Document:

EX-10.2 FORM OF RESTRICTED STOCK AWARD AGREEMENT

 

EXHIBIT 10.2

LODGIAN, INC.

DIRECTOR RESTRICTED STOCK AGREEMENT

	 	 	 
	Name of Recipient:

	 	Award Date:
	 
	 	 
	Number of Award Shares:
	 	 

     THIS DIRECTOR RESTRICTED STOCK AGREEMENT1 is made and entered into effective as of
the Award Date noted above by and between Lodgian, Inc., a Delaware corporation and the Recipient
noted above.

W I T N E S S E T H:

     WHEREAS, the Board has authorized the grant to Recipient of a restricted stock award under the
Plan of shares of the Common Stock, and the Company and Recipient wish to confirm herein the terms,
conditions, and restrictions of the restricted stock award;

     NOW, THEREFORE, in consideration of the premises, the mutual covenants contained herein, and
other good and valuable consideration, the parties hereto agree as follows:

1 Award of Shares

     1.1 Award of Award Shares. Subject to the terms, restrictions, limitations, and
conditions stated herein and in the Plan, the Company hereby awards to Recipient the number of
Award Shares noted above, which shall be shares of the common stock of the Company, subject to all
terms and provisions of this Agreement. By the execution of this Agreement, the Recipient hereby
accepts the Award Shares subject to all terms and provisions of this Agreement.

     1.2 Award Shares held by Custodian. The Recipient hereby
authorizes and directs the Company to deliver any share certificate issued by the Company to
evidence the Award Shares to the Custodian to be held by the Custodian until any such Award Shares
become Vested Award Shares. As Award Shares become Vested Award Shares, the Company shall cause
appropriate cancellation of share certificates held by the Custodian in the name of the Recipient
and the issuance of new share certificates representing the Vested Award Shares and the delivery
thereof directly to the Recipient. The Recipient hereby irrevocably appoints the Custodian, and
any successor thereto, as the true and lawful attorney-in-fact of Recipient with full power and
authority to execute any stock transfer power or other instrument necessary to transfer the Award
Shares to the Company pursuant to this Agreement, in the name, place and stead of Recipient. The
term of such appointment shall commence on the Award Date and shall continue until such Award
Shares become Vested Award Shares and the issuance of a new share certificate representing such
shares directly to the Recipient. During the period that the Custodian holds Award Shares, the
Recipient shall be entitled to all rights applicable to shares of common stock of the Company which
are so held; provided, however, in the event the number of shares of common stock is increased or
reduced by changing par value, split-up, stock split, reverse stock split, reclassification,
merger, reorganization, consolidation, or otherwise, and in the event of any distribution of common
stock or other securities of the Company in respect of such Award Shares, Recipient agrees that any
certificate representing shares of common stock or other securities of the Company issued as a
result of any of the foregoing shall be delivered to the Custodian and shall be subject to all of
the provisions of this Agreement as if initially subject hereto ab initio.

     1.3 Vesting of Award Shares. Except to the extent otherwise expressly provided in
any other written agreement between Recipient and the Company executed before the Award Date of
this Agreement providing more favorable terms for the Recipient, Recipient shall become vested in
the percentage of the Award Shares shown below based upon the Continuous Service of the Recipient
from the Award Date of the Award Shares (as noted hereon):

 

			
	1	 	Unless otherwise indicated, all capitalized
terms used in this Agreement are defined in the “Definitions” section of
Exhibit A. Exhibit A is incorporated by reference and is
included in the definition of “Agreement.”

Lodgian, Inc. Director Restricted Stock Agreement

Page 1

 

 

	 	 	 
	Vesting Schedule:
	Percentage Vested:	 	Continuous Service from Award Date:
	 
	0.0000%
	 	Before January 30, 2008
	33.3333%
	 	January 30, 2008
	66.6666%
	 	January 30, 2009
	100.0000%
	 	January 30, 2010

If the above calculation of vested Shares would result in a fraction, any fraction will be rounded
to zero. However, notwithstanding the foregoing, in the event that the Recipient ceases Continuous
Service with the Company (1) by reason of death or Disability, or (2) after having attained the age
of sixty-five (65), then the Recipient shall nonetheless immediately, as of the date of such
cessation of Continuous Service, become fully (100%) vested in the Award Shares. Furthermore,
notwithstanding the foregoing, in the event that a Change in Control of the Company occurs, then
the Recipient shall nonetheless immediately, as of the date of such Change in Control, become fully
(100%) vested in the Award Shares.

     1.4 Tax Consequences. Recipient represents that Recipient has been advised by
the Company to consult with, and has fully consulted with, Recipient’s own tax consultants
regarding his making a Code §83(b) Election with respect to the Award Shares, and the resulting
impact on Recipient’s personal tax situation, prior to entering into this agreement and that
Recipient is not relying on the Company for any tax or investment advice. Recipient
understands that Recipient may suffer adverse tax consequences as a result of Recipient’s receipt
and disposition of the Shares. Recipient understands that Recipient may or may not make a Code
§83(b) Election with respect to the Award Shares.

     1.5 Rights as Stockholder. Recipient shall have no rights as a stockholder with
respect to any Award Shares until a stock certificate for the shares is issued in Recipient’s name
and held by the Custodian.

2 Restrictions on, & Forfeiture of, Unvested Award Shares

     2.1 Forfeiture upon Cessation of Services. Except to the extent otherwise expressly
provided in any other written agreement between Recipient and the Company executed before the Award
Date of this Agreement providing more favorable terms for the Recipient, upon the Recipient’s
cessation of the performance of services for the Company for any reason, all Unvested Award Shares
shall be forfeited, effective upon the date of such cessation of the performance of services.

     2.2 Restrictions on Unvested Award Shares. None of the Unvested Award Shares may be
conveyed, pledged, assigned, transferred, hypothecated, encumbered, or otherwise disposed of by
Recipient, and any attempt to do so with respect to Unvested Award Shares shall be null and void ab
initio, unless (1) the Committee expressly authorizes such in writing, or (2) Unvested Award Shares
are transferred by the Recipient as a bona fide gift (i) to the spouse, lineal descendant or lineal
ascendant, siblings and children by adoption of the Recipient, (ii) to a trust for the benefit of
one or more individuals described in clause (i) and no other persons, or (iii) to a partnership of
which the only partners are one or more individuals described in clause (i), in which case the
transferee shall be subject to all provisions of this Restricted Stock Agreement. If Unvested
Award Shares are transferred pursuant to (1) or (2) above, the Recipient agrees to notify the
Committee at least thirty (30) days prior to such transfer, and the Committee may require that the
transferee thereof execute and deliver to the Company such documents and agreements as the Company
shall reasonably require to evidence the fact that the Award Shares to be owned, either directly or
beneficially, by such transferee shall continue to be subject to all the restrictions set forth in
this Agreement and all applicable rights in favor of the Company set forth elsewhere herein, and
that such transferee is subject to and bound by such restrictions and provisions. The restrictions
of this Section 2.2 shall not apply to Vested Award Shares.

     2.3 Dividends & Voting Rights. Recipient shall be entitled to dividends paid or
declared on Vested and Unvested Award Shares for which the record date is on or after the date such
Award Shares have been issued in the Recipient’s name. Recipient shall be entitled to vote all
Vested and Unvested Award Shares for which the record date is on or after the date such Award
Shares have been issued in the Recipient’s name. Recipient shall have no rights whatsoever
(dividend, voting or otherwise) with respect to Award Shares which have been forfeited under
Section 2.1.

Lodgian, Inc. Director Restricted Stock Agreement

Page 2

 

 

3 General Provisions

     3.1 Change in Capitalization. If the number of outstanding shares of the Common Stock
shall be increased or decreased by a change in par value, split-up, stock split, reverse stock
split, reclassification, distribution of common stock dividend, or other similar capital
adjustment, an appropriate adjustment shall be made by the Board of Directors in the number and
kind of Vested and Unvested Award Shares, such that Recipient’s proportionate interest in Vested
and Unvested Award Shares shall be maintained as before the occurrence of the event. No fractional
shares shall be issued in making such adjustment. All adjustments made by the Board of Directors
under this Section shall be final, binding, and conclusive.

     3.2 Legends. Each certificate representing the Award Shares shall be
endorsed with the following legend:

Shares are Restricted & Subject to Forfeiture

The securities evidenced by this certificate are subject to certain
restrictions (including restrictions on transferability) and are subject
to forfeiture, all as set forth in a Director Restricted Stock Agreement
dated February 12, 2007, a copy of which is available from the
Company.

     3.3 Removal of Legend. Any legend endorsed on a certificate representing
Award Shares pursuant to Section 3.2 above shall be removed and the Company shall issue a
certificate without such legend to the holder thereof if such Award Shares become Vested Award
Shares pursuant to this Agreement.

     3.4 Governing Laws. This Agreement shall be construed, administered and enforced
according to the laws of the State of Delaware.

     3.5 Successors. This Agreement shall be binding upon and inure to the benefit of
the heirs, legal representatives, successors, and permitted assigns of the parties.

     3.6 Severability. In the event that any one or more of the provisions or portion
thereof contained in this Agreement shall for any reason be held to be invalid, illegal, or
unenforceable in any respect, the same shall not invalidate or otherwise affect any other
provisions of this Agreement, and this Agreement shall be construed as if the invalid, illegal or
unenforceable provision or portion thereof had never been contained herein.

     3.7 Entire Agreement. Subject to the terms and conditions of the Plan, this
Agreement expresses the entire understanding and agreement of the parties with respect to the
subject matter. This Agreement may be executed in two or more counterparts, each of which shall be
deemed an original but all of which shall constitute one and the same instrument.

     3.8 Headings. Paragraph headings used herein are for convenience of reference only
and shall not be considered in construing this Agreement.

     3.9 No Contractual Rights Created. Neither the establishment of the Plan nor the
award of Award Shares hereunder shall be construed as giving Recipient the right to employment
with, or the right to continued performance of services for, the Company.

     3.10 Capitalized Terms. All capitalized terms used in this Agreement shall have the
meanings given to them herein or in the Plan.

     3.11 Specific Performance. In the event of any actual or threatened default in, or
breach of, any of the terms, conditions and provisions of this Agreement, the party or parties who
are thereby aggrieved shall have the right to specific performance and injunction in addition to
any and all other rights and remedies at law or in equity, and all such rights and remedies shall
be cumulative.

     3.12 No Disclosure Duty. The Recipient and the Company acknowledge and agree that
the Company and its directors, officers or employees have no duty or obligation to disclose to the
Recipient

Lodgian, Inc. Director Restricted Stock Agreement

Page 3

 

 

any material non-public information regarding the business of the Company or affecting the
value of the Award Shares.

     IN WITNESS WHEREOF, the parties have executed and sealed this Agreement on the day and year
first set forth above.

	 	 	 	 	 	 	 	 	 
	Company:	 	 	 	 	 	Recipient:
	Lodgian, Inc.:
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Its:
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Execution Date:
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Execution Date:	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 

Lodgian, Inc. Director Restricted Stock Agreement

Page 4

 

 

Exhibit A

Definitions

A. Affiliate shall have the meaning ascribed to such term in Rule 12b-2 promulgated under the
Securities Exchange Act of 1934, as amended.

B. Agreement shall mean this Director Restricted Stock Agreement.

C. Associate shall have the meaning ascribed to such term in Rule 12b-2 promulgated under the
Securities Exchange Act of 1934, as amended.

D. Award Shares shall mean the shares of common stock of the Company which are awarded to the
Recipient subject to the terms and conditions of this Agreement.

E. Beneficial Owner shall mean shall have the meaning ascribed to that term in Rule 13d-3
promulgated under the Securities Exchange Act of 1934, as amended.

F. Change in Control shall mean any of the following:

     (a) when any Person (other than the Company, any Subsidiary of the Company,
any employee benefit plan of the Company or of any Subsidiary of the Company, or any person
or entity organized, appointed or established by the Company or any Subsidiary of the
Company for or pursuant to the terms of any such plan), alone or together with its
Affiliates and Associates (collectively, an “Acquiring Person”), shall become the Beneficial
Owner of 40 percent or more of the then outstanding shares of common stock of the Company or
the Combined Voting Power of the Company;

     (b) when, during any period of two consecutive years, individuals who at the
beginning of such period constitute the Board, and any new director (other than a director
who is a representative or nominee of an Acquiring Person) whose election by the Board or
nomination for election by the Company’s shareholders was approved by a vote of at least a
majority of the directors then still in office who either were directors at the beginning of
the period or whose election or nomination for election was previously so approved
(collectively, the “Continuing Directors”), cease for any reason to constitute a majority of
the Board;

     (c) the consummation of a merger or consolidation of the Company with any
other corporation, other than a merger or consolidation which would result in the voting
securities of the Company outstanding immediately prior thereto continuing to represent
(either by remaining outstanding or by being converted into voting securities of the
surviving entity or any Parent of such surviving entity) at least a majority of the Combined
Voting Power of the Company, such surviving entity, or the Parent of such surviving entity
outstanding immediately after such merger or consolidation;

     (d) the consummation of a plan of reorganization (other than a reorganization
under the United States Bankruptcy Code) or complete liquidation of the Company or an
agreement for the sale or disposition by the Company of all or substantially all of the
Company’s assets, other than a sale of all or substantially all of the Company’s assets to a
transferee, the majority of whose voting securities are held by the Company; or

     (e) when the shareholders of the Company approve an agreement for the sale or
disposition by the Company of all or substantially all of the Company’s assets in a
transaction or series of transactions to an entity that is not owned, directly or
indirectly, by the Company’s common stock shareholders in substantially the same proportions
as the owners of the Company’s common stock before such transaction or series of
transactions.

G. Code shall mean the Internal Revenue Code of 1986, as amended from time to time.

Lodgian, Inc. Director Restricted Stock Agreement

Exhibit A — Definitions

Page 1

 

 

H. Code §83(b) Election shall mean the election available to the recipient of property transferred
in connection with the performance of services to include in gross income under Code §83(b) the
excess of the fair market value of the property transferred determined as of the time of transfer
over the amount (if any) paid for such property as compensation for services.

I. Combined Voting Power shall mean the combined voting power of the Company’s or other relevant
entity’s then outstanding voting securities.

J. Common Stock shall mean the common stock of the Company.

K. Company shall mean Lodgian, Inc., and any successor thereto.

L. Committee shall mean the Compensation Committee of the Board of Directors.

M. Continuous Service shall mean a period of continuous performance of services by Recipient for
the Company or an Affiliate, as determined by the Committee in its sole and absolute discretion.

N. Custodian shall mean the Secretary of the Company or such other officer of the Company as may be
designated by the Committee to hold Award Shares until such time as any such Award Shares become
Vested Award Shares.

O. Disability shall mean a physical or mental impairment that substantially limits one or more
major life activities and prevents the Recipient from performing his or her duties as a director of
the Company.

P. Parent shall mean any corporation which is a “parent corporation” within the meaning of Code
§424(e) with respect to the Company.

Q. Plan shall mean the Lodgian, Inc., Amended & Restated 2002 Stock Incentive Plan.

R. Recipient shall mean the individual shown on this Agreement as the Recipient.

S. Subsidiary shall mean any corporation which is a “subsidiary corporation” within the meaning of
Code §424(f) with respect to the Company.

T. Unvested Award Shares shall mean the Award Shares which have not become vested pursuant to the
Vesting Schedule or otherwise.

U. Vested Award Shares shall mean the Award Shares which have become vested pursuant to the Vesting
Schedule or otherwise.

Lodgian, Inc. Director Restricted Stock Agreement

Exhibit A — Definitions

Page 2

 

 

Exhibit 1

ELECTION UNDER SECTION 83(b)

OF THE INTERNAL REVENUE CODE

     The undersigned taxpayer (the “Taxpayer”) hereby elects, pursuant to Section 83(b) of the
Internal Revenue Code of 1986, as amended, to include in his gross income for the current taxable
year, the amount of any compensation taxable to him in connection with his receipt of the property
described below:

     1. The name, address and taxpayer identification number of the undersigned Taxpayer are as
follows:

	 	 	 
	Name:
	 	 
	 

	 	 
	 
	 	 
	Address:
	 	 
	 

	 	 
	 
	 	 
	Social Security Number (TIN):
	 	 
	 

	 	 

     2. The property with respect to which the election is made is:

             
                      
                      
              shares of common stock of Lodgian, Inc.

     3. The date on which the property was transferred and the taxable year for which this election
is made are:

	 	 	 	 	 
	 

	 	Date on Which Property Was Transferred:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Taxable Year for Which Election is Made:	 	 
	 

	 	 	 	 

     4. The property is subject to transferability, forfeiture and other restrictions, all as set
forth in a Restricted Stock Agreement between the Taxpayer and Lodgian, Inc.

     5. The fair market value at the time of transfer, determined without regard to any restriction
other than a restriction which by its terms will never lapse, of such property is:

	 	 	 	 	 
	 

	 	$                
                      
  /Share X                 
                      
 Shares = $	 	 
	 

	 	 	 	 

     6. No amount was paid for such property.

     The undersigned Taxpayer has submitted copies of this statement to Lodgian, Inc., the person
for whom the services were performed in connection with the Taxpayer’s receipt of the
above-described property. The Taxpayer is the person performing the services in connection with
the transfer of said property. The undersigned Taxpayer understands that the foregoing election
may not  be revoked except with the consent of the Commissioner, which will only
be granted when the Taxpayer is under a mistake of fact as to the underlying transaction and when
made within 60 days of the date such mistake of fact first became known to the Taxpayer.

     The undersigned Taxpayer understands and acknowledges that, for this election to be
effective, copies of this completed election form must be filed with the Internal Revenue Service
(at the location where the Taxpayer’s income tax return would be filed) not later than 30 days
after the date the above-described property was transferred to the Taxpayer, and must also be
submitted with the Taxpayer’s federal income tax return for the taxable year in which the
above-described property was transferred. A copy of this completed election must also be submitted
to Lodgian, Inc., not later than 30 days after the date the above-described property was
transferred to the Taxpayer.

Dated this             
       day of        
             
   , 20         
    .

	 	 	 	 	 
	 

	 	Signature:	 	 
	 

	 	 	 	 

	 	 	 	 	 
	 

	 	Name of Taxpayer:	 	 
	 

	 	 	 	 

Code §83(b) Election FormEX-4.25 Sixth Supplemental Deed/Norwegian Dawn

 

Exhibit 4.25

[Confidential Treatment]

DATED
13 NOVEMBER 2006

NORWEGIAN DAWN LIMITED

(as borrower)

NCL CORPORATION LTD.

(as guarantor)

COMMERZBANK AKTIENGESELLSCHAFT

(as co-ordinator)

COMMERZBANK INTERNATIONAL S.A.

(as agent)

 

SIXTH SUPPLEMENTAL DEED TO (AMONG OTHER THINGS)

SECURED LOAN AGREEMENT

dated 26 June 1999 (as amended) post delivery

finance for one cruise vessel being

“NORWEGIAN DAWN”

 

[**]
[Confidential Treatment]

 

 

CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	1	 	Definitions and Construction
	 	 	2	 
	 	 	 	 	 	 	 
	2	 	Amendment of Original Loan Agreement, Original Guarantee and Security Documents
	 	 	2	 
	 	 	 	 	 	 	 
	3	 	Conditions Precedent
	 	 	3	 
	 	 	 	 	 	 	 
	4	 	Representations and Warranties
	 	 	4	 
	 	 	 	 	 	 	 
	5	 	Expenses
	 	 	5	 
	 	 	 	 	 	 	 
	6	 	Further Assurance
	 	 	6	 
	 	 	 	 	 	 	 
	7	 	Counterparts
	 	 	6	 
	 	 	 	 	 	 	 
	8	 	Notices
	 	 	6	 
	 	 	 	 	 	 	 
	9	 	Governing Law
	 	 	7	 
	 	 	 	 	 	 	 
	10	 	Jurisdiction
	 	 	7	 
	 	 	 	 	 	 	 
	Schedule 1	 	Amendment of Original Loan Agreement
	 	 	9	 
	 	 	 	 	 	 	 
	Schedule 2	 	Amendment of Original Guarantee
	 	 	10	 
	 	 	 	 	 	 	 
	Schedule 3	 	Quarterly Statement of Financial Covenants
	 	 	11	 

 

 

SIXTH SUPPLEMENTAL DEED

DATED
13 NOVEMBER 2006

BETWEEN:

	(1)	 	NORWEGIAN DAWN LIMITED of International House, Castle Hill, Victoria Road, Douglas, Isle of
Man IM2 4RB, British Isles as borrower (the “Borrower”);
	 
	(2)	 	NCL CORPORATION LTD. of Milner House, 18 Parliament Street, Hamilton HM12, Bermuda (the
“Guarantor”);
	 
	(3)	 	COMMERZBANK AKTIENGESELLSCHAFT, Hamburg Branch of Ness 7-9, 20457 Hamburg, Federal Republic
of Germany as co-ordinator (the “Co-ordinator”); and
	 
	(4)	 	COMMERZBANK INTERNATIONAL S.A. of 25 rue Edward Steichen, L-2540 Luxembourg as agent for
itself and the Lenders (the “Agent”).

WHEREAS:

	(A)	 	By a loan agreement dated 26 June 1999 as amended by transfer certificates dated 23 June
2000, 4 December 2000, 19 January 2001 and 22 February 2001 between Commerzbank
Aktiengesellschaft, Emden Branch as transferor and Bremer Bank Niederlassung der Dresdner Bank
Aktiengesellschaft, Bremen, Deutsche Schiffsbank Aktiengesellschaft, Bremen and Hamburg, The
Bank of Nova Scotia, Singapore Branch and Landesbank Schleswig-Holstein Girozentrale (now
known as HSH Nordbank AG) respectively as transferees, a first supplemental agreement dated 17
August 2000, a second supplemental agreement dated 23 October 2001, a third supplemental
agreement dated 21 March 2002, a fourth supplemental agreement dated 20 April 2004 and a fifth
supplemental agreement dated as of 30 September 2005 (the “Supplemental Agreements” and
together with the said loan agreement and the said transfer certificates the “Original Loan
Agreement”) entered into between (among others) the Borrower and Norwegian Star Limited (the
“Original Borrowers”), the Lenders, the Co-ordinator and the Agent, the Lenders granted to the
Original Borrowers a secured loan in the maximum amount of six hundred and twenty six million
nine hundred and twenty two thousand Dollars (USD626,922,000) (the “Facility”) to part-finance
the construction by the Builder of (among other things) the Norwegian Dawn Vessel to be
purchased by Norwegian Dawn for the Norwegian Dawn Contract Price (as such term is defined in
the Original Loan Agreement) on the terms and conditions therein contained. The repayment of
the Facility by the Borrower has been secured by (among other things) a guarantee and
indemnity dated 23 April 2004 executed by the Guarantor as amended by the said fifth
supplemental agreement dated as of 30 September 2005 (the “Original Guarantee”).
	 
	(B)	 	The Guarantor has requested the consent of the Lenders, the Agent and the Co-ordinator to the
amendment of certain provisions of the Original Loan Agreement and the Original Guarantee to
conform such provisions to similar provisions in other loan documentation to which the
Guarantor and/or other members of the NCLC Group are party. This Deed shall be executed as a
deed.

NOW THIS DEED WITNESSES as follows:

 

 

	1	 	Definitions and Construction

	 	1.1	 	In this Deed including the preamble and recitals hereto (unless the context
otherwise requires) any term or expression defined in the preamble or the recitals
shall have the meaning ascribed to it therein and terms and expressions not defined
herein but whose meanings are defined in the Loan Agreement shall have the meanings set
out therein. In addition, the following terms and expressions shall have the meanings
set out below:
	 
	 	 	 	“Guarantee” means the Original Guarantee as amended by this Deed; and
	 
	 	 	 	“Loan Agreement” means the Original Loan Agreement as amended by this Deed.
	 
	 	1.2	 	The provisions of Clauses 1.2 and 1.3 of the Loan Agreement shall apply hereto
(mutatis mutandis).

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

	 	2.1	 	Subject to Clause 3, the parties hereto agree that from the date of this Deed
the Original Loan Agreement shall be read and construed as if the clauses referred to
in the first column of Schedule 1 had been amended to read as set out in the second
column of Schedule 1.
	 
	 	2.2	 	Subject to Clause 3, the parties hereto agree that from the date of this Deed
the Original Guarantee shall be read and construed as if:

	 	2.2.1	 	the clauses referred to in the first column of Schedule 2 had
been amended to read as set out in the second column of Schedule 2; and
	 
	 	2.2.2	 	schedule 1 had been deleted and substituted with Schedule 3.

	 	2.3	 	Each of the Borrower and the Guarantor hereby confirms to the Agent and the
Co-ordinator that with effect from the date of this Deed:

	 	2.3.1	 	all references to the Original Loan Agreement in the Security
Documents to which it is a party shall be construed as references to the Loan
Agreement and all terms used in such Security Documents whose meanings are
defined by reference to the Original Loan Agreement shall be defined by
reference to the Loan Agreement;
	 
	 	2.3.2	 	the Security Documents to which it is a party shall apply to,
and extend to secure, the whole of the Outstanding Indebtedness as defined in
clause 1.1 of the Loan Agreement;
	 
	 	2.3.3	 	its obligations under the Security Documents to which it is a
party shall not be discharged, impaired or otherwise affected by reason of the
execution of this Deed or of any of the documents or transactions contemplated
hereby; and
	 
	 	2.3.4	 	its obligations under the Security Documents to which it is a
party shall remain in full force and effect as security for the obligations of
the

2

 

	 	 	 	Borrower under the Loan Agreement and the other Security Documents as
amended by this Deed.

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

	3	 	Conditions Precedent

	 	3.1	 	The consent of the Agent and the Co-ordinator for themselves and on behalf of
the Lenders to the variation of the provisions of the Original Loan Agreement and the
Original Guarantee is conditional upon and shall not be effective unless and until the
Co-ordinator has received the following in form and substance satisfactory to it:

	 	3.1.1	 	on the date of this Deed, one (1) counterpart of this Deed
duly executed by the Borrower and the Guarantor;
	 
	 	3.1.2	 	a written confirmation from the Process Agent that it will act
for the Borrower and the Guarantor as agent for service of process in England
in respect of this Deed;
	 
	 	3.1.3	 	the following corporate documents in respect of each of the
Borrower and the Guarantor (together the “Relevant Parties”):

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

	 	(i)	 	attaching a copy of its
Certificate of Incorporation and Memorandum of Association and
Bye-Laws (or equivalent constitutional documents) evidencing
power to enter into the transactions contemplated in this Deed;
	 
	 	(ii)	 	giving the names of its present
officers and directors;
	 
	 	(iii)	 	setting out specimen
signatures of such officers and directors as are authorised by
the Relevant Party to sign documents or otherwise undertake the
performance of that Relevant Party’s obligations under this
Deed;
	 
	 	(iv)	 	giving the legal owner of its shares and the number of such shares held;
	 
	 	(v)	 	attaching copies of resolutions
passed at duly convened meetings of the directors and, if
required by the

3

 

	 	 	 	Co-ordinator, the shareholders or members of each of the
Relevant Parties authorising (as applicable) the execution
of this Deed and the issue of any power of attorney to
execute the same; and
	 
	 	(vi)	 	containing a declaration of
solvency as at the date of the certificate of the duly
appointed officer of the Relevant Party;

	 	 	 	or (if applicable) certifying that there has been no change to the
statements made in his or her secretary’s certificate last provided
to the Co-ordinator with respect to paragraphs (b)(i), (ii), (iii),
(iv) and (vi) of this Clause 3.1.3(b) and attaching copies of
resolutions passed at duly convened meetings of the directors and,
if required by the Co-ordinator, the shareholders or members of each
of the Relevant Parties authorising (as applicable) the execution of
this Deed and the issue of any power of attorney to execute the
same;

	 	3.1.4	 	the original powers of attorney, if any, issued pursuant to
the resolutions referred to above and notarially attested;
	 
	 	3.1.5	 	a Certified Copy of a letter from the Borrower to the Manager
notifying of the provisions of clause 10.14(C) of the Loan Agreement; and
	 
	 	3.1.6	 	the issue of such favourable written legal opinions including
in respect of the Isle of Man and Bermuda in such form as the Co-ordinator may
require relating to all aspects of the transactions contemplated hereby
governed by any applicable law,

	 	 	 	PROVIDED THAT no Event of Default and (save as disclosed in writing to the Agent and
the Co-ordinator before the date of this Deed) no Possible Event of Default has
occurred and is continuing on the date on which the conditions precedent set out in
this Clause 3.1 have been satisfied (subject to Clause 3.2).
	 
	 	3.2	 	If the Co-ordinator in accordance with the Agency and Trust Deed decides to
permit the amendment of the Original Loan Agreement and the Original Guarantee hereby
without having received all of the documents or evidence referred to in Clause 3.1, the
Borrower will nevertheless deliver the remaining documents or evidence to the
Co-ordinator within fourteen (14) days of the date of this Deed (or such other period
as the Co-ordinator may stipulate) and the amendment of the Original Loan Agreement and
the Original Guarantee as aforesaid shall not be construed as a waiver of the
Co-ordinator’s right to receive the documents or evidence as aforesaid nor shall this
provision impose on the Agent, the Co-ordinator or the Lenders any obligation to permit
the amendment in the absence of such documents or evidence.

	4	 	Representations and Warranties

	 	4.1	 	Each of the Borrower and the Guarantor represents and warrants to the Agent and
the Co-ordinator that:

4

 

	 	4.1.1	 	it has the power to enter into and perform this Deed and the
transactions contemplated hereby and has taken all necessary action to
authorise the entry into and performance of this Deed and such transactions;
	 
	 	4.1.2	 	this Deed constitutes its legal, valid and binding obligations
enforceable in accordance with its terms;
	 
	 	4.1.3	 	its entry into and performance of this Deed and the
transactions contemplated hereby do not and will not conflict with:

	 	(a)	 	any law or regulation or any official or judicial order; or
	 
	 	(b)	 	its constitutional documents; or
	 
	 	(c)	 	any agreement or document to which it is a
party or which is binding upon it or any of its assets,

	 	 	 	nor result in the creation or imposition of any Encumbrance on it or its
assets pursuant to the provisions of any such agreement or document and in
particular but without prejudice to the foregoing the entry into and
performance of this Deed and the transactions contemplated hereby and
thereby will not render invalid, void or voidable any security granted by it
to the Agent;
	 
	 	4.1.4	 	all authorisations, approvals, consents, licences, exemptions,
filings, registrations, notarisations and other matters, official or otherwise,
required in connection with the entry into, performance, validity and
enforceability of this Deed and each of the other documents contemplated hereby
and thereby and the transactions contemplated hereby and thereby have been
obtained or effected and are in full force and effect;
	 
	 	4.1.5	 	all information furnished by it to the Co-ordinator or its
agents relating to the business and affairs of an Obligor in connection with
this Deed and the other documents contemplated hereby and thereby was and
remains true and correct in all material respects and there are no other
material facts or considerations the omission of which would render any such
information misleading; and
	 
	 	4.1.6	 	it has fully disclosed in writing to the Co-ordinator all
facts relating to its business which it knows or should reasonably know and
which might reasonably be expected to influence the Agent or the Co-ordinator
in deciding whether or not to enter into this Deed.

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

5

 

	6	 	Further Assurance
	 
	 	 	Each of the Borrower and the Guarantor will, from time to time on being required to do so by
the Co-ordinator, 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 Co-ordinator as the
Co-ordinator may reasonably consider necessary for giving full effect to this Deed or any of
the documents contemplated hereby or securing to the Agent or the Co-ordinator the full
benefit of the rights, powers and remedies conferred upon the Agent or the Co-ordinator in
any such document.
	 
	7	 	Counterparts
	 
	 	 	This Deed may be executed in any number of counterparts and all such counterparts taken
together shall be deemed to constitute one and the same agreement.
	 
	8	 	Notices

	 	8.1	 	Any notice, demand or other communication (unless made by telefax) to be made
or delivered to the Borrower or the Guarantor pursuant to this Deed shall (unless the
Borrower or the Guarantor has by fifteen (15) days’ written notice to the Agent
specified another address) be made or delivered to the Borrower and/or the Guarantor
c/o 7665 Corporate Center Drive, Miami, Florida 33126, United States of America (marked
for the attention of Ms Bonnie Biumi and the Legal Department (but one (1) copy shall
suffice)) with a copy to c/o Star Cruises Limited, Star Cruises Terminal, Pulau Indah,
PO Box No. 288, 42009 Pelabuhan Klang, Selangor Darul Ehsan, Malaysia (marked for the
attention of Mr Gerard Lim). Any notice, demand or other communication to be made or
delivered by the Borrower or the Guarantor pursuant to this Deed shall (unless the
Agent has by fifteen (15) days’ written notice to the Borrower and the Guarantor
specified another address) be made or delivered to the Agent at its Office, the details
of which are set out in schedule 2 of the Original Loan Agreement.
	 
	 	8.2	 	Any notice, demand or other communication to be made or delivered pursuant to
this Deed may be sent by telefax to the relevant telephone numbers (which at the date
hereof in respect of the Borrower and the Guarantor is +1 305 436 4140 (marked for the
attention of Ms Bonnie Biumi) and +1 305 436 4117 (marked for the attention of the
Legal Department) with a copy to +60 3 3884 0213 (marked for the attention of Mr Gerard
Lim) and in the case of the Agent or the Co-ordinator is as recorded in schedule 2 of
the Original Loan Agreement) specified by it from time to time for the purpose and
shall be deemed to have been received when transmission of such telefax communication
has been completed. Each such telefax communication, if made to the Agent or the
Co-ordinator by the Borrower or the Guarantor, shall be signed by the person or persons
authorised in writing by the Borrower or the Guarantor (as the case may be) and whose
signature appears on the list of specimen signatures contained in the secretary’s
certificate required to be delivered by Clause 3 and shall be expressed to be for the
attention of the department or officer whose name has been notified for the time being
for that purpose by the Agent or the Co-ordinator to the Borrower and the Guarantor.
	 
	 	8.3	 	The provisions of clauses 20.1, 20.4 and 20.5 of the Original Loan Agreement
shall apply to this Deed.

6

 

	9	 	Governing Law
	 
	 	 	This Deed shall be governed by English law.
	 
	10	 	Jurisdiction

	 	10.1	 	The courts of England have exclusive jurisdiction to settle any dispute arising
out of or in connection with this Deed (including a dispute regarding the existence,
validity or termination of this Agreement) (a “Dispute”). Each party to this Deed
agrees that the courts of England are the most appropriate and convenient courts to
settle Disputes and accordingly no party will argue to the contrary.
	 
	 	 	 	This Clause 10.1 is for the benefit of the Agent and the Co-ordinator only. As a
result, no such party shall be prevented from taking proceedings relating to a
Dispute in any other courts with jurisdiction. To the extent allowed by law, any
such party may take concurrent proceedings in any number of jurisdictions.
	 
	 	10.2	 	Neither the Borrower nor the Guarantor may, 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 and/or the Guarantor (as the
case may be) shall within fourteen (14) days appoint a company which has premises in
London and has been approved by the Agent to act as the Borrower’s and/or the
Guarantor’s (as the case may be) process agent with unconditional authority to receive
and acknowledge service on behalf of the Borrower and/or the Guarantor of all process
or other documents connected with proceedings in the English courts which relate to
this Deed.
	 
	 	10.3	 	For the purpose of securing its obligations under Clause 10.2, each of the
Borrower and the Guarantor irrevocably agrees that, if it for any reason fails to
appoint a process agent within the period specified in Clause 10.2, the Agent may
appoint any person (including a company controlled by or associated with the Agent or
any Lender) to act as the Borrower’s or the Guarantor’s (as the case may be) process
agent in England with the unconditional authority described in Clause 10.2.
	 
	 	10.4	 	No neglect or default by a process agent appointed or designated under this
Clause (including a failure by it to notify the Borrower or the Guarantor (as the case
may be) of the service of any process or to forward any process to the Borrower or the
Guarantor (as the case may be)) shall invalidate any proceedings or judgment.
	 
	 	10.5	 	Each of the Borrower and the Guarantor appoints in the case of the courts of
England the Process Agent to receive, for and on its behalf service of process in
England of any legal proceedings with respect to this Deed.
	 
	 	10.6	 	A judgment relating to this Deed which is given or would be enforced by an
English court shall be conclusive and binding on the Borrower and/or the Guarantor (as
the case may be) and may be enforced without review in any other jurisdiction.
	 
	 	10.7	 	Nothing in this Clause shall exclude or limit any right which the Agent or the
Co-ordinator may have (whether under the laws of any country, an international
convention or otherwise) with regard to the bringing of proceedings, the service

7

 

	 	 	 	of process, the recognition or enforcement of a judgment or any similar or related
matter in any jurisdiction.
	 
	 	10.8	 	In this Clause “judgment” includes order, injunction, declaration and any other
decision or relief made or granted by a court.

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

	 	 	 	 	 	 	 	 	 
	SIGNED
SEALED and DELIVERED as a DEED

	 	 	 	 	)	 	 	Vijay Jeyaratnam
	by Vijay Jeyaratnam

	 	 	 	 	)	 	 	 
	for and on behalf of

	 	 	 	 	)	 	 	 
	NORWEIGIAN DAWN LIMITED

	 	 	 	 	)	 	 	 
	in the presence of:

	 	Jaya Prasannan
	 	 	)	 	 	 
	 

	 	Trainee Solicitor
	 	 	)	 	 	 
	 

	 	One St. Paul’s ChurchYard
	 	 	)	 	 	 
	 

	 	London EC4M 8SH
	 	 	)	 	 	 
	 
	 	 	 	 	 	 	 	 
	SIGNED
SEALED and DELIVERED as a DEED

	 	 	 	 	)	 	 	Colin Veitch
	by Colin Veitch

	 	 	 	 	)	 	 	 
	for and on behalf of

	 	 	 	 	)	 	 	 
	NCL CORPORATION LTD.

	 	 	 	 	)	 	 	 
	in the presence of:

	 	Mark E. Warren
	 	 	)	 	 	 
	 
	 	 	 	 	 	 	 	 
	SIGNED
SEALED and DELIVERED as a DEED

	 	 	 	 	)	 	 	Julie Clegg
	by Julie Clegg

	 	 	 	 	)	 	 	 
	for and on behalf of

	 	 	 	 	)	 	 	 
	COMMERZBANK AKTIENGESELLSCHAFT

	 	 	 	 	)	 	 	 
	in the presence of:

	 	Jaya Prasannan
	 	 	)	 	 	 
	 

	 	Trainee Solicitor
	 	 	)	 	 	 
	 

	 	One St. Paul’s ChurchYard
	 	 	)	 	 	 
	 

	 	London EC4M 8SH
	 	 	)	 	 	 
	 
	 	 	 	 	 	 	 	 
	SIGNED
SEALED and DELIVERED as a DEED

	 	 	 	 	)	 	 	Julie Clegg
	by
Julie Clegg

	 	 	 	 	)	 	 	 
	for and on behalf of

	 	 	 	 	)	 	 	 
	COMMERZBANK
INTERNATIONAL S.A.

	 	 	 	 	)	 	 	 
	in the presence of:

	 	Jaya Prasannan
	 	 	)	 	 	 
	 

	 	Trainee Solicitor
	 	 	)	 	 	 
	 

	 	One St. Paul’s ChurchYard
	 	 	)	 	 	 
	 

	 	London EC4M 8SH
	 	 	)	 	 	 

8

 

Schedule 1

Amendment of Original Loan Agreement

	 	 	 
	Definition/Clause	 	Amendment
	 
	Clause 9.2(U)

	 	Completeness of documents The copies of the Building Contracts, the Management Agreements and any
other relevant third party agreements delivered to the Co-ordinator are true and complete copies
of each such document constituting valid and binding obligations of the parties thereto
enforceable in accordance with their respective terms and no amendments thereto or variations
thereof have been agreed other than (if applicable), in the case of the Management Agreements, in
accordance with Clause 10.14 nor has any action been taken by the parties thereto which would in
any way render such document inoperative or unenforceable.
	 
	 	 
	Clause 10.14

	 	Management
	 
	 	 
	 

	 	Except with the prior consent of the Co-ordinator, neither Borrower will:
	 
	 	 
	 

	 	(A) permit any person other than the Manager to be the manager of, including providing crewing
services to, its Vessel;
	 
	 	 
	 

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

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

9

 

Schedule 2

Amendment of Original Guarantee

	 	 	 
	Definition/Clause	 	Amendment
	Clause 11.1(C)

	 	as at 30 September 2006 and as at the end of each
subsequent financial quarter, the ratio of Total Net
Funded Debt to Total Capitalisation of the NCLC Group
shall not exceed [**] [Confidential Treatment].
	 
	 	 
	 
	 	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.

10

 

Schedule 3

Quarterly Statement of Financial Covenants

	 	 	 
	TO:

	 	COMMERZBANK AKTIENGESELLSCHAFT
	 

	 	Hamburg Branch
	 

	 	Ness 7-9
	 

	 	20457 Hamburg
	 

	 	Federal Republic of Germany

          Attn: Mr Stefan Kuch/Mr Christian Renke

We refer to clause 11 of the guarantee dated 23 April 2004 (the “Guarantee”) issued by us in your
favour. Terms defined in the Guarantee, whether by reference to the Loan Agreement (as therein
defined) or otherwise, shall have the same meanings herein.

We hereby certify the amounts set out in the attached schedule as at the last day of the financial
quarter ending                      20[                    ] for NCL Corporation Ltd. (the “Guarantor”) and its
subsidiaries on a consolidated basis. We also hereby certify that the Guarantor is in compliance
with all the financial covenants set out in clauses 11.1 and 11.3 of the Guarantee [[and that no
Event of Default or Possible Event of Default has occurred and is continuing][an [Event of
Default][Possible Event of Default] has occurred and is continuing under clause 11.1.[                     ] of the
Loan Agreement and the following step[s][is/are] being taken to cure the same: [                     ]]].

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

11

 

Schedule

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

	 	 	 	 	 	 	 
	Clause (of	 	 	 	 	 	 
	Guarantee)	 	 	 	as of [•]	 	Required Covenants
	11.1(A)/

11.1(B)(ii)**
	 	Free Liquidity	 	A	 	A>[**] [Confidential Treatment]

(11.1(A))**

A>[**] [Confidential Treatment]

(11.1(B)(ii))**
	 
	 	 	 	 	 	 
	11.1(B)(i)
	 	Consolidated EBITDA:
	 	B	 	>[**] [Confidential Treatment]
	 
	 	 	 	 	 	 
	 
	 	Consolidated Debt Service	 	C	 	 
	 
	 	 	 	 	 	 
	11.1(C)
	 	Total Net Funded Debt:	 	D	 	<[**] [Confidential Treatment]
	 
	 	 	 	 	 	 
	 

	 	Total Capitalisation
	 	E	 	 

	 	 	 	 	 	 	 
	 

	 	Consolidated EBITDA	 	 	 	 
	 

	 	Consolidated Net Income (loss)
	 	x	 	 
	(Deduct)/Add:

	 	(Gain)/Loss on sale of assets or reserves
	 	x	 	 
	Add:

	 	Consolidated Interest Expense
	 	x	 	 
	Add:

	 	Depreciation and amortisation of assets
	 	x	 	 
	Add:

	 	Impairment charges
	 	x	 	 
	(Deduct)/Add:

	 	Other non-cash charges (gains)
	 	x	 	 
	Add:

	 	Deferred income tax expense
	 	x	 	 
	 

	 	 	 	 	 	 
	 

	 	Consolidated EBITDA
	 	x
	 	B
	 

	 	 	 	 	 	 
	 

	 	Consolidated Debt Service	 	 	 	 
	 

	 	Principal paid/payable (excluding balloon payments, voluntary
prepayments/repayments on sale/total loss of an NCLC Fleet
vessel)
	 	x	 	 
	Add:

	 	Consolidated Interest Expense
	 	x	 	 
	 

	 	Distributions
	 	x	 	 
	 

	 	Rent under capitalised leases
	 	x	 	 
	 

	 	 	 	 	 	 
	 

	 	Consolidated Debt Service
	 	x
	 	C
	 

	 	 	 	 	 	 
	 

	 	Total Net Funded Debt	 	 	 	 
	 

	 	Indebtedness for Borrowed Money
	 	x	 	 
	Add:

	 	Guarantees of non-NCLC Group members’ obligations
	 	x	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	x	 	 
	 

	 	 	 	 	 	 
	Deduct:

	 	Cash Balance
	 	(x)	 	 
	 

	 	 	 	 	 	 
	 

	 	Total Net Funded Debt
	 	(x)
	 	D
	 

	 	 	 	 	 	 
	 

	 	Total Capitalisation	 	 	 	 
	 

	 	Total Net Funded Debt
	 	x	 	 
	Add:

	 	Consolidated stockholders’ equity
	 	x	 	 
	 

	 	 	 	 	 	 
	 

	 	Total Capitalisation
	 	x
	 	E
	 

	 	 	 	 	 	 

12

 

For and on behalf of NCL CORPORATION LTD.

	 	 	 
	 

[                                                            ]

	 	 

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

	 	 	 
	 

[                                                            ]

	 	 
	Chief Financial Officer
	 	 
	NCL CORPORATION LTD.
	 	 

Dated:    20[                     ]

 

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

13

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