Document:

<PAGE>
                                                                    EXHIBIT 4(g)

SENDING TID                                  HSBCHKHHBHKH
DESTINATION                                  MRMDUS33
                                             HSBC BANK USA
                                             LETTER OF CREDIT NEW YORK
                                             LETTER OF CREDIT
                                             HSBC TOWER 452 FIFTH AVENUE
                                             NEW YORK, NY  10018  U S A
MESSAGE TYPE                                 700 ISSUE OF A DOCUMENTARY CREDIT
PRIORITY                                     Normal

---------------- ------------------------- -------------------------------------
FLD                        TEXT                          CONTENTS
---------------- ------------------------- -------------------------------------

27:              SEQ OF TOTAL              1/2
40A:             FORM OF DC:               IRREVOCABLE TRANSFERABLE
20:              DC NO:                    SDCHKH252020
31C:             DATE OF ISSUE:            030926
31D:             EXPIRY DATE AND PLACE:    080402 AT OUR COUNTER/HSBC BANK USA
50:              APPLICANT:                NORWEGIAN CRUISE LINE LTD
                                           REID HALL, 3 REID STREET;
                                           HAMILTON HM 11, BERMUDA
59:              BENEFICIARY:              CHASE MERCHANT SERVICES, L.L.C.
                                           265 BROAD HOLLOW ROAD
                                           MELVILLE, NY 11747 USA
032B:            DC AMT:                   USD80000000,00
39B:             MAX CR AMT:               NOT EXCEEDING
41D:             AVAILABLE WITH/BY:        DC ISSUING BANK / HSBC BANK USA
                                           BY PAYMENT

46A:             DOCUMENTS REQUIRED:
                 WE HEREBY ISSUE THIS IRREVOCABLE STANDBY LETTER OF CREDIT IN
                 FAVOR OF CHASE MERCHANT SERVICES, L.L.C. AND ITS PERMITTED
                 SUCCESSORS OR ASSIGNS (AS SET FORTH BELOW) FOR THE ACCOUNT OF
                 NORWEGIAN CRUISE LINE LIMITED OF REID HALL, 3 REID STREET,
                 HAMILTON HM11, BERMUDA, WHICH IS AVAILABLE UPON PRESENTATION OF
                 BENEFICIARY'S DRAFT(S) AT SIGHT DRAWN ON THE HONGKONG AND
                 SHANGHAI BANKING CORPORATION LIMITED, HONG KONG / HSBC BANK
                 USA, NEW YORK BEARING THE CLAUSE: `DRAWN UNDER IRREVOCABLE
                 STANDBY LETTER OF CREDIT NO. SDCHKH252020 OF THE HONGKONG AND
                 SHANGHAI BANKING CORPORATION LIMITED, HONG KONG' UPTO AN
                 AGGREGATE AMOUNT OF U.S. DOLLARS USD80,000,000.00. (USD EIGHTY
                 MILLION) DRAFT(S) SUBMITTED MUST BE PRESENTED IN THE FORM OF
                 EXHIBIT B HERETO PURPORTEDLY SIGNED BY AN AUTHORIZED
                 REPRESENTATIVE OF THE BENEFICIARY AND IN ACCORDANCE WITH
                 EXHIBIT C.

                 + THIS IRREVOCABLE STANDBY LETTER OF CREDIT SETS FORTH IN FULL
                   THE TERMS OF OUR UNDERTAKING, AND SUCH UNDERTAKING SHALL NOT
                   IN ANY WAY BE MODIFIED, AMENDED, OR AMPLIFIED BY REFERENCE TO
                   ANY FACTS NOW KNOWN TO THE UNDERSIGNED OR HEREAFTER MADE
                   KNOWN TO THE UNDERSIGNED OR TO ANY DOCUMENT, INSTRUMENT OR
                   AGREEMENT IN WHICH THIS IRREVOCABLE STANDBY LETTER OF CREDIT
                   IS REFERRED TO OR TO WHICH THIS IRREVOCABLE STANDBY LETTER OF
                   CREDIT RELATES, AND NO SUCH REFERENCE SHALL BE DEEMED TO
                   INCORPORATE HEREIN BY REFERENCE ANY DOCUMENT, INSTRUMENT OR
                   AGREEMENT.

                            500-340062-000.02-2127-0

Certified true copy by
The Hongkong and Shanghai Banking Corporation Limited

[signature]
Lai Yee Yat Pui Yvonne
6603

<PAGE>

+ OUR OBLIGATION UNDER THIS IRREVOCABLE STANDBY LETTER OF CREDIT SHALL BE
  ABSOLUTE AND SHALL NOT BE AFFECTED BY ANY CIRCUMSTANCE, CLAIM OR DEFENSE (REAL
  OR PERSONAL), SETOFF OR COUNTERCLAIM OF NORWEGIAN CRUISE LINE LIMITED OR ANY
  OTHER PERSON AS TO THE ENFORCEABILITY OF THE MERCHANT SERVICES BANKCARD
  AGREEMENT REFERENCED HEREIN, IT BEING UNDERSTOOD THAT OUR OBLIGATIONS SHALL BE
  THAT OF A PRIMARY OBLIGOR, AND NOT THAT OF A SURETY OR GUARANTOR.

                                    EXHIBIT A
                   TO THE IRREVOCABLE STANDBY LETTER OF CREDIT
                            INSTRUCTIONS TO TRANSFER

                                                                  , 20
                                            ---------------------      ----

RE:  IRREVOCABLE STANDBY LETTER OF CREDIT NO. SDCHKH252020

GENTLEMEN:

         THE UNDERSIGNED IS NAMED AS A BENEFICIARY IN THE IRREVOCABLE STANDBY
LETTER OF CREDIT REFERRED TO ABOVE (THE "STANDBY LETTER OF CREDIT"). THE
UNDERSIGNED NOW WISHES TO TRANSFER TO THE TRANSFEREE NAMED BELOW, ALL RIGHTS OF
THE UNDERSIGNED TO DRAW UNDER THE STANDBY LETTER OF CREDIT.

                                                          ---------------------
                                                          NAME OF TRANSFEREE

                                                          ---------------------
                                                          ADDRESS

         THEREFORE, FOR VALUE RECEIVED, THE UNDERSIGNED HEREBY IRREVOCABLY
INSTRUCTS YOU TO TRANSFER TO SUCH TRANSFEREE ALL RIGHTS OF THE UNDERSIGNED TO
DRAW UNDER THE STANDBY LETTER OF CREDIT. SUCH TRANSFEREE SHALL HEREAFTER HAVE
RIGHTS AS A BENEFICIARY UNDER THE STANDBY LETTER OF CREDIT.

         ORIGINAL OF THE STANDBY LETTER OF CREDIT IS ENCLOSED HEREWITH.

                                       2
<PAGE>

         IN WITNESS WHEREOF, THE UNDERSIGNED HAS EXECUTED AND DELIVERED THIS
CERTIFICATE AS OF THE __________ DAY OF ____________, 20  .

                                              CHASE MERCHANT SERVICES, L.L.C.

                                              BY:
                                                  ------------------------------
                                                           TITLE

         THE UNDERSIGNED, (NAME OF TRANSFEREE), HEREBY ACCEPTS THE FOREGOING
TRANSFER OF RIGHTS UNDER THE STANDBY LETTER OF CREDIT.

                                              (NAME OF TRANSFEREE)

                                              BY:
                                                  ------------------------------
                                                           TITLE

                                                ADDRESS:
                                                (INSERT ADDRESS)

                            500-340062-000.02-2127-0

                                       3
<PAGE>

                                    EXHIBIT B
                   TO THE IRREVOCABLE STANDBY LETTER OF CREDIT
                             INSTRUCTION TO DRAWDOWN

DRAWN UNDER             , IRREVOCABLE STANDBY LETTER OF CREDIT NO. SDCHKH252020,
U.S. DOLLARS            (USD            ), IN ACCORDANCE WITH EXHIBIT C TO SUCH
IRREVOCABLE STANDBY LETTER OF CREDIT, FOR THE PURPOSE OF PAYING AND/OR ASSURING
FUTURE PAYMENT OF CHARGEBACKS, CREDIT TRANSACTIONS AND ANY OTHER AMOUNTS DUE
FROM NORWEGIAN CRUISE LINE LIMITED UNDER THE MERCHANT SERVICES BANKCARD
AGREEMENT (INCLUDING ALL APPENDICES AND AMENDMENTS THERETO) DATED 2 APRIL 2003,
BETWEEN CHASE MERCHANT SERVICES, L.L.C., JPMORGAN CHASE BANK ("BANK") AND
NORWEGIAN CRUISE LINE LIMITED ("AGREEMENT") CURRENTLY AND/OR CONTINGENTLY, TO
BENEFICIARY AND BANK, OR EITHER OF THEM. "CHARGEBACK" AND "CREDIT TRANSACTION"
SHALL HAVE THE MEANINGS ASCRIBED TO SUCH TERMS IN THE AGREEMENT.

                                       AUTHORIZED SIGNATURE

                                       ------------------------------------
                                       (PRINT NAME)
                                       DATED:                      , 20
                                               --------------------    ----

CONFIRMATION INSTRUCTIONS  WITHOUT
BK TO BK INFO:                              +ATTN:  STEPHEN MCDERMOTT
                                            +A COPY OF EXHIBIT C WILL BE SENT
                                            TO YOU BY SEPARATE DHL TODAY.

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

---------------------------------------         -------------------------------
           RELEASED BY                               AUTHORIZED SIGNATURE(S)
                                                     500-340062-000.02-2127-0

                                       4
<PAGE>

SENDING TID                                   HSBCHKHHBHKH
DESTINATION                                   MRMDUS33
                                              HSBC BANK USA
                                              LETTER OF CREDIT NEW YORK
                                              LETTER OF CREDIT
                                              HSBC TOWER 452 FIFTH AVENUE
                                              NEW YORK, NY  10018  U S A
MESSAGE TYPE                                  700 ISSUE OF A DOCUMENTARY CREDIT
PRIORITY                                      Normal

---------------- ------------------------------------------- -------------------
FLD              TEXT                                        CONTENTS
---------------- ------------------------------------------- -------------------

27:              SEQ OF TOTAL                                2/2
20:              DC NO:                                      SDCHKH252020

47B:             ADDITIONAL CONDITIONS:

                 + PARTIAL DRAWINGS ALLOWED, SUBJECT TO EXHIBIT C.

                 + PRO RATA DRAWINGS REQUIRED, AS DESCRIBED IN AND IN ACCORDANCE
                   WITH EXHIBIT C.

                 + THIS IRREVOCABLE STANDBY LETTER OF CREDIT IS TRANSFERABLE IN
                   ITS ENTIRETY (BUT NOT IN PART) TO JPMORGAN CHASE BANK, CHASE
                   MERCHANT VENTURES, INC. OR FIRST DATA MERCHANT SERVICES
                   CORPORATION ONLY, UNLESS BENEFICIARY OBTAINS THE PRIOR
                   WRITTEN CONSENT OF THE HONGKONG AND SHANGHAI BANKING
                   CORPORATION LIMITED. A TRANSFER OF THIS IRREVOCABLE STANDBY
                   LETTER OF CREDIT TO A TRANSFEREE SHALL BE EFFECTED BY THE
                   PRESENTATION TO US OF THIS IRREVOCABLE STANDBY LETTER OF
                   CREDIT ACCOMPANIED BY A CERTIFICATE DULY EXECUTED AND
                   SUBSTANTIALLY IN THE FORM SET FORTH AS EXHIBIT A TO THIS
                   IRREVOCABLE STANDBY LETTER OF CREDIT.

                 + DRAFTS MUST BE PRESENTED TO THE HONGKONG AND SHANGHAI BANKING
                   CORPORATION LIMITED, HONG KONG OFFICE, TRADE SERVICES
                   DEPARTMENT AT 5/F HSBC BUILDING MONGKOK, 673 NATHAN ROAD,
                   MONGKOK, KOWLOON, HONG KONG / HSBC BANK USA, HSBC TOWER 452
                   FIFTH AVENUE, NEW YORK NY 10018, USA ON OR BEFORE EXPIRY DATE
                   02 APRIL 2008 UNLESS THIS IRREVOCABLE STANDBY LETTER OF
                   CREDIT PRIOR TO SUCH DATE HAS BEEN CANCELLED BY WRITTEN
                   NOTICE TO THE BENEFICIARY. SUCH CANCELLATION CAN ONLY TAKE
                   PLACE ON THE DATE FALLING THREE HUNDRED AND SIXTY FOUR (364)
                   DAYS FROM THE DATE OF ISSUE OF THIS IRREVOCABLE STANDBY
                   LETTER OF CREDIT OR ON THE LAST DAY OF EACH SUBSEQUENT PERIOD
                   OF THREE HUNDRED AND SIXTY FOUR (364) DAYS, WITH MINIMUM 60
                   DAYS PRIOR WRITTEN NOTICE SENT BY CERTIFIED MAIL, RETURN
                   RECEIPT REQUESTED, OR BY OVERNIGHT DELIVERY WITH A COURIER OF
                   NATIONAL REPUTATION WHICH TRACKS RECEIPT, TO BENEFICIARY AT:
                   265 BROAD HOLLOW ROAD, MELVILLE, NEW YORK 11747, USA,
                   ATTENTION: VICE PRESIDENT - RISK MANAGEMENT, WITH A COPY TO:
                   GENERAL COUNSEL'S OFFICE AT 3975 N.W. 120TH AVENUE, CORAL
                   SPRINGS, FLORIDA 33065, USA.

                 + IF DRAFT DRAWN ON HSBC BANK USA, NEW YORK, SEE EXHIBIT D
                   HERETO.

                 + WE HEREBY ENGAGE WITH YOU THAT DRAFTS DRAWN IN CONFORMITY
                   WITH THE TERMS OF THIS IRREVOCABLE STANDBY LETTER OF CREDIT
                   (INCLUDING ITS EXHIBITS) WILL BE DULY HONOURED ON
                   PRESENTATION.

                 + PLEASE ADVISE US ALL DRAWINGS IMMEDIATELY BY
                   TELECOMMUNICATION,

                            500-340062-000.02-2127-0

                                       5
<PAGE>

                 SWIFT/CABLE CHARGES ARE FOR THE ACCOUNT OF BENEFICIARY.

                 + ALL BANKING CHARGES OUTSIDE HONG KONG ARE FOR A/C OF
                   BENEFICIARY

                 + THIS IRREVOCABLE STANDBY LETTER OF CREDIT IS SUBJECT TO THE
                   UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS (1993
                   REVISION), INTERNATIONAL CHAMBER OF COMMERCE, PUBLICATION NO.
                   500.

                                    EXHIBIT C
                   TO THE IRREVOCABLE STANDBY LETTER OF CREDIT

IN THE EVENT THAT THE CHASE MERCHANT SERVICES, L.L.C. OR ANY PERMITTED
TRANSFEREE ("BENEFICIARY") WERE TO MAKE A DRAW UPON EITHER OF THE IRREVOCABLE
STANDBY LETTERS OF CREDIT PROCURED ON BEHALF OF NORWEGIAN CRUISE LINE LIMITED IN
RELATION TO THE MERCHANT SERVICES BANKCARD AGREEMENT DATED 2ND APRIL 2003
BETWEEN THE BENEFICIARY, JPMORGAN CHASE AND NORWEGIAN CRUISE LINE LIMITED, THEN
THE BENEFICIARY WOULD UNDERTAKE TO DRAW ON THE IRREVOCABLE STANDBY LETTERS OF
CREDIT ON A PRO RATA BASIS, I.E. 80PCT OF THE TOTAL DRAW AMOUNT UPON THE
IRREVOCABLE STANDBY LETTER OF CREDIT ISSUED BY THE HONGKONG AND SHANGHAI BANKING
CORPORATION LIMITED ("HSBC") AND 20PCT OF THE TOTAL DRAW AMOUNT UPON THE
IRREVOCABLE STANDBY LETTER OF CREDIT ISSUED BY DEN NORSKE BANK ("DNB"). IF,
HOWEVER, THE IRREVOCABLE LETTER OF CREDIT ISSUED BY THAT INSTITUTION IS
CANCELLED AND THE OTHER IRREVOCABLE LETTER OF CREDIT REMAINS IN FULL FORCE AND
EFFECT, THEN UPON THE EFFECTIVE DATE OF SUCH CANCELLATION, THE BENEFICIARY WILL
BE ALLOWED TO DRAW UP TO 100PCT OF THE UNDRAWN AMOUNT OF THE REMAINING
IRREVOCABLE LETTER OF CREDIT.

IF HSBC OR DNB SOULD, FOR WHATEVER REASON, FAIL TO HONOR THEIR PORTION OF ANY
PRO RATA DRAWING, THEN THE OTHER INSTITUTION'S, HSBC OR DNB, AS THE CASE MAY BE,
OBLIGATION TO HONOR ITS RESPECTIVE PORTION OF SUCH PRO RATA DRAWING IS NOT
REMOVED AND CONTINUES AS AN ABSOLUTE OBLIGATION PURSUANT TO THE APPLICABLE
IRREVOCABLE LETTER OF CREDIT.

FURTHER, BOTH HSBC AND DNB MUST CONTINUE TO MEET THE CRITERIA ESTABLISHED IN
SECTION 20.1 OF THE MERCHANT SERVICES BANKCARD AGREEMENT. SHOULD EITHER OF THESE
INSTITUTIONS FAIL TO MEET THESE CRITERIA, THEN THE IRREVOCABLE LETTERS OF CREDIT
ISSUED BY THEM WILL NOT QUALIFY TOWARDS THE RESERVE REQUIREMENT AND CMS RETAINS
THE RIGHT TO OBTAIN SUBSTITUTE COLLATERAL.

                                       6
<PAGE>

                                    EXHIBIT D
                   TO THE IRREVOCABLE STANDBY LETTER OF CREDIT
                       INSTRUCTION TO HSBC NEW YORK OFFICE

IF DRAFT DRAWN ON HSBC BANK USA, NEW YORK:

+ WE HEREBY ENGAGE WITH YOU THAT ALL DRAWINGS UNDER AND IN COMPLICANCE WITH THE
  TERMS OF THIS IRREVOCABLE STANDBY LETTER OF CREDIT (INCLUDING ITS EXHIBITS)
  WILL BE DULY HONOURED BY US AND WITHIN 7 BUSINESS DAYS AFTER RECEIPT OF YOUR
  SWIFT/TESTED TELEX.

WE UNDERTAKE TO REIMBURSE YOU IN ACCORDANCE WITH YOUR INSTRUCTIONS.

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

-----------------------------------       --------------------------------------
           RELEASED BY                            AUTHORIZED SIGNATURE(S)
                                                  500-340062-000.02-2127-0

                                       7
<PAGE>

SENDING TID                               HSBCHKHHBHKH
DESTINATION                               MRMDUS33
                                          HSBC BANK USA
                                          LETTER OF CREDIT NEW YORK
                                          LETTER OF CREDIT
                                          HSBC TOWER 452 FIFTH AVENUE
                                          NEW YORK, NY  10018  U S A
MESSAGE TYPE                              707 AMENDMENT OF A DOCUMENTARY CREDIT
PRIORITY                                  Normal

---------------- ---------------------------- ----------------------------------
FLD              TEXT                         CONTENTS
---------------- ---------------------------- ----------------------------------

20:              OUR REF:                     SDCHKH252020
21:              YOUR REF:                    NONREF
31C:             DATE OF ISSUE:               030926
30:              DATE OF AMENDMENT:           040426
26E:             NO OF AMENDMENT:             01
59:              BENEFICIARY:                 CHASE MERCHANT SERVICES, L.L.C.
                                              265 BROAD HOLLOW ROAD
                                              MELVILLE, NY 11747 USA
79:              OTHER AMENDMENTS:
                 .ADDITIONAL CONDITIONS
                 INSERT:
                 + AMEND APPLICANT'S NAME AS FOLLOW:
                   NCL CORPORATION LTD.
                 + THIS AMENDMENT IS SUBJECT TO BENEFICIARY'S CONSENT, PLEASE
                   URGENTLY CONFIRM BENEFICIARY'S ACCEPTANCE/NON-ACCEPTANCE TO
                   THIS AMENDMENT BY RETURN SWIFT/TESTED TELEX. YOUR CABLE
                   CHARGES ACCOUNT BENEFICIARY.

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

------------------------------          ----------------------------------------
           RELEASED BY                         AUTHORIZED SIGNATURE(S)

V001.02                         2117          500-340062-001.02-2117-1

                                       8
<PAGE>

DNB NOR
         Letter of Credit Number DnBs/2004/055

                      IRREVOCABLE STANDBY LETTER OF CREDIT

Irrevocable Standby Letter of Credit
Our reference number: DnBs/2004/055
Transaction date: 23rd April 2004
(This Letter of Credit supersedes our
Letter of Credit Reference Number: DnBS/2003/135
dated 26th September 2003)

Beneficiary (the "Beneficiary"):
Chase Merchant Services, L.L.C.
265 Broad Hollow Road
Melville, NY  11747
Attention:        Stephen McDermott

Dear Sirs:

We hereby issue this Irrevocable Standby Letter of Credit in favor of Chase
Merchant Services, L.L.C. and its permitted successors or assigns (as set forth
below) for the account of NCL Corporation, Ltd. of Reid Hall, 3 Reid Street,
Hamilton HM11, Bermuda, which is available upon presentation of Beneficiary's
draft(s) at sight drawn on DnB NOR Bank ASA (as successor in title to Den norske
Bank ASA), Singapore Branch or DnB NOR Bank ASA, New York Branch bearing the
clause "Drawn Under Irrevocable Standby Letter of Credit No. DnBs/2004/055 of
DnB NOR Bank ASA, Singapore Branch" up to an aggregate amount of U.S. Dollars
$20,000,000.00 (USD twenty million).

Draft(s) submitted must be presented in the form of Exhibit B hereto purportedly
signed by an authorized representative of the Beneficiary and in accordance with
Exhibit C.

This Irrevocable Standby Letter of Credit sets forth in full the terms of our
undertaking, and such undertaking shall not in any way be modified, amended, or
amplified by reference to any facts now known to the undersigned or hereafter
made known to the undersigned or to any document, instrument or agreement in
which this Irrevocable Standby Letter of Credit is referred to or to which this
Irrevocable Standby Letter of Credit relates, and no such reference shall be
deemed to incorporate herein by reference any document, instrument or agreement.

Our obligation under this Irrevocable Standby Letter of Credit shall be absolute
and shall not be affected by any circumstance, claim or defense (real or
personal), setoff or counterclaim of NCL Corporation, Ltd. or any other person
as to the enforceability of the Merchant Services Bankcard Agreement referenced
herein, it being understood that our obligations shall be that of a primary
obligor, and not that of a surety or guarantor.

DnB Nor Bank ASA, Singapore Branch Address 8 Shenton Way, #48-02 Temasek Tower,
Singapore 068811
Telephone +65 6220 6144 Fax +65 6224 9743 www.dnbnor.no

                                       9
<PAGE>
DNB NOR
         Letter of Credit Number DnBs/2004/055

         Partial drawings:  Allowed, subject to Exhibit C.

         Pro rata drawings: Required, as described in and in accordance
                            with Exhibit C.

This Irrevocable Standby Letter of Credit is transferable in its entirety (but
not in part) to JPMorgan Chase Bank, Chase Merchant Ventures, Inc. or First Data
Merchant Services Corporation only, unless Beneficiary obtains the prior written
consent of DnB NOR Bank ASA, Singapore Branch. A transfer of this Irrevocable
Standby Letter of Credit to a transferee shall be effected by the presentation
to us of this Irrevocable Standby Letter of Credit accompanied by a certificate
duly executed and substantially in the form set forth as Exhibit A to this
Irrevocable Standby Letter of Credit.

Drafts must be presented to DnB NOR Bank ASA, Singapore Branch, 8 Shenton Way,
#48-02 Temasek Tower, Singapore 068811 or DnB NOR Bank ASA, New York Branch, 200
Park Avenue, 31st Floor New York, N.Y. 10166-0396, USA on or before expiry date
2 April 2008 unless this Irrevocable Standby Letter of Credit prior to such date
has been cancelled by written notice to the Beneficiary. Such cancellation can
only take place on the date falling three hundred and sixty four (364) days from
26 September 2003, or on the last day of each subsequent period of three hundred
and sixty four (364) days, with minimum 60 days prior written notice sent by
certified mail, return receipt requested, or by overnight delivery with a
courier of national reputation which tracks receipt, to Beneficiary at: 265
Broad Hollow Road, Melville, New York 11747, Attention: Vice President - Risk
Management, with a copy to: General Counsel's Office at 3975 N.W. 120th Avenue,
Coral Springs, Florida 33065.

If draft drawn on DnB NOR Bank ASA, New York Branch, see Exhibit D hereto.

We hereby engage with you that drafts drawn in conformity with the terms of this
Irrevocable Standby Letter of Credit (including its Exhibits) will be duly
honoured on presentation. Please advise us all drawings immediately by
telecommunication, swift/cable charges are for the account of Beneficiary. All
banking charges outside Singapore are for the account of Beneficiary.

                                       10
<PAGE>

DNB NOR
         Letter of Credit Number DnBs/2004/055

This Irrevocable Standby Letter of Credit is subject to the Uniform Customs and
Practice for Documentary Credits (1993 Revision), International Chamber of
Commerce, Publication No. 500.

Confirmation Instructions:  Without

                                 Authorized Signature

                                 ----------------------------------------------
                                 Grete Lekven                       Daniel Pang

                                 DnB NOR Bank ASA, Singapore Branch

                                       11
<PAGE>
DNB NOR
         Letter of Credit Number DnBs/2004/055

                                    EXHIBIT A
                   TO THE IRREVOCABLE STANDBY LETTER OF CREDIT
                            INSTRUCTIONS TO TRANSFER

                                                                    , 20
                                                          ----------    ----

Re:      Irrevocable Standby Letter of Credit No. DnBs/2004/055

Gentlemen:

         The undersigned is named as a beneficiary in the Irrevocable Standby
Letter of Credit referred to above (the "Standby Letter of Credit"). The
undersigned now wishes to transfer to the Transferee named below, all rights of
the undersigned to draw under the Standby Letter of Credit.

                                                   -------------------------
                                                   Name of Transferee

                                                   -------------------------
                                                           Address

         Therefore, for value received, the undersigned hereby Irrevocably
instructs you to transfer to such Transferee all rights of the undersigned to
draw under the Standby Letter of Credit. Such Transferee shall hereafter have
rights as a beneficiary under the Standby Letter of Credit.

         Original of the Standby Letter of Credit is enclosed herewith.

         IN WITNESS WHEREOF, the undersigned has executed and delivered this
Certificate as of the day of ,20 .

                                               Chase Merchant Services, L.L.C.

                                                By:
                                                   -------------------------
                                                   Title

                                       12
<PAGE>
DNB NOR
         Letter of Credit Number DnBs/2004/055

         The undersigned, [Name of Transferee], hereby accepts the foregoing
transfer of rights under the Standby Letter of Credit.

                                               [NAME OF TRANSFEREE]

                                                By:
                                                   -------------------------
                                                   Title

                                                   Address:

                                                  [Insert address]

                                       13
<PAGE>
DNB NOR
         Letter of Credit Number DnBs/2004/055

                                    EXHIBIT B
                   TO THE IRREVOCABLE STANDBY LETTER OF CREDIT

                             INSTRUCTION TO DRAWDOWN

Drawn under                      , Irrevocable Standby Letter of Credit
No. DnBs/2004/055, US Dollars                   , in accordance with Exhibit C
to such Irrevocable Standby Letter of Credit, for the purpose of paying and/or
assuring future payment of chargebacks, credit transactions and any other
amounts due from NCL Corporation, Ltd. under the Merchant Services Bankcard
Agreement (including all appendices and amendments thereto) dated 2 April 2003
as amended by a letter dated 9 March 2004, between Chase Merchant Services,
L.L.C., JPMorgan Chase Bank ("Bank") and NCL Corporation, Ltd. ("Agreement")
currently and/or contingently, to Beneficiary and Bank, or either of them.
"Chargeback" and "credit transaction" shall have the meanings ascribed to such
terms in the Agreement.

                                       Authorized Signature

                                       ----------------------------------------
                                       (print name)

                                       14
<PAGE>
DNB NOR
         Letter of Credit Number DnBs/2004/055

                                    EXHIBIT C
                   TO THE IRREVOCABLE STANDBY LETTER OF CREDIT

In the event that the Chase Merchant Services, L.L.C. or any permitted
transferee ("Beneficiary") were to make a draw upon either of the irrevocable
standby letters of credit procured on behalf of NCL Corporation, Ltd. in
relation to the Merchant Services Bankcard Agreement dated 2 April 2003 as
amended by a letter dated 9 March 2004 between the Beneficiary, JPMorgan Chase
and NCL Corporation, Ltd., then the Beneficiary would undertake to draw on the
irrevocable standby letters of credit on a pro rate basis, i.e., 80% of the
total draw amount upon the irrevocable standby letter of credit issued by The
Hongkong and Shanghai Banking Corporation Limited ("HSBC") and 20% of the total
draw amount upon the irrevocable standby letter of credit issued by DnB NOR Bank
AM, Singapore Branch ("DnB NOR"). If, however, the irrevocable letter of credit
issued by that institution is cancelled and the other irrevocable letter of
credit remains in full force and effect, then upon the effective date of such
cancellation, the Beneficiary will be allowed to draw up to 100% of the undrawn
amount of the remaining irrevocable letter of credit.

If HSBC or DnB NOR should, for whatever reason, fail to honor their portion of
any pro rata drawing, then the other institution's, HSBC or DnB NOR, as the case
may be, obligation to honor its respective portion of such pro rata drawing is
not removed and continues as an absolute obligation pursuant to the applicable
irrevocable letter of credit.

Further, both HSBC and DnB NOR must continue to meet the criteria established in
Section 20.1 of the Merchant Services Bankcard Agreement. Should either of these
institutions fail to meet these criteria, then the irrevocable letters of audit
issued by them will not qualify towards the reserve requirement and CMS retains
the right to obtain substitute collateral.

                                         Acknowledged and agreed:

                                         Chase Merchant Services, L.L.C.

                                         By:
                                            -----------------------------------

                                         Name:
                                              ---------------------------------

                                         Title:
                                               --------------------------------

                                         Date:
                                              ---------------------------------

                                       15
<PAGE>
DNB NOR
         Letter of Credit Number DnBs/2004/055

                                    EXHIBIT D
                   TO THE IRREVOCABLE STANDBY LETTER OF CREDIT

                INSTRUCTION TO DNB NOR BANK ASA; NEW YORK BRANCH

If draft drawn on DnB NOR Bank ASA, New York Branch, we hereby engage with you
that all drawings under and in compliance with the terms of this Irrevocable
Standby Letter of Credit (including its exhibits) will be duly honoured by us
and within 7 business days after receipt of your Swift-Tested Telex. We
undertake to reimburse you in accordance with your instructions.

                                       16<PAGE>

                                                                    EXHIBIT 4(h)

Conformed Copy

                               DATED 20 APRIL 2004

                                HULL 667 LIMITED
                                  (AS BORROWER)

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

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

                                  HSBC BANK PLC
                                   (AS AGENT)

                         COMMERZBANK AKTIENGESELLSCHAFT
                                (AS HERMES AGENT)

                                  HSBC BANK PLC
                                  (AS TRUSTEE)

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

                             SECURED LOAN AGREEMENT
                            FOR UP TO USD334,050,000
                         PRE- AND POST DELIVERY FINANCE
            FOR ONE LUXURY CRUISE VESSEL WITH 1,188 PASSENGER CABINS
              BEING HULL NO S.667 AT THE YARD OF JOS. L. MEYER GMBH

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

<PAGE>

                                    CONTENTS

<TABLE>
<CAPTION>
                                                                                                          PAGE
<S>                                                                                                       <C>
1   Definitions and Construction.......................................................................     1
    1.1   Definitions..................................................................................     1
    1.2   Construction.................................................................................    18
    1.3   Agent, Hermes Agent and Trustee..............................................................    20

2   The Facility.......................................................................................    20
    2.1   Availability.................................................................................    20
    2.2   Purpose and Application......................................................................    20
    2.3   Drawdown.....................................................................................    21
    2.4   Payment of Portions..........................................................................    22
    2.5   Break costs on failure to draw...............................................................    23
    2.6   Conditions of drawdown.......................................................................    23
    2.7   Several obligations of the Lenders...........................................................    23
    2.8   Lender's failure to perform..................................................................    24
    2.9   Fulfilment of conditions after drawdown......................................................    24

3   Repayment..........................................................................................    24

4   Prepayment.........................................................................................    24
    4.1   Voluntary prepayment.........................................................................    24
    4.2   Voluntary prepayment in case of increased cost...............................................    25
    4.3   Mandatory prepayment in case of illegality...................................................    25
    4.4   Voluntary prepayment following imposition of Substitute Basis................................    26
    4.5   Prepayment in case of Total Loss of the Vessel...............................................    26
    4.6   Prepayment in case of sale of the Vessel.....................................................    27
    4.7   Effect of prepayment.........................................................................    27
    4.8   Break costs on prepayment....................................................................    27

5   Interest...........................................................................................    28
    5.1   Payment of interest prior to the Termination Date............................................    28
    5.2   Payment of interest from the Termination Date................................................    28
    5.3   Selection and duration of Pre-Delivery Interest Periods and Interest Periods.................    28
    5.4   Conversion...................................................................................    30
    5.5   Fixed Rate...................................................................................    30
    5.6   Break costs in relation to Conversion........................................................    31
    5.7   No notice and unavailability.................................................................    31
    5.8   Separate Interest Periods for Instalments....................................................    32
    5.9   Extension and shortening of Pre-Delivery Interest Periods or Interest Periods................    32
    5.10  Applicable Interest Rate.....................................................................    32
    5.11  Bank basis...................................................................................    33
    5.12  Default interest.............................................................................    33

6   Substitute Basis of Funding........................................................................    34
    6.1   Market disturbance...........................................................................    34
    6.2   Suspension of drawdown.......................................................................    35
    6.3   Certificates of Substitute Basis.............................................................    35
</TABLE>

<PAGE>

<TABLE>
<S>                                                                                                        <C>
    6.4   Review.......................................................................................    36

7   Payments...........................................................................................    36
    7.1   Place for payment............................................................................    36
    7.2   Deductions and grossing-up...................................................................    36
    7.3   Production of receipts for Taxes.............................................................    38
    7.4   Money of account.............................................................................    38
    7.5   Accounts.....................................................................................    39
    7.6   Earnings.....................................................................................    39
    7.7   Continuing security..........................................................................    40

8   Yield Protection and Force Majeure.................................................................    40
    8.1   Increased costs..............................................................................    40
    8.2   Force majeure................................................................................    42

9   Representations and Warranties.....................................................................    43
    9.1   Duration.....................................................................................    43
    9.2   Representations and warranties...............................................................    43
    9.3   Representations on the First Drawdown Date...................................................    50
    9.4   Representations on the Delivery Date.........................................................    51

10  Undertakings.......................................................................................    51
    10.1  Duration.....................................................................................    51
    10.2  Information..................................................................................    52
    10.3  Notification of default......................................................................    53
    10.4  Consents and registrations...................................................................    53
    10.5  Negative pledge..............................................................................    53
    10.6  Disposals....................................................................................    53
    10.7  Change of business...........................................................................    54
    10.8  Mergers......................................................................................    55
    10.9  Maintenance of status and franchises.........................................................    56
    10.10 Financial records............................................................................    56
    10.11 Financial indebtedness and subordination of indebtedness.....................................    56
    10.12 Pooling of earnings and charters.............................................................    57
    10.13 Loans and guarantees by the Borrower.........................................................    58
    10.14 Supervision and Management...................................................................    58
    10.15 Acquisition of shares........................................................................    58
    10.16 Trading with the United States of America....................................................    58
    10.17 Further assurance............................................................................    59
    10.18 Valuation of the Vessel......................................................................    59
    10.19 Marginal security............................................................................    60
    10.20 Performance of employment contracts..........................................................    61
    10.21 Insurances...................................................................................    62
    10.22 Operation and maintenance of the Vessel......................................................    68
    10.23 Hermes Cover.................................................................................    74
    10.24 Dividends....................................................................................    75

11  Default............................................................................................    75
    11.1  Events of default............................................................................    75
    11.2  Acceleration.................................................................................    82
</TABLE>

<PAGE>

<TABLE>
<S>                                                                                                        <C>
    11.3  Default indemnity............................................................................    83
    11.4  Set-off......................................................................................    83

12  Application of Funds...............................................................................    84
    12.1  Total Loss proceeds/proceeds of sale/Event of Default monies.................................    84
    12.2  General funds................................................................................    86
    12.3  Application of proceeds of Insurances........................................................    87
    12.4  Application of any reduction in the Hermes Premium...........................................    87
    12.5  Suspense account.............................................................................    88

13  Fees...............................................................................................    88

14  Expenses...........................................................................................    88
    14.1  Initial expenses.............................................................................    88
    14.2  Enforcement expenses.........................................................................    88
    14.3  Stamp duties.................................................................................    88

15  Waivers, Remedies Cumulative.......................................................................    89
    15.1  No waiver....................................................................................    89
    15.2  Remedies cumulative..........................................................................    89
    15.3  Severability.................................................................................    89
    15.4  Time of essence..............................................................................    89

16  Counterparts.......................................................................................    90

17  Assignment.........................................................................................    90
    17.1  Benefit of agreement.........................................................................    90
    17.2  No transfer by the Borrower..................................................................    90
    17.3  Assignments, participations and transfers by a Lender........................................    90
    17.4  Effectiveness of transfer....................................................................    91
    17.5  Transfer of rights and obligations...........................................................    91
    17.6  Consent and increased obligations of the Borrower............................................    92
    17.7  Disclosure of information....................................................................    92
    17.8  Transfer Certificate to be executed by the Agent.............................................    93
    17.9  Notice of Transfer Certificates..............................................................    94
    17.10 Documentation of transfer or assignment......................................................    94
    17.11 Contracts (Rights of Third Parties) Act 1999 (the "Act").....................................    94

18  Notices............................................................................................    94
    18.1  Mode of communication........................................................................    94
    18.2  Address......................................................................................    94
    18.3  Telefax communication........................................................................    95
    18.4  Receipt......................................................................................    95
    18.5  Language.....................................................................................    96

19  Governing Law......................................................................................    96

20  Waiver of Immunity.................................................................................    96
</TABLE>

<PAGE>

<TABLE>
<S>                                                                                                       <C>
21  Rights of the Agent and the Lenders................................................................    97
    21.1  No derogation of rights......................................................................    97
    21.2  Enforcement of remedies......................................................................    97

22  Jurisdiction.......................................................................................    97

Schedule 1  Particulars of Arrangers...................................................................   102

Schedule 2  Particulars of Agent, Hermes Agent, Trustee and Lenders....................................   104

Schedule 3  Notice of Drawdown.........................................................................   107

Schedule 4  Conditions Precedent.......................................................................   110

Schedule 5  Confidentiality Undertaking................................................................   117

Schedule 6  Transfer Certificate.......................................................................   119

Schedule 7  Form of Notice of Fixed Rate...............................................................   126

Schedule 8  Chartering of the Six Vessels (as defined in Clause 10.6.4)................................   127
</TABLE>

<PAGE>

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

BETWEEN:

(1)   HULL 667 LIMITED of International House, Castle Hill, Victoria Road,
      Douglas, Isle of Man IM2 4RB, British Isles 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 amount of up to three
hundred and thirty four million and fifty thousand Dollars (USD334,050,000) to
be made by the Lenders to the Borrower to part-finance (among other things) the
construction by the Builder of the Vessel for the Contract Price.

NOW IT IS HEREBY AGREED as follows:

1     DEFINITIONS AND CONSTRUCTION

      1.1   DEFINITIONS

            In this Agreement:

            "ACCOUNT CHARGE" means the charge over the Operating Account, to be
            given by the Borrower in favour of the Trustee (together with the
            notice and acknowledgement thereof), such charge, notice and
            acknowledgement to be in substantially the form and on the terms and
            conditions required by the Agent and the Hermes Agent and agreed on
            the signing hereof and as specified in paragraph 47 of Schedule 4;

<PAGE>

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

            "AGREEMENT" means this agreement;

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

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

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

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

            "BUILDING CONTRACT" means the shipbuilding contract dated as of 15
            September 2003 between the Builder and Arrasas for the construction
            and delivery of the Vessel and Specification No P.8573 - Hull No
            S.667 dated 22 August 2003 and the appendices thereto marked A, B
            and C and as amended by a first addendum thereto dated 25 March 2004
            pursuant to which the Borrower has been nominated as buyer of the
            Vessel;

            "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 28 of Schedule 4;

                                       2
<PAGE>

            "BUSINESS DAY" means any day on which, in a country where any act or
            thing is required to be done hereunder, banks and financial markets
            are open for the transaction of business of the nature contemplated
            by this Agreement;

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

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

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

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

            "COMMITMENT" means, as to each Lender, the sum set out opposite its
            name in Schedule 2 as the amount which, subject to the terms of this
            Agreement, it is obliged to advance to the Borrower under Clause 2
            (or, where the context so admits, such amount which any successor in
            title, assignee or transferee (including any Transferee) of any
            Lender shall be obliged to advance to the Borrower under Clause 2,
            following the assumption of all or any portion of such liability
            from any Lender hereunder) in each case as such amount may be
            reduced, cancelled or terminated under this Agreement;

            "COMPULSORY ACQUISITION" means requisition for title or other
            compulsory acquisition of the Vessel including its capture, seizure,
            detention or confiscation or expropriation but excluding any
            requisition for hire by or on behalf of any government or
            governmental authority or agency or by any persons acting or

                                       3
<PAGE>

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

            "CONFIDENTIALITY UNDERTAKING" means the undertaking to be entered
            into relating to the release of financial information pertaining to
            the Group by the Agent, the Trustee or any Lender to a potential
            Transferee or assignee such undertaking to be in the form of
            Schedule 5;

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

            "CONSTRUCTION RISKS INSURANCE ASSIGNMENT" means the valid and
            effective first priority assignment of the Insurances (together with
            the notices thereof), to be executed by the Builder and the Borrower
            in respect of the Vessel in favour of the Trustee, such assignment
            and notices being in the form and on the terms and conditions
            required by the Agent and the Hermes Agent and agreed on the signing
            hereof and as specified in paragraph 29 of Schedule 4;

            "CONTRACT PRICE" means three hundred and ninety million Dollars
            (USD390,000,000) 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;

            "DEBENTURE" means the debenture to be entered into by the Borrower
            in favour of the Trustee on the date hereof, such debenture 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 16 of Schedule 4;

                                       4
<PAGE>

            "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;

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

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

            "EARNINGS" means, in respect of the Vessel, (whether earned or to be
            earned) any and all freights, hire and passage monies, proceeds of
            requisition (other than proceeds of Compulsory Acquisition), rebates
            and commissions, all earnings deriving from contracts of
            affreightment, pooling agreements, joint ventures, compensation,
            remuneration for salvage and towage services, damages howsoever
            arising and detention monies, damages for breach of any charterparty
            or other contract for the employment of the Vessel, any amounts
            payable in consideration of the termination or variation of any
            charterparty or other such contract, any sums payable or repayable
            by the Builder under the Building Contract, any reduction in the
            Hermes Premium repaid by Hermes to the Borrower and any other
            earnings whatsoever due or to become due to the Borrower;

            "EARNINGS ASSIGNMENT" means the valid and effective first legal
            assignment of the Earnings (together with the notice thereof and the
            acknowledgement), to be executed by the Borrower in respect of the
            Vessel in favour of the Trustee, such assignment, notice and
            acknowledgement being in the form and on the terms and conditions
            required by the Agent and the Hermes Agent and agreed on the signing
            hereof and as specified in paragraph 27 of Schedule 4;

                                       5
<PAGE>

            "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;

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

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

            "FACILITY" means the loan facility granted hereunder being in the
            amount (in aggregate) of up to three hundred and thirty four million
            and fifty thousand Dollars (USD334,050,000);

            "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 and the Margin;

                                       6
<PAGE>

            "FORCE MAJEURE" means, in relation to the Agent, the Hermes Agent,
            the Trustee or any Lender, any event or circumstance which is beyond
            the reasonable control of such party, which cannot be foreseen or if
            foreseeable which is unavoidable, which occurs after the date of
            this Agreement and which prevents that party from performing any of
            its obligations under this Agreement;

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

            "GROUP" means Star and its Subsidiaries;

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

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

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

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

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

            "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;

                                       7
<PAGE>

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

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

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

            "ISM CODE" means the International Management Code for the Safe
            Operation of Ships and for Pollution Prevention adopted by the
            International Maritime Organisation;

            "ISPS CODE" means the International Ship and Port Facility Security
            Code adopted by the International Maritime Organisation;

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

            (i)   moneys borrowed or raised;

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

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

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

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

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

                                       8
<PAGE>

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

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

            "INSURANCE ASSIGNMENT" means the valid and effective first legal
            assignment of the Insurances (together with the notice thereof), to
            be executed by the Borrower in respect of the Vessel in favour of
            the Trustee, such assignment and notice to be in the form and on the
            terms and conditions required by the Agent and the Hermes Agent and
            agreed on the signing hereof and as specified in paragraph 42 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 of interest applicable to the Loan
            calculated in accordance with Clause 5.10, Clause 5.12 or Clause
            6.3;

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

                                       9
<PAGE>

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

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

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

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

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

            "MANAGEMENT AGREEMENT" means the agreement to be entered into
            between the Borrower and the Manager providing for the ship
            management and crewing services of the Vessel, such agreement to be
            in the form and on the terms and conditions required by the Agent
            and agreed on the signing hereof and as specified in paragraph 45 of
            Schedule 4;

            "MANAGEMENT AGREEMENT ASSIGNMENT" means the valid and effective
            first legal assignment of the Management Agreement (together with
            the notice thereof and the acknowledgement), to be executed by the
            Borrower in favour of the Trustee,

                                       10
<PAGE>

            such assignment, notice and acknowledgement to be in the form and on
            the terms and conditions required by the Agent and the Hermes Agent
            and agreed on the signing hereof and as specified in paragraph 46 of
            Schedule 4;

            "MANAGER" means NCL (Bahamas) Ltd. of Reid Hall, 3 Reid Street,
            Hamilton HM 11, Bermuda, the company which (among other things)
            provides the ship management and crewing services for the Vessel
            pursuant to the Management Agreement;

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

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

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

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

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

            "NCLC GROUP" means the Guarantor and its Subsidiaries;

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

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

            "OBLIGORS" means the Borrower, the Guarantor, the Manager, the
            Shareholder, the Supervisor, Arrasas and any other party from time
            to time to any of the

                                       11
<PAGE>

            Security Documents excluding the Builder, Hermes, the Arrangers, the
            Trustee, the Agent, the Hermes Agent and the Lenders;

            "OFFICE" means in respect of the Agent, the Hermes Agent, the
            Trustee and each Lender its office at the address set out beneath
            its name in Schedule 2 or such other office as it shall from time to
            time select and notify through the Agent to the Borrower;

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

            "OUTSTANDING INDEBTEDNESS" means all sums of any kind payable
            actually or contingently to the Trustee, the Agent, the Hermes Agent
            or the Lenders under or pursuant to this Agreement or any
            Transaction Document (whether by way of repayment of principal
            payment of interest or default interest payment of any indemnity or
            counter indemnity reimbursement for fees, costs or expenses or
            otherwise howsoever);

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

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

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

            "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 or (as the context may require) the
            amount thereof for the time being drawn down and outstanding
            hereunder;

                                       12
<PAGE>

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

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

            "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, to be granted by
            the Borrower over the Vessel in favour of the Trustee 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 signing hereof and as specified in
            paragraph 41 of Schedule 4;

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

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

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

            "PRE-DELIVERY MORTGAGE" means the first priority abstract
            acknowledgement of debt and mortgage ("Abstraktes Schuldversprechen
            und Schiffshypothekenbestellungsurkunde") and part submission
            ("Unterwerfung unter die sofortige Zwangsvollstreckung"), to be
            granted by the Borrower over the Vessel in favour of the Trustee as
            security pursuant hereto during the 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 26 of Schedule
            4;

            "PROCESS AGENT" means Clifford Chance Secretaries Limited whose
            registered office is presently at 10 Upper Bank Street, London E14
            5JJ or any other person

                                       13
<PAGE>

            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 London Interbank eurocurrency market for
            Dollar deposits for delivery on the first day of that Pre-Delivery
            Interest Period or Interest Period;

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

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

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

            "SAFETY MANAGEMENT CERTIFICATE" means a document issued to the
            Vessel as evidence that the Vessel's operator and its shipboard
            management operate in accordance with an approved Safety Management
            System;

            "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 such other funds for
            payment in Dollars 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 of the type contemplated by
            this Agreement;

                                       14
<PAGE>

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

            "SECURITY PERIOD" means the period beginning on the First Drawdown
            Date and ending on the date on which the amounts outstanding under
            this Agreement and under each of the other Security Documents are
            finally paid or repaid in full;

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

            "SHARES" means the two (2) shares in the Borrower being one hundred
            per cent (100%) of the authorised and issued shares in the Borrower
            registered in the name of and beneficially owned by the Shareholder;

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

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

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

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

            "SUPERVISION AGREEMENT ASSIGNMENT" means the valid and effective
            first legal assignment of the Supervision Agreement (together with
            the notice thereof and

                                       15
<PAGE>

            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 30 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;

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

            "TERMINATION DATE" means the earlier of the Delivery Date and 31
            January 2006 (or such later date as is agreed between the Borrower,
            the Lenders and Hermes);

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

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

            "TRANCHE A" means the aggregate of the Equivalent Amount of the
            Hermes Issuing Fees and the Equivalent Amount of twenty five per
            cent (25%) of the Hermes Insurance Premium less the Equivalent
            Amount of twenty per cent (20%) of the Hermes Premium 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;

                                       16
<PAGE>

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

            "TRANCHE 1" means the amount of [***] [Confidential Treatment] to be
            paid to the Guarantor to be applied in repayment of the loan in the
            same amount made by the Guarantor to the Borrower to enable the
            Borrower to pay part of the second pre-delivery instalment due by
            the Borrower to the Builder under the Building Contract to be
            advanced by the Lenders on a Drawdown Date by way of their
            Contributions thereto;

            "TRANCHE 2" means the amount of [***] [Confidential Treatment] to be
            applied in payment 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 3" means the amount of [***] [Confidential Treatment] 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 4" means the amount of up to [***] [Confidential Treatment]
            to be applied in payment of the delivery instalment due by the
            Borrower to the Builder under the Building

                                       17
<PAGE>
            Contract to be advanced by the Lenders on the Delivery Date by way
            of their Contributions thereto PROVIDED THAT the amount of this
            Tranche and the amounts of the other Portion 1 Tranches shall not
            when aggregated exceed [***] [Confidential Treatment] of the
            Contract Price;

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

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

            "TRANSFER DATE" means, in relation to any Transfer Certificate, the
            date specified in such Transfer Certificate as the date for the
            making of the transfer or, where such transfer is specified as being
            subject to the fulfilment of certain conditions, the date on which
            the Agent receives a certificate from the Lender making the transfer
            confirming that all such conditions have been fulfilled;

            "TRANSFEREE" means any reputable bank acceptable to the Agent and
            the Borrower which becomes a party to this Agreement as a Lender
            pursuant to Clause 17; and

            "VESSEL" means hull no S.667 at the yard of the Builder registered
            in the name of the Borrower in the Shipbuilding Register in Emden,
            Federal Republic of Germany and upon construction as a luxury cruise
            vessel with one thousand one hundred and eighty eight (1,188)
            passenger cabins to be delivered to the Borrower pursuant to the
            Building Contract and re-registered in the name of the Borrower
            under the laws and flag of the 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

                                       18
<PAGE>

                  references to this Agreement are to be construed as references
                  to this Agreement including its Schedules;

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

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

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

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

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

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

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

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

                                       19
<PAGE>

      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.

            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.

                                       20
<PAGE>

            2.2.1 Portion 1 shall finance up to eighty per cent (80%) of the
                  Contract Price. Tranche 1 shall be paid to the Guarantor and
                  applied in repayment of the loan in the same amount made by
                  the Guarantor to the Borrower to enable the Borrower to pay
                  part of the second pre-delivery instalment due by it to the
                  Builder under the Building Contract on 5 February 2004.
                  Tranche 2 shall be applied in payment of the third
                  pre-delivery instalment due to the Builder under the Building
                  Contract, Tranche 3 in payment of the fourth 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.

      2.3   DRAWDOWN

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

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

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

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

                                       21
<PAGE>

            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 the Equivalent Amount of the Portion 2
            Tranches drawn down hereunder and the aggregate of the amounts of
            Portion 3 drawn down hereunder shall not exceed in total twenty two
            million and fifty thousand Dollars (USD22,050,000).

      2.4   PAYMENT OF PORTIONS

            All Portion 1 Tranches other than Tranche 1 drawn down hereunder
            shall be paid to the Builder. Tranche 1 shall be paid to the
            Guarantor and applied in repayment of the loan in the same amount
            made by the Guarantor to the Borrower to enable the Borrower to pay
            part of the second pre-delivery instalment due by it to the Builder
            under the Building Contract on 5 February 2004.

            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

                                       22
<PAGE>

            payable on that Pre-Delivery Interest Payment Date and to the
            application of such amount in payment of such interest.

      2.5   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.

      2.6   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.

      2.7   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

                                       23
<PAGE>

            and proper amount of the Contributions of the Lenders actually
            received by the Agent.

      2.8   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.

      2.9   FULFILMENT OF CONDITIONS AFTER DRAWDOWN

            If the Lenders, acting unanimously, decide (or the Agent in
            accordance with the Agency and Trust Deed decides) to advance a part
            of a Portion to the Borrower hereunder without having received all
            of the documents or evidence referred to in the relevant part of
            Schedule 4, the Borrower will nevertheless deliver the remaining
            documents or evidence to the Agent within fourteen (14) days of such
            drawing (or such other period as the Agent may stipulate) and the
            advance of the Facility shall not be construed as a waiver of the
            Agent's right to receive the documents or evidence as aforesaid nor
            shall this provision impose on the Agent or the Lenders any
            obligation to permit the drawing in the absence of such documents or
            evidence.

3     REPAYMENT

      3.1   Unless otherwise repaid in accordance with the provisions of this
            Agreement, the Borrower hereby agrees to repay the Loan by twenty
            four (24) equal half yearly Instalments of principal the first such
            Instalment to be paid six (6) months from the Termination Date and
            the remainder at six (6) monthly intervals.

4     PREPAYMENT

      4.1   VOLUNTARY PREPAYMENT

            On giving at least thirty (30) days' prior notice to the Agent, the
            Borrower may on the last day of a Pre-Delivery Interest Period or an
            Interest Period prepay (without premium or penalty, subject to
            Clause 4.8) the whole or any relevant part of the Loan (but if in
            part in an amount of five million Dollars (USD5,000,000) or an
            integral multiple thereof).

                                       24
<PAGE>

      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.

      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 together with interest thereon to the date of
                  such prepayment and all other amounts due to such Lender under
                  Clause 4.8 and under the Security Documents (or, if permitted
                  by the relevant law, regulation or treaty, at the end of the
                  then current Pre-Delivery Interest Period or Interest Period).

            4.3.2 A Lender affected by any provision of Clause 4.3.1 shall
                  promptly inform the Agent after becoming aware of the relevant
                  change and the Agent shall, as soon as reasonably practicable
                  thereafter, notify the Borrower of the change and its possible
                  results. Without affecting the Borrower's obligations under
                  Clause 4.3.1 and in consultation with the Agent, the affected
                  Lender will then take all such reasonable steps as may be open
                  to it to mitigate the effect of the change (for example (and
                  if then possible) by changing its Office or transferring some
                  or all of its rights and obligations under this Agreement to
                  another financial institution reasonably acceptable to the
                  Borrower and the Agent). The reasonable costs of mitigating
                  the effect of any such change shall be borne by the Borrower
                  save where such costs are of an internal administrative nature
                  and are not incurred in dealings by any Lender with third
                  parties.

                                       25
<PAGE>

      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 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.

                                       26
<PAGE>

      4.6   PREPAYMENT IN CASE OF SALE OF THE VESSEL

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

      4.7   EFFECT OF PREPAYMENT

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

      4.8   BREAK COSTS ON PREPAYMENT

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

                                       27
<PAGE>

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

5     INTEREST

      5.1   PAYMENT OF INTEREST PRIOR TO THE TERMINATION DATE

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

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

      5.2   PAYMENT OF INTEREST FROM THE TERMINATION DATE

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

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

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

                                       28
<PAGE>

                  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 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

                                       29
<PAGE>

                  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 Agent has received an Election Notice;

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

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

            5.4.4 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.

                                       30
<PAGE>

      5.6   BREAK COSTS IN RELATION TO CONVERSION

            If an Election Notice has been given to the Facility Agent pursuant
            to Clause 5.3.2 and Conversion does not occur on the Conversion Date
            as a result of 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 order for Conversion to take place
            on the Conversion Date, the Borrower shall pay to the Agent for the
            account of the Lenders interest accrued to but excluding the
            Conversion Date together with such amount as the Agent may certify
            to be necessary to compensate a Lender for any losses incurred as a
            consequence of the Pre-Delivery Interest Period(s) in respect of the
            Portions being prematurely terminated in order to allow Conversion
            to occur on the Conversion Date including, without limitation, any
            loss (including the cost of breaking deposits (including warehousing
            and other related costs)) or expense (including warehousing and
            other related costs) on account of funds borrowed, contracted for or
            utilised to fund such Lender's Contribution to the Loan.

      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 London Interbank eurocurrency market to fund the relevant
            Portion or the Loan (as the case may be), the Borrower shall be
            deemed

                                       31
<PAGE>

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

      5.8   SEPARATE INTEREST PERIODS FOR INSTALMENTS

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

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

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

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

      5.10  APPLICABLE INTEREST RATE

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

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

                                       32
<PAGE>

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

      5.11  BANK BASIS

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

      5.12  DEFAULT INTEREST

            If the Borrower fails to pay on the due date any sum due under this
            Agreement or any of the other Security Documents to which it may at
            any time be a party, the Borrower shall, without affecting any other
            remedy of the Agent or the Lenders, pay interest on such sum from
            the due date to the actual date of payment (as well after as before
            judgment). Such interest shall accrue on a daily basis at the higher
            of the Applicable Interest Rate fixed for the latest interest period
            and the rate computed by the Agent and certified by the Agent to the
            Borrower as being the aggregate of:

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

            5.12.2 the greater of (a) in the case of the Lenders, the average
                   (rounded upwards if necessary to the next integral multiple
                   of one-sixteenth of one per cent (1/16%)) of the respective
                   rates per annum at which each of the Lenders is able to
                   acquire in accordance with its normal practice deposits in
                   Dollars in successive periods of one (1) month (or for such
                   shorter period as the Agent may in its absolute discretion
                   select) in the London 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 in successive periods of one (1)
                   month (or for such shorter period as the Agent may in its
                   absolute discretion select) in the London Interbank
                   eurocurrency market in an amount equivalent to such sum, as
                   at approximately 11.00 a.m. London time on any relevant day
                   and (b) in the case of the Lenders, the average (rounded
                   upwards if necessary

                                       33
<PAGE>

                   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 not being available
                   then the Agent shall in its discretion use the Substitute
                   Basis for its calculation as set out in Clause 6.3.

6     SUBSTITUTE BASIS OF FUNDING

      6.1   MARKET DISTURBANCE

            Notwithstanding anything to the contrary in this Agreement, if prior
            to the commencement of any Pre-Delivery Interest Period or any
            Interest Period pursuant to Clause 5.3.1 the Agent shall determine
            in good faith (which determination shall be conclusive and binding
            on the parties hereto) that:

            6.1.1 by reason of circumstances affecting the London Interbank
                  eurocurrency market adequate and fair means do not exist for
                  ascertaining the Floating Interest Rate during such
                  Pre-Delivery Interest Period or Interest Period pursuant to
                  Clause 5; or

            6.1.2 deposits in Dollars of equal duration to such Pre-Delivery
                  Interest Period or Interest Period will not be available to
                  any of the Lenders in the London Interbank eurocurrency market
                  in sufficient amounts in the ordinary course of business to
                  fund its Contribution during such Pre-Delivery Interest Period
                  or Interest Period; or

            6.1.3 by reason of any material change in applicable law or
                  regulation or of any change in national or international
                  financial or economic conditions any of the Lenders is unable
                  to fund or to continue to fund its Contribution during such
                  Pre-Delivery Interest Period or Interest Period by deposits
                  obtained in the London Interbank eurocurrency market,

            then the Agent shall promptly give a notice (being a Suspension
            Notice), containing full particulars thereof in reasonable detail to
            the Borrower.

                                       34
<PAGE>

      6.2   SUSPENSION OF DRAWDOWN

            If a Suspension Notice is given by the Agent before the advance of
            any of the Facility in accordance with Clause 2 then the Agent shall
            not be obliged to advance the Facility until notice to the contrary
            is given by the Agent. During the period of thirty (30) days from
            the giving of such Suspension Notice, the Agent and any Lender
            affected by the relevant market disturbance shall consult in good
            faith with the Borrower with a view to agreeing to an alternative
            basis for advancing of the Facility or any relevant part thereof. If
            such alternative basis is agreed between the Borrower, the Agent,
            the relevant Lender or Lenders and Hermes, it shall apply in
            accordance with its terms and, if not, the Facility or any relevant
            part thereof shall be made available to the Borrower in Euro.

      6.3   CERTIFICATES OF SUBSTITUTE BASIS

            6.3.1 If the Facility or part thereof has been advanced before a
                  Suspension Notice is given, the Lender or Lenders affected by
                  the relevant market disturbance shall within thirty (30) days
                  following the date of the Suspension Notice, certify (through
                  the Agent) in good faith to the Borrower an alternative basis
                  approved by the Hermes Agent (being the Substitute Basis) for
                  maintaining its Contribution affected by the relevant market
                  disturbance. Such Substitute Basis may be retroactive to the
                  beginning of the then current Pre-Delivery Interest Period or
                  Interest Period (or Pre-Delivery Interest Periods or Interest
                  Periods), and may include an alternative currency or an
                  alternative method of fixing the Interest Rate (which shall
                  reflect the cost to the relevant Lender or Lenders of funding
                  its Contribution from other sources plus the Margin) or
                  alternative Pre-Delivery Interest Periods or Interest Periods
                  for the Loan or any relevant part thereof, PROVIDED ALWAYS
                  THAT so far as practicable any such Substitute Basis shall be
                  computed in a manner and for periods as similar as possible to
                  those provided in Clause 5.

            6.3.2 Each Substitute Basis so certified shall be binding upon the
                  Borrower, the Agent and the Lenders and shall be treated as
                  part of this Agreement.

                                       35
<PAGE>

         6.4      REVIEW

                  So long as any Substitute Basis is in force, the Agent, in
                  consultation with the Borrower and the Lenders, shall from
                  time to time, but not less often than monthly, review whether
                  or not the circumstances referred to in Clause 6.1 still
                  prevail with a view to returning to the normal provisions of
                  this Agreement.

7        PAYMENTS

         7.1      PLACE FOR PAYMENT

                  All payments by the Borrower under this Agreement or any of
                  the other Security Documents to which it may at any time be a
                  party shall be made 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/FC1030 in Dollars by 10.00 a.m. New York 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 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

                                       36
<PAGE>

                           receivable hereunder by such Lender or the Agent on
                           its behalf (including, without limitation, any sum
                           received or receivable under this Clause 7) or any
                           liability in respect of any such payment is asserted,
                           imposed, levied or assessed against such Lender or
                           the Agent on its behalf, the Borrower shall, upon
                           demand of the Agent, indemnify such Lender or the
                           Agent against such payment or liability, together
                           with any interest, penalties and expenses payable or
                           incurred in connection therewith, other than
                           interest, penalties, and expenses (a) that accrue
                           during any periods of time beginning on the thirty
                           first (31st) day (or such longer period as any Lender
                           may reasonably require) following the day on which
                           the Lender or the Agent, as applicable, has actual
                           knowledge of the imposition or assertion of such
                           Taxes or other Taxes, or (b) that are otherwise
                           imposed or asserted on account of the bad faith or
                           wilful neglect of such Lender or the Agent. If any
                           Lender proposes to make a claim under the provisions
                           of this Clause 7.2.2 it shall certify to the Borrower
                           in reasonable detail within thirty (30) days (or such
                           longer period as any Lender may reasonably require)
                           after becoming aware of the event by reason of which
                           it is entitled to make its claim or claims the basis
                           of its claim or claims, such certificate to be
                           conclusive, save for manifest error.

                  7.2.3    Without affecting the Borrower's obligations under
                           Clause 7.2.1 and in consultation with the Agent, the
                           affected Lender will then take all such reasonable
                           steps as may be open to it to mitigate the effect of
                           the event (for example (if then possible) by changing
                           its Office or transferring some or all of its rights
                           and obligations under this Agreement to another
                           financial institution reasonably acceptable to the
                           Borrower, Hermes and 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    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

                                       37
<PAGE>

                           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 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.

                  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

                                       38
<PAGE>

                  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.

         7.6      EARNINGS

                  Provided no Event of Default or Possible Event of Default has
                  occurred (following which the Agent shall (inter alia) be
                  entitled to request the Borrower to give notice pursuant to
                  clause 3 of the Earnings Assignment and apply such Earnings in
                  accordance with Clause 12.1) such Earnings shall throughout
                  the Security Period be at the free disposal of the Borrower
                  but the net earnings of the

                                       39
<PAGE>

                  Vessel shall be paid by the Manager to the Operating Account
                  within five (5) Business Days of the end of each cruise of the
                  Vessel.

         7.7      CONTINUING SECURITY

                  The security created by this Agreement and each of the other
                  Security Documents shall be held by the Trustee and/or the
                  Agent and/or the Lenders and/or the Hermes Agent as a
                  continuing security for the repayment of the Outstanding
                  Indebtedness and the security so created shall not be
                  satisfied by any intermediate payment or satisfaction of any
                  part of the amount hereby or thereby secured or by any
                  amendment of this Agreement or any of the other Security
                  Documents. Such security shall be in addition to and shall not
                  in any way be prejudiced or affected by any collateral or
                  other security now or hereafter held by the Trustee, the
                  Agent, the Lenders, the Hermes Agent or any of them for all or
                  any part of the amount hereby or thereby secured or any other
                  right or remedy of the Trustee, the Agent, the Lenders or the
                  Hermes Agent or any of them under this Agreement or any of the
                  other Security Documents, by operation of law or otherwise
                  howsoever arising. All the powers arising from such security
                  may be exercised from time to time as the Trustee and/or the
                  Agent and/or the Hermes Agent may deem expedient.

8        YIELD PROTECTION AND FORCE MAJEURE

         8.1      INCREASED COSTS

                  If by reason of:

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

                  8.1.2    compliance with any request from or requirement of
                           any central bank or other fiscal, monetary or other
                           authority including but without limitation the Basle
                           Committee on Banking Regulations and Supervisory
                           Practices whether or not having the force of law:

                           (a)      any of the Lenders incurs a cost as a result
                                    of its performing its obligations under this
                                    Agreement and/or its advancing its
                                    Contribution hereunder; or

                                       40
<PAGE>

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

                           (c)      any of the Lenders incurs a cost as a result
                                    of its having entered into and/or its
                                    assuming or maintaining its commitment under
                                    this Agreement; or

                           (d)      any of the Lenders becomes liable to make
                                    any payment on account of Tax or otherwise
                                    (other than Tax on its overall net income)
                                    on or calculated by reference to the amount
                                    of its Contribution advanced or to be
                                    advanced hereunder and/or any sum received
                                    or receivable by it hereunder; or

                           (e)      any of the Lenders suffers any decrease in
                                    its rate of return as a result of any
                                    changes in the requirements relating to
                                    capital ratios, 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

                                       41
<PAGE>

                  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 (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.

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<PAGE>

9        REPRESENTATIONS AND WARRANTIES

         9.1      DURATION

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

         9.2      REPRESENTATIONS AND WARRANTIES

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

                  9.2.1    STATUS

                           Each Obligor is a corporation duly organised,
                           constituted and validly existing under the laws of
                           the country of its incorporation, possessing
                           perpetual corporate existence, the capacity to sue
                           and be sued in its own name and the power to own and
                           charge its assets and carry on its business as it is
                           now being conducted.

                  9.2.2    POWERS AND AUTHORITY

                           Each of the Obligors has the power to enter into and
                           perform this Agreement and those of the other
                           Security Documents to which it is a party and the
                           transactions contemplated hereby and thereby and has
                           taken all necessary action to authorise the entry
                           into and performance of this Agreement and such other
                           Security Documents and such transactions.

                  9.2.3    LEGAL VALIDITY

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

                                       43
<PAGE>

                  9.2.4    NON-CONFLICT WITH LAWS

                           The entry into and performance of this Agreement and
                           the other Transaction Documents (other than the
                           Hermes Cover) and the transactions contemplated
                           hereby and thereby do not and will not conflict with:

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

                           (b)      the constitutional documents of any Obligor;
                                    or

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

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

                  9.2.5    NO DEFAULT

                           Save as disclosed in the Disclosure Letter no event
                           has occurred which constitutes a default under or in
                           respect of any Transaction Document to which any
                           Obligor, the Builder or Hermes is a party or by which
                           any Obligor, the Builder or Hermes may be bound
                           (including (inter alia) this Agreement) and no event
                           has occurred which, with the giving of notice, lapse
                           of time, determination of materiality or other
                           condition might constitute a default under or in
                           respect of any such Transaction Document and no event
                           has occurred which constitutes a default under or in
                           respect of any agreement or document to which any
                           Obligor is a party or by which any Obligor may be
                           bound to an extent or in a manner which might have a
                           material adverse effect on its business, assets or
                           financial condition and no event has occurred which,
                           with the giving of notice, lapse of time,
                           determination of materiality or other condition might
                           constitute a default under or in respect of any such
                           agreement or document.

                  9.2.6    CONSENTS

                           Except for:

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<PAGE>

                           (a)      the filing of those Security Documents to be
                                    filed with the Companies Registries in the
                                    Isle of Man, England and Wales, the Federal
                                    Republic of Germany or Bermuda, which
                                    filings must be completed within one (1)
                                    month and twenty one (21) days respectively
                                    of the execution of the relevant Security
                                    Document(s) in the case of the Isle of Man
                                    and 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.

                  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.

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<PAGE>

                  9.2.9    NO ENCUMBRANCES

                           None of the assets or rights of any Obligor is
                           subject to any Encumbrance except Permitted Liens.

                  9.2.10   PARI PASSU OR PRIORITY STATUS

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

                  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 Isle of Man and the United Kingdom and in
                           particular with the provisions of the Insolvency Act
                           1986 (as from time to time amended) and the
                           requirements thereof.

                  9.2.12   WINDING-UP, ETC.

                           Neither the Borrower nor any other Obligor has taken
                           any corporate action nor have any other steps been
                           taken or legal proceedings been started or (to the
                           best of its knowledge and belief) threatened against
                           any of them for the reorganisation, winding-up,
                           dissolution or for the appointment of a liquidator,
                           administrator, receiver, administrative receiver,
                           trustee or similar officer of any of them or any or
                           all of their assets or revenues nor has it sought any
                           other relief under any applicable insolvency or
                           bankruptcy law.

                  9.2.13   ACCOUNTS

                           The consolidated audited accounts of the Group for
                           the periods ending on 31 December 2002 and 31
                           December 2003 and the consolidated audited accounts
                           of the NCLC Group for the period ending on 31
                           December 2004 and for all subsequent periods (which
                           accounts will be prepared in accordance with GAAP)
                           fairly represent the financial condition of the Group
                           or the NCLC Group (as the case may be) as shown in
                           such audited

                                       46
<PAGE>

                           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.

                  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 may be made free and
                           clear of and without deduction for or on account of
                           any Taxation.

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<PAGE>

                  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 and the Manager shall
                           be legally and beneficially owned by the Shareholder,
                           all the shares in the Shareholder shall be legally
                           and beneficially owned by Arrasas, all the shares in
                           Arrasas shall be legally and beneficially owned by
                           the Guarantor and all the shares in the Supervisor
                           shall be legally and beneficially owned by Star and
                           such structure shall remain so throughout the
                           Security Period. Further, no Event of Default has
                           occurred under clause 11.2 of the Guarantee in
                           respect of the ownership and/or control of the shares
                           of the Guarantor.

                  9.2.21   COMPLETENESS OF DOCUMENTS

                           The copies of the Building Contract, the Supervision
                           Agreement, the Management Agreement, the Interest
                           Exchange Arrangements and any other relevant third
                           party agreements delivered to the Agent are true and
                           complete copies of each such document constituting
                           valid and binding obligations of the parties thereto
                           enforceable in accordance with their respective terms
                           and no amendments thereto or variations thereof have
                           been agreed nor has any action been taken by the
                           parties thereto which would in any way render such
                           document inoperative or unenforceable.

                  9.2.22   NO UNDISCLOSED COMMISSIONS

                           There are and will be no commissions, rebates,
                           premiums or other payments other than the Hermes
                           Premium 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.

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<PAGE>

                  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
                                    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

                                       49
<PAGE>

                                    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 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;

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<PAGE>

                  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    provisionally registered in its name under the laws
                           and flag of the Bahamas;

                  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;

                  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 Bahamas;

                  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 on and subject to the terms
                           set out in the Management Agreement.

10       UNDERTAKINGS

         10.1     DURATION

                  The undertakings in this Clause 10 shall survive the execution
                  of this Agreement and shall be deemed to be repeated with
                  reference mutatis mutandis to the facts

                                       51
<PAGE>

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

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

                  10.2.3   promptly, such further information in its possession
                           or control regarding its financial condition and
                           operations and those of any company in the NCLC Group
                           as the Agent may request;

                  10.2.4   details of any material litigation, arbitration or
                           administrative proceedings which affect any Obligor
                           as soon as the same are instituted and served, or, to
                           the knowledge of the Borrower, threatened (and for
                           this purpose proceedings shall be deemed to be
                           material if they involve a claim in an amount
                           exceeding five million Dollars (USD5,000,000) or the
                           equivalent in another currency).

                  All accounts required under this Clause 10.2 shall be prepared
                  in accordance with GAAP and shall fairly represent the
                  financial condition of the relevant company. In this Clause
                  10.2 "NCLC GROUP" shall have the meaning ascribed to it in
                  clause 11.4 of the Guarantee.

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<PAGE>

         10.3     NOTIFICATION OF DEFAULT

                  The Borrower will notify the Agent of any Event of Default or
                  Possible Event of Default forthwith upon any Obligor becoming
                  aware of the occurrence thereof. Upon the Agent's request from
                  time to time the Borrower will issue a certificate stating
                  whether any Obligor is aware of the occurrence of any Event of
                  Default or Possible Event of Default.

         10.4     CONSENTS AND REGISTRATIONS

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

         10.5     NEGATIVE PLEDGE

                  The Borrower will not create or permit to subsist any
                  Encumbrance on the whole or any part of its present or future
                  assets, except for the following:

                  10.5.1   Encumbrances created with the prior consent of the
                           Lenders; or

                  10.5.2   Permitted Liens.

         10.6     DISPOSALS

                  Except with the prior consent of all the Lenders, the Borrower
                  shall not (and will procure that no other company in the NCLC
                  Group shall), either in a single transaction or in a series of
                  transactions whether related or not and whether voluntarily or
                  involuntarily, sell, transfer, lease or otherwise dispose of
                  all or a substantial part of its assets except that the
                  following disposals shall not be taken into account:

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                  10.6.1   disposals made in the ordinary course of trading of
                           the disposing entity (excluding disposal of ships)
                           including without limitation, the payment of cash as
                           consideration for the purchase or acquisition of any
                           asset or service or in the discharge of any
                           obligation incurred for value in the ordinary course
                           of trading;

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

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

                  10.6.4   a vessel owned by any member of the NCLC Group (other
                           than the Borrower) may be sold provided such sale is
                           on a willing seller willing buyer basis at or about
                           market rate and at arm's length subject always to the
                           provisions of any loan documentation for the
                           financing of such vessel and NCLL may, following the
                           sale of its shares by Arrasas to IOL, a wholly owned
                           Subsidiary of Star, transfer to other wholly owned
                           Subsidiaries of Star its vessels "NORWEGIAN WIND",
                           "NORWEGIAN DREAM", "NORWEGIAN SEA", "NORWEGIAN
                           MAJESTY", "NORWEGIAN CROWN" and "MARCO POLO" (the
                           "SIX VESSELS") for their transfer values as set out
                           in Schedule 8 and sell m.v. "NORWAY" to a third party
                           and, prior to the sale of its shares as aforesaid,
                           transfer its vessel "NORWEGIAN SKY" to Pride of Aloha
                           Inc., a wholly owned Subsidiary of NCL America
                           Holdings;

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

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

         10.7     CHANGE OF BUSINESS

                  Except with the prior consent of the Agent, the Borrower shall
                  not make or threaten to make any substantial change in its
                  business as presently conducted,

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                  namely that of a single ship owning company for the Vessel, or
                  carry on any other business which is substantial in relation
                  to its business as presently conducted so as to affect, in the
                  opinion of the Agent, the Borrower's ability to perform its
                  obligations hereunder and shall not form any Subsidiaries and
                  the Borrower will procure that the other Obligors continue,
                  throughout the Security Period, to perform their current
                  business activities.

         10.8     MERGERS

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

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<PAGE>

         10.9     MAINTENANCE OF STATUS AND FRANCHISES

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

         10.10    FINANCIAL RECORDS

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

         10.11    FINANCIAL INDEBTEDNESS AND SUBORDINATION OF INDEBTEDNESS

                  10.11.1  Otherwise than in the ordinary course of business as
                           owner of the Vessel, except as contemplated by this
                           Agreement and except any loan, advance or credit
                           extended by the Guarantor or any member of the NCLC
                           Group which is a wholly owned Subsidiary of the
                           Guarantor, the Borrower will not create, incur,
                           assume or allow to exist any financial indebtedness,
                           enter into any finance lease or undertake any
                           material capital commitment (including but not
                           limited to the purchase of any capital asset).

                  10.11.2  The Borrower shall procure that any and all
                           indebtedness (and in particular with any other
                           Obligor) is at all times fully subordinated to the
                           Security Documents and the obligations of the
                           Borrower hereunder. Upon the occurrence of an Event
                           of Default or a Possible Event of Default, the
                           Borrower shall not make any repayments of principal,
                           payments of interest or of any other costs, fees,
                           expenses or liabilities arising from or representing
                           such indebtedness. In this Clause "FULLY
                           SUBORDINATED" shall mean that any claim of the lender
                           against the Borrower in relation to such indebtedness
                           shall rank after and be in all respects subordinate
                           to all of the rights and claims of the Agent, the
                           Hermes Agent and the Lenders under this Agreement and
                           the other Security Documents and that the lender
                           shall not take any steps to enforce its rights to
                           recover any monies owing to it by the Borrower and in

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

         10.12    POOLING OF EARNINGS AND CHARTERS

                  The Borrower will not enter into in respect of the Vessel (A)
                  any pooling agreement or other arrangement for the sharing of
                  any of the Earnings or the expenses of the Vessel or (B) any
                  demise or bareboat charter or (C) any charter whereunder two
                  (2) months' charterhire (or the equivalent thereof) is payable
                  in advance in respect of the Vessel or (D) any charter of the
                  Vessel or contract of affreightment which, with the exercise
                  of options for extension, could be for a period longer than
                  thirteen (13) months but if, with the prior written consent of
                  the Agent, the Borrower enters into in respect of the Vessel a
                  charter with a company outside the Group, the Borrower hereby
                  undertakes to execute in favour of the Trustee an assignment
                  of such charter and the Earnings therefrom such assignment to
                  be in substantially the form of the Earnings Assignment and as
                  required by the Agent PROVIDED HOWEVER THAT the Borrower may
                  in respect of the Vessel enter into a bareboat charter in form
                  approved by the Agent with any company which is a member of
                  the Group PROVIDED THAT if so requested by the Agent and
                  without limitation:

                  10.12.1  any such bareboat charterer shall enter into such
                           deeds (including but not limited to a subordination
                           and assignment deed), agreements and indemnities as
                           the Agent shall in its sole discretion require prior
                           to entering into the bareboat charter with the
                           Borrower; and

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

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<PAGE>

         10.13    LOANS AND GUARANTEES BY THE BORROWER

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

         10.14    SUPERVISION AND MANAGEMENT

                  Except with the prior consent of the Agent, the Borrower will
                  not permit any person other than the Supervisor and the
                  Manager to be the supervisor of construction and the manager
                  of the ship and crewing services of the Vessel respectively,
                  permit any amendment to be made to the terms of the
                  Supervision Agreement or the Management Agreement or permit
                  the Vessel to be employed other than within the NCL or NCL
                  America brand (as applicable).

         10.15    ACQUISITION OF SHARES

                  The Borrower will not acquire any equity, share capital,
                  assets or obligations of any corporation or other entity or
                  permit its Shares to be held by any party other than the
                  Shareholder.

         10.16    TRADING WITH THE UNITED STATES OF AMERICA

                  Where the Vessel trades in the territorial waters of the
                  United States of America, the Borrower shall in respect of the
                  Vessel take all reasonable precautions to prevent any
                  infringements of the Anti-Drug Abuse Act of 1986 of the United
                  States of America (as the same may be amended and/or
                  re-enacted from time to time hereafter) or any similar
                  legislation applicable to the Vessel in any other jurisdiction
                  in which the Vessel shall trade (a "RELEVANT JURISDICTION")
                  and, for this purpose the Borrower shall (inter alia) enter
                  into a "Carrier Initiative Agreement" with the United States'
                  Customs Service (if such is possible) and

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<PAGE>

                  procure that the same (or a similar agreement in a Relevant
                  Jurisdiction) is maintained in full force and effect and its
                  obligations thereunder performed by it in respect of the
                  Vessel throughout any period of United States of America
                  (including coastal waters over which it claims jurisdiction)
                  or Relevant Jurisdiction related trading.

         10.17    FURTHER ASSURANCE

                  The Borrower will, from time to time on being required to do
                  so by the Agent, do or procure the doing of all such acts
                  and/or execute or procure the execution of all such documents
                  in a form satisfactory to the Agent as the Agent may
                  reasonably consider necessary for giving full effect to any of
                  the Transaction Documents or securing to the Trustee, the
                  Agent, the Hermes Agent and the Lenders the full benefit of
                  the rights, powers and remedies conferred upon the Trustee,
                  the Agent, the Hermes Agent or the Lenders in any such
                  Transaction Document.

         10.18    VALUATION OF THE VESSEL

                  10.18.1  The Borrower will from time to time (but at intervals
                           no more frequently than twice annually at the
                           Borrower's expense) within fifteen (15) days of
                           receiving any request to that effect from the Agent,
                           procure that the Vessel is valued by an independent
                           reputable shipbroker or shipvaluer experienced in
                           valuing cruise ships appointed by the Borrower and
                           approved by the Agent (which approval shall not be
                           unreasonably withheld or delayed and such valuation
                           to be made with or without taking into account the
                           benefit or otherwise of any fixed employment relating
                           to the Vessel as the Agent may require).

                  10.18.2  If the Borrower does not accept the valuation
                           obtained pursuant to Clause 10.18.1 (the "FIRST
                           VALUATION") it may (at its own expense) within five
                           (5) Business Days of receipt of the First Valuation
                           obtain a second valuation (the "SECOND VALUATION")
                           from another independent reputable shipbroker or
                           shipvaluer experienced in valuing cruise ships
                           appointed by the Borrower and approved by the Agent
                           which approval shall not be unreasonably withheld or
                           delayed.

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<PAGE>

                  10.18.3  If the Second Valuation exceeds the First Valuation
                           by a margin of no less than ten per cent (10%) of the
                           First Valuation the Borrower may at its expense
                           forthwith upon receipt of the Second Valuation
                           request the shipbrokers and/or shipvaluers appointed
                           pursuant to Clauses 10.18.1 and 10.18.2 to obtain a
                           third valuation (the "THIRD VALUATION") from a
                           further independent reputable shipbroker or
                           shipvaluer experienced in valuing cruise ships
                           approved by the Agent such approval not to be
                           unreasonably withheld or delayed. Subject to the
                           Third Valuation being made available within five (5)
                           Business Days of the date of the Second Valuation,
                           the valuation of the Vessel will be determined on the
                           basis of the average of the three valuations so
                           obtained. If the Third Valuation is not made
                           available within the aforementioned time limit, the
                           Vessel shall be valued on the basis of the average of
                           the First Valuation and the Second Valuation.

                  10.18.4  The Borrower shall procure that forthwith upon the
                           issuance of any valuation obtained pursuant to this
                           Clause 10.18 a copy thereof is sent directly to the
                           Agent for review.

         10.19    MARGINAL SECURITY

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

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

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<PAGE>

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

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

         10.20    PERFORMANCE OF EMPLOYMENT CONTRACTS

                  The Borrower will:

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

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

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

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

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

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

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

                  10.20.8  procure that the Earnings (if any) are paid in full
                           without set off and free and clear of and without
                           deduction for any taxes levies duties imposts charges
                           fees restrictions or conditions of any nature
                           whatsoever; and

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

         10.21    INSURANCES

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

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

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<PAGE>

                  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 amount of the Loan; 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
                                    insurance practice for first class cruise

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                                    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

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                           Vessel presently trades or may or will trade at any
                           time during the existence of this Agreement and in
                           particular before such trade is commenced and during
                           the entire period during which such trade is carried
                           on:

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

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

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

                           (d)      to implement any recommendations contained
                                    in the reports issued following the surveys
                                    referred to in Clause 10.21.4(c) within the
                                    time limit specified therein and to provide
                                    evidence satisfactory to the Agent that the
                                    protection and indemnity insurers are
                                    satisfied that this has been done;

                           (e)      in particular strictly to comply with the
                                    requirements of any applicable law,
                                    convention, regulation, proclamation or
                                    order with regard to financial
                                    responsibility for liabilities imposed on
                                    the Borrower or the Vessel with respect to
                                    pollution by any state or nation or
                                    political subdivision thereof, including but
                                    not limited to 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

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                                    United States of America and the EEZ or any
                                    other provision analogous thereto and to
                                    provide the Agent with evidence that this is
                                    so; and

                           (g)      strictly to comply with any operational or
                                    structural regulations issued from time to
                                    time by any relevant authorities under OPA
                                    so that at all times the Vessel falls within
                                    the provisions which limit strict liability
                                    under OPA for oil pollution;

                  10.21.5  to give notice forthwith of any assignment of its
                           interest in the Insurances to the relevant brokers,
                           insurance companies, underwriters and/or associations
                           in the form approved by the Agent;

                  10.21.6  to execute and deliver all such documents and do all
                           such things as may be necessary to confer upon the
                           Trustee legal title to the Insurances in respect of
                           the Vessel and to procure that the interest of the
                           Trustee is at all times filed with all slips, cover
                           notes, policies and certificates of entry and to
                           procure (a) that a loss payable clause in the form
                           approved by the Agent shall be filed with all the
                           hull, machinery and equipment and war risks policies
                           in respect of the Vessel and (b) that a loss payable
                           clause in the form approved by the Agent shall be
                           endorsed upon the protection and indemnity
                           certificates of entry in respect of the Vessel;

                  10.21.7  to procure that each of the relevant brokers and
                           associations furnishes the Agent with a letter of
                           undertaking in such form as may be required by the
                           Agent and waives any lien for premiums or calls
                           except in relation to premiums or calls attributable
                           to the Vessel;

                  10.21.8  punctually to pay all premiums, calls, contributions
                           or other sums payable in respect of the Insurances on
                           the Vessel and to produce all relevant receipts when
                           so required by the Agent;

                  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

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                           effected it being understood by the Borrower that any
                           failure to renew the Insurances on the Vessel at
                           least ten (10) days before the expiry thereof or to
                           give or procure the relevant notices of such renewal
                           shall constitute an Event of Default;

                  10.21.10 to arrange for the execution of such guarantees as
                           may from time to time be required by any protection
                           and indemnity and/or war risks association;

                  10.21.11 to furnish the Agent from time to time on request
                           with full information about all Insurances maintained
                           on the Vessel and the names of the offices,
                           companies, underwriters, associations or clubs with
                           which such Insurances are placed;

                  10.21.12 not to agree to any variation in the terms of any of
                           the Insurances on the Vessel without the prior
                           approval of the Agent nor to do any act or
                           voluntarily suffer or permit any act to be done
                           whereby any Insurances shall or may be rendered
                           invalid, void, voidable, suspended, defeated or
                           unenforceable and not to suffer or permit the Vessel
                           to engage in any voyage nor to carry any cargo not
                           permitted under any of the Insurances without first
                           obtaining the consent of the insurers or reinsurers
                           concerned and complying with such requirements as to
                           payment of extra premiums or otherwise as the
                           insurers or reinsurers may impose;

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

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

                  10.21.15 to apply or ensure the appliance of all such sums
                           receivable in respect of the Insurances on the Vessel
                           for the purpose of making good the loss

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                           and fully repairing all damage in respect whereof the
                           insurance monies shall have been received;

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

                  10.21.17 to agree that the Agent shall be entitled from time
                           to time (but at intervals no more frequently than
                           annually at the Borrower's expense except in the case
                           that the First Drawdown Date and any renewal date of
                           the Insurances to be assigned to the Trustee pursuant
                           to the Construction Risks Insurance Assignment or the
                           Delivery Date and any renewal of the Insurances to be
                           assigned to the Trustee pursuant to the Insurance
                           Assignment fall within one (1) year of each other) to
                           instruct independent reputable insurance advisers for
                           the purpose of obtaining any advice or information
                           regarding any matter concerning the Insurances which
                           the Agent shall at its sole discretion deem
                           necessary, it being hereby specifically agreed that
                           it shall reimburse the Agent on demand for all
                           reasonable costs and expenses incurred by the Agent
                           in connection with the instruction of such advisers
                           as aforesaid.

         10.22    OPERATION AND MAINTENANCE OF THE VESSEL

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

                  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

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                           Vessel and shall have on board as and when required
                           thereby valid certificates showing compliance
                           therewith and shall procure that all repairs to or
                           replacements of any damaged, worn or lost parts or
                           equipment are carried out (both as regards
                           workmanship and quality of materials) so as not to
                           diminish the value or class of the Vessel. It will
                           not make any substantial modifications or alterations
                           to the Vessel or any part thereof without the prior
                           consent of the Agent;

                  10.22.2  submit the Vessel to continuous survey in respect of
                           its machinery and hull and such other surveys as may
                           be required for classification purposes and, if so
                           required by the Agent, supply to the Agent copies in
                           English of the survey reports;

                  10.22.3  permit surveyors or agents appointed by the Agent to
                           board the Vessel at all reasonable times to inspect
                           its condition or satisfy themselves as to repairs
                           proposed or already carried out and afford all proper
                           facilities for such inspections;

                  10.22.4  comply, or procure that the Manager will comply, with
                           the ISM Code or any replacement of the ISM Code and
                           in particular, without prejudice to the generality of
                           the foregoing, as and when required to do so by the
                           ISM Code and at all times thereafter:

                           (a)      hold, or procure that the Manager holds, a
                                    valid Document of Compliance duly issued to
                                    the Borrower or the Manager (as the case may
                                    be) pursuant to the ISM Code and a valid
                                    Safety Management Certificate duly issued to
                                    the Vessel pursuant to the ISM Code;

                           (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;

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                  10.22.5  comply, or procure that the Manager will comply, with
                           the ISPS Code or any replacement of the ISPS Code and
                           in particular, without prejudice to the generality of
                           the foregoing, as and when required to do so by the
                           ISPS Code and at all times thereafter:

                           (a)      keep, or procure that there is kept, on
                                    board the Vessel the original of the
                                    International Ship Security Certificate; and

                           (b)      keep, or procure that there is kept, on
                                    board the Vessel a copy of the ship security
                                    plan prepared pursuant to the ISPS Code;

                  10.22.6  not employ the Vessel or permit its employment in any
                           trade or business which is forbidden by any
                           applicable law or is otherwise illicit or in carrying
                           illicit or prohibited goods or in any manner
                           whatsoever which may render it liable to condemnation
                           in a prize court or to destruction, seizure or
                           confiscation or that may expose the Vessel to
                           penalties. In the event of hostilities in any part of
                           the world (whether war be declared or not) it will
                           not employ the Vessel or permit its employment in
                           carrying any contraband goods;

                  10.22.7  promptly provide the Agent with (a) all information
                           which the Agent may reasonably require regarding the
                           Vessel, its employment, earnings, position and
                           engagements (b) particulars of all towages and
                           salvages and (c) copies of all charters and other
                           contracts for its employment and otherwise concerning
                           it;

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

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

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

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

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                           (d)      any writ or claim served against or any
                                    arrest of the Vessel or the exercise of any
                                    lien or purported lien on the Vessel, its
                                    Earnings or Insurances;

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

                           (f)      the Vessel ceasing to be registered under
                                    the 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 five million Dollars (USD5,000,000) shall
                           forthwith be provided to the Agent. As and when the
                           Agent may so require the Borrower will make such
                           books available for inspection on behalf of the 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;

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                  10.22.10 maintain the type of the Vessel as at the Delivery
                           Date and not put the Vessel into the possession of
                           any person without the prior consent of the Agent for
                           the purpose of work being done on it in an amount
                           exceeding or likely to exceed five million Dollars
                           (USD5,000,000) unless such person shall first have
                           given to the Agent a written undertaking addressed to
                           the Agent in terms satisfactory to the Agent agreeing
                           not to exercise a lien on the Vessel or its Earnings
                           for the cost of such work or for any other reason;

                  10.22.11 promptly pay and discharge all liabilities which have
                           given rise, or may give rise, to liens or claims
                           enforceable against the Vessel under the laws of all
                           countries to whose jurisdiction the Vessel may from
                           time to time be subject and in particular the
                           Borrower hereby agrees to indemnify and hold the
                           Lenders, the Agent, the Hermes Agent and the Trustee,
                           their successors, assigns, directors, officers,
                           shareholders, employees and agents harmless from and
                           against any and all claims, losses, liabilities,
                           damages, expenses (including attorneys, fees and
                           expenses and consultant fees) and injuries of any
                           kind whatsoever asserted against the Lenders, the
                           Agent, the Hermes Agent or the Trustee, with respect
                           to or as a direct result of the presence, escape,
                           seepage, spillage, release, leaking, discharge or
                           migration from the Vessel or other properties owned
                           or operated by the Borrower of any hazardous
                           substance, including without limitation, any claims
                           asserted or arising under any applicable
                           environmental, health and safety laws, codes and
                           ordinances, and all rules and regulations promulgated
                           thereunder of all Governmental Agencies, regardless
                           of whether or not caused by or within the control of
                           the Borrower subject to the following:

                           (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

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                                    Borrower except as may arise upon
                                    enforcement of the Lenders' rights under the
                                    Post Delivery Mortgage;

                           (b)      the indemnity and hold harmless contained in
                                    this Clause 10.22.11 shall not extend to the
                                    Lenders, the Agent, the Hermes Agent and the
                                    Trustee in their capacity as an equity
                                    investor in the Borrower or as an owner of
                                    any property or interest as to which the
                                    Borrower is also owner but only to their
                                    capacity as lenders, holders of security
                                    interests or beneficiaries of security
                                    interests; and

                           (c)      unless and until an Event of Default shall
                                    have occurred and without prejudice to the
                                    right of each Lender to be indemnified
                                    pursuant to this Clause 10.22.11:

                                    (i)      each Lender will, if it is
                                             reasonably practicable to do so,
                                             notify the Borrower upon receiving
                                             a claim in respect of which the
                                             relevant Lender is or may become
                                             entitled to an indemnity under this
                                             Clause 10.22.11;

                                    (ii)     subject to the prior written
                                             approval of the relevant Lender
                                             which the Lender shall have the
                                             right to withhold, the Borrower
                                             will be entitled to take, in the
                                             name of the relevant Lender, such
                                             action as the Borrower may see fit
                                             to avoid, dispute, resist, appeal,
                                             compromise or defend any such
                                             claims, losses, liabilities,
                                             damages, expenses and injuries as
                                             are referred to above in this
                                             Clause 10.22.11 or to recover the
                                             same from any third party, subject
                                             to the Borrower first ensuring that
                                             the relevant Lender is secured 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

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                                             payment to a third party, in
                                             respect of such claims, losses,
                                             liabilities, damages, expenses and
                                             injuries as are referred to above
                                             in this Clause 10.22.11 and, to the
                                             extent that the Borrower is
                                             entitled to take action in
                                             accordance with sub-clause (ii)
                                             above and subject to the Borrower
                                             first ensuring that the relevant
                                             Lender is secured to its reasonable
                                             satisfaction against all expenses
                                             thereby incurred or to be incurred,
                                             the relevant Lender will provide
                                             such information, assistance and
                                             other co-operation as the Borrower
                                             may reasonably request in
                                             connection with such action,

                                    PROVIDED ALWAYS THAT the Borrower shall not
                                    be obliged to compromise any liabilities as
                                    aforesaid which are being contested in good
                                    faith subject always that full details of
                                    any such contested liabilities which, either
                                    individually or in aggregate, exceed five
                                    million Dollars (USD5,000,000) shall be
                                    forthwith provided to the Agent. If the
                                    Vessel is arrested or detained for any
                                    reason it will procure its immediate release
                                    by providing bail or taking such other steps
                                    as the circumstances may require;

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

                           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.

         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

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                  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.

                  In particular but without limitation it shall be the
                  obligation of the Borrower to pay any difference between the
                  amount of Portion 2 drawn down hereunder and the Hermes
                  Premium.

         10.24    DIVIDENDS

                  Subject to the provisions of clause 11.3 of the Guarantee, the
                  Borrower will procure that any dividends or other
                  distributions and interest paid or payable in connection
                  therewith received by the Shareholder will be paid to Arrasas
                  and then on to the Guarantor by way of dividend in each case
                  promptly on receipt.

11       DEFAULT

         11.1     EVENTS OF DEFAULT

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

                  11.1.1   NON-PAYMENT

                           The Borrower or any other Obligor does not pay on the
                           due date any amount of principal or interest of the
                           Loan (provided however that if any such amount is not
                           paid when due solely by reason of some error or
                           omission on the part of the bank or banks through
                           whom the relevant funds are being transmitted no
                           Event of Default shall occur for the purposes of this
                           Clause 11.1.1 until the expiry of three (3) Business
                           Days

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                           following the date on which such payment is due), or
                           within three (3) Business Days of the due date any
                           other amount, payable by it under any Security
                           Document to which it may at any time be a party, at
                           the place and in the currency in which it is
                           expressed to be payable.

                  11.1.2   BREACH OF OTHER OBLIGATIONS

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

                           (b)      If there is a repudiation or termination of
                                    any Transaction Document or if any of the
                                    parties thereto becomes entitled to
                                    terminate or repudiate any of them and
                                    evidences an intention so to do.

                  11.1.3   MISREPRESENTATION

                           Any representation, warranty or statement made or
                           repeated in, or in connection with, any Transaction
                           Document or in any accounts, certificate, statement
                           or opinion delivered by or on behalf of any Obligor
                           thereunder or in connection therewith is materially
                           incorrect when made 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;

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

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

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

                           PROVIDED THAT:

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

                           (ii)     Financial Indebtedness being contested by
                                    the Borrower in good faith will be
                                    disregarded provided first that full details
                                    of the dispute shall be submitted to the
                                    Agent forthwith upon its occurrence and
                                    second if the dispute remains unresolved for
                                    a period of one hundred and fifty (150) days
                                    this Clause 11.1.4(ii) shall not apply to
                                    that Financial Indebtedness.

                  11.1.5   WINDING-UP

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

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                           of its creditors is applied for, ordered or declared
                           or any member of the NCLC Group commences
                           negotiations with any one or more of its creditors
                           with a view to the general readjustment or
                           rescheduling of all or a significant part of its
                           Financial Indebtedness.

                  11.1.7   APPOINTMENT OF LIQUIDATORS ETC.

                           A liquidator, trustee, administrator, receiver,
                           administrative receiver, manager or similar officer
                           is appointed in respect of any member of the NCLC
                           Group or in respect of all or any substantial part of
                           the assets of any member of the NCLC Group and in any
                           such case such appointment is not withdrawn within
                           thirty (30) days (the "GRACE PERIOD") unless the
                           Agent considers in its sole discretion that the
                           interest of the Lenders might reasonably be expected
                           to be adversely affected in which event the Grace
                           Period shall not apply.

                  11.1.8   INSOLVENCY

                           Any member of the NCLC Group becomes or is declared
                           insolvent or is unable, or admits in writing its
                           inability, to pay its debts as they fall due or
                           becomes insolvent within the terms of any applicable
                           law.

                  11.1.9   LEGAL PROCESS

                           Any distress, execution, attachment or other process
                           affects the whole or any substantial part of the
                           assets of any member of the NCLC Group and remains
                           undischarged for a period of twenty one (21) days
                           PROVIDED THAT no Event of Default shall be deemed to
                           have occurred unless the distress, execution,
                           attachment or other process adversely affects any
                           Obligor's ability to meet any of its material
                           obligations under this Agreement or the other
                           Security Documents (the determination of which shall
                           be in the Agent's sole discretion).

                  11.1.10  ANALOGOUS EVENTS

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

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                  11.1.11  CESSATION OF BUSINESS

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

                  11.1.12  REVOCATION OF CONSENTS

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

                  11.1.13  UNLAWFULNESS

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

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                           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 conveyance or similar law; or
                           shall have

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                           made any transfer of its property (in the case of the
                           Builder, limited to the aforesaid property) to or for
                           the benefit of a creditor with the intention of
                           preferring such creditor over any other creditor.

                  11.1.17  PREJUDICE TO SECURITY

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

                  11.1.18  MATERIAL ADVERSE CHANGE

                           Any material adverse change in the business, assets
                           or financial condition of any Obligor or the Builder
                           occurs which in the reasonable opinion of the Agent
                           would or might reasonably be expected to affect the
                           ability of that Obligor or the Builder duly to
                           perform any of its material obligations under any
                           Security Document to which it may at any time be a
                           party. For the purposes of this Clause 11.1.18 and
                           without prejudice to the generality of the expression
                           "MATERIAL OBLIGATIONS" any payment obligations of any
                           Obligor or the Builder shall be deemed material.

                  11.1.19  GOVERNMENTAL INTERVENTION

                           The authority of any member of the NCLC Group or the
                           Builder in the conduct of its business is wholly or
                           substantially curtailed by any seizure or
                           intervention by or on behalf of any authority and
                           within ninety (90) days of the date of its occurrence
                           any such seizure or intervention is not 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.

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                  11.1.20  THE BUILDER

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

                  11.1.21  THE VESSEL

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

         11.2     ACCELERATION

                  11.2.1   On the occurrence of an Event of Default or a
                           Possible Event of Default and at any time thereafter
                           whilst such event shall be continuing the Agent may
                           if the Facility has not yet been drawn down, by
                           notice to the Borrower cancel the obligations of the
                           Lenders under this Agreement.

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

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

                           (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 Management
                                    Agreement.

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         11.3     DEFAULT INDEMNITY

                  The Borrower shall on demand indemnify the Agent and the
                  Lenders, without prejudice to any of their other rights under
                  this Agreement and the other Security Documents, against any
                  loss or expense which the Agent shall certify as sustained or
                  incurred by any of them as a consequence of:

                  11.3.1   any default in payment by the Borrower of any sum
                           under this Agreement or any of the other Security
                           Documents when due, including, without limitation,
                           any liability incurred by the Trustee, the Agent, the
                           Lenders and the Hermes Agent by reason of any delay
                           or failure of the Borrower to pay any such sums;

                  11.3.2   any break in funding (including without limitation
                           warehousing and other related costs) due to the
                           occurrence of any Event of Default or Possible Event
                           of Default;

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

                  11.3.4   a Portion or any part thereof not being drawn for any
                           reason (excluding any default by the Agent or any
                           Lender) after a Drawdown Notice has been given,

                  including, in any such case, but not limited to, any loss or
                  expense sustained or incurred in maintaining or funding the
                  Loan or in liquidating or re-employing deposits from third
                  parties acquired to effect or maintain the Loan, any loss
                  (including the cost of breaking deposits or re-employing funds
                  (including warehousing and other related costs)) or any losses
                  under any Interest Exchange 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

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                  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 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 which the Agent or the Lender (as the case
                  may be) could obtain by exchanging such currency for Dollars
                  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 for immediate delivery.

12       APPLICATION OF FUNDS

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

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

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

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                             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;

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

                  SIXTHLY    in retention of such other sum or sums as the Agent
                             may require as security for any further monies
                             which may reasonably be expected to become due and
                             payable to the Agent and/or the Lenders and/or the
                             Hermes Agent under this Agreement or any of the
                             other Security Documents and which the assigned
                             Earnings may be insufficient to satisfy;

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

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

         12.3     APPLICATION OF PROCEEDS OF INSURANCES

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

         12.4     APPLICATION OF ANY REDUCTION IN THE HERMES PREMIUM

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

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         12.5     SUSPENSE ACCOUNT

                  Any monies received or recovered by the Trustee, the Agent,
                  any Lender or the Hermes Agent under or in connection with the
                  Security Documents and credited to any suspense or impersonal
                  interest bearing security realised account may be held in such
                  account for so long as the Agent thinks fit pending
                  application at the Agent's discretion in accordance with
                  Clause 12.1 or Clause 12.2 (as the case may be).

13       FEES

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

14       EXPENSES

         14.1     INITIAL EXPENSES

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

         14.2     ENFORCEMENT EXPENSES

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

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                  which may be payable in any jurisdiction in connection with
                  the entry into, performance and enforcement of this Agreement
                  or any of the other Security Documents.

15       WAIVERS, REMEDIES CUMULATIVE

         15.1     NO WAIVER

                  No failure to exercise and no delay in exercising on the part
                  of the Trustee, the Agent, any of the Lenders or the Hermes
                  Agent any right or remedy under any of the Security Documents
                  shall operate as a waiver thereof, nor shall any single or
                  partial exercise of any right or remedy preclude any other or
                  further exercise thereof, or the exercise of any other right
                  or remedy. No waiver by the Trustee, the Agent, the Hermes
                  Agent or any of the Lenders shall be effective unless it is in
                  writing.

         15.2     REMEDIES CUMULATIVE

                  The rights and remedies of the Agent and the Lenders provided
                  herein are cumulative and not exclusive of any rights or
                  remedies provided by law.

         15.3     SEVERABILITY

                  If any provision of this Agreement is prohibited or
                  unenforceable in any jurisdiction, such prohibition or
                  unenforceability shall not invalidate the remaining provisions
                  hereof or affect the validity or enforceability of such
                  provision in any other jurisdiction.

         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.

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16       COUNTERPARTS

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

17       ASSIGNMENT

         17.1     BENEFIT OF AGREEMENT

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

         17.2     NO TRANSFER BY THE BORROWER

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

         17.3     ASSIGNMENTS, PARTICIPATIONS AND TRANSFERS BY A LENDER

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

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                  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;

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                  17.7.3   its Holding Company and/or Subsidiary;

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

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

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

                  17.7.7   the Builder,

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

         17.8     TRANSFER CERTIFICATE TO BE EXECUTED BY THE AGENT

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

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         17.9     NOTICE OF TRANSFER CERTIFICATES

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

         17.10    DOCUMENTATION OF TRANSFER OR ASSIGNMENT

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

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

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

18       NOTICES

         18.1     MODE OF COMMUNICATION

                  Except as otherwise provided herein, each notice, request,
                  demand or other communication or document to be given or made
                  hereunder shall be given in writing but unless otherwise
                  stated, may be made by telefax.

         18.2     ADDRESS

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

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                  to the Agent pursuant to this Agreement shall (unless the
                  Agent has by fifteen (15) days' written notice to the Borrower
                  specified another address) be made or delivered to the Agent
                  at its Office, the details of which are set out in Schedule 2.
                  A copy of any notice to the Agent shall be delivered to the
                  Hermes Agent at its Office as aforesaid.

         18.3     TELEFAX COMMUNICATION

                  Any notice, demand or other communication to be made or
                  delivered pursuant to this Agreement may be sent by telefax to
                  the relevant telephone numbers (which at the date hereof in
                  respect of the Borrower is +1 305 436 4140 (marked for the
                  attention of Mr Lamarr Cooler) and +1 305 436 4117 (marked for
                  the attention of the Legal Department) with a copy to +60 (0)3
                  2161 3621 (marked for the attention of Mr Gerard Lim) and in
                  the case of the Trustee, the Agent, the Hermes Agent or any
                  Lender is as recorded in Schedule 2) specified by it from time
                  to time for the purpose and shall be deemed to have been
                  received when transmission of such telefax communication has
                  been completed provided that if in the place of receipt the
                  transmission is received outside normal business hours on a
                  Business Day or not on a Business Day the transmission shall
                  be deemed to have been received at the commencement of the
                  next Business Day. Each such telefax communication, if made to
                  the Agent or any Lender by the Borrower, shall be signed by
                  the person or persons authorised in writing by the Borrower
                  and whose signature appears on the list of specimen signatures
                  contained in the secretary's certificate required to be
                  delivered by paragraph 2 of Schedule 4 and shall be expressed
                  to be for the attention of the department or officer whose
                  name has been notified for the time being for that purpose by
                  the Agent or any Lender to the Borrower.

         18.4     RECEIPT

                  Each such notice, demand or other communication shall be
                  deemed to have been made or delivered (in the case of any
                  letter) when delivered to its office for the time being or, if
                  sent by post, five (5) days after being deposited in the post
                  first class postage prepaid in an envelope addressed to it at
                  that address.

                                       95
<PAGE>

         18.5     LANGUAGE

                  Each notice, demand or other communication made or delivered
                  by one (1) party to another pursuant to this Agreement or any
                  other Security Document shall be in the English language or
                  accompanied by a certified English translation. In the event
                  of any conflict between the translation and the original text
                  the translation shall prevail unless the original text is a
                  statutory instrument, legal process or any other document of a
                  similar type or a notice, demand or other communication from
                  Hermes or in relation to the Hermes Cover.

19       GOVERNING LAW

         19.1     This Agreement shall be governed by English law.

20       WAIVER OF IMMUNITY

         20.1     To the extent that the Borrower may in any jurisdiction claim
                  for itself or its assets immunity from suit, execution,
                  attachment (whether in aid of execution, before judgment or
                  otherwise) or other legal process in relation to this
                  Agreement or the other Security Documents and to the extent
                  that in any such jurisdiction there may be attributed to
                  itself or its assets such immunity (whether or not claimed)
                  the Borrower hereby irrevocably and unconditionally agrees
                  throughout the Security Period not to claim and hereby
                  irrevocably waives such immunity to the full extent permitted
                  by the laws of such jurisdiction. In respect of any legal
                  action or proceedings arising out of or in connection with any
                  of the Security Documents the Borrower hereby consents
                  generally as a matter of procedure in relation to the waiver
                  of immunity (but not so as to prejudice any defence which it
                  may have on the merits of the substantive issue) to the giving
                  of any relief or the 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.

                                       96
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21       RIGHTS OF THE AGENT AND THE LENDERS

         21.1     NO DEROGATION OF RIGHTS

                  Any rights conferred on the Agent and the Lenders or any of
                  them by this Agreement or any other Security Document shall be
                  in addition to and not in substitution for or in derogation of
                  any other right which the Agent and the Lenders or any of them
                  might at any time have to seek from the Borrower or any other
                  person for payment of sums due from the Borrower or
                  indemnification against liabilities as a result of the
                  Borrower's default in payment of sums due from it under this
                  Agreement or any other Security Document.

         21.2     ENFORCEMENT OF REMEDIES

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

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

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

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

22       JURISDICTION

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

                  This Clause 22.1 is for the benefit of the Agent and the
                  Lenders only. As a result, no such party shall be prevented
                  from taking proceedings relating to a Dispute in

                                       97
<PAGE>

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

         22.2     The Borrower may not, without the Agent's prior written
                  consent, terminate the appointment of the Process Agent; if
                  the Process Agent resigns or its appointment ceases to be
                  effective, the Borrower shall within fourteen (14) days
                  appoint a company which has premises in London and has been
                  approved by the Agent to act as the Borrower's process agent
                  with unconditional authority to receive and acknowledge
                  service on behalf of the Borrower of all process or other
                  documents connected with proceedings in the English courts
                  which relate to this Agreement.

         22.3     For the purpose of securing its obligations under Clause 22.2,
                  the Borrower irrevocably agrees that, if it for any reason
                  fails to appoint a process agent within the period specified
                  in Clause 22.2, the Agent may appoint any person (including a
                  company controlled by or associated with the Agent or any
                  Lender) to act as the Borrower's process agent in England with
                  the unconditional authority described in Clause 22.2.

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

         22.5     The Borrower appoints in the case of the courts of England the
                  Process Agent to receive, for and on its behalf service of
                  process in England of any legal proceedings with respect to
                  this Agreement and any other Security Document.

         22.6     A judgment relating to this Agreement which is given or would
                  be enforced by an English court shall be conclusive and
                  binding on the Borrower and may be enforced without review in
                  any other jurisdiction.

         22.7     Nothing in this Clause shall exclude or limit any right which
                  the Agent or a Lender may have (whether under the laws of any
                  country, an international 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.

                                       98
<PAGE>

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

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

THE BORROWER

SIGNED SEALED and DELIVERED as a DEED      )         P A Turner (sealed)
by PAUL TURNER                             )
for and on behalf of                       )
HULL 667 LIMITED                           )
in the presence of:                        )
               R Cheung
               Regina Cheung
               Trainee Solicitor
               Stephenson Harwood
               One, St. Paul's Churchyard
               London EC4M 8SH

THE ARRANGERS

SIGNED SEALED and DELIVERED as a DEED      )
by JULIE CLEGG                             )         J Clegg (sealed)
for and on behalf of                       )
COMMERZBANK AKTIENGESELLSCHAFT             )
Hamburg Branch                             )
in the presence of:                        )
               R Cheung
               as above

SIGNED SEALED and DELIVERED as a DEED      )
by JULIE CLEGG                             )         J Clegg (sealed)
for and on behalf of                       )
HSBC BANK PLC                              )
in the presence of:                        )
               R Cheung
               as above

SIGNED SEALED and DELIVERED as a DEED      )
by JULIE CLEGG                             )         J Clegg (sealed)
for and on behalf of                       )
KfW                                        )
in the presence of:                        )
               R Cheung
               as above

                                       99
<PAGE>

SIGNED SEALED and DELIVERED as a DEED      )
by JULIE CLEGG                             )         J Clegg (sealed)
for and on behalf of                       )
DnB NOR BANK ASA                           )
in the presence of:                        )
               R Cheung
               as above

SIGNED SEALED and DELIVERED as a DEED      )
by JULIE CLEGG                             )         J Clegg (sealed)
for and on behalf of                       )
OVERSEA-CHINESE BANKING                    )
CORPORATION LIMITED                        )
Singapore Branch                           )
in the presence of:                        )
               R Cheung
               as above

THE LENDERS

SIGNED SEALED and DELIVERED as a DEED      )
by JULIE CLEGG                             )         J Clegg (sealed)
for and on behalf of                       )
COMMERZBANK AKTIENGESELLSCHAFT             )
Bremen Branch                              )
in the presence of:                        )
               R Chueng
               as above

SIGNED SEALED and DELIVERED as a DEED      )
by JULIE CLEGG                             )         J Clegg (sealed)
for and on behalf of                       )
HSBC BANK PLC                              )
in the presence of:                        )
               R Cheung
               as above

SIGNED SEALED and DELIVERED as a DEED      )
by JULIE CLEGG                             )         J Clegg (sealed)
for and on behalf of                       )
KfW                                        )
in the presence of:                        )
               R Cheung
               as above

                                      100
<PAGE>

SIGNED SEALED and DELIVERED as a DEED      )
by JULIE CLEGG                             )         J Clegg (sealed)
for and on behalf of                       )
DNB NOR BANK ASA                           )
in the presence of:                        )
               R Cheung
               as above

SIGNED SEALED and DELIVERED as a DEED      )
by JULIE CLEGG                             )         J Clegg (sealed)
for and on behalf of                       )
OVERSEA-CHINESE BANKING                    )
CORPORATION LIMITED                        )
Singapore Branch                           )
in the presence of:                        )
               R Cheung
               as above

THE AGENT

SIGNED SEALED and DELIVERED as a DEED      )
by JULIE CLEGG                             )         J Clegg (sealed)
for and on behalf of                       )
HSBC BANK PLC                              )
in the presence of:                        )
               R Cheung
               as above

THE HERMES AGENT

SIGNED SEALED and DELIVERED as a DEED      )
by JULIE CLEGG                             )         J Clegg (sealed)
for and on behalf of                       )
COMMERZBANK AKTIENGESELLSCHAFT             )
in the presence of:                        )
               R Cheung
               as above

THE TRUSTEE

SIGNED SEALED and DELIVERED as a DEED      )
by JULIE CLEGG                             )         J Clegg (sealed)
for and on behalf of                       )
HSBC BANK PLC                              )
in the presence of:                        )
               R Cheung
               as above

                                      101
<PAGE>

                                   SCHEDULE 1

                            PARTICULARS OF ARRANGERS

                                            INDEMNITY IN USD

COMMERZBANK                                 74,626,770 (22.34%)
AKTIENGESELLSCHAFT
Global Shipping Hamburg
Ness 7-9
20457 Hamburg
Federal Republic of Germany

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

HSBC BANK PLC                               74,593,365 (22.33%)
Project and Export Finance
8 Canada Square
London E14 5HQ

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

KFW                                         74,593,365 (22.33%)
Palmengartenstrasse 5-9
60325 Frankfurt am Main
Federal Republic of Germany

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

DNB NOR BANK ASA                            56,788,500 (17.00%)
Stranden 21
NO-0021 Oslo
Norway

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

                                      102
<PAGE>

OVERSEA-CHINESE BANKING                     53,448,000 (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

                                      103
<PAGE>

                                   SCHEDULE 2

             PARTICULARS OF AGENT, HERMES AGENT, TRUSTEE AND LENDERS

NAME AND ADDRESS

AGENT

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

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

HERMES AGENT

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

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

TRUSTEE

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

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

                                      104
<PAGE>

NAME AND ADDRESS                                          CONTRIBUTION IN USD

LENDERS

COMMERZBANK                                               74,626,770 (22.34%)
AKTIENGESELLSCHAFT
Bremen Branch
Schusselkorb 5-11
28195 Bremen
Federal Republic of Germany

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

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

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

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

HSBC BANK PLC                                             74,593,365 (22.33%)
Project and Export Finance
8 Canada Square
London E14 5HQ

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

KFW                                                       74,593,365 (22.33%)
Palmengartenstrasse 5-9
60325 Frankfurt am Main
Federal Republic of Germany

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

                                      105
<PAGE>

DNB NOR BANK ASA                                          56,788,500 (17.00%)
Stranden 21
NO-0021 Oslo
Norway

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

OVERSEA-CHINESE BANKING                                   53,448,000 (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

                                      106
<PAGE>

                                   SCHEDULE 3

                               NOTICE OF DRAWDOWN

                                  CLAUSE 2.3.1

From:    HULL 667 LIMITED
         International House
         Castle Hill
         Victoria Road
         Douglas
         Isle of Man IM2 4RB
         British Isles

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

         Attn:    Mr Alan Marshall

                                                                          200[ ]

Dear Sirs

LOAN AGREEMENT DATED                           2004 (THE "LOAN AGREEMENT")

We refer to the Loan Agreement pursuant to which you have agreed to advance to
us the Facility on the terms and conditions set out therein.

Terms and expressions defined in the Loan Agreement shall have the same
respective meanings when used in this notice.

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

[Tranche 1 of Portion 1 in the amount of thirty one million five hundred
thousand Dollars (USD31,500,000) is to be paid to the Guarantor at:

[bank details]

                                      107
<PAGE>

[Tranche [ ] of Portion 1 in the amount of [ ] Dollars (USD[ ]) 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.]

[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.]

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 1 of Portion 1 will be applied in repayment of the loan in the
         same amount made by the Guarantor to us to enable us to pay part of the
         second pre-delivery instalment due by us to the Builder under the
         Building Contract on 5 February 2004] [Tranche [ ] of Portion 1 will be
         applied in financing [part of] the [third/fourth] [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

                                      108
<PAGE>

         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 [ ] 200[5/6];]

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

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

Yours faithfully
HULL 667 LIMITED

________________________________
By:

                                      109
<PAGE>

                                   SCHEDULE 4

                              CONDITIONS PRECEDENT

                                   CLAUSE 2.6

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 its
                  Memorandum of Association and Bye-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;

                                      110
<PAGE>

         (E)      attaching copies of resolutions passed at a duly convened
                  meeting of the directors of the Borrower authorising the
                  borrowing of the Loan, the granting of the Mortgages and the
                  execution of this Agreement and such of the other Security
                  Documents to which the Borrower is a party and the issue of
                  any power of attorney to execute the same; and

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

3        Where the secretary's certificate referred to in paragraph 2 of this
         Schedule 4 is dated more than ten (10) Business Days prior to the date
         hereof, a bringdown certificate, which need not be notarially attested
         if signed by the same person that signed the secretary's certificate
         referred to in paragraph 2 of this Schedule 4.

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

GUARANTOR, SHAREHOLDER, SUPERVISOR AND BUILDER

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

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

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

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

         (D)      attaching copies of resolutions passed at a duly convened
                  meeting of the directors approving the granting and the
                  execution of the documents whose execution is contemplated
                  hereby, insofar as they relate to it and the issue of any
                  power of attorney to execute the same; and

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

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

                                      111
<PAGE>

         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       Debenture duly executed.

17       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.

18       Payment of all fees under Clause 13.

19       Disclosure Letter duly executed.

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

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

                                      112
<PAGE>

21       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.

22       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

23       Certified Copy of the Hermes Cover.

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

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

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

27       Earnings Assignment duly executed.

28       Building Contract Assignment duly executed.

29       Construction Risks Insurance Assignment duly executed.

30       Supervision Agreement Assignment duly executed.

31       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.

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

                                      113
<PAGE>

33       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.

34       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

35       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

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

         (A)      provisionally registered in the name of the Borrower under the
                  Bahamas flag, 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;

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

         (D)      managed by the Manager pursuant to the Management Agreement.

37       Certified Copy of the Builder's Certificate.

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

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

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

41       Post Delivery Mortgage duly executed and lodged for provisional
         registration through the Bahamas Maritime Authority.

                                      114
<PAGE>

42       Insurance Assignment duly executed.

43       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.

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

45       Certified Copy of the Management Agreement.

46       Management Agreement Assignment duly executed.

47       Account Charge duly executed.

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

49       Opinion from Bahamian 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.

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

51       Notarially attested bringdown certificate in respect of the Borrower.

52       Notarially attested secretary's certificate for the Manager:

         (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

                                      115
<PAGE>

                  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.

53       Where the secretary's certificate referred to in paragraph 52 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 52 of this Schedule 4.

54       The original powers of attorney issued pursuant to (A) the resolutions
         referred to above and (B) paragraph 52(C) above, notarially attested.

55       Payment of all fees due under Clause 13.

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

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

58       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.

59       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.

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

                                      116
<PAGE>

                                   SCHEDULE 5

                           CONFIDENTIALITY UNDERTAKING

                            [On Bank's Headed Paper]

To:      HULL 667 LIMITED
         International House
         Castle Hill
         Victoria Road
         Douglas
         Isle of Man IM2 4RB
         British Isles
         (the "BORROWER")

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

HULL 667 LIMITED
USD334,050,000 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

                                      117
<PAGE>

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

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

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

For and on behalf of
BANK NAME:

______________________________
By

Date:

                                      118
<PAGE>

                                   SCHEDULE 6

                              TRANSFER CERTIFICATE

Lenders are advised not to employ Transfer Certificates or otherwise to assign
or transfer interests in the Loan Agreement without further ensuring that the
transaction complies with all applicable laws and requisitions, including the
Financial Services Act 1986 and regulations made thereunder and similar statutes
which may be in force in other jurisdictions.

TO:         hsbc Bank plc (the "AGENT") as agent on its own behalf and for and
            on behalf of the Arrangers, the Hermes Agent, the Trustee, the
            Borrower and the Lenders as defined in the Loan Agreement referred
            to below

Attention:  [            ]

                                                                           Date:

This certificate (the "TRANSFER CERTIFICATE") relates to a loan agreement dated
2004 (as the same may from time to time be amended, supplemented and/or novated
the "LOAN AGREEMENT") made between (among others) (1) Hull 667 Limited 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 thirty four million and fifty
thousand Dollars (USD334,050,000). 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 of
         [ ] Dollars

                                      119
<PAGE>

         (USD[ ]) out of its total Contribution which at the date hereof is [ ]
         Dollars (USD[ ])] or [that portion of its Commitment to the Facility in
         an amount of [ ] Dollars (USD[ ]) out of its total Commitment which at
         the date hereof is [ ] Dollars (USD[ ])].

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[ ])
         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 an amount of [ ] Dollars (USD[ ]) out of its total Commitment
         at such date].

3        The Transferee hereby requests:

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

         (B)      the Agent to execute this Transfer Certificate on behalf of
                  itself and the other said parties pursuant to Clause 17.8 of
                  the Loan Agreement so that this Transfer Certificate will take
                  effect in accordance with the terms thereof on [specify date
                  of transfer] [or] [the date on which the Agent receives a
                  certificate signed by [the Transferor] confirming that the
                  following conditions have been fulfilled [specify conditions
                  to transfer].

4        The Transferee:

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

         (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;

                                      120
<PAGE>

         (C)      agrees that it has not relied and will not rely on the
                  Transferor, the Trustee, the Agent, the Arrangers, the Lenders
                  or the Hermes Agent to assess or keep under review on its
                  behalf the financial condition, creditworthiness, condition,
                  affairs, status or nature of the Borrower or any other party
                  to the Loan Agreement or any other of the Security Documents
                  (save as otherwise expressly provided therein);

         (D)      warrants that it has power and authority to become a party to
                  the Loan Agreement and the Agency and Trust Deed and has taken
                  all necessary action to authorise execution of this Transfer
                  Certificate and to obtain all necessary approvals and consents
                  to the assumption of its obligations under the Loan Agreement,
                  the Agency and Trust Deed and the other Security Documents;

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

5        The Transferor:

         (A)      warrants to the Transferee that it has full power to enter
                  into this Transfer Certificate and has taken all corporate
                  action necessary to authorise it to do so;

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

         (C)      agrees that it will, at its own expense, execute any documents
                  which the Transferee reasonably requests for perfecting in any
                  relevant jurisdiction the Transferee's title under this
                  Transfer Certificate or for any similar purpose.

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.

                                      121
<PAGE>

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).

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.

                                      122
<PAGE>

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:                     )

                                      123
<PAGE>

Note:    The execution of this Transfer Certificate alone may not transfer a
         proportionate share of the Transferor's interest in the security
         constituted by the Security Documents in the Transferor's or
         Transferee's jurisdiction. It is the responsibility of each individual
         Lender to ascertain whether any other documents are required to perfect
         a transfer of such a share in the Transferor's interest in such
         security in any such jurisdiction, and, if so, to seek appropriate
         advice and arrange for execution of the same.

                                      124
<PAGE>

                                    SCHEDULE

                      ADMINISTRATIVE DETAILS OF TRANSFEREE

Name of Transferee:

Office:

Contact Person
(Loan Administration Department):

Telephone:

Fax:

E-mail:

Contact Person
(Credit Administration Department):

Telephone:

Fax:

E-mail:

Account for Payments:

                                      125
<PAGE>

                                   SCHEDULE 7

                          FORM OF NOTICE OF FIXED RATE

To:      HULL 667 LIMITED (the "BORROWER")
         Corporation Trust Center
         1209 Orange Street
         Wilmington
         Delaware 19801
         United States of America

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

         Attn:    Mr Alan Marshall

LOAN AGREEMENT DATED     2004 BETWEEN (AMONG OTHERS) (1) THE BORROWER (2) THE
LENDERS (3) THE AGENT (4) THE HERMES AGENT AND (5) THE TRUSTEE (THE "LOAN
AGREEMENT") RELATING TO THE FINANCING OF THE CONSTRUCTION OF HULL NO S.667 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] 200[5/6] pay
interest on the outstanding amount of the Loan at the Fixed Rate of [ ] per cent
([o]%) per annum.

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

Date:          200[5/6]

_____________________________
HSBC BANK PLC
By:

Agreed:

_____________________________
HULL 667 LIMITED
By:

                                      126
<PAGE>

                                   SCHEDULE 8

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

<TABLE>
<CAPTION>
    VESSEL                NEW OWNER         DAILY HIRE    REDELIVERING    TRANSFER VALUE
----------------------------------------------------------------------------------------
<S>                 <C>                     <C>          <C>              <C>
Norwegian Sea       Ocean Pacific Limited          [***] [Confidential Treatment]
Norwegian Majesty   Ocean Voyager Limited          [***] [Confidential Treatment]
Norwegian Wind      Crown Wind Limited             [***] [Confidential Treatment]
Norwegian Crown     Crown Odyssey Limited          [***] [Confidential Treatment]
Norwegian Dream     Ocean Dream Limited            [***] [Confidential Treatment]
Marco Polo          Ocean World Limited            [***] [Confidential Treatment]
</TABLE>

                                      127
<PAGE>

                               DATED 20 APRIL 2004

                            (1) NCL CORPORATION LTD.
                                 (AS GUARANTOR)

                                (2) HSBC BANK PLC
                                  (AS TRUSTEE)

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

                                    GUARANTEE
                        IN RESPECT OF THE OBLIGATIONS OF
                                HULL 667 LIMITED

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

<PAGE>

                                    CONTENTS

<TABLE>
<CAPTION>
                                                                                                       Page
                                                                                                       ----

<S>         <C>                                                                                       <C>
1           Definitions and Construction................................................................2

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

17          Notices....................................................................................29

18          Governing Law..............................................................................30

19          Jurisdiction...............................................................................30

Schedule 1  Quarterly Compliance Certificate...........................................................32

Schedule 2  Letter of Instruction......................................................................35

</TABLE>

<PAGE>

DATED the 20TH day of APRIL 2004

BY:

(1)      NCL CORPORATION LTD. being a company validly existing under the laws of
         Bermuda with its registered office at Reid Hall, 3 Reid Street,
         Hamilton HM 11, Bermuda as guarantor (the "GUARANTOR");

IN FAVOUR OF:

(2)      HSBC BANK PLC a company incorporated under the laws of England and
         Wales whose office is at 8 Canada Square, London E14 5HQ, England (the
         "TRUSTEE") as trustee for the Beneficiaries.

WHEREAS:

(A)      By a loan agreement dated the date hereof (the "LOAN AGREEMENT") made
         between (among others) (1) Hull 667 Limited 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 up to three hundred and thirty four
         million and fifty thousand Dollars (USD334,050,000) (the "LOAN") on the
         terms and conditions contained therein.

(B)      By a deed of agency and trust dated the date hereof made between (1)
         the Agent (2) the Hermes Agent (3) the Trustee and (4) the Lenders it
         has been agreed that the benefit of this Deed shall be held by the
         Trustee on trust for itself, the Agent, the Hermes Agent and the
         Lenders and its and their respective successors, assignees and
         transferees (together the "BENEFICIARIES").

(C)      It is a condition precedent to the Trustee, the Lenders, the Agent and
         the Hermes Agent entering into the Loan Agreement and making the Loan
         available to the Borrower that the Guarantor enters into this Deed.

<PAGE>

NOW THIS DEED WITNESSES:

1        DEFINITIONS AND CONSTRUCTION

         1.1      In this Deed the following terms and expressions shall have
                  the meanings set out below; in addition, terms and expressions
                  not defined herein but whose meanings are defined in the Loan
                  Agreement shall have the meanings set out therein.

                  "ACCOUNTS" means the audited consolidated profit and loss
                  account, cash flow statements and balance sheet (including all
                  additional information and notes thereto) of the Guarantor and
                  its consolidated Subsidiaries together with the relative
                  directors' and auditors' reports;

                  "BONDS" means bonds in an aggregate amount of at least two
                  hundred million Dollars (USD200,000,000) and with a life of
                  ten (10) years but which may be redeemed by the Guarantor at
                  an earlier date, to be issued by the Guarantor in one (1) or
                  more tranches, in the first instance to qualified
                  institutional buyers as unregistered privately placed bonds
                  and thereafter as bonds registered with the Securities
                  Exchange Commission of the United States of America;

                  "EVENT OF DEFAULT" means any of the events specified in clause
                  11 of the Loan Agreement or specified as such in Clause 11;
                  and

                  "OUTSTANDING INDEBTEDNESS" means all sums of any kind payable
                  actually or contingently to the Beneficiaries under or
                  pursuant to the Loan Agreement or any Transaction Document
                  (whether by way of repayment of principal, payment of interest
                  or default interest, payment of any indemnity or
                  counter-indemnity, reimbursement for fees, costs or expenses
                  or otherwise howsoever).

         1.2      In this Deed unless the context otherwise requires:

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

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

                                       2
<PAGE>

                  1.2.3    references to (or to any specified provision of) this
                           Deed or any other document shall be construed as
                           references to this Deed, that provision or that
                           document as from time to time amended, supplemented
                           or novated;

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

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

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

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

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

2        GUARANTEE AND INDEMNITY

         2.1      In consideration of the Lenders agreeing at the request of the
                  Guarantor to make the Loan available to the Borrower in
                  accordance with the terms of the Loan Agreement, the payment
                  by the Trustee to the Guarantor of ten Dollars (USD10) and
                  other good and valuable consideration (the receipt and
                  adequacy of which the Guarantor hereby acknowledges) the
                  Guarantor:

                  2.1.1    as primary obligor as and for its own debt and not
                           merely as surety hereby undertakes to the Trustee to
                           be responsible for and hereby guarantees to the
                           Trustee:

                           (a)      the due and punctual payment by each of the
                                    Obligors to the Trustee or the Agent (on
                                    behalf of the Lenders) (as the case may

                                       3
<PAGE>

                                    be) (as and when due by acceleration, demand
                                    or otherwise howsoever) of the Outstanding
                                    Indebtedness and every part thereof; and

                           (b)      the due and punctual performance of all the
                                    obligations to be performed by each of the
                                    Obligors and the Builder under or pursuant
                                    to the Loan Agreement and the other Security
                                    Documents; and

                  2.1.2    unconditionally undertakes immediately on demand by
                           the Trustee from time to time to pay and/or perform
                           its obligations under Clause 2.1.1.

         2.2      For the same consideration as referred to in Clause 2.1 the
                  Guarantor (as a separate and independent obligation)
                  unconditionally undertakes immediately on demand by the
                  Trustee from time to time to indemnify the Trustee and the
                  Agent and hold each of them harmless in respect of:

                  2.2.1    any loss incurred by the Trustee and/or the Agent as
                           a result of the Loan Agreement and each other
                           Security Document to which any of the Obligors or the
                           Builder is a party or any provision thereof becoming
                           invalid, void, voidable or unenforceable for any
                           reason whatsoever after execution hereof; and

                  2.2.2    all loss or damage of any kind arising directly or
                           indirectly from any failure on the part of any of the
                           Obligors or the Builder to perform any obligation to
                           be performed by any of the Obligors or the Builder
                           under and pursuant to the Loan Agreement and each
                           other Security Document to which any of the Obligors
                           or the Builder is a party.

3        SURVIVAL OF GUARANTOR'S LIABILITY

         3.1      The Guarantor's liability to the Trustee under this Deed shall
                  not be discharged, impaired or otherwise affected by reason of
                  any of the following events or circumstances (regardless of
                  whether any such events or circumstances occur with or without
                  the Guarantor's knowledge or consent):

                  3.1.1    any time, forbearance or other indulgence given or
                           agreed by the Trustee, the Agent, the Lenders and/or
                           the Hermes Agent to or with any of the

                                       4
<PAGE>

                           Obligors, the Builder or Hermes in respect of any of
                           their obligations under the Loan Agreement and each
                           other Security Document to which any of the Obligors,
                           the Builder or Hermes is a party; or

                  3.1.2    any legal limitation, disability or incapacity
                           relating to any of the Obligors, the Builder or
                           Hermes; or

                  3.1.3    any invalidity, irregularity, unenforceability,
                           imperfection or avoidance of or any defect in any
                           security granted by, or the obligations of any of the
                           Obligors, the Builder or Hermes under, the Loan
                           Agreement and each other Security Document to which
                           any of the Obligors, the Builder or Hermes is a party
                           or any amendment to or variation thereof or of any
                           other document or security comprised therein; or

                  3.1.4    any change in the name, constitution or otherwise of
                           any of the Obligors, the Builder or Hermes or the
                           merger of any of the Obligors, the Builder or Hermes
                           with any other corporate entity; or

                  3.1.5    the liquidation, bankruptcy or dissolution (or
                           proceedings analogous thereto) of any of the
                           Obligors, the Builder or Hermes or the appointment of
                           a receiver or administrative receiver or
                           administrator or trustee or similar officer of any of
                           the assets of any of the Obligors, the Builder or
                           Hermes or the occurrence of any circumstances
                           whatsoever affecting any Obligor's, the Builder's or
                           Hermes' liability to discharge its obligations under
                           the Loan Agreement and each other Security Document
                           to which it is a party; or

                  3.1.6    any challenge, dispute or avoidance by any liquidator
                           of any of the Obligors, the Builder or Hermes in
                           respect of any claim by the Guarantor by right of
                           subrogation in any such liquidation; or

                  3.1.7    any release of any other Obligor, the Builder or
                           Hermes or any renewal, exchange or realisation of any
                           security or obligation provided under or by virtue of
                           any of the Security Documents or the provision to the
                           Trustee, the Agent, any of the Lenders or the Hermes
                           Agent at any time of any further security for the
                           obligations of the Borrower under any of the Security
                           Documents; or

                                       5
<PAGE>

                  3.1.8    the release of any co-guarantor and/or indemnitor who
                           is now or may hereafter become under a joint and
                           several liability with the Guarantor under this Deed
                           or the release of any other guarantor, indemnitor or
                           other third party obligor in respect of the
                           obligations of any Obligor or the Builder under any
                           of the Security Documents; or

                  3.1.9    any failure on the part of the Trustee, the Agent,
                           any of the Lenders or the Hermes Agent (whether
                           intentional or not) to take or perfect any security
                           agreed to be taken under or in relation to any of the
                           Security Documents or to enforce any of the Security
                           Documents; or

                  3.1.10   any other act, matter or thing (save for repayment in
                           full of the Outstanding Indebtedness) which might
                           otherwise constitute a legal or equitable discharge
                           of any of the Guarantor's obligations under this
                           Deed.

4        CONTINUING GUARANTEE

         4.1      This Deed shall be:

                  4.1.1    a continuing guarantee remaining in full force and
                           effect until irrevocable payment in full has been
                           received by the Trustee or the Agent on behalf of the
                           Beneficiaries of each and every part and the ultimate
                           balance of the Outstanding Indebtedness in accordance
                           with the Loan Agreement and each other Security
                           Document to which any of the Obligors or the Builder
                           is a party; and

                  4.1.2    in addition to and not in substitution for or in
                           derogation of any other security held by the Trustee,
                           the Agent, any of the Lenders or the Hermes Agent
                           from time to time in respect of the Outstanding
                           Indebtedness or any part thereof.

         4.2      Any satisfaction of obligations by the Guarantor to the
                  Trustee or any discharge given by the Trustee to the Guarantor
                  or any other agreement reached between the Trustee and the
                  Guarantor in relation to this Deed shall be, and be deemed
                  always to have been, void ab initio if any act satisfying any
                  of the said obligations or on the faith of which any such
                  discharge was given or any such agreement was entered into is
                  subsequently avoided in whole or in part by or pursuant to any
                  provision of any applicable law whatsoever.

                                       6
<PAGE>

         4.3      This Deed shall remain the property of the Trustee and,
                  notwithstanding that all monies and liabilities due or
                  incurred by any of the Obligors or the Builder to the Trustee
                  which are guaranteed hereunder shall have been paid or
                  discharged, the Trustee shall be entitled not to discharge
                  this Deed or any security held by the Trustee for the
                  obligations of the Guarantor hereunder for such period as may
                  in the reasonable opinion of the Trustee be necessary or
                  appropriate under any applicable insolvency law after the last
                  of such monies and liabilities have been paid or discharged
                  and in the event of bankruptcy, winding-up or any similar
                  proceedings being commenced in respect of any of the Obligors
                  or the Builder, the Trustee shall be at liberty not to
                  discharge this Deed or any security held by the Trustee for
                  the obligations of the Guarantor hereunder for and during such
                  further period as the Trustee may determine at its sole
                  discretion.

5        EXCLUSION OF THE GUARANTOR'S RIGHTS

         5.1      Until the obligations of any Obligor or the Builder under the
                  Loan Agreement and each other Security Document to which any
                  Obligor or the Builder is a party have been fully performed,
                  the Guarantor shall not:

                  5.1.1    be entitled to share in or succeed to or benefit from
                           (by subrogation or otherwise) any rights which the
                           Trustee may have in respect of the Outstanding
                           Indebtedness or any security therefor or all or any
                           of the proceeds of such rights or security; or

                  5.1.2    without the prior written consent of the Trustee:

                           (a)      exercise in respect of any amount paid by
                                    the Guarantor hereunder any right of
                                    indemnity, subrogation, contribution or any
                                    other right or remedy which it may have in
                                    respect thereof; or

                           (b)      claim payment of any other monies for the
                                    time being due to the Guarantor or to which
                                    it may become entitled or exercise or
                                    enforce or benefit from any other right,
                                    remedy or security in respect thereof; or

                           (c)      prove in a liquidation of any Obligor or the
                                    Builder in competition with the Trustee for
                                    any monies owing to the Guarantor by any
                                    other Obligor or the Builder on any account
                                    whatsoever,

                                       7
<PAGE>

                  PROVIDED ALWAYS that if the Guarantor, in breach of this
                  Clause, receives or recovers any monies pursuant to any such
                  exercise, claim or proof, such monies shall be held by the
                  Guarantor as trustee upon trust for the Trustee to apply the
                  same as if they were monies received or recovered by the
                  Trustee under this Deed.

6        PAYMENTS

         6.1      Each payment to be made by the Guarantor hereunder shall be
                  made in immediately available funds in the currency in which
                  such payment is due without set-off, counterclaim, deduction
                  or retention of any kind by payment to such account of the
                  Trustee with such bank or financial institution as the Trustee
                  may from time to time notify to the Guarantor in writing.

                  If the Guarantor is required by law to make such a payment
                  subject to the deduction or withholding of Taxes, in which
                  case the sum payable by the Guarantor in respect of which such
                  deduction or withholding is required to be made shall be
                  increased to the extent necessary to ensure that, after the
                  making of such deduction or withholding, the Trustee receives
                  and retains (free from any liability in respect of any such
                  deduction or withholding) a net sum equal to the sum which it
                  would have received and so retained had no such deduction or
                  withholding been made or required to be made.

         6.2      Without prejudice to the provisions of Clause 6.1, if any
                  Lender or the Agent or the Trustee on the Lender's behalf is
                  required to make any payment on account of Tax (not being a
                  tax imposed on the net income of its Office by the
                  jurisdiction in which it is incorporated or in which its
                  Office is located or any other tax existing and applicable on
                  the date of this Deed under the laws of any jurisdiction) on
                  or in relation to any sum received or receivable hereunder by
                  such Lender or the Agent or the Trustee on the Lender's behalf
                  (including, without limitation, any sum received or receivable
                  under this Clause 6) or any liability in respect of any such
                  payment is asserted, imposed, levied or assessed against such
                  Lender or the Agent or the Trustee on the Lender's behalf, the
                  Guarantor shall, upon demand of the Agent, indemnify such
                  Lender or the Agent or the Trustee against such payment or
                  liability, together with any interest, penalties and expenses
                  payable or incurred in connection therewith, other than
                  interest, penalties, and expenses:

                                       8
<PAGE>

                  6.2.1    that accrue during any periods of time beginning on
                           the thirty first (31st) day (or such longer period as
                           any Lender may reasonably require) following the day
                           on which the Lender or the Agent or the Trustee, as
                           applicable, has actual knowledge of the imposition or
                           assertion of such Taxes or other Taxes; or

                  6.2.2    that are otherwise imposed or asserted on account of
                           the bad faith or wilful neglect of such Lender or the
                           Agent or the Trustee.

                  If any Lender proposes to make a claim under the provisions of
                  this Clause 6.2 it shall certify to the Guarantor in
                  reasonable detail within thirty (30) days (or such longer
                  period as any Lender may reasonably require) after becoming
                  aware of the event by reason of which it is entitled to make
                  its claim or claims the basis of its claim or claims, such
                  certificate to be conclusive, save for manifest error.

                  Without affecting the Guarantor's obligations under Clause 6.1
                  and in consultation with the Agent, the affected Lender will
                  then take all such reasonable steps as may be open to it to
                  mitigate the effect of the event (for example (if then
                  possible) by changing its Office or transferring some or all
                  of its rights and obligations under the Loan Agreement to
                  another financial institution reasonably acceptable to the
                  Borrower, the Guarantor, the Hermes Agent and the Agent). The
                  reasonable costs of mitigating the effect of any such change
                  shall be borne by the Guarantor save where such costs are of
                  an internal administrative nature and are not incurred in
                  dealings by any Lender with third parties.

         6.3      No person to which a Lender assigns part or all of its
                  interest under this Deed pursuant to clause 17 of the Loan
                  Agreement shall be entitled to receive any greater increase in
                  payment under Clause 6.1 than the assigning Lender would have
                  been entitled to receive with respect to the rights assigned
                  unless such assignment shall have been made at a time when the
                  circumstances giving rise to such greater payment did not
                  exist and were not reasonably anticipated or reasonably
                  foreseeable.

         6.4      The certificate of the Trustee from time to time as to sums
                  owed by any Obligor or the Builder under the Security
                  Documents and sums owed by the Guarantor hereunder shall, save
                  for manifest error, be conclusive and binding for all

                                       9
<PAGE>

                  purposes and prima facie evidence of the existence and extent
                  of such debts in any legal action or proceedings arising in
                  connection herewith.

         6.5      The provisions of Clause 7.3 of the Loan Agreement shall apply
                  hereto (mutatis mutandis) as if set out in full herein.

7        ENFORCEMENT

         7.1      The Trustee shall not be obliged before taking steps to
                  enforce this Deed to take any action whatsoever against any of
                  the Obligors, the Builder or Hermes under the Loan Agreement
                  or any other Security Documents to which they are a party and
                  the Guarantor hereby waives all such formalities or rights to
                  which it would otherwise be entitled or which the Trustee
                  would otherwise first be required to satisfy or fulfil before
                  proceeding or making demand against the Guarantor hereunder
                  provided that the Trustee shall not be entitled to enforce its
                  rights under this Deed otherwise than in circumstances which
                  would constitute an Event of Default.

8        REPRESENTATIONS AND WARRANTIES

         8.1      The Guarantor represents and warrants to the Trustee that:

                  8.1.1    it is a limited liability exempt company, duly
                           incorporated and validly existing under the laws of
                           Bermuda, possessing perpetual corporate existence,
                           the capacity to sue and be sued in its own name and
                           the power to own its assets and carry on its business
                           as it is now being conducted;

                  8.1.2    it has the power to enter into and perform this Deed
                           and all necessary corporate or other action has been
                           taken to authorise the entry into and performance of
                           this Deed;

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

                  8.1.4    the entry into and performance of this Deed and the
                           transactions contemplated hereby do not and will not
                           be a breach of or conflict with:

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

                                       10
<PAGE>

                           (b)      its constitutional documents; or

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

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

                  8.1.5    no event has occurred and is continuing which
                           constitutes a default under or in respect of any
                           agreement or document to which the Guarantor is a
                           party or by which it may be bound (including, inter
                           alia, this Deed) and no event has occurred which,
                           with the giving of notice, lapse of time,
                           determination of materiality or other condition would
                           or might constitute a default under or in respect of
                           any such agreement or document;

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

                  8.1.7    all information furnished by or on behalf of the
                           Guarantor relating to the business and affairs of any
                           member of the NCLC Group in connection with this Deed
                           was and remains true and correct in all material
                           respects and there are no other material facts or
                           considerations the omission of which would render any
                           such information misleading;

                  8.1.8    the Guarantor has fully disclosed in writing to the
                           Lenders through the Agent all facts relating to the
                           NCLC Group which it knows or should reasonably know
                           and which might reasonably be expected to influence
                           the Lenders in deciding whether or not to enter into
                           the Loan Agreement;

                  8.1.9    the Accounts for the financial year ended 31 December
                           2004 (which accounts will be prepared in accordance
                           with GAAP) will fairly represent the consolidated
                           financial condition of the NCLC Group as at 31
                           December 2004 and from that date there will be no
                           material adverse change in the consolidated financial
                           condition of the NCLC Group as shown in such audited
                           accounts save as disclosed in writing to the Agent

                                       11
<PAGE>

                           (in this Clause 8.1.9 "NCLC GROUP" shall have the
                           meaning ascribed to it in Clause 11.4);

                  8.1.10   the claims of the Trustee against the Guarantor under
                           this Deed will rank at least pari passu with the
                           claims of all other unsecured creditors of the
                           Guarantor other than claims of such creditors to the
                           extent that the same are statutorily preferred;

                  8.1.11   no member of the NCLC Group has taken any corporate
                           action nor have any other steps been taken or legal
                           proceedings been started or (to the best of the
                           Guarantor's knowledge and belief) threatened against
                           any member of the NCLC Group for its winding-up or
                           dissolution or for the appointment of a liquidator,
                           administrator, receiver, administrative receiver,
                           trustee or similar officer of it or any or all of its
                           assets or revenues nor has any member of the NCLC
                           Group sought any other relief under any applicable
                           insolvency or bankruptcy law;

                  8.1.12   no litigation, arbitration or administrative
                           proceedings are current or pending or (to the best of
                           the Guarantor's knowledge and belief) threatened,
                           which might, if adversely determined, have a material
                           adverse effect on the business, assets or financial
                           condition of the Guarantor or any other member of the
                           NCLC Group;

                  8.1.13   each member of the NCLC Group has complied with all
                           taxation laws in all jurisdictions in which it is
                           subject to Taxation and has paid all Taxes due and
                           payable by it; no material claims are being asserted
                           against any member of the NCLC Group with respect to
                           Taxes which might, if such claims were successful,
                           have a material adverse effect on its business,
                           assets or financial condition;

                  8.1.14   neither the Guarantor nor any of its assets enjoys
                           any right of immunity from set-off, suit or execution
                           in respect of its obligations under this Deed;

                  8.1.15   all amounts payable by the Guarantor hereunder may be
                           made free and clear of and without deduction for or
                           on account of any Taxes;

                                       12
<PAGE>

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

                  8.1.17   the Guarantor does not have a place of business in
                           any jurisdiction which would require this Deed to be
                           filed or registered (if it had a place of business in
                           that jurisdiction) to ensure the validity of this
                           Deed; and

                  8.1.18   it has reviewed and agrees to all the terms and
                           conditions of the Loan Agreement and each other
                           Security Document to which any Obligor or the Builder
                           is a party.

         8.2      The representations and warranties set out in Clause 8.1 other
                  than those set out in Clauses 8.1.4(a), 8.1.8, 8.1.15 and
                  8.1.18 shall survive the execution of this Deed and shall be
                  deemed to be repeated, with reference mutatis mutandis to the
                  facts and circumstances then subsisting, on each day until the
                  actual and contingent obligations of each Obligor or the
                  Builder have been performed in full.

9        GENERAL UNDERTAKINGS: POSITIVE COVENANTS

         9.1      The undertakings contained in this Clause 9 shall remain in
                  full force from the date of this Deed until the end of the
                  Security Period.

         9.2      The Guarantor will provide to the Agent:

                  9.2.1    as soon as practicable (and in any event within one
                           hundred and twenty (120) days after the close of each
                           of its financial years) a Certified Copy of its
                           Accounts (commencing with the audited accounts made
                           up to 31 December 2004);

                  9.2.2    as soon as practicable (and in any event within forty
                           five (45) days after the close of each quarter of
                           each financial year) a Certified Copy of the

                                       13
<PAGE>

                           unaudited consolidated accounts of the NCLC Group for
                           that quarter (commencing with the unaudited accounts
                           made up to 31 March 2004);

                  9.2.3    as soon as practicable (and in any event within
                           thirty (30) days after the close of each quarter of
                           each financial year), beginning with the quarter
                           ending 31 March 2004, monthly cash flow projections
                           on a consolidated basis of the NCLC Group showing
                           advance ticket sales (for at least twelve (12) months
                           following the date of such statement) for the NCLC
                           Group, together with a certificate of the NCLC
                           Group's chief operating officer or senior vice
                           president - finance stating that no Event of Default
                           or Possible Event of Default has occurred and is
                           continuing, or setting forth in detail any such Event
                           of Default or Possible Event of Default and any steps
                           being taken by the Guarantor or any other Obligor to
                           cure the same;

                  9.2.4    as soon as practicable (and in any event not later
                           than 31 January of each financial year):

                           (a)      a budget for the NCLC Group for such new
                                    financial year including a twelve (12) month
                                    liquidity budget for such new financial
                                    year; and

                           (b)      updated financial projections of the NCLC
                                    Group for at least the next five (5) years
                                    (including an income statement and projected
                                    results for the operation of the vessels
                                    owned and/or operated by any member of the
                                    NCLC Group) and an outline of the
                                    assumptions supporting such budget and
                                    financial projections and details of any
                                    scheduled dry-docking of any of the vessels
                                    owned and/or operated by companies in the
                                    NCLC Group during such new financial year;

                  9.2.5    from time to time (but at intervals no more
                           frequently than semi-annually at the Guarantor's
                           expense) within fifteen (15) days of receiving any
                           request to that effect from the Agent, a valuation of
                           each of the vessels in the NCLC Fleet obtained in
                           accordance with the provisions of clause 10.18 of the
                           Loan Agreement;

                                       14
<PAGE>

                  9.2.6    as soon as practicable (and in any event within forty
                           five (45) days after the close of each quarter of its
                           financial year) a statement signed by the NCLC
                           Group's chief financial officer in the form of
                           Schedule 1 (commencing with the first quarter of the
                           financial year ending 31 December 2004);

                  9.2.7    promptly, such further information in its possession
                           or control regarding its financial condition and
                           operations and those of any company in the NCLC Group
                           as the Agent may request;

                  9.2.8    details of any material litigation, arbitration or
                           administrative proceedings which affect any Obligor
                           as soon as the same are instituted and served, or, to
                           the knowledge of the Guarantor, threatened (and for
                           this purpose proceedings shall be deemed to be
                           material if they involve a claim in an amount
                           exceeding five million Dollars (USD5,000,000) or the
                           equivalent in another currency); and

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

                  All accounts required under this Clause 9.2 shall be prepared
                  in accordance with GAAP and shall fairly represent the
                  financial condition of the relevant company. In this Clause
                  9.2 "NCLC GROUP" shall have the meaning ascribed to it in
                  Clause 11.4.

         9.3      Subject to the provisions of Clause 11.3, the Guarantor will
                  procure that any dividends or other distributions and interest
                  paid or payable in connection therewith received by the
                  Shareholder will be paid to the Guarantor by way of dividend
                  promptly on receipt.

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

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

                                       15
<PAGE>

         9.6      The Guarantor will procure that all such authorisations,
                  approvals, consents, licences and exemptions as may be
                  required under any applicable law or regulation to enable it
                  to perform its obligations under, and ensure the validity or
                  enforceability of, this Deed are obtained and promptly renewed
                  from time to time and will promptly furnish certified copies
                  thereof to the Agent and will procure that the terms of the
                  same are complied with at all times.

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

         9.8      Forthwith upon the execution of this Deed, and as a condition
                  precedent to the Lenders entering into the Loan Agreement, the
                  Guarantor shall deliver to the Agent a letter addressed to the
                  Agent irrevocably and unconditionally authorising and
                  instructing the Agent forthwith to execute on behalf of the
                  Guarantor each Transfer Certificate delivered to the Agent
                  pursuant to clause 17 of the Loan Agreement, such letter to be
                  in substantially the form of Schedule 2.

10       GENERAL UNDERTAKINGS: NEGATIVE COVENANTS

         10.1     The undertakings contained in this Clause 10 shall remain in
                  full force from the date of this Deed until the end of the
                  Security Period.

         10.2     Except with the prior written consent of the Agent, the
                  Guarantor will not, and will procure that no other member of
                  the NCLC Group will, either in a single transaction or in a
                  series of transactions whether related or not and whether
                  voluntarily or involuntarily, agree to or actually sell,
                  assign, abandon or otherwise transfer or dispose of all or any
                  of its assets or any share or interest therein except that:

                  10.2.1   the Borrower may agree to sell the Vessel on the
                           condition that contemporaneously with the completion
                           of the sale the Loan is prepaid in accordance with
                           the provisions of clause 4.6 of the Loan Agreement;

                  10.2.2   the Borrower may let the Vessel on charter in
                           accordance with the provisions of clause 10 of the
                           Loan Agreement;

                                       16
<PAGE>

                  10.2.3   disposals may be made in the ordinary course of
                           trading of the disposing entity (excluding disposal
                           of ships) including without limitation, the payment
                           of cash as consideration for the purchase or
                           acquisition of any asset or service or in the
                           discharge of any obligation incurred for value in the
                           ordinary course of trading;

                  10.2.4   disposals of cash raised or borrowed may be made for
                           the purposes for which such cash was raised or
                           borrowed;

                  10.2.5   disposals of assets in exchange for other assets
                           comparable or superior as to type and value may be
                           made;

                  10.2.6   a vessel owned by any member of the NCLC Group (other
                           than the Borrower) may be sold provided such sale is
                           on a willing seller willing buyer basis at or about
                           market rate and at arm's length subject always to the
                           provisions of any loan documentation for the
                           financing of such vessel and NCLL may, following the
                           sale of its shares by Arrasas to IOL, a wholly owned
                           Subsidiary of Star, transfer to other wholly owned
                           Subsidiaries of Star its vessels "NORWEGIAN WIND",
                           "NORWEGIAN DREAM", "NORWEGIAN SEA", "NORWEGIAN
                           MAJESTY", "NORWEGIAN CROWN" and "MARCO POLO" (the
                           "SIX VESSELS") for their transfer values as set out
                           in schedule 8 to the Loan Agreement and sell m.v.
                           "NORWAY" to a third party and, prior to the sale of
                           its shares as aforesaid, transfer its vessel
                           "NORWEGIAN SKY" to Pride of Aloha Inc., a wholly
                           owned Subsidiary of 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; and

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

         10.3     Except with the prior written consent of the Agent, the
                  Guarantor will not, and will procure that no other member of
                  the NCLC Group will, make any loan or advance or extend credit
                  to any person, firm or corporation (except any loan, advance
                  or credit made available to passengers on board a vessel for
                  gambling purposes or to ship's agents and except any loan,
                  advance or credit to the

                                       17
<PAGE>

                  Guarantor or a wholly-owned Subsidiary of the Guarantor, which
                  loan, advance or credit is fully subordinated to the rights of
                  the Beneficiaries under the Security Documents).

         10.4     The Guarantor will not, and will procure that no other member
                  of the NCLC Group will, issue or enter into any one (1) or
                  more guarantee or indemnity or otherwise become directly or
                  contingently liable for the obligations of any other person,
                  firm or corporation without first notifying the Agent with
                  full details of the amount(s) and the period(s) of the
                  guarantee(s) or indemnity(ies), if such is or are in excess of
                  (in aggregate (if applicable)) the amount of twenty million
                  Dollars (USD20,000,000).

         10.5     Except with the prior written consent of the Agent, the
                  Guarantor will not, and will procure that no other member of
                  the NCLC Group will, make or threaten to make any substantial
                  change in its business as presently conducted, or carry on any
                  other business which is substantial in relation to its
                  business as presently conducted so as to affect, in the
                  opinion of the Agent, the ability of the Guarantor or any
                  other Obligor to perform its obligations under the Security
                  Documents to which it is a party PROVIDED THAT any new leisure
                  or hospitality venture embarked upon by any member of the NCLC
                  Group (other than the Borrower) shall not constitute a
                  substantial change in its business and PROVIDED THAT NCLL may
                  transfer the Six Vessels (as defined in Clause 10.2.6) to
                  wholly owned Subsidiaries of Star and m.v. "NORWEGIAN SKY" to
                  Pride of Aloha Inc., a wholly owned Subsidiary of NCL America
                  Holdings as aforesaid, sell m.v. "NORWAY" to a third party,
                  cease to be either an owner or manager of ships and conduct
                  such business as is contemplated by the restructure and
                  recapitalisation of the Group as more particularly described
                  in the letter dated 19 December 2003 from NCLL to the Agent
                  and the Hermes Agent.

         10.6     Except with the prior written consent of the Agent, the
                  Guarantor will not, and will procure that no other member of
                  the NCLC Group will, enter into any amalgamation, merger or
                  consolidation or anything analogous to the foregoing. However,
                  the prior consent of the Agent shall not be required in
                  respect of any consolidation, reorganisation or restructure
                  involving wholly owned (whether directly or indirectly)
                  Subsidiaries of the Guarantor only which does not imperil the
                  security created by any of the Security Documents or affect
                  the ability of any

                                       18
<PAGE>

                  Obligor duly to perform any of its obligations under any
                  Security Document to which it may be a party at any time,
                  provided that the Guarantor has first consulted with the Agent
                  with regard to the proposed consolidation, reorganisation or
                  restructure and provides evidence satisfactory to the Agent
                  that the Guarantor will be in compliance with the financial
                  undertakings contained in Clause 11 after any such
                  consolidation, reorganisation or restructure. Further, no
                  member of the NCLC Group will acquire any equity, share
                  capital or obligations of any corporation or other entity
                  PROVIDED THAT the Shareholder or NCL America Holdings may so
                  acquire equity, share capital or obligations or a corporation
                  or entity whose business is the ownership, operation or
                  management of cruise vessels and PROVIDED FURTHER THAT:

                  10.6.1   Arrasas may form two (2) wholly owned Subsidiaries,
                           namely the Shareholder and NCL America Holdings;

                  10.6.2   the existing shareholders of the owners of the
                           Bahamas flag vessels in the NCLC Fleet may transfer
                           their shares in such owners to the Shareholder;

                  10.6.3   the existing shareholders of the owners of the US
                           flag vessels in the NCLC Fleet may transfer their
                           shares in such owners to NCL America Holdings;

                  10.6.4   the Shareholder may form a wholly owned Subsidiary,
                           namely the Manager, to operate the Bahamas flag
                           vessels in the NCLC Fleet and to charter in each of
                           the Six Vessels (as defined in Clause 10.2.6) on
                           demise or bareboat charter for the period and at the
                           charterhire rate set out in schedule 8 to the Loan
                           Agreement; and

                  10.6.5   NCL America Holdings may form two (2) wholly owned
                           Subsidiaries, namely NCL America Inc., to operate the
                           US flag vessels in the NCLC Fleet and Pride of Aloha
                           Inc., to own m.v. "NORWEGIAN SKY".

                  However, for the avoidance of doubt, the acquisition by a
                  member of the NCLC Group of any shares in any company or
                  corporation shall not in itself constitute a merger or
                  consolidation with such company or corporation for the purpose
                  of this Clause 10.6 provided that the Agent is satisfied the
                  Guarantor will be in

                                       19
<PAGE>

                  compliance with the financial undertakings contained in Clause
                  11 after any such merger or consolidation.

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

                  10.6.7   The Guarantor has not taken and shall not take from
                           any other Obligor or the Builder any security or
                           counter-security in respect of any of its obligations
                           under this Deed PROVIDED ALWAYS that if the
                           Guarantor, in breach of this Clause, takes any
                           security or counter-security as aforesaid, such
                           security shall be held by the Guarantor as trustee
                           upon trust for the Trustee.

11       FINANCIAL UNDERTAKINGS AND OWNERSHIP AND CONTROL OF THE GUARANTOR

         11.1     The Guarantor will ensure that:

                  11.1.1   at all times the minimum Cash Balance will be not
                           less than fifty million Dollars (USD50,000,000);

                  11.1.2   as at 31 December 2004 and as at the end of each
                           subsequent financial quarter either:

                           (a)      the ratio of Consolidated EBITDA to
                                    Consolidated Debt Service for the NCLC Group
                                    for the period of twelve (12) months ending
                                    as at the end of the relevant financial
                                    quarter shall not be less than:

                                    (i)      for the financial quarter ending on
                                             31 December 2004, one point two
                                             (1.2) to one (1.0); and

                                    (ii)     for each subsequent financial
                                             quarter, one point two five (1.25)
                                             to one (1.0); or

                           (b)      the NCLC Group has maintained a minimum Cash
                                    Balance during such period of twelve (12)
                                    months ending as at the end of the relevant
                                    financial quarter in an amount which is not
                                    less than whichever is the greater of:

                                    (i)      one hundred million Dollars
                                             (USD100,000,000); and

                                       20
<PAGE>

                                    (ii)    seven point five per cent (7.5%) of
                                            Total Funded Debt as at the end of
                                            the relevant financial quarter and
                                            each of the three (3) preceding
                                            financial quarters; and

                  11.1.3   as at 31 December 2004 and as at the end of each
                           subsequent financial quarter, the ratio of Total Net
                           Funded Debt to Total Capitalisation of the NCLC Group
                           shall not exceed:

                           (a)      nought point seven (0.7) to one (1.0) for
                                    financial quarters ending on or before 31
                                    December 2006; and

                           (b)      nought point six five (0.65) to one (1.0)
                                    for each subsequent financial quarter.

                           Amounts available for drawing under any revolving or
                           other credit facilities of the NCLC Group which
                           remain undrawn at the time of the relevant
                           calculation shall not be counted as cash or
                           indebtedness for the purposes of this ratio.

         11.2     It will be an Event of Default if:

                  11.2.1   at any time when the ordinary share capital of the
                           Guarantor is not publicly listed on an Approved Stock
                           Exchange, the Lim Family together or individually do
                           not, directly or indirectly, control the Guarantor
                           and beneficially own, directly or indirectly, at
                           least fifty one per cent (51%) of the issued share
                           capital of, and equity interest in, the Guarantor; or

                  11.2.2   at any time following the listing of the ordinary
                           share capital of the Guarantor on an Approved Stock
                           Exchange:

                           (a)      any Third Party:

                                    (i)      owns more than thirty three per
                                             cent (33%) of the ordinary share
                                             capital of the Guarantor; or

                                    (ii)     owns shares in the ordinary share
                                             capital of the Guarantor
                                             representing more than thirty three
                                             per cent (33%) of all the voting
                                             rights attributable to such
                                             ordinary share capital; or

                                       21
<PAGE>

                                    (iii)    gains control of more than thirty
                                             three per cent (33%) of such voting
                                             rights

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

                           (b)      the Guarantor ceases to be a listed company
                                    on an Approved Stock Exchange without the
                                    prior written consent of the Agent,

                           (and, for the purpose of this Clause 11.2.2 "CONTROL"
                           of any company, limited partnership or other legal
                           entity (a "BODY CORPORATE") by a member of the Lim
                           Family, means that one (1) or more members of the Lim
                           Family has, directly or indirectly, the power to
                           direct the management and policies of such a body
                           corporate, whether through the ownership of more than
                           fifty per cent (50%) of the issued voting capital of
                           that body corporate or by contract, trust or other
                           arrangement).

         11.3     During any financial year of the Guarantor until the date on
                  which the Guarantor becomes a listed company on an Approved
                  Stock Exchange (on which date the restriction contained in
                  this Clause 11.3 shall cease to apply), the Guarantor shall
                  not and shall procure that no other member of the NCLC Group
                  shall, pay any dividends or make any other distributions in
                  respect of its share capital to any person or make any
                  repayments of capital or payments of interest in respect of
                  Financial Indebtedness to an Affiliate of the Guarantor (other
                  than to the Guarantor and/or its wholly owned Subsidiaries)
                  which during any financial year of the Guarantor in aggregate
                  exceeds fifty per cent (50%) of the Consolidated Net Income
                  (if positive) of the NCLC Group for such financial year,
                  PROVIDED HOWEVER THAT the NCLC Group shall not be entitled to
                  pay any dividend or make any distribution in respect of any of
                  its share capital or make any repayments of capital or
                  payments of interest if an Event of Default has occurred and
                  is continuing or would occur as a result of the payment of
                  such dividend or the making of such distribution.

                                       22
<PAGE>

         11.4     In Clause 11.1, Clause 11.2, Clause 11.3 and Schedule 1:

                  11.4.1   "AFFILIATE" means, with respect to any person, any
                           other person controlling, controlled by or under
                           common control with, such person and for purposes of
                           this definition, "CONTROL" (including, with
                           correlative meanings, the terms "CONTROLLING",
                           "CONTROLLED BY" and "UNDER COMMON CONTROL WITH"), as
                           applied to any person, means the possession, directly
                           or indirectly, of the power to vote ten per cent
                           (10%) or more of the securities having voting power
                           for the election of directors of such person, or
                           otherwise to direct or cause the direction of the
                           management and policies of that person, whether
                           through the ownership of voting securities or by
                           contract or otherwise;

                  11.4.2   "APPROVED STOCK EXCHANGE" means the New York Stock
                           Exchange, NASDAQ or such other stock exchange in the
                           United States of America as is approved in writing by
                           the Agent;

                  11.4.3   "CASH BALANCE" means the unencumbered and otherwise
                           unrestricted cash and cash equivalents as set forth
                           on the consolidated balance sheet of the NCLC Group
                           prepared in accordance with GAAP at the end of every
                           month;

                  11.4.4   "CONSOLIDATED DEBT SERVICE" means, for any relevant
                           period, the sum (without double counting), determined
                           in accordance with GAAP, of:

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

                                    (i)      principal of any such Indebtedness
                                             for Borrowed Money prepaid at the
                                             option of the relevant member of
                                             the NCLC Group;

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

                                       23
<PAGE>

                                    (iii)    balloon payments of any such
                                             Indebtedness for Borrowed Money
                                             payable during such period (and for
                                             the purpose of this paragraph (iii)
                                             a "BALLOON PAYMENT" shall not
                                             include any scheduled repayment
                                             instalment of such Indebtedness for
                                             Borrowed Money which forms part of
                                             the balloon);

                           (b)      Consolidated Interest Expense for such
                                    period;

                           (c)      the aggregate amount of any dividend or
                                    distribution of present or future assets,
                                    undertakings, rights or revenues to any
                                    shareholder of any member of the NCLC Group
                                    (other than the Guarantor or one of its
                                    wholly owned Subsidiaries) or any
                                    distribution in respect of share capital
                                    during such period ("DISTRIBUTIONS"); and

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

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

                  11.4.5   "CONSOLIDATED EBITDA" means, for any relevant period,
                           the aggregate of:

                           (a)      Consolidated Net Income (but excluding (i)
                                    gains and losses from the sale of assets or
                                    reserves relating thereto and (ii) items
                                    classified as extraordinary or non
                                    recurring) from the Guarantor's operations
                                    for such period;

                           (b)      the aggregate amounts deducted in
                                    determining Consolidated Net Income for such
                                    period in respect of depreciation,
                                    amortisation, deferred income tax expense
                                    and any other non-cash charges for such
                                    period and Consolidated Interest Expense;

                                       24
<PAGE>

                  11.4.6   "CONSOLIDATED INTEREST EXPENSE" means, for any
                           relevant period, the consolidated interest expense
                           (excluding capitalised interest accrued and not
                           payable during such period) of the NCLC Group for
                           such period;

                  11.4.7   "CONSOLIDATED NET INCOME" means, for any relevant
                           period, the consolidated net income (or loss) of the
                           NCLC Group for such period as determined in
                           accordance with GAAP;

                  11.4.8   "INTANGIBLE ASSETS" means, at any date of
                           determination, the amounts (to the extent reflected
                           in determining at such date consolidated
                           stockholders' equity of the NCLC Group) determined in
                           accordance with GAAP of:

                           (a)      all shareholdings other than any
                                    shareholdings of shares which are publicly
                                    quoted and which are not subject to any
                                    restrictions on sale or other disposition
                                    thereof;

                           (b)      treasury stock (to the extent not deducted
                                    in the determination of consolidated
                                    stockholders' equity of the NCLC Group); and

                           (c)      all unamortised debt discount and expenses,
                                    unamortised deferred charges, goodwill,
                                    patents, trademarks, service marks, trade
                                    names, copyrights, organisational or
                                    development expenses and other intangible
                                    items,

                           all as calculated in accordance with GAAP and derived
                           from the then latest unaudited and consolidated
                           accounts of the NCLC Group delivered to the Agent in
                           the case of the first three (3) quarters of each
                           financial year and the then latest Accounts delivered
                           to the Agent in the case of the final quarter of each
                           financial year;

                  11.4.9   "LIM FAMILY" means:

                           (a)      Tan Sri Lim Goh Tong;

                           (b)      his spouse;

                           (c)      his direct lineal descendants;

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

                                       25
<PAGE>

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

                  11.4.10  "NCLC GROUP" means, for the purposes of this Clause
                           11, the Guarantor, its Subsidiaries and any other
                           entity which is required to be consolidated in the
                           Guarantor's accounts in accordance with GAAP;

                  11.4.11  "TANGIBLE ASSETS" means, at any date of
                           determination, the total assets of the NCLC Group (as
                           stated in the then latest unaudited and consolidated
                           accounts of the Guarantor delivered to the Agent)
                           less the Intangible Assets of the NCLC Group at such
                           date;

                  11.4.12  "TANGIBLE NET WORTH" means, at any date of
                           determination, the consolidated stockholders' equity
                           of the NCLC Group at such date determined in
                           accordance with GAAP less:

                           (a)      Intangible Assets of the NCLC Group; and

                           (b)      (to the extent included) any amount set
                                    aside for taxation, deferred taxation or (to
                                    the extent that the full amount receivable
                                    in respect of any bad debts is shown in the
                                    balance sheet as an asset of the NCLC Group)
                                    bad debts,

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

                  11.4.13  "THIRD PARTY" means any person or group of persons
                           acting in concert (as the expression "ACTING IN
                           CONCERT" is defined in the City Code on Take-overs
                           and Mergers) who or which is not a member of the Lim
                           Family;

                  11.4.14  "TOTAL CAPITALISATION" means, as at any relevant
                           date, Total Funded Debt plus Tangible Net Worth as at
                           such date;

                  11.4.15  "TOTAL FUNDED DEBT" means, as at any relevant date:

                                       26
<PAGE>

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

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

                  11.4.16  "TOTAL NET FUNDED DEBT" means, as at any relevant
                           date, the Total Funded Debt less an amount equal to
                           any Cash Balance as at such date in excess of fifty
                           million Dollars (USD50,000,000).

         11.5     Save as specified in Clause 11.1.2, the ratios referred to in
                  Clause 11.1 will be measured on a quarterly basis by reference
                  to the consolidated accounts of the NCLC Group.

12       ISSUE OF THE BONDS

         12.1     On behalf of the Lenders the Trustee hereby consents to the
                  issue of the Bonds at any time after the date hereof PROVIDED
                  THAT any claims of the holders of the Bonds against the
                  Guarantor will not rank prior to the claims of all other
                  unsecured creditors of the Guarantor and in particular the
                  Lenders (other than claims of such creditors to the extent
                  that they are statutorily preferred).

13       DISCHARGE

         13.1     Subject to Clause 4.3, following the irrevocable repayment or
                  payment to the Trustee or the Agent on behalf of the
                  Beneficiaries of all the Outstanding Indebtedness the Trustee
                  will at the Guarantor's request return this Deed to the
                  Guarantor and shall, at the request and cost of the Guarantor,
                  transfer to the Guarantor such rights as the Trustee may at
                  such time have in the security for the Outstanding
                  Indebtedness and to the proceeds of any such rights or
                  security.

14       ASSIGNMENT AND TRANSFER

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

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

                                       27
<PAGE>

         14.3     The Trustee may transfer its rights hereunder to any person to
                  whom its rights and obligations under the Agency and Trust
                  Deed are transferred in accordance with the Agency and Trust
                  Deed.

         14.4     Any Beneficiary may disclose to any actual or potential
                  assignee or Transferee or to any person who may otherwise
                  enter or propose to enter into contractual relations with such
                  Beneficiary in relation to the Loan Agreement and this Deed
                  any information about the Obligors and the NCLC Group as such
                  Beneficiary shall reasonably consider necessary for the
                  purposes of inviting expressions of interest from other banks
                  or financial institutions SUBJECT ALWAYS to the relevant
                  Beneficiary procuring the execution by the potential assignee
                  or Transferee or any other person as aforesaid of a
                  Confidentiality Undertaking.

         14.5     A person (including any body of persons) who is not a party to
                  this Deed has no right under the Contracts (Rights of Third
                  Parties) Act 1999 to enforce any term of this Deed but this
                  does not affect any right or remedy of a third party which
                  exists or is available apart from that Act.

15       MISCELLANEOUS PROVISIONS

         15.1     No failure to exercise and no delay in exercising on the part
                  of the Trustee or any of the other Beneficiaries any right or
                  remedy under this Deed or under any other of the Security
                  Documents shall operate as a waiver thereof, nor shall any
                  single or partial exercise of any right or remedy preclude any
                  other or further exercise thereof or the exercise of any other
                  right or remedy. No waiver by the Trustee or any of the other
                  Beneficiaries shall be effective unless it is in writing.

         15.2     The rights and remedies of the Beneficiaries provided herein
                  and in the other Security Documents are cumulative and not
                  exclusive of any rights or remedies provided by law.

         15.3     If any provision of this Deed or the Loan Agreement or any
                  other Security Document to which any Obligor or the Builder is
                  a party is prohibited or unenforceable in any jurisdiction,
                  such prohibition or unenforceability shall not invalidate the
                  remaining provisions hereof or thereof or affect the validity
                  or enforceability of such provision in any other jurisdiction.

                                       28
<PAGE>

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

16       WAIVER OF IMMUNITY

         16.1     The Guarantor irrevocably and unconditionally:

                  16.1.1   waives any right of immunity which it or its assets
                           now has or may hereafter acquire in relation to any
                           legal proceedings (including, but without limitation,
                           actions in rem and/or in personam) brought against it
                           or its assets by the Trustee in relation to this
                           Deed; and

                  16.1.2   consents generally in respect of any such proceedings
                           to the giving of any relief including, without
                           limitation, the issue of any process in connection
                           with such proceedings and the making, enforcement or
                           execution against any property whatsoever
                           (irrespective of its use or intended use) of any
                           order or judgment which may be made or given in such
                           proceedings.

17       NOTICES

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

         17.2     Any notice, demand or other communication to be made or
                  delivered by the Trustee to the Guarantor pursuant to this
                  Deed shall (unless the Guarantor has by fifteen (15) days'
                  written notice to the Trustee specified another address) be
                  made or delivered to the Guarantor at 7665 Corporation Center
                  Drive, Miami, Florida 33126, United States of America marked
                  for the attention of Mr Lamarr Cooler (telefax no. +1 305 436
                  4117) and the Legal Department (telefax no. +1 305 436 4140)
                  with a copy to the Guarantor at 25th Floor, Wisma Genting,
                  Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia marked for
                  the attention of Mr Gerard Lim (telefax no. +60 (0)3 2161
                  3621) and shall be deemed to have been made or delivered (in
                  the case of telefax) when transmission of such telefax
                  communication has been completed or (in the case of any
                  letter) when delivered to the aforesaid address or (as the
                  case may be) five (5) days after being deposited in the post
                  first class postage prepaid in an envelope addressed to it at
                  that address. Any notice, demand or other communication to be
                  made or delivered by the Guarantor to the Trustee or the Agent
                  pursuant to this Deed shall (unless the

                                       29
<PAGE>

                  Trustee or the Agent (as the case may be) have by fifteen (15)
                  days' written notice to the Guarantor specified another
                  address) be made or delivered to the Trustee or the Agent at
                  its office for the time being which is at present at HSBC Bank
                  plc, Project and Export Finance, 8 Canada Square, London E14
                  5HQ, England marked for the attention of Mr Alan Marshall
                  (telefax no. +44 (0)20 7992 4428) and shall be deemed to have
                  been made or delivered (in the case of telefax) when
                  transmission of such telefax communication has been completed
                  or (in the case of any letter) when delivered to the aforesaid
                  address or (as the case may be) five (5) days after being
                  deposited in the post first class postage prepaid in an
                  envelope addressed to it at that address.

         17.3     Each notice, demand or other communication made or delivered
                  by one (1) party to the other pursuant to this Deed shall be
                  in the English language or accompanied by a certified English
                  translation.

18       GOVERNING LAW

         18.1     This Deed shall be governed by and construed in accordance
                  with English law.

19       JURISDICTION

         19.1     For the exclusive benefit of the Trustee, the Guarantor agrees
                  that any legal action or proceeding arising out of this Deed
                  may be brought in the High Court of Justice in England and
                  irrevocably submits to the jurisdiction of that court. The
                  submission by the Guarantor to such jurisdiction shall not
                  limit the right of the Trustee to commence any proceedings
                  arising out of this Deed in whatsoever jurisdiction it may
                  choose, nor shall the commencement of any such legal action or
                  proceeding in one (1) jurisdiction preclude the Trustee from
                  beginning any further or other such legal action or proceeding
                  in the same or any other jurisdiction.

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

                                       30
<PAGE>

IN WITNESS whereof this Deed of Guarantee and Indemnity has been executed by the
parties hereto on the day first written above.

SIGNED SEALED and DELIVERED as a DEED              )
for and on behalf of                               )
NCL CORPORATION LTD.                               )        P A TURNER (SEALED)
acting by PAUL TURNER                              )
its duly appointed attorney-in-fact                )
in the presence of:                                )
                           R CHEUNG
                           TRAINEE SOLICITOR
                           STEPHENSON HARWOOD
                           ONE, ST. PAUL'S CHURCHYARD
                           LONDON EC4M 8SH

SIGNED SEALED and DELIVERED as a DEED              )
for and on behalf of                               )
HSBC BANK PLC                                      )
acting by JULIE CLEGG                              )        J CLEGG (SEALED)
its duly appointed attorney-in-fact                )
in the presence of:                                )
                           R CHEUNG
                           TRAINEE SOLICITOR
                           STEPHENSON HARWOOD
                           ONE, ST. PAUL'S CHURCHYARD
                           LONDON EC4M 8SH

                                       31
<PAGE>
                                   SCHEDULE 1

                        QUARTERLY COMPLIANCE CERTIFICATE

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

         Attn: Mr Alan Marshall

         (as the Agent (as such term is defined in the Guarantee (as hereinafter
         defined))

We refer to clause 11 of the guarantee dated      2004 (as amended, varied and/
or supplemented from time to time the "GUARANTEE") issued by us in favour of the
Trustee. Terms defined in the Guarantee, whether by reference to the Loan
Agreement (as therein defined) or otherwise, shall have the same meanings
herein.

We hereby certify the amounts set out in the attached schedule as at the last
day of the financial quarter ending      20[ ] for NCL Corporation Ltd. (the
"GUARANTOR") and its subsidiaries on a consolidated basis. We also hereby
certify that the Guarantor is in compliance with all the financial covenants set
out in clauses 11.1 and 11.3 of the Guarantee.

Chief Financial Officer
NCL CORPORATION LTD.

--------------------------
BY:

DATED:           20[     ]

                                       32
<PAGE>
          STATEMENT OF FINANCIAL COVENANTS AS OF [    ] 20[ ] (IN USD'000)

<TABLE>
<CAPTION>

Clause (Of
Guarantee)                                                           as of [O]         Required Covenants

<S>                 <C>                                             <C>               <C>
11.1(A)             CASH BALANCE                                     A                 A>USD50,000,000
11.1(B)             CONSOLIDATED EBITDA:                             B                 >1.2 for 2004
                                                                                       >1.25:1 thereafter
                    CONSOLIDATED DEBT SERVICE                        C
11.1(C)             TOTAL NET FUNDED DEBT:                           D                 <0.7 up to 31 December 2006
                                                                                       <0.65:1 thereafter
                    TOTAL CAPITALISATION                             E

                    CONSOLIDATED EBITDA
                    Consolidated Net Income (loss)                                         x
Deduct:             (Gain)/Loss on sale of assets or reserves                              x
Add:                Consolidated Interest Expense                                          x
                    Amortisation of intangible assets                                      x
                    Depreciation of tangible assets                                        x
                    Deferred income tax expense                                            x
                    Other non-recurring charge (gain)                                      x

                                                                                           X         B
                                                                             ---------------

                   CONSOLIDATED DEBT SERVICE
Add:               Principal paid/payable (excluding balloon payments,
                   voluntary prepayments/repayments on sale/total loss of
                   an NCLC Fleet vessel)                                                   x
                   Consolidated Interest Expense                                           x
                   Distributions                                                           x
                   Rent under capitalised leases                                           x
                                                                                           X         C
                                                                             ---------------
                   CASH BALANCE                                                            X         A
                                                                             ---------------
                   TOTAL FUNDED DEBT
Add:               Indebtedness for Borrowed Money                                         x
                   Guarantees of non-NCLC Group members' obligations                       X
                                                                             ---------------
                                                                                           X
Deduct:            Unencumbered and otherwise unrestricted cash in excess                (X)
                                                                              --------------
                   of USD50,000,000
                   TOTAL NET FUNDED DEBT                                                 (X)         D
                                                                              --------------

</TABLE>

                                       33
<PAGE>
<TABLE>
<CAPTION>

<S>                 <C>                                             <C>               <C>
                   TOTAL CAPITALISATION
Add:               Total Funded Debt                                                      x
                   Consolidated stockholders' equity                                      x
Deduct:            Intangible Assets                                                     (X)
                   Provision for taxation, deferred taxation, bad debts                  (X)
                                                                              -------------

                   TANGIBLE NET WORTH                                                     x
                                                                              -------------
                   TOTAL CAPITALISATION                                                   x        E
                                                                              -------------

</TABLE>

For and on behalf of NCL CORPORATION LTD.

------------------------------
[                      ]

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

------------------------------
[                      ]
Chief Financial Officer
NCL CORPORATION LTD.

Dated:            20[  ]

                                       34
<PAGE>
                                   SCHEDULE 2

                              LETTER OF INSTRUCTION

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

         Attn: Mr Alan Marshall

         (as the Agent (as hereinafter defined))

                                                                   20 APRIL 2004

Dear Sirs

DEED OF GUARANTEE AND INDEMNITY DATED 20 APRIL 2004 (THE "GUARANTEE")

We refer to the Guarantee executed by us in favour of the Trustee (as defined in
the Guarantee) as security for the obligations of 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

                                       35
<PAGE>

2.       clause 17.5 of the Loan Agreement whereby the rights, benefits and/or
         obligations of any Lender thereunder may be transferred by means of a
         Transfer Certificate.

In consideration of the Lenders agreeing at our request to make the Loan
available to the Borrower in accordance with the terms of the Loan Agreement, we
hereby irrevocably and unconditionally authorise and instruct the Agent
forthwith to execute on our behalf each Transfer Certificate delivered to it
pursuant to clause 17.5 of the Loan Agreement without the Agent being under any
obligation to take any further instructions from us or to give any prior notice
to us before doing so.

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

Yours faithfully,

P A TURNER
-------------------------------
NCL CORPORATION LTD.
By:      PAUL TURNER
Title:   ATTORNEY-IN-FACT

                                       36

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