Document:

Fifth Supplemental Deed

 Exhibit 10.42 
 [*]: THE CONFIDENTIAL PORTION HAS BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND THE OMITTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE COMMISSION. 

DATED 22 JULY 2010 
 NORWEGIAN EPIC, LTD. 
 (formerly known as 

F3 TWO, LTD.) 
 (as borrower) 
 NCL CORPORATION LTD. 

(as guarantor) 
 THE SEVERAL BANKS 
 (particulars of which are set out in Schedule 1)

 (as lenders) 
 BNP PARIBAS 
 (as agent) 

 
  

FIFTH SUPPLEMENTAL DEED TO (AMONG OTHER THINGS) 
 LOAN AGREEMENT 
 dated 22 September 2006 

for the equivalent amount in United States Dollars of 
 the amount of up to EUR662,905,320 
 post delivery finance for a passenger
cruise vessel 
 “NORWEGIAN EPIC” (ex hull no. D33 

at the yard of Aker Yards S.A. (now known as STX France S.A.)) 

 
  

STEPHENSON HARWOOD 
 One St Paul’s Churchyard 
 London EC4M 8SH 

Tel: +44 (0)20 7329 4422 
 Fax: +44 (0)20 7329 7100 
 Ref:
1253/45-01178/45-01079/46-01271/47-02890/48-03440/49-00642 

 CONTENTS 

 
  

							
		  		  	 	Page	  
			
	1	  	 Definitions and Construction
	  	 	2	  
			
	2	  	 Amendment of Original Loan Agreement, Original Guarantee and Other Security Documents
	  	 	2	  
			
	3	  	 Conditions Precedent
	  	 	3	  
			
	4	  	 Representations and Warranties
	  	 	5	  
			
	5	  	 Fee and Expenses
	  	 	6	  
			
	6	  	 Further Assurance
	  	 	6	  
			
	7	  	 Counterparts
	  	 	6	  
			
	8	  	 Notices
	  	 	6	  
			
	9	  	 Governing Law
	  	 	7	  
			
	10	  	 Jurisdiction
	  	 	7	  
			
	Schedule 1	  	 The Agent and the Lenders
	  	 	11	  
			
	Schedule 2	  	 Amendment of Original Loan Agreement
	  	 	12	  
			
	 Schedule 3
	  	Amendment of Original Guarantee	  	 	13	  

 FIFTH SUPPLEMENTAL DEED 
 DATED 22 JULY 2010 
 BETWEEN: 

 

	(1)	NORWEGIAN EPIC, LTD. (formerly known as F3 Two, Ltd.), a company incorporated in and existing under the laws of Bermuda with registration number EC38768 and with
its registered office at Milner House, 18 Parliament Street, Hamilton HM 12, Bermuda as borrower (the “Borrower”); 

  

	(2)	NCL CORPORATION LTD., a company incorporated under the laws of Bermuda and having its registered office at Milner House, 18 Parliament Street, Hamilton HM 12,
Bermuda as guarantor (the “Guarantor”); 

  

	(3)	THE SEVERAL BANKS particulars of which are set out in Schedule 1 as lenders (collectively the “Lenders” and each individually a
“Lender”); and 

  

	(4)	BNP PARIBAS as agent for the lenders (the “Agent”). 

 WHEREAS: 
  

	(A)	By a loan agreement dated 22 September 2006 as amended and restated by a first supplemental deed thereto dated 21 December 2007 and as further amended and
restated by a third supplemental deed thereto dated 2 April 2009 and a fourth supplemental deed thereto dated 9 June 2010 entered into between (among others) the Borrower as borrower, the Lenders as lenders and the Agent as agent for
(among others) the Lenders (the “Original Loan Agreement”), the Lenders granted to the Borrower a secured loan in the equivalent amount in United States Dollars of the maximum amount of six hundred and sixty two million nine hundred
and five thousand three hundred and twenty euro (EUR662,905,320) (the “Loan”) for the purpose of enabling the Borrower to finance (among other things) the construction of the Vessel (as such term is defined in the Original Loan
Agreement) on the terms and conditions therein contained. The repayment of the Loan by the Borrower has been secured by a guarantee and indemnity dated 6 October 2006 as amended and restated by a first supplemental deed thereto dated
21 December 2007 and as further amended and restated by a third supplemental deed thereto dated 2 April 2009 granted by the Guarantor (the “Original Guarantee”). 

 

	(B)	The Borrower and the Guarantor have requested the Lenders and the Agent, among other things, to consent to the amendment of the definition of Permitted
Indebtedness (as defined in the Original Loan Agreement), to enable any member(s) of the Group to order the New Vessels (as defined in the Loan Agreement) (or either of them), and to allow the Guarantor to pay dividends after the listing of the
ordinary capital stock of the Guarantor on an Approved Stock Exchange (as defined in the Original Guarantee). 

  

	(C)	The consent of the Lenders and the Agent is given in respect of the above matters on the terms of this fifth supplement to the Original Loan Agreement (this
“Deed”) which 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 Original Loan Agreement shall have the meanings set out therein. In addition, the following terms and expressions shall have
the meanings set out below: 

 “Effective Date” means the date on which the conditions precedent
set out in Clause 3.1 are fulfilled to the satisfaction of the Agent or waived by the Agent pursuant to Clause 3.2; 

“Guarantee” means the Original Guarantee as amended by this Deed; 

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

“New Process Agent” means EC3 Services Limited whose registered office is presently at 51 Eastcheap, London EC3M 1JP.

  

	 	1.2	The provisions of clause 1.2 of the Loan Agreement shall apply hereto (mutatis mutandis). 

 

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

 

	 	2.1	Subject to Clause 3.1, the parties hereto agree that immediately upon and with effect from the Effective Date the Original Loan Agreement and the Original Guarantee
shall be read and construed as if the definitions or clauses referred to in the first column of Schedule 2 or Schedule 3 to this Deed (as the case may be) had been inserted or amended to read as set out in the second column of Schedule 2 or Schedule
3 to this Deed (as the case may be). 

  

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

 

	 	2.2.1	all references to the Original Loan Agreement or the Original Guarantee in the other Security Documents shall be construed as references to the Loan Agreement or the
Guarantee (as the case may be) and all terms used in such Security Documents whose meanings are defined by reference to the Original Loan Agreement shall be defined by reference to the Loan Agreement; 

 

	 	2.2.2	the Security Documents shall apply to, and extend to secure, the whole of the Outstanding Indebtedness as defined in clause 1.1 of the Loan Agreement, until it has been
repaid or paid in full to the Lenders (or to the Agent on their behalf) and the Agent; 

  

	 	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 or transactions contemplated hereby 

  
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and in particular but without limitation by the granting of time to the Borrower under the Original Loan Agreement; 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 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, the Original Guarantee and the other Security Documents shall remain in full force
and effect and nothing herein contained shall relieve the Borrower, the Guarantor 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 and the Original Guarantee 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: 

  

	 	3.1.1	on the date of this Deed: 

  

	 	(a)	one (1) counterpart of this Deed duly executed by the parties hereto; 

 

	 	(b)	a written confirmation from the New Process Agent that it will act for each of the Borrower and the Guarantor as agent for service of process in England in respect of
this Deed; 

  

	 	(c)	the following corporate documents in respect of each of the Borrower and the Guarantor (together the “Relevant Parties”): 

 

	 	(i)	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 any document to be executed pursuant hereto 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; 

  

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

 

	 	(1)	attaching a copy of its Certificate of Incorporation and Memorandum of Association and Bye-Laws (or equivalent constitutional documents) which do not prohibit the
entering into of the transactions contemplated in this Deed; 

  

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

  

	 	(3)	 setting out specimen signatures of such persons as are authorised by the Relevant Party to sign

  
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documents or otherwise undertake the performance of that Relevant Party’s obligations under this Deed; 

 

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

  

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

  

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

or (if applicable) certifying that there has been no change to the statements made in his or her secretary’s certificate last
provided to the Agent with respect to paragraphs (1), (2), (3), (4) and (6) of this Clause 3.1.1(c)(ii) and attaching copies of resolutions passed at duly convened meetings of the directors and, if required by the Agent, the shareholders
of each of the Relevant Parties authorising (as applicable) the execution of this Deed and any document to be executed pursuant hereto and the issue of any power of attorney to execute the same; and 

 

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

 

	 	(d)	evidence that each of the Lenders has received payment of the handling/work fee to which it is entitled as more particularly described in Clause 5.1; and

  

	 	3.1.2	evidence that all the conditions precedent to the amendment of each facility agreement and, if applicable, guarantee in respect of each Group Credit Facility have been
satisfied; 

  

	 	3.1.3	evidence that all other sums owing to the Agent and the Lenders pursuant to Clause 5 of this Deed have been received; and 

 

	 	3.1.4	agreement to the issue of such favourable written legal opinions including by Conyers Dill & Pearman in respect of Bermuda and Stephenson Harwood in respect of
England in such form as the Agent may require relating to all aspects of the transactions contemplated hereby governed by any applicable law, 

 PROVIDED THAT no Event of Default has occurred and is continuing on the Effective Date (subject to Clause 3.2). 

 

	 	3.2	 If the Agent in accordance with clause 20 of the Original Loan Agreement decides to permit the amendment of the Original Loan Agreement and the
Original 

  
 4 

	 	 
Guarantee hereby without having received all of the documents or evidence referred to in Clause 3.1, the Borrower will nevertheless deliver the remaining documents or evidence to the 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 and the Original Guarantee as aforesaid shall not be construed as a waiver of the Agent’s right to
receive the documents or evidence as aforesaid nor shall this provision impose on the Agent or the Lenders any obligation to permit the amendment in the absence of such documents or evidence. 

 

	4	Representations and Warranties 

  

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

 

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

  

	 	4.1.2	this Deed constitutes and each other document contemplated hereby to which it is a party will, when executed, constitute 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 and documents 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 and documents contemplated hereby and thereby will not render invalid, void or voidable any security granted by it to
the Lenders and/or the Agent; 
  

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

  

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

  
 5 

	 	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 and/or the Agent in deciding whether or not to enter into this Deed. 

  

	5	Fee and Expenses 

  

	 	5.1	The Borrower shall pay to each of the Lenders directly or through the Agent on the date of this Deed a non-refundable handling/work fee of [*] provided that a Lender
which is the provider of any other loan or other facility to the Borrower or any other member of the Group shall only be entitled to receive one (1) such fee of [*]. Notwithstanding any provision of this Deed, the Original Loan Agreement or the
Loan Agreement to the contrary, no Lender shall be required to share with the other Lenders and/or the Agent any such handling/work fee received. 

  

	 	5.2	The Borrower and the Guarantor jointly and severally undertake to reimburse the Agent on demand on a full indemnity basis for all charges and expenses (together with
value added tax or any similar tax thereon and including without limitation the fees and expenses of legal and other advisers) incurred by the Agent in respect of, or in connection with, the negotiation, preparation, printing, execution,
registration and enforcement of this Deed and any other documents required in connection with the implementation of this Deed. 

  

	 	5.3	The Borrower and the Guarantor jointly and severally undertake to reimburse the Agent and the Lenders on demand of the Agent on a full indemnity basis for all charges
and expenses (together with value added tax or any similar tax thereon and including without limitation the fees and expenses of legal advisers) incurred by the Agent and/or the Lenders in respect of this Deed or in connection with the enforcement
of, or the preservation of any rights under, this Deed or any of the Security Documents. 

  

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

	7	Counterparts 

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

	8	Notices 

  

	 	8.1	 Any notice, demand or other communication (unless made by telefax) to be made or delivered to the Borrower and/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 

  
 6 

	 	 
of America (marked for the attention of the Chief Financial Officer and the Legal Department) (but one (1) copy shall suffice) with a copy to the Investors c/o Apollo Management, LP, 9 West
57th Street, 43rd Floor, New York, NY 10019, United States of America (marked for the
attention of Mr Steve Martinez). Any notice, demand or other communication to be made or delivered by the Borrower or the Guarantor pursuant to this Deed shall (unless the Agent has by fifteen (15) days’ written notice to the Borrower
and the Guarantor specified another address) be made or delivered to the Agent at ECEP/Export Finance, ACI: CHDESA1, 37 Place du Marché Saint-Honoré, 75031 Paris Cedex 01, France (marked for the attention of Mrs Dominique Laplasse
(Team Head)/Mr Jean Philippe Poirier). 

  

	 	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 the Chief Financial Officer) and +1 305 436 4117 (marked for the attention of the Legal Department) with a copy to the Investors c/o Apollo
Management, LP, fax number +1 212 515 3288 (marked for the attention of Mr Steve Martinez) and in respect of the Agent is +33 01 4316 8184/+33 01 4298 0029 (marked for the attention of Mrs Dominique Laplasse (Team Head)/Mr Jean Philippe
Poirier)) specified by it from time to time for the purpose and shall be deemed to have been received when transmission of such telefax communication has been completed. Each such telefax communication, if made to the Agent by the Borrower or the
Guarantor, shall be signed by the person or persons authorised in writing by the Borrower or the Guarantor (as the case may be) and whose signature appears on the list of specimen signatures contained in the secretary’s certificate required to
be delivered by Clause 3 and shall be expressed to be for the attention of the department or officer whose name has been notified for the time being for that purpose by the Agent to the Borrower and the Guarantor. 

 

	 	8.3	Subject to Clause 8.2, the provisions of clause 27 of the Original Loan Agreement shall apply to this Deed. 

 

	9	Governing Law 

 This
Deed and any non-contractual obligations arising from or in connection with it shall be governed by English law. 
  

	10	Jurisdiction 

  

	 	10.1	The courts of England have exclusive jurisdiction to settle any dispute: 

  

	 	10.1.1	arising out of or in connection with this Deed (including a dispute regarding the existence, validity or termination of this Deed); or 

 

	 	10.1.2	relating to any non-contractual obligations arising from or in connection with this Deed, 

(a “Dispute”). Each party to this Deed agrees that the courts of England are the most appropriate and convenient courts
to settle Disputes and accordingly no party will argue to the contrary. 
 This Clause 10.1 is for the benefit of the Agent and
the Lenders only. As a result, no such party shall be prevented from taking proceedings relating to a Dispute in 

  
 7 

 
any other courts with jurisdiction. To the extent allowed by law, any such party may take concurrent proceedings in any number of jurisdictions. 

 

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

  

	 	10.3	Neither of the Borrower or the Guarantor may, without the Agent’s prior written consent, terminate the appointment of the New Process Agent; if the New Process
Agent resigns or its appointment ceases to be effective, the Borrower and/or the Guarantor (as the case may be) shall within fourteen (14) days appoint a company which has premises in London and has been approved by the Agent to act as the
Borrower’s and/or the Guarantor’s (as the case may be) process agent with unconditional authority to receive and acknowledge service on behalf of the Borrower and/or the Guarantor of all process or other documents connected with
proceedings in the English courts which relate to this Deed. 

  

	 	10.4	For the purpose of securing its obligations under Clause 10.3, 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 10.3, the Agent may appoint any person (including a company controlled by or associated with the Agent or any Lender) to act as the Borrower’s or the Guarantor’s (as the case may be)
process agent in England with the unconditional authority described in Clause 10.3. 

  

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

 

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

  

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

 

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

  
 8 

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

			
	SIGNED SEALED and DELIVERED as a DEED    	  	)
	by Micha Withoft	  	)
	for and on behalf of	  	) /s/ Micha Withoft
	NORWEGIAN EPIC, LTD. (formerly known as	  	)
	F3 Two, Ltd.)	  	)
	in the presence of:	  	)
	/s/ David Griffiths	  	
	David Griffiths	  	
	One St. Paul’s Churchyard	  	
	London	  	
	EC4M 8SH	  	
		
		  	
	 SIGNED SEALED and DELIVERED as a DEED
	  	)
	by Micha Withoft	  	)
	for and on behalf of	  	) /s/ Micha Withoft
	NCL CORPORATION LTD. 	  	)
	in the presence of:	  	)
	/s/ David Griffiths	  	
	David Griffiths	  	
	As Above	  	
		
		  	
	SIGNED SEALED and DELIVERED as a DEED	  	)
	by Danae Zoi Mariel Ugolini	  	)
	for and on behalf of	  	) /s/ Danae Zoi Mariel Ugolini
	BNP PARIBAS	  	)
	as a Lender and the Agent	  	)
	in the presence of:	  	)
	/s/ David Griffiths	  	
	David Griffiths	  	
	As Above	  	

  
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

  
 9 

					
		 	SIGNED SEALED and DELIVERED as a DEED    	  	)
		 	by Danae Zoi Mariel Ugolini	  	)
		 	for and on behalf of	  	) /s/ Danae Zoi Mariel Ugolini
		 	CREDIT AGRICOLE CORPORATE	  	)
		 	AND INVESTMENT BANK	  	)
		 	in the presence of:	  	)
		 	/s/ David Griffiths	  	
		 	David Griffiths	  	
		 	As Above	  	
			
		 		  	
		 	SIGNED SEALED and DELIVERED as a DEED	  	)
		 	by Danae Zoi Mariel Ugolini	  	)
		 	for and on behalf of	  	) /s/ Danae Zoi Mariel Ugolini
		 	HSBC FRANCE	  	)
		 	in the presence of:	  	)
		 	/s/ David Griffiths	  	
		 	David Griffiths	  	
		 	As Above	  	
			
		 		  	
		 	SIGNED SEALED and DELIVERED as a DEED	  	)
		 	by Danae Zoi Mariel Ugolini	  	)
		 	for and on behalf of	  	) /s/ Danae Zoi Mariel Ugolini
		 	SOCIETE GENERALE	  	)
		 	in the presence of:	  	)
		 	/s/ David Griffiths	  	
		 	David Griffiths	  	
		 	As Above	  	
		 		  	
		 		  	
		 		  	

  
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  

  
 10 

 Schedule 1 
 The Agent and the Lenders 
  

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

			
	 BNP PARIBAS

(as a Lender and the Agent)
	  	 16 boulevard des Italiens,

75009 Paris, France
	  	662 042 449 (RCS Paris)
			
	 CREDIT AGRICOLE

CORPORATE AND
 INVESTMENT BANK
 (formerly known as
Calyon)
	  	 9 quai du Président Paul

Doumer, 92920 Paris La
 Défense Cedex,
France
	  	304 187 701 (RCS Nanterre)
			
	 HSBC FRANCE
	  	 103 avenue des Champs

Elysées, 75419 Paris, Cedex
 08,
France
	  	775 670 284 (RCS Paris)
			
	 SOCIETE GENERALE
	  	 29 boulevard Haussmann,

75009 Paris, France
	  	552 120 222 (RCS Paris)
			
	 each a French société anonyme
	  		  	

  
 11 

 Schedule 2 
 Amendment of Original Loan Agreement 
  

			
	Clause/Definition	  	Amendment
	 	 
	 Clause 1.1, definition of

“Fifth Supplemental Deed”

 
	  	means the fifth supplemental deed dated
                     2010 to this Agreement and the Guarantee.
	 	 
	 Clause 1.1, definition
 (new) of “New
Vessels”
	  	 means the two (2) newbuild cruise vessels
each not larger than m.v. “NORWEGIAN EPIC” (ex hull no C33 (sometimes known as D33) at STX France S.A.) in terms of number of passenger cabins or gross or net tonnage, not on order by a member of the Group as of the Effective Date (as
defined in the Fifth Supplemental Deed) and (on a non-binding basis) expected to cost, in aggregate, [*].
  

	 	 
	 Clause 1.1, definition of
 “Permitted
Indebtedness”
	  	 means (a) any monies borrowed or raised other
than from any direct or indirect shareholder of the Guarantor prior to the date on which the last of the Third Supplemental Deed and the Amendment Documents have been signed by all the parties thereto and notified by the Guarantor to the Agent prior
to such date; (b) the Letter of Credit Facilities; (c) Permitted Refinancing Indebtedness and (d) one or more financing arrangements entered into in relation to the acquisition of the New Vessels (or either of them), the agreed form(s) of the term
sheet(s) related to such financing arrangement(s) having been disclosed by the Guarantor to Coface (at 12 Cours Michelet, La Défense, 92800 Puteaux, France, facsimile: +33 (0)1 4902 2724, attention: Jean-Marc Auriault/Pascale Lefevre,
with a copy of the covering letter only to the Agent) prior to their execution by the Guarantor or any other member of the Group and such financing arrangement(s) being on terms satisfactory to Coface. The term sheet(s) will be disclosed to Coface
on the basis that the terms of such financing arrangement(s) shall be deemed satisfactory unless Coface notifies the Guarantor to the contrary within five (5) business days (in the city in which Coface has its office) of receipt of the term
sheet(s).
  

  
 12 

 Schedule 3 
 Amendment of Original Guarantee 
  

			
	Clause	  	Amendment
	 	 
	 Clause
10.9 (final sentence)
	  	 For the avoidance of doubt the purchase of
a vessel other than the New Vessels shall not be permitted under this Clause 10.9 or any other provision of the Loan Agreement or this Deed.

 

	 	 
	  

Clause 10.10 (new)
	  	 The Guarantor shall not (and will procure
that no other company in the Group shall) commit to the purchase of a New Vessel unless the relevant Permitted Indebtedness is available to the buyer unconditionally subject only to the satisfaction of conditions precedent usual for such financing
arrangements.
  

	 	 
	 Clause
11.3
	  	 The Guarantor shall not and shall procure
that no other member of the Group shall, pay any dividends or make any other distributions in respect of its share capital to any person, provided that (i) subsidiaries of the Guarantor may pay dividends to another member of the Group; (ii) the
Guarantor may pay dividends in respect of tax liability to each relevant jurisdiction in respect of tax returns for each relevant jurisdiction of the Group or holder of the Guarantor’s capital stock with respect to income taxable as a result of
any member of the Group being treated as a pass-through entity or attributable to any member of the Group; and (iii) after the later of (x) 31 December 2010 and (y) the listing of the ordinary capital stock of the Guarantor on an Approved Stock
Exchange, dividends may be paid in an amount not to exceed fifty per cent (50%) of the Consolidated Net Income of the Guarantor and its subsidiaries for the period commencing on 1 January 2010 and ending on the date prior to such payment for which
accounts are available, so long as (I) at the time of the payment of such dividend, no Event of Default exists or would result from the payment of such dividend and (II) after giving effect to such dividend the ratio of Total Net Funded Debt to
Consolidated EBITDA for the four (4) consecutive financial quarters last ended for which accounts have been provided to the Agent pursuant to Clause 9.2 of the Guarantee is less than 5.50:1.00.

 
 The Guarantor will procure that any dividends or other distributions and interest
paid or payable in connection with such dividends or other distributions will be received promptly by the Guarantor directly or indirectly from the Borrower’s shareholder(s) (if such shareholder is not the Guarantor) by way of
dividend.
  
  

  
 13Bareboat Charter Agreement

 Exhibit 10.52 
 [*]: THE CONFIDENTIAL PORTION HAS BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND THE OMITTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE COMMISSION. 

BAREBOAT CHARTER 
 Ample
Avenue Limited, as owner (the “Owner”) of the vessel described in Part I of this Charter (the “Vessel”, which expression includes all appurtenances, equipment, necessaries, parts and spares belonging or relating to
the Vessel), hereby agrees to let, and NCL (Bahamas) Ltd. d/b/a Norwegian Cruise Line as bareboat charterer (the “Charterer”) of the Vessel hereby agrees to hire the Vessel on a bareboat charter basis on and subject to the terms and
conditions of Parts I and II of this Bareboat Charter (the “Charter”). (The Owner and the Charterer are collectively referred to as the “Parties” and each a “Party”.) 

PART I 
  

	1	Vessel Description 

 The
Vessel is named m.v. Norwegian Sky, is registered under the Bahamas flag with Bahamian flag at the port of Nassau with Official No.731038, IMO No. 9128532 and Call Sign C6PZ8, and is entered with Det Norske Veritas (the “Classification
Society”) with classification † 1A1 Passenger Ship EO. 
  

	2	Charter Term 

 This
Charter shall be effective and commence as of the Effective Time defined in Part I, Clause 7(a) and shall continue uninterrupted until 31 December, 2012 (the “Initial Term”). 

This Charter may be extended upon the request of either Party for a maximum of two (2) consecutive terms after the Initial Term,
namely 1 January 2013 to 31 December 2013 (the “First Extension Term”) and 1 January 2014 to 31 December 2014 (the “Second Extension Term”) provided that: (a) the Charter shall only be
extended for one (1) year each time; (b) any extension shall be subject to the mutual consent of the Parties; (c) the requesting Party shall, at least [*] prior to the expiry of the current term (the Initial Term or the First
Extension Term, as the case may be) send to the other Party notice in writing of its intention to extend the Charter for one (1) year after the expiry of the current term; and (d) the requesting Party is not in default of this Charter at
the time of sending the aforesaid extension notice and at all times before the expiry of the current term. Unless otherwise agreed by the Parties, all terms and conditions of this Charter shall remain the same in, as may be applicable, the First
Extension Term and the Second Extension Term and “Charter Term” shall be construed to include the Initial Term and, as may be applicable, the First Extension Term and the Second Extension Term. 

 

	3	Date and Place of Delivery and Redelivery 

 The Owner shall be deemed to have delivered the Vessel to the Charterer as of [*]. If at any point during the Initial Term, First Extension Term (if exercised) or Second Extension Term (if exercised) the
Vessel is not purchased pursuant to Part I Clause 7(f), the Charterer shall redeliver the Vessel to the Owner at the end of the Charter Term at a safe berth in a safe port on [*]. The Charterer shall notify the Owner of the proposed redelivery port
by written notice delivered [*] before the end of the Charter Term. 

	4	Area of Permitted Use 

The Vessel may be employed worldwide provided that the Charterer undertakes that the Vessel shall not be sent to or operated within any
area prohibited by the Vessel’s flag state or any of the Vessel’s insurers. 
  

	5	Charter Hire 

 During the
Charter Term the Charterer shall pay the Owner hire (“Charter Hire”) calculated in accordance with the following formula which shall be payable at the end of each calendar month in accordance with Appendix 1: 

Charter Hire = [*] 
 Note: Stipulated Value shall have an initial value of [*] and shall, for the purpose of calculating Charter Hire throughout the Charter Term, be reducing monthly at the rate of [*]. 

All Charter Hire payments shall be made by wire transfer to such account as the Owner may from time to time direct. For the avoidance
of doubt, Appendix 1 shall govern and control all payment s made hereunder. 
  

	6	Insurance 

 The agreed
minimum total loss value of the Vessel shall be (see Part II, Clause 4) [*]. 
 For the purposes of this Charter, the term
“total loss” includes the actual, agreed, constructive or compromised total loss or destruction of the Vessel. 
  

	7	Special Provisions 

  

	 	(a)	Effectiveness 

“Effective Time” shall mean 1 July 2010. 

 

	 	(b)	Fair Wear and Tear 

 In
this Charter the term “fair wear and tear” shall mean and include only the following: (i) thinning of paint due to the action of time and elements; (ii) scuffing of paint by rubber tired vehicles and properly fendered tugs;
(iii) rust or corrosion due to contact with sea water and air; or (iv) fouling of hull by growth of marine organisms. Fair wear and tear shall not include damage to the Vessel’s deck, internal parts or hull that results from the
Charterer’s use of the Vessel or otherwise. 
  

	 	(c)	Vessel Loss or Damage; Redelivery 

 The Charterer, as bareboat charter operator of the Vessel before entry and inception of this Charter, shall have all risks of loss and damage to the Vessel before as well as during the Charter Term except
only the risk of fair wear and tear to the Vessel during the Charter Term. Except where the Charterer exercises the Purchase Option under Part I, Clause 7(f), the Charterer shall redeliver the Vessel to the Owner with class maintained free of any
class conditions or recommendations and with all survey cycles and certificates up to date and valid for a minimum of 3 months forward from the date of redelivery, free of any average damage affecting class and otherwise in the same structure,
state, order and condition 

 
as at [*] (for determining such condition, the on-hire survey conducted in relation to the charter period immediately preceding the Charter Term shall be used as a reference), fair wear and tear
during the Charter Term excepted. 
  

	 	(d)	Basis of Charter 

 During
the Charter Term the Vessel shall be in the full possession of the Charterer and under its complete control. The Charterer shall at its own cost and risk crew, manage, maintain, navigate, operate, insure, victual, fuel, provision, supply and
(whenever the same may be necessary) repair and dry-dock the Vessel. The Master, officers and crew shall be the servants and representatives of the Charterer for all purposes whatsoever and the Charterer shall be exclusively responsible for ensuring
full compliance with all conventions, laws, regulations and rules whatsoever respecting the Master, officers and crew. The Owner shall retain no possession or control of or over the Vessel during the Charter Term, the agreed intention of the
Parties’ being that the Vessel shall be hired and operated by the Charterer on a bareboat basis. 
  

	 	(e)	Charterer’s Undertakings 

 The Charterer undertakes:- 
  

	 	(i)	Not to change the flag or the classification society of the Vessel, without the Owner’s prior written consent; 

 

	 	(ii)	Not to make any structural alternations to the Vessel without the Owner’s prior written approval, which shall not be unreasonably withheld (for the avoidances of
doubt, such approval, if granted, shall in no way affect the Charterer’s obligation to redeliver the Vessel in accordance with the requirements under Part I, Clause 7(c)); 

 

	 	(iii)	To comply with all of the assignments, undertakings and other obligations from time to time owed by it to the Owner’s financiers under the General Assignment
executed by the Owner and the Charterer in favour of the Credit Agricole Asia Shipfinance Limited dated [*] or otherwise; and 

  

	 	(iv)	To enter into such further documents as the Owner’s financiers may reasonably require in connection with the Owner entering into this Charter with the Charterer.

  

	 	(f)	Purchase Option 

 In
consideration of [*] paid by the Charterer to the Owner (the receipt and sufficiency of which is hereby acknowledged), the Owner grants to the Charterer an option (the “Purchase Option”) to purchase the Vessel at any time during the
Charter Term at a price equivalent to [*] reduced by [*] of the aggregate of all Charter Hire paid by the Charterer prior to the completion of acquisition with details set out in Appendix 1 (the “Purchase Consideration”) provided
that: 

	 	(i)	The Charterer shall give a notice in writing to the Owner [*] (which notice shall state the proposed date of the sale and purchase); 

 

	 	(ii)	The Charterer may assign its rights under the Purchase Option to its holding company or subsidiary; 

 

	 	(iii)	At completion of the acquisition, the Charterer (or a designated holding company or subsidiary of the Charterer) shall pay the Purchase Consideration to the Owner in
full by wire transfer to such account as the Owner may direct; 

  

	 	(iv)	Upon the issue of the notice in writing referred to in sub-Clause (i) above, the Owner and the Charterer (or the designated holding company or subsidiary of the
Charterer) shall enter into a sale and purchase agreement regarding the Vessel (“SPA”) which shall be mutually agreed between the Owner and the Charterer (or the designated holding company or subsidiary of the Charterer); and

  

	 	(v)	This Charter shall be terminated at the date and time of the vessel delivery being actually carried out under the SPA. 

 

	 	(g)	Early Termination by the Owner 

 The Owner may at any time during the Charter Term terminate this Charter without liability on its part and without being subject to the Purchase Option, if prior to giving notice of termination the
Charterer has not exercised the Purchase Option pursuant to Part I Clause 7(f), by giving a notice of not less than 6 months to the Charterer (the Vessel shall be redelivered to the Owner in accordance with the requirements under this Charter as if
the redelivery is required upon the expiry of the Charter Term). The Charterer may request the Owner to postpone the date of termination of the Charter under this sub-Clause for a maximum period of 3 months and such request shall not be unreasonably
withheld. 
  

	8	Additional Terms 

 All
terms and conditions contained in Part II on the following pages are hereby fully incorporated by reference into and form an integral part of this Charter. In case of inconsistency between the terms and conditions contained in Part I and Part II of
this Charter, the terms and conditions contained in Part I shall prevail. 
  

	9	Termination of the Existing Charter 

 Upon execution by the Parties, the existing charter shall terminate on 30 June 2010 without further rights and liability on the part of the Parties (save as the rights, liabilities and obligations
incur/arise before the Effective Time). For the purpose of this Clause 9, “existing charter” shall mean the bareboat charter entered into between the Parties in respect of the Vessel dated 2 January 2009. 

IN WITNESS WHEREOF, the Parties have caused this Charter to be executed by their duly authorised signatories on
             day of August 2010. 

									
	Owner	 		 	Charterer
					
	By:	 	/s/ David Chua	 		 	By:	 	/s/ Kevin M. Sheehan
		 	David Chua	 		 		 	Kevin M. Sheehan
		 		 		 		 	President and Chief Executive Officer
			
		 		 	Approved as to Form
					
		 		 		 		 	/s/ Daniel S. Farhas
		 		 		 		 	NCL Legal Department
		 		 		 	 	 	 
			
		 		 	Approved as to Content
					
		 		 		 	By:	 	/s/ Signature Illegible
		 		 		 		 	
		 		 		 		 	

  
  

 PART II 
  

	1	Delivery and Redelivery 

The Charterer, as bareboat charter operator of the Vessel before entry and inception of this Charter, is fully aware of the Vessel’s
condition. 
 The Charterer agrees that the Vessel’s condition is acceptable in every respect whatsoever and that the Vessel
is in full compliance with this Charter. 
 Accordingly, the Vessel shall be deemed delivered and taken over strictly “as
is, where is” and, notwithstanding any term, condition, representation or warranty whatsoever (whether express or implied) to the contrary, the Charterer shall not have or assert (and hereby waives) all claims whatsoever against the Owner,
whether known or unknown, suspected or unsuspected, accrued or unaccrued, with respect to the Vessel. 
 The Charterer
acknowledges and agrees that all conditions and recommendations of class shall be removed before the Vessel is redelivered to the Owner if it is not purchased pursuant to Part I Clause 7(f) of the Bareboat Charter. 

If any latent defect, deficiency or non-conformity should appear or arise during the Charter Term, the Charterer shall repair or replace
the same at its cost and in its time. The Charterer agrees that the Owner shall not have any liability whatsoever to the Charterer if the Vessel should prove to be unsuitable for the Charterer’s purposes for any reason whatsoever, or if the
Vessel should cease to be available to the Charterer for any reason whatsoever except where the Charterer is deprived of the use of the Vessel by an independent breach of this Charter by the Owner. 

At the end of the Charter Term the Charterer shall redeliver the Vessel to the Owner at the place of redelivery specified in Part I.

  

	2	Permitted Use 

 The Vessel
shall be employed by the Charterer only in lawful trades or activities in connection with the Charterer’s operations in the waters described in Part I, and not otherwise without the express prior written consent of the Owner. 

 

	3	Charter Hire And Payment 

[*] 
  

	4	Insurance And Agreed Value 

Throughout the term of this Charter the Charterer shall keep the Vessel insured at its cost and risk (including deductible risks), against
all risks usually insured against by first class and prudent owners and operators of passenger vessels including marine risks, hull and machinery risks, war risks, excess risks, protection and indemnity risks with full standard coverage up to the
highest limit of liability available for pollution risks, and any risks against which it is compulsory to insure by reason of the Vessel’s operations (including financial security in respect of third party liabilities) in such amounts, on such
conditions (including conditions protecting the 

 
Owner’s interest in the Vessel), and with such independent first class insurers, underwriters and protection and indemnity associations as the Owner (acting reasonably) may approve from time
to time. 
 For the purposes of the insurance cover to be arranged and maintained by the Charterer, the agreed total loss value
shall not be less than the amount specified in Part I, Clause 6. 
 The Charter shall punctually pay all premiums, calls,
contributions or other sums payable in respect of the Vessel’s insurances and shall renew all insurances on a timely basis. 

The Charterer shall bear all risks of loss of or damage to the Vessel, however and whenever the same may be caused. The Charterer shall
ensure that all sums receivable in respect of any partial loss and damage relating to the Vessel shall be applied promptly to discharge all liabilities in respect of the loss or (as the case may be) to pay all costs in respect of full repair of
damage or (as the case may be) replacement of parts or equipment so as to put the Vessel back into the condition required by this Charter. 
 All repair and replacement work in relation to the Vessel shall be planned and carried out (including with respect to materials and workmanship) in accordance with best practice and so as not to diminish
the value or to adversely affect the classification or insurance status of the Vessel. 
 For the avoidance of doubt, if any loss
of or damage to or in respect of the Vessel (including any relating to any latent defect, deficiency or non-conformity in the Vessel) is not be covered by insurance or if for any reason whatsoever the Charterer does not make any or a full insurance
recovery in respect of any such loss or damage, this shall not relieve the Charterer of its obligation promptly to discharge all liabilities in respect of the loss or (as the case may be) to pay all costs in respect of the full repair of the damage
or (as the case may be) replacement of parts or equipment so as to put the Vessel back into the condition required by this Charter. 
 All time relating to repair or replacement works, including time expended in any deviation from the Vessel’s itinerary, shall be for the Charterer’s account. 

The Charterer shall immediately notify the Owner of any circumstance or occurrence in consequence of which the Vessel is likely to become
a total loss. 
 Should the Vessel become a total loss, the Charterer agrees promptly to pay the Owner the full amount of the
agreed total loss value specified in Part I, Clause 6 less the amount of any insurance proceeds received by the Owner from the Vessel’s insurers in respect of such total loss. 

All insurance proceeds for loss of the Vessel shall be paid to the Owner who shall distribute the moneys between the Owner and the
Charterer according to their respective interests and taking into account any payment previously made by the Charterer to the Owner in respect of the loss. 
 Before inception of this Charter and upon the Owner’s request from time to time during the Charter Term, the Charterer shall provide the Owner with such documentation and information as the Owner may
require showing the 

 
insurance cover that the Charterer has arranged and is maintaining in connection with the Vessel. 
 If the Charterer fails to place or maintain any of the required insurance cover or if, by any act or omission, the Charterer vitiates or invalidates any of such cover, the Charterer shall defend,
indemnify and hold harmless the Owner and the other beneficiaries of such insurance to the extent it or any of them suffers or incurs any loss, damage, liability, cost in consequence of such failure, act or omission. In addition, the Owner may (but
shall not be bound) to take such steps as it considers fit to remedy the Charterer’s default and in any such case all costs expended by the Owner shall be paid on demand by the Charterer to the Owner. 

 

	5	Surveys and Inspections 

The Owner and the Charterer shall jointly appoint an independent surveyor for the purpose of determining and recording in writing the
condition of the Vessel and an inventory of the Vessel’s main parts and equipment at the redelivery of the Vessel under this Charter. Each Party shall bear and pay one half of the surveyor’s costs. The survey report of the Vessel prepared
by the independent surveyor in January 2009 shall be the base for the condition at delivery. 
 From time to time upon reasonable
notice by the Owner, the Charterer shall make the Vessel available for survey or inspection by the Owner’s nominated surveyor or inspector who shall be paid for by the Owner. 

 

	6	Maintenance and Documentation 

 Throughout the Charter Term and without prejudice to the Charterer’s obligations respecting the redelivery condition of the Vessel, the Charterer shall at its cost and in its time: 

 

	 	(i)	maintain the Vessel, its parts and equipment in a good and efficient state of repair and operating condition, in accordance with good commercial maintenance practice
and otherwise in full compliance with all conditions, recommendations, regulations and other requirements of the agencies, authorities and bodies having jurisdiction over the Vessel from time to time including, without limitation, the flag and port
state authorities, the International Maritime Organisation and the Classification Society; 

  

	 	(ii)	submit the Vessel to continuous survey in respect of its hull and machinery and to such other surveys as may be required for classification, insurance or regulatory
purposes; 

  

	 	(iii)	keep the Vessel’s classification up to date with the Classification Society and comply with all classification conditions, recommendations and other requirements
on a timely basis; 

  

	 	(iv)	dry-dock the Vessel and clean and paint her underwater parts whenever the same may be necessary; 

 

	 	(v)	 replace any parts or equipment that are damaged or become so worn as to be unfit for use, and carry out such repairs as may from time to time be
necessary, in accordance with best practice 

	 	 
and so as not to diminish the value or to adversely affect the classification or insurance status of the Vessel; and 

 

	 	(vi)	procure and maintain in full force and effect, with full validity and without any restriction, all such certificates, permits, licenses and other documents as may be
required from time to time by the Classification Society and by all such national, state, local or international codes (including, without limitation, the International Management Code for the Safe Operation of Ships and for Pollution Prevention,
and the International Ship and Port Facility Security Code), laws, regulations or conventions as may be or as may become applicable to the Vessel from time to time. 

If any improvements, capital expenditures, structural changes or new equipment should become necessary, whether by reason of new
classification or regulatory requirements or otherwise, the Charterer shall arrange for the relevant works to be carried out during the Charter Term and all related costs and time shall be for the Charterer’s account. 

 

	7	Debts, Liens 

 The
Charterer shall promptly pay all assessments, charges, debts, damages, dues, fines, liabilities, monetary sanctions, penalties, taxes, tolls and other outgoings in respect of the Vessel. 

Neither the Charterer nor the Master of the Vessel nor any other person shall have any authority, power or right to create, incur or
permit to be asserted against or imposed upon the Vessel, any claims, liens or other encumbrances of any nature whatsoever, and the Charterer shall so notify any entity or person which has dealings with the Vessel including (without limitation)
repairers, suppliers, or providers of towage services or necessaries to the Vessel. 
 The Charterer shall carry a certified true
copy of this Charter with the Vessel’s papers on board the Vessel and undertakes that it shall, on demand, to exhibit the same to any person having business with the Charterer or the Vessel. 

The Charterer agrees to defend, indemnify and hold harmless the Owner against all claims, liens and encumbrances whatsoever and to
promptly remove any claims, liens or encumbrances that are at any time asserted against or imposed on the Vessel and which are alleged to have arisen at any time before or during the Charter Term. 

The Charterer further agrees to defend, indemnify and hold harmless the Owner against all loss, damage and cost resulting from any arrest,
capture, detention, restraint or other seizure of the Vessel and the consequences thereof or from acts of piracy, warlike operations or other hostile acts against or affecting the Vessel, whether there be a declaration of war or not, and against any
consequences of civil war, revolution, rebellion, insurrection or civil strife affecting the Vessel. 
 If the Vessel should be
arrested, captured, detained, restrained or otherwise seized the Charter will immediately notify the Owner in writing and, at the Charter’s cost and risk, take all such steps (whether by posting bail or otherwise) as may be required to procure
the immediate release of the Vessel. 

 Without prejudice to the Charterer’s responsibility for all claims, liens or
encumbrances arising out of the ownership or operation of the Vessel before the Charter Term and the chartering of the Vessel under this Charter, the Charterer shall not be responsible for any claims, liens or encumbrances asserted or imposed on the
Vessel in respect of any independent obligation or liability of the Owner which does not arise out of or by reason of or in connection with the chartering of the Vessel under this Charter. 

 

	8	Charterer’s Equipment 

The Charterer may fit additional equipment on the Vessel for use in connection with the Charterer’s operations provided that this is
done without any damage to the Vessel or any diminution in the value of the Vessel or any adverse effect on the Vessel’s classification or insurance status and further provided that no structural change may be made to the Vessel without the
Owner’s prior written consent. The Charterer may remove equipment installed by it before redelivery provided that it restores the Vessel to the same condition existing prior to installation of such equipment. The Charterer shall bear all cost
and risk of fitting, installation, removal and restoration works. 
  

	9	Assignment, Sub-charter 

The Charterer shall not sub-charter the Vessel on any basis whatsoever or sell, assign or transfer this Charter without the prior written
consent of the Owner which consent, in the free discretion of the Owner, may be withheld without the need to give any reason or may be granted subject to the imposition of such conditions as the Owner may require. 

 

	10	Taxes And Duties 

 The
Owner shall not be responsible for any transportation, use, sales, property or any other similar or dissimilar taxes or royalties levied or assessed by any taxing entity, foreign or domestic, in connection with this Charter, the Vessel or the
operation or use of the Vessel before or during the Charter Term or, to the extent applicable, for any U.S. Customs duties for repairs performed in non-U.S. shipyards, and all such taxes, duties and royalties shall be for the Charterer’s
account, and if any such are incurred, the Charterer shall promptly pay the same or defend, indemnify and hold harmless the Owner (if any have been levied or assessed against it). 

 

	11	Liability And Indemnity 

The Charterer assumes all risks whatsoever of liability for the Vessel and for the use and operation thereof, including (without
limitation) those arising from the use or release into the environment of hazardous substances, which shall include petroleum and used oil, or any other pollutant or contaminant, hazardous, dangerous or toxic waste, substance or material as defined
in the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended; the Resource Conservation and Recovery Act, as amended; the Toxic Substances Control Act, as amended; the Hazardous Materials Transportation Act, as
amended; the Oil Pollution Act of 1990; or any other statute, law, ordinance, code or regulation of any applicable governmental agency relating to or imposing liability or standards of conduct concerning the use, production, generation, treatment,
storage, recycling, handling, transportation, release, threatened 

 
release or disposal of any hazardous, dangerous or toxic waste, substance or material, currently in effect or at any time hereafter adopted during the Charter Term, and for injuries to or deaths
of persons and/or loss of or damage to property arising from or incident to such use or operation, whether such injuries or deaths involve the Charterer’s employees or others and whether such loss or damage involves property of the Charterer or
of others. 
 The Charterer shall defend, indemnify and hold harmless the Owner and every person, vessel and entity described in
Clause 14 against and from all loss, damage, liability, cost, including attorneys’ fees, arising from or in connection with such injury, death, loss or damage, however and whenever caused. 

 

	12	Quiet Enjoyment 

 Subject
always to its rights under Clause 13, the Owner warrants that it will not disturb, or permit any person claiming through the Owner to disturb, the Charterer’s quiet possession and enjoyment of the Vessel in accordance with this Charter.

  

	13	Termination 

 The Owner
shall be entitled to withdraw the Vessel from the Charterer’s service and/or to terminate this Charter, with immediate effect or at such later time as the Owner may select, if at any time during the Charter Term: 

 

	 	(i)	the Charterer shall fail to pay any Charter Hire on the relevant due date (as any due date may be modified by the operation of the Proviso to Part I, Clause 5), or any
other sum when payable to the Owner under this Charter, and the failure to pay is not remedied within [*] of the Charterer’s receipt of written notice from the Owner requesting payment; or 

 

	 	(ii)	the Charterer shall fail to perform or breach any other of its other obligations under this Charter which the Owner reasonably considers to be material, and the failure
to perform or the breach either is not remediable or is remediable but is not remedied within [*] of the Charterer’s receipt of written notice from the Owner requesting remedial action provided that any failure to perform or breach of
Charterer’s obligations with respect to insurance of the Vessel shall be remedied immediately and there shall be no grace period in relation thereto; or 

 

	 	(iii)	an order is made or effective resolution passed or other action taken for the suspension of payments or reorganisation, dissolution, termination of existence,
liquidation, winding-up or bankruptcy of the Charterer; or 

  

	 	(iv)	 there is any general readjustment or rescheduling of any obligations of the Charterer which the Owner reasonably considers to be material or there is
any moratorium in respect of any debts of the Charterer or any composition or any arrangement with creditors of the Charterer or any similar proceeding or other arrangement by which any substantial part of the assets of the Charterer is made subject
to the control of 

	 	 
its creditors provided that the occurrence of any of the foregoing in relation to NCL Corporation Ltd. (“NCLC”), the Charterer or any of NCLC’s other subsidiaries shall not
constitute a termination event under this paragraph (iv) if the terms of the readjustment, rescheduling, moratorium, composition, proceeding or (as the case may be) other arrangement have been previously approved in writing by GHK (hereinafter
defined); or 

  

	 	(v)	a liquidator, trustee, administrator, receiver, administrative receiver, manager or similar officer is appointed in respect of the Charterer or in respect of all or any
substantial part of the assets of the Charterer; or 

  

	 	(vi)	the Charterer 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; or 

  

	 	(vii)	any distress, execution, attachment or other process affects the whole or any substantial part of the assets of the Charterer and remains undischarged for a period of
30 days; or 

  

	 	(viii)	in any relevant jurisdiction any event occurs or any circumstance arises or any procedure is commenced which, in the reasonable opinion of the Owner, is analogous or
has a substantially similar effect to any of the events, circumstances or procedures referred to in paragraphs (iii) to (vii) above; or 

  

	 	(ix)	any default arises and is continuing under or in respect of any agreement, document or obligation to which the Charterer is party (or by which it is bound) which the
Owner reasonably considers to be material; 

  

	 	(x)	in any relevant jurisdiction any event occurs or any circumstance arises or any procedure is commenced with respect to NCLC or any of its subsidiaries which, in the
reasonable opinion of the Owner, is analogous or has a substantially similar effect to any of the events, circumstances or procedures referred to in any of paragraphs (iii) to (vii) or (ix) above; or 

 

	 	(xi)	the Vessel is arrested, captured, detained, restrained or otherwise seized (other than for reasons solely attributable to the Owner) and such arrest or detention is not
released within such period as the Owner (in its discretion) may allow. 

 At any time after the occurrence of any
of the circumstances or events referred to in paragraphs (i) to (xi) above, the Owner may, by notice to the Charterer immediately, or on such date as the Owner may specify, withdraw the Vessel from the Charterer’s service and/or
terminate this Charter and take possession of the Vessel wherever the same may be located, whether upon the high seas or in any port, harbour or other place. For these purposes the Owner may, without prior demand or the need for any legal process or
order, enter upon any place where the Vessel is located in order to take possession of the Vessel. 

 Upon the Owner’s notice of termination of this Charter pursuant to Paragraph 13 of the
Charter, the Charterer shall become obliged to pay to the Owner (a) all Charter Hire due and payable but unpaid as of the termination date; (b) any sums, other than Charter Hire, due and payable but unpaid as of the termination date; and
(c) all instalment of Charter Hire that would otherwise have fallen due for payment under this Charter if the applicable Charter Term had continued until expiry, subject to the Owner’s duty to mitigate. For the avoidance of doubt and
subject to the Owner’s duty to mitigate, should there be a termination event pursuant to this paragraph 13 and such event occurs:- 
  

	 	(i)	during the Initial term, the Charterer shall be obliged to pay all Charter Hire up to [*] only; 

 

	 	(ii)	during the First Extension Term, the Charterer shall be obliged to pay all Charter Hire up to [*] only; 

 

	 	(iii)	during the Second Extension Term, the Charter shall be obliged to pay all Charter Hire up to [*] only. 

Either Party may terminate this Charter following the total loss of the Vessel subject and without prejudice to the Charterer’s
obligation and liability to pay the agreed total loss value to the Owner and any other sums due to the Owner under this Charter but not paid as of the date of termination of this Charter. 

 

	14	Extension Of Benefits And Limitation Of Liability 

 All defences, indemnities, immunities, limits of liability or other benefits granted or provided by this Charter or by any applicable statute to or for the benefit of the Owner or the Charterer, as the
case may be, shall also apply to and for the benefit of: 
  

	 	(i)	the Vessel and to the Master, officers and crew of the Vessel; 

  

	 	(ii)	all affiliates, parents, subsidiaries and shareholders of the Owner or the Charterer, as the case may be, and any vessels or other assets of any of the same;

  

	 	(iii)	all directors, officers, employees and servants of any of the foregoing. 

  

	15	Law And Jurisdiction 

This Charter shall be governed by and construed in accordance with English law and any dispute or claim arising under, out of or in
connection with this Charter which is not amicably settled by the Parties shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to
give effect to this Clause. The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association Terms current at the time when the arbitration proceedings are commenced. The reference shall be to a panel of three
arbitrators, unless the Parties can agree on a single arbitrator, no member of which shall have any interest in or with any of the Parties. A Party wishing to refer a dispute to arbitration shall appoint its arbitrator and send written notice of
such appointment to 

 
the other Party requiring the other Party to appoint its arbitrator within 14 days of that notice and stating that it will appoint its own arbitrator as sole arbitrator unless the other Party
appoints its arbitrator within the 14 days so specified. If the other Party does not appoint its own arbitrator and give written notice to the other Party that that it has done so within the 14 days specified, the Party referring the dispute may,
without the need for any further notice to the other Party, appoint its arbitrator as the sole arbitrator and shall notify the other Party in writing accordingly. The award of a sole arbitrator shall be binding on both Parties as if he had been
appointed by agreement. In the event of either Party using an attorney or attorneys, the prevailing Party shall be entitled to receive payment of all reasonable and properly documented legal costs and expenses. 

 

	16	Notices 

 All notices and
other communications required or permitted hereunder shall be in writing, shall be deemed duly given upon actual receipt, and shall be delivered (i) in person, (ii) by registered or certified mail (air mail if addressed to an address
outside of the country in which mailed), postage prepaid, return receipt requested, (iii) by a generally recognized overnight courier service which provides written acknowledgment by the addressee of receipt, or (iv) by facsimile or other
generally accepted means of electronic transmission, addressed as set forth below or to such other addresses as may be specified by like notice to the other Party: 
 If to the Charterer: 
 c/o Norwegian Cruise Line 

7665 Corporate Center Drive 
 Miami, Florida 33126 
 Fax: +1 (305) 436-4113 

Attn: Chief Executive Officer 
 With a copy to General Counsel at the same address and fax: +1 305 436 4117. 

If to the Owner: 

c/o Genting Hong Kong Limited (“GHK”) 
 Suite 1501, Ocean Centre 
 5 Canton Road, Tsimshatsui 

Kowloon, Hong Kong 
 Fax: +852 226 854 82 
 Attn: Chief Operating Officer 

With a copy to Senior Vice President – Legal, Company Secretarial & Compliance at the same address and fax number
+ 852 226 854 51. 
  

	17	General Provisions 

 Each
payment to be made by a Party under this Charter shall be made without any set-off, counterclaim or deduction. 
 The English law
principles of mitigation shall apply in the event of any breach of this Charter. 

 No modification of any provision of this Charter shall be effective unless recorded in
writing and signed by a duly authorised officer or attorney-in-fact of both Parties. 
 This Charter represents the final and
complete agreement of the Parties with respect to the subject written hereof. All prior written and oral agreements and understandings with respect to such subject matter are superseded by this Charter 

Section headings in this Charter are for reference purposes only and shall not be used to construe any provision of this Charter.

  

	18	Confidentiality 

 All
information about either Party or any of their respective parent, subsidiary, affiliated, related or joint venture companies, customers, operations and the like, shall be treated as “Confidential Information” by the other Party and such
Party will not disclose same without the prior written consent of the other Party during or after expiry of the Charter Term of and after the expiration or termination of this Charter. Both Parties shall also consider the terms and conditions of
this Charter to also be Confidential Information, provided, however, it is expressly agreed that nothing in this Clause shall prohibit either Party from disclosing this Charter to its financiers or legal advisers nor shall it prohibit either Party
or NCLC or GHK from disclosing any Confidential Information that it is required to disclose by law or the rules or regulations of any stock exchange or similar body. 
 With respect to Confidential Information received by a Party such Confidential Information: (i) shall be held in confidence and protected in accordance with the security measures with which such
Party protects its own proprietary or confidential information which it does not wish to disclose; (ii) shall be used by such Party only to perform its responsibilities, including, without limitation, the services pursuant to this Charter;
(iii) shall not be produced or copied, in whole or in part, except as necessary for its authorized use under this Charter; (iv) shall be returned to the other Party upon request, or destroyed, together with all copies, when it is no longer
needed or upon termination or expiration of this Charter; and (v) shall not be provided to any third parties except upon the prior written consent of the other Party. 
 End of PART II 

 Appendix 1 
 Sky Charter / Purchase Calculation 
  

							
	A	  	B	  	C	  	D
	  	  	 Purchase
Price
	  	 Interest
	  	 Charter
Payment

	[*]

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