Document:

EX-10.3

 Exhibit 10.3 
 [*]: 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 1 JUNE 2012 
 PRIDE OF HAWAII, LLC 
 (as borrower) 

NCL CORPORATION LTD. 
 (as guarantor) 
 NCL (BAHAMAS) LTD. 

(as bareboat charterer) 
 NCL AMERICA HOLDINGS, LLC 
 (as shareholder) 

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

 HSBC BANK PLC 
 (as agent) 
 COMMERZBANK AKTIENGESELLSCHAFT 

(as Hermes agent) 
 HSBC BANK PLC 
 (as trustee) 

 
  

TENTH SUPPLEMENTAL DEED IN RELATION TO 
 (AMONG OTHER THINGS) SECURED LOAN AGREEMENT 
 dated 20 April 2004 (as
previously amended and/or restated) 
 for the equivalent amount in United States Dollars and/or Euro 

of up to EUR308,130,000 
 pre- and post delivery finance for 
 “NORWEGIAN JADE”

  
  

 
 

 

 CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 1
	 	 Definitions and Construction
	  	 	2	  
			
	 2
	 	 Amendment and/or Restatement of Original Loan Agreement, Original Guarantee and Other Security Documents
	  	 	3	  
			
	 3
	 	 Conditions Precedent
	  	 	4	  
			
	 4
	 	 Representations and Warranties
	  	 	6	  
			
	 5
	 	 Fee and Expenses
	  	 	7	  
			
	 6
	 	 Further Assurance
	  	 	8	  
			
	 7
	 	 Counterparts
	  	 	8	  
			
	 8
	 	 Notices
	  	 	8	  
			
	 9
	 	 Governing Law
	  	 	9	  
			
	 10
	 	 Jurisdiction
	  	 	9	  
			
	 Schedule 1
	 	 The Agent, the Hermes Agent, the Trustee, the Restructuring Trustee and the Lenders
	  	 	15	  
			
	 Schedule 2
	 	 Loan Agreement
	  	 	18	  
			
	 Schedule 3
	 	 Guarantee
	  	 	19	  

 TENTH SUPPLEMENTAL DEED 
 DATED 1 JUNE 2012 
 BETWEEN: 

 

	(1)	PRIDE OF HAWAII, LLC (formerly known as Ship Ventures Inc. and Pride of Hawaii, Inc.), of Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware
19801, United States of America as borrower (the “Borrower”); 

  

	(2)	NCL CORPORATION LTD., a company incorporated under the laws of Bermuda and having its registered office at Cumberland House, 9th Floor, 1 Victoria Street,
Hamilton HM 11, Bermuda as guarantor (the “Guarantor”); 

  

	(3)	NCL AMERICA HOLDINGS LLC (formerly known as NCL America Holdings, Inc.), of Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801, United
States of America as shareholder (the “Shareholder”); 

  

	(4)	NCL (BAHAMAS) LTD., a company incorporated under the laws of Bermuda and having its registered office at Cumberland House, 9th Floor, 1 Victoria Street, Hamilton
HM 11, Bermuda as bareboat charterer (the “Bareboat Charterer”); 

  

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

  

	(6)	HSBC BANK PLC of 8 Canada Square, London E14 5HQ as agent (the “Agent”); 

 

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

  

	(8)	HSBC BANK PLC of 8 Canada Square, London E14 5HQ as trustee for itself and the Lenders (as hereinafter defined) (the “Trustee”).

 WHEREAS: 
  

	(A)	By a loan agreement dated 20 April 2004 as amended and/or restated by a first supplemental deed thereto dated 25 October 2004, a second supplemental deed
thereto dated as of 30 September 2005, a third supplemental deed thereto dated 13 November 2006, a fourth supplemental deed thereto dated 21 December 2007, a fifth supplemental deed thereto dated 10 February 2008, a sixth
supplemental deed thereto dated 2 April 2009, a seventh supplemental deed thereto dated 19 October 2009, an eighth supplemental deed thereto dated 22 July 2010 and a ninth supplemental deed thereto dated 18 November 2010 entered
into between the Borrower as borrower, the Lenders as lenders, the Agent as agent for (among others) the Lenders, the Hermes Agent as agent for (among others) the Lenders and the Trustee as trustee for (among others) the Lenders (together the
“Original Loan Agreement”), the Lenders granted to the Borrower a secured loan in the Equivalent Amount of up to three hundred and eight million one hundred and thirty thousand Euros (EUR308,130,000) (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 (among other things) a guarantee and indemnity dated 20 April 2004 granted by the Guarantor as amended and/or restated by the said second supplemental deed dated as of 30 September 2005, the said third supplemental deed
dated 13 November 2006, the said fourth supplemental deed dated 21 December 2007 and the said sixth supplemental deed dated 2 April 2009 (together the “Original Guarantee”). 

	(B)	Each of the Borrower and the Guarantor has requested the consent of the Lenders, the Agent, the Hermes Agent and the Trustee to (i) the purchase of the vessel [*]
(the “Sky Vessel”) from [*] (the “Sky Vessel Seller”) for an amount of up to [*] (the “Sky Vessel Purchase Price”) and the amendment of each of the Original Facility Agreement and the Original
Guarantee to permit the purchase of [*] other vessels in addition to the Sky Vessel and after the cancellation, prepayment and/or repayment of the Total Delayed Principal Amount, to remove the restriction on purchasing vessels (ii) amend the
restrictions in each of the Original Facility Agreement and the Original Guarantee on incurring Permitted Indebtedness to allow for the acquisition of the Sky Vessel and such [*] other vessels and utilisation of an amount of up to [*] for general
corporate purposes and, after the cancellation, prepayment and/or repayment of the Total Delayed Principal Amount, to remove such restrictions (iii) amend each of the Original Facility Agreement and the Original Guarantee to exempt the
indebtedness incurred for financing the Sky Vessel from the subordination arrangements in respect of Indebtedness for Borrowed Money and (iv) amend clause 15 (Hedging) of the Original Guarantee to remove the restriction on hedging
counterparties. 

  

	(C)	The consent of the Lenders, the Agent, the Hermes Agent and the Trustee is given in respect of the above matters on the terms of this tenth 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: 

 “Fourth Restatement 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 and restated by this Deed and as set out in Schedule 3; 

“Loan Agreement” means the Original Loan Agreement as amended and restated by this Deed and as set out in Schedule 2;

 “New Process Agent” means EC3 Services Limited whose registered office is presently at The St Botolph
Building, 138 Houndsditch, London EC3A 7AR; 
 “Sky Vessel Purchase Price Terms” means the terms on which the
Sky Vessel Purchase Price (and interest thereon and other fees, costs and expenses) will be payable by [*] to the Sky Vessel Seller for the Sky Vessel as reflected by the agreement referred to in Clause 3.1.3; and 

  
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 “Total Sky Vessel and Breakaway 3 Prepayment Amount” means [*].

  

	 	1.2	The provisions of clauses 1.2, 1.3 and 17.11 of the Loan Agreement shall apply hereto (mutatis mutandis). 

 

	2	Amendment and/or Restatement 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 Fourth Restatement Date the Original Loan Agreement shall be amended and
restated to read in accordance with the amended and restated facility agreement as set out in Schedule 2 and (as so amended and restated) will continue to be binding upon each of the parties thereto in accordance with its terms as so amended and
restated. 

  

	 	2.2	Subject to Clause 3.1, the Guarantor and the Trustee agree that immediately upon and with effect from the Fourth Restatement Date the Original Guarantee shall be
amended and restated to read in accordance with the amended and restated guarantee as set out in Schedule 3 and (as so amended and restated) will continue to be binding upon each of the parties thereto in accordance with its terms as so amended and
restated. 

  

	 	2.3	Each of the Borrower, the Guarantor, the Shareholder and the Bareboat Charterer hereby confirms to the Lenders, the Agent, the Hermes Agent and the Trustee that with
effect from the Fourth Restatement Date: 

  

	 	2.3.1	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; 

 

	 	2.3.2	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; 

  

	 	2.3.3	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 and in particular but without limitation by the granting of time to the Borrower under the Original Loan Agreement; and 

 

	 	2.3.4	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. 

  

	 	2.4	The Bareboat Charterer hereby acknowledges and, to the extent necessary, agrees to comply with the terms of clause 16 (Exceptional Prepayments) of the Guarantee.

  
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	 	2.5	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, the Shareholder, the Bareboat Charterer or any other Obligor from any of its respective obligations under any such documents. 

 

	3	Conditions Precedent 

  

	 	3.1	The amendment and restatement of each 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	prior to the date of this Deed, an updated integrated financial model for the NCLC Group for the period until 31 December 2017 reflecting the Sky Vessel Purchase
Price Terms and the anticipated cost of acquisition of Breakaway 3 and Breakaway 4 (as each such term will be defined in the Loan Agreement) which is hereby agreed to have been satisfied by the financial model for the NCLC Group first delivered at
the bankers’ meeting in London on 4 April 2012 and subsequently distributed by the Guarantor by email; 

  

	 	3.1.2	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, the Guarantor, the Shareholder, the Bareboat Charterer and the owners of
the Hermes Vessels other than the Borrower (together the “Relevant Parties”) as agent for service of process in England in respect of this Deed; 

 

	 	(c)	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;

  

	 	(d)	the following corporate documents in respect of each of 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

  
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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 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 members or 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 3.1.2(d)(ii) and attaching copies of resolutions passed at duly convened meetings of the directors and, if required by the Agent, the members or
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; 

 

	 	3.1.3	a Certified Copy of any sale and purchase agreement or memorandum of agreement evidencing the terms for the sale of the Sky Vessel by the Sky Vessel Seller to Norwegian
Sky, Ltd. or another member of the NCLC Group for the Sky Vessel Purchase Price on the Sky Vessel Purchase Price Terms which agreement shall be in form and substance satisfactory to the Agent if it is in the form provided to the Agent on 21 May
2012; 

  

	 	3.1.4	a Certified Copy of a confirmation in respect of each of the Hermes Vessel Owner Second Guarantees duly executed by the owners of the Hermes Vessels other than the
Borrower; 

  

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

  
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	 	3.1.6	confirmation from Hermes that, in relation to the Hermes Cover, they have noted the requests of the Borrower and the Guarantor set out in recital (B) and agree
that consent to such requests may be given on the conditions set out in recital (B); 

  

	 	3.1.7	evidence that the Cash Sweep Credit Facilities have been cancelled and/or prepaid pro rata based on the Maximum Amount of the Delayed Principal Amount (as defined in
the facility agreement for each Cash Sweep Credit Facility) for each Cash Sweep Credit Facility (or, if applicable, tranche thereof) by the Total Sky Vessel and Breakaway 3 Prepayment Amount; and 

 

	 	3.1.8	agreement to the issue of such favourable written legal opinions including in respect of Bermuda, the Isle of Man, Delaware and the United States of America and 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 Fourth Restatement Date (subject to Clause 3.2). 

 

	 	3.2	If the Lenders, the Agent, the Hermes Agent and the Trustee, acting unanimously, decide (or the Agent in accordance with the Agency and Trust Deed decides) to permit
the amendment and restatement of the Original Loan Agreement and the Original Guarantee hereby without the Agent 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 Fourth Restatement Date (or such other period as the Agent may stipulate) and the amendment and restatement 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, the Hermes Agent, the Trustee or the Lenders any obligation to permit the
amendment and restatement in the absence of such documents or evidence. 

  

	4	Representations and Warranties 

  

	 	4.1	Each of the Borrower, the Guarantor, the Shareholder and the Bareboat Charterer represents and warrants to the Lenders, the Agent, the Hermes Agent and the Trustee
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 

  
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	 	(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 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 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 

 

	 	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, the Hermes Agent and/or the Trustee 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 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 NCLC Group shall only be entitled to receive one (1) such fee of [*]. Notwithstanding any provision of this Deed, the Original Loan Agreement, the Loan Agreement or the
Agency and Trust Deed to the contrary, no Lender shall be required to share with the other Lenders, the Agent, the Hermes Agent and/or the Trustee any such handling/work fee received. 

 

	 	5.2	The Borrower and the Guarantor jointly and severally undertake to reimburse the Agent, the Hermes Agent and the Trustee on demand of the Agent 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) incurred by the Agent, the Hermes Agent and/or the Trustee 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 Guarantors jointly and severally undertake to reimburse the Agent, the Trustee, the Hermes Agent and the Lenders on demand of the
Agent on 

  
 7 

	 	
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, the Trustee, the Hermes Agent and/or the Lenders in respect of, or in connection with the enforcement of, or the preservation of any rights under this Deed. 

 

	6	Further Assurance 

 Each
of the Borrower, the Guarantor, the Shareholder and the Bareboat Charterer 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 Hermes Agent may reasonably consider necessary for giving full effect to this Deed or any of the documents contemplated hereby or securing to the Lenders, the Agent, the Hermes
Agent and/or the Trustee the full benefit of the rights, powers and remedies conferred upon the Lenders, the Agent, the Hermes Agent and/or 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, the Guarantor, the Shareholder and/or the Bareboat Charterer
pursuant to this Deed shall (unless the Borrower, the Guarantor, the Shareholder or the Bareboat Charterer has by fifteen (15) days’ written notice to the Agent specified another address) be made or delivered to the Borrower, the
Guarantor, the Shareholder and/or the Bareboat Charterer at c/o/ 7665 Corporate Center Drive, Miami, Florida 33126, United States 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, the Guarantor, the Shareholder or the Bareboat Charterer pursuant to this Deed shall (unless the Agent, the Hermes Agent or the Trustee has by fifteen (15) days’ written notice to the Borrower, the
Guarantor, the Shareholder or the Bareboat Charterer specified another address) be made or delivered to the Agent, the Hermes Agent or 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, the Guarantor, the Shareholder and the Bareboat Charterer 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 the case of the Agent, the Hermes Agent or 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 Agent, the Hermes Agent or the Trustee by

  
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the Borrower, the Guarantor, the Shareholder or the Bareboat Charterer shall be signed by the person or persons authorised in writing by the Borrower, the Guarantor, the Shareholder or the
Bareboat Charterer (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, the Hermes Agent or the Trustee to the Borrower, the Guarantor, the Shareholder and the Bareboat Charterer. 

 

	 	8.3	The provisions of clauses 18.1, 18.4 and 18.5 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 Lenders,
the Agent, the Hermes Agent and 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. 
  

	 	10.2	None of the Borrower, the Guarantor, the Shareholder or the Bareboat Charterer 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, the Guarantor, the Shareholder and/or the Bareboat Charterer (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, the Guarantor’s, the Shareholder’s and/or the Bareboat Charterer’s (as the case may be) process agent with unconditional authority to receive and
acknowledge service on behalf of the Borrower, the Guarantor, the Shareholder and/or the Bareboat Charterer of all process or other documents connected with proceedings in the English courts which relate to this Deed. 

 

	 	10.3	 For the purpose of securing its obligations under Clause 10.2, each of the Borrower, the Guarantor, the Shareholder and the Bareboat Charterer
irrevocably agrees that, if it for any reason fails to appoint a process agent within the period specified in Clause 10.2, the Agent may appoint any person (including a company controlled by

  
 9 

	 	
or associated with the Agent or any Lender) to act as the Borrower’s, the Guarantor’s, the Shareholder’s or the Bareboat Charterer’s (as the case may be) process agent in
England with the unconditional authority described in Clause 10.2. 

  

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

  

	 	10.5	Each of the Borrower, the Guarantor, the Shareholder and the Bareboat Charterer 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. 

  

	 	10.6	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, the Guarantor, the Shareholder
and/or the Bareboat Charterer (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, the Lenders, the Hermes Agent or 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. 

 

	 	10.8	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 and year first
before written. 
  

					
	SIGNED SEALED and DELIVERED as a DEED	  	)	 	
	by Micha Withoft	  	)	 	
	Attorney-in-Fact	  	)	 	/s/ Micha Withoft
	for and on behalf of	  	)	 	
	PRIDE OF HAWAII, LLC	  	)	 	
	in the presence of: /s/ Anthony Pitt	  	)	 	
	Anthony Pitt	  		 	
	Trainee Solicitor	  		 	
	Stephenson Harwood LLP	  		 	
	1 Finsbury Circus	  		 	
	London EC2M 7SH	  		 	

  
 10 

					
	SIGNED SEALED and DELIVERED as a DEED	  	)	 	
	by Micha Withoft	  	)	 	
	Attorney-in-Fact	  	)	 	/s/ Micha Withoft
	for and on behalf of	  	)	 	
	NCL CORPORATION LTD.	  	)	 	
	in the presence of: /s/ Anthony Pitt	  	)	 	
	Anthony Pitt	  		 	
	Trainee Solicitor	  		 	
	Stephenson Harwood LLP	  		 	
	1 Finsbury Circus	  		 	
	London EC2M 7SH	  		 	
			
	SIGNED SEALED and DELIVERED as a DEED	  	)	 	
	by Micha Withoft	  	)	 	
	Attorney-in-Fact	  	)	 	/s/ Micha Withoft
	for and on behalf of	  	)	 	
	NCL (BAHAMAS) LTD.	  	)	 	
	in the presence of: /s/ Anthony Pitt	  	)	 	
	Anthony Pitt	  		 	
	Trainee Solicitor	  		 	
	Stephenson Harwood LLP	  		 	
	1 Finsbury Circus	  		 	
	London EC2M 7SH	  		 	
			
	SIGNED SEALED and DELIVERED as a DEED	  	)	 	
	by Micha Withoft	  	)	 	
	Attorney-in-Fact	  	)	 	/s/ Micha Withoft
	for and on behalf of	  	)	 	
	NCL AMERICA HOLDINGS, LLC	  	)	 	
	in the presence of: /s/ Anthony Pitt	  	)	 	
	Anthony Pitt	  		 	
	Trainee Solicitor	  		 	
	Stephenson Harwood LLP	  		 	
	1 Finsbury Circus	  		 	
	London EC2M 7SH	  		 	

  
 11 

					
	SIGNED SEALED and DELIVERED as a DEED	  	)	 	
	by Jennifer Ashford	  	)	 	
	Attorney-in-Fact	  	)	 	/s/ Jennifer Ashford
	for and on behalf of	  	)	 	
	COMMERZBANK AKTIENGESELLSCHAFT	  	)	 	
	as a Lender	  	)	 	
	in the presence of: /s/ Anthony Pitt	  	)	 	
	Anthony Pitt	  		 	
	Trainee Solicitor	  		 	
	Stephenson Harwood LLP	  		 	
	1 Finsbury Circus	  		 	
	London EC2M 7SH	  		 	
			
	SIGNED SEALED and DELIVERED as a DEED	  	)	 	
	by Jennifer Ashford	  	)	 	
	Attorney-in-Fact	  	)	 	/s/ Jennifer Ashford
	for and on behalf of	  	)	 	
	KFW	  	)	 	
	in the presence of: /s/ Anthony Pitt	  	)	 	
	Anthony Pitt	  		 	
	Trainee Solicitor	  		 	
	Stephenson Harwood LLP	  		 	
	1 Finsbury Circus	  		 	
	London EC2M 7SH	  		 	
			
	SIGNED SEALED and DELIVERED as a DEED	  	)	 	
	by Jennifer Ashford	  	)	 	
	Attorney-in-Fact	  	)	 	/s/ Jennifer Ashford
	for and on behalf of	  	)	 	
	DNB BANK ASA	  	)	 	
	in the presence of: /s/ Anthony Pitt	  	)	 	
	Anthony Pitt	  		 	
	Trainee Solicitor	  		 	
	Stephenson Harwood LLP	  		 	
	1 Finsbury Circus	  		 	
	London EC2M 7SH	  		 	

  
 12 

					
	SIGNED SEALED and DELIVERED as a DEED	  	)	 	
	by Jennifer Ashford	  	)	 	
	Attorney-in-Fact	  	)	 	/s/ Jennifer Ashford
	for and on behalf of	  	)	 	
	NORDDEUTSCHE LANDESBANK	  	)	 	
	GIROZENTRALE	  	)	 	
	in the presence of: /s/ Anthony Pitt	  	)	 	
	Anthony Pitt	  		 	
	Trainee Solicitor	  		 	
	Stephenson Harwood LLP	  		 	
	1 Finsbury Circus	  		 	
	London EC2M 7SH	  		 	
			
	SIGNED SEALED and DELIVERED as a DEED	  	)	 	
	by Jennifer Ashford	  	)	 	
	Attorney-in-Fact	  	)	 	/s/ Jennifer Ashford
	for and on behalf of	  	)	 	
	CREDIT AGRICOLE CORPORATE AND	  	)	 	
	INVESTMENT BANK	  	)	 	
	in the presence of: /s/ Anthony Pitt	  	)	 	
	Anthony Pitt	  		 	
	Trainee Solicitor	  		 	
	Stephenson Harwood LLP	  		 	
	1 Finsbury Circus	  		 	
	London EC2M 7SH	  		 	
			
	SIGNED SEALED and DELIVERED as a DEED	  	)	 	
	by Jennifer Ashford	  	)	 	
	Attorney-in-Fact	  	)	 	/s/ Jennifer Ashford
	for and on behalf of	  	)	 	
	HSBC BANK PLC	  	)	 	
	as the Agent, the Trustee and a Lender	  	)	 	
	in the presence of: /s/ Anthony Pitt	  	)	 	
	Anthony Pitt	  		 	
	Trainee Solicitor	  		 	
	Stephenson Harwood LLP	  		 	
	1 Finsbury Circus	  		 	
	London EC2M 7SH	  		 	

  
 13 

					
	SIGNED SEALED and DELIVERED as a DEED	  	)	 	
	by Jennifer Ashford	  	)	 	
	Attorney-in-Fact	  	)	 	/s/ Jennifer Ashford
	for and on behalf of	  	)	 	
	COMMERZBANK AKTIENGESELLSCHAFT	  	)	 	
	as the Hermes Agent	  	)	 	
	in the presence of: /s/ Anthony Pitt	  	)	 	
	Anthony Pitt	  		 	
	Trainee Solicitor	  		 	
	Stephenson Harwood LLP	  		 	
	1 Finsbury Circus	  		 	
	London EC2M 7SH	  		 	

  
 14 

 Schedule 1 
 The Agent, the Hermes Agent, the Trustee, the Restructuring Trustee and the 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 Colin J Cuffie/Ms Isabel Olembo
	Email:	 	colin.j.cuffie@hsbcib.com/isabel.olembo@hsbc.com

 Hermes Agent 
 COMMERZBANK 
 AKTIENGESELLSCHAFT 

Corporate Banking 
 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 Colin J Cuffie/Ms Isabel Olembo
	Email:	 	colin.j.cuffie@hsbcib.com/isabel.olembo@hsbc.com

  
 15 

 Restructuring Trustee 
 DNB BANK ASA 
 Stranden 21 
 NO-0021 Oslo 
 Norway 

 

			
	Fax:	 	+47 22 48 28 94
	Attn:	 	Ms Marie Therese Zwilgmeyer
	Email:	 	creditmiddleoffice@dnb.no

  

			
		  	Percentage
	Lenders	  	Contribution
		
	COMMERZBANK AKTIENGESELLSCHAFT	  	19.186666671378
	Domstrasse 18	  	
	20095 Hamburg	  	
	Germany	  	

  

			
	Fax:	 	+49 40 37699 649
	Attn:	 	Mr Marcus Weber/Mr Fabian Francke
	Email:	 	shipfinance@commerzbank.com/
		 	marcus.weber@commerzbank.com/
		 	fabian.francke@commerzbank.com

  

			
	HSBC BANK PLC	  	34.276666664833
	Project and Export Finance	  	
	8 Canada Square	  	
	London E14 5HQ	  	

  

			
	Fax:	 	+44 (0)20 7992 4428
	Attn:	 	Mr Colin J Cuffie/Ms Isabel Olembo
	Email:	 	colin.j.cuffie@hsbcib.com/isabel.olembo@hsbc.com

 

			
	KFW	  	19.186666665053
	Palmengartenstrasse 5-9	  	
	60325 Frankfurt am Main	  	
	Federal Republic of Germany	  	

  

			
	Fax:	 	+49 69 7431 3768/2944
	Attn:	 	Mr Josef Schmid/Ms Claudia Wenzel
	Email:	 	josef.schmid@kfw.de/claudia.wenzel@kfw.de

  
 16 

			
	DNB BANK ASA	  	15.099999997678
	Stranden 21	  	
	NO-0021 Oslo	  	
	Norway	  	

  

			
	Fax:	 	+47 22 482894
	Attn:	 	Mrs Amra Koluder (credit matters)
	Email:	 	amra.koluder@dnb.no
	Attn:	 	Ms Marie Therese Zwilgmeyer (administration matters)
	Email:	 	creditmiddleoffice@dnb.no

  

			
	NORDDEUTSCHE LANDESBANK GIROZENTRALE	  	7.750000002735
	Friedrichswall 10	  	
	30159 Hannover	  	
	Federal Republic of Germany	  	

  

			
	Fax:	 	+49 511 361 4785
	Attn:	 	Ship and Aircraft Department – International
		 	Shipping Group
	Email:	 	shipping@nordlb.de

  

			
	CREDIT AGRICOLE CORPORATE	  	4.499999998323
	AND INVESTMENT BANK	  	
	Taunusanlage 14	  	
	60325 Frankfurt am Main	  	
	Federal Republic of Germany	  	

  

			
	Fax:	 	+49 69 74221 197
	Attn:	 	Mrs Petra Biller
	Email:	 	petra.biller@ca-cib.com

 with a copy to: 
 CREDIT AGRICOLE ASIA SHIPFINANCE LIMITED 

 

			
	Fax:	 	+852 2868 1448
	Attn:	 	Mr Terence Yuen/Ms Iris Lai
	Email:	 	terence.yuen@ca-cib.com/iris.lai@ca-cib.com

  
 17 

 Schedule 2 
 Loan Agreement 

  
 18 

 DATED 20 APRIL 2004 

PRIDE OF HAWAII, LLC 
 (formerly known as Ship Ventures Inc. and Pride of Hawaii, Inc.) 
 (as
borrower) 
 COMMERZBANK AKTIENGESELLSCHAFT 
 Hamburg Branch 
 HSBC BANK PLC 

KfW 
 DNB
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 €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 

AS AMENDED AND RESTATED PURSUANT TO 
 A SUPPLEMENTAL DEED 
 DATED
             2012 
  

 
  

 

 CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
			
	 1
	 	 Definitions and Construction
	  	 	1	  
		 	 1.1
	  	 Definitions
	  	 	1	  
		 	 1.2
	  	 Construction
	  	 	27	  
		 	 1.3
	  	 Agent, Hermes Agent and Trustee
	  	 	28	  
			
	 2
	 	 The Facility
	  	 	28	  
		 	 2.1
	  	 Availability
	  	 	28	  
		 	 2.2
	  	 Purpose and Application
	  	 	29	  
		 	 2.3
	  	 Drawdown
	  	 	29	  
		 	 2.4
	  	 Payment of Portions
	  	 	30	  
		 	 2.5
	  	 Currency Option
	  	 	31	  
		 	 2.6
	  	 Break costs on failure to draw
	  	 	32	  
		 	 2.7
	  	 Conditions of drawdown
	  	 	32	  
		 	 2.8
	  	 Several obligations of the Lenders
	  	 	32	  
		 	 2.9
	  	 Lender’s failure to perform
	  	 	32	  
		 	 2.10
	  	 Fulfilment of conditions after drawdown
	  	 	32	  
			
	 3
	 	 Repayment
	  	 	33	  
			
	 4
	 	 Prepayment
	  	 	33	  
		 	 4.1
	  	 Voluntary prepayment
	  	 	33	  
		 	 4.2
	  	 Voluntary prepayment in case of increased cost
	  	 	33	  
		 	 4.3
	  	 Mandatory prepayment in case of illegality
	  	 	33	  
		 	 4.4
	  	 Voluntary prepayment following imposition of Substitute Basis
	  	 	34	  
		 	 4.5
	  	 Prepayment in case of Total Loss of the Vessel
	  	 	34	  
		 	 4.6
	  	 Prepayment in case of sale of the Vessel
	  	 	35	  
		 	 4.7
	  	 Effect of prepayment
	  	 	35	  
		 	 4.8
	  	 Break costs on prepayment
	  	 	35	  
		 	 4.9
	  	 Mandatory prepayment in case of cash sweep or special liquidity
	  	 	36	  
		 	 4.10
	  	 No prepayment
	  	 	36	  
			
	 5
	 	 Interest
	  	 	37	  
		 	 5.1
	  	 Payment of interest prior to the Termination Date
	  	 	37	  
		 	 5.2
	  	 Payment of interest from the Termination Date
	  	 	37	  
		 	 5.3
	  	 Selection and duration of Pre-Delivery Interest Periods and Interest Periods
	  	 	37	  
		 	 5.4
	  	 Conversion
	  	 	38	  
		 	 5.5
	  	 Fixed Rate
	  	 	39	  
		 	 5.6
	  	 Break costs in relation to Conversion
	  	 	39	  
		 	 5.7
	  	 No notice and unavailability
	  	 	40	  
		 	 5.8
	  	 Separate Interest Periods for Instalments
	  	 	40	  
		 	 5.9
	  	 Extension and shortening of Pre-Delivery Interest Periods or Interest Periods
	  	 	40	  
		 	 5.10
	  	 Applicable Interest Rate
	  	 	40	  
		 	 5.11
	  	 Bank basis
	  	 	41	  
		 	 5.12
	  	 Default interest
	  	 	41	  

									
	 6
	 	 Substitute Basis of Funding
	  	 	41	  
		 	 6.1
	  	 Absence of quotations
	  	 	41	  
		 	 6.2
	  	 Market disruption
	  	 	42	  
		 	 6.3
	  	 Substitute basis of interest or funding
	  	 	42	  
		 	 6.4
	  	 Review
	  	 	42	  
			
	 7
	 	 Payments
	  	 	43	  
		 	 7.1
	  	 Place for payment
	  	 	43	  
		 	 7.2
	  	 Deductions and grossing-up
	  	 	43	  
		 	 7.3
	  	 Production of receipts for Taxes
	  	 	44	  
		 	 7.4
	  	 Money of account
	  	 	45	  
		 	 7.5
	  	 Accounts
	  	 	45	  
		 	 7.6
	  	 Earnings
	  	 	46	  
		 	 7.7
	  	 Continuing security
	  	 	46	  
			
	 8
	 	 Yield Protection and Force Majeure
	  	 	46	  
		 	 8.1
	  	 Increased costs
	  	 	46	  
		 	 8.2
	  	 Force Majeure
	  	 	47	  
			
	 9
	 	 Representations and Warranties
	  	 	48	  
		 	 9.1
	  	 Duration
	  	 	48	  
		 	 9.2
	  	 Representations and warranties
	  	 	48	  
		 	 9.3
	  	 Representations on the First Drawdown Date
	  	 	55	  
		 	 9.4
	  	 Representations on the Delivery Date
	  	 	55	  
			
	 10
	 	 Undertakings
	  	 	55	  
		 	 10.1
	  	 Duration
	  	 	55	  
		 	 10.2
	  	 Information
	  	 	56	  
		 	 10.3
	  	 Notification of default
	  	 	56	  
		 	 10.4
	  	 Consents and registrations
	  	 	56	  
		 	 10.5
	  	 Negative pledge
	  	 	57	  
		 	 10.6
	  	 Disposals
	  	 	57	  
		 	 10.7
	  	 Change of business
	  	 	58	  
		 	 10.8
	  	 Mergers
	  	 	58	  
		 	 10.9
	  	 Maintenance of status and franchises
	  	 	58	  
		 	 10.10
	  	 Financial records
	  	 	58	  
		 	 10.11
	  	 Financial indebtedness and subordination of indebtedness
	  	 	58	  
		 	 10.12
	  	 Pooling of earnings and charters
	  	 	59	  
		 	 10.13
	  	 Loans and guarantees by the Borrower
	  	 	60	  
		 	 10.14
	  	 Supervision and management
	  	 	60	  
		 	 10.15
	  	 Acquisition of shares
	  	 	60	  
		 	 10.16
	  	 Trading with the United States of America
	  	 	60	  
		 	 10.17
	  	 Further assurance
	  	 	61	  
		 	 10.18
	  	 Valuation of the Vessel
	  	 	61	  
		 	 10.19
	  	 Marginal security
	  	 	62	  
		 	 10.20
	  	 Performance of employment contracts
	  	 	62	  
		 	 10.21
	  	 Insurances
	  	 	64	  
		 	 10.22
	  	 Operation and maintenance of the Vessel
	  	 	68	  
		 	 10.23
	  	 Hermes Cover
	  	 	73	  
		 	 10.24
	  	 Dividends
	  	 	73	  

									
	 11
	 	 Default
	  	 	73	  
		 	 11.1
	  	 Events of default
	  	 	73	  
		 	 11.2
	  	 Acceleration
	  	 	78	  
		 	 11.3
	  	 Default indemnity
	  	 	79	  
		 	 11.4
	  	 Set-off
	  	 	80	  
		 	 11.5
	  	 Hermes Cover
	  	 	80	  
			
	 12
	 	 Application of Funds
	  	 	80	  
		 	 12.1
	  	 Total Loss proceeds/proceeds of sale/Event of Default monies
	  	 	80	  
		 	 12.2
	  	 General funds
	  	 	82	  
		 	 12.3
	  	 Application of proceeds of Insurances
	  	 	83	  
		 	 12.4
	  	 Application of any reduction in the Hermes Premium
	  	 	83	  
		 	 12.5
	  	 Suspense account
	  	 	83	  
			
	 13
	 	 Fees
	  	 	83	  
		 	 13.1
	  	 Fees side letters
	  	 	83	  
		 	 13.2
	  	 Back-end fee
	  	 	83	  
			
	 14
	 	 Expenses
	  	 	84	  
		 	 14.1
	  	 Initial expenses
	  	 	84	  
		 	 14.2
	  	 Enforcement expenses
	  	 	84	  
		 	 14.3
	  	 Stamp duties
	  	 	84	  
		 	 14.4
	  	 Steering Committee expenses
	  	 	84	  
		 	 14.5
	  	 Amendment, addendum or supplement expenses
	  	 	84	  
			
	 15
	 	 Waivers, Remedies Cumulative
	  	 	85	  
		 	 15.1
	  	 No waiver
	  	 	85	  
		 	 15.2
	  	 Remedies cumulative
	  	 	85	  
		 	 15.3
	  	 Severability
	  	 	85	  
		 	 15.4
	  	 Time of essence
	  	 	85	  
			
	 16
	 	 Counterparts
	  	 	85	  
			
	 17
	 	 Assignment
	  	 	85	  
		 	 17.1
	  	 Benefit of agreement
	  	 	85	  
		 	 17.2
	  	 No transfer by the Borrower
	  	 	86	  
		 	 17.3
	  	 Assignments, participations and transfers by a Lender
	  	 	86	  
		 	 17.4
	  	 Effectiveness of transfer
	  	 	86	  
		 	 17.5
	  	 Transfer of rights and obligations
	  	 	86	  
		 	 17.6
	  	 Consent and increased obligations of the Borrower
	  	 	87	  
		 	 17.7
	  	 Disclosure of information
	  	 	87	  
		 	 17.8
	  	 Transfer Certificate to be executed by the Agent
	  	 	88	  
		 	 17.9
	  	 Notice of Transfer Certificates
	  	 	88	  
		 	 17.10
	  	 Documentation of transfer or assignment
	  	 	88	  
		 	 17.11
	  	 Contracts (Rights of Third Parties) Act 1999 (the “Act”)
	  	 	89	  
			
	 18
	 	 Notices
	  	 	89	  
		 	 18.1
	  	 Mode of communication
	  	 	89	  
		 	 18.2
	  	 Address
	  	 	89	  
		 	 18.3
	  	 Telefax communication
	  	 	89	  

									
		 	 18.4
	  	 Receipt
	  	 	90	  
		 	 18.5
	  	 Language
	  	 	90	  
			
	 19
	 	 Steering Committee
	  	 	90	  
		 	 19.1
	  	 Establishment
	  	 	90	  
		 	 19.2
	  	 No obligation
	  	 	90	  
		 	 19.3
	  	 Authority
	  	 	91	  
		 	 19.4
	  	 No reliance
	  	 	91	  
		 	 19.5
	  	 Standard of care
	  	 	92	  
		 	 19.6
	  	 No liability
	  	 	92	  
		 	 19.7
	  	 No fiduciary relationship
	  	 	92	  
		 	 19.8
	  	 Neither Agent nor Trustee
	  	 	92	  
			
	 20
	 	 Governing Law
	  	 	93	  
			
	 21
	 	 Waiver of Immunity
	  	 	93	  
			
	 22
	 	 Rights of the Agent and the Lenders
	  	 	93	  
		 	 22.1
	  	 No derogation of rights
	  	 	93	  
		 	 22.2
	  	 Enforcement of remedies
	  	 	93	  
			
	 23
	 	 Jurisdiction
	  	 	94	  

  

							
	 Schedule 1
	 	 Particulars of Arrangers
	  	 	98	  
			
	 Schedule 2
	 	 Particulars of Agent, Hermes Agent, Trustee, Restructuring Trustee and Lenders
	  	 	100	  
			
	 Schedule 3
	 	 Notice of Drawdown
	  	 	103	  
			
	 Schedule 4
	 	 Conditions Precedent
	  	 	106	  
			
	 Schedule 5
	 	 Confidentiality Undertaking
	  	 	112	  
			
	 Schedule 6
	 	 Transfer Certificate
	  	 	114	  
			
	 Schedule 7
	 	 Form of Notice of Fixed Rate
	  	 	119	  
			
	 Schedule 8
	 	 Chartering of the Six Vessels (as defined in Clause 10.6.4)
	  	 	120	  
			
	 Schedule 9
	 	 Apollo-Related Transactions
	  	 	121	  
			
	 Schedule 10
	 	 Repayment Schedule calculated using the Application of Proceeds Formulation 
	  	 	132	  
			
	 Schedule 11
	 	 Repayment Schedule for the purpose of calculating the amount of the Margin payable
	  	 	133	  

 THIS LOAN AGREEMENT is made the 20 day of April 2004 (as amended and restated pursuant to a
supplemental deed dated              2012) 
 BETWEEN: 

 

	(1)	PRIDE OF HAWAII, LLC (formerly known as Ship Ventures Inc. and Pride of Hawaii, 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 (€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 [*] such Charge to be in the form and on the terms and conditions agreed
between the [*] on the date of the Sixth Supplemental Deed; 
 “Account Holder” means [*], a bank acceptable to
the Majority Cash Sweep Lenders; 
 “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; 

 “Amendment Document” means, in respect of a NCLC Group Credit Facility
other than the Loan, the supplemental deed to the facility agreement and, if applicable, the guarantee of the Guarantor with similar content to the Sixth Supplemental Deed; 
 “Apollo” means the Fund and any Fund Affiliate; 

“Apollo-Related Transactions” means the transactions described in Schedule 9; 

“Apollo Transaction Documents” means the Subscription Agreement, the Shareholders’ Agreement and the Reimbursement
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; 
 “Application of
Proceeds Formulation” means the following formulation for the application of any amount of the Loan to be prepaid pursuant to Clause 4.10: 
  

	 	(i)	entirely to the Delayed Principal Amount; and 

  

	 	(ii)	in respect of any prepayment of the Loan to be made pursuant to clause 3.1.2 of the Eighth /Supplemental Deed or by way of a Relevant Exceptional Prepayment
Amount, in forward order of maturity with respect to the dates of the Revised Repayments; and 

  

	 	(iii)	in respect of any other prepayment of the Loan to be made pursuant to Clause 4.10, in forward order of maturity with respect to the dates of the Revised Repayments,
subject to the approval of all of the Lenders in respect of each such prepayment and, if the approval of all of the Lenders is not obtained, in inverse order of maturity with respect to the dates of the Revised Repayments; 

“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; 
 “Bareboat Charter” means the bareboat charter dated as of 10 February 2008 between the Borrower as owner and the Bareboat Charterer as charterer on the terms and subject to the
conditions of which the Borrower will bareboat charter the Vessel to the Bareboat Charterer for a period of five (5) years from the Second Restatement Date; 
 “Bareboat Charterer” means NCL (Bahamas) Ltd. of Cumberland House, 9th Floor, 1 Victoria Street, Hamilton HM 11, Bermuda, the bareboat charterer of the Vessel pursuant to the Bareboat
Charter; 

  
 2 

 “Breakaway 3” means the newbuild cruise vessel to be constructed pursuant
to the relevant Breakaway Building Contract and having not more than [*] berths than a New Vessel; 
 “Breakaway
4” means the newbuild cruise vessel to be constructed pursuant to the relevant Breakaway Building Contract and having not more than [*] berths than a New Vessel; 
 “Breakaway 4 Option” means the option to be given by a builder to the Guarantor (or the relevant member of the NCLC Group) to enter into the Breakaway Building Contract in respect of
Breakaway 4; 
 “Breakaway Building Contracts” means, in respect of Breakaway 3, the shipbuilding contract to
be made on or after the Fourth Restatement Date between a builder and a member of the NCLC Group for the construction and delivery of Breakaway 3 and, in respect of Breakaway 4, the shipbuilding contract to be made pursuant to the Breakaway 4
Option, conditional upon the making of the Total Breakaway 4 Prepayment Amount, on or after the Fourth Restatement Date between a builder and a member of the NCLC Group for the construction and delivery of Breakaway 4; 

“Builder” means Meyer Werft GmbH (formerly known as Jos. L. Meyer GmbH) of Industriegebiet Süd, 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 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; 
 “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; 
 “Cash Sweep Bank Account” means [*]; 
 “Cash Sweep Credit
Facilities” means the NCLC Group Credit Facilities other than [*]; 
 “Cash Sweep Determination Date”
means [*]; 
 “Cash Sweep Lenders” means the lenders of the Cash Sweep Credit Facilities; 

  
 3 

 “Cash Sweep Payment Date” means the date [*]; 

“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; 
 “Charter and Earnings Assignment” means the valid and effective first legal assignment of the Bareboat Charter and the Earnings therefrom (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 conditions required by the Agent and the Hermes Agent and agreed
on the date of the Fifth Supplemental Deed; 
 “Charterer’s Subordination and Assignment” means the deed
whereby the interests of the Bareboat Charterer under the Bareboat Charter are subordinated to the interests of the Lenders, the Agent and the Hermes Agent under the Post Delivery Mortgage and the Bareboat Charterer gives a valid and effective first
legal assignment of the Bareboat Charter, its Earnings and the Insurances (together with the notices thereof and the acknowledgements), to be executed by the Bareboat Charterer in respect of the Vessel in favour of the Lenders, the Agent and the
Hermes Agent, such subordination and assignment, notices and acknowledgements being in the form and on the terms and conditions required by the Agent and the Hermes Agent and agreed on the date of the Fifth Supplemental Deed; 

“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 purporting to act on
behalf of any such government or governmental authority or agency; 

  
 4 

 “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 (€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; 

“Credit Card Processor Security Documents” means: 

 

	 	(i)	any ship mortgage and, if applicable, deed of covenants collateral thereto to be granted over a vessel in the NCLC Fleet (other than the Hermes Vessels and the F3 Two
Vessel) and the assignment(s) of the earnings and insurances of such vessel ranking junior in priority to any ship mortgage and, if applicable, deed of covenants collateral thereto, assignment and other applicable security document granted as
security for the repayment of one or more of the NCLC Group Credit Facilities; and 

  

	 	(ii)	any guarantee by the applicable shipowner (fully subordinated to any guarantees supporting the NCLC Group Credit Facilities), 

in each case in favour of one or more providers of credit card processing services to the NCLC Group; 

“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; 

  
 5 

 “Delayed Principal Amount” means the relevant amount set out in the fourth
column of each table in Schedule 10, save that the calculation of the amount of the Margin payable from time to time in accordance with this Agreement shall be made on the relevant amount set out in the fourth column of the table in
Schedule 11, in each case as reduced to reflect any prepayments applied towards the Delayed Principal Amount; 

“Delivery Date” means the date on which the Vessel is delivered to and accepted by the Borrower pursuant to the Building
Contract; 
 “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 to or for the account of the Borrower and/or the Bareboat Charterer, all earnings deriving from the Bareboat Charter,
time charters, contracts of affreightment, pooling agreements and joint ventures, compensation, remuneration for salvage and towage services, damages howsoever arising and detention monies, damages for breach of any charterparty or other contract
for the employment of the Vessel including but without limitation the Bareboat Charter, any amounts payable in consideration of the termination or variation of any charterparty or other such contract including but without limitation the Bareboat
Charter, 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 and/or the Bareboat
Charterer; 
 “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 conditions required by
the Agent and the Hermes Agent and agreed on the signing hereof and as specified in paragraph 28 of Schedule 4; 

  
 6 

 “Eighth Supplemental Deed” means the eighth supplemental deed dated
22 July 2010 to this Agreement; 
 “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 each amount payable to the Borrower in reimbursement of the Hermes Premium and to be drawn down hereunder 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; 
 “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) 
  

	 	(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; 

  
 7 

 “Euro” and “€” 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; 

“Euro Reference Banks” means Commerzbank Aktiengesellschaft, KfW IPEX-Bank GmbH and Norddeutsche Landesbank
Girozentrale; 
 “Event of Default” means any of the events specified in Clause 11; 

“F3 Two Vessel” means the cruise vessel with hull no. D33 at the yard of STX France Cruise S.A. (formerly known as Aker
Yards S.A.), specification hull no. PB6847 [.07 rev A] to be named “NORWEGIAN EPIC” and to be owned by Norwegian Epic, Ltd. (formerly known as F3 Two, Ltd.); 
 “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
(€308,130,000), subject to Clause 2.5; 
 “Fifth Supplemental Deed” means the fifth supplemental deed
dated 10 February 2009 to this Agreement; 
 “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; 

“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; 
 “Fourth
Assignments” means the two (2) valid and effective legal assignments of the earnings (including intercompany charters) and insurances of the Vessel and m.v. “NORWEGIAN JEWEL” (together with the notices thereof) one
(1) to be executed by each of the owners of the 

  
 8 

 
relevant Hermes Vessels in respect of its Hermes Vessel and the one (1) valid and effective subordination and assignment to be executed by the Bareboat Charterer (as bareboat charterer) in
respect of the Vessel in each case in favour of the New Term Loans Lenders or the collateral agent and/or trustee therefor and junior to all subordinations and/or assignments existing as of the date of the Ninth Supplemental Deed in respect of such
Hermes Vessel; 
 “Fourth Mortgages” means the two (2) statutory Bahamian ship mortgages and deeds of
covenants collateral thereto one (1) to be granted by respectively each of the owners of the Vessel and m.v. “NORWEGIAN JEWEL” over its Hermes Vessel in favour of the New Term Loans Lenders or the collateral agent and/or trustee
therefor and junior to all ship mortgages and deeds of covenants existing as of the date of the Ninth Supplemental Deed in respect of such Hermes Vessel; 
 “Fourth Priority Security Co-ordination Deeds” means the deeds to be made between (among others) HSBC Bank plc (as trustee for the relevant Guaranteed Loan Lenders, as first mortgagees),
the Restructuring Trustee (as trustee for the relevant Guaranteed Loan Lenders, as second mortgagees), the Restructuring Trustee (as trustee for the Non-Guaranteed Loan Lenders, as third mortgagees), the facility or collateral agent (as the case may
be) for the New Term Loans Lenders and the owners of the Vessel and m.v. “NORWEGIAN JEWEL” in relation to the Fourth Mortgages and the Fourth Assignments such co-ordination deeds to be in the form and on the terms and conditions
agreed between the Lenders and the other parties to the co-ordination deed on the date of the Ninth Supplemental Deed, such terms and conditions to include, without limitation, the conditional ability of the Borrower and Norwegian Jewel Limited to,
upon the cancellation of any construction contract for the New Vessels, prepay the relevant part of the New Term Loans in full; 

“Fourth Restatement Date” has the meaning set out in the Tenth Supplemental Deed; 

“Fourth Supplemental Deed” means the fourth supplemental deed dated 21 December 2007 to this Agreement; 

“Fund” means Apollo Management VI, LP a Delaware limited partnership with its principal place of
business at 9 West 57th Street, 43rd Floor, New York, NY 10019, United States of America and other
affiliated co-investment partnerships; 
 “Fund Affiliate” means the Investors and (i) each other
Affiliate (as defined in Schedule 9) of the Fund that is neither a “portfolio company” (which means a company actively engaged in providing goods to unaffiliated customers), whether or not controlled, nor a company controlled by a
portfolio company and (ii) any individual who is a partner or employee of Apollo Management, LP, Apollo Management IV, LP or Apollo Management V, LP; 
 “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, 

  
 9 

 
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; 

“Group-Wide Lenders” means the lenders of the NCLC Group Credit Facilities; 

“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; 
 “Guaranteed Loan Lenders” means the lenders of Loan, the USD334,050,000 facility made to Norwegian Jewel Limited pursuant to a facility agreement dated 20 April 2004 (as amended
and/or restated from time to time), the EUR258,000,000 facility made to Pride of America Ship Holding, LLC (formerly known as Pride of America Ship Holding, Inc.) pursuant to a facility agreement dated 4 April 2003 (as amended and/or restated
from time to time) and the EUR40,000,000 facility made to Pride of America Ship Holding, LLC (formerly known as Pride of America Ship Holding, Inc.) pursuant to a facility agreement dated 4 April 2003 (as amended and/or restated from time to
time); 
 “Guarantor” means NCL Corporation Ltd. of Cumberland House, 9th Floor, 1 Victoria 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 Deutschland AG of 22746 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; 
 “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; 
 “Hermes Vessel
Owner Second Guarantees” means the three (3) joint and several guarantees one (1) to be executed by each of the owners of the Hermes Vessels in favour of the Restructuring Trustee as trustee for the Guaranteed Loan Lenders such
guarantees to be in the form and on the terms and conditions agreed between the Lenders and the Guarantor on the date of the Sixth Supplemental Deed; 

  
 10 

 “Hermes Vessel Owner Third Guarantees” means the three (3) joint and
several guarantees one (1) to be executed by each of the owners of the Hermes Vessels in favour of the Restructuring Trustee as trustee for the Non-Guaranteed Loan Lenders; 

“Hermes Vessels” means the Vessel, “NORWEGIAN JEWEL” owned by Norwegian Jewel Limited and “PRIDE OF
AMERICA” owned by Pride of America Ship Holding, LLC (formerly known as Pride of America Ship Holding, Inc.); 

“Holding Company” has the meaning defined in the Companies Act 1985, Section 736 as substituted by the Companies
Act 1989, Section 144; 
 “Hull No [*]” means hull no [*] at the yard of the Builder which, upon
construction as a cruise vessel with approximately [*] berths, is to be delivered to Breakaway One, Ltd. and named “NORWEGIAN BREAKAWAY”; 
 “Hull No [*]” means hull no [*] at the yard of the Builder which, upon construction as a cruise vessel with approximately [*] berths, is to be delivered to Breakaway Two, Ltd. and
named “NORWEGIAN GETAWAY”; 
 “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 including, for the avoidance of doubt, the Sky Vessel Indebtedness; 

 

	 	(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; and 

 

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

  
 11 

 PROVIDED THAT the following shall not constitute Indebtedness for Borrowed Money:

  

	 	(a)	loans and advances made by other members of the NCLC Group which are subordinated to the rights of the Lenders; and 

 

	 	(b)	loans and advances made by any shareholder of the Guarantor which are subordinated to the rights of the Lenders excluding, for the avoidance of doubt, the Sky Vessel
Indebtedness; 

 “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; 
 “Investor I” means NCL Investment
Ltd. a company organised and existing under the laws of Bermuda with its registered office at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda; 
 “Investor II” means NCL Investment II Ltd. a company organised and existing under the laws of the Cayman Islands with its registered office at c/o Walkers SPV Limited, Walker House,
87 Mary Street, George Town, Grand Cayman KY1-9002, Cayman Islands, British West Indies; 

  
 12 

 “Investors” means Investor I and Investor II; 

“Letter of Credit Facilities” means letter of credit facilities entered into from time to time in the amount of in
aggregate up [*] to be obtained by the Guarantor which facilities will be used to provide credit support in respect of the Guarantor’s credit card processing arrangements; 

“Letter of Credit Facilities Security Documents” means: 

 

	 	(i)	any ship mortgage and, if applicable, deed of covenants collateral thereto to be granted over a vessel in the NCLC Fleet [*] and the assignment(s) of the earnings and
insurances of such vessel ranking junior in priority to any ship mortgage and, if applicable, deed of covenants collateral thereto, assignment and other applicable security document granted as security for the repayment of one or more of the NCLC
Group Credit Facilities; and 

  

	 	(ii)	any guarantee by the applicable shipowner (fully subordinated to any guarantees supporting the NCLC Group Credit Facilities), 

in each case in favour of the provider of a Letter of Credit Facility; 

“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 BBA Page LIBOR 01
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 BBA Page LIBOR 01, 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 BBA Page LIBOR 01 PROVIDED THAT LIBOR for periods of less than one (1) week will be ascertained
under sub-section (iii) below; 

 or (if Reuters BBA Page LIBOR 01 is discontinued or if the Agent is unable
to make the said determination due to technical breakdown in the relevant system or the 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; 

  
 13 

 “Liquidity” means the Cash Balance (as defined in the Guarantee) plus [*];

 “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; 
 “Majority Cash Sweep
Lenders” means Cash Sweep Lenders the aggregate of whose contributions and commitments to the Cash Sweep Credit Facilities exceed [*] of the aggregate total of the contributions and commitments of all the Cash Sweep Lenders; 

“Majority Group-Wide Lenders” means Group-Wide Lenders the aggregate of whose contributions and commitments to the NCLC
Group Credit Facilities exceed fifty per cent (50%) of the aggregate total of the contributions and commitments of all the Group-Wide Lenders; 
 “Management Agreement” means any agreement to be entered into between the Borrower and a 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; 
 “Management Agreement Assignment” means
the valid and effective first legal assignment of any 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; 
 “Manager” means any company
approved by the Agent providing ship management and crewing services for the Vessel pursuant to a Management Agreement; 

“Margin” means: 
  

	 	(i)	on the Ordinary Principal Amount: 

  

	 	(a)	until and including 31 December 2008, the rate of nought point seven five per cent (0.75%) per annum; 

 

	 	(b)	from 1 January 2009 until 31 December 2009 inclusive the rate of one per cent (1.0%) per annum; and 

 

	 	(c)	thereafter one point five per cent (1.5%) per annum; and 

  

	 	(ii)	on the Delayed Principal Amount determined by reference to Schedule 11: 

 

	 	(a)	from 1 January 2009 until 31 December 2009 inclusive the rate of two point two five per cent (2.25%) per annum; and 

 

	 	(b)	thereafter two point seven five per cent (2.75%) per annum; 

 “Maximum Amount of the Delayed Principal Amount” means, as at the date of the Eighth Supplemental Deed, [*]; 

  
 14 

 “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; 
 “Moratorium
Period” means the period from [*]; 
 “Moratorium Undertakings” means the financial undertakings
contained in [*]; 
 “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; 

“NCLC Group Credit Facilities” means the [*] facility made to the Guarantor pursuant to a facility agreement dated
7 July 2004 (as amended and/or restated from time to time), the EUR624,000,000 facility made to the Guarantor pursuant to a facility agreement dated 7 October 2005 (as amended and/or restated from time to time), the [*] facility made to
the Guarantor pursuant to a facility agreement dated 22 December 2006 (as amended and/or restated from time to time), the [*] facility made to the Manager pursuant to a facility agreement dated 20 April 2004 (as amended and/or restated
from time to time), the Loan, the USD334,050,000 facility made to Norwegian Jewel Limited pursuant to a facility agreement dated 20 April 2004 (as amended and/or restated from time to time), the EUR258,000,000 facility made to Pride of America
Ship Holding, LLC (formerly known as Pride of America Ship Holding, Inc.) pursuant to a facility agreement dated 4 April 2003 (as amended and/or restated from time to time), the EUR40,000,000 facility made to Pride of America Ship Holding, LLC
(formerly known as Pride of America Ship Holding, Inc.) pursuant to a facility agreement dated 4 April 2003 (as amended and/or restated from time to time) and the EUR662,905,320 facility made to Norwegian Epic, Ltd. (formerly known as F3 Two,
Ltd.) pursuant to a facility agreement dated 22 September 2006 (as amended and/or restated from time to time); 

“NCL International” means NCL International, Ltd. of Cumberland House, 9th Floor, 1 Victoria Street, Hamilton HM 11,
Bermuda; 
 “NCLL” means Norwegian Cruise Line Limited of Cumberland House, 9th Floor, 1 Victoria Street,
Hamilton HM 11, Bermuda; 
 “New Cash Equity” means [*]; 

  
 15 

 “New Hermes Fees” means the total aggregate amounts payable by the
Borrower and Norwegian Jewel Limited to the Hermes agent in relation to the New Term Loans in respect of the Hermes cover for such facilities; 
 “New Term Loans” means the loans to be borrowed by the Borrower from the New Term Loans Lenders which, when aggregated with the loans to be similarly borrowed by Norwegian Jewel Limited,
will amount to the lesser of (x) the sum of (i) 10% of the initial construction prices of the New Vessels and (ii) 100% of the New Hermes Fees (y) the sum of (i) EUR123,000,000 and (ii) EUR3,075,000 and
(z) USD224,770,000 (or such higher Dollar cap as may be later agreed between the facility agent for the New Term Loans, Hermes and the Guarantor), to finance in part the acquisition of the New Vessels by two (2) wholly owned subsidiaries
of the Guarantor and related fees; 
 “New Term Loans Lenders” means the lenders of the New Term Loans;

 “New Vessels” means Hull No. [*] and Hull No. [*]; 

“Ninth Supplemental Deed” means the ninth supplemental deed dated 18 November 2010 to this Agreement; 

“Non-Guaranteed Loan Lenders” means the lenders of the [*] facility made to the Guarantor pursuant to a facility
agreement dated 7 July 2004 (as amended and/or restated from time to time), the EUR624,000,000 facility made to the Guarantor pursuant to a facility agreement dated 7 October 2005 (as amended and/or restated from time to time) and the [*]
facility made to the Guarantor pursuant to a facility agreement dated 22 December 2006 (as amended and/or restated from time to time); 
 “Notice of Fixed Rate” means a notice in the form of Schedule 7; 

“Obligors” means the Borrower, the Guarantor, any Manager, the Bareboat Charterer, 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; 
 “Ordinary Principal Amount” means the relevant amount set out in the second column of the table in Schedule 10, save that the calculation of the amount of the Margin payable from time to
time in accordance with this Agreement shall be made on the relevant amount set out in the second column of the table in Schedule 11, in each case as reduced to reflect any prepayments applied towards the Ordinary Principal Amount; 

“Originally Scheduled Repayments” means the amounts set out in the third column of the table in Schedule 10; 

  
 16 

 “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
Indebtedness” means: 
  

	 	(i)	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 Sixth 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; 

  

	 	(ii)	the Letter of Credit Facilities; 

  

	 	(iii)	Permitted Refinancing Indebtedness; 

  

	 	(iv)	the financing arrangements entered into on 18 November 2010 in relation to the acquisition of the New Vessels; 

 

	 	(v)	one or more financing arrangements entered into in relation to the acquisition of Breakaway 3 and Breakaway 4 (or either of them) and the Sky Vessel Indebtedness; and

  

	 	(vi)	any other Indebtedness for Borrowed Money up to an aggregate amount of [*]; 

 “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 ten
million Dollars (USD10,000,000) for current crew’s wages and salvage and liens incurred in the ordinary course of trading the Vessel (iii) any deposits or pledges to secure the performance of bids, tenders, bonds or contracts
(iv) (x) any other Encumbrance notified by any of the Obligors to the Agent prior to the date on which the Sixth Supplemental Deed and the Amendment Documents have been signed by all the parties thereto (y) any Encumbrance created by
or pursuant to (a) the Letter of Credit Facilities Security Documents (b) the Credit Card Processor Security Documents (c) the Hermes Vessel Owner Second Guarantees (d) the Second Mortgages (e) the Second Assignments
(f) the Hermes Vessel Owner Third Guarantees (g) the Third Mortgages (h) the Third Assignments (i) the Fourth Mortgages and (j) the Fourth Assignments and (z) any other Encumbrance created over a vessel in the NCLC
Fleet (other than a Hermes Vessel or the F3 Two Vessel) or its related assets in favour of any party approved by the Agent (acting on the instructions of the Lenders) (v) subject to Clause 10.8, any Encumbrances in respect of existing
Financial Indebtedness of a person which becomes a Subsidiary of the Guarantor or is merged with or into the Guarantor or any of its Subsidiaries (vi) liens on assets leased, acquired or upgraded after 20 April 2004 or assets newly
constructed or converted after the date hereof provided that (a) such liens secure Financial Indebtedness otherwise permitted under this Agreement (b) such liens are incurred within one (1) year following such lease, acquisition,
upgrade, construction or conversion and (c) the Financial Indebtedness 

  
 17 

 
secured by such liens does not exceed the cost of such upgrade or the cost of such assets acquired or leased (vii) statutory and other similar liens arising in the ordinary course of
business unrelated to Financial Indebtedness and securing obligations not yet delinquent or which are being contested in good faith by appropriate proceedings and for which adequate reserves have been established (viii) subject to
Clause 11.1.9, liens arising out of the existence of judgments or awards in respect of the Guarantor or any of its Subsidiaries (ix) any other lien that may be created by the Guarantor from time to time in the ordinary course of business
and (x) any deposits, liens or other Encumbrances placed or incurred in connection with any bond or other surety from time to time provided to the US Federal Maritime Commission in order to comply with laws, regulations and rules applicable to
the operators of passenger vessels operating to or from ports in the United States of America PROVIDED THAT the aggregate amount of all cash and the fair market value of all other property subject to such liens as are described in paragraph
(vi) above, in so far as it relates to liens on assets leased, acquired or upgraded after 20 April 2004 or assets converted after 20 April 2004, and paragraphs (vii) to (ix) above does not exceed twenty five million Dollars
(USD25,000,000) and PROVIDED FURTHER THAT any such lien as is described in paragraphs (vi) to (ix) above does not imperil the security created by any of the Security Documents and/or affect the ability of any Obligor duly to perform
any of its obligations under any Security Document to which it is or may be a party at any time, in each case in the opinion of the Agent; 
 “Permitted Refinancing Indebtedness” means any monies borrowed or raised at arm’s length on usual terms and other than from any direct or indirect shareholder of the Guarantor which
are used to refinance the whole or part of any Permitted Indebtedness including any Permitted Refinancing Indebtedness. Any such monies borrowed or raised in excess of the amount required to refinance any Permitted Indebtedness including any
Permitted Refinancing Indebtedness shall constitute Special Liquidity Sources and be applied in accordance with clause 13 of the Guarantee; 
 “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; 
 “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; 

  
 18 

 “Portion 3” means up [*] 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 priority statutory Bahamian mortgage and deed of covenants collateral thereto
in favour of the Lenders, the Agent and the Hermes Agent as security pursuant hereto, such mortgage and deed of covenants to be in the form and on the terms and conditions required by the Agent and the Hermes Agent and agreed on the date of the
Fifth Supplemental Deed; 
 “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 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, in respect of any Security Documents executed prior to the date of the Fourth Supplemental Deed, Clifford Chance Secretaries Limited whose registered office is presently at 10 Upper Bank Street, London E14 5JJ and, thereafter, EC3
Services Limited whose registered office is presently at St Botolph Building, 138 Houndsditch, London EC3A 7AR 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; 

  
 19 

 “Reimbursement Agreement” means the reimbursement and distribution
agreement dated 17 August 2007, by and among Investor I, Star and the Guarantor; 
 “Relevant Cash Sweep
Amount” means the amount of a Total Cash Sweep Amount to be applied in prepayment of the Loan pursuant to Clause 4.9, [*]; 
 “Relevant Exceptional Prepayment Amount” means the amount of a Total Exceptional Prepayment Amount to be applied in prepayment of the Loan pursuant to Clause 4.10, [*]; 

“Relevant Special Liquidity Sources Amount” means the amount of a Total Special Liquidity Sources Amount to be applied
in prepayment of the Loan pursuant to Clause 4.9, [*]; 
 “Repayment Dates” means from the Second Restatement
Date the dates set out in the first column of the table in Schedule 10; 
 “Restructuring Trustee” means [*] as
trustee for (directly or indirectly) (among others) the Guaranteed Loan Lenders and the Non-Guaranteed Loan Lenders; 

“Reuters BBA Page LIBOR 01” means the display currently designated as Reuters BBA Page LIBOR 01, which includes London
Interbank Offered Rates of four (4) major banks, which are members of the International Swaps and Derivatives Association, Inc. 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; 
 “Reuters Page
ECB37” means: 
  

	 	(i)	the display currently designated as Reuters Page ECB37 which includes the official interbank exchange rate for euro in Dollars as determined by the European Central
Bank, expressed in Dollars; or 

  

	 	(ii)	if no rate is provided on the Reuters Page ECB37 but is published on another screen page, then the exchange rate shall be the official interbank exchange rate for euro
in Dollars as published on such other page (the “Successor Page”); 

 or (if Reuters Page ECB37
and the Successor Page are discontinued or if the Restructuring Trustee is unable to make the said determination due to technical breakdown in the relevant system) 
  

	 	(iii)	the arithmetic mean (rounded upwards, if necessary, to the nearest one-sixteenth of one per cent (1/16%)) of the rates notified to the Restructuring Trustee by
each of the Euro Reference Banks as the euro/Dollar spot offered exchange rate quotations as of 1.45 p.m. London time on the relevant Business Day; 

 “Revised Principal Amount” means the relevant amount set out in the sixth column of the table in Schedule 10, as reduced to reflect any prepayments applied towards the Revised Principal
Amount; 

  
 20 

 “Revised Repayments” means the amounts set out in the fifth column of the
table in Schedule 10, as reduced to reflect any prepayments applied towards the Revised Repayments; 
 “Safety
Management Certificate” means a document issued to the Vessel as evidence that the Vessel’s operator and its shipboard management operate in accordance with an approved Safety Management System; 

“Safety Management System” means a structured and documented system enabling the personnel of the Vessel’s operator
to implement effectively the safety and environmental protection policy of that Vessel operator; 
 “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; 

“Second Assignments” means the three (3) valid and effective second legal assignments of the earnings and
insurances of the Hermes Vessels (together with the notices thereof) one (1) to be executed by each of the owners of the Hermes Vessels in respect of its Hermes Vessel and the one (1) valid and effective second priority subordination and
assignment to be executed by the Manager (as bareboat charterer) in respect of m.v. “NORWEGIAN JADE” in each case in favour of the Restructuring Trustee as trustee for the Guaranteed Loan Lenders such assignments and notices to be in the
form and on the terms and conditions agreed between the Lenders and the Guarantor on the date of the Sixth Supplemental Deed; 

“Second Mortgages” means the two (2) second priority statutory Bahamian ship mortgages and deeds of covenants
collateral thereto and the one (1) second preferred US ship mortgage one (1) to be granted by respectively each of the owners of the Hermes Vessels over its Hermes Vessel in favour of the Restructuring Trustee as trustee for the Guaranteed
Loan Lenders as security pursuant hereto such mortgages and deeds of covenants to be in the forms and on the terms and conditions agreed between the Lenders and the Guarantor on the date of the Sixth Supplemental Deed; 

“Second Priority Security Co-ordination Deeds” means (i) the deed to be made between (among others) the Trustee (as
trustee for the Lenders, as first mortgagees of the Vessel), the Restructuring Trustee (as trustee for the Guaranteed Loan Lenders other than the Lenders, as second mortgagees of the Vessel) and the Borrower in relation to the Hermes Vessel Owner
Second Guarantee, Second Mortgage and Second Assignment in respect of the Vessel and (ii) the two (2) deeds to be made between (among others) HSBC Bank plc (as trustee for the relevant Guaranteed Loan Lenders other than the Lenders, as
first mortgagees of the Vessel), the Restructuring Trustee (as trustee for the Guaranteed Loan Lenders other than the first mortgagees of the relevant Hermes Vessel, as second mortgagees of the Vessel), the Trustee and the Borrower in relation to
the Hermes Vessel Owner Second Guarantees, Second Mortgages and Second Assignments in respect of the Hermes Vessels other than the Vessel such co-ordination 

  
 21 

 
deeds to be in the form and on the terms and conditions agreed between the Lenders and the other parties to the co-ordination deeds on the date of the Sixth Supplemental Deed; 

“Second Restatement Date” has the meaning set out in the Fifth Supplemental Deed; 

“Security Documents” means this Agreement which includes any supplemental agreement or deed hereto, the Guarantee, the
Hermes Cover, the Building Contract Assignment, the Construction Risks Insurance Assignment, the Supervision Agreement Assignment, the Management Agreement Assignment, the Mortgages, the Charge Option, the Charge, the Earnings Assignment, the
Charter and Earnings Assignment, the Insurance Assignment, the Account Charge, the Charterer’s Subordination and Assignment, the Hermes Vessel Owner Second Guarantees, the Second Mortgages, the Second Assignments, the Second Priority Security
Co-ordination Deed, the Third Priority Security Co-ordination Deed, the Fourth Priority Security Co-ordination Deeds and all such other documents as may be executed at any time in favour of (among others) the Trustee, the Hermes Agent, the Agent,
the Restructuring Trustee 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, LLC (formerly known as NCL America Holdings, Inc.) of Corporation Trust
Center, 1209 Orange Street, Wilmington, Delaware 19801, United States of America; 
 “Shareholders’
Agreement” means the shareholders’ agreement dated 17 August 2007 made or to be made between Star, the Investors (directly in the case of Investor I and by way of joinder in the case of Investor II) and the Guarantor; 

“Shares” means the three thousand (3,000) authorised shares of common stock in the Borrower legally and
beneficially owned by the Shareholder; 
 “Sixth Supplemental Deed” means the sixth supplemental deed
dated 2 April 2009 to this Agreement; 
 “Sky Vessel” means [*] presently owned by the Sky Vessel Seller
and registered in the Sky Vessel Seller’s name under the laws and flag of the Commonwealth of the Bahamas; 
 “Sky
Vessel Indebtedness” means the financing arrangements in relation to the acquisition of the Sky Vessel on the Sky Vessel Purchase Price Terms; 
 “Sky Vessel MOA” means the sale and purchase agreement or memorandum of agreement made or to be made between the Sky Vessel 

  
 22 

 
Seller and Norwegian Sky, Ltd. or another member of the NCLC Group pursuant to which the Sky Vessel will be sold by the Sky Vessel Seller to Norwegian Sky, Ltd. or another member of the NCLC
Group for the Sky Vessel Purchase Price on the Sky Vessel Purchase Price Terms; 
 “Sky Vessel Purchase Price”
means an amount of up to [*]; 
 “Sky Vessel Purchase Price Terms” means the terms on which the Sky Vessel
Purchase Price (and interest thereon and other fees, costs and expenses) will be payable by Norwegian Sky, Ltd. or another member of the NCLC Group to the Sky Vessel Seller for the Sky Vessel as reflected by the agreement referred to in clause 3.1.3
of the Tenth Supplemental Deed; 
 “Sky Vessel Seller” means [*]; 

“Special Liquidity Sources” means increased liquidity of the NCLC Group arising from (i) the incurrence of
permitted Indebtedness for Borrowed Money in an amount in excess of Indebtedness for Borrowed Money being refinanced in whole or in part and (ii) the permitted sale of assets PROVIDED THAT only the net proceeds of any such sale, after
the deduction of brokers’ fees and other costs justifiable in relation to the sale and the principal of, interest on and any break costs in connection with any Indebtedness for Borrowed Money prepaid upon such sale, shall be counted as
increased liquidity; 
 “Special Liquidity Sources Determination Date” means [*]; 

“Special Liquidity Sources Payment Date” means the date falling not later than fourteen (14) Business Days after a
Special Liquidity Sources Determination Date; 
 “Star” means Genting Hong Kong Limited (formerly known as Star
Cruises Limited) of Canon’s Court, 22 Victoria Street, Hamilton HM 12, Bermuda; 
 “Steering
Committee” means a committee established by, and formed from, the Group-Wide Lenders with the purpose of co-ordinating the relationship between the Guarantor and the Group-Wide Lenders and monitoring the performance of the NCLC Group Credit
Facilities. The initial members of the Steering Committee [*]; 
 “Subscription Agreement” means the
subscription agreement dated 17 August 2007 made or to be made between Star, the Investors (directly in the case of Investor I and by way of assignment in the case of Investor II) and the Guarantor; 

“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 agreed for maintaining the Loan
pursuant to Clause 6; 
 “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; 

  
 23 

 “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; 
 “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; 
 “Tenth Supplemental Deed” means the tenth supplemental deed dated
                 2012 to this Agreement and the Guarantee; 
 “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); 

“Third Assignments” means the three (3) valid and effective third legal assignments of the earnings and insurances
of the Hermes Vessels (together with the notices thereof) one (1) to be executed by each of the owners of the Hermes Vessels in respect of its Hermes Vessel and the one (1) valid and effective third priority subordination and assignment to
be executed by the Manager (as bareboat charterer) in respect of m.v. “NORWEGIAN JADE” in each case in favour of the Restructuring Trustee as trustee for the Non-Guaranteed Loan Lenders; 

“Third Mortgages” means the two (2) third priority statutory Bahamian ship mortgages and deeds of covenants
collateral thereto and the one (1) third preferred US ship mortgage one (1) to be granted by respectively each of the owners of the Hermes Vessels over its Hermes Vessel in favour of the Restructuring Trustee as trustee for the
Non-Guaranteed Loan Lenders; 
 “Third Priority Security Co-ordination Deed” means the deed to be made between
(among others) HSBC Bank plc (as trustee for the Guaranteed Loan Lenders, as first mortgagees), the Restructuring Trustee (as trustee for the Guaranteed Loan Lenders, as second mortgagees), the

  
 24 

 
Restructuring Trustee (as trustee for the Non-Guaranteed Loan Lenders, as third mortgagees), the owners of the Hermes Vessels in relation to the Hermes Vessel Owner Third Guarantees, the Third
Mortgages and the Third Assignments such co-ordination deed to be in the form and on the terms and conditions agreed between the Lenders and the other parties to the co-ordination deed on the date of the Sixth Supplemental Deed; 

“Third Restatement Date” has the meaning set out in the Sixth Supplemental Deed; 

“Total Breakaway 4 Prepayment Amount” means the lower of [*] and the Total Delayed Principal Amount that has not been
cancelled and/or prepaid and/or repaid on the relevant Total Exceptional Prepayment Amount Payment Date; 
 “Total Cash
Sweep Amount” means Liquidity of the NCLC Group in excess of [*] on a Cash Sweep Determination Date; 
 “Total
Delayed Principal Amount” means, as at the date of the Eighth Supplemental Deed, [*], being the aggregate of the Maximum Amount of the Delayed Principal Amount (as defined in the facility agreement for each Cash Sweep Credit Facility) for
each Cash Sweep Credit Facility (or, if applicable, tranche thereof); 
 “Total Exceptional Prepayment Amount”
means any of: 
  

	 	(i)	the Total Sky Vessel and Breakaway 3 Prepayment Amount; 

  

	 	(ii)	the Total Breakaway 4 Prepayment Amount; and 

  

	 	(iii)	the Total IPO Prepayment Amount; 

“Total Exceptional Prepayment Amount Payment Date” means: 

 

	 	(i)	on or before the Third Restatement Date in the case of the Total Sky Vessel and Breakaway 3 Prepayment Amount; 

 

	 	(ii)	on or before the date of the exercise of the Breakaway 4 Option in the case of the Total Breakaway 4 Prepayment Amount; and 

 

	 	(iii)	the date falling not later than fourteen (14) Business Days after the listing of the ordinary capital stock of the Guarantor or parent company of the Guarantor on
an Approved Stock Exchange in the case of the Total IPO Prepayment Amount; 

 “Total IPO Prepayment
Amount” means the lower of [*] and the Total Delayed Principal Amount that has not been cancelled and/or prepaid and/or repaid on the relevant Total Exceptional Prepayment Amount Payment Date; 

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

  
 25 

 “Total Special Liquidity Sources Amount” means Special Liquidity Sources
of the NCLC Group on a Special Liquidity Sources Determination Date; 
 “Total Sky Vessel and Breakaway 3 Prepayment
Amount” means [*]; 
 “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; 
 “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 [*] 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 [*] 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 [*] 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; 

  
 26 

 “Tranche 4” means the amount of up to [*] 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 [*] of the Contract Price; 

“Transaction Documents” means the Security Documents, the Building Contract, the Drawdown Notices, the Supervision
Agreement, any Management Agreement, the Bareboat Charter, 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 [*] 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 [*] to be delivered to the Borrower
pursuant to the Building Contract and re-registered in the name of the Borrower under the name of “PRIDE OF HAWAII” under the laws and flag of the United States of America and, from the Second Restatement Date, re-registered in the name of
the Borrower under the name of “NORWEGIAN JADE” under the laws and flag of the Bahamas. 
  

	 	1.2	Construction 

 In this
Agreement unless the context otherwise requires: 
  

	 	1.2.1	clause headings are inserted for convenience of reference only and shall be ignored in the construction of this Agreement; 

 

	 	1.2.2	references to Clauses and to Schedules are to be construed as references to clauses of and schedules to this Agreement unless otherwise stated and references to this
Agreement are to be construed as references to this Agreement including its Schedules; 

  

	 	1.2.3	subject to Clause 9.2.21 and Clause 9.1, 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, restated and/or novated; 

  
 27 

	 	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 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. 

  
 28 

	 	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 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; 

  
 29 

	 	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 

 

	 	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 (€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 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. 

  
 30 

	 	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 

  

	 	(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 

  
 31 

	 	
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 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 

  
 32 

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

	3	Repayment 

 Unless
otherwise repaid in accordance with the provisions of this Agreement, on each of the Repayment Dates the Loan shall be repaid by the relevant amount set out in the fifth column (Revised Repayments) of the table in Schedule 10. 

 

	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. Notwithstanding anything to the contrary in this Clause 4.1, any prepayment made before an
amount equal to the Maximum Amount of the Delayed Principal Amount has been prepaid and/or repaid shall be governed by Clause 4.10. 
  

	 	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 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). 

  
 33 

	 	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. 
  

	 	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. 

  
 34 

	 	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, subject to the following provision of this Clause 4.6,
the Borrower will concurrent with completion of the sale prepay the Loan in accordance with Clause 4.7 and Clause 12.1. 

If, however, the sale (or transfer) of the Vessel is in connection with an Apollo-Related Transaction, the Borrower shall give to the
Agent not less than fifteen (15) Business Days’ notice of the estimated date of sale (or transfer), the purchaser (or transferee) shall assume all of the obligations and liabilities of the Borrower under the Transaction Documents (save for
the Building Contract and the Supervision Agreement), in such manner and on the terms and conditions required by the Agent, the Hermes Agent and their legal advisers (as confirmed by relevant legal opinions), and the Obligors (other than the
Borrower and the Supervisor) shall re-execute or re-confirm the Security Documents to which they are a party as security for the obligations of the purchaser (or transferee), in such form and on the terms and conditions required by the Agent, the
Hermes Agent and their legal advisers (as confirmed by relevant legal opinions). 
 Subject to Clause 4.8, 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. 
  

	 	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. Subject to Clause 4.9 and Clause 4.10, each prepayment under this Agreement shall be
applied in satisfaction of the Borrower’s remaining obligations under Clause 3 in inverse chronological order and Schedule 10 and Schedule 11 shall be recalculated and agreed in accordance with Clause 4.10. 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 

  
 35 

 
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. 

 

	 	4.9	Mandatory prepayment in case of cash sweep or special liquidity 

 The Borrower shall, further to clause 12 or clause 13 of the Guarantee (as the case may be) and in accordance with Clause 4.7, Clause 4.8 and Clause 12.2, prepay pro rata the [*] over the period
of: 
 [*] 
 with any Relevant Cash Sweep Amount on the relevant Cash Sweep Payment Date or any Relevant Special Liquidity Sources Amount on the relevant Special Liquidity Sources Payment Date. 

Amounts applied [*] shall be applied pro rata between the [*]. 
 Notwithstanding anything to the contrary, if a [*], the prepayment shall be applied pro rata to the [*] over the period of [*] from the date on which the Revised Repayments commence. 

 

	 	4.10	No prepayment 

  

	 	4.10.1	Notwithstanding anything to the contrary in this Agreement, other than in respect of: 

 

	 	(a)	ordinary refinancings; and 

  

	 	(b)	any prepayment to be made by way of a Total Exceptional Prepayment Amount on a Total Exceptional Prepayment Amount Payment Date further to clause 16 of the Guarantee,

 no voluntary prepayment of the Loan or prepayment of the Loan by way of a [*] has been cancelled and/or prepaid
and/or repaid unless pro rata prepayments, reductions and/or cancellations of the other Cash Sweep Credit Facilities are to be made. The prepayment, reduction and/or cancellation to be made under each Cash Sweep Credit Facility shall be calculated
based on each [*] (as defined in this Agreement in respect of the Loan and as defined in the relevant facility agreement in respect of each of the other Cash Sweep Credit Facilities) as of the date of the prepayment, reduction and/or cancellation.

  

	 	4.10.2	Each remaining outstanding Delayed Principal Amount referred to in Clause 4.10.1 or Maximum Amount of the Delayed Principal Amount referred to in Clause 4.10.3, to the
extent it is not already denominated in Dollars, shall be converted into Dollars on the date falling ten (10) Business Days prior to the relevant prepayment, reduction and/or cancellation date at the rate which appears on the Reuters Page ECB37 at
1.30 p.m. London time on that date, for the purposes of such calculation. 

  

	 	4.10.3	Notwithstanding anything to the contrary in this Agreement, subject to Clause 4.8, any voluntary prepayment of the Loan made before the [*] has been prepaid and/or
repaid shall be applied in accordance with the [*]. 

  

	 	4.10.4	As at the Fourth Restatement Date, Schedule 10 contains a repayment schedule calculated following the prepayment of the [*]. Following any further voluntary prepayment
of the Loan under this Clause 4.10, Schedule 10 shall be recalculated using the [*] or in accordance with Clause 4.7 (as the case may be) and shall be agreed between the Agent (acting on the instructions of all the Lenders) and the Borrower as
soon as possible after the prepayment date and shall, from such prepayment date, be deemed to be a part of this Agreement. 

  
 36 

	 	4.10.5	As at the Fourth Restatement Date, Schedule 11, as referred to in paragraph (ii) of the definition of Margin, contains a repayment schedule calculated following the
prepayment of the [*]. Following any further prepayment of the Loan under this Clause 4.10, Schedule 11 shall be recalculated by reference to the Schedule 11 existing prior to the application of that prepayment and such prepayment shall be applied:

  

	 	(a)	pro rata between the [*] comprising each relevant [*]; or 

  

	 	(b)	entirely to the [*], if there is no difference between the amount of the relevant [*]; and 

 

	 	(c)	in forward order of maturity with respect to each [*], or in accordance with Clause 4.7 (as the case may be) 

and shall be agreed between the Agent (acting on the instructions of all the Lenders) and the Borrower as soon as possible after the
prepayment date and shall, from such prepayment date, be deemed to be a part of this Agreement. 
  

	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 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 or end on the next Cash Sweep Payment Date or Repayment Date. 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. 

 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

  
 37 

 
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 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; 

  
 38 

	 	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 Agent pursuant to Clause 5.3.2 and Conversion does not occur on the Conversion Date as a result of 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 or the Interest Period in respect of the Loan (as the case may be) 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. 

  
 39 

	 	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 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 5.3.1, 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 5.3.2, 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 an Interest Period shall be the Fixed Rate. 

  
 40 

	 	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 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	Absence of quotations 

Subject to Clause 6.2, if LIBOR is to be determined by reference to the Reference Banks but a Reference Bank does not supply a quotation
by 11.00 a.m. London time, the applicable LIBOR shall be determined on the basis of the quotations of the remaining Reference Banks. 

  
 41 

	 	6.2	Market disruption 

 If a
Market Disruption Event occurs for any Interest Period, then the rate of interest on each Lender’s relevant Contribution for that Interest Period shall be the percentage rate per annum which is the sum of: 

 

	 	6.2.1	the applicable Margin; and 

  

	 	6.2.2	the rate notified to the Agent by that Lender as soon as practicable, and in any event before interest is due to be paid in respect of that Interest Period, to be that
which expresses as a percentage rate per annum the cost to that Lender of funding its relevant Contribution from whatever source it may reasonably select. 

 In this Agreement “Market Disruption Event” means: 
  

	 	(a)	at or about noon on the Quotation Date for the relevant Interest Period Reuters BBA Page LIBOR 01 is not available and none or only one of the Reference Banks supplies
a rate to the Agent to determine LIBOR for the relevant Interest Period; or 

  

	 	(b)	before close of business in London on the Quotation Date for the relevant Interest Period, the Agent receives notifications from Lenders (in number exceeding thirty
four per cent (34%) of the Lenders and whose Contributions and Commitments are not less than thirty four per cent (34%) of the Loan) that the cost to them of obtaining matching deposits in the London Interbank eurocurrency market would be
in excess of LIBOR. 

  

	 	6.3	Substitute basis of interest or funding 

  

	 	6.3.1	If a Market Disruption Event occurs and the Agent or the Borrower so requires, the Agent and the Borrower shall enter into negotiations (for a period of not more than
thirty (30) days) with a view to agreeing a substitute basis for determining the rate of interest. 

  

	 	6.3.2	Any alternative basis agreed pursuant to Clause 6.3.1 shall, with the prior consent of all the Lenders and the Borrower, be binding on all parties to 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 or Clause 6.2 still prevail
with a view to returning to the normal provisions of this Agreement. 

  
 42 

	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 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

  
 43 

	 	
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 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. 

  
 44 

 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 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. 

  
 45 

	 	7.6	Earnings 

 Provided no
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. 
  

	 	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 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 Supervision 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

  
 46 

	 	
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, 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; 

 

	 	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 

  
 47 

	 	
(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 PROVIDED THAT the Vessel may, with effect from the Second Restatement Date, be
re-registered in the name of the Borrower under the laws and flag of the Bahamas and bareboat chartered to the Bareboat Charterer pursuant to the Bareboat Charter and the management agreement and the sub-agency agreement in respect of the Vessel
each dated 5 April 2007 and effective 11 April 2006 may be terminated but at no cost to the Borrower or the Bareboat Charterer as sub-agent under such sub-agency agreement. 

 

	 	9.2	Representations and warranties 

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

	 	9.2.1	Status 

 Each Obligor is
a corporation duly organised, constituted and validly existing under the laws of the country of its incorporation, possessing perpetual corporate existence, the capacity to sue and be sued in its own name and the power to own and charge its assets
and carry on its business as it is now being conducted. From the date on which the Borrower is converted to a limited liability company as more particularly described, and consented to, in the Sixth Supplemental Deed, it shall be a company duly
formed 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. 

  
 48 

	 	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, each other Transaction Document (other than the Hermes Cover) and each of the Apollo Transaction Documents 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, the other Transaction Documents (other than the Hermes Cover), the Apollo Transaction
Documents and the transactions contemplated hereby and thereby do not and will not conflict with: 
  

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

  

	 	(b)	the constitutional documents of any Obligor; or 

  

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

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

	 	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 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. 
  

	 	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

  
 49 

	 	
the Isle of Man, England and Wales, the Federal Republic of Germany or Bermuda, 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 registration of the Post Delivery Mortgage through the Bahamas Maritime
Authority, 

 all authorisations, approvals, consents, licences, exemptions, filings, registrations, notarisations
and other matters, official or otherwise, required in connection with the entry into, performance, validity and enforceability of this Agreement and each of the other Transaction Documents 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 or the Bareboat Charterer (as the case may be). 
  

	 	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 or Encumbrances created in respect of Permitted Indebtedness. 
  

	 	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. 

  
 50 

	 	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. 

Subject to Clause 10.8, 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. 
  

	 	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. 

  
 51 

	 	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. 
  

	 	9.2.20	Ownership of shares 

 All
the Shares in the Borrower shall be legally and beneficially owned by the Shareholder, all the shares in the Bareboat Charterer shall be legally and beneficially owned by NCL International, all the shares in the Shareholder shall be legally and
beneficially owned by Arrasas and all the shares in Arrasas shall be legally and beneficially owned by the Guarantor and such structure shall remain so throughout the remainder of 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, any Management Agreement, the Bareboat Charter, the Interest Exchange
Arrangements, the Apollo Transaction Documents and any other relevant third party agreements delivered to the Agent are true and complete copies of each such document constituting valid and binding obligations of the parties thereto enforceable in
accordance with their respective terms and no amendments thereto or variations thereof have been agreed other than (if applicable), in the case of any Management Agreement or the Bareboat Charter, in accordance with Clause 10.14 or Clause
10.20.6 (as the case may be) nor has any action been taken by the parties thereto which would in any way render such document inoperative or unenforceable. The 

  
 52 

 
copy of the Sky Vessel MOA delivered to the Agent is a true and complete copy of such document constituting valid and binding obligations of the parties thereto enforceable in accordance with its
terms and no amendments thereto or variations thereof have been agreed other than (if applicable) amendments or variations to the Sky Vessel MOA to: 
  

	 	(a)	correct errors in such document related to the Sky Vessel Indebtedness provided that such errors relate to administrative matters only; 

 

	 	(b)	allow for the date for payment of any amount of the Sky Vessel Purchase Price or interest thereon (or other fees, costs and expenses under the Sky Vessel Indebtedness)
to be varied by up to five (5) Business Days provided that the amendment or variation is only for reason of ease of administration of the parties to the Sky Vessel MOA; 

 

	 	(c)	amend or vary provisions of the Sky Vessel MOA not related to the Sky Vessel Indebtedness and not of a material nature; or 

 

	 	(d)	amend or vary provisions of the Sky Vessel MOA to the extent such amendments or variations are not, in the reasonable opinion of the Agent, adverse to the Guarantor or
the Lenders 

 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 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 

  
 53 

	 	
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 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

  
 54 

 
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; 

  

	 	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 

  
 55 

 
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. 
  

	 	10.2	Information 

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

	 	10.2.1	as soon as practicable (and in any event within one hundred and twenty (120) days after the close of each of its financial years) a Certified Copy of its unaudited
accounts for that year and of the audited 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 sixty (60) 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 [*] 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. 
  

	 	10.3	Notification of default 

The Borrower will notify the Agent of any 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. 
  

	 	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

  
 56 

 
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: 

 

	 	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; 

 

	 	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 [*] to Pride of Aloha, Inc., a wholly owned Subsidiary of the Shareholder;

  
 57 

	 	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 Bareboat Charterer for the period and at the charterhire rate set out in Schedule 8; 

  

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

 

	 	10.6.7	disposals of assets constituting Apollo-Related Transactions, 

 [*]. 
  

	 	10.7	Change of business 

Except with the prior consent of the Agent, the Borrower shall not make or threaten to make any substantial change in its business as
presently conducted, namely that of a single ship owning company for the Vessel, or carry on any other business which is substantial in relation to its business as presently conducted so as to affect, in the opinion of the Agent, the Borrower’s
ability to perform its obligations hereunder and shall not form any Subsidiaries PROVIDED THAT any change or discontinuation in the business activities of the Borrower in accordance with the Apollo-Related Transactions shall be permitted.

  

	 	10.8	Mergers 

 Except with the
prior consent of the Agent and Hermes and other than pursuant to the Apollo-Related Transactions, the Borrower will not enter into any amalgamation, restructure, substantial reorganisation, merger, de-merger or consolidation or anything analogous to
the foregoing nor will it acquire any equity, share capital or obligations of any corporation or other entity. 
  

	 	10.9	Maintenance of status and franchises 

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

	 	10.10	Financial records 

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

 

	 	10.11	Financial indebtedness and subordination of indebtedness 

  

	 	10.11.1	Otherwise than in the ordinary course of business as owner of the Vessel, except as contemplated by this Agreement and except any loan, advance or credit extended by
the Guarantor or any member of the 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). 

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

	 	10.14.1	permit any person other than the Supervisor and any Manager to be the supervisor of construction and the manager of, including providing crewing services to, the
Vessel; 

  

	 	10.14.2	permit any amendment to be made to the terms of the Supervision Agreement or any Management Agreement unless an amendment to a Management Agreement is advised by the
Borrower’s tax counsel or is deemed necessary by the parties thereto but provided that the amendment does not imperil the security to be provided pursuant to the Security Documents or adversely affect the ability of any Obligor to perform its
obligations under the Transaction Documents; or 

  

	 	10.14.3	permit the Vessel to be employed other than within the NCL or NCL America brand (as applicable). 

 

	 	10.15	Acquisition of shares 

The Borrower will not acquire any equity, share capital, assets or obligations of any corporation or other entity or permit its Shares to
be held 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 Agreement” with the United States’ Bureau of Customs and Border Protection (if such is possible) or into

  
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voluntary arrangements made under the Customs-Trade Partnership Against Terrorism of the United States of America (if such is possible and appropriate to cruise vessels) and procure that the same
(or a similar agreement or arrangement 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 annually at the Borrower’s expense unless an Event of Default has occurred and is
continuing) 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. 

  

	 	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

  
 61 

	 	
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 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 the Bareboat Charter and each other charterparty or employment contract made in respect of the Vessel and take all necessary steps to
procure the due performance of the obligations of the Bareboat Charterer and any other party under the Bareboat Charter and any other charterparty or contract. It will not without the prior written consent of the Agent rescind, cancel or otherwise
terminate the Bareboat Charter or any other charterparty or contract in respect of the Vessel PROVIDED ALWAYS THAT any determination by it of the Bareboat Charter or any such other 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 shall thereafter be adjudged to constitute a repudiation of the Bareboat Charter or such other charterparty or contract by
the Borrower; 

  

	 	10.20.2	 promptly notify the Agent (a) of any default under the Bareboat Charter or any such other charterparty or contract of which it has

  
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knowledge by it and/or by the Bareboat Charter or any other party under any such other charterparty or contract (b) of the Bareboat Charter or any such other 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 the
Bareboat Charter or any of its other 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 the Bareboat Charter or any other
charterparty or contract made in respect of the Vessel; 

  

	 	10.20.5	not substitute any other ship or ships for the Vessel under the Bareboat Charter or any other 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 the Bareboat Charter or any other charterparty or
contract in respect of the Vessel or release any other party from any of its 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 unless an amendment to the Bareboat Charter is advised by the Borrower’s tax counsel or is deemed necessary by the parties thereto or the Bareboat Charter is to be extended but provided that the amendment or extension does not
imperil the security provided pursuant to the Security Documents or adversely affect the ability of any Obligor to perform its obligations under the Transaction Documents; 

 

	 	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 the Bareboat Charter or any other 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. 

  
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	 	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; 

 

	 	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 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 

  
 64 

	 	
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 amount of the Loan, 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); 

  

	 	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; 

  
 65 

	 	(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 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; 

  
 66 

	 	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; 

  

	 	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 ten million Dollars (USD10,000,000) or the equivalent in any other currency and not being a claim arising out of a Total Loss. 

  

	 	10.21.14	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 [*].

  

	 	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 

  
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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: 
  

	 	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. 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; 

  
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	 	10.22.4	comply, or procure that the Bareboat Charterer or any 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 Bareboat Charterer or any Manager holds, a valid Document of Compliance duly issued to the Borrower, the Bareboat Charterer or any 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; 

  

	 	(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 Bareboat Charterer or any 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, the Bareboat Charterer or any other Obligor becoming aware of: 

 

	 	(a)	accidents to the Vessel involving repairs the cost of which will or is likely to exceed [*]; 

  
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	 	(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 Event of Default; 

  

	 	(f)	the Vessel ceasing to be registered under the Bahamas flag 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 [*] shall forthwith be provided to the Agent. As and when the Agent may so require the Borrower will make such books available for inspection on
behalf of the Agent and provide evidence satisfactory to the Agent that the wages and allotments and the insurance and pension contributions of the master and crew are being regularly paid, that all deductions of crew’s wages in respect of any
tax liability are being properly accounted for and that the master has no claim for disbursements other than those incurred in the ordinary course of trading on the voyage then in progress or completed prior to such inspection;

  

	 	10.22.10	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 [*] 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; 

  
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	 	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: 

  

	 	(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

  
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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 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 [*] 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; 

  

	 	10.22.13	maintain the registration of the Vessel under and fly the Bahamas flag and not do or permit anything to be done whereby such registration may be forfeited or
imperilled; and 

  

	 	10.22.14	comply in relation to the Vessel with Annex VI (Regulations for the Prevention of Air Pollution from Ships) to the International Convention for the Prevention of
Pollution from Ships 1973 (as modified in 1978 and 1997) (as the same may be amended from time to time) (“Annex VI”) or any replacement of Annex VI and in particular, without limitation, will: 

 

	 	(a)	procure that the Vessel’s master and crew are familiar with, and that the Vessel complies with, Annex VI; and 

  
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	 	(b)	maintain for the Vessel throughout the Security Period a valid and current International Air Pollution Prevention Certificate issued under Annex VI
(“IAPPC”); and 

  

	 	(c)	notify the Agent immediately in writing of any actual or threatened withdrawal, suspension, cancellation or modification of the IAPPC. 

 

	 	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 

 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 the Guarantor directly or indirectly 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: 
  

	 	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 

  
 73 

 
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 thirty (30) days from the date of its occurrence and in any such
case as aforesaid the Agent in its sole discretion considers that such failure is or could reasonably be expected to become materially prejudicial to the interests, rights or position of the Lenders PROVIDED THAT no Event of Default will
arise if the Guarantor is unable to comply with the Moratorium Undertakings but a new equity contribution (as more particularly described in clause 16 of the Guarantee) is made within thirty (30) days from the date of the breach of the
Moratorium Undertakings and PROVIDED FURTHER THAT the new equity contribution will not prevent the Agent exercising its rights under Clause 11.2.2 if the Guarantor is in breach of the Moratorium Undertakings on or after the date when such new
equity contribution is made; 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 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; 

  
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	 	(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 [*]; 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 [*] this Clause 11.1.4(ii) shall not apply to that Financial Indebtedness. 

 

	 	11.1.5	Winding-up 

 Subject to
Clause 10.8, any order is made or an effective resolution passed or other action taken for the suspension of payments or reorganisation, dissolution, termination of existence, liquidation, winding-up or bankruptcy of any member of the 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. 

  
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	 	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 or any uninsured judgment in [*] following
final appeal remains unsatisfied for a period of thirty (30) days in the case of a judgment made in the United States of America and otherwise for a period of sixty (60) days PROVIDED THAT no Event of Default shall be deemed to have
occurred unless the distress, execution, attachment, other process or judgment adversely affects any Obligor’s ability to meet any of its material obligations under any Security Document to which it is or may be a party and/or the Hermes Cover
or cause to occur any of the events specified in Clauses 11.1.5 to 11.1.8 (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 

Subject to Clause 10.8, 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. 

  
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	 	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 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. 
  

	 	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 

  
 77 

 
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 is or 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 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 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. 

  
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	 	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

  

	 	(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 and/or any Management Agreement and/or the Bareboat Charter.

  

	 	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; 

 

	 	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 

  
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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. 

 

	 	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. 
  

	 	11.5	Hermes Cover 

 Following
the occurrence of an Event of Default under Clause 11.1.1, the Agent (acting on the instructions of the Lenders) may notify the Borrower that with immediate effect the Loan shall be repaid on the dates and in the amounts set out in the third column
of the table in Schedule 10 (Originally Scheduled Repayments) whereupon the Loan shall become so repayable. The Borrower acknowledges and agrees that Hermes shall have a claim by right of subrogation under the Security Documents in respect of the
said amount from the date of its payment to the Hermes Agent on behalf of the Lenders. The Borrower shall not (and will procure that no other Obligor shall) contest any such claim of Hermes. 

 

	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, any Lender or any of their respective Affiliates (as defined in clause 11.4.1 of the Guarantee) 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

  
 80 

			
		    	any Lender in the protection of the Trustee’s, 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 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

  
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	    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 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

  
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	    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. 
  

	 	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 no 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	Fees side letters 

 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. 
  

	 	13.2	Back-end fee 

 Without
duplication of clause 5.2 of the Sixth Supplemental Deed, the Borrower shall pay to the Agent for distribution to the Lenders a back-end fee of [*] of the Loan on the date of the Sixth Supplemental Deed. The back-end fee shall be deemed to have been
earned on the date on which the Sixth Supplemental Deed and the Amendment Documents have been signed by all the parties thereto but shall be payable as [*] on 23 December 2010 and on each of the next three (3) anniversaries of that date
PROVIDED THAT if payment of the back-end fee on any of such dates would result in a breach of the minimum Free Liquidity undertaking contained in clause 11.1.1, clause 11.1.2 or clause 11.1.4 of the Guarantee (as the case may be) on
that date, payment of the back-end fee will be postponed for three (3) months PROVIDED FURTHER THAT any balance of the back-end fee outstanding on the date the Loan is repaid and cancelled in full, shall be paid

  
 83 

 
on such date and PROVIDED FURTHER THAT the back-end fee in respect of the Loan may not be voluntarily prepaid in whole or in part unless the same percentage of the back-end fee payable in
respect of each of the other Cash Sweep Credit Facilities is prepaid simultaneously. 
  

	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 and the Apollo-Related Transactions. 
  

	 	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 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. 
  

	 	14.4	Steering Committee expenses 

 The Borrower shall reimburse any Lender that is a member of the Steering Committee on demand on a full indemnity basis for all documented charges and expenses reasonably incurred (including value added
tax or any similar tax thereon and including the fees and expenses of legal and other advisers) by that Lender in carrying out its duties as a member of the Steering Committee on or before the end of the Moratorium Period. 

 

	 	14.5	Amendment, addendum or supplement expenses 

 The Borrower undertakes to reimburse the Agent, the Hermes Agent and the Trustee 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 and other advisers) incurred by the Agent, the Hermes Agent and/or the Trustee in respect of, or in connection with, the negotiation, preparation, printing,

  
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execution, registration and enforcement of any amendment, addendum or supplement to any Security Document (whether or not completed) and any other documents required in connection with the
implementation of such amendment, addendum or supplement. 
  

	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. 
  

	 	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 

 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. 

  
 85 

	 	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 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: 

 

	 	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”); 

  
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	 	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 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; 

  
 87 

	 	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 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. 

  
 88 

	 	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. 
  

	 	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 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 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 c/o +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 at +1 212 515 3288 (marked for the attention of Mr Steve Martinez), and in the case of the Trustee, the Agent, the Hermes Agent or any Original 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 has been notified for the time being for that purpose by the Agent or any Lender to the Borrower. 

  
 89 

	 	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 PROVIDED THAT if the copy of any notice, demand or other communication is not received by the Investor it shall not affect the deemed making or delivery of the notice, demand or
other communication. 
  

	 	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	Steering Committee 

  

	 	19.1	Establishment 

 The
Group-Wide Lenders shall establish the Steering Committee. 
  

	 	19.2	No obligation 

Notwithstanding anything to the contrary expressed or implied herein, no member of the Steering Committee shall: 

 

	 	19.2.1	be bound to enquire as to the occurrence or otherwise of any Event of Default or as to the performance by the Borrower of its obligations under this Agreement;

  

	 	19.2.2	be bound to disclose to any other person any information relating to the Borrower if such disclosure would or might in its opinion constitute a breach of any law or
regulation or be otherwise actionable at the suit of any person; 

  

	 	19.2.3	have any responsibility to the Lenders or each other for: 

  

	 	(a)	the financial position, creditworthiness, affairs or prospects of the Borrower and the other Obligors; 

 

	 	(b)	the performance or non-performance howsoever by the Borrower of any of its obligations hereunder; 

 

	 	(c)	the due execution, effectiveness, genuineness, validity or enforceability of this Agreement or any document relating hereto or any filing or recording thereof or the
taking of any other action whatsoever and howsoever in connection therewith or the collectability of any sum due hereunder; 

  
 90 

	 	(d)	be under any liability whatsoever for any consequence of relying on: 

  

	 	(i)	any written communication or document believed by it to be genuine or correct and to have been communicated or signed by the person by whom it is purported to have been
communicated or signed; or 

  

	 	(ii)	the advice or opinions of any professional advisers selected by it or the Steering Committee; or 

 

	 	(e)	be under any duty to account to any Lender for any sum received by it for its own account or the profit element of any such sum PROVIDED THAT any member of the
Steering Committee shall on demand of a Group-Wide Lender provide to that Group-Wide Lender evidence of any cost, charge or expense incurred in its role as a member of the Steering Committee; 

 

	 	(f)	be under any obligation other than those for which express provision is made herein. 

 

	 	19.3	Authority 

 Each member
of the Steering Committee may: 
  

	 	19.3.1	carry out its duties through such officers, directors, employees, consultants or independent agents as it may in its unfettered discretion think fit;

  

	 	19.3.2	assume that no Event of Default has occurred and that the Borrower is not in breach of its obligations under this Agreement unless the member has actual knowledge or
actual notice to the contrary; 

  

	 	19.3.3	with the agreement of the Steering Committee, engage any internal or external lawyers, accountants, surveyors or other experts whose advice or services may to it seem
necessary, expedient or desirable and rely upon any advice so obtained PROVIDED THAT the law firm appointed as principal advisers to the Steering Committee shall be approved by the Majority Group-Wide Lenders; 

 

	 	19.3.4	rely as to any matters of fact which might reasonably be expected to be within the knowledge of the Guarantor upon a certificate signed by or on behalf of the
Guarantor; and 

  

	 	19.3.5	rely upon any communication or document believed by it to be genuine. 

  

	 	19.4	No reliance 

Notwithstanding the establishment of the Steering Committee, it is understood that each of the Lenders has itself been, and will continue
to be, 

  
 91 

 
solely responsible for making its own independent appraisal of and investigations into the financial condition, creditworthiness, condition, affairs, status and nature of the Borrower and the
other Obligors and, accordingly, each of the Lenders warrants to the members of the Steering Committee that it has not relied and will not rely on the Steering Committee: 

 

	 	19.4.1	to check or enquire on its behalf into the adequacy, accuracy or completeness of any information provided by the Borrower or any other Obligor in connection with this
Agreement; or 

  

	 	19.4.2	to assess or keep under review on its behalf the financial condition, creditworthiness, condition, affairs, status or nature of the Borrower or any other Obligor.

  

	 	19.5	Standard of care 

Subject to the terms of this Agreement, each member of the Steering Committee shall exercise the same care as it normally exercises in
making and administering loans for its own account in performing its duties as a member of the Steering Committee but assumes no further responsibility in respect of such performance. 

 

	 	19.6	No liability 

 No member
of the Steering Committee shall be under any liability as a result of taking or omitting to take any action in relation to the NCLC Group Credit Facilities and the Lenders will not assert or seek to assert against any director, officer or employee
of that member any claim they might have against any of them in respect of the matters referred to in this Clause 19.6. 
  

	 	19.7	No fiduciary relationship 

The relationship between a member of the Steering Committee on the one part and each Lender on the other is that of agent and principal
only and no member of the Steering Committee shall have a fiduciary relationship with or be, or be deemed to be, a trustee of or for any such party. 
  

	 	19.8	Neither Agent nor Trustee 

Notwithstanding the provisions of Clause 19.7, no member of the Steering Committee shall be regarded as the Agent or the Trustee or
exercise any right, power or discretion expressly delegated to the Agent or the Trustee under this Agreement or the Security Documents. 
  

	 	19.9	Non-binding 

 Unless
expressly authorised in writing by the Group-Wide Lenders and then on such terms and conditions as the Group-Wide Lenders may require, the Steering Committee shall not negotiate the terms of or enter into any agreement on behalf of the Group-Wide
Lenders of any of them. 
 This Clause 19 and Clause 14.4 may be relied upon by any member of the Steering Committee
notwithstanding the provisions of Clause 17.11. 

  
 92 

	20	Governing Law 

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

	21	Waiver of Immunity 

 To
the extent that the Borrower may in any jurisdiction claim for itself or its assets immunity from suit, execution, attachment (whether in aid of execution, before judgment or otherwise) or other legal process in relation to this Agreement or the
other Security Documents and to the extent that in any such jurisdiction there may be attributed to itself or its assets such immunity (whether or not claimed) the Borrower hereby irrevocably and unconditionally agrees throughout the Security Period
not to claim and hereby irrevocably waives such immunity to the full extent permitted by the laws of such jurisdiction. In respect of any legal action or proceedings arising out of or in connection with any of the Security Documents the Borrower
hereby consents generally as a matter of procedure in relation to the waiver of immunity (but not so as to prejudice any defence which it may have on the merits of the substantive issue) to the giving of any relief or the issue of any process in
connection with such legal action or proceedings including without limitation, the making, enforcement or execution against any property whatsoever (irrespective of its uses or intended uses) of any order or judgment which may be made or given in
such legal action or proceedings. 
  

	22	Rights of the Agent and the Lenders 

  

	 	22.1	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. 
  

	 	22.2	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: 
  

	 	22.2.1	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; 

  

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

 

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

  
 93 

	23	Jurisdiction 

  

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

 

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

  

	 	23.1.2	relating to any non-contractual obligations arising from or in connection with this Agreement, 

(a “Dispute”). Each party to this Agreement agrees that the courts of England are the most appropriate and convenient
courts to settle Disputes and accordingly no party will argue to the contrary. 
 This Clause 23.1 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. 
  

	 	23.2	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. 

 

	 	23.3	For the purpose of securing its obligations under Clause 23.2, the Borrower irrevocably agrees that, if it for any reason fails to appoint a process agent within
the period specified in Clause 23.2, 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 23.2. 

  

	 	23.4	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. 

  

	 	23.5	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. 

  

	 	23.6	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. 

  

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

  
 94 

	 	23.8	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	 	)
	for and on behalf of	 	)
	PRIDE OF HAWAII, INC.	 	)
	(formerly known as Ship Ventures Inc.)	 	)
	in the presence of:	 	)
		
	THE ARRANGERS	 	
		
	SIGNED SEALED and DELIVERED as a DEED	 	)
	by	 	)
	for and on behalf of	 	)
	COMMERZBANK AKTIENGESELLSCHAFT	 	)
	Hamburg Branch	 	)
	in the presence of:	 	)
		
	SIGNED SEALED and DELIVERED as a DEED	 	)
	by	 	)
	for and on behalf of	 	)
	HSBC BANK PLC	 	)
	in the presence of:	 	)
		
	SIGNED SEALED and DELIVERED as a DEED	 	)
	by	 	)
	for and on behalf of	 	)
	KfW	 	)
	in the presence of:	 	)

  
 95 

			
	SIGNED SEALED and DELIVERED as a DEED	 	)
	by	 	)
	for and on behalf of	 	)
	DnB NOR BANK ASA	 	)
	in the presence of:	 	)
		
	SIGNED SEALED and DELIVERED as a DEED	 	)
	by	 	)
	for and on behalf of	 	)
	OVERSEA-CHINESE BANKING	 	)
	CORPORATION LIMITED	 	)
	Singapore Branch	 	)
	in the presence of:	 	)
		
	THE LENDERS	 	
		
	SIGNED SEALED and DELIVERED as a DEED	 	)
	by	 	)
	for and on behalf of	 	)
	COMMERZBANK AKTIENGESELLSCHAFT	 	)
	Bremen Branch	 	)
	in the presence of:	 	)
		
	SIGNED SEALED and DELIVERED as a DEED	 	)
	by	 	)
	for and on behalf of	 	)
	HSBC BANK PLC	 	)
	in the presence of:	 	)
		
	SIGNED SEALED and DELIVERED as a DEED	 	)
	by	 	)
	for and on behalf of	 	)
	KfW	 	)
	in the presence of:	 	)

  
 96 

			
	SIGNED SEALED and DELIVERED as a DEED	 	)
	by	 	)
	for and on behalf of	 	)
	DnB NOR BANK ASA	 	)
	in the presence of:	 	)
		
	SIGNED SEALED and DELIVERED as a DEED	 	)
	by	 	)
	for and on behalf of	 	)
	OVERSEA-CHINESE BANKING	 	)
	CORPORATION LIMITED	 	)
	Singapore Branch	 	)
	in the presence of:	 	)
		
	THE AGENT	 	
		
	SIGNED SEALED and DELIVERED as a DEED	 	)
	by	 	)
	for and on behalf of	 	)
	HSBC BANK PLC	 	)
	in the presence of:	 	)
		
	THE HERMES AGENT	 	
		
	SIGNED SEALED and DELIVERED as a DEED	 	)
	by	 	)
	for and on behalf of	 	)
	COMMERZBANK AKTIENGESELLSCHAFT	 	)
	in the presence of:	 	)
		
	THE TRUSTEE	 	
		
	SIGNED SEALED and DELIVERED as a DEED	 	)
	by	 	)
	for and on behalf of	 	)
	HSBC BANK PLC	 	)
	in the presence of:	 	)

  
 97 

 Schedule 1 
 Particulars of Arrangers 
  

					
		  	Indemnity in € or USD equivalent of €
		
	COMMERZBANK	  	68,836,242 (22.34%)
	AKTIENGESELLSCHAFT	  	
	Domstrasse 18	  	
	20095 Hamburg	  	
	Federal Republic of Germany	  	
			
	Attn:	 	Mr Marcus Weber/Mr Fabian Francke	  	
	Email:	 	 shipfinance@commerzbank.com/

marcus.weber@commerzbank.com/

fabian.francke@commerzbank.com
	  	
		
	HSBC BANK PLC	  	68,805,429 (22.33%)
	Project and Export Finance	  	
	8 Canada Square	  	
	London E14 5HQ	  	
			
	Attn:	 	Mr Colin J Cuffie/Ms Isabel Olembo	  	
	Email:	 	colin.j.cuffie@hsbcib.com/isabel.olembo@hsbc.com	  	
		
	KFW	  	68,805,429 (22.33%)
	Palmengartenstrasse 5-9	  	
	60325 Frankfurt am Main	  	
	Federal Republic of Germany	  	
			
	Attn:	 	Mr Josef Schmid/Ms Claudia Wenzel	  	
	Email:	 	josef.schmid@kfw.de/claudia.wenzel@kfw.de	  	
		
	DNB BANK ASA	  	52,382,100 (17.00%)
	Stranden 21	  	
	NO-0021 Oslo	  	
	Norway	  	
			
	Attn:	 	Mrs Amra Koluder	  	
	Email:	 	amra.koluder@dnb.no	  	

  
 98 

					
	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	  	

  
 99 

 Schedule 2 
 Particulars of Agent, Hermes Agent, Trustee, Restructuring Trustee and Lenders 
  

					
	Agent	 	
		
	HSBC BANK PLC	 	
	Project and Export Finance	 	
	8 Canada Square	 	
	London E14 5HQ	 	
			
	Fax:	 	+44 (0)20 7992 4428	 	
	Attn:	 	Mr Colin J Cuffie/Ms Isabel Olembo	 	
	Email:	 	colin.j.cuffie@hsbcib.com/isabel.olembo@hsbc.com	 	
		
	Hermes Agent	 	
		
	 COMMERZBANK

AKTIENGESELLSCHAFT
 Corporate
Banking
 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 Colin J Cuffie/Ms Isabel Olembo	 	
	Email:	 	colin.j.cuffie@hsbcib.com/isabel.olembo@hsbc.com	 	

  
 100

					
	Restructuring Trustee	 	
		
	DNB BANK ASA	 	
	 Stranden 21

NO-0021 Oslo
 Norway
	 	
			
	Fax:	 	+47 22 482894	 	
	Attn:	 	Ms Marie Therese Zwilgmeyer	 	
	Email:	 	creditmiddleoffice@dnb.no	 	

  

					
	Lenders	  	Contribution in € or USD equivalent of €
		
	COMMERZBANK	  	68,836,242 (22.34%)
	AKTIENGESELLSCHAFT	  	
	 Bremen Branch
 c/o
Domstrasse 18
	  	
	20095 Hamburg	  	
	Federal Republic of Germany	  	
			
	Attn:	 	Mr Marcus Weber/Mr Fabian Francke	  	
	Email:	 	 shipfinance@commerzbank.com/

marcus.weber@commerzbank.com/

fabian.francke@commerzbank.com
	  	
		
	 with a copy (in respect of matters not related
 to interest fixing or payments) to:
	  	
		
	COMMERZBANK	  	
	AKTIENGESELLSCHAFT	  	
	Domstrasse 18	  	
	20095 Hamburg	  	
	Federal Republic of Germany	  	
			
	Attn:	 	Mr Marcus Weber/Mr Fabian Francke	  	
	Email:	 	shipfinance@commerzbank.com/	  	
		 	marcus.weber@commerzbank.com/	  	
		 	fabian.francke@commerzbank.com	  	

  
 101

					
	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 Colin J Cuffie/Ms Isabel Olembo	  	
	Email:	 	colin.j.cuffie@hsbcib.com/isabel.olembo@hsbc.com	  	
		
	KFW	  	68,805,429 (22.33%)
	Palmengartenstrasse 5-9	  	
	60325 Frankfurt am Main	  	
	Federal Republic of Germany	  	
			
	Fax:	 	+49 69 7431 3768/2944	  	
	Attn:	 	Mr Josef Schmid/Ms Claudia Wenzel	  	
	Email:	 	josef.schmid@kfw.de/claudia.wenzel@kfw.de	  	
		
	DNB BANK ASA	  	52,382,100 (17.00%)
	Stranden 21	  	
	NO-0021 Oslo	  	
	Norway	  	
			
	Fax:	 	+47 22 482894	  	
	Attn:	 	Mrs Amra Koluder (credit matters)	  	
	Email:	 	amra.koluder@dnb.no	  	
	Attn:	 	Ms Marie Therese Zwilgmeyer	  	
		 	(administration matters)	  	
	Email:	 	creditmiddleoffice@dnb.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	  	

  
 102

 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 20 APRIL 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 (€[            ]) being the amount of Tranche [    ] of Portion 1] [and]
[[            ] 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 (€[            ]) 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] 
 [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.] 

  
 103

 [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 (€[            ]) 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 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]. 

  
 104

	
	Yours faithfully
	
	SHIP VENTURES INC.
	
	  

	By:

  
 105

 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; 

 

	 	(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. 

  
 106

	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 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. 

  
 107

	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. 

  

	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	[*]. 

  

	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. 

 

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

  
 108

	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. 

 

	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. 

  
 109

	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. 

 

	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. 

  
 110

	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. 

 

	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. 

  
 111

 Schedule 5 
 Confidentiality Undertaking 
 [On Bank’s Headed Paper] 

 

			
	To:	  	PRIDE OF HAWAII, LLC
		  	(formerly known as Pride of Hawaii, 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 Colin J Cuffie/Ms Isabel Olembo
		  	(the “Agent”)

 PRIDE OF HAWAII, LLC 
 DOLLAR EQUIVALENT OF €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 

 

	 	(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. 

  
 112

	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:

  
 113

 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 and Markets Act 2000 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 20 April 2004 (as the same may from time to time have been amended, supplemented, restated and/or novated the “Loan Agreement”) made between (among
others) (1) Pride of Hawaii, LLC (formerly known as Pride of Hawaii, 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 (€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 (USD[        ]) [and [        ] Euro (€[        ])] out of its
total Contribution which at the date hereof is [        ] Dollars (USD[        ]) [and [        ] Euro
(€[        ])] or [that portion of its Commitment to the Facility in an amount of [        ] Euro (€[        ]) or an
amount in Dollars equal to [        ] Euro (€[        ]) out of its total Commitment which at the date hereof is [        ]
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 (€[        ]) 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 (€[        ]) in Euro and/or in Dollars out of its total Commitment at such date]. 

  
 114

	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; 

  

	 	(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. 

  
 115

	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. 

  

	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). 

  
 116

	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:	  	)
		
	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:	  	)

  
 117

 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:

  
 118

 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 Colin J Cuffie/Ms Isabel Olembo

 Loan Agreement dated 20 April 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 ([—]%) 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:	 	

  
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 Schedule 8 
 Chartering of the Six Vessels (as defined in Clause 10.6.4) 
  

															
	 Vessel
	  	 New Owner
	  	Daily Hire	 	  	Redelivering	 	  	Transfer Value	 
	 “NORWEGIAN SEA”
	  	Ocean Pacific Limited	  	 	[*]	  	  	 	[*]	  	  	 	[*]	  
	 “NORWEGIAN MAJESTY”
	  	Ocean Voyager Limited	  	 	[*]	  	  	 	[*]	  	  	 	[*]	  
	 “NORWEGIAN WIND”
	  	Crown Wind Limited	  	 	[*]	  	  	 	[*]	  	  	 	[*]	  
	 “NORWEGIAN CROWN” currently on bareboat charter to Crown Odyssey Limited
	  	Sold to Fred Olsen Cruise Lines Pte. Ltd. on 1 September 2006	  	 	[*]	  	  	 	[*]	  	  	 	[*]	  
	 “NORWEGIAN DREAM”
	  	Ocean Dream Limited	  	 	[*]	  	  	 	[*]	  	  	 	[*]	  
	 “MARCO POLO” currently on bareboat charter to Ocean World Limited
	  	Sold to Story Cruise Ltd. on 23 July 2007	  	 	[*]	  	  	 	[*]	  	  	 	[*]	  

  
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 Schedule 9 
 Apollo-Related Transactions 
  

	1	Subscription Agreement 

  

	 	1.1	At the closing of the transactions contemplated by the Subscription Agreement (the “Closing”), the Investors shall pay to the Guarantor
USD1,000,000,000 as payment for newly-issued ordinary shares (“Ordinary Shares”) in the capital of the Guarantor, par value USD1.00 per share (the “Subscribed Ordinary Shares”). The Subscribed Ordinary Shares shall
represent fifty per cent. (50%) of the issued and outstanding Ordinary Shares of the Guarantor as of the Closing. 

  

	 	1.2	On the Jade Transfer Date (i) NCL America Holdings will transfer the Jade Assets to NCL International (or one of NCL International’s existing or newly-formed
subsidiaries), and the Vessel shall be re-flagged in connection with such transfer from the US flag to the Bahamas flag provided that in the event that the transfer of the Jade Assets can be effected in a manner that the parties to the Subscription
Agreement agree is more advantageous from a tax perspective than the manner set forth above, such transfer shall be effected in an alternative manner and (ii) NCL International (or one of its existing or newly-formed subsidiaries) will assume
the Jade Liabilities (such transactions together the “Jade Transfer”). 

  

	 	1.3	Effective as of the Closing, in consideration of the mutual covenants and agreements contained therein, the Guarantor has released, waived and forever discharged Star,
its Subsidiaries and their respective predecessors, successors, assigns, officers, directors, shareholders, employees and agents and their respective counsel (for the benefit of Star and its Subsidiaries) from any and all actions, causes of actions,
demands, suits, contracts, agreements, Encumbrances, Liabilities, or Losses of any type, based on any fact or circumstance arising prior to the Closing based on Star’s relationship with the Guarantor and its Subsidiaries prior to the Closing
(including any claims relating to actual or alleged breaches of fiduciary or other duties by Star’s directors, officers or shareholders), whether based on contract or any applicable law (including tort, statute, local ordinance, regulation or
any comparable law) in any jurisdiction. 

  

	 	1.4	Star, the Guarantor and the Investors have stated their mutual intention that, following the Closing, Star and the Guarantor continue their current policies and
practices of close collaboration in support of their mutual efforts to develop their respective cruise line businesses, including providing assistance to each other in mutually-beneficial strategic initiatives, consultation, co-ordination,
collaboration in shipbuilding and sharing of ship design and providing or assisting in obtaining any necessary consents and approvals relating to such initiatives, shipbuilding or ship design provided that in no event shall Star or the Guarantor be
obligated to engage in any such efforts if such efforts could reasonably be expected to have an adverse effect on the operation or prospects of such party’s respective cruise line business. 

 

	 	1.5	 Star has indemnification obligations running in favour of the Investors. In the event that the Investors suffer any indemnifiable Losses in cash, Star

  
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may elect in its sole discretion to have all or a portion of the indemnity obligation of Star deemed satisfied by having the Guarantor issue to the Investors additional Ordinary Shares.

  

	 	1.6	If the transactions contemplated by the Subscription Agreement upon the Closing (as described in clause 1.1 of this Schedule) are consummated, at the Closing, the
Guarantor shall pay, by wire transfer of immediately available funds, to each Person who is the payee of any outstanding Guarantor Transaction Expenses as of the Closing Date, the amount owed to such Person. For the avoidance of doubt, in the event
that the Closing Date transaction fee payable to either (i) an Affiliate of the Investors or (ii) Star or an Affiliate thereof exceeds, in either case, an amount which is equal to half of the amount paid to Citigroup Global Markets, Inc.
or an Affiliate thereof for its mergers and acquisitions advisory fee, such excess amount shall be paid, with respect to (i), by Star, or with respect to (ii), by the Investors. If the transactions contemplated by the Subscription Agreement upon the
Closing (as described in clause 1.1 of this Schedule) are not consummated, all costs and expenses incurred in connection with the Subscription Agreement and the transactions contemplated thereby shall be paid by the party incurring such costs and
expenses. 

  

	2	Shareholders’ Agreement 

 For so long as the ratio of the number of the Equity Securities owned by the Star Group on a fully diluted basis divided by the number of the Equity Securities owned by the Investor Group on a fully
diluted basis is at least 0.6, the Guarantor may not take any of the actions set forth in schedule II of the Shareholders’ Agreement without the prior written approval of Star. For the purpose of this clause “on a fully diluted
basis” means taking into account any shares issued or issuable under warrants, options and convertible instruments (or other equity equivalents). 
  

	3	Reimbursement Agreement 

  

	 	3.1	NCL America Holdings Undertakings 

 Star and Investor I have agreed (the “NCLA Undertakings”) to cause the Guarantor to conduct the NCLA Business in the usual and ordinary course of business after the Closing Date. In
connection therewith, Star shall periodically reimburse the Guarantor for any NCLA Cash Losses up to the amount of the Cash Losses Cap. 
  

	 	3.2	Star Termination Election 

At any time after the Closing Date, Star may give notice (the “Star Termination Election”) to the Guarantor and Investor
I that it is terminating the NCLA Undertakings. Following receipt by the Guarantor of the Star Termination Election, the parties to the Reimbursement Agreement shall then within thirty (30) days thereafter either (i) enter into the NCLA
Continuation Agreement (as defined in clause 3.4 of this Schedule) or (ii) make the NCLA Wind-up Determination (as defined in clause 3.5 of this Schedule). 
  

	 	3.3	Guarantor Termination Election 

 In the event the Star Termination Election has not been delivered prior to 1 December 2008, then on the earlier of (i) such date and (ii) the date on

  
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which the aggregate amount of NCLA Cash Losses actually accrued equals or exceeds USD37,500,000, the Guarantor may give notice to Star (the “Guarantor Termination Election”) that
it is terminating the NCLA Undertakings. Following receipt by Star of the Guarantor Termination Election (a) the parties to the Reimbursement Agreement shall undertake the Shut Down Procedure (b) the America Assets shall be transferred by
NCL America Holdings to NCL International (or one of its existing or newly-formed subsidiaries), which transfer shall be accomplished through liquidations to the extent necessary and NCL International (or one of its existing or newly-formed
subsidiaries) shall assume any liabilities associated with the America Assets, and the Pride of America Vessel shall be re-flagged in connection with such transfer from the US flag to the Bahamas flag (such transactions together the “America
Transfer”) (c) the Guarantor shall pay to Star an amount equal to USD460,000,000 less any America Accumulated Book Depreciation and less any Allocable America Indebtedness (d) the Guarantor shall prepay and/or cancel the relevant
percentage of the term loan and revolving credit facilities outstanding under the credit facilities related to the Aloha Assets (and the lenders under such facilities shall release all of their liens on the Aloha Assets) and cause the transfer to
Star (or one of its subsidiaries) of all of NCL America Holdings’ right, title and interest in the Aloha Assets free and clear of any Encumbrances through liquidations that qualify as complete liquidations under section 331 of the Code of NCL
America Holdings, Pride of Aloha, Inc., a Delaware corporation, and each of NCL America Holdings’ other subsidiaries, to the extent necessary and (e) Star shall reimburse the Guarantor for any and all Shut Down Costs up to USD35,000,000
(each such payment, distribution or transaction, the “Wind Up Transactions”). Following any decision to shut down the NCLA Business, any decision to sell or otherwise dispose of any of the assets of the NCLA Business (other than the
Pride of America Vessel, the Pride of Aloha Vessel and their respective related assets) as part of the Shut Down Procedure shall be determined solely by Star. The net proceeds of any such sale or disposition(s) shall be deducted from and shall
reduce the Shut Down Costs by such amount of net proceeds. 
  

	 	3.4	NCL America Holdings Continuation Agreement 

 In the event that Star has provided the Guarantor and Investor I with the Star Termination Election, then within thirty (30) days thereafter, the Guarantor and Star will mutually agree in writing
that the Guarantor shall continue to operate and manage the NCLA Business (the “NCLA Continuation Agreement”), in which case (i) Star’s obligations to reimburse the Guarantor for the NCLA Cash Losses shall terminate, and
Star shall not be obligated to pay for any Shut Down Costs and (ii) the Guarantor shall pay to Star an amount equal to USD800,000,000, less the Aloha Accumulated Book Depreciation, less the America Accumulated Book Depreciation, less the
Allocable Aloha Indebtedness and less the Allocable America Indebtedness (such amounts together the “Payment”) provided that the Payment shall be funded in part by an incremental equity contribution to the Guarantor by each of Star
and Investor I in the amount of USD170,000,000, less one-half of the Aloha Accumulated Book Depreciation and less one-half of the Allocable Aloha Indebtedness. 
 Subject to the proviso in the immediately preceding paragraph, the Guarantor shall use reasonable best efforts to fund any payments to Star pursuant to the

  
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NCLA Continuation Agreement, NCLA Wind Up Transactions or the Guarantor Termination Election by either the use of funds generated internally by the Guarantor or generated from the incurrence of
additional Indebtedness from existing or new debt facilities. In the event that the Guarantor is unable to fund payments in such a manner, Star and Investor I acknowledge and agree that such funds shall be generated by the net proceeds of a primary
offering of additional Ordinary Shares to the existing shareholders of the Guarantor at the Subscription Price. 
  

	 	3.5	NCL America Holdings Wind-up Determination 

 In the event that the Guarantor and Star have not entered into the NCLA Continuation Agreement by the end of such thirty (30) day period or the Guarantor provides to Star notice prior to the
expiration of such thirty (30) day period that the Guarantor has elected to shut down the NCLA Business (either such circumstance, the “NCLA Wind-up Determination”) the parties shall consummate the Wind Up Transactions.

 If none of the Guarantor Termination Election, the NCLA Continuation Agreement or the NCLA Wind-up Determination has been made
by 31 December 2008, the provisions of the Reimbursement Agreement shall apply as if the Guarantor and Star have entered into the NCLA Continuation Agreement. 
  

	4	Indenture 

 As a result of
the transactions contemplated by the Subscription Agreement (as described in clause 1.1 of this Schedule), a change of control is triggered under the Indenture, dated 15 July 2004, between the Guarantor and JPMorgan Chase Bank, N.A., as
indenture trustee, with respect to USD250,000,000 10 5/8% Senior Notes due 2014. At Closing, pursuant to and as required by the terms of the Indenture, the Guarantor will proceed with a repurchase offer for the outstanding bonds at a purchase
price in cash equal to one hundred and one per cent. (101%) of the principal amount plus accrued and unpaid interest. Apollo holds USD29,000,000 in principal amount of the said 10 5/8% Senior Notes due 2014. 

Defined Terms 
 Capitalized terms defined
in this Agreement and not otherwise defined in this Schedule shall have the meanings specified for such terms in this Agreement. As used in this Schedule, the following terms shall have the meanings specified below: 

“additional Ordinary Shares” means Ordinary Shares issued by the Guarantor following the issuance of the Subscribed Ordinary Shares;

 “Affiliate” means, with respect to any Person (i) who is an individual, a spouse, parent, sibling or lineal descendant
of such Person (ii) that is an entity, an officer, manager, director, shareholder, member, general partner, limited partner or an Affiliate of such Person and (iii) any other Person that, directly or indirectly, through one or more
intermediaries, controls, or is controlled by, or is under common control with, another Person. For purposes of this definition, the terms “control”, “controlling”, “controlled by” and “under common control
with”, as used with respect to any Person, means the possession, directly or indirectly, of the power to direct the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise;

  
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 “Allocable Aloha Indebtedness” means USD0; 

“Allocable America Indebtedness” means USD251,000,000; 
 “Allocable Jade Indebtedness” means EUR383,000,000; 
 “Allocable NCLA
Indebtedness” means USD251,000,000; 
 “Aloha Accumulated Book Depreciation” means any accumulated book depreciation
calculated in accordance with GAAP with respect to the Pride of Aloha Vessel from 1 April 2007 to the NCLA Valuation Date, as set forth in annex 1 to this Schedule; 
 “Aloha Assets” means the following assets relating wholly and directly to the Pride of Aloha Vessel, in each case to the extent transferable or assignable: (i) the Pride of Aloha
Vessel (ii) all permits issued by any governmental authority to NCL America Holdings and related to the Pride of Aloha Vessel and (iii) all of the Pride of Aloha Vessel’s appliances, equipment, engines, machinery, boats, tackle,
outfit, bunkers, oils and fuels, spare parts, consumable provisions and stores, appurtenances and belongings, whether on board or ashore; 

“Amended and Restated Incorporation Documents” means the memorandum of increase of authorised share capital and the amended and restated
bye-laws of the Guarantor and the Guarantor’s existing memorandum of association; 
 “America Accumulated Book
Depreciation” means any accumulated book depreciation calculated in accordance with GAAP with respect to the Pride of America Vessel from 1 April 2007 to the NCLA Valuation Date, as set forth in annex 1 to this Schedule; 

“America Assets” means: (i) the Pride of America Vessel (ii) all permits issued by any governmental authority to NCL America
Holdings or any of its subsidiaries and related to the Pride of America Vessel, in each case to the extent transferable or assignable (iii) all monies received with respect to payments for cruises on the Pride of America Vessel which will take
place after the closing date of the America Transfer (iv) all supplies and inventory on the Pride of America Vessel for cruises on the Pride of America Vessel which will take place after the closing date of the America Transfer (v) all
accounts and notes receivable of NCL America Holdings or any of its subsidiaries related to cruises on the Pride of America Vessel which will take place after the closing date of the America Transfer (vi) all insurance and indemnity claims
relating to the Pride of America Vessel or America Liabilities made by or on behalf of Star, the Guarantor or NCL America Holdings (or any of their respective subsidiaries) and received after the closing date of the America Transfer and
(vii) all other assets, properties, rights and claims used, held for use or intended to be used in connection with the operation or conduct of the Pride of America Vessel after the closing date of the America Transfer; 

“America Liabilities” means the Allocable America Indebtedness and any other liability relating to the America Assets; 

“Applicable Law” means with respect to any Person, all provisions of common or statutory laws, statutes, ordinances, rules, regulations
or Orders applicable to such Person. For the avoidance of doubt, Applicable Law shall include the Listing Rules; 
 “Cash Losses
Cap” means USD50,000,000; 

  
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 “Closing Date” shall mean the date on which the closing of the investment in the Guarantor
by the Investors occurs and which is expected to be on or about fourteen (14) days after the date of the Fourth Supplemental Deed; 

“Code” means the Internal Revenue Code of 1986 of the United States of America, as amended; 

“Encumbrances” means any lien, encumbrance, hypothecation, charge, mortgage, equity, trust, equitable interest, claim, preference, right
of possession, right of seizure, lease, tenancy, license, covenant, interference, proxy, right of first refusal, option or right of first option, preemptive right, community property interest, legend, defect, impediment, exception, limitation,
impairment, imperfection of title or restriction of any nature (including any restrictions on the voting of any Security, any restriction on the Transfer of any Security or other asset, any restriction on the receipt of any income derived from any
asset, any restriction on the use of any asset and any restriction on the possession, exercise or transfer of any other attribute of ownership of any asset); 
 “Equity Securities” means (i) the Ordinary Shares and any other equity securities of the Guarantor and (ii) any securities issued or issuable directly or indirectly with respect
to the securities referred to in clause (i) above by way of conversion, exercise or exchange, bonus share issue, share dividend, share sub-division, or share split or in connection with a combination of shares, recapitalization,
reclassification, amalgamation, merger, consolidation, reorganization or other similar event; 
 “Existing Star Controlling
Shareholders” means Golden Hope Limited, as trustee of the Golden Hope Unit Trust, Resorts World Bhd, Genting Overseas Holdings Limited, Tan Sri Lim Kok Thay, Puan Sri Lee Kim Hua, Joondalup Limited, Goldsfine Investments Ltd., and each
other controlled Affiliate of Tan Sri Lim Kok Thay; 
 “Governmental Authority” means any national, European Union, federal,
provincial, state, county, city, local, foreign or international governmental, administrative or regulatory authority, commission, committee, agency or body (including any court, tribunal or arbitral body) and specifically including the Hong Kong
Stock Exchange; 
 “Guarantor Transaction Expenses” means (i) the third person fees and expenses, reasonably incurred by
the Investors, Star, the Guarantor and its Subsidiaries in connection with the drafting, negotiation, execution, and delivery of the Subscription Agreement, the Shareholders’ Agreement and the Reimbursement Agreement, the amended and restated
incorporation documents of the Guarantor, the Voting Agreement and all other documents, agreements and instruments executed and delivered in connection therewith, in each case, as amended, modified or supplemented from time to time, and other
documents relating to the investment process, including (a) all of the fees and expenses of the Guarantor’s and Star’s accountants, lawyers, and other advisors, including Citigroup Global Markets, Inc., Cleary Gottlieb
Steen & Hamilton LLP, Cox Hallett Wilkinson, Clifford Chance and Access Capital Limited (b) all of the fees and expenses (including due diligence fees and expenses) of the Investors’ accountants, lawyers, and other advisors,
including Aon Corporation, O’Melveny & Myers LLP, Conyers Dill & Pearman and Burke & Parsons (c) the amount of all filing fees required to be paid pursuant to any competition and antitrust laws and any other
regulatory filings required and (d) the mergers and acquisitions advisory fee payable to Citigroup Global Markets, Inc. or an Affiliate thereof and (ii) the Closing Date transaction fees payable to (a) an Affiliate of the Investors
and (b) Star or an Affiliate thereof provided that the Closing Date transaction fee payable to each such Person in paragraph (ii) of this definition shall not exceed an amount which is equal to half of the amount paid to Citigroup Global
Markets, Inc. or an Affiliate thereof for its mergers and acquisitions advisory fee; 

  
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 “Indebtedness” means, with respect to any Person, without duplication (i) all
obligations for borrowed money, including all obligations evidenced by notices or similar instruments (ii) all obligations issued or assumed as the deferred purchase price of property or services (other than current trade liabilities incurred
in the ordinary course and payable in accordance with customary practice) (iii) all capital lease obligations under GAAP (iv) all obligations secured by an Encumbrance (v) all obligations to pay a specified purchase price for goods
and services, whether or not delivered or accepted (vi) all obligations in respect of swap or hedge agreements or similar agreements (vii) all negative cash balances and refunds payable (viii) the principal component of all
obligations, contingent or otherwise, in respect of letters of credit and bankers’ acceptances (ix) all guarantees of Indebtedness described in clauses (i) to (viii) above and (x) all change in control payments payable in
connection with the consummation of the transactions contemplated by the Transaction Documents; 
 “Investor Group” means the
Investors together with their Permitted Transferees who hold Equity Securities; 
 “Jade Assets” means: (i) the Vessel
(ii) all permits issued by any governmental authority to NCL America Holdings or any of its subsidiaries and related to the Vessel, in each case to the extent transferable or assignable (iii) all monies received with respect to payments
for cruises on the Vessel which will take place after the closing date of the Jade Transfer (iv) all supplies and inventory on the Vessel for cruises on the Vessel which will take place after the closing date of the Jade Transfer (v) all
accounts and notes receivable of NCL America Holdings or any of its subsidiaries related to cruises on the Vessel which will take place after the closing date of the Jade Transfer (vi) all insurance and indemnity claims relating to the Vessel
or Jade Liabilities made by or on behalf of Star, the Guarantor or NCL America Holdings (or any of their respective subsidiaries) and received after the closing date of the Jade Transfer and (vii) all other assets, properties, rights and claims
used, held for use or intended to be used in connection with the operation or conduct of the Vessel after the closing date of the Jade Transfer; 
 “Jade Liabilities” means the Allocable Jade Indebtedness and any other liability relating to the Jade Assets; 
 “Jade Transfer Date” means 9 February 2008, or such other date mutually agreed in writing by the parties to the Subscription Agreement; 

“Liabilities” means any and all direct or indirect Indebtedness, Losses, claims or responsibilities, whether known or unknown, accrued
or fixed, absolute or contingent, matured or unmatured, secured or unsecured or determined or determinable, whether or not of a kind required by GAAP to be set forth on a financial statement, including (but not limited to) those arising under any
Applicable Law and those arising under any contract or otherwise; 
 “Listing Rules” means The Rules Governing the Listing of
Securities on The Stock Exchange of Hong Kong Limited; 
 “Losses” means any and all direct or indirect payments, obligations,
recoveries, deficiencies, fines, penalties, interest, assessments, losses, damages (including damages resulting in diminution in value, lost income and profits and interruptions in the business of the Guarantor or any of its Subsidiaries),
liabilities, costs, expenses, to the extent actually 

  
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incurred, including (i) attorneys’ fees and expenses relating to such Loss and/or necessary to enforce rights to indemnification in connection with the Subscription Agreement and
(ii) consultants’ and experts’ fees and other costs of defence or investigation, and interest on any amount payable to a third party as a result of the foregoing (whether accrued, absolute, contingent, known, or otherwise, but
excluding punitive, exemplary, special and consequential damages (other than as expressly included in this definition)); 
 “NCLA
Business” means the operations and business conducted by NCL America Holdings and its subsidiaries, which include the operation of the Pride of America Vessel and the Pride of Aloha Vessel and, until the Jade Transfer has been completed,
the Vessel; 
 “NCLA Capital Expenditures” means, for any period, the aggregate amount of any capital expenditures made by NCL
America Holdings and any of its subsidiaries in such period with respect to the NCLA Business (including any capital expenditures made in relation to the Vessel until the Jade Transfer has been completed); 

“NCLA Cash Losses” means the amount, if negative, of the sum of (i) NCLA EBITDA less (ii) NCLA Capital Expenditures less
(iii) interest paid or accrued on the Allocable NCLA Indebtedness at a blended rate, in each case in respect of the period beginning on the Closing Date and ending on the NCLA Valuation Date and in each case as reflected on the financial
statements of NCL America Holdings or the accounting books and records of NCL America Holdings; 
 “NCLA EBITDA” means, for any
period, the sum of (i) net revenues less (ii) ship operating expenses and selling, general and administrative expenses as allocated in a manner consistent with past practice as included in management reports, in each case as determined in
accordance with GAAP and as reflected in the financial statements of NCL America Holdings or the accounting books and records of NCL America Holdings. For the avoidance of doubt (a) any Shared Overhead Expenses which are incurred by the
Guarantor and its subsidiaries in any such period shall be included (without duplication) in the calculation of NCLA EBITDA for such period and (b) any Shut Down Costs, Post-Termination Expenses or expenses in connection with the early
redeployment of the Pride of America Vessel in the Guarantor’s fleet which are incurred in any such period shall not be included in the calculation of NCLA EBITDA for such period; 
 “NCLA Valuation Date” means the date that is ninety (90) days after the date on which notice of the Star Termination Election or the Guarantor Termination Election is delivered;

 “Order” means all judgments, injunctions, orders and decrees of all Governmental Authorities in any legal, administrative or
arbitration action, suit, complaint, charge, hearing, mediation, inquiry, investigation or proceeding in which the Person in question is a party or by which any of its properties or assets are bound; 

“Permitted Transfer” means: 
  

	(i)	with respect to the Investors, any Transfer by an Investor to an Affiliate of the Investor (including (a) the partners, members and stockholders of the Investor,
and, if such Affiliate is an entity, the partners, members and stockholders of such Affiliate (b) any limited partner which has directly or indirectly invested, or otherwise has ownership interests, in Apollo Investment Fund VI, LP or one of
its Affiliated investment funds or (c) prior to the first anniversary of the Closing Date, of up to forty per cent. (40%) of the Equity Securities held by the Investor as at the Closing Date in the aggregate to any funds, financial
institutions or individuals acting as a co-investor in the Guarantor with the Investor; and 

  

	(ii)	with respect to Star, any Transfer by Star to (a) any wholly-owned Subsidiary of Star or (b) any Existing Star Controlling Shareholder;

  
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 “Permitted Transferees” means any Person to whom a Permitted Transfer is made or is to be
made; 
 “Person” means any legal person, including any individual, corporation, investment fund, partnership, limited
partnership, limited liability company, joint venture, joint stock company, association, trust, unincorporated entity or Governmental Authority or other entity; 
 “Post-Termination Expenses” means all of the (i) costs and expenses with respect to the operations of the NCLA Business that are incurred, consistent with past practice by the
Guarantor and its subsidiaries, after the NCLA Valuation Date through 31 December 2008 and (ii) costs and expenses that would have been allocated and attributable to the Pride of Aloha Vessel had the vessel remained in service as part of
the NCL America Holdings fleet until 31 December 2008, in each case based upon an allocation of corporate costs on a capacity day basis in a manner consistent with past practice and the Guarantor’s then-currently published sailing
schedule; 
 “Pride of Aloha Vessel” means United States documented passenger cruise vessel “PRIDE OF ALOHA”,
official number 1153219, IMO number 9128532; 
 “Pride of America Vessel” means the United States documented passenger cruise
vessel “PRIDE OF AMERICA”, official number 1146542, IMO number 9209221, and all appurtenances thereto whether on board or ashore; 

“Security” means, with respect to any Person, all equity securities or equity interests of such Person, all securities convertible into
or exchangeable for equity securities or equity interests of such Person, and all options, warrants, and other rights to purchase or otherwise acquire from such Person equity interests, including any stock appreciation or similar rights, contractual
or otherwise; 
 “Shared Overhead Expenses” means those overhead expenses incurred by the Guarantor and any of its subsidiaries
which are attributable to the operation and management of the NCLA Business based upon an allocation of corporate costs on a capacity day basis in a manner consistent with past practice and the Guarantor’s then-currently published sailing
schedule, and shall include any capital expenditures made by the Guarantor and any of its subsidiaries (other than NCL America Holdings and its subsidiaries) with respect to the NCLA Business; 

“Shut Down Costs” shall mean (i) any and all costs and expenses incurred by the Guarantor and any of its subsidiaries in connection
with the shut down of the operation and management of the NCLA Business, whether accrued or paid and (ii) all documentary, gross receipts, sales, transfer and use taxes and similar liabilities, if any, resulting directly or indirectly from the
transactions contemplated by clause 3.3 and clause 3.4 of this Schedule; 
 “Shut Down Procedure” means all actions necessary
in connection with the shut down of the operation and management of the NCLA Business, including taking all steps reasonably necessary to wind-up and liquidate, in liquidations qualifying as complete liquidations under section 331 of the Code, NCL
America Holdings and each of the Subsidiaries of NCL America Holdings (except as otherwise agreed by Investor I and NCL America Holdings); 

  
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 “Star Group” means Star together with its Permitted Transferees who hold Equity Securities;

 “Subscription Price” means USD1,000,000,000; 
 “Subsidiaries” means, with respect to any Person, any corporation, association, partnership, limited liability company or other business entity of which fifty per cent. (50%) or more
of the total voting power of equity securities or equity interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of managers, directors, representatives or trustees thereof
is at the time owned or controlled, directly or indirectly, by (i) such Person (ii) such Person and one or more Subsidiaries of such Person or (iii) one or more Subsidiaries of such Person. For the purposes of this definition, the
term “controlled” means the possession, directly or indirectly, of the power to direct the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. Notwithstanding the foregoing,
WorldCard International Limited shall be deemed not to be a “Subsidiary” of Star for the purposes of the Subscription Agreement; 

“Transaction Documents” means the Apollo Transaction Documents, the Amended and Restated Incorporation Documents, the Voting Agreement
and all other documents, agreements and instruments executed and delivered in connection therewith, in each case, as amended, modified or supplemented from time to time; 
 “Transfer” means, as to any Security or asset, to sell, transfer, assign, gift, pledge, grant a security interest in, distribute, encumber or otherwise dispose of (including the
foreclosure or other acquisition by any lender with respect to such Security or asset pledged to such lender by the holder of such Security or asset), whether directly or indirectly, such Security or asset, either voluntarily or involuntarily and
with or without consideration; and 
 “Voting Agreement” means the voting agreement dated as of 17 August 2007, by and
among Investor I and certain of the Existing Star Controlling Shareholders. 

  
 130

 Schedule 1 
 Accumulated Book Depreciation 
 [*] 

  
 131

 Schedule 10 
 Repayment Schedule calculated using the Application of Proceeds Formulation* 

[*] 

  
 132

 Schedule 11 
 Repayment Schedule for the purpose of calculating the amount of the Margin payable* 
 [*] 

  
 133

 Schedule 3 
 Guarantee 

 [*]: 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 20 APRIL 2004 

 

					
	(1)	 	NCL CORPORATION LTD.	 	
		 	(as guarantor)	 	
			
	(2)	 	HSBC BANK PLC	 	
		 	(as trustee)	 	

  
  

GUARANTEE 

IN RESPECT OF THE OBLIGATIONS OF 
 PRIDE OF HAWAII, LLC 
 (formerly known as Pride of Hawaii, Inc.)

 AS AMENDED AND RESTATED PURSUANT TO 
 A SUPPLEMENTAL DEED 
 DATED 1 JUNE 2012 

 
  

 
 

 

 CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 1
	 	 Definitions and Construction
	  	 	1	  
			
	 2
	 	 Guarantee and Indemnity
	  	 	3	  
			
	 3
	 	 Survival of Guarantor’s Liability
	  	 	3	  
			
	 4
	 	 Continuing Guarantee
	  	 	5	  
			
	 5
	 	 Exclusion of the Guarantor’s Rights
	  	 	5	  
			
	 6
	 	 Payments
	  	 	6	  
			
	 7
	 	 Enforcement
	  	 	7	  
			
	 8
	 	 Representations and Warranties
	  	 	7	  
			
	 9
	 	 General Undertakings: Positive Covenants
	  	 	10	  
			
	 10
	 	 General Undertakings: Negative Covenants
	  	 	12	  
			
	 11
	 	 Financial Undertakings and Ownership and Control of the Guarantor
	  	 	16	  
			
	 12
	 	 Cash Sweep
	  	 	21	  
			
	 13
	 	 Special Liquidity
	  	 	22	  
			
	 14
	 	 Chartering
	  	 	22	  
			
	 15
	 	 Hedging
	  	 	23	  
			
	 16
	 	 Exceptional Prepayments
	  	 	23	  
			
	 17
	 	 Equity Contribution
	  	 	23	  
			
	 18
	 	 Indebtedness for Borrowed Money
	  	 	23	  
			
	 19
	 	 Issue of the Bonds
	  	 	23	  
			
	 20
	 	 Discharge
	  	 	24	  
			
	 21
	 	 Assignment and Transfer
	  	 	24	  
			
	 22
	 	 Miscellaneous Provisions
	  	 	24	  
			
	 23
	 	 Waiver of Immunity
	  	 	25	  
			
	 24
	 	 Notices
	  	 	25	  
			
	 25
	 	 Governing Law
	  	 	26	  
			
	 26
	 	 Jurisdiction
	  	 	26	  

							
	 Schedule 1
	 	 Quarterly Statement of Financial Covenants
	  	 	27	  
			
	 Schedule 2
	 	 Letter of Instruction
	  	 	29	  
			
	 Schedule 3
	 	 Budgeted Consolidated EBITDA
	  	 	31	  
			
	 Schedule 4
	 	 Report on Bookings
	  	 	32	  

 DEED 
 DATED the 20 day of April 2004 (as amended and restated pursuant to a supplemental deed dated 1 JUNE 2012) 
 BY: 
  

	(1)	NCL CORPORATION LTD. being a company validly existing under the laws of Bermuda with its registered office at Cumberland House, 9th Floor, 1 Victoria 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 20 April 2004 (the “Loan Agreement”) made between (among others) (1) Pride of Hawaii, LLC (formerly known as Pride
of Hawaii, 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 (€308,130,000) (the “Loan”) on the terms and conditions contained
therein. 

  

	(B)	By a deed of agency and trust dated 20 April 2004 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. 

 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 in this Clause 1.1 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; 

  

	 	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, restated, 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 

	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 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 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 

	 	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 

 

	 	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 

	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. 

  

	 	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 

  
 5 

	 	(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, 

 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: 

 

	 	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 

	 	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 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; 

  
 7 

	 	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 

  

	 	(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); 

  

	 	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 (in this Clause 8.1.9 “NCLC Group” shall have the meaning ascribed to it in Clause 11.4); 

  
 8 

	 	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	subject to Clause 10.6, 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; 

 

	 	8.1.16	the Shares are legally and beneficially owned by the Shareholder, all the shares in the Bareboat Charterer are legally and beneficially owned by NCL International, all
the shares in the Shareholder are legally and beneficially owned by Arrasas and all the shares in Arrasas are legally and beneficially owned by the Guarantor and such structure shall remain so throughout the Security Period. Further, no Event of
Default has occurred under Clause 11.2 in respect of the ownership and/or control of the shares in the Guarantor; 

  

	 	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.

  
 9 

	 	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 sixty (60) days after the close of each quarter of each financial year) a Certified Copy of the unaudited
consolidated accounts of the NCLC Group for that quarter (commencing with the unaudited accounts made up to 31 March 2004); 

  

	 	9.2.3	as soon as practicable (and in any event within one hundred and twenty (120) days after the close of each financial year), beginning with the year ending
31 December 2004, annual cash flow projections on a consolidated basis of the NCLC Group showing on a monthly basis advance ticket sales (for at least twelve (12) months following the date of such statement) for the NCLC Group;

  

	 	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 quarterly break downs for the first of
these five (5) years), 

 and an outline of the assumptions supporting such budget and financial projections
including but without limitation any scheduled drydockings; 
  

	 	9.2.5	from time to time (but at intervals no more frequently than annually at the Guarantor’s expense unless an Event of Default has occurred and is continuing) 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; 

 

	 	9.2.6	 as soon as practicable (and in any event within sixty (60) days after the close of each of the first three (3) quarters of its financial year
and within 

  
 10 

	 	
one hundred and twenty (120) days after the close of each 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 [*] or the equivalent in another currency); 

 

	 	9.2.9	promptly, such information as the Agent may request regarding the Bonds, either before their issue or during their lifetime; 

 

	 	9.2.10	as soon as practicable (and in any event no later than the twenty fifth (25th) day of each month), a monthly bank reporting package for the NCLC Group for the
previous month comprised of a profit and loss statement, a balance sheet, a cash flow statement and a statement of the Free Liquidity (as defined in Clause 11.4) (commencing with the month to 31 March 2009); 

 

	 	9.2.11	a quarterly earnings conference telephone call (commencing with the financial quarter to 31 March 2009) to take place as soon as practicable and in any event no
later than forty (40) days after the end of any relevant financial quarter except the fourth financial quarter and no later than seventy five (75) days after the end of the fourth financial quarter; and 

 

	 	9.2.12	as soon as practicable (and in any event within thirty (30) days after the close of each quarter of each financial year) a report on bookings for the following
year and a comparison with the previous year in the form of Schedule 4 (commencing with the financial quarter ending 30 June 2009). 

 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	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. 

  

	 	9.4	The Guarantor will notify the Trustee and the Agent of any Event of Default forthwith upon the Guarantor becoming aware of the occurrence thereof.

  

	 	9.5	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. 

  
 11 

	 	9.6	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. 

 

	 	9.7	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. 

  

	 	9.8	Other than the Sky Vessel Indebtedness: 

  

	 	9.8.1	the Guarantor shall procure that any and all of its indebtedness with any other Obligor and/or any shareholder of the Guarantor is at all times fully subordinated to
the Security Documents and the obligations of the Guarantor hereunder; and 

  

	 	9.8.2	the Guarantor shall not make or permit to be made any repayments of principal, payments of interest or of any other costs, fees, expenses or liabilities arising from or
representing indebtedness with any shareholder of the Guarantor. 

 [*] 

Upon the occurrence of an Event of Default the Guarantor shall not make any repayments of principal, payments of interest or of any other
costs, fees, expenses or liabilities arising from or representing indebtedness with any other Obligor. 
  

	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; 

  
 12 

	 	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 [*] to Pride of Aloha, Inc., a wholly owned Subsidiary of
NCL America Holdings; 

  

	 	10.2.7	the Shareholder may assign, pledge or charge the Shares as security for the obligations of the Borrower under the Loan Agreement; 

 

	 	10.2.8	Arrasas may transfer its shares in NCLL to IOL and Star may transfer its shares in Arrasas to the Guarantor; and 

 

	 	10.2.9	disposals of assets constituting Apollo-Related Transactions may be made, 

 PROVIDED THAT the number of vessels in the NCLC Fleet on the Second Restatement Date shall not [*]. 
  

	 	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 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 procure that none of the owners or prospective owners of mortgaged vessels in the NCLC Fleet will issue or enter into any guarantee or indemnity or
otherwise become directly or contingently liable for the obligations of any other person, firm or corporation, other than: 

  

	 	10.4.1	in the ordinary course of its business as owner of its vessels; and 

  

	 	10.4.2	any guarantee of the obligations of any member of the NCLC Group to one or more providers of credit card processing services to the NCLC Group and/or any provider of a
Letter of Credit Facility (such guarantee to be fully subordinated to any guarantees supporting the NCLC Group Credit Facilities). 

  
 13 

	 	10.5	Except with the prior written consent of the Agent and Hermes, 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 and Hermes, 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 FURTHER THAT any change of or discontinuation in the business activities of any Obligor in accordance with the Apollo-Related Transactions, or any other change or
discontinuation that 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 is or may be a party from time to time,
in each case in the opinion of the Agent and Hermes, shall be permitted. 

  

	 	10.6	Except with the prior consent of the Agent and Hermes, the Guarantor will not enter into any amalgamation, restructure, substantial reorganisation, merger, de-merger or
consolidation or anything analogous to the foregoing and will procure that no company in the NCLC Group (other than the Shareholder or NCL International) shall do so. However, the prior consent of the Agent shall not be required in respect of:

  

	 	10.6.1	any amalgamation, voluntary cessation of business, consolidation, voluntary dissolution, solvent liquidation, merger, de-merger, voluntary termination of existence,
solvent winding up, restructure which, for the avoidance of doubt, may include the creation of new Subsidiaries, pursuant to the Apollo-Related Transactions; or 

 

	 	10.6.2	any amalgamation, voluntary cessation of business, consolidation, voluntary dissolution, solvent liquidation, merger, de-merger, voluntary termination of existence,
solvent winding up, restructure or acquisition involving wholly owned (whether directly or indirectly) Subsidiaries of the Guarantor only, including the creation of new Subsidiaries, 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, except in relation to Apollo-Related Transactions, the Guarantor has first consulted with the Agent with regard to the proposed consolidation, reorganisation, restructure or
acquisition 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 reorganisation or restructure. 

  
 14 

 Further, no member of the NCLC Group will acquire any equity, share capital or any
obligations of a corporation or other entity unless the business of that corporation or other entity is in the leisure or hospitality sectors. 
 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 compliance with the financial undertakings contained in Clause 11 after any such merger or consolidation. 

In this Clause 10.6, “NCLC Group” shall exclude the Borrower. 

 

	 	10.7	Except with the prior written consent of the Agent, the Guarantor will not alter its financial year end. 

 

	 	10.8	The Guarantor has not taken and shall not take from any other Obligor 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. 

 

	 	10.9	The Guarantor shall not (and will procure that no other company in the NCLC Group shall), either in a single transaction or in a series of transactions whether related
or not purchase any asset or make any investment: 

  

	 	10.9.1	other than on arm’s length terms; 

  

	 	10.9.2	which is not for its use in its ordinary course of business; 

  

	 	10.9.3	the cost of which is more than its fair market value at the date of acquisition; or 

 

	 	10.9.4	other than an asset constituting an Apollo-Related Transaction, 

 without the prior consent of all the Lenders PROVIDED THAT the Guarantor is (and any other company in the NCLC Group is) permitted to: 

 

	 	(a)	purchase the New Vessels; 

  

	 	(b)	purchase Breakaway 3, Breakaway 4 and the Sky Vessel, subject to any other provision in the Security Documents, subject to Clauses 10.9.1 to 10.9.3; and

  

	 	(c)	purchase other vessels after the Total Delayed Principal Amount has been cancelled and/or prepaid and/or repaid, subject to Clauses 10.9.1 to 10.9.3.

  

	 	10.10	The Guarantor shall not (and will procure that no other company in the NCLC Group shall) [*] unless the relevant Permitted Indebtedness is available to the buyer
unconditionally subject only to the satisfaction of conditions precedent usual for such financing arrangements. 

  
 15 

	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 Free Liquidity will be not less than fifty million Dollars (USD50,000,000); 

 

	 	11.1.2	either: 

  

	 	(a)	as at 30 September 2005 and as at the end of each subsequent financial quarter the ratio of Consolidated EBITDA to Consolidated Debt Service for the NCLC Group,
computed for the period of the four (4) consecutive financial quarters ending at the end of the relevant financial quarter, shall not be less than one point two five (1.25) to one (1.0); or 

 

	 	(b)	at all times during the period of twelve (12) months ending as at the end of the relevant financial quarter the NCLC Group has maintained a minimum Free Liquidity
in an amount which is not less than one hundred million Dollars (USD100,000,000); 

  

	 	11.1.3	as at 30 September 2006 and as at the end of each subsequent financial quarter, the ratio of Total Net Funded Debt to Total Capitalisation of the NCLC Group shall
not exceed nought point seven (0.7) to one (1.0); 

  

	 	11.1.4	[*] 

  

	 	(a)	at all times the aggregate of minimum Free Liquidity and any amount standing to the credit of the Cash Sweep Bank Account will be not less than [*]; and

  

	 	(b)	either: 

  

	 	(i)	as at the end of each financial quarter [*], computed for the period of the four (4) consecutive financial quarters ending at the end of the relevant financial quarter,
shall not be more than eleven [*]. For the purpose of this calculation [*]; or 

  

	 	(ii)	at all times during the financial quarter being measured in Clause 11.1.4(b)(i) the NCLC Group has maintained an aggregate of minimum [*] an amount which is not less
than [*]; and 

  

	 	11.1.5	as at the end of each financial quarter, the ratio of Total Net Funded Debt to Consolidated Adjusted Total Assets shall not exceed: 

 

	 	(a)	ninety per cent (90%) during the calendar year of 2009; 

  

	 	(b)	eighty per cent (80%) during the calendar year of 2010; and 

  

	 	(c)	seventy per cent (70%) thereafter. 

 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 the ratios in Clause 11.1.2(a), Clause 11.1.4(b)(i) and Clause 11.1.5. 
  

	 	11.2	It will be an Event of Default if: 

  

	 	11.2.1	at any time when the ordinary share capital of the Guarantor or parent company of the Guarantor is not publicly listed on an Approved Stock Exchange or at any time when
a dividend is to be paid to the existing shareholders of the Guarantor or parent company of the Guarantor by way of a share issue pursuant to a public offering on an Approved Stock Exchange, the Lim Family (together or individually) and Apollo in
the aggregate, do not or will 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 or parent company of the Guarantor on an Approved Stock Exchange:

  

	 	(i)	any Third Party: 

  

	 	(A)	owns legally and/or beneficially and either directly or indirectly at least thirty three per cent (33%) of the ordinary share capital of the Guarantor; or

  

	 	(B)	has the right or the ability to control either directly or indirectly the affairs of or the composition of the majority of the board of directors (or equivalent) of the
Guarantor, 

  
 16 

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

	 	(ii)	the Guarantor (or such parent company) 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 “control” of any company, limited partnership or
other legal entity (a “body corporate”) by a member of the Lim Family and Apollo means that one (1) or more members of the Lim Family or Apollo in the aggregate 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	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, provided that (i) subsidiaries of the Guarantor may pay dividends to another member of the NCLC 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 NCLC Group or holder of the Guarantor’s capital stock with respect to income taxable as a result of any member of the NCLC Group being treated as a pass-through entity or attributable to any member
of the NCLC Group, and (iii) after the later of (x) the listing of the ordinary capital stock of the Guarantor or parent company of the Guarantor on an Approved Stock Exchange and (y) an amount equal to the Total Delayed Principal Amount having been
cancelled and/or prepaid and/or repaid, 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 has occurred and is continuing 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 is less than 5.50:1.00. The Agent shall use
the Application of Proceeds Formulation to determine whether an amount equal to the Maximum Amount of the Delayed Principal Amount has been prepaid and/or repaid. 

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. 

 

	 	11.4	In Clause 11.1, Clause 11.2, Clause 11.3, Clause 11.7 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	“Budgeted Consolidated EBITDA” means the relevant amount set out in Schedule 3; 

  
 17 

	 	11.4.4	“Cash Balance” means, at any date of determination, the unencumbered and otherwise unrestricted cash and cash equivalents of the NCLC Group;

  

	 	11.4.5	“Consolidated Adjusted Total Assets” means the NCLC Group’s total assets (based on the then latest unaudited consolidated quarterly accounts),
adjusted so that each vessel in the NCLC Fleet is valued on the basis of its most recent valuation obtained in accordance with clause 10.18 of the Loan Agreement in the case of the Vessel and the similar clause in the facility agreements in
respect of the other NCLC Group Credit Facilities; 

  

	 	11.4.6	“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 or by virtue of Clause 12 or Clause 13;

  

	 	(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 or under an Apollo-Related Transaction; and 

  

	 	(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) or under an Apollo-Related Transaction; 

 

	 	(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”) other than the tax distributions described in Clause 11.3; 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; 

  
 18 

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

 

	 	(a)	Consolidated Net Income from the Guarantor’s operations for such period; 

 

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

 

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

  

	 	11.4.9	“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; 

  

	 	11.4.10	“F3 Two EBITDA” means the Consolidated EBITDA attributable to the F3 Two Vessel assuming the F3 Two Vessel had been in operation since the beginning of
the period in which the F3 Two-Related Debt was included in Total Net Funded Debt; 

  

	 	11.4.11	“F3 Two-Related Debt” means the amount of up to EUR662,905,320 to be made available to Norwegian Epic, Ltd. (formerly known as F3 Two, Ltd.) pursuant
to a facility agreement dated 22 September 2006 (as amended and/or restated from time to time); 

  

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

  

	 	11.4.13	“Lim Family” means: 

  

	 	(a)	the late Tan Sri Lim Goh Tong; 

  

	 	(b)	his spouse; 

  

	 	(c)	his direct lineal descendants; 

  

	 	(d)	the personal estate of any of the above persons; and 

  

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

  
 19 

	 	11.4.14	“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; 

  

	 	11.4.15	“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 or Apollo; 

  

	 	11.4.16	“Total Capitalisation” means, at any date of determination, Total Net Funded Debt plus the consolidated stockholders’ equity of the NCLC Group at
such date determined in accordance with 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 PROVIDED THAT for any such accounts delivered after the Second Restatement Date, the effect of any impairment of intangible assets shall be added back to
stockholders’ equity; and 

  

	 	11.4.17	“Total Net Funded Debt” means, as at any relevant date: 

  

	 	(i)	Indebtedness for Borrowed Money of the NCLC Group; and 

  

	 	(ii)	the amount of any Indebtedness for Borrowed Money of any person which is not a member of the NCLC Group but which is guaranteed by a member of the NCLC Group as at such
date; 

 less an amount equal to any Cash Balance and all amounts from time to time standing to the credit of the
Cash Sweep Bank Account as at such date. 
  

	 	11.5	Save as specified in Clause 11.1.2, Clause 11.1.4 and Clause 11.7, the ratios referred to in this Clause 11 will be measured on a quarterly basis by reference
to the consolidated accounts of the NCLC Group. 

  

	 	11.6	Only the Moratorium Undertakings and the undertaking contained in Clause 11.7 will apply during the Moratorium Period. From the end of the Moratorium Period the ratios
referred to in this Clause 11, other than the ratios referred to in Clause 11.1.4 and Clause 11.7 will apply. 

  

	 	11.7	If Consolidated EBITDA at the end of any financial quarter (computed for the period of the four (4) consecutive financial quarters ending at the end of such
financial quarter) during the Moratorium Period is more than twenty per cent (20%) [*], then the Majority Group-Wide Lenders shall have the right to request the Guarantor promptly to appoint, at its cost, an independent restructuring firm
acceptable to the Majority Group-Wide Lenders to provide a due diligence report on the management restructuring plan and its present state to the Group-Wide Lenders as soon as practicable. The Guarantor shall use commercially reasonable efforts to
assist such restructuring firm in preparing such due diligence report within sixty (60) days of the request. 

  
 20 

	12	Cash Sweep 

  

	 	12.1	The Guarantor shall maintain the Cash Sweep Bank Account during the Security Period (or for such shorter period as the Majority Cash Sweep Lenders may agree) free of
Encumbrances and rights of set off other than the Account Charge. 

  

	 	12.2	Subject to Clause 12.3 and no Event of Default having occurred and being continuing, any Total Cash Sweep Amount shall be applied on the relevant Cash Sweep Payment
Date in prepayment, reduction and/or cancellation of the Cash Sweep Credit Facilities. The payment to be made under each Cash Sweep Credit Facility shall be calculated on the basis of the Accounts for the twelve (12) month period ending on the
relevant Cash Sweep Determination Date and be applied to each Cash Sweep Credit Facility on a pro rata basis based on each Cash Sweep Credit Facility’s remaining outstanding Delayed Principal Amount (as defined in the Loan Agreement in respect
of the Loan and as defined in the relevant facility agreement in respect of each of the other Cash Sweep Credit Facilities) as of the Cash Sweep Payment Date. Each such outstanding Delayed Principal Amount, to the extent it is not already
denominated in Dollars, shall be converted into Dollars on the date falling ten (10) Business Days prior to the relevant Cash Sweep Payment Date at the rate which appears on the Reuters Page ECB37 at 1.30 p.m. London time on that date, for the
purposes of such calculation. For the avoidance of doubt, once there is no longer any remaining outstanding Delayed Principal Amount under any of the Cash Sweep Facilities, no further payments under this Clause 12.2 shall be required.

  

	 	12.3	The Guarantor shall procure that any Total Cash Sweep Amount on the Cash Sweep Determination Dates of 31 December 2009 and 31 December 2010 shall be paid into
the Cash Sweep Bank Account on the following 31 March. On 31 March 2011 the Guarantor shall procure that the Total Cash Sweep Amount on the Cash Sweep Determination Dates of 31 December 2009 and 31 December 2010 held in the Cash
Sweep Bank Account shall be applied in accordance with Clause 12.2 as if it were a single Total Cash Sweep Amount existing on 31 December 2010. 

  

	 	12.4	Notwithstanding anything to the contrary in this Deed, to the extent that the Guarantor can demonstrate to the satisfaction of the Majority Cash Sweep Lenders in their
sole discretion that the working capital needs of the NCLC Group so require, the Guarantor shall be permitted to withdraw the amount agreed by the Majority Cash Sweep Lenders from the Cash Sweep Bank Account prior to 31 March 2011 and apply it
for any purpose agreed by the Majority Cash Sweep Lenders. Save as provided in this Clause 12.4, no sum may be withdrawn from the Cash Sweep Bank Account prior to 31 March 2011. Any accumulated interest in the Cash Sweep Bank Account remaining
after 31 March 2011 shall be remitted to the Guarantor. 

  

	 	12.5	Each Relevant Cash Sweep Amount shall be applied to the Loan in accordance with clause 4.9 of the Loan Agreement. 

 

	 	12.6	On or immediately after the date falling ten (10) Business Days prior to 31 March 2010 and to each Cash Sweep Payment Date the Guarantor shall provide the
Cash Sweep Lenders with a statement showing the calculation of Liquidity at the relevant Cash Sweep Determination Date (whether or not there is a Total Cash Sweep Amount) and, if applicable, the amounts of the Total Cash Sweep Amount to be paid to
the Cash Sweep Lenders on the relevant Cash Sweep Payment Date, subject to Clause 12.4. 

  
 21 

	 	12.7	It is hereby acknowledged and agreed that the provisions of this Clause 12 and clause 4.9 of the Loan Agreement may not be amended without the consent of the Cash Sweep
Lenders. 

  

	13	Special Liquidity 

  

	 	13.1	Provided that no Event of Default has occurred and is continuing, any Total Special Liquidity Sources Amount shall be applied on the relevant Special Liquidity Sources
Payment Date in prepayment, reduction and/or cancellation of the Cash Sweep Credit Facilities. The payment to be made under each Cash Sweep Credit Facility shall be applied to each Cash Sweep Credit Facility on a pro rata basis based on each Cash
Sweep Credit Facility’s remaining outstanding Delayed Principal Amount (as defined in the Loan Agreement in respect of the Loan and as defined in the relevant facility agreement in respect of each of the other Cash Sweep Credit Facilities) as
of the Special Liquidity Sources Payment Date. Each such outstanding Delayed Principal Amount, to the extent it is not already denominated in Dollars, shall be converted into Dollars on the date falling ten (10) Business Days prior to the
relevant Special Liquidity Sources Payment Date at the rate which appears on the Reuters Page ECB37 at 1.30 p.m. London time on that date, for the purposes of such calculation. Notwithstanding anything to the contrary, payment under this Clause 13.1
shall only be required to the extent such payment does not reduce Liquidity to a level below [*]. 

  

	 	13.2	The Relevant Special Liquidity Sources Amount shall be applied to the Loan in accordance with clause 4.9 of the Loan Agreement. 

 

	 	13.3	It is hereby acknowledged and agreed that the provisions of this Clause 13 and clause 4.9 of the Loan Agreement may not be amended without the consent of the Cash Sweep
Lenders. 

  

	 	13.4	No vessel in the NCLC Fleet may be sold unless any Special Liquidity Sources arising from the sale are applied in accordance with this Clause 13.

  

	14	Chartering 

Notwithstanding the provisions of clause 10.12 of the Loan Agreement, the Guarantor shall not (and will procure that no company in the
NCLC Group shall), charter (in or out) any vessel, except that the following shall be permitted: 
  

	 	14.1	the chartering out of m.v. “NORWEGIAN JADE” by Pride of Hawaii, LLC (formerly known as Pride of Hawaii, Inc.) to the Manager and any other intra-NCLC Group
chartering of any vessel, which complies with clause 10.12 and clause 10.14.3 of the Loan Agreement; 

  

	 	14.2	any extra-NCLC Group chartering out of a vessel that would be permissible under clause 10.12 and clause 10.14.3 of the Loan Agreement, except that no such extra-NCLC
Group charter may be made: 

  

	 	14.2.1	other than in the usual course of business of the vessel’s owner or other NCLC Group operator; 

  
 22 

	 	14.2.2	directly or indirectly to another cruise line; 

  

	 	14.2.3	for a period longer than two (2) months; and/or 

  

	 	14.2.4	other than at or about market rate at the time the charter is fixed; 

  

	 	14.3	the sale and initial lease-back of any vessel in the NCLC Fleet subject to compliance with Clause 13 and Clause 10.2 and in accordance with clauses 10.12(A) and
(C) and clause 10.14.3 of the Loan Agreement; and 

  

	 	14.4	any charter of a vessel in existence at the date of the Fifth Supplemental Deed to or from a person that is not a company in the NCLC Group at the Second Restatement
Date PROVIDED THAT any extension or renewal of such a charter shall only be permitted if either it is not materially adverse to the NCLC Group or the Group-Wide Lenders, in the opinion of the Majority Group-Wide Lenders, or the extension or
renewal is solely at the option of that person which is not a company in the NCLC Group. 

  

	15	Hedging 

 Notwithstanding
any other provision of the Loan Agreement or this Deed to the contrary, the Guarantor shall not (and will procure that no company in the NCLC Group shall) enter into any ISDA Master Agreement (or any other form of master agreement) or any
transaction under any such master agreement relating to a fuel, interest or currency exchange transaction unless the entry into that master agreement or transaction is for non-speculative reasons. 

 

	16	Exceptional Prepayments 

  

	 	16.1	Provided that no Event of Default has occurred and is continuing, any Total Exceptional Prepayment Amount shall be applied on the relevant Total Exceptional Prepayment
Amount Payment Date in prepayment, reduction and/or cancellation of the Cash Sweep Credit Facilities. The payment to be made under each Cash Sweep Credit Facility shall be applied to each Cash Sweep Credit Facility on a pro rata basis based on each
Cash Sweep Credit Facility’s remaining outstanding Delayed Principal Amount (as defined in the Loan Agreement in respect of the Loan and as defined in the relevant facility agreement in respect of each of the other Cash Sweep Credit Facilities)
as of that Total Exceptional Prepayment Amount Payment Date. Each such outstanding Delayed Principal Amount, to the extent it is not already denominated in Dollars, shall be converted into Dollars on the date falling ten (10) Business Days prior to
that Total Exceptional Prepayment Amount Payment Date at the rate which appears on the Reuters Page ECB37 at 1.30 p.m. London time on that date, for the purposes of such calculation. 

 

	 	16.2	The Relevant Exceptional Prepayment Amount shall be applied to the Loan in accordance with the Application of Proceeds Formulation. 

 

	 	16.3	It is hereby acknowledged and agreed that the provisions of this Clause 16 may not be amended without the consent of the Cash Sweep Lenders.

  

	17	Equity Contribution 

 If
the Guarantor fails to comply with the Moratorium Undertakings, the Guarantor shall, with the support and co-operation of its shareholders, use commercially reasonable endeavours and take all practicable steps to procure the contribution by the
Investors, Star and/or any other capital provider of new equity in cash for the Guarantor. To the extent such endeavour is successful, such contribution shall be made within thirty (30) days from the date of the breach of the Moratorium
Undertakings and be in an amount (in addition to the New Cash Equity) not exceeding the lesser of the amount required by the Majority Group-Wide Lenders and [*], in aggregate. 

 

	18	Indebtedness for Borrowed Money 

 Until the Total Delayed Principal Amount has been cancelled and/or prepaid and/or repaid, notwithstanding any other provision of the Loan Agreement or this Deed to the contrary, the Guarantor shall not
(and will procure that no company in the NCLC Group shall) incur any Indebtedness for Borrowed Money other than Permitted Indebtedness. 
  

	19	Issue of the Bonds 

  

	 	19.1	 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 

  
 23 

	 	
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). 

  

	20	Discharge 

  

	 	20.1	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. 

  

	21	Assignment and Transfer 

  

	 	21.1	This Deed shall be binding upon and enure to the benefit of the Trustee and its successors and assigns. 

 

	 	21.2	The Guarantor shall not be entitled to assign or transfer all or any part of its rights, benefits or obligations under this Deed. 

 

	 	21.3	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. 

  

	 	21.4	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. 

 

	 	21.5	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. 

  

	22	Miscellaneous Provisions 

  

	 	22.1	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. 

  

	 	22.2	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. 

  
 24 

	 	22.3	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. 

 

	 	22.4	Time is of the essence in respect of all of the obligations of the Guarantor under this Deed. 

 

	23	Waiver of Immunity 

  

	 	23.1	The Guarantor irrevocably and unconditionally: 

  

	 	23.1.1	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 

  

	 	23.1.2	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. 

 

	24	Notices 

  

	 	24.1	Each notice, demand or other communication to be made under this Deed shall be made in writing which, unless otherwise stated, includes telefax.

  

	 	24.2	 Any notice, demand or other communication (unless made by telefax) 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 Corporate Center Drive, Miami, Florida 33126, United States of America marked for the
attention of the Chief Financial Officer (telefax no. +1 305 436 4140) and the Legal Department (telefax no. +1 305 436 4117) (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 (telefax no. +1
212 515 3288) and shall be deemed to have been made or delivered (in the case of any 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 PROVIDED THAT if the copy of any notice, demand or other communication is not received by the Investors it
shall not affect the deemed making or delivery of the notice, demand or other communication. 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
Trustee or the Agent (as the case may be) has 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 HSBC Bank
plc, Project and Export Finance, 8 Canada Square, London E14 5HQ, England marked for the attention of Mr Colin J Cuffie/Ms Isabel Olembo (telefax no. +44 (0)20 7992 4428) and shall

  
 25 

	 	
be deemed to have been made or delivered (in the case of any 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. 

 

	 	24.3	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. 

  

	25	Governing Law 

  

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

  

	26	Jurisdiction 

  

	 	26.1	For the exclusive benefit of the Trustee, the Guarantor agrees that any legal action or proceeding arising out of this Deed or relating to any non-contractual
obligations arising from or in connection with 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 or relating to any non-contractual obligations arising from or in connection with 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. 

 

	 	26.2	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. 

 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	  	)
	NCL CORPORATION LTD.	  	)
	acting by	  	)
	its duly appointed attorney-in-fact	  	)
	in the presence of:	  	)
		
	SIGNED SEALED and DELIVERED as a DEED	  	)
	for and on behalf of	  	)
	HSBC BANK PLC	  	)
	acting by	  	)
	its duly appointed attorney-in-fact	  	)
	in the presence of:	  	)

  
 26 

 Schedule 1 
 Quarterly Statement of Financial Covenants 
  

			
	TO:	  	HSBC BANK PLC
		  	Project and Export Finance
		  	8 Canada Square
		  	London E14 5HQ
		  	England
		
		  	Attn: Mr Colin J Cuffie/Ms Isabel Olembo
		
		  	(as the Agent (as such term is defined in the Guarantee (as hereinafter defined))

 We refer to clause 11 of the guarantee dated 20 April 2004 (as amended, varied, supplemented and/or restated 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 and that [no Event of Default has occurred and is continuing][an Event of Default has occurred and is continuing under clause
11.1.[    ] of the Loan Agreement and the following step[s] [is/are] being taken to cure the same: [    ]]. 
  

	
	NCL CORPORATION LTD.
	
	  

	By: [                    ]
	Chief Financial Officer

 Dated:              20[    ]

  
 27 

 Schedule 
 Statement of Financial Covenants as of [            ] 20[    ] (in USD’000) 

 

													
	Clause (of
Guarantee)	  	 	  	as of [—]	  	Required Covenants
	 11.1.1/

11.1.2(b)**+
	  	Free Liquidity	  	A	  		  		  	 A>USD50,000,000
 (11.1.1)**
 A>USD100,000,000
 (11.1.2(b)))**

						
	11.1.2(a)+
	  	Consolidated EBITDA:	  	B	  		  		  	 >1.25:1

		  	Consolidated Debt Service	  	C	  		  		  		  	
	11.1.3+	  	Total Net Funded Debt:	  	D	  		  		  	<0:7:1	  	
		  	Total Capitalisation	  	E	  		  		  		  	
							
	 11.1.4(a)/

11.1.4(b)(ii)++    
	  	 [*]
	  	[*]	  		  		  	[*]	  	
	11.1.4(b)(i)++	  	[*]	  	[*]	  		  		  	[*]	  	
		  	[*]	  	[*]	  		  		  		  	
	11.1.5+++	  	Total Net Funded Debt:	  	D	  		  		  	90% or less (2009)
		  	Consolidated Adjusted Total Assets	  		  		  		  	80% or less (2010)
		  		  		  		  		  	70% or less (thereafter)
		  		  		  		  		  		  	
		  	Consolidated EBITDA	  		  		  		  		  	
		  	Consolidated Net Income (loss)	  		  		  	 x
	  		  	
	(Deduct)/Add:	  	 (Gain)/Loss on sale of assets or reserves
	  		  		  	 x
	  		  	
	Add:	  	Consolidated Interest Expense	  		  		  	 x
	  		  	
	Add:	  	 Depreciation and amortisation of assets
	  		  		  	 x
	  		  	
	Add:	  	Impairment charges	  		  		  	 x
	  		  	
	(Deduct)/Add:	  	 Other non-cash charges (gains)
	  		  		  	 x
	  		  	
	Add:	  	Deferred income tax expense	  		  		  	 x
	  		  	
		  		  		  		  	  
	  		  	
		  	 Consolidated EBITDA
	  		  		  	    x	  	B	  	
		  		  		  		  	  
	  		  	
		  	Consolidated Debt Service	  		  		  		  		  	
		  	Principal paid/payable (excluding balloon payments, voluntary prepayments/repayments on sale/total loss of an NCLC Fleet vessel)	  		  		  	 x
	  		  	
	Add:	  	 Consolidated Interest Expense
	  		  		  	x	  		  	
		  	 Distributions
	  		  		  	x	  		  	
		  	 Rent under capitalised leases
	  		  		  	x	  		  	
		  		  		  		  	  
	  		  	
		  	Consolidated Debt Service	  		  		  	x	  	C	  	
		  		  		  		  	  
	  		  	
		  	Total Net Funded Debt	  		  		  		  		  	
		  	 Indebtedness for Borrowed Money
	  		  		  	x	  		  	
	Add:	  	 Guarantees of non-NCLC Group members’ obligations
	  		  		  	x	  		  	
		  		  		  		  	  
	  		  	
		  		  		  		  	x	  		  	
		  		  		  		  	  
	  		  	
	Deduct:	  	Cash Balance	  		  		  	(x)	  		  	
		  		  		  		  	  
	  		  	
		  	Total Net Funded Debt	  		  		  	(x)	  	D	  	
		  		  		  		  	  
	  		  	
		  	Total Capitalisation	  		  		  		  		  	
		  	Total Net Funded Debt	  		  		  	x	  		  	
	Add:	  	Consolidated stockholders’ equity	  		  		  	x	  		  	
		  		  		  		  	  
	  		  	
		  	Total Capitalisation	  		  		  	x	  	E	  	
		  		  		  		  	  
	  		  	
		  	Consolidated EBITDA	  		  		  		  		  	
		  	 Consolidated EBITDA
	  		  		  	x	  		  	
	Add/(Deduct):	  	Pro forma F3 Two EBITDA	  		  		  	x	  		  	
		  		  		  		  	  
	  		  	
		  	Consolidated EBITDA	  		  		  	x	  	G	  	
		  		  		  		  	  
	  		  	

 For and on behalf of NCL CORPORATION LTD. 

 

	
	  

	[                    ]

 I,
[                    ], the officer primarily responsible for the financial management of the NCLC Group, hereby declare that, to the best of
knowledge and belief, the above Statement of Financial Covenants as of [                    ] 20[        ],
in my opinion, is true and correct. 
  

	
	  

	[                    ]
	Chief Financial Officer
	NCL CORPORATION LTD.
	Dated:              20[    ]

  

	**	Evidence satisfactory to the Agent of A at all times during the relevant period shall be provided together with this statement 

 

	***	For the purpose of this calculation, once the F3 Two-Related Debt is included in Total Net Funded Debt, Consolidated EBITDA shall be adjusted to allow the inclusion of
pro forma F3 Two EBITDA for such period (as determined by the Borrower reasonably and in good faith) 

  

	+	Not applicable during the Moratorium Period 

  

	++	Only applicable during the Moratorium Period 

  

	+++	Applicable during and after the Moratorium Period 

  
 28 

 Schedule 2 
 Letter of Instruction 
  

			
	TO:	  	HSBC BANK PLC
		  	Project and Export Finance
		  	8 Canada Square
		  	London E14 5HQ
		  	England
		
		  	Attn: Mr Colin J Cuffie/Ms Isabel Olembo
		
		  	(as the Agent (as hereinafter defined))

 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 Hull
667 Limited (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 

 

	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. 

  
 29 

 This letter shall be governed by, and construed in accordance with, English law. 

Yours faithfully 
  

	
	  

	NCL CORPORATION LTD.
	By:
	Title:

  
 30 

 Schedule 3 
 Budgeted Consolidated EBITDA 
  

					
	 Fiscal Quarter Ended
	  	Budgeted 
Consolidated
EBITDA
(USD,000)	 
		
	 30 June 2008
	  	 	[*	] 
	 30 September 2008
	  	 	[*	] 
	 31 December 2008
	  	 	[*	] 
		  	 	[*	] 
	 31 March 2009
	  	 	[*	] 
	 30 June 2009
	  	 	[*	] 
	 30 September 2009
	  	 	[*	] 
	 31 December 2009
	  	 	[*	] 
		  	 	[*	] 
	 31 March 2010
	  	 	[*	] 
	 30 June 2010
	  	 	[*	] 
	 30 September 2010
	  	 	[*	] 
	 31 December 2010
	  	 	[*	] 

  
 31 

 Schedule 4 
 Report on Bookings 
 NCL Corporation Ltd. 

Passenger Booking Data 
 As of Week X

  

																	
	 	  	Q1 1	 	 	Q2 1	 	 	Q3 1	 	 	Q4 1	 
	 Load Factor Data
	  				 				 				 			
					
	 Booked to Date
	  				 				 				 			
					
	 2009
	  	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 
	 2008
	  	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 
					
	 Final (Full Year)
	  				 				 				 			
					
	 2008
	  	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 
					
	 NPD Data
	  				 				 				 			
					
	 Booked to Date
	  				 				 				 			
					
	 2009
	  	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 
	 2008
	  	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 
					
	 Final (Full Year)
	  				 				 				 			
					
	 2008
	  	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 

  

	1 	 Represents next four quarters following reporting date 

  
 32EX-10.4

 Exhibit 10.4 
 [*]: 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 1 JUNE 2012 
 NCL CORPORATION LTD. 
 (as borrower) 

NORWEGIAN PEARL, LTD. 
 NORWEGIAN GEM, LTD. 
 (as guarantors) 

NCL INTERNATIONAL LTD. 
 (as shareholder) 
 NCL (BAHAMAS) LTD. 

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

 (as lenders) 
 DNB BANK ASA 
 (as agent) 

DNB BANK ASA 
 (as security agent) 
 COMMERZBANK AKTIENGESELLSCHAFT 

(as Lower Saxony guarantee agent) 
  

 
 FIFTH
SUPPLEMENTAL DEED TO 
 UP TO EUR624,000,000 
 REVOLVING LOAN FACILITY AGREEMENT 
 dated 7 October 2005 (as
previously amended and/or restated) 
  

 
  

 

 CONTENTS 

 

							
	 	 	 	  	Page	 
			
	1	 	 Definitions and Construction
	  	 	2	  
			
	2	 	 Amendment and/or Restatement of Original Facility Agreement and Other Security Documents
	  	 	2	  
			
	3	 	 Conditions Precedent
	  	 	3	  
			
	4	 	 Representations and Warranties
	  	 	6	  
			
	5	 	 Fee and Expenses
	  	 	7	  
			
	6	 	 Further Assurance
	  	 	8	  
			
	7	 	 Counterparts
	  	 	8	  
			
	8	 	 Notices
	  	 	8	  
			
	9	 	 Governing Law
	  	 	9	  
			
	10	 	 Jurisdiction
	  	 	9	  
			
	Schedule 1	 	 Particulars of Agent, Security Agent, Lower Saxony Guarantee Agent, Restructuring Trustee and Lenders
	  	 	17	  
			
	Schedule 2	 	 Facility Agreement
	  	 	21	  

 FIFTH SUPPLEMENTAL DEED 
 DATED 1 JUNE 2012 
 BETWEEN: 

 

	(1)	NCL CORPORATION LTD. a company incorporated in and existing under the laws of Bermuda with its registered office at Cumberland House, 9th Floor, 1 Victoria
Street, Hamilton HM 11, Bermuda as borrower (the “Borrower”); 

  

	(2)	NORWEGIAN PEARL, LTD. and NORWEGIAN GEM, LTD. each being a company incorporated in and existing under the laws of Bermuda with its registered office at
Cumberland House, 9th Floor, 1 Victoria Street, Hamilton HM 11, Bermuda as guarantors (collectively the “Guarantors” and each individually a “Guarantor”); 

 

	(3)	NCL INTERNATIONAL LTD. a company incorporated under the laws of Bermuda and having its registered office at Cumberland House, 9th Floor, 1 Victoria Street,
Hamilton HM 11, Bermuda as shareholder (the “Shareholder”); 

  

	(4)	NCL (BAHAMAS) LTD. a company incorporated in and existing under the laws of Bermuda with its registered office at Cumberland House, 9th Floor, 1 Victoria Street,
Hamilton HM 11, Bermuda as manager (the “Manager”); 

  

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

  

	(6)	DNB BANK ASA of Stranden 21, NO-0021 Oslo, Norway as agent for itself and the Lenders (the “Agent”); 

 

	(7)	COMMERZBANK AKTIENGESELLSCHAFT of Domstrasse 18, 20095 Hamburg, Federal Republic of Germany as German State of Lower Saxony agent (the “Lower Saxony
Guarantee Agent”); and 

  

	(8)	DNB BANK ASA of Stranden 21, NO-0021 Oslo, Norway as security agent (the “Security Agent”). 

WHEREAS: 
  

	(A)	By a secured loan facility agreement dated 7 October 2005 as amended and/or restated by a first supplemental deed dated 13 November 2006, a second
supplemental deed dated 21 December 2007, a third supplemental deed dated 2 April 2009 and a fourth supplemental deed dated 22 July 2010 (together the “Original Facility Agreement”) made between (among others)
(1) the Borrower as borrower (2) the Lenders as lenders (3) the Agent as agent and (4) the Lower Saxony Guarantee Agent as agent, the Lenders agreed to make available to the Borrower a revolving loan facility of up to six hundred
and twenty four million euro (EUR624,000,000) or the equivalent in Dollars (the “Facility”) in two (2) tranches. The repayment of the Facility by the Borrower has been secured by (among other things) guarantees and indemnities
dated 28 November 2006 and 1 October 2007 granted by the Guarantors respectively. 

  

	(B)	 The Borrower has requested the consent of the Lenders, the Agent and the Lower Saxony Guarantee Agent to (i) the purchase of the vessel [*] (the
“Sky Vessel”) from [*] (the “Sky Vessel Seller”) for an amount of up to [*] (the “Sky Vessel Purchase Price”) and 

	 	
the amendment of clause 10.9 (Purchases and investments) of the Original Facility Agreement to permit the purchase of [*] other vessels in addition to the Sky Vessel and after the
cancellation, prepayment and/or repayment of the Total Delayed Principal Amount, to remove the restriction on purchasing vessels (ii) amend the restrictions in the Original Facility Agreement on incurring Permitted Indebtedness to allow for the
acquisition of the Sky Vessel and such [*] other vessels and utilisation of an amount of up to [*] for general corporate purposes and, after the cancellation, prepayment and/or repayment of the Total Delayed Principal Amount, to remove such
restrictions (iii) amend clause 10.26 (Hedging) of the Original Facility Agreement to remove the restriction on hedging counterparties and (iv) amend clause 10.14 (Subordination of indebtedness) of the Original Facility
Agreement to exempt the indebtedness incurred for financing the Sky Vessel from the subordination arrangements contained in such clause. 

  

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

 “Facility Agreement” means the Original Facility Agreement as
amended and restated by this Deed and as set out in Schedule 2; 
 “New Process Agent” means EC3 Services
Limited whose registered office is presently at The St Botolph Building, 138 Houndsditch, London EC3A 7AR; 
 “Sky
Vessel Purchase Price Terms” means the terms on which the Sky Vessel Purchase Price (and interest thereon and other fees, costs and expenses) will be payable by [*] to the Sky Vessel Seller for the Sky Vessel as reflected by the agreement
referred to in Clause 3.1.3; 
 “Third Restatement 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; and 

“Total Sky Vessel and Breakaway 3 Prepayment Amount” means [*]. 

 

	 	1.2	The provisions of clauses 1.2, 1.3, 1.4 and 1.5 of the Facility Agreement shall apply hereto (mutatis mutandis). 

 

	2	Amendment and/or Restatement of Original Facility Agreement and Other Security Documents 

 

	 	2.1	 Subject to Clause 3.1, the parties hereto agree that immediately upon and with effect from the Third Restatement Date, the Original Facility Agreement
shall be 

  
 2 

	 	
amended and restated to read in accordance with the amended and restated facility agreement as set out in Schedule 2 and (as so amended and restated) will continue to be binding upon each of the
parties thereto in accordance with its terms as so amended and restated. 

  

	 	2.2	The Borrower and each of the Guarantors, the Shareholder and the Manager hereby confirms to the Lenders, the Agent, the Security Agent and the Lower Saxony Guarantee
Agent that with effect from the Third Restatement Date: 

  

	 	2.2.1	all references to the Original Facility Agreement in the other Security Documents shall be construed as references to the Facility Agreement and all terms used in such
Security Documents whose meanings are defined by reference to the Original Facility Agreement shall be defined by reference to the Facility 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 Facility 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 and in particular but without limitation by the granting of time to the Borrower under the Original Facility 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
Facility Agreement and the other Security Documents as amended by this Deed. 

  

	 	2.3	The Manager hereby acknowledges and, to the extent necessary, agrees to comply with the terms of clause 10.27 of the Facility Agreement. 

 

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

 

	3	Conditions Precedent 

  

	 	3.1	The amendment and restatement of the Original Facility 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: 

  

	 	3.1.1	prior to the date of this Deed, an updated integrated financial model for the NCLC Group for the period until 31 December 2017 reflecting the Sky Vessel Purchase
Price Terms and the anticipated cost of acquisition of Breakaway 3 and Breakaway 4 (as each such term will be defined in the Facility Agreement) which is hereby agreed to have been satisfied by the financial model for the NCLC Group first delivered
at the bankers’ meeting in London on 4 April 2012 and subsequently distributed by the Borrower by email; 

  
 3 

	 	3.1.2	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 the Borrower, each of the Guarantors, the Shareholder, the Manager and the owners of the Hermes
Vessels (together the “Relevant Parties”) as agent for service of process in England in respect of this Deed; 

  

	 	(c)	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

  

	 	(d)	the following corporate documents in respect of each of 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 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

  
 4 

	 	
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 3.1.2(d)(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; 

 

	 	3.1.3	a Certified Copy of any sale and purchase agreement or memorandum of agreement evidencing the terms for the sale of the Sky Vessel by the Sky Vessel Seller to Norwegian
Sky, Ltd. or another member of the NCLC Group for the Sky Vessel Purchase Price on the Sky Vessel Purchase Price Terms which agreement shall be in form and substance satisfactory to the Agent if it is in the form provided to the Agent on 24 May
2012; 

  

	 	3.1.4	a Certified Copy of a confirmation in respect of each of the Hermes Vessel Owner Third Guarantees duly executed by the owners of the Hermes Vessels;

  

	 	3.1.5	a written confirmation from the Lower Saxony Guarantee Agent that the notarially attested and apostilled written consent of the German State of Lower Saxony obtained in
relation to the amendments to the Original Facility Agreement contemplated by this Deed is either (a) unconditional or (b) conditional but any such condition has been satisfied by the terms of the amendments to the Original Facility
Agreement contemplated by this Deed; 

  

	 	3.1.6	evidence that the Cash Sweep Credit Facilities have been cancelled and/or prepaid pro rata based on the Maximum Amount of the Delayed Principal Amount (as defined in
the facility agreement for each Cash Sweep Credit Facility) for each Cash Sweep Credit Facility (or, if applicable, tranche thereof) by the Total Sky Vessel and Breakaway 3 Prepayment Amount; 

 

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

  

	 	3.1.8	agreement to the issue of such favourable written legal opinions including in respect of Bermuda, the Isle of Man, Delaware and the United States of America and England
in such form as the Agent may require relating to all aspects of the transactions contemplated hereby governed by any applicable law, 

  
 5 

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

	 	3.2	If the Agent in accordance with clause 20.3 of the Original Facility Agreement decides to permit the amendment and restatement of the Original Facility 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 Third Restatement Date (or such
other period as the Agent may stipulate) and the amendment and restatement of the Original Facility Agreement 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, the Security Agent, the Lower Saxony Guarantee Agent or the Lenders any obligation to permit the amendment and restatement in the absence of such documents or evidence. 

 

	4	Representations and Warranties 

  

	 	4.1	The Borrower, each of the Guarantors, the Shareholder and the Manager represents and warrants to the Lenders, the Agent, the Security Agent and the Lower Saxony
Guarantee 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 Agent or the Security Agent; 

  
 6 

	 	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 

 

	 	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, the Security Agent and/or the Lower Saxony Guarantee 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 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 NCLC Group shall only be entitled to receive one (1) such fee of [*]. Notwithstanding any provision of this Deed, the Original Facility Agreement or the Facility Agreement
to the contrary, no Lender shall be required to share with the other Lenders, the Agent, the Security Agent and/or the Lower Saxony Guarantee Agent any such handling/work fee received. 

 

	 	5.2	The Borrower and the Guarantors jointly and severally undertake to reimburse the Agent, the Lower Saxony Guarantee Agent and the Security Agent on demand of the Agent
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) incurred by the Agent, the Lower Saxony
Guarantee Agent and/or the Security Agent in respect of, or in connection with, the negotiation, preparation, printing, execution and registration of this Deed and any other documents required in connection with the implementation of this Deed.

  

	 	5.3	The Borrower and the Guarantors jointly and severally undertake to reimburse the Agent, the Lower Saxony Guarantee Agent, the Security 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 and other advisers) incurred by the Agent, the Lower Saxony
Guarantee Agent, the Security Agent and/or the Lenders in respect of, or in connection with, the enforcement of, or the preservation of any rights under, this Deed. 

  
 7 

	6	Further Assurance 

 The
Borrower, each of the Guarantors, the Shareholder and the Manager 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, the Agent, the Security Agent and/or the Lower Saxony Guarantee
Agent the full benefit of the rights, powers and remedies conferred upon the Lenders, the Agent, the Security Agent and/or the Lower Saxony Guarantee 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, a Guarantor, the Shareholder and/or the Manager pursuant to
this Deed shall (unless the Borrower, the Guarantor, the Shareholder or the Manager has by fifteen (15) days’ written notice to the Agent or the Lower Saxony Guarantee Agent (as the case may be) specified another address) be made or
delivered to the Borrower, the Guarantor, the Shareholder and/or the Manager at/c/o 7665 Corporate Center Drive, Miami, Florida 33126, United States of America (marked for the attention of the Chief Financial Officer and the Legal Department)
(but one (1) copy shall suffice). Any notice, demand or other communication to be made or delivered by the Borrower, a Guarantor, the Shareholder or the Manager pursuant to this Deed shall (unless the Agent or the Lower Saxony Guarantee Agent
(as the case may be) has by fifteen (15) days’ written notice to the Borrower, the Guarantor, the Shareholder or the Manager specified another address) be made or delivered to the Agent or the Lower Saxony Guarantee Agent at its Lending
Branch, 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, the Guarantors, the Shareholder and the Manager 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) and in the case of
the Agent and the Lower Saxony Guarantee Agent is as recorded in Schedule 1) specified by it from time to time for the purpose and shall be deemed to have been received when transmission of such telefax communication has been completed. Each such
telefax communication, if made to the Agent or the Lower Saxony Guarantee Agent by the Borrower, a Guarantor, the Shareholder or the Manager, shall be signed by the person or persons authorised in writing by the Borrower, the Guarantor, the
Shareholder or the Manager (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 or the Lower Saxony Guarantee Agent (as the case may be) to the Borrower, the Guarantor, the Shareholder and the Manager.

  

	 	8.3	The provisions of clauses 21.1, 21.5 and 21.6 of the Original Facility Agreement shall apply to this Deed. 

  
 8 

	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 Lenders,
the Agent, the Security Agent and the Lower Saxony Guarantee Agent only. As a result, no such party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, any such party
may take concurrent proceedings in any number of jurisdictions. 
  

	 	10.2	None of the Borrower, the Guarantors, the Shareholder or the Manager 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, the Guarantors, the Shareholder and/or the Manager (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, the Guarantors’, the Shareholder’s and/or the Manager’s (as the case may be) process agent with unconditional authority to receive and acknowledge service on
behalf of the Borrower, the Guarantors, the Shareholder and/or the Manager of all process or other documents connected with proceedings in the English courts which relate to this Deed. 

 

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

 

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

  
 9 

	 	10.5	The Borrower, each of the Guarantors, the Shareholder and the Manager 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. 

  

	 	10.6	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, the Guarantors, the
Shareholder and/or the Manager (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, the Security Agent, the Lower Saxony Guarantee 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.

 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	  	 )
 )
/s/ Micha Withoft

	Attorney-in-Fact	  
	for and on behalf of	  	)	  	
	NCL CORPORATION LTD.	  	)	  	
	in the presence of: /s/ Anthony Pitt	  	)	  	
	Anthony Pitt	  		  	
	Trainee Solicitor	  		  	
	Stephenson Harwood LLP	  		  	
	1 Finsbury Circus	  		  	
	London EC2M 7SH	  		  	

  
 10 

					
	SIGNED SEALED and DELIVERED as a DEED	  	)	  	
	by Micha Withoft	  	)	  	
	Attorney-in-Fact	  	) /s/ Micha Withoft
	for and on behalf of	  	)	  	
	NORWEGIAN PEARL, LTD.	  	)	  	
	in the presence of: /s/ Anthony Pitt	  	)	  	
	Anthony Pitt	  		  	
	Trainee Solicitor	  		  	
	Stephenson Harwood LLP	  		  	
	1 Finsbury Circus	  		  	
	London EC2M 7SH	  		  	
			
	SIGNED SEALED and DELIVERED as a DEED	  	)	  	
	by Micha Withoft	  	)	  	
	Attorney-in-Fact	  	) /s/ Micha Withoft
	for and on behalf of	  	)	  	
	NORWEGIAN GEM, LTD.	  	)	  	
	in the presence of: /s/ Anthony Pitt	  	)	  	
	Anthony Pitt	  		  	
	Trainee Solicitor	  		  	
	Stephenson Harwood LLP	  		  	
	1 Finsbury Circus	  		  	
	London EC2M 7SH	  		  	
			
	SIGNED SEALED and DELIVERED as a DEED	  	)	  	
	by Micha Withoft	  	)	  	
	Attorney-in-Fact	  	) /s/ Micha Withoft
	for and on behalf of	  	)	  	
	NCL INTERNATIONAL LTD.	  	)	  	
	in the presence of: /s/ Anthony Pitt	  	)	  	
	Anthony Pitt	  		  	
	Trainee Solicitor	  		  	
	Stephenson Harwood LLP	  		  	
	1 Finsbury Circus	  		  	
	London EC2M 7SH	  		  	

  
 11 

					
	SIGNED SEALED and DELIVERED as a DEED	  	)	  	
	by Micha Withoft	  	)	  	
	Attorney-in-Fact	  	) /s/ Micha Withoft
	for and on behalf of	  	)	  	
	NCL (BAHAMAS) LTD.	  	)	  	
	in the presence of: /s/ Anthony Pitt	  	)	  	
	Anthony Pitt	  		  	
	Trainee Solicitor	  		  	
	Stephenson Harwood LLP	  		  	
	1 Finsbury Circus	  		  	
	London EC2M 7SH	  		  	
			
	SIGNED SEALED and DELIVERED as a DEED	  	)	  	
	by Jennifer Ashford	  	)	  	
	Attorney-in-Fact	  	) /s/ Jennifer Ashford
	for and on behalf of	  	)	  	
	COMMERZBANK AKTIENGESELLSCHAFT	  	)	  	
	in the presence of: /s/ Anthony Pitt	  	)	  	
	Anthony Pitt	  		  	
	Trainee Solicitor	  		  	
	Stephenson Harwood LLP	  		  	
	1 Finsbury Circus	  		  	
	London EC2M 7SH	  		  	
			
	SIGNED SEALED and DELIVERED as a DEED	  	)	  	
	by Jennifer Ashford	  	)	  	
	Attorney-in-Fact	  	) /s/ Jennifer Ashford
	for and on behalf of	  	)	  	
	DNB BANK ASA	  	)	  	
	as a Lender, the Agent and the Security Agent	  	)	  	
	in the presence of: /s/ Anthony Pitt	  	)	  	
	Anthony Pitt	  		  	
	Trainee Solicitor	  		  	
	Stephenson Harwood LLP	  		  	
	1 Finsbury Circus	  		  	
	London EC2M 7SH	  		  	

  
 12 

					
	SIGNED SEALED and DELIVERED as a DEED	  	)	  	
	by Jennifer Ashford	  	)	  	
	Attorney-in-Fact	  	) /s/ Jennifer Ashford
	for and on behalf of	  	)	  	
	KFW IPEX-BANK GMBH	  	)	  	
	in the presence of: /s/ Anthony Pitt	  	)	  	
	Anthony Pitt	  		  	
	Trainee Solicitor	  		  	
	Stephenson Harwood LLP	  		  	
	1 Finsbury Circus	  		  	
	London EC2M 7SH	  		  	
			
	SIGNED SEALED and DELIVERED as a DEED	  	)	  	
	by Jennifer Ashford	  	)	  	
	Attorney-in-Fact	  	) /s/ Jennifer Ashford
	for and on behalf of	  	)	  	
	NORDDEUTSCHE LANDESBANK	  	)	  	
	GIROZENTRALE	  	)	  	
	in the presence of: /s/ Anthony Pitt	  	)	  	
	Anthony Pitt	  		  	
	Trainee Solicitor	  		  	
	Stephenson Harwood LLP	  		  	
	1 Finsbury Circus	  		  	
	London EC2M 7SH	  		  	
			
	SIGNED SEALED and DELIVERED as a DEED	  	)	  	
	by Jennifer Ashford	  	)	  	
	Attorney-in-Fact	  	) /s/ Jennifer Ashford
	for and on behalf of	  	)	  	
	NORDEA BANK NORGE ASA	  	)	  	
	in the presence of: /s/ Anthony Pitt	  	)	  	
	Anthony Pitt	  		  	
	Trainee Solicitor	  		  	
	Stephenson Harwood LLP	  		  	
	1 Finsbury Circus	  		  	
	London EC2M 7SH	  		  	

  
 13 

			
	SIGNED SEALED and DELIVERED as a DEED	  	)
	by Jennifer Ashford	  	)
	Attorney-in-Fact	  	) /s/ Jennifer Ashford
	for and on behalf of	  	)
	BANK OF SCOTLAND PLC	  	)
	in the presence of: /s/ Anthony Pitt	  	)
	Anthony Pitt	  	
	Trainee Solicitor	  	
	Stephenson Harwood LLP	  	
	1 Finsbury Circus	  	
	London EC2M 7SH	  	
		
	SIGNED SEALED and DELIVERED as a DEED	  	)
	by Jennifer Ashford	  	)
	Attorney-in-Fact	  	) /s/ Jennifer Ashford
	for and on behalf of	  	)
	UNICREDIT BANK AG	  	)
	in the presence of: /s/ Anthony Pitt	  	)
	Anthony Pitt	  	
	Trainee Solicitor	  	
	Stephenson Harwood LLP	  	
	1 Finsbury Circus	  	
	London EC2M 7SH	  	
		
	SIGNED SEALED and DELIVERED as a DEED	  	)
	by Jennifer Ashford	  	)
	Attorney-in-Fact	  	) /s/ Jennifer Ashford
	for and on behalf of	  	)
	DEUTSCHE SCHIFFSBANK	  	)
	AKTIENGESELLSCHAFT, Bremen and Hamburg	  	)
	in the presence of: /s/ Anthony Pitt	  	)
	Anthony Pitt	  	
	Trainee Solicitor	  	
	Stephenson Harwood LLP	  	
	1 Finsbury Circus	  	
	London EC2M 7SH	  	

  
 14 

			
	SIGNED SEALED and DELIVERED as a DEED	  	)
	by Jennifer Ashford	  	)
	Attorney-in-Fact	  	) /s/ Jennifer Ashford
	for and on behalf of	  	)
	FOKUS BANK	  	)
	(being the Norwegian branch of Danske Bank A/S)	  	)
	in the presence of: /s/ Anthony Pitt	  	)
	Anthony Pitt	  	
	Trainee Solicitor	  	
	Stephenson Harwood LLP	  	
	1 Finsbury Circus	  	
	London EC2M 7SH	  	
		
	SIGNED SEALED and DELIVERED as a DEED	  	)
	by Jennifer Ashford	  	)
	Attorney-in-Fact	  	) /s/ Jennifer Ashford
	for and on behalf of	  	)
	HSH NORDBANK AG	  	)
	in the presence of: /s/ Anthony Pitt	  	)
	Anthony Pitt	  	
	Trainee Solicitor	  	
	Stephenson Harwood LLP	  	
	1 Finsbury Circus	  	
	London EC2M 7SH	  	
		
	SIGNED SEALED and DELIVERED as a DEED	  	)
	by Jennifer Ashford	  	)
	Attorney-in-Fact	  	) /s/ Jennifer Ashford
	for and on behalf of	  	)
	SKANDINAVISKA ENSKILDA BANKEN	  	)
	AB (publ)	  	)
	in the presence of: /s/ Anthony Pitt	  	)
	Anthony Pitt	  	
	Trainee Solicitor	  	
	Stephenson Harwood LLP	  	
	1 Finsbury Circus	  	
	London EC2M 7SH	  	

  
 15 

			
	SIGNED SEALED and DELIVERED as a DEED	  	)
	by Jennifer Ashford	  	)
	Attorney-in-Fact	  	) /s/ Jennifer Ashford
	for and on behalf of	  	)
	COMMERZBANK AKTIENGESELLSCHAFT	  	)
	as the Lower Saxony Guarantee Agent	  	)
	in the presence of: /s/ Anthony Pitt	  	)
	Anthony Pitt	  	
	Trainee Solicitor	  	
	Stephenson Harwood LLP	  	
	1 Finsbury Circus	  	
	London EC2M 7SH	  	

  
 16 

 Schedule 1 
 Particulars of Agent, Security Agent, Lower Saxony Guarantee Agent, 

Restructuring Trustee and Lenders 
 Name and Address 
 Agent, Security Agent and Restructuring Trustee 

DNB BANK ASA 
 Stranden 21 

NO-0021 Oslo 
 Norway 

 

			
	Fax:	  	+47 22 482894
	Attn:	  	Ms Marie Therese Zwilgmeyer

 Lower Saxony Guarantee Agent 
 COMMERZBANK AKTIENGESELLSCHAFT 
 Domstrasse 18 

20095 Hamburg 
 Germany 

 

			
	Fax:	  	+49 40 37699 649
	Attn:	  	Mr Marcus Weber/Mr Fabian Francke
	Email:	  	shipfinance@commerzbank.com/
		  	marcus.weber@commerzbank.com/
		  	fabian.francke@commerzbank.com

 Restructuring Trustee 
 DNB BANK ASA 
 Stranden 21 
 NO-0021 Oslo 
 Norway 

 

			
	Fax:	  	+47 22 482894
	Attn:	  	Ms Marie Therese Zwilgmeyer

  
 17 

 Lenders 
 Name and Address 
 COMMERZBANK AKTIENGESELLSCHAFT 

Domstrasse 18 
 20095 Hamburg 

Germany 
  

			
	Fax:	  	+49 40 37699 649
	Attn:	  	Mr Marcus Weber/Mr Fabian Francke
	Email:	  	shipfinance@commerzbank.com/
		  	marcus.weber@commerzbank.com/
		  	fabian.francke@commerzbank.com

 DNB BANK ASA 
 Stranden 21 
 NO-0021 Oslo 
 Norway 
  

			
	Fax:	  	+47 22 482894
	Attn:	  	Mrs Amra Koluder (credit matters)
	Email:	  	amra.koluder@dnb.no
	Attn:	  	Ms Marie Therese Zwilgmeyer (administration matters)
	Email:	  	creditmiddleoffice@dnb.no

 KFW IPEX-BANK GMBH 
 Palmengartenstrasse 5-9 
 60325 Frankfurt am Main 

Germany 
  

			
	Fax:	  	+49 69 7431 3768/2944
	Attn:	  	Mr Josef Schmid/Ms Claudia Wenzel
	Email:	  	josef.schmid@kfw.de/claudia.wenzel@kfw.de

 NORDDEUTSCHE LANDESBANK GIROZENTRALE 
 Friedrichswall 10 
 30159 Hannover 
 Germany 
  

			
	Fax:	  	+49 511 361 4785
	Attn:	  	Ship and Aircraft Department - International Shipping Group
	Email:	  	shipping@nordlb.de

  
 18 

 Name and Address 
 NORDEA BANK NORGE ASA 
 Middelthuns gate 17 

Oslo 
 P O Box 1166 Sentrum 

NO-0107 Oslo 
 Norway 

 

			
	Fax:	  	+47 22 484278
	Attn:	  	Mr Arne Berglund
	Email:	  	arne.berglund@nordea.com

 BANK OF SCOTLAND PLC 
 Marine Finance 
 Second Floor 
 New Uberior House 
 11 Earl Grey Street 
 Edinburgh EH3 9BN 
 Scotland 

 

			
	Fax:	  	+44 131 659 1194
	Attn:	  	Douglas Newton/Russell Parker
	Email:	  	douglas_newton@bankofscotland.co.uk

 UNICREDIT BANK AG 
 Neuer Wall 64 
 20354 Hamburg 
 Germany 
  

			
	Fax:	  	+49 89 378-43315
	Attn:	  	Mr Scott Obeck
	Email:	  	scott.obeck@unicreditgroup.de
	Fax:	  	+49 89 378-3348912
	Attn:	  	Mr Mark Young
	Email:	  	mark.young@unicreditgroup.de

 DEUTSCHE SCHIFFSBANK AKTIENGESELLSCHAFT 
 Bremen and Hamburg 
 (now known as Commerzbank Aktiengesellschaft) 

Domstrasse 18 
 20095 Hamburg 

Germany 
  

			
	Fax:	  	+49 40 37699 649
	Attn:	  	Mr Marcus Weber/Mr Fabian Francke
	Email:	  	shipfinance@commerzbank.com/
		  	marcus.weber@commerzbank.com/
		  	fabian.francke@commerzbank.com

  
 19 

 Name and Address 
 FOKUS BANK 
 (being the Norwegian branch of Danske Bank A/S) 

Stortingsgaten 6 
 P O Box 1170 Sentrum

 NO-0107 Oslo 
 Norway 

 

			
	Fax:	  	+47 85 407990
	Attn:	  	Mr Tore Thorlacius Braein/Ms Ida Iselin Vestbakken
	Email:	  	tore.braein@danskebank.com/idve@danskebank.com

 HSH NORDBANK AG 
 Gerhart-Hauptmann-Platz 50 
 20095 Hamburg 
 Germany 
  

			
	Fax:	  	+49 40 3333 611932
	Attn:	  	Mr Volker Werner
	Email:	  	volker.werner@hsh-nordbank.com
		
	Fax:	  	+1 212 407 6008
	Attn:	  	Ms Frauke Hay
	Email:	  	frauke.hay@hsh-nordbank.com

 SKANDINAVISKA ENSKILDA BANKEN AB (publ) 
 Kungsträdgårdsgatan 8 
 SE-106 40 Stockholm 

Sweden 
  

			
	Fax:	  	+44 20 7236 5144
	Attn:	  	Mr Scott Lewallen/Mr Malcolm Stonehouse
	Email:	  	scott.lewallen@seb.co.uk/
		  	malcolm.stonehouse@seb.co.uk

  
 20 

 Schedule 2 
 Facility Agreement 

  
 21 

 DATED 7 OCTOBER 2005 

NCL CORPORATION LTD. 
 (as borrower) 
 DNB BANK ASA 

NORDEA BANK NORGE ASA 
 (as lead arrangers) 
 COMMERZBANK AKTIENGESELLSCHAFT 

KfW 

NORDDEUTSCHE LANDESBANK GIROZENTRALE 
 (as co-arrangers) 
 THE SEVERAL BANKS 

particulars of which are set out in Schedule 1 
 (as original lenders) 
 DNB BANK ASA 

(as agent) 

COMMERZBANK AKTIENGESELLSCHAFT 
 (as Lower Saxony guarantee agent) 
  

 
 UP TO
EUR624,000,000 
 REVOLVING LOAN FACILITY AGREEMENT 

AS AMENDED AND RESTATED PURSUANT TO 
 A SUPPLEMENTAL DEED 
 DATED
                     2012 
  

 
  

 

 CONTENTS 

 

									
	 	  	 	  	 	  	Page	 
			
	 1
	  	 Definitions and Construction
	  	 	1	  
		  	 1.1
	  	 Definitions
	  	 	1	  
		  	 1.2
	  	 Construction
	  	 	28	  
		  	 1.3
	  	 Agent
	  	 	29	  
		  	 1.4
	  	 Lower Saxony Guarantee Agent
	  	 	29	  
		  	 1.5
	  	 Third party rights
	  	 	29	  
			
	 2
	  	 The Facility
	  	 	29	  
		  	 2.1
	  	 Availability
	  	 	29	  
		  	 2.2
	  	 Purpose and Application
	  	 	30	  
		  	 2.3
	  	 Drawdown
	  	 	30	  
		  	 2.4
	  	 Break costs
	  	 	31	  
		  	 2.5
	  	 Conditions of drawdown
	  	 	31	  
		  	 2.6
	  	 Several obligations of the Lenders
	  	 	31	  
		  	 2.7
	  	 Lender’s failure to perform
	  	 	32	  
		  	 2.8
	  	 Fulfilment of conditions after drawdown
	  	 	32	  
		  	 2.9
	  	 Conditions subsequent
	  	 	32	  
			
	 3
	  	 Currency Option
	  	 	32	  
		  	 3.1
	  	 Selection of Dollars
	  	 	32	  
		  	 3.2
	  	 Conversion
	  	 	32	  
		  	 3.3
	  	 Conditions and restrictions to conversion
	  	 	33	  
		  	 3.4
	  	 Repayment in same currency
	  	 	33	  
		  	 3.5
	  	 Exercise of currency option
	  	 	33	  
		  	 3.6
	  	 No prepayment
	  	 	34	  
		  	 3.7
	  	 No discharge
	  	 	34	  
			
	 4
	  	 Repayment, Reduction, Cancellation and Prepayment of the Facility
	  	 	34	  
		  	 4.1
	  	 Repayment
	  	 	34	  
		  	 4.2
	  	 Scheduled reductions of Commitments to a Tranche
	  	 	34	  
		  	 4.3
	  	 Sale or Total Loss of a Vessel: mandatory cancellation
	  	 	35	  
		  	 4.4
	  	 Amounts payable on prepayment
	  	 	35	  
		  	 4.5
	  	 Notice of prepayment
	  	 	36	  
		  	 4.6
	  	 Voluntary cancellation of Commitments to a Tranche
	  	 	36	  
		  	 4.7
	  	 Additional partial cancellation
	  	 	37	  
		  	 4.8
	  	 Prepayment during Term
	  	 	37	  
		  	 4.9
	  	 Mandatory cancellation in case of illegality
	  	 	37	  
		  	 4.10
	  	 Voluntary cancellation following imposition of Substitute Basis
	  	 	38	  
		  	 4.11
	  	 Cancellation in case of Total Loss of a Vessel
	  	 	38	  
		  	 4.12
	  	 Cancellation in case of sale of a Vessel
	  	 	38	  
		  	 4.13
	  	 Cancellation in case of non-delivery of a Vessel
	  	 	39	  
		  	 4.14
	  	 Cancellation in case of reduction in the Owners’ Supply Costs
	  	 	39	  
		  	 4.15
	  	 Mandatory cancellation in case of cash sweep or special liquidity
	  	 	39	  
		  	 4.16
	  	 No cancellation
	  	 	40	  

									
	 5
	  	 Interest
	  	 	41	  
		  	 5.1
	  	 Payment of interest
	  	 	41	  
		  	 5.2
	  	 Selection and duration of Interest Periods
	  	 	42	  
		  	 5.3
	  	 No notice and unavailability
	  	 	42	  
		  	 5.4
	  	 Extension and shortening of Interest Periods
	  	 	42	  
		  	 5.5
	  	 Interest Rate
	  	 	42	  
		  	 5.6
	  	 Bank basis
	  	 	42	  
		  	 5.7
	  	 Default interest
	  	 	43	  
			
	 6
	  	 Substitute Basis of Funding
	  	 	43	  
		  	 6.1
	  	 Absence of quotations
	  	 	43	  
		  	 6.2
	  	 Market disruption
	  	 	43	  
		  	 6.3
	  	 Substitute basis of interest or funding
	  	 	44	  
		  	 6.4
	  	 Review
	  	 	44	  
			
	 7
	  	 Payments
	  	 	44	  
		  	 7.1
	  	 Place for payment
	  	 	44	  
		  	 7.2
	  	 Deductions and grossing-up
	  	 	45	  
		  	 7.3
	  	 Production of receipts for Taxes
	  	 	45	  
		  	 7.4
	  	 Currency of account
	  	 	46	  
		  	 7.5
	  	 Money of account
	  	 	46	  
		  	 7.6
	  	 Accounts
	  	 	47	  
		  	 7.7
	  	 Earnings
	  	 	47	  
		  	 7.8
	  	 Continuing security
	  	 	47	  
		  	 7.9
	  	 Mitigation
	  	 	47	  
			
	 8
	  	 Yield Protection and Force Majeure
	  	 	48	  
		  	 8.1
	  	 Increased costs
	  	 	48	  
		  	 8.2
	  	 Force majeure
	  	 	49	  
			
	 9
	  	 Representations and Warranties
	  	 	50	  
		  	 9.1
	  	 Duration
	  	 	50	  
		  	 9.2
	  	 Representations and warranties
	  	 	50	  
			
	 10
	  	 Undertakings
	  	 	55	  
		  	 10.1
	  	 Duration
	  	 	55	  
		  	 10.2
	  	 Information
	  	 	55	  
		  	 10.3
	  	 Financial Undertakings
	  	 	56	  
		  	 10.4
	  	 Dividends
	  	 	58	  
		  	 10.5
	  	 Notification of default
	  	 	59	  
		  	 10.6
	  	 Consents and registrations
	  	 	59	  
		  	 10.7
	  	 Negative pledge
	  	 	59	  
		  	 10.8
	  	 Disposals
	  	 	60	  
		  	 10.9
	  	 Purchases and investments
	  	 	60	  
		  	 10.10
	  	 Change of name or business
	  	 	61	  
		  	 10.11
	  	 Mergers
	  	 	61	  
		  	 10.12
	  	 Maintenance of status and franchises
	  	 	62	  
		  	 10.13
	  	 Financial records
	  	 	62	  
		  	 10.14
	  	 Subordination of indebtedness
	  	 	62	  
		  	 10.15
	  	 Guarantees
	  	 	63	  

									
		  	 10.16
	  	 Further assurance
	  	 	63	  
		  	 10.17
	  	 Valuation of the Vessels
	  	 	63	  
		  	 10.18
	  	 Marginal security
	  	 	64	  
		  	 10.19
	  	 Financial year end
	  	 	64	  
		  	 10.20
	  	 Maintenance and insurance
	  	 	65	  
		  	 10.21
	  	 Lower Saxony Guarantees
	  	 	65	  
		  	 10.22
	  	 Vessels
	  	 	65	  
		  	 10.23
	  	 Cash sweep
	  	 	65	  
		  	 10.24
	  	 Special liquidity
	  	 	66	  
		  	 10.25
	  	 Chartering
	  	 	67	  
		  	 10.26
	  	 Hedging
	  	 	68	  
		  	 10.27
	  	 Exceptional prepayments
	  	 	68	  
		  	 10.28
	  	 Equity contribution
	  	 	69	  
		  	 10.29
	  	 Indebtedness for Borrowed Money
	  	 	69	  
		  	 10.30
	  	 Pro rata revolver prepayments
	  	 	69	  
		  	 10.31
	  	 Permitted Indebtedness for acquisition of vessels
	  	 	69	  
			
	 11
	  	 Rights of the Agent and the Lenders
	  	 	70	  
		  	 11.1
	  	 No derogation of rights
	  	 	70	  
		  	 11.2
	  	 Enforcement of remedies
	  	 	70	  
			
	 12
	  	 Default
	  	 	70	  
		  	 12.1
	  	 Events of default
	  	 	70	  
		  	 12.2
	  	 Acceleration
	  	 	76	  
		  	 12.3
	  	 Default indemnity
	  	 	77	  
		  	 12.4
	  	 Set off
	  	 	78	  
		  	 12.5
	  	 Master Agreement rights
	  	 	78	  
			
	 13
	  	 Application of Funds
	  	 	78	  
		  	 13.1
	  	 Total Loss proceeds/proceeds of sale
	  	 	78	  
		  	 13.2
	  	 General funds/Event of Default monies
	  	 	80	  
		  	 13.3
	  	 Application of proceeds of Insurances
	  	 	82	  
		  	 13.4
	  	 Suspense account
	  	 	82	  
			
	 14
	  	 Fees
	  	 	82	  
		  	 14.1
	  	 Commitment fee
	  	 	82	  
		  	 14.2
	  	 Other fees
	  	 	83	  
		  	 14.3
	  	 Lower Saxony Guarantee fee
	  	 	83	  
		  	 14.4
	  	 Back-end fee
	  	 	84	  
			
	 15
	  	 Expenses
	  	 	84	  
		  	 15.1
	  	 Initial expenses
	  	 	84	  
		  	 15.2
	  	 Enforcement expenses
	  	 	84	  
		  	 15.3
	  	 Stamp duties
	  	 	84	  
		  	 15.4
	  	 Steering Committee expenses
	  	 	85	  
		  	 15.5
	  	 Amendment, addendum or supplement expenses
	  	 	85	  
			
	 16
	  	 Waivers, Remedies Cumulative
	  	 	85	  
		  	 16.1
	  	 No waiver
	  	 	85	  
		  	 16.2
	  	 Remedies cumulative
	  	 	85	  

									
		  	 16.3
	  	 Severability
	  	 	85	  
		  	 16.4
	  	 Time of essence
	  	 	85	  
			
	 17
	  	 Counterparts
	  	 	86	  
			
	 18
	  	 Changes to the Lenders
	  	 	86	  
		  	 18.1
	  	 Assignments and transfers by the Lenders
	  	 	86	  
		  	 18.2
	  	 Conditions of assignment or transfer
	  	 	86	  
		  	 18.3
	  	 Assignment or transfer fee
	  	 	87	  
		  	 18.4
	  	 Limitation of responsibility of Existing Lenders
	  	 	87	  
		  	 18.5
	  	 Procedure for transfer
	  	 	88	  
		  	 18.6
	  	 Copy of Transfer Certificate to Borrower
	  	 	89	  
		  	 18.7
	  	 Disclosure of information
	  	 	89	  
		  	 18.8
	  	 Borrower’s co-operation
	  	 	90	  
			
	 19
	  	 Changes to the Borrower
	  	 	90	  
			
	 20
	  	 Reference Banks, Agent, Lower Saxony Guarantee Agent and Steering Committee
	  	 	90	  
		  	 20.1
	  	 Reference Banks
	  	 	90	  
		  	 20.2
	  	 Decision making
	  	 	90	  
		  	 20.3
	  	 The Agent and the Lower Saxony Guarantee Agent
	  	 	92	  
		  	 20.4
	  	 Retirement and replacement of the Agent and the Lower Saxony Guarantee Agent
	  	 	97	  
		  	 20.5
	  	 Steering Committee
	  	 	99	  
		  	 20.6
	  	 Trust
	  	 	101	  
			
	 21
	  	 Notices
	  	 	102	  
		  	 21.1
	  	 Mode of communication
	  	 	102	  
		  	 21.2
	  	 Address
	  	 	102	  
		  	 21.3
	  	 Telefax communication
	  	 	103	  
		  	 21.4
	  	 Electronic mail
	  	 	103	  
		  	 21.5
	  	 Receipt
	  	 	104	  
		  	 21.6
	  	 Language
	  	 	104	  
			
	 22
	  	 Governing Law
	  	 	104	  
			
	 23
	  	 Waiver of Immunity
	  	 	104	  
			
	 24
	  	 Jurisdiction
	  	 	105	  
		
	 Schedule 1 Particulars of Agent, Security Agent, Lower Saxony Guarantee Agent, Restructuring Trustee, Lead
Arrangers, Co-Arrangers and Original Lenders
	  	 	109	  
		
	 Schedule 2 Notice of Drawdown
	  	 	114	  
		
	 Schedule 3 Part I: Conditions Precedent
	  	 	116	  
		
	 Part II: Condition Subsequent
	  	 	122	  
		
	 Schedule 4 Confidentiality Undertaking
	  	 	123	  

									
	 Schedule 5 Transfer Certificate
	  	 	125	  
		
	 Schedule 6 Quarterly Statement of Financial Covenants
	  	 	130	  
		
	 Schedule 7 Apollo-Related Transactions
	  	 	133	  
		
	 Schedule 8 Reduction Schedules calculated using the Application of Proceeds Formulation
	  	 	144	  
		
	 Schedule 9 Reduction Schedules for the purpose of calculating the amount of the Applicable Margin
payable
	  	 	146	  
		
	 Schedule 10 Budgeted Consolidated EBITDA
	  	 	148	  
		
	 Schedule 11 Report on Bookings
	  	 	149	  

 FACILITY AGREEMENT 
 DATED 7 October 2005 (as amended and restated pursuant to a supplemental deed dated 2012) 
 BETWEEN: 
  

	(1)	NCL CORPORATION LTD. of Cumberland House, 9th Floor, 1 Victoria Street, Hamilton HM 11, Bermuda as borrower (the “Borrower”);

  

	(2)	DNB BANK ASA of Stranden 21, NO-0021 Oslo, Norway and NORDEA BANK NORGE ASA of Middelthuns gate 17, NO-0107 Oslo, Norway as lead arrangers (collectively
the “Lead Arrangers” and each individually a “Lead Arranger”); 

  

	(3)	THE SEVERAL BANKS particulars of which are set out in Schedule 1 as co-arrangers (collectively the “Co-Arrangers” and each individually a
“Co-Arranger”); 

  

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

  

	(5)	DNB BANK ASA of Stranden 21, NO-0021 Oslo, Norway as agent (the “Agent”); and 

 

	(6)	COMMERZBANK AKTIENGESELLSCHAFT of Domstrasse 18, 20095 Hamburg, Federal Republic of Germany as German State of Lower Saxony agent (the “Lower Saxony
Guarantee Agent”). 

 WHEREAS: 
 The Lead Arrangers have arranged for a syndicate of international banks and/or financial institutions to provide a revolving loan facility of up to six hundred and twenty four million euro
(EUR624,000,000), subject to Clause 3, in two (2) Tranches to the Borrower on the terms and subject to the conditions set out in this Agreement to finance in part the Contract Price due to the Builder under each Building Contract or, subject to
Clause 2.2, for general corporate and working capital purposes for the Borrower and its Subsidiaries. 
 NOW IT IS HEREBY AGREED as
follows: 
  

	1	Definitions and Construction 

  

	 	1.1	Definitions 

 In this
Agreement: 
 “Account Charge” means [*] such charge to be in the form and on the terms and conditions agreed
between the [*] on the date of the Third Supplemental Deed; 
 “Account Holder” means [*], a bank acceptable to
the Majority Cash Sweep Lenders; 
 “Accounts” means the audited consolidated profit and loss account and
balance sheet (including all additional information and notes thereto) of the Borrower and its consolidated Subsidiaries together with the relative directors’ and auditors’ reports; 

 “Advance Date”, in relation to any Drawing, means the date on which that
Drawing is advanced to the Borrower pursuant to Clause 2.3 and applied in accordance with Clause 2.2; 
 “Agent’s
Spot Rate of Exchange” means the Agent’s spot rate of exchange for the purchase of one currency with another currency in the London foreign exchange market at or about 11.00 a.m. London time on a particular day; 

“Affiliate” means, with respect to any person, any other person controlling, controlled by or under common control with,
such person and for purposes of this definition, “control” (including, with correlative meanings, the terms “controlling”, “controlled by” and “under common control with”), as
applied to any person, means the possession, directly or indirectly, of the power to vote ten per cent (10%) or more of the securities having voting power for the election of directors of such person, or otherwise to direct or cause the
direction of the management and policies of that person, whether through the ownership of voting securities or by contract or otherwise; 
 “Agreement” means this agreement; 
 “Amendment
Document” means, in respect of a NCLC Group Credit Facility other than the Facility, the supplemental deed to the facility agreement and, if applicable, the guarantee of the Borrower with similar content to the Third Supplemental Deed;

 “Apollo” means the Fund and any Fund Affiliate; 

“Apollo-Related Transactions” means the transactions described in Schedule 7; 

“Apollo Transaction Documents” means the Subscription Agreement, the Shareholders’ Agreement and the Reimbursement
Agreement; 
 “Applicable Margin” means, in respect of a Drawing or the commitment fee payable pursuant to
Clause 14.1, the rate per annum set out in the table below determined on the Quotation Date for the relevant Interest Period in the case of a Drawing and on the relevant payment date in respect of the said commitment fee based on the ratio of Total
Funded Debt to Consolidated EBITDA for the period of the four (4) consecutive financial quarters ending at the end of the previous financial quarter for which the Agent has received, or should have received, accounts: 

 

					
	 Total Funded Debt / EBITDA
	  	 Applicable Margin
until the
date
falling ninety six
 (96) months after

the Signing Date
	  	
Applicable Margin
thereafter

	 >5.0
	  	One point two three seven five per cent (1.2375%)	  	One point four five per cent (1.45%)

  
 2 

					
	 Total Funded Debt / EBITDA
	  	 Applicable Margin
until the
date
falling ninety six
 (96) months after the
Signing Date
	  	
Applicable Margin
thereafter

	 <5.0 and 34.0
	  	One point nought seven five per cent (1.075%)	  	One point two eight seven five per cent (1.2875%)
	 <4.0
	  	Nought point nine five per cent (0.95%)	  	One point one six two five per cent (1.1625%)

 PROVIDED THAT: 
  

	 	(i)	the highest rate appearing in the respective column in the table above shall apply if the accounts required to determine the Applicable Margin have not been received by
the Agent; 

  

	 	(ii)	the applicable rate per annum set out in the table above shall apply to the Ordinary Principal Amount of a Tranche only and shall be increased by nought point two five
per cent (0.25%) from 1 January 2009 to 31 December 2009 inclusive and by nought point seven five per cent (0.75%) from 1 January 2010 and thereafter; 

 

	 	(iii)	the applicable rate per annum set out in the table above as amended by paragraph (ii) above and further increased by six per cent (6.0%) shall apply to the
Delayed Principal Amount of each Tranche; and 

  

	 	(iv)	the applicable Ordinary Principal Amount of a Tranche (as referred to in paragraph (ii) above) and the applicable Delayed Principal Amount of a Tranche (as
referred to in paragraph (iii) above) shall be determined by reference to Schedule 9; 

 “Application
of Proceeds Formulation” means the following formulation for the application of any amount of the Facility to be cancelled and/or prepaid pursuant to Clause 4.16: 

 

	 	(i)	pro rata between Tranche A and Tranche B, based on the Maximum Amount of the Delayed Principal Amount in each Tranche; 

 

	 	(ii)	entirely to the Delayed Principal Amount; 

  

	 	(iii)	in respect of any cancellation and/or prepayment of the Facility to be made pursuant to clause 3.1.2 of the Fourth Supplemental Deed or by way of a Relevant Exceptional
Prepayment Amount, in forward order of maturity with respect to the dates of the Revised Reductions; and 

  

	 	(iv)	 in respect of any other cancellation and/or prepayment of the Facility to be made pursuant to Clause 4.16, in forward order of maturity with respect to
the dates of the Revised Reductions, subject to the approval of 

  
 3 

	 	
all of the Lenders in respect of each such cancellation and/or prepayment and, if the approval of all of the Lenders is not obtained, in inverse order of maturity with respect to the dates of the
Revised Reductions; 

 “Approved Stock Exchange” means the New York Stock Exchange, NASDAQ or
such other stock exchange in the United States of America as is approved in writing by the Agent (acting on the instructions of the Majority Lenders); 
 “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; 
 “Availability Period” means the Tranche A Availability Period or the Tranche B Availability Period; 
 “Available Commitment” means, in relation to a Lender, the amount of its Commitment in respect of the Facility or a Tranche (as the case may be) less the amount of its Contribution to the
Facility or the Tranche (as the case may be); 
 “Breakaway 3” means the newbuild cruise vessel to be
constructed pursuant to the relevant Breakaway Building Contract and having not more than [*] berths than a New Vessel; 

“Breakaway 4” means the newbuild cruise vessel to be constructed pursuant to the relevant Breakaway Building Contract
and having not more than [*] berths than a New Vessel; 
 “Breakaway 4 Option” means the option to be given by
a builder to the Borrower (or the relevant member of the NCLC Group) to enter into the Breakaway Building Contract in respect of Breakaway 4; 
 “Breakaway Building Contracts” means, in respect of Breakaway 3, the shipbuilding contract to be made on or after the Third Restatement Date between a builder and a member of the NCLC
Group for the construction and delivery of Breakaway 3 and, in respect of Breakaway 4, the shipbuilding contract to be made pursuant to the Breakaway 4 Option, conditional upon the making of the Total Breakaway 4 Prepayment Amount, on or after the
Third Restatement Date between a builder and a member of the NCLC Group for the construction and delivery of Breakaway 4; 

“Budgeted Consolidated EBITDA” means the relevant amount set out in Schedule 10; 

“Builder” means Meyer Werft GmbH (formerly known as Jos. L. Meyer GmbH) of Industriegebiet Süd, 26871 Papenburg,
Federal Republic of Germany, the shipbuilder constructing the Vessels pursuant to the Building Contracts; 
 “Building
Contracts” means, in respect of Hull No S.669, the shipbuilding contract dated 24 December 2004 between the Builder, the Borrower and 

  
 4 

 
Norwegian Pearl for the construction and delivery of Hull No S.669 and Specification Hull No S.669 dated 22 November 2004 and the appendices thereto marked 1, 2, 3 and 4 and, in respect of
Hull No S.670, the shipbuilding contract dated as of 3 May 2005 between the Builder, the Borrower and Norwegian Gem for the construction and delivery of Hull No S.670 and Specification Hull No S.670 dated as of 3 May 2005 and the
appendices thereto marked 1, 2, 3 and 4; 
 “Business Day” means any day on which banks and financial markets
in London, Oslo, Frankfurt am Main and New York are open for the transaction of business of the nature contemplated by this Agreement; 
 “Cash Balance” means, at any date of determination, the unencumbered and otherwise unrestricted cash and cash equivalents of the NCLC Group; 

“Cash Sweep Bank Account” means [*]; 
 “Cash Sweep Credit Facilities” means the NCLC Group Credit Facilities other than the [*]; 
 “Cash Sweep Determination Date” means [*]; 
 “Cash Sweep
Lenders” means the lenders of the Cash Sweep Credit Facilities; 
 “Cash Sweep Payment Date” means the
date of [*]; 
 “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; 

“Charges” means the two (2) valid and effective first priority shares charges one (1) to be executed in
respect of each of the Owners by the Shareholder as holder (legally and beneficially) of all the authorised and issued shares in the relevant Owner in favour of the Agent such charges to be in the form and on the terms and conditions agreed between
the Lenders and the Borrower and as specified in paragraph 26 of Part I of Schedule 3; 
 “Commitment”
means, as to each Original Lender, the sums set out opposite its name in Schedule 1 as the amount of each Tranche which, subject to the terms of this Agreement, it is obliged to advance to the Borrower under Clause 2 (or, where the context so
admits, such amount which any successor in title, assignee or transferee (including any Transferee) of any Original Lender or Lender shall be obliged to advance to the Borrower under Clause 2, following the assumption of all or any portion of such
liability from any Original Lender or Lender hereunder) in each case as such amount may be reduced, cancelled or terminated under this Agreement PROVIDED THAT a schedule setting out the Commitments in respect of a Tranche expressed in Dollars
shall be agreed between the Agent and the Borrower on the first Currency Conversion Date in respect of that Tranche and shall from such date be deemed to be a part of this Agreement in substitution for Schedule 1 (or any substitute therefor);

 “Commitment Period” means, in respect of a Tranche, the period beginning on the Signing Date and ending on
the earlier of the last day of the relevant Availability Period and the date on which the relevant Tranche or the Facility is cancelled hereunder; 

  
 5 

 “Compulsory Acquisition” means requisition for title or other compulsory
acquisition of a Vessel including its capture, seizure, detention or confiscation or expropriation but excluding any requisition for hire by or on behalf of any government or governmental authority or agency or by any persons acting or purporting to
act on behalf of any such government or governmental authority or agency; 
 “Confidentiality Undertaking”
means the undertaking to be entered into relating to the release of financial information pertaining to the NCLC Group by the Agent or any Lender to a potential Transferee or assignee such undertaking to be in the form of Schedule 4; 

“Confirmation” means a Confirmation exchanged or deemed to be exchanged between a Lender or its Affiliate (as the case
may be) and the Borrower as contemplated by the relevant Master Agreement; 
 “Consolidated Adjusted Total
Assets” means the NCLC Group’s total assets (based on the then latest unaudited consolidated quarterly accounts), adjusted so that each vessel in the NCLC Fleet is valued on the basis of its most recent valuation obtained in accordance
with Clause 10.17 in the case of the Vessels and the similar clause in the facility agreements in respect of the other NCLC Group Credit Facilities; 
 “Consolidated Debt Service” means, for any relevant period, the sum (without double counting), determined in accordance with US GAAP, of: 

 

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

 

	 	(a)	principal of any such Indebtedness for Borrowed Money prepaid at the option of the relevant member of the NCLC Group or by virtue of Clause 10.22 or Clause 10.23;

  

	 	(b)	principal of any such Indebtedness for Borrowed Money prepaid upon the sale or Total Loss of any vessel owned or leased under a capital lease by any member of the NCLC
Group or under an Apollo-Related Transaction; and 

  

	 	(c)	balloon payments of any such Indebtedness for Borrowed Money payable during such period (and for the purpose of this paragraph (c) a “balloon
payment” shall not include any scheduled repayment instalment of such Indebtedness for Borrowed Money which forms part of the balloon) or under an Apollo-Related Transaction; 

 

	 	(ii)	Consolidated Interest Expense for such period; 

  

	 	(iii)	 the aggregate amount of any dividend or distribution of present or future assets, undertakings, rights or revenues to any shareholder of any member

  
 6 

	 	
of the NCLC Group (other than the Borrower or one of its wholly owned Subsidiaries) or any distribution in respect of share capital during such period (“Distributions”) other
than the tax distributions described in Clauses 10.4.1; and 

  

	 	(iv)	all rent under any capital lease obligations by which the Borrower or any consolidated Subsidiary is bound which are payable or paid during such period and the portion
of any debt discount that must be amortised in such period, 

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

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

 

	 	(i)	Consolidated Net Income from the Borrower’s operations for such period; and 

 

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

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

“Contract Prices” means, in respect of Hull No S.669, three hundred and eighty nine million euro (EUR389,000,000) being
the price agreed between the Builder, the Borrower and Norwegian Pearl for the construction of Hull No S.669 under article 8, clause 1.1 of the relevant Building Contract and, in respect of Hull No S.670, three hundred and ninety one million euro
(EUR391,000,000) being the price agreed between the Builder, the Borrower and Norwegian Gem for the construction of Hull No S.670 under article 8, clause 1.1 of the relevant Building Contract subject, in each case, to article 8, clause 1.1(ii) of
the relevant Building Contract; 
 “Contribution” means, as to each Original Lender, the portion of the sums
set out opposite its name in Schedule 1 or any substitute schedule for Schedule 1 advanced to the Borrower and for the time being outstanding; 
 “converted” means actually or notionally (as the case may require) converted by the Agent at the Agent’s Spot Rate of Exchange on the particular date for that conversion pursuant to
Clause 3, and the words “convert” and “conversion” shall be construed accordingly; 

  
 7 

 “Credit Card Processor Security Documents” means: 

 

	 	(i)	any ship mortgage and, if applicable, deed of covenants collateral thereto to be granted over a vessel in the NCLC Fleet (other than the Hermes Vessels and the F3 Two
Vessel) and the assignment(s) of the earnings and insurances of such vessel ranking junior in priority to any ship mortgage and, if applicable, deed of covenants collateral thereto, assignment and other applicable security document granted as
security for the repayment of one or more of the NCLC Group Credit Facilities; and 

  

	 	(ii)	any guarantee by the applicable shipowner (fully subordinated to any guarantees supporting the NCLC Group Credit Facilities), 

in each case in favour of one or more providers of credit card processing services to the NCLC Group; 

“Credit Support Document” means any document described as such in a Master Agreement and any other document referred to
in any such document which has the effect of creating security in favour of the Agent or the Lenders; 
 “Credit Support
Provider” means any person (other than the Borrower) described as such in a Master Agreement; 
 “Currency
Conversion Date” means the date on which a Drawing is advanced in or converted to Dollars pursuant to Clause 3.1; 

“Delayed Principal Amount” means the relevant amount set out in the fourth column of the relevant table in Schedule 8,
save that the calculation of the amount of the Applicable Margin payable from time to time in accordance with this Agreement shall be made on the relevant amount set out in the fourth column of the relevant table in Schedule 9, in each case as
reduced to reflect any relevant prepayments applied towards the Delayed Principal Amount; 
 “Delivery Date”
means the date on which a Vessel is delivered to and accepted by the relevant Owner pursuant to the relevant Building Contract which date is expected to be 8 February 2007 in respect of Hull No S.669 and 1 October 2007 in respect of Hull
No S.670; 
 “Disclosure Letter” means the letter so designated, given by the Borrower and acknowledged by the
Agent on the Signing Date and containing details of any material litigation, arbitration or administrative proceedings affecting any Obligor which have been instituted and served, or, to the knowledge of the Borrower, threatened (and for this
purpose proceedings shall be deemed to be material if they involve a claim in an amount exceeding ten million Dollars (USD10,000,000) or the equivalent in another currency); 
 “Dollar Drawing” means the principal amount of a Drawing 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; 
 “Dollars” and “USD” means the lawful currency of
the United States of America; 

  
 8 

 “Drawdown Notice” means a notice to be given by the Borrower to the Agent
pursuant to Clause 2.3.1; 
 “Drawing” means any amount of a Tranche advanced by the Lenders to the Borrower
pursuant to Clause 2.3; 
 “Earnings” means, in respect of a Vessel, (whether earned or to be earned) any and
all freights, hire, fares and passage monies, proceeds of requisition (other than proceeds of Compulsory Acquisition), rebates and commissions, all earnings deriving from contracts of employment, demurrage, charterparties, contracts of
affreightment, pooling agreements and joint ventures, compensation, remuneration for salvage and towage services, damages howsoever arising and detention monies, damages for breach of any charterparty or other contract for the employment of that
Vessel, any amounts payable in consideration of the termination or variation of any charterparty or other such contract and any other earnings whatsoever due or to become due to the relevant Owner; 

“Earnings Assignments” means the two (2) valid and effective first legal assignments of the Earnings of the Vessels
(together with the notices thereof and the acknowledgements) one (1) to be executed by each of the Owners in respect of its Vessel in favour of the Agent such assignments, notices and acknowledgements to be in the form and on the terms and
conditions agreed between the Lenders and the Borrower and as specified in paragraph 24.9 of Part I of Schedule 3; 

“Encumbrance” means any mortgage, charge, pledge, lien, assignment, hypothecation, title retention, preferential right
or trust arrangement or any other security agreement or arrangement; 
 “Equivalent Amount” means the Dollar
equivalent of a euro amount determined at the Agent’s Spot Rate of Exchange for conversion of euro to Dollars at 10.00 a.m. London time five (5) Business Days prior to the relevant first Currency Conversion Date; 

“EURIBOR” means with respect to any Interest Period with respect to a euro Drawing 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 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 Interest Period on the said Reuters screen, the interpolated rate per annum for deposits in euro in an amount approximately
equal to the euro Drawing 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;

  
 9 

 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 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 euro in an amount approximately equal to the euro Drawing are offered to such Reference Bank by leading banks in the London Interbank Market at such Reference Bank’s request at or about
11.00 a.m. London time on the Quotation Date for a period equal to the Interest Period and for delivery on the first Business Day thereof; 

 “EURIBOR FBE” means the Banking Federation of the European Union; 

“euro” and “EUR” means the lawful currency of the Federal Republic of Germany; 

“euro Drawing” means the principal amount of a Drawing denominated in euro or (as the context may require) the amount
thereof for the time being drawn down and outstanding hereunder; 
 “Euro Reference Banks” means Commerzbank
Aktiengesellschaft, KfW IPEX-Bank GmbH and Norddeutsche Landesbank Girozentrale; 
 “Event of Default” means
any of the events specified in Clause 12; 
 “F3 Two EBITDA” means the Consolidated EBITDA attributable to the
F3 Two Vessel assuming the F3 Two Vessel had been in operation since the beginning of the period in which the F3 Two-Related Debt was included in Total Net Funded Debt; 
 “F3 Two-Related Debt” means the amount of up to EUR662,905,320 to be made available to Norwegian Epic, Ltd. (formerly known as F3 Two, Ltd.) pursuant to a facility agreement dated
22 September 2006 (as amended and/or restated from time to time); 
 “F3 Two Vessel” means the cruise
vessel with hull no. D33 at the yard of STX France Cruise S.A. (formerly known as Aker Yards S.A.), specification hull no. PB6847 [.07 rev A] to be named “NORWEGIAN EPIC” and to be owned by Norwegian Epic, Ltd. (formerly known as F3 Two,
Ltd.); 
 “Facility” means the facility granted hereunder in the amount of the aggregate of the Maximum Tranche
Amounts or (as the context may require) the amount thereof for the time being advanced and outstanding under this Agreement in whatever currency or currencies it is for the time being denominated; 

“Fifth Supplemental Deed” means the fifth supplemental deed dated 2012 to this Agreement; 

“Final Maturity Date”, in respect of each Tranche, means the date falling one hundred and forty four (144) months
from the relevant Delivery Date or such other date as is determined by the provisions of Clause 4; 

  
 10 

 “Final Maturity Date Payment” means the relevant Revised Reduction to be
made on a Final Maturity Date; 
 “Financial Indebtedness” means any obligation for the payment or repayment of
money, whether as principal or as surety and whether present or future, actual or contingent; 
 “Force
Majeure” means, in relation to the Agent, the Security Agent or any Lender, any event or circumstance which is beyond the reasonable control of such party, which cannot be foreseen or if foreseeable which is unavoidable, which occurs after
the Signing Date and which prevents that party from performing any of its obligations under this Agreement; 
 “Fourth
Supplemental Deed” means the fourth supplemental deed dated 22 July 2010 to this Agreement; 
 “Free
Liquidity” means, at any date of determination, the aggregate of the Cash Balance and any amounts freely available for drawing under the Facility or any other revolving or other credit facilities of the NCLC Group, which remain undrawn,
could be drawn for general working capital purposes or other general corporate purposes and would not, if drawn, be repayable within six (6) months; 
 “Fund” means Apollo Management VI, LP a Delaware limited partnership with its principal place of business at 9 West 57th Street, 43rd Floor, New York, NY 10019, United States of America and other affiliated co-investment partnerships; 

“Fund Affiliate” means the Investors and (i) each other Affiliate (as defined in Schedule 7) of the Fund that is
neither a “portfolio company” (which means a company actively engaged in providing goods to unaffiliated customers), whether or not controlled, nor a company controlled by a portfolio company and (ii) any individual who is a partner
or employee of Apollo Management, LP, Apollo Management IV, LP or Apollo Management V, LP; 
 “Group-Wide
Lenders” means the lenders of the NCLC Group Credit Facilities; 
 “Guaranteed Loan Lenders” means the
lenders of the EUR308,130,000 facility made to Pride of Hawaii, LLC pursuant to a facility agreement dated 20 April 2004 (as amended and/or restated from time to time), the USD334,050,000 facility made to Norwegian Jewel Limited pursuant to a
facility agreement dated 20 April 2004 (as amended and/or restated from time to time), the EUR258,000,000 facility made to Pride of America Ship Holding, LLC pursuant to a facility agreement dated 4 April 2003 (as amended and/or restated
from time to time) and the EUR40,000,000 facility made to Pride of America Ship Holding, LLC pursuant to a facility agreement dated 4 April 2003 (as amended and/or restated from time to time); 

“Guarantees” means the two (2) joint and several guarantees one (1) to be executed by each of the Owners in
favour of the Agent such guarantees to be in the form and on the terms and conditions agreed between the Lenders and the Borrower and as specified in paragraph 25 of Part I of Schedule 3; 

“Hermes Vessel Owner Second Guarantees” means the three (3) joint and several guarantees (1) to be executed by
each of the owners of the Hermes Vessels in favour of the Restructuring Trustee as trustee for the Guaranteed Loan Lenders; 

  
 11 

 “Hermes Vessel Owner Third Guarantees” means the three (3) joint and
several guarantees (1) to be executed by each of the owners of the Hermes Vessels in favour of the Restructuring Trustee as trustee for the Non-Guaranteed Loan Lenders such guarantees to be in the form and on the terms and conditions agreed
between the Lenders and the Borrower on the date of the Third Supplemental Deed; 
 “Hermes Vessels” means
“NORWEGIAN JEWEL” owned by Norwegian Jewel Limited, “NORWEGIAN JADE” owned by Pride of Hawaii, LLC and “PRIDE OF AMERICA” owned by Pride of America Ship Holding, LLC; 

“Holding Company” has the meaning defined in the United Kingdom Companies Act 1985, Section 736 as substituted by
the United Kingdom Companies Act 1989, Section 144; 
 “Hull No S.669” means hull no S.669 at the yard of
the Builder which, upon construction as a cruise vessel with two thousand three hundred and eighty four (2,384) lower berths, is to be delivered to Norwegian Pearl pursuant to the relevant Building Contract and registered in the name of
Norwegian Pearl under the laws and flag of the Commonwealth of the Bahamas; 
 “Hull No S.670” means hull no
S.670 at the yard of the Builder which, upon construction as a cruise vessel with two thousand three hundred and eighty four (2,384) lower berths, is to be delivered to Norwegian Gem pursuant to the relevant Building Contract and registered in
the name of Norwegian Gem under the laws and flag of the Commonwealth of the Bahamas; 
 “Hull No [*]” means
hull no [*] at the yard of the Builder which, upon construction as a cruise vessel with approximately [*] berths, is to be delivered to Breakaway One, Ltd. and named “NORWEGIAN BREAKAWAY”; 

“Hull No [*]” means hull no [*] at the yard of the Builder which, upon construction as a cruise vessel with
approximately [*] berths, is to be delivered to Breakaway Two, Ltd. and named “NORWEGIAN GETAWAY”; 

“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 including, for the avoidance of doubt, the Sky Vessel Indebtedness; 

 

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

 

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

  
 12 

	 	(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; and 

 

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

PROVIDED THAT the following shall not constitute Indebtedness for Borrowed Money: 

 

	 	(a)	loans and advances made by other members of the NCLC Group which are subordinated to the rights of the Lenders; 

 

	 	(b)	loans and advances made by any shareholder of the Borrower which are subordinated to the rights of the Lenders excluding, for the avoidance of doubt, the Sky Vessel
Indebtedness; and 

  

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

 “Insurance
Assignments” means the two (2) valid and effective first legal assignments of the Insurances of the Vessels (together with the notices thereof) one (1) to be executed by each of the Owners in respect of its Vessel in favour of the
Lenders and/or the Agent such assignments and notices to be in the form and on the terms and conditions agreed between the Lenders and the Borrower and as specified in paragraph 24.10 of Part I of Schedule 3; 

“Insurances” means all policies and contracts of insurance and entries of a Vessel in a protection and indemnity or war
risks association which are effected in respect of that Vessel, her freights, disbursements, profits or otherwise and all benefits, including all claims and returns of premiums thereunder and shall also include all compensation payable by virtue of
Compulsory Acquisition; 
 “Interest Payment Date” means the last day of each Interest Period and if an
Interest Period is longer than six (6) months’ duration the date falling at the end of each successive period of six (6) months during such Interest Period from its commencement; 

“Interest Period” means each period ascertained in accordance with Clause 5.2 or Clause 5.7; 

“Interest Rate” means the rate of interest applicable to a Drawing calculated in accordance with Clause 5.5, Clause 5.7
or Clause 6.3; 
 “Investor I” means NCL Investment Ltd. a company organised and existing under the laws
of Bermuda with its registered office at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda; 

  
 13 

 “Investor II” means NCL Investment II Ltd. a company organised and
existing under the laws of the Cayman Islands with its registered office at c/o Walkers SPV Limited, Walker House, 87 Mary Street, George Town, Grand Cayman KY1-9002, Cayman Islands, British West Indies; 

“Investors” means Investor I and Investor II; 
 “LIBOR” means with respect to any Interest Period with respect to a Dollar Drawing the rate of interest (expressed as an annual rate) determined by the Agent to be: 

 

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

  

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

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

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

 “Lender” means: 
  

	 	(i)	any Original Lender; and 

  

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

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

“Lending Branch” means in respect of the Agent and each Original Lender its office at the address set out beneath its
name in Schedule 1 or such other office as it shall from time to time select and notify through the Agent to the Borrower and the Agent and in the case of any other Lender such office as it shall from time to time select and notify through the Agent
to the Borrower and the Agent; 
 “Letter of Credit Facilities” means letter of credit facilities entered into
from time to time in the amount of in aggregate up to [*] to be obtained by the Borrower which facilities will be used to provide credit support in respect of the Borrower’s credit card processing arrangements; 

  
 14 

 “Letter of Credit Facilities Security Documents” means: 

 

	 	(i)	any ship mortgage and, if applicable, deed of covenants collateral thereto to be granted over a vessel in the NCLC Fleet [*] and the assignment(s) of the earnings and
insurances of such vessel ranking junior in priority to any ship mortgage and, if applicable, deed of covenants collateral thereto, assignment and other applicable security document granted as security for the repayment of one or more of the NCLC
Group Credit Facilities; and 

  

	 	(ii)	any guarantee by the applicable shipowner (fully subordinated to any guarantees supporting the NCLC Group Credit Facilities), 

in each case in favour of the provider of a Letter of Credit Facility; 

“Lim Family” means: 
  

	 	(i)	the late Tan Sri Lim Goh Tong; 

  

	 	(ii)	his spouse; 

  

	 	(iii)	his direct lineal descendants; 

  

	 	(iv)	the personal estate of any of the above persons; and 

  

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

“Liquidity” means the Cash Balance plus undrawn and freely available amounts [*]; 

“Lower Saxony Guaranteed Amount” means the amount guaranteed from time to time under a Lower Saxony Guarantee;

 “Lower Saxony Guarantees” means the two (2) guarantees to be issued by the German State of Lower Saxony
in favour of the Lower Saxony Guarantee Agent substantially in the form appended to the Borrower’s acknowledgements referred to in paragraph 20 of Part I of Schedule 3 as security for approximately but not more than eighty per cent
(80%) of Portion B of each Maximum Tranche Amount, the maximum amount payable under each of such guarantees (assuming that the amount of three hundred and eleven million two hundred thousand euro (EUR311,200,000) is capable of being drawn down
hereunder in respect of Tranche A and the amount of three hundred and twelve million eight hundred thousand euro (EUR312,800,000) is capable of being drawn down hereunder in respect of Tranche B) being sixty two million two hundred and forty
thousand euro (EUR62,240,000) or the amount in Dollars agreed between the Lower Saxony Guarantee Agent and the German State of Lower Saxony and approved by the Lenders if the currency option contained in Clause 3 is exercised; 

“Majority Cash Sweep Lenders” means Cash Sweep Lenders the aggregate of whose contributions and commitments to the Cash
Sweep Credit Facilities exceed [*] of the aggregate total of the contributions and commitments of all the Cash Sweep Lenders; 

  
 15 

 “Majority Group-Wide Lenders” means Group-Wide Lenders the aggregate of
whose contributions and commitments to the NCLC Group Credit Facilities exceed fifty per cent (50%) of the aggregate total of the contributions and commitments of all the Group-Wide Lenders; 

“Majority Lenders” means Lenders the aggregate of whose Commitments exceed sixty seven per cent (67%) of the
aggregate total of the Commitments of all the Lenders; 
 “Management Agreements” means the agreements entered
into between the Owners and the Manager in respect of the Vessels providing for the commercial and technical management and crewing of the Vessels such agreements to be in the form and on the terms and conditions agreed between the Agent and the
Borrower; 
 “Management Agreement Assignments” means the two (2) valid and effective first legal
assignments of the Management Agreements (together with the notices thereof and the acknowledgements) one (1) to be executed by each of the Owners in respect of its Vessel in favour of the Agent such assignments, notices and acknowledgements to
be in the form and on the terms and conditions agreed between the Lenders and the Borrower; 
 “Manager” means
NCL (Bahamas) Ltd. of Cumberland House, 9th Floor, 1 Victoria Street, Hamilton HM 11, Bermuda, the company providing commercial and technical management and crewing services for the Vessels pursuant to the Management Agreements; 

“Mandatory Cost” means the cost imputed to a Lender of compliance with the mandatory liquid asset requirements of any
central bank or other fiscal, monetary or other authority; 
 “Master Agreement” means any ISDA Master
Agreement (or any other form of master agreement relating to interest or currency exchange transactions of a non-speculative nature) entered into between a Lender or its Affiliate and the Borrower before the Signing Date in relation to the
obligations of the Borrower under this Agreement and/or the Building Contracts, including each Schedule to any Master Agreement and each Confirmation exchanged under any Master Agreement; 

“Master Agreement Liabilities” means, at any relevant time, all liabilities of the Borrower to a Lender or its Affiliate
(as the case may be) under the relevant Master Agreement, whether actual or contingent, present or future; 
 “Material
Adverse Effect” means a material adverse effect on (i) the validity or enforceability of any of the Security Documents or the Lower Saxony Guarantees or the rights or remedies of the Lenders or their Affiliates (as the case may be)
thereunder (ii) the ability of any Obligor to perform its obligations under any of the Security Documents or (iii) the business, operations, condition (financial or otherwise) or prospects of the Borrower, either of the Owners or the NCLC
Group taken as a whole; 

  
 16 

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

 “Maximum Amount of the Delayed Principal Amount” means, as at the date of the Fourth Supplemental Deed, [*]
in respect of Tranche A and [*] in respect of Tranche B; 
 “Maximum Tranche Amount” means: 

 

	 	(i)	before the first Currency Conversion Date in respect of a Tranche, the lower of (a) eighty per cent (80%) of the relevant Contract Price and (b) three
hundred and eleven million two hundred thousand euro (EUR311,200,000) in the case of Tranche A and three hundred and twelve million eight hundred thousand euro (EUR312,800,000) in the case of Tranche B, as reduced from time to time pursuant to
Clause 4.2; and 

  

	 	(ii)	from the first Currency Conversion Date in respect of a Tranche, the Equivalent Amount of the amounts referred to in paragraphs (a) and (b) of paragraph
(i) of this definition, as reduced from time to time pursuant to Clause 4.2; 

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

“Moratorium Undertakings” means the financial undertakings contained in Clause 10.3.4 and Clause 10.3.5; 

“Mortgages” means the two (2) first priority statutory Bahamian ship mortgages and deeds of covenants collateral
thereto one (1) to be granted by each of the Owners over its Vessel in each case in favour of the Lenders and/or the Agent as security pursuant hereto and to the Master Agreements such mortgages and deeds of covenants to be in the forms and on
the terms and conditions agreed between the Lenders and the Borrower and as specified in paragraph 24.8 of Part I of Schedule 3; 
 “NCL America Holdings” means NCL America Holdings, LLC of Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801, United States of America; 

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

“NCLC Group” means the Borrower and its wholly owned Subsidiaries provided that for the purposes of the definitions of
“Cash Balance”, “Consolidated Debt Service”, “Consolidated Interest Expense”, “Consolidated Net Income”, “Total Capitalisation” and “Total Net Funded
Debt” in this Clause 1.1, 

  
 17 

 
Clause 10.2 and Clause 10.3 “NCLC Group” means the Borrower, its Subsidiaries and any other entity which is required to be consolidated in the Borrower’s accounts in
accordance with US GAAP; 
 “NCLC Group Credit Facilities” means the Facility, the [*] facility made to the
Borrower pursuant to a facility agreement dated 7 July 2004 (as amended and/or restated from time to time), the [*] facility made to the Borrower pursuant to a facility agreement dated 22 December 2006 (as amended and/or restated from time
to time), the [*] facility made to the Manager pursuant to a facility agreement dated 20 April 2004 (as amended and/or restated from time to time), the EUR308,130,000 facility made to Pride of Hawaii, LLC pursuant to a facility agreement dated
20 April 2004 (as amended and/or restated from time to time), the USD334,050,000 facility made to Norwegian Jewel Limited pursuant to a facility agreement dated 20 April 2004 (as amended and/or restated from time to time), the
EUR258,000,000 facility made to Pride of America Ship Holding, LLC pursuant to a facility agreement dated 4 April 2003 (as amended and/or restated from time to time), the EUR40,000,000 facility made to Pride of America Ship Holding, LLC
pursuant to a facility agreement dated 4 April 2003 (as amended and/or restated from time to time) and the EUR662,905,320 facility made to Norwegian Epic, Ltd. (formerly known as F3 Two, Ltd.) pursuant to a facility agreement dated
22 September 2006 (as amended and/or restated from time to time); 
 “New Cash Equity” means [*];

 “New Vessels” means Hull No. [*] and Hull No.[*]; 

“Non-Guaranteed Loan Lenders” means the lenders of the Facility, the [*] facility made to the Borrower pursuant to a
facility agreement dated 7 July 2004 (as amended and/or restated from time to time) and the [*] facility made to the Borrower pursuant to a facility agreement dated 22 December 2006 (as amended and/or restated from time to time);

 “Norwegian Gem” means Norwegian Gem, Ltd. of Cumberland House, 9th Floor, 1 Victoria Street, Hamilton
HM 11, Bermuda; 
 “Norwegian Pearl” means Norwegian Pearl, Ltd. of Cumberland House, 9th Floor, 1
Victoria Street, Hamilton HM 11, Bermuda; 
 “Obligors” means the Borrower, the Owners, the Shareholder, the
Manager, any other Credit Support Provider and any other party from time to time to any of the Security Documents excluding the Agent, the Lenders and the Lower Saxony Guarantee Agent; 

“Ordinary Principal Amount” means the relevant amount set out in the second column of the relevant table in Schedule 8,
save that the calculation of the amount of the Applicable Margin payable from time to time in accordance with this Agreement shall be made on the relevant amount set out in the second column of the relevant table in Schedule 9, in each case as
reduced to reflect any relevant prepayments applied towards the Ordinary Principal Amount; 
 “Originally Scheduled
Reductions” means the amounts set out in the third column of the relevant table in Schedule 8; 

  
 18 

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

“Owners” means Norwegian Pearl and Norwegian Gem; 

“Owner’s Supply Costs” means up to twenty five million euro (EUR25,000,000) being the cost of the Buyers’
Supplies (as defined in the relevant Building Contract) in respect of a Vessel; 
 “Permitted Indebtedness”
means: 
  

	 	(i)	any monies borrowed or raised other than from any direct or indirect shareholder of the Borrower 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 Borrower to the Agent prior to such date; 

  

	 	(ii)	the Letter of Credit Facilities; 

  

	 	(iii)	Permitted Refinancing Indebtedness; 

  

	 	(iv)	the financing arrangements entered into on 18 November 2010 in relation to the acquisition of the New Vessels; 

 

	 	(v)	one or more financing arrangements entered into in relation to the acquisition of Breakaway 3 and Breakaway 4 (or either of them) and the Sky Vessel Indebtedness; and

  

	 	(vi)	any other Indebtedness for Borrowed Money up to an aggregate amount of [*]; 

 “Permitted Liens” means (i) any Encumbrance created by or pursuant to the Security Documents (ii) liens on a Vessel up to an aggregate amount at any time not exceeding ten
million Dollars (USD10,000,000) for current crew’s wages and salvage and liens incurred in the ordinary course of trading a Vessel (iii) any deposits or pledges to secure the performance of bids, tenders, bonds or contracts
(iv) (x) any other Encumbrance notified by any of the Obligors to the Agent prior to the date on which the Third Supplemental Deed and the Amendment Documents have been signed by all the parties thereto (y) any Encumbrance created by
or pursuant to (a) the Letter of Credit Facilities Security Documents (b) the Credit Card Processor Security Documents (c) the Hermes Vessel Owner Second Guarantees (d) the Second Mortgages (e) the Second Assignments
(f) the Hermes Vessel Owner Third Guarantees (g) the Third Mortgages and (h) the Third Assignments and (z) any other Encumbrance created over a vessel in the NCLC Fleet (other than a Hermes Vessel or the F3 Two Vessel) or its
related assets in favour of any party approved by the Agent (acting on the instructions of the Majority Lenders) (v) without prejudice to Clause 10.11, any Encumbrance in respect of existing Financial Indebtedness of a person which becomes a
Subsidiary of the Borrower or is merged with or into the Borrower or any of its 

  
 19 

 
Subsidiaries (vi) liens on assets leased, acquired or upgraded after the Signing Date or assets newly constructed or converted after the Signing Date provided that (a) such liens secure
Financial Indebtedness otherwise permitted under this Agreement (b) such liens are incurred within one (1) year following such lease, acquisition, upgrade, construction or conversion and (c) the Financial Indebtedness secured by such
liens does not exceed the cost of such upgrade or the cost of such assets acquired or leased (vii) statutory and other similar liens arising in the ordinary course of business unrelated to Financial Indebtedness and securing obligations not yet
delinquent or which are being contested in good faith by appropriate proceedings and for which adequate reserves have been established (viii) without prejudice to Clause 12.1.9, liens arising out of the existence of judgments or awards in
respect of the Borrower or any of its Subsidiaries (ix) any other lien that may be created by the Borrower from time to time in the ordinary course of business and (x) any deposits, liens or other Encumbrances placed or incurred in
connection with any bond or other surety from time to time provided to the US Federal Maritime Commission in order to comply with laws, regulations and rules applicable to the operators of passenger vessels operating to or from ports in the United
States of America PROVIDED THAT the aggregate amount of all cash and the fair market value of all other property subject to such liens as are described in paragraphs (vii) to (ix) above does not exceed twenty five million Dollars
(USD25,000,000) and PROVIDED FURTHER THAT any such lien as is described in paragraphs (vi) to (ix) above does not imperil the security created by any of the Security Documents and/or affect the ability of any Obligor duly to perform
any of its obligations under any Security Document to which it is or may be a party at any time, in each case in the reasonable opinion of the Majority Lenders; 
 “Permitted Refinancing Indebtedness” means any monies borrowed or raised at arm’s length on usual terms and other than from any direct or indirect shareholder of the Borrower which
are used to refinance the whole or part of any Permitted Indebtedness including any Permitted Refinancing Indebtedness. Any such monies borrowed or raised in excess of the amount required to refinance any Permitted Indebtedness including any
Permitted Refinancing Indebtedness shall constitute Special Liquidity Sources and be applied in accordance with Clause 10.24; 
 “Portion A” means (i) the first seventy five per cent (75%) of the Maximum Tranche Amount in respect of Tranche A or Tranche A (as the context may require) and (ii) the
first seventy five point one three per cent (75.13%) of the Maximum Tranche Amount in respect of Tranche B or Tranche B (as the context may require); 
 “Portion B” means (i) the last twenty five per cent (25%) of the Maximum Tranche Amount in respect of Tranche A or Tranche A (as the context may require) and (ii) the last
twenty four point eight seven per cent (24.87%) of the Maximum Tranche Amount in respect of Tranche B or Tranche B (as the context may require); 
 “Process Agent” means, in respect of any Security Documents executed prior to the date of the Third Supplemental Deed, Clifford Chance Secretaries Limited whose registered office is
presently at 10 Upper Bank Street, London E14 5JJ and, thereafter, EC3 Services Limited whose registered office is presently at The St Botolph Building, 138 Houndsditch, London EC3A 7AR or any other

  
 20 

 
person in England nominated by the Borrower or any other Obligor and approved by the Agent as agent to accept service of legal proceedings on their behalf under any of the Security Documents;

 “Quotation Date” means, in relation to any Interest Period, the day on which quotations would ordinarily be
given in the relevant interbank eurocurrency market for Dollar or euro (as the case may be) deposits for delivery on the first day of that Interest Period PROVIDED THAT if such quotation date is not a Business Day the quotation date shall be
the preceding Business Day; 
 “Reduction Dates” means from the Second Restatement Date, subject to the
provisions of Clause 4, the dates set out in the first column of the relevant table in Schedule 8; 
 “Reference
Banks” means the principal London offices (if any) of the Lead Arrangers and the Co-Arrangers; 

“Reimbursement Agreement” means the reimbursement and distribution agreement dated 17 August 2007, by and among
Investor I, the Borrower and Star; 
 “Relevant Cash Sweep Amount” means the amount of a Total Cash Sweep
Amount to be applied in prepayment, reduction and/or cancellation of the Facility pursuant to Clause 4.15, [*]; 

“Relevant Exceptional Prepayment Amount” means the amount of a Total Exceptional Prepayment Amount to be applied in
prepayment, reduction and/or cancellation of the Facility pursuant to Clause 4.16, [*]; 
 “Relevant Special Liquidity
Sources Amount” means the amount of a Total Special Liquidity Sources Amount to be applied in prepayment, reduction and/or cancellation of the Facility pursuant to Clause 4.15, [*]; 

“Renewal Date”, in relation to any Drawing, means a date on which that Drawing is extended by any Renewal Notice for
such Drawing; 
 “Renewal Notice” means a notice to be given by the Borrower to the Agent to extend the period
of a Term; 
 “Restatement Date” has the meaning set out in the Second Supplemental Deed; 

“Restructuring Trustee” means [*] as trustee for (directly or indirectly) (among others) the Guaranteed Loan Lenders and
the Non-Guaranteed Loan Lenders; 
 “Reuters BBA Page LIBOR 01” means the display currently designated as
Reuters BBA Page LIBOR 01, which includes London Interbank Offered Rates of four (4) major banks, which are members of the International Swaps and Derivatives Association, Inc. 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; 

  
 21 

 “Reuters Page ECB37” means: 

 

	 	(i)	the display currently designated as Reuters Page ECB37 which includes the official interbank exchange rate for euro in Dollars as determined by the European Central
Bank, expressed in Dollars; or 

  

	 	(ii)	if no rate is provided on the Reuters Page ECB37 but is published on another screen page, then the exchange rate shall be the official interbank exchange rate for euro
in Dollars as published on such other page (the “Successor Page”); 

 or (if Reuters Page ECB37
and the Successor Page are discontinued or if the Restructuring Trustee is unable to make the said determination due to technical breakdown in the relevant system) 
  

	 	(iii)	the arithmetic mean (rounded upwards, if necessary, to the nearest one-sixteenth of one per cent (1/16%)) of the rates notified to the Restructuring Trustee by
each of the euro Reference Banks as the euro/Dollar spot offered exchange rate quotations as of 1.45 p.m. London time on the relevant Business Day; 

 “Revised Principal Amount” means the relevant amount set out in the sixth column of the relevant table in Schedule 8, as reduced to reflect any relevant prepayments applied towards the
Revised Principal Amount; 
 “Revised Reductions” means the amounts set out in the fifth column of the relevant
table in Schedule 8, as reduced to reflect any relevant prepayments applied towards the Revised Reductions; 
 “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; 

“Second Assignments” means the three (3) valid and effective second legal assignments of the earnings and
insurances of the Hermes Vessels (together with the notices thereof) one (1) to be executed by each of the owners of the Hermes Vessels in respect of its Hermes Vessel in favour of the Restructuring Trustee as trustee for the Guaranteed Loan
Lenders; 
 “Second Mortgages” means the two (2) second priority statutory Bahamian ship mortgages and
deeds of covenants collateral thereto and the one (1) second preferred US ship mortgage one (1) to be granted by respectively each of the owners of the Hermes Vessels over its Hermes Vessel in favour of the Restructuring Trustee as trustee
for the Guaranteed Loan Lenders; 
 “Second Restatement Date” has the meaning set out in the Third Supplemental
Deed; 
 “Second Supplemental Deed” means the second supplemental deed dated 21 December 2007 to this
Agreement; 

  
 22 

 “Security Agent” means DNB Bank ASA of Stranden 21, NO-0021 Oslo, Norway;

 “Security Documents” means this Agreement which includes any supplemental agreement or deed thereto, the
Charges, the Mortgages, the Guarantees, the Earnings Assignments, the Insurance Assignments, the Management Agreement Assignments, the Account Charge, the Hermes Vessel Owner Third Guarantees, the Third Mortgages, the Third Assignments, the Third
Priority Security Co-ordination Deed, the Master Agreements and any other Credit Support Documents, the commitment letter referred to in Clause 14.2 and any other fee letter in relation to the Facility and all such other documents as may be executed
at any time in favour of the Agent, the Security Agent, the Restructuring Trustee, the Lenders and/or the Lower Saxony Guarantee Agent as security for the obligations of the Borrower and/or the other Obligors whether executed pursuant to the express
provisions of this Agreement or otherwise howsoever but excluding the Lower Saxony Guarantees; 
 “Security
Period” means the period beginning on the first Advance Date and ending on the date on which the amounts outstanding under this Agreement and under each of the other Security Documents are finally and irrevocably repaid and/or cancelled in
full; 
 “Shareholder” means NCL International, Ltd. of Cumberland House, 9th Floor, 1 Victoria Street,
Hamilton HM 11, Bermuda; 
 “Shareholders’ Agreement” means the shareholders’ agreement dated
17 August 2007 made or to be made between Star, the Investors (directly in the case of Investor I and by way of joinder in the case of Investor II) and the Borrower; 
 “Signing Date” means the date of this Agreement; 
 “Sky
Vessel” means [*] presently owned by the Sky Vessel Seller and registered in the Sky Vessel Seller’s name under the laws and flag of the Commonwealth of the Bahamas; 

“Sky Vessel Indebtedness” means the financing arrangements in relation to the acquisition of the Sky Vessel on the Sky
Vessel Purchase Price Terms; 
 “Sky Vessel MOA” means the sale and purchase agreement or memorandum of
agreement made or to be made between the Sky Vessel Seller and Norwegian Sky, Ltd. or another member of the NCLC Group pursuant to which the Sky Vessel will be sold by the Sky Vessel Seller to Norwegian Sky, Ltd. or another member of the NCLC Group
for the Sky Vessel Purchase Price on the Sky Vessel Purchase Price Terms; 
 “Sky Vessel Purchase Price” means
an amount of up to [*]; 
 “Sky Vessel Purchase Price Terms” means the terms on which the Sky Vessel Purchase
Price (and interest thereon and other fees, costs and expenses) will be payable by Norwegian Sky, Ltd. or another member of the NCLC Group to the Sky Vessel Seller for the Sky Vessel reflected by the agreement referred to in clause 3.1.3 of the of
the Fifth Supplemental Deed; 

  
 23 

 “Sky Vessel Seller” means [*]; 

“Special Liquidity Sources” means increased liquidity of the NCLC Group arising from (i) the incurrence of
permitted Indebtedness for Borrowed Money in an amount in excess of Indebtedness for Borrowed Money being refinanced in whole or in part and (ii) the permitted sale of assets PROVIDED THAT only the net proceeds of any such sale, after
the deduction of brokers’ fees and other costs justifiable in relation to the sale and the principal of, interest on and any break costs in connection with any Indebtedness for Borrowed Money prepaid upon such sale, shall be counted as
increased liquidity; 
 “Special Liquidity Sources Determination Date” means the date on which Special
Liquidity Sources arise; 
 “Special Liquidity Sources Payment Date” means the date falling not later than
fourteen (14) Business Days after a Special Liquidity Sources Determination Date; 
 “Star” means Genting
Hong Kong Limited (formerly known as Star Cruises Limited) a company organised and existing under the laws of Bermuda with its registered office at Canon’s Court, 22 Victoria Street, Hamilton HM 12, Bermuda; 

“Steering Committee” means a committee established by, and formed from, the Group-Wide Lenders with the purpose of
co-ordinating the relationship between the Borrower and the Group-Wide Lenders and monitoring the performance of the NCLC Group Credit Facilities. The initial members of the Steering Committee [*]; 

“Subscription Agreement” means the subscription agreement dated 17 August 2007 made or to be made between Star, the
Investors (directly in the case of Investor I and by way of assignment in the case of Investor II) and the Borrower; 

“Subsidiary” has the meaning defined in the United Kingdom Companies Act 1985, Section 736 as substituted by the
United Kingdom Companies Act 1989, Section 144; 
 “Substitute Basis” means an alternative basis for
maintaining a Drawing certified by the Agent pursuant to Clause 6.3.1; 
 “Suspension Notice” means a notice
given by the Agent to the Borrower pursuant to Clause 6.1; 
 “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; 
 “Term” means, in relation to a Drawing, the last day of the Interest Period in respect of that
Drawing as specified in the Drawdown Notice for such Drawing and as extended by any Renewal Notice for such Drawing PROVIDED THAT 

  
 24 

 
no Event of Default has occurred before the relevant Renewal Date and the renewal of such Drawing would not constitute an Event of Default and PROVIDED THAT the Term shall not extend
beyond the relevant Final Maturity Date; 
 “Third Assignments” means the three (3) valid and effective
third legal assignments of the earnings and insurances of the Hermes Vessels (together with the notices thereof) one (1) to be executed by each of the owners of the Hermes Vessels in respect of its Hermes Vessel and the one (1) valid and
effective third priority subordination and assignment to be executed by NCL (Bahamas) (as bareboat charterer) in respect of m.v. “NORWEGIAN JADE” in each case in favour of the Restructuring Trustee as trustee for (among others) the
Non-Guaranteed Loan Lenders such assignments and notices to be in the form and on the terms and conditions agreed between the Lenders and the Borrower on the date of the Third Supplemental Deed; 

“Third Mortgages” means the two (2) third priority statutory Bahamian ship mortgages and deeds of covenants
collateral thereto and the one (1) third preferred US ship mortgage one (1) to be granted by respectively each of the owners of the Hermes Vessels over its Hermes Vessel in favour of the Restructuring Trustee as trustee for the
Non-Guaranteed Loan Lenders as security pursuant hereto and to the Master Agreements such mortgages and deeds of covenants to be in the forms and on the terms and conditions agreed between the Lenders and the Borrower on the date of the Third
Supplemental Deed; 
 “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 or Apollo; 
 “Third Priority Security Co-ordination Deed” means the deed to be made between (among others) HSBC Bank plc (as trustee for the Guaranteed Loan Lenders, as first mortgagees), the
Restructuring Trustee (as trustee for the Guaranteed Loan Lenders, as second mortgagees) and the Restructuring Trustee (as trustee for the Non-Guaranteed Loan Lenders, as third mortgagees), the Security Agent, the owners of the Hermes Vessels in
relation to the Hermes Vessel Owner Third Guarantees, the Third Mortgages and the Third Assignments such co-ordination deed to be in the form and on the terms and conditions agreed between the Lenders and the other parties to the co-ordination deed
on the date of the Third Supplemental Deed; 
 “Third Restatement Date” has the meaning set out in the Fifth
Supplemental Deed; 
 “Third Supplemental Deed” means the third supplemental deed dated 2 April 2009 to
this Agreement; 
 “Total Breakaway 4 Prepayment Amount” means the lower of [*] and the Total Delayed Principal
Amount that has not been cancelled and/or prepaid and/or repaid on the relevant Total Exceptional Prepayment Amount Payment Date; 
 “Total Capitalisation” means, at any date of determination, Total Net Funded Debt plus the consolidated stockholders’ equity of the NCLC Group at such date determined in accordance
with US GAAP and derived from the then latest 

  
 25 

 
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 PROVIDED THAT for any such accounts delivered after the Second Restatement Date, the effect of any impairment of intangible assets shall be added back to stockholders’ equity;

 “Total Cash Sweep Amount” means Liquidity of the NCLC Group in excess of [*] on a Cash Sweep Determination
Date; 
 “Total Delayed Principal Amount” means, as at the date of the Fourth Supplemental Deed, [*], being the
aggregate of the Maximum Amount of the Delayed Principal Amount (as defined in the facility agreement for each Cash Sweep Credit Facility) for each Cash Sweep Credit Facility (or, if applicable, tranche thereof); 

“Total Exceptional Prepayment Amount” means any of: 

 

	 	(i)	the Total Sky Vessel and Breakaway 3 Prepayment Amount; 

  

	 	(ii)	the Total Breakaway 4 Prepayment Amount; and 

  

	 	(iii)	the Total IPO Prepayment Amount; 

“Total Exceptional Prepayment Amount Payment Date” means: 

 

	 	(i)	on or before the Third Restatement Date in the case of the Total Sky Vessel and Breakaway 3 Prepayment Amount; 

 

	 	(ii)	on or before the date of the exercise of the Breakaway 4 Option in the case of the Total Breakaway 4 Prepayment Amount; and 

 

	 	(iii)	the date falling not later than fourteen (14) Business Days after the listing of the ordinary capital stock of the Borrower or parent company of the Borrower on an
Approved Stock Exchange in the case of the Total IPO Prepayment Amount; 

 “Total Funded Debt”
means, as at any relevant date, Total Net Funded Debt excluding Indebtedness for Borrowed Money related to vessels under construction for a member of the NCLC Group; 
 “Total IPO Prepayment Amount” means the lower of [*] and the Total Delayed Principal Amount that has not been cancelled and/or prepaid and/or repaid on the relevant Total Exceptional
Prepayment Amount Payment Date; 
 “Total Loss” means any actual or constructive or arranged or agreed or
compromised total loss or Compulsory Acquisition of a Vessel; 
 “Total Net Funded Debt” means, as at any
relevant date: 
  

	 	(i)	Indebtedness for Borrowed Money of the NCLC Group; and 

  

	 	(ii)	the amount of any Indebtedness for Borrowed Money of any person which is not a member of the NCLC Group but which is guaranteed by a member of the NCLC Group as at such
date; 

  
 26 

 less an amount equal to any Cash Balance and all amounts from time to time standing to the
credit of the Cash Sweep Bank Account as at such date; 
 “Total Sky Vessel and Breakaway 3 Prepayment Amount”
means [*]; 
 “Total Special Liquidity Sources Amount” means Special Liquidity Sources of the NCLC Group on a
Special Liquidity Sources Determination Date; 
 “Tranche A” means, of the Facility, the revolving credit
facility granted hereunder in the relevant Maximum Tranche Amount or (as the context may require) the principal amount thereof for the time being advanced and outstanding under this Agreement; 

“Tranche A Availability Period” means the period beginning on the Delivery Date in respect of Hull No S.669 and ending
one (1) month before the relevant Final Maturity Date; 
 “Tranche B” means, of the Facility, the
revolving credit facility granted hereunder in the relevant Maximum Tranche Amount or (as the context may require) the principal amount thereof for the time being advanced and outstanding under this Agreement; 

“Tranche B Availability Period” means the period beginning on the Delivery Date in respect of Hull No S.670 and ending
one (1) month before the relevant Final Maturity Date; 
 “Tranches” means Tranche A and Tranche B;

 “Transaction” means a transaction entered into between a Lender or its Affiliate (as the case may be) and
the Borrower governed by the relevant Master Agreement; 
 “Transaction Documents” means the Security
Documents, the Building Contracts, the Drawdown Notices, the Renewal Notices, the Management Agreements and any other material document now or hereafter issued in connection with the documents or the transaction herein referred to but excluding the
Lower Saxony Guarantees; 
 “Transfer Certificate” means the certificate attached hereto as Schedule 5;

 “Transfer Date” means, in relation to any Transfer Certificate, the date specified in such Transfer
Certificate as the date for the making of the transfer or, where such transfer is specified as being subject to the fulfilment of certain conditions, the date on which the Agent receives a certificate from the Lender making the transfer confirming
that all such conditions have been fulfilled; 
 “Transferee” means any reputable bank acceptable to the Agent
which becomes a party to this Agreement as a Lender pursuant to Clause 18; 

  
 27 

 “Trust Property” means: 

 

	 	(i)	all benefits derived by the Security Agent from the Security Documents; and 

 

	 	(ii)	all benefits arising under (including, without limitation, all proceeds of the enforcement of) each of the Security Documents, 

with the exception of any benefits arising solely for the benefit of the Security Agent; 

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

  

	 	(i)	Hull No S.669; and 

  

	 	(ii)	Hull No S.670. 

  

	 	1.2	Construction 

 In this
Agreement unless the context otherwise requires: 
  

	 	1.2.1	clause headings are inserted for convenience of reference only and shall be ignored in the construction of this Agreement; 

 

	 	1.2.2	references to Clauses and to Schedules are to be construed as references to clauses of and schedules to this Agreement unless otherwise stated and references to this
Agreement are to be construed as references to this Agreement including its Schedules; 

  

	 	1.2.3	subject to Clause 9.2.21 and Clause 9.1, references to (or to any specified provision of) this Agreement or any other document shall be construed as references to this
Agreement, that provision or that document as from time to time amended, supplemented and/or novated; 

  

	 	1.2.4	references to any Act or any statutory instrument shall be construed as references to that Act or that statutory instrument as from time to time re-enacted, amended or
supplemented; 

  

	 	1.2.5	references to any party to this Agreement or any other document shall include reference to such party’s successors and permitted assigns; 

 

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

  

	 	1.2.7	references to a person shall be construed as references to an individual, firm, company, corporation, unincorporated body of persons or any state or any agency thereof;

  
 28 

	 	1.2.8	where any matter requires the approval or consent of the Agent such approval or consent shall not be deemed to have been given unless given in writing; where any matter
is required to be acceptable to the Agent shall not be deemed to have accepted such matter unless its acceptance is communicated in writing; the Agent may give or withhold its consent, approval or acceptance at its unfettered discretion; and

  

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

 

	 	1.3	Agent 

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

 

	 	1.4	Lower Saxony Guarantee Agent 

 The Lower Saxony Guarantee Agent has been appointed by the Lenders and the Agent as agent under Clause 20.3 and (unless the context otherwise requires) references herein to the Lower Saxony Guarantee
Agent shall be construed as references to itself, the Lenders and the Agent. 
  

	 	1.5	Third party rights 

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

 

	2	The Facility 

  

	 	2.1	Availability 

  

	 	2.1.1	The Lenders grant to the Borrower the Facility which is of a revolving nature. Each Tranche shall be available to the Borrower during the relevant Availability Period
subject to the provisions of Clause 2.2, Clause 2.3 and Clause 3. Each Drawing shall be repaid on its Maturity Date. However, a Term may be extended to the end of the succeeding Interest Period in respect of that Drawing by the giving of a Renewal
Notice by the Borrower to the Agent not later than 9.00 a.m. London time five (5) Business Days prior to the commencement of the relevant Interest Period. 

 

	 	2.1.2	Each Lender shall advance its Contribution to a Drawing in the proportion which its Commitment for the time being bears to the other Commitments of the Lenders to the
relevant Tranche. 

  

	 	2.1.3	 None of the Agent or any other Lender shall be liable for any failure or delay on the part of any Lender in making any advance hereunder nor shall the
Agent have any obligation to seek to procure additional Lenders 

  
 29 

	 	
in the event of such a failure PROVIDED THAT if any Lender should fail to advance its Contribution to an advance hereunder, that Lender and the Agent will take all reasonable steps to
mitigate the effect of that failure. Notwithstanding the aforesaid proviso, no Lender shall be obliged to increase its Contribution hereunder in respect of the failure by any other Lender to fund any Contribution. 

 

	 	2.2	Purpose and Application 

The Borrower shall apply or procure the application by the Owners of the Facility as follows: 

 

	 	2.2.1	An amount of Tranche A equal to the amount due to the Builder under the relevant Building Contract on the relevant Delivery Date shall be applied in part payment of the
relevant Contract Price. If the whole or any part of Tranche A is prepaid in accordance with Clause 4 such whole or part may be applied for general corporate and working capital purposes for the Borrower and its Subsidiaries; and

  

	 	2.2.2	An amount of Tranche B equal to the amount due to the Builder under the relevant Building Contract on the relevant Delivery Date shall be applied in part payment of the
relevant Contract Price. If the whole or any part of Tranche B is prepaid in accordance with Clause 4 such whole or part may be applied for general corporate and working capital purposes for the Borrower and its Subsidiaries.

 None of the Lenders or the Agent shall be bound to monitor or verify the application of any amount borrowed
under this Agreement. 
  

	 	2.3	Drawdown 

 The Borrower
shall only draw down a Drawing if: 
  

	 	2.3.1	the Agent receives at least five (5) Business Days’ notice of the Borrower’s request for the Drawing in the form of Schedule 2; 

 

	 	2.3.2	the Advance Date proposed is a Business Day within the relevant Availability Period; 

 

	 	2.3.3	the first Drawing in respect of a Tranche is to be applied in part payment of the relevant Contract Price due to the Builder under the relevant Building Contract on the
relevant Delivery Date; 

  

	 	2.3.4	the Drawing is in a minimum amount of one million euro (EUR1,000,000) in the case of a euro Drawing or one million Dollars (USD1,000,000) in the case of a Dollar
Drawing or a whole multiple thereof; 

  

	 	2.3.5	on any Advance Date not more than five (5) Drawings will be outstanding in respect of the relevant Tranche; 

  
 30 

	 	2.3.6	the drawdown of the Drawing would not result in the amount of the relevant Tranche exceeding the relevant Maximum Tranche Amount on the Advance Date;

  

	 	2.3.7	no Event of Default has occurred before the relevant Advance Date and such drawing would not constitute an Event of Default; 

 

	 	2.3.8	the representations and warranties set out in Clause 9 and each of the other Security Documents are correct on the relevant Advance Date; 

 

	 	2.3.9	no written notice has been received indicating that the Lower Saxony Guarantees do not, or the relevant Lower Guarantee does not (as the case may be), validly exist
without restriction; and 

  

	 	2.3.10	it is then lawful for each of the Lenders to make available its relevant Contribution to the Drawing; 

PROVIDED THAT the Lenders will only be obliged to comply with Clause 3.1 if, on the relevant Advance Date or on the commencement
of the relevant Interest Period, no Event of Default is continuing or would result from the conversion and the representations made by the Borrower under Clause 9 are true in all material respects. 

Each Drawing advanced under this Clause 2.3 shall be deemed to have been advanced pro rata from Portion A and Portion B of the relevant
Tranche. 
  

	 	2.4	Break costs 

 If for any
reason a Drawing is not drawn down by the Borrower hereunder after the relevant Drawdown Notice has been given to the Agent pursuant to Clause 2.3, 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 Drawing not to be drawn down) for any loss (including any losses under any Master Agreements) or expense on account of funds borrowed, contracted for
or utilised in order to fund its Contribution to the Drawing. Each Lender shall supply to the Agent a certificate of break costs which in the absence of manifest error shall be conclusive as to the amounts due. 

 

	 	2.5	Conditions of drawdown 

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

	 	2.6	Several obligations of the Lenders 

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

  
 31 

	 	2.7	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. 
  

	 	2.8	Fulfilment of conditions after drawdown 

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

	 	2.9	Conditions subsequent 

The Borrower undertakes to deliver or to cause to be delivered to the Agent the additional documents and other evidence listed in Part II
of Schedule 3. 
  

	3	Currency Option 

  

	 	3.1	Selection of Dollars 

The selection of Dollars as the currency in which a Drawing is denominated is subject to the conditions of, and the observance of the
restrictions to, conversion set out in Clause 3.3. The Borrower may in accordance with this Clause 3.1 select Dollars as the currency in which it wishes a Drawing to be denominated. A selection shall be made either by the Borrower: 

 

	 	3.1.1	specifying the Dollar amount to be advanced in the Drawdown Notice relating to the relevant Drawing; or 

 

	 	3.1.2	giving 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 the next
Interest Period relating to the Drawing pursuant to Clause 5.2. 

  

	 	3.2	Conversion 

 If the
Borrower selects Dollars as the currency in which a Drawing is to be made in accordance with Clause 3.1, the Drawing shall be converted from euro into Dollars on, and with effect from, the beginning of the relevant Interest Period. The Drawing shall
remain denominated in Dollars until its Maturity Date and no further Drawings of the relevant Tranche may be made in euro. Further, the Maturity Date of any euro Drawing of the relevant Tranche shall be the next

  
 32 

 
Interest Payment Date in respect of that Drawing (notwithstanding the Maturity Date previously selected for the Drawing), on which date the Drawing shall be repaid in accordance with Clause 4.1.

  

	 	3.3	Conditions and restrictions to conversion 

 The conversion into and denomination of any Drawing in Dollars shall be subject to Clause 2.3 and the following: 
  

	 	3.3.1	any Drawing up to the relevant Maximum Tranche Amount is available for conversion; 

 

	 	3.3.2	no Drawing may at any time be converted into and/or denominated in more than one (1) currency and any Drawdown Notice or other written instruction from the
Borrower requesting otherwise shall be of no effect; 

  

	 	3.3.3	a Drawing may only be converted into and denominated in Dollars if deposits in Dollars for the amount of the Drawing and for the Interest Period selected are available
to the Lenders in the London Interbank Market in the ordinary course of business on the relevant date. If such deposits are not so available to the Lenders, the Drawing in question shall be advanced and denominated or remain denominated (as the case
may be) in euro; 

  

	 	3.3.4	the Agent being in possession of evidence in form and substance satisfactory to it that from the relevant first Currency Conversion Date the sums insured under the
Insurances of the relevant Vessel will be denominated in Dollars in accordance with the provisions of the relevant Mortgage; and 

  

	 	3.3.5	the Agent having been able to arrange for the sums insured under the mortgagee interest insurance and the mortgagee interest insurance for pollution risks (each as more
particularly described in the relevant Mortgage) to be in Dollars from the relevant first Currency Conversion Date. 

  

	 	3.4	Repayment in same currency 

 During each Interest Period in respect of a Dollar Drawing, the obligation of the Borrower to repay that Drawing in accordance with Clause 4.1 or Clause 4.5 and to pay interest in respect of that Drawing
shall be an obligation to repay the Drawing and to pay interest (and any default interest pursuant to Clause 5.7) in respect of the Drawing in Dollars. 
  

	 	3.5	Exercise of currency option 

 All losses, damages, expenses, profits or currency risks arising from the exercise of the currency option contained in this Clause 3 shall be for the account of the Borrower. 

  
 33 

	 	3.6	No prepayment 

 The
conversion of a euro Drawing into Dollars or the operation of this Clause 3 shall not constitute or be construed as a prepayment pursuant to the provisions of Clause 4. 
  

	 	3.7	No discharge 

Notwithstanding the drawdown of a euro Drawing or the subsequent conversion of the relevant euro Drawing 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 Facility in whatever currency or currencies it is for the time being denominated.

  

	4	Repayment, Reduction, Cancellation and Prepayment of the Facility 

  

	 	4.1	Repayment 

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

	 	4.1.1	the maturing Drawing shall be deemed to have been repaid on its Maturity Date either in whole (if the new Drawing is equal to or greater than the maturing Drawing) or
in part (if the new Drawing is less than the maturing Drawing); and 

  

	 	4.1.2	to the extent that the maturing Drawing is so deemed to have been repaid, the principal amount of the new Drawing to be made on such date shall be deemed to have been
credited to the account of the Borrower by the Agent on behalf of the Lenders in accordance with the terms of this Agreement and the Lenders shall only be obliged to make available to the Borrower pursuant to Clause 2.3 a principal amount equal to
the amount by which the new Drawing exceeds the maturing Drawing. 

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

	 	4.2	Scheduled reductions of Commitments to a Tranche 

  

	 	4.2.1	Subject to the second paragraph of this Clause 4.2.1, on each of the Reduction Dates the relevant Maximum Tranche Amount as at the date of the Third Supplemental Deed
shall be reduced by the relevant amount set out in the fifth column (Revised Reductions) of the relevant table in Schedule 8, as such Revised Reductions are reduced to reflect any relevant prepayments. 

If the Borrower exercises the currency option contained in Clause 3 after the first Reduction Date in respect of a Tranche the amounts of
the reductions to be made in Dollars on the Reduction Dates in respect of that Tranche falling after the first Currency Conversion Date in respect of that Tranche shall be calculated on the first of such Reduction Dates by

  
 34 

 
dividing the relevant Maximum Tranche Amount as at the relevant Reduction Date by the number of one thirtieths (1/30ths) of the Tranche which have not been reduced prior to that Reduction
Date. A reduction schedule setting out the amounts of the reductions to be made in Dollars on the Reduction Dates remaining after the first Currency Conversion Date in respect of that Tranche shall be agreed between the Agent and the Borrower on the
first Currency Conversion Date in respect of that Tranche and shall from such date be deemed to be a part of this Agreement. Any reduction to be made on a Reduction Date in respect of a Tranche falling on or prior to the first Currency Conversion
Date in respect of that Tranche shall be made in euro. 
 The Borrower shall pay to the Agent in euro or in Dollars (as the case
may be) all accrued interest on the reduction amount to that Reduction Date. 
 Amounts repaid by the Borrower pursuant to this
Clause 4.2.1 shall not be available for reborrowing. 
  

	 	4.2.2	Without prejudice to any other provision of this Agreement, the Commitments to a Tranche shall be reduced to zero on the relevant Final Maturity Date.

  

	 	4.3	Sale or Total Loss of a Vessel: mandatory cancellation 

 If at any time during the Security Period a Vessel is sold or is or becomes a Total Loss, the Commitments to the relevant Tranche shall be reduced to zero on the date on which the proceeds of such sale or
Total Loss are made available. 
  

	 	4.4	Amounts payable on prepayment 

 Any prepayment of a Drawing or a Tranche under this Clause 4 shall be made together with: 
  

	 	4.4.1	accrued interest on the amount to be prepaid to the date of such prepayment (calculated in respect of any period during which a Substitute Basis has applied by virtue
of Clause 6.3, at the rate per annum more particularly described in Clause 6.2); 

  

	 	4.4.2	any additional amounts payable under Clause 7.2 and Clause 8.1; 

  

	 	4.4.3	costs certified by the Agent as necessary to compensate the Lenders for the cost of repaying fixed deposits borrowed to fund any part of any Drawing or the Tranche
which is prepaid before the relevant Maturity Date or the fixed term by reference to which the relevant Interest Rate has been ascertained; and 

  

	 	4.4.4	all other sums payable by the Borrower to the relevant Lender or the German State of Lower Saxony under this Agreement including, without limitation, any accrued
commitment fee payable under Clause 14.1 and any accrued Lower Saxony Guarantee fee payable under Clause 14.3. 

  
 35 

	 	4.5	Notice of prepayment 

 No
voluntary prepayment of a Drawing may be effected under this Clause 4 unless the Borrower shall have given the Agent at least five (5) Business Days’ notice of its intention to make such prepayment. Every notice of prepayment shall be
effective only on actual receipt by the Agent, shall be irrevocable, shall specify the amount to be prepaid and shall oblige the Borrower to make such prepayment on the date specified. Unless and to the extent that the Commitments to a Tranche are
cancelled or reduced on or with effect from the date of any such prepayment, amounts prepaid may be re-drawn under this Agreement. The Borrower may not prepay any Drawing or any part thereof save as expressly provided in this Agreement. 

The Drawing(s) to be wholly or partially prepaid pursuant to Clause 4.2.1 and Clause 4.8 shall be selected by the Borrower by not fewer
than five (5) Business Days’ notice to the Agent, which shall be irrevocable. The Borrower shall not be permitted to make any selection pursuant to this Clause which would result in partial prepayment of more than one (1) Drawing. If
the Borrower fails to give notice to the Agent selecting the Drawing(s) to be prepaid, the Borrower shall be deemed to have selected to prepay first any Drawings having an Interest Period ending on the Reduction Date in question. If there are no
such Drawings or the aggregate amount of the Drawing(s) having an Interest Period ending on the Reduction Date in question either exceeds or falls short of the amount required to be prepaid, the Borrower shall prepay, in full or in part, the
Drawing(s) selected by the Agent. 
  

	 	4.6	Voluntary cancellation of Commitments to a Tranche 

 The Borrower may at any time during an Availability Period by notice to the Agent (effective only on actual receipt) cancel with effect from a date not less than five (5) Business Days after the
receipt by the Agent of such notice the whole or any part (being a minimum amount of ten million euro (EUR10,000,000) or ten million Dollars (USD10,000,000) (as the case may be) or a whole multiple thereof but not more than the Available Commitments
of all of the Lenders to the relevant Tranche as at such date) of the total of the Available Commitments to the relevant Tranche as at such date of all the Lenders. Any such notice of cancellation, once given, shall be irrevocable and upon such
cancellation taking effect the Commitment of each of the Lenders to the relevant Tranche shall be permanently reduced proportionately and the Borrower shall on the date designated in its notice prepay such amount of the outstanding Drawings as will
ensure that immediately thereafter the aggregate amount of the Drawings will not exceed the Commitments to the relevant Tranche as so reduced by virtue of the Borrower’s cancellation. Any voluntary cancellation and/or prepayment of a Tranche
made pursuant to this Clause 4.6 shall be applied in satisfaction of the Originally Scheduled Reductions in inverse order of maturity and Schedule 8 and Schedule 9 shall be recalculated and agreed in accordance with Clause 4.16. Notwithstanding
anything to the contrary in this Clause 4.6, any prepayment made before an amount equal to the relevant Maximum Amount of the Delayed Principal Amount has been cancelled and/or prepaid and/or repaid shall be governed by Clause 4.16. 

  
 36 

	 	4.7	Additional partial cancellation 

 The Borrower may also at any time during an Availability Period by notice to the Agent (effective only on actual receipt) cancel with effect from a date not less than five (5) Business Days after
receipt by the Agent of such notice the whole but not part only, but without prejudice to its obligations under Clause 7.2 and Clause 8.1, of the Commitment to the relevant Tranche of any Lender to which the Borrower shall have become obliged to pay
additional amounts under Clause 7.2 or Clause 8.1. Upon any notice of such prepayment being given, the Commitment of the relevant Lender to the relevant Tranche shall be reduced to zero and the Borrower shall be obliged to prepay the
Contribution of such Lender to the relevant Tranche on such date. 
  

	 	4.8	Prepayment during Term 

The Borrower may at any time by notice to the Agent (effective only on actual receipt) prepay the whole or any part (being a minimum
amount of ten million euro (EUR10,000,000) or ten million Dollars (USD10,000,000) (as the case may be) or such lesser amount as is acceptable to the Agent) of any Drawing prior to its Maturity Date on not less than five (5) Business Days’
notice (whether or not any part of the Commitment to the relevant Tranche is also being cancelled on such date pursuant to any provision of this Agreement) and the Borrower shall when making such prepayment, make such prepayment together with any
amounts as referred to in Clause 4.4. 
  

	 	4.9	Mandatory cancellation in case of illegality 

 If any change in, or in the interpretation or application of, any law, regulation or treaty shall make it unlawful in any jurisdiction applicable to any of the Lenders for that Lender to make available or
maintain its Contribution to a Tranche 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 relevant Tranche has then been advanced) the Borrower shall prepay forthwith to the relevant Lender its Contribution to the Tranche together with interest thereon to the date of such prepayment and all other amounts due to such Lender under
Clause 4.4 and under the Security Documents (or, if permitted by the relevant law, regulation or treaty, at the end of the then current Interest Period). 
 A Lender affected by any provision of this Clause 4.9 shall promptly inform the Agent after becoming aware of the relevant change and the Agent shall, as soon as reasonably practicable thereafter, notify
the Borrower of the change and its possible results. Without affecting the Borrower’s obligations under this Clause 4.9 and in consultation with the Agent, the affected Lender will then take all such reasonable steps as may be open to it
to mitigate the effect of the change (for example (and if then possible and subject to the prior consent of the German State of Lower Saxony) by changing its Lending Branch or transferring some or all of its rights and obligations under this
Agreement to another financial institution reasonably acceptable to the Borrower and the Agent). The reasonable 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. 

  
 37 

	 	4.10	Voluntary cancellation following imposition of Substitute Basis 

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

	 	4.11	Cancellation in case of Total Loss of a Vessel 

 If a Vessel is or becomes a Total Loss, then the Borrower will, within thirty (30) days thereof or, if the Agent is satisfied in its sole discretion that the Total Loss is adequately covered by the
Insurances and that the relevant insurance proceeds will be payable to the Agent on behalf of the Lenders within one hundred and fifty (150) days thereof, by no later than the date which is one hundred and fifty (150) days after the date
of the event giving rise to such Total Loss cancel and prepay the relevant Tranche in accordance with Clause 4.3 and Clause 13.1. 
 For the purposes of this Clause 4.11, a Total Loss shall be deemed to have occurred: 
  

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

  

	 	4.11.2	if it consists of a Compulsory Acquisition, at noon Greenwich Mean Time on the date on which the requisition is expressed to take effect by the person requisitioning
the Vessel; or 

  

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

  

	 	4.12	Cancellation in case of sale of a Vessel 

 If a Vessel is sold by the relevant Owner with the prior consent of the Majority Lenders (which consent is not to be unreasonably withheld or delayed), then the Borrower will concurrent with completion of
the sale cancel and prepay the relevant Tranche in accordance with Clause 4.3 and Clause 13.1. Subject to Clause 4.4, prepayment of a Tranche consequent upon the permitted sale of the relevant Vessel shall absolve the Borrower from any liability to
pay prepayment fees or costs other than legal, registration or other costs incurred in relation to the release and discharge of the Security Documents and the release of the relevant Lower Saxony Guarantee. 

  
 38 

	 	4.13	Cancellation in case of non-delivery of a Vessel 

 If Hull No S.669 has not been delivered to Norwegian Pearl within two hundred and forty (240) days after 8 February 2007 or Hull No S.670 has not been delivered to Norwegian Gem within two
hundred and forty (240) days after 1 October 2007 the relevant Tranche will be cancelled. 
  

	 	4.14	Cancellation in case of reduction in the Owners’ Supply Costs 

 If the amount of a Tranche advanced on the Delivery Date of the relevant Vessel exceeds the relevant Maximum Tranche Amount when the Owners’ Supply Costs in respect of the relevant Vessel, as
evidenced by the information to be provided pursuant to paragraph 1 of Part II of Schedule 3, are determined, the Borrower shall forthwith cancel the relevant Tranche and prepay the relevant outstanding Drawings in each case by such an amount that
the relevant Maximum Tranche Amount is no longer exceeded, in accordance with Clause 4.4 and Clause 13.2. 
  

	 	4.15	Mandatory cancellation in case of cash sweep or special liquidity 

 On a Cash Sweep Payment Date or a Special Liquidity Sources Payment Date the Commitments to a Tranche shall be reduced by an amount equal to the relevant percentage of (as the case may be) the Relevant
Cash Sweep Amount or the Relevant Special Liquidity Sources Amount. For the purposes of this Clause 4.15, the relevant percentage of the Relevant Cash Sweep Amount or the Relevant Special Liquidity Sources Amount is the percentage of that
Relevant Cash Sweep Amount or Relevant Special Liquidity Sources Amount (as the case may be) that a Tranche bears to the Facility. 
 If, upon reduction of the Commitments to a Tranche by such amount, the aggregate of the Drawings of that Tranche at such time exceeds the Commitments to the Tranche as thereby reduced, the Borrower shall
on such date prepay such amount of the outstanding Drawings of that Tranche as will ensure that immediately thereafter the aggregate amount of those Drawings will not exceed the Commitments to the relevant Tranche as so reduced. Accordingly, the
Revised Reductions of a Tranche to be made over the period of: 
  

	 	4.15.1	twenty four (24) months from the relevant Cash Sweep Payment Date (excluding the relevant Final Maturity Date Payment, except that if the amounts available to be
applied under this Clause exceed the amounts actually applied (by virtue of excluding the Final Maturity Date Payment), then such excess shall be applied to the relevant Final Maturity Date Payment) in the case of a Relevant Cash Sweep Amount; and

  

	 	4.15.2	twelve (12) months from the relevant Special Liquidity Sources Payment Date (excluding the relevant Final Maturity Date Payment, except that if the amounts
available to be applied under this Clause exceed the amounts actually applied (by virtue of excluding the Final Maturity Date Payment), then such excess shall be applied to the relevant Final Maturity Date Payment) in the case of a Relevant Special
Liquidity Sources Amount, 

 shall be reduced pro rata. 

  
 39 

 Commitments cancelled or reduced pursuant to this Clause 4.15 may not be re-drawn.

 Amounts applied to reduce Revised Reductions pursuant to Clause 4.15.1 and Clause 4.15.2 shall be
applied pro rata between the Delayed Principal Amount and the Ordinary Principal Amount comprising each such Revised Reduction. 

Notwithstanding anything to the contrary, if a Special Liquidity Sources Payment Date occurs before any Revised Reductions in respect of
the relevant Tranche have become due, the reduction shall be applied pro rata to the Revised Reductions of that Tranche payable by the Borrower over the period of twelve (12) months from the date the Revised Reductions in respect of that
Tranche commence. 
  

	 	4.16	No cancellation 

  

	 	4.16.1	Notwithstanding anything to the contrary in this Agreement, other than in respect of: 

 

	 	(a)	ordinary refinancings; and 

  

	 	(b)	any prepayment to be made by way of a Total Exceptional Prepayment Amount on a Total Exceptional Prepayment Amount Payment Date, 

no voluntary cancellation of Commitments to a Tranche or cancellation of Commitments to a Tranche by way of a Total Exceptional
Prepayment Amount may be made before an amount equal to the Total Delayed Principal Amount has been cancelled and/or prepaid and/or repaid unless pro rata prepayments, reductions and/or cancellations of the other Cash Sweep Credit Facilities are to
be made. The prepayment, reduction and/or cancellation to be made under each Cash Sweep Credit Facility shall be calculated based on each Cash Sweep Credit Facility’s remaining outstanding Delayed Principal Amount (as defined in this Agreement
in respect of the Facility and as defined in the relevant facility agreement in respect of each of the other Cash Sweep Credit Facilities) as of the date of the prepayment, reduction and/or cancellation. 

 

	 	4.16.2	Each remaining outstanding Delayed Principal Amount referred to in Clause 4.16.1 or Maximum Amount of the Delayed Principal Amount referred to in Clause 4.16.3, to the
extent it is not already denominated in Dollars, shall be converted into Dollars on the date falling ten (10) Business Days prior to the relevant prepayment, reduction and/or cancellation date at the rate which appears on the Reuters Page ECB37
at 1.30 p.m. London time on that date, for the purposes of such calculation. The allocation between the Tranches shall be based on the percentage that a Tranche bears to the Facility. 

 

	 	4.16.3	Notwithstanding anything to the contrary in this Agreement, any voluntary prepayment of each Tranche made before the Maximum Amount of the Delayed Principal Amount has
been prepaid and/or repaid shall be applied in accordance with the Application of Proceeds Formulation. 

  
 40 

	 	4.16.4	As at the Third Restatement Date, Schedule 8 contains reduction schedules calculated following the cancellation and/or prepayment of the Relevant Exceptional Prepayment
Amount in respect of the Total Sky Vessel and Breakaway 3 Prepayment Amount. Following any further voluntary cancellation and/or prepayment of the Facility under this Clause 4.16, Schedule 8 shall be recalculated using the Application of
Proceeds Formulation or in accordance with Clause 4.6 (as the case may be) and shall be agreed between the Agent and the Borrower as soon as possible after the cancellation and/or prepayment date and shall, from such cancellation and/or
prepayment date, be deemed to be a part of this Agreement. 

  

	 	4.16.5	As at the Third Restatement Date, Schedule 9, as referred to in paragraphs (ii), (iii) and (iv) of the definition of Applicable Margin, contains reduction
schedules calculated following the prepayment and/or cancellation of the Relevant Exceptional Prepayment Amount in respect of the Total Sky Vessel and Breakaway 3 Prepayment Amount. Following any further cancellation and/or prepayment of the
Facility under this Clause 4.16, Schedule 9 shall be recalculated by reference to the Schedule 9 existing prior to the application of that cancellation and/or prepayment and such cancellation and/or prepayment shall be applied:

  

	 	(a)	pro rata between the Delayed Principal Amount and the Ordinary Principal Amount comprising each relevant Revised Reduction, such ratio being calculated by dividing any
difference between the amount of the relevant Revised Reduction and the amount of the relevant Originally Scheduled Reduction by the amount of the relevant Revised Reduction; or 

 

	 	(b)	entirely to the Ordinary Principal Amount, if there is no difference between the amount of the relevant Revised Reduction and the amount of the relevant Originally
Scheduled Reduction; and 

  

	 	(c)	in forward order of maturity with respect to each Revised Reduction, to the extent that the amount of each such Revised Reduction exceeds the amount of the Originally
Scheduled Reduction, or in accordance with Clause 4.6 (as the case may be) 

 and shall be agreed between the
Agent and the Borrower as soon as possible after the cancellation and/or prepayment date and shall, from such cancellation and/or prepayment date, be deemed to be a part of this Agreement. 

 

	5	Interest 

  

	 	5.1	Payment of interest 

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

  
 41 

	 	5.2	Selection and duration of Interest Periods 

 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 Interest Period, specifying whether
that Interest Period is to be of one (1), three (3) or six (6) months’ duration or of such other period as the Borrower and all the Lenders may agree or end on the next Cash Sweep Payment Date or Maturity Date PROVIDED THAT no
more than three (3) Interest Periods of one (1) month’s duration may be requested in any one (1) calendar year in respect of a Tranche. Interest Periods shall commence, in the case of the first in respect of a Drawing, on the
relevant Advance Date and, in the case of Interest Periods other than the first, on the expiry of the preceding Interest Period. Each Interest Period shall, subject to the following provisions of this Clause 5, be of a duration selected by the
Borrower as above PROVIDED THAT the final Interest Period in respect of a Drawing shall end on the Maturity Date of that Drawing. 
  

	 	5.3	No notice and unavailability 

 If the Borrower fails to select an Interest Period in accordance with Clause 5.2 or the Agent certifies that deposits for the period selected by the Borrower are not available to each of the Lenders in
the ordinary course of business in the relevant interbank eurocurrency market to fund the Drawing, the Borrower shall be deemed to have selected an Interest Period of three (3) months (or such other period as the Agent may in its sole
discretion decide). 
  

	 	5.4	Extension and shortening of Interest Periods 

  

	 	5.4.1	If an Interest Period would otherwise end on a day which is not a Business Day, the Interest Period shall be extended until the next following Business Day unless the
next following Business Day falls in the next calendar month in which case the Interest Period will be shortened to expire on the preceding Business Day. 

  

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

  

	 	5.5	Interest Rate 

 Subject
to Clause 5.7 and Clause 6, the rate of interest applicable to a Drawing during an Interest Period shall be the rate per annum which is the sum of EURIBOR or LIBOR (as the case may be), the Applicable Margin and Mandatory Costs. 

 

	 	5.6	Bank basis 

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

  
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	 	5.7	Default interest 

 If the
Borrower fails to pay on the due date any sum due under this Agreement or any of the other Security Documents to which it may at any time be a party, the Borrower shall, without affecting any other remedy of the Agent or the Lenders, on demand pay
interest on such sum from the due date to the actual date of payment (as well after as before judgment). Such interest shall accrue on a daily basis at the higher of the Interest Rate fixed for the latest Interest Period and the rate computed by the
Agent and certified by the Agent to the Borrower as being the aggregate of (a) the Applicable Margin, Mandatory Costs and two per cent (2%) and (b) the greater of (i) 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 euro or Dollars (as the case
may be) in successive periods of one (1) month (or for such shorter period as the Agent may in its sole discretion select) in the relevant interbank eurocurrency market in an amount equivalent to or comparable with its relevant Contribution to
such sum, and, in the case of the Agent, the rate per annum at which it is able to acquire in accordance with its normal practice deposits in euro or Dollars (as the case may be) in successive periods of one (1) month (or for such shorter
period as the Agent may in its sole discretion select) in the relevant interbank eurocurrency market in an amount equivalent to such sum, as at approximately 11.00 a.m. Brussels time (in the case of euro) and as at approximately 11.00 a.m.
London time (in the case of Dollars) on any relevant day and (ii) 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 relevant Contribution to such sum, and, in the case of the Agent, the cost of funding such sum, such interest to be compounded at the end of the period selected by the Agent and to be payable on demand. In the event of EURIBOR
or LIBOR (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	Absence of quotations 

Subject to Clause 6.2, if LIBOR is to be determined by reference to the Reference Banks but a Reference Bank does not supply a quotation
by 11.00 a.m. London time, the applicable LIBOR shall be determined on the basis of the quotations of the remaining Reference Banks. 
  

	 	6.2	Market disruption 

 If a
Market Disruption Event occurs for any Interest Period, then the rate of interest on each Lender’s relevant Contribution to a Tranche for that Interest Period shall be the percentage rate per annum which is the sum of: 

 

	 	6.2.1	the Applicable Margin; 

  

	 	6.2.2	the rate notified to the Agent by that Lender as soon as practicable, and in any event before interest is due to be paid in respect of that Interest Period, to be that
which expresses as a percentage rate per annum the cost to that Lender of funding its relevant Contribution from whatever source it may reasonably select; and 

 

	 	6.2.3	the Mandatory Cost, if any, applicable to that Lender’s relevant Contribution. 

  
 43 

 In this Agreement “Market Disruption Event” means: 

 

	 	(a)	at or about noon on the Quotation Date for the relevant Interest Period Reuters BBA Page LIBOR 01 is not available and none or only one of the Reference Banks supplies
a rate to the Agent to determine LIBOR for the relevant Interest Period; or 

  

	 	(b)	before close of business in London on the Quotation Date for the relevant Interest Period, the Agent receives notifications from Lenders (in number exceeding thirty
four per cent (34%) of the Lenders and whose Contributions and Commitments are not less than thirty four per cent (34%) of the relevant Tranche) that the cost to them of obtaining matching deposits in the London Interbank Market would be
in excess of LIBOR. 

  

	 	6.3	Substitute basis of interest or funding 

  

	 	6.3.1	If a Market Disruption Event occurs and the Agent or the Borrower so requires, the Agent and the Borrower shall enter into negotiations (for a period of not more than
thirty (30) days) with a view to agreeing a substitute basis for determining the rate of interest. 

  

	 	6.3.2	Any alternative basis agreed pursuant to Clause 6.3.1 shall, with the prior consent of all the Lenders and the Borrower, be binding on all parties to 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 or Clause 6.2 still prevail with
a view to returning to the normal provisions of this Agreement. 
  

	7	Payments 

  

	 	7.1	Place for payment 

Subject to Clause 14.3, all payments by the Borrower under this Agreement or any of the other Security Documents to which it may at
any time be a party shall be made to the Agent in Same Day Funds and: 
  

	 	7.1.1	if in euro through the EBA clearing system to DNB Bank ASA, London (BIC:DNBAGB2L) in favour of DNB Bank ASA, New York (BIC: DNBANOKK) by 10.00 a.m. Brussels time;
and 

  

	 	7.1.2	if in Dollars to Bank of New York, New York, for the account of DNB Bank ASA, New York account no 8033261374 by 10.00 a.m. New York time, 

  
 44 

 or such other account or bank as the Agent may from time to time designate. 

 

	 	7.2	Deductions and grossing-up 

  

	 	7.2.1	Each payment to be made by the Borrower to the Agent, the Lenders or the Lower Saxony Guarantee Agent hereunder or under the commitment letter referred to in Clause
14.2 or any other fee letter shall be made free and clear of and without deduction for or on account of Taxes unless the Borrower is required by law to make such a payment subject to the deduction or withholding of Taxes, in which case the sum
payable by the Borrower in respect of which such deduction or withholding is required to be made shall be increased to the extent necessary to ensure that, after the making of such deduction or withholding, the Agent, the Lenders or the Lower Saxony
Guarantee Agent receives and retains (free from any liability in respect of any such deduction or withholding) a net sum equal to the sum which it would have received and so retained had no such deduction or withholding been made or required to be
made. 

  

	 	7.2.2	Without prejudice to the provisions of Clause 7.2.1, if any Lender or the Agent on its behalf, the Agent or the Lower Saxony Guarantee Agent is required to make any
payment on account of tax (not being a tax imposed on the net income of its Lending Branch by the jurisdiction in which it is incorporated or in which its Lending Branch is located or any other tax existing and applicable on the Signing Date under
the laws of any jurisdiction) or otherwise on or in relation to any sum received or receivable hereunder by such Lender or the Agent on its behalf, the Agent or the Lower Saxony Guarantee Agent (including, without limitation, any sum received or
receivable under this Clause 7) or any liability in respect of any such payment is asserted, imposed, levied or assessed against such Lender or the Agent on its behalf, the Agent or the Lower Saxony Guarantee Agent, the Borrower shall, upon demand
of the Agent, indemnify such Lender or the Agent on its behalf, the Agent or the Lower Saxony Guarantee Agent against such payment or liability, together with any interest, penalties and expenses payable or incurred in connection therewith other
than interest penalties and expenses that are otherwise imposed or asserted on account of the bad faith or wilful neglect of such Lender or the Agent on its behalf, the Agent or the Lower Saxony Guarantee Agent. If any Lender, the Agent or the Lower
Saxony Guarantee Agent proposes to make a claim under the provisions of this Clause 7.2.2 it shall certify to the Borrower in reasonable detail within thirty (30) days (or such longer period as any Lender, the Agent or the Lower Saxony
Guarantee Agent may reasonably require) after becoming aware of the event by reason of which it is entitled to make its claim or claims the basis of its claim or claims, such certificate to be conclusive, save for manifest error.

  

	 	7.3	Production of receipts for Taxes 

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

  
 45 

 
any original receipt issued by such authority evidencing the payment to such authority of all amounts so required to be deducted or withheld from such payment. 

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

	 	7.4	Currency of account 

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

 

	 	7.4.1	a repayment or payment of all or part of the Facility, a Tranche, a Drawing or any sum due and payable but unpaid by any Obligor under the Security Documents shall be
made in the currency in which the Facility, such Tranche, such Drawing or such unpaid sum is denominated on its due date; 

  

	 	7.4.2	each payment of interest shall be made in the currency in which the sum in respect of which the interest is payable was denominated when that interest accrued; and

  

	 	7.4.3	each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are incurred 

 

	 	7.5	Money of account 

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

 

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

  

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

  

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

  
 46 

 the Borrower shall indemnify and hold harmless the Agent, the Lower Saxony Guarantee 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, the Agent or the Lower Saxony Guarantee Agent may in the ordinary course of business purchase the first currency with the second currency upon receipt of a sum paid to it in satisfaction, in whole or in
part, of any such order, judgment, claim or proof. The above indemnity shall constitute an obligation of the Borrower separate and independent from its other obligations and shall apply irrespective of any indulgence granted by the Agent, the Lower
Saxony Guarantee Agent or any of the Lenders. 
  

	 	7.6	Accounts 

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

	 	7.7	Earnings 

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

	 	7.8	Continuing security 

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

  

	 	7.9	Mitigation 

 Without
affecting the Borrower’s obligations under Clause 7.2 the affected Lender, the Agent or the Lower Saxony Guarantee Agent shall take such 

  
 47 

 
reasonable steps as may be open to it to mitigate the effect of any tax withholding requirement, subject to the prior consent of the German State of Lower Saxony. The reasonable costs of
mitigating the effect shall be borne by the Borrower. 
  

	8	Yield Protection and Force Majeure 

  

	 	8.1	Increased costs 

  

	 	8.1.1	If by reason of: 

  

	 	(a)	any change in law or in its interpretation or administration; and/or 

  

	 	(b)	compliance with any request from or requirement of any central bank or other fiscal, monetary or other authority including but without limitation the Basle Committee on
Banking Supervision whether or not having the force of law: 

  

	 	(i)	any of the Lenders or an Associated Company incurs a cost as a result of the relevant Lender performing its obligations under this Agreement and/or its advancing its
Contribution hereunder; or 

  

	 	(ii)	there is any increase in the cost to any of the Lenders or an Associated Company of the relevant Lender funding or maintaining all or any of the advances comprised in a
class of advances formed by or including its Contribution advanced or to be advanced by it hereunder; or 

  

	 	(iii)	any of the Lenders or an Associated Company incurs a cost as a result of the relevant Lender having entered into and/or its assuming or maintaining its commitment under
this Agreement; or 

  

	 	(iv)	any of the Lenders or an Associated Company becomes liable to make any payment on account of Tax or otherwise (other than Tax on its overall net income) on or
calculated by reference to the amount of the relevant Lender’s Contribution advanced or to be advanced hereunder and/or any sum received or receivable by it hereunder; or 

 

	 	(v)	any of the Lenders or an Associated Company suffers any decrease in its rate of return as a result of any changes in the requirements relating to capital ratios,
monetary control ratios, reserve assets, the payment of special deposits, liquidity costs or other similar requirements affecting that Lender or Associated Company, 

except to the extent included in the Mandatory Cost then the Borrower shall from time to time on demand pay to the Agent for the account
of the relevant Lender, Lenders, Associated Company or Associated Companies amounts sufficient to indemnify the relevant Lender, Lenders, Associated Company or Associated Companies against, as the case may be, such cost,

  
 48 

 
such increased cost (or such proportion of such increased cost as is in the reasonable opinion of the relevant Lender, Lenders, Associated Company or Associated Companies attributable to the
funding or maintaining of the relevant Lender or Lenders’ Contribution(s) hereunder) or such liability. 
  

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

  

	 	8.2	Force majeure 

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

	 	8.2.1	the suspension of performance is of no greater scope and of no longer duration than is required by the Force Majeure; 

 

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

 

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

 

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

  

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

 

	 	(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. 

  
 49 

	9	Representations and Warranties 

  

	 	9.1	Duration 

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

	 	9.2	Representations and warranties 

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

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

 

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

 

	 	9.2.3	Legal validity This Agreement constitutes legal, valid and binding obligations of the Borrower enforceable in accordance with its terms and in entering into this
Agreement and borrowing the Facility, the Borrower is acting on its own account. Each other Transaction Document and each Apollo Transaction Document constitutes (or will constitute when executed) legal, valid and binding obligations of each Obligor
expressed to be a party thereto enforceable in accordance with their respective terms. 

  

	 	9.2.4	Non-conflict with laws The entry into and performance of this Agreement, the other Transaction Documents, the Apollo Transaction Documents and the transactions
contemplated hereby and thereby do not and will not conflict with: 

  

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

  

	 	(b)	the constitutional documents of any Obligor; or 

  

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

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

  
 50 

	 	9.2.5	No default Save as disclosed in writing to the Agent prior to the Signing Date, no event has occurred which constitutes a default under or in respect of any
Transaction Document to which any Obligor is a party or by which any Obligor may be bound (including (inter alia) this Agreement) and no event has occurred which 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. 

 

	 	9.2.6	Consents Except for the prior consent of the Bermuda Monetary Authority for the granting of the security interest over the shares comprised in the Charged
Property (as defined in the Charges) and the transfer and registration of the shares comprised in the said Charged Property to or in the name of the Agent or its nominee under clause 9.2.4 of the Charges, for the filing of those Security Documents
which require registration in the Companies Registries in England and Wales, the United States of America and/or Bermuda, which filing 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 for the registration of the Mortgages through the Bahamas Maritime Authority, all authorisations, approvals, consents, licences, exemptions, filings, registrations, notarisations and other matters, official or
otherwise, required in connection with the entry into, performance, validity and enforceability of this Agreement and each of the other Transaction Documents and the transactions contemplated thereby have been obtained or effected and are in full
force and effect. 

  

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

  

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

  

	 	9.2.9	No Encumbrances None of the assets or rights of any Obligor is subject to any Encumbrance except Permitted Liens or Encumbrances created in respect of Permitted
Indebtedness. 

  

	 	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. 

 

	 	9.2.11	Solvency The Obligors are and shall remain, after the advance to them of the Facility or any of it, solvent in accordance with the laws of Bermuda and the United
Kingdom and in particular with the provisions of the United Kingdom’s Insolvency Act 1986 (as from time to time amended) and the requirements thereof. 

  
 51 

	 	9.2.12	Winding-up, etc. Subject to Clause 10.11, neither the Borrower nor any other Obligor has taken any corporate action nor have any other steps been taken or legal
proceedings been started or (to the best of its knowledge and belief) threatened against any of them for the winding-up, dissolution or for the appointment of a liquidator, administrator, receiver, administrative receiver, trustee or similar officer
of any of them or any or all of their assets or revenues nor have either sought any other relief under any applicable insolvency or bankruptcy law. 

  

	 	9.2.13	Accounts The consolidated audited accounts of the NCLC Group for the period ending on 31 December of each financial year during the period of this Agreement
(which accounts will be prepared in accordance with US GAAP) will fairly represent the financial condition of the NCLC Group as shown in such audited accounts. 

 

	 	9.2.14	Litigation Save as disclosed in the Disclosure Letter, 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. For the avoidance of doubt, the disclosure of any such litigation, arbitration or administrative proceedings after the Signing Date shall not be deemed to be a fact
and circumstance subsisting at any time that this representation is deemed to be repeated pursuant to Clause 9.1. 

  

	 	9.2.15	Tax liabilities 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 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 NCLC Group has good and marketable title to all its assets which is reflected in the audited accounts referred to in
Clause 9.2.13. 

  

	 	9.2.17	No immunity None of the Obligors nor any of their respective assets enjoys any right of immunity (sovereign or otherwise) from set-off, suit or execution in
respect of their obligations under this Agreement or any of the other Transaction Documents or by any relevant or applicable law. 

  

	 	9.2.18	Taxes on payments As at the Signing Date all amounts payable by the Borrower hereunder may be made free and clear of and without deduction for or on account of
any Taxation. 

  

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

  

	 	9.2.20	 Ownership of shares All the authorised and issued shares in each of the Owners and the Manager are legally and beneficially owned by the

  
 52 

	 	
Shareholder, all the authorised and issued shares in the Shareholder are legally and beneficially owned by Arrasas and all the authorised and issued shares in Arrasas are legally and beneficially
owned by the Borrower and such structure shall remain so throughout the Security Period. Further, no Event of Default has occurred under Clause 12.1.16 in respect of the ownership and/or control of the shares in the Borrower.

  

	 	9.2.21	Completeness of documents The copies of the Building Contracts, the Management Agreements, the Apollo Transaction Documents and any other relevant third party
agreements delivered to the Agent are true and complete copies of each such document constituting valid and binding obligations of the parties thereto enforceable in accordance with their respective terms and no amendments thereto or variations
thereof have been agreed other than (if applicable), in the case of the Management Agreements, in accordance with clause 6.1.17 of the two (2) deeds of covenants collateral to the two (2) first priority statutory Bahamian ship mortgages to
be granted by each of the Owners over its Vessel nor has any action been taken by the parties thereto which would in any way render such document inoperative or unenforceable. The copy of the Sky Vessel MOA delivered to the Agent is a true and
complete copy of such document constituting valid and binding obligations of the parties thereto enforceable in accordance with its terms and no amendments thereto or variations thereof have been agreed other than (if applicable) amendments or
variations to the Sky Vessel MOA to: 

  

	 	(a)	correct errors in such document related to the Sky Vessel Indebtedness provided that such errors relate to administrative matters only; 

 

	 	(b)	allow for the date for payment of any amount of the Sky Vessel Purchase Price or interest thereon (or other fees, costs and expenses under the Sky Vessel Indebtedness)
to be varied by up to five (5) Business Days provided that the amendment or variation is only for reason of ease of administration of the parties to the Sky Vessel MOA; 

 

	 	(c)	amend or vary provisions of the Sky Vessel MOA not related to the Sky Vessel Indebtedness and not of a material nature; or 

 

	 	(d)	amend or vary provisions of the Sky Vessel MOA to the extent such amendments or variations are not, in the reasonable opinion of the Agent, adverse to the Borrower or
the Lenders 

 nor has any action been taken by the parties thereto which would in any way render such document
inoperative or unenforceable. 
  

	 	9.2.22	No undisclosed commissions There are and will be no commissions, rebates, premiums or other payments by or to or on account of any Obligor, their shareholders or
directors in connection with the transaction as a whole other than as disclosed to the Agent in writing. 

  
 53 

	 	9.2.23	Environment Each of the Obligors: 

  

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

  

	 	(i)	emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous materials, oil, hazard substances,
petroleum and petroleum products and by-products (“Materials of Environmental Concern”); or 

  

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

  

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

 

	 	(c)	has not received any notice, claim, action, cause of action, investigation or demand by any other person, alleging potential liability for, or a requirement to incur,
investigatory costs, clean-up costs, response and/or remedial costs (whether incurred by a governmental entity or otherwise), natural resources damages, property damages, personal injuries, attorney’s fees and expenses or fines or penalties, in
each case arising out of, based on or resulting from: 

  

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

  

	 	(ii)	circumstances forming the basis of any violation, or alleged violation, of any Environmental Law or Environmental Approval (“Environmental Claim”); 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. 

  
 54 

 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. 

 

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

  

	10	Undertakings 

  

	 	10.1	Duration 

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

 

	 	10.2	Information 

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

	 	10.2.1	as soon as practicable (and in any event within one hundred and twenty (120) days after the close of each of its financial years) a Certified Copy of its Accounts
(commencing with the audited accounts made up to 31 December 2005); 

  

	 	10.2.2	as soon as practicable (and in any event within sixty (60) days after the close of each quarter of each financial year) a Certified Copy of the unaudited
consolidated accounts of the NCLC Group for that quarter (commencing with the unaudited accounts made up to 30 June 2005); 

  

	 	10.2.3	as soon as practicable (and in any event within one hundred and twenty (120) days after the close of each financial year), beginning with the financial year ending
31 December 2005, annual cash flow projections on a consolidated basis of the NCLC Group showing on a monthly basis advance ticket sales (for at least twelve (12) months following the date of such statement) for the NCLC Group;

  

	 	10.2.4	as soon as practicable (and in any event not later than 31 January of each financial year): 

 

	 	(a)	a budget for the NCLC Group for such new financial year including a twelve (12) month liquidity budget for such new financial year; and 

 

	 	(b)	updated financial projections of the NCLC Group for at least the next five (5) years (including an income statement and quarterly break downs for the first of
those five (5) years), 

  
 55 

 and an outline of the assumptions supporting such budget and financial projections
including but without limitation any scheduled drydockings; 
  

	 	10.2.5	within fifteen (15) days of a request from the Agent (but at intervals no more frequently than annually at the Borrower’s expense unless an Event of Default
has occurred and is continuing), a valuation of each of the Vessels obtained in accordance with the provisions of Clause 10.17; 

  

	 	10.2.6	as soon as practicable (and in any event within sixty (60) days after the close of each of the first three (3) quarters of its financial year and within one
hundred and twenty (120) days after the close of each financial year) a statement signed by the NCLC Group’s chief financial officer in the form of Schedule 6 (commencing with the second quarter of the financial year ending
31 December 2005) and such other information as the Agent may request; 

  

	 	10.2.7	promptly, such further information in its possession or control regarding its financial condition and operations and those of any company in the NCLC Group as the Agent
may request; 

  

	 	10.2.8	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 Borrower, threatened (and for this purpose proceedings shall be deemed to be material if they involve a claim in an amount exceeding [*] or the equivalent in another currency); 

 

	 	10.2.9	 as soon as practicable (and in any event no later than the twenty fifth (25th) day of each month), a monthly bank reporting package for the NCLC Group for the previous month comprised of a
profit and loss statement, a balance sheet, a cash flow statement and a statement of the Free Liquidity (commencing with the month to 31 March 2009); 

 

	 	10.2.10	a quarterly earnings conference telephone call (commencing with the financial quarter to 31 March 2009) to take place as soon as practicable and in any event no
later than forty (40) days after the end of any relevant financial quarter except the fourth financial quarter and no later than seventy five (75) days after the end of the fourth financial quarter; and 

 

	 	10.2.11	as soon as practicable (and in any event within thirty (30) days after the close of each quarter of each financial year) a report on bookings for the following
year and a comparison with the previous year in the form of Schedule 10 (commencing with the financial quarter ending 30 June 2009). 

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

 

	 	10.3	Financial Undertakings 

The Borrower will ensure that: 
  

	 	10.3.1	at all times the minimum Free Liquidity will be not less than Fifty Million Dollars (USD 50,000,000); 

  
 56 

	 	10.3.2	as at the end of the relevant financial quarter: 

  

	 	(a)	as at 30 September 2006 and as at the end of each subsequent financial quarter the ratio of Consolidated EBITDA to Consolidated Debt Service for the NCLC Group,
computed for the period of the four (4) consecutive financial quarters ending at the end of the relevant financial quarter, shall not be less than one point two five (1.25) to one (1.0); or 

 

	 	(b)	at all times during the period of twelve (12) months ending as at the end of the relevant financial quarter the NCLC Group has maintained a minimum Free Liquidity
in an amount which is not less than one hundred million Dollars (USD100,000,000); 

  

	 	10.3.3	as at 30 September 2006 and as at the end of each subsequent financial quarter, the ratio of Total Net Funded Debt to Total Capitalisation of the NCLC Group shall
not exceed nought point seven (0.7) to one (1.0). 

  

	 	10.3.4	during the Moratorium Period: 

  

	 	(a)	at all times the aggregate of minimum Free Liquidity and any amount standing to the credit of the Cash Sweep Bank Account will be not less than one hundred million
Dollars (USD100,000,000); and 

  

	 	(b)	either: 

  

	 	(i)	as at the end of each financial quarter during the Moratorium Period the ratio of Total Net Funded Debt to Consolidated EBITDA for the NCLC Group, computed for the
period of the four (4) consecutive financial quarters ending at the end of the relevant financial quarter, shall not be more than eleven (11.0) to one (1.0). For the purpose of this calculation, once the F3 Two-Related Debt is included in
Total Net Funded Debt, Consolidated EBITDA shall be adjusted to allow the inclusion of pro forma F3 Two EBITDA for such period (as determined by the Borrower reasonably and in good faith); or 

 

	 	(ii)	at all times during the financial quarter being measured in Clause 10.3.4(b)(i) the NCLC Group has maintained an aggregate of minimum Free Liquidity and any amount
standing to the credit of the Cash Sweep Bank Account in an amount which is not less than one hundred and fifty million Dollars (USD150,000,000); 

  

	 	10.3.5	as at the end of each financial quarter, the ratio of Total Net Funded Debt to Consolidated Adjusted Total Assets shall not exceed: 

 

	 	(a)	ninety per cent (90%) during the calendar year of 2009; 

  

	 	(b)	eighty per cent (80%) during the calendar year of 2010; and 

  

	 	(c)	seventy per cent (70%) thereafter; 

  
 57 

	 	10.3.6	save as specified in Clause 10.3.2, Clause 10.3.4 and Clause 10.3.8, the ratios referred to in this Clause 10.3 will be measured on a quarterly basis by reference
to the consolidated accounts of the NCLC Group; 

  

	 	10.3.7	only the Moratorium Undertakings and the undertaking contained in Clause 10.3.8 will apply during the Moratorium Period. From the end of the Moratorium Period the
ratios referred to in this Clause 10.3, other than the ratios referred to in Clause 10.3.4 and Clause 10.3.8, will apply; 

  

	 	10.3.8	if Consolidated EBITDA at the end of any financial quarter (computed for the period of the four (4) consecutive financial quarters ending at the end of such
financial quarter) during the Moratorium Period is more than twenty per cent (20%) lower than Budgeted Consolidated EBITDA for such period, then the Majority Group-Wide Lenders shall have the right to request the Borrower promptly to appoint,
at its cost, an independent restructuring firm acceptable to the Majority Group-Wide Lenders to provide a due diligence report on the management restructuring plan and its present state to the Group-Wide Lenders as soon as practicable. The Borrower
shall use commercially reasonable efforts to assist such restructuring firm in preparing such due diligence report within sixty (60) days of the request. 

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

Amounts available for drawing under the Facility or any other revolving or other credit facilities of the NCLC Group which remain undrawn
at the time of the relevant calculation shall not be counted as cash or indebtedness for the purposes of the ratios in Clause 10.3.3, Clause 10.3.4(b)(i) and Clause 10.3.5; 

 

	 	10.4	Dividends 

  

	 	10.4.1	 The Borrower shall not and shall procure that no other member of the NCLC Group shall, pay any dividends or make any other distributions in respect of
its share capital to any person, provided that (i) subsidiaries of the Borrower may pay dividends to another member of the NCLC Group; (ii) the Borrower may pay dividends in respect of tax liability to each relevant jurisdiction in respect
of tax returns for each relevant jurisdiction of the NCLC Group or holder of the Borrower’s capital stock with respect to income taxable as a result of any member of the NCLC Group being treated as a pass-through entity or attributable to any
member of the NCLC Group and (iii) after the later of (x) the listing of the ordinary capital stock of the Borrower or parent company of the Borrower on an Approved Stock Exchange and (y) an amount equal to the Total Delayed Principal
Amount having been cancelled and/or prepaid and/or repaid, dividends may be paid in an amount not to exceed [*] of the Consolidated Net Income of the Borrower 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 has occurred and is 

  
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continuing 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 10.2 is less than [*]. The Agent shall use the Application of Proceeds Formulation to determine whether an amount equal to the
relevant Maximum Amount of the Delayed Principal Amount has been cancelled and/or prepaid and/or repaid. 

  

	 	10.4.2	The Borrower will procure that any dividends or other distributions and interest paid or payable in connection therewith received by the Shareholder, NCL America
Holdings and/or Arrasas will be paid to the Borrower by way of dividend promptly on receipt. 

  

	 	10.5	Notification of default 

The Borrower will notify the Agent of any 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. 
  

	 	10.6	Consents and registrations 

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

	 	10.7	Negative pledge 

 The
Borrower will not create or permit to subsist any Encumbrance on the whole or any part of the present or future assets of the Owners or any other owner or prospective owner of a mortgaged vessel in the NCLC Fleet except for: 

 

	 	10.7.1	Encumbrances created with the prior written consent of the Lenders; 

  

	 	10.7.2	Permitted Liens; 

  

	 	10.7.3	Encumbrances created in respect of Permitted Indebtedness; and 

  

	 	10.7.4	Encumbrances created pursuant to an Apollo-Related Transaction, 

 [*]. 

  
 59 

	 	10.8	Disposals 

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

 

	 	10.8.1	disposals made in the ordinary course of trading of the disposing entity (excluding disposal of ships) including without limitation, the payment of cash as
consideration for the purchase or acquisition of any asset or service or in the discharge of any obligation incurred for value in the ordinary course of trading; 

 

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

 

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

 

	 	10.8.4	a vessel or any other asset owned by any member of the NCLC Group (other than the Owners) may be sold provided such sale is on a willing seller willing buyer basis at
or about market rate and at arm’s length subject always to the provisions of any loan documentation for the financing of such vessel or other asset; and 

 

	 	10.8.5	disposals of assets constituting Apollo-Related Transactions, 

 [*]. 
  

	 	10.9	Purchases and investments 

The Borrower shall not (and will procure that no other company in the NCLC Group shall), either in a single transaction or in a series of
transactions whether related or not purchase any asset or make any investment: 
  

	 	10.9.1	other than on arm’s length terms; 

  

	 	10.9.2	which is not for its use in its ordinary course of business; 

  

	 	10.9.3	the cost of which is more than its fair market value at the date of acquisition; or 

 

	 	10.9.4	other than an asset constituting an Apollo-Related Transaction, 

 [*] PROVIDED THAT the Borrower is (and any other company in the NCLC Group is) permitted to: 
  

	 	(a)	purchase the New Vessels; 

  

	 	(b)	purchase Breakaway 3, Breakaway 4 and the Sky Vessel, subject to any other provision in the Security Documents, subject to Clauses 10.9.1 to 10.9.3; and

  

	 	(c)	purchase other vessels after the Total Delayed Principal Amount has been cancelled and/or prepaid and/or repaid, subject to Clauses 10.9.1 to 10.9.3.

  
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	 	10.10	Change of name or business 

 Except with the prior consent of the Majority Lenders and the German State of Lower Saxony, the Borrower shall not (and will procure that no other Obligor shall): 

 

	 	10.10.1	change its name or make or threaten to make any substantial change in its business as presently conducted or cease to perform its current business activities; or

  

	 	10.10.2	carry on any other business which is substantial in relation to its business as presently conducted 

if to do the same would imperil the security created by any of the Security Documents or affect the ability of any Obligor duly to
perform its obligations under any Security Document to which it is or may be a party from time to time, in each case in the opinion of the Agent and the German State of Lower Saxony, 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 FURTHER THAT any change of or discontinuation in the business activities of any Obligor in
accordance with the Apollo-Related Transactions shall be permitted. 
  

	 	10.11	Mergers 

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

However, the prior consent of the Majority Lenders shall not be required in respect of any consolidation, reorganisation or restructure
(including the winding-up, dissolution or cessation of business of any existing Subsidiary of the Borrower, other than the Obligors, or the creation of new Subsidiaries) (a) pursuant to the Apollo-Related Transactions or (b) involving
wholly owned (whether directly or indirectly) Subsidiaries of the Borrower only which does not imperil the security created by any of the Security Documents or the Lower Saxony Guarantees or affect the ability of any Obligor duly to perform any of
its obligations under any Security Document to which it is or may be a party at any time, PROVIDED THAT, except in relation to the Apollo-Related Transactions, 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 Borrower will be in compliance with the financial undertakings contained in Clause 10.3 after any such reorganisation or restructure SUBJECT
TO: 
  

	 	10.11.1	Clause 9.2.20; and 

  

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

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

	 	10.12	Maintenance of status and franchises 

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

	 	10.13	Financial records 

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

 

	 	10.14	Subordination of indebtedness 

 Other than the Sky Vessel Indebtedness: 
  

	 	10.14.1	the Borrower shall procure that any and all of its indebtedness with any other Obligor and/or any shareholder of the Borrower is at all times fully subordinated to the
Security Documents and the obligations of the Borrower hereunder; and 

  

	 	10.14.2	the Borrower shall not make or permit to be made any repayments of principal, payments of interest or of any other costs, fees, expenses or liabilities arising from or
representing indebtedness with any shareholder of the Borrower. 

 Notwithstanding the above, the Borrower shall
not make or permit to be made any repayments of principal or payments of interest in respect of the Sky Vessel Indebtedness during the Security Period, other than in the amounts and on the dates contemplated in the Sky Vessel MOA, subject to Clause
9.2.21, and PROVIDED THAT the prepayment of the Sky Vessel Indebtedness to be made pursuant to the Sky Vessel MOA as a consequence of the listing of the ordinary share capital of the Borrower or parent company of the Borrower on an Approved
Stock Exchange shall not be made until after the Total IPO Prepayment Amount has been paid and PROVIDED FURTHER THAT an Event of Default would not result from the making of the aforementioned prepayment or any other prepayment of the Sky
Vessel Indebtedness. 

  
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 The Borrower shall also procure that any and all of the indebtedness, except indebtedness
not prohibited under the Security Documents, of the owners or prospective owners of mortgaged vessels in the NCLC Fleet is at all times fully subordinated to the Security Documents and the obligations of the Borrower hereunder. Upon the occurrence
of an Event of Default the Borrower shall not make any repayments of principal, payments of interest or of any other costs, fees, expenses or liabilities arising from or representing indebtedness with any other Obligor. 

 

	 	10.15	Guarantees 

Notwithstanding anything to the contrary in clause 10.5 of each of the Guarantees, save as contemplated by this Agreement or notified by
the Borrower to the Agent prior to the Second Restatement Date, the Borrower will procure that none of the owners or prospective owners of mortgaged vessels in the NCLC Fleet will issue or enter into any guarantee or indemnity or otherwise become
directly or contingently liable for the obligations of any other person, firm or corporation, other than: 
  

	 	10.15.1	in the ordinary course of its business as owner of its vessel; and 

  

	 	10.15.2	any guarantee of the obligations of any member of the NCLC Group to one or more providers of credit card processing services to the NCLC Group and/or any provider of a
Letter of Credit Facility (such guarantee to be fully subordinated to any guarantees supporting the NCLC Group Credit Facilities). 

  

	 	10.16	Further assurance 

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

	 	10.17	Valuation of the Vessels 

  

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

  
 63 

	 	
the benefit of any charterparty or other engagement concerning the Vessel). The first such valuations shall be obtained on or about thirty (30) days prior to the Delivery Date in respect of
a Vessel and thereafter they shall be obtained within fifteen (15) days of a request from the Agent (but at intervals no more frequently than annually at the Borrower’s expense unless an Event of Default has occurred and is continuing).
The average of the valuations shall constitute the value of the Vessel for the purposes of this Clause 10.17. 

  

	 	10.17.2	The Borrower shall procure that forthwith upon the issuance of any valuation obtained pursuant to this Clause 10.17 a copy thereof is sent directly to the Agent for
review. 

  

	 	10.17.3	Prior to the first Currency Conversion Date in respect of a Tranche any valuation obtained pursuant to this Clause 10.17 shall be converted into euro at the
Agent’s Spot Rate of Exchange on the date of the valuation. 

  

	 	10.18	Marginal security 

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

	 	10.18.1	less than one hundred and five per cent (105%) of the amount of the aggregate of the Available Commitments and the Contributions to the Facility during the period
commencing on the first Delivery Date and ending twenty four (24) months after the second Delivery Date; and 

  

	 	10.18.2	thereafter, is less than one hundred and twenty per cent (120%) of the amount of the aggregate of the Available Commitments and the Contributions to the Facility,

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

 

	 	(a)	provide the Agent with additional security acceptable to the Majority Lenders such that the security value of the Vessels and any additional security provided to the
Agent hereunder (at valuations reasonably estimated by the Agent from time to time) is at least one hundred and five per cent (105%) or one hundred and twenty per cent (120%) (as the case may be) of the aggregate of the Available
Commitments and the Contributions to the Facility; or 

  

	 	(b)	reduce the Available Commitments by such an amount that the value of the security is at least one hundred and five per cent (105%) or one hundred and twenty per
cent (120%) (as the case may be) of the amount of the aggregate of the Available Commitments and the Contributions to the Facility. 

  

	 	10.19	Financial year end 

 The
Borrower shall not change its financial year end. 

  
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	 	10.20	Maintenance and insurance 

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

	 	10.21	Lower Saxony Guarantees 

The Lenders have claims arising from this Agreement guaranteed by the German State of Lower Saxony (represented by PwC Deutsche Revision)
by way of the Lower Saxony Guarantees. The unrestricted existence of the relevant Lower Saxony Guarantee is a condition precedent to drawdown of the relevant Tranche as referred to in Clause 2.3.9 and to the maintenance of the Facility in accordance
with the terms of this Agreement. 
 The terms and conditions of the Lower Saxony Guarantees are incorporated herein and in so
far as they impose terms, conditions and/or obligations on the Agent and/or the Lower Saxony Guarantee 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. Further in the event of any conflict between the terms of the Lower Saxony Guarantees and the terms of this Agreement the terms of the Lower Saxony Guarantees 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 Lower Saxony Guarantees. 

 

	 	10.22	Vessels 

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

	 	10.23	Cash sweep 

  

	 	10.23.1	The Borrower shall maintain the Cash Sweep Bank Account during the Security Period (or for such shorter period as the Majority Cash Sweep Lenders may agree) free of
Encumbrances and rights of set off other than the Account Charge. 

  

	 	10.23.2	 Subject to Clause 10.23.3 and no Event of Default having occurred and being continuing, any Total Cash Sweep Amount shall be applied on the relevant
Cash Sweep Payment Date in prepayment, reduction and/or cancellation of the Cash Sweep Credit Facilities. The payment to be made under each Cash Sweep Credit Facility shall be calculated on the basis of the Accounts for the twelve (12) month
period ending on the relevant Cash Sweep Determination Date and be applied to each Cash Sweep Credit Facility on a pro rata basis based on each Cash Sweep Credit 

  
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Facility’s remaining outstanding Delayed Principal Amount (as defined in this Agreement in respect of the Facility and as defined in the relevant facility agreement in respect of each of the
other Cash Sweep Credit Facilities) as of the Cash Sweep Payment Date. Each such outstanding Delayed Principal Amount, to the extent it is not already denominated in Dollars, shall be converted into Dollars on the date falling ten (10) Business
Days prior to the relevant Cash Sweep Payment Date at the rate which appears on the Reuters Page ECB37 at 1.30 p.m. London time on that date, for the purposes of such calculation. For the avoidance of doubt, once there is no longer any remaining
outstanding Delayed Principal Amount under any of the Cash Sweep Facilities, no further payments under this Clause 10.23 shall be required. 

  

	 	10.23.3	The Borrower shall procure that any Total Cash Sweep Amount on the Cash Sweep Determination Dates of 31 December 2009 and 31 December 2010 shall be paid into
the Cash Sweep Bank Account on the following 31 March. On 31 March 2011 the Borrower shall procure that the Total Cash Sweep Amount on the Cash Sweep Determination Dates of 31 December 2009 and 31 December 2010 held in the Cash
Sweep Bank Account shall be applied in accordance with Clause 10.23.2 as if it were a single Total Cash Sweep Amount existing on 31 December 2010. 

  

	 	10.23.4	Notwithstanding anything to the contrary in this Agreement, to the extent that the Borrower can demonstrate to the satisfaction of the Majority Cash Sweep Lenders in
their sole discretion that the working capital needs of the NCLC Group so require, the Borrower shall be permitted to withdraw the amount agreed by the Majority Cash Sweep Lenders from the Cash Sweep Bank Account prior to 31 March 2011 and
apply it for any purpose agreed by the Majority Cash Sweep Lenders. Save as provided in this Clause 10.23.4, no sum may be withdrawn from the Cash Sweep Bank Account prior to 31 March 2011. Any accumulated interest in the Cash Sweep Bank
Account remaining after 31 March 2011 shall be remitted to the Borrower. 

  

	 	10.23.5	Each Relevant Cash Sweep Amount shall be applied to the Facility in accordance with Clause 4.15. 

 

	 	10.23.6	On or immediately after the date falling ten (10) Business Days prior to 31 March 2010 and to each Cash Sweep Payment Date the Borrower shall provide the Cash
Sweep Lenders with a statement showing the calculation of Liquidity at the relevant Cash Sweep Determination Date (whether or not there is a Total Cash Sweep Amount) and, if applicable, the amounts of the Total Cash Sweep Amount to be paid to the
Cash Sweep Lenders on the relevant Cash Sweep Payment Date, subject to Clause 10.23.4. 

  

	 	10.23.7	It is hereby acknowledged and agreed that the provisions of this Clause 10.23 and Clause 4.15 may not be amended without the consent of the Cash Sweep Lenders.

  

	 	10.24	Special liquidity 

  

	 	10.24.1	 Provided that no Event of Default has occurred and is continuing, any Total Special Liquidity Sources Amount shall be applied on the relevant

  
 66 

	 	
Special Liquidity Sources Payment Date in prepayment, reduction and/or cancellation of the Cash Sweep Credit Facilities. The payment to be made under each Cash Sweep Credit Facility shall be
applied to each Cash Sweep Credit Facility on a pro rata basis based on each Cash Sweep Credit Facility’s remaining outstanding Delayed Principal Amount (as defined in this Agreement in respect of the Facility and as defined in the relevant
facility agreement in respect of each of the other Cash Sweep Credit Facilities) as of the Special Liquidity Sources Payment Date. Each such outstanding Delayed Principal Amount, to the extent it is not already denominated in Dollars, shall be
converted into Dollars on the date falling ten (10) Business Days prior to the relevant Special Liquidity Sources Payment Date at the rate which appears on the Reuters Page ECB37 at 1.30 p.m. London time on that date, for the purposes of such
calculation. Notwithstanding anything to the contrary, payment under this Clause 10.24.1 shall only be required to the extent such payment does not reduce Liquidity to a level below two hundred million Dollars (USD200,000,000).

  

	 	10.24.2	The Relevant Special Liquidity Sources Amount shall be applied to the Facility in accordance with Clause 4.15. 

 

	 	10.24.3	It is hereby acknowledged and agreed that the provisions of this Clause 10.24 and Clause 4.15 may not be amended without the consent of the Cash Sweep Lenders.

  

	 	10.24.4	No vessel in the NCLC Fleet may be sold unless any Special Liquidity Sources arising from the sale are applied in accordance with this Clause 10.24.

  

	 	10.25	Chartering 

Notwithstanding the provisions of clause 6.1.16 of the deeds of covenants collateral to the first priority statutory Bahamian ship
mortgages over the Vessels dated 28 November 2006 and 1 October 2007 respectively (as amended and restated), the Borrower shall not (and will procure that no company in the NCLC Group shall), charter (in or out) any vessel, except that the
following shall be permitted: 
  

	 	10.25.1	the chartering out of m.v. “NORWEGIAN JADE” by Pride of Hawaii, LLC to the Manager and any other intra-NCLC Group chartering of any vessel, which complies
with clause 6.1.16 and clause 6.1.17(c) of the said deeds of covenants; 

  

	 	10.25.2	any extra-NCLC Group chartering out of a vessel that would be permissible under clause 6.1.16 and clause 6.1.17(c) of the said deeds of covenants, except that no such
extra-NCLC Group charter may be made: 

  

	 	(a)	other than in the usual course of business of the vessel’s owner or other NCLC Group Operator; 

 

	 	(b)	directly or indirectly to another cruise line; 

  

	 	(c)	for a period longer than two (2) months; and 

  

	 	(d)	other than at or about market rate at the time the charter is fixed; 

  
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	 	10.25.3	the sale and initial lease-back of any vessel in the NCLC Fleet subject to compliance with Clause 10.24 and Clause 10.8 and in accordance with clause 6.1.16(a) and
(c) and clause 6.1.17(c) of the said deeds of covenants; and 

  

	 	10.25.4	any charter of a vessel in existence at the date of the Third Supplemental Deed to or from a person that is not a company in the NCLC Group at the Second Restatement
Date PROVIDED THAT any extension or renewal of such a charter shall only be permitted if either it is not materially adverse to the NCLC Group or the Group-Wide Lenders, in the opinion of the Majority Group-Wide Lenders, or the extension or
renewal is solely at the option of that person which is not a company in the NCLC Group. 

  

	 	10.26	Hedging 

 Notwithstanding
any other provision of this Agreement to the contrary, the Borrower shall not (and will procure that no company in the NCLC Group shall) enter into any Transaction under a Master Agreement, enter into any ISDA Master Agreement (or any other form of
master agreement) or enter into any transaction under any ISDA Master Agreement (or other such form of master agreement) relating to a fuel, interest or currency exchange transaction unless the entry into that Transaction, master agreement or
transaction is for non-speculative reasons. 
  

	 	10.27	Exceptional prepayments 

  

	 	10.27.1	Provided that no Event of Default has occurred and is continuing, any Total Exceptional Prepayment Amount shall be applied on the relevant Total Exceptional Prepayment
Amount Payment Date in prepayment, reduction and/or cancellation of the Cash Sweep Credit Facilities. The payment to be made under each Cash Sweep Credit Facility shall be applied to each Cash Sweep Credit Facility on a pro rata basis based on each
Cash Sweep Credit Facility’s remaining outstanding Delayed Principal Amount (as defined in this Agreement in respect of the Facility and as defined in the relevant facility agreement in respect of each of the other Cash Sweep Credit Facilities)
as of that Total Exceptional Prepayment Amount Payment Date. Each such outstanding Delayed Principal Amount, to the extent it is not already denominated in Dollars, shall be converted into Dollars on the date falling ten (10) Business Days
prior to that Total Exceptional Prepayment Amount Payment Date at the rate which appears on the Reuters Page ECB37 at 1.30 p.m. London time on that date, for the purposes of such calculation. 

 

	 	10.27.2	The Relevant Exceptional Prepayment Amount shall be applied to the Facility in accordance with the Application of Proceeds Formulation. 

 

	 	10.27.3	It is hereby acknowledged and agreed that the provisions of this Clause 10.27 may not be amended without the consent of the Cash Sweep Lenders.

  
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	 	10.28	Equity contribution 

 If
the Borrower fails to comply with the Moratorium Undertakings, the Borrower shall, with the support and co-operation of its shareholders, use commercially reasonable endeavours and take all practicable steps to procure the contribution by the
Investors, Star and/or any other capital provider of new equity in cash for the Borrower. To the extent such endeavour is successful, such contribution shall be made within thirty (30) days from the date of the breach of the Moratorium
Undertakings and be in an amount (in addition to the New Cash Equity) not exceeding the lesser of the amount required by the Majority Group-Wide Lenders and one hundred million Dollars (USD100,000,000), in aggregate. 

 

	 	10.29	Indebtedness for Borrowed Money 

 Until the Total Delayed Principal Amount has been cancelled and/or prepaid and/or repaid, notwithstanding any other provision of this Agreement to the contrary, the Borrower shall not (and will procure
that no company in the NCLC Group shall) incur any Indebtedness for Borrowed Money other than Permitted Indebtedness. 
  

	 	10.30	Pro rata revolver prepayments 

 Notwithstanding any other provision of this Agreement to the contrary, during the Moratorium Period the Borrower shall not make any voluntary prepayment under the revolving credit facilities provided to
the Borrower pursuant to: 
  

	 	10.30.1	the USD800,000,000 facility agreement dated 7 July 2004 (as amended and/or restated from time to time); or 

 

	 	10.30.2	the USD610,000,000 facility agreement dated 22 December 2006 (as amended and/or restated from time to time), 

unless the Borrower shall prepay Drawings under each Tranche hereunder pro rata PROVIDED THAT any such pro rata prepayment which
would cause the Borrower to incur breakage costs hereunder may be deferred until the first such date on which no such costs would be incurred. 
 The pro rata calculation under this Clause 10.30 shall be based on the size of the Commitments under the relevant Tranche hereunder and the size of the commitments under the other NCLC Group’s
revolving credit facilities referred to above. 
  

	 	10.31	Permitted Indebtedness for acquisition of vessels 

 The Borrower shall not (and will procure that no other company in the NCLC Group shall) [*] unless the relevant Permitted Indebtedness is available to the buyer unconditionally subject only to the
satisfaction of conditions precedent usual for such financing arrangements. 

  
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	11	Rights of the Agent and the Lenders 

  

	 	11.1	No derogation of rights 

Any rights conferred on the Agent, the Lower Saxony Guarantee Agent and the Lenders or any of them by this Agreement, any other Security
Document or the Lower Saxony Guarantees shall be in addition to and not in substitution for or in derogation of any other right which the Agent, the Lower Saxony Guarantee 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, any other Security Document or the Lower
Saxony Guarantees. 
  

	 	11.2	Enforcement of remedies 

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

	 	11.2.1	to take action or obtain judgment in any court against the Borrower or any other person from whom it or they may seek payment of any sum due from the Borrower under
this Agreement, any other Security Document or a Lower Saxony Guarantee; 

  

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

 

	 	11.2.3	to enforce or seek to enforce any other rights it or they may have against the Borrower or any other such person; or 

 

	 	11.2.4	to enforce a Lower Saxony Guarantee. 

  

	12	Default 

  

	 	12.1	Events of default 

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

	 	12.1.1	Non-payment 

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

  
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	 	12.1.2	Breach of other obligations 

  

	 	(a)	Any Obligor fails to comply with any other material provision of any Security Document or a Lower Saxony Guarantee or there is any other material breach in the sole
opinion of the Agent or the Lower Saxony Guarantee Agent (in the case of a Lower Saxony Guarantee) of any of the Transaction Documents or a Lower Saxony Guarantee and such failure (if in the opinion of the Agent or the Lower Saxony Guarantee Agent
(in the case of a Lower Saxony Guarantee) in its sole discretion it is capable of remedy) continues unremedied for a period of thirty (30) days from the date of its occurrence and in any such case as aforesaid the Agent or the Lower Saxony
Guarantee Agent (in the case of a Lower Saxony Guarantee) 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 Agent, the Lower Saxony
Guarantee Agent and/or the Lenders PROVIDED THAT no Event of Default will arise if the Borrower is unable to comply with the Moratorium Undertakings but a new equity contribution (as more particularly described in Clause 10.28) is made within
thirty (30) days from the date of the breach of the Moratorium Undertakings and PROVIDED FURTHER THAT the new equity contribution will not prevent the Agent exercising its rights under Clause 12.2.2 if the Borrower is in breach of the
Moratorium Undertakings on or after the date when such new equity contribution is made; or 

  

	 	(b)	If there is a repudiation or termination of any Transaction Document or a Lower Saxony Guarantee or if any of the parties thereto becomes entitled to terminate or
repudiate any of them and evidences an intention so to do. 

  

	 	12.1.3	Misrepresentation 

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

 

	 	12.1.4	Cross default 

  

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

  

	 	(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. 

  
 71 

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

 

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

 PROVIDED THAT: 

 

	 	(i)	No Event of Default will arise if the relevant Financial Indebtedness is not accelerated or, if it is accelerated but, in aggregate, the Financial Indebtedness is less
than fifteen million Dollars (USD15,000,000); 

  

	 	(ii)	Financial Indebtedness being contested by the Borrower in good faith will be disregarded PROVIDED first that full details of the dispute shall be submitted to
the Agent forthwith upon its occurrence and second if the dispute remains unresolved for a period of one hundred and fifty (150) days this Clause 12.1.4(ii) shall not apply to that Financial Indebtedness; and 

 

	 	(iii)	If at any time hereafter the Borrower or any other member of the NCLC Group agrees to the incorporation of a cross default provision into any financial contract or
financial document relating to any Financial Indebtedness that is more onerous than this Clause 12.1.4, then the Borrower shall immediately notify the Agent and that cross default provision shall be deemed to apply to this Agreement as if set out in
full herein with effect from the date of such financial contract or financial document and during the currency of that financial contract or financial document. 

 

	 	12.1.5	Winding-up 

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

 

	 	12.1.6	Moratorium or arrangement with creditors 

 A moratorium in respect of all or any debts of any member of the NCLC Group or a composition or an arrangement with creditors of any member of the NCLC Group or any similar proceeding or arrangement by
which the assets of any member of the NCLC Group are submitted to the control of its creditors is applied for, ordered or declared or, save as contemplated by the Third Supplemental Deed and the Amendment Documents, 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. 

  
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	 	12.1.7	Appointment of liquidators etc. 

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

	 	12.1.8	Insolvency 

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

 

	 	12.1.9	Legal process 

 Any
distress, execution, attachment or other process affects the whole or any substantial part of the assets of any member of the NCLC Group and remains undischarged for a period of twenty one (21) days or any uninsured judgment in excess of twenty
five million Dollars (USD25,000,000) following final appeal remains unsatisfied for a period of thirty (30) days in the case of a judgment made in the United States of America and otherwise for a period of sixty (60) days PROVIDED
THAT no Event of Default shall be deemed to have occurred unless the distress, execution, attachment, other process or judgment adversely affects any Obligor’s ability to meet any of its material obligations under any Security Document
and/or the Lower Saxony Guarantees to which it is or may be a party or cause to occur any of the events specified in Clauses 12.1.5 to 12.1.8 (the determination of which shall be in the Majority Lenders’ sole discretion). 

 

	 	12.1.10	Analogous events 

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

	 	12.1.11	Cessation of business 

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

 

	 	12.1.12	Revocation of consents 

Any authorisation, approval, consent, licence, exemption, filing, registration or notarisation or other requirement necessary to enable
any Obligor to comply with any of its obligations under any of the Transaction Documents 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 

  
 73 

 
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. 
  

	 	12.1.13	Unlawfulness 

 At any
time it is unlawful or impossible for: 
  

	 	(a)	any Obligor to perform any of its obligations under any Security Document to which it is a party or a Lower Saxony Guarantee; or 

 

	 	(b)	the German State of Lower Saxony to perform any of its obligations under a Lower Saxony Guarantee; or 

 

	 	(c)	the Agent, the Lower Saxony Guarantee Agent or any Lender to exercise any of its rights under any of the Security Documents or a Lower Saxony Guarantee;

 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 German State of Lower Saxony’s payment obligations under this Agreement, the other Security Documents and/or the Lower Saxony Guarantees (the determination of which shall be in the
Agent’s sole discretion) in which case the following provisions of this Clause 12.1.13 shall not apply) where the unlawfulness or impossibility prevents any Obligor from performing its obligations (other than its payment obligations under this
Agreement and the other Security Documents) and is cured within a period of twenty one (21) days of the occurrence of the event giving rise to the unlawfulness or impossibility and the relevant Obligor, within the aforesaid period, performs its
obligation(s) and PROVIDED FURTHER THAT no Event of Default shall be deemed to have occurred where the Agent and/or any relevant Lender could, in its sole discretion, mitigate the consequences of unlawfulness or impossibility in the manner
described in Clause 4.9. The costs of mitigation shall be determined in accordance with Clause 4.9. 
  

	 	12.1.14	Insurances 

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

 

	 	12.1.15	Total Loss 

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

  
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	 	12.1.16	Ownership and control of the Borrower 

 If: 
  

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

  

	 	(b)	at any time following the listing of the ordinary share capital of the Borrower or parent company of the Borrower on an Approved Stock Exchange:

  

	 	(i)	any Third Party: 

  

	 	(A)	owns legally and/or beneficially and either directly or indirectly at least thirty three per cent (33%) of the ordinary share capital of the Borrower; or

  

	 	(B)	has the right or the ability to control either directly or indirectly the affairs of or the composition of the majority of the board of directors (or equivalent) of the
Borrower, 

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

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

 (and, for the purpose of this Clause 12.1.16 “control” of any company, limited partnership or
other legal entity (a “body corporate”) by a member of the Lim Family and Apollo means that one (1) or more members of the Lim Family or Apollo in the aggregate 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). 

  
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	 	12.1.17	Disposals 

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

	 	12.1.18	Prejudice to security 

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

	 	12.1.19	Material Adverse Effect 

Any event or circumstance occurs which the Majority Lenders believe has had or reasonably believe will have a Material Adverse Effect.

  

	 	12.1.20	Governmental intervention 

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

 

	 	12.1.21	Master Agreement termination 

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

 

	 	12.2	Acceleration 

  

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

  
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	 	12.2.2	On the occurrence of an Event of Default and at any time thereafter whilst such event shall be continuing, if a Drawing has been drawn down the Agent or the Lower
Saxony Guarantee Agent (as the case may be) may: 

  

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

 

	 	(b)	from time to time exercise all or any of its rights under any of the Security Documents and the Lower Saxony Guarantees in such order and in such manner as it shall
deem appropriate; and/or 

  

	 	(c)	at its sole discretion terminate or continue with the Management Agreements. 

 

	 	12.3	Default indemnity 

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

	 	12.3.1	any default in payment by the Borrower of any sum under this Agreement, any of the other Security Documents or the Lower Saxony Guarantees when due, including, without
limitation, any liability incurred by the Agent, the Lower Saxony Guarantee Agent and the Lenders by reason of any delay or failure of the Borrower to pay any such sums; 

 

	 	12.3.2	any break in funding (including without limitation warehousing and other related costs) due to the occurrence of any Event of Default; 

 

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

 

	 	12.3.4	a Drawing not being drawn for any reason (excluding any default by the Agent or any Lender) after the relevant Drawdown Notice has been given, 

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

  
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	 	12.4	Set off 

 Following the
occurrence of any Event of Default and for so long as the same is continuing, the Borrower irrevocably authorises the Agent, the Lower Saxony Guarantee Agent and the Lenders and each of their respective Affiliates without prior notice to apply any
credit balance to which the Borrower is entitled upon any account of the Borrower with any branch of any of the Agent, the Lower Saxony Guarantee Agent, the Lenders and any such Affiliates in or towards satisfaction of any sum due to the Agent, the
Lower Saxony Guarantee 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 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 euro which the Agent, the Lower Saxony Guarantee Agent or the Lender or any such Affiliate (as the case may be) could obtain by exchanging such
currency for euro at the rate of exchange at which its Lending Branch would, at the opening of business on the date on which the combination is effected, have sold the currency of that credit balance for euro for immediate delivery. 

 

	 	12.5	Master Agreement rights 

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

	13	Application of Funds 

  

	 	13.1	Total Loss proceeds/proceeds of sale 

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

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

  

	 	SECONDLY	 in or towards payment in such order as the Lenders may require of any accrued (but unpaid) fees and interest thereon to which the Lead Arrangers, the
Co-Arrangers, the Lenders, the Agent and/or the Lower Saxony Guarantee Agent are entitled hereunder and/or under the other Security 

  
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Documents (other than the Master Agreements) and/or under the Lower Saxony Guarantees in connection with the Facility; 

 

	 	THIRDLY	in or towards satisfaction of all interest accrued on Portion A of the relevant Tranche; 

 

	 	FOURTHLY	in retention by the Agent in its discretion in a suspense or impersonal interest bearing security realised account of such sum as it considers appropriate by way of
security for the Outstanding Indebtedness (other than the Master Agreement Liabilities) relating to Portion A of the relevant Tranche or for any actual or contingent liability of the Lead Arrangers, the Co-Arrangers, the Agent, the Lower Saxony
Guarantee Agent or the Lenders or any of them in connection with the transactions herein contemplated so far as they relate to Portion A of the relevant Tranche; 

 

	 	FIFTHLY	in or towards payment of Portion A of the relevant Tranche (whether or not then due and payable); 

 

	 	SIXTHLY	in or towards payment of all losses, damages, expenses or currency risks arising from the exercise by the Borrower of the currency option contained in Clause 3 up to
the amount of two thirtieths (2/30ths) of the relevant Portion A as at the relevant Delivery Date; 

  

	 	SEVENTHLY	in or towards satisfaction of any other amounts due from the Borrower to the Lead Arrangers, the Co-Arrangers, the Agent, the Lower Saxony Guarantee Agent or the
Lenders under the Security Documents (other than the Master Agreement Liabilities) and/or the Lower Saxony Guarantee relating to Portion A of the relevant Tranche using in the discretion of the Agent the same order of application as FIRSTLY
to SIXTHLY; 

  

	 	EIGHTHLY	in or towards satisfaction of all interest accrued on Portion B of the relevant Tranche; 

 

	 	NINTHLY	in retention by the Agent in its discretion in a suspense or impersonal interest bearing security realised account of such sum as it considers appropriate by way
of security for the Outstanding Indebtedness (other than the Master Agreement Liabilities) relating to Portion B of the relevant Tranche or for any actual or contingent liability of the Lead Arrangers, the Co-Arrangers, the Agent, the Lower Saxony
Guarantee Agent or the Lenders or any of them in connection with the transactions herein contemplated so far as they relate to Portion B of the relevant Tranche; 

 

	 	TENTHLY	in or towards payment of Portion B of the relevant Tranche (whether or not then due and payable); 

  
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	 	ELEVENTHLY	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 Lead Arrangers, the Co-Arrangers, the Agent, the Lower Saxony Guarantee Agent and/or the Lenders under this Agreement, any of the other Security Documents or the Lower Saxony Guarantees in respect of the relevant Tranche and which the assigned
Earnings may be insufficient to satisfy; 

  

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

 

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

  

	 	FOURTEENTHLY	the balance, if any, in payment to the Borrower or whomsoever shall then be entitled thereto. 

In the event of the proceeds being insufficient to pay the amounts referred to above the Agent shall be entitled to collect the balance
from the Borrower. 
  

	 	13.2	General funds/Event of Default monies 

 If an Event of Default has occurred and any monies are received by the Agent, the Lower Saxony Guarantee Agent or any other Finance Party or, pursuant to Clause 12.4, any Affiliate under or pursuant
to the Security Documents or the Lower Saxony Guarantees or if any other monies are received by or in the possession of the Agent or any other Finance Party or, pursuant to Clause 12.4, any Affiliate under or pursuant to the Security Documents which
are expressed hereunder and/or under the Security Documents to be distributed in accordance with the provisions of this Clause or where no express provisions are made for disposal, such monies shall be applied in the discretion of the Agent as
follows: 
  

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

  
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	 	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 Lead Arrangers, the Co-Arrangers, the
Lenders, the Agent and/or the Lower Saxony Guarantee Agent are entitled hereunder and/or under the other Security Documents (other than the Master Agreements) and/or the Lower Saxony Guarantees in connection with the Facility;

  

	 	THIRDLY	in or towards satisfaction of all interest accrued on Portion A of each Tranche pro rata; 

 

	 	FOURTHLY	in retention by the Agent in its discretion in a suspense or impersonal interest bearing security realised account of such sum as it considers appropriate by way
of security for the Outstanding Indebtedness (other than the Master Agreement Liabilities) relating to Portion A of each Tranche or for any actual or contingent liability of the Lead Arrangers, the Co-Arrangers, the Agent, the Lower Saxony Guarantee
Agent or the Lenders or any of them in connection with the transactions herein contemplated so far as they relate to Portion A of each Tranche; 

  

	 	FIFTHLY	in or towards payment of Portion A of each Tranche pro rata; 

  

	 	SIXTHLY	in or towards payment of all losses, damages, expenses or currency risks arising from the exercise by the Borrower of the currency option contained in Clause 3 up to
the amount of two thirtieths (2/30ths) of the relevant Portion A as at the relevant Delivery Date of each Tranche in respect of which the currency option has been exercised; 

 

	 	SEVENTHLY	in or towards satisfaction of any other amounts due from the Borrower to the Lead Arrangers, the Co-Arrangers, the Agent, the Lower Saxony Guarantee Agent or the
Lenders under the Security Documents (other than the Master Agreement Liabilities) and/or the Lower Saxony Guarantees relating to Portion A of each of the Tranches pro rata using in the discretion of the Agent the same order of application as
FIRSTLY to SIXTHLY; 

  

	 	EIGHTHLY	in or towards satisfaction of all interest accrued on Portion B of each Tranche pro rata; 

 

	 	NINTHLY	in retention by the Agent in its discretion in a suspense or impersonal interest bearing security realised account of such sum as it considers appropriate by way of
security for the Outstanding Indebtedness (other than the Master Agreement Liabilities) relating to Portion B of each Tranche or for any actual or contingent liability of the Lead Arrangers, the Co-Arrangers, the Agent, the Lower Saxony Guarantee
Agent or the Lenders or any of them in connection with the transactions herein contemplated so far as they relate to Portion B of each Tranche; 

  
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	 	TENTHLY	in or towards payment of Portion B of each Tranche (whether or not then due and payable) pro rata; 

 

	 	ELEVENTHLY	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
Lead Arrangers, the Co-Arrangers, the Agent, the Lower Saxony Guarantee Agent and/or the Lenders under this Agreement, any of the other Security Documents or the Lower Saxony Guarantees and which the assigned Earnings may be insufficient to satisfy;

  

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

  

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

 

	 	13.3	Application of proceeds of Insurances 

 Proceeds of the Insurances for partial losses shall be applied in accordance with the relevant Insurance Assignment and/or the loss payable clause endorsed on the Insurances in the form approved by the
Agent and in the case of a Total Loss of a Vessel in accordance with Clause 4.11 and Clause 13.1. 
  

	 	13.4	Suspense account 

 Any
monies received or recovered by the Agent, the Lower Saxony Guarantee Agent or any Lender under or in connection with the Security Documents or the Lower Saxony Guarantees and credited to any suspense or impersonal interest bearing security realised
account in accordance with FOURTHLY or NINTHLY of Clause 13.1 or Clause 13.2 may be held in such account for so long as the Agent thinks fit pending application at the Agent’s discretion in accordance with FOURTHLY or
NINTHLY (as the case may be) of Clause 13.1 or Clause 13.2 (as the case may be). 
  

	14	Fees 

  

	 	14.1	Commitment fee 

 The
Borrower shall pay to the Agent for distribution to the Lenders quarterly in arrears during the relevant Commitment Period and on the last day of the relevant Commitment Period, forty per cent (40%) of the Applicable Margin on the relevant
payment date on the daily undrawn, uncancelled amount of the relevant Tranche during the relevant Commitment Period. The commitment fee payable in respect of a Tranche shall accrue in euro until the first Currency Conversion Date in respect of that
Tranche and thereafter in Dollars and be payable in euro and/or in Dollars (as the case may be). 

  
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	 	14.2	Other fees 

 The Borrower
will pay to the Agent on behalf of itself, the Lower Saxony Guarantee Agent, the Lead Arrangers, the Co-Arrangers and/or the Lenders, such fees as are set out in a separate commitment letter dated 10 May 2005. 

 

	 	14.3	Lower Saxony Guarantee fee 

 Throughout the period of the validity of a Lower Saxony Guarantee, the Borrower shall pay to the Lower Saxony Guarantee Agent quarterly in arrears commencing on the first Advance Date in respect of the
relevant Tranche for prompt on-payment to the German State of Lower Saxony a guarantee fee in euro on the relevant Lower Saxony Guaranteed Amount PROVIDED THAT: 
  

	 	14.3.1	the Lower Saxony Guaranteed Amount shall not be reduced pro rata with the reductions of the relevant Tranche made on the relevant Reduction Dates until the date on
which the relevant Maximum Tranche Amount as at the relevant Delivery Date has been reduced by three thirtieths (3/30ths); and 

  

	 	14.3.2	the Lower Saxony Guaranteed Amount shall thereafter reduce by one thirtieth (1/30th) on each subsequent relevant Reduction Date that a reduction is made; and

 if the Borrower exercises the currency option contained in Clause 3 in respect of the relevant Tranche:

  

	 	14.3.3	the guarantee fee shall be payable at the applicable rate thereafter as aforesaid; and 

 

	 	14.3.4	the guarantee fee shall continue to be payable in euro calculated at the relevant rate on the relevant Lower Saxony Guaranteed Amount. 

The Lower Saxony Guarantee fee shall be calculated at the rate of one per cent (1.00%) per annum on the daily drawn amount of the
Lower Saxony Guaranteed Amount and at the rate of nought point five per cent (0.5%) per annum on the daily undrawn amount of the Lower Saxony Guaranteed Amount. For the purpose of calculating the Lower Saxony Guarantee fee as aforesaid any voluntary
prepayment pursuant to Clause 4.8 shall be deemed to have been applied in prepayment pro rata of Portion A and Portion B of the relevant Tranche. 
 A Lower Saxony Guarantee fee schedule setting out the amounts of the fee to be paid shall be agreed between the Lower Saxony Guarantee Agent and the Borrower on or before the relevant Delivery Date in
respect of a Tranche and shall from such date be deemed to be a part of this Agreement. If the currency option contained in Clause 3 is exercised in respect of a Tranche to take effect after the relevant Delivery Date, a new Lower Saxony Guarantee
fee schedule shall be agreed between the Lower Saxony Guarantee Agent and the Borrower on the first Currency Conversion Date in respect of that Tranche and shall from such date be deemed to be a part of this Agreement in substitution for the
previously agreed Lower Saxony Guarantee fee schedule in respect of that Tranche. 

  
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	 	14.4	Back-end fee 

 Without
duplication of clause 6.2 of the Third Supplemental Deed, the Borrower shall pay to the Agent for distribution to the Lenders a back-end fee of [*] of the Facility on the date of the Third Supplemental Deed. The back-end fee shall be deemed to have
been earned on the date on which the Third Supplemental Deed and the Amendment Documents have been signed by all the parties thereto but shall be payable as to [*] on 23 December 2010 and on each of the next three (3) anniversaries of that
date PROVIDED THAT if payment of the back-end fee on any of such dates would result in a breach of the minimum Free Liquidity undertaking contained in Clause 10.3.1, Clause 10.3.2 or Clause 10.3.4 (as the case may be) on that date,
payment of the back-end fee will be postponed for three (3) months PROVIDED FURTHER THAT any balance of the back-end fee outstanding on the date the Facility is repaid and cancelled in full, shall be paid on such date and PROVIDED
FURTHER THAT the back-end fee in respect of the Facility may not be voluntarily prepaid in whole or in part unless the same percentage of the back-end fee payable in respect of each of the other Cash Sweep Credit Facilities is prepaid
simultaneously. 
  

	15	Expenses 

  

	 	15.1	Initial expenses 

 The
Borrower shall reimburse the Agent on demand on a full indemnity basis for the charges and expenses (together with value added tax or any similar tax thereon and including without limitation travel expenses and the fees and expenses of legal,
insurance and other advisers) by the Lead Arrangers, the Agent and the Lower Saxony Guarantee Agent in respect of the arrangement and syndication of the Facility and the negotiation, preparation, issue, printing, execution and registration of this
Agreement, the other Transaction Documents and the Lower Saxony Guarantees and any other documents required in connection with the implementation of this Agreement. 
  

	 	15.2	Enforcement expenses 

The Borrower shall reimburse the Agent, the Security Agent, the Lower Saxony Guarantee Agent and the Lenders on demand on a full
indemnity basis for all charges and expenses (including value added tax or any similar tax thereon and including the fees and expenses of legal advisers) incurred by the Agent, the Security Agent, the Lower Saxony Guarantee Agent and each of the
Lenders in connection with the enforcement of, or the preservation of any rights under, this Agreement, the other Security Documents and the Lower Saxony Guarantees. 
  

	 	15.3	Stamp duties 

 The
Borrower shall pay or indemnify the Agent, the Lower Saxony Guarantee Agent and each of the Lenders 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 or a Lower Saxony Guarantee. 

  
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	 	15.4	Steering Committee expenses 

 The Borrower shall reimburse any Lender that is a member of the Steering Committee on demand on a full indemnity basis for all documented charges and expenses reasonably incurred (including value added
tax or any similar tax thereon and including the fees and expenses of legal and other advisers) by that Lender in carrying out its duties as a member of the Steering Committee on or before the end of the Moratorium Period. 

 

	 	15.5	Amendment, addendum or supplement expenses 

 The Borrower undertakes to reimburse the Agent, the Security Agent and the Lower Saxony Guarantee 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) incurred by the Agent, the Security Agent and the Lower Saxony Guarantee Agent in respect of, or in connection with, the
negotiation, preparation, printing, execution, registration and enforcement of any amendment, addendum or supplement to any Security Document (whether or not completed) and any other documents required in connection with the implementation of such
amendment, addendum or supplement. 
  

	16	Waivers, Remedies Cumulative 

  

	 	16.1	No waiver 

 No failure to
exercise and no delay in exercising on the part of the Agent, the Lower Saxony Guarantee Agent or any of the Lenders any right or remedy under any of the Security Documents or the Lower Saxony Guarantees shall operate as a waiver thereof, nor shall
any single or partial exercise of any right or remedy preclude any other or further exercise thereof, or the exercise of any other right or remedy. No waiver by the Agent, the Lower Saxony Guarantee Agent or any of the Lenders shall be effective
unless it is in writing. 
  

	 	16.2	Remedies cumulative 

 The
rights and remedies of the Agent and the Lenders provided herein are cumulative and not exclusive of any rights or remedies provided by law. 
  

	 	16.3	Severability 

 If any
provision of this Agreement is prohibited or unenforceable in any jurisdiction, such prohibition or unenforceability shall not invalidate the remaining provisions hereof or affect the validity or enforceability of such provision in any other
jurisdiction. 
  

	 	16.4	Time of essence 

 Time is
of the essence in respect of all of the obligations of the Borrower under the Security Documents and the Lower Saxony Guarantees provided however that none of the Agent, the Lower Saxony Guarantee Agent or any of the Lenders shall be entitled to
terminate or treat this Agreement or any of the other Security Documents as having been repudiated otherwise than in circumstances which constitute an Event of Default. 

  
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	17	Counterparts 

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

	18	Changes to the Lenders 

  

	 	18.1	Assignments and transfers by the Lenders 

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

	 	18.1.1	assign any of its rights under the Security Documents and the Lower Saxony Guarantees; or 

 

	 	18.1.2	transfer by novation any of its rights and obligations under the Security Documents and the Lower Saxony Guarantees, 

to another bank or financial institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose
of making, purchasing or investing in loans, securities or other financial assets (the “New Lender”) PROVIDED THAT any such assignment or transfer shall be in respect of an amount of its Commitment and/or Contribution of not
less than five million euro (EUR5,000,000) or five million Dollars (USD5,000,000) (as the case may be). 
 Further, the Borrower
shall have the right to require that an Existing Lender assigns or transfers the whole of its Commitment and Contribution to a New Lender proposed by the Borrower and approved by the Lenders if the cost to the Existing Lender of funding any part of
the Facility is materially higher than the cost to the other Lenders or if the Existing Lender is affected by the provisions of Clauses 4.9, 7.2 or 8.1 and the cost to the Borrower is materially higher than in respect of the other Lenders similarly
affected. 
  

	 	18.2	Conditions of assignment or transfer 

  

	 	18.2.1	The consent of the Agent, the Lower Saxony Guarantee Agent and the Borrower is required for an assignment or transfer by a Lender, unless the assignment or transfer is
to another Lender or an Affiliate of a Lender. The said consents of the Agent and the Borrower may not be unreasonably withheld or delayed and, in the case of the Borrower, shall not be required if an Event of Default has occurred and is continuing.

 Each Lender may, however, without the prior approval of the Agent, the Lower Saxony Guarantee 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 the German State of Lower Saxony or its nominee. 

 

	 	18.2.2	An assignment will only be effective on: 

  

	 	(a)	 receipt by the Agent of written confirmation from the New Lender (in form and substance satisfactory to the Agent) that the New

  
 86 

	 	
Lender will assume the same obligations to the Agent and the other Lenders as it would have been under if it was an Original Lender; and 

 

	 	(b)	performance by the Agent of all “know your customer” or other checks relating to any person that it is required to carry out in relation to such assignment to
a New Lender, the completion of which the Agent shall promptly notify to the Existing Lender and the New Lender. 

  

	 	18.2.3	A transfer will only be effective if the procedure set out in Clause 18.5 is complied with. 

 

	 	18.2.4	If: 

  

	 	(a)	a Lender assigns or transfers any of its rights or obligations under the Security Documents and the Lower Saxony Guarantees or changes its Lending Branch; and

  

	 	(b)	as a result of circumstances existing at the date the assignment, transfer or change occurs, the Borrower would be obliged to make a payment to the New Lender or Lender
acting through its new Lending Branch under Clause 7, 

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

 

	 	18.3	Assignment or transfer fee 

 The Existing Lender shall, on the date upon which an assignment or transfer takes effect, pay to the Agent (for its own account) a fee of three thousand Dollars (USD3,000). 

 

	 	18.4	Limitation of responsibility of Existing Lenders 

  

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

  

	 	(a)	the legality, validity, effectiveness, adequacy or enforceability of the Security Documents, the Lower Saxony Guarantees or any other documents;

  

	 	(b)	the financial condition of the Borrower or the German State of Lower Saxony; 

 

	 	(c)	the performance and observance by any Obligor or the German State of Lower Saxony of its obligations under the Security Documents, the Lower Saxony Guarantees or any
other documents; or 

  

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

  
 87 

 and any representations or warranties implied by law are excluded. 

 

	 	18.4.2	Each New Lender confirms to the Existing Lender, the Agent and the other Lenders that it: 

 

	 	(a)	has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and the German State of
Lower Saxony and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any Security Document or either Lower Saxony
Guarantee; and 

  

	 	(b)	will continue to make its own independent appraisal of the creditworthiness of each Obligor and the German State of Lower Saxony and its related entities whilst any
amount is or may be outstanding under the Security Documents or the Lower Saxony Guarantees or any Commitment is in force. 

  

	 	18.4.3	Nothing in any Security Document or either Lower Saxony Guarantee obliges an Existing Lender to: 

 

	 	(a)	accept a re-transfer from a New Lender of any of the rights and obligations assigned or transferred under this Clause 18; or 

 

	 	(b)	support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Security Documents,
the Lower Saxony Guarantees or otherwise. 

  

	 	18.5	Procedure for transfer 

  

	 	18.5.1	Subject to the conditions set out in Clause 18.2, a transfer is effected in accordance with Clause 18.5.3 when the Agent executes an otherwise duly completed Transfer
Certificate delivered to it by the Existing Lender and the New Lender. The Agent shall, subject to Clause 18.5.2, as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with the
terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer Certificate. 

  

	 	18.5.2	The Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the New Lender once it is satisfied it has complied with
all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to the transfer to such New Lender. 

  
 88 

	 	18.5.3	On the Transfer Date: 

  

	 	(a)	to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Security Documents and the Lower
Saxony Guarantees each of the Borrower and the Existing Lender shall be released from further obligations towards one another under the Security Documents and the Lower Saxony Guarantees and their respective rights against one another shall be
cancelled (being the “Discharged Rights and Obligations”); 

  

	 	(b)	each of the Borrower and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights
and Obligations only insofar as the Borrower and the New Lender have assumed and/or acquired the same in place of the Borrower and the Existing Lender; 

  

	 	(c)	the Agent, the Lower Saxony Guarantee Agent, the New Lender and other Lenders shall acquire the same rights and assume the same obligations between themselves as they
would have acquired and assumed had the New Lender been an Original Lender with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Agent, the Lower Saxony Guarantee Agent and the Existing
Lender shall each be released from further obligations to each other under this Agreement and/or the Lower Saxony Guarantees; and 

  

	 	(d)	the New Lender shall become a party as a “Lender”. 

  

	 	18.6	Copy of Transfer Certificate to Borrower 

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

 

	 	18.7	Disclosure of information 

Any Lender may disclose to any of its Affiliates and/or the German State of Lower Saxony 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 any other person: 
  

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

  

	 	18.7.2	with (or through) whom that Lender enters into (or may potentially enter into) any sub-participation in relation to, or any other transaction under which payments are
to be made by reference to, this Agreement or the Borrower; or 

  

	 	18.7.3	 to whom, and to the extent that, information is required to be disclosed by any applicable law or regulation,

  
 89 

 any information about any Obligor, the Transaction Documents and the Lower Saxony
Guarantees as that Lender shall consider appropriate if, in relation to Clauses 18.7.1 and 18.7.2, the person to whom the information is to be given has entered into a Confidentiality Undertaking. In the case of the German State of Lower Saxony
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, the Borrower acknowledges and agrees that any such information may be used by such persons
for statistical purposes and/or for reports of a general nature. 
  

	 	18.8	Borrower’s co-operation 

 The Borrower shall co-operate fully with the Lender in relation to any assignment or transfer proposed by the Lender and shall execute, or procure the execution of, any documents which the Lender may
require. 
  

	19	Changes to the Borrower 

The Borrower may not assign any of its rights or transfer any of its rights or obligations under the Security Documents or the Lower
Saxony Guarantees. 
  

	20	Reference Banks, Agent, Lower Saxony Guarantee Agent and Steering Committee 

 

	 	20.1	Reference Banks 

 If:

  

	 	20.1.1	the whole of the Contribution (if any) of any Reference Bank is prepaid; 

  

	 	20.1.2	the Commitment of any Reference Bank is cancelled or reduced to zero in accordance with Clause 4.9 or any other relevant provision hereof; 

 

	 	20.1.3	a Reference Bank transfers the whole of its rights and obligations (if any) as a Lender under this Agreement; or 

 

	 	20.1.4	where applicable, any Reference Bank ceases to provide quotations to the Agent for the purposes of determining LIBOR, 

the Agent may, acting on the instructions of the Majority Lenders, terminate the appointment of such Reference Bank and appoint another
Lender to replace such Reference Bank. 
  

	 	20.2	Decision making 

  

	 	20.2.1	Save as expressly provided in Clause 20.2.2 or as otherwise expressly provided herein, any proposed course of action in connection with any matter requiring the consent
of the Lenders under or in connection howsoever with this Agreement shall only be taken with the consent of all the Lenders including, but without limitation to the generality of the foregoing: 

 

	 	(a)	the release of the Borrower from any of its obligations hereunder; 

  

	 	(b)	the amendment of any of the provisions of this Agreement; 

  

	 	(c)	any time or other indulgence to be granted to the Borrower in respect of its obligations under this Agreement. 

  
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	 	20.2.2	Proposals in connection with the following matters shall, in the absence of agreement thereon by all of the Lenders or as otherwise provided in this Agreement, be
determined by the Majority Lenders and the Lower Saxony Guarantee Agent: 

  

	 	(a)	the making of any declaration by the Agent under Clause 12.2; 

  

	 	(b)	the institution of any legal proceedings for the enforcement of any rights or powers whatsoever pursuant to the terms of this Agreement; 

 

	 	(c)	any course of action whatsoever from time to time (other than the making of a demand for payment hereunder) whether of a legal or commercial nature or otherwise
howsoever for the purpose of achieving a full or partial recovery of any principal, interest or other amount due and payable by the Borrower hereunder or otherwise in connection therewith following the making of a declaration by the Agent under
Clause 12.2; 

  

	 	(d)	any other matter in respect of which this Agreement expressly provides that the consent of the Majority Lenders shall be required. 

 

	 	20.2.3	Any determination of the Lenders shall be ascertained by the Agent or the Lower Saxony Guarantee Agent (as the case may be) either: 

 

	 	(a)	by means of a telefax sent by the Agent or the Lower Saxony Guarantee Agent (as the case may be) to each of the Lenders in identical terms on the proposal or matter in
issue; or 

  

	 	(b)	by means of the vote of representatives of each Lender at a meeting convened by the Agent or the Lower Saxony Guarantee Agent (as the case may be) and held for the
purpose of discussing (inter alia) such proposal or matter in issue. 

 Furthermore, it is hereby agreed by the
Lenders that: 
  

	 	(i)	where a decision of the Lenders is sought by the Agent or the Lower Saxony Guarantee Agent (as the case may be) by means of a telefax sent in accordance with paragraph
(a) above and PROVIDED THAT the Agent or the Lower Saxony Guarantee Agent (as the case may be) verifies forthwith by telephone with each relevant Lender that it has received such telefax in good order, then the Agent or the Lower Saxony
Guarantee Agent (as the case may be) may in its telefax: 

  

	 	(1)	recommend a proposed course of action to be taken by the Lenders; and 

  

	 	(2)	specify a time limit (of not less than three (3) Business Days) within which the Lenders are required to respond to the Agent’s or the Lower Saxony Guarantee
Agent’s (as the case may be) recommendation 

  
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 so that, if any Lender fails to notify the Agent or the Lower Saxony Guarantee Agent (as
the case may be) within such time limit of its response to the recommendation, such Lender shall be deemed to have accepted and approved the course of action proposed by the Agent or the Lower Saxony Guarantee Agent (as the case may be); and

  

	 	(ii)	where the approval of the Majority Lenders is required in respect of any matter, the approval shall be deemed to have been given as soon as the Agent or the Lower
Saxony Guarantee Agent (as the case may be) receives the requisite number of votes in favour of the proposal so that the Agent or the Lower Saxony Guarantee Agent (as the case may be) may act on the basis of such votes without having to wait for the
response of (or to give any notification to) any other Lender who has yet to reply to the Agent or the Lower Saxony Guarantee Agent (as the case may be). 

  

	 	20.3	The Agent and the Lower Saxony Guarantee Agent 

  

	 	20.3.1	Each of the Lenders and the Lower Saxony Guarantee Agent hereby appoints the Agent to act as its agent under this Agreement and the Security Documents with such rights,
powers and discretions as are expressly delegated to the Agent hereunder and thereunder. 

  

	 	20.3.2	Each of the Lenders and the Agent hereby appoints the Lower Saxony Guarantee Agent to act as its agent under the Lower Saxony Guarantees with such rights, powers and
discretions as are expressly delegated to the Lower Saxony Guarantee Agent hereunder and thereunder. 

  

	 	20.3.3	Except where the context otherwise requires, references in this Clause 20 to the “Agent” shall mean the Agent and the Security Agent individually and
collectively. 

  

	 	20.3.4	The Agent shall: 

  

	 	(a)	promptly inform the Lenders of the contents of any notice or request received by it from the Borrower under this Agreement (whether such notice or request is addressed
to the Agent alone or the Agent on behalf of the Lenders) and of any information delivered to it pursuant to Clause 10.2 and of any other matters which the Agent considers material; 

 

	 	(b)	promptly deliver to the Lenders copies of any accounts and certificates delivered to it pursuant to Clause 10.2 and, as soon as reasonably practicable, copies of the
documents delivered in satisfaction of the requirements of Schedule 3; 

  
 92 

	 	(c)	promptly inform the Lenders in reasonable detail of any exercise by it of any of the rights, powers and/or discretions vested in it hereunder (but without the Agent
being under any obligation to give prior notice to the Lenders of any such exercise); 

  

	 	(d)	promptly notify the Lenders of the occurrence of any Event of Default or any other default by the Borrower in the due performance of or compliance with its material
obligations under this Agreement of which the Agent has actual knowledge or actual notice and the occurrence of which the Agent has verified; 

  

	 	(e)	if directed by the Majority Lenders, exercise (or refrain from exercising) any right, power or discretion vested in it hereunder in accordance with the directions
(subject to Clause 20.2.1) of the Majority Lenders provided, however, that it may refrain from acting in accordance with any such directions until it has received such security as it may require (whether by way of payment in advance or otherwise)
for all costs, claims, expenses (including legal fees) and liabilities which it will or may expend or incur in complying with such directions and for this purpose the Agent shall make a demand for such security addressed to all the Lenders;

  

	 	(f)	receive from the Borrower all payments of principal, interest and other moneys expressed to be payable to the Agent hereunder on behalf of all or any of the Lenders and
the Lower Saxony Guarantee Agent and shall promptly distribute the same amongst the Lenders, the Lower Saxony Guarantee Agent, the German State of Lower Saxony and itself in accordance with the terms of this Agreement and the Lower Saxony Guarantees
pending which the Agent shall hold any and all such moneys on trust for the Lenders, the Lower Saxony Guarantee Agent, the German State of Lower Saxony and itself; and 

 

	 	(g)	enter into any amendment to any of the Security Documents or grant any waiver of any obligation of any of the Obligors under any of such Security Documents if so
instructed by the Lenders. 

  

	 	20.3.5	The Lower Saxony Guarantee Agent shall: 

  

	 	(a)	promptly inform the Lenders of the contents of any notice or request received by it from the German State of Lower Saxony under a Lower Saxony Guarantee (whether such
notice or request is addressed to the Lower Saxony Guarantee Agent alone or the Lower Saxony Guarantee Agent on behalf of the Lenders) and of any other matters which the Lower Saxony Guarantee Agent considers material; 

 

	 	(b)	promptly inform the Lenders in reasonable detail of any exercise by it of any of the rights, powers and/or discretions vested in it hereunder (but without the Lower
Saxony Guarantee Agent being under any obligation to give prior notice to the Lenders of any such exercise); 

  
 93 

	 	(c)	promptly notify the Lenders of the occurrence of any Event of Default or any other default by the Borrower in the due performance of or compliance with its material
obligations under a Lower Saxony Guarantee of which the Lower Saxony Guarantee Agent has actual knowledge or actual notice and the occurrence of which the Lower Saxony Guarantee Agent has verified; 

 

	 	(d)	if directed by the Majority Lenders, exercise (or refrain from exercising) any right, power or discretion vested in it hereunder in accordance with the directions
(subject to Clause 20.2.1) of the Majority Lenders provided, however, that it may refrain from acting in accordance with any such directions until it has received such security as it may require (whether by way of payment in advance or otherwise)
for all costs, claims, expenses (including legal fees) and liabilities which it will or may expend or incur in complying with such directions and for this purpose the Lower Saxony Guarantee Agent shall make a demand for such security addressed to
all the Lenders; 

  

	 	(e)	receive from the Borrower the Lower Saxony guarantee fee and shall promptly on-pay the same to the German State of Lower Saxony in accordance with the terms of this
Agreement and the Lower Saxony Guarantees pending which the Lower Saxony Guarantee Agent shall hold any and all such moneys on trust for the German State of Lower Saxony; and 

 

	 	(f)	receive from the German State of Lower Saxony all payments expressed to be payable under a Lower Saxony Guarantee on behalf of all or any of the Lenders and the Agent
and shall promptly pay the same to the Agent who shall distribute the same amongst the Lenders, the Lower Saxony Guarantee Agent and itself in accordance with the terms of this Agreement pending which the Lower Saxony Guarantee Agent and the Agent
in turn shall hold any and all such moneys on trust for the Lenders, the Agent or the Lower Saxony Guarantee Agent (as the case may be) and itself. 

  

	 	20.3.6	The relationship between the Agent on the one part and each Lender and the Lower Saxony Guarantee Agent on the other and between the Lower Saxony Guarantee Agent on the
one part and each Lender and the Agent on the other is that of agent and principal and, except in relation to any moneys referred to in Clause 20.3.4(f) and any moneys received by the Agent from the Lower Saxony Guarantee Agent and in each case held
by the Agent pending distribution hereunder and in relation to any moneys referred to in Clause 20.3.5(e) held by the Lower Saxony Guarantee Agent pending distribution by the Agent hereunder, neither the Agent nor the Lower Saxony Guarantee Agent
shall have a fiduciary relationship with or be, or be deemed to be, a trustee of or for any such party. 

  
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	 	20.3.7	In addition to the powers expressly given to the Agent and the Lower Saxony Guarantee Agent by this Agreement: 

 

	 	(a)	the Lenders may give the Agent or the Lower Saxony Guarantee Agent (generally or in any particular case) any powers which the Lenders consider appropriate; and

  

	 	(b)	each of the Agent and the Lower Saxony Guarantee Agent has power to take any other action which it considers to be reasonably incidental or conducive to the performance
of its functions under this Agreement or otherwise appropriate in the context of those functions, including the exercise of any powers given to it by the Lenders. 

 

	 	20.3.8	The rights, powers and discretions vested in the Agent and the Lower Saxony Guarantee Agent by this Agreement shall only be exercised by the Agent or the Lower Saxony
Guarantee Agent (as the case may be) in accordance with the instructions of the Majority Lenders or (if so required in accordance with the provisions of Clause 20.2.1) the Lenders provided however that the Agent and/or the Lower Saxony Guarantee
Agent (as the case may be) shall be entitled (but not bound) to exercise or refrain from exercising any such right, power or discretion without the directions of the Majority Lenders or the Lenders (as the case may be) if the Agent and/or the Lower
Saxony Guarantee Agent (as the case may be) believes that the immediate exercise of such right, power or discretion is necessary or desirable to protect the interests of the Lenders under or in respect of this Agreement. 

Where any right, power or discretion is vested in the Agent or the Lower Saxony Guarantee Agent (as the case may be) under this Agreement
but is expressed as being exercisable in accordance with the directions of the Lenders or the Majority Lenders, such right, power or discretion shall not be exercised by the Agent or the Lower Saxony Guarantee Agent (as the case may be) without the
lawful directions of the Lenders or the Majority Lenders (as the case may be). 
  

	 	20.3.9	Notwithstanding anything to the contrary expressed or implied herein, neither the Agent nor the Lower Saxony Guarantee Agent shall: 

 

	 	(a)	be bound to enquire as to the occurrence or otherwise of any Event of Default or as to the performance by the Borrower of its obligations under this Agreement;

  

	 	(b)	be bound to disclose to any other person any information relating to the Borrower if such disclosure would or might in its opinion constitute a breach of any law or
regulation or be otherwise actionable at the suit of any person; 

  

	 	(c)	have any responsibility to the Lenders or each other for: 

  

	 	(i)	the financial position, creditworthiness, affairs or prospects of the Borrower; 

 

	 	(ii)	the performance or non-performance howsoever by the Borrower of any of its obligations hereunder; 

  
 95 

	 	(iii)	the due execution, effectiveness, genuineness, validity or enforceability of this Agreement or any document relating hereto or any filing or recording thereof or the
taking of any other action whatsoever and howsoever in connection therewith or the collectability of any sum due hereunder; 

  

	 	(iv)	any computations and/or information supplied to the Lenders by the Agent or the Lower Saxony Guarantee Agent (as the case may be) in reliance upon which the Lenders
have entered into this Agreement; 

  

	 	(d)	be under any liability whatsoever for any consequence of relying on: 

  

	 	(i)	any written communication or document believed by it to be genuine or correct and to have been communicated or signed by the person by whom it is purported to have been
communicated or signed; or 

  

	 	(ii)	the advice or opinions of any professional advisers selected by it; 

  

	 	(e)	be under any duty to account to any Lender or the Agent or the Lower Saxony Guarantee Agent (as the case may be) for any sum received by it for its own account or the
profit element of any such sum; or 

  

	 	(f)	be under any obligation other than those for which express provision is made herein. 

 

	 	20.3.10	Each of the Agent and the Lower Saxony Guarantee Agent may: 

  

	 	(a)	carry out its duties hereunder through such officers, directors, employees, consultants or independent agents as it may in its unfettered discretion think fit;

  

	 	(b)	assume that no Event of Default has occurred and that the Borrower is not in breach of its obligations under this Agreement unless the Agent or the Lower Saxony
Guarantee Agent (as the case may be) has actual knowledge or actual notice to the contrary; 

  

	 	(c)	engage and pay for the advice or services of any internal or external lawyers, accountants, surveyors or other experts whose advice or services may to it seem
necessary, expedient or desirable and rely upon any advice so obtained; 

  

	 	(d)	rely as to any matters of fact which might reasonably be expected to be within the knowledge of the Borrower upon a certificate signed by or on behalf of the Borrower;
and 

  

	 	(e)	rely upon any communication or document believed by it to be genuine. 

  
 96 

	 	20.3.11	It is understood that each of the Lenders has itself been, and will continue to be, solely responsible for making its own independent appraisal of and investigations
into the financial condition, creditworthiness, condition, affairs, status and nature of the Borrower and the German State of Lower Saxony and, accordingly, each of the Lenders warrants to the Agent and the Lower Saxony Guarantee Agent that it has
not relied and will not rely on the Agent or the Lower Saxony Guarantee Agent (as the case may be): 

  

	 	(a)	to check or enquire on its behalf into the adequacy, accuracy or completeness of any information provided by the Borrower or the German State of Lower Saxony in
connection with this Agreement or a Lower Saxony Guarantee; or 

  

	 	(b)	to assess or keep under review on its behalf the financial condition, creditworthiness, condition, affairs, status or nature of the Borrower or the German State of
Lower Saxony. 

  

	 	20.3.12	Subject to the terms of this Agreement, this Agreement shall be serviced, supervised and administered by the Agent and the Lower Saxony Guarantee Agent in the ordinary
course of its business and in accordance with its usual practices. In performing its duties and functions hereunder, each of the Agent and the Lower Saxony Guarantee Agent shall exercise the same care as it normally exercises in making and
administering loans for its own account, but assumes no further responsibility in respect of such performance. 

  

	 	20.3.13	Neither the Agent nor the Lower Saxony Guarantee Agent shall be under any liability as a result of taking or omitting to take any action in relation to this Agreement
and/or a Lower Saxony Guarantee save in the case of gross negligence or wilful misconduct and the Lenders will not assert or seek to assert against any director, officer or employee of the Agent or the Lower Saxony Guarantee Agent any claim they
might have against any of them in respect of the matters referred to in this Clause 20.3.13. 

  

	 	20.3.14	Neither the Agent (nor any officer thereof) nor the Lower Saxony Guarantee Agent (nor any officer thereof) shall be precluded by reason of so acting from underwriting,
guaranteeing the subscription of or subscribing for or otherwise acquiring, holding or dealing with any debentures, shares or securities whatsoever of the Borrower or from entering into any contract or financial or other transaction with or from
engaging in any banking or other business with the Borrower and shall not be liable to account for any profit made or payment received by it thereby or in connection therewith. 

 

	 	20.4	Retirement and replacement of the Agent and the Lower Saxony Guarantee Agent 

 

	 	20.4.1	 Each of the Agent and the Lower Saxony Guarantee Agent may retire at any time without assigning any reason by giving to the Borrower, the Agent or the
Lower Saxony Guarantee Agent (as the case may be) and the Lenders not less than thirty (30) days notice of its intention to do so. Unless the Agent or the Lower Saxony Guarantee Agent (as the case may be) in its notice of retirement nominates
any of its associated companies 

  
 97 

	 	
to be its successor, the successor Agent or Lower Saxony Guarantee Agent may be appointed by the Majority Lenders (with the prior written consent of the Borrower, such consent not to be
unreasonably withheld or delayed) during such thirty (30) day period PROVIDED THAT, should they fail to do so, the Agent or the Lower Saxony Guarantee Agent (as the case may be) may then appoint as its successor a reputable and
experienced bank with an office in London. 

  

	 	20.4.2	If any Lender is dissatisfied with the Agent or the Lower Saxony Guarantee Agent and wants it to be replaced, such Lender shall consult with the other relevant Lenders
and the Borrower for a period of up to thirty (30) days to decide whether the Agent or the Lower Saxony Guarantee Agent (as the case may be) should be replaced and, if so, by whom (such replacement being one of the relevant Lenders or an
associated company thereof). If at the end of such period the relevant Lenders unanimously agree that the Agent or the Lower Saxony Guarantee Agent (as the case may be) should be replaced by a particular Lender or one of its associated companies,
and if the Borrower consents in writing to the identity of the proposed replacement (such consent (a) not to be unreasonably withheld and (b) not to be required if an Event of Default has occurred and is continuing), then notice shall be
given by the relevant Lenders to the Agent or the Lower Saxony Guarantee Agent (as the case may be) specifying the date, being not fewer than five (5) Business Days after the date of such notice, on which the appointment of the successor Agent
or Lower Saxony Guarantee Agent (as the case may be) is, subject to Clause 20.4.4, to take effect. 

  

	 	20.4.3	For the purposes of this Clause 20.4: 

  

	 	(a)	an “associated company” of the Agent, the Lower Saxony Guarantee Agent and/or any Lender shall mean any company which is a holding company of the
Agent, the Lower Saxony Guarantee Agent and/or such Lender or a wholly-owned subsidiary of it or its parent company; and 

  

	 	(b)	“relevant Lenders” means all of the Lenders other than that Lender which acts as Agent or Lower Saxony Guarantee Agent or whose associated company acts
in such capacity. 

  

	 	20.4.4	Any appointment of a successor Agent or Lower Saxony Guarantee Agent under Clause 20.4.1 or 20.4.2 shall take effect upon: 

 

	 	(a)	the successor confirming in writing its agreement to be bound by the provisions of this Agreement; and 

 

	 	(b)	notice thereof by the Agent or the Lower Saxony Guarantee Agent (as the case may be) and its successor (which notice, shall specify the banks to which payments to the
new Agent or Lower Saxony Guarantee Agent shall be made thereafter) being given to each of the other parties to this Agreement. 

  

	 	20.4.5	If a successor to the Agent or the Lower Saxony Guarantee Agent is appointed under the provisions of this Clause 20.4: 

 

	 	(a)	the outgoing Agent or Lower Saxony Guarantee Agent shall be discharged from any further obligation under this Agreement; 

  
 98 

	 	(b)	its successor and each of the other parties hereto shall have the same rights and obligations amongst themselves as they would have had if such successor had been a
party hereto in place of the outgoing Agent or Lower Saxony Guarantee Agent (as the case may be); 

  

	 	(c)	Clause 20 and the other provisions of this Agreement shall remain in effect for the benefit and protection of the outgoing Agent or Lower Saxony Guarantee Agent (as the
case may be) in relation to any claim or loss which may be brought against or incurred by it in connection with or as a result of any act, omission, breach, neglect or other occurrence or matter relating to or arising out of this Agreement which
took place before its resignation. 

  

	 	20.5	Steering Committee 

  

	 	20.5.1	The Group-Wide Lenders shall establish the Steering Committee. 

  

	 	20.5.2	Notwithstanding anything to the contrary expressed or implied herein, no member of the Steering Committee shall: 

 

	 	(a)	be bound to enquire as to the occurrence or otherwise of any Event of Default or as to the performance by the Borrower of its obligations under this Agreement;

  

	 	(b)	be bound to disclose to any other person any information relating to the Borrower if such disclosure would or might in its opinion constitute a breach of any law or
regulation or be otherwise actionable at the suit of any person; 

  

	 	(c)	have any responsibility to the Lenders or each other for: 

  

	 	(i)	the financial position, creditworthiness, affairs or prospects of the Borrower; 

 

	 	(ii)	the performance or non-performance howsoever by the Borrower of any of its obligations hereunder; 

 

	 	(iii)	the due execution, effectiveness, genuineness, validity or enforceability of this Agreement or any document relating hereto or any filing or recording thereof or the
taking of any other action whatsoever and howsoever in connection therewith or the collectability of any sum due hereunder; 

  

	 	(d)	be under any liability whatsoever for any consequence of relying on: 

  

	 	(i)	any written communication or document believed by it to be genuine or correct and to have been communicated or signed by the person by whom it is purported to have been
communicated or signed; or 

  
 99 

	 	(ii)	the advice or opinions of any professional advisers selected by it or the Steering Committee; 

 

	 	(e)	be under any duty to account to any Lender for any sum received by it for its own account or the profit element of any such sum PROVIDED THAT any member of the
Steering Committee shall on demand of a Group-Wide Lender provide to that Group-Wide Lender evidence of any cost, charge or expense incurred in its role as a member of the Steering Committee; or 

 

	 	(f)	be under any obligation other than those for which express provision is made herein. 

 

	 	20.5.3	Each member of the Steering Committee may: 

  

	 	(a)	carry out its duties through such officers, directors, employees, consultants or independent agents as it may in its unfettered discretion think fit;

  

	 	(b)	assume that no Event of Default has occurred and that the Borrower is not in breach of its obligations under this Agreement unless the member has actual knowledge or
actual notice to the contrary; 

  

	 	(c)	with the agreement of the Steering Committee, engage any internal or external lawyers, accountants, surveyors or other experts whose advice or services may to it seem
necessary, expedient or desirable and rely upon any advice so obtained PROVIDED THAT the law firm appointed as principle advisers to the Steering Committee shall be approved by the Majority Group-Wide Lenders; 

 

	 	(d)	rely as to any matters of fact which might reasonably be expected to be within the knowledge of the Borrower upon a certificate signed by or on behalf of the Borrower;
and 

  

	 	(e)	rely upon any communication or document believed by it to be genuine. 

  

	 	20.5.4	Notwithstanding the establishment of the Steering Committee, it is understood that each of the Lenders has itself been, and will continue to be, solely responsible for
making its own independent appraisal of and investigations into the financial condition, creditworthiness, condition, affairs, status and nature of the Borrower and, accordingly, each of the Lenders warrants to the members of the Steering Committee
that it has not relied and will not rely on the Steering Committee: 

  

	 	(a)	to check or enquire on its behalf into the adequacy, accuracy or completeness of any information provided by the Borrower in connection with this Agreement; or

  
 100

	 	(b)	to assess or keep under review on its behalf the financial condition, creditworthiness, condition, affairs, status or nature of the Borrower. 

 

	 	20.5.5	Subject to the terms of this Agreement, each member of the Steering Committee shall exercise the same care as it normally exercises in making and administering loans
for its own account in performing its duties as a member of the Steering Committee but assumes no further responsibility in respect of such performance. 

  

	 	20.5.6	No member of the Steering Committee shall be under any liability as a result of taking or omitting to take any action in relation to the NCLC Group Credit Facilities
and the Lenders will not assert or seek to assert against any director, officer or employee of that member any claim they might have against any of them in respect of the matters referred to in this Clause 20.5.6. 

 

	 	20.5.7	The relationship between a member of the Steering Committee on the one part and each Lender on the other is that of agent and principal only and no member of the
Steering Committee shall have a fiduciary relationship with or be, or be deemed to be, a trustee of or for any such party. 

  

	 	20.5.8	Notwithstanding the provisions of Clause 20.5.7, no member of the Steering Committee shall be regarded as the Agent or the Security Agent or exercise any right, power
or discretion expressly delegated to the Agent or the Security Agent under this Agreement or the Security Documents. 

  

	 	20.5.9	Unless expressly authorised in writing by the Group-Wide Lenders and then on such terms and conditions as the Group-Wide Lenders may require, the Steering Committee
shall not negotiate the terms of or enter into any agreement on behalf of the Group-Wide Lenders or any of them. 

This Clause 20.5 and Clause 15.4 may be relied upon by any member of the Steering Committee notwithstanding the provisions of Clause 1.5.

  

	 	20.6	Trust 

 Each Lender and
the Agent appoints the Security Agent to act as its security agent for the purpose of the Security Documents with effect from 2 April 2009. 
 Each Lender and the Agent authorises the Security Agent to exercise the rights, powers, authorities and discretions specifically given to the Security Agent under or in connection with the Security
Documents together with any other incidental rights, powers, authorities and discretions. 
 The Security Agent agrees and
declares, and each of the Lenders and the Agent acknowledges, that, subject to the terms and conditions of this Clause 20.6, the Security Agent holds the Trust Property on trust for the Agent and the Lenders absolutely. Each of the Lenders and the
Agent agrees that the obligations, rights and benefits vested in the Security Agent shall be performed and exercised in accordance with this Clause 20.6. The Security Agent shall have the benefit of all of the provisions of this Agreement benefiting
it in its capacity as security agent for the Lenders and the Agent, and all the powers and discretions conferred on trustees by the Trustee Act 1925 (to the extent not inconsistent with this Agreement). In addition: 

 

	 	20.6.1	the Security Agent and any attorney, agent or delegate of the Security Agent may indemnify itself or himself out of the Trust Property against all liabilities, costs,
fees, damages, charges, losses and expenses sustained or incurred by it or him in relation to the taking or holding of any of the Trust Property or in connection with the exercise or purported exercise of the rights, trusts, powers and discretions
vested in the Security Agent or any other such person by or pursuant to the Security Documents or in respect of anything else done or omitted to be done in any way relating to the Security Documents; 

  
 101

	 	20.6.2	the Lenders and the Agent acknowledge that the Security Agent shall be under no obligation to insure any property nor to require any other person to insure any property
and shall not be responsible for any loss which may be suffered by any person as a result of the lack or insufficiency of any insurance; 

  

	 	20.6.3	the Lenders and the Agent agree that the perpetuity period applicable to the trusts declared by this Deed shall be the period of one hundred and twenty five
(125) years from 2 April 2009; and 

  

	 	20.6.4	save as otherwise provided in the Security Documents, all moneys which under the trusts therein contained are received by the Security Agent may be invested in the name
of or under the control of the Security Agent in any investment for the time being authorised by English law for the investment by trustees of trust money or in any other investments which may be selected by the Security Agent, and the same may be
placed on deposit in the name of or under the control of the Security Agent at such bank or institution (including the Security Agent) and upon such terms as the Security Agent may think fit. 

The provisions of Part I of the Trustee Act 2000 shall not apply to the Security Agent or the Trust Property. 

 

	21	Notices 

  

	 	21.1	Mode of communication 

Except as otherwise provided herein, each notice, request, demand or other communication or document to be given or made hereunder shall
be given in writing but unless otherwise stated, may be made by telefax. 
  

	 	21.2	Address 

 Any notice,
demand or other communication (unless made by telefax) to be made or delivered by the Agent to the Borrower pursuant to this Agreement shall (unless the Borrower has by fifteen (15) days’ written notice to the Agent specified another
address) be made or delivered to the Borrower at 7665 Corporate Center Drive, Miami, Florida 33126, United States of America (marked for the attention of the Chief Financial Officer and the Legal Department) (but one (1) copy shall
suffice). Any notice, demand or other 

  
 102

 
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 Lending Branch, the details of which are set out in Schedule 1. 
  

	 	21.3	Telefax communication 

Any notice, demand or other communication to be made or delivered pursuant to this Agreement may be sent by telefax to the relevant
telephone numbers (which at the date hereof in respect of the Borrower is +1 305 436 4140 (marked for the attention of the Chief Financial Officer) and +1 305 436 4117 (marked for the attention of the Legal Department) and in the case of the Agent
or any Original Lender is as recorded in Schedule 1) specified by it from time to time for the purpose and shall be deemed to have been received when transmission of such telefax communication has been completed. Each such telefax communication, if
made to the Agent or any Lender by the Borrower, shall be signed by the person or persons authorised in writing by the Borrower and whose signature appears on the list of specimen signatures contained in the secretary’s certificate required to
be delivered by paragraph 2 of Part I of Schedule 3 and shall be expressed to be for the attention of the department or officer whose name has been notified for the time being for that purpose by the Agent or any Lender to the Borrower. 

 

	 	21.4	Electronic mail 

 Any
notice, demand or other communication other than a Drawdown Notice or a Renewal Notice to be made or delivered pursuant to this Agreement may be made by electronic mail or other electronic means, if the Agent, the Borrower and/or the Lender:

  

	 	21.4.1	agree that, unless and until notified to the contrary, this is to be an accepted form of communication; and 

 

	 	21.4.2	notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by that means; and

  

	 	21.4.3	notify each other of any change to their electronic mail address or any other such information supplied by them. 

Any Original Lender which sets out an email address beneath its name in Schedule 1 is deemed to agree to receiving notices, demands or
other communications from the Agent by electronic mail. 
 Any electronic communication made: 

 

	 	(a)	by the Agent to the Borrower or a Lender will be effective when it is sent by the Agent unless the Agent receives a message indicating failed delivery and, if upon the
sender’s express request, a confirmation of receipt is requested, such confirmation has been sent; and 

  

	 	(b)	by the Borrower or a Lender to the Agent will be effective only when actually received by the Agent and then only if it is addressed in such a manner as the Agent shall
specify to that party for this purpose. 

  
 103

 The Agent shall notify the Borrower and the Lenders and the Borrower or a Lender shall
notify the Agent in each case promptly upon becoming aware that its electronic mail system or other electronic means of communication cannot be used due to technical failure (and that failure is continuing for more than two (2) Business Days).
Until the Agent, the Borrower or that Lender has notified as aforesaid that the failure has been remedied, all notices between the Agent and the Borrower or that Lender shall be sent by fax or letter in accordance with this Clause 21. 

 

	 	21.5	Receipt 

 Each such
notice, demand or other communication shall be deemed to have been made or delivered (in the case of any letter) when delivered to its office for the time being or, if sent by post, five (5) days after being deposited in the post first class or
express airmail (as the case may be) postage prepaid in an envelope addressed to it at that address or, if sent by electronic mail, in accordance with Clause 21.4. 
  

	 	21.6	Language 

 Each notice,
demand or other communication made or delivered by one (1) party to another pursuant to this Agreement, any other Security Document or the Lower Saxony Guarantees 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 the German State of Lower Saxony or in relation to a Lower Saxony Guarantee. 
  

	22	Governing Law 

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

	23	Waiver of Immunity 

 To
the extent that the Borrower may in any jurisdiction claim for itself or its assets immunity from suit, execution, attachment (whether in aid of execution, before judgment or otherwise) or other legal process in relation to this Agreement or the
other Security Documents and to the extent that in any such jurisdiction there may be attributed to itself or its assets such immunity (whether or not claimed) the Borrower hereby irrevocably and unconditionally agrees throughout the Security Period
not to claim and hereby irrevocably waives such immunity to the full extent permitted by the laws of such jurisdiction. In respect of any legal action or proceedings arising out of or in connection with any of the Security Documents the Borrower
hereby consents generally as a matter of procedure in relation to the waiver of immunity (but not so as to prejudice any defence which the Borrower may have on the merits of the substantive issue) to the giving of any relief or the issue of any
process in connection with such legal action or proceedings including without limitation, the making, enforcement or execution against any property whatsoever (irrespective of its uses or intended uses) of any order or judgment which may be made or
given in such legal action or proceedings. 

  
 104

	24	Jurisdiction 

  

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

  

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

  

	 	24.1.2	relating to any non-contractual obligations arising from or in connection with this Agreement, 

(a “Dispute”). Each party to this Agreement agrees that the courts of England are the most appropriate and convenient
courts to settle Disputes and accordingly no party will argue to the contrary. 
 This Clause 24.1 is for the benefit of the
Lenders and the Agent only. As a result, no such party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, any such party may take concurrent proceedings in any number
of jurisdictions. 
  

	 	24.2	The Borrower may not, without the Agent’s prior written consent, terminate the appointment of the Process Agent; if the Process Agent resigns or its appointment
ceases to be effective, the Borrower shall within fourteen (14) days appoint a company which has premises in London and has been approved by the Agent to act as the Borrower’s process agent with unconditional authority to receive and
acknowledge service on behalf of the Borrower of all process or other documents connected with proceedings in the English courts which relate to this Agreement. 

 

	 	24.3	For the purpose of securing its obligations under Clause 24.2, the Borrower irrevocably agrees that, if it for any reason fails to appoint a process agent within the
period specified in Clause 24.2, the Agent may appoint any person (including a company controlled by or associated with the Agent or any Lender) to act as the Borrower’s process agent in England with the unconditional authority described in
Clause 24.2. 

  

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

  

	 	24.5	The Borrower appoints in the case of the courts of England the Process Agent to receive, for and on its behalf service of process in England of any legal proceedings
with respect to this Agreement and any other Security Document. 

  

	 	24.6	A judgment relating to this Agreement which is given or would be enforced by an English court shall be conclusive and binding on the Borrower and may be enforced
without review in any other jurisdiction. 

  

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

  
 105

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

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

			
	SIGNED SEALED and DELIVERED as a DEED 	 	)
	by	 	)
	for and on behalf of	 	)
	NCL CORPORATION LTD. 	 	)
	in the presence of:	 	)
		
	SIGNED SEALED and DELIVERED as a DEED	 	)
	by	 	)
	for and on behalf of	 	)
	DnB NOR BANK ASA 	 	)
	as a Lead Arranger, an Original Lender and the Agent	 	)
	in the presence of:	 	)
		
	SIGNED SEALED and DELIVERED as a DEED 	 	)
	by	 	)
	for and on behalf of	 	)
	NORDEA BANK NORGE ASA 	 	)
	as a Lead Arranger and an Original Lender	 	)
	in the presence of:	 	)
		
	SIGNED SEALED and DELIVERED as a DEED 	 	)
	by	 	)
	for and on behalf of	 	)
	COMMERZBANK AKTIENGESELLSCHAFT 	 	)
	Hamburg Branch	 	)
	as a Co-Arranger and the	 	)
	Lower Saxony Guarantee Agent	 	)
	in the presence of:	 	)

  
 106

			
	SIGNED SEALED and DELIVERED as a DEED 	 	)
	by	 	)
	for and on behalf of	 	)
	KfW	 	)
	as a Co-Arranger and an Original Lender	 	)
	in the presence of:	 	)
		
	SIGNED SEALED and DELIVERED as a DEED	 	)
	by	 	)
	for and on behalf of	 	)
	NORDDEUTSCHE LANDESBANK	 	)
	GIROZENTRALE	 	)
	as a Co-Arranger and an Original Lender	 	)
	in the presence of:	 	)
		
	SIGNED SEALED and DELIVERED as a DEED	 	)
	by	 	)
	for and on behalf of	 	)
	COMMERZBANK AKTIENGESELLSCHAFT	 	)
	Bremen Branch	 	)
	as an Original Lender	 	)
	in the presence of:	 	)
		
	SIGNED SEALED and DELIVERED as a DEED	 	)
	by	 	)
	for and on behalf of	 	)
	THE GOVERNOR AND COMPANY OF	 	)
	THE BANK OF SCOTLAND	 	)
	(now known as Bank of Scotland plc)	 	)
	in the presence of:	 	)
		
	SIGNED SEALED and DELIVERED as a DEED	 	)
	by	 	)
	for and on behalf of	 	)
	UNICREDIT BANK AG	 	)
	in the presence of:	 	)

  
 107

			
	SIGNED SEALED and DELIVERED as a DEED	 	)
	by	 	)
	for and on behalf of	 	)
	DEUTSCHE SCHIFFSBANK	 	)
	AKTIENGESELLSCHAFT	 	)
	in the presence of:	 	)
		
	SIGNED SEALED and DELIVERED as a DEED	 	)
	by	 	)
	for and on behalf of	 	)
	FOKUS BANK ASA	 	)
	(now known as the Norwegian Branch of	 	)
	Danske Bank A/S)	 	)
	in the presence of:	 	)
		
	SIGNED SEALED and DELIVERED as a DEED	 	)
	by	 	)
	for and on behalf of	 	)
	HSH NORDBANK AG	 	)
	in the presence of:	 	)
		
	SIGNED SEALED and DELIVERED as a DEED	 	)
	by	 	)
	for and on behalf of	 	)
	SKANDINAVISKA ENSKILDA BANKEN AB	 	)
	(publ)	 	)
	in the presence of:	 	)

  
 108

 Schedule 1 
 Particulars of Agent, Security Agent, Lower Saxony Guarantee Agent, Restructuring 
 Trustee, Lead Arrangers, Co-Arrangers 
 and Original Lenders

 Agent and Security Agent 

DNB BANK ASA 
 Stranden 21 

NO-0021 Oslo 
 Norway 

 

			
	Fax:	 	+47 22 482894
	Attn:	 	Ms Marie Therese Zwilgmeyer

 Lower Saxony Guarantee Agent 
 COMMERZBANK AKTIENGESELLSCHAFT 
 Domstrasse 18 

20095 Hamburg 
 Germany 

 

			
	Fax:	 	+49 40 37699 649
	Attn:	 	Mr Marcus Weber/Mr Fabian Francke
	Email:	 	shipfinance@commerzbank.com/
		 	marcus.weber@commerzbank.com/
		 	fabian.francke@commerzbank.com

 Restructuring Trustee 
 DNB BANK ASA 
 Stranden 21 
 NO-0021 Oslo 
 Norway 

 

			
	Fax:	 	+47 22 482894
	Attn:	 	Ms Marie Therese Zwilgmeyer

 Lead Arrangers 
 DNB BANK ASA 
 Stranden 21 
 NO-0021 Oslo 
 Norway 

 

			
	Fax:	 	+47 22 482894
	Attn:	 	Mrs Amra Koluder
	Email:	 	amra.koluder@dnb.no

  
 109

 NORDEA BANK NORGE ASA 
 Middelthuns gate 17 
 Oslo 
 Norway 
 P O Box 1166 Sentrum 
 NO-0107 Oslo 
  

			
	Fax:	 	+47 22 484278
	Attn:	 	Mr Arne Berglund
	Email:	 	arne.berglund@nordea.com

 Co-Arrangers 
 COMMERZBANK AKTIENGESELLSCHAFT 
 Domstrasse 18 

20095 Hamburg 
 Germany 

 

			
	Fax:	 	+49 40 37699 649
	Attn:	 	Mr Marcus Weber/Mr Fabian Francke
	Email:	 	shipfinance@commerzbank.com/
		 	marcus.weber@commerzbank.com/
		 	fabian.francke@commerzbank.com

 KFW 

Palmengartenstrasse 5-9 
 60325 Frankfurt am Main

 Germany 
  

			
	Fax:	 	+49 69 7431 3768/2944
	Attn:	 	Mr Josef Schmid/Ms Claudia Wenzel
	Email:	 	josef.schmid@kfw.de/claudia.wenzel@kfw.de

 NORDDEUTSCHE LANDESBANK 
 GIROZENTRALE 
 Friedrichswall 10 
 30159 Hannover 
 Germany 

 

			
	Fax:	 	+49 511 361 4785
	Attn:	 	Ship and Aircraft Department - International Shipping Group
	Email:	 	shipping@nordlb.de

  
 110

											
	Lenders	  	Commitment to
Tranche A in EUR	 	  	Commitment to
Tranche B in EUR	 
			
	 COMMERZBANK AKTIENGESELLSCHAFT

Domstrasse 18
 20095 Hamburg

Germany
	  	 	37,403,846.15	  	  	 	37,596,153.85	  
	  
 Fax:
	  	  
 +49 40 37699 649
	  				  			
	Attn:	  	Mr Marcus Weber/Mr Fabian Francke	  				  			
	Email:	  	shipfinance@commerzbank.com/	  				  			
		  	marcus.weber@commerzbank.com/	  				  			
		  	fabian.francke@commerzbank.com	  				  			
			
	 DNB BANK ASA

Stranden 21
 NO-0021 Oslo

Norway
	  	 	37,403,846.18	  	  	 	37,596,153.82	  
	  
 Fax:
	  	  
 +47 22 482894
	  				  			
	Attn:	  	Mrs Amra Koluder	  				  			
	Email:	  	amra.koluder@dnb.no	  				  			
			
	 KFW

Palmengartenstrasse 5-9
 60325 Frankfurt am
Main
 Germany
	  	 	37,403,846.15	  	  	 	37,596,153.85	  
	  
 Fax:
	  	  
 +49 69 7431 3768/2944
	  				  			
	Attn:	  	Mr Josef Schmid/Ms Claudia Wenzel	  				  			
	Email:	  	josef.schmid@kfw.de/claudia.wenzel@kfw.de	  				  			
			
	 NORDDEUTSCHE LANDESBANK GIROZENTRALE
 Friedrichswall 10
 30159 Hannover
 Germany
	  	 	37,403,846.15	  	  	 	37,596,153.85	  
	  
 Fax:
	  	  
 +49 511 361 4785
	  				  			
	Attn:	  	Ship and Aircraft Department – International Shipping Group	  				  			
	Email:	  	shipping@nordlb.de	  				  			

  
 111

											
	Lenders	  	Commitment to
Tranche A in EUR	 	  	Commitment to
Tranche B in EUR	 
			
	 NORDEA BANK NORGE ASA
 Middelthuns gate 17
 Oslo
 P O Box 1166 Sentrum
 NO-0107 Oslo
 Norway
	  	 	37,403,846.15	  	  	 	37,596,153.85	  
	  
 Fax:
	 	  
 +47 22 484278
	  				  			
	 Attn:
	 	Mr Arne Berglund	  				  			
	 Email:
	 	arne.berglund@nordea.com	  				  			
			
	 BANK OF SCOTLAND PLC
 Marine Finance
 Second Floor
 New Uberior House
 11 Earl Grey Street
 Edinburgh EH3 9BN
 Scotland
	  	 	20,696,794.87	  	  	 	20,803,205.13	  
	  
 Fax:
	 	  
 +44 131 659 1194
	  				  			
	Attn:	 	Douglas Newton / Russell Parker	  				  			
	Email:	 	douglas_newton@bankofscotland.co.uk	  				  			
			
	 UNICREDIT BANK AG
 Neuer Wall 64
 20354 Hamburg
 Germany
	  	 	20,696,794.87	  	  	 	20,803,205.13	  
	  
 Fax:
	 	  
 +49 89 378-43315
	  				  			
	Attn:	 	Mr Scott Obeck	  				  			
	Email:	 	scott.obeck@unicreditgroup.de	  				  			
	Fax:	 	+49 89 378-3348912	  				  			
	Attn:	 	Mr Mark Young	  				  			
	Email:	 	mark.young@unicreditgroup.de	  				  			
			
	 DEUTSCHE SCHIFFSBANK AKTIENGESELLSCHAFT
 Bremen and Hamburg
 (now known as Commerzbank Aktiengesellschaft)

Domstrasse 18
 20095 Hamburg

Germany
	  	 	20,696,794.87	  	  	 	20,803,205.13	  
	  
 Fax:
	 	  
 +49 40 37699 649
	  				  			
	Attn:	 	Mr Marcus Weber/Mr Fabian Francke	  				  			
	Email:	 	shipfinance@commerzbank.com/	  				  			
		 	marcus.weber@commerzbank.com/	  				  			
		 	fabian.francke@commerzbank.com	  				  			

  
 112

											
	Lenders	  	Commitment to
Tranche A in EUR	 	  	Commitment to
Tranche B in EUR	 
			
	 FOKUS BANK

(being the Norwegian branch of Danske Bank A/S)

Stortingsgaten 6
 PO Box 1170 Sentrum

NO-0107 Oslo
 Norway
	  	 	20,696,794.87	  	  	 	20,803,205.13	  
	  
 Fax:
	 	  
 +47 85 407990
	  				  			
	Attn:	 	Mr Tore Thorlacius Braein/	  				  			
		 	Ms Ida Iselin Vestbakken	  				  			
	Email:	 	tore.braein@danskebank.com/	  				  			
		 	 idve@danskebank.com
	  				  			
			
	 HSH NORDBANK AG
 Gerhart-Hauptmann-Platz 50
 20095 Hamburg
 Germany
	  	 	20,696,794.87	  	  	 	20,803,205.13	  
	  
 Fax:
	 	  
 +49 40 3333-611932
	  				  			
	Attn:	 	Mr Volker Werner	  				  			
	Email:	 	volker.werner@hsh-nordbank.com	  				  			
				
	Fax:	 	+49 40 3333 34307	  				  			
	Attn:	 	Ms Frauke Hay	  				  			
	Email:	 	frauke.hay@hsh-nordbank.com	  				  			
			
	 SKANDINAVISKA ENSKILDA BANKEN AB (publ)
 Kungsträdgårdsgatan 8
 SE-106 40 Stockholm

Sweden
	  	 	20,696,794.87	  	  	 	20,803,205.13	  
	  
 Fax:
	 	  
 +44 20 7236 5144
	  				  			
	Attn:	 	Mr Scott Lewallen/	  				  			
		 	Mr Malcolm Stonehouse	  				  			
	Email:	 	scott.lewallen@seb.co.uk/	  				  			
		 	malcolm.stonehouse@seb.co.uk	  				  			

  
 113

 Schedule 2 
 Notice of Drawdown 
 Clause 2.3 

 

			
	 FROM:
	 	NCL CORPORATION LTD.
		 	 Cumberland House
 9th
Floor
 1 Victoria Street
 Hamilton HM
11
 Bermuda

		
	 TO:
	 	 DNB BANK ASA

		 	 Stranden 21
 NO-0021
Oslo
 Norway

 20[    ] 
 Dear Sirs 
 FACILITY AGREEMENT DATED 7 OCTOBER 2005 (THE “FACILITY AGREEMENT”)

 We refer to the Facility Agreement pursuant to which you have agreed to advance to us the Facility on the terms and conditions set out
therein. 
 Terms and expressions defined in the Facility Agreement shall have the same respective meanings when used in this notice.

 We hereby give you notice that we wish to draw down a Drawing of Tranche [A/B] in the amount of
[                    ] [euro][Dollars] ([EUR][USD][            ]) under Clause 2.3 of the
Facility Agreement on [            ] 200[    ]. 
 Such amount
is to be paid to: 
 [                    ]

 We confirm that: 
  

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

 

	(ii)	no Event of Default has occurred nor will occur with the giving of this notice; 

 

	(iii)	the Interest Period shall be of [one (1) month’s][three (3)][six (6)] [months’] duration; 

 

	(iv)	[no Event of Default will result from the conversion of the Drawing hereby requested to be drawn down;] 

  
 114

	(v)]	the Drawing will be applied [in financing part of the Contract Price due to the Builder pursuant to the relevant Building Contract][for general corporate and working
capital purposes of the Borrower and its Subsidiaries]; [and] 

  

	(v[i])	twenty per cent (20%) of the Contract Price (less the Owner’s Supply Costs) [has been or will have been][has been] paid on the relevant Delivery Date[; and]

  

	[(vi[i])	we shall provide you with evidence of the Owner’s Supply Cost within one (1) month of the relevant Delivery Date; and] 

 

	(vii[i])	[upon application of the Drawing hereby requested to be drawn down in the manner hereinbefore appearing all sums owing to the Builder under the relevant Building
Contract shall have been fully and finally paid]. 

 Yours faithfully 
 NCL CORPORATION LTD. 
  

			
	By:	 	  

  
 115

 Schedule 3 
 Part I: Conditions Precedent 
 Clause 2.5 

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

 

	A	On signing hereof 

 Borrower

  

	1	Certified Copies of any consents required from any ministry, governmental, financial or other authority for the execution of and performance by the Borrower of its
obligations under this Agreement and each of the Security Documents or if no such consents are required a secretary’s certificate of the Borrower to this effect confirming that no such consents are required. 

 

	2	Notarially attested secretary’s certificate for the Borrower: 

  

	 	2.1	attaching a copy of its Certificate of Incorporation and Memorandum of Association and Bye-Laws evidencing power to: 

 

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

  

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

 

	 	2.2	giving the names of the present officers and directors; 

  

	 	2.3	setting out specimen signatures of persons who would be authorised to sign documents or otherwise perform its obligations under the Security Documents and the Lower
Saxony Guarantees; 

  

	 	2.4	giving the legal and beneficial owners of its shares and the number of shares held by each shareholder; 

 

	 	2.5	attaching copies of resolutions passed at a duly convened meeting of the directors authorising the borrowing of the Facility and the execution of this Agreement and
such of the other Security Documents to which the Borrower is a party and the issue of any power of attorney to execute the same; and 

  

	 	2.6	containing a declaration of solvency as at the date of the secretary’s certificate. 

 

	3	Where the secretary’s certificate referred to in paragraph 2 of Part I of this Schedule 3 is dated more than ten (10) days prior to the Signing Date, a
bringdown certificate, which need not be notarially attested if signed by the same person that signed the secretary’s certificate referred to in paragraph 2 of Part I of this Schedule 3. 

 

	4	The original power of attorney issued pursuant to the resolutions referred to in paragraph 2 above, notarially attested. 

  
 116

	5	The Disclosure Letter duly executed. 

 Other
Obligors (other than the Manager) 
  

	6	Certified Copies of any consents required from any ministry, governmental, financial or other authority for the execution of and performance by each of the other
Obligors of its obligations under the Security Documents to which it is a party or if no such consents are required a secretary’s certificate of that Obligor to this effect confirming that no such consents are required.

  

	7	Notarially attested secretary’s certificate: 

  

	 	7.1	attaching a copy of its Certificate of Incorporation and Memorandum of Association and Bye-Laws evidencing power to enter into the transactions contemplated by this
Agreement; 

  

	 	7.2	giving the names of the present officers and directors; 

  

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

  

	 	7.4	attaching copies of resolutions passed at a duly convened meeting of the directors approving the granting and the execution of the documents whose execution is
contemplated hereby, insofar as they relate to it and the issue of any power of attorney to execute the same; and 

  

	 	7.5	containing a declaration of solvency as at the date of the secretary’s certificate. 

 

	8	Where the secretary’s certificate referred to in paragraph 7 of Part I of this Schedule 3 is dated more than ten (10) days prior to the Signing Date, a
bringdown certificate, which need not be notarially attested if signed by the same person that signed the secretary’s certificate referred to in paragraph 7 of Part I of this Schedule 3. 

 

	9	The original powers of attorney issued pursuant to the resolutions referred to in paragraph 7.1 above, notarially attested. 

General 
  

	10	Confirmation from the Process Agent that it will act for each of the Obligors as agent for service of process in England. 

 

	11	Opinions from lawyers appointed by the Agent including English and Bermudan lawyers as to any of the foregoing matters or otherwise as the Lenders may require in the
form required by the Lenders. 

  

	12	Certified Copy of the Building Contract including all addenda. 

  

	13	A copy of: 

  

	 	13.1	the audited consolidated financial statements of the NCLC Group for the financial year ending on 31 December 2004; 

 

	 	13.2	the unaudited consolidated financial statements of the NCLC Group for the fiscal quarter ending on 30 June 2005; and 

  
 117

	 	13.3	detailed projected consolidated financial statements of the NCLC Group for the six (6) financial years ending after the Signing Date, which projections shall
(a) reflect the forecasted consolidated financial condition of the NCLC Group after giving effect to the Facility and the related financing thereof; and (b) be prepared and approved by the chief financial officer of the NCLC Group.

  

	14	Letter from the secretary of the Borrower to the Agent stating that the Borrower is and shall remain, after the advance to it of the Facility or any of it, solvent in
accordance with the laws of Bermuda and the United Kingdom and in particular with the provisions of the United Kingdom’s Insolvency Act 1986 (as from time to time amended) and the requirements thereof. 

 

	15	Copies of all Companies Acts forms for filing of charges in Bermuda. 

  

	16	Payment of all fees under Clause 14. 

  

	B.	At least five (5) Business Days before the first Advance Date in respect of each Tranche 

 

	17	Drawdown notice duly executed by the Borrower in the form of Schedule 2. 

  

	18	Certified Copy of such documents as have been received by the Owner from the Builder pursuant to the relevant Building Contract in evidence of the instalments due or
paid. 

  

	19	Issue of the relevant Lower Saxony Guarantee. 

  

	20	Acknowledgement by the Borrower of the terms and conditions of the relevant Lower Saxony Guarantee. 

 

	21	Financial projections of the NCLC Group for the twelve (12) month period commencing on the first Delivery Date (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 period, demonstrating that the Borrower will be in compliance with the financial undertakings contained in Clause 10.3 during such twelve (12) month period. 

 

	C	On each Delivery Date 

  

	22	[*]. 

  

	23	Such evidence as the Lenders may require that the relevant Vessel is: 

  

	 	23.1	provisionally registered in the name of the relevant Owner under the Bahamian flag with a certificate of registry free from all liens and encumbrances except the
relevant Mortgage; 

  

	 	23.2	classified with the highest classification available free of all recommendations and qualifications with Det Norske Veritas; 

 

	 	23.3	insured in accordance with the terms of the Security Documents; and 

  

	 	23.4	managed by the Manager pursuant to the relevant Management Agreement. 

  
 118

	24	In respect of the relevant Vessel: 

  

	 	24.1	Certified Copy of the builder’s certificate; 

  

	 	24.2	Certified Copy of the bill of sale; 

  

	 	24.3	Certified Copy of the unconditional protocol of delivery and acceptance duly signed by the Builder and the Owner; 

 

	 	24.4	Certified Copy of the certificate of warranty from the Builder stating that the Vessel is free from all encumbrances on her Delivery Date; 

 

	 	24.5	Certified Copy of the commercial invoice from the Builder in evidence of the Contract Price and Certified Copy of such documents as provide evidence of the Owner’s
Supply Cost; 

  

	 	24.6	copies of valid trading and other certificates to be produced by the Builder pursuant to the Building Contract; 

 

	 	24.7	Certified Copy of the Management Agreement; 

  

	 	24.8	Mortgage duly executed and lodged for registration at the Bahamas Maritime Authority in London; 

 

	 	24.9	Earnings Assignment duly executed; 

  

	 	24.10	Insurance Assignment duly executed; 

  

	 	24.11	Management Agreement Assignment duly executed; and 

  

	 	24.12	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 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 Lenders. 

 

	25	Guarantee duly executed by the relevant Owner. 

  

	26	Charge duly executed in respect of the relevant Owner. 

  

	27	Opinions from Bahamian lawyers appointed by the Agent as to due registration of the relevant Vessel and due registration of the relevant Mortgage and from English,
German and Bermudan lawyers appointed by the Agent as to any of the foregoing matters or otherwise as the Lenders may require in the form required by the Lenders. 

 

	28	From the Agent’s insurance advisers, a report on the Insurances for the relevant Vessel and a certificate confirming that such Insurances are placed with such
insurance companies and/or underwriters and/or clubs, in such amounts, against such risks, and in such form, as should be acceptable to the Lenders and conform with the provisions of the relevant Mortgage. 

 

	29	Where a secretary’s certificate referred to in paragraph 2 or paragraph 7 of Part I of this Schedule 3 is dated more than ten (10) days prior to the first
Advance Date in respect of the relevant Tranche, a bringdown certificate, which need not be notarially attested if signed by the same person that signed the secretary’s certificate referred to in paragraph 2 or paragraph 7 (as the case may
be) of Part I of this Schedule 3. 

  
 119

	30	Certified Copy of the carrier initiative agreement executed pursuant to the relevant Mortgage. 

 

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

 

	32	Certified Copy of a valid safety management certificate (or interim safety management certificate) issued to the relevant Vessel in respect of its management by the
Manager pursuant to the International Safety Management Code. 

  

	33	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 relevant Vessel
pursuant to the International Safety Management Code. 

  

	34	Certified Copy of a valid international ship security certificate issued to the relevant Vessel in accordance with the International Ship and Port Facility Security
Code adopted by the International Maritime Organisation. 

  

	35	Certified Copy of a valid international air pollution prevention certificate issued to the relevant Vessel under Annex VI (Regulations for the Prevention of Air
Pollution from Ships) to the International Convention for the Prevention of Pollution from Ships 1973 (as modified in 1978 and 1997) (as the same may be amended from time to time). 

Manager 
  

	36	Notarially attested secretary’s certificate: 

  

	 	36.1	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; 

  

	 	36.2	giving the names of the present officers and directors; 

  

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

  

	 	36.4	giving the legal and beneficial owners of its issued shares and the number of shares held by each shareholder; 

 

	 	36.5	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 

  

	 	36.6	containing a declaration of solvency as at the date of the secretary’s certificate. 

 

	37	Where a secretary’s certificate referred to in paragraph 36 of Part I of this Schedule 3 is dated more than ten (10) days prior to the first Advance Date in
respect of the relevant Tranche, 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 36 of Part I of this Schedule 3.

  
 120

	38	The original powers of attorney issued pursuant to the resolutions referred to in paragraph 36.5 above, notarially attested. 

General 
  

	39	Copies of Companies Act forms for filing of charges in Bermuda. 

  

	40	Payment of all fees due under Clause 14. 

  
 121

 Part II: Condition Subsequent 

Clause 2.5 
 The continuation of
the Facility is expressly conditional upon the Agent having received in such form and substance as the Lenders shall require: 
  

	A	Not more than one (1) month after each Delivery Date 

  

	1	Evidence in reasonable detail of the Owner’s Supply Cost in respect of the relevant Vessel. 

  
 122

 Schedule 4 
 Confidentiality Undertaking 
 [ON BANK’S HEADED PAPER] 

 

	TO:	NCL CORPORATION LTD. 

Cumberland House 

9th Floor 
 1
Victoria Street 
 Hamilton HM 11 
 Bermuda 
 (the “Borrower”) 

DNB BANK ASA 
 Stranden 21 
 NO-0021 Oslo 

Norway 
 (the
“Agent”) 
 NCL CORPORATION LTD. 
 UP TO EUR624,000,000 FACILITY (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 by persons duly authorised by the Borrower to do so. However, we shall be entitled to supply the Information to: 

 

	 	1.1	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 

  

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

 

	 	1.3	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 

  

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

  
 123

	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:	 	

  
 124

 Schedule 5 
 Transfer Certificate 
 Lenders are advised not to employ Transfer Certificates or otherwise
to assign or transfer interests in the Facility Agreement without further ensuring that the transaction complies with all applicable laws and requisitions, including the Financial Services and Markets Act 2000 and regulations made thereunder and
similar statutes which may be in force in other jurisdictions. 
  

	TO:	DNB BANK ASA (the “Agent”) as agent on its own behalf and for and on behalf of the Borrower, the Owners, the Lenders and the Lower Saxony
Guarantee Agent as each such term is defined in the Facility Agreement referred to below 

 ATTENTION:
[                    ] 

Date:                     

This certificate (the “Transfer Certificate”) relates to a loan facility agreement dated 7 October 2005 (as the same may from time
to time be amended, supplemented, restated and/or novated the “Facility Agreement”) made between (among others) (1) NCL Corporation Ltd. as borrower (the “Borrower”) (2) the banks and financial
institutions referred to therein as lenders (the “Lenders”) and (3) the Agent whereby the Lenders have agreed to make available to the Borrower a revolving loan facility in the amount of up to six hundred and twenty four
million euro (EUR624,000,000). Terms defined in the Facility Agreement shall, unless otherwise defined herein, have the same meanings herein as therein. 
 In this Transfer Certificate: 
 the “Transferor” means [full name] of
[lending branch]; 
 the “Transferee” means [full name] of [lending branch]. 

 

	1	The Transferor with full title guarantee transfers to the Transferee absolutely in accordance with Clause 18.1 of the Facility Agreement all rights and interests
(present, future or contingent) which the Transferor has as Lender under or by virtue of the Facility Agreement, all the other Security Documents and the Lower Saxony Guarantees insofar as such rights and interests relate to that portion of its
[Commitment][Contribution] to the Facility in an amount of
[                                        ]
[euro][Dollars] ([EUR][USD][            ]) out of its total [Commitment][Contribution] which at the date hereof is [            ]
[euro][Dollars] ([EUR][USD][            ]). 

  

	2	By virtue of this Transfer Certificate and Clause 18.5 of the Facility Agreement, the Transferor is discharged entirely with effect from the Transfer Date from that
portion of its [Commitment][Contribution] to the Facility and its obligations relating thereto to the extent of
[                                        ]
[euro][Dollars] ([EUR][USD][            ]) out of its total [Commitment][Contribution] at such date. 

 

	3	The Transferee hereby requests: 

  

	 	3.1	the Borrower, the Owners, the Agent and the Lenders to accept the executed copies of this Transfer Certificate as being delivered pursuant to and for the purposes of
Clause 18.1 of the Facility Agreement; and 

  
 125

	 	3.2	the Agent to execute this Transfer Certificate on behalf of itself and the other said parties pursuant to Clause 18.5 of the Facility Agreement so that this Transfer
Certificate will take effect in accordance with the terms thereof on [specify date of transfer] [or] [the date on which the Agent receives a certificate signed by [the Transferor] confirming that the following conditions have been
fulfilled [specify conditions to transfer]. 

  

	4	The Transferee: 

  

	 	4.1	confirms that it has received a copy of the Facility Agreement, the other Security Documents and the Lower Saxony Guarantees together with such other documents and
information as it has required in connection with the transaction contemplated thereby; 

  

	 	4.2	confirms that it has not relied and will not hereafter rely on the Transferor, the Agent or the Lenders to check or enquire on its behalf into the legality, validity,
effectiveness, adequacy, accuracy or completeness of the Facility Agreement, any other of the Security Documents or the Lower Saxony Guarantees or any other documents or information; 

 

	 	4.3	agrees that it has not relied and will not rely on the Transferor, the Agent or the Lenders to assess or keep under review on its behalf the financial condition,
creditworthiness, condition, affairs, status or nature of the Borrower or any other party to the Facility Agreement, any other of the Security Documents or the Lower Saxony Guarantees (save as otherwise expressly provided therein);

  

	 	4.4	warrants that it has power and authority to become a party to the Facility Agreement and has taken all necessary action to authorise execution of this Transfer
Certificate and to obtain all necessary approvals and consents to the assumption of its obligations under the Facility Agreement, the other Security Documents and the Lower Saxony Guarantees; 

 

	 	4.5	if not already a Lender, appoints the Agent to act as its agent as provided in the Facility Agreement and the other Security Documents and appoints the Lower Saxony
Guarantee Agent to act as its agent in relation to the Lower Saxony Guarantees as provided in the Facility Agreement and agrees to be bound by the terms of Clause 18.5 of the Facility Agreement and by all the terms of Clause 20 of the Facility
Agreement. 

  

	5	The Transferor: 

  

	 	5.1	warrants to the Transferee that it has full power to enter into this Transfer Certificate and has taken all corporate action necessary to authorise it to do so;

  

	 	5.2	warrants to the Transferee that this Transfer Certificate is binding on the Transferor under the laws of England, the country in which the Transferor is incorporated
and the country in which its Lending Branch is located; and 

  

	 	5.3	agrees that it will, at its own expense, execute any documents which the Transferee reasonably requests for perfecting in any relevant jurisdiction the
Transferee’s title under this Transfer Certificate or for any similar purpose. 

  
 126

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

 

	7	If a Transferor and a Transferee effect a transfer in accordance with Clause 3 of this Transfer Certificate during an Interest Period, the Agent shall make all payments
which would have become due to the Transferor under the Facility Agreement during the relevant Interest Period to the Transferor, as if no such transfer had been effected by the Transferor to the Transferee, according to the percentages of the
Transferor’s Contribution and/or Commitment transferred and retained pursuant to Clauses 1 and 2 of this Transfer Certificate, and the Transferor and the Transferee shall be responsible for paying to each other pro rata all amounts (if any) due
to them from each other for such Interest Period. On and from the commencement of the immediately succeeding Interest Period, the Agent shall make all payments due under the Facility Agreement for the account of the Transferor, to the Transferor,
and shall make all payments due under the Facility Agreement for the account of the Transferee, to the Transferee. This provision is for administrative convenience only and shall not affect the rights of the Transferor and the Transferee under the
Facility Agreement. 

  

	8	None of the Transferor, the Agent or the Lenders: 

  

	 	8.1	makes any representation or warranty nor assumes any responsibility with respect to the legality, validity, effectiveness, adequacy or enforceability of the Facility
Agreement, any other of the Security Documents or the Lower Saxony Guarantees or any document relating thereto; 

  

	 	8.2	assumes any responsibility for the financial condition of the Borrower or any other party to the Facility Agreement, any other of the Security Documents or the Lower
Saxony Guarantees or any such other document or for the performance and observance by the Borrower or any other party to the Facility Agreement, any other of the Security Documents or the Lower Saxony Guarantees or any such other document (save as
otherwise expressly provided therein) and any and all such conditions and warranties, whether expressed or implied by law or otherwise, are hereby excluded (except as aforesaid). 

 

	9	The Transferor and the Transferee each undertakes that it will on demand fully indemnify the Agent in respect of any claim, proceeding, liability or expense which
relates to or results from this Transfer Certificate or any matter connected with or arising out of it unless caused by the Agent’s or the Agent’s gross negligence or wilful misconduct, as the case may be. 

 

	10	The agreements and undertaking of the Transferee in this Transfer Certificate are given to and for the benefit of and made with each of the other parties to the
Facility Agreement. 

  

	11	This Transfer Certificate shall be governed by, and construed in accordance with, English law. 

 IN WITNESS whereof the Transferor, the Transferee and the Agent (as agent for and on behalf of itself as the Agent, the Borrower, the Owners and the Lenders (other than the Transferor)) have caused
this Transfer Certificate to be executed on the day first written above. 

  
 127

			
	The Transferor	 	
		
	SIGNED by	 	)
		 	)
	for and on behalf of	 	)
	[            ] 	 	)
	in the presence of:	 	)
		
	The Transferee	 	
		
	SIGNED by	 	)
		 	)
	for and on behalf of	 	)
	[            ] 	 	)
	in the presence of:	 	)
		
	The Agent	 	
		
	SIGNED by	 	)
		 	)
	for and on behalf of	 	)
	DNB BANK ASA 	 	)
	as agent for and on behalf	 	)
	of itself as the Agent, the Borrower,	 	)
	the Owners, the Lenders and the Lower	 	)
	Saxony Guarantee Agent	 	)
	in the presence of:	 	)

  
 128

 Schedule 
 Administrative Details of Transferee 
 Name of Transferee: 

Lending Branch: 
 Contact Person 

(Loan Administration Department): 
 Telephone:

 Fax: 
 Email: 

Contact Person 
 (Credit Administration
Department): 
 Telephone: 
 Fax:

 Email: 
 Account for Payments:

  
 129

 Schedule 6 
 Quarterly Statement of Financial Covenants 
  

	TO:	DNB BANK ASA 

 Stranden 21

 NO-0021 Oslo 
 Norway 
 Attn: Mrs Amra Koluder 

We refer to clause 10.3 of the loan facility agreement dated 7 October 2005 (as amended, varied, supplemented, restated and/or novated from time to
time) (the “Facility Agreement”) between (among others) you as agent and ourselves as borrower. Terms defined in the Facility Agreement shall have the same meanings herein. 
 We hereby certify the amounts set out in the attached schedule as at the last day of the financial quarter ending             
20[    ] for NCL Corporation Ltd. (the “Borrower”) and its subsidiaries on a consolidated basis. We also hereby certify that the Borrower is in compliance with all the financial covenants set out in clause 10.3
of the Facility Agreement and that [no Event of Default has occurred and is continuing][an Event of Default has occurred and is continuing under clause 12.1.[    ] of the Facility Agreement and the following step[s] [is/are]
being taken to cure the same: [    ]]. 
  

	
	NCL CORPORATION LTD.
	
	  
	By: [                    ]
	Chief Financial Officer
	
	Dated:              20[    ]

  
 130

 Schedule 
 Statement of Financial Covenants as of [            ] 20[    ] (in USD’000) 

 

											
	Clause (of Facility
Agreement)	  	 	  	as of [—]	 	Required Covenants
				
	 10.3.1/

10.3.2(b)**+
	  	 Free Liquidity
	  	 A
	 	 
  

 
  
  
	A>USD50,000,000
 (10.3.1)**

 
 A>USD100,000,000
 (10.3.2(b))**

				
	10.3.2(a)+	  	 Consolidated EBITDA:
	  	 B
	 	 	>1.25:1
				
		  	 Consolidated Debt Service
	  	 C
	 		
				
	10.3.3+	  	 Total Net Funded Debt:
	  	 D
	 	 	<0.7:1
				
		  	 Total Capitalisation
	  	 E
	 		
				
	 10.3.4(a)/

10.3.4(b)(ii)++
	  	 Free Liquidity and Cash Sweep Bank Account
	  	 F
	 	 
  

 
  
  
	F>USD100,000,000
 (10.1.4(a))**/

 
 F>USD150,000,000
 (10.1.4(b)(ii))**

				
	10.3.4(b)(i)++	  	 Total Net Funded Debt:
	  	 D
	 	 	<11:1
				
		  	 Consolidated EBITDA***
	  	 G
	 		
				
	10.3.5+++	  	 Total Net Funded Debt:

Consolidated Adjusted Total Assets
	  	 D
	 	 
  
  
	90% or less (2009)
 80% or less (2010)

70% or less (thereafter)

					
		  	 Consolidated EBITDA
	  		 	 	x	  	 	B
		  		  		 	  
	  
	 	 	
		  	 Consolidated Debt Service
	  		 				 	
		  	 Principal paid/payable (excluding balloon payments, voluntary prepayments/repayments on sale/total loss of an NCLC Fleet
vessel)
	  		 	 	x	  	 	
	Add:	  	 Consolidated Interest Expense
	  		 	 	x	  	 	
		  	 Distributions
	  		 	 	x	  	 	
		  	 Rent under capitalised leases
	  		 	 	x	  	 	
		  		  		 	  
	  
	 	 	
		  	 Consolidated Debt Service
	  		 	 	x	  	 	C
		  		  		 	  
	  
	 	 	
		  	 Total Net Funded Debt
	  		 				 	
		  	 Indebtedness for Borrowed Money
	  		 	 	x	  	 	
	Add:	  	 Guarantees of non-NCLC Group members’ obligations
	  		 	 	x	  	 	
		  		  		 	 	x	  	 	
	Deduct:	  	 Cash Balance
	  		 	 	(x	) 	 	
		  	 Total Net Funded Debt
	  		 	 	(x	) 	 	D
		  	 Total Capitalisation
	  		 				 	
		  	 Total Net Funded Debt
	  		 	 	x	  	 	
	Add:	  	 Consolidated stockholders’ equity
	  		 	 	x	  	 	
		  	 Total Capitalisation
	  		 	 	x	  	 	E
					
		  	 Consolidated EBITDA
	  		 				 	
		  	 Consolidated EBITDA
	  		 	 	x	  	 	
	Add/(Deduct):	  	 Pro forma F3 Two EBITDA
	  		 	 	x	  	 	
					
		  	 Consolidated EBITDA
	  		 	 	x	  	 	G

  
 131

 For and on behalf of NCL CORPORATION LTD. 

 

	
	  

	[                    ]

 I,
[                    ], the officer primarily responsible for the financial management of the NCLC Group, hereby declare that, to the best of
knowledge and belief, the above Statement of Financial Covenants as of [            ] 20[    ], in my opinion, is true and correct. 

 

	
	  

	[                    ]
	Chief Financial Officer
	NCL CORPORATION LTD.
	
	Dated:              20[    ]

  

	**	Evidence satisfactory to the Agent of A at all times during the relevant period shall be provided together with this statement 

	***	For the purpose of this calculation, once the F3 Two-Related Debt is included in Total Net Funded Debt, Consolidated EBITDA shall be adjusted to allow the inclusion of
pro forma F3 Two EBITDA for such period (as determined by the Borrower reasonably and in good faith) 

	+	Not applicable during the Moratorium Period 

	++	Only applicable during the Moratorium Period 

	+++	Applicable during and after the Moratorium Period 

  
 132

 Schedule 7 
 Apollo-Related Transactions 
  

	1	Subscription Agreement 

  

	 	1.1	At the closing of the transactions contemplated by the Subscription Agreement (the “Closing”), the Investors shall pay to the Borrower USD1,000,000,000
as payment for newly-issued ordinary shares (“Ordinary Shares”) in the capital of the Borrower, par value USD1.00 per share (the “Subscribed Ordinary Shares”). The Subscribed Ordinary Shares shall represent fifty
per cent (50%) of the issued and outstanding Ordinary Shares of the Borrower as of the Closing. 

  

	 	1.2	On the Jade Transfer Date (i) NCL America Holdings will transfer the Jade Assets to the Shareholder (or one of the Shareholder’s existing or newly-formed
subsidiaries), and the Jade Vessel shall be re-flagged in connection with such transfer from the US flag to the Bahamas flag PROVIDED THAT in the event that the transfer of the Jade Assets can be effected in a manner that the parties to the
Subscription Agreement agree is more advantageous from a tax perspective than the manner set forth above, such transfer shall be effected in an alternative manner and (ii) the Shareholder (or one of its existing or newly-formed subsidiaries)
will assume the Jade Liabilities (such transactions together the “Jade Transfer”). 

  

	 	1.3	Effective as of the Closing, in consideration of the mutual covenants and agreements contained therein, the Borrower has released, waived and forever discharged Star,
its Subsidiaries and their respective predecessors, successors, assigns, officers, directors, shareholders, employees and agents and their respective counsel (for the benefit of Star and its Subsidiaries) from any and all actions, causes of actions,
demands, suits, contracts, agreements, Encumbrances, Liabilities, or Losses of any type, based on any fact or circumstance arising prior to the Closing based on Star’s relationship with the Borrower and its Subsidiaries prior to the Closing
(including any claims relating to actual or alleged breaches of fiduciary or other duties by Star’s directors, officers or shareholders), whether based on contract or any applicable law (including tort, statute, local ordinance, regulation or
any comparable law) in any jurisdiction. 

  

	 	1.4	Star, the Borrower and the Investors have stated their mutual intention that, following the Closing, Star and the Borrower continue their current policies and practices
of close collaboration in support of their mutual efforts to develop their respective cruise line businesses, including providing assistance to each other in mutually-beneficial strategic initiatives, consultation, co-ordination, collaboration in
shipbuilding and sharing of ship design and providing or assisting in obtaining any necessary consents and approvals relating to such initiatives, shipbuilding or ship design PROVIDED THAT in no event shall Star or the Borrower be obligated
to engage in any such efforts if such efforts could reasonably be expected to have an adverse effect on the operation or prospects of such party’s respective cruise line business. 

 

	 	1.5	Star has indemnification obligations running in favour of the Investors. In the event that the Investors suffer any indemnifiable Losses in cash, Star may elect in its
sole discretion to have all or a portion of the indemnity obligation of Star deemed satisfied by having the Borrower issue to the Investors additional Ordinary Shares. 

  
 133

	 	1.6	If the transactions contemplated by the Subscription Agreement upon the Closing are consummated, at the Closing (as described in clause 1.1 of this Schedule), the
Borrower shall pay, by wire transfer of immediately available funds, to each Person who is the payee of any outstanding Borrower Transaction Expenses as of the Closing Date, the amount owed to such Person. For the avoidance of doubt, in the event
that the Closing Date transaction fee payable to either (i) an Affiliate of the Investors or (ii) Star or an Affiliate thereof exceeds, in either case, an amount which is equal to half of the amount paid to Citigroup Global Markets, Inc.
or an Affiliate thereof for its mergers and acquisitions advisory fee, such excess amount shall be paid, with respect to (i), by Star, or with respect to (ii), by the Investors. If the transactions contemplated by the Subscription Agreement upon the
Closing (as described in clause 1.1 of this Schedule) are not consummated, all costs and expenses incurred in connection with the Subscription Agreement and the transactions contemplated thereby shall be paid by the party incurring such costs and
expenses. 

  

	2	Shareholders’ Agreement 

 For so long as the ratio of the number of the Equity Securities owned by the Star Group on a fully diluted basis divided by the number of the Equity Securities owned by the Investor Group on a fully
diluted basis is at least 0.6, the Borrower may not take any of the actions set forth in schedule II of the Shareholders’ Agreement without the prior written approval of Star. For the purpose of this clause “on a fully diluted
basis” means taking into account any shares issued or issuable under warrants, options and convertible instruments (or other equity equivalents). 
  

	3	Reimbursement Agreement 

  

	 	3.1	NCL America Holdings Undertakings 

 Star and Investor I have agreed (the “NCLA Undertakings”) to cause the Borrower to conduct the NCLA Business in the usual and ordinary course of business after the Closing Date. In
connection therewith, Star shall periodically reimburse the Borrower for any NCLA Cash Losses up to the amount of the Cash Losses Cap. 
  

	 	3.2	Star Termination Election 

At any time after the Closing Date, Star may give notice (the “Star Termination Election”) to the Borrower and
Investor I that it is terminating the NCLA Undertakings. Following receipt by the Borrower of the Star Termination Election, the parties to the Reimbursement Agreement shall then within thirty (30) days thereafter either (i) enter
into the NCLA Continuation Agreement (as defined in clause 3.4 of this Schedule) or (ii) make the NCLA Wind-up Determination (as defined in clause 3.5 of this Schedule). 

 

	 	3.3	Borrower Termination Election 

 In the event the Star Termination Election has not been delivered prior to 1 December 2008, then on the earlier of (i) such date and (ii) the date on which

  
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the aggregate amount of NCLA Cash Losses actually accrued equals or exceeds USD37,500,000, the Borrower may give notice to Star (the “Borrower Termination Election”) that it is
terminating the NCLA Undertakings. Following receipt by Star of the Borrower Termination Election (a) the parties to the Reimbursement Agreement shall undertake the Shut Down Procedure (b) the America Assets shall be transferred by NCL
America Holdings to the Shareholder (or one of its existing or newly-formed subsidiaries), which transfer shall be accomplished through liquidations to the extent necessary and the Shareholder (or one of its existing or newly-formed subsidiaries)
shall assume any liabilities associated with the America Assets, and the Pride of America Vessel shall be re-flagged in connection with such transfer from the US flag to the Bahamas flag (such transactions together the “America
Transfer”) (c) the Borrower shall pay to Star an amount equal to USD460,000,000 less any America Accumulated Book Depreciation and less any Allocable America Indebtedness (d) the Borrower shall prepay and/or cancel the relevant
percentage of the term loan and revolving credit facilities outstanding under the credit facilities related to the Aloha Assets (and the lenders under such facilities shall release all of their liens on the Aloha Assets) and cause the transfer to
Star (or one of its subsidiaries) of all of NCL America Holdings’ right, title and interest in the Aloha Assets free and clear of any Encumbrances through liquidations that qualify as complete liquidations under section 331 of the Code of NCL
America Holdings, Pride of Aloha, Inc., a Delaware corporation, and each of NCL America Holdings’ other subsidiaries, to the extent necessary and (e) Star shall reimburse the Borrower for any and all Shut Down Costs up to USD35,000,000
(each such payment, distribution or transaction, the “Wind Up Transactions”). Following any decision to shut down the NCLA Business, any decision to sell or otherwise dispose of any of the assets of the NCLA Business (other than the
Pride of America Vessel, the Pride of Aloha Vessel and their respective related assets) as part of the Shut Down Procedure shall be determined solely by Star. The net proceeds of any such sale or disposition(s) shall be deducted from and shall
reduce the Shut Down Costs by such amount of net proceeds. 
  

	 	3.4	NCL America Holdings Continuation Agreement 

 In the event that Star has provided the Borrower and Investor I with the Star Termination Election, then within thirty (30) days thereafter, the Borrower and Star will mutually agree in writing
that the Borrower shall continue to operate and manage the NCLA Business (the “NCLA Continuation Agreement”), in which case (i) Star’s obligations to reimburse the Borrower for the NCLA Cash Losses shall terminate, and
Star shall not be obligated to pay for any Shut Down Costs and (ii) the Borrower shall pay to Star an amount equal to USD800,000,000, less the Aloha Accumulated Book Depreciation, less the America Accumulated Book Depreciation, less the
Allocable Aloha Indebtedness and less the Allocable America Indebtedness (such amounts together the “Payment”) PROVIDED THAT the Payment shall be funded in part by an incremental equity contribution to the Borrower by each of
Star and Investor I in the amount of USD170,000,000, less one-half of the Aloha Accumulated Book Depreciation and less one-half of the Allocable Aloha Indebtedness. 
 Subject to the proviso in the immediately preceding paragraph, the Borrower shall use reasonable best efforts to fund any payments to Star pursuant to the NCLA Continuation Agreement, NCLA Wind Up
Transactions or the Borrower Termination Election by either the use of funds generated internally by the 

  
 135

 
Borrower or generated from the incurrence of additional Indebtedness from existing or new debt facilities. In the event that the Borrower is unable to fund payments in such a manner, Star and
Investor I acknowledge and agree that such funds shall be generated by the net proceeds of a primary offering of additional Ordinary Shares to the existing shareholders of the Borrower at the Subscription Price. 

 

	 	3.5	NCL America Holdings Wind-up Determination 

 In the event that the Borrower and Star have not entered into the NCLA Continuation Agreement by the end of such thirty (30) day period or the Borrower provides to Star notice prior to the expiration
of such thirty (30) day period that the Borrower has elected to shut down the NCLA Business (either such circumstance, the “NCLA Wind-up Determination”) the parties shall consummate the Wind Up Transactions. 

If none of the Borrower Termination Election, the NCLA Continuation Agreement or the NCLA Wind-up Determination has been made by
31 December 2008, the provisions of the Reimbursement Agreement shall apply as if the Borrower and Star have entered into the NCLA Continuation Agreement. 
  

	4	Indenture 

 As a result of
the transactions contemplated by the Subscription Agreement (as described in clause 1.1 of this Schedule), a change of control is triggered under the Indenture, dated 15 July 2004, between the Borrower and JPMorgan Chase Bank, N.A., as
indenture trustee, with respect to USD250,000,000 10 5/8% Senior Notes due 2014. At Closing, pursuant to and as required by the terms of the Indenture, the Borrower will proceed with a repurchase offer for the outstanding bonds at a purchase
price in cash equal to one hundred and one per cent (101%) of the principal amount plus accrued and unpaid interest. Apollo holds USD29,000,000 in principal amount of the said 10 5/8% Senior Notes due 2014. 

Defined Terms 
 Capitalized terms defined
in this Agreement and not otherwise defined in this Schedule shall have the meanings specified for such terms in this Agreement. As used in this Schedule, the following terms shall have the meanings specified below: 

“additional Ordinary Shares” means Ordinary Shares issued by the Borrower following the issuance of the Subscribed Ordinary Shares;

 “Affiliate” means, with respect to any Person (i) who is an individual, a spouse, parent, sibling or lineal descendant
of such Person (ii) that is an entity, an officer, manager, director, shareholder, member, general partner, limited partner or an Affiliate of such Person and (iii) any other Person that, directly or indirectly, through one or more
intermediaries, controls, or is controlled by, or is under common control with, another Person. For purposes of this definition, the terms “control”, “controlling”, “controlled by” and “under common control
with”, as used with respect to any Person, means the possession, directly or indirectly, of the power to direct the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise;

 “Allocable Aloha Indebtedness” means USD0; 

  
 136

 “Allocable America Indebtedness” means USD251,000,000; 

“Allocable Jade Indebtedness” means EUR383,000,000; 
 “Allocable NCLA Indebtedness” means USD251,000,000; 
 “Aloha Accumulated
Book Depreciation” means any accumulated book depreciation calculated in accordance with GAAP with respect to the Pride of Aloha Vessel from 1 April 2007 to the NCLA Valuation Date, as set forth in annex 1 to this Schedule;

 “Aloha Assets” means the following assets relating wholly and directly to the Pride of Aloha Vessel, in each case to the
extent transferable or assignable: (i) the Pride of Aloha Vessel (ii) all permits issued by any governmental authority to NCL America Holdings and related to the Pride of Aloha Vessel and (iii) all of the Pride of Aloha Vessel’s
appliances, equipment, engines, machinery, boats, tackle, outfit, bunkers, oils and fuels, spare parts, consumable provisions and stores, appurtenances and belongings, whether on board or ashore; 

“Amended and Restated Incorporation Documents” means the memorandum of increase of authorised share capital and the amended and restated
bye-laws of the Borrower and the Borrower’s existing memorandum of association; 
 “America Accumulated Book Depreciation”
means any accumulated book depreciation calculated in accordance with GAAP with respect to the Pride of America Vessel from 1 April 2007 to the NCLA Valuation Date, as set forth in annex 1 to this Schedule; 

“America Assets” means: (i) the Pride of America Vessel (ii) all permits issued by any governmental authority to NCL America
Holdings or any of its subsidiaries and related to the Pride of America Vessel, in each case to the extent transferable or assignable (iii) all monies received with respect to payments for cruises on the Pride of America Vessel which will take
place after the closing date of the America Transfer (iv) all supplies and inventory on the Pride of America Vessel for cruises on the Pride of America Vessel which will take place after the closing date of the America Transfer (v) all
accounts and notes receivable of NCL America Holdings or any of its subsidiaries related to cruises on the Pride of America Vessel which will take place after the closing date of the America Transfer (vi) all insurance and indemnity claims
relating to the Pride of America Vessel or America Liabilities made by or on behalf of Star, the Borrower or NCL America Holdings (or any of their respective subsidiaries) and received after the closing date of the America Transfer and
(vii) all other assets, properties, rights and claims used, held for use or intended to be used in connection with the operation or conduct of the Pride of America Vessel after the closing date of the America Transfer; 

“America Liabilities” means the Allocable America Indebtedness and any other liability relating to the America Assets; 

“Applicable Law” means with respect to any Person, all provisions of common or statutory laws, statutes, ordinances, rules, regulations
or Orders applicable to such Person. For the avoidance of doubt, Applicable Law shall include the Listing Rules; 
 “Borrower
Transaction Expenses” means (i) the third person fees and expenses, reasonably incurred by the Investors, Star, the Borrower and its Subsidiaries in connection with the drafting, negotiation, execution, and delivery of the Subscription
Agreement, the Shareholders’ Agreement and the Reimbursement Agreement, the amended and restated incorporation documents of the Borrower, the Voting Agreement and all other documents, agreements and instruments executed and delivered in
connection therewith, in each case, as amended, modified or supplemented from 

  
 137

 
time to time, and other documents relating to the investment process, including (a) all of the fees and expenses of the Borrower’s and Star’s accountants, lawyers, and other
advisors, including Citigroup Global Markets, Inc., Cleary Gottlieb Steen & Hamilton LLP, Cox Hallett Wilkinson, Clifford Chance and Access Capital Limited (b) all of the fees and expenses (including due diligence fees and expenses) of
the Investors’ accountants, lawyers, and other advisors, including Aon Corporation, O’Melveny & Myers LLP, Conyers Dill & Pearman and Burke & Parsons (c) the amount of all filing fees required to be paid
pursuant to any competition and antitrust laws and any other regulatory filings required and (d) the mergers and acquisitions advisory fee payable to Citigroup Global Markets, Inc. or an Affiliate thereof and (ii) the Closing Date
transaction fees payable to (a) an Affiliate of the Investors and (b) Star or an Affiliate thereof PROVIDED THAT the Closing Date transaction fee payable to each such Person in paragraph (ii) of this definition shall not exceed
an amount which is equal to half of the amount paid to Citigroup Global Markets, Inc. or an Affiliate thereof for its mergers and acquisitions advisory fee; 
 “Cash Losses Cap” means USD50,000,000; 
 “Closing Date” shall
mean the date on which the closing of the investment in the Borrower by the Investors occurs and which is expected to be on or about fourteen (14) days after the date of the Second Supplemental Deed; 

“Code” means the Internal Revenue Code of 1986 of the United States of America, as amended; 

“Encumbrances” means any lien, encumbrance, hypothecation, charge, mortgage, equity, trust, equitable interest, claim, preference, right
of possession, right of seizure, lease, tenancy, license, covenant, interference, proxy, right of first refusal, option or right of first option, preemptive right, community property interest, legend, defect, impediment, exception, limitation,
impairment, imperfection of title or restriction of any nature (including any restrictions on the voting of any Security, any restriction on the Transfer of any Security or other asset, any restriction on the receipt of any income derived from any
asset, any restriction on the use of any asset and any restriction on the possession, exercise or transfer of any other attribute of ownership of any asset); 
 “Equity Securities” means (i) the Ordinary Shares and any other equity securities of the Borrower and (ii) any securities issued or issuable directly or indirectly with respect
to the securities referred to in clause (i) above by way of conversion, exercise or exchange, bonus share issue, share dividend, share sub-division, or share split or in connection with a combination of shares, recapitalization,
reclassification, amalgamation, merger, consolidation, reorganization or other similar event; 
 “Existing Star Controlling
Shareholders” means Golden Hope Limited, as trustee of the Golden Hope Unit Trust, Resorts World Bhd, Genting Overseas Holdings Limited, Tan Sri Lim Kok Thay, Puan Sri Lee Kim Hua, Joondalup Limited, Goldsfine Investments Ltd., and each
other controlled Affiliate of Tan Sri Lim Kok Thay; 
 “Governmental Authority” means any national, European Union, federal,
provincial, state, county, city, local, foreign or international governmental, administrative or regulatory authority, commission, committee, agency or body (including any court, tribunal or arbitral body) and specifically including The Stock
Exchange of Hong Kong Limited; 
 “Indebtedness” means, with respect to any Person, without duplication (i) all
obligations for borrowed money, including all obligations evidenced by notices or similar instruments (ii) all obligations issued or assumed as the deferred purchase price of property or services (other than

  
 138

 
current trade liabilities incurred in the ordinary course and payable in accordance with customary practice) (iii) all capital lease obligations under US GAAP (iv) all obligations
secured by an Encumbrance (v) all obligations to pay a specified purchase price for goods and services, whether or not delivered or accepted (vi) all obligations in respect of swap or hedge agreements or similar agreements (vii) all
negative cash balances and refunds payable (viii) the principal component of all obligations, contingent or otherwise, in respect of letters of credit and bankers’ acceptances (ix) all guarantees of Indebtedness described in clauses
(i) to (viii) above and (x) all change in control payments payable in connection with the consummation of the transactions contemplated by the Transaction Documents; 
 “Investor Group” means the Investors together with their Permitted Transferees who hold Equity Securities; 
 “Jade Assets” means: (i) the Jade Vessel (ii) all permits issued by any governmental authority to NCL America Holdings or any of its subsidiaries and related to the Jade Vessel,
in each case to the extent transferable or assignable (iii) all monies received with respect to payments for cruises on the Jade Vessel which will take place after the closing date of the Jade Transfer (iv) all supplies and inventory on
the Jade Vessel for cruises on the Jade Vessel which will take place after the closing date of the Jade Transfer (v) all accounts and notes receivable of NCL America Holdings or any of its subsidiaries related to cruises on the Jade Vessel
which will take place after the closing date of the Jade Transfer (vi) all insurance and indemnity claims relating to the Jade Vessel or Jade Liabilities made by or on behalf of Star, the Borrower or NCL America Holdings (or any of their
respective subsidiaries) and received after the closing date of the Jade Transfer and (vii) all other assets, properties, rights and claims used, held for use or intended to be used in connection with the operation or conduct of the Jade Vessel
after the closing date of the Jade Transfer; 
 “Jade Liabilities” means the Allocable Jade Indebtedness and any other
liability relating to the Jade Assets; 
 “Jade Transfer Date” means 9 February 2008, or such other date mutually agreed
in writing by the parties to the Subscription Agreement; 
 “Jade Vessel” means the 2006 built United States documented
passenger vessel “PRIDE OF HAWAII”, official number 1160677, IMO number 9304057, and all appurtenances thereto whether on board or ashore; 
 “Liabilities” means any and all direct or indirect Indebtedness, Losses, claims or responsibilities, whether known or unknown, accrued or fixed, absolute or contingent, matured or
unmatured, secured or unsecured or determined or determinable, whether or not of a kind required by US GAAP to be set forth on a financial statement, including (but not limited to) those arising under any Applicable Law and those arising under
any contract or otherwise; 
 “Listing Rules” means The Rules Governing the Listing of Securities on The Stock Exchange of Hong
Kong Limited; 
 “Losses” means any and all direct or indirect payments, obligations, recoveries, deficiencies, fines,
penalties, interest, assessments, losses, damages (including damages resulting in diminution in value, lost income and profits and interruptions in the business of the Borrower or any of its Subsidiaries), liabilities, costs, expenses, to the extent
actually incurred, including (i) attorneys’ fees and expenses relating to such Loss and/or necessary to enforce rights to indemnification in connection with the Subscription Agreement and (ii) consultants’ and experts’ fees
and other costs of defence or investigation, and interest on any amount payable to a third party as a result of the 

  
 139

 
foregoing (whether accrued, absolute, contingent, known, or otherwise, but excluding punitive, exemplary, special and consequential damages (other than as expressly included in this definition));

 “NCLA Business” means the operations and business conducted by NCL America Holdings and its subsidiaries, which include the
operation of the Pride of America Vessel and the Pride of Aloha Vessel and, until the Jade Transfer has been completed, the Jade Vessel; 

“NCLA Capital Expenditures” means, for any period, the aggregate amount of any capital expenditures made by NCL America Holdings and any
of its subsidiaries in such period with respect to the NCLA Business (including any capital expenditures made in relation to the Jade Vessel until the Jade Transfer has been completed); 
 “NCLA Cash Losses” means the amount, if negative, of the sum of (i) NCLA EBITDA less (ii) NCLA Capital Expenditures less (iii) interest paid or accrued on the Allocable
NCLA Indebtedness at a blended rate, in each case in respect of the period beginning on the Closing Date and ending on the NCLA Valuation Date and in each case as reflected on the financial statements of NCL America Holdings or the accounting books
and records of NCL America Holdings; 
 “NCLA EBITDA” means, for any period, the sum of (i) net revenues less
(ii) ship operating expenses and selling, general and administrative expenses as allocated in a manner consistent with past practice as included in management reports, in each case as determined in accordance with US GAAP and as reflected
in the financial statements of NCL America Holdings or the accounting books and records of NCL America Holdings. For the avoidance of doubt (a) any Shared Overhead Expenses which are incurred by the Borrower and its subsidiaries in any such
period shall be included (without duplication) in the calculation of NCLA EBITDA for such period and (b) any Shut Down Costs, Post-Termination Expenses or expenses in connection with the early redeployment of the Pride of America Vessel in the
Borrower’s fleet which are incurred in any such period shall not be included in the calculation of NCLA EBITDA for such period; 

“NCLA Valuation Date” means the date that is ninety (90) days after the date on which notice of the Star Termination Election or
the Borrower Termination Election is delivered; 
 “Order” means all judgments, injunctions, orders and decrees of all
Governmental Authorities in any legal, administrative or arbitration action, suit, complaint, charge, hearing, mediation, inquiry, investigation or proceeding in which the Person in question is a party or by which any of its properties or assets are
bound; 
 “Permitted Transfer” means: 
  

	(i)	with respect to the Investors, any Transfer by an Investor to an Affiliate of the Investor (including (a) the partners, members and stockholders of the Investor,
and, if such Affiliate is an entity, the partners, members and stockholders of such Affiliate (b) any limited partner which has directly or indirectly invested, or otherwise has ownership interests, in Apollo Investment Fund VI, LP or one of
its Affiliated investment funds or (c) prior to the first anniversary of the Closing Date, of up to forty per cent (40%) of the Equity Securities held by the Investor as at the Closing Date in the aggregate to any funds, financial
institutions or individuals acting as a co-investor in the Borrower with the Investor; and 

  

	(ii)	with respect to Star, any Transfer by Star to (a) any wholly-owned Subsidiary of Star or (b) any Existing Star Controlling Shareholder;

  
 140

 “Permitted Transferees” means any Person to whom a Permitted Transfer is made or is to be
made; 
 “Person” means any legal person, including any individual, corporation, investment fund, partnership, limited
partnership, limited liability company, joint venture, joint stock company, association, trust, unincorporated entity or Governmental Authority or other entity; 
 “Post-Termination Expenses” means all of the (i) costs and expenses with respect to the operations of the NCLA Business that are incurred, consistent with past practice by the
Borrower and its subsidiaries, after the NCLA Valuation Date through 31 December 2008 and (ii) costs and expenses that would have been allocated and attributable to the Pride of Aloha Vessel had the vessel remained in service as part of
the NCL America Holdings fleet until 31 December 2008, in each case based upon an allocation of corporate costs on a capacity day basis in a manner consistent with past practice and the Borrower’s then-currently published sailing schedule;

 “Pride of Aloha Vessel” means United States documented passenger cruise vessel “PRIDE OF ALOHA”, official number
1153219, IMO number 9128532; 
 “Pride of America Vessel” means the United States documented passenger cruise vessel
“PRIDE OF AMERICA”, official number 1146542, IMO number 9209221, and all appurtenances thereto whether on board or ashore; 

“Security” means, with respect to any Person, all equity securities or equity interests of such Person, all securities convertible into
or exchangeable for equity securities or equity interests of such Person, and all options, warrants, and other rights to purchase or otherwise acquire from such Person equity interests, including any stock appreciation or similar rights, contractual
or otherwise; 
 “Shared Overhead Expenses” means those overhead expenses incurred by the Borrower and any of its subsidiaries
which are attributable to the operation and management of the NCLA Business based upon an allocation of corporate costs on a capacity day basis in a manner consistent with past practice and the Borrower’s then-currently published sailing
schedule, and shall include any capital expenditures made by the Borrower and any of its subsidiaries (other than NCL America Holdings and its subsidiaries) with respect to the NCLA Business; 
 “Shut Down Costs” shall mean (i) any and all costs and expenses incurred by the Borrower and any of its subsidiaries in connection with the shut down of the operation and management
of the NCLA Business, whether accrued or paid and (ii) all documentary, gross receipts, sales, transfer and use taxes and similar liabilities, if any, resulting directly or indirectly from the transactions contemplated by clause 3.3 and clause
3.4 of this Schedule; 
 “Shut Down Procedure” means all actions necessary in connection with the shut down of the operation
and management of the NCLA Business, including taking all steps reasonably necessary to wind-up and liquidate, in liquidations qualifying as complete liquidations under section 331 of the Code, NCL America Holdings and each of the Subsidiaries of
NCL America Holdings (except as otherwise agreed by Investor I and NCL America Holdings); 
 “Star Group” means Star
together with its Permitted Transferees who hold Equity Securities; 
 “Subscription Price” means USD1,000,000,000; 

“Subsidiaries” means, with respect to any Person, any corporation, association, partnership, limited liability company or other business
entity of which fifty per cent (50%) or more of the 

  
 141

 
total voting power of equity securities or equity interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of managers,
directors, representatives or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person (ii) such Person and one or more Subsidiaries of such Person or (iii) one or more Subsidiaries of such
Person. For the purposes of this definition, the term “controlled” means the possession, directly or indirectly, of the power to direct the management and policies of a Person, whether through the ownership of voting securities, by
contract or otherwise. Notwithstanding the foregoing, WorldCard International Limited shall be deemed not to be a “Subsidiary” of Star for the purposes of the Subscription Agreement; 

“Transaction Documents” means the Apollo Transaction Documents, the Amended and Restated Incorporation Documents, the Voting Agreement
and all other documents, agreements and instruments executed and delivered in connection therewith, in each case, as amended, modified or supplemented from time to time; 
 “Transfer” means, as to any Security or asset, to sell, transfer, assign, gift, pledge, grant a security interest in, distribute, encumber or otherwise dispose of (including the
foreclosure or other acquisition by any lender with respect to such Security or asset pledged to such lender by the holder of such Security or asset), whether directly or indirectly, such Security or asset, either voluntarily or involuntarily and
with or without consideration; and 
 “Voting Agreement” means the voting agreement dated as of 17 August 2007, by and
among Investor I and certain of the Existing Star Controlling Shareholders. 

  
 142

 Annex 1 
 Accumulated Book Depreciation 
 [*] 

  
 143

 Schedule 8 
 Reduction Schedules calculated using the Application of Proceeds Formulation 
 Tranche
A: 
 [*] 

  
 144

 Tranche B: 
 [*] 

  
 145

 Schedule 9 
 Reduction Schedules for the purpose of calculating the amount of the Applicable Margin payable 
 Tranche A: 
 [*] 

  
 146

 Tranche B: 
 [*] 

  
 147

 Schedule 10 
 Budgeted Consolidated EBITDA 
  

					
	 Fiscal Quarter Ended
	  	Budgeted 
Consolidated
EBITDA
(USD,000)	 
		
	 [*]
	  	 	[*]	  
		
	 [*]
	  	 	[*]	  
		
	 [*]
	  	 	[*]	  
		
	 [*]
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	 [*]
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 148

 Schedule 11 
 Report on Bookings 
 NCL Corporation Ltd. 

Passenger Booking Data 
 As of Week X

  

																	
	 	  	Q1 1	 	 	Q2 1	 	 	Q3 1	 	 	Q4 1	 
	 Load Factor Data
	  				 				 				 			
					
	 Booked to Date
	  				 				 				 			
					
	 2009
	  	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 
	 2008
	  	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 
					
	 Final (Full Year)
	  				 				 				 			
					
	 2008
	  	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 
					
	 NPD Data
	  				 				 				 			
					
	 Booked to Date
	  				 				 				 			
					
	 2009
	  	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 
	 2008
	  	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 
					
	 Final (Full Year)
	  				 				 				 			
					
	 2008
	  	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 	 	 	0.0	% 

  

	1	 Represents next four quarters following reporting date 

  
 149

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