  "PORTION" means any of Portion 1, Portion 2 or Portion 3;

                  "PORTION 1" means the aggregate principal amount of the
                  Portion 1 Tranches or (as the context may require) the amount
                  thereof for the time being drawn down and outstanding
                  hereunder in whatever currency or currencies it is for the
                  time being denominated;

                  "PORTION 1 TRANCHE" means Tranche 1, Tranche 2, Tranche 3
                  and/or Tranche 4 of Portion 1;

                                       13
<PAGE>

                  "PORTION 2" means the Equivalent Amount of the aggregate
                  principal amount of the Portion 2 Tranches, subject to Clause
                  2.5, or (as the context may require) the amount thereof for
                  the time being drawn down and outstanding hereunder in
                  whatever currency or currencies it is for the time being
                  denominated;

                  "PORTION 2 TRANCHE" means Tranche A, Tranche B and/or Tranche
                  C of Portion 2;

                  "PORTION 3" means up to eighty per cent (80%) of the
                  Pre-Delivery Interest or (as the context may require) the
                  amount thereof for the time being drawn down and outstanding
                  hereunder in whatever currency or currencies it is for the
                  time being denominated;

                  "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;

                  "POST DELIVERY MORTGAGE" means the first preferred ship
                  mortgage to be granted by the Borrower over the Vessel and
                  registered at the US Coast Guard National Vessel Documentation
                  Center in favour of the Trustee as security pursuant hereto,
                  such mortgage to be in the form and on the terms and
                  conditions required by the Agent and the Hermes Agent and
                  agreed on the signing hereof and as specified in paragraph 42
                  of Schedule 4;

                  "PRE-DELIVERY INTEREST PAYMENT DATE" means the last day of
                  each Pre-Delivery Interest Period;

                  "PRE-DELIVERY INTEREST PERIOD" means each period ascertained
                  in accordance with Clause 5.3 or Clause 5.12 other than an
                  Interest Period;

                  "PRE-DELIVERY INTEREST" means the aggregate of the interest
                  payable on the Loan on each Pre-Delivery Interest Payment
                  Date;

                  "PRE-DELIVERY MORTGAGE" means the first priority abstract
                  acknowledgement of debt and mortgage ("Abstraktes
                  Schuldversprechen und Schiffshypothekenbestellungsurkunde")
                  and part submission ("Unterwerfung unter die sofortige
                  Zwangsvollstreckung"), to be granted by the Borrower over the
                  Vessel in favour of the Trustee as security pursuant hereto
                  during the

                                       14
<PAGE>

                  Construction Period, such abstract, mortgage and submission
                  being in the form and on the terms and conditions required by
                  the Agent and the Hermes Agent and agreed on the signing
                  hereof and as specified in paragraph 27 of Schedule 4;

                  "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, any other Obligor or the Builder and approved by the
                  Agent as agent to accept service of legal proceedings on their
                  behalf under any of this Agreement and the other Security
                  Documents;

                  "QUOTATION DATE" means, in relation to any Pre-Delivery
                  Interest Period or Interest Period, the day on which
                  quotations would ordinarily be given in the relevant interbank
                  eurocurrency market for Dollar or Euro (as the case may be)
                  deposits for delivery on the first day of that Pre-Delivery
                  Interest Period or Interest Period PROVIDED THAT if such
                  quotation date is not a Business Day the quotation date shall
                  be the preceding Business Day;

                  "REFERENCE BANKS" means Commerzbank Aktiengesellschaft and
                  HSBC Bank plc;

                  "REPAYMENT DATES" means the last day of each of the twenty
                  four (24) consecutive periods of six (6) months the first such
                  period commencing on the Termination Date and the twenty
                  fourth such period terminating twelve (12) years thereafter;

                  "REUTERS PAGE LIBO" means the display currently designated as
                  Reuters Page LIBO, which includes London Interbank Offered
                  Rates of four (4) major banks, which are members of the
                  International Swaps and Derivatives Association, Inc. or such
                  other service as may be nominated by the British Bankers'
                  Association as the information vendor for displaying the
                  London Interbank Offered Rates of major banks in the London
                  Interbank market;

                  "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;

                                       15
<PAGE>

                  "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;

                  "SAME DAY FUNDS" means Dollar funds settled through the New
                  York Clearing House Interbank Payments System or Euro funds
                  settled through TARGET or such other funds for payment in
                  Dollars or Euro (as the case may be) as the Agent shall
                  specify by notice to the Borrower as being customary at the
                  time for the settlement of international transactions in New
                  York or Frankfurt am Main (as the case may be) of the type
                  contemplated by this Agreement;

                  "SECURITY DOCUMENTS" means this Agreement, the Guarantee, the
                  Hermes Cover, the Building Contract Assignment, the
                  Construction Risks Insurance Assignment, the Supervision
                  Agreement Assignment, the Management Agreement Assignment, the
                  Sub-Agency Agreement Assignment, the Mortgages, the Charge
                  Option, the Charge, the Earnings Assignment, the Insurance
                  Assignment, the Account Charge and all such other documents as
                  may be executed at any time in favour of (among others) the
                  Trustee, the Hermes Agent and/or any of the Lenders as
                  security for the obligations of the Borrower, the other
                  Obligors and the Builder whether executed pursuant to the
                  express provisions of this Agreement or otherwise howsoever;

                  "SECURITY PERIOD" means the period beginning on the First
                  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;

                  "SHAREHOLDER" means NCL America Holdings, Inc. of Corporation
                  Trust Center, 1209 Orange Street, Wilmington, Delaware 19801,
                  United States of America;

                  "SHARES" means the three thousand (3,000) authorised shares of
                  common stock in the Borrower legally and beneficially owned by
                  the Shareholder;

                  "STAR" means Star Cruises Limited of Canon's Court, 22
                  Victoria Street, Hamilton HM 12, Bermuda;

                  "SUB-AGENCY AGREEMENT" means the agreement to be entered into
                  between the Manager and the Sub-Agent providing for the
                  commercial, marketing, sales and financial services in respect
                  of the Vessel, such agreement to be in the form and

                                       16
<PAGE>

                  on the terms and conditions required by the Agent and agreed
                  on the signing hereof and as specified in paragraph 48 of
                  Schedule 4;

                  "SUB-AGENCY AGREEMENT ASSIGNMENT" means the valid and
                  effective first legal assignment of the Sub-Agency Agreement
                  (together with the notice thereof and the acknowledgement), to
                  be executed by the Manager in favour of the Trustee, such
                  assignment, notice and acknowledgement to be in the form and
                  on the terms and conditions required by the Agent and the
                  Hermes Agent and agreed on the signing hereof and as specified
                  in paragraph 50 of Schedule 4;

                  "SUB-AGENT" means NCL (Bahamas) Ltd. of Reid Hall, 3 Reid
                  Street, Hamilton HM 11, Bermuda, the company providing
                  commercial, marketing, sales and financial services in respect
                  of the Vessel pursuant to the Sub-Agency Agreement;

                  "SUBSIDIARY" has the meaning defined in the Companies Act
                  1985, Section 736 as substituted by the Companies Act 1989,
                  Section 144;

                  "SUBSTITUTE BASIS" means an alternative basis for maintaining
                  the Loan certified by the Agent pursuant to Clause 6.3.1;

                  "SUPERVISION AGREEMENT" means the agreement entered or to be
                  entered into between the Borrower and the Supervisor providing
                  for the construction supervision of the Vessel, such agreement
                  being in the form and on the terms and conditions required by
                  the Agent and agreed on the signing hereof and as specified in
                  paragraph 12 of Schedule 4;

                  "SUPERVISION AGREEMENT ASSIGNMENT" means the valid and
                  effective first legal assignment of the Supervision Agreement
                  (together with the notice thereof and the acknowledgement), to
                  be executed by the Borrower in favour of the Trustee, such
                  assignment, notice and acknowledgement being in the form and
                  on the terms and conditions required by the Agent and the
                  Hermes Agent and agreed on the signing hereof and as specified
                  in paragraph 31 of Schedule 4;

                  "SUPERVISOR" means Star Cruise Management Limited of
                  International House, Castle Hill, Victoria Road, Douglas, Isle
                  of Man IM2 4RB, British Isles, the company providing
                  construction supervision for the Vessel pursuant to the
                  Supervision Agreement;

                                       17
<PAGE>

                  "SUSPENSION NOTICE" means a notice given by the Agent to the
                  Borrower pursuant to Clause 6.1;

                  "TARGET" means trans-European automated real-time gross
                  settlement express transfer system;

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

                  "TERMINATION DATE" means the earlier of the Delivery Date and
                  10 October 2006 (or such later date as is agreed between the
                  Borrower, the Lenders and Hermes);

                  "TOTAL LOSS" means any actual or constructive or arranged or
                  agreed or compromised total loss or Compulsory Acquisition of
                  the Vessel;

                  "TRANCHE" means either a Portion 1 Tranche or a Portion 2
                  Tranche;

                  "TRANCHE A" means the amount of the Hermes Premium less
                  seventy five per cent (75%) of the Hermes Insurance Premium
                  and twenty per cent (20%) of the Hermes Premium or the
                  Equivalent Amount thereof of to be paid to the Borrower in
                  part reimbursement of the aggregate amount of the Hermes
                  Issuing Fees and twenty five per cent (25%) of the Hermes
                  Insurance Premium paid by the Borrower to the Hermes Agent for
                  on-payment to Hermes on the issue of the Hermes Cover to be
                  advanced by the Lenders by way of their Contributions thereto
                  on the first Drawdown Date in respect of a Portion 1 Tranche
                  falling after the payment by the Borrower of the Hermes
                  Issuing Fees and the first twenty five per cent (25%) of the
                  Hermes Insurance Premium;

                  "TRANCHE B" means up to seventy five per cent (75%) of the
                  amount of the Hermes Insurance Premium or the Equivalent
                  Amount thereof payable on the later of the First Drawdown Date
                  and the issue of the Hermes Cover to be paid to the Hermes
                  Agent for on-payment to Hermes to be advanced by the Lenders
                  on a Drawdown Date by way of their Contributions thereto
                  PROVIDED THAT the amount of this Tranche and the amount of
                  Tranche A shall not when aggregated exceed eighty per cent
                  (80%) of the Hermes Premium;

                                       18
<PAGE>

                  "TRANCHE C" means up to the amount by which the Hermes
                  Insurance Premium is increased after the date on which the
                  seventy five per cent (75%) of the amount of the Hermes
                  Insurance Premium is paid by the Hermes Agent to Hermes or the
                  Equivalent Amount thereof to be paid to the Hermes Agent for
                  on-payment to Hermes to be advanced by the Lenders on a
                  Drawdown Date by way of their Contributions thereto PROVIDED
                  THAT the amount of this Tranche and the amount of Tranche A
                  and Tranche B shall not when aggregated exceed eighty per cent
                  (80%) of the Hermes Premium;

                  "TRANCHE 1" means the amount of [***] [Confidential Treatment]
                  or the Equivalent Amount thereof to be applied in payment of
                  the balance of the third pre-delivery instalment due by the
                  Borrower to the Builder under the Building Contract to be
                  advanced by the Lenders on a Drawdown Date by way of their
                  Contributions thereto;

                  "TRANCHE 2" means the amount of [***] [Confidential Treatment]
                  or the Equivalent Amount thereof to be applied in payment of
                  the fourth pre-delivery instalment due by the Borrower to the
                  Builder under the Building Contract to be advanced by the
                  Lenders on a Drawdown Date by way of their Contributions
                  thereto;

                  "TRANCHE 3" means the amount of [***] [Confidential Treatment]
                  or the Equivalent Amount thereof to be applied in payment of
                  the fifth pre-delivery instalment due by the Borrower to the
                  Builder under the Building Contract to be advanced by the
                  Lenders on a Drawdown Date by way of their Contributions
                  thereto;

                  "TRANCHE 4" means the amount of up to [***] [Confidential
                  Treatment] or the Equivalent Amount thereof to be applied in
                  payment of the delivery instalment due by the Borrower to the
                  Builder under the Building Contract to be advanced by the
                  Lenders on the Delivery Date by way of their Contributions
                  thereto PROVIDED THAT the Euro amount of this Tranche and the
                  Euro amounts of the other Tranches shall not when aggregated
                  exceed [***] [Confidential Treatment] of the Contract Price;

                                       19
<PAGE>

                  "TRANSACTION DOCUMENTS" means the Security Documents, the
                  Building Contract, the Drawdown Notices, the Supervision
                  Agreement, the Management Agreement, the Sub-Agency Agreement,
                  the Agency and Trust Deed and any other material document now
                  or hereafter issued in connection with the documents or the
                  transaction herein referred to and also including any Interest
                  Exchange Arrangement;

                  "TRANSFER CERTIFICATE" means the certificate attached hereto
                  as Schedule 6;

                  "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
                  and the Borrower which becomes a party to this Agreement as a
                  Lender pursuant to Clause 17; and

                  "VESSEL" means hull no S.668 at the yard of the Builder
                  registered in the name of the Borrower in the Shipbuilding
                  Register in Emden, Federal Republic of Germany and upon
                  construction as a luxury cruise vessel with one thousand one
                  hundred and eighty eight (1,188) passenger cabins to be
                  delivered to the Borrower pursuant to the Building Contract
                  and re-registered in the name of the Borrower under the laws
                  and flag of the United States of America.

         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;

                                       20
<PAGE>

                  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    references to the Builder shall be disregarded when
                           it has performed in full all its obligations under
                           the Building Contract and the Security Documents to
                           which it is a party;

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

                  1.2.8    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;

                  1.2.9    where any matter requires the approval or consent of
                           the Agent or the Trustee 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 or the Trustee, the Agent or
                           the Trustee (as the case may be) shall not be deemed
                           to have accepted such matter unless its acceptance is
                           communicated in writing; the Agent or the Trustee may
                           give or withhold its consent, approval or acceptance
                           at its unfettered discretion;

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

         1.3      AGENT, HERMES AGENT AND TRUSTEE

                  The Agent and the Hermes Agent will be appointed by the
                  Lenders as agents and the Trustee will be appointed by the
                  Lenders as trustee under the Agency and Trust Deed and
                  references herein to the Agent, the Hermes Agent or the
                  Trustee shall be construed as references to itself, the Agent
                  or the Hermes Agent (if

                                       21
<PAGE>

                  applicable) and the Lenders. The Borrower shall only
                  communicate with the Lenders under this Agreement and the
                  other Security Documents through the Agent, the Hermes Agent
                  or the Trustee (as the case may be) and as hereinafter
                  referred to.

2        THE FACILITY

         2.1      AVAILABILITY

                  2.1.1    The Lenders grant to the Borrower the Facility by way
                           of the Portions. Any part of the Facility which
                           remains undrawn at close of business in London on the
                           Termination Date shall be capable of cancellation by
                           the Lenders with the consent of Hermes.

                  2.1.2    Each Lender shall advance its Contribution to the
                           Portions in the proportion which its Contribution for
                           the time being bears to the other Contributions of
                           the Lenders.

                  2.1.3    Neither the Agent (as the Agent or as a Lender) nor
                           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 or the Arrangers 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
                           hereunder, that Lender and the Agent will take all
                           reasonable steps to mitigate the effect of that
                           failure. Notwithstanding the aforesaid proviso,
                           neither the Agent (as a Lender) nor any other Lender
                           shall be obliged to increase its Contribution
                           hereunder in respect of the failure by any other
                           Lender(s) to fund its Contribution.

         2.2      PURPOSE AND APPLICATION

                  The purpose of the Facility is set out below.

                  2.2.1    Portion 1 shall finance up to eighty per cent (80%)
                           of the Contract Price. Tranche 1 shall be applied in
                           payment of part of the third pre-delivery instalment
                           due by the Borrower to the Builder under the Building
                           Contract, Tranche 2 in payment of the fourth
                           pre-delivery instalment due to the Builder under the
                           Building Contract, Tranche 3 in payment of the

                                       22
<PAGE>

                           fifth pre-delivery instalment due to the Builder
                           under the Building Contract and Tranche 4 in payment
                           of the delivery instalment due to the Builder under
                           the Building Contract;

                  2.2.2    Portion 2 shall reimburse the Borrower for or finance
                           up to eighty per cent (80%) of the Hermes Premium.
                           Tranche A shall reimburse the Borrower in part for
                           the amount of the Hermes Premium paid to the Hermes
                           Agent for on-payment to Hermes on issue of the Hermes
                           Cover, Tranche B shall be applied in payment or (if
                           insufficient) in part payment of seventy five per
                           cent (75%) of the Hermes Insurance Premium payable on
                           the later of the First Drawdown Date and the issue of
                           the Hermes Cover and Tranche C shall be applied in
                           payment or (if insufficient) in part payment of any
                           increase in the Hermes Insurance Premium thereafter;
                           and

                  2.2.3    Portion 3 shall finance up to eighty per cent (80%)
                           of the total amount of the Pre-Delivery Interest
                           payable hereunder and shall be drawn down in the
                           currency or currencies in which the Loan is for the
                           time being denominated and the proportion of the
                           interest payable in any currency shall correspond to
                           the proportion of the Loan denominated in that
                           currency.

         2.3      DRAWDOWN

                  The Borrower shall only make drawings under any Portion of the
                  Facility if:

                  2.3.1    in the case of Portion 1 and Portion 2, the Agent
                           receives at least five (5) Business Days' notice of
                           the Borrower's request for such drawing in the form
                           of Schedule 3;

                  2.3.2    no Event of Default or Possible Event of Default has
                           occurred before the date of such drawing;

                  2.3.3    no written notice has been received indicating that
                           the Hermes Cover does not validly exist without
                           restriction;

                  2.3.4    the representations and warranties set out in Clause
                           9 and each of the other Security Documents are
                           correct on the date of such drawing; and

                                       23
<PAGE>

                  2.3.5    it is then lawful for each of the Lenders to make
                           available its Contribution to the Facility,

                  PROVIDED THAT no part of the Loan shall be capable of drawing
                  until twenty per cent (20%) of the Contract Price has been
                  paid by the Borrower to the Builder and no part of Portion 2
                  shall be capable of drawing until the Hermes Issuing Fees and
                  twenty five per cent (25%) of the Hermes Insurance Premium
                  have become due and been paid by the Borrower to Hermes
                  through the Hermes Agent and PROVIDED FURTHER THAT the
                  aggregate of (a) the Euro amount of the Portion 2 Tranches
                  drawn down hereunder in Euro (b) the equivalent amount in Euro
                  determined at the rate of exchange for Euro against Dollars as
                  determined at HSBC Bank plc's spot rate at about 10.00 a.m.
                  two (2) Business Days prior to the Termination Date of the
                  Portion 2 Tranches drawn down hereunder in Dollars (c) the
                  Euro amount of the aggregate of each amount of Portion 3 drawn
                  down hereunder in Euro and (d) the equivalent amount in Euro
                  determined at the rate of exchange for Euro against Dollars as
                  determined at HSBC Bank plc's spot rate at about 10.00 a.m.
                  two (2) Business Days prior to the Termination Date of the
                  aggregate of each amount of Portion 3 drawn down hereunder in
                  Dollars, shall not exceed in total twenty million two hundred
                  and fifty thousand Euro ((EURO)20,250,000).

         2.4      PAYMENT OF PORTIONS

                  All Portion 1 Tranches drawn down hereunder shall be paid to
                  the Builder.

                  Tranche A drawn down hereunder shall be paid to the Borrower
                  in reimbursement in part of the amount of the Hermes Premium
                  paid by the Borrower to the Hermes Agent for on-payment to
                  Hermes on issue of the Hermes Cover, Tranche B drawn down
                  hereunder shall be applied in payment or (if insufficient) in
                  part payment of seventy five per cent (75%) of the Hermes
                  Insurance Premium payable on the later of the First Drawdown
                  Date and the issue of the Hermes Cover and Tranche C drawn
                  down hereunder shall be applied in payment or (if
                  insufficient) in part payment of any increase in the Hermes
                  Insurance Premium thereafter, subject to the further proviso
                  to Clause 2.3.

                  Subject to the further proviso to Clause 2.3, the Borrower
                  hereby consents to the drawdown on each Pre-Delivery Interest
                  Payment Date of such amount of

                                       24
<PAGE>

                  Portion 3 as is required to pay eighty per cent (80%) of the
                  Pre-Delivery Interest payable on that Pre-Delivery Interest
                  Payment Date and to the application of such amount in payment
                  of such interest.

         2.5      CURRENCY OPTION

                  2.5.1    The Borrower may by notice in writing served on the
                           Agent not less than five (5) Business Days prior to a
                           Drawdown Date request that a Portion be advanced in
                           Euro or in Dollars.

                  2.5.2    If the Borrower fails to make a request in accordance
                           with Clause 2.5.1 or if deposits in Euro in the
                           relevant amount and for the relevant duration are not
                           available to any of the Lenders in the relevant
                           interbank eurocurrency market in the ordinary course
                           of business to fund its Contribution then with effect
                           from the relevant Drawdown Date the Portion or any
                           part thereof shall be advanced in Dollars.

                  2.5.3    The Borrower may by notice in writing served on the
                           Agent not less than five (5) Business Days prior to a
                           Currency Conversion Date request that the Euro Loan
                           shall be converted to Dollars on the next Currency
                           Conversion Date for the duration of the Security
                           Period.

                  2.5.4    On a Currency Conversion Date the Euro Loan at that
                           date shall be repaid by the Borrower in Euro.
                           However, the Lenders shall on that day readvance that
                           part of the Euro Loan (due allowance being made for
                           any amounts repaid or prepaid since the first day of
                           the preceding Pre-Delivery Interest Period or
                           Interest Period) on terms that:

                           (a)      the proceeds of that readvance shall
                                    forthwith be applied by the Lenders in or
                                    towards effecting the said repayment on
                                    behalf of the Borrower so that:

                                    (i)      the obligation of the Borrower to
                                             make that repayment shall be a
                                             notional obligation only except to
                                             the extent that the proceeds of
                                             that readvance are insufficient to
                                             make that repayment in full; and

                                       25
<PAGE>

                                    (ii)     the obligation of the Lenders to
                                             make that readvance shall be a
                                             notional obligation only except to
                                             the extent that the proceeds of
                                             that readvance exceed the amount of
                                             that repayment; and

                           (b)      the Lenders shall forthwith readvance the
                                    Equivalent Amount of the Euro Loan at that
                                    date.

                  2.5.5    All losses, damages, expenses, profits or currency
                           risks arising from the exercise of the currency
                           option contained in this Clause 2.5 shall be for the
                           account of the Borrower.

                  2.5.6    The conversion of the Euro Loan into Dollars or the
                           operation of this Clause 2.5 shall not constitute or
                           be construed as a prepayment pursuant to the
                           provisions of Clause 4.

                  2.5.7    Notwithstanding the drawdown of any part of the Loan
                           in Euro or its subsequent conversion into Dollars it
                           is expressly acknowledged and agreed by the parties
                           hereto that the Security Documents shall remain in
                           full force and effect and that they shall stand as
                           security for the Loan in whatever currency or
                           currencies it is for the time being denominated.

         2.6      BREAK COSTS ON FAILURE TO DRAW

                  If for any reason any part of a Portion is not drawn down by
                  the Borrower hereunder after notice of drawdown has been given
                  to the Agent pursuant to Clause 2.3 in the case of Portion 1
                  and Portion 2 or after the relevant Quotation Date in the case
                  of Portion 3, the Borrower will pay to the Agent for the
                  account of the Lenders such amount as the Agent may certify as
                  necessary to compensate the Lenders (other than any Lender
                  whose default has caused the part of the Portion not to be
                  drawn down) for any loss (including the cost of breaking
                  deposits or re-employing funds (including warehousing and
                  other related costs)) or any losses under any Interest
                  Exchange Arrangement and/or any swap agreements or other
                  interest rate management products entered into by the Lenders
                  for the purpose of this transaction or expense (including
                  warehousing and other related costs) on account of funds
                  borrowed, contracted for (whether in Euro or in Dollars) or
                  utilised in order to fund its Contribution to the part of the

                                       26
<PAGE>

                  Portion. 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.

         2.7      CONDITIONS OF DRAWDOWN

                  The Agent shall not be under any obligation to advance a part
                  of a Portion hereunder until all the documents and evidence
                  referred to in the relevant part of Schedule 4 are in the
                  possession of the Agent in form and substance satisfactory to
                  it, the Arrangers, the Lenders and the Hermes Agent.

         2.8      SEVERAL OBLIGATIONS OF THE LENDERS

                  The obligations and rights of each Lender hereunder are
                  several and if for any reason the Borrower receives in respect
                  of a part of a Portion an amount greater than the aggregate of
                  the Contributions to that part of a Portion, 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.

         2.9      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.

         2.10     FULFILMENT OF CONDITIONS AFTER DRAWDOWN

                  If the Lenders, acting unanimously, decide (or the Agent in
                  accordance with the Agency and Trust Deed decides) to advance
                  a part of a Portion to the Borrower hereunder without having
                  received all of the documents or evidence referred to in the
                  relevant part of Schedule 4, the Borrower will nevertheless
                  deliver the remaining documents or evidence to the Agent
                  within fourteen (14) days of such drawing (or such other
                  period as the Agent may stipulate) and the advance of the
                  Facility 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

                                       27
<PAGE>

                  or the Lenders any obligation to permit the drawing in the
                  absence of such documents or evidence.

3        REPAYMENT

         3.1      Unless otherwise repaid in accordance with the provisions of
                  this Agreement, the Borrower hereby agrees to repay the Loan
                  by twenty four (24) equal half yearly Instalments of principal
                  in the currency or currencies in which the Loan is for the
                  time being denominated and the proportion of each Instalment
                  payable in any currency shall correspond to the proportion of
                  the Loan denominated in that currency. The first such
                  Instalment shall be paid six (6) months from the Termination
                  Date and the remainder at six (6) monthly intervals.

4        PREPAYMENT

         4.1      VOLUNTARY PREPAYMENT

                  On giving at least thirty (30) days' prior notice to the
                  Agent, the Borrower may on the last day of a Pre-Delivery
                  Interest Period or an Interest Period prepay (without premium
                  or penalty, subject to Clause 4.8) the whole or any relevant
                  part of the Loan (but if in part in an amount of five million
                  Dollars (USD5,000,000) or the equivalent amount in Euro (as
                  the case may be) or an integral multiple thereof). In the case
                  of a prepayment of part of the Loan, the proportion of that
                  part payable in Dollars or Euro (as the case may be) shall
                  correspond to the proportion of the Loan denominated in that
                  currency at the prepayment date.

         4.2      VOLUNTARY PREPAYMENT IN CASE OF INCREASED COST

                  At any time after any sum payable by the Borrower has been
                  increased under Clause 8 or a Lender has made any claim for
                  indemnification under Clause 8, the Borrower may, after giving
                  to the Agent five (5) Business Days' notice of its intention
                  to do so, prepay the whole (but not part only) of the
                  Contribution of that Lender, subject to Clause 4.8, in
                  whatever currency or currencies it is for the time being
                  denominated.

         4.3      MANDATORY PREPAYMENT IN CASE OF ILLEGALITY

                  4.3.1    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

                                       28
<PAGE>

                           any of the Lenders for that Lender to make available
                           or maintain its Contribution 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 in whatever
                           currency or currencies it is for the time being
                           denominated together with interest thereon to the
                           date of such prepayment and all other amounts due to
                           such Lender under Clause 4.8 and under the Security
                           Documents (or, if permitted by the relevant law,
                           regulation or treaty, at the end of the then current
                           Pre-Delivery Interest Period or Interest Period).

                  4.3.2    A Lender affected by any provision of Clause 4.3.1
                           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
                           Clause 4.3.1 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 (for example (and if then possible) by
                           changing its 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.

         4.4      VOLUNTARY PREPAYMENT FOLLOWING IMPOSITION OF SUBSTITUTE BASIS

                  The Borrower may notify the Agent within ten (10) days of the
                  receipt of a certificate from the Agent of a Substitute Basis
                  under Clause 6.3 whether or not it wishes to prepay the Loan,
                  in which event the Borrower shall forthwith prepay the Loan in
                  whatever currency or currencies it is for the time being
                  denominated together with interest accrued thereon at the rate
                  specified in the relevant certificate of Substitute Basis and
                  any break costs in accordance with Clause 4.8.

                                       29
<PAGE>

         4.5      PREPAYMENT IN CASE OF TOTAL LOSS OF THE VESSEL

                  If the Vessel is or becomes a Total Loss, then the Borrower
                  will, within thirty (30) days thereof or, if the Agent is
                  satisfied in its sole discretion that the Total Loss is
                  adequately covered by the Insurances and that the relevant
                  insurance proceeds will be payable to the Agent within one
                  hundred and fifty (150) days plus three (3) business days in
                  Frankfurt, New York and Singapore thereof, by no later than
                  the date which is one hundred and fifty (150) days plus three
                  (3) business days in Frankfurt, New York and Singapore after
                  the date of the event giving rise to such Total Loss prepay
                  the Loan in accordance with Clause 4.7, Clause 4.8 and Clause
                  12.1.

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

                  4.5.1    if it consists of an actual loss, at noon Greenwich
                           Mean Time on the actual date of loss or, if that is
                           not known, on the date on which the Vessel was last
                           heard of;

                  4.5.2    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; and

                  4.5.3    if it consists of a constructive or compromised or
                           arranged or agreed total loss or damage to the Vessel
                           rendering repair impracticable or uneconomical or
                           rendering the Vessel permanently unfit for normal
                           use, at noon Greenwich Mean Time on the date on which
                           notice claiming the loss of the Vessel is given to
                           its insurers.

         4.6      PREPAYMENT IN CASE OF SALE OF THE VESSEL

                  If the Vessel is sold by the Borrower with the prior consent
                  of the Agent (which consent is not to be unreasonably withheld
                  or delayed), then the Borrower will concurrent with completion
                  of the sale prepay the Loan in accordance with Clause 4.7 and
                  Clause 12.1. Subject to Clause 4.8 hereof, prepayment of the
                  Loan consequent upon the permitted sale of the Vessel shall
                  absolve the Borrower from any liability to pay prepayment fees
                  or costs.

                                       30
<PAGE>

         4.7      EFFECT OF PREPAYMENT

                  Any notice given by the Borrower under Clause 4.1, Clause 4.2
                  or Clause 4.4 shall be irrevocable and shall oblige the
                  Borrower to pay to the Agent on account of the Lenders the
                  amount or amounts therein stated on the date therein stated.
                  No amount prepaid under this Agreement may be redrawn. Each
                  prepayment under this Agreement shall be applied in
                  satisfaction of the Borrower's remaining obligations under
                  Clause 3 in inverse chronological order. Prepayments under
                  this Agreement shall be made together with accrued interest
                  thereon and the payment of all other sums then owing under any
                  of the Security Documents.

         4.8      BREAK COSTS ON PREPAYMENT

                  If any repayment or prepayment of the Loan or part thereof is
                  made otherwise than on the last day of a Pre-Delivery Interest
                  Period or an Interest Period or, following Conversion, any
                  repayment or prepayment of the Loan or part thereof is made
                  otherwise than on the last day of the Fixed Rate Period, the
                  Borrower shall pay to the Agent on behalf of the Lenders on
                  demand such additional amount as the Agent may certify (such
                  certificate to contain a calculation thereof in reasonable
                  detail) as necessary to compensate each of the Lenders for any
                  loss (including the cost of breaking deposits or re-employing
                  funds (including warehousing and other related costs)) or any
                  losses under any Interest Exchange Arrangement and/or any swap
                  agreements or other interest rate management products entered
                  into by the Lenders for the purpose of this transaction or
                  expense (including warehousing and other related costs) on
                  account of funds borrowed, contracted for or utilised to fund
                  the amount so repaid or prepaid provided that each Lender
                  shall pay to the Borrower any swap breakage gain actually
                  received by the Lender under any Interest Exchange Arrangement
                  to which it is a party and/or any swap agreements or other
                  interest rate management products entered into by the Lender
                  for the purpose of this transaction.

5        INTEREST

         5.1      PAYMENT OF INTEREST PRIOR TO THE TERMINATION DATE

                  From the first Drawdown Date in respect of a Portion until the
                  Termination Date, the Borrower shall pay interest on that
                  Portion in Dollars and/or Euro (as the case

                                       31
<PAGE>

                  may be) at the Floating Interest Rate applicable for each
                  Pre-Delivery Interest Period in respect thereof which interest
                  shall be payable in arrears on each Pre-Delivery Interest
                  Payment Date from the application of the amount of Portion 3
                  drawn down on that Pre-Delivery Interest Payment Date (if any)
                  and by the Borrower.

                  For the avoidance of doubt, Portion 3 or any part thereof may
                  only be drawn down hereunder and applied in payment of
                  interest accrued up to the Termination Date.

         5.2      PAYMENT OF INTEREST FROM THE TERMINATION DATE

                  From the Termination Date, the Borrower shall pay interest on
                  the Loan at the Applicable Interest Rate for each Interest
                  Period in respect thereof which interest shall be payable in
                  arrears on each Interest Payment Date PROVIDED THAT if the
                  current Interest Period does not end on the relevant Interest
                  Payment Date the Borrower shall only pay the interest accrued
                  during that Interest Period up to but not including the
                  Interest Payment Date.

         5.3      SELECTION AND DURATION OF PRE-DELIVERY INTEREST PERIODS AND
                  INTEREST PERIODS

                  5.3.1    Subject to the other provisions of this Clause 5, the
                           Borrower may give notice to the Agent to be received
                           by the Agent not later than 9.00 a.m. London time
                           five (5) Business Days prior to the commencement of
                           each Pre-Delivery Interest Period in respect of a
                           Portion or part thereof or Interest Period in respect
                           of the Loan, specifying whether that interest period
                           is to be of three (3) or six (6) months' duration.
                           Pre-Delivery Interest Periods shall commence, in the
                           case of the first in respect of the first part of
                           Portion 1 and Portion 2 to be drawn down, on the
                           First Drawdown Date, in the case of the first in
                           respect of the first part of Portion 3 to be drawn
                           down on the first Pre-Delivery Interest Payment Date
                           and, in the case of Pre-Delivery Interest Periods
                           other than the first in respect of any Portion or
                           part thereof, on the expiry of the preceding
                           Pre-Delivery Interest Period. Interest Periods in
                           respect of the Loan shall commence, in the case of
                           the first, on the Termination Date and, in the case
                           of Interest Periods other than the first, on the
                           expiry of the preceding Interest Period.

                                       32
<PAGE>

                           However, the Agent shall have the right to adjust the
                           length of any Pre-Delivery Interest Period for a part
                           of a Portion (other than the first part to be drawn
                           down) such that it ends on the same date as any
                           existing Pre-Delivery Interest Period in respect of
                           that Portion and the first Pre-Delivery Interest
                           Period in respect of a Portion such that it ends on
                           the same date as the current Pre-Delivery Interest
                           Period of the other Portions.

                           The final Pre-Delivery Interest Period in respect of
                           a Portion, the Portions or any part thereof (as the
                           case may be) shall end on the Termination Date and
                           the final Interest Period shall end on the final
                           Repayment Date.

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

                  5.3.3    The Borrower shall forthwith provide a copy of the
                           Election Notice to the Guarantor, who shall upon
                           receipt provide a written confirmation to both the
                           Borrower and the Agent that the Guarantee remains in
                           full force and effect, PROVIDED ALWAYS that no
                           Interest Exchange Arrangement will be entered into by
                           a Lender unless a confirmation satisfactory to the
                           Agent, the Lenders and Hermes is received from the
                           Guarantor.

                  5.3.4    Any such request under Clause 5.3.2 shall be
                           irrevocable, provided that any informal request made
                           by the Borrower to the Agent for an indication of the
                           rates which might be available should the Borrower
                           deliver an Election Notice shall not be construed as
                           the giving of an Election Notice

                                       33
<PAGE>

                           by the Borrower pursuant to Clause 5.3.2. The parties
                           hereto agree that not more than two (2) informal
                           requests may be made.

                  5.3.5    On receipt of an Election Notice from the Borrower
                           pursuant to Clause 5.3.2, the Agent shall promptly
                           notify the Lenders of such election and of the
                           applicable Election Date and Conversion Date.

         5.4      CONVERSION

                  Conversion shall only occur if:

                  5.4.1    the Euro Loan has been repaid and readvanced in
                           accordance with Clause 2.5.4;

                  5.4.2    the Agent has received an Election Notice;

                  5.4.3    the Agent has received the confirmation from the
                           Guarantor referred to in Clause 5.3.3;

                  5.4.4    the Agent has received evidence of the Interest
                           Exchange Arrangements executed by the parties
                           thereto; and

                  5.4.5    the Fixed Rate for the Loan has been determined.

                  In the absence of satisfaction of any of the above or any
                  other relevant provision of Clause 5.3, interest on the Loan
                  shall continue to be calculated at the Floating Interest Rate.

         5.5      FIXED RATE

                  The Lenders, the Agent and the Borrower agree that as soon as
                  the Fixed Rate shall have been determined, the Agent shall
                  inform the Borrower by issuing to the Borrower a Notice of
                  Fixed Rate. Upon such issuance the Borrower's obligation will
                  be to pay interest on the Loan at the Fixed Rate from the
                  Conversion Date and, until such date, at the Floating Interest
                  Rate.

         5.6      BREAK COSTS IN RELATION TO CONVERSION

                  If an Election Notice has been given to the Facility Agent
                  pursuant to Clause 5.3.2 and Conversion does not occur on the
                  Conversion Date as a result of

                                       34
<PAGE>

                  the relevant provisions of Clause 5.3, Clause 5.4 and/or
                  Clause 5.5 not being satisfied or waived, other than as a
                  result of gross negligence or wilful misconduct of the Agent
                  or any of the Lenders, the Borrower shall pay to the Agent for
                  the account of the Lenders interest accrued to but excluding
                  the Conversion Date together with such amount as the Agent may
                  certify (such certificate to contain a calculation thereof in
                  reasonable detail) as necessary to compensate each of the
                  Lenders for any loss (including the cost of breaking deposits
                  or re-employing funds (including warehousing and other related
                  costs)) or any losses under any Interest Exchange Arrangement
                  and/or any swap agreements or other interest rate management
                  products entered into by the Lenders for the purpose of this
                  transaction as a consequence of Conversion not being made on
                  the Conversion Date.

                  If it is necessary for the Lenders to break deposits or
                  re-employ funds taken or borrowed to make or maintain such
                  Lender's Contribution to the Portions in whatever currency or
                  currencies they are for the time being denominated in order
                  for Conversion to take place on the Conversion Date, the
                  Borrower shall pay to the Agent for the account of the Lenders
                  interest accrued to but excluding the Conversion Date together
                  with such amount as the Agent may certify to be necessary to
                  compensate a Lender for any losses incurred as a consequence
                  of the Pre-Delivery Interest Period(s) in respect of the
                  Portions being prematurely terminated in order to allow
                  Conversion to occur on the Conversion Date including, without
                  limitation, any loss (including the cost of breaking deposits
                  (including warehousing and other related costs)) or expense
                  (including warehousing and other related costs) on account of
                  funds borrowed, contracted for or utilised to fund such
                  Lender's Contribution to the Loan in whatever currency or
                  currencies it is for the time being denominated.

         5.7      NO NOTICE AND UNAVAILABILITY

                  If the Borrower fails to select a Pre-Delivery Interest Period
                  or an Interest Period in accordance with Clause 5.3 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 relevant Portion or the Loan
                  (as the case may be), the Borrower shall be deemed

                                       35
<PAGE>

                  to have selected a Pre-Delivery Interest Period or an Interest
                  Period of six (6) months (or such other period as the Agent
                  may in its discretion decide).

         5.8      SEPARATE INTEREST PERIODS FOR INSTALMENTS

                  If an Interest Period would otherwise extend beyond any
                  Repayment Date, the Loan shall be divided into two (2) or more
                  portions. One (1) or more portions will be of an amount equal
                  to the amount of the Loan required to be repaid on each
                  relevant Repayment Date and will have an Interest Period of
                  such length as will expire on that date and the Interest
                  Period relating to the remainder of the Loan will be
                  determined in accordance with Clauses 5.3 and 5.7.

         5.9      EXTENSION AND SHORTENING OF PRE-DELIVERY INTEREST PERIODS OR
                  INTEREST PERIODS

                  If a Pre-Delivery Interest Period or an Interest Period would
                  otherwise end on a day which is not a Business Day, the
                  Pre-Delivery Interest Period or Interest Period shall be
                  extended until the next following Business Day unless the next
                  following Business Day falls in the next calendar month or the
                  Interest Period has been selected pursuant to Clause 5.3.2 in
                  which case the Interest Period will be shortened to expire on
                  the preceding Business Day.

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

         5.10     APPLICABLE INTEREST RATE

                  5.10.1   In respect of Pre-Delivery Interest Periods or
                           Interest Periods pursuant to Clause 5.3.1 and subject
                           to Clause 5.12 and Clause 6, the rate of interest
                           applicable to the Loan (or relevant part in the case
                           of the division of the Loan under Clause 5.8) during
                           a Pre-Delivery Interest Period or an Interest Period
                           shall be the Floating Interest Rate.

                  5.10.2   In respect of Interest Periods pursuant to Clause
                           5.3.2 and subject to Clause 5.12 and Clause 6, the
                           rate of interest applicable to the Loan (or

                                       36
<PAGE>

                           relevant part in the case of the division of the Loan
                           under Clause 5.8) during an Interest Period shall be
                           the Fixed Rate.

         5.11     BANK BASIS

                  Pre-Delivery Interest, interest, fees payable pursuant to
                  Clause 13 and any other payments hereunder of an annual nature
                  shall accrue from day to day and be computed on the basis of a
                  year of three hundred and sixty (360) days and for the actual
                  number of days elapsed.

         5.12     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, 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 Applicable
                  Interest Rate fixed for the latest interest period and the
                  rate computed by the Agent and certified by the Agent to the
                  Borrower as being the aggregate of:

                  5.12.1   the Margin plus one per cent (1%); and

                  5.12.2   the greater of (a) in the case of the Lenders, the
                           average (rounded upwards if necessary to the next
                           integral multiple of one-sixteenth of one per cent
                           (1/16%)) of the respective rates per annum at which
                           each of the Lenders is able to acquire in accordance
                           with its normal practice deposits in Dollars or Euro
                           (as the case may be) in successive periods of one (1)
                           month (or for such shorter period as the Agent may in
                           its absolute discretion select) in the relevant
                           interbank eurocurrency market in an amount equivalent
                           to or comparable with its 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 or Euro (as the
                           case may be) in successive periods of one (1) month
                           (or for such shorter period as the Agent may in its
                           absolute discretion select) in the relevant interbank
                           eurocurrency market in an amount equivalent to such
                           sum, as at approximately 10.00 a.m. London time in
                           the case of Euro and

                                       37
<PAGE>

                           approximately 11.00 a.m. London time in the case of
                           Dollars on any relevant day and (b) in the case of
                           the Lenders, the average (rounded upwards if
                           necessary to the next integral multiple of
                           one-sixteenth of one per cent (1/16%)) of the cost to
                           each of the Lenders of funding its 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 or EURIBOR
                           (as the case may be) not being available then the
                           Agent shall in its discretion use the Substitute
                           Basis for its calculation as set out in Clause 6.3.

6        SUBSTITUTE BASIS OF FUNDING

         6.1      MARKET DISTURBANCE

                  Notwithstanding anything to the contrary in this Agreement, if
                  prior to the commencement of any Pre-Delivery Interest Period
                  or any Interest Period pursuant to Clause 5.3.1 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 Floating Interest
                           Rate during such Pre-Delivery Interest Period or
                           Interest Period pursuant to Clause 5; or

                  6.1.2    deposits in Dollars or Euro (as the case may be) of
                           equal duration to such Pre-Delivery Interest Period
                           or 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 Contribution during such
                           Pre-Delivery Interest Period or 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 Contribution during such Pre-Delivery Interest
                           Period or Interest Period by deposits obtained in the
                           relevant interbank eurocurrency market,

                                       38
<PAGE>

                           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 any of the Facility in accordance with Clause 2
                  then the Agent shall not be obliged to advance the Facility
                  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, the relevant Lender or Lenders and Hermes, it shall
                  apply in accordance with its terms and, if not, the Facility
                  or any relevant part thereof shall be made available to the
                  Borrower in the other of the currencies of Dollars or Euro.

         6.3      CERTIFICATES OF SUBSTITUTE BASIS

                  6.3.1    If the Facility or part thereof 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
                           approved by the Hermes Agent (being the Substitute
                           Basis) for maintaining its Contribution affected by
                           the relevant market disturbance. Such Substitute
                           Basis may be retroactive to the beginning of the then
                           current Pre-Delivery Interest Period or Interest
                           Period (or Pre-Delivery Interest Periods or Interest
                           Periods), and may include an alternative currency or
                           an alternative method of fixing the Interest Rate
                           (which shall reflect the cost to the relevant Lender
                           or Lenders of funding its Contribution from other
                           sources plus the Margin) or alternative Pre-Delivery
                           Interest Periods or Interest Periods for the Loan or
                           any relevant part thereof, 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 5.

                                       39
<PAGE>

                  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.

7        PAYMENTS

         7.1      PLACE FOR PAYMENT

                  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 in Same Day Funds and:

                  7.1.1    if in Dollars to HSBC Bank USA, New York (SWIFT Code
                           MRMDUS33) for the account of HSBC Bank plc, London
                           (SWIFT Code MIDLGB22), account no 000-023868 in
                           favour of Project and Export Finance, account no
                           36677449, quoting reference 53M/FC1031 by 10.00 a.m.
                           New York time; and

                  7.1.2    if in Euro to HSBC Bank plc, London (SWIFT Code
                           MIDLGB22), in favour of Project and Export Finance,
                           account no 36677422, quoting reference 53M/FC1031 by
                           10.00 a.m. Frankfurt am Main time.

         7.2      DEDUCTIONS AND GROSSING-UP

                  7.2.1    Each payment to be made by the Borrower to a Lender
                           or the Agent hereunder in Dollars or in Euro 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 Lender or the Agent receives and retains (free
                           from any liability in respect of any such deduction
                           or

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<PAGE>

                           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 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 Agreement under the
                           laws of any jurisdiction) on or in relation to any
                           sum received or receivable hereunder by such Lender
                           or the Agent on its behalf (including, without
                           limitation, any sum received or receivable under this
                           Clause 7) or any liability in respect of any such
                           payment is asserted, imposed, levied or assessed
                           against such Lender or the Agent on its behalf, the
                           Borrower 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 (a) that
                           accrue during any periods of time beginning on the
                           thirty first (31st) day (or such longer period as any
                           Lender may reasonably require) following the day on
                           which the Lender or the Agent, as applicable, has
                           actual knowledge of the imposition or assertion of
                           such Taxes or other Taxes, or (b) 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 7.2.2 it shall certify to the Borrower
                           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.

                  7.2.3    Without affecting the Borrower's obligations under
                           Clause 7.2.1 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 event (for example (if then possible) by changing
                           its Office or transferring some or all of its rights
                           and obligations under this Agreement to another
                           financial institution reasonably acceptable to the
                           Borrower, Hermes and

                                       41
<PAGE>

                           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.

                  7.2.4    Each Lender, on or prior to the date on which such
                           Lender becomes a Lender hereunder, through the Agent
                           (and from time to time thereafter as required by
                           applicable law, but only for so long as such Lender
                           is legally entitled to do so or the Agent is
                           instructed to do so), shall deliver to the Borrower
                           two (2) duly completed copies of either (a) Internal
                           Revenue Service Form W-8BEN claiming eligibility of
                           the Lender for benefits of an income tax treaty to
                           which the United States is a party that reduces the
                           rate of withholding on interest to zero or (b)
                           Internal Revenue Service Form W-8ECI, or in either
                           case an applicable successor form.

                  7.2.5    No person to which a Lender assigns part or all of
                           its interest under this Agreement pursuant to Clause
                           17 shall be entitled to receive any greater increase
                           in payment under Clause 7.2.1 than the assigning
                           Lender would have been entitled to receive with
                           respect to the rights assigned unless such assignment
                           shall have been made at a time when the circumstances
                           giving rise to such greater payment did not exist.
                           Each assignee shall, on or prior to the date on which
                           the assignor assigns all or part of its interest to
                           such assignee, comply with the certification
                           requirements of Clause 7.2.3.

         7.3      PRODUCTION OF RECEIPTS FOR TAXES

                  If the Borrower makes any payment hereunder in Dollars or in
                  Euro in respect of which it is required by law to make any
                  deduction or withholding for Taxes, it shall pay the full
                  amount to be deducted or withheld to the relevant taxation or
                  other authority within the time allowed for such payment under
                  applicable law and shall deliver to the Agent within thirty
                  (30) days after they have 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.

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<PAGE>

                  If an additional payment is made under Clause 7.2.1 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 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.

         7.4      MONEY OF ACCOUNT

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

                  7.4.1    making or filing a claim or proof against the
                           Borrower;

                  7.4.2    obtaining an order or judgment in any court or other
                           tribunal; or

                  7.4.3    enforcing any order or judgment given or made in
                           relation thereto;

                  the Borrower shall indemnify and hold harmless the Agent and
                  each of the Lenders from and against any damages or losses
                  suffered as a result of any discrepancy between (a) the rate
                  of exchange used to convert the sum in question from the first
                  currency into the second currency and (b) the rate or rates of
                  exchange at which each Lender and the Agent (as the case may
                  be) 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

                                       43
<PAGE>

                  obligation of the Borrower separate and independent from its
                  other obligations and shall apply irrespective of any
                  indulgence granted by the Agent or any of the Lenders.

         7.5      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 Document, 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.

         7.6      EARNINGS

                  Provided no Event of Default or Possible Event of Default has
                  occurred (following which the Agent shall (inter alia) be
                  entitled to request the Borrower to give notice pursuant to
                  clause 3 of the Earnings Assignment and apply such Earnings in
                  accordance with Clause 12.1) such Earnings shall throughout
                  the Security Period be at the free disposal of the Borrower
                  but the net earnings of the Vessel shall be paid by the
                  Manager to the Operating Account within five (5) Business Days
                  of the end of each cruise of the Vessel.

         7.7      CONTINUING SECURITY

                  The security created by this Agreement and each of the other
                  Security Documents shall be held by the Trustee and/or the
                  Agent and/or the Lenders and/or the Hermes Agent 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 Trustee, the
                  Agent, the Lenders, the Hermes Agent or any of them for all or
                  any part of the amount hereby or thereby secured or any other
                  right or remedy of the Trustee, the Agent, the Lenders or the
                  Hermes Agent or any of them under this Agreement or any of

                                       44
<PAGE>

                  the other Security Documents, by operation of law or otherwise
                  howsoever arising. All the powers arising from such security
                  may be exercised from time to time as the Trustee and/or the
                  Agent and/or the Hermes Agent may deem expedient.

8        YIELD PROTECTION AND FORCE MAJEURE

         8.1      INCREASED COSTS

                  If by reason of:

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

                  8.1.2    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
                                    Contribution hereunder; or

                           (b)      there is any increase in the cost to any of
                                    the Lenders of funding or maintaining all or
                                    any of the advances comprised in a class of
                                    advances formed by or including its
                                    Contribution 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 Contribution 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,

                                       45
<PAGE>

                                    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
                  Contribution(s) hereunder) or such liability.

                  A Lender affected by any provision of Clause 8.1 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 Clause 8.1 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 (for example (if then possible) by changing its 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.

         8.2      FORCE MAJEURE

                  Where the Agent, the Hermes Agent, the Trustee 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;

                                       46
<PAGE>

                  8.2.2    the obligations of the Non-Performing Party shall not
                           be excused as a result of the Force Majeure; and

                  8.2.3    in respect of the suspension of the Non-Performing
                           Party's obligations:

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

                           (b)      the Non-Performing Party uses all reasonable
                                    efforts to remedy its inability to perform
                                    and to mitigate the effects of the Force
                                    Majeure; and

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

9        REPRESENTATIONS AND WARRANTIES

         9.1      DURATION

                  The representations and warranties in Clause 9.2, Clause 9.3
                  and Clause 9.4 shall survive the execution of this Agreement
                  and shall be deemed to be repeated, with reference mutatis
                  mutandis to the facts and circumstances subsisting, as if made
                  on each day until the Borrower has no remaining obligations,
                  actual or contingent, under or pursuant to this Agreement or
                  any of the other Security Documents.

         9.2      REPRESENTATIONS AND WARRANTIES

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

                                       47
<PAGE>

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

                  9.2.4    NON-CONFLICT WITH LAWS

                           The entry into and performance of this Agreement and
                           the other Transaction Documents (other than the
                           Hermes Cover) 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,

                                       48
<PAGE>

                           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 the Disclosure Letter no event
                           has occurred which constitutes a default under or in
                           respect of any Transaction Document to which any
                           Obligor, the Builder or Hermes is a party or by which
                           any Obligor, the Builder or Hermes 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:

                           (a)      the filing of those Security Documents to be
                                    filed with the Secretary of State of
                                    Delaware, the Companies Registries in the
                                    Isle of Man, England and Wales or the
                                    Federal Republic of Germany, which filings
                                    must be completed within twenty one (21)
                                    days of the execution of the relevant
                                    Security Document(s) in the case of England
                                    and Wales; and

                           (b)      the registration of the Pre-Delivery
                                    Mortgage in the Shipbuilding Register in
                                    Emden and the recording of the Post Delivery
                                    Mortgage at the US Coast Guard National
                                    Vessel Documentation Center,

                                       49
<PAGE>

                                    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 or the
                                    Builder 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.

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

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                  9.2.11   SOLVENCY

                           The Borrower is and shall remain, after the advance
                           to it of the Facility, solvent in accordance with the
                           laws of the State of Delaware 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.

                  9.2.12   WINDING-UP, ETC.

                           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.

                  9.2.13   ACCOUNTS

                           The consolidated audited accounts of the Group for
                           the periods ending on 31 December 2002 and 31
                           December 2003 and the consolidated audited accounts
                           of the NCLC Group for the period ending on 31
                           December 2004 and for all subsequent periods (which
                           accounts will be prepared in accordance with GAAP)
                           fairly represent the financial condition of the Group
                           or the NCLC Group (as the case may be) as shown in
                           such audited accounts (in this Clause 9.2.13 "NCLC
                           GROUP" shall have the meaning ascribed to it in
                           clause 11.4 of the Guarantee).

                  9.2.14   LITIGATION

                           Save as disclosed in writing to the Agent by way of
                           the Disclosure Letter no litigation, arbitration or
                           administrative proceedings are current or pending or,
                           to its knowledge, threatened, which might, if
                           adversely determined, have a material adverse effect
                           on the business, assets or financial condition of any
                           Obligor.

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                  9.2.15   TAX LIABILITIES

                           The NCLC Group has complied with all taxation laws in
                           all jurisdictions in which it is subject to Taxation
                           and has paid all Taxes due and payable by it
                           including but without limitation any disputed Taxes
                           unless a reserve has been made pending resolution of
                           the dispute; no material claims are being asserted
                           against it with respect to Taxes, which might, if
                           such claims were successful, have a material adverse
                           effect on its business, assets or financial
                           condition.

                  9.2.16   OWNERSHIP OF ASSETS

                           Each member of the Group or the NCLC Group (as the
                           case may be) has good and marketable title to all its
                           assets which are reflected in the audited accounts
                           referred to in Clause 9.2.13.

                  9.2.17   NO IMMUNITY

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

                  9.2.18   TAXES ON PAYMENTS

                           As at the date of this Agreement all amounts payable
                           by them hereunder in Dollars or in Euro 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.

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                  9.2.20   OWNERSHIP OF SHARES

                           All the Shares in the Borrower and the Manager shall
                           be legally and beneficially owned by the Shareholder,
                           all the shares in the Sub-Agent shall be legally and
                           beneficially owned by NCL International, all the
                           shares in the Shareholder shall be legally and
                           beneficially owned by Arrasas, all the shares in
                           Arrasas shall be legally and beneficially owned by
                           the Guarantor and all the shares in the Supervisor
                           shall be legally and beneficially owned by Star 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.

                  9.2.21   COMPLETENESS OF DOCUMENTS

                           The copies of the Building Contract, the Supervision
                           Agreement, the Management Agreement the Sub-Agency
                           Agreement, the Interest Exchange Arrangements 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 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

                           Other than the Hermes Premium, there are and will be
                           no commissions, rebates, premiums or other payments
                           by or to or on account of any Obligor or the Builder,
                           their shareholders, directors or officers in
                           connection with the transaction as a whole other than
                           as disclosed to the Agent in writing.

                  9.2.23   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

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                           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.

                  9.2.24   ENVIRONMENT

                           Each of the Obligors:

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

                                    (i)      emissions, discharges, releases or
                                             threatened releases of chemicals,
                                             pollutants, contaminants, wastes,
                                             toxic substances, hazardous
                                             materials, oil, hazard substances,
                                             petroleum and petroleum products
                                             and by-products ("MATERIALS OF
                                             ENVIRONMENTAL CONCERN"); or

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

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

                           (c)      has not received any notice, claim, action,
                                    cause of action, investigation or demand by
                                    any other person, alleging potential

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                                    liability for, or a requirement to incur,
                                    investigatory costs, clean-up costs,
                                    response and/or remedial costs (whether
                                    incurred by a governmental entity or
                                    otherwise), natural resources damages,
                                    property damages, personal injuries,
                                    attorney's fees and expenses or fines or
                                    penalties, in each case arising out of,
                                    based on or resulting from:

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

                                    (ii)     circumstances forming the basis of
                                             any violation, or alleged
                                             violation, of any Environmental Law
                                             or Environmental Approval
                                             ("ENVIRONMENTAL CLAIM"); and

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

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

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

         9.3      REPRESENTATIONS ON THE FIRST DRAWDOWN DATE

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

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

                  9.3.2    registered in its name in the Shipbuilding Register
                           in Emden;

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<PAGE>

                  9.3.3    insured in accordance with the provisions of the
                           Building Contract, this Agreement and the
                           Pre-Delivery Mortgage and in compliance with the
                           requirements therein in respect of such insurances;
                           and

                  9.3.4    under construction supervision by the Supervisor on
                           and subject to the terms set out in the Supervision
                           Agreement.

         9.4      REPRESENTATIONS ON THE DELIVERY DATE

                  The Borrower further represents and warrants to the Agent and
                  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    registered in its name under the laws and flag of the
                           United States of America;

                  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 and American
                           Bureau of Shipping;

                  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 United
                           States of America;

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

                  9.4.6    managed by the Manager and the Sub-Agent on and
                           subject to the terms set out in the Management
                           Agreement and the Sub-Agency Agreement.

10       UNDERTAKINGS

         10.1     DURATION

                  The undertakings in this Clause 10 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

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<PAGE>

                  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
                           audited accounts for that year and of the
                           consolidated Group accounts for that year (commencing
                           with audited accounts made up to 31 December 2002)
                           such Group accounts being substituted with NCLC Group
                           accounts commencing with the audited accounts made up
                           to 31 December 2004;

                  10.2.2   as soon as practicable (and in any event within forty
                           five (45) days of the end of each quarter of each
                           financial year) a Certified Copy of the unaudited
                           consolidated accounts of the NCLC Group and the
                           unaudited accounts of the Borrower for that quarter
                           (commencing with unaudited accounts made up to 31
                           March 2004);

                  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 NCLC Group
                           as the Agent may request;

                  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 five million Dollars (USD5,000,000) 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 "NCLC GROUP" shall have the meaning ascribed to it in
                  clause 11.4 of the Guarantee.

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<PAGE>

         10.3     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.

         10.4     CONSENTS AND REGISTRATIONS

                  The Borrower will procure that (and will promptly furnish
                  Certified Copies to the Agent of) all such authorisations,
                  approvals, consents, licences and exemptions as may be
                  required under any applicable law or regulation to enable it
                  or any Obligor to perform its obligations under, and ensure
                  the validity or enforceability of, each of the Transaction
                  Documents are obtained and promptly renewed from time to time
                  and will procure that the terms of the same are complied with
                  at all times. Insofar as such filings or registrations have
                  not been completed on or before the relevant 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.

         10.6     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:

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<PAGE>

                  10.6.1   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;

                  10.6.2   disposals of cash raised or borrowed for the purposes
                           for which such cash was raised or borrowed;

                  10.6.3   disposals of assets in exchange for other assets
                           comparable or superior as to type and value; and

                  10.6.4   a vessel owned by any member of the NCLC 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 and NCLL may, following the
                           sale of its shares by Arrasas to IOL, a wholly owned
                           Subsidiary of Star, transfer to other wholly owned
                           Subsidiaries of Star its vessels "NORWEGIAN WIND",
                           "NORWEGIAN DREAM", "NORWEGIAN SEA", "NORWEGIAN
                           MAJESTY", "NORWEGIAN CROWN" and "MARCO POLO" (the
                           "SIX VESSELS") for their transfer values as set out
                           in Schedule 8 and sell m.v. "NORWAY" to a third party
                           and, prior to the sale of its shares as aforesaid,
                           transfer its vessel "NORWEGIAN SKY" to Pride of Aloha
                           Inc., a wholly owned Subsidiary of the Shareholder;

                  10.6.5   the Subsidiaries of Star to whom the Six Vessels (as
                           defined in Clause 10.6.4) have been transferred may
                           let each of the Six Vessels on demise or bareboat
                           charter to the Sub-Agent for the period and at the
                           charterhire rate set out in Schedule 8; and

                  10.6.6   Arrasas may transfer its shares in NCLL to IOL and
                           Star may transfer its shares in Arrasas to the
                           Guarantor.

         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,

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<PAGE>

                  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 shall not form any Subsidiaries 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 Agent and Hermes, the
                  Borrower will not enter into any amalgamation, restructure,
                  substantial reorganisation, merger or consolidation or
                  anything analogous to the foregoing and will procure that no
                  company in the NCLC Group shall do so. However, the prior
                  consent of the Agent shall not be required in respect of any
                  consolidation, reorganisation or restructure involving wholly
                  owned (whether directly or indirectly) Subsidiaries of the
                  Guarantor only which does not imperil the security created by
                  any of the Security Documents or affect the ability of any
                  Obligor duly to perform any of its obligations under any
                  Security Document to which it may be a party at any time,
                  provided that the Borrower has first consulted with the Agent
                  with regard to the proposed consolidation, reorganisation or
                  restructure and provides evidence satisfactory to the Agent
                  that the Guarantor will be in compliance with the financial
                  undertakings contained in clause 11 of the Guarantee after any
                  such consolidation, reorganisation or restructure. Further, no
                  member of the NCLC Group will acquire any equity, share
                  capital or obligations of any corporation or other entity
                  PROVIDED THAT NCL International or the Shareholder may so
                  acquire equity, share capital or obligations of a corporation
                  or entity whose business is the ownership, operation or
                  management of cruise vessels. For the avoidance of doubt, the
                  acquisition by a member of the NCLC Group of any shares in any
                  company or corporation shall not in itself constitute a merger
                  or consolidation with such company or corporation for the
                  purpose of this Clause 10.8 provided that the Agent is
                  satisfied the Guarantor will be in compliance with the
                  financial undertakings contained in Clause 11 of the Guarantee
                  after any such merger or consolidation.

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<PAGE>

         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 NCLC
                           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 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. In this Clause "FULLY
                           SUBORDINATED" shall mean that any claim of the lender
                           against the Borrower in relation to such indebtedness
                           shall rank after and be in all respects subordinate
                           to all of the rights and claims of the Agent, the
                           Hermes Agent and the Lenders 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

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                           particular but without limitation the lender will not
                           institute any legal or quasi-legal proceedings under
                           any jurisdiction at any time against the Vessel, its
                           Earnings or Insurances or the Borrower and it will
                           not compete with the Agent, the Hermes Agent or the
                           Lenders in a liquidation or other winding-up or
                           bankruptcy of the Borrower or in any proceedings in
                           connection with the Vessel, its Earnings or
                           Insurances.

         10.12    POOLING OF EARNINGS AND CHARTERS

                  The Borrower will not enter into in respect of the Vessel (A)
                  any pooling agreement or other arrangement for the sharing of
                  any of the Earnings or the expenses of the Vessel or (B) any
                  demise or bareboat charter or (C) any charter whereunder two
                  (2) months' charterhire (or the equivalent thereof) is payable
                  in advance in respect of the Vessel or (D) any charter of the
                  Vessel or contract of affreightment which, with the exercise
                  of options for extension, could be for a period longer than
                  thirteen (13) months 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 Trustee an assignment
                  of such charter and the Earnings therefrom such assignment to
                  be in substantially the form of the Earnings Assignment 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:

                  10.12.1  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

                  10.12.2  the Borrower shall assign the benefit of any such
                           bareboat charter and its interest in the Insurances
                           to the Trustee by way of further security for the
                           Borrower's obligations under the Security Documents.

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<PAGE>

         10.13    LOANS AND GUARANTEES BY THE BORROWER

                  Otherwise than in the ordinary course of business as owner of
                  the Vessel or except as contemplated hereby, the Borrower will
                  not make any loan or advance or extend credit to any person,
                  firm or corporation (except any loans, advances or credits
                  made available to (a) passengers on board the Vessel for
                  gambling purposes (b) ship's agents and/or (c) the Guarantor
                  and/or members of the NCLC Group which are wholly owned
                  Subsidiaries of the Guarantor and, in the case of such loans,
                  advances or credits as are referred to in this paragraph (c),
                  do not prevent the Borrower from performing its obligations
                  hereunder) 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.

         10.14    SUPERVISION AND MANAGEMENT

                  Except with the prior consent of the Agent, the Borrower will
                  not permit any person other than the Supervisor, the Manager
                  and the Sub-Agent to be the supervisor of construction and the
                  manager and Sub-Agent of the ship and crewing services of the
                  Vessel respectively, permit any amendment to be made to the
                  terms of the Supervision Agreement, the Management Agreement
                  or the Sub-Agency Agreement or 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 by any party other than the
                  Shareholder.

         10.16    TRADING WITH THE UNITED STATES OF AMERICA

                  Where the Vessel trades in the territorial waters of 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")
                  and, for this purpose the Borrower shall (inter alia) enter
                  into a "Carrier Initiative

                                       63
<PAGE>

                  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 securing to the Trustee, the
                  Agent, the Hermes Agent and the Lenders the full benefit of
                  the rights, powers and remedies conferred upon the Trustee,
                  the Agent, the Hermes Agent or the Lenders 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 twice annually at the Borrower's expense)
                  within fifteen (15) days of receiving any request to that
                  effect from the Agent, procure that the Vessel is valued by an
                  independent reputable shipbroker or shipvaluer experienced in
                  valuing cruise ships appointed by the Borrower and approved by
                  the Agent (which approval shall not be unreasonably withheld
                  or delayed and such valuation to be made with or without
                  taking into account the benefit or otherwise of any fixed
                  employment relating to the Vessel as the Agent may require).

                  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.

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<PAGE>

                  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    MARGINAL SECURITY

                  If at any time after the Delivery Date, the value of the
                  Vessel as assessed in accordance with the provisions of Clause
                  10.18 and the value of any additional cash collateral deposits
                  or the value of other security (not including any other
                  security provided by the existing Security Documents)
                  acceptable to the Agent provided by the Borrower or any third
                  party to secure the due performance by the Borrower of its
                  obligations hereunder at valuations reasonably estimated by
                  the Agent from time to time is less than one hundred and
                  twenty five per cent (125%) of the amount of the Loan, then
                  the Agent may give the Borrower notice requiring the Borrower
                  to provide additional security and in such event within thirty
                  (30) days of such notice, the Borrower will either:

                  10.19.1  provide the Agent with additional security acceptable
                           to the Agent such that the security value of the
                           Vessel or the aggregate of the security value of the
                           Vessel and any additional security provided to the
                           Agent hereunder (at valuations reasonably estimated
                           by the Agent from time to time) is at

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

                  10.19.2  prepay the Loan together with accrued interest on the
                           amount prepaid such that the value of the security is
                           one hundred and twenty five per cent (125%) of the
                           amount of the Loan.

         10.20    PERFORMANCE OF EMPLOYMENT CONTRACTS

                  The Borrower will:

                  10.20.1  perform its obligations under each charterparty or
                           employment contract made in respect of the Vessel and
                           take all necessary steps to procure the due
                           performance of the obligations of any party under any
                           charterparty or contract. It will not without the
                           prior written consent of the Agent rescind, cancel or
                           otherwise terminate any charterparty or contract in
                           respect of the Vessel PROVIDED ALWAYS THAT any
                           determination by it of any such charterparty or
                           contract after such consent is given shall be without
                           responsibility on the part of the Agent who shall be
                           under no liability whatsoever in the event that such
                           termination thereafter be adjudged to constitute a
                           repudiation of such charterparty or contract by the
                           Borrower;

                  10.20.2  promptly notify the Agent (a) of any default under
                           any such charterparty or contract of which it has
                           knowledge by it and/or by any other party under any
                           other such charterparty or contract (b) of any such
                           charterparty or contract being frustrated or the
                           performance thereof becoming impossible or
                           substantially different from that contemplated
                           originally by the parties thereto;

                  10.20.3  institute and maintain all such proceedings as may be
                           necessary or expedient to preserve or protect the
                           interest of the Trustee as assignee and itself under
                           any of its charterparties or contracts made in
                           respect of the Vessel;

                  10.20.4  not take or omit to take any action the taking or
                           omission of which might result in any material
                           alteration or impairment of any charterparty or
                           contract made in respect of the Vessel;

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                  10.20.5  not substitute any other ship or ships for the Vessel
                           under any charterparty or contract made in respect of
                           the Vessel;

                  10.20.6  not without the Agent's prior consent agree to any
                           material variation, modification or amendment in the
                           terms of any charterparty or contract in respect of
                           the Vessel or release any other party from any of
                           their respective obligations thereunder or waive any
                           breach of the obligations of any person or consent to
                           any such act or omission of any person as would
                           otherwise constitute such breach;

                  10.20.7  not without the Agent's prior consent let or employ
                           the Vessel below approximately the market rate
                           prevailing when the Vessel is fixed;

                  10.20.8  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; and

                  10.20.9  if, immediately following the termination (for
                           whatever reason) of any charterparty or contract in
                           respect of the Vessel, the Vessel is not employed in
                           a manner acceptable to the Agent in its sole
                           discretion the Borrower shall provide additional
                           security for its obligations hereunder in such
                           manner, of such type and within such period as the
                           Agent may determine in its absolute discretion.

         10.21    INSURANCES

                  The Borrower covenants with the Agent and the Lenders and
                  undertakes:

                  10.21.1  during the Construction Period to procure that the
                           Vessel is insured in accordance with the Building
                           Contract, to give notice forthwith of the assignment
                           of the Borrower's interest in the Insurances pursuant
                           to the Construction Risks Insurance Assignment to the
                           relevant brokers, insurances companies and/or
                           underwriters in the form approved by the Agent and to
                           procure that each of the relevant brokers furnishes
                           the Agent with a letter of undertaking in such form
                           as may be required by the Agent and waives any lien
                           for premiums except in relation to premiums
                           attributable to the Vessel;

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                  10.21.2  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 Dollars approved by the Agent but not being less
                           than the greater of:

                           (a)      one hundred and twenty five per cent (125%)
                                    of the aggregate of the amounts of the
                                    Dollar Loan and the Dollar equivalent of the
                                    Euro Loan (determined at HSBC Bank plc's
                                    spot rate for conversion of Dollars to Euro
                                    at 10:00 a.m. London time ten (10) days
                                    prior to the Delivery Date or any renewal
                                    date); or

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

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

                           (i)      marine risks including all 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 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 requested by the

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                                    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;

                           (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, the Agent, the
                           Hermes Agent, the Trustee and/or the Lenders) such
                           person shall if so required by the Agent execute a
                           first priority assignment of its interest in such
                           insurances in favour of the Trustee in similar terms
                           mutatis mutandis to the Insurance Assignment;

                  10.21.3  to agree that the Hermes Agent shall take out
                           mortgagee interest insurance on such conditions as
                           the Hermes Agent may reasonably require and mortgagee
                           interest insurance for pollution risks as from time
                           to time agreed each for an amount in Dollars of one
                           hundred and ten per cent (110%) of the aggregate of
                           the amounts of the Dollar Loan and the Dollar
                           equivalent of the Euro Loan (determined at HSBC Bank
                           plc's spot rate for conversion of Dollars to Euro at
                           10.00 a.m. London time ten (10) days prior to the
                           Delivery Date or any renewal date), the Borrower
                           having no interest or entitlement in respect of such
                           policies; the Borrower shall upon demand of the
                           Hermes Agent reimburse the Hermes Agent for the costs
                           of effecting and/or maintaining any such insurance(s)
                           and the Hermes 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
                           Hermes Agent);

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

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

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

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

                           (d)      to implement any recommendations contained
                                    in the reports issued following the surveys
                                    referred to in Clause 10.21.4(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

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                                    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;

                  10.21.5  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;

                  10.21.6  to execute and deliver all such documents and do all
                           such things as may be necessary to confer upon the
                           Trustee legal title to the Insurances in respect of
                           the Vessel and to procure that the interest of the
                           Trustee 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;

                  10.21.7  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 attributable
                           to the Vessel;

                  10.21.8  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;

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                  10.21.9  to renew each of the Insurances on the Vessel at
                           least ten (10) 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 ten (10) days
                           before the expiry thereof or to give or procure the
                           relevant notices of such renewal shall constitute an
                           Event of Default;

                  10.21.10 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;

                  10.21.11 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;

                  10.21.12 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;

                  10.21.13 not without the prior written consent of the Agent to
                           settle, compromise or abandon any claim in respect of
                           any of the Insurances on the Vessel other than a
                           claim of less than five million Dollars
                           (USD5,000,000) or the equivalent in any other
                           currency and not being a claim arising out of a Total
                           Loss;

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                  10.21.14 promptly to furnish the Agent with full information
                           regarding any casualties or other accidents or damage
                           to the Vessel involving an amount in excess of five
                           million Dollars (USD5,000,000);

                  10.21.15 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;

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

                  10.21.17 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 except in the case
                           that the First Drawdown Date and any renewal date of
                           the Insurances to be assigned to the Trustee pursuant
                           to the Construction Risks Insurance Assignment or the
                           Delivery Date and any renewal of the Insurances to be
                           assigned to the Trustee pursuant to the Insurance
                           Assignment fall within one (1) year of each other) 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.

         10.22    OPERATION AND MAINTENANCE OF THE VESSEL

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

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                  10.22.1  keep the Vessel in a good and efficient state of
                           repair so as to maintain it to the highest
                           classification available for the Vessel of its age
                           and type free of all recommendations and
                           qualifications with Det Norske Veritas and American
                           Bureau of Shipping. On the Delivery Date and annually
                           thereafter, it will furnish to the Agent a statement
                           by such classification society that such
                           classification 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 without
                           the prior consent of the Agent;

                  10.22.2  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;

                  10.22.3  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;

                  10.22.4  comply, or procure that the Manager will comply, with
                           the ISM Code or any replacement of the ISM Code 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;

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<PAGE>

                           (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;

                  10.22.5  comply, or procure that the Manager will comply, with
                           the ISPS Code or any replacement of the ISPS Code 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;

                  10.22.6  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;

                  10.22.7  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;

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

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                           (a)      accidents to the Vessel involving repairs
                                    the cost of which will or is likely to
                                    exceed five million Dollars (USD5,000,000);

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

                           (c)      any recommendation or requirement made by
                                    any insurer or classification society or by
                                    any competent authority which is not
                                    complied with within any time limit relating
                                    thereto;

                           (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, its
                                    Earnings or Insurances;

                           (e)      the occurrence of any Possible Event of
                                    Default and/or Event of Default;

                           (f)      the Vessel ceasing to be registered under
                                    the flag of the United States of America or
                                    anything which is done or not done whereby
                                    such registration may be imperilled;

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

                           (h)      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;

                  10.22.9  promptly pay and discharge all debts, damages and
                           liabilities, taxes, assessments, charges, fines,
                           penalties, tolls, dues and other outgoings in respect
                           of the Vessel and keep proper books of account in
                           respect thereof PROVIDED ALWAYS THAT the Borrower
                           shall not be obliged to compromise any debts, damages
                           and liabilities as aforesaid which are being
                           contested in good faith subject always that full
                           details of any such contested debt, damage or
                           liability which, either individually or in aggregate
                           exceeds five million Dollars (USD5,000,000) shall
                           forthwith be provided to the Agent. As and when the
                           Agent may so require the Borrower will make such
                           books available for inspection on behalf of the

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                           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;

                  10.22.10 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 five million Dollars
                           (USD5,000,000) unless such person shall first have
                           given to the Agent a written undertaking addressed to
                           the Agent in terms satisfactory to the Agent agreeing
                           not to exercise a lien on the Vessel or its Earnings
                           for the cost of such work or for any other reason;

                  10.22.11 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
                           Lenders, the Agent, the Hermes Agent and the Trustee,
                           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 Lenders, the
                           Agent, the Hermes Agent or the Trustee, with respect
                           to or as a direct result of the presence, escape,
                           seepage, spillage, release, leaking, discharge or
                           migration from the Vessel or other properties owned
                           or operated by the Borrower of any hazardous
                           substance, including without limitation, any claims
                           asserted or arising under any applicable
                           environmental, health and safety laws, codes and
                           ordinances, and all rules and regulations promulgated
                           thereunder of all Governmental Agencies, regardless
                           of whether or not caused by or within the control of
                           the Borrower subject to the following:

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                           (a)      it is the parties' understanding that the
                                    Lenders, the Agent, the Hermes Agent and the
                                    Trustee 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
                                    Post Delivery Mortgage;

                           (b)      the indemnity and hold harmless contained in
                                    this Clause 10.22.11 shall not extend to the
                                    Lenders, the Agent, the Hermes Agent and the
                                    Trustee in their capacity as an equity
                                    investor 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 10.22.11:

                                    (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 10.22.11;

                                    (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 10.22.11 or to recover the
                                             same from any third party, subject
                                             to the Borrower first ensuring that
                                             the relevant Lender is secured

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                                             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 10.22.11 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 five million Dollars (USD5,000,000)
                           shall be forthwith provided to the Agent. If the
                           Vessel is arrested or detained for any reason it will
                           procure its immediate release by providing bail or
                           taking such other steps as the circumstances may
                           require;

                  10.22.12 give to the Agent at such times as it may from time
                           to time require a certificate, duly signed on its
                           behalf as to the amount of any debts, damages and
                           liabilities relating to the Vessel and, if so
                           required by the Agent, forthwith discharge such
                           debts, damages and liabilities to the Agent's
                           satisfaction; and

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                  10.22.13 maintain the registration of the Vessel under and fly
                           the flag of the United States of America and not do
                           or permit anything to be done whereby such
                           registration may be forfeited or imperilled.

         10.23    HERMES COVER

                  The Lenders have claims arising from this Agreement guaranteed
                  by the Federal Republic of Germany (represented by Hermes) by
                  way of the Hermes Cover. The unrestricted existence of the
                  Hermes Cover is a pre-requisite to drawdown of any Portion or
                  part thereof as referred to in Clause 2.3.3 and to the
                  maintenance of the Loan in accordance with the terms of this
                  Agreement after drawdown.

                  The terms and conditions of the Hermes Cover are incorporated
                  herein and in so far as they impose terms, conditions and/or
                  obligations on the Trustee and/or the Agent and/or the Hermes
                  Agent and/or the Lenders in relation to the Borrower or any
                  other Obligor then such terms, conditions and obligations are
                  binding on the parties hereto and further in the event of any
                  conflict between the terms of the Hermes Cover and the terms
                  hereof the terms of the Hermes Cover shall be paramount and
                  prevail and any breach of those terms as applied to the
                  Borrower or any other Obligor shall be deemed to be an Event
                  of Default. For the avoidance of doubt, the Borrower has no
                  interest or entitlement in the proceeds of the Hermes Cover.

         10.24    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
                  therewith received by the Shareholder will be paid to Arrasas
                  and then on to the Guarantor by way of dividend in each case
                  promptly on receipt.

11       DEFAULT

         11.1     EVENTS OF DEFAULT

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

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                  11.1.1   NON-PAYMENT

                           The Borrower or any other Obligor does not pay on the
                           due date any amount of principal or interest of the
                           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 11.1.1 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, at the place and in the currency in which it
                           is expressed to be payable.

                  11.1.2   BREACH OF OTHER OBLIGATIONS

                           (a)      Any Obligor or the Builder fails to comply
                                    with any other material provision of any
                                    Security Document or there is any other
                                    material breach in the sole opinion of the
                                    Agent of any of the Transaction Documents
                                    and such failure (if in the opinion of the
                                    Agent in its sole discretion it is capable
                                    of remedy) continues unremedied for a period
                                    of twenty one (21) days from the date of its
                                    occurrence and in any such case as aforesaid
                                    the Agent in its sole discretion considers
                                    that such failure is or could reasonably be
                                    expected to become materially prejudicial to
                                    the interests, rights or position of the
                                    Lenders; or

                           (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.

                  11.1.3   MISREPRESENTATION

                           Any representation, warranty or statement made or
                           repeated in, or in connection with, any Transaction
                           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

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                           or would, if repeated at any time hereafter by
                           reference to the facts subsisting at such time, no
                           longer be materially correct.

                  11.1.4   CROSS DEFAULT

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

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

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

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

                           PROVIDED THAT:

                           (i)      No Event of Default will arise if the
                                    relevant Financial Indebtedness is not
                                    accelerated or, if it is accelerated but, in
                                    aggregate, the Financial Indebtedness is
                                    less than five million Dollars
                                    (USD5,000,000); and

                           (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 11.1.4(ii) shall not apply to
                                    that Financial Indebtedness.

                  11.1.5   WINDING-UP

                           Any order is made or an effective resolution passed
                           or other action taken for the suspension of payments
                           or reorganisation, dissolution, termination

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                           of existence, liquidation, winding-up or bankruptcy
                           of any member of the NCLC Group.

                  11.1.6   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.

                  11.1.7   APPOINTMENT OF LIQUIDATORS ETC.

                           A liquidator, trustee, administrator, receiver,
                           administrative receiver, manager or similar officer
                           is appointed in respect of any member of the 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.

                  11.1.8   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.

                  11.1.9   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
                           PROVIDED THAT no Event of Default shall be deemed to
                           have occurred unless the distress, execution,
                           attachment or other process adversely affects any

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                           Obligor's ability to meet any of its material
                           obligations under this Agreement or the other
                           Security Documents (the determination of which shall
                           be in the Agent's sole discretion).

                  11.1.10  ANALOGOUS EVENTS

                           Anything analogous to or having a substantially
                           similar effect to any of the events specified in
                           Clauses 11.1.5 to 11.1.9 shall occur under the laws
                           of any applicable jurisdiction.

                  11.1.11  CESSATION OF BUSINESS

                           Any member of the NCLC Group ceases to carry on all
                           or a substantial part of its business.

                  11.1.12  REVOCATION OF CONSENTS

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

                  11.1.13  UNLAWFULNESS

                           At any time it is unlawful or impossible for any
                           Obligor, the Builder or Hermes to perform any of its
                           material (to the Lenders or any of them and/or the
                           Agent and/or the Hermes Agent) obligations under any
                           Security Document to which it is a party or it is
                           unlawful or impossible

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                           for the Agent, the Trustee or any Lender 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 or the
                           Builder's payment obligations under this Agreement
                           and the other Security Documents or Hermes' payment
                           obligations under the Hermes Cover (the determination
                           of which shall be in the Agent's sole discretion) in
                           which case the following provisions of this Clause
                           11.1.13 shall not apply) where the unlawfulness or
                           impossibility preventing any Obligor, the Builder or
                           Hermes from performing its obligations (other than
                           its payment obligations under this Agreement and the
                           other Security 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, the Builder or Hermes 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, the Trustee
                           and/or any relevant Lender was aware of the default
                           and could, in its sole discretion, mitigate the
                           consequences of the unlawfulness or impossibility in
                           the manner described in Clause 4.3.2. The costs of
                           mitigation shall be determined in accordance with
                           Clause 4.3.2.

                  11.1.14  INSURANCES

                           The Borrower fails to insure the Vessel in the manner
                           specified in Clause 10.21 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.

                  11.1.15  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 plus three (3) business
                           days in Frankfurt, New York and Singapore after the
                           date of the event giving rise to such Total Loss.

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                  11.1.16  DISPOSALS

                           If the Borrower or any other member of the NCLC Group
                           or the Builder (in respect of the property assigned
                           to the Trustee pursuant to the Construction Risks
                           Insurance Assignment only) 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 (in the
                           case of the Builder, limited to the aforesaid
                           property) which may be fraudulent under any
                           bankruptcy, fraudulent conveyance or similar law; or
                           shall have made any transfer of its property (in the
                           case of the Builder, limited to the aforesaid
                           property) to or for the benefit of a creditor with
                           the intention of preferring such creditor over any
                           other creditor.

                  11.1.17  PREJUDICE TO SECURITY

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

                  11.1.18  MATERIAL ADVERSE CHANGE

                           Any material adverse change in the business, assets
                           or financial condition of any Obligor or the Builder
                           occurs which in the reasonable opinion of the Agent
                           would or might reasonably be expected to affect the
                           ability of that Obligor or the Builder 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 11.1.18 and
                           without prejudice to the generality of the expression
                           "MATERIAL OBLIGATIONS" any payment obligations of any
                           Obligor or the Builder shall be deemed material.

                  11.1.19  GOVERNMENTAL INTERVENTION

                           The authority of any member of the NCLC Group or the
                           Builder 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

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                           relinquished or withdrawn and the Agent reasonably
                           considers that the relevant occurrence is or might be
                           expected to become materially prejudicial to the
                           interests, rights or position of the Lenders PROVIDED
                           THAT the Borrower shall not be entitled to the
                           aforesaid ninety (90) day period if the seizure or
                           intervention executed by any authority is due to an
                           act or omission of any member of the NCLC Group or
                           the Builder and the Agent is satisfied, in its sole
                           discretion, that the Lenders' interest might
                           reasonably be expected to be materially adversely
                           affected.

                  11.1.20  THE BUILDER

                           Any of the events specified in Clauses 11.1.5 to
                           11.1.12 of this Clause shall occur in respect of the
                           Builder at any time prior to the Delivery Date.

                  11.1.21  THE VESSEL

                           The Vessel has not been delivered to the Borrower by
                           the Builder pursuant to the Building Contract by the
                           Termination Date.

         11.2     ACCELERATION

                  11.2.1   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 the Facility has not yet been drawn down, by
                           notice to the Borrower cancel the obligations of the
                           Lenders under this Agreement.

                  11.2.2   On the occurrence of an Event of Default and at any
                           time thereafter whilst such event shall be
                           continuing, if any of the Facility has been drawn
                           down:

                           (a)      the Agent may by notice to the Borrower
                                    declare the whole or any part of the Loan
                                    due and repayable in accordance with the
                                    terms of such notice whereupon the same
                                    shall become due and repayable accordingly
                                    together with all interest accrued thereon
                                    and all other amounts payable hereunder and
                                    under any of the other Security Documents
                                    and any undrawn Portion or any part thereof
                                    shall be cancelled; and/or

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                           (b)      the Trustee, the Agent, the Hermes Agent and
                                    the Lenders may from time to time exercise
                                    all or any of its or their rights under any
                                    of the Security Documents in such order and
                                    in such manner as it or they shall deem
                                    appropriate; and/or

                           (c)      the Trustee may at the discretion of the
                                    Agent terminate or continue with the
                                    Supervision Agreement, the Management
                                    Agreement and/or the Sub-Agency Agreement.

         11.3     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 shall certify as sustained or
                  incurred by any of them as a consequence of:

                  11.3.1   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 Trustee, the Agent, the
                           Lenders and the Hermes Agent by reason of any delay
                           or failure of the Borrower to pay any such sums;

                  11.3.2   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;

                  11.3.3   any prepayment of the Loan or part thereof being made
                           at any time for any reason; and/or

                  11.3.4   a Portion or any part thereof not being drawn for any
                           reason (excluding any default by the Agent or any
                           Lender) after a 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 the
                  Loan or in liquidating or re-employing deposits from third
                  parties acquired to effect or maintain the Loan, any loss
                  (including the cost of breaking deposits or re-employing funds
                  (including warehousing and other related costs)) or any losses
                  under any Interest Exchange

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                  Arrangement and/or any swap agreements or other interest rate
                  management products entered into by the Lenders for the
                  purpose of this transaction.

         11.4     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 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
                  and/or Euro to be transferred to an account maintained in
                  connection herewith the transfer shall be effected by
                  crediting to the account in question the amount of Dollars
                  and/or Euro (as the case may be) which the Agent or the Lender
                  (as the case may be) could obtain by exchanging such currency
                  for Dollars or Euro (as the case may be) at the rate of
                  exchange at which its 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 Dollars or Euro (as
                  the case may be) for immediate delivery.

12       APPLICATION OF FUNDS

         12.1     TOTAL LOSS PROCEEDS/PROCEEDS OF SALE/EVENT OF DEFAULT MONIES

                  In the event of the Vessel becoming a Total Loss or if the
                  Vessel is sold or if an Event of Default has occurred then all
                  Total Loss proceeds or proceeds of sale of the Vessel or any
                  monies received by the Trustee, the Agent, the Hermes Agent or
                  any Lender under or pursuant to the Security Documents (other
                  than the Hermes Cover) shall be held by the Agent and applied
                  in the following manner and order:

                  FIRSTLY    to the payment of any amount of the Hermes Premium
                             which has been invoiced but remains unpaid and all
                             fees, expenses and charges (including brokers'
                             commissions and any costs incurred in breaking any
                             funding, 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 Trustee, the Agent, the Hermes
                             Agent or any Lender in the protection of the
                             Trustee's,

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                             the Agent's, the Hermes Agent's and that 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, the
                             Trustee's, the Hermes Agent's or the Lenders'
                             security and to provide adequate indemnity against
                             liens claiming priority over or equality with the
                             lien of the Security Documents or any other
                             Encumbrances but excluding any costs incurred in
                             breaking an Interest Exchange Arrangement or any
                             swap agreements or other interest rate management
                             products entered into by the Lenders for the
                             purpose of this transaction including but without
                             limitation warehousing and other related costs);

                  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 Lenders and/or the
                             Agent are entitled hereunder and/or under the other
                             Security Documents in connection with the Loan;

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

                  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 or for any actual or contingent
                             liability of the Agent or the Lenders or any of
                             them in connection with the transactions herein
                             contemplated;

                  FIFTHLY    in or towards payment of the Instalments (whether
                             or not then due and payable) in reverse order of
                             maturity date;

                  SIXTHLY    in or towards satisfaction of any other amounts due
                             from the Borrower to the Agent or the Lenders under
                             the Security Documents 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

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                             expected to become due and payable to the Trustee
                             and/or the Agent and/or the Lenders and/or the
                             Hermes Agent under this Agreement or any of the
                             other Security Documents and which the assigned
                             Earnings may be insufficient to satisfy;

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

                  NINTHLY    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.

         12.2     GENERAL FUNDS

                  Any other monies received by or in the possession of the
                  Trustee, the Agent, any Lender or the Hermes Agent under or
                  pursuant to the Security Documents (other than the Hermes
                  Cover) 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 shall be applied in the discretion of the Agent as
                  follows:

                  FIRSTLY    in or towards payment of all fees, costs and
                             expenses (excluding any costs (including without
                             limitation any warehousing and other related costs)
                             incurred in breaking any Interest Exchange
                             Arrangement or any interest rate swap agreements or
                             other interest rate management products entered
                             into by the Lenders for the purposes of this
                             transaction) incurred by the Agent or any Lender in
                             connection with the Loan and which are for the time
                             being unpaid;

                  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 Lenders and/or the
                             Agent and/or the Hermes Agent are entitled

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                             hereunder and/or under the other Security Documents
                             in connection with the Loan;

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

                  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 or for any actual or contingent
                             liability of the Agent or the Lenders or any of
                             them in connection with the transactions herein
                             contemplated;

                  FIFTHLY    in or towards payment of the Instalments in reverse
                             order of maturity date;

                  SIXTHLY    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 Agent and/or the Lenders and/or the
                             Hermes Agent under this Agreement or any of the
                             other Security Documents and which the assigned
                             Earnings may be insufficient to satisfy;

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

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

         12.3     APPLICATION OF PROCEEDS OF INSURANCES

                  Proceeds of the Insurances for partial losses shall be applied
                  in accordance with the Construction Risks Insurance Assignment
                  or the Insurance Assignment (as the case may be) and/or the
                  loss payable clause(s) endorsed on the Insurances in the form
                  approved by the Agent and in the case of a Total Loss of the
                  Vessel in accordance with Clause 4.5 and Clause 12.1.

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         12.4     APPLICATION OF ANY REDUCTION IN THE HERMES PREMIUM

                  Any amount received by the Agent or the Hermes Agent following
                  a reduction in the amount of the Hermes Premium shall be
                  applied as to eighty per cent (80%) in accordance with Clause
                  4.7 and the balance shall be paid to the Borrower PROVIDED
                  THAT neither an Event of Default nor a Possible Event of
                  Default has occurred and is continuing when such amount shall
                  be applied in accordance with Clause 12.1.

         12.5     SUSPENSE ACCOUNT

                  Any monies received or recovered by the Trustee, the Agent,
                  any Lender or the Hermes Agent under or in connection with the
                  Security Documents and credited to any suspense or impersonal
                  interest bearing security realised account 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 12.1 or Clause 12.2 (as the case may be).

13       FEES

         13.1     The Borrower shall enter into fees side letters with the Agent
                  on the date hereof and pay to the Agent such fees and on such
                  date(s) as shall be referred to therein.

14       EXPENSES

         14.1     INITIAL EXPENSES

                  The Borrower shall reimburse the Agent on first demand on a
                  full indemnity basis for the reasonable charges and expenses
                  (together with value added tax or any similar tax thereon and
                  including without limitation the fees and expenses of legal,
                  insurance and other advisers and travel expenses) incurred by
                  the Agent in respect of the syndication, negotiation,
                  preparation, 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.

         14.2     ENFORCEMENT EXPENSES

                  The Borrower shall reimburse the Agent, the Lenders and the
                  Hermes Agent on demand on a full indemnity basis for all
                  charges and expenses (including value

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                  added tax or any similar tax thereon and including the fees
                  and expenses of legal advisers) incurred by the Agent, each of
                  the Lenders and the Hermes Agent in connection with the
                  enforcement of, or the preservation of any rights under, this
                  Agreement and the other Security Documents.

         14.3     STAMP DUTIES

                  The Borrower shall pay or indemnify the Agent or the Hermes
                  Agent (as the case may be) on demand against any and all
                  stamp, registration and similar Taxes which may be payable in
                  any jurisdiction in connection with the entry into,
                  performance and enforcement of this Agreement or any of the
                  other Security Documents.

15       WAIVERS, REMEDIES CUMULATIVE

         15.1     NO WAIVER

                  No failure to exercise and no delay in exercising on the part
                  of the Trustee, the Agent, any of the Lenders or the Hermes
                  Agent 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 Trustee, the Agent, the Hermes
                  Agent or any of the Lenders shall be effective unless it is in
                  writing.

         15.2     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.

         15.3     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.

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         15.4     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 neither the Agent nor 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.

16       COUNTERPARTS

         16.1     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.

17       ASSIGNMENT

         17.1     BENEFIT OF AGREEMENT

                  This Agreement shall be binding upon the Borrower and its
                  successors and shall inure to the benefit of the Agent and
                  each of the Lenders and their successors and assigns.

         17.2     NO TRANSFER BY THE BORROWER

                  The Borrower may not assign or transfer all or any of its
                  rights, benefits or obligations hereunder or under any of the
                  other Security Documents.

         17.3     ASSIGNMENTS, PARTICIPATIONS AND TRANSFERS BY A LENDER

                  Each Lender may, subject to obtaining the prior written
                  approval of the Agent and the Hermes Agent, in the case of the
                  Agent such approval not to be unreasonably withheld or
                  delayed, at any time transfer or assign all of its rights and
                  benefits hereunder and under the Security Documents to any
                  other lending institution but shall, prior to such transfer or
                  assignment, on request by the Agent, pay a fee to the Agent of
                  one thousand Dollars (USD1,000) PROVIDED THAT (save in the
                  case of a transfer or assignment of rights and benefits to any
                  subsidiary or holding company of such Lender or to another
                  Lender) no such transfer or assignment may be made without the
                  prior written consent of the Borrower (which consent is not to
                  be unreasonably withheld or delayed). If a Lender transfers or
                  assigns its

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                  rights and benefits hereunder as provided above, all
                  references in this Agreement and the other Security Documents
                  to that Lender shall be construed as a reference to that
                  Lender and/or its Transferee or assignee to the extent of
                  their respective interests.

                  Each Lender may, however, without the prior approval of the
                  Agent, the Hermes Agent or the Borrower and without payment of
                  a fee to the Agent, at any time transfer or assign all of its
                  rights and benefits hereunder and under the Security Documents
                  to Hermes or to any nominee of the Federal Republic of Germany
                  or for pure refinancing purposes by way of Hermes'
                  "Verbriefungsgarantie" PROVIDED THAT in the latter case the
                  assigning Lender shall not be released from its obligations
                  hereunder or under the other Security Documents by any such
                  transfer or assignment.

         17.4     EFFECTIVENESS OF TRANSFER

                  If a Lender transfers or assigns all or any of its rights and
                  benefits hereunder in accordance with Clause 17.3, then,
                  unless and until the Transferee or assignee has agreed that it
                  shall be under the same obligations towards the parties to
                  this Agreement as it would have been under if it had been a
                  party hereto as a lender, the parties to this Agreement shall
                  not be obliged to recognise such Transferee or assignee as
                  having the rights against each of them which it would have had
                  if it had been such a party hereto.

         17.5     TRANSFER OF RIGHTS AND OBLIGATIONS

                  If any Lender wishes to transfer all or any of its rights,
                  benefits and/or obligations hereunder or under the other
                  Security Documents as contemplated in Clause 17.3, then such
                  transfer may be effected by the due completion and execution
                  by the Lender and the relevant Transferee of a Transfer
                  Certificate in the form of Schedule 6. The Agent shall then
                  forthwith execute the Transfer Certificate on behalf of itself
                  and the other parties to this Agreement in accordance with the
                  provisions of Clause 17.8. On the later of the Transfer Date
                  and the fifth (5th) Business Day following the date of
                  delivery of the Transfer Certificate to the Agent for
                  execution:

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                  17.5.1   to the extent that in such Transfer Certificate the
                           Lender party thereto seeks to transfer its rights,
                           benefits and/or its obligations hereunder or under
                           the other Security Documents, the Borrower and the
                           relevant Lender shall each be released from further
                           obligations to the other hereunder and their
                           respective rights against each other shall be
                           cancelled (such rights and obligations being referred
                           to in this Clause 17.5 as "DISCHARGED RIGHTS,
                           BENEFITS AND OBLIGATIONS");

                  17.5.2   the Borrower and the Transferee party thereto shall
                           each assume obligations towards each other and/or
                           acquire rights against each other which differ from
                           such discharged rights, benefits and obligations only
                           insofar as the Borrower and such Transferee have
                           assumed and/or acquired the same in place of the
                           Borrower and the relevant Lender; and

                  17.5.3   such Transferee shall acquire the same rights and
                           benefits and assume the same obligations as it would
                           have acquired and assumed had such Transferee been an
                           original party hereto as a Lender with the rights,
                           benefits and/or obligations acquired or assumed by it
                           as a result of such transfer.

         17.6     CONSENT AND INCREASED OBLIGATIONS OF THE BORROWER

                  In the event that a Lender transfers its Office or transfers
                  or assigns its rights and/or benefits hereunder to its
                  affiliate or another Lender and, at the time of such transfer
                  or assignment, there arises an obligation on the part of the
                  Borrower hereunder to pay to the relevant Lender or any other
                  person any amount in excess of the amount they would have been
                  obliged to pay but for such transfer or assignment and the
                  consent of the Borrower has not been obtained to such transfer
                  or assignment and the increased cost then, without prejudice
                  to any obligation of the Borrower which arises after the time
                  of such transfer or assignment, the Borrower shall not be
                  obliged to pay the amount of such excess.

         17.7     DISCLOSURE OF INFORMATION

                  Each of the Arrangers, each of the Lenders, the Agent, the
                  Hermes Agent and the Trustee (in this Clause 17.7 a "BANK")
                  acknowledges that all information received now or in the
                  future from or on behalf of the Obligors under or pursuant

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                  to or in connection with the Transaction Documents (other than
                  any information which is in the public domain other than as a
                  result of a breach of this Clause), is confidential
                  information. Any of the Banks may disclose to:

                  17.7.1   a potential Transferee or assignee who may otherwise
                           propose to enter into contractual relations with the
                           Bank in relation to this Agreement;

                  17.7.2   any person who is any of the Bank's professional
                           advisers or auditors;

                  17.7.3   its Holding Company and/or Subsidiary;

                  17.7.4   any person who is a party to this Agreement other
                           than the Borrower;

                  17.7.5   any banking or regulatory authority or as required by
                           law, regulation or legal process;

                  17.7.6   Hermes and/or the Federal Republic of Germany and/or
                           the European Union and/or any agency thereof or any
                           person acting or purporting to act on any of their
                           behalves; and/or

                  17.7.7   the Builder,

                  such information about any Obligor or the NCLC Group and the
                  Transaction Documents and/or copies of this Agreement, any of
                  the Security Documents and all records in connection therewith
                  as the Bank shall consider appropriate PROVIDED THAT, in the
                  case of Clauses 17.7.1, 17.7.2 and 17.7.3, such person has
                  agreed to execute a Confidentiality Undertaking and, in the
                  case of Clause 17.7.3, the Holding Company and/or the
                  Subsidiary shall also be entitled to make such disclosure to
                  the Bank and/or to the Holding Company and/or to the
                  Subsidiaries of the Bank. In the case of Clause 17.7.6, the
                  Borrower acknowledges and agrees that any such information may
                  be used by Hermes and/or the Federal Republic of Germany
                  and/or the European Union and/or any agency thereof or any
                  person acting or purporting to act on any of their behalves
                  for statistical purposes and/or for reports of a general
                  nature.

         17.8     TRANSFER CERTIFICATE TO BE EXECUTED BY THE AGENT

                  In order to give effect to a Transfer Certificate each of the
                  Arrangers, the Lenders, the Hermes Agent, the Trustee and the
                  Borrower hereby irrevocably and

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                  unconditionally appoints the Agent as its true and lawful
                  attorney with full power to execute on its behalf each
                  Transfer Certificate delivered to the Agent pursuant to Clause
                  17.5 without the Agent being under any obligation to take any
                  further instructions from, or give any prior notice to, the
                  Arrangers, the Lenders, the Hermes Agent, the Trustee, the
                  Borrower or the Guarantor before doing so and the Agent shall
                  so execute each such Transfer Certificate on behalf of the
                  Arrangers, the Lenders, the Hermes Agent, the Trustee, the
                  Borrower and the Guarantor forthwith upon its receipt thereof
                  pursuant to Clause 17.5.

         17.9     NOTICE OF TRANSFER CERTIFICATES

                  The Agent shall promptly notify the Arrangers, the Lenders,
                  the Hermes Agent, the Trustee, the Transferee, the Borrower
                  and the Guarantor upon the execution by it of any Transfer
                  Certificate together with details of the amount transferred,
                  the Transfer Date and the parties to such transfer.

         17.10    DOCUMENTATION OF TRANSFER OR ASSIGNMENT

                  The Borrower shall at the request of the Agent promptly
                  execute or promptly procure the execution of such documents
                  and do (or procure the doing of) all such acts and things as
                  may be necessary or desirable to give effect to any transfer
                  or assignment pursuant to this Clause 17.

         17.11    CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999 (THE "ACT")

                  A person who is not a party to this Agreement has no right
                  under the Act to enforce any term of this Agreement but this
                  does not affect any right or remedy of a third party which
                  exists or is available apart from the Act.

18       NOTICES

         18.1     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.

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         18.2     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 c/o 7665
                  Corporate Center Drive, Miami, Florida 33126, United States of
                  America (marked for the attention of Mr Lamarr Cooler and the
                  Legal Department) with a copy to the Borrower c/o Star, 25th
                  Floor, Wisma Genting, Jalan Sultan Ismail, 50250 Kuala Lumpur,
                  Malaysia (marked for the attention of Mr Gerard Lim). Any
                  notice, demand or other communication to be made or delivered
                  by the Borrower to the Agent pursuant to this Agreement shall
                  (unless the Agent has by fifteen (15) days' written notice to
                  the Borrower specified another address) be made or delivered
                  to the Agent at its Office, the details of which are set out
                  in Schedule 2. A copy of any notice to the Agent shall be
                  delivered to the Hermes Agent at its Office as aforesaid.

         18.3     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 Mr Lamarr Cooler) and +1 305 436 4117 (marked for
                  the attention of the Legal Department) with a copy to +60 (0)3
                  2161 3621 (marked for the attention of Mr Gerard Lim) and in
                  the case of the Trustee, the Agent, the Hermes Agent or any
                  Lender is as recorded in Schedule 2) specified by it from time
                  to time for the purpose and shall be deemed to have been
                  received when transmission of such telefax communication has
                  been completed provided that if in the place of receipt the
                  transmission is received outside normal business hours on a
                  Business Day or not on a Business Day the transmission shall
                  be deemed to have been received at the commencement of the
                  next Business Day. Each such telefax communication, if made to
                  the Agent or any Lender by the Borrower, shall be signed by
                  the person or persons authorised in writing by the Borrower
                  and whose signature appears on the list of specimen signatures
                  contained in the secretary's certificate required to be
                  delivered by paragraph 2 of Schedule 4 and shall be expressed
                  to be for the attention of the department or officer whose
                  name

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                  has been notified for the time being for that purpose by the
                  Agent or any Lender to the Borrower.

         18.4     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 postage prepaid in an envelope addressed to it at
                  that address.

         18.5     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 or a notice, demand or other communication from
                  Hermes or in relation to the Hermes Cover.

19       GOVERNING LAW

         19.1     This Agreement shall be governed by English law.

20       WAIVER OF IMMUNITY

         20.1     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 it
                  may have on the merits of the substantive issue) to the giving
                  of any relief or the

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                  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.

21       RIGHTS OF THE AGENT AND THE LENDERS

         21.1     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.

         21.2     ENFORCEMENT OF REMEDIES

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

                  21.2.1   to take action or obtain judgment in any court
                           against the Borrower or any other person from whom it
                           may seek payment of any sum due from the Borrower
                           under this Agreement or any other Security Document;

                  21.2.2   to make or file any claim in a bankruptcy,
                           winding-up, liquidation or re-organisation of the
                           Borrower or any other such person; or

                  21.2.3   to enforce or seek to enforce any other rights it may
                           have against the Borrower or any other such person.

22       JURISDICTION

         22.1     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

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                  convenient courts to settle Disputes and accordingly no party
                  will argue to the contrary.

                  This Clause 22.1 is for the benefit of the Agent and the
                  Lenders only. As a result, no such party shall be prevented
                  from taking proceedings relating to a Dispute in any other
                  courts with jurisdiction. To the extent allowed by law, any
                  such party may take concurrent proceedings in any number of
                  jurisdictions.

         22.2     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.

         22.3     For the purpose of securing its obligations under Clause 22.2,
                  the Borrower irrevocably agrees that, if it for any reason
                  fails to appoint a process agent within the period specified
                  in Clause 22.2, 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 22.2.

         22.4     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.

         22.5     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.

         22.6     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.

         22.7     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

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            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.

      22.8  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.

THE BORROWER

SIGNED SEALED and DELIVERED as a DEED             )
by PAUL TURNER                                    )        P.A. Turner
for and on behalf of                              )
SHIP VENTURES INC.                                )
in the presence of: R Cheung                      )
                    Trainee Solicitor
                    Stephenson Harwood
                    One, St. Paul's Churchyard
                    London EC4M 8SH

THE ARRANGERS

SIGNED SEALED and DELIVERED as a DEED             )
by JULIE CLEGG                                    )        J. Clegg
for and on behalf of                              )
COMMERZBANK AKTIENGESELLSCHAFT                    )
Hamburg Branch                                    )
in the presence of: R Cheung                      )
                    Trainee Solicitor
                    Stephenson Harwood
                    One, St. Paul's Churchyard
                    London EC4M 8SH

SIGNED SEALED and DELIVERED as a DEED             )
by JULIE CLEGG                                    )        J. Clegg
for and on behalf of                              )
HSBC BANK PLC                                     )
in the presence of: R Cheung                      )
                    Trainee Solicitor
                    Stephenson Harwood
                    One, St. Paul's Churchyard
                    London EC4M 8SH

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<PAGE>

SIGNED SEALED and DELIVERED as a DEED             )
by JULIE CLEGG                                    )        J. Clegg
for and on behalf of                              )
KfW                                               )
in the presence of: R Cheung                      )
                    Trainee Solicitor
                    Stephenson Harwood
                    One, St. Paul's Churchyard
                    London EC4M 8SH

SIGNED SEALED and DELIVERED as a DEED             )
by JULIE CLEGG                                    )        J. Clegg
for and on behalf of                              )
DnB NOR BANK ASA                                  )
in the presence of: R Cheung                      )
                    Trainee Solicitor
                    Stephenson Harwood
                    One, St. Paul's Churchyard
                    London EC4M 8SH

SIGNED SEALED and DELIVERED as a DEED             )
by JULIE CLEGG                                    )        J. Clegg
for and on behalf of                              )
OVERSEA-CHINESE BANKING                           )
CORPORATION LIMITED                               )
Singapore Branch                                  )
in the presence of: R Cheung                      )
                    Trainee Solicitor
                    Stephenson Harwood
                    One, St. Paul's Churchyard
                    London EC4M 8SH

THE LENDERS

SIGNED SEALED and DELIVERED as a DEED             )
by JULIE CLEGG                                    )        J. Clegg
for and on behalf of                              )
COMMERZBANK AKTIENGESELLSCHAFT                    )
Bremen Branch                                     )
in the presence of: R Cheung                      )
                    Trainee Solicitor
                    Stephenson Harwood
                    One, St. Paul's Churchyard
                    London EC4M 8SH

                                      105
<PAGE>

SIGNED SEALED and DELIVERED as a DEED             )
by JULIE CLEGG                                    )        J. Clegg
for and on behalf of                              )
HSBC BANK PLC                                     )
in the presence of: R Cheung                      )
                    Trainee Solicitor
                    Stephenson Harwood
                    One, St. Paul's Churchyard
                    London EC4M 8SH

SIGNED SEALED and DELIVERED as a DEED             )
by JULIE CLEGG                                    )        J. Clegg
for and on behalf of                              )
KfW                                               )
in the presence of: R Cheung                      )
                    Trainee Solicitor
                    Stephenson Harwood
                    One, St. Paul's Churchyard
                    London EC4M 8SH

SIGNED SEALED and DELIVERED as a DEED             )
by JULIE CLEGG                                    )        J. Clegg
for and on behalf of                              )
DnB NOR BANK ASA                                  )
in the presence of: R Cheung                      )
                    Trainee Solicitor
                    Stephenson Harwood
                    One, St. Paul's Churchyard
                    London EC4M 8SH

SIGNED SEALED and DELIVERED as a DEED             )
by JULIE CLEGG                                    )        J. Clegg
for and on behalf of                              )
OVERSEA-CHINESE BANKING                           )
CORPORATION LIMITED                               )
Singapore Branch                                  )
in the presence of: R Cheung                      )
                    Trainee Solicitor
                    Stephenson Harwood
                    One, St. Paul's Churchyard
                    London EC4M 8SH

                                      106
<PAGE>

THE AGENT

SIGNED SEALED and DELIVERED as a DEED             )
by JULIE CLEGG                                    )        J. Clegg
for and on behalf of                              )
HSBC BANK PLC                                     )
in the presence of: R Cheung                      )
                    Trainee Solicitor
                    Stephenson Harwood
                    One, St. Paul's Churchyard
                    London EC4M 8SH

THE HERMES AGENT

SIGNED SEALED and DELIVERED as a DEED             )
by JULIE CLEGG                                    )        J. Clegg
for and on behalf of                              )
COMMERZBANK AKTIENGESELLSCHAFT                    )
in the presence of: R Cheung                      )
                    Trainee Solicitor
                    Stephenson Harwood
                    One, St. Paul's Churchyard
                    London EC4M 8SH

THE TRUSTEE

SIGNED SEALED and DELIVERED as a DEED             )
by JULIE CLEGG                                    )        J. Clegg
for and on behalf of                              )
HSBC BANK PLC                                     )
in the presence of: R Cheung                      )
                    Trainee Solicitor
                    Stephenson Harwood
                    One, St. Paul's Churchyard
                    London EC4M 8SH

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                                   SCHEDULE 1

                            PARTICULARS OF ARRANGERS

                                                  INDEMNITY IN (EUROS) OR

                                                  USD EQUIVALENT OF (EUROS)

COMMERZBANK                                       68,836,242 (22.34%)
AKTIENGESELLSCHAFT
Global Shipping Hamburg
Ness 7-9
20457 Hamburg
Federal Republic of Germany

Attn:  Mr Stefan Kuch/Mr Christian Renke
Email: shipfinance@commerzbank.com

HSBC BANK PLC                                     68,805,429 (22.33%)
Project and Export Finance
8 Canada Square
London E14 5HQ

Attn:  Mr Alan Marshall
Email: alan.p.marshall@hsbcib.com

KfW                                               68,805,429 (22.33%)
Palmengartenstrasse 5-9
60325 Frankfurt am Main
Federal Republic of Germany

Attn:  Mr Wolfgang Pfisterer
Email: wolfgang.pfisterer@kfw.de

DnB NOR BANK ASA                                  52,382,100 (17.00%)
Stranden 21
NO-0021 Oslo
Norway

Attn:  Mr Jon Flovik
Email: jon.flovik@dnbnor.no

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OVERSEA-CHINESE BANKING                           49,300,800 (16.00%)
CORPORATION LIMITED
Singapore Branch
65 Chulia Street #10-00
Singapore 049513

Attn:  Ms Pearlwyn Ho/Ms Elaine Lam
Email: LamSYElaine@ocbc.com.sg

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                                   SCHEDULE 2

             PARTICULARS OF AGENT, HERMES AGENT, TRUSTEE AND LENDERS

NAME AND ADDRESS

AGENT

HSBC BANK PLC
Project and Export Finance
8 Canada Square
London E14 5HQ

Fax:   +44 (0)20 7992 4428
Attn:  Mr Alan Marshall
Email: alan.p.marshall@hsbcib.com

HERMES AGENT

COMMERZBANK
AKTIENGESELLSCHAFT
Corporate Banking
Financial Engineering
Structured Export and Trade Finance
Kaiserplatz
60261 Frankfurt am Main
Federal Republic of Germany

Fax:   +49 69 1362 3742
Attn:  Mr Klaus-Dieter Schmedding
Email: exportfinance@commerzbank.com

TRUSTEE

HSBC BANK PLC
Project and Export Finance
8 Canada Square
London E14 5HQ

Fax:   +44 (0)20 7992 4428
Attn:  Mr Alan Marshall
Email: alan.p.marshall@hsbcib.com

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NAME AND ADDRESS                                  CONTRIBUTION
                                                  IN (EUROS) OR USD EQUIVALENT
                                                  OF (EUROS)

LENDERS

COMMERZBANK                                       68,836,242 (22.34%)
AKTIENGESELLSCHAFT
Bremen Branch
Schusselkorb 5-11
28195 Bremen
Federal Republic of Germany

Fax:   +49 421 3633504
Attn:  Mr Wolfgang Schmidt
Email: wolfgang.schmidt3@commerzbank.com

with a copy (in respect of matters not related
to interest fixing or payments) to:

COMMERZBANK
AKTIENGESELLSCHAFT
Global Shipping Hamburg
Ness 7-9
20457 Hamburg
Federal Republic of Germany

Fax:   +49 40 3683-4068
Attn:  Mr Stefan Kuch/Mr Christian Renke
Email: shipfinance@commerzbank.com

HSBC BANK PLC                                     68,805,429 (22.33%)
Project and Export Finance
8 Canada Square
London E14 5HQ

Fax:   +44 (0)20 7992 4428
Attn:  Mr Alan Marshall
Email: alan.p.marshall@hsbcib.com

KfW                                               68,805,429 (22.33%)
Palmengartenstrasse 5-9
60325 Frankfurt am Main
Federal Republic of Germany

Fax:   +49 69 7431 2944
Attn:  Mr Wolfgang Pfisterer
Email: wolfgang.pfisterer@kfw.de

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DnB NOR BANK ASA                                  52,382,100 (17.00%)
Stranden 21
NO-0021 Oslo
Norway

Fax:   +47 22 482020
Attn:  Mr Jon Flovik
Email: jon.flovik@dnbnor.no

OVERSEA-CHINESE BANKING                           49,300,800 (16.00%)
CORPORATION LIMITED
Singapore Branch
65 Chulia Street #10-00
Singapore 049513

Fax:   +65 6536-6449/6532 5347
Attn:  Ms Pearlwyn Ho/Ms Elaine Lam
Email: LamSYElaine@ocbc.com.sg

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                                   SCHEDULE 3

                               NOTICE OF DRAWDOWN

                                  CLAUSE 2.3.1

From: SHIP VENTURES INC.
      Corporation Trust Center
      1209 Orange Street
      Wilmington
      Delaware 19801
      United States of America

To:   HSBC BANK PLC
      Project and Export Finance
      8 Canada Square
      London E14 5HQ

      Attn: Mr Alan Marshall

                                                                         200[ ]

Dear Sirs

LOAN AGREEMENT DATED                               2004 (THE "LOAN AGREEMENT")

We refer to the Loan 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 Loan Agreement shall have the same
respective meanings when used in this notice.

We hereby give you notice that we wish to draw down [the Equivalent Amount of]
[[  ] Euro ((EURO)[  ]) being the amount of Tranche [ ] of Portion 1] [and] [[
] Euro ((EURO)[  ]) being Tranche [A/B/C] of Portion 2] under Clause 2.3 of the
Loan Agreement on [  ] 200[ ].

[Tranche [ ] of Portion 1 in the amount of [  ] Euro ((EURO)[  ]) is to be paid
to the Builder's Account (as defined in the schedule to the Building Contract)
at:

Commerzbank AG
Bremen Branch
Account No 1116003]

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[Tranche A of Portion 2 in the Equivalent Amount of [  ] Euro (EUR[  ]) is to be
paid to the Borrower in reimbursement of eighty per cent (80%) of the Hermes
Premium paid to the Hermes Agent for on-payment to Hermes on the issue of the
Hermes Cover.]

[Tranche [B/C] of Portion 2 in the Equivalent Amount of [  ] Euro (EUR[  ]) is
to be paid to the Hermes Agent for on-payment to Hermes in [payment/part
 payment] of the balance of the Hermes Insurance Premium.]

Tranche [B/C] of Portion 2 in the amount of [  ] Euro ((EURO)[  ]) is to be paid
on our behalf to the Hermes Agent for on-payment to Hermes in [payment/part
payment] of the balance of the Hermes Insurance Premium.]

We attach a Certified Copy of such documents as we have received from [the
Builder pursuant to the Building Contract in evidence of the instalment due]
[and] [[the Hermes Agent][Hermes] in evidence of the Hermes Premium payable].

We confirm that:

(i)   all of the representations and warranties contained in Clause 9 of the
      Loan Agreement remain true and correct;

(ii)  no Possible Event of Default or Event of Default has occurred;

(iii) subject to Clause 5.3.1 of the Loan Agreement, the first Interest Period
      shall be of [three (3) six (6)] months' duration; [and]

(iv)  [[Tranche [ ] of Portion 1 will be applied in financing [part of] the
      [third/fourth/fifth] [pre-delivery] [delivery] instalment due to the
      Builder pursuant to the Building Contract] PROVIDED THAT if the Builder is
      not entitled pursuant to the Building Contract to utilise any part of
      Portion 1 drawn down hereunder that amount will be returned by us to the
      Agent and applied in accordance with Clause 4.7 of the Loan Agreement]
      [[Tranche A of Portion 2 is in reimbursement to us of part of the amount
      of the Hermes Premium paid by us to the Hermes Agent for on-payment to
      Hermes on issue of the Hermes Cover] [Tranche B of Portion 2 will be
      applied in [payment/part payment] of seventy five per cent (75%) of the
      Hermes Insurance Premium payable on the later of the First Drawdown Date
      and the issue of the Hermes Cover] [Tranche C of Portion 2 will be applied
      in part payment of the increase in the Hermes Insurance Premium] PROVIDED
      THAT if the amount of the Hermes

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       Premium is reduced and the amount of the reduction is paid to us, eighty
       per cent (80%) of the amount of the reduction will be returned by us to
       the Agent and applied in accordance with Clause 4.7 of the Loan
       Agreement];

(v)    [twenty per cent (20%) of the Contract Price has been or will have been
       paid on the First Drawdown Date;]

(vi)   [the Hermes Issuing Fees and twenty five per cent (25%) of the Hermes
       Insurance Premium will have been paid on the Drawdown Date referred to in
       this notice;]

(vii)  [the scheduled Delivery Date of the Vessel is [ ] 2006];]

(viii) [upon application of Tranche 4 of Portion 1 hereby requested to be drawn
       down in the manner hereinbefore appearing all sums owing to the Builder
       under the Building Contract shall have been fully and finally paid;] and

(ix)   [upon application of Tranche [B/C] of Portion 2 hereby requested to be
       drawn down in the manner hereinbefore appearing all sums owing [for the
       present time] to Hermes in respect of the Hermes Cover shall have been
       fully and finally paid].

Yours faithfully
SHIP VENTURES INC.

_______________________________
By:

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                                   SCHEDULE 4

                              CONDITIONS PRECEDENT

                                   CLAUSE 2.7

The Loan is expressly conditional upon the Agent having received in such form
and substance as it shall require:

A     ON THE DATE 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:

      (A)   attaching a copy of its Certificate of Incorporation and Articles of
            Incorporation and By-Laws evidencing power to:

            (i)   enter into the transactions contemplated in this Agreement and
                  in the other Security Documents and to buy ships and enter
                  into arrangements for the chartering and management thereof;
                  and

            (ii)  borrow money in the amount referred to in this Agreement and
                  as security therefor to mortgage or charge assets;

      (B)   giving the names of the present directors and officers;

      (C)   setting out specimen signatures of persons who would be authorised
            to sign documents or otherwise perform the Borrower's obligations
            under the Security Documents;

      (D)   giving the name of the Shareholder and the amount of the
            Shareholder's Shares;

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<PAGE>

      (E)   attaching copies of resolutions of the directors of the Borrower
            and, if required by its Articles of Incorporation and/or By-Laws,
            copies of the resolutions of the Shareholder, authorising the
            borrowing of the Loan, the granting of the Mortgages 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

      (F)   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 4 is dated more than ten (10) Business Days prior to the date
      hereof, 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 4.

4     The original power of attorney issued pursuant to (A) the resolutions
      referred to above and (B) paragraph 2(C) above, notarially attested.

GUARANTOR, SHAREHOLDER, SUPERVISOR AND BUILDER

5     Notarially attested secretary's certificate for each of the above:

      (A)   attaching a copy of its Certificate of Incorporation and Memorandum
            and Articles of Association (or equivalent documents) evidencing
            power to enter into the transactions contemplated by this Agreement;

      (B)   giving the names of the present officers and directors;

      (C)   setting out specimen signatures of persons who would be authorised
            to sign documents or otherwise perform obligations under the
            Security Documents;

      (D)   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

      (E)   containing a declaration of solvency as at the date of the
            secretary's certificate.

6     Where the secretary's certificate referred to in paragraph 5 of this
      Schedule 4 is dated more than ten (10) Business Days prior to the date
      hereof, a bringdown certificate, which

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      need not be notarially attested if signed by the same person that signed
      the secretary's certificate referred to in paragraph 5 of this Schedule 4.

7     The original powers of attorney issued pursuant to (A) the resolutions
      referred to above and (B) paragraph 5(C) above, notarially attested.

GENERAL

8     Confirmation from the Process Agent that it will act for each of the
      Obligors and, if necessary, the Builder as agent for service of process in
      England.

9     Opinions from lawyers appointed by the Agent including English, Isle of
      Man, Bermudan, German and United States lawyers as to any of the foregoing
      matters or otherwise as the Agent may require in the form required by the
      Agent.

10    Certified Copy of the Opinion Letter (as defined in the Building
      Contract).

11    Certified Copy of the Building Contract including all addenda.

12    Certified Copy of the Supervision Agreement.

13    Agency and Trust Deed duly executed.

14    Guarantee duly executed.

15    Charge Option duly executed.

16    Copies of the audited consolidated report and accounts of Star for 2002
      and, if available, for 2003, the unaudited consolidated accounts of the
      Group for the financial quarter to 31 December 2003 and the unaudited
      opening balance sheet of the Borrower.

17    Copies of all UCC-1 Financing Statements filed with the Secretary of State
      of Delaware.

18    Evidence that the withholding tax exemption applies for each of the
      Lenders.

19    Payment of all fees under Clause 13.

20    Disclosure Letter duly executed.

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B     AT LEAST FIVE (5) BUSINESS DAYS BEFORE EACH DRAWDOWN DATE IN RESPECT OF
      PORTION 1 AND PORTION 2

21    Drawdown notice duly executed by the Borrower in the form of Schedule 3.

22    In the case of Portion 1, a Certified Copy of such documents as are
      received by the Borrower from the Builder pursuant to the Building
      Contract in evidence of the instalment due.

23    In the case of Portion 2, a Certified Copy of such documents as are
      received by the Borrower from Hermes or the Hermes Agent in evidence of
      the Hermes Premium payable.

C     ON THE FIRST DRAWDOWN DATE

24    Certified Copy of the Hermes Cover.

25    Certified Copy of the "Exporteurgarantie" to be given by the Builder in
      favour of the Hermes Agent.

26    Evidence of the payment by the Borrower to the Builder of not less than
      twenty per cent (20%) of the Contract Price pursuant to the Building
      Contract.

27    Pre-Delivery Mortgage duly executed and lodged for registration in the
      Shipbuilding Register in Emden.

28    Earnings Assignment duly executed.

29    Building Contract Assignment duly executed.

30    Construction Risks Insurance Assignment duly executed.

31    Supervision Agreement Assignment duly executed.

32    Telefax confirmations from the insurance brokers through whom any
      insurances have been placed by the Builder and the Borrower in respect of
      the Vessel during the Construction Period that the insurances have been
      placed and upon receipt of a notice of assignment of the insurances they
      will issue letters of undertaking in the form approved by the Agent.

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33    Written confirmation from the Agent's insurance advisers that the
      Insurances are in a form satisfactory to the Agent.

34    Notarially attested bringdown certificate in respect of the Borrower, the
      Supervisor and the Builder where the secretary's certificate referred to
      in the relevant paragraph of this Schedule 4 is dated more than ten (10)
      Business Days prior to the First Drawdown Date.

35    Opinion from German lawyers appointed by the Agent as to due registration
      of the Vessel and due registration of the Pre-Delivery Mortgage or
      otherwise as the Agent may require in the form required by the Agent.

D     ON EACH DRAWDOWN DATE IN RESPECT OF PORTION 2

36    Evidence of the payment by the Borrower (or the Hermes Agent on its
      behalf) of the Hermes Premium (or relevant part thereof).

E     ON THE DELIVERY DATE

37    Such evidence as the Agent may require that the Vessel is:

      (A)   registered in the name of the Borrower under the laws and flag of
            the United States of America, free from all liens and encumbrances
            except the Post Delivery Mortgage;

      (B)   classified with the highest classification available free of all
            recommendations and qualifications with Det Norske Veritas and
            American Bureau of Shipping;

      (C)   insured in accordance with the terms of the Security Documents; and

      (D)   managed by the Manager and the Sub-Agent pursuant to the Management
            Agreement and the Sub-Agency Agreement.

38    Certified Copy of the Builder's Certificate.

39    Certified Copy of the unconditional protocol of delivery and acceptance
      duly signed by the Builder and the Borrower.

40    Certified Copy of the certificate of warranty from the Builder stating
      that the Vessel is free from all encumbrances on the Delivery Date.

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41    Copies of valid trading and other certificates to be produced by the
      Builder pursuant to the Building Contract.

42    Post Delivery Mortgage duly executed and lodged for recordation at the
      relevant authority of the United States of America.

43    Certified Copy of the advance foreign transfer approval obtained from the
      Maritime Administration of the United States of America ("MARAD"). This
      Marad pre-approval will have been issued for the benefit of the Trustee
      and its successors and assigns pursuant to sections 9(c) and (e) of the
      Shipping Act, 1916, as amended, of the United States of America to
      transfer the Vessel to a foreign registry in the case of (A) the
      occurrence of an Event of a Default or (B) a foreclosure of the Post
      Delivery Mortgage or (C) the Vessel ceasing to be employed in regular
      service in Hawaii and no longer being eligible to engage in the coastwise
      transportation of passengers for hire as set forth in Public Law 108-7 of
      the United States of America.

44    Insurance Assignment duly executed.

45    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 have been placed in respect
      of the Vessel that the Insurances have been placed and upon receipt of a
      notice of assignment of the Insurances they will issue letters of
      undertaking in the form approved by the Agent.

46    Written confirmation from the Agent's insurance advisers that the
      Insurances are in a form satisfactory to the Agent.

47    Certified Copy of the Management Agreement.

48    Certified Copy of the Sub-Agency Agreement.

49    Management Agreement Assignment duly executed.

50    Sub-Agency Agreement Assignment duly executed.

51    Account Charge duly executed.

52    Evidence that the Operating Account has been opened for receipt of the
      Earnings of the Vessel in accordance with Clause 7.6.

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53    Opinion from lawyers appointed by the Agent as to due registration of the
      Vessel and due registration of the Post Delivery Mortgage or otherwise as
      the Agent may require in the form required by the Agent.

54    Evidence of the payment by the Borrower of the Hermes Premium in full.

55    Notarially attested bringdown certificate in respect of the Borrower.

56    Notarially attested secretary's certificate for each of the Manager and
      the Sub-Agent:

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

      (B)   giving the names of the present officers and directors;

      (C)   setting out specimen signatures of persons who would be authorised
            to sign documents or otherwise perform obligations under the
            Security Documents;

      (D)   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

      (E)   containing a declaration of solvency as at the date of the
            secretary's certificate.

57    Where the secretary's certificate referred to in paragraph 56 of this
      Schedule 4 is dated more than ten (10) Business Days prior to the date
      hereof, 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 56 of this Schedule 4.

58    The original powers of attorney issued pursuant to (A) the resolutions
      referred to above and (B) paragraph 56(C) above, notarially attested.

59    Copies of all UCC-1 Financing Statements filed with the Secretary of State
      of Delaware.

60    Payment of all fees due under Clause 13.

61    A Certified Copy of the carrier initiative agreement executed pursuant to
      the Post Delivery Mortgage.

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62    A Certified Copy of any current certificate of financial responsibility in
      respect of the Vessel issued under OPA.

63    A Certified Copy of 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.

64    A Certified Copy of 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.

65    A Certified Copy of a valid international ship security certificate issued
      to the Vessel in accordance with the ISPS Code.

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                                   SCHEDULE 5

                           CONFIDENTIALITY UNDERTAKING

                            [On Bank's Headed Paper]

To:   SHIP VENTURES INC.
      Corporation Trust Center
      1209 Orange Street
      Wilmington
      Delaware 19801
      United States of America
      (the "BORROWER")

      HSBC BANK PLC
      Project and Export Finance
      8 Canada Square
      London E14 5HQ
      Attn: Mr Alan Marshall
      (the "AGENT")

SHIP VENTURES INC.
DOLLAR EQUIVALENT OF (EURO)308,130,000 TERM LOAN (THE "FACILITY")
FORM OF CONFIDENTIALITY UNDERTAKING

1     We hereby undertake that we will keep confidential and will not make use
      of for any purposes (other than for the purposes of the Facility) all
      information delivered to us in connection with the Facility and all
      information obtained by us in the course of discussions with the Agent,
      the Borrower or any other party involved with the Facility (collectively
      the "INFORMATION") until and save to the extent that the Information has
      been released into the public domain. However, we shall be entitled to
      supply the Information to:

      (A)   professional advisers solely for use in connection with the Facility
            after drawing to the attention of those advisers the content of the
            undertaking as to confidentiality given by us and after obtaining
            similar undertakings from them; and

      (B)   any third party where we have been authorised in writing to do so by
            the Borrower; and

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      (C)   subject to giving reasonable prior notice to the Borrower, to any
            banking or regulatory authority to which we are subject after
            drawing to the attention of such authority the content of the
            undertaking as to confidentiality given by us; and

      (D)   pursuant to subpoena or other legal process and pursuant to any law
            or regulation having the force of law.

2     We further undertake that if we decide not to participate in the Facility,
      we will return to the Agent the originals and additional copies or
      extracts made therefrom and all documentary Information delivered to us by
      the Agent in relation to the Facility and/or the Borrower (including any
      supplied to third parties as contemplated in paragraph 1).

For and on behalf of
BANK NAME:

____________________________
By

Date:

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                                   SCHEDULE 6

                              TRANSFER CERTIFICATE

Lenders are advised not to employ Transfer Certificates or otherwise to assign
or transfer interests in the Loan 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:         hsbc Bank plc (the "AGENT") as agent on its own behalf and for and
            on behalf of the Arrangers, the Hermes Agent, the Trustee, the
            Borrower and the Lenders as defined in the Loan Agreement referred
            to below

Attention:  [    ]

                                                                           Date:

This certificate (the "TRANSFER CERTIFICATE") relates to a loan agreement dated
         2004 (as the same may from time to time be amended, supplemented and/or
novated the "LOAN AGREEMENT") made between (among others) (1) Ship Ventures Inc.
as borrower (the "BORROWER") (2) the banks and financial institutions referred
to therein as lenders (the "LENDERS") (3) the Agent (4) Commerzbank
Aktiengesellschaft (the "HERMES AGENT") and (5) HSBC Bank plc (the "TRUSTEE")
whereby the Lenders have agreed to make available to the Borrower a term loan
facility in the amount of up to three hundred and eight million one hundred and
thirty thousand Euro ((EURO) 308,130,000) and/or the Equivalent Amount thereof.
Terms defined in the Loan Agreement shall, unless otherwise defined herein, have
the same meanings herein as therein.

In this Transfer Certificate:

the "TRANSFEROR" means [full name] of [Office];

the "TRANSFEREE" means [full name] of [Office].

1     The Transferor with full title guarantee transfers to the Transferee
      absolutely in accordance with Clause 17.5 of the Loan Agreement all rights
      and interests (present, future or contingent) which the Transferor has as
      Lender under or by virtue of the Loan Agreement and all the other Security
      Documents insofar as such rights and interests relate to [that portion of
      its Contribution to the Loan in an amount equal to [[  ] Dollars

                                      126
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      (USD[  ]) [and [  ] Euro (E[  ])] out of its total Contribution which at
      the date hereof is [  ] Dollars (USD[  ]) [and [  ] Euro ((EURO)[  ])] or
      [that portion of its Commitment to the Facility in an amount of [  ] Euro
      ((EURO)[ ]) or an amount in Dollars equal to [  ] Euro ((EURO)[  ]) out of
      its total Commitment which at the date hereof is [  ] Euro ((EURO)[  ]) in
      Euro and/or in Dollars].

2     By virtue of this Transfer Certificate and Clause 17.5 of the Loan
      Agreement, the Transferor is discharged entirely with effect from the
      Transfer Date from [that portion of its Contribution to the Loan and its
      obligations relating thereto to the extent of [[  ] Dollars (USD[  ]) and
      [  ] Euro ((EURO)[  ]) out of its total Contribution at such date] or
      [that portion of its Commitment to the Facility and its obligations
      relating thereto to the extent of [  ] Euro ((EURO)[  ]) in Euro and/or in
      Dollars out of its total Commitment at such date].

3     The Transferee hereby requests:

      (A)   the Borrower, the Agent, the Hermes Agent, the Trustee, the
            Arrangers and the Lenders to accept the executed copies of this
            Transfer Certificate as being delivered pursuant to and for the
            purposes of Clause 17.5 of the Loan Agreement; and

      (B)   the Agent to execute this Transfer Certificate on behalf of itself
            and the other said parties pursuant to Clause 17.8 of the Loan
            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:

      (A)   confirms that it has received a copy of the Loan Agreement, the
            Agency and Trust Deed and the other Security Documents together with
            such other documents and information as it has required in
            connection with the transaction contemplated thereby;

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      (B)   confirms that it has not relied and will not hereafter rely on the
            Transferor, the Trustee, the Agent, the Arrangers, the Lenders or
            the Hermes Agent to check or enquire on its behalf into the
            legality, validity, effectiveness, adequacy, accuracy or
            completeness of the Loan Agreement, the Agency and Trust Deed or any
            other of the Security Documents or any other documents or
            information;

      (C)   agrees that it has not relied and will not rely on the Transferor,
            the Trustee, the Agent, the Arrangers, the Lenders or the Hermes
            Agent 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 Loan Agreement or any other
            of the Security Documents (save as otherwise expressly provided
            therein);

      (D)   warrants that it has power and authority to become a party to the
            Loan Agreement and the Agency and Trust Deed 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 Loan Agreement, the Agency and Trust
            Deed and the other Security Documents;

      (E)   if not already a Lender, appoints the Agent to act as its agent
            (except in relation to the Hermes Cover), the Hermes Agent to act as
            its agent in relation to the Hermes Cover and the Trustee to act as
            its trustee as provided in the Loan Agreement, the Agency and Trust
            Deed and the other Security Documents and agrees to be bound by the
            terms of Clause 17.8 of the Loan Agreement and by all the terms of
            the Agency and Trust Deed.

5     The Transferor:

      (A)   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;

      (B)   warrants to the Transferee that this Transfer Certificate is binding
            on the Transferor under the laws of (i) England (ii) the country in
            which the Transferor is incorporated and (iii) the country in which
            its Office is located; and

      (C)   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.

                                      128
<PAGE>

6     The Transferee hereby undertakes to the Transferor and each of the other
      parties to the Loan Agreement and the Agency and Trust Deed that it will
      perform in accordance with its terms all those obligations which by the
      terms of the Loan Agreement and the Agency and Trust Deed will be assumed
      by it after the transfer contemplated by this Transfer Certificate has
      taken effect.

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 Loan 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 Loan Agreement for the
      account of the Transferor, to the Transferor, and shall make all payments
      due under the Loan 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
      Loan Agreement.

8     None of the Transferor, the Agent, the Hermes Agent, the Trustee, the
      Arrangers or the Lenders:

      (A)   makes any representation or warranty nor assumes any responsibility
            with respect to the legality, validity, effectiveness, adequacy or
            enforceability of the Loan Agreement, the Agency and Trust Deed or
            any other of the Security Documents or any document relating
            thereto;

      (B)   assumes any responsibility for the financial condition of the
            Borrower or any other party to the Loan Agreement, the Agency and
            Trust Deed 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 Loan Agreement, the Agency and Trust Deed 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).

                                      129
<PAGE>

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 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 Loan 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 Agent, the Hermes Agent, the Trustee, the Arrangers,
the Borrower and the Lenders (other than the Transferor)) have caused this
Transfer Certificate to be executed on the day first written above.

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:                 )

                                      130
<PAGE>

THE AGENT

SIGNED by                           )
                                    )
for and on behalf of                )
[               ]                   )
as agent for and on behalf          )
of itself as Agent,                 )
the Hermes Agent, the Trustee,      )
the Arrangers, the Borrower,        )
the Guarantor 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.

                                      131
<PAGE>

                                    SCHEDULE

                      ADMINISTRATIVE DETAILS OF TRANSFEREE

Name of Transferee:

Office:

Contact Person
(Loan Administration Department):

Telephone:

Fax:

E-mail:

Contact Person
(Credit Administration Department):

Telephone:

Fax:

E-mail:

Account for Payments:

                                      132
<PAGE>

                                   SCHEDULE 7

                          FORM OF NOTICE OF FIXED RATE

To:   SHIP VENTURES INC. (the "BORROWER")
      Corporation Trust Center
      1209 Orange Street
      Wilmington
      Delaware 19801
      United States of America

From: HSBC BANK PLC (the "FACILITY AGENT")
      Project and Export Finance
      8 Canada Square
      London E14 5HQ

      Attn: Mr Alan Marshall

LOAN AGREEMENT DATED       2004 BETWEEN (AMONG OTHERS) (1) THE BORROWER (2) THE
LENDERS (3) THE AGENT (4) THE HERMES AGENT AND (5) THE TRUSTEE (THE "LOAN
AGREEMENT") RELATING TO THE FINANCING OF THE CONSTRUCTION OF HULL NO S.668 AT
JOS. L. MEYER GmbH

The Agent hereby gives notice to the Borrower that, pursuant to Clause 5.5
(Fixed Rate) of the Loan Agreement, the Borrower shall from [date] 2006 pay
interest on the outstanding amount of the Loan at the Fixed Rate of [ ] per cent
([o]%) per annum.

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

Date:       200[4/5/6]

____________________________
HSBC BANK PLC
By:

Agreed:

____________________________
SHIP VENTURES INC.
By:

                                      133
<PAGE>

                                   SCHEDULE 8

           CHARTERING OF THE SIX VESSELS (AS DEFINED IN CLAUSE 10.6.4)

<TABLE>
<CAPTION>
VESSEL                NEW OWNER              DAILY HIRE    REDELIVERING    TRANSFER VALUE
------                ---------              ----------    ------------    --------------
<S>                  <C>                      <C>          <C>              <C>
Norwegian Sea        Ocean Pacific Limited          [***] [Confidential Treatment]

Norwegian Majesty    Ocean Voyager Limited          [***] [Confidential Treatment]

Norwegian Wind       Crown Wind Limited             [***] [Confidential Treatment]

Norwegian Crown      Crown Odyssey Limited          [***] [Confidential Treatment]

Norwegian Dream      Ocean Dream Limited            [***] [Confidential Treatment]

Marco Polo           Ocean World Limited            [***] [Confidential Treatment]
</TABLE>

                                      134
<PAGE>

CONFORMED COPY

                             Dated 25 October 2004

                               SHIP VENTURES INC.
                                 (as borrower)

                              NCL CORPORATION LTD.
                                 (as guarantor)

                                 HSBC BANK PLC
                                  (as trustee)

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

                               FIRST ADDENDUM TO
                             SECURED LOAN AGREEMENT
               for the equivalent amount in United States Dollars
                             of up to E308,130,000
                         pre- and post delivery finance
            for one luxury cruise vessel with 1,188 passenger cabins
             being hull no S.668 at the yard of Jos. L. Meyer GmbH

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

                               STEPHENSON HARWOOD
                            One St Paul's Churchyard
                                London EC4M 8SH
                            Tel: +44 (0)20 7329 4422
                            Fax: +44 (0)20 7329 7100
                              Ref:- 1253/42-02376

<PAGE>

CONTENTS

                                                                         Page
                                                                         ----

1       Definitions and Construction ..................................... 1

2       Amendment of Original Loan Agreement and Security Documents ...... 2

3       Conditions Precedent.............................................. 3

4       Representations and Warranties ................................... 5

5       Expenses.......................................................... 7

6       Further Assurance ................................................ 7

7       Counterparts...................................................... 7

8       Notices........................................................... 7

9       Contracts (Rights of Third Parties) Act 1999 (the "Act").......... 8

10      Governing Law..................................................... 9

11      Jurisdiction ..................................................... 9

Schedule 1 Particulars of Trustee ....................................... 12

<PAGE>

THIS FIRST ADDENDUM TO THE LOAN AGREEMENT is made the 25 day of October 2004

BETWEEN:

(1)      SHIP VENTURES INC. of Corporation Trust Center, 1209 Orange Street,
         Wilmington, Delaware 19801, United States of America as borrower (the
         "Borrower");

(2)      NCL CORPORATION LTD. of Milner House, 18 Parliament Street, Hamilton HM
         12, Bermuda as guarantor (the "Guarantor"); and

(3)      HSBC BANK PLC of 8 Canada Square, London E14 5HQ as trustee (the
         "Trustee").

WHEREAS:

(A)      By a loan agreement dated 20 April 2004 (the "Original Loan Agreement")
         the Arrangers have agreed on the terms and subject to the conditions
         set out in the Original Loan Agreement to arrange and underwrite a loan
         in the Equivalent Amount of up to three hundred and eight million one
         hundred and thirty thousand Euro (E308,130,000), subject to Clause 2.5
         of the Original Loan Agreement, to be made by the Lenders to the
         Borrower to part-finance (among other things) the construction by the
         Builder of the Vessel for the Contract Price.

(B)      The parties to the Original Loan Agreement have agreed to amend certain
         definitions contained in clause 1.1 of the Original Loan Agreement on
         the terms of this first addendum to the Original Loan Agreement (the
         "Deed"). This Deed shall be executed as a deed.

NOW THIS DEED WITNESSES as follows:

1        Definitions and Construction

         1.1      In this Deed including the preamble and recitals hereto
                  (unless the context otherwise requires) any term or expression
                  defined in the preamble or the recitals shall have the meaning
                  ascribed to it therein and terms and expressions not defined
                  herein but whose meanings are defined in the Loan Agreement
                  shall have the meanings set out therein. In addition, the
                  following terms and expressions shall have the meanings set
                  out below:

<PAGE>

                  "Loan Agreement" means the Original Loan Agreement as amended
                  by this Deed; and

                  "Effective Date" means the date on which the conditions
                  precedent set out in Clause 3.1 are fullfilled to the
                  satisfaction of the Agent.

         1.2      The provisions of Clauses 1.2 and 1.3 of the Original Loan
                  Agreement as amended by this Deed shall apply hereto (mutatis
                  mutandis).

2        Amendment of Original Loan Agreement and Security Documents

         2.1      The parties hereto agree that immediately upon and with effect
                  from the Effective Date the Original Loan Agreement shall be
                  read and construed as if the definitions of "Tranche 1",
                  "Tranche 2", "Tranche 3" and "Tranche 4" in clause 1.1 thereof
                  had been deleted and substituted with the following:

                  "Tranche 1" means the amount of twenty seven million three
                  hundred and ninety thousand Euro (E627,390,000) or the
                  Equivalent Amount thereof to be applied in payment of the
                  balance of the third pre-delivery instalment due by the
                  Borrower to the Builder under the Building Contract to be
                  advanced by the Lenders on a Drawdown Date by way of their
                  Contributions thereto;

                  "Tranche 2" means the amount of sixty six million two hundred
                  and forty thousand Euro (E66,240,000) or the Equivalent Amount
                  thereof to be applied in payment of the fourth pre-delivery
                  instalment due by the Borrower to the Builder under the
                  Building Contract to be advanced by the Lenders on a Drawdown
                  Date by way of their Contributions thereto;

                  "Tranche 3" means the amount of sixty six million two hundred
                  and forty thousand Euro (E666,240,000) or the Equivalent
                  Amount thereof to be applied in payment of the fifth
                  pre-delivery instalment due by the Borrower to the Builder
                  under the Building Contract to be advanced by the Lenders on a
                  Drawdown Date by way of their Contributions thereto;

                  "Tranche 4" means the amount of up to one hundred and twenty
                  eight million and ten thousand Euro (E128,010,000) or the
                  Equivalent Amount thereof to be applied in payment of the
                  delivery instalment due by the Borrower to the Builder under
                  the Building Contract to be advanced by the Lenders on the
                  Delivery Date

                                       2
<PAGE>

                  by way of their Contributions thereto PROVIDED THAT the Euro
                  amount of this Tranche and the Euro amounts of the other
                  Tranches shall not when aggregated exceed eighty per cent
                  (80%) of the Contract Price;

         2.2      Each of the Borrower and the Guarantor hereby confirms to the
                  Trustee that with effect from the Effective Date:

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

                  2.2.2    the Security Documents to which it is a party shall
                           apply to, and extend to secure, the whole of the
                           Outstanding Indebtedness as defined in clause 1.1I of
                           the Original Loan Agreement as amended by this Deed;

                  2.2.3    its obligations under the Security Documents to which
                           it is a party shall not be discharged, impaired or
                           otherwise affected by reason of the execution of this
                           Deed or of any of the documents contemplated hereby;
                           and

                  2.2.4    its obligations under the Security Documents to which
                           it is a party shall remain in full force and effect
                           as security for the obligations of the Borrower under
                           the Original Loan Agreement and the other Security
                           Documents as amended by this Deed.

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

3        Conditions Precedent

         3.1      The amendment of the Original Loan Agreement provided for in
                  Clause 2 is conditional upon and shall not be effective unless
                  and until the Agent has received the following in form and
                  substance satisfactory to it:

                                       3
<PAGE>

                  3.1.1    on the date of this Deed, one (1) counterpart duly
                           executed by each of the Borrower and the Guarantor of
                           this Deed;

                  3.1.2    the following corporate documents in respect of each
                           of the Borrower and the Guarantor (together the
                           "Relevant Parties"):

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

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

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

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

                                    (iii)    setting out specimen signatures of
                                             such officers and directors as are
                                             authorised by the Relevant Party to
                                             sign documents or otherwise
                                             undertake the performance of that
                                             Relevant Party's obligations under
                                             this Deed;

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

                                    (v)      attaching copies of resolutions
                                             passed at duly convened meetings of
                                             the directors and, if required by
                                             the Agent, the shareholders or
                                             members of each of the Relevant
                                             Parties authorising (as applicable)
                                             the execution of this Deed and any
                                             documents contemplated in this Deed
                                             and the issue of any power of
                                             attomney to execute the same; and

                                       4
<PAGE>

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

                                    (if applicable) a notarially attested bring
                                    down certificate duly executed by the
                                    secretary of the Relevant Party in respect
                                    of his secretarial certificate dated 16
                                    April 2004;

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

                  3.1.4    the issue of such favourable written legal opinions
                           including in respect of Delaware and Bermuda in such
                           form as the Agent may require relating to all aspects
                           of the transactions contemplated hereby governed by
                           any applicable law, and

                  PROVIDED THAT no Event of Default and no Possible Event of
                  Default has occurred and is continuing on the Effective Date.

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

4        Representations and Warranties

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

                  4.1.1    it has the power to enter into and perform this Deed
                           and the transactions contemplated hereby and has
                           taken all necessary action to authorise the entry
                           into and performance of this Deed and such
                           transactions;

                                       5
<PAGE>

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

                  4.1.3    its entry into and performance of this Deed and the
                           transactions contemplated hereby do not and will not
                           conflict with:

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

                           (b)      its constitutional documents; or

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

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

                  4.1.4    all authorisations, approvals, consents, licences,
                           exemptions, filings, registrations, notarisations,
                           and other matters, official or otherwise, required in
                           connection with the entry into, performance, validity
                           and enforceability of this Deed and each of the other
                           documents contemplated hereby and the transactions
                           contemplated thereby have been obtained or effected
                           and are in full force and effect;

                  4.1.5    all information furnished by it to the Agent or its
                           agents relating to the business and affairs of an
                           Obligor in connection with this Deed and the other
                           documents contemplated hereby was and remains true
                           and correct in all material respects and there are no
                           other material facts or considerations the omission
                           of which would render any such information
                           misleading;

                  4.1.6    it has fully disclosed in writing to the Agent all
                           facts relating to its business which it knows or
                           should reasonably know and which might reasonably be
                           expected to influence the Lenders, the Agent or the
                           Hermes Agent in deciding whether to authorise the
                           Trustee to enter into this Deed

                                       6
<PAGE>

                           on their behalf and/or the Trustee in deciding
                           whether or not to enter into this Deed.

5        Expenses

         Each of the parties hereto shall bear its own costs, charges and
         expenses (together with value added tax or any similar tax thereon and
         including without limitation the fees and expenses of legal and other
         advisers) in respect of the negotiation, preparation, printing,
         execution and registration of this Deed and any other documents
         required in connection with the implementation of this Deed. However,
         the Borrower and the Guarantor jointly and severally undertake to
         reimburse the Agent on demand on a full indemnity basis for the
         reasonable charges and expenses (together with value added tax or any
         similar tax thereon and including without limitation the fees and
         expenses of legal and other advisers) in respect of the enforcement of
         this Deed and any other documents required in connection with the
         implementation of this Deed.

6        Further Assurance

         Each of the Borrower and the Guarantor will, from time to time on being
         required to do so by the Agent, do or procure the doing of all such
         acts and/or execute or procure the execution of all such documents in a
         form satisfactory to the Agent and the Hermes Agent as the Agent and
         the Hennes Agent may reasonably consider necessary for giving full
         effect to this Deed or any of the documents contemplated hereby or
         securing to the Trustee the full benefit of the rights, powers and
         remedies conferred upon the Trustee in any such document.

7        Counterparts

         This Deed may be executed in any number of counterparts and all such
         counterparts taken together shall be deemed to constitute one and the
         same agreement.

8        Notices

         8.1      Any notice, demand or other communication (unless made by
                  telefax) to be made or delivered to the Borrower or the
                  Guarantor pursuant to this Deed shall (unless the Borrower or
                  the Guarantor has by fifteen (15) days' written notice to the
                  Agent specified another address) be made or delivered to the
                  Borrower and/or the Guarantor c/o 7665 Corporate Center Drive,
                  Miami, Florida 33126, United States

                                       7
<PAGE>

                  of America (marked for the attention of Mr Larnarr Cooler and
                  the Legal Department (but one (1) copy shall suffice)) with a
                  copy to c/o Star Cruises Limited, 25th Floor, Wisma Genting,
                  Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia (marked for
                  the attention of Mr Gerard Lim). Any notice, demand or other
                  communication to be made or delivered by the Borrower or the
                  Guarantor pursuant to this Deed shall (unless the Agent has by
                  fifteen (15) days' written notice to the Borrower and the
                  Guarantor specified another address) be made or delivered to
                  the Trustee at its Office, the details of which are set out in
                  Schedule 1.

         8.2      Any notice, demand or other communication to be made or
                  delivered pursuant to this Deed may be sent by telefax to the
                  relevant telephone numbers (which at the date hereof in
                  respect of the Borrower and the Guarantor is +1 305 436 4140
                  (marked for the attention of Mr Lamarr Cooler) and +1 305 436
                  4117 (marked for the attention of the Legal Department) with a
                  copy to +60 3 2161 3621 (marked for the attention of Mr Gerard
                  Lim) and in the case of the Trustee 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 Trustee by the Borrower or the
                  Guarantor, shall be signed by the person or persons authorised
                  in writing by the Borrower or the Guarantor (as the case may
                  be) and whose signature appears on the list of specimen
                  signatures contained in the secretary's certificate required
                  to be delivered by Clause 3 and shall be expressed to be for
                  the attention of the department or officer whose name has been
                  notified for the time being for that purpose by the Trustee to
                  the Borrower and the Guarantor.

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

9        Contracts (Rights of Third Parties) Act 1999 (the "Act")

         A person who is not a party to this Deed has no right under the Act 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 the
         Act.

                                       8
<PAGE>

10      Governing Law

        This Deed shall be governed by English law.

11      Jurisdiction

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

                  This Clause 10.1 is for the benefit of the Trustee only. As a
                  result, no such party shall be prevented from taking
                  proceedings relating to a Dispute in any other courts with
                  jurisdiction. To the extent allowed by law, any such party may
                  take concurrent proceedings in any number of jurisdictions.

        11.2      Neither the Borrower nor the Guarantor may, without the
                  Trustee prior written consent, terminate the appointment of
                  the Process Agent; if the Process Agent resigns or its
                  appointment ceases to be effective, the Borrower and/or the
                  Guarantor (as the case may be) shall within fourteen (14)
                  days appoint a company which has premises in London and has
                  been approved by the Trustee to act as the Borrower's and/or
                  the Guarantor's (as the case may be) process agent with
                  unconditional authority to receive and acknowledge service on
                  behalf of the Borrower and/or the Guarantor of all process or
                  other documents connected with proceedings in the English
                  courts which relate to this Deed.

        11.3      For the purpose of securing its obligations under Clause 10.2,
                  each of the Borrower and the Guarantor irrevocably agrees
                  that, if it for any reason fails to appoint a process agent
                  within the period specified in Clause 10.2, the Trustee may
                  appoint any person (including a company controlled by or
                  associated with the Trustee, the Agent or any Lender) to act
                  as the Borrower's or the Guarantor's (as the case may be)
                  process agent in England with the unconditional authority
                  described in Clause 10.2.

        11.4      No neglect or default by a process agent appointed or
                  designated under this Clause (including a failure by it to
                  notify the Borrower or the Guarantor (as the case may be) of
                  the service of any process or to forward any process to the

                                       9
<PAGE>

                  Borrower or the Guarantor (as the case may be)) shall
                  invalidate any proceedings or judgment.

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

        11.6      A judgment relating to this Deed which is given or would be
                  enforced by an English court shall be conclusive and binding
                  on the Borrower and/or the Guarantor (as the case may be) and
                  may be enforced without review in any other jurisdiction.

        11.7      Nothing in this Clause shall exclude or limit any right which
                  the Trustee may have (whether under the laws of any country,
                  an international convention or otherwise) with regard to the
                  bringing of proceedings, the service of process, the
                  recognition or enforcement of a judgment or any similar or
                  related matter in any jurisdiction.

        11.8      In this Clause "judgment" includes order, injunction,
                  declaration and any other decision or relief made or granted
                  by a court.

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

SIGNED SEALED and DELIVERED as a DEED   )
by PAUL ALAN TURNER                     )        P.A. Turner
for and on behalf of                    )
SHIP VENTURES INC.                      )
in the presence of:                     )

                  Owen McHugh
                  OWEN MCHUGH

SIGNED SEALED and DELIVERED as a DEED   )
by PAUL ALAN TURNER                     )        P.A. Turner
for and on behalf of                    )
NCL CORPORATION LTD.                    )
in the presence of:                     )
                  Owen McHugh
                  OWEN MCHUGH

                                       10
<PAGE>

SIGNED SEALED and DELIVERED as a DEED                     )
by C G POCOCK                                             )
for and on behalf of                                      }   C G Pocock
HSBC BANK PLC                                             )
as the Trustee (for and on behalf of itself, the Lenders, )
the Agent and the Hermes Agent)                           )
in the presence of:                                       )   R. Hossack
                                     R. HOSSACK

                                       11
<PAGE>

                                   Schedule 1

                             Particulars of Trustee

Name and Address

Trustee

HSBC BANK PLC
Project and Export Finance
8 Canada Square
London E14 5HQ

Fax: +44 (0)20 7992 4428
Attn: Mr Alan Marshall
Email: alan.p.marshall@hsbcib.com

                                       12
<PAGE>

CONFORMED COPY

                               DATED 20 APRIL 2004

                            (1) NCL CORPORATION LTD.
                                 (AS GUARANTOR)

                                (2) HSBC BANK PLC
                                  (AS TRUSTEE)

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

                                    GUARANTEE
                        IN RESPECT OF THE OBLIGATIONS OF
                               SHIP VENTURES INC.

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

                               STEPHENSON HARWOOD
                            ONE ST PAUL'S CHURCHYARD
                                 LONDON EC4M 8SH
                            TEL: +44 (0)20 7329 4422
                            FAX: + 44 (0)20 7606 0822
                               REF: 1253/42-02376

<PAGE>

                                    CONTENTS

<TABLE>
<CAPTION>
                                                                                                       Page
                                                                                                       ----
<S>          <C>                                                                                      <C>
1            Definitions and Construction................................................................2

2            Guarantee and Indemnity.....................................................................3

3            Survival of Guarantor's Liability...........................................................4

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

5            Exclusion of the Guarantor's Rights.........................................................7

6            Payments....................................................................................8

7            Enforcement................................................................................10

8            Representations and Warranties.............................................................10

9            General Undertakings: Positive Covenants...................................................13

10           General Undertakings: Negative Covenants...................................................16

11           Financial Undertakings and Ownership and Control of the Guarantor..........................20

12           Issue of the Bonds.........................................................................27

13           Discharge..................................................................................27

14           Assignment and Transfer....................................................................27

15           Miscellaneous Provisions...................................................................28

16           Waiver of Immunity.........................................................................29

17           Notices....................................................................................29

18           Governing Law..............................................................................30

19           Jurisdiction...............................................................................30

Schedule 1   Quarterly Compliance Certificate...........................................................32

Schedule 2   Letter of Instruction......................................................................35

</TABLE>

<PAGE>

DEED

DATED the 20TH day of APRIL 2004

BY:

(1)      NCL CORPORATION LTD. being a company validly existing under the laws of
         Bermuda with its registered office at Reid Hall, 3 Reid Street,
         Hamilton HM 11, Bermuda as guarantor (the "GUARANTOR");

IN FAVOUR OF:

(2)      HSBC BANK PLC a company incorporated under the laws of England and
         Wales whose office is at 8 Canada Square, London E14 5HQ, England (the
         "TRUSTEE") as trustee for the Beneficiaries.

WHEREAS:

(A)      By a loan agreement dated the date hereof (the "LOAN AGREEMENT") made
         between (among others) (1) Ship Ventures Inc. as borrower (the
         "BORROWER") (2) the banks whose names and Offices appear in schedule 2
         to the Loan Agreement (the "LENDERS") (3) HSBC Bank plc as agent for
         the Lenders (the "AGENT") (4) Commerzbank Aktiengesellschaft as agent
         (the "HERMES AGENT") and (5) the Trustee, the Lenders agreed to make
         available to the Borrower, upon the terms and subject to the conditions
         thereof, a secured term loan of the equivalent in Dollars, subject to
         clause 2.5 thereof, of up to three hundred and eight million one
         hundred and thirty thousand Euro ((EURO) 308,130,000) (the "Loan") on
         the terms and conditions contained therein.

(B)      By a deed of agency and trust dated the date hereof made between (1)
         the Agent (2) the Hermes Agent (3) the Trustee and (4) the Lenders it
         has been agreed that the benefit of this Deed shall be held by the
         Trustee on trust for itself, the Agent, the Hermes Agent and the
         Lenders and its and their respective successors, assignees and
         transferees (together the "BENEFICIARIES").

(C)      It is a condition precedent to the Trustee, the Lenders, the Agent and
         the Hermes Agent entering into the Loan Agreement and making the Loan
         available to the Borrower that the Guarantor enters into this Deed.

<PAGE>

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, cash flow statements 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;

                  "BONDS" means bonds in an aggregate amount of at least two
                  hundred million Dollars (USD200,000,000) and with a life of
                  ten (10) years but which may be redeemed by the Guarantor at
                  an earlier date, to be issued by the Guarantor in one (1) or
                  more tranches, in the first instance to qualified
                  institutional buyers as unregistered privately placed bonds
                  and thereafter as bonds registered with the Securities
                  Exchange Commission of the United States of America;

                  "EVENT OF DEFAULT" means any of the events specified in clause
                  11 of the Loan Agreement or specified as such in Clause 11;
                  and

                  "OUTSTANDING INDEBTEDNESS" means all sums of any kind payable
                  actually or contingently to the Beneficiaries 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).

         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;

                                       2
<PAGE>

                  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;

                  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 Trustee 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 Trustee or the Agent, the Trustee
                           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 Trustee 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 Trustee to the Guarantor of ten Dollars (USD10) and
                  other good and valuable consideration (the receipt and
                  adequacy of which the Guarantor hereby acknowledges) the
                  Guarantor:

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

                           (a)      the due and punctual payment by each of the
                                    Obligors to the Trustee or the Agent (on
                                    behalf of the Lenders) (as the case may

                                       3
<PAGE>

                                    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 and the Builder under or pursuant
                                    to the Loan Agreement and the other Security
                                    Documents; and

                  2.1.2    unconditionally undertakes immediately on demand by
                           the Trustee 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
                  Trustee from time to time to indemnify the Trustee and the
                  Agent and hold each of them harmless in respect of:

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

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

3        SURVIVAL OF GUARANTOR'S LIABILITY

         3.1      The Guarantor's liability to the Trustee 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 the Trustee, the Agent, the Lenders and/or
                           the Hermes Agent to or with any of the

                                       4
<PAGE>

                           Obligors, the Builder or Hermes in respect of any of
                           their obligations under the Loan Agreement and each
                           other Security Document to which any of the Obligors,
                           the Builder or Hermes is a party; or

                  3.1.2    any legal limitation, disability or incapacity
                           relating to any of the Obligors, the Builder or
                           Hermes; 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, the Builder or Hermes under, the Loan
                           Agreement and each other Security Document to which
                           any of the Obligors, the Builder or Hermes is a party
                           or any amendment to or variation thereof or of any
                           other document or security comprised therein; or

                  3.1.4    any change in the name, constitution or otherwise of
                           any of the Obligors, the Builder or Hermes or the
                           merger of any of the Obligors, the Builder or Hermes
                           with any other corporate entity; or

                  3.1.5    the liquidation, bankruptcy or dissolution (or
                           proceedings analogous thereto) of any of the
                           Obligors, the Builder or Hermes 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, the Builder or
                           Hermes or the occurrence of any circumstances
                           whatsoever affecting any Obligor's, the Builder's or
                           Hermes' liability to discharge its obligations under
                           the Loan Agreement and each other Security Document
                           to which it is a party; or

                  3.1.6    any challenge, dispute or avoidance by any liquidator
                           of any of the Obligors, the Builder or Hermes 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, the Builder or
                           Hermes or any renewal, exchange or realisation of any
                           security or obligation provided under or by virtue of
                           any of the Security Documents or the provision to the
                           Trustee, the Agent, any of the Lenders or the Hermes
                           Agent at any time of any further security for the
                           obligations of the Borrower under any of the Security
                           Documents; or

                                       5
<PAGE>

                  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 or the Builder under any
                           of the Security Documents; or

                  3.1.9    any failure on the part of the Trustee, the Agent,
                           any of the Lenders or the Hermes Agent (whether
                           intentional or not) to take or perfect any security
                           agreed to be taken under or in relation to any of the
                           Security Documents or to enforce any of the Security
                           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.

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 Trustee or the Agent on behalf of 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 or the Builder
                           is a party; and

                  4.1.2    in addition to and not in substitution for or in
                           derogation of any other security held by the Trustee,
                           the Agent, any of the Lenders or the Hermes Agent
                           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
                  Trustee or any discharge given by the Trustee to the Guarantor
                  or any other agreement reached between the Trustee 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.

                                       6
<PAGE>

         4.3      This Deed shall remain the property of the Trustee and,
                  notwithstanding that all monies and liabilities due or
                  incurred by any of the Obligors or the Builder to the Trustee
                  which are guaranteed hereunder shall have been paid or
                  discharged, the Trustee shall be entitled not to discharge
                  this Deed or any security held by the Trustee for the
                  obligations of the Guarantor hereunder for such period as may
                  in the reasonable opinion of the Trustee 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 the Builder, the Trustee shall be at liberty not to
                  discharge this Deed or any security held by the Trustee for
                  the obligations of the Guarantor hereunder for and during such
                  further period as the Trustee may determine at its sole
                  discretion.

5        EXCLUSION OF THE GUARANTOR'S RIGHTS

         5.1      Until the obligations of any Obligor or the Builder under the
                  Loan Agreement and each other Security Document to which any
                  Obligor or the Builder is 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
                           Trustee 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 Trustee:

                           (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 or the
                                    Builder in competition with the Trustee for
                                    any monies owing to the Guarantor by any
                                    other Obligor or the Builder on any account
                                    whatsoever,

                                       7
<PAGE>

                  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 Trustee to apply the
                  same as if they were monies received or recovered by the
                  Trustee 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 account of the
                  Trustee with such bank or financial institution as the Trustee
                  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 Trustee 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.

         6.2      Without prejudice to the provisions of Clause 6.1, if any
                  Lender or the Agent or the Trustee on the Lender's 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 or the Trustee on the Lender's 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 or the Trustee on the Lender's behalf, the
                  Guarantor shall, upon demand of the Agent, indemnify such
                  Lender or the Agent or the Trustee against such payment or
                  liability, together with any interest, penalties and expenses
                  payable or incurred in connection therewith, other than
                  interest, penalties, and expenses:

                                       8
<PAGE>

                  6.2.1    that accrue during any periods of time beginning on
                           the thirty first (31st) day (or such longer period as
                           any Lender may reasonably require) following the day
                           on which the Lender or the Agent or the Trustee, as
                           applicable, has actual knowledge of the imposition or
                           assertion of such Taxes or other Taxes; or

                  6.2.2    that are otherwise imposed or asserted on account of
                           the bad faith or wilful neglect of such Lender or the
                           Agent or the Trustee.

                  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.

                  Without affecting the Guarantor's obligations under Clause 6.1
                  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 event (for example (if then
                  possible) by changing its Office or transferring some or all
                  of its rights and obligations under the Loan Agreement to
                  another financial institution reasonably acceptable to the
                  Borrower, the Guarantor, the Hermes Agent and the Agent). The
                  reasonable costs of mitigating the effect of any such change
                  shall be borne by the Guarantor save where such costs are of
                  an internal administrative nature and are not incurred in
                  dealings by any Lender with third parties.

         6.3      No person to which a Lender assigns part or all of its
                  interest under this Deed pursuant to clause 17 of the Loan
                  Agreement shall be entitled to receive any greater increase in
                  payment under Clause 6.1 than the assigning Lender would have
                  been entitled to receive with respect to the rights assigned
                  unless such assignment shall have been made at a time when the
                  circumstances giving rise to such greater payment did not
                  exist and were not reasonably anticipated or reasonably
                  foreseeable.

         6.4      The certificate of the Trustee from time to time as to sums
                  owed by any Obligor or the Builder under the Security
                  Documents and sums owed by the Guarantor hereunder shall, save
                  for manifest error, be conclusive and binding for all

                                       9
<PAGE>

                  purposes and prima facie evidence of the existence and extent
                  of such debts in any legal action or proceedings arising in
                  connection herewith.

         6.5      The provisions of Clause 7.3 of the Loan Agreement shall apply
                  hereto (mutatis mutandis) as if set out in full herein.

7        ENFORCEMENT

         7.1      The Trustee shall not be obliged before taking steps to
                  enforce this Deed to take any action whatsoever against any of
                  the Obligors, the Builder or Hermes under the Loan Agreement
                  or any other Security Documents to which they are a party and
                  the Guarantor hereby waives all such formalities or rights to
                  which it would otherwise be entitled or which the Trustee
                  would otherwise first be required to satisfy or fulfil before
                  proceeding or making demand against the Guarantor hereunder
                  provided that the Trustee shall not be entitled to enforce its
                  rights under this Deed otherwise than in circumstances which
                  would constitute an Event of Default.

8        REPRESENTATIONS AND WARRANTIES

         8.1      The Guarantor represents and warrants to the Trustee that:

                  8.1.1    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;

                  8.1.2    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;

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

                  8.1.4    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

                                       10
<PAGE>

                           (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;

                  8.1.5    no event has occurred and is continuing which
                           constitutes a default under or in respect of any
                           agreement or document to which the Guarantor is a
                           party or by which it may be bound (including, inter
                           alia, this Deed) and no event has occurred which,
                           with the giving of notice, lapse of time,
                           determination of materiality or other condition would
                           or might constitute a default under or in respect of
                           any such agreement or document;

                  8.1.6    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;

                  8.1.7    all information furnished by or on behalf of the
                           Guarantor relating to the business and affairs of any
                           member of the NCLC 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;

                  8.1.8    the Guarantor has fully disclosed in writing to the
                           Lenders through the Agent all facts relating to the
                           NCLC 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;

                  8.1.9    the Accounts for the financial year ended 31 December
                           2004 (which accounts will be prepared in accordance
                           with GAAP) will fairly represent the consolidated
                           financial condition of the NCLC Group as at 31
                           December 2004 and from that date there will be no
                           material adverse change in the consolidated financial
                           condition of the NCLC Group as shown in such audited
                           accounts save as disclosed in writing to the Agent

                                       11
<PAGE>

                           (in this Clause 8.1.9 "NCLC GROUP" shall have the
                           meaning ascribed to it in Clause 11.4);

                  8.1.10   the claims of the Trustee 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;

                  8.1.11   no member of the NCLC 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 NCLC Group for its winding-up 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 NCLC
                           Group sought any other relief under any applicable
                           insolvency or bankruptcy law;

                  8.1.12   no litigation, arbitration or administrative
                           proceedings are current or pending or (to the best of
                           the Guarantor's knowledge and belief) threatened,
                           which might, if adversely determined, have a material
                           adverse effect on the business, assets or financial
                           condition of the Guarantor or any other member of the
                           NCLC Group;

                  8.1.13   each member of the NCLC Group has complied with all
                           taxation laws in all jurisdictions in which it is
                           subject to Taxation and has paid all Taxes due and
                           payable by it; no material claims are being asserted
                           against any member of the NCLC Group with respect to
                           Taxes which might, if such claims were successful,
                           have a material adverse effect on its business,
                           assets or financial condition;

                  8.1.14   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;

                  8.1.15   all amounts payable by the Guarantor hereunder may be
                           made free and clear of and without deduction for or
                           on account of any Taxes;

                                       12
<PAGE>

                  8.1.16   the Shares and all the shares in the Manager are
                           legally and beneficially owned by the Shareholder,
                           all the shares in the Sub-Agent are legally and
                           beneficially owned by NCL International, all the
                           shares in the Shareholder are legally and
                           beneficially owned by Arrasas, all the shares in
                           Arrasas are legally and beneficially owned by the
                           Guarantor and all the shares in the Supervisor are
                           legally and beneficially owned by Star 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;

                  8.1.17   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; and

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

         8.2      The representations and warranties set out in Clause 8.1 other
                  than those set out in Clauses 8.1.4(a), 8.1.8, 8.1.15 and
                  8.1.18 shall survive the execution of this Deed and shall be
                  deemed to be repeated, with reference mutatis mutandis to the
                  facts and circumstances then subsisting, on each day until the
                  actual and contingent obligations of each Obligor or the
                  Builder have been performed in full.

9        GENERAL UNDERTAKINGS: POSITIVE COVENANTS

         9.1      The undertakings contained in this Clause 9 shall remain in
                  full force 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 2004);

                  9.2.2    as soon as practicable (and in any event within forty
                           five (45) days after the close of each quarter of
                           each financial year) a Certified Copy of the

                                       13
<PAGE>

                           unaudited consolidated accounts of the NCLC Group for
                           that quarter (commencing with the unaudited accounts
                           made up to 31 March 2004);

                  9.2.3    as soon as practicable (and in any event within
                           thirty (30) days after the close of each quarter of
                           each financial year), beginning with the quarter
                           ending 31 March 2004, monthly cash flow projections
                           on a consolidated basis of the NCLC Group showing
                           advance ticket sales (for at least twelve (12) months
                           following the date of such statement) for the NCLC
                           Group, together with a certificate of the NCLC
                           Group's chief operating officer or senior vice
                           president - finance stating that no Event of Default
                           or Possible Event of Default has occurred and is
                           continuing, or setting forth in detail any such Event
                           of Default or Possible Event of Default and any steps
                           being taken by the Guarantor or any other Obligor to
                           cure the same;

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

                           (b)      updated financial projections of the NCLC
                                    Group for at least the next five (5) years
                                    (including an income statement and projected
                                    results for the operation of the vessels
                                    owned and/or operated by any member of the
                                    NCLC Group) and an outline of the
                                    assumptions supporting such budget and
                                    financial projections and details of any
                                    scheduled dry-docking of any of the vessels
                                    owned and/or operated by companies in the
                                    NCLC Group during such new financial year;

                  9.2.5    from time to time (but at intervals no more
                           frequently than semi-annually at the Guarantor's
                           expense) within fifteen (15) days of receiving any
                           request to that effect from the Agent, a valuation of
                           each of the vessels in the NCLC Fleet obtained in
                           accordance with the provisions of clause 10.18 of the
                           Loan Agreement;

                                       14
<PAGE>

                  9.2.6    as soon as practicable (and in any event within forty
                           five (45) days after the close of each quarter of its
                           financial year) a statement signed by the NCLC
                           Group's chief financial officer in the form of
                           Schedule 1 (commencing with the first quarter of the
                           financial year ending 31 December 2004);

                  9.2.7    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;

                  9.2.8    details of any material litigation, arbitration or
                           administrative proceedings which affect any Obligor
                           as soon as the same are instituted and served, or, to
                           the knowledge of the Guarantor, threatened (and for
                           this purpose proceedings shall be deemed to be
                           material if they involve a claim in an amount
                           exceeding five million Dollars (USD5,000,000) or the
                           equivalent in another currency); and

                  9.2.9    promptly, such information as the Agent may request
                           regarding the Bonds, either before their issue or
                           during their lifetime.

                  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 "NCLC 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 therewith received by the
                  Shareholder will be paid to the Guarantor by way of dividend
                  promptly on receipt.

         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 Trustee and the Agent of any
                  Event of Default or Possible Event of Default forthwith upon
                  the Guarantor becoming aware of the occurrence thereof.

                                       15
<PAGE>

         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 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.

         9.8      Forthwith upon the execution of this Deed, and as a condition
                  precedent to the Lenders entering into the Loan Agreement, the
                  Guarantor shall deliver to the Agent a letter addressed to the
                  Agent irrevocably and unconditionally authorising and
                  instructing the Agent forthwith to execute on behalf of the
                  Guarantor each Transfer Certificate delivered to the Agent
                  pursuant to clause 17 of the Loan Agreement, such letter to be
                  in substantially the form of Schedule 2.

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, the
                  Guarantor will not, and will procure that no other member of
                  the NCLC Group will, either in a single transaction or in a
                  series of transactions whether related or not and whether
                  voluntarily or involuntarily, agree to or actually sell,
                  assign, abandon or otherwise transfer or dispose of all or any
                  of its assets or any share or interest therein except that:

                  10.2.1   the Borrower may agree to sell the Vessel on the
                           condition that contemporaneously with the completion
                           of the sale the Loan is prepaid in accordance with
                           the provisions of clause 4.6 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;

                                       16
<PAGE>

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

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

                  10.2.6   a vessel owned by any member of the NCLC 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 and NCLL may, following the
                           sale of its shares by Arrasas to IOL, a wholly owned
                           Subsidiary of Star, transfer to other wholly owned
                           Subsidiaries of Star its vessels "NORWEGIAN WIND",
                           "NORWEGIAN DREAM", "NORWEGIAN SEA", "NORWEGIAN
                           MAJESTY", "NORWEGIAN CROWN" and "MARCO POLO" (the
                           "SIX VESSELS") for their transfer values as set out
                           in schedule 8 to the Loan Agreement and sell m.v.
                           "NORWAY" to a third party and, prior to the sale of
                           its shares as aforesaid, transfer its vessel
                           "NORWEGIAN SKY" to Pride of Aloha Inc., a wholly
                           owned Subsidiary of the Shareholder;

                  10.2.7   the Shareholder may assign, pledge or charge the
                           Shares as security for the obligations of the
                           Borrower under the Loan Agreement; and

                  10.2.8   Arrasas may transfer its shares in NCLL to IOL and
                           Star may transfer its shares in Arrasas to the
                           Guarantor.

         10.3     Except with the prior written consent of the Agent, the
                  Guarantor will not, and will procure that no other member of
                  the NCLC Group will, make any loan or advance or extend credit
                  to any person, firm or corporation (except any loan, advance
                  or credit made available to passengers on board a vessel for
                  gambling purposes or to ship's agents and except any loan,
                  advance or credit to the

                                       17
<PAGE>

                  Guarantor or a wholly-owned Subsidiary of the Guarantor, which
                  loan, advance or credit is fully subordinated to the rights of
                  the Beneficiaries under the Security Documents).

         10.4     The Guarantor will not, and will procure that no other member
                  of the NCLC 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 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 twenty million
                  Dollars (USD20,000,000).

         10.5     Except with the prior written consent of the Agent, the
                  Guarantor will not, and will procure that no other member of
                  the NCLC 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
                  opinion of the Agent, the ability of the Guarantor or any
                  other Obligor 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 NCLC
                  Group (other than the Borrower) shall not constitute a
                  substantial change in its business and PROVIDED THAT NCLL may
                  transfer the Six Vessels (as defined in Clause 10.2.6) to
                  wholly owned Subsidiaries of Star and m.v. "NORWEGIAN SKY" to
                  Pride of Aloha Inc., a wholly owned Subsidiary of the
                  Shareholder as aforesaid, sell m.v. "NORWAY" to a third party,
                  cease to be either an owner or manager of ships and conduct
                  such business as is contemplated by the restructure and
                  recapitalisation of the Group as more particularly described
                  in the letter dated 19 December 2003 from NCLL to the Agent
                  and the Hermes Agent.

         10.6     Except with the prior written consent of the Agent, the
                  Guarantor will not, and will procure that no other member of
                  the NCLC Group will, enter into any amalgamation, merger or
                  consolidation or anything analogous to the foregoing. However,
                  the prior consent of the Agent shall not be required in
                  respect of any consolidation, reorganisation or restructure
                  involving wholly owned (whether directly or indirectly)
                  Subsidiaries of the Guarantor only which does not imperil the
                  security created by any of the Security Documents or affect
                  the ability of any

                                       18
<PAGE>

                  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 Guarantor has first consulted with the Agent
                  with regard to the proposed consolidation, reorganisation or
                  restructure and provides evidence satisfactory to the Agent
                  that the Guarantor will be in compliance with the financial
                  undertakings contained in Clause 11 after any such
                  consolidation, reorganisation or restructure. Further, no
                  member of the NCLC Group will acquire any equity, share
                  capital or obligations of any corporation or other entity
                  PROVIDED THAT NCL International or the Shareholder may so
                  acquire equity, share capital or obligations or a corporation
                  or entity whose business is the ownership, operation or
                  management of cruise vessels and PROVIDED FURTHER THAT:

                  10.6.1   Arrasas may form two (2) wholly owned Subsidiaries,
                           namely NCL International and the Shareholder;

                  10.6.2   the existing shareholders of the owners of the
                           Bahamas flag vessels in the NCLC Fleet may transfer
                           their shares in such owners to NCL International;

                  10.6.3   the existing shareholders of the owners of the US
                           flag vessels in the NCLC Fleet may transfer their
                           shares in such owners to the Shareholder;

                  10.6.4   NCL International may form a wholly owned Subsidiary,
                           namely the Sub-Agent, to operate the Bahamas flag
                           vessels in the NCLC Fleet and to charter in each of
                           the Six Vessels (as defined in Clause 10.2.6) on
                           demise or bareboat charter for the period and at the
                           charterhire rate set out in schedule 8 to the Loan
                           Agreement; and

                  10.6.5   the Shareholder may form two (2) wholly owned
                           Subsidiaries, namely the Manager, to operate the US
                           flag vessels in the NCLC Fleet and Pride of Aloha
                           Inc., to own m.v. "NORWEGIAN SKY".

                  However, for the avoidance of doubt, the acquisition by a
                  member of the NCLC Group of any shares in any company or
                  corporation shall not in itself constitute a merger or
                  consolidation with such company or corporation for the purpose
                  of this Clause 10.6 provided that the Agent is satisfied the
                  Guarantor will be in

                                       19
<PAGE>

                  compliance with the financial undertakings contained in Clause
                  11 after any such merger or consolidation.

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

         10.6.7   The Guarantor has not taken and shall not take from any other
                  Obligor or the Builder 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
                  Trustee.

11       FINANCIAL UNDERTAKINGS AND OWNERSHIP AND CONTROL OF THE GUARANTOR

         11.1     The Guarantor will ensure that:

                  11.1.1   at all times the minimum Cash Balance will be not
                           less than fifty million Dollars (USD50,000,000);

                  11.1.2   as at 31 December 2004 and as at the end of each
                           subsequent financial quarter either:

                           (a)      the ratio of Consolidated EBITDA to
                                    Consolidated Debt Service for the NCLC Group
                                    for the period of twelve (12) months ending
                                    as at the end of the relevant financial
                                    quarter shall not be less than:

                                    (i)      for the financial quarter ending on
                                             31 December 2004, one point two
                                             (1.2) to one (1.0); and

                                    (ii)     for each subsequent financial
                                             quarter, one point two five (1.25)
                                             to one (1.0); or

                           (b)      the NCLC Group has maintained a minimum Cash
                                    Balance during such period of twelve (12)
                                    months ending as at the end of the relevant
                                    financial quarter in an amount which is not
                                    less than whichever is the greater of:

                                    (i)      one hundred million Dollars
                                             (USD100,000,000); and

                                       20
<PAGE>

                                    (ii)    seven point five per cent (7.5%) of
                                            Total Funded Debt as at the end of
                                            the relevant financial quarter and
                                            each of the three (3) preceding
                                            financial quarters; and

                  11.1.3   as at 31 December 2004 and as at the end of each
                           subsequent financial quarter, the ratio of Total Net
                           Funded Debt to Total Capitalisation of the NCLC Group
                           shall not exceed:

                           (a)      nought point seven (0.7) to one (1.0) for
                                    financial quarters ending on or before 31
                                    December 2006; and

                           (b)      nought point six five (0.65) to one (1.0)
                                    for each subsequent financial quarter.

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

         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, 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 Third Party:

                                    (i)      owns more than thirty three per
                                             cent (33%) of the ordinary share
                                             capital of the Guarantor; or

                                    (ii)     owns shares in the ordinary share
                                             capital of the Guarantor
                                             representing more than thirty three
                                             per cent (33%) of all the voting
                                             rights attributable to such
                                             ordinary share capital; or

                                       21
<PAGE>

                                    (iii)    gains control of more than thirty
                                             three per cent (33%) of such voting
                                             rights

                                    and, at the same time as any of the events
                                    described in paragraphs (i), (ii) or (iii)
                                    of this Clause have occurred and are
                                    continuing, 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

                           (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).

         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 NCLC 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 fifty per cent (50%) of the Consolidated Net Income
                  (if positive) of the NCLC Group for such financial year,
                  PROVIDED HOWEVER THAT the NCLC 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
                  is continuing or would occur as a result of the payment of
                  such dividend or the making of such distribution.

                                       22
<PAGE>

         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 the unencumbered and otherwise
                           unrestricted cash and cash equivalents as set forth
                           on the consolidated balance sheet of the NCLC Group
                           prepared in accordance with GAAP at the end of every
                           month;

                  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 for
                                    Borrowed Money of any member of the NCLC
                                    Group, other than:

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

                                    (ii)     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

                                       23
<PAGE>

                                    (iii)    balloon payments of any such
                                             Indebtedness for Borrowed Money
                                             payable during such period (and for
                                             the purpose of this paragraph (iii)
                                             a "BALLOON PAYMENT" shall not
                                             include any scheduled repayment
                                             instalment of such Indebtedness for
                                             Borrowed Money 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 NCLC 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 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 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 (but excluding (i)
                                    gains and losses from the sale of assets or
                                    reserves relating thereto and (ii) items
                                    classified as extraordinary or non
                                    recurring) from the Guarantor's operations
                                    for such period;

                           (b)      the aggregate amounts deducted in
                                    determining Consolidated Net Income for such
                                    period in respect of depreciation,
                                    amortisation, deferred income tax expense
                                    and any other non-cash charges for such
                                    period and Consolidated Interest Expense;

                                       24
<PAGE>

                  11.4.6   "CONSOLIDATED INTEREST EXPENSE" means, for any
                           relevant period, the consolidated interest expense
                           (excluding capitalised interest accrued and not
                           payable during such period) of the NCLC Group for
                           such period;

                  11.4.7   "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 GAAP;

                  11.4.8   "INTANGIBLE ASSETS" means, at any date of
                           determination, the amounts (to the extent reflected
                           in determining at such date consolidated
                           stockholders' equity of the NCLC Group) determined in
                           accordance with GAAP of:

                           (a)      all shareholdings other than any
                                    shareholdings of shares which are publicly
                                    quoted and which are not subject to any
                                    restrictions on sale or other disposition
                                    thereof;

                           (b)      treasury stock (to the extent not deducted
                                    in the determination of consolidated
                                    stockholders' equity of the NCLC Group); and

                           (c)      all unamortised debt discount and expenses,
                                    unamortised deferred charges, goodwill,
                                    patents, trademarks, service marks, trade
                                    names, copyrights, organisational or
                                    development expenses and other intangible
                                    items,

                           all as calculated in accordance with GAAP and derived
                           from the then latest unaudited and consolidated
                           accounts of the NCLC Group delivered to the Agent in
                           the case of the first three (3) quarters of each
                           financial year and the then latest Accounts delivered
                           to the Agent in the case of the final quarter of each
                           financial year;

                  11.4.9   "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

                                       25
<PAGE>

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

                  11.4.10  "NCLC GROUP" means, for the purposes of this Clause
                           11, the Guarantor, its Subsidiaries and any other
                           entity which is required to be consolidated in the
                           Guarantor's accounts in accordance with GAAP;

                  11.4.11  "TANGIBLE ASSETS" means, at any date of
                           determination, the total assets of the NCLC Group (as
                           stated in the then latest unaudited and consolidated
                           accounts of the Guarantor delivered to the Agent)
                           less the Intangible Assets of the NCLC Group at such
                           date;

                  11.4.12  "TANGIBLE NET WORTH" means, at any date of
                           determination, the consolidated stockholders' equity
                           of the NCLC Group at such date determined in
                           accordance with GAAP less:

                           (a)      Intangible Assets of the NCLC Group; and

                           (b)      (to the extent included) any amount set
                                    aside for taxation, deferred taxation or (to
                                    the extent that the full amount receivable
                                    in respect of any bad debts is shown in the
                                    balance sheet as an asset of the NCLC Group)
                                    bad debts,

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

                  11.4.13  "THIRD PARTY" means any person or group of persons
                           acting in concert (as the expression "ACTING IN
                           CONCERT" is defined in the City Code on Take-overs
                           and Mergers) who or which is not a member of the Lim
                           Family;

                  11.4.14  "TOTAL CAPITALISATION" means, as at any relevant
                           date, Total Funded Debt plus Tangible Net Worth as at
                           such date;

                  11.4.15  "TOTAL FUNDED DEBT" means, as at any relevant date:

                                       26
<PAGE>

                           (a)      Indebtedness for Borrowed Money of the NCLC
                                    Group; and

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

                  11.4.16  "TOTAL NET FUNDED DEBT" means, as at any relevant
                           date, the Total Funded Debt less an amount equal to
                           any Cash Balance as at such date in excess of fifty
                           million Dollars (USD50,000,000).

         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 NCLC Group.

12       ISSUE OF THE BONDS

         12.1     On behalf of the Lenders the Trustee hereby consents to the
                  issue of the Bonds at any time after the date hereof PROVIDED
                  THAT any claims of the holders of the Bonds against the
                  Guarantor will not rank prior to the claims of all other
                  unsecured creditors of the Guarantor and in particular the
                  Lenders (other than claims of such creditors to the extent
                  that they are statutorily preferred).

13       DISCHARGE

         13.1     Subject to Clause 4.3, following the irrevocable repayment or
                  payment to the Trustee or the Agent on behalf of the
                  Beneficiaries of all the Outstanding Indebtedness the Trustee
                  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 Trustee may at
                  such time have in the security for the Outstanding
                  Indebtedness and to the proceeds of any such rights or
                  security.

14       ASSIGNMENT AND TRANSFER

         14.1     This Deed shall be binding upon and enure to the benefit of
                  the Trustee and its successors and assigns.

         14.2     The Guarantor shall not be entitled to assign or transfer all
                  or any part of its rights, benefits or obligations under this
                  Deed.

                                       27
<PAGE>

         14.3     The Trustee may transfer its rights hereunder to any person to
                  whom its rights and obligations under the Agency and Trust
                  Deed are transferred in accordance with the Agency and Trust
                  Deed.

         14.4     Any Beneficiary may disclose to any actual or potential
                  assignee or Transferee or to any person who may otherwise
                  enter or propose to enter into contractual relations with such
                  Beneficiary in relation to the Loan Agreement and this Deed
                  any information about the Obligors and the NCLC Group as such
                  Beneficiary shall reasonably consider necessary for the
                  purposes of inviting expressions of interest from other banks
                  or financial institutions SUBJECT ALWAYS to the relevant
                  Beneficiary procuring the execution by the potential assignee
                  or Transferee or any other person as aforesaid of a
                  Confidentiality Undertaking.

         14.5     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.

15       MISCELLANEOUS PROVISIONS

         15.1     No failure to exercise and no delay in exercising on the part
                  of the Trustee or any of the other Beneficiaries 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 Trustee or any of the other
                  Beneficiaries shall be effective unless it is in writing.

         15.2     The rights and remedies of the Beneficiaries provided herein
                  and in the other Security Documents are cumulative and not
                  exclusive of any rights or remedies provided by law.

         15.3     If any provision of this Deed or the Loan Agreement or any
                  other Security Document to which any Obligor or the Builder 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.

                                       28
<PAGE>

         15.4     Time is of the essence in respect of all of the obligations of
                  the Guarantor under this Deed.

16       WAIVER OF IMMUNITY

         16.1     The Guarantor irrevocably and unconditionally:

                  16.1.1   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 Trustee in relation to this
                           Deed; and

                  16.1.2   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.

17       NOTICES

         17.1     Each notice, demand or other communication to be made under
                  this Deed shall be made in writing which, unless otherwise
                  stated, includes telefax.

         17.2     Any notice, demand or other communication to be made or
                  delivered by the Trustee to the Guarantor pursuant to this
                  Deed shall (unless the Guarantor has by fifteen (15) days'
                  written notice to the Trustee 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 Mr Lamarr Cooler (telefax no. +1 305 436
                  4117) and the Legal Department (telefax no. +1 305 436 4140)
                  with a copy to the Guarantor at 25th Floor, Wisma Genting,
                  Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia marked for
                  the attention of Mr Gerard Lim (telefax no. +60 (0)3 2161
                  3621) 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 Trustee or the Agent
                  pursuant to this Deed shall (unless the

                                       29
<PAGE>

                  Trustee or the Agent (as the case may be) have by fifteen (15)
                  days' written notice to the Guarantor specified another
                  address) be made or delivered to the Trustee or the Agent at
                  its office for the time being which is at present at HSBC Bank
                  plc, Project and Export Finance, 8 Canada Square, London E14
                  5HQ, England marked for the attention of Mr Alan Marshall
                  (telefax no. +44 (0)20 7992 4428) 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.

         17.3     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.

18       GOVERNING LAW

         18.1     This Deed shall be governed by and construed in accordance
                  with English law.

19       JURISDICTION

         19.1     For the exclusive benefit of the Trustee, the Guarantor agrees
                  that any legal action or proceeding arising out of this Deed
                  may be brought in the High Court of Justice in England and
                  irrevocably submits to the jurisdiction of that court. The
                  submission by the Guarantor to such jurisdiction shall not
                  limit the right of the Trustee to commence any proceedings
                  arising out of this Deed in whatsoever jurisdiction it may
                  choose, nor shall the commencement of any such legal action or
                  proceeding in one (1) jurisdiction preclude the Trustee from
                  beginning any further or other such legal action or proceeding
                  in the same or any other jurisdiction.

         19.2     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.

                                       30
<PAGE>

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                  )
for and on behalf of                                   )        P A TURNER
NCL CORPORATION LTD.                                   )
acting by PAUL TURNER                                  )
its duly appointed attorney-in-fact                    )
in the presence of:   R CHEUNG                         )
                      TRAINEE SOLICITOR
                      STEPHENSON HARWOOD
                      ONE, ST. PAUL'S CHURCHYARD
                      LONDON EC4M 8SH

SIGNED SEALED and DELIVERED as a DEED                  )
for and on behalf of                                   )
HSBC BANK PLC                                          )        J CLEGG
acting by  JULIE CLEGG                                 )
its duly appointed attorney-in-fact                    )
in the presence of:   R CHEUNG                         )
                      TRAINEE SOLICITOR
                      STEPHENSON HARWOOD
                      ONE, ST. PAUL'S CHURCHYARD
                      LONDON EC4M 8SH

                                       31
<PAGE>

                                   SCHEDULE 1

                        QUARTERLY COMPLIANCE CERTIFICATE

TO:      HSBC BANK PLC
         Project and Export Finance
         8 Canada Square
         London E14 5HQ
         England

         Attn: Mr Alan Marshall

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

We refer to clause 11 of the guarantee dated      2004 (as amended, varied and/
or supplemented from time to time the "GUARANTEE") issued by us in favour of the
Trustee. 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.

Chief Financial Officer
NCL CORPORATION LTD.

--------------------------
BY:

DATED:           20[     ]

                                       32
<PAGE>

          STATEMENT OF FINANCIAL COVENANTS AS OF [    ] 20[ ] (IN USD'000)

<TABLE>
<CAPTION>

Clause (Of
Guarantee)                                                           as of [O]         Required Covenants

<S>                 <C>                                             <C>                <C>
11.1(A)             CASH BALANCE                                     A                 A>USD50,000,000
11.1(B)             CONSOLIDATED EBITDA:                             B                 >1.2 for 2004
                                                                                       >1.25:1 thereafter
                    CONSOLIDATED DEBT SERVICE                        C
11.1(C)             TOTAL NET FUNDED DEBT:                           D                 <0.7 up to 31 December 2006
                                                                                       <0.65:1 thereafter
                    TOTAL CAPITALISATION                             E

                    CONSOLIDATED EBITDA
                    Consolidated Net Income (loss)                                         x
Deduct:             (Gain)/Loss on sale of assets or reserves                              x
Add:                Consolidated Interest Expense                                          x
                    Amortisation of intangible assets                                      x
                    Depreciation of tangible assets                                        x
                    Deferred income tax expense                                            x
                    Other non-recurring charge (gain)                                      x

                                                                                           X         B
                                                                             ---------------

                   CONSOLIDATED DEBT SERVICE
Add:               Principal paid/payable (excluding balloon payments,
                   voluntary prepayments/repayments on sale/total loss of
                   an NCLC Fleet vessel)                                                   x
                   Consolidated Interest Expense                                           x
                   Distributions                                                           x
                   Rent under capitalised leases                                           x
                                                                                           X         C
                                                                             ---------------
                   CASH BALANCE                                                            X         A
                                                                             ---------------
                   TOTAL FUNDED DEBT
Add:               Indebtedness for Borrowed Money                                         x
                   Guarantees of non-NCLC Group members' obligations                       X
                                                                             ---------------
                                                                                           X
Deduct:            Unencumbered and otherwise unrestricted cash in excess                (X)
                                                                             ---------------
                   of USD50,000,000
                   TOTAL NET FUNDED DEBT                                                 (X)         D
                                                                             ---------------

</TABLE>

                                       33
<PAGE>
<TABLE>
<CAPTION>

<S>                 <C>                                             <C>               <C>
                   TOTAL CAPITALISATION
Add:               Total Funded Debt                                                      x
                   Consolidated stockholders' equity                                      x
Deduct:            Intangible Assets                                                     (X)
                   Provision for taxation, deferred taxation, bad debts                  (X)
                                                                              -------------

                   TANGIBLE NET WORTH                                                     x
                                                                              -------------
                   TOTAL CAPITALISATION                                                   x        E
                                                                              -------------

</TABLE>

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[  ]

                                       34
<PAGE>

                                   SCHEDULE 2

                              LETTER OF INSTRUCTION

TO:      HSBC BANK PLC
         Project and Export Finance
         8 Canada Square
         London E14 5HQ
         England

         Attn: Mr Alan Marshall

         (as the Agent (as hereinafter defined))

                                                                   20 APRIL 2004

Dear Sirs

DEED OF GUARANTEE AND INDEMNITY DATED 20 APRIL 2004 (THE "GUARANTEE")

We refer to the Guarantee executed by us in favour of the Trustee (as defined in
the Guarantee) as security for the obligations of Ship Ventures Inc. (the
"BORROWER") under (among other things) the loan agreement dated 20 APRIL 2004
(as the same may be amended, varied, supplemented and/or novated from time to
time the "LOAN AGREEMENT") between (among others) the Borrower as borrower, the
banks whose names and offices appear in schedule 2 to the Loan Agreement (the
"LENDERS"), HSBC Bank plc as agent for the Lenders (the "AGENT") and HSBC Bank
plc as trustee for the Lenders (the "TRUSTEE").

Unless the context requires otherwise, words and expressions used herein shall
have the same meanings as ascribed to them in the Loan Agreement.

We refer to:

1.       clause 17.5 of the Loan Agreement which provides that each Lender may
         assign or transfer its respective rights under the Guarantee to any
         person to whom the rights, or the rights and obligations, of that
         Lender under the Loan Agreement are wholly or partially assigned or
         transferred in accordance with the Loan Agreement; and

                                       35
<PAGE>

2.       clause 17.5 of the Loan Agreement whereby the rights, benefits and/or
         obligations of any Lender thereunder may be transferred by means of a
         Transfer Certificate.

In consideration of the Lenders agreeing at our request to make the Loan
available to the Borrower in accordance with the terms of the Loan Agreement, we
hereby irrevocably and unconditionally authorise and instruct the Agent
forthwith to execute on our behalf each Transfer Certificate delivered to it
pursuant to clause 17.5 of the Loan Agreement without the Agent being under any
obligation to take any further instructions from us or to give any prior notice
to us before doing so.

This letter shall be governed by, and construed in accordance with, English law.

Yours faithfully

P.A. TURNER
----------------------------
NCL CORPORATION LTD.
By:      PAUL TURNER
Title:   ATTORNEY-IN-FACT

                                       36<PAGE>
                                                                   EXHIBIT 10(a)

                      MERCHANT SERVICES BANKCARD AGREEMENT

NORWEGIAN CRUISE LINE LIMITED     NORWEGIAN CRUISE LINE: ORIENT LINES
--------------------------------- ---------------------------------------------
Customer's Legal Name             Doing Business As

7665 CORPORATE CENTER DRIVE     MIAMI                    FL          33126
-------------------------------------------------------------------------------
Street Address                  City                     State       Zip Code

OTHER                             59-2786897
--------------------------------- ---------------------------------------------
Specify Whether Customer is a     Federal Taxpayer Identification Number
Corporation, Partnership Sole
Proprietorship, Non-Profit or
Other Type of Entity

LAMARR COOLER                     385-436-4101
--------------------------------- ---------------------------------------------
Recipient For Notices Under       Facsimile Number
Paragraph 24.5

This Merchant Services Bankcard Agreement ("Agreement") is among the CUSTOMER
identified above, JPMORGAN CHASE BANK ("BANK") and CHASE MERCHANT SERVICES
L.L.C., ("CMS") (BANK and CMS are collectively referred to as "SERVICERS").

BANK, as a member of Visa U.S.A., Inc. ("VISA") and MasterCard International
Incorporated ("MasterCard"), is responsible for its VISA and MasterCard bankcard
programs and has authorized CMS or its members pursuant to a separate agreement
(the "Agency Agreement") to act as an agent of and in conjunction with BANK in
performing authorization, processing and settlement services for merchants
participating in BANK's MasterCard and VISA bankcard programs, in performing the
additional services with respect to other cards as specified on the schedules to
this Agreement and in taking related actions. CMS is acting in such capacity by
executing and performing this Agreement. As between themselves, the respective
rights and obligations of CMS and BANK shall be governed by the Agency Agreement
and Association Rules.

In consideration of the mutual covenants and agreements set forth herein and
other good and valid consideration, the receipt and sufficiency of which are
hereby acknowledged, SERVICERS and CUSTOMER agree as follows:

1.       DEFINITIONS. As used in this Agreement, capitalized terms will have the
         meaning set forth in Annex 1.

2.       SERVICES.

         2.1      During the term of the Agreement, CUSTOMER shall use SERVICERS
                  as its exclusive provider of all Services for CUSTOMER, except
                  for CUSTOMER's Card transactions for on-board purchases for
                  goods or services on its Orient Lines.

         2.2      Subject to Association Rules, Services may be performed by CMS
                  or BANK as they may determine.

3.       ACCEPTANCE OF CARDS.

         3.1      CUSTOMER will accept any Card properly tendered, without
                  imposing any special conditions not required or allowed by
                  Association Rules. CUSTOMER will assess no special charge or

<PAGE>

                  extract any special agreement, condition (including any
                  minimum or maximum transaction amounts) or security from a
                  Cardholder in connection with any Card transaction. CUSTOMER
                  shall not post signs indicating that CUSTOMER will refuse to
                  honor Card transactions below or above a specified amount.
                  CUSTOMER shall not engage in acceptance practices or
                  procedures that discriminate against or discourage the offered
                  use of any particular Card accepted by CUSTOMER except for
                  special promotions offered in conjunction with an Association,
                  provided such promotion does not otherwise violate any other
                  Association's rules:

         3.2      CUSTOMER will check each Card used during transaction for
                  validity in accordance with the terms of this Agreement, the
                  Operating Guide and the applicable Association Rules. If the
                  Cardholder is not present at the point-of-sale, CUSTOMER shall
                  be responsible for identifying the Cardholder. CUSTOMER will
                  not honor a Card that appears or CUSTOMER otherwise has reason
                  to believe to be invalid or expired.

         3.3      All Transaction Records and Credit Transactions must include
                  (i) the transaction date; (ii) a brief description of the
                  goods or services sold, returned or cancelled; (iii) the price
                  of the goods or services, including applicable taxes, or
                  amount of any credit or adjustment; (iv) the Cardholder name;
                  (v) CUSTOMER's name in a manner recognizable to Cardholders;
                  (vi) CUSTOMER's address; (vii) a customer service telephone
                  number; (viii) any applicable terms and conditions of the
                  sale; (ix) exact date any free trials end and (x) any other
                  information which the applicable Association may require.

4.       OPERATING GUIDE; ASSOCIATION RULES.

         CUSTOMER acknowledges that it has received the Operating Guide, the
         terms of which are incorporated into this Agreement. CUSTOMER shall
         follow the procedures in the Operating Guide in connection with each
         Card transaction and comply with all applicable Association Rules. From
         time to time, SERVICERS may change the Operating Guide, in whole or in
         part, and other operating procedures, by providing CUSTOMER with at
         least 30 days' prior written notice of the change. However, in the
         event of changes in the Association Rules or for security reasons,
         certain change in procedures may become effective on shorter notice. If
         there is any conflict between the terms of this Agreement and the
         Operating Guide, the terms of this Agreement will govern, unless the
         conflict is directly related to a change in the Operating Guide which
         specifically addresses a procedure or requirement detailed in this
         Agreement.

5.       AUTHORIZATION.

         5.1      CUSTOMER shall be responsible for obtaining Authorization in
                  advance for each Card transaction. The Authorization number
                  provided by SERVICERS shall be recorded in the appropriate
                  place on the Transaction Record. If Authorization is declined,
                  CUSTOMER shall not complete the Card transaction.

                                       2
<PAGE>

         5.2      CUSTOMER acknowledges that Authorization, (i) indicates only
                  the availability of credit at the time of Authorization; (ii)
                  does not warrant that the person presenting the Card is the
                  rightful Cardholder; and (iii) is not an unconditional promise
                  or guarantee by SERVICERS that any Card transaction will not
                  be subject to Chargeback.

6.       INTERNET, TELEPHONE AND MAIL ORDERS.

         6.1      For each internet, telephone or mail order, an Authorization
                  must be obtained, regardless of the face amount, and CUSTOMER
                  must complete the Transaction Record as described in the
                  Operating Guide. CUSTOMER assumes all responsibility for
                  identification of the Cardholder and the validity of the Card
                  information for internet, telephone and mail orders. For
                  internet, telephone and mail order Card transactions where
                  merchandise is to be shipped or delivered to or for the
                  Cardholder, the shipping date shall not be more than seven
                  calendar days after the Authorization is obtained, and any
                  shipping costs not included in the Authorization amount must
                  not exceed 15% of the amount authorized.

         6.2      An installment payment option may be offered if all terms are
                  clearly disclosed, each installment is authorized, the first
                  installment is not submitted for settlement until the
                  merchandise is shipped, and subsequent installments are
                  submitted no more frequently than monthly.

         6.3      CUSTOMER's web site must contain a complete description of the
                  goods or services offered, returned merchandise and refund
                  policy, customer service contact information (including an
                  email address or telephone number), known export or legal
                  restrictions, and CUSTOMER's delivery policy.

         6.4      For internet transactions, copies of Transaction Records may
                  be delivered to Cardholder's in electronic or paper format.
                  CUSTOMER may not transmit Cardholder account numbers to
                  Cardholders for internet transactions.

         6.5      CUSTOMER agrees to follow the VISA Cardholders Information
                  Security Guidelines (presently available online at VISA's
                  website WWW.VISA.COM) as well as any other security guidelines
                  or requirements established by any applicable Association or
                  by SERVICERS. Should SERVICERS or any Association require an
                  audit of CUSTOMER's security practices, CUSTOMER shall
                  cooperate in such audit and shall reimburse SERVICERS or the
                  applicable Association for the cost of such audit.

7.       MULTIPLE TRANSACTION RECORDS AND PARTIAL CONSIDERATION.

         Except as specifically set forth in the Operating Guide or Association
         Rules, CUSTOMER shall list all items of goods and services purchased
         during each Card transaction and the total amount thereof on a single
         Transaction Record.

                                       3
<PAGE>

8.       PREAUTHORIZED ORDERS AND RECURRING SALES.

         8.1      If CUSTOMER is authorized to accept Preauthorized Orders or
                  Recurring Sales (such as for insurance premiums,
                  subscriptions, membership fees, tuition, utility charges or
                  preauthorized health care payments), Authorization for each
                  such Card transaction, regardless of the amount, must be
                  obtained and CUSTOMER must write "Recurring Transaction" (for
                  Visa and other non-MasterCard Card transaction) or "PO" (for
                  MasterCard Card transactions) as applicable, on the
                  Transaction Record in lieu of the Cardholder's signature.

         8.2      A Preauthorized Order or Recurring Sale may not include
                  partial payments made to CUSTOMER for goods or services
                  purchased in a single transaction. In no event may any finance
                  charges be imposed on any periodic payments in connection with
                  Preauthorized Order or Recurring Sale.

         8.3      CUSTOMER may not accept a Preauthorized Order or Recurring
                  Sale from a Cardholder unless the Cardholder completes and
                  delivers to CUSTOMER a written request (and, when applicable,
                  a written renewal request) identifying (i) the goods or
                  services to be charged to the Cardholder's account (ii) the
                  amount of the preauthorized or recurring charges (unless such
                  charges are for variable amounts), (iii) the frequency of the
                  preauthorized or recurring charges and (iv) the duration of
                  time for which the Cardholder's permission is granted. If
                  CUSTOMER accepts any Preauthorized Orders or Recurring Sales
                  for variable amounts, CUSTOMER must comply with the
                  supplemental provisions set forth in the applicable Schedules.

         8.4      The Cardholder's written request (including any written
                  renewal request) must (i) be retained for the duration of the
                  preauthorized or recurring charges; (ii) be provided in
                  response to SERVICERS' or a Card issuing bank's request for
                  original documentation; and (iii) not be used after receiving
                  notice of cancellation.

9.       CARDHOLDER REFUNDS AND CREDITS.

         9.1      If a Cardholder returns goods or cancels services purchased
                  from CUSTOMER with a Card, or CUSTOMER allows any other price
                  adjustment after a sale has been completed and a refund or
                  adjustment is due to the, CUSTOMER may not return cash to the
                  Cardholder but will instead prepare a Credit Transaction and
                  process each such refund or adjustment, as specified in the
                  Operation Guide and Association Rules. CUSTOMER will give the
                  Card Holder a copy of the completed Credit Transaction.

         9.2      If CUSTOMER establishes a policy limiting refunds or
                  acceptance of returned merchandise (E.G., no refund, exchange
                  only, in-store credit only, or special conditions), CUSTOMER
                  must adequately disclose such policy on each Transaction
                  Record.

         9.3      CUSTOMER may not accept money from a Cardholder for the
                  purpose of preparing and depositing a Credit Transaction that

                                       4
<PAGE>

                  will effect a deposit to the Cardholder's account. CUSTOMER
                  must not process a Credit Transaction without having completed
                  a previous offsetting Card transaction with the same
                  Cardholder. Under no circumstances may CUSTOMER require
                  Cardholder to waive the Cardholder's right to dispute a Card
                  transaction with the Card issuing bank.

         9.4      CUSTOMER is responsible for funding all Credit Transactions
                  submitted by CUSTOMER to SERVICERS. CUSTOMER is responsible
                  for maintaining adequate security with respect to any credit
                  card terminals, computer equipment or other equipment utilized
                  to submit Credit Transactions and is responsible for the
                  actions of all of CUSTOMER's employees, agents or other
                  persons who access such equipment. SERVICERS undertake no
                  responsibility to CUSTOMER to monitor or review Credit
                  Transactions submitted via CUSTOMER's account.

10.      PRESENTMENT OF CREDIT TRANSACTIONS.

         10.1     CUSTOMER shall electronically deliver to SERVICERS Transaction
                  Records for all Card transactions to be processed and settled
                  hereunder. All Transaction Records must be submitted within
                  applicable Association time frames (including any time frames
                  required for CUSTOMER to qualify for specified interchange
                  rates) but in no event later than the third banking day after
                  completing Card transactions (unless CUSTOMER is entitled to
                  any special extension of these deadlines).

         10.2     If CUSTOMER utilizes a third party to transmit Transaction
                  Records to SERVICERS, then CUSTOMER is responsible to assure
                  that such third party properly transmits such Transaction
                  Records according to current specifications established by
                  SERVICERS.

11.      SETTLEMENT OF CARD TRANSACTIONS.

         11.1     SERVICERS will only be required to settle CUSTOMER's Card
                  transactions for Cards specified in the Schedules. SERVICERS
                  will initiate a transfer of the applicable settlement funds to
                  CUSTOMER after presentment of Transaction Records pursuant to
                  Section 10 by wire transfer, ACH transfer or other agreed upon
                  method of such applicable settlement funds to the Settlement
                  Account. Settlement by wire generally occurs on the following
                  banking day after SERVICERS process the applicable Card
                  transactions.

         11.2     All settlements to CUSTOMER for VISA and MasterCard Card
                  transactions will be based upon gross sales, less Credit
                  Transactions, adjustments, applicable discount fees when due,
                  Chargebacks, and any other amounts then due from CUSTOMER to
                  SERVICERS.

         11.3     All credits to CUSTOMER's Settlement Account or other payments
                  to CUSTOMER are provisional and are subject to, among other
                  things, SERVICERS' final audit, Chargebacks, fees and fines

                                       5
<PAGE>

                  imposed by the Associations. CUSTOMER agrees that SERVICERS
                  may debit or credit CUSTOMER's Settlement Account for any
                  deficiencies, overages, fees and pending Chargebacks, or may
                  deduct such amounts from settlement due to CUSTOMER.

         11.4     SERVICERS will not be liable for any delays in receipt of
                  funds or errors in debit and credit entries caused by third
                  parties including but not limited to any Association or
                  CUSTOMER's financial institution. In addition to any other
                  remedies available to SERVICERS under this Agreement, CUSTOMER
                  agrees that should any of the events set forth in Paragraph
                  19.3 occur and not be cured within any applicable cure period,
                  SERVICERS may, upon at least 24 hours' advance written notice,
                  change processing or payment terms to suspend credits or other
                  payments of any and all funds, money and amounts now due or
                  hereafter to become due to CUSTOMER from SERVICERS pursuant to
                  the terms of this Agreement, until SERVICERS have had
                  reasonable opportunity to investigate and discuss such event
                  with CUSTOMER. In cases of fraud or similar cause, no prior
                  notice shall be required, but SERVICERS shall notify CUSTOMER
                  in writing within three business days after effectuating a
                  suspension of credits or other payments, which notice shall
                  state SERVICERS' reason for the belief that such fraud or
                  similar cause exists.

12.      FEES; ADJUSTMENTS; COLLECTION OF AMOUNTS DUE.

         12.1     SERVICERS shall charge CUSTOMER a fee for the Services, which
                  shall be calculated and payable pursuant to the Schedules and
                  any additional pricing supplements. Any fees expressed as a
                  percentage of CUSTOMER's Card transactions shall be calculated
                  based on the gross amount of such transactions. CUSTOMER
                  acknowledges that the fees stated herein are based upon the
                  qualification of CUSTOMER's transactions for certain reduced
                  interchange fees as set by the applicable Association. If
                  CUSTOMER's Card transactions fail to qualify for the reduced
                  interchange fees, SERVICERS shall process such Card
                  transactions at the applicable interchange fees as set by the
                  applicable Association.

         12.2     The fees for SERVICERS set forth in the Schedules and any
                  additional pricing supplement, and based upon assumptions
                  associated with the anticipated annual volume, average
                  transaction size and CUSTOMER's method of doing business. If
                  during any six month period the actual volume or average
                  transaction size are 20% less than expected or if CUSTOMER
                  significantly alters its method of doing business, SERVICERS
                  may adjust CUSTOMER's discount fee and transaction fees.

         12.3     The fees for Services may be adjusted to reflect increases by
                  Associations in interchange, assessments or other Association
                  fees or to pass through increases charged by third parties for
                  on-line communications and similar items. SERVICERS shall
                  notify CUSTOMER of all such adjustments. All such adjustments

                                       6
<PAGE>

                  shall be CUSTOMER's responsibility to pay and shall become
                  effective upon the date any such change is implemented by the
                  applicable Association or other third party.

         12.4     In addition to the regular Chargeback fees, set forth on the
                  Schedules, CUSTOMER agrees to pay SERVICERS any fines imposed
                  on SERVICERS by any Association, resulting from Chargebacks
                  and any other fees or fines imposed by an Association with
                  respect to acts or omissions of CUSTOMER.

         12.5     If CUSTOMER's Chargeback Percentage for any line of business
                  exceeds an Association's industry chargeback percentage,
                  CUSTOMER shall, in addition to the regular Chargeback fees due
                  to SERVICERS and any applicable Chargeback handling fees or
                  fines imposed by the applicable Association, pay SERVICERS the
                  excessive Chargeback fee shown on the Schedules for all
                  Chargebacks occurring in such month in such line(s) of
                  business. Each industry chargeback percentage is subject to
                  change from time to time by the Associations.

         12.6     If CUSTOMER believes any adjustments should be made with
                  respect to CUSTOMER's Settlement Account for any amounts due
                  to or due from SERVICERS, CUSTOMER must notify SERVICERS in
                  writing within 45 days after any debit or credit is or should
                  have been effected. If CUSTOMER notifies SERVICERS after such
                  time period, SERVICERS may, in their discretion, assist
                  CUSTOMER, at CUSTOMER's expense, in investigating whether any
                  adjustments are appropriate and whether any amounts are due to
                  or from other parties, but SERVICERS shall not have any
                  obligation to investigate or effect any such adjustments.

13.      CHARGEBACKS.

         CUSTOMER shall be responsible for all Chargeback and associated amounts
         related to Card transactions settled by SERVICERS when Associations
         Rules provide for a Chargeback.

14.      REPRESENTATIONS; WARRANTIES; LIMITATIONS ON LIABILITY; EXCLUSION OF
         CONSEQUENTIAL DAMAGES.

         14.1     Without limiting any other warranties hereunder, CUSTOMER
                  represents and warrants as to each Card transaction submitted
                  by CUSTOMER under this Agreement that:

                  (i)      the Card transaction represents a bona fide
                           sale/rental of merchandise or services not previously
                           submitted;

                  (ii)     the Card transaction represents an obligation of the
                           Cardholder for the amount of the Card transaction;

                  (iii)    the amount charged for the Card transaction is not
                           subject to any dispute, setoff, or counterclaim;

                                       7
<PAGE>

                  (iv)     the Card transaction amount is only for the
                           merchandise or services (including taxes, but without
                           any surcharge) sold or rented and, except for any
                           delayed delivery or advance deposit Card transactions
                           expressly authorized by this Agreement, the
                           merchandise or service was actually delivered to or
                           performed for the person entering into the Card
                           transaction simultaneously upon CUSTOMER's accepting
                           and submitting the Card transaction for processing;

                  (v)      the Card transaction does not represent the
                           refinancing of an existing obligation that has been
                           deemed uncollectible or collection of a dishonored
                           check;

                  (vi)     CUSTOMER has no knowledge or notice of any fact,
                           circumstances or defense which would indicate that
                           the Card transaction was fraudulent or not authorized
                           by the Cardholder or which would otherwise impair the
                           validity or collectibility of the Cardholder's
                           obligation arising from such Card transaction or
                           relieve the Cardholder from liability with respect
                           thereto;

                  (vii)    any Credit Transaction submitted to SERVICERS
                           represents a refund or adjustment to a Card
                           transaction previously submitted;

                  (viii)   the Card transaction is not related in any respect to
                           any gambling or gambling related activity or
                           transactions;

                  (ix)     the Card transaction submitted to SERVICERS was
                           entered into by CUSTOMER and the Cardholder; and

                  (x)      the Card transaction was made in accordance with the
                           terms of this Agreement, Association Rules and the
                           Operating Guide.

         14.2     THIS AGREEMENT IS A SERVICE AGREEMENT, AND EXCEPT AS EXPRESSLY
                  PROVIDED IN THIS AGREEMENT, SERVICERS DISCLAIM ALL OTHER
                  REPRESENTATIONS OR WARRANTEES, EXPRESS OR IMPLIED, MADE TO
                  CUSTOMER OR ANY OTHER PERSON, INCLUDING WITHOUT LIMITATION,
                  ANY WARRANTIES REGARDING QUALITY, SUITABILITY,
                  MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR OTHERWISE
                  (REGARDLESS OF ANY COURSE OF DEALING, CUSTOM OR USAGE OF
                  TRADE) OF ANY SERVICES OR ANY GOODS PROVIDED INCIDENTAL TO THE
                  SERVICES PROVIDED UNDER THIS AGREEMENT.

         14.3     NOTWITHSTANDING ANYTHING IN THIS AGREEMENT TO THE CONTRARY, IN
                  NO EVENT SHALL ANY PARTY, THEIR RESPECTIVE AFFILIATES OR ANY
                  OF THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, AGENTS OR
                  SUBCONTRACTORS, BE LIABLE UNDER ANY THEORY OF TORT, CONTRACT,
                  STRICT LIABILITY OR OTHER LEGAL THEORY FOR LOST PROFITS, LOST
                  REVENUES, LOST BUSINESS OPPORTUNITIES, EXEMPLARY, PUNITIVE,
                  SPECIAL, INCIDENTAL, INDIRECT OR CONSEQUENTIAL DAMAGES, EACH
                  OF WHICH IS HEREBY EXCLUDED BY AGREEMENT OF THE PARTIES,

                                       8
<PAGE>

                  REGARDLESS OF WHETHER SUCH DAMAGES WERE FORESEEABLE OR WHETHER
                  ANY PARTY OR ANY ENTITY HAS BEEN ADVISED OF THE POSSIBILITY OF
                  SUCH DAMAGES.

         14.4     NOTWITHSTANDING ANYTHING IN THIS AGREEMENT TO THE CONTRARY,
                  SERVICERS' CUMULATIVE LIABILITY FOR ALL LOSSES, CLAIMS, SUITS,
                  CONTROVERSIES, BREACHES, OR DAMAGES FOR ANY CAUSE WHATSOEVER
                  (INCLUDING, BUT NOT LIMITED TO, THOSE ARISING OUT OF OR
                  RELATED TO THIS AGREEMENT) AND REGARDLESS OF THE FORM OF
                  ACTION OR LEGAL THEORY SHALL NOT EXCEED: (I) $500,000; OR (II)
                  THE AMOUNT OF FEES RECEIVED BY SERVICERS PURSUANT TO THE
                  AGREEMENT FOR SERVICES PERFORMED IN THE IMMEDIATELY PRECEDING
                  12 MONTHS, WHICHEVER IS GREATER.

15.      RETENTION OF RECORDS.

         15.1     CUSTOMER shall retain legible copies of Transaction Records
                  and Credit Transaction vouchers for a period of at least
                  eighteen (18) months from the date of each such transaction.

         15.2     Unless the Schedules provide that SERVICERS are responsible
                  for retaining records of CUSTOMER's Card transaction data AND
                  CUSTOMER has actually delivered to SERVICERS the applicable
                  Card transaction data containing all required information in
                  legible and suitable form for imaging or electronic capture
                  and storage (as applicable), CUSTOMER shall be responsible for
                  the retrieval of all Transaction Records and Credit
                  Transactions requested by SERVICERS in accordance with the
                  terms of this Agreement.

16.      CASH PAYMENTS BY AND CASH DISBURSEMENTS TO CARDHOLDERS.

         CUSTOMER shall not accept any direct payments from Cardholders for
         charges of merchandise or services which have been included on a
         Transaction Record, it being the right of the Card issuing bank to
         receive such payments. Taxes on Card transactions must be included in
         the amount charged and may not be collected by CUSTOMER in cash.
         CUSTOMER shall not make any cash disbursements to a Cardholder as part
         of a Card transaction except to the extent expressly authorized by the
         Schedules or Association Rules.

17.      CONFIDENTIALITY.

         17.1     Unless CUSTOMER obtains consents from each applicable
                  Association, SERVICERS, Card issuing bank and Cardholder,
                  CUSTOMER shall not disclose, sell or disseminate any
                  information obtained solely as a result of Cardholder's use of
                  Cards to purchase goods or services from CUSTOMER (including
                  the names, addresses and Card account numbers of Cardholders)

                                       9
<PAGE>

                  except for purposes of authorizing, completing and settling
                  Card transactions and resolving any chargebacks, retrieval
                  requests or similar issues involving Card transactions, other
                  than pursuant to a court or governmental agency request,
                  subpoena or order. CUSTOMER shall use proper controls for and
                  shall limit access to, and shall render unreadable prior to
                  discarding, all records containing Cardholder account numbers
                  and Card imprints.

         17.2     CUSTOMER acknowledges that it obtains no ownership rights in
                  any information relating to and derived from Card
                  transactions. Cardholder account numbers, personal information
                  and other Card transaction information, including any
                  databases containing such information, may not be sold or
                  disclosed to a third party as an asset upon a bankruptcy,
                  insolvency or failure of CUSTOMER's business. Upon a
                  bankruptcy, insolvency or failure of CUSTOMER's business all
                  Card transaction information must be returned to SERVICERS or
                  acceptable proof of the destruction of all Card transaction
                  information must be provided to SERVICERS.

         17.3     For the sake of clarification, nothing in this Section 17
                  shall restrict CUSTOMER's use of information gathered in the
                  normal course of CUSTOMER's business (excluding Card account
                  numbers).

         17.4     SERVICERS agree not to use name, trademarks, service marks,
                  trade names or logos of CUSTOMER in any press release or
                  marketing publication or advertisement without CUSTOMER's
                  prior written consent.

18.      ASSIGNMENT.

         18.1     Any transfer or assignment of this Agreement by CUSTOMER, by
                  operation of law or otherwise, is voidable by SERVICERS
                  without SERVICERS' prior written consent, which consent shall
                  not be unreasonably withheld. In the event of such transfer or
                  assignment, the party to whom the Agreement was transferred or
                  assigned shall be bound to the terms and conditions of this
                  Agreement to the same extent as if SERVICERS and such assignee
                  or transferee, as the case may be, entered into an agreement
                  identical to this Agreement on the effective date of such
                  transfer or assignment. Furthermore, CUSTOMER shall indemnify
                  and hold SERVICERS harmless from all liabilities, Chargebacks,
                  expenses, costs, fees and fines arising in connection with
                  such transferees or assignees, as the case may be, submission
                  of Card transactions to SERVICERS for processing. For purposes
                  of this Agreement, any transfer of voting control of CUSTOMER
                  or its parents shall be considered an assignment or transfer
                  hereof.

         18.2     Upon notice to CUSTOMER, another VISA and MasterCard member
                  may be substituted for BANK under whose sponsorship this
                  Agreement is performed and for whom CMS is acting as agent
                  hereunder. Upon substitution, such other VISA and MasterCard
                  member shall be responsible for all obligations required of
                  BANK, including without limitation, full responsibility for
                  its bankcard program and such other obligations as may be
                  expressly required by applicable Association Rules. Subject to
                  Association Rules, SERVICERS may assign or transfer this
                  Agreement and their rights and obligations hereunder and may

                                       10
<PAGE>

                  delegate their duties hereunder, in whole or in part, to any
                  third party, whether in connection with a change in
                  sponsorship, as set forth in the preceding sentence, or
                  otherwise, without notice to or consent of CUSTOMER.

         18.3     Except as provided in the following sentence, this Agreement
                  shall be binding upon successors and assigns and shall inure
                  to the benefit of the parties and their respective permitted
                  successors and assigns. No assignee for the benefit of
                  creditors, custodian, receiver, trustee in bankruptcy, debtor
                  in possession, sheriff or any other officer of a court, or
                  other person charged with taking custody of a party's assets
                  or business, shall have any right to continue or to assume or
                  to assign this Agreement.

19.      TERM; EVENTS OF DEFAULT.

         19.1     This Agreement and the applicable Schedules shall become
                  effective upon the date this Agreement and the applicable
                  Schedules are signed by BANK, which shall in all instances be
                  on or after the date(s) CUSTOMER and CMS sign this Agreement
                  and the applicable Schedules and CUSTOMER will be advised of
                  the effective date by SERVICERS.

         19.2     The initial term of this Agreement shall commence and shall
                  continue in force for five (5) years after it becomes
                  effective. This Agreement shall renew for successive one-year
                  periods unless a party terminates this Agreement by notice to
                  all other parties, in writing, at least 90 days prior to the
                  expiration of the term or renewal term, as the case may be.

         19.3     If any of the following events shall occur (each an "Event of
                  Default"):

                  (i)      a material adverse change in the business, financial
                           condition, business procedures, products or services
                           of CUSTOMER; or

                  (ii)     any assignment in violation of Section 18 of this
                           Agreement; or

                  (iii)    a sale of all or a substantial portion of CUSTOMER's
                           assets; or

                  (iv)     fraudulent or suspected fraudulent Card sales by
                           CUSTOMER, excessive Chargebacks (in excess of 1.0% of
                           dollar or transaction volume); or

                  (v)      any representation or warranty in this Agreement is
                           breached in any material respect or was or is
                           incorrect in any material respect when made or deemed
                           to be made; or

                  (vi)     the default in any material respect in the
                           performance or observance of any term, covenant,
                           condition or agreement contained in this Agreement,
                           including, without limitation, the establishment or
                           maintenance of funds in a Reserve Account, as
                           detailed in Paragraph 20;

                  (vii)    CUSTOMER shall default in any material respect in the
                           performance or observance of any term, covenant or
                           condition contained in any agreement with any
                           affiliate of SERVICERS, including, but not limited
                           to, any agreement governing check guarantee or check
                           verification services; or

                                       11
<PAGE>

                  (viii)   a case or other proceeding shall be commenced by or
                           against CUSTOMER or SERVICERS, in any court of
                           competent jurisdiction seeking relief under the
                           Bankruptcy Code or under any other laws, domestic or
                           foreign, relating to bankruptcy, insolvency, winding
                           up or adjustments of debts, the appointment of a
                           trustee, receiver, custodian, liquidator or the like
                           or CUSTOMER or SERVICERS, or of all or any
                           substantial part of the assets, domestic or foreign,
                           of CUSTOMER or SERVICERS, and such case or proceeding
                           shall continue undismissed or unstayed for a period
                           of 60 consecutive days, or an order granting the
                           relief requested in such case or proceeding against
                           CUSTOMER or SERVICERS (including, but not limited to,
                           an order for relief under the Bankruptcy Code) shall
                           be entered; or

                  (ix)     the independent certified accountants retained by
                           CUSTOMER shall refuse to deliver an unqualified
                           opinion with respect to the annual financial
                           statements of CUSTOMER and its consolidated
                           subsidiaries; or

                  (x)      CUSTOMER shall indicate that any association endorses
                           its products or Services;

                  then upon the occurrence of (i) an Event of Default specified
                  in subparagraphs (iv) or (viii) above, the non-defaulting
                  party may consider this Agreement to be terminated
                  immediately, without notice, and all amounts payable hereunder
                  by CUSTOMER to SERVICERS shall be immediately due and payable
                  in full without demand or other notice of any kind, all of
                  which are expressly waived by CUSTOMER, and (2) an Event of
                  default specified in subparagraphs (v) or (vi) above, this
                  Agreement may be terminated by the non-defaulting party by
                  giving not less than 30 days' notice and cure period to the
                  other parties, and upon such notice and failure to cure, all
                  amounts payable hereunder by CUSTOMER or SERVICERS shall be
                  due and payable on demand 2) any other Event of Default, this
                  Agreement may be terminated by the non-defaulting party by
                  giving not less than 10 days' notice and cure period to the
                  other parties, and upon such notice and failure to cure, all
                  amounts payable hereunder by CUSTOMER to SERVICERS shall be
                  due and payable on demand.

         19.4     If any Event of Default shall have occurred and be continuing,
                  the parties may, in their sole discretion, exercise all of
                  their rights and remedies under applicable law, including,
                  without limitation, SERVICERS' rights under Section 20.

         19.5     This Agreement also may be terminated by SERVICERS prior to
                  the then-current expiration date upon at least 90 days'
                  advance written notice, if CUSTOMER's Card transactions fail
                  to conform to the average transaction size or the volume is
                  20% less than as set forth in the Schedules.

         19.6     If this Agreement is terminated for cause (as "cause" is
                  defined by Association Rules), CUSTOMER acknowledges that
                  SERVICERS may be required to report CUSTOMER's business name
                  and the names and other identification of its principals to
                  the Combined Terminated Merchant File maintained by VISA and
                  MasterCard. CUSTOMER expressly agrees and consents to such
                  reporting in the event CUSTOMER is terminated for any reason

                                       12
<PAGE>

                  specified as cause by VISA or MasterCard. Furthermore,
                  CUSTOMER agrees to waive and hold SERVICERS harmless from and
                  against, any and all claims which CUSTOMER may have as a
                  result of such reporting.

         19.7     The provisions governing processing and settlement of Card
                  transactions, all related adjustments, frees and other amounts
                  due from CUSTOMER and the resolution of any related
                  chargebacks, disputes or other issues involving Card
                  transactions will continue to apply even after termination of
                  this Agreement, until all Card transactions made prior to such
                  termination are settled or resolved.

         19.8     After termination of this Agreement for any reason whatsoever,
                  CUSTOMER shall continue to bear total responsibility for all
                  Chargebacks, fees, credits and adjustments resulting from Card
                  transactions processed pursuant to this Agreement and all
                  other amounts then due or which thereafter may become due to
                  SERVICERS under this Agreement or which may be due to
                  SERVICERS before or after such termination to either SERVICERS
                  or any of SERVICERS' affiliates for any related equipment or
                  related services.

20.      RESERVE ACCOUNT; SECURITY INTEREST.

         20.1     CUSTOMER expressly authorizes SERVICERS to establish a Reserve
                  Account pursuant to the terms and conditions set forth in this
                  Section 20. The initial amount of the Reserve Account will be
                  generated as follows:

                  CUSTOMER shall provide SERVICERS with a $100,000,000 letter of
                  credit in form, substance and issued by a financial
                  institution or institutions acceptable to SERVICERS
                  ("Collateral Letter of Credit") prior to the initial
                  submission of Card transactions for processing. The financial
                  institutions issuing the Collateral Letter(s) of Credit musts
                  have ratings of no less than A3 and A- as assigned by Moody's
                  and S&P respectively and the amount of the letter(s) of credit
                  may not represent more than 10% of the issuing institution's
                  capital base. Beginning 30 days after the submission of the
                  first Card transactions of processing, SERVICERS will begin
                  retaining 50% of the proceeds related to all Card transactions
                  until the total value of the Reserve Account, including the
                  Collateral Letter of Credit equals $125,000,000. The total
                  amount maintained in the Reserve Account (Collateral Letter of
                  Credit and cash inclusive) will then be adjusted on a monthly
                  basis to equal the greater of:

                           (a)      100% of the Unfulfilled Ticket Liability
                                    ("UTL") as of the most recent monthly
                                    reporting period;

                           (b)      the UTL projected for the end of the current
                                    calendar month; or

                           (c)      SERVICERS' reasonable estimate of UTL if
                                    CUSTOMER has not provided SERVICERS with any
                                    of the UTL reports outlined in 21.1(b) or
                                    (c), or if SERVICERS reasonably believe that

                                       13
<PAGE>

                                    the information in the report does not
                                    accurately reflect the amount of SERVICERS'
                                    potential advance ticket liability.

                  Increases in the Reserve Account may be generated (at
                  CUSTOMER's option) via:

                           (i)      the submission of cash by CUSTOMER to
                                    SERVICERS or

                           (ii)     the provision of additional letters of
                                    credit, up to a maximum of 90% of the total
                                    amount of the required Reserve Account (all
                                    letters of credit are subject to the same
                                    requirements as the Collateral Letter of
                                    Credit); or

                           (iii)    the retention by SERVICERS of the proceeds
                                    from Card transactions.

                  Increases in the Reserve Account as described in clauses (i)
                  or (ii) above must be provided within three (3) days following
                  notice from SERVICERS to CUSTOMER. SERVICERS may effect an
                  increase in the Reserve Account in the manner described in
                  clause (iii) above if SERVICERS have not otherwise received
                  all amounts which are to be deposited in the Reserve Account
                  within such three (3) day notice period and will be effected
                  through the retention of 100% of proceeds of Card transactions
                  and shall continue until the Reserve Account or any shortfall
                  is fully funded.

                  On a monthly basis, calculations will be made as outlined
                  above and corresponding adjustments (increases or decreases),
                  if necessary, will be made to the Reserve Account in the form
                  and timeframes outlined above. Any increases or reductions in
                  the Reserve Account balance shall be rounded to the nearest
                  $100,000. In the case that a decrease in the Reserve Account
                  is warranted, SERVICERS will return any appropriate moneys
                  maintained in the Reserve Account to CUSTOMER by the 10th day
                  of the month or within 5 days of SERVICERS' receipt of the UTL
                  reports referenced in subsection 21.1(b) and (c) of this
                  Agreement.

                  Notwithstanding the foregoing, the minimum Reserve Account
                  requirement will be $125,000,000.

                  Notwithstanding anything to the contrary in this Agreement,
                  SERVICERS will perform ongoing assessments of the financial
                  institution(s) which has (have) issued any of the letter(s) of
                  credit offered as collateral. If SERVICERS, in their sole
                  discretion, feel that any of the issuing institutions is no
                  longer acceptable, SERVICERS may require that the letter of
                  credit issued by that institution be replaced in whole or in
                  part with a letter of credit issued by a financial institution
                  acceptable to SERVICERS or be replaced in whole or in part
                  with cash collateral.

         20.2     Notwithstanding anything outlined in Section 20.1 of this
                  Agreement, SERVICERS may, in their discretion, adjust the
                  amount required to be maintained in the Reserve Account and

                                       14
<PAGE>

                  how said amounts are generated or calculated. Any decision to
                  alter the amount of the Reserve Account will be based upon (a)
                  CUSTOMER's processing history and any changes to the
                  anticipated risk of loss to SERVICERS or (b) any changes to
                  CUSTOMER's financial condition, sales practices, Card
                  processing history or fulfillment practices. Any increase to
                  the amount of the Reserve Account from that which is outlined
                  in Section 20.1 shall be fully funded upon three days notice
                  to CUSTOMER, or in instances of fraud or an Event of Default,
                  reserve account funding may be immediate. Such Reserve Account
                  may be funded by all or any combination of the following: (i)
                  one or more debits to CUSTOMER's Settlement Account or any
                  other accounts held by BANK or any of its affiliates; (ii) one
                  or more deductions or offsets to any payments otherwise due to
                  CUSTOMER; (iii) CUSTOMER's delivery to SERVICERS of a letter
                  of credit; or (iv) if SERVICERS so agree, CUSTOMER's pledge to
                  SERVICERS of a freely transferable and negotiable certificate
                  of deposit. Any such letter of credit or certificate of
                  deposit shall be issued or established by a financial
                  institution acceptable to SERVICERS and shall be in a form
                  satisfactory to SERVICERS. In the event of termination of this
                  Agreement by either CUSTOMER or SERVICERS, an immediate
                  Reserve Account may be established without notice in the
                  manner provided above. Any Reserve Account will be held by
                  BANK for the greater of ten months after termination of this
                  Agreement or for such longer period of time as its consistent
                  with BANK's liability for Card transactions in accordance with
                  Association Rules. CUSTOMER's funds held in a reserve account
                  may be held in a commingled Reserve Account for the reserve
                  funds of BANK's customers, without involvement by an
                  independent escrow agent. Any cash balances maintained in the
                  Reserve Account will yield interest at the Federal Funds rate,
                  as stated from time to time in the Wall Street Journal, less
                  1.0%.

         20.3     If CUSTOMER's funds in the Reserve Account are not sufficient
                  to cover the Chargebacks, adjustments, fees and other charges
                  due from CUSTOMER, or if the funds in the Reserve Account have
                  been released, CUSTOMER agrees to promptly pay SERVICERS such
                  sums upon request. In the event of a failure by CUSTOMER to
                  fund the Reserve Account, SERVICERS may fund such Reserve
                  Account in the manner set forth in subsection 20.2, above.

         20.4     To secure CUSTOMER's obligations to SERVICERS and their
                  affiliates under this Agreement and any other agreement for
                  the provision of related equipment or related services,
                  CUSTOMER grants to SERVICERS a lien and security interest in
                  and to any of CUSTOMER's funds pertaining to the Card
                  transactions contemplated by this Agreement which may be in
                  the possession of SERVICERS. Any such funds, money or amounts
                  may be commingled with other funds of SERVICERS, or, in the
                  case of any funds held pursuant to the foregoing paragraphs,
                  with any other funds of other customers of SERVICERS. In
                  addition to any rights now or hereafter granted under
                  applicable law and not by way of limitation of any such
                  rights, SERVICERS are hereby authorized by CUSTOMER at any
                  time and from time to time, without notice or demand to
                  CUSTOMER or to any other person (any such notice and demand
                  being hereby expressly waived), to set off, recoup and to
                  appropriate and to apply any and all such funds against and on

                                       15
<PAGE>

                  account of CUSTOMER's obligations to SERVICERS and their
                  affiliates under this Agreement and any other agreement with
                  SERVICERS or any of SERVICERS' affiliates for any related
                  equipment or related services (including any check guarantee
                  and check verification services), whether such obligations are
                  liquidated, unliquidated, fixed, contingent, matured or
                  unmatured. CUSTOMER agrees to duly execute and deliver to
                  SERVICERS such instruments and documents as SERVICERS may
                  reasonably request to perfect and confirm the lien, security
                  interest, right of set off, recoupment and subordination set
                  forth in this Agreement.

         20.5     (a) In the event that CUSTOMER feels that it has recognized a
                  material improvement in its credit profile, CUSTOMER may
                  request that SERVICERS review the Reserve Account for
                  consideration of a reduction in the required balance. The
                  determination as to whether to reduce the required reserve
                  balance will be made in SERVICERS' sole discretion and
                  SERVICERS will be under no obligation to make any such
                  reduction. If, following review, SERVICERS decide not to
                  reduce the required balance of the Reserve Account, CUSTOMER
                  may terminate this Agreement with 90 days' written notice to
                  SERVICERS. Such notice of termination, however, shall not
                  relieve CUSTOMER of any of its obligations under this
                  Agreement including, but not limited to, the funding of any
                  additional reserve balances required by SERVICERS.

                  (b) Notwithstanding any terms or obligations herein, if any
                  third party bank or entity offers to provide comparable
                  authorization, processing and settlement services to CUSTOMER
                  during the term of this Agreement and such offer includes a
                  provision relating to the collateral and reserve requirements
                  which is materially favorable (a reduction of 20% or more) to
                  that of SERVICERS at that point in time, CUSTOMER shall have
                  the right to provide evidence of such collateral terms to
                  SERVICERS and to terminate this Agreement upon at 90 days
                  written notice to SERVICERS. Notwithstanding the foregoing,
                  upon receipt of any such notice from CUSTOMER and in lieu of
                  termination of this Agreement, SERVICERS may elect to amend
                  the terms of this Agreement and provide CUSTOMER with the more
                  favorable reserve requirements. If SERVICERS do, indeed, elect
                  to take such action, this Agreement will remain in force. In
                  the event SERVICERS elect not to amend the terms of this
                  Agreement, this Agreement will affectively terminate 90 days
                  following SERVICERS' receipt of the original notice of
                  termination. Such termination, however, shall not relieve
                  CUSTOMER of any of its obligations under this Agreement
                  including, but not limited to, the funding of any additional
                  reserve balances required by SERVICERS.

                  Notwithstanding any of the foregoing in this Section 20.3,
                  CUSTOMER may exercise its rights under subsections 20.3(a) and
                  20.3(b) no more frequently than once in any twelve month
                  period.

                                       16
<PAGE>

21.      FINANCIAL AND OTHER INFORMATION.

         21.1     CUSTOMER agrees to provide SERVICERS with the following:

                  (a) monthly financial statements of CUSTOMER within 30 days of
                  the end of each month, quarterly financial statements of
                  CUSTOMER within 45 days after the end of each fiscal quarter
                  and annual audited financial statements within 90 days after
                  the end of each fiscal year. Such financial statements shall
                  be prepared in accordance with generally accepted accounting
                  principles.

                  (b) on a monthly basis within 3 (three) business days
                  following the conclusion of each month, a written
                  quantification of the then current outstanding UTL, certified
                  by CUSTOMER's CFO and in form satisfactory to SERVICERS

                  (c) on a monthly basis within 3 (three) business days
                  following the conclusion of each month, projections, broken
                  down by month, of UTL for the following 12 month period

                  (d) an annual cash flow, P&L (income statement) and balance
                  sheet forecast broken down by month

                  (e) such other financial information that SERVICERS may
                  reasonably request.

                  CUSTOMER also shall provide such other information concerning
                  the nature and methods of CUSTOMER's business and CUSTOMER's
                  compliance with the terms and provisions of this Agreement as
                  SERVICERS may reasonably request. CUSTOMER authorizes
                  SERVICERS to obtain from third parties financial and credit
                  information relating to CUSTOMER in connection with SERVICERS'
                  determination whether to execute this Agreement and SERVICERS'
                  continuing evaluation of the financial and credit status of
                  CUSTOMER . Upon request, CUSTOMER shall provide to SERVICERS
                  or their representatives reasonable access to CUSTOMER's
                  facilities and records for the purpose of performing any
                  inspection and/or copying of CUSTOMER's books and/or related
                  to Card transactions processed pursuant to this Agreement.

         21.2     CUSTOMER will provide SERVICERS with written notice of
                  CUSTOMER's intent to liquidate, substantially change the basic
                  nature of its business, transfer or sell any substantial part
                  (25% or more in value) of its total assets, or if CUSTOMER or
                  its parent is not a corporation whose shares are listed on a
                  national securities exchange or on the over-the-counter
                  market, change the control or ownership of CUSTOMER or its
                  parent, 30 days prior to such liquidation, change, transfer or
                  sale taking place. CUSTOMER will also notify SERVICERS of any
                  judgment, writ, warrant of attachment, execution or levy
                  against any substantial part (25% or more in value) of
                  CUSTOMER's total assets not later than three days after
                  CUSTOMER obtains knowledge of any such judgment, writ, warrant
                  of attachment, execution or levy.

                                       17
<PAGE>

22.      INDEMNIFICATION.

         22.1     Subject to the limitations set forth in Section 14 of this
                  Agreement, CUSTOMER agrees to indemnify and hold harmless
                  SERVICERS from and against all losses, liabilities, damages
                  and expenses resulting from any breach of any warranty,
                  covenant or agreement or any misrepresentation by CUSTOMER
                  under this Agreement, or arising out of any gross negligence
                  or willful misconduct of CUSTOMER or its employees, in
                  connection with CUSTOMER's Card transactions or otherwise
                  arising from CUSTOMER's provision of goods and services to
                  Cardholders.

         22.2     Subject to the limitations set forth in Section 14 of this
                  Agreement, SERVICERS agree to indemnify and hold harmless
                  CUSTOMER from and against all losses, liabilities, damages and
                  expenses resulting from any breach of any warranty, covenant
                  or agreement or any misrepresentations by SERVICERS under this
                  Agreement or arising out of the gross negligence or willful
                  misconduct of SERVICERS or their employees in connection with
                  this Agreement.

23.      LIQUIDATED DAMAGES.

         23.1     The parties further agree and acknowledges that, in addition
                  to any remedies contained herein or otherwise available under
                  applicable law and, notwithstanding anything to the contrary
                  elsewhere in this Agreement, if (a) CUSTOMER breaches this
                  Agreement by improperly terminating it prior to the expiration
                  of the applicable term of the Agreement, or (b) this Agreement
                  is terminated prior to the expiration of the applicable term
                  of the Agreement in accordance with, and due to, an Event of
                  Default by CUSTOMER specified in subsection 19.3 (ii) - (vii)
                  and (x), then SERVICERS will suffer a substantial injury that
                  is difficult or impossible to accurate estimate. Accordingly
                  in an effort to liquidate in advance the sum that should
                  represent the damages which would actually be sustained by
                  SERVICERS as the result of such a termination, the parties
                  have agreed that the amount calculated in the manner specified
                  below is a reasonable pre-estimate of SERVICERS' probable
                  loss, which shall be paid to SERVICERS as liquidated damages
                  in the event of any such termination. Any recovery pursuant to
                  this Section 23 shall in no way limit SERVICERS' right to
                  receive any payments due from CUSTOMER pursuant to Section 13.
                  Such liquidated damages shall be paid to SERVICERS within 15
                  days after CUSTOMER's receipt of SERVICERS' calculation of the
                  amount due. The liquidated damages amount shall equal 80% of
                  the product of (i) the average net monthly fees, as determined
                  in accordance with subsection 23.2, and (ii) the number of
                  months, including any pro rata portion of a month, then
                  remaining in the initial term or any renewal term, as
                  applicable.

         23.2     The average net monthly fees shall equal one-twelfth of the
                  gross fees payable pursuant to the Schedules, less applicable
                  interchange fees and assessments due pursuant to this
                  Agreement, during the 12 months immediately preceding the date

                                       18
<PAGE>

                  on which (i) SERVICERS receive notice from CUSTOMER of its
                  intention to terminate this Agreement early, or (ii) SERVICERS
                  learn of CUSTOMER's early termination in violation of this
                  Agreement, or (iii) this Agreement is terminated early
                  pursuant to subsection 19.3 (whichever produces the higher
                  amount); provided, however, if the Agreement has been in place
                  less than 12 months, the estimated average net monthly fees
                  shall equal the aggregate gross fees paid hereunder by
                  CUSTOMER , divided by the number of months the Agreement was
                  effective.

24.      MISCELLANEOUS.

         24.1     No party shall be liable for any default or delay in the
                  performance of its obligations under this Agreement if and to
                  the extent such default or delay is caused, directly or
                  indirectly, by (i) fire, flood, elements of nature or other
                  acts of God; (ii) any outbreak or escalation of hostilities,
                  war, riots or civil disorders in any country; (iii) any act or
                  omission of the other party or any government authority; (iv)
                  any labor disputes (whether or not employees' demands are
                  reasonable or within the party's power to satisfy); or (v) the
                  nonperformance by a third party for any similar cause beyond
                  the reasonable control of such party, including without
                  limitation, failures or fluctuations in telecommunications or
                  other equipment. In any such event, the non-performing party
                  shall be excused from any further performance and observance
                  of the obligations so affected only for as long as such
                  circumstances prevail and such party continues to use
                  commercially reasonable efforts to recommence performance or
                  observance as soon as practicable.

         24.2     This Agreement shall be governed by and construed in
                  accordance with the laws of the State of New York (without
                  regard to its choice of law provisions). In performing its
                  obligations under this Agreement, each party agrees to comply
                  with all laws and regulations applicable to it. SERVICERS AND
                  CUSTOMER IRREVOCABLY WAIVE ANY AND ALL RIGHTS THEY MAY HAVE TO
                  A TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING ANY CLAIM
                  RELATING TO OR ARISING UNDER THIS AGREEMENT.

         24.3     CUSTOMER shall be liable for any and all attorney's fees,
                  collection costs and other costs and expenses paid or incurred
                  by SERVICERS in the enforcement hereof, or in collecting any
                  amount due from CUSTOMER to SERVICERS hereunder or resulting
                  from any breach by CUSTOMER of any of the terms or conditions
                  of this Agreement.

         24.4     Following receipt of any requests to perform or provide any
                  system enhancements, custom reports, or related service
                  enhancements that are different from or in addition to the
                  system, services and reports SERVICERS otherwise agree to
                  provide to CUSTOMER (collectively, "System Enhancements"), and
                  prior to providing the requested System Enhancements,
                  SERVICERS shall provide CUSTOMER with a description of the
                  System Enhancements to be made, together with an estimate of

                                       19
<PAGE>

                  SERVICERS' fee for providing such System Enhancements. If
                  CUSTOMER thereafter instructs SERVICERS to make such System
                  Enhancements, SERVICERS shall do so, and CUSTOMER shall pay
                  the additional fees charged by SERVICERS for such System
                  Enhancements.

         24.5     Except as otherwise specifically provided, all notices and
                  other communications required or permitted hereunder (other
                  than those involving normal operational matters relating to
                  the processing of Card transactions) shall be in writing,
                  shall be sent by mail, courier, facsimile or email (facsimile
                  and email notices shall be confirmed in writing by courier),
                  if to CUSTOMER at its address appearing at the beginning on
                  this Agreement, and if to SERVICERS at 265 Broad Hollow Road,
                  Melville, New York 11747, Facsimile (631) 843-6822, Attention:
                  Executive Vice President Operations, with a copy to Attention:
                  General Counsel's Office at 3975 N.W. 120th Avenue, Coral
                  Springs, Florida 33065, Facsimile: (954) 845-5550, and shall
                  be deemed to have been given (i) if sent by mail or courier,
                  when received and (ii) if sent by facsimile machine, when the
                  courier confirmation copy is actually received. Notice given
                  in any other manner shall be effective when actually received.

         24.6     The headings contained in this Agreement are for convenience
                  of reference only and shall not in any way affect the meaning
                  or construction of any provision of this Agreement.

         24.7     The parties intend every provision of this Agreement to be
                  severable. If any part of this Agreement is not enforceable,
                  the remaining provisions shall remain valid and enforceable.
                  If a court of competent jurisdiction determines that any term
                  or provision contained herein is illegal or invalid for any
                  reason, the illegality or invalidity shall not affect the
                  validity of the remainder of this Agreement. In such case, the
                  parties shall in good faith modify or substitute such
                  provision consistent with the original intent of the parties.
                  Without limiting the generality of this paragraph, if a court
                  determines that any remedy stated in this Agreement has failed
                  of its essential purpose, then all other provisions of this
                  Agreement, including the limitations on liability and
                  exclusion of damages, shall remain fully effective.

         24.8     This agreement, along with any Schedules and the Operating
                  Guide, constitutes the entire agreement between the parties
                  with respect to the subject matter, supersedes any previous
                  agreements and understandings and, except as provided in other
                  Sections of this Agreement, the Schedules or the Operating
                  Guide, can be changed only by a written agreement signed by
                  all parties. A party's waiver of a breach of any term or
                  condition of this Agreement shall not be deemed a waiver of
                  any subsequent breach of the same or another term or
                  condition.

         24.9     The parties acknowledge that the VISA and MasterCard
                  Association Rules give VISA and MasterCard certain rights to
                  require termination or modification of this Agreement with
                  respect to transactions involving VISA and MasterCard Cards
                  and the VISA and MasterCard Card system and to investigate
                  CUSTOMER. The parties also acknowledge that issuers of other
                  Cards, for which SERVICERS perform services on behalf of
                  CUSTOMER, may have similar rights under their applicable
                  Association Rules with respect to this Agreement's
                  applicability to transactions involving such other Cards.

                                       20
<PAGE>

         The parties hereto have caused this Agreement to be executed by their
duly authorized officers. THIS AGREEMENT IS NOT BINDING UPON SERVICERS UNTIL
SIGNED BY SERVICERS.

NORWEGIAN CRUISE LINE LTD                   JP MORGAN CHASE BANK
-----------------------------------------   ------------------------------------
(CUSTOMER)                                  ("BANK")

By: /s/ LAMARR COOLER                       By: /s/ PHILIP LEVINE
   --------------------------------------      ---------------------------------

Name:  LAMARR COOLER                        Name:  PHILIP LEVINE
       ----------------------------------          -----------------------------
            (Please Print or Type)                     (Please Print or Type)

Title:  EXECUTIVE VICE PRESIDENT            Title:  Credit Director, FDMS
        ---------------------------------           Attorney in Fact for
                                                    Chase Manhattan Bank
                                                    ----------------------------

Date:  MARCH 14, 2003                       Date:  3/27/03
       ----------------------------------          -----------------------------

CHASE MERCHANT SERVICES L.L.C.
-----------------------------------------   CERTIFIED TO BE A TRUE AND
("CMS")                                     CORRECT COPY OF THE ORIGINAL [stamp]
                                            [illegible signature]
By:    /s/ PATRICIA KELLER                  ----------------------------
       ----------------------------------

Name:  PATRICIA KELLER
       ----------------------------------
             (Please Print or Type)

Title:  CHIEF FINANCIAL OFFICER,
        CHASE MERCHANT SERVICE, LLC

Date:  4/2/03
       ----------------------------------

                                       21
<PAGE>

                                     ANNEX 1

The following terms shall have the following meanings (such meanings to be
equally applicable to both the singular and plural forms of the terms defined):

         1.1      "ASSOCIATION" means any entity formed to administer and
                  promote Cards, including VISA and MasterCard, and any other
                  entity as specified on the Schedules to this Agreement.

         1.2      "ASSOCIATION RULES" mean the rules, regulations, releases,
                  interpretations and other requirements (whether contractual or
                  otherwise) imposed or adopted by any Association.

         1.3      "AUTHORIZATION" means the process by which CUSTOMER
                  electronically accesses SERVICERS' computerized system, unless
                  such system is inoperable or otherwise not accessible to
                  CUSTOMER, in which case CUSTOMER shall utilize the designated
                  toll-free telephone number, to obtain credit approval from the
                  Card issuing bank before completion of the Card transaction.

         1.4      "BANKRUPTCY CODE" means title 11 of the United States Code, as
                  amended from time to time.

         1.5      "BUSINESS DAY" means a day (other than Saturday or Sunday) on
                  which SERVICERS are generally open for business.

         1.6      "CARD" means a valid credit card or valid off-line debit card
                  bearing the service mark of VISA or MasterCard and, to the
                  extent the Schedules so provide, a valid card issued by any
                  other Associations specified on such Schedules.

         1.7      "CARDHOLDER" means the individual whose name is embossed on
                  the Card and any authorized user of such Card.

         1.8      "CHARGEBACK" means the procedure by which a Transaction Record
                  or other indicia of a Card transaction (or disputed portion
                  thereof) is returned to Bank or the Card issuing bank, for
                  failing to comply with Association Rules, the liability of
                  which is the CUSTOMER's responsibility.

         1.9      "CREDIT TRANSACTION" means the evidence of a refund or price
                  adjustment by CUSTOMER to a Cardholder's account in connection
                  with a prior purchase by such Cardholder using a Card,
                  regardless of whether the form of such evidence is in paper,
                  electronic or otherwise.

         1.10     "CUSTOMER'S CHARGEBACK PERCENTAGE" means the actual monthly
                  percentage calculated by dividing CUSTOMER's total monthly
                  VISA and MasterCard Chargeback items in any line of business
                  by the number of CUSTOMER's total monthly VISA and MasterCard
                  transactions in such line of business.

         1.11     "OPERATING GUIDE" means the then-current manual prepared by
                  SERVICERS, containing operational procedures, instructions and
                  other directives relating to Card transactions.

<PAGE>

         1.12     "PREAUTHORIZED ORDER" means a Cardholder's written
                  authorization to make one or more future charges to such
                  Cardholder's MasterCard Card account in connection with the
                  purchase of goods or services which are delivered or performed
                  periodically.

         1.13     "RECURRING SALE" means a Cardholder's written authorization to
                  make one or more future charges to such Cardholder's VISA or
                  other non-MasterCard Card account in connection with the
                  purchase of goods or services which are delivered or performed
                  periodically.

         1.14     "RESERVE ACCOUNT" means a fund established and managed by
                  SERVICERS to protect against actual or contingent liability
                  arising from Chargebacks, adjustments, fees and other charges
                  due to or incurred by SERVICERS.

         1.15     "SCHEDULES" means the attachments, addenda and other
                  documents, including revisions thereto, which may be
                  incorporated into and made part of this Agreement.

         1.16     "SERVICES" means the activities undertaken by SERVICERS to
                  authorize, process and settle all United States Dollar
                  denominated VISA and MasterCard Card transactions undertaken
                  by Cardholders at CUSTOMER's location(s) in the United States,
                  and all other activities necessary for SERVICERS to perform
                  the functions specified on the Schedules for all other Cards
                  covered by this Agreement.

         1.17     "SETTLEMENT ACCOUNT" means an account at a financial
                  institution designated by CUSTOMER as the account to be
                  debited and credited by SERVICERS for Card transactions, fees,
                  Chargebacks and other amounts due hereunder or in connection
                  herewith (i.e., fines, penalties, attorneys' fees, etc.).

         1.18     "TRANSACTION RECORD" means evidence of a purchase of goods or
                  services by a Cardholder from CUSTOMER using a Card,
                  regardless of whether the form of such evidence is in paper,
                  electronic or otherwise, all of which must conform to
                  Association Rules.

         1.19     "UNFULFILLED TICKET LIABILITY" means, as of any date, the
                  value of any goods and/or services processed hereunder by
                  CUSTOMER with respect to VISA or MasterCard, as the case may
                  be, in advance of fulfillment.

         1.20     "S&P" means Standard & Poor's Ratings Services, a division of
                  The McGraw-Hill Companies, Inc., or any successor thereto.

         1.21     "MOODY'S" means Moody's Investor Services, Inc., or any
                  successor thereto.

                                       2
<PAGE>

                                   SCHEDULE A

1.       BANKCARD FEES:

         a)       The daily Bankcard processing fees and Interchange levels are
                  as follows:

                        RESERVATIONS:    Visa CPS Hotel/Preferred   -1.76%
                                         MasterCard/TIPS            -1.772%

                        ON-BOARD:        Visa CPS Hotel/Preferred   -1.729%
                                         MasterCard/Merit 3         -1.54%

                  Pricing is based upon the following criteria:

                                         Bankcard Volume         Average Ticket
                                         ---------------         --------------
                        Reservations:     $480,000,000           $1,058.00
                        On-Board:         $183,000,000           $600.00

         b)       In addition to the Bankcard Processing Fee identified above,
                  each Visa and MasterCard transaction submitted by Customer
                  will be subject to the applicable Visa and MasterCard
                  interchange fees and assessments in effect: The interchange
                  fees, assessments and qualifying criteria set forth in
                  Attachment I annexed hereto may be changed from time to time
                  as mandated by the Associations. If any MasterCard or Visa
                  transaction(s) fail to qualify for the interchange levels
                  stated above in this Agreement, Customer will be billed for
                  the difference between the rate set forth and the higher rate,
                  plus an additional fee of .01% for said non-qualified
                  transactions.

2.       FEES FOR SERVICES:

         LEASED LINE:                   Servicers will provide a frame
                                        connection from its data center to
                                        Customer's data center. The one-time fee
                                        and monthly line charges have not yet
                                        been determined and will be paid by
                                        Customer.

         QUICK PRO SOFTWARE:            $500.00 one time fee and $60.00 a year
                                        software maintenance fee.

         VOICE AUTHORIZATION:           The following fees will be charged for
                                        voice authorization services: VRU $.45
                                        per authorization; Voice: $.75 per
                                        authorization.

<PAGE>

         CHARGEBACK PROCESSING:         An excessive Chargeback handling fee
                                        will be charged in addition to any fee
                                        or fine imposed by Visa or MasterCard.
                                        In the event the Chargeback percentage
                                        of sales exceeds .01% annually, Customer
                                        will be charged a Chargeback Processing
                                        Fee of $10.00 per Chargeback that
                                        exceeds the .01% level.

The fee set forth in this Section 2 may be adjusted without notice to reflect
increases or decreases in applicable sale or telecommunication taxes as levied
by federal, state or local authorities.

3.       ADDITIONAL SERVICES:

It is understood and agreed that Bank shall have no liability whatsoever
regarding the processing, authorization or any other service provided by CMS in
connection with cards bearing the servicemark of organizations other than the
Visa or MasterCard associations.

The additional services to be provided by CMS hereunder shall be in accordance
with the terms set forth in the Attachments annexed hereto:

                  Attachment I               Interchange fees and criteria
                  Attachment II              T&E Other Card Services
                  Attachment III             Reservation Service
                  Attachment IV              Advance Lodging/Resort Deposit
                  Attachment V               Priorities/Express Checkout

4.       PAYMENT PLAN

Payment Method is:            Wire    $5.00 per wire

All payments to Customer for purchases by CMS and Bank of valid Debt shall be by
Fedwire (bankwire) or through the Automated Clearing House (ACH) and shall
normally be electronically transmitted directly to the demand deposit account
indicated below, or any successor account designated to receive provisional
funding of Customer's Card sales pursuant to the Bankcard Agreement ("Settlement
Account"). Neither Bank or CMS can guarantee the timeliness with which any
payment may be credited by Customer's depository institution ("Depository").

Customer hereby authorizes Bank and CMS to access information from the
Settlement Account and to initiate credit and/or debt entries by Fedwire
(bankwire) or ACH transfer and to authorize Depository to block or to initiate,
if necessary, reversing entries and adjustments for any original entries made to
the Settlement Account and to authorize Depository to provide such access and to
credit and/or debit or to block the same to such account. This authorization is
without respect to the source of any funds in the Settlement Account, is
irrevocable and coupled with an interest. This authority extends to any
equipment rental or purchase agreements which may exist between CMS and Customer

                                       2
<PAGE>

as well as to any fees and assessments and Chargeback amounts of whatever kind
or nature due to CMS and Bank under the Bankcard Agreement. This authority is to
remain in full force and effect at all times unless and until CMS and Bank have
consented to its termination in such time and in such manner as to afford CMS
and Bank and Depository a reasonable opportunity to act on it. In addition,
Customer understands and agrees that CMS shall charge Customer ten dollars
($10.00) for each ACH which cannot be processed, and all subsequent funding may
be suspended until Customer either (i) notifies CMS that ACHs can be processed;
or (ii) a new Electronic Funding Agreement is signed by Customer. In order to
insure transactions are properly handled, a copy of a blank, voided check must
be attached. Customer's bank must be able to process or accept electronic
transfers either via ACH and/or Fedwire (bankwire) which transfers are processed
utilizing the Federal Reserve System.

-------------------------------------------------------------------------------
Name of bank                                         Address of bank

-------------------------------------------------------------------------------
Demand deposit number ("Settlement Account")              Transit/ABA number

NORWEGIAN CRUISE LINE LIMITED            CHASE MERCHANT SERVICES, L.L.C. ("CMS")
("CUSTOMER")

By:  /S/LAMARR COOLER                    By:  /s/ PATRICIA KELLER
     ---------------------------------        ----------------------------------
      Title:  Executive Vice President         Title:  Chief Financial Officer
      Date:  March 14, 2003                    Chase Merchant Service, LLC
                                               Date:  April 2, 2003

                                         CHASE MANHATTAN BANK ("BANK")

                                         By:  /s/ PHILIP LEVINE
                                              ----------------------------------
                                               Title:  Credit Director, FDMS
                                               Attorney in Fact for
                                               Chase Manhattan Bank
                                               Date: March 22, 2003

                                       3
<PAGE>

                           ATTACHMENT II TO SCHEDULE A

                            T&E - OTHER CARD SERVICES

This Attachment II to Schedule A supplements the Merchant Bankcard Agreement
(the "Agreement") to which it is attached and sets forth the terms applicable to
CMS' provision of the specified services for the Card transactions issued by the
entities set forth below:

OPTIONAL:

American Express [X]                        JCB [X]
Diners Club [X]                             Discover ("Novus") [X]

The Card issuing entities selected above are collectively referred to as
("Issuer") unless otherwise specified in this Attachment II.

1.       FEES:                              AUTHORIZATION
                                            -------------
                                            (Per Transaction)

         American Express                   $.05
         Diners                             $.05
         Discover                           $.05
         JCB                                $.05

                                            SETTLEMENT SERVICES
                                            -------------------
                                            (Per Transaction)

         JCB                                2.50% of face amount of transaction
         Diners                             2.75% of face amount of transaction

2. GENERAL: Customer understands and acknowledges that CMS' sole responsibility
with respect to ISSUER Card transactions shall be to provide the services
specified in this Attachment.

In the event Customer has a separate Issuer Agreement with a respective Issuer,
all Chargeback and financial obligations including but not limited to fees and
issues related thereto shall be governed by the terms of such Issuer Agreement.
Notwithstanding the foregoing, in the event CMS is providing settlement services
for Diners Club and/or JCB transactions, CMS shall be responsible for providing
such services pursuant to the terms of the Agreement. Customer shall comply with
all terms and conditions of the Issuer Agreement and the applicable rules,
regulations, interpretations and other requirements of the respective Issuer and
shall not seek authorization for or submit for processing or settlement
hereunder any Issuer Card transactions at anytime when Customer does not have in
effect a valid Issuer Agreement with such Issuer. Customer agrees to notify CMS
immediately upon the termination of any Issuer Agreement to which it is a party.
Upon such termination, CMS shall have no further obligations hereunder to
provide any services to Customer with respect to any transactions involving such
Issuer Cards.
<PAGE>

In the event Customer does not have a separate Issuer Agreement with a
respective Issuer, the Issuer Card services to be provided hereunder shall be in
accordance with the terms of the Agreement and this Attachment.

3.       ISSUER CONSENTS:

Customer shall be responsible for obtaining any operational consents required of
Issuer to comply with procedures or practices contemplated by both Customer and
CMS under this Agreement.

4.       AUTHORIZATION SERVICES ONLY:

In the event CMS is providing authorization services for Issuer Card
transactions as specified herein, Customer shall seek such authorization from
CMS pursuant to the applicable Issuer Agreement or in the absence thereof, the
applicable section of the Agreement. Unless CMS is providing processing services
for Issuer Card transactions as specified in this Attachment, Customer shall be
responsible for processing and submitting directly to the applicable Issuer for
settlement of such Card transactions.

5.       PROCESSING AND SUBMISSION TO ISSUERS:

In the event CMS is providing processing services for Issuer Card transactions
as specified herein, Customer shall submit to CMS for processing all of
Customer's Issuer Card transactions and CMS shall process such transactions and
transmit them electronically to the applicable Issuer with a summary of such
Card transactions.

1.       SETTLEMENT SERVICES:

In the event CMS is providing settlement services for Diners Club and/or JCB
transactions as specified herein, all provisions of the Agreement shall apply to
Customer's Diners Club and/or JCB transactions. Following receipt of applicable
settlement funds from Diners Club and/or JCB, CMS will initiate a transfer of
settlement funds pursuant to the terms set forth in the Agreement and applicable
Schedules and/or Attachments.

(a)      Diners Club. If settlement services are provided for Diners Club
         ("Diners") transactions:

         i.       Customer shall retain Diners sales drafts and Diners credit
                  vouchers for a period of at least 90 days from the date of the
                  Diners transaction, and Customer shall retain microfilm or
                  legible copies of Diners sales drafts and Diners credit
                  vouchers for a period of at least seven years following the
                  date of transaction.

         ii.      Customer shall not accept a Card embossed "for local use only"
                  outside the territory in which it was issued; and

         iii.     Customer shall not accept a co-branded Card unless Customer
                  has a specific contractual agreement authorizing Customer to
                  do so.

                                       2
<PAGE>

(b)      JCB.     If settlement services are provided by CMS for JCB
                  transactions:

         I.       Customer shall retain original JCB sales drafts and JCB credit
                  vouchers for a period of at least 120 days from the date of
                  the JCB Card transaction and Customer shall retain microfilm
                  or legible copies of JCB sales drafts and JCB credit vouchers
                  for a period of at least three years following the date of the
                  transaction.

         II.      For purposes of CMS' Chargeback liability with respect to JCB
                  transactions, an authorization obtained on a transaction does
                  not override any Chargeback reason which may apply to the
                  item.

         III.     If Customer processes JCB Card transaction data
                  electronically, Customer's account number must be included in
                  the JCB Card transaction data transmitted to CMS, in addition
                  to the other information required by the Agreement to be
                  included in each sales draft or credit voucher.

         IV.      The procedures and requirements contained in the applicable
                  Attachments if Customer is a lodging merchant and accepts JCB
                  Cards to reserve accommodations, subject to the right of JCB
                  Cardholders to cancel reservations at resort establishments
                  until 4:00 p.m. on the scheduled arrival date, notwithstanding
                  any earlier deadline established for Visa and MasterCard
                  Cardholders.

         V.       By contracting for JCB settlement services, Customer
                  authorizes JCB to publish its name, address and telephone
                  number in JCB solicitation materials.

CMS does not warrant or bear responsibility for the performance of any Issuer in
any way.

NORWEGIAN CRUISE LINE LIMITED                 CHASE MERCHANT SERVICES, L.L.C.
("CUSTOMER")                                  ("CMS")
D/B/A:

By:    /s/ Lamarr Cooler                      By: /s/ Patricia Keller
       -----------------------------------        ------------------------------

Title: Executive Vice President               Title: Chief Financial Officer
       -----------------------------------           Chase Manhattan Service LLC
                                                     ---------------------------
Date:  March 14, 2003                         Date: 4/2/03
       -----------------------------------          ---------------------------

                                              CHASE MANHATTAN BANK ("BANK")

                                              By: /s/ Philip Levine
                                                  -----------------------------

                                              Title: Credit Director, FDDS
                                                     Attorney in Fact for
                                                     Chase Manhattan Bank
                                                     --------------------------
                                              Date: 3/27/03
                                                    ---------------------------

                                       3
<PAGE>

                              US INTERCHANGE RATES
<TABLE>
<CAPTION>

--------------------------------------- ------------------------------------------- ----------------------------------------------
                 TYPE                                   MASTERCARD                                       VISA
--------------------------------------- ------------------------------------------- ----------------------------------------------
                                              CURRENT                 NEW                  CURRENT                   NEW
                                               04/02                 10/02                  04/02                   10/02
--------------------------------------- --------------------- --------------------- ----------------------- ----------------------
<S>                                         <C>                   <C>                       <C>              <C>
              MERIT III                     1.38% + $.10          1.38% + $.10       Credit 1.38% + $.05     Credit 1.37% + $.10
              CPS/RETAIL                                                                Check/Electron          Check/Electron
                                                                                         1.25% + $.10            1.25% + $.10
--------------------------------------- --------------------- --------------------- ----------------------- ----------------------
              KEY ENTRY                                                                  1.80% + $.10            1.80% + $.10
             CPS RETAIL 2                   1.80% + $.10          1.80% + $.10
           EMERGING MARKET                                                               1.43% + $.05            1.43% + $.05
               MCC ONLY
--------------------------------------- --------------------- --------------------- ----------------------- ----------------------
       SERVICE INDUSTRY (SIIP)              1.15% + $.05          1.15% + $.05               N/A                     N/A
--------------------------------------- --------------------- --------------------- ----------------------- ----------------------
               MERIT I                      1.90% + $.10          1.90% + $.10               N/A                     N/A
--------------------------------------- --------------------- --------------------- ----------------------- ----------------------
        CPS/HOTEL & CAR RENTAL                  N/A                   N/A                1.58% + $.10            1.58% + $.10
             CARD PRESENT
--------------------------------------- --------------------- --------------------- ----------------------- ----------------------
                 TIPS                       1.58% + $.10          1.58% + $.10           1.58% + $.10            1.58% + $.10
        CPS/HOTEL & CAR RENTAL
           CARD NOT PRESENT
       CPS/PASSENGER TRANSPORT             1.70% + $.10(1)        1.70% + $.10           1.70 + $.05             1.70 + $.05
         PASSENGER TRANSPORT
--------------------------------------- --------------------- --------------------- ----------------------- ----------------------
          CPS/AUTOMATED FUEL                    N/A                   N/A                1.50% + $.05            1.50% + $.05
              DISPENSERS
         CONVENIENCE PURCHASE                  1.80%(2)              1.80%                   N/A                     N/A
--------------------------------------- --------------------- --------------------- ----------------------- ----------------------
         CPS/CARD NOT PRESENT                   N/A                   N/A                1.80% + $.10            1.80% + $.10
--------------------------------------- --------------------- --------------------- ----------------------- ----------------------
         CPS/ACCOUNT FUNDING                    N/A                   N/A                    N/A                 2.00% + $.10
--------------------------------------- --------------------- --------------------- ----------------------- ----------------------
       CPS/ELECTRONIC COMMERCE                  N/A                   N/A                    N/A                 1.80% + $.10
               (BASIC)
--------------------------------------- --------------------- --------------------- ----------------------- ----------------------
       CPS/ELECTRONIC COMMERCE                  N/A                   N/A                    N/A                 1.80% + $.10
             (PREFERRED)
--------------------------------------- --------------------- --------------------- ----------------------- ----------------------
              WAREHOUSE                        1.10%                 1.10%                   N/A                     N/A
             SUPERMARKET                       1.15%                 1.15%               Credit 1.20%            Credit 1.20%
                                                                                    Check/Electron = $.40   Check/Electron = $.40
--------------------------------------- --------------------- --------------------- ----------------------- ----------------------
               EPS/QPS                      1.90% + $.10          1.90% + $.10           2.00% + $.02            2.00% + $.02
--------------------------------------- --------------------- --------------------- ----------------------- ----------------------
        ELECTRONIC INTERCHANGE                  N/A                   N/A                2.00% + $.10            2.00% + $.10
       REIMBURSEMENT FEE (EIRF)
--------------------------------------- --------------------- --------------------- ----------------------- ----------------------
               STANDARD                     2.54% + $.10          2.54% + $.10           2.30% + $.10            2.30% + $.10
--------------------------------------- --------------------- --------------------- ----------------------- ----------------------
           MC MERCHANT UCAF                     N/A               1.91% + $.10               N/A                     N/A
            (US LOCATION)
--------------------------------------- --------------------- --------------------- ----------------------- ----------------------
             MC FULL UCAF                       N/A               2.01% + $.10               N/A                     N/A
            (US LOCATION)
--------------------------------------- --------------------- --------------------- ----------------------- ----------------------
       SIGNATURE CD. ELECTRONIC                 N/A                   N/A                2.10% + $.10            2.10% + $.10
        SIGNATURE CD. STANDARD                                                           2.35% + $.10            2.35% + $.10
--------------------------------------- --------------------- --------------------- ----------------------- ----------------------
        WORLD MASTER CARD T&F               2.20% + $.10          2.20% + $.10               N/A                     N/A
--------------------------------------- --------------------- --------------------- ----------------------- ----------------------
      GSA PURCH. CD. LG. TICKET                 N/A                   N/A                 .95% + $35              .95% + $35
--------------------------------------- --------------------- --------------------- ----------------------- ----------------------
        PURCH CARD COMMERCIAL                   N/A                   N/A                 .95% + $35              .95% + $35
     EMERGING MARKET LARGE TICKET
--------------------------------------- --------------------- --------------------- ----------------------- ----------------------
        CORPORATE FACE TO FACE              1.38 + $.10           1.38 + $.10                N/A                     N/A
--------------------------------------- --------------------- --------------------- ----------------------- ----------------------
        CORPORATE DATA RATE I               2.35% + $.10          2.35% + $.10               N/A                     N/A
--------------------------------------- --------------------- --------------------- ----------------------- ----------------------
        CORPORATE DATA RATE II                 1.75%                 1.75%                   N/A                     N/A
--------------------------------------- --------------------- --------------------- ----------------------- ----------------------
       CORPORATE DATA RATE III                 1.50%                 1.50%                   N/A                     N/A
--------------------------------------- --------------------- --------------------- ----------------------- ----------------------
        CORPORATE LARGE TICKET               .85% + $40            .85% + $40                N/A                     N/A
--------------------------------------- --------------------- --------------------- ----------------------- ----------------------
           CORPORATE T&E 1                     2.30%                 2.30%               2.10% + $.10            2.10% + $.10
           CORPORATE T&E 2                  2.05% + $.10          2.05% + $.10
         CORPORATE ELECTRONIC
--------------------------------------- --------------------- --------------------- ----------------------- ----------------------
          CORPORATE STANDARD                2.54% + $.10          2.54% + $.10           2.35% + $.10            2.30% + $.10
--------------------------------------- --------------------- --------------------- ----------------------- ----------------------
</TABLE>

Note:  Standard Interchange requires processing in 30 calendar days. Merit I,
       EIRF, Data Rate I, II & III require processing in 3 days. Corporate
       T&E requires processing in 9 days. All other Interchange levels require
       processing in 2 days.

(1)    Effective 4/9/00 for Airline and Passenger Railway

(2)    Effective 6/9/00 for Fast Food, Convenience Stores, Petroleum and Movie
       Theater MCCs

(3)    Applies to GSA Purchase Cd 31 no. #72600-472699 and 648600-448699 only.
       Transaction greater than US$5,000.

(4)    Applies to Visa Business to Business MCC Merchants only.

<PAGE>

                           [NORWEGIAN CRUSE LINE LOGO]

                              CONSENT TO ASSIGNMENT

                                 March 26, 2004

JPMorgan Chase Bank
Chase Merchant Services, L.L.C.
265 Broad Hollow Road
Melville, New York 11747
Attention:  Executive Vice President Operations

RE:      Consent to Assignment

To Whom It May Concern:

         Reference is made to that certain Merchant Services Bankcard Agreement
dated April 2, 2003 ("Agreement") by and among Norwegian Cruise Line Limited
("Customer"), JPMorgan Chase Bank ("Bank") and Chase Merchant Services L.L.C.
("CMS").

         Please be advised that starting in late 2003, Customer undertook a
reorganization of the Norwegian Cruise Line and Orient Lines business within the
Star Cruises Group, which we refer to as the "Reorganization". The
Reorganization entailed certain corporate changes including the incorporation of
NCL Corporation, Ltd. ("NCLC") in December 2003, a wholly owned subsidiary of
Star Cruises Limited. NCLC was formed as part of the Reorganization. The
Reorganization is intended to increase the financial self-sufficiency of the
business, allowing NCLC to raise general corporate and ship-specific financing,
and to facilitate the renewal of NCLC's fleet as newly-built ships are placed
into service as older ships are phased out.

         The closing of this Reorganization will occur on or about March 26,
2004. Pursuant to Section 18.1 of the Agreement, this Reorganization is
considered an assignment of the Agreement and requires the consent of Bank and
CMS. As such, the prior written consent of Bank and CMS to the assignment of the
Agreement from Customer to NCLC is hereby being requested. Customer and NCLC
acknowledge that in accordance with the requirements of Section 20.1 of the
Agreement, CMS is the beneficiary under that certain Letter of Credit issued by
DnB NOR Bank ASA (DnB) (formerly, Den Norske Bank), number DnBs/2003/135, in
the amount of USD20,000,000.00 and that certain Standby Documentary Credit
issued by The HongKong and Shanghai Banking Corporation Limited (HSBC) number
SDCHKH252020 in the amount of USD80,000,000.00 (collectively, the "Collateral
Letters of Credit"). CMS and Bank's consent to the Reorganization is conditioned
upon and shall not become effective until CMS receives original amendments to
the Collateral Letters of Credit, from DnB and HSBC, respectively, reflecting
that

<PAGE>

the Collateral Letters of Credit are issued for the account of NCLC, in lieu of
and substituting Customer, as the applicant. Upon receipt of such original
amendments in a form acceptable to CMS, NCLC shall be substituted as the
Customer under the Agreement and shall be bound to the terms and conditions of
the Agreement and responsible for all obligations of Customer thereunder.

         Please indicate your consent to the foregoing by signing in the space
provided below and returning it to me. Please contact me if you have any
questions.

                              Very truly yours,

                              NORWEGIAN CRUISE LINE LIMITED

                              By: /s/ Lamarr B. Cooler
                                  --------------------------------------------
                                  Lamarr B. Cooler
                                  Executive Vice President & Chief Financial
                                  Officer

                              NCL CORPORATION, LTD.

                              By: /s/ Lamarr B. Cooler
                                  ----------------------------------------------
                                  Lamarr B. Cooler
                                  Executive Vice President & Chief Financial
                                  Officer

Accepted and Agreed to as of this 30 of March 2004:
JPMORGAN CHASE BANK

By: /s/ Milton Nicholis
    -------------------------------
    Credit Officer, FDMS
    Attorney in Fact for
    Chase Manhattan Bank

Date: 3/31/04
      ----------------------------

CHASE MERCHANT SERVICES L.L.C.

By: /s/ Patricia Keller
    -------------------------------
    Chief Financial Officer
    Chase Merchant Service, LLC

Date: 3/30/04
      ----------------------------

cc:      Attn:  General Counsel's Office
         3975 N.W. 120th Avenue
         Coral Springs, FL  33065

                                       2

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