Document:

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                                                                    EXHIBIT 4(c)

CONFORMED COPY

                               DATED 26 JUNE 1999
                     AND AMENDED AND RESTATED BY AGREEMENTS
             DATED 23 OCTOBER 2001, 21 MARCH 2002 AND 20 APRIL 2004

                             NORWEGIAN STAR LIMITED
                             NORWEGIAN DAWN LIMITED
                        (AS JOINT AND SEVERAL BORROWERS)

                         COMMERZBANK AKTIENGESELLSCHAFT
                                  EMDEN BRANCH
                      NORDDEUTSCHE LANDESBANK GIROZENTRALE
                                       KFW
                         (AS ARRANGERS AND UNDERWRITERS)

                         COMMERZBANK AKTIENGESELLSCHAFT
                                  EMDEN BRANCH
                      NORDDEUTSCHE LANDESBANK GIROZENTRALE
                                       KFW
         BREMER BANK NIEDERLASSUNG DER DRESDNER BANK AKTIENGESELLSCHAFT
                                     BREMEN
                     DEUTSCHE SCHIFFSBANK AKTIENGESELLSCHAFT
                               BREMEN AND HAMBURG
                             THE BANK OF NOVA SCOTIA
                                SINGAPORE BRANCH
                                 HSH NORDBANK AG
                                  (AS LENDERS)

                         COMMERZBANK AKTIENGESELLSCHAFT
                                 HAMBURG BRANCH
                                (AS CO-ORDINATOR)

                         COMMERZBANK INTERNATIONAL S.A.
                                   (AS AGENT)

                             SECURED LOAN AGREEMENT
                     FOR UP TO USD626,922,000 POST DELIVERY
                      FINANCE FOR TWO CRUISE VESSELS BEING
                    HULL NO S.648 (TBN "NORWEGIAN STAR") AND
                      HULL NO S.649 (TBN "NORWEGIAN DAWN")
                         AT THE YARD OF JOS L MEYER GMBH

                               STEPHENSON HARWOOD
                            ONE ST PAUL'S CHURCHYARD
                                 LONDON EC4M 8SH
                            TEL: +44 (0)20 7329 4422
                            FAX: +44 (0)20 7606 0822
                    REF: 1253/239499/262035/90035218/42-02557

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                                    CONTENTS

<TABLE>
<CAPTION>
                                                                                PAGE
<S>                                                                             <C>
1          Definitions and Construction...................................        2
2          The Facility...................................................       20
3          Repayment......................................................       22
4          Prepayment.....................................................       23
5          Interest.......................................................       26
6          Substitute Basis of Funding....................................       29
7          Payments.......................................................       31
8          Yield Protection and Force Majeure.............................       34
9          Representations and Warranties.................................       37
10         Undertakings...................................................       45
11         Joint and Several Obligations..................................       66
12         Rights of the Agent and the Lenders............................       69
13         Default........................................................       70
14         Application of Funds...........................................       78
15         Fees...........................................................       81
16         Expenses.......................................................       83
17         Waivers, Remedies Cumulative...................................       84
18         Counterparts...................................................       85
19         Assignment.....................................................       85
20         Notices........................................................       89
21         Governing Law..................................................       90
22         Waiver of Immunity.............................................       90
23         Jurisdiction...................................................       91
Schedule 1 Particulars of Arrangers and Underwriters......................       95
Schedule 2 Particulars of Co-ordinator, Agent and Lenders.................       96
Schedule 3 Notice of Drawdown.............................................       99
Schedule 4 Conditions Precedent...........................................      101
Schedule 5 Confidentiality Undertaking....................................      107
Schedule 6 Transfer Certificate...........................................      109
Schedule 7 Lower Saxony Guarantee.........................................      116
Schedule 8 Chartering of the Six Vessels (as defined in Clause 10.6(D))...      117
</TABLE>
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THIS LOAN AGREEMENT is made the 26 day of June 1999 and amended and restated by
agreements made the 23 day of October 2001, the 21 day of March 2002 and the 20
day of April 2004

BETWEEN:

(1)   NORWEGIAN STAR LIMITED ("NORWEGIAN STAR") (formerly Superstar Libra
      Limited) and NORWEGIAN DAWN LIMITED ("NORWEGIAN DAWN") (formerly Superstar
      Scorpio Limited) both of International House, Castle Hill, Victoria Road,
      Douglas, Isle of Man IM2 4RB, British Isles as joint and several borrowers
      (collectively the "BORROWERS" and each individually a "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 and any
      Transferee as lenders (collectively the "LENDERS" and each individually a
      "LENDER");

(4)   COMMERZBANK AKTIENGESELLSCHAFT, Hamburg Branch of Ness 7-9, 20457 Hamburg,
      Federal Republic of Germany as co-ordinator (the "CO-ORDINATOR"); and

(5)   COMMERZBANK INTERNATIONAL S.A. of 25 rue Edward Steichen, L-2540
      Luxembourg as agent (the "AGENT").

WHEREAS:

The Arrangers have agreed on the terms and subject to the conditions set out in
this Agreement to arrange and underwrite a loan of up to six hundred and twenty
six million nine hundred and twenty two thousand Dollars (USD626,922,000) to be
made by the Lenders to the Borrowers to part-finance the construction by the
Builder of, respectively, the Norwegian Star Vessel and the Norwegian Dawn
Vessel to be purchased by Norwegian Star and Norwegian Dawn for the Norwegian
Star Contract Price and the Norwegian Dawn Contract Price and to part-finance
the cost of the buyer's supplies in respect of each of the Vessels.

NOW IT IS HEREBY AGREED as follows:

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1     DEFINITIONS AND CONSTRUCTION

      1.1   DEFINITIONS

            In this Agreement:

            "ACCOUNT CHARGES" means either of the two (2) charges over the
            Operating Accounts, one (1) given by each of the Borrowers in
            respect of its Operating Account such charges to be in the form and
            on the terms and conditions required by the Co-ordinator and agreed
            on the Restatement Date and as specified in paragraph 37 of Schedule
            4;

            "AGENCY AND CO-ORDINATION DEED" means the deed entered into by the
            Lenders, the Agent and the Co-ordinator dated 26 June 1999 and
            amended and restated by a first supplemental agreement dated 23
            October 2001 whereby the Agent has been appointed as agent and the
            Co-ordinator has been appointed as co-ordinator for the Lenders;

            "AGREEMENT" means this agreement;

            "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 (formerly Jos L Meyer GmbH & Co.)
            of Industriegebiet Sud, 26871 Papenburg, Federal Republic of Germany
            as constructor of the Vessels;

            "BUILDING CONTRACTS" means (i) the contract dated 2 May 1998,
            specification no 8121/96 dated 28 April 1998 as amended by a first
            addendum thereto dated 29 April 1999 and the general arrangement
            drawings dated 28 April 1998, as amended by a first addendum thereto
            dated 3 August 1998, a second addendum thereto dated 29 April 1999
            as amended on 27 April 2001, a third addendum thereto dated 30
            September 1999, a fourth addendum thereto dated 27 April 2001 and a
            fifth addendum thereto dated 27 April 2001 for the construction and

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            delivery of the Norwegian Star Vessel made between the Builder and
            Star and as assigned to Norwegian Star by a sixth addendum thereto
            to be made on or before the relevant Delivery Date and (ii) the
            contract dated 2 May 1998, specification no 8121/96 dated 28 April
            1998 as amended by a first addendum thereto dated 29 April 1999 and
            the general arrangement drawings dated 28 April 1998, as amended by
            a first addendum thereto dated 3 August 1998, a second addendum
            thereto dated 29 April 1999 as amended on 27 April 2001, a third
            addendum thereto dated 30 September 1999 and a fourth addendum
            thereto dated 27 April 2001 for the construction and delivery of the
            Norwegian Dawn Vessel made between the Builder and Star and as
            assigned to Norwegian Dawn by a fifth addendum thereto dated 4 March
            2002;

            "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
            and, if applicable, TARGET are open for the transaction of business
            of the nature contemplated by this Agreement;

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

            "CHARGE" means either of the two (2) charges over shares, one (1) to
            be given by the Shareholder as holders (legally and beneficially) of
            all the shares in each of the Borrowers pursuant to the Charge
            Options;

            "CHARGE OPTION" means either of the two (2) options to take the
            Charges to be given by the Shareholder on the Third Restatement
            Date, such options and the Charges being in the form and on the
            terms and conditions required by the Co-ordinator and agreed on the
            date of the Fourth Supplemental Agreement;

            "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 Borrowers 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 Borrowers under Clause 2,
            following the assumption of all or any portion of such

                                       3

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            liability from any Lender hereunder) in each case as such amount may
            be reduced, cancelled or terminated under this Agreement;

            "COMMITMENT PERIOD" means the period beginning on 26 June 1999 and
            ending on the date on which the Facility is drawn down in full or
            cancelled hereunder;

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

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

            "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;

            "DEBENTURE" means either of the two (2) debentures, one (1) entered
            into by each of the Borrowers in favour of the Agent on 26 June 1999
            such debentures being in the form and on the terms and conditions
            required by the Co-ordinator and agreed on 26 June 1999 and as
            specified in paragraph 20 of Schedule 4;

            "DELIVERY DATE" means the Norwegian Star Vessel Delivery Date and/or
            the Norwegian Dawn Vessel Delivery Date;

            "DEUTSCHE MARK" AND "DEM" means the lawful currency of the Federal
            Republic of Germany;

            "DISCLOSURE LETTER" means the letter so designated given by the
            Borrowers and acknowledged by the Co-ordinator (acting on the
            instructions of the Lenders) on the date of the Fourth Supplemental
            Agreement;

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            "DOCUMENT OF COMPLIANCE" means a document issued to a 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 Tranche
            is drawn down pursuant to Clause 2.3;

            "DRAWDOWN NOTICE" means either of the notices to be given by the
            Borrowers to the Agent pursuant to Clause 2.3;

            "EARNINGS" means, in respect of a 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 employment,
            demurrage, charterparties, contracts of affreightment, pooling
            agreements and joint ventures, compensation, remuneration for
            salvage and towage services, damages howsoever arising and detention
            monies, damages for breach of any charterparty or other contract for
            the employment of the Vessel, any amounts payable in consideration
            of the termination or variation of any charterparty or other such
            contract and any other earnings whatsoever due or to become due to
            the relevant Borrower;

            "EARNINGS ASSIGNMENT" means either of the two (2) valid and
            effective first legal assignments of the Earnings (together with the
            notices thereof and the acknowledgements), one (1) executed by each
            of the Borrowers in respect of its Vessel in favour of the Agent
            such assignments, notices and acknowledgements to be in the form and
            on the terms and conditions required by the Co-ordinator and agreed
            on the Restatement Date and as specified in paragraph 34 of Schedule
            4;

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

            "EURIBOR" means, in relation to any amount owing by the Borrowers
            hereunder in Euro on which interest for a given period is to accrue,
            the percentage rate per annum determined by the Agent to be equal to
            the rate which appears on the page of the Reuters Screen which
            displays the average EURIBOR rate as agreed with EURIBOR FBE for
            deposits in Euro of the relevant amount for such

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            period, or if such page or such service shall cease to be available
            or relevant such other page or such other service for displaying the
            average EURIBOR rate for Euro as the Agent, after consultation with
            the Lenders, shall select;

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

            "EURO" AND "EUR" means the common European currency pursuant to laws
            and resolutions implementing the European Economic and Monetary
            Union;

            "EVENT OF DEFAULT" means any of the events specified in Clause 13;

            "FACILITY" means the loan facility granted hereunder being in a
            maximum amount of six hundred and twenty six million nine hundred
            and twenty two thousand Dollars (USD626,922,000);

            "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 or Tranche 2
            (as the case may be) is drawn down and applied in accordance with
            Clause 2.2(A) or Clause 2.2(B) (as the case may be);

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

            "FOURTH SUPPLEMENTAL AGREEMENT" means the fourth supplemental
            agreement dated      2004 to (among other things) the Original Loan
            Agreement as amended and restated by the Third Supplemental
            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;

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<PAGE>

            "GROUP" means Star and its Subsidiaries;

            "GUARANTEE" means the guarantee executed by the Guarantor in favour
            of the Agent on the Third Restatement Date such guarantee being in
            the form and on the terms and conditions required by the
            Co-ordinator and agreed on the date of the Fourth Supplemental
            Agreement;

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

            "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;

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            (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

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

            "INSTALMENT" means in respect of a Tranche the amount of principal
            of that Tranche (other than the relevant Maturity Date Payment)
            repayable on a Repayment Date in accordance with Clause 3;

            "INSURANCE ASSIGNMENT" means either of the two (2) valid and
            effective first legal assignments of the Insurances (together with
            the notices thereof), one (1) executed by each Borrower in respect
            of the relevant Vessel in favour of the Agent and/or the Lenders
            such assignments and notices to be in the form and on the terms and
            conditions required by the Co-ordinator and agreed on signing hereof
            and as specified in paragraph 35 of Schedule 4;

            "INSURANCES" means all policies and contracts of insurance and
            entries of a Vessel in a protection and indemnity or war risks
            association which are effected in respect of the Vessel, her
            freights, disbursements, profits or otherwise and all benefits,
            including all claims and returns of premiums thereunder and shall
            also include all compensation payable by virtue of Compulsory
            Acquisition;

            "INTEREST PAYMENT DATE" means the last day of each Interest Period
            and if an Interest Period is longer than six (6) months' duration
            the date falling at the end of each successive period of six (6)
            months during such Interest Period from its commencement;

            "INTEREST PERIOD" means each period ascertained in accordance with
            Clause 5.2 or Clause 5.8;

            "INTEREST RATE" means the rate of interest applicable to the Loan
            calculated in accordance with Clause 5.6, Clause 5.8 or Clause 6.3;

                                       8

<PAGE>

            "LENDING BRANCH" means in respect of the Agent, the Co-ordinator 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 Borrowers;

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

            (i)   the offered rate for deposits in Dollars for a period
                  equivalent to such Interest Period which appears on the
                  Telerate Page 3750 at or about 11.00 a.m. London time on the
                  Quotation Date; or

            (ii)  if no rate is provided for the respective Interest Period on
                  the Telerate Page 3750, the interpolated rate per annum for
                  deposits in Dollars in an amount approximately equal to the
                  relevant Tranche as calculated by the Agent, such interpolated
                  rate to be based on the Telerate Page 3750 (for periods of
                  more than one (1) month) or on the Reuters Page LIBO (for
                  periods of more than one (1) week and up to one (1) month)
                  provided that LIBOR for periods of less than one (1) week will
                  be ascertained under sub-section (iii) below;

            OR (if Telerate Page 3750 or Reuters Page LIBO (as the case may be)
            is discontinued or if the Agent is unable to make the said
            determination due to technical breakdown in the relevant system or
            the Interest Period is less than one (1) week)

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

                                       9

<PAGE>

            "LOAN" means the principal amount of the Tranches advanced to the
            Borrowers under this Agreement or (as the context may require) the
            amount thereof for the time being advanced and outstanding under
            this Agreement;

            "LOWER SAXONY GUARANTEED AMOUNT" means the amount guaranteed from
            time to time under a Lower Saxony Guarantee;

            "LOWER SAXONY GUARANTEES" means the guarantees to be issued by the
            German State of Lower Saxony in favour of the Co-ordinator
            substantially in the form of Schedule 7 one (1) in respect of each
            Tranche and each in the maximum amount of fifty six million seven
            hundred thousand Dollars (USD56,700,000) payable in Deutsche Mark at
            an exchange rate of two Deutsche Mark and twenty five pfennig
            (DEM2.25) to one Dollar (USD1) up to a maximum amount of one hundred
            and twenty seven million five hundred and seventy five thousand
            Deutsche Mark (DEM127,575,000) or the agreed equivalent in Euro
            being sixty five million two hundred and twenty eight thousand and
            sixty one Euro and seventy four cents (EUR65,228,061.74) as security
            for part of the relevant Tranche;

            "MANAGEMENT AGREEMENT ASSIGNMENT" means either of the two (2) valid
            and effective first legal assignments of the Management Agreements
            (together with the notices thereof and the acknowledgements), one
            (1) executed by each of the Borrowers in respect of its Vessel in
            favour of the Agent such assignments, notices and acknowledgements
            to be in the form and on the terms and conditions required by the
            Co-ordinator and agreed on the date of the Fourth Supplemental
            Agreement;

            "MANAGEMENT AGREEMENTS" means the two (2) agreements entered into
            between a Borrower and the Manager on or before the Third
            Restatement Date providing for the commercial and technical ship
            management and crewing of the relevant Vessel such agreements to be
            in the form and on the terms and conditions required by the
            Co-ordinator and agreed on the date of the Fourth Supplemental
            Agreement;

            "MANAGER" means NCL (Bahamas) Ltd. of Reid Hall, 3 Reid Street,
            Hamilton HM 11, Bermuda the company which (among other things)
            provides the

                                       10

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            commercial and technical ship management and crewing services for
            the Vessels pursuant to the Management Agreements;

            "MARGIN" means the rate of one point two five per cent (1.25%) per
            annum and from 13 December 2001 the rate of one point four per cent
            (1.4%) per annum;

            "MATURITY DATE" means the Tranche 1 Maturity Date and/or the Tranche
            2 Maturity Date;

            "MATURITY DATE PAYMENT" means the amount of sixty two million six
            hundred and ninety two thousand two hundred Dollars (USD62,692,200)
            in the case of each Tranche repayable to the Lenders pursuant to
            Clause 3 on the relevant Maturity Date;

            "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;

            "MORTGAGES" means either of the two (2) first priority statutory
            Bahamian ship mortgages and deeds of covenants collateral thereto,
            one (1) granted by each of the Borrowers over its Vessel in favour
            of the Agent and/or the Lenders as security pursuant hereto such
            mortgages and deeds of covenants to be in the form and on the terms
            and conditions required by the Co-ordinator and agreed on the
            Restatement Date and as specified in paragraph 33 of Schedule 4;

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

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

                                       11

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

            "NCLC GROUP" means the Guarantor and its wholly owned Subsidiaries;

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

            "NORWEGIAN DAWN CONTRACT PRICE" means three hundred and eighty four
            million Dollars (USD384,000,000) in respect of the Norwegian Dawn
            Vessel being the price agreed between the Builder and Norwegian Dawn
            for the construction of the Norwegian Dawn Vessel under article 1,
            clause 1.1(ii) of the relevant Building Contract;

            "NORWEGIAN DAWN VESSEL" means hull no S.649 (tbn "NORWEGIAN DAWN")
            at the yard of the Builder to be delivered to Norwegian Dawn
            pursuant to the relevant Building Contract and registered in the
            name of Norwegian Dawn under the laws and flag of the Bahamas;

            "NORWEGIAN DAWN VESSEL DELIVERY DATE" means 3 December 2002 being
            the date on which the Norwegian Dawn Vessel was delivered to and
            accepted by Norwegian Dawn pursuant to the relevant Building
            Contract;

            "NORWEGIAN STAR CONTRACT PRICE" means three hundred and eighty four
            million Dollars (USD384,000,000) in respect of the Norwegian Star
            Vessel being the price agreed between the Builder and Norwegian Star
            for the construction of the Norwegian Star Vessel under article 1,
            clause 1.1(ii) of the relevant Building Contract;

            "NORWEGIAN STAR VESSEL" means hull no S.648 (tbn "NORWEGIAN STAR")
            at the yard of the Builder to be delivered to Norwegian Star
            pursuant to the relevant Building Contract and registered in the
            name of Norwegian Star under the laws and flag of the Bahamas;

            "NORWEGIAN STAR VESSEL DELIVERY DATE" means 5 November 2001 being
            the date on which the Norwegian Star Vessel was delivered to and
            accepted by Norwegian Star pursuant to the relevant Building
            Contract;

                                       12

<PAGE>

            "OBLIGORS" means the Borrowers, the Guarantor, the Manager, the
            Shareholder and any other party from time to time to any of the
            Security Documents excluding the Agent, the Co-ordinator, the
            Arrangers and the Lenders;

            "OPERATING ACCOUNTS" means either of the two (2) accounts opened or
            to be opened by the Borrowers with Citibank N.A. of 3 Temasek
            Avenue, #17-00 Centennial Tower, Singapore 039190 or such other bank
            or banks as may be approved by the Co-ordinator from time to time
            for receipt of the Earnings of the Vessels;

            "ORIGINAL LOAN AGREEMENT" means this Agreement as executed on 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 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 and a first
            supplement dated 17 August 2000 and as amended and restated by the
            Second Supplemental Agreement (prior to, inter alia, its amendment
            and restatement pursuant to the Third Supplemental Agreement and the
            Fourth Supplemental Agreement);

            "OUTSTANDING INDEBTEDNESS" means all sums of any kind payable
            actually or contingently to the Agent or the Lenders under or
            pursuant to this Agreement or any 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 a Vessel up to an aggregate
            amount at any time not exceeding one million Dollars (USD1,000,000)
            for current crew's wages and salvage and liens incurred in the
            ordinary course of trading a Vessel (iii) the Norwegian Star Second
            Security Documents (iv) the Norwegian Dawn Second Security Documents
            and (v) any other Encumbrance notified by any of the Obligors to the
            Agent prior to the Restatement Date;

                                       13

<PAGE>

            "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;

            "PROCESS AGENT" means Clifford Chance Secretaries Limited whose
            registered office is presently at 10 Upper Bank Street, London E14
            5JJ or any other person in England nominated by the Borrowers or any
            other Obligor and approved by the Co-ordinator as agent to accept
            service of legal proceedings on their behalf under any of this
            Agreement and the Security Documents;

            "QUOTATION DATE" means, in relation to any Interest Period, the day
            on which quotations would ordinarily be given in the relevant
            interbank eurocurrency market for Dollar or Euro (as the case may
            be) deposits for delivery on the first day of that Interest Period;

            "REFERENCE BANKS" means Commerzbank Aktiengesellschaft, Norddeutsche
            Landesbank Girozentrale and Dresdner Bank Aktiengesellschaft;

            "REPAYMENT DATES" means in respect of a Tranche the last day of each
            of the twenty four (24) consecutive periods of six (6) months the
            first such period commencing on the relevant Delivery Date and the
            twenty fourth such period terminating twelve (12) years thereafter
            the last such Repayment Date also being the relevant Maturity Date;

            "RESTATEMENT DATE" has the same meaning as set out in the Second
            Supplemental Agreement;

            "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 Swap
            and Derivatives Association, 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;

            "SAME DAY FUNDS" means Dollar funds settled through the New York
            Clearing House Interbank Payments System or Euro funds settled
            through TARGET such other funds for payment in Dollars or Euro as
            the Agent shall specify by notice to the Borrowers as being
            customary at the time for the settlement of international

                                       14

<PAGE>

            transactions in New York or Frankfurt of the type contemplated by
            this Agreement;

            "SAFETY MANAGEMENT CERTIFICATE" means a document issued to a vessel
            as evidence that the vessel 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 a vessel operator to implement effectively
            the safety and environmental protection policy of such vessel
            operator;

            "SECOND RESTATEMENT DATE" has the same meaning as set out in the
            Third Supplemental Agreement;

            "SECOND SUPPLEMENTAL AGREEMENT" means the second supplemental
            agreement dated 23 October 2001 to (among other things) the Original
            Loan Agreement prior to its amendment and restatement by the Second
            Supplemental Agreement;

            "SECURITY DOCUMENTS" means this Agreement, the Account Charges, the
            Mortgages, the Guarantee, the Debentures, the Earnings Assignments,
            the Insurance Assignments, the Charge Options, the Charges, the
            Management Agreement Assignments and all such other documents as may
            be executed at any time in favour of the Agent and/or any of the
            Lenders as security for the obligations of the Borrowers and the
            other Obligors whether executed pursuant to the express provisions
            of this Agreement or otherwise howsoever but excluding the Lower
            Saxony Guarantees;

            "SECURITY PERIOD" means the period beginning on the First 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, the sole registered and beneficial
            shareholder of the entire issued share capital of each of the
            Borrowers;

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

                                       15

<PAGE>

            "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(A);

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

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

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

            "TELERATE PAGE 3750" means the display currently designated as
            Telerate Page 3750 (or such other page as may replace it on such
            service) 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;

            "THIRD RESTATEMENT DATE" has the same meaning as set out in the
            Fourth Supplemental Agreement;

            "THIRD SUPPLEMENTAL AGREEMENT" means the third supplemental
            agreement dated 21 March 2002 to (amongst other things) the Original
            Loan Agreement;

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

            "TRANCHE" means Tranche 1 and/or Tranche 2;

            "TRANCHE 1" means the amount of up to three hundred and thirteen
            million four hundred and sixty one thousand Dollars (USD313,461,000)
            to be applied in

                                       16

<PAGE>

            payment of the delivery instalment due by Norwegian Star to the
            Builder under the relevant Building Contract and in part payment (to
            the extent of one million seven hundred and eighty seven thousand
            Dollars (USD1,787,000)) of the cost of Norwegian Star's buyer's
            supplies to be advanced by the Lenders on the Norwegian Star Vessel
            Delivery Date by way of their Contributions thereto or (as the
            context may require) the amount thereof for the time being drawn
            down and outstanding hereunder;

            "TRANCHE 2" means the amount of up to three hundred and thirteen
            million four hundred and sixty one thousand Dollars (USD313,461,000)
            to be applied in payment of the delivery instalment due by Norwegian
            Dawn to the Builder under the relevant Building Contract and in part
            payment (to the extent of one million seven hundred and eighty seven
            thousand Dollars (USD1,787,000)) of the cost of Norwegian Dawn's
            buyer's supplies to be advanced by the Lenders on the Norwegian Dawn
            Vessel Delivery Date by way of their Contributions thereto or (as
            the context may require) the amount thereof for the time being drawn
            down and outstanding hereunder;

            "TRANCHE 1 MATURITY DATE" means, in respect of Tranche 1, either the
            date being a Business Day falling twelve (12) years from the
            Norwegian Star Vessel Delivery Date or such other date as is
            determined by the provisions of Clause 4;

            "TRANCHE 2 MATURITY DATE" means, in respect of Tranche 2, either the
            date being a Business Day falling twelve (12) years from the
            Norwegian Dawn Vessel Delivery Date or such other date as is
            determined by the provisions of Clause 4;

            "TRANSACTION DOCUMENTS" means the Security Documents, the Building
            Contracts, the Drawdown Notices, the Management Agreements and any
            other material document now or hereafter issued in connection with
            the documents or the transaction herein referred to and also
            including any document entered into in respect of interest rate swap
            agreements, hedging agreements and/or funding documents at the
            request of the Borrowers for the purposes of this Agreement but
            excluding the Lower Saxony Guarantees;

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

                                       17

<PAGE>

            "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 Borrowers which becomes a party to this Agreement as a Lender
            pursuant to Clause 19;

            "VESSELS" means:

            (i)   the Norwegian Star Vessel; and

            (ii)  the Norwegian Dawn Vessel,

            to be respectively a one thousand one hundred and twenty (1,120) and
            a one thousand one hundred and twelve (1,112) cabin luxury passenger
            cruise vessel; and

            "YEAR 2000 CONFORMITY" means that neither performance nor
            functionality of computer systems, electronic and electro-mechanical
            or similar equipment will be affected by dates prior to or during or
            after the year 2000.

      1.2   CONSTRUCTION

            In this Agreement unless the context otherwise requires:

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

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

            (C)   references to (or to any specified provision of) this
                  Agreement or any other document shall be construed as
                  references to this Agreement, that

                                       18

<PAGE>

                  provision or that document as from time to time amended,
                  supplemented and/or novated;

            (D)   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;

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

            (F)   words importing the plural shall include the singular and vice
                  versa;

            (G)   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;

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

            (I)   a certificate by the Agent as to any amount due or calculation
                  made hereunder shall be conclusive except for manifest error;
                  and

            (J)   terms and expressions not defined in this Agreement but whose
                  meanings are defined in this Agreement prior to its amendment
                  and restatement by the Fourth Supplemental Agreement shall
                  have the meanings set out therein.

      1.3   AGENT AND CO-ORDINATOR

            The Agent and the Co-ordinator will be appointed by the Lenders as
            agent and co-ordinator respectively under the Agency and
            Co-ordination Deed and references herein to the Agent or the
            Co-ordinator shall be construed as references to itself and the
            Lenders. The Borrowers shall only communicate with the

                                       19

<PAGE>

            Lenders under this Agreement and the other Security Documents
            through the Co-ordinator or the Agent (as the case may be) and as
            hereinafter referred to.

2     THE FACILITY

      2.1   AVAILABILITY

            (A)   The Lenders grant to the Borrowers jointly and severally the
                  Facility by way of Tranche 1 and Tranche 2. So far as and to
                  the extent that any part of the Facility remains undrawn at
                  close of business in London on 31 May 2003 it shall be
                  automatically cancelled.

            (B)   Each Lender shall advance its Contribution to the Tranches in
                  the proportion which its Contribution for the time being bears
                  to the other Contributions of the Lenders.

            (C)   Neither the Agent 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, the Co-ordinator 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 nor any 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.

            (A)   Norwegian Star shall apply Tranche 1 in payment of the
                  delivery instalment due to the Builder under the relevant
                  Building Contract and in part payment of the cost of Norwegian
                  Star's buyer's supplies; and

            (B)   Norwegian Dawn shall apply Tranche 2 in payment of the
                  delivery instalment due to the Builder under the relevant
                  Building Contract and in part payment of the cost of Norwegian
                  Dawn's buyer's supplies.

                                       20

<PAGE>

      2.3   DRAWDOWN

            The Borrowers shall only make drawings under the Facility if:

            (A)   the Agent receives at least five (5) Business Days' notice of
                  the Borrowers' request for such drawing in the form of
                  Schedule 3;

            (B)   no Event of Default or Possible Event of Default has occurred
                  before the date of such drawing;

            (C)   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

            (D)   it is then lawful for each of the Lenders to make available
                  its Contribution to the Facility.

      2.4   BREAK COSTS

            If for any reason a Tranche is not drawn down by the Borrowers
            hereunder after notice of drawdown has been given to the Agent
            pursuant to Clause 2.3, the Borrowers 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 Tranche not to be drawn down) for any loss
            (including any losses under any interest rate swap agreements or
            other financial derivatives entered into for the purpose of this
            Agreement) or expense on account of funds borrowed, contracted for
            or utilised in order to fund its Contribution to the Tranche. Each
            Lender shall supply to the Agent a certificate of break costs which
            in the absence of manifest error shall be conclusive as to the
            amounts due.

      2.5   CONDITIONS OF DRAWDOWN

            The Agent shall not be under any obligation to advance a Tranche
            hereunder until all the documents and evidence referred to in the
            relevant part of Schedule 4 are in the possession of the
            Co-ordinator in form and substance satisfactory to it.

      2.6   SEVERAL OBLIGATIONS OF THE LENDERS

            The obligations and rights of each Lender hereunder are several and
            if for any reason the Borrowers receive in respect of a Tranche an
            amount greater than the

                                       21

<PAGE>

            aggregate of the Contributions to that Tranche, the Borrowers
            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 Borrowers over the due and proper amount of the
            Contributions of the Lenders actually received by the Agent.

      2.7   LENDER'S FAILURE TO PERFORM

            Subject to Clause 2.1(C), the failure by a Lender to perform its
            obligations hereunder shall not affect the obligations of the
            Borrowers towards any other party hereto nor shall any such other
            party be liable for the failure by such Lender to perform its
            obligations hereunder.

      2.8   FULFILMENT OF CONDITIONS AFTER DRAWDOWN

            If the Lenders, acting unanimously, decide (or the Co-ordinator in
            accordance with the Agency and Co-ordination Deed decides) to
            advance a Tranche to the Borrowers hereunder without having received
            all of the documents or evidence referred to in the relevant part of
            Schedule 4, the Borrowers will nevertheless deliver the remaining
            documents or evidence to the Co-ordinator within fourteen (14) days
            of such drawing (or such other period as the Co-ordinator may
            stipulate) and the advance of the Facility 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
            Co-ordinator 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 Borrowers hereby jointly and severally agree to repay
            the Loan as follows:

            (A)   by repaying each Tranche by twenty four (24) equal half yearly
                  Instalments of principal the first such Instalment to be paid
                  six (6) months from the relevant Delivery Date and the
                  remainder at six (6) monthly intervals thereafter the final
                  such Instalment to be paid on the relevant Maturity Date; and

            (B)   by repaying each Maturity Date Payment on the relevant
                  Maturity Date.

                                       22

<PAGE>

4     PREPAYMENT

      4.1   VOLUNTARY PREPAYMENT

            On giving at least thirty (30) days' prior notice to the Agent, the
            Borrowers may on the last day of an Interest Period prepay the whole
            or any part of a nominated Tranche (but if in part in an amount of
            five million Dollars (USD5,000,000) or an integral multiple thereof)
            provided that in the event of such a prepayment being effected from
            a source other than the profits of the NCLC Group's activities (of
            which the Agent shall be the sole judge) a prepayment fee of one per
            cent (1%) of the amount so prepaid shall be due and payable to the
            Agent on behalf of the Lenders simultaneously with such a
            prepayment.

      4.2   VOLUNTARY PREPAYMENT IN CASE OF INCREASED COST

            At any time after any sum payable by the Borrowers has been
            increased under Clause 8 or a Lender has made any claim for
            indemnification under Clause 8, the Borrowers 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.

      4.3   MANDATORY PREPAYMENT IN CASE OF ILLEGALITY

            (A)   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 Borrowers, declare that the
                  relevant Lender's obligations shall be terminated forthwith
                  whereupon (if any of the Facility has then been advanced) the
                  Borrowers 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
                  the Security Documents (or, if permitted by the relevant law,
                  regulation or treaty, at the end of the then current Interest
                  Period).

            (B)   A Lender affected by any provision of Clause 4.3(A) shall
                  promptly inform the Agent after becoming aware of the relevant
                  change and the Agent shall, as soon as reasonably practicable
                  thereafter, notify the

                                       23

<PAGE>

                  Borrowers of the change and its possible results. Without
                  affecting the Borrowers' obligations under Clause 4.3(A) 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 Lending Branch or transferring some
                  or all of its rights and obligations under this Agreement to
                  another financial institution reasonably acceptable to the
                  Borrowers and the Agent). The reasonable costs of mitigating
                  the effect of any such change shall be borne by the Borrowers
                  save where such costs are of an internal administrative nature
                  and are not incurred in dealings by any Lender with third
                  parties.

      4.4   VOLUNTARY PREPAYMENT FOLLOWING IMPOSITION OF SUBSTITUTE BASIS

            The Borrowers 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 they wish to prepay the relevant Tranche,
            in which event the Borrowers shall forthwith prepay such Tranche
            together with interest accrued thereon at the rate specified in the
            relevant certificate of Substitute Basis.

      4.5   PREPAYMENT IN CASE OF TOTAL LOSS OF A VESSEL

            If a Vessel is or becomes a Total Loss, then the Borrowers will,
            within thirty (30) days thereof or, if the Co-ordinator 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
            thereof, by no later than the date which is one hundred and fifty
            (150) days after the date of the event giving rise to such Total
            Loss prepay not less than the relevant Tranche in accordance with
            Clause 4.7 and Clause 14.1.

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

            (A)   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;

            (B)   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

                                       24
<PAGE>

                  (C)      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
                           her insurers.

         4.6      PREPAYMENT IN CASE OF SALE OF A VESSEL

                  If a Vessel is sold by a Borrower with the prior consent of
                  the Co-ordinator (which consent is not to be unreasonably
                  withheld or delayed), then the Borrowers will concurrent with
                  completion of the sale prepay at least the relevant Tranche in
                  accordance with Clause 4.7 and Clause 14.1. Subject to Clause
                  4.8 hereof, prepayment of a Tranche or part consequent upon
                  the permitted sale of a Vessel shall absolve the Borrowers
                  from any liability to pay prepayment fees or costs.

         4.7      EFFECT OF PREPAYMENT

                  Any notice given by the Borrowers under Clause 4.1, Clause 4.2
                  or Clause 4.4 shall be irrevocable and shall oblige the
                  Borrowers to pay to the Agent on account of the Lenders the
                  amount therein stated on the date therein stated. No amount
                  prepaid under this Agreement may be redrawn. Each prepayment
                  in respect of a particular Tranche under this Agreement shall
                  be applied in satisfaction of the Borrowers' remaining
                  obligations under Clause 3 in respect of that Tranche pro rata
                  in inverse chronological order and the Maturity Date shall
                  then be the date on which the last Instalment is repayable.
                  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

                  If any repayment or prepayment of a Tranche or part thereof is
                  made otherwise than on the last day of an Interest Period, the
                  Borrowers 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 cost of breaking deposits (including
                  warehousing and other related costs) or any losses under

                                       25
<PAGE>

                  interest rate swap agreements or other financial derivatives
                  entered into 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.

5        INTEREST

         5.1      PAYMENT OF INTEREST

                  The Borrower shall pay interest on each Tranche at the
                  Interest Rate applicable for each Interest Period in respect
                  thereof which interest shall be payable in arrears on each
                  Interest Payment Date.

         5.2      SELECTION AND DURATION OF INTEREST PERIODS

                  (A)      The Borrowers may give notice to the Agent to be
                           received by the Agent not later than 9.00 a.m. London
                           time five (5) Business Days prior to the commencement
                           of each Interest Period in respect of a Tranche,
                           specifying whether that Interest Period is to be of
                           three (3), six (6) or twelve (12) months' duration.
                           Interest Periods shall commence, in the case of the
                           first, on the first Drawdown Date in respect of the
                           relevant Tranche and, in the case of Interest Periods
                           other than the first, on the expiry of the preceding
                           Interest Period. Each Interest Period shall, subject
                           to the following provisions of this Clause 5, be of a
                           duration selected by the Borrowers as above provided
                           that the final Interest Period in respect of a
                           Tranche shall end on the Maturity Date for that
                           Tranche.

                  (B)      The Borrowers shall also be entitled to give notice
                           to the Agent to be received by the Agent not later
                           than 9.00 a.m. London time seven (7) Business Days
                           prior to the commencement of an Interest Period in
                           respect of a Tranche requesting an Interest Period to
                           be fixed to end at any time up to and including the
                           relevant Maturity Date and to which request all the
                           Lenders in their absolute discretion may agree.

                  (C)      The Borrowers shall also be entitled to give notice
                           to the Agent at any time hereafter and prior to
                           giving a Drawdown Notice in respect of the relevant
                           Tranche requesting an Interest Period for that
                           Tranche to be fixed

                                       26
<PAGE>

                           to end at any time up to and including the relevant
                           Maturity Date and to which request all the Lenders in
                           their absolute discretion may agree.

         5.3      NO NOTICE AND UNAVAILABILITY

                  If the Borrowers fail to select an Interest Period in
                  accordance with Clause 5.2 or the Agent certifies that
                  deposits for the period selected by the Borrowers are not
                  available to each of the Lenders in the ordinary course of
                  business in the London interbank eurocurrency market to fund
                  the relevant Tranche, the Borrowers shall be deemed to have
                  selected an Interest Period of six (6) months (or such other
                  period as the Agent may in its discretion decide).

         5.4      SEPARATE INTEREST PERIODS FOR INSTALMENTS

                  If an Interest Period would otherwise extend beyond any
                  Repayment Date, the relevant Tranche shall be divided into two
                  (2) or more portions. One or more portions will be of an
                  amount equal to the amount of the Tranche 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 Tranche
                  will be determined in accordance with Clauses 5.2 and 5.3.

         5.5      EXTENSION AND SHORTENING OF INTEREST PERIODS

                  If an Interest Period would otherwise end on a day which is
                  not a Business Day, the Interest Period shall be extended
                  until the next following Business Day unless the next
                  following Business Day falls in the next calendar month in
                  which case the Interest Period will be shortened to expire on
                  the preceding Business Day.

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

         5.6      INTEREST RATE

                  (A)      In respect of Interest Periods pursuant to Clause
                           5.2(A) and subject to Clause 5.8 and Clause 6, the
                           rate of interest applicable to a Tranche (or relevant
                           part in the case of the division of such Tranche
                           under Clause 5.4)

                                       27
<PAGE>

                           during an Interest Period shall be the rate per annum
                           which is the sum of LIBOR plus the Margin.

                  (B)      In respect of Interest Periods pursuant to Clause
                           5.2(B) and Clause 5.2(C) and subject to Clause 5.8
                           and Clause 6, the rate of interest applicable to a
                           Tranche during an Interest Period shall be the rate
                           including the Margin agreed between the Agent and the
                           Borrowers.

         5.7      BANK BASIS

                  Interest, commitment fee, agency fees 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.

         5.8      DEFAULT INTEREST

                  If the Borrowers fail 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 Borrowers 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 Interest
                  Rate fixed for the latest Interest Period and the rate
                  computed by the Agent and certified by the Agent to the
                  Borrowers as being the aggregate of (i) the Margin plus one
                  per cent (1%) and (ii) the greater of (a) in the case of the
                  Lenders, the average (rounded upwards if necessary to the next
                  integral multiple of one-sixteenth of one per cent (1/16%)) of
                  the respective rates per annum at which each of the Lenders is
                  able to acquire in accordance with its normal practice
                  deposits in Dollars or Euro (as the case may be) in successive
                  periods of one (1) month (or for such shorter period as the
                  Agent may in its absolute discretion select) in the relevant
                  interbank eurocurrency market in an amount equivalent to or
                  comparable with its Contribution to such sum, and, in the case
                  of the Agent, the rate per annum at which it is able to
                  acquire in accordance with its normal practice deposits in
                  Dollars 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 to the next
                  integral

                                       28
<PAGE>

                  multiple of one-sixteenth of one per cent (1/16%)) of the cost
                  to each of the Lenders of funding its Contribution to such
                  sum, and, in the case of the Agent, the cost of funding such
                  sum, such interest to be compounded at the end of the period
                  selected by the Agent and to be payable on demand. In the
                  event of LIBOR or EURIBOR (as the case may be) not being
                  available then the Agent shall in its discretion use the
                  Substitute Basis for its calculation as set out in Clause 6.3.

6        SUBSTITUTE BASIS OF FUNDING

         6.1      MARKET DISTURBANCE

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

                  (A)      by reason of circumstances affecting the relevant
                           interbank eurocurrency market adequate and fair means
                           do not exist for ascertaining the Interest Rate
                           during such Interest Period pursuant to Clause 5; or

                  (B)      deposits in Dollars or Euro of equal duration to such
                           Interest Period will not be available to any of the
                           Lenders in the relevant interbank eurocurrency market
                           in sufficient amounts in the ordinary course of
                           business to fund its Contribution during such
                           Interest Period; or

                  (C)      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 Interest Period by
                           deposits obtained in the relevant interbank
                           eurocurrency market,

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

         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

                                       29
<PAGE>

                  and any Lender affected by the relevant market disturbance
                  shall consult in good faith with the Borrowers 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 Borrowers, the Agent and the relevant
                  Lender or Lenders, it shall apply in accordance with its
                  terms.

         6.3      CERTIFICATES OF SUBSTITUTE BASIS

                  (A)      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 Borrowers an alternative basis
                           (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 Interest Period
                           (or Interest Periods), and may include 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 Interest Periods for the
                           Tranche 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.

                  (B)      Each Substitute Basis so certified shall be binding
                           upon the Borrowers, the Agent and the Lenders and
                           shall be treated as part of this Agreement.

         6.4      REVIEW

                  So long as any Substitute Basis is in force, the Agent, in
                  consultation with the Borrowers 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.

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<PAGE>

7        PAYMENTS

         7.1      PLACE FOR PAYMENT

                  All payments by the Borrowers under this Agreement or any of
                  the other Security Documents to which any of them may at any
                  time be a party shall be made to the Agent in Same Day Funds:

                  (A)      if in Dollars by 10.00 a.m. New York time to
                           Commerzbank Aktiengesellschaft, New York (SWIFT
                           COBAUS3XXXX), account Commerzbank Aktiengesellschaft,
                           Frankfurt (SWIFT COBADEFFXXX) in favour of
                           Commerzbank International S.A., Luxembourg (SWIFT
                           COBALULXXXX) account no 871 6961; and

                  (B)      if in Euro by 10.00 a.m. Frankfurt time to
                           Commerzbank Aktiengesellschaft, Frankfurt, for the
                           account of Commerzbank International S.A., account no
                           400.8716961.01EUR,

                  or such other account or bank as the Agent may from time to
                  time designate.

         7.2      DEDUCTIONS AND GROSSING-UP

                  (A)      Each payment to be made by the Borrowers to the Agent
                           hereunder in Dollars or Euro shall be made free and
                           clear of and without deduction for or on account of
                           Taxes unless the Borrowers are required by law to
                           make such a payment subject to the deduction or
                           withholding of Taxes, in which case the sum payable
                           by the Borrowers in respect of which such deduction
                           or withholding is required to be made shall be
                           increased to the extent necessary to ensure that,
                           after the making of such deduction or withholding,
                           the Agent 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.

                  (B)      Without prejudice to the provisions of Clause 7.2(A),
                           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 Lending Branch
                           by the jurisdiction in which it is incorporated or in
                           which its Lending Branch is

                                       31
<PAGE>

                              located or any other tax existing and applicable
                              on the date of this Agreement under the laws of
                              any jurisdiction) or otherwise on or in relation
                              to any sum received or receivable hereunder by
                              such Lender or the Agent on its behalf (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 Borrowers 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. If any Lender
                              proposes to make a claim under the provisions of
                              this Clause 7.2(B) it shall certify to the
                              Borrowers 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.

         7.3      PRODUCTION OF RECEIPTS FOR TAXES

                  If the Borrowers make any payment hereunder in Dollars or Euro
                  in respect of which they are required by law to make any
                  deduction or withholding, they 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(B) 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, pay to the Borrowers
                  such amount as such Lender or the Agent shall in its opinion
                  have concluded to be attributable to the relevant deduction or
                  withholding. Any such payment shall be conclusive evidence of
                  the amount due to the Borrowers hereunder and shall be

                                       32
<PAGE>

                  accepted by the Borrowers in full and final settlement of
                  their 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 Borrowers under this Agreement or any
                  other Security Document to which either of them may at any
                  time be a party, or any order or judgment given or made in
                  relation thereto, has to be converted from the currency (the
                  "FIRST CURRENCY") in which the same is payable under such
                  Security Document, order or judgment into another currency
                  (the "SECOND CURRENCY") for the purpose of:

                  (A)      making or filing a claim or proof against the
                           Borrowers or either of them;

                  (B)      obtaining an order or judgment in any court or other
                           tribunal; or

                  (C)      enforcing any order or judgment given or made in
                           relation thereto;

                  the Borrowers 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 (i) the rate
                  of exchange used to convert the sum in question from the first
                  currency into the second currency and (ii) 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 Borrowers separate and
                  independent from their 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

                                       33
<PAGE>

                  other Security Documents, the entries made in the accounts so
                  maintained shall be prima facie evidence, save in the case of
                  manifest error, of the existence and amounts of the
                  obligations of the Borrowers 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 Borrowers to give notice pursuant to
                  Clause 3.2 of the Earnings Assignments and apply the Earnings
                  in accordance with Clause 14.1) the Earnings shall throughout
                  the Security Period be at the free disposal of the Borrowers
                  but during the currency of the Management Agreements the net
                  earnings of the Vessels shall be paid by the Manager to the
                  relevant Borrower's Operating Account within five (5) Business
                  Days of the end of each cruise of a Vessel.

         7.7      CONTINUING SECURITY

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

8        YIELD PROTECTION AND FORCE MAJEURE

         8.1      INCREASED COSTS

                  If by reason of:

                  (A)      any change in law or in its interpretation or
                           administration; and/or

                                       34
<PAGE>

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

                           (i)      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

                           (ii)     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

                           (iii)    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

                           (iv)     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

                           (v)      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 Borrowers 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 above shall
                  promptly inform the Agent after becoming aware of the relevant
                  change and its possible results and the

                                       35
<PAGE>

                  Agent shall, as soon as reasonably practicable thereafter,
                  notify the Borrowers of the change and its possible results.
                  Without affecting the Borrowers' 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 Lending Branch or transferring some
                  or all of its rights and obligations under this Agreement to
                  another financial institution reasonably acceptable to the
                  Borrowers and the Agent). The reasonable costs of mitigating
                  the effect of any such change shall be borne by the Borrowers
                  save where such costs are of an internal administrative nature
                  and are not incurred in dealings by any Lender with third
                  parties.

         8.2      FORCE MAJEURE

                  Where the Agent or any Lender (the "NON-PERFORMING PARTY") is
                  prevented from performing any of its obligations under this
                  Agreement by reason of Force Majeure this Agreement shall
                  remain in effect but the Non-Performing Party's relevant
                  obligations shall be suspended for so long as the Force
                  Majeure continues and to the extent that the Non-Performing
                  Party is so prevented, provided that:

                  (A)      the suspension of performance is of no greater scope
                           and of no longer duration than is required by the
                           Force Majeure;

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

                  (C)      in respect of the suspension of the Non-Performing
                           Party's obligations:

                           (i)      the Non-Performing Party gives the Agent
                                    prompt written notice which the Agent shall
                                    forthwith upon receipt send to the Borrowers
                                    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;

                                       36
<PAGE>

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

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

9        REPRESENTATIONS AND WARRANTIES

         9.1      DURATION

                  The representations and warranties in Clause 9.2 and Clause
                  9.3 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 Borrowers have no remaining obligations, actual or
                  contingent, under or pursuant to this Agreement or any of the
                  other Security Documents.

         9.2      REPRESENTATIONS AND WARRANTIES

                  Each of the Borrowers represents and warrants to the Agent and
                  each of the Lenders that:

                  (A)      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.

                  (B)      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

                                       37
<PAGE>

                           all necessary action to authorise the entry into and
                           performance of this Agreement and such other Security
                           Documents and such transactions.

                  (C)      LEGAL VALIDITY

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

                  (D)      NON-CONFLICT WITH LAWS

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

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

                           (ii)     the constitutional documents of any Obligor;
                                    or

                           (iii)    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.

                  (E)      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 is a party or by which any Obligor 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

                                       38
<PAGE>

                           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.

                  (F)      CONSENTS

                           Except for the filing of those Security Documents
                           which require registration in the Companies
                           Registries in the Isle of Man, England and Wales or
                           Bermuda, which filing 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 England and Wales and the Isle of Man and
                           for the registration of the Mortgages through the
                           Bahamas Maritime Authority, all authorisations,
                           approvals, consents, licences, exemptions, filings,
                           registrations, notarisations and other matters,
                           official or otherwise, required in connection with
                           the entry into, performance, validity and
                           enforceability of this Agreement and each of the
                           other Transaction Documents and the transactions
                           contemplated thereby have been obtained or effected
                           and are in full force and effect.

                  (G)      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.

                  (H)      FULL DISCLOSURE

                           Each Obligor has fully disclosed in writing to the
                           Co-ordinator all facts relating to each Obligor which
                           it knows or should reasonably know and which might
                           reasonably be expected to influence the Lenders in
                           deciding whether or not to enter into this Agreement.

                                       39
<PAGE>

                  (I)      NO ENCUMBRANCES

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

                  (J)      PARI PASSU OR PRIORITY STATUS

                           The claims of the Agent and the Lenders against each
                           Borrower under this Agreement will rank at least pari
                           passu with the claims of all unsecured creditors of
                           that 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 that
                           Borrower who is also an Obligor.

                  (K)      SOLVENCY

                           Each of the Borrowers is and shall remain, after the
                           advance to them 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.

                  (L)      WINDING-UP, ETC.

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

                  (M)      ACCOUNTS

                           The consolidated audited accounts of the Group for
                           the period ending on 31 December 1998 and for all
                           subsequent periods up to and including the period
                           ending on 31 December 2003 (which accounts will be
                           prepared in accordance with GAAP) fairly represent
                           the financial condition of the Group as shown in such
                           audited accounts and the consolidated audited
                           accounts of the NCLC Group for the period ending on
                           31 December 2004

                                       40
<PAGE>

                           and for all subsequent periods (which accounts will
                           be prepared in accordance with GAAP) will fairly
                           represent the financial condition of the NCLC Group
                           as shown in such audited accounts.

                  (N)      LITIGATION

                           Save as disclosed in writing to the Co-ordinator
                           prior to 26 June 1999 and 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. For the avoidance of doubt, any such
                           disclosure after 26 June 1999 shall not be deemed to
                           be a reference to the facts and circumstances then
                           subsisting at any time that this representation is
                           deemed to be repeated pursuant to Clause 9.1.

                  (O)      TAX LIABILITIES

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

                  (P)      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 sub-clause (M) of this Clause.

                  (Q)      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.

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<PAGE>

                  (R)      TAXES ON PAYMENTS

                           As at the date of this Agreement all amounts payable
                           by them hereunder may be made free and clear of and
                           without deduction for or on account of any Taxation.

                  (S)      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.

                  (T)      OWNERSHIP OF SHARES

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

                  (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 nor has any action been taken by the
                           parties thereto which would in any way render such
                           document inoperative or unenforceable.

                  (V)      NO UNDISCLOSED COMMISSIONS

                           There are and will be no commissions, rebates,
                           premiums or other payments by or to or on account of
                           any Obligor, their shareholders or

                                       42
<PAGE>

                           directors in connection with the transaction as a
                           whole other than as disclosed to the Co-ordinator in
                           writing.

                  (W)      ENVIRONMENT

                           Each of the Obligors:

                           (i)      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:

                                    (a)      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

                                    (b)      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");

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

                           (iii)    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

                                       43
<PAGE>

                                    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:

                                    (a)      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

                                    (b)      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.

                  (X)      YEAR 2000 CONFORMITY

                           Any upgrading, replacement or reprogramming required
                           to achieve Year 2000 Conformity of any Obligor's
                           computer systems, electronic and electro-mechanical
                           or similar equipment (including leased systems and
                           equipment) and the testing of all such systems and
                           equipment as so upgraded, replaced or reprogrammed,
                           will be completed in a timely manner and in respect
                           of such systems or equipment owned or leased on or
                           before 26 June 1999 in any event by 30 July 1999; the
                           cost of such upgrading, replacement or reprogramming
                           and testing to such Obligor will not have a material
                           adverse effect on the Obligor's business or financial
                           condition.

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<PAGE>

                  (Y)      MONEY LAUNDERING

                           Any borrowing by a Borrower hereunder, and the
                           performance of its obligations hereunder and under
                           the other Security Documents, will be for its own
                           account and will not involve any breach by it of any
                           law or regulatory measure relating to "MONEY
                           LAUNDERING" as defined in Article 1 of the Directive
                           (91/308/EEC) of the Council of the European
                           Communities.

         9.3      REPRESENTATIONS ON A DELIVERY DATE

                  Each Borrower further represents and warrants to the Agent and
                  each of the Lenders that on the relevant Delivery Date its
                  Vessel will be:

                  (A)      in its absolute and unencumbered ownership save as
                           contemplated by the Security Documents;

                  (B)      provisionally registered in its name under the
                           Bahamian flag;

                  (C)      classed with the highest classification available for
                           a vessel of its type free of all recommendations and
                           qualifications with Det Norske Veritas;

                  (D)      operationally seaworthy and in compliance with all
                           relevant provisions, regulations and requirements
                           (statutory or otherwise) applicable to ships
                           registered under the Bahamian flag;

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

                  (F)      managed by the Manager on and subject to the terms
                           set out in the relevant NCLL 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 and circumstances
                  subsisting, as if made on each day until the Borrowers have no

                                       45
<PAGE>

                  remaining obligations, actual or contingent, under or pursuant
                  to this Agreement or any of the other Security Documents.

         10.2     INFORMATION

                  Each Borrower will provide to the Co-ordinator (or will
                  procure the provision of):

                  (A)      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 in that year (commencing
                           with audited accounts made up to 31 December 1999)
                           such Group accounts being substituted with NCLC Group
                           accounts commencing with the audited accounts made up
                           to 31 December 2004;

                  (B)      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 Borrower and the Group
                           for that quarter such Group accounts being
                           substituted with NCLC Group accounts commencing with
                           the unaudited accounts made up to 31 March 2004;

                  (C)      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 Co-ordinator may request;

                  (D)      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 one million Dollars (USD1,000,000) 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.

                                       46
<PAGE>

         10.3     NOTIFICATION OF DEFAULT

                  Each Borrower will notify the Co-ordinator of any Event of
                  Default or Possible Event of Default forthwith upon any
                  Obligor becoming aware of the occurrence thereof. Upon the
                  Co-ordinator's request from time to time the Borrowers 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

                  Each Borrower will procure that (and will promptly furnish
                  Certified Copies to the Co-ordinator 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 each 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

                  Neither of the Borrowers will create or permit to subsist any
                  Encumbrance on the whole or any part of its present or future
                  assets, except for the following:

                  (A)      Encumbrances created with the prior consent of the
                           Lenders; or

                  (B)      Permitted Liens.

         10.6     DISPOSALS

                  Except with the prior consent of all the Lenders, neither
                  Borrower shall (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:

                                       47
<PAGE>

                  (A)      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;

                  (B)      disposals of cash raised or borrowed for the purposes
                           for which such cash was raised or borrowed;

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

                  (D)      a vessel owned by any member of the Star Group (other
                           than a 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;

                  (E)      the Subsidiaries of Star to whom the Six Vessels (as
                           defined in Clause 10.6(D)) 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

                  (F)      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 Co-ordinator, neither
                  Borrower shall make or threaten to make any substantial change
                  in its business as presently conducted,

                                       48
<PAGE>

                  namely that of a single ship owning company for its 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 Co-ordinator, that Borrower's ability to
                  perform its obligations hereunder and shall not form any
                  Subsidiaries and the Borrowers 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 Co-ordinator, neither
                  Borrower will enter into any amalgamation, restructure,
                  substantial reorganisation, merger or consolidation or
                  anything analogous to the foregoing. 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 and PROVIDED FURTHER THAT:

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

                  (B)      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;

                  (C)      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;

                  (D)      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 10.6.(D)) on
                           demise or bareboat charter for the period and at the
                           charterhire rate set out in Schedule 8; and

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

                                       49
<PAGE>

         10.9     MAINTENANCE OF STATUS AND FRANCHISES

                  Each 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

                  Each 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 that Borrower in accordance with GAAP.

         10.11    FINANCIAL INDEBTEDNESS AND SUBORDINATION OF INDEBTEDNESS

                  (A)      Otherwise than in the ordinary course of business as
                           owner of its 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, neither Borrower will 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).

                  (B)      Each 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
                           Borrowers hereunder. Upon the occurrence of an Event
                           of Default or a Possible Event of Default, neither
                           Borrower shall 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 relevant 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 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 that Borrower and in
                           particular but without

                                       50
<PAGE>

                           limitation the lender will not institute any legal or
                           quasi-legal proceedings under any jurisdiction at any
                           time against the relevant Vessel, its Earnings or
                           Insurances or the relevant Borrower and it will not
                           compete with the Agent or the Lenders in a
                           liquidation or other winding-up or bankruptcy of the
                           relevant Borrower or in any proceedings in connection
                           with that Borrower's Vessel, its Earnings or
                           Insurances.

                  (C)      The Borrowers hereby jointly and severally covenant
                           with the Agent and each of the Lenders that so long
                           as any part of the Outstanding Indebtedness remains
                           unpaid or undischarged neither will, without the
                           Co-ordinator's prior written consent, assign,
                           mortgage, dispose of or otherwise deal with any
                           inter-Borrower Financial Indebtedness or any part
                           thereof.

         10.12    POOLING OF EARNINGS AND CHARTERS

                  Neither Borrower will enter into in respect of its Vessel (A)
                  any pooling agreement or other arrangement for the sharing of
                  any of the Earnings or the expenses of its 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 its Vessel or (D) any charter of its
                  Vessel or contract of affreightment which, with the exercise
                  of options for extension, could be for a period longer than
                  thirteen (13) months.

         10.13    LOANS AND GUARANTEES BY THE BORROWERS

                  Otherwise than in the ordinary course of business as owner of
                  its Vessel or except as contemplated hereby, a 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 its 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 relevant 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.

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<PAGE>

         10.14    MANAGEMENT AND OPERATION OF CASINO

                  Except with the prior consent of the Co-ordinator, neither
                  Borrower will permit any person other than the Manager to be
                  the commercial, technical and crewing manager of its Vessel or
                  permit any amendment to be made to the terms of the relevant
                  Management Agreement.

         10.15    ACQUISITION OF SHARES

                  Neither Borrower will 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 a Vessel trades in the territorial waters of the United
                  States of America, the relevant Borrower shall in respect of
                  its 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 its Vessel in any other jurisdiction
                  in which such Vessel shall trade (a "RELEVANT JURISDICTION")
                  and, for this purpose a Borrower shall (inter alia) enter into
                  a "Carrier Initiative Agreement" with the United States'
                  Customs Service (if such is possible) and procure that the
                  same (or a similar agreement in a Relevant Jurisdiction) is
                  maintained in full force and effect and its obligations
                  thereunder performed by it in respect of its 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

                  Each Borrower 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 any of the Transaction Documents or securing to the
                  Agent and the Lenders the full benefit of the rights, powers
                  and remedies conferred upon the Agent or the Lenders in any
                  such Transaction Document.

                                       52
<PAGE>

         10.18    VALUATION OF THE VESSELS

                  (A)      The Borrowers will from time to time (but at
                           intervals no more frequently than annually at the
                           Borrowers' expense) within fifteen (15) days of
                           receiving any request to that effect from the
                           Co-ordinator, procure that the Vessels are valued by
                           an independent reputable shipbroker or shipvaluer
                           experienced in valuing cruise ships appointed by the
                           Borrowers and approved by the Co-ordinator (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 Vessels as the
                           Co-ordinator may require).

                  (B)      If the Borrowers do not accept the valuation obtained
                           pursuant to Clause 10.18(A) (the "FIRST VALUATION")
                           they may (at their 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 Borrowers and approved by the
                           Co-ordinator which approval shall not be unreasonably
                           withheld or delayed.

                  (C)      If the Second Valuation exceeds the First Valuation
                           by a margin of no less than ten per cent (10%) of the
                           First Valuation the Borrowers may at their expense
                           forthwith upon receipt of the Second Valuation
                           request the shipbrokers and/or shipvaluers appointed
                           pursuant to Clauses 10.18(A) and (B) to obtain a
                           third valuation (the "THIRD VALUATION") from a
                           further independent reputable shipbroker or
                           shipvaluer experienced in valuing cruise ships
                           approved by the Co-ordinator 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 Vessels will be determined on the
                           basis of the average of the three (3) valuations so
                           obtained. If the Third Valuation is not made
                           available within the aforementioned time limit the
                           Vessels shall be valued on the basis of the average
                           of the First Valuation and the Second Valuation.

                                       53
<PAGE>

                  (D)      The Borrowers 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
                           Co-ordinator for review.

         10.19    MARGINAL SECURITY

                  If:

                  (A)      at any time after the second anniversary of the first
                           Delivery Date and before the second anniversary of
                           the second Delivery Date, the value of the first
                           delivered 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 Co-ordinator provided by the
                           Borrowers or any third party to secure the due
                           performance by the Borrowers of their obligations
                           hereunder at valuations reasonably estimated by the
                           Co-ordinator from time to time is less than one
                           hundred and twenty five per cent (125%) of the amount
                           of the relevant Tranche; or

                  (B)      at any time after the second anniversary of the
                           second Delivery Date, the aggregate of the value of
                           the Vessels 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 Co-ordinator provided by the
                           Borrowers or any third party to secure the due
                           performance by the Borrowers of their obligations
                           hereunder at valuations reasonably estimated by the
                           Co-ordinator from time to time is less than one
                           hundred and twenty five per cent (125%) of the amount
                           of the Loan,

                  then the Co-ordinator may give the Borrowers notice requiring
                  the Borrowers to provide additional security and in such event
                  within thirty (30) days of such notice, the Borrowers will
                  either:

                  (i)      provide the Agent with additional security acceptable
                           to the Co-ordinator such that the security value of
                           the first delivered Vessel or the aggregate of the
                           security value of the Vessels (as the case may be)
                           and any additional security provided to the Agent
                           hereunder (at valuations

                                       54
<PAGE>

                           reasonably estimated by the Co-ordinator from time to
                           time) is at least one hundred and twenty five per
                           cent (125%) of the amount of the relevant Tranche or
                           the Loan (as the case may be); or

                  (ii)     prepay pro rata to the Tranches (in the case of the
                           Loan) all or an appropriate proportion of the Tranche
                           or the Loan (as the case may be) 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 Tranche or the Loan (as the
                           case may be).

         10.20    PERFORMANCE OF EMPLOYMENT CONTRACTS

                  Each Borrower will:

                  (A)      perform its obligations under each charterparty or
                           employment contract made in respect of its 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 Co-ordinator rescind,
                           cancel or otherwise terminate any charterparty or
                           contract in respect of its Vessel provided always
                           that any determination by it of any charterparty or
                           contract after such consent is given shall be without
                           responsibility on the part of the Co-ordinator 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 such Borrower;

                  (B)      promptly notify the Co-ordinator (i) of any default
                           under any charterparty or contract of which it has
                           knowledge by it and/or by any party under any
                           charterparty or contract (ii) of any charterparty or
                           contract being frustrated or the performance thereof
                           becoming impossible or substantially different from
                           that contemplated originally by the parties thereto;

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

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                  (D)      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 its Vessel;

                  (E)      not substitute any other ship or ships for its Vessel
                           under any charterparty or contract made in respect of
                           its Vessel;

                  (F)      not without the Co-ordinator's prior consent agree to
                           any material variation, modification or amendment in
                           the terms of any charterparty or contract in respect
                           of its 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;

                  (G)      not without the Co-ordinator's prior consent let or
                           employ its Vessel below about the market rate
                           prevailing when the Vessel is fixed;

                  (H)      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

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

         10.21    INSURANCES

                  Each Borrower covenants with the Agent and the Lenders and
                  undertakes from the Delivery Date of its Vessel:

                  (A)      to insure its Vessel, or to procure that its Vessel
                           is insured, in its name and keep its Vessel and
                           procure that its Vessel is kept insured during the
                           existence of this Agreement on an agreed value basis
                           for an amount in Dollars approved by the Co-ordinator
                           but not being less than the greater of:

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                           (i)      one hundred and twenty five per cent (125%)
                                    of the relevant Tranche; or

                           (ii)     the full market and commercial value of its
                                    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 Co-ordinator in each instance on terms and
                           conditions approved by the Co-ordinator including as
                           to deductibles but at least in respect of:

                           (a)      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
                                    Co-ordinator-approved policies containing
                                    the ordinary conditions applicable to
                                    similar vessels;

                           (b)      war risks including the Lost Vessel Clause
                                    and, should Institute War and Strike
                                    Clauses, Hulls Conditions prevail, the
                                    London Blocking and Trapping Addendum and
                                    war risks (protection and indemnity) up to
                                    the insured amount;

                           (c)      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 its Vessel is assessed for the
                                    purpose of such claims exceeding the insured
                                    value;

                           (d)      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 Co-ordinator 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 its
                                    Vessel trades from time to time during the
                                    Security Period);

                           (e)      when and while its Vessel is laid-up, in
                                    lieu of hull insurance, normal port risks;

                           (f)      such other risks as the Co-ordinator 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 relevant Borrower, the
                           Agent and/or the Lenders) such person shall if so
                           required by the Co-ordinator execute a first priority
                           assignment of its interest in such insurances in
                           favour of the Agent and/or the Lenders in similar
                           terms mutatis mutandis to the relevant Insurance
                           Assignment;

                  (B)      to agree that the Co-ordinator at the cost of the
                           Borrowers shall take out mortgagee interest insurance
                           on such conditions as the Co-ordinator may reasonably
                           require and mortgagee interest insurance for
                           pollution risks as from time to time agreed the
                           Borrowers having no interest or entitlement in
                           respect of such policies;

                  (C)      if its 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 its 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:

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

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

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

                           (iv)     to implement any recommendations contained
                                    in the reports issued following the surveys
                                    referred to in sub-clause (iii) above within
                                    the time limit specified therein and to
                                    provide evidence satisfactory to the
                                    Co-ordinator that the protection and
                                    indemnity insurers are satisfied that this
                                    has been done;

                           (v)      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 relevant Borrower or its Vessel with
                                    respect to pollution by any state or nation
                                    or political subdivision thereof, including
                                    but not limited to OPA, and to provide the
                                    Co-ordinator on demand with such information
                                    or evidence as it may reasonably require of
                                    such compliance;

                           (vi)     to procure that the protection and indemnity
                                    insurances do not contain a clause excluding
                                    its Vessel from trading in waters of the
                                    United States of America and the EEZ or any
                                    other provision analogous thereto and to
                                    provide the Co-ordinator with evidence that
                                    this is so; and

                           (vii)    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 its Vessel falls within
                                    the provisions which limit strict liability
                                    under OPA for oil pollution;

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                  (D)      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 Co-ordinator;

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

                  (F)      to procure that each of the relevant brokers and
                           associations furnish the Agent with a letter of
                           undertaking in such form as may be required by the
                           Co-ordinator and waives any lien for premiums or
                           calls except in relation to premiums or calls
                           attributable to its Vessel;

                  (G)      punctually to pay all premiums, calls, contributions
                           or other sums payable in respect of the Insurances on
                           its Vessel and to produce all relevant receipts when
                           so required by the Co-ordinator;

                  (H)      to renew each of the Insurances on its Vessel at
                           least ten (10) days before the expiry thereof and to
                           give immediate notice to the Co-ordinator of such
                           renewal and to procure that the relevant brokers or
                           associations shall promptly confirm in writing to the
                           Co-ordinator that such renewal is effected it being
                           understood by each Borrower that any failure to renew
                           the Insurances on its 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;

                  (I)      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;

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                  (J)      to furnish the Co-ordinator from time to time on
                           request with full information about all Insurances
                           maintained on its Vessel and the names of the
                           offices, companies, underwriters, associations or
                           clubs with which such Insurances are placed;

                  (K)      not to agree to any variation in the terms of any of
                           the Insurances on its Vessel without the prior
                           approval of the Co-ordinator 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 its 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;

                  (L)      not without the prior written consent of the
                           Co-ordinator to settle, compromise or abandon any
                           claim in respect of any of the Insurances on its
                           Vessel other than a claim of less than one million
                           Dollars (USD1,000,000) or the equivalent in any other
                           currency and not being a claim arising out of a Total
                           Loss;

                  (M)      promptly to furnish the Co-ordinator with full
                           information regarding any casualties or other
                           accidents or damage to its Vessel involving an amount
                           in excess of one million Dollars (USD1,000,000);

                  (N)      to apply or ensure the appliance of all such sums
                           receivable in respect of the Insurances on its Vessel
                           for the purpose of making good the loss and fully
                           repairing all damage in respect whereof the insurance
                           monies shall have been received;

                  (O)      that in the event of it making default in insuring
                           and keeping insured its Vessel as hereinbefore
                           provided then the Co-ordinator may (but shall not be
                           bound to) insure that Vessel or enter that Vessel in
                           such manner and to such extent as the Co-ordinator 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 Borrowers to the
                           Agent; and

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                  (P)      to agree that the Co-ordinator shall be entitled from
                           time to time (but at intervals no more frequently
                           than annually at the Borrowers' expense) to instruct
                           independent reputable insurance advisers for the
                           purpose of obtaining any advice or information
                           regarding any matter concerning the Insurances which
                           the Co-ordinator 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
                           Co-ordinator in connection with the instruction of
                           such advisers as aforesaid.

         10.22    OPERATION AND MAINTENANCE OF THE VESSELS

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

                  (A)      keep its Vessel in a good and efficient state of
                           repair so as to maintain it to the highest
                           classification available for a vessel of its age and
                           type free of all recommendations and qualifications
                           with Det Norske Veritas. On its Vessel's Delivery
                           Date and annually thereafter, it will furnish to the
                           Co-ordinator 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 its 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 its Vessel. It
                           will not make any substantial modifications or
                           alterations to its Vessel or any part thereof without
                           the prior consent of the Co-ordinator;

                  (B)      submit its Vessel to continuous survey in respect of
                           her machinery and hull and such other surveys as may
                           be required for classification purposes and, if so
                           required by the Co-ordinator, supply to the
                           Co-ordinator copies in English of the survey reports;

                  (C)      permit surveyors or agents appointed by the
                           Co-ordinator to board its Vessel at all reasonable
                           times to inspect her condition or satisfy

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<PAGE>

                           themselves as to repairs proposed or already carried
                           out and afford all proper facilities for such
                           inspections;

                  (D)      comply, or procure that the Manager will comply, with
                           the ISM Code or any replacement of the ISM Code and
                           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
                           relevant code and at all times thereafter:

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

                           (ii)     provide the Co-ordinator with copies of any
                                    such Document of Compliance and Safety
                                    Management Certificate as soon as the same
                                    are issued;

                           (iii)    pursuant to the ISM Code, keep, or procure
                                    that there is kept, on board its Vessel a
                                    copy of any such Document of Compliance and
                                    the original of any such Safety Management
                                    Certificate;

                           (iv)     pursuant to the ISPS Code, keep, or procure
                                    that there is kept, on board the Vessel the
                                    original of the International Ship Security
                                    Certificate; and

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

                  (E)      not employ its Vessel or permit her 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 her liable to
                           condemnation in a prize court or to destruction,
                           seizure or confiscation or that may expose its Vessel
                           to penalties. In the event of hostilities in any part
                           of the world (whether war be declared or

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                           not) it will not employ its Vessel or permit her
                           employment in carrying any contraband goods;

                  (F)      promptly provide the Co-ordinator with (i) all
                           information which the Co-ordinator may reasonably
                           require regarding its Vessel, her employment,
                           earnings, position and engagements (ii) particulars
                           of all towages and salvages and (iii) copies of all
                           charters and other contracts for her employment and
                           otherwise concerning her;

                  (G)      give notice to the Co-ordinator promptly and in
                           reasonable detail upon any Obligor becoming aware of:

                           (i)      accidents to its Vessel involving repairs
                                    the cost of which will or is likely to
                                    exceed one million Dollars (USD1,000,000);

                           (ii)     its Vessel becoming or being likely to
                                    become a Total Loss or a Compulsory
                                    Acquisition;

                           (iii)    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;

                           (iv)     any writ served against or any arrest of its
                                    Vessel or the exercise of any lien or
                                    purported lien on its Vessel her Earnings or
                                    Insurances;

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

                           (vi)     its Vessel ceasing to be registered as a
                                    Bahamian vessel or anything which is done or
                                    not done whereby such registration may be
                                    imperilled;

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

                           (viii)   anything done or permitted or not done in
                                    respect of its Vessel by any person which is
                                    likely to imperil the security created by
                                    the Security Documents or the relevant Lower
                                    Saxony Guarantee;

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<PAGE>

                  (H)      promptly pay and discharge all debts, damages and
                           liabilities, taxes, assessments, charges, fines,
                           penalties, tolls, dues and other outgoings in respect
                           of its Vessel and keep proper books of account in
                           respect thereof PROVIDED ALWAYS that the Borrowers
                           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 one million Dollars (USD1,000,000) shall
                           forthwith be provided to the Co-ordinator. As and
                           when the Co-ordinator may so require it will make
                           such books available for inspection on behalf of the
                           Co-ordinator and provide evidence satisfactory to the
                           Co-ordinator 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;

                  (I)      maintain the type of its Vessel as at its Delivery
                           Date and not put its Vessel into the possession of
                           any person without the prior consent of the
                           Co-ordinator for the purpose of work being done on
                           her in an amount exceeding or likely to exceed one
                           million Dollars (USD1,000,000) unless such person
                           shall first have given to the Co-ordinator a written
                           undertaking addressed to the Agent in terms
                           satisfactory to the Co-ordinator agreeing not to
                           exercise a lien on the Vessel or her Earnings for the
                           cost of such work or for any other reason;

                  (J)      promptly pay and discharge all liabilities which have
                           given rise, or may give rise, to liens or claims
                           enforceable against its Vessel under the laws of all
                           countries to whose jurisdiction its Vessel may from
                           time to time be subject PROVIDED ALWAYS that the
                           Borrowers 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 one million Dollars
                           (USD1,000,000) shall be forthwith provided to the
                           Co-ordinator. If its Vessel is arrested or detained
                           for any reason it will procure her immediate

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<PAGE>

                           release by providing bail or taking such other steps
                           as the circumstances may require;

                  (K)      give to the Co-ordinator 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 Co-ordinator, forthwith discharge
                           such debts, damages and liabilities to the
                           Co-ordinator's satisfaction; and

                  (L)      maintain the registration of its Vessel as a Bahamian
                           vessel and not do or permit anything to be done
                           whereby such registration may be forfeited or
                           imperilled.

11       JOINT AND SEVERAL OBLIGATIONS

                  (A)      Each obligation of or expressed to be assumed by the
                           Borrowers or either of them in or under this
                           Agreement or any other Security Document is the joint
                           and several obligation of the Borrowers and each of
                           them.

                  (B)      Each Borrower acknowledges and confirms that it is a
                           principal and original debtor in respect of all
                           amounts which may become payable by the Borrowers in
                           accordance with the terms hereof or any other
                           Security Document and agrees that the Agent and the
                           Lenders and each of them may in all circumstances
                           treat it as such whether or not the Agent or any
                           Lender is or becomes aware that such Borrower is or
                           has become a surety for another.

                  (C)      The Borrowers agree to indemnify and hold harmless
                           the Agent and the Lenders and each of them from and
                           against any loss incurred by any of them as a result
                           of any Clause or provision of this Agreement or any
                           other Security Document being or becoming void,
                           voidable or unenforceable for any reason whatsoever,
                           whether or not known to any such person, the amount
                           of such loss being limited to the amount which the
                           Agent or the relevant Lender would otherwise have
                           been entitled to recover hereunder or under any other
                           Security Document had such Clause or provision not
                           become void, voidable or unenforceable.

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<PAGE>

                  (D)      The obligation of each Borrower under this Agreement
                           or any other Security Document shall not be in any
                           way discharged or impaired by reason of (i) any time
                           or indulgence which may be granted by the Agent, the
                           Lenders or any of them to the other Borrower or any
                           other person from whom they may seek payment of sums
                           due from either Borrower under this Agreement or any
                           other Security Document (ii) by any variation of this
                           Agreement or any other Security Document or any
                           related document or (iii) by any other circumstances
                           which might (but for this provision) constitute a
                           legal or equitable discharge of such Borrower.

                  (E)      Until the Outstanding Indebtedness has been paid in
                           full neither Borrower (hereinafter called a "CREDITOR
                           BORROWER") will, without the prior written consent of
                           the Agent, ask, demand, sue for, take or receive from
                           the other Borrower (hereinafter called the "DEBTOR
                           BORROWER") by set-off or any manner the whole or any
                           part of all present and future sums, liabilities and
                           obligations payable or owing by the Debtor Borrower
                           to the Creditor Borrower whether actual or
                           contingent, jointly or severally or otherwise
                           howsoever or demand or accept any Encumbrance in
                           respect thereof so long as any Senior Liabilities are
                           outstanding to any Lender (for which purpose "SENIOR
                           LIABILITIES" shall mean all present and future sums,
                           liabilities and obligations whatsoever payable or
                           owing by the Borrowers (or either of them) to the
                           Agent or any Lender under this Agreement and the
                           other Security Documents (or any of them) or
                           otherwise whatsoever, whether actual or contingent,
                           jointly or severally or otherwise howsoever.

                  (F)      To provide for just and equitable contribution
                           between the Borrowers the Borrowers hereby agree, as
                           between themselves, that if any payment is made by a
                           Borrower (the "FUNDING BORROWER") under this
                           Agreement, the Funding Borrower shall be entitled to
                           a contribution from the other Borrower for such
                           payment, such contribution to be made in the manner
                           and to the extent set forth in this Clause 11. Any
                           amount payable as a contribution hereunder shall be
                           determined as of the date on which the related
                           payment is made by the Funding Borrower. The other
                           Borrower shall be liable to the Funding Borrower in
                           an aggregate amount, subject to Clause 11(G), equal
                           to (i) the ratio of (x) the Net Assets of such
                           Borrower to (y) the aggregate Net Assets of the
                           Borrowers multiplied by (ii) the

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                           amount of such payment made by or on account of, the
                           Funding Borrower. For purposes of any calculations
                           pursuant to this Clause 11 "NET ASSETS" for the
                           Borrowers shall mean an amount equal to the excess of
                           the fair, saleable value of the assets of such
                           Borrower as at such date (without taking into account
                           the rights of such Borrower under this Clause 11) and
                           excluding the value of any shares of stock owned by
                           such Borrower in any other company on such date over
                           the amount that would be required to pay the probable
                           liabilities of such Borrower determined as at such
                           date (excluding the obligations of such Borrower
                           under this Clause 11) on all of its debts. Any
                           contribution hereunder may be made by adjustment to
                           the inter-company accounts maintained by the
                           Shareholder with respect to each of the Borrowers;
                           however, none of the Borrowers shall be entitled to
                           make any claim in respect of any contribution owed to
                           it by the other Borrower until all monies owing to
                           the Agent and/or the Lenders under this Agreement and
                           the other Security Documents have been paid in full.

                  (G)      If as a result of any amendment, waiver or
                           modification of the terms and conditions governing
                           this Agreement, or for any other reason the
                           contributions of a Borrower under this Clause 11
                           become inequitable, the parties hereto shall promptly
                           modify and amend this Agreement to provide for any
                           equitable allocation of contributions. Any of the
                           foregoing modifications and amendments shall be in
                           writing and signed by all parties hereto.

                  (H)      The Borrowers acknowledge that the right of
                           contribution hereunder shall constitute an asset of
                           the party to which such contribution is owing.

                  (I)      In the event of payment being made to, or an
                           Encumbrance being held by, a Creditor Borrower in
                           breach of Clause 11(E) or any payment or distribution
                           being made to a Creditor Borrower by any liquidator
                           or other person rather than to the Agent such
                           Creditor Borrower shall hold such payment or
                           Encumbrance to the order and for the benefit of the
                           Agent and shall forthwith pay to the Agent any sums
                           which shall have been so received by it from the
                           Debtor Borrower or from the enforcement of such
                           Encumbrance (in which respect the Creditor Borrower
                           shall act in

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                           accordance with the directions of the Agent) or, as
                           the case may be, the liquidator of the Debtor
                           Borrower or such other person and until such payment
                           such Creditor Borrower will hold such sums and the
                           benefit of such Encumbrance (as the case may be) on
                           trust for the Agent and any such sums so paid to or
                           held on trust for the Agent shall be applied, or
                           pending application held, in such manner as the Agent
                           shall think fit in or towards discharge of the
                           Outstanding Indebtedness.

12       RIGHTS OF THE AGENT AND THE LENDERS

         12.1     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 either Borrower or any
                  other person for payment of sums due from either Borrower or
                  indemnification against liabilities as a result of either
                  Borrower's default in payment of sums due from it under this
                  Agreement or other Security Document.

         12.2     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 (i) to take action or obtain
                  judgment in any court against either Borrower or any other
                  person from whom they may seek payment of any sum due from
                  either Borrower under this Agreement or any other Security
                  Document (ii) to make or file any claim in a bankruptcy,
                  winding-up, liquidation or re-organisation of either Borrower
                  or any other such person or (iii) to enforce or seek to
                  enforce any other rights it may have against either Borrower
                  or any other such person or (iv) to enforce the Lower Saxony
                  Guarantees.

         12.3     EXERCISE OF RIGHTS

                  Each Borrower agrees that, so long as any sums are or may be
                  owed by either Borrower under this Agreement or any other
                  Security Document, any rights which it may have, at any time,
                  by reason of performance by or of its obligations

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                  under this Clause, to be indemnified by the other Borrower
                  and/or to take the benefit (in whole or in part) of any
                  security taken pursuant to this Agreement or any Security
                  Document by the Lenders or the Agent on their behalf, shall be
                  exercised by it in such manner and upon such terms as the
                  Agent may require and further agrees to hold any monies at any
                  time received by it as a result of the exercise of any such
                  rights for and on behalf and to the order of the Agent for
                  application in or towards payment of any sums at any time owed
                  by either Borrower under this Agreement or any other Security
                  Document.

         12.4     WAIVER OF SET-OFF

                  Each Borrower further agrees that so long as any sums are or
                  may be owed by either Borrower under this Agreement or any
                  other Security Document it will not (A) claim any set-off or
                  counterclaim against the other Borrower in respect of any
                  liability on the part of such other Borrower to it and
                  attributable to this Agreement or any other Security Document
                  or (B) prove in competition with the Agent or the Lenders or
                  any of them in any liquidation or winding-up of the other
                  Borrower, whether in respect of any payment by it hereunder or
                  under any other Security Document or in respect of any monies
                  including proceeds of realisation of securities, dividends or
                  otherwise.

13       DEFAULT

         13.1     EVENTS OF DEFAULT

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

                  (A)      NON-PAYMENT

                           The Borrowers or any other Obligor do 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 13.1(A) until the expiry of three (3) Business
                           Days following the date on which such payment is
                           due), or within three (3) days of the due date any
                           other amount, payable by them under any

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                           Security Document to which they may at any time be a
                           party, at the place and in the currency in which it
                           is expressed to be payable.

                  (B)      BREACH OF OTHER OBLIGATIONS

                           (i)      Any Obligor 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 Co-ordinator of any of
                                    the Transaction Documents and such failure
                                    (if in the opinion of the Co-ordinator 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 Co-ordinator 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

                           (ii)     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.

                  (C)      MISREPRESENTATION

                           Any representation warranty or statement made or
                           repeated in, or in connection with, any Security
                           Document or the Lower Saxony Guarantees or in any
                           accounts, certificate, statement or opinion delivered
                           by or on behalf of any Obligor thereunder or in
                           connection therewith is materially incorrect when
                           made or would, if repeated at any time hereafter by
                           reference to the facts subsisting at such time, no
                           longer be materially correct.

                  (D)      CROSS DEFAULT

                           (i)      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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                           (ii)     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.

                           (iii)    Any Encumbrance over any assets of any
                                    member of the NCLC Group becomes
                                    enforceable.

                           (iv)     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:

                           (a)      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 three million Dollars
                                    (USD3,000,000); and

                           (b)      Financial Indebtedness being contested by
                                    the Borrowers in good faith will be
                                    disregarded PROVIDED first that full details
                                    of the dispute shall be submitted to the
                                    Co-ordinator forthwith upon its occurrence
                                    and second if the dispute remains unresolved
                                    for a period of one hundred and fifty (150)
                                    days this Clause 13.1(D)(b) shall not apply
                                    to that Financial Indebtedness.

                  (E)      WINDING-UP

                           Any order is made or an effective resolution passed
                           or other action taken for the suspension of payments
                           or dissolution, termination of existence,
                           liquidation, winding-up or bankruptcy of any member
                           of the NCLC Group.

                  (F)      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.

                  (G)      APPOINTMENT OF LIQUIDATORS ETC.

                           A liquidator, trustee, administrator, receiver,
                           manager or similar officer is appointed in respect of
                           any member of the NCLC Group or in respect of all or
                           any substantial part of the assets of any member of
                           the NCLC Group and in any such case such appointment
                           is not withdrawn within thirty (30) days (the "GRACE
                           PERIOD") unless the Co-ordinator 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.

                  (H)      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.

                  (I)      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.

                  (J)      ANALOGOUS EVENTS

                           Anything analogous to or having a substantially
                           similar effect to any of the events specified in
                           sub-clauses (E) to (I) of this Clause shall occur
                           under the laws of any applicable jurisdiction.

                  (K)      CESSATION OF BUSINESS

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

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                  (L)      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 Co-ordinator and the
                           Co-ordinator 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 Borrowers
                           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
                           Co-ordinator is satisfied in its sole discretion that
                           the Lenders' interests might reasonably be expected
                           to be materially adversely affected.

                  (M)      UNLAWFULNESS

                           At any time it is unlawful or impossible for any
                           Obligor to perform any of its obligations under any
                           Security Document to which it is a party or it is
                           unlawful or impossible for the Agent or any Lender to
                           exercise any of its rights under any of the Security
                           Documents or the Lower Saxony Guarantees PROVIDED
                           THAT no Event of Default shall be deemed to have
                           occurred (except where the unlawfulness or
                           impossibility adversely affects any Obligor's payment
                           obligations under this Agreement and other Security
                           Documents (the determination of which shall be in the
                           Co-ordinator's sole discretion) in which case the
                           following provisions of this Clause 13.1(M) shall not
                           apply) where the unlawfulness or impossibility
                           prevents any Obligor from performing its obligations
                           (other than its payment obligations under this
                           Agreement and the Security Documents) and is cured
                           within a period of twenty one (21) days of the
                           occurrence of the event giving rise to the
                           unlawfulness or impossibility and the relevant
                           Obligor, within the aforesaid period, performs its
                           obligation(s) and PROVIDED FURTHER THAT no Event of
                           Default shall be deemed to have occurred where the
                           Agent and/or any relevant Lender could, in its

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                  sole discretion, mitigate the consequences of unlawfulness or
                  impossibility in the manner described in Clause 4.3(B). The
                  costs of mitigation shall be determined in accordance with
                  Clause 4.3(B).

            (N)   INSURANCES

                  Either Borrower fails to insure its 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
                  Co-ordinator.

            (O)   TOTAL LOSS

                  If a Vessel shall become a Total Loss and the proceeds of the
                  Insurances in respect thereof shall not have been received by
                  the Agent within one hundred and fifty (150) days after the
                  date of the event giving rise to such Total Loss.

            (P)   DISPOSALS

                  If either Borrower or any other member of the NCLC Group shall
                  have concealed, removed, or permitted to be concealed or
                  removed, any part of their property, with intent to hinder,
                  delay or defraud their respective creditors or any of them, or
                  made or suffered a transfer of any of their property which may
                  be fraudulent under any bankruptcy, fraudulent conveyance or
                  similar law; or shall have made any transfer of their property
                  to or for the benefit of a creditor with the intention of
                  preferring such creditor over any other creditor.

            (Q)   PREJUDICE TO SECURITY

                  Anything is done or suffered or omitted to be done by any
                  Obligor which in the reasonable opinion of the Co-ordinator
                  would or might be expected to imperil the security created by
                  any of the Security Documents or the Lower Saxony Guarantees.

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            (R)   MATERIAL ADVERSE CHANGE

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

            (S)   GOVERNMENTAL INTERVENTION

                  The authority of any member of the NCLC Group in the conduct
                  of its business is wholly or substantially curtailed by any
                  seizure or intervention by or on behalf of any authority and
                  within ninety (90) days of the date of its occurrence any such
                  seizure or intervention is not relinquished or withdrawn and
                  the Co-ordinator 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 Borrowers shall not be entitled to
                  the aforesaid ninety (90) day period if the seizure or
                  intervention executed by any authority is due to an act or
                  omission of any member of the NCLC Group and the Co-ordinator
                  is satisfied, in its sole discretion, that the Lenders'
                  interest might reasonably be expected to be materially
                  adversely affected.

      13.2  ACCELERATION

            (A)   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 Borrowers cancel the obligations
                  of the Lenders under this Agreement.

            (B)   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 the Agent may:

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                  (i)   by notice to the Borrowers 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 Tranche shall be cancelled; and/or

                  (ii)  from time to time exercise all or any of its rights
                        under any of the Security Documents in such order and in
                        such manner as it shall deem appropriate; and/or

                  (iii) at its discretion terminate or continue with the
                        Management Agreements.

      13.3  DEFAULT INDEMNITY

            The Borrowers 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:

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

            (B)   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;

            (C)   any prepayment of a Tranche or part thereof being made at any
                  time for any reason; and/or

            (D)   a Tranche 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 Tranches or in
            liquidating or re-employing deposits from third parties acquired to
            effect or maintain the Tranches and also

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            any loss or expense (including without limitation warehousing and
            other related costs) incurred in connection with any interest rate
            swap agreements or other financial instruments entered into for the
            purposes of this transaction.

      13.4  SET-OFF

            Following the occurrence of any Event of Default and for so long as
            the same is continuing, each Borrower irrevocably authorises the
            Agent and the Lenders to apply any credit balance to which that
            Borrower is entitled upon any account of that Borrower with any
            branch of any of the Agent and the Lenders in or towards
            satisfaction of any sum due to the Agent or any Lender hereunder but
            unpaid, and to combine any accounts of the Borrowers for this
            purpose. If such set-off requires a credit balance in a currency
            other than Dollars or Euro (as the case may be) 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 or Euro (as the case may be) which the Agent or the Lender
            (as the case may be) could obtain by exchanging such currency for
            Dollars or Euro (as the case may be) at the rate of exchange at
            which its Lending Branch would, at the opening of business on the
            date on which the combination is effected, have sold the currency of
            that credit balance for Dollars or Euro (as the case may be) for
            immediate delivery.

14    APPLICATION OF FUNDS

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

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

            FIRSTLY     to the payment of all fees, expenses and charges
                        (including brokers' commissions and any costs (including
                        without limitation warehousing and other related costs)
                        incurred in breaking any swap agreements or other
                        interest rate management products entered into for the
                        purpose of this transaction), the expenses of

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                        any sale, the expenses of retaining any attorney,
                        solicitors' fees, court costs and any other expenses or
                        advances made or incurred by the Agent or any Lender in
                        the protection of the Agent's and the 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 or their security and to
                        provide adequate indemnity against liens claiming
                        priority over or equality with the lien of Security
                        Documents or any other Encumbrances;

            SECONDLY    in or towards payment in such order as the Lenders may
                        require of any accrued (but unpaid) fees and interest to
                        which the Lenders and/or the Agent are entitled
                        hereunder and/or under the other Security Documents in
                        connection with the relevant Tranche and/or the Loan;

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

            FOURTHLY    in retention by the Agent in its discretion in a
                        suspense or impersonal interest bearing security
                        realised account of such sum as it considers appropriate
                        by way of security for the Outstanding Indebtedness 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 Maturity Date Payment and
                        the Instalments of the relevant Tranche (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 Borrowers to the Agent under the Security Documents
                        using in the discretion of the Agent the same order of
                        application as FIRSTLY to FIFTHLY;

            SEVENTHLY   in retention of such other sum or sums as the Agent may
                        require as security for any further monies which may
                        reasonably be

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

            EIGHTHLY    the balance, if any, in payment to the Borrowers 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 Borrowers.

      14.2  GENERAL FUNDS

            Any other monies received by or in the possession of the Agent or
            any Lender under or pursuant to the Security Documents which are
            expressed hereunder and/or under the Security Documents to be
            distributed in accordance with the provisions of this Clause or
            where no express provisions are made for disposal shall be applied
            in the discretion of the Agent as follows:

            FIRSTLY     in or towards payment of all fees, costs and expenses
                        (including any costs (including without limitation any
                        warehousing and other related costs) incurred breaking
                        any interest rate swap agreements or other interest rate
                        management products entered into 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 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 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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            FOURTHLY    in or towards payment of the Maturity Date Payment and
                        the Instalments of the relevant Tranche in reverse order
                        of maturity date;

            FIFTHLY     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 under this Agreement or any of
                        the other Security Documents and which the assigned
                        Earnings may be insufficient to satisfy; and

            SIXTHLY     the balance (if any) shall be released to the Borrowers
                        or to their order or whomsoever else may be entitled
                        thereto.

      14.3  APPLICATION OF PROCEEDS OF INSURANCES

            Proceeds of the Insurances for partial losses shall be applied in
            accordance with the Insurance Assignments and/or the loss payable
            clauses endorsed on the Insurances in the form approved by the
            Co-ordinator and in the case of a Total Loss of a Vessel in
            accordance with Clause 4.5 and Clause 14.1.

      14.4  SUSPENSE ACCOUNT

            Any monies received or recovered by the Agent or any Lender 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
            THIRDLY of Clause 14.1 or Clause 14.2 (as the case may be).

15    FEES

      15.1  AGENCY FEE

            The Borrowers shall pay to the Agent an agency fee in Dollars on the
            date on which the German State of Lower Saxony advises the
            Co-ordinator that the Lower Saxony Guarantees will be issued in form
            acceptable to the Lenders and on the first and second anniversaries
            of 26 June 1999 calculated at the rate of nought point nought three
            one two five per cent (0.03125%) per annum of the Facility (in the
            case of the fee payable on the date on which the German State of
            Lower

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            Saxony advises the Co-ordinator that the Lower Saxony Guarantees
            will be issued in form acceptable to the Lenders) or of the Loan (in
            the case of the fee payable on an anniversary of 26 June 1999). From
            the third anniversary of 26 June 1999 the Borrowers shall pay to the
            Agent an agency fee in Dollars on each Interest Payment Date
            thereafter calculated at the rate of nought point nought three one
            two five per cent (0.03125%) per annum of the relevant Tranche.

      15.2  MANAGEMENT FEE

            The Borrowers shall pay to the Agent for distribution to the Lenders
            a management fee of two million two hundred and sixty eight thousand
            Dollars (USD2,268,000) on the date on which the German State of
            Lower Saxony advises the Co-ordinator that the Lower Saxony
            Guarantees will be issued in form acceptable to the Lenders.

      15.3  COMMITMENT FEE

            The Borrowers shall pay to the Agent for distribution to the Lenders
            on the date falling three (3) months after 26 June 1999 and three
            (3) monthly thereafter and on the date that the Facility has been
            drawn down or cancelled a commitment fee in Dollars calculated at
            the rate of nought point two five per cent (0.25%) per annum on the
            daily undrawn, uncancelled amount of a Tranche from 31 July 1998 in
            the case of Tranche 1 and from 22 June 1999 in the case of Tranche 2
            until the Facility has been drawn down in full or cancelled.

      15.4  LOWER SAXONY GUARANTEES FEE

            The Borrowers shall pay to the Agent on each Interest Payment Date
            in respect of a Tranche from 13 December 2001 in the case of Tranche
            1 and from the Norwegian Dawn Vessel Delivery Date in the case of
            Tranche 2 until the relevant Maturity Date a guarantee fee in Euro
            calculated at the rate of nought point seven five per cent (0.75%)
            per annum on the relevant Lower Saxony Guaranteed Amount.

      15.5  UNDERWRITING FEE

            Pursuant to the offer letter dated 11 June 1999 between the
            Arrangers and Star, Norwegian Dawn shall pay to the Agent on
            acceptance of the said offer letter an

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            underwriting fee of three hundred and two thousand four hundred
            Dollars (USD302,400). It is hereby agreed between the Arrangers and
            the Borrowers that the Borrowers shall pay the said underwriting fee
            to the Agent for distribution to the Arrangers on the date on which
            the German State of Lower Saxony advises the Co-ordinator that the
            Lower Saxony Guarantees will be issued in form acceptable to the
            Lenders.

      15.6  RESTRUCTURING FEES

            The Borrowers shall pay to the Agent for distribution to the
            Lenders:

            (A)   on the Restatement Date a non-refundable restructuring fee in
                  the amount of three hundred thousand Dollars (USD300,000); and

            (B)   on the signing of the Third Supplemental Agreement a
                  non-refundable restructuring fee in the amount of one million
                  two hundred and fifty three thousand eight hundred and forty
                  four Dollars (USD1,253,844.00).

      15.7  SECOND RESTRUCTURING FEE

            The Borrowers shall pay to each of the Lenders on the earlier of
            five (5) Business Days from the date of the Fourth Supplemental
            Agreement and the Third Restatement Date a non-refundable second
            restructuring fee of fifty thousand Dollars (USD50,000) provided
            that a Lender which is the provider of any other loan or other
            facility to the Borrowers or any other member of the Group shall
            only be entitled to receive one (1) such fee of fifty thousand
            Dollars (USD50,000). Notwithstanding any provision of this Agreement
            or the Agency and Co-ordination Deed to the contrary, no Lender
            shall be required to share with the other Lenders, the Agent and/or
            the Co-ordinator any such restructuring fee received.

16    EXPENSES

      16.1  INITIAL EXPENSES

            The Borrowers shall reimburse the Agent on demand on a full
            indemnity basis for the reasonable charges and expenses (together
            with value added tax or any similar tax thereon and including
            without limitation the fees and expenses of legal, insurance and
            other advisers) incurred by the Agent or the Co-ordinator in respect

                                       83
<PAGE>

            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.

      16.2  ENFORCEMENT EXPENSES

            The Borrowers shall reimburse the Agent and the Lenders on demand on
            a full indemnity basis for all charges and expenses (including value
            added tax or any similar tax thereon and including the fees and
            expenses of legal advisers) incurred by the Agent and each of the
            Lenders in connection with the enforcement of, or the preservation
            of any rights under, this Agreement, the other Security Documents
            and the Lower Saxony Guarantees.

      16.3  STAMP DUTIES

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

17    WAIVERS, REMEDIES CUMULATIVE

      17.1  NO WAIVER

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

      17.2  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.

                                       84
<PAGE>

      17.3  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.

      17.4  TIME OF ESSENCE

            Time is of the essence in respect of all of the obligations of the
            Borrowers 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.

18    COUNTERPARTS

      18.1  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.

19    ASSIGNMENT

      19.1  BENEFIT OF AGREEMENT

            This Agreement shall be binding upon the Borrowers and their
            successors and shall inure to the benefit of the Agent, the
            Co-ordinator and each of the Lenders and their successors and
            assigns.

      19.2  NO TRANSFER BY THE BORROWERS

            Neither of the Borrowers may assign or transfer all or any of its
            rights, benefits or obligations hereunder or under any of the other
            Security Documents.

      19.3  ASSIGNMENTS, PARTICIPATIONS AND TRANSFERS BY A LENDER

            Each Lender may, subject to obtaining the prior written approval of
            the Agent, at any time transfer or assign all of its rights and
            benefits hereunder and under the Security Documents and the Lower
            Saxony Guarantees to any other lending institution but shall, prior
            to such transfer or assignment, on request by the Agent,

                                       85
<PAGE>

            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 Borrowers (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 and
            the Lower Saxony Guarantees 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.

      19.4  EFFECTIVENESS OF TRANSFER

            If a Lender transfers or assigns all or any of its rights and
            benefits hereunder in accordance with Clause 19.3, 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.

      19.5  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 19.3, 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, the other parties to this Agreement and the
            Guarantor in accordance with the provisions of Clause 19.8. 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:

            (A)   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 Borrowers 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

                                       86
<PAGE>

                  (such rights and obligations being referred to in this Clause
                  19.5 as "DISCHARGED RIGHTS, BENEFITS AND OBLIGATIONS");

            (B)   the Borrowers 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 Borrowers and
                  such Transferee have assumed and/or acquired the same in place
                  of the Borrowers and the relevant Lender; and

            (C)   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.

      19.6  CONSENT AND INCREASED OBLIGATIONS OF THE BORROWERS

            In the event that a Lender transfers its Lending Branch 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 Borrowers 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 Borrowers has not been
            obtained to such transfer or assignment and the increased cost then,
            without prejudice to any obligation of the Borrowers which arises
            after the time of such transfer or assignment, the Borrowers shall
            not be obliged to pay the amount of such excess.

      19.7  DISCLOSURE OF INFORMATION

            Any Lender may disclose to a potential Transferee or assignee who
            may otherwise propose to enter into contractual relations with it in
            relation to this Agreement such information about each of the
            Obligors (or otherwise) as that Lender shall consider appropriate
            SUBJECT ALWAYS to the relevant Lender procuring the execution by the
            potential Transferee or assignee of a Confidentiality Undertaking
            PROVIDED ALWAYS that a Lender may provide any such information to
            its professional advisers and auditors and to any banking

                                       87
<PAGE>

            or regulatory authority or as required by law, regulation or legal
            process without first procuring the execution of a Confidentiality
            Undertaking.

      19.8  TRANSFER CERTIFICATE TO BE EXECUTED BY THE AGENT

            In order to give effect to a Transfer Certificate each of the
            Arrangers and the Lenders, the Co-ordinator and each of the
            Borrowers 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 19.5 without the Agent being under any obligation to take any
            further instructions from, or give any prior notice to, the
            Arrangers, the Lenders, the Co-ordinator or the Borrowers before
            doing so and the Agent shall so execute each such Transfer
            Certificate on behalf of the Arrangers, the Lenders, the
            Co-ordinator and the Borrowers forthwith upon its receipt thereof
            pursuant to Clause 19.5.

      19.9  NOTICE OF TRANSFER CERTIFICATES

            The Agent shall promptly notify the Arrangers, the Lenders, the
            Co-ordinator, the Transferee, the Guarantor and the Borrowers 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.

      19.10 DOCUMENTATION OF TRANSFER OR ASSIGNMENT

            The Borrowers 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 19.

      19.11 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.

                                       88
<PAGE>

20    NOTICES

      20.1  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
            telex or telefax.

      20.2  ADDRESS

            Any notice, demand or other communication (unless made by telefax)
            to be made or delivered by the Agent or the Co-ordinator to the
            Borrowers pursuant to this Agreement shall (unless the Borrowers
            have by fifteen (15) days' written notice to the Agent specified
            another address) be made or delivered to the Borrowers at 7665
            Corporate Center Drive, Miami, Florida 33126, United States of
            America (marked for the attention of Mr Lamarr Cooler and the Legal
            Department (but one (1) copy shall suffice)) with a copy to 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
            Borrowers to the Agent or the Co-ordinator pursuant to this
            Agreement shall (unless the Agent has by fifteen (15) days' written
            notice to the Borrowers specified another address) be made or
            delivered to the Agent or the Co-ordinator (as the case may be) at
            its Lending Branch, the details of which are set out in Schedule 2.

      20.3  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
            Borrowers is, in both cases +1 305 436 4140 (marked for the
            attention of Mr Lamarr Cooler) and +1 305 436 4117 (marked for the
            attention of the Legal Department) with a copy to +60 3 2161 3621
            (marked for the attention of Mr Gerard Lim) and in the case of the
            Agent, the Co-ordinator 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. Each such telefax communication,
            if made to the Agent, the Co-ordinator or any Lender by a Borrower,
            shall be signed

                                       89
<PAGE>

            by the person or persons authorised in writing by such 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 such Borrower.

      20.4  RECEIPT

            Each such notice, demand or other communication shall be deemed to
            have been made or delivered (in the case of telex) when the
            addressee's answerback shall have been received at the end of the
            transmission or (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.

      20.5  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.

21    GOVERNING LAW

      21.1  This Agreement shall be governed by English law.

22    WAIVER OF IMMUNITY

      22.1  To the extent that either 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) each 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
            each Borrower hereby consents generally as a matter of

                                       90
<PAGE>

            procedure in relation to the waiver of immunity (but not so as to
            prejudice any defence which that Borrower may have on the merits of
            the substantive issue) to the giving of any relief or the issue of
            any process in connection with such legal action or proceedings
            including without limitation, the making, enforcement or execution
            against any property whatsoever (irrespective of its uses or
            intended uses) of any order or judgment which may be made or given
            in such legal action or proceedings.

23    JURISDICTION

      23.1  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 23.1 is for the benefit of the Agent and the Lenders
            only. As a result, no such party shall be prevented from taking
            proceedings relating to a Dispute in any other courts with
            jurisdiction. To the extent allowed by law, any such party may take
            concurrent proceedings in any number of jurisdictions.

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

      23.3  For the purpose of securing its obligations under Clause 23.2, each
            of the Borrowers irrevocably agrees that, if it for any reason fails
            to appoint a process agent within the period specified in Clause
            23.2, the Co-ordinator may appoint any person (including a company
            controlled by or associated with the Agent or any Lender) to act as
            that Borrower's process agent in England with the unconditional
            authority described in Clause 23.2.

                                       91
<PAGE>

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

      23.5  The Borrowers appoint in the case of the courts of England the
            Process Agent to receive, for and on behalf of themselves, service
            of process in England of any legal proceedings with respect to this
            Agreement and any other Security Document.

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

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

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

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

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

                                       92
<PAGE>

SIGNED SEALED and DELIVERED as a DEED          )       P A Turner
By PAUL TURNER                                 )
for and on behalf of                           )
NORWEGIAN DAWN LIMITED                         )
in the presence of:                            )
                     R Cheung
                     as above

SIGNED SEALED and DELIVERED as a DEED          )       J Clegg
By JULIE CLEGG                                 )
for and on behalf of                           )
COMMERZBANK AKTIENGESELLSCHAFT                 )
Emden Branch                                   )
as an Arranger and a Lender                    )
in the presence of:                            )
                     R Cheung
                     as above

SIGNED SEALED and DELIVERED as a DEED          )       J Clegg
By JULIE CLEGG                                 )
for and on behalf of                           )
NORDDEUTSCHE LANDESBANK                        )
GIROZENTRALE                                   )
as an Arranger and a Lender                    )
in the presence of:                            )
                     R Cheung
                     as above

SIGNED SEALED and DELIVERED as a DEED          )       J Clegg
By JULIE CLEGG                                 )
for and on behalf of                           )
KFW                                            )
as an Arranger and a Lender                    )
in the presence of:                            )
                     R Cheung
                     as above

SIGNED SEALED and DELIVERED as a DEED          )       J Clegg
By JULIE CLEGG                                 )
for and on behalf of                           )
BREMER BANK NIEDERLASSUNG DER                  )
DRESDNER BANK AKTIENGESELLSCHAFT               )
Bremen                                         )
in the presence of:                            )
                        R Cheung
                        as above

                                       93
<PAGE>

SIGNED SEALED and DELIVERED as a DEED          )       J Clegg
By JULIE CLEGG                                 )
for and on behalf of                           )
DEUTSCHE SCHIFFSBANK                           )
AKTIENGESELLSCHAFT                             )
Bremen and Hamburg                             )
in the presence of:                            )
                     R Cheung
                     as above

SIGNED SEALED and DELIVERED as a DEED          )       J Clegg
By JULIE CLEGG                                 )
for and on behalf of                           )
THE BANK OF NOVA SCOTIA                        )
Singapore Branch                               )
in the presence of:                            )
                     R Cheung
                     as above

SIGNED SEALED and DELIVERED as a DEED          )       J Clegg
By JULIE CLEGG                                 )
for and on behalf of                           )
HSH NORDBANK AG                                )
in the presence of:                            )
                     R Cheung
                     as above

SIGNED SEALED and DELIVERED as a DEED          )       J Clegg
By JULIE CLEGG                                 )
for and on behalf of                           )
COMMERZBANK AKTIENGESELLSCHAFT                 )
Hamburg Branch                                 )
as the Co-ordinator                            )
in the presence of:                            )
                     R Cheung
                     as above

SIGNED SEALED and DELIVERED as a DEED          )       J Clegg
By JULIE CLEGG                                 )
for and on behalf of                           )
COMMERZBANK INTERNATIONAL S.A.                 )
in the presence of:                            )
                     R Cheung
                     as above

                                       94
<PAGE>

                                   SCHEDULE 1

                    PARTICULARS OF ARRANGERS AND UNDERWRITERS

<TABLE>
<CAPTION>
                                                   UNDERWRITTEN   UNDERWRITTEN
                                                      AMOUNT       AMOUNT AS A
                                                      IN USD       PERCENTAGE
                                                   ------------   ------------
<S>                                                <C>            <C>
COMMERZBANK                                         201,600,000     33.3333%
AKTIENGESELLSCHAFT
Emden Branch
Am Delft 24
26721 Emden
Federal Republic of Germany

Attn:    Mr Eckhard Landau
Email:   siegfried.hoffmann@commerzbank.com

NORDDEUTSCHE LANDESBANK                             201,600,000     33.3333%
GIROZENTRALE
30151 Hannover
Federal Republic of Germany

Attn:    Mr Willy Idler/
         Mr Thomas Schramme
Email:   shipping@nordlb.de

KFW                                                 201,600,000     33.3333%
(formerly Kreditanstalt fur Wiederaufbau)
Palmengartenstrasse 5-9
60325 Frankfurt am Main
Federal Republic of Germany

Attn:    Mrs Clare Dooley/
         Mr Wolfgang Pfisterer
Email:   wolfgang.pfisterer@kfw.de
</TABLE>

                                       95
<PAGE>

                                   SCHEDULE 2

                 PARTICULARS OF CO-ORDINATOR, AGENT AND LENDERS

NAME AND ADDRESS

CO-ORDINATOR

COMMERZBANK AKTIENGESELLSCHAFT
Hamburg Branch
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

AGENT

COMMERZBANK INTERNATIONAL S.A.
25 rue Edward Steichen
L-2540 Luxembourg

Fax:        +352 477911 2386
Attn:       Mrs Eva-Maria Orschel/Mr Nicolaas van de Roemer
Email:      ZCB-Agency@commerzbank.lu

<TABLE>
<CAPTION>
NAME AND ADDRESS                                   CONTRIBUTION
                                                      IN USD
<S>                                                <C>
LENDERS

COMMERZBANK                                         69,036,054
AKTIENGESELLSCHAFT
Emden Branch
Am Delft 24
26721 Emden
Federal Republic of Germany

Fax:        +49 4921 800313/+49 421 3633-390
Attn:       Mr Eckhard Landau/Mr Siegfried Hoffmann
Email:      siegfried.hoffmann@commerzbank.com
</TABLE>

                                       96
<PAGE>

<TABLE>
<S>                                                <C>
NORDDEUTSCHE LANDESBANK                            208,974,000
GIROZENTRALE
30151 Hannover
Federal Republic of Germany

Fax:        +49 511 361 4785
Attn:       Mr Willy Idler/Mr Thomas Schramme
Email:      shipping@nordlb.de

KFW                                                208,974,000
(formerly Kreditanstalt fur Wiederaufbau)
Palmengartenstrasse 5-9
60325 Frankfurt am Main
Federal Republic of Germany

Fax:        +49 69 7431 4110
Attn:       Mrs Clare Dooley/Wolfgang Pfisterer
Email:      wolfgang.pfisterer@kfw.de

BREMER BANK                                         51,828,868
NIEDERLASSUNG DER DRESDNER BANK
AKTIENGESELLSCHAFT
Bremen
Jungfernstieg 22
20354 Hamburg
Federal Republic of Germany

Fax:        +49 40 3501 4007
Attn:       Mr Thomas Witte
Email:      thomas.witte@dresdner-bank.com

DEUTSCHE SCHIFFSBANK AKTIENGESELLSCHAFT             25,914,434
Bremen and Hamburg
Domshof 17
28195 Bremen
Federal Republic of Germany

Fax:        +49 421 323539
Attn:       Ms Veronica Katenkamp
Email:      veronica.katenkamp@schiffsbank.com

THE BANK OF NOVA SCOTIA                             31,097,322
Singapore Branch
10 Collyer Quay
15-01 Ocean Building
Singapore 049315

Fax:        +65 6438 5314/6532 2440
Attn:       Ms W S Seong Koon/Mr Allan Ng
Email:      brenda_leo@scotiacapital.com
</TABLE>

                                       97
<PAGE>
<TABLE>
<S>                                                <C>
HSH NORDBANK AG                                     31,097,322
(formerly known as Landesbank
Schleswig-Holstein Girozentrale)
Gerhart-Hauptmann-Platz 50
20095 Hamburg
Federal Republic of Germany

Fax:        +49 40 3333-34307
Attn:       Ms Uta Urbaniak/Ms Frauke Hay
Email:      uta.urbaniak@hsh-nordbank.com/
frauke.hay@hsh-nordbank.com
</TABLE>

                                       98
<PAGE>

                                   SCHEDULE 3

                               NOTICE OF DRAWDOWN

                                   CLAUSE 2.3

FROM: NORWEGIAN STAR LIMITED
      NORWEGIAN DAWN LIMITED
      both of International House
      Castle Hill
      Victoria Road
      Douglas, Isle of Man
      British Isles

TO:   COMMERZBANK INTERNATIONAL S.A.
      11 rue Notre-Dame
      L-2240 Luxembourg

      with copy to

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

                                                                          200[ ]

Dear Sirs

LOAN AGREEMENT DATED 26 JUNE 1999 AND AMENDED AND RESTATED BY AN AGREEMENT DATED
23 OCTOBER 2001 (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 [1][2] under Clause 2.3 of the Loan
Agreement on [ ] 200[ ].

Tranche [1][2] is to be paid as to [ ] Dollars (USD[ ]) to the Builder at:

                                       99
<PAGE>

[   ]

and as to one million seven hundred and eighty seven thousand Dollars
(USD1,787,000) to [   ] at :

[   ]

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) the first Interest Period shall be of [three (3) six (6) twelve (12)]
      months' duration;

(iv)  Tranche [1][2] will be applied in financing the delivery instalment due to
      the Builder pursuant to the relevant Building Contract;

(v)   the scheduled Delivery Date of the [Norwegian Star/Norwegian Dawn] Vessel
      is [ ] 200[ ]; and

(vi)  upon application of Tranche [1][2] hereby requested to be drawn down in
      the manner hereinbefore appearing all sums owing to the Builder under the
      relevant Building Contract shall have been fully and finally paid.

Yours faithfully
NORWEGIAN STAR LIMITED
NORWEGIAN DAWN LIMITED

By:   __________________

                                      100
<PAGE>

                                   SCHEDULE 4

                              CONDITIONS PRECEDENT

                                   CLAUSE 2.5

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

A.    ON 26 JUNE 1999

THE BORROWERS

1.    Certified Copies of any consents required from any ministry, governmental,
      financial or other authority for the execution of and performance by the
      Borrowers of their obligations under this Agreement and each of the
      Security Documents or if no such consents are required a secretary's
      certificate of each of the Borrowers to this effect confirming that no
      such consents are required.

2.    Notarially attested secretary's certificate for each Borrower:

      (A)   attaching a copy of its Certificate of Incorporation and Memorandum
            and Articles of Association 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 officers and directors;

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

      (D)   giving the legal and beneficial owners of the Shares and the number
            of Shares held by each Shareholder;

                                      101
<PAGE>

      (E)   attaching copies of resolutions passed at a duly convened meeting of
            the directors authorising the borrowing of the Loan, the granting of
            the relevant Mortgage and the execution of this Agreement and such
            of the other Security Documents to which that 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 five (5) Business Days prior to 26 June
      1999, 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 powers of attorney issued pursuant to (A) the resolutions
      referred to above and (B) paragraph 2(C) above, notarially attested.

STAR

5.    Notarially attested secretary's certificate:

      (A)   attaching a copy of its Certificate of Incorporation and Memorandum
            and Articles of Association 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 five (5) Business Days prior to 26 June
      1999, a bringdown certificate, which

                                      102
<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 as agent for service of process in England.

9.    Opinions from lawyers appointed by the Co-ordinator including English,
      Isle of Man and Bahamian lawyers as to any of the foregoing matters or
      otherwise as the Co-ordinator may require in the form required by the
      Co-ordinator.

10.   Certified Copy of the Building Contracts including all addenda.

11.   [Blank]

12.   [Blank]

13.   [Blank]

14.   [Blank]

15.   [Blank]

16.   Agency and Co-ordination Deed duly executed.

17.   Star Guarantee duly executed.

18.   [Blank]

19.   [Blank]

20.   Debentures duly executed.

21.   Copies of the audited consolidated report and accounts of Star for 1998
      and the unaudited consolidated accounts of the Group and the unaudited
      accounts of the Borrower for the financial year quarter to 31 March 1999.

22.   Copies of all Companies Acts forms for filing of charges in the Isle of
      Man.

                                      103
<PAGE>

23.   Payment of all fees under Clause 15.

B.    AT LEAST FIVE (5) BUSINESS DAYS BEFORE EACH DRAWDOWN DATE

24.   Drawdown notice duly executed by the Borrowers in the form of Schedule 3.

25.   Certified Copy of such documents as are received by the relevant Borrower
      from the Builder pursuant to the Building Contract in evidence of the
      instalment due.

26.   Issue of the relevant Lower Saxony Guarantee.

27.   Acknowledgement by the Borrowers of the terms and conditions of the
      relevant Lower Saxony Guarantee.

C.    ON OR BEFORE THE SECOND RESTATEMENT DATE

28.   Deed of Covenants in respect of the Norwegian Dawn Vessel duly executed.

29.   Earnings Assignment in respect of the Norwegian Dawn Vessel duly executed.

30.   Insurance Assignment in respect of the Norwegian Dawn Vessel duly
      executed.

31.   A co-ordination deed between the Agent and HSBC in respect of the
      Norwegian Dawn Second Security Documents.

D.    ON A DELIVERY DATE

32.   Such evidence as the Co-ordinator may require that the relevant Vessel is:

      (A)   provisionally registered in the name of the relevant Borrower under
            the Bahamian flag, with a certificate of registry free from all
            liens and encumbrances except the relevant 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 relevant NCLL Management
            Agreement.

33.   Certified Copy of the Builder's Certificate.

                                      104
<PAGE>

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

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

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

37.   Mortgage over the Vessel duly executed and lodged for registration at the
      Bahamas Maritime Authority in London.

38.   On the Norwegian Star Vessel Delivery Date only, Earnings Assignment duly
      executed.

39.   On the Norwegian Star Vessel Delivery Date only, Insurance Assignment duly
      executed.

40.   Reinsurance Assignment duly executed.

37.   Account Charge duly executed.

38.   Management Agreement Assignment duly executed.

39.   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 or Reinsurance Policies have
      been placed in respect of the Vessel that the Insurances and Reinsurance
      Policies have been placed and upon receipt of a notice of assignment of
      the Insurances or the Reinsurance Policies (as the case may be) they will
      issue letters of undertaking in the form approved by the Co-ordinator.

40.   Opinions from Bahamian lawyers appointed by the Co-ordinator as to due
      registration of the Vessel and due registration of the Mortgage and from
      Bahamian and Singaporean lawyers appointed by the Co-ordinator as to any
      of the foregoing matters or otherwise as the Co-ordinator may require in
      the form required by the Co-ordinator.

41.   Written confirmation from the Co-ordinator's insurance advisers that the
      Insurances and the Reinsurance Policies are in a form satisfactory to the
      Co-ordinator.

42.   Notarially attested bringdown certificate in respect of the relevant
      Borrower.

                                      105
<PAGE>

NCLL AND STIRRUP (OR ANY OTHER AFFILIATE OF THE RELEVANT BORROWER) (IF
APPLICABLE)

43.      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)   giving the legal and beneficial owners of its issued shares and the
            number of shares held by each shareholder;

      (E)   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

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

44.   Where the secretary's certificate referred to in paragraph 43 of this
      Schedule 4 is dated more than five (5) Business Days prior to the Delivery
      Date, a bringdown certificate, which need not be notarially attested if
      signed by the same person that signed the secretary's certificate referred
      to in paragraph 43 of this Schedule 4.

45.   The original powers of attorney issued pursuant to (A) the resolutions
      referred to above and (B) paragraph 43(C) above, notarially attested.

GENERAL

46.   Copies of Companies Acts forms for filing of charges in the Isle of Man.

47.   Payment of all fees due under Clause 15.

                                      106
<PAGE>

                                   SCHEDULE 5

                           CONFIDENTIALITY UNDERTAKING

                            [On Bank's Headed Paper]

TO:   NORWEGIAN STAR LIMITED
      NORWEGIAN DAWN LIMITED
      (the "BORROWERS")

      COMMERZBANK AKTIENGESELLSCHAFT
      Hamburg Branch
      Ness 7-9
      20457 Hamburg
      Federal Republic of Germany
      (the "CO-ORDINATOR")

NORWEGIAN STAR LIMITED/NORWEGIAN DAWN LIMITED
USD626,922,000 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
      Co-ordinator, the Borrowers or any other party involved with the Facility
      (collectively the "INFORMATION") until and save to the extent that the
      Information has been released into the public domain by persons duly
      authorised by the Borrowers to do so. 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 Borrowers; and

      (C)   subject to giving reasonable prior notice to the Borrowers, 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

                                      107
<PAGE>

      (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 Co-ordinator the originals and additional copies or
      extracts made therefrom and all documentary Information delivered to us by
      the Co-ordinator in relation to the Facility and/or the Borrowers
      (including any supplied to third parties as contemplated in paragraph 1).

For and on behalf of
BANK NAME:

By:   __________________

Date:

                                      108
<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:        COMMERZBANK INTERNATIONAL S.A. (the "AGENT") as agent on its own
           behalf and for and on behalf of the Arrangers, the Co-ordinator, the
           Borrowers, the Guarantor and the Lenders as defined in the Loan
           Agreement referred to below

ATTENTION: Mrs Eva-Maria Orschel

                                                                           Date:

This certificate (the "TRANSFER CERTIFICATE") relates to a loan agreement dated
26 June 1999 and amended and restated by agreements dated 23 October 2001, 21
March 2002 and      2004 (as the same may from time to time have been or may be
further amended, supplemented and/or novated the "LOAN AGREEMENT") made between
(among others) (1) Norwegian Star Limited and Norwegian Dawn Limited as joint
and several borrowers (the "BORROWERS") (2) the banks and financial institutions
referred to therein as lenders (the "LENDERS") (3) the Agent and (4) Commerzbank
Aktiengesellschaft, Hamburg Branch (the "CO-ORDINATOR") whereby the Lenders have
agreed to make available to the Borrowers a term loan facility in the amount of
up to six hundred and twenty six million nine hundred and twenty two thousand
Dollars (USD626,922,000). 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 [lending branch];

the "TRANSFEREE" means [full name] of [lending branch].

1.    The Transferor with full title guarantee transfers to the Transferee
      absolutely in accordance with Clause 19.5 of the Loan Agreement all rights
      and interests (present, future or contingent) which the Transferor has as
      Lender under or by virtue of the Loan Agreement and all the other Security
      Documents insofar as such rights and interests relate to [that portion of
      its Contribution to the Loan in an amount equal to

                                      109
<PAGE>

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

2.    By virtue of this Transfer Certificate and Clause 19.5 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] and/or [that portion of its
      Commitment to the Facility and its obligations relating thereto to the
      extent of [ ] Dollars (USD[ ]) out of its total Commitment at such date].

3.    The Transferee hereby requests:

      (A)   the Borrowers, the Guarantor, the Co-ordinator, the Agent, 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 19.5 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 19.8 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 Co-ordination Deed, the other Security Documents and the
            Lower Saxony Guarantees together with such other documents and
            information as it has required in connection with the transaction
            contemplated thereby;

      (B)   confirms that it has not relied and will not hereafter rely on the
            Transferor, the Co-ordinator, the Agent, the Arrangers or the
            Lenders to check or enquire on its

                                      110
<PAGE>

            behalf into the legality, validity, effectiveness, adequacy,
            accuracy or completeness of the Loan Agreement, the Agency and
            Co-ordination Deed, any other of the Security Documents or the Lower
            Saxony Guarantees or any other documents or information;

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

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

      (E)   if not already a Lender, appoints the Agent to act as its agent and
            the Co-ordinator to act as its co-ordinator as provided in the Loan
            Agreement, the Agency and Co-ordination Deed and the other Security
            Documents and agrees to be bound by the terms of Clause 19.8 of the
            Loan Agreement and by all the terms of the Agency and Co-ordination
            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 England the country in which the
            Transferor is incorporated and the country in which its Lending
            Branch is located;

      (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; and

                                      111
<PAGE>

      (D)   agrees that it will, at its own expense, execute any documents which
            the Transferee reasonably requests for assigning to the Transferee
            all the Transferor's right and title to and interest in the Lower
            Saxony Guarantees.

6.    The Transferee hereby undertakes to the Transferor and each of the other
      parties to the Loan Agreement and the Agency and Co-ordination 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 Co-ordination Deed
      will be assumed by it after the transfer contemplated by this Transfer
      Certificate has taken effect.

7.    If a Transferor and a Transferee effect a transfer in accordance with
      Clause 3 of this Transfer Certificate during an Interest Period, the Agent
      shall make all payments which would have become due to the Transferor
      under the Loan Agreement during the relevant Interest Period to the
      Transferor, as if no such transfer had been effected by the Transferor to
      the Transferee, according to the percentages of the Transferor's
      Contribution and/or Commitment transferred and retained pursuant to
      Clauses 1 and 2 of this Transfer Certificate, and the Transferor and the
      Transferee shall be responsible for paying to each other pro rata all
      amounts (if any) due to them from each other for such Interest Period. On
      and from the commencement of the immediately succeeding Interest Period,
      the Agent shall make all payments due under the Loan Agreement for the
      account of the Transferor, to the Transferor, and shall make all payments
      due under the Loan Agreement for the account of the Transferee, to the
      Transferee. This provision is for administrative convenience only and
      shall not affect the rights of the Transferor and the Transferee under the
      Loan Agreement.

8.    None of the Transferor, the Agent, the Co-ordinator, 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 Co-ordination
            Deed, any other of the Security Documents or the Lower Saxony
            Guarantees or any document relating thereto;

      (B)   assumes any responsibility for the financial condition of either of
            the Borrowers or the German State of Lower Saxony or any other party
            to the Loan Agreement, the Agency and Co-ordination Deed or any
            other of the Security Documents or any such other document or for
            the performance and observance by the Borrowers or any other party
            to the Loan Agreement, the Agency and Co-ordination Deed

                                      112
<PAGE>

            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.

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 Co-ordinator, the Arrangers, the
Borrowers, the Guarantor 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:                            )

                                      113
<PAGE>

THE AGENT

SIGNED by                                      )
                                               )
for and on behalf of                           )

[          ]                                   )
as agent for and on behalf                     )
of itself as Agent, the Co-ordinator,          )
the Arrangers, the Borrowers,                  )
the Guarantor and the Lenders                  )
in the presence of:                            )

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

                                      114
<PAGE>

                                    SCHEDULE

                      ADMINISTRATIVE DETAILS OF TRANSFEREE

Name of Transferee:

Lending Branch:

Contact Person
(Loan Administration Department):

Telephone:

Fax:

Email:

Contact Person
(Credit Administration Department):

Telephone:

Fax:

Email:

Account for Payments:

                                      115
<PAGE>

                                   SCHEDULE 7

                             LOWER SAXONY GUARANTEE

                                      116
<PAGE>

                                   SCHEDULE 8

          CHARTERING OF THE SIX VESSELS (AS DEFINED IN CLAUSE 10.6(D))

<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>

                                      117

<PAGE>

CONFORMED COPY

                               DATED 23 APRIL 2004

                              NCL CORPORATION LTD.

                                       TO

                         COMMERZBANK INTERNATIONAL S.A.

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

                                    GUARANTEE
                            -------------------------

                               STEPHENSON HARWOOD
                            ONE ST PAUL'S CHURCHYARD
                                 LONDON EC4M 8SH
                            TEL: +44 (0)20 7329 4422
                            FAX: +44 (0)20 7606 0822
                               REF: 1253/42-02557

<PAGE>

                                    CONTENTS

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

2           Guarantee and Indemnity.....................................................................4

3           Survival of Guarantor's Liability...........................................................5

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

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

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

7           Enforcement.................................................................................8

8           Representations and Warranties..............................................................9

9           General Undertakings: Positive Covenants...................................................12

10          General Undertakings: Negative Covenants...................................................15

11          Financial Undertakings and Ownership and Control of the Guarantor..........................19

12          Discharge..................................................................................26

13          Assignment and Transfer....................................................................26

14          Miscellaneous Provisions...................................................................27

15          Waiver of Immunity.........................................................................27

16          Notices....................................................................................28

17          Governing Law..............................................................................29

18          Jurisdiction...............................................................................29

Schedule 1  Quarterly Compliance Certificate...........................................................31

Schedule 2  Letter of Instruction......................................................................34

</TABLE>

<PAGE>

DEED OF GUARANTEE AND INDEMNITY

DATED 23 APRIL 2004

BY:

(1)      NCL CORPORATION LTD. being a company incorporated in and 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)      COMMERZBANK INTERNATIONAL S.A., a company incorporated in and under the
         laws of the Grand-Duchy of Luxembourg whose office is at 25 rue Edward
         Steichen, L-2540 Luxembourg as agent for and on behalf of the Lenders
         (as defined herein) (the "AGENT" which expression shall include its
         successors and assigns).

WHEREAS:

(A)      By a loan agreement dated 26 June 1999 as amended by four (4) transfer
         certificates of various dates between (among others) Commerzbank AG,
         Emden Branch as transferor and a first supplemental agreement dated 17
         August 2000 and as amended and restated by a second supplemental
         agreement dated 23 October 2001 and a third supplemental agreement
         dated 21 March 2002 (the "ORIGINAL LOAN AGREEMENT") made between (among
         others) (1) the Agent as agent (acting as agent to the lenders (the
         "LENDERS") set out in Schedule 2 to the Loan Agreement (as hereinafter
         defined) pursuant to clause 1.3 of the Loan Agreement and an agency and
         co-ordination deed dated 26 June 1999, amended and restated by an
         agreement dated 23 October 2001 and as amended by an agreement dated 21
         March 2002 (the "AGENCY AND CO-ORDINATION DEED") made between the
         Agent, Commerzbank Aktiengesellschaft as co-ordinator (the
         "CO-ORDINATOR") and the Lenders) (2) the Co-ordinator acting as
         co-ordinator for the Lenders pursuant to clause 1.3 of the Loan
         Agreement and the Agency and Co-ordination Deed as co-ordinator (3) the
         Lenders as lenders and (4) Norwegian Star Limited (formerly Superstar
         Libra Limited) and Norwegian Dawn Limited (formerly Superstar Scorpio
         Limited) as joint and several borrowers (the "BORROWERS") and to be
         amended and restated by an agreement dated 23 APRIL 2004 (the "FOURTH
         SUPPLEMENTAL AGREEMENT" and together with the Original Loan Agreement
         the "LOAN AGREEMENT") between (a) the parties to the Original Loan
         Agreement (b) Star Cruises Limited (the "ORIGINAL GUARANTOR") and (c)
         the Guarantor,

<PAGE>

         the Lenders agreed to make available to the Borrowers a loan facility
         (the "Facility") of up to six hundred and twenty six million nine
         hundred and twenty two thousand United States Dollars (USD626,922,000)
         on the terms and conditions therein contained.

(B)      Pursuant to the Fourth Supplemental Agreement the Lenders agreed to
         release the Original Guarantor from its guarantee dated 26 June 1999 as
         amended and/or restated from time to time of the obligations of the
         Borrowers under the Original Loan Agreement (the "ORIGINAL GUARANTEE")
         on the condition that the Guarantor enters into this Deed.

THIS DEED WITNESSES:

1        DEFINITIONS

         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
                  13 of the Loan Agreement or specified as such in Clause 11;
                  and

                  "OUTSTANDING INDEBTEDNESS" means all sums of any kind at any
                  time owing, actually or contingently, by any Obligor to the
                  Agent and/or the Lenders under or pursuant to the Loan
                  Agreement and each other Security Document to which any of the
                  Obligors is a party (whether by way of repayment of principal,
                  payment of interest or default interest, payment upon any
                  indemnity or counter-indemnity, reimbursement for fees, costs
                  or expenses or otherwise howsoever).

                                       2
<PAGE>

         1.2      In this Deed unless the context otherwise requires:

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

                  (B)      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;

                  (C)      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;

                  (D)      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;

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

                  (F)      words importing the plural shall include the singular
                           and vice versa;

                  (G)      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;

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

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

                                       3
<PAGE>

         1.3      The provisions of clause 1.3 of the Loan Agreement shall apply
                  hereto (mutatis mutandis) as if set out herein.

2        GUARANTEE AND INDEMNITY

         2.1      In consideration of the Lenders agreeing at the request of the
                  Original Guarantor to release it from its obligations under
                  the Original Guarantee and to continue to make the Facility
                  available to the Borrowers jointly and severally in accordance
                  with the terms of the Loan Agreement, the payment by the Agent
                  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:

                  (A)      as primary obligor as and for its own debt and not
                           merely as surety hereby undertakes to the Agent to be
                           responsible for and hereby guarantees to the Agent on
                           behalf of the Lenders:

                           (i)      the due and punctual payment by each of the
                                    Obligors to the Agent on behalf of the
                                    Lenders (as and when due by acceleration,
                                    demand or otherwise howsoever) of the
                                    Outstanding Indebtedness and every part
                                    thereof; and

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

                  (B)      unconditionally and irrevocably undertakes
                           immediately on demand by the Agent from time to time
                           to pay and/or perform its obligations under Clause
                           2.1(A).

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

                  (A)      any loss incurred by the Agent and/or the Lenders as
                           a result of the Loan Agreement and each other
                           Security Document to which any of the Obligors is a
                           party or any provision thereof becoming invalid,
                           void,

                                       4
<PAGE>

                           voidable or unenforceable for any reason whatsoever
                           after execution hereof; and

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

3        SURVIVAL OF GUARANTOR'S LIABILITY

         3.1      The Guarantor's liability to the Agent 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):

                  (A)      any time, forbearance or other indulgence given or
                           agreed by the Agent, the Co-ordinator and/or the
                           Lenders to or with any of the Obligors in respect of
                           any of their obligations under the Loan Agreement and
                           each other Security Document to which any of the
                           Obligors is a party; or

                  (B)      any legal limitation, disability or incapacity
                           relating to any of the Obligors; or

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

                  (D)      any change in the name, constitution or otherwise of
                           any of the Obligors or the merger of any of the
                           Obligors with any other corporate entity; or

                  (E)      the liquidation, bankruptcy or dissolution (or
                           proceedings analogous thereto) of any of the Obligors
                           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
                           or the occurrence of any circumstances whatsoever
                           affecting any Obligor's liability to discharge its
                           obligations

                                       5
<PAGE>

                           under the Loan Agreement and each other Security
                           Document to which it is a party; or

                  (F)      any challenge, dispute or avoidance by any liquidator
                           of any of the Obligors in respect of any claim by the
                           Guarantor by right of subrogation in any such
                           liquidation; or

                  (G)      any release of any other Obligor 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 Agent or any of the
                           Lenders at any time of any further security for the
                           obligations of the Borrowers under any of the
                           Security Documents; or

                  (H)      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 under any of the Security
                           Documents; or

                  (I)      any failure on the part of the Agent or any of the
                           Lenders (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

                  (J)      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:

                  (A)      a continuing guarantee remaining in full force and
                           effect until irrevocable payment in full has been
                           received by the Agent on behalf of the Lenders 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 is a party; and

                                       6
<PAGE>

                  (B)      in addition to and not in substitution for or in
                           derogation of any other security held by the 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 Agent
                  or any discharge given by the Agent to the Guarantor or any
                  other agreement reached between the Agent and the Guarantor in
                  relation to this Deed shall be, and be deemed always to have
                  been, void ab initio if any act satisfying any of the said
                  obligations or on the faith of which any such discharge was
                  given or any such agreement was entered into is subsequently
                  avoided in whole or in part by or pursuant to any provision of
                  any applicable law whatsoever.

         4.3      This Deed shall remain the property of the Agent on behalf of
                  the Lenders and, notwithstanding that all monies and
                  liabilities due or incurred by any of the Obligors to the
                  Agent and/or the Lenders which are guaranteed hereunder shall
                  have been paid or discharged, the Agent shall be entitled not
                  to discharge this Deed or any security held by the Agent for
                  the obligations of the Guarantor hereunder for such period as
                  may in the reasonable opinion of the Agent 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,
                  the Agent shall be at liberty not to discharge this Deed or
                  any security held by the Agent for the obligations of the
                  Guarantor hereunder for and during such further period as the
                  Agent may determine at its sole discretion.

5        EXCLUSION OF THE GUARANTOR'S RIGHTS

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

                  (A)      be entitled to share in or succeed to or benefit from
                           (by subrogation or otherwise) any rights which the
                           Agent 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

                  (B)      without the prior written consent of the Agent:

                                       7
<PAGE>

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

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

                           (iii)    prove in a liquidation of any Obligor in
                                    competition with the Agent and/or the
                                    Lenders for any monies owing to the
                                    Guarantor by any other Obligor on any
                                    account whatsoever,

                  PROVIDED ALWAYS that if the Guarantor, in breach of this
                  Clause, receives or recovers any monies pursuant to any such
                  exercise, claim or proof, such monies shall be held by the
                  Guarantor as trustee upon trust for the Agent and the Lenders
                  to apply the same as if they were monies received or recovered
                  by the Agent 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 the account referred to
                  in clause 7.1 of the Loan Agreement or such account of the
                  Agent with such other bank or financial institution as the
                  Agent may from time to time notify to the Guarantor in
                  writing.

         6.2      The certificate of the Agent from time to time as to sums owed
                  by any Obligor under the Security Documents and sums owed by
                  the Guarantor hereunder shall, save for manifest error, be
                  conclusive and binding for all purposes and prima facie
                  evidence of the existence and extent of such debts in any
                  legal action or proceedings arising in connection herewith.

7        ENFORCEMENT

         The Agent shall not be obliged before taking steps to enforce this Deed
         to take any action whatsoever against any of the Obligors under the
         Loan Agreement or any other Security Documents to which they are a
         party and the Guarantor hereby waives all such formalities

                                       8
<PAGE>

         or rights to which it would otherwise be entitled or which the Agent
         would otherwise first be required to satisfy or fulfil before
         proceeding or making demand against the Guarantor hereunder provided
         that the Agent 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 Agent and the
                  Lenders that:

                  (A)      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;

                  (B)      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;

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

                  (D)      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:

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

                           (ii)     its constitutional documents; or

                           (iii)    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;

                  (E)      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,

                                       9
<PAGE>

                           determination of materiality or other condition would
                           or might constitute a default under or in respect of
                           any such agreement or document;

                  (F)      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;

                  (G)      all information furnished by or on behalf of the
                           Guarantor or any of its subsidiaries 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;

                  (H)      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 Fourth Supplemental Agreement;

                  (I)      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
                           Co-ordinator (in this Clause 8.1(I) "NCLC GROUP"
                           shall have the meaning ascribed to it in Clause
                           11.4);

                  (J)      the claims of the Agent and the Lenders 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;

                                       10
<PAGE>

                  (K)      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;

                  (L)      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;

                  (M)      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;

                  (N)      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;

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

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

                                       11
<PAGE>

                  (Q)      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

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

         8.2      The representations and warranties set out in Clause 8.1 other
                  than those set out in Clauses 8.1(D)(i), 8.1(H), 8.1(O) and
                  8.1(R) 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 has 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 Co-ordinator:

                  (A)      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);

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

                  (C)      as soon as practicable (and in any event within forty
                           five (45) 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 financial officer stating that no Event
                           of Default or Possible Event of

                                       12
<PAGE>

                           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;

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

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

                           (ii)     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;

                  (E)      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 Co-ordinator, 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;

                  (F)      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);

                  (G)      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 Co-ordinator may request;

                  (H)      details of any material litigation, arbitration or
                           administrative proceedings which affect any Obligor
                           as soon as the same are instituted and served, or,

                                       13
<PAGE>

                           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 one million Dollars (USD1,000,000) or the
                           equivalent in another currency); and

                  (I)      promptly, such information as the Co-ordinator 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 and/or Arrasas 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 Co-ordinator of any Event of
                  Default or Possible Event of Default forthwith upon the
                  Guarantor becoming aware of the occurrence thereof.

         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 Co-ordinator 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.

                                       14
<PAGE>

         9.8      Forthwith upon the execution of this Deed, and as a condition
                  precedent to the amendment and restatement of the Original
                  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 19 of the Loan Agreement, such
                  letter to be in 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 Co-ordinator, 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:

                  (A)      either of the Borrowers may agree to sell its Vessel
                           on the condition that contemporaneously with the
                           completion of such sale the Loan is prepaid in
                           accordance with the provisions of clause 4.6 of the
                           Loan Agreement;

                  (B)      either of the Borrowers may let its Vessel on charter
                           in accordance with the provisions of clause 10 of the
                           Loan Agreement;

                  (C)      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;

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

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

                                       15
<PAGE>

                  (F)      a vessel owned by any member of the NCLC Group (other
                           than a 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 the Original Guarantor, transfer to
                           other wholly owned Subsidiaries of the Original
                           Guarantor its vessels "NORWEGIAN WIND", "NORWEGIAN
                           DREAM", "NORWEGIAN SEA", "NORWEGIAN MAJESTY",
                           "NORWEGIAN CROWN" and "MARCO POLO" (the "SIX
                           VESSELS") for their net book 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;

                  (G)      the Shareholder may assign, pledge or charge the
                           Shares as security for the obligations of the
                           Borrowers under the Loan Agreement; and

                  (H)      Arrasas may transfer its shares in NCLL to IOL and
                           the Original Guarantor may transfer its shares in
                           Arrasas to the Guarantor.

         10.3     Except with the prior written consent of the Co-ordinator, the
                  Guarantor will not, and will procure that no other member of
                  the NCLC Group will, make any loan or advance or extend credit
                  to any person, firm or corporation (except any loan, advance
                  or credit made available to passengers on board a vessel for
                  gambling purposes or to ship's agents and except any loan,
                  advance or credit to the Guarantor or a wholly-owned
                  Subsidiary of the Guarantor, which loan, advance or credit is
                  fully subordinated to the rights of the Lenders 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 guarantee or
                  indemnity or otherwise become directly or contingently liable
                  for the obligations of any other person, firm or corporation
                  without first notifying the Co-ordinator with full details of
                  the amounts 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).

                                       16
<PAGE>

         10.5     Except with the prior written consent of the Co-ordinator, 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 PROVIDED THAT NCLL may
                  transfer the Six Vessels (as defined in Clause 10.2(F)) to
                  wholly owned Subsidiaries of the Original Guarantor 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 Co-ordinator.

         10.6     Except with the prior written consent of the Co-ordinator, 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. 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 and PROVIDED FURTHER THAT:

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

                  (B)      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;

                  (C)      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;

                  (D)      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(F)) on
                           demise or bareboat charter for the period and at the
                           charterhire rate set out in schedule 8 to the Loan
                           Agreement; and

                                       17
<PAGE>

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

                  However, the prior consent of the Co-ordinator 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 Guarantor has first
                  consulted with the Co-ordinator with regard to the proposed
                  consolidation, reorganisation or restructure, provides
                  evidence satisfactory to the Majority Lenders that the
                  Guarantor will be in compliance with the financial
                  undertakings contained in Clause 11 after any such
                  consolidation, reorganisation or restructure and, if so
                  required, procures the transfer of the Operating Account to
                  the Agent SUBJECT TO:

                  (F)      Clause 8.1(P);

                  (G)      the continuation in full force and effect of this
                           Deed; and

                  (H)      the cash flows from which the Outstanding
                           Indebtedness will be repaid remaining comparable as
                           to amount (relative to the amount of the Outstanding
                           Indebtedness) and accessibility for the Borrowers to
                           the cash flows as at the date of this Deed, in the
                           sole discretion of the Lenders.

                  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 Co-ordinator is satisfied the Guarantor will
                  be in compliance with the financial undertakings contained in
                  Clause 11 after any such merger or consolidation.

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

         10.8     The Guarantor has not taken and shall not take from any other
                  Obligor any security or counter-security in respect of any of
                  its obligations under this Deed

                                       18
<PAGE>

                  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 Agent and the Lenders.

11       FINANCIAL UNDERTAKINGS AND OWNERSHIP AND CONTROL OF THE GUARANTOR

         11.1     The Guarantor will ensure that:

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

                  (B)      as at 31 December 2004 and as at the end of each
                           subsequent financial quarter either:

                           (i)      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:

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

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

                           (ii)     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:

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

                                    (b)      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

                  (C)      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:

                                       19
<PAGE>

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

                           (ii)     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:

                  (A)      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

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

                           (i)      any Third Party:

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

                                    (b)     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

                                    (c)     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 (a), (b) or (c) 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,

                                       20
<PAGE>

                                    at least fifty one per cent (51%) of the
                                    issued share capital of, and equity interest
                                    in, the Guarantor; or

                                    (ii)     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(B)
                           "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.

         11.4     In Clause 11.1, Clause 11.2, Clause 11.3 and Schedule 1:

                  (A)      "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

                                       21
<PAGE>

                           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;

                  (B)      "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;

                  (C)      "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;

                  (D)      "CONSOLIDATED DEBT SERVICE" means, for any relevant
                           period, the sum (without double counting), determined
                           in accordance with GAAP, of:

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

                                    (a)      principal of any such Indebtedness
                                             for Borrowed Money prepaid at the
                                             option of the relevant member of
                                             the NCLC Group;

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

                                    (c)     balloon payments of any such
                                            Indebtedness for Borrowed Money
                                            payable during such period (and for
                                            the purpose of this paragraph (c) a
                                            "BALLOON PAYMENT" shall not include
                                            any scheduled repayment instalment
                                            of such Indebtedness for Borrowed
                                            Money which forms part of the
                                            balloon);

                           (ii)     Consolidated Interest Expense for such
                                    period;

                                       22
<PAGE>

                           (iii)    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

                           (iv)     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;

                  (E)      "CONSOLIDATED EBITDA" means, for any relevant period,
                           the aggregate of:

                           (i)      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;

                           (ii)     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, Consolidated Interest Expense;

                  (F)      "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;

                  (G)      "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;

                                       23
<PAGE>

                  (H)      "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:

                           (i)      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;

                           (ii)     treasury stock (to the extent not deducted
                                    in the determination of consolidated
                                    stockholders' equity of the NCLC Group); and

                           (iii)    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;

                  (I)      "LIM FAMILY" means:

                           (i)      Tan Sri Lim Goh Tong;

                           (ii)     his spouse;

                           (iii)    his direct lineal descendants;

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

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

                  (J)      "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;

                                       24
<PAGE>

                  (K)      "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;

                  (L)      "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:

                           (i)      Intangible Assets of the NCLC Group; and

                           (ii)     (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;

                  (M)      "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;

                  (N)      "TOTAL CAPITALISATION" means, as at any relevant
                           date, Total Funded Debt plus Tangible Net Worth as at
                           such date;

                  (O)      "TOTAL FUNDED DEBT" means, as at any relevant date:

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

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

                                       25
<PAGE>

                  (P)      "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(B), 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       DISCHARGE

         Subject to Clause 4.3, following the irrevocable repayment or payment
         to the Agent of all the Outstanding Indebtedness the Agent 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 Agent may at such time have in the security for the
         Outstanding Indebtedness and to the proceeds of any such rights or
         security.

13       ASSIGNMENT AND TRANSFER

         13.1     This Deed shall be binding upon and enure to the benefit of
                  the Guarantor, the Agent, the Lenders and each of their
                  respective successors and assigns including, in the case of
                  the Lenders, any Transferee.

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

         13.3     The Agent and each Lender may assign or transfer its
                  respective rights hereunder to any person (including any other
                  Lending Branch) to whom the rights, or the rights and
                  obligations, of the Agent or that Lender under the Loan
                  Agreement are wholly or partially assigned or transferred in
                  accordance with the Loan Agreement.

         13.4     Any Lender 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 Lender in
                  relation to the Loan Agreement and this Deed any information
                  about the Obligors and the NCLC Group as such Lender shall
                  reasonably consider necessary for the purposes of inviting
                  expressions of interest from other banks or financial
                  institutions SUBJECT ALWAYS to the relevant

                                       26
<PAGE>

                  Lender procuring the execution by the potential assignee or
                  Transferee or any other person as aforesaid of a
                  Confidentiality Undertaking.

         13.5     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.

14       MISCELLANEOUS PROVISIONS

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

         14.2     The rights and remedies of the Agent and each of the Lenders
                  provided herein and in the other Security Documents are
                  cumulative and not exclusive of any rights or remedies
                  provided by law.

         14.3     If any provision of this Deed or the Loan Agreement or any
                  other Security Document to which any Obligor 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.

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

15       WAIVER OF IMMUNITY

         The Guarantor irrevocably and unconditionally:

         15.1     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 Agent or the
                  Lenders in relation to this Deed; and

                                       27
<PAGE>

         15.2     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.

16       NOTICES

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

         16.2     Any notice, demand or other communication to be made or
                  delivered by the Agent to the Guarantor pursuant to this Deed
                  shall (unless the Guarantor has by fifteen (15) days' written
                  notice to the Agent 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 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 Agent or the Lenders pursuant to this Deed
                  shall (unless the Agent has by fifteen (15) days' written
                  notice to the Guarantor specified another address) be made or
                  delivered to the Agent at its office for the time being which
                  is at present at 25 rue Edward Steichen, L-2540 Luxembourg
                  (telex no. 1293 answerback CBKLU LU telefax no. +352 477911
                  2386) and shall be deemed to have been made or delivered (in
                  the case of telex) when the Agent's answerback shall have been
                  received at the end of the transmission thereof or (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.

                                       28
<PAGE>

         16.3     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.
17       GOVERNING LAW

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

18       JURISDICTION

         18.1     For the exclusive benefit of the Agent and the Lenders, 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 Agent and/or the Lenders to
                  commence any proceedings arising out of this Deed in
                  whatsoever jurisdiction they may choose, nor shall the
                  commencement of any such legal action or proceeding in one (1)
                  jurisdiction preclude the Agent and/or the Lenders from
                  beginning any further or other such legal action or proceeding
                  in the same or any other jurisdiction.

         18.2     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.

                                       29
<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 by PAUL TURNER                               )      P A TURNER
for and on behalf of                                   )
NCL CORPORATION LTD.                                   )
in the presence of:   REGINA CHEUNG
                      TRAINEE SOLICITOR
                      STEPHENSON HARWOOD
                      ONE, ST. PAUL'S CHURCHYARD
                      LONDON EC4M 8SH

SIGNED SEALED and DELIVERED                            )
as a DEED by JULIE CLEGG                               )
for and on behalf of                                   )      J CLEGG
COMMERZBANK INTERNATIONAL S.A.                         )
in the presence of:   REGINA CHEUNG
                      TRAINEE SOLICITOR
                      STEPHENSON HARWOOD
                      ONE, ST. PAUL'S CHURCHYARD
                      LONDON EC4M 8SH

                                       30
<PAGE>

                                   SCHEDULE 1

                        QUARTERLY COMPLIANCE CERTIFICATE

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      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      2[ ] 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[     ]

                                       31
<PAGE>

                                    SCHEDULE

          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>

                                       32
<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[  ]

                                       33
<PAGE>
                                   SCHEDULE 2

                              LETTER OF INSTRUCTION

 TO:     COMMERZBANK INTERNATIONAL S.A.
         25 rue Edward Steichen
         L-2540 Luxembourg

         ZCB AGENCY GROUP
         ATTN: MS EVA-MARIA ORSCHEL/MR NICOLAAS VAN DER ROEMER

                                                                            Date

Dear Sirs

DEED OF GUARANTEE AND INDEMNITY DATED                                       2004
(THE "GUARANTEE")

We refer to the Guarantee executed by us in favour of Commerzbank International
S.A. (the "AGENT") as agent on behalf of the Lenders (as hereinafter defined) as
security for the obligations of the Borrowers under the loan agreement dated 26
June 1999 and amended and restated by agreements dated 23 October 2001, 21 March
2002 and      2004 (the "LOAN AGREEMENT") made by and between (among others) (1)
Norwegian Star Limited and Norwegian Dawn Limited as joint and several borrowers
(the "BORROWERS") (2) the banks and financial institutions therein referred to
as lenders (the "LENDERS") (3) yourselves as agent for the Lenders and (4) the
Co-ordinator as co-ordinator for the Lenders.

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 14.3 of the Guarantee which provides that the Agent and 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 the
         Agent or that Lender under the Loan Agreement are wholly or partially
         assigned or transferred in accordance with the Loan Agreement; and

2.       clause 19.5 of the Loan Agreement whereby the rights, benefits and/or
         obligations of any Lender thereunder may be transferred by means of a
         Transfer Certificate.

                                       34
<PAGE>

In consideration of the Lenders agreeing at our request to continue to make the
Facility available to the Borrowers 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
the Agent pursuant to clause 19.5 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

-------------------------
NCL CORPORATION LTD.
By:
Title:

                                       35<PAGE>

                                                                    EXHIBIT 4(d)

CONFORMED COPY

                   DATED 9 JULY 2003 AND AMENDED AND RESTATED
                       BY AN AGREEMENT DATED 20 APRIL 2004

                              NORWEGIAN SUN LIMITED
                                  (AS BORROWER)

                                DNB NOR BANK ASA
                            THE HONGKONG AND SHANGHAI
                           BANKING CORPORATION LIMITED
                         (AS ARRANGERS AND UNDERWRITERS)

                                DNB NOR BANK ASA
                            THE HONGKONG AND SHANGHAI
                           BANKING CORPORATION LIMITED
                                       KFW
                              NORDEA BANK NORGE ASA
                                  CREDIT SUISSE
                                 HSH NORDBANK AG
                   OVERSEA-CHINESE BANKING CORPORATION LIMITED
                                  LABUAN BRANCH
                      NORDDEUTSCHE LANDESBANK GIROZENTRALE
                         BUMIPUTRA-COMMERCE BANK BERHAD
                                  TOKYO BRANCH
                             MALAYAN BANKING BERHAD
                                HONG KONG BRANCH
                                  (AS LENDERS)

                                DNB NOR BANK ASA
                                (AS PAYING AGENT)

                            THE HONGKONG AND SHANGHAI
                           BANKING CORPORATION LIMITED
                               (AS SECURITY AGENT)

                             SECURED LOAN AGREEMENT
                            FOR UP TO USD225,000,000
                  FINANCE FOR THE PURCHASE OF THE CRUISE VESSEL
                                 "NORWEGIAN SUN"

                               STEPHENSON HARWOOD
                            ONE ST PAUL'S CHURCHYARD
                                 LONDON EC4M 8SH
                            TEL: +44 (0)20 7329 4422
                            FAX: +44 (0)20 7606 0822
                         REF: JMC/1253/42-00036/42-02611

<PAGE>

                                    CONTENTS

<TABLE>
<CAPTION>
                                                                                                             PAGE
<S>                                                                                                          <C>
1     Definitions and Construction.......................................................................      1
      1.1   Definitions..................................................................................      1
      1.2   Construction.................................................................................     15
      1.3   Paying Agent and Security Agent..............................................................     16

2     The Loan...........................................................................................     16
      2.1   Availability.................................................................................     16
      2.2   Purpose and Application......................................................................     17
      2.3   Drawdown.....................................................................................     17
      2.4   Break costs..................................................................................     17
      2.5   Conditions of drawdown.......................................................................     18
      2.6   Several obligations of the Lenders...........................................................     18
      2.7   Lender's failure to perform..................................................................     18
      2.8   Fulfilment of conditions after drawdown......................................................     18

3     Repayment..........................................................................................     19

4     Prepayment.........................................................................................     19
      4.1   Voluntary prepayment.........................................................................     19
      4.2   Voluntary prepayment in case of increased cost...............................................     19
      4.3   Mandatory prepayment in case of illegality...................................................     20
      4.4   Voluntary prepayment following imposition of Substitute Basis................................     20
      4.5   Prepayment in case of Total Loss of the Vessel...............................................     21
      4.6   Prepayment in case of sale of the Vessel.....................................................     21
      4.7   Effect of prepayment.........................................................................     22
      4.8   Break costs..................................................................................     22

5     Interest...........................................................................................     22
      5.1   Payment of interest..........................................................................     22
      5.2   Selection and duration of Interest Periods...................................................     22
      5.3   No notice and unavailability.................................................................     23
      5.4   Separate Interest Periods for Instalments....................................................     23
      5.5   Extension and shortening of Interest Periods.................................................     23
      5.6   Interest Rate................................................................................     24
      5.7   Bank basis...................................................................................     24
      5.8   Default interest.............................................................................     24

6     Substitute Basis of Funding........................................................................     25
      6.1   Market disturbance...........................................................................     25
      6.2   Suspension of drawdown.......................................................................     25
      6.3   Certificates of Substitute Basis.............................................................     26
      6.4   Review.......................................................................................     26

7     Payments...........................................................................................     27
      7.1   Place for payment............................................................................     27
      7.2   Deductions and grossing-up...................................................................     27
</TABLE>

<PAGE>

<TABLE>
<S>                                                                                                           <C>
      7.3   Production of receipts for Taxes.............................................................     28
      7.4   Money of account.............................................................................     29
      7.5   Accounts.....................................................................................     29
      7.6   Earnings.....................................................................................     30
      7.7   Continuing security..........................................................................     30

8     Yield Protection and Force Majeure.................................................................     30
      8.1   Increased costs..............................................................................     30
      8.2   Force majeure................................................................................     32

9     Representations and Warranties.....................................................................     33
      9.1   Duration.....................................................................................     33
      9.2   Representations and warranties...............................................................     33
      9.3   Representations on the Drawdown Date.........................................................     40

10    Undertakings.......................................................................................     41
      10.1  Duration.....................................................................................     41
      10.2  Information..................................................................................     41
      10.3  Notification of default......................................................................     42
      10.4  Consents and registrations...................................................................     42
      10.5  Negative pledge..............................................................................     42
      10.6  Disposals....................................................................................     43
      10.7  Change of business...........................................................................     44
      10.8  Mergers......................................................................................     44
      10.9  Maintenance of status and franchises.........................................................     46
      10.10 Financial records............................................................................     46
      10.11 Financial indebtedness and subordination of indebtedness.....................................     46
      10.12 Pooling of earnings and charters.............................................................     47
      10.13 Loans and guarantees by the Borrower.........................................................     48
      10.14 Management...................................................................................     48
      10.15 Acquisition of shares and amendment of Bye-Laws..............................................     48
      10.16 Trading with the United States of America....................................................     49
      10.17 Further assurance............................................................................     49
      10.18 Valuation of the Vessel......................................................................     49
      10.19 Marginal security............................................................................     50
      10.20 Performance of employment contracts..........................................................     51
      10.21 Insurances...................................................................................     53
      10.22 Operation and maintenance of the Vessel......................................................     58
      10.23 Irrevocable proxy............................................................................     63

11    Rights of the Security Agent, the Paying Agent, the Arrangers and the Lenders......................     63
      11.1  No derogation of rights......................................................................     63
      11.2  Enforcement of remedies......................................................................     63

12    Default............................................................................................     64
      12.1  Events of default............................................................................     64
      12.2  Acceleration.................................................................................     70
      12.3  Default indemnity............................................................................     71
      12.4  Set-off......................................................................................     71
</TABLE>

<PAGE>

<TABLE>
<S>                                                                                                           <C>
13    Application of Funds...............................................................................     72
      13.1  Total Loss proceeds/proceeds of sale/Event of Default monies.................................     72
      13.2  General funds................................................................................     74
      13.3  Application of proceeds of Insurances........................................................     75
      13.4  Suspense account.............................................................................     75

14    Fees...............................................................................................     75
      14.1  Management fee and agency fee................................................................     75
      14.2  Commitment fee...............................................................................     75
      14.3  Restructuring fee............................................................................     76

15    Expenses...........................................................................................     76
      15.1  Initial expenses.............................................................................     76
      15.2  Enforcement expenses.........................................................................     76
      15.3  Stamp duties.................................................................................     77

16    Waivers, Remedies Cumulative.......................................................................     77
      16.1  No waiver....................................................................................     77
      16.2  Remedies cumulative..........................................................................     77
      16.3  Severability.................................................................................     77
      16.4  Time of essence..............................................................................     78

17    Counterparts.......................................................................................     78

18    Assignment.........................................................................................     78
      18.1  Benefit of agreement.........................................................................     78
      18.2  No transfer by the Borrower..................................................................     78
      18.3  Assignments, participations and transfers by a Lender........................................     78
      18.4  Effectiveness of transfer....................................................................     79
      18.5  Transfer of rights and obligations...........................................................     79
      18.6  Consent and increased obligations of the Borrower............................................     80
      18.7  Disclosure of information....................................................................     80
      18.8  Transfer Certificate to be executed by the Paying Agent and the Security Agent...............     81
      18.9  Notice of Transfer Certificates..............................................................     81
      18.10 Documentation of transfer or assignment......................................................     81
      18.11 Contracts (Rights of Third Parties) Act 1999 (the "Act").....................................     82

19    Notices............................................................................................     82
      19.1  Mode of communication........................................................................     82
      19.2  Address......................................................................................     82
      19.3  Telefax communication........................................................................     82
      19.4  Receipt......................................................................................     83
      19.5  Language.....................................................................................     83
</TABLE>

<PAGE>

<TABLE>
<S>                                                                                                          <C>
20    Governing Law......................................................................................     83

21    Waiver of Immunity.................................................................................     84

22    Jurisdiction.......................................................................................     84

Schedule 1  Particulars of Arrangers.....................................................................     89

Schedule 2  Particulars of Security Agent, Paying Agent and Lenders......................................     90

Schedule 3  Notice of Drawdown...........................................................................     93

Schedule 4  Conditions Precedent.........................................................................     95

Schedule 5  Confidentiality Undertaking..................................................................    101

Schedule 6  Transfer Certificate.........................................................................    103

Schedule 7  Chartering of the Six Vessels (as defined in Clause 10.6.4)..................................    110
</TABLE>

<PAGE>

LOAN AGREEMENT

DATED 9 JULY 2003 AND AMENDED AND RESTATED BY AN AGREEMENT DATED 20 APRIL 2004

BETWEEN:

(1)   NORWEGIAN SUN LIMITED of Canon's Court, 22 Victoria Street, Hamilton HM
      12, Bermuda 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 and any
      Transferee as lenders (collectively the "LENDERS" and each individually a
      "LENDER");

(4)   DNB NOR BANK ASA (as successor in title to Den norske Bank ASA) of
      Stranden 21, NO-0021 Oslo, Norway as paying agent (the "PAYING AGENT");
      and

(5)   THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED of 1 Queen's Road
      Central, Hong Kong as security agent (the "SECURITY AGENT").

WHEREAS:

The Arrangers have agreed on the terms and subject to the conditions set out in
this Agreement to arrange and underwrite a loan of up to two hundred and twenty
five million Dollars (USD225,000,000) to be made by a syndicate of international
banks and/or financial institutions selected by the Arrangers after consultation
with the Borrower to part finance the purchase of the Vessel by the Borrower for
the Purchase Price.

NOW IT IS HEREBY AGREED as follows:

1     DEFINITIONS AND CONSTRUCTION

      1.1   DEFINITIONS

            In this Agreement:

            "ACCOUNT CHARGE" means the charge given by the Borrower in respect
            of the Operating Account in favour of the Security Agent such charge
            to be in the form and on the terms and conditions required by the
            Paying Agent and as specified in paragraph 26 of Schedule 4;

<PAGE>

            "AGENCY DEED" means the deed dated 9 July 2003 entered into by the
            Lenders, the Paying Agent and the Security Agent whereby the Paying
            Agent and the Security Agent have been appointed as agents for the
            Lenders;

            "AGREEMENT" means this agreement;

            "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;

            "BUSINESS DAY" means any day on which banks and financial markets in
            London, Oslo and New York 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 shares to be given by the Shareholder
            as holder (legally and beneficially) of the Shares in favour of the
            Security Agent on the Restatement Date such charge to be in the form
            and on the terms and conditions required by the Paying Agent and
            agreed on the date of the First Supplement;

            "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;

                                       2
<PAGE>

            "COMMITMENT PERIOD" means the period beginning on 9 July 2003 and
            ending on the date on which the Loan is drawn down in full or
            cancelled hereunder;

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

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

            "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;

            "CO-ORDINATION DEED" means the deed made between the Security Agent,
            the Paying Agent, the Second Mortgagees, the Borrower and Star (as
            indemnifier under the L/C Facility Agreements) in respect of the
            Second Mortgage Documents;

            "DEBENTURE" means the debenture entered into by the Borrower in
            favour of the Security Agent on 9 July 2003 such debenture to be in
            the form and on the terms and conditions required by the Paying
            Agent and as specified in paragraph 13 of Schedule 4;

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

            "DOCUMENT OF COMPLIANCE" means a document issued to a 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;

                                       3
<PAGE>

            "DRAWDOWN DATE" means the date being a Business Day on which the
            Vessel is delivered to and accepted by the Borrower pursuant to the
            MOA and the Loan is drawn down pursuant to Clause 2.3 and applied in
            accordance with Clause 2.2;

            "DRAWDOWN NOTICE" means the notice to be given by the Borrower to
            the Paying Agent pursuant to Clause 2.3;

            "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 employment,
            demurrage, charterparties, contracts of affreightment, pooling
            agreements and joint ventures, compensation, remuneration for
            salvage and towage services, damages howsoever arising and detention
            monies, damages for breach of any charterparty or other contract for
            the employment of the Vessel, any amounts payable in consideration
            of the termination or variation of any charterparty or other such
            contract and any other earnings whatsoever due or to become due to
            the Borrower;

            "EARNINGS ASSIGNMENT" means the valid and effective first legal
            assignment of the Earnings (together with the notice thereof and the
            acknowledgement) executed by the Borrower in respect of the Vessel
            in favour of the Security Agent such assignment, notice and
            acknowledgement to be in the form and on the terms and conditions
            required by the Paying Agent and as specified in paragraph 24 of
            Schedule 4;

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

            "EVENT OF DEFAULT" means any of the events specified in Clause 12;

            "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 L/C FACILITY" means the letter of credit facility in an
            amount not exceeding eighty per cent (80%) of the aggregate of the
            amounts of the First L/C Facility and the Second L/C Facility but
            not exceeding the amount of eighty million

                                       4
<PAGE>

            Dollars (USD80,000,000), made to Star as indemnifier pursuant to the
            First L/C Facility Agreement;

            "FIRST L/C FACILITY AGREEMENT" means the letter of credit facility
            agreement dated 25 September 2003 made in respect of the First L/C
            Facility between (among others) the First L/C Issuer and Star as
            indemnifier;

            "FIRST L/C ISSUER" means The Hongkong and Shanghai Banking
            Corporation Limited;

            "FIRST SUPPLEMENT" means the first supplemental agreement dated 2004
            to the Original Loan Agreement;

            "FORCE MAJEURE" means, in relation to the Paying Agent, the Security
            Agent, any Lender or any Arranger, 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;

            "GROUP" means Star and its wholly owned Subsidiaries;

            "GUARANTEE" means the guarantee to be executed by the Guarantor in
            favour of the Security Agent on the Restatement Date such guarantee
            to be in the form and on the terms and conditions required by the
            Paying Agent and agreed on the date of the First Supplement;

            "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;

            "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;

                                       5
<PAGE>

            "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 US 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

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

            For the avoidance of doubt, the arrangements contemplated by and
            pursuant to the L/C Facilities shall not fall within this definition
            of "INDEBTEDNESS FOR BORROWED MONEY" until the Beneficiary (as
            defined in each of the L/C Facility Agreements) presents a draft
            under a Letter of Credit (as defined in a L/C Facility Agreement)
            when the amount of that draft shall fall within this definition
            until the Standby Lenders and/or the Second L/C Issuer (as the case
            may be) have or has been indemnified in full in respect of that
            draft;

                                       6
<PAGE>

            "INSTALMENT" means the amount of principal of the Loan repayable on
            a Repayment Date in accordance with Clause 3.1.1;

            "INSURANCE ASSIGNMENT" means the valid and effective first legal
            assignment of the Insurances (together with the notice thereof)
            executed by the Borrower in respect of the Vessel in favour of the
            Security Agent such assignment and notice to be in the form and on
            the terms and conditions required by the Paying Agent and as
            specified in paragraph 25 of Schedule 4;

            "INSURANCES" means all policies and contracts of insurance 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 PAYMENT DATE" means the last day of each Interest Period
            and if an Interest Period is longer than six (6) months' duration
            the date falling at the end of each successive period of six (6)
            months during such Interest Period from its commencement;

            "INTEREST PERIOD" means each period ascertained in accordance with
            Clause 5.2 or Clause 5.8;

            "INTEREST RATE" means the rate of interest applicable to the Loan
            calculated in accordance with Clause 5.6, Clause 5.8 or Clause 6.3;

            "L/C FACILITIES" means the First L/C Facility and the Second L/C
            Facility;

            "L/C FACILITY AGREEMENTS" means the First L/C Facility Agreement and
            the Second L/C Facility Agreement;

            "L/C ISSUERS" means the First L/C Issuer and the Second L/C Issuer;

            "LENDING BRANCH" means in respect of the Paying Agent, the Security
            Agent 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 Paying Agent to the Borrower and
            the Security Agent;

                                       7
<PAGE>

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

            (i)   the offered rate for deposits in Dollars for a period
                  equivalent to such Interest Period which appears on the
                  Telerate Page 3750 at or about 11.00 a.m. London time on the
                  Quotation Date; or

            (ii)  if no rate is provided for the respective Interest Period on
                  the Telerate Page 3750, the interpolated rate per annum for
                  deposits in Dollars in an amount approximately equal to the
                  Loan as calculated by the Paying Agent, such interpolated rate
                  to be based on the Telerate Page 3750 (for periods of more
                  than one (1) month) or on the Reuters Page LIBO (for periods
                  of more than one (1) week and up to one (1) month) PROVIDED
                  THAT LIBOR for periods of less than one (1) week will be
                  ascertained under sub-section (iii) below;

            OR (if Telerate Page 3750 or Reuters Page LIBO (as the case may be)
            is discontinued or if the Paying Agent is unable to make the said
            determination due to technical breakdown in the relevant system or
            the Interest Period is less than one (1) week)

            (iii) the arithmetic mean (rounded upwards, if necessary, to the
                  nearest one-sixteenth of one per cent (1/16%)) of the rates
                  per annum notified to the Paying 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 Interest
                  Period and for delivery on the first Business Day thereof;

            "LOAN" means the loan granted hereunder being in a maximum amount of
            the lesser of two hundred and twenty five million Dollars
            (USD225,000,000) and seventy per cent (70%) of the value of the
            Vessel as assessed in accordance with the provisions of Clause 10.18
            on or about the Drawdown Date or (as the context may require) the
            amount thereof for the time being advanced and outstanding under
            this Agreement;

                                       8
<PAGE>

            "MOA" means the memorandum of agreement dated 18 March 2003 as
            amended by a first addendum thereto dated 4 July 2003 for the sale
            and purchase of the Vessel made between the Seller and the Borrower;

            "MAJORITY LENDERS" shall have the same meaning as in the Agency
            Deed;

            "MANAGEMENT AGREEMENT" means the agreement to be entered into
            between the Borrower and the Manager on or before the Restatement
            Date providing for the commercial and technical management and
            crewing of the Vessel such agreement to be in the form and on the
            terms and conditions required by the Paying Agent and the Lenders
            and agreed on the date of the First Supplement;

            "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 respect of the Vessel in favour of the Security Agent on
            the Restatement Date such assignment, notice and acknowledgement to
            be in the form and on the terms and conditions required by the
            Paying Agent and agreed on the date of the First Supplement;

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

            "MARGIN" means the rate of one point four per cent (1.4%) per annum;

            "MATURITY DATE" means the date being a Business Day falling eight
            (8) years from the Drawdown Date or such other date as is determined
            by the provisions of Clause 4;

            "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

                                       9
<PAGE>

            in the month in which that period ends, that period shall end on the
            last Business Day in that later month;

            "MORTGAGE" means the first priority statutory Bahamian ship mortgage
            and deed of covenants collateral thereto granted by the Borrower
            over the Vessel in favour of the Security Agent as security pursuant
            hereto such mortgage and deed of covenants to be in the form and on
            the terms and conditions required by the Paying Agent and as
            specified in paragraph 23 of Schedule 4;

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

            "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 the companies in the NCLC
            Group;

            "NCLC GROUP" means the Guarantor and its wholly owned Subsidiaries;

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

            "OBLIGORS" means the Borrower, the Guarantor, the Shareholder, the
            Manager and any other party from time to time to any of the Security
            Documents excluding the Security Agent, the Paying Agent, the
            Arrangers and the Lenders;

            "OPERATING ACCOUNT" means the account opened or to be opened by the
            Borrower with Citibank N.A. of 3 Temasek Avenue, #17-00 Centennial
            Tower, Singapore 039190 or such other bank or banks as may be
            approved by the Paying Agent from time to time for receipt of the
            Earnings of the Vessel;

            "ORIGINAL LOAN AGREEMENT" means this agreement as executed on 9 July
            2003 (prior to, inter alia, its amendment and restatement pursuant
            to the First Supplement);

            "OUTSTANDING INDEBTEDNESS" means all sums of any kind payable
            actually or contingently to the Security Agent, the Paying Agent,
            the Arrangers or the Lenders under or pursuant to this Agreement or
            any other Transaction Document

                                       10
<PAGE>

            (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 (iii) the
            Second Mortgage Documents (iv) any deposits or pledges to secure the
            performance of bids, tenders, bonds or contracts and (v) any other
            Encumbrance notified by any of the Obligors to the Paying Agent
            prior to the Restatement Date;

            "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;

            "PROCESS AGENT" means Clifford Chance Secretaries Limited whose
            registered office is presently at 10 Upper Bank Street, London E14
            5JJ or any other person in England nominated by the Borrower or any
            other Obligor and approved by the Paying Agent as agent to accept
            service of legal proceedings on their behalf under any of this
            Agreement and the Security Documents;

            "PURCHASE PRICE" means three hundred and fifty million Dollars
            (USD350,000,000) in respect of the Vessel being the price agreed
            between the Seller and the Borrower for the sale and purchase of the
            Vessel under clause 1 of the MOA;

            "QUOTATION DATE" means, in relation to any Interest Period, the day
            two (2) Business Days (in London) prior to the first day of the
            relevant Interest Period;

            "REFERENCE BANKS" means DnB NOR Bank ASA and HSBC Bank plc;

            "REPAYMENT DATES" means in respect of the Loan, subject to the
            provisions of Clause 4, the last day of each of the sixteen (16)
            consecutive periods of six (6) months the first such period
            commencing on the Drawdown Date and the sixteenth (16th) such period
            terminating eight (8) years thereafter the last such Repayment Date
            also being the Maturity Date;

                                       11
<PAGE>

            "RESTATEMENT DATE" has the same meaning as set out in the First
            Supplement;

            "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;

            "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 Paying 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;

            "SAFETY MANAGEMENT CERTIFICATE" means a document issued to a vessel
            as evidence that the vessel 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 a vessel operator to implement effectively
            the safety and environmental protection policy of such vessel
            operator;

            "SECOND L/C FACILITY" means the letter of credit facility in an
            amount not exceeding twenty per cent (20%) of the aggregate of the
            amounts of the First L/C Facility and the Second L/C Facility but
            not exceeding the amount of twenty million Dollars (USD20,000,000),
            made to Star as indemnifier pursuant to the Second L/C Facility
            Agreement;

            "SECOND L/C FACILITY AGREEMENT" means the letter of credit facility
            agreement dated 25 September 2003 made in respect of the Second L/C
            Facility between (among others) the Second L/C Issuer and Star as
            indemnifier;

            "SECOND L/C ISSUER" means DnB NOR Bank ASA, Singapore Branch;

            "SECOND MORTGAGEES" means The Hongkong and Shanghai Banking
            Corporation Limited as agent for itself as the First L/C Issuer and
            the Standby Lenders and the Second L/C Issuer;

                                       12
<PAGE>

            "SECOND MORTGAGE DOCUMENTS" means the documents set out in schedule
            1 to the Co-ordination Deed to be granted to the Second Mortgagees
            as security for the obligations of Star as indemnifier under the L/C
            Facility Agreements;

            "SECURITY DOCUMENTS" means this Agreement, the Debenture, the
            Account Charge, the Mortgage, the Guarantee, the Earnings
            Assignment, the Insurance Assignment, the Charge, the Management
            Agreement Assignment, the Co-ordination Deed and all such other
            documents as may be executed at any time in favour of the Security
            Agent as security for the obligations of the Borrower and/or the
            other Obligors whether executed pursuant to the express provisions
            of this Agreement or otherwise howsoever;

            "SECURITY PERIOD" means the period beginning on the 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;

            "SELLER" means NCLL as seller of the Vessel;

            "SHAREHOLDER" means NCL International, Ltd. of Reid Hall, 3 Reid
            Street, Hamilton HM 11, Bermuda the sole registered and beneficial
            shareholder of the entire issued share capital of the Borrower;

            "SHARES" means the twelve thousand (12,000) 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;

            "STANDBY LENDERS" shall have the same meaning as in the First L/C
            Facility Agreement;

            "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 Paying Agent pursuant to Clause 6.3.1;

                                       13
<PAGE>

            "SUSPENSION NOTICE" means a notice given by the Paying 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;

            "TELERATE PAGE 3750" means the display currently designated as
            Telerate Page 3750 (or such other page as may replace it on such
            service) 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;

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

            "TRANSACTION DOCUMENTS" means the Security Documents, the MOA, the
            Drawdown Notice, the Management Agreement and any other material
            document now or hereafter issued in connection with the documents or
            the transaction herein referred to and also including any document
            entered into in respect of interest rate swap agreements, hedging
            agreements and/or funding documents at the request of the Borrower
            for the purposes of this Agreement;

            "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 Paying 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 Paying Agent
            which becomes a party to this Agreement as a Lender pursuant to
            Clause 18;

            "US GAAP" means generally accepted accounting principles in the
            United States of America consistently applied (or, if not
            consistently applied, accompanied by details of the inconsistencies)
            including, without limitation, those set forth in the

                                       14
<PAGE>

            opinion and pronouncements of the Accounting Principles Board of the
            American Institute of Certified Public Accountants and statements
            and pronouncements of the Financial Accounting Standards Board; and

            "VESSEL" means the approximately two thousand (2,000) passenger
            luxury cruise vessel built in 2001 and named "NORWEGIAN SUN" to be
            purchased by the Borrower from the Seller pursuant to the MOA 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    terms and expressions not defined herein but whose meanings
                     are defined in the Original Loan Agreement shall have the
                     meanings set out therein;

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

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

            1.2.4    references to (or to any specified provision of) this
                     Agreement or any other document other than a L/C Facility
                     Agreement shall be construed as references to this
                     Agreement, that provision or that document as from time to
                     time amended, supplemented and/or novated;

            1.2.5    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;

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

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

                                       15
<PAGE>

            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
                     Security Agent or the Paying 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 Security Agent or the Paying Agent, the Security Agent
                     or the Paying 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 Security Agent and
                     the Paying Agent may give or withhold its consent, approval
                     or acceptance at its unfettered discretion; and

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

      1.3   PAYING AGENT AND SECURITY AGENT

            The Paying Agent and the Security Agent will be appointed by the
            Lenders as agents under the Agency Deed and (unless the context
            otherwise requires) references herein to the Paying Agent or the
            Security Agent shall be construed as references to itself, the
            Lenders and the Security Agent or the Paying Agent (as the case may
            be). The Borrower shall only communicate with the Lenders under this
            Agreement and the other Security Documents through the Security
            Agent or the Paying Agent (as the case may be) and as hereinafter
            referred to.

2     THE LOAN

      2.1   AVAILABILITY

            2.1.1    The Lenders grant to the Borrower the Loan. So far as and
                     to the extent that any part of the Loan remains undrawn at
                     close of business in London forty five (45) days after 9
                     July 2003 it shall be automatically cancelled.

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

                                       16
<PAGE>

            2.1.3    None of the Paying Agent, the Security Agent, any other
                     Lender or any Arranger shall be liable for any failure or
                     delay on the part of any Lender in making any advance
                     hereunder nor shall the Paying Agent, the Security 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 Paying Agent will take all
                     reasonable steps to mitigate the effect of that failure.
                     Notwithstanding the aforesaid proviso, no Lender shall be
                     obliged to increase its Contribution hereunder in respect
                     of the failure by any other Lender to fund its
                     Contribution.

      2.2   PURPOSE AND APPLICATION

            The Borrower shall apply the Loan in part payment of the Purchase
            Price due to the Seller under the MOA.

      2.3   DRAWDOWN

            The Borrower shall only draw down the Loan if:

            2.3.1    the Paying 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    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

            2.3.4    it is then lawful for each of the Lenders to make available
                     its Contribution to the Loan.

      2.4   BREAK COSTS

            If for any reason the Loan is not drawn down by the Borrower
            hereunder after the Drawdown Notice has been given to the Paying
            Agent pursuant to Clause 2.3, the Borrower will pay to the Paying
            Agent for the account of the Lenders such amount as the Paying Agent
            may certify as necessary to compensate the Lenders (other than any
            Lender whose default has caused the Loan not to be drawn down)

                                       17
<PAGE>

            for any loss (including any losses under any interest rate swap
            agreements or other financial derivatives entered into for the
            purpose of this Agreement) or expense on account of funds borrowed,
            contracted for or utilised in order to fund its Contribution to the
            Loan. Each Lender shall supply to the Paying Agent a certificate of
            break costs which in the absence of manifest error shall be
            conclusive as to the amounts due.

      2.5   CONDITIONS OF DRAWDOWN

            The Paying Agent shall not be under any obligation to advance the
            Loan hereunder until all the documents and evidence referred to in
            the relevant part of Schedule 4 are in the possession of the Paying
            Agent in form and substance satisfactory to it.

      2.6   SEVERAL OBLIGATIONS OF THE LENDERS

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

      2.7   LENDER'S FAILURE TO PERFORM

            Subject to Clause 2.1.3, the failure by a Lender to perform its
            obligations hereunder shall not affect the obligations of the
            Borrower towards any other party hereto nor shall any such other
            party be liable for the failure by such Lender to perform its
            obligations hereunder.

      2.8   FULFILMENT OF CONDITIONS AFTER DRAWDOWN

            If the Lenders, acting unanimously, decide (or the Paying Agent in
            accordance with the Agency Deed decides) to permit the advance of
            the Loan to the Borrower hereunder without having received all of
            the documents or evidence referred to in Schedule 4, the Borrower
            will nevertheless deliver the remaining documents or

                                       18
<PAGE>

            evidence to the Paying Agent within fourteen (14) days of such
            drawing (or such other period as the Paying Agent may stipulate) and
            the advance of the Loan shall not be construed as a waiver of the
            Paying Agent's right to receive the documents or evidence as
            aforesaid nor shall this provision impose on the Paying 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 as follows:

            3.1.1    by sixteen (16) Instalments each of nine million Dollars
                     (USD9,000,000) the first such Instalment to be paid six (6)
                     months from the Drawdown Date and the remainder at six (6)
                     monthly intervals thereafter the final such Instalment to
                     be paid on the Maturity Date; and

            3.1.2    by a balloon payment of eighty one million Dollars
                     (USD81,000,000) to be paid on the Maturity Date.

4     PREPAYMENT

      4.1   VOLUNTARY PREPAYMENT

            On giving at least thirty (30) days' prior notice to the Paying
            Agent, the Borrower may on the last day of an Interest Period
            prepay, subject to Clause 4.8, the whole or any part of the Loan
            (but if in part in an amount not less than twenty million Dollars
            (USD20,000,000) and in integral multiples of ten million Dollars
            (USD10,000,000)).

      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 Paying 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.

                                       19
<PAGE>

      4.3   MANDATORY PREPAYMENT IN CASE OF ILLEGALITY

            If any change in, or in the interpretation or application of, any
            law, regulation or treaty shall make it unlawful in any jurisdiction
            applicable to any of the Lenders for that Lender to make available
            or maintain its Contribution or to give effect to its obligations as
            contemplated hereby, the Paying Agent may, by notice thereof to the
            Borrower, declare that the relevant Lender's obligations shall be
            terminated forthwith whereupon (if any of the Loan 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 Interest
            Period).

            A Lender affected by any provision of this Clause 4.3 shall promptly
            inform the Paying Agent after becoming aware of the relevant change
            and the Paying Agent shall, as soon as reasonably practicable
            thereafter, notify the Borrower of the change and its possible
            results. Without affecting the Borrower's obligations under this
            Clause 4.3 and in consultation with the Paying 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 Lending Branch or transferring some or all
            of its rights and obligations under this Agreement to another
            financial institution reasonably acceptable to the Borrower and the
            Paying Agent). The reasonable costs of mitigating the effect of any
            such change shall be borne by the Borrower save where such costs are
            of an internal administrative nature and are not incurred in
            dealings by any Lender with third parties.

      4.4   VOLUNTARY PREPAYMENT FOLLOWING IMPOSITION OF SUBSTITUTE BASIS

            The Borrower may notify the Paying Agent within ten (10) days of the
            receipt of a certificate from the Paying Agent of a Substitute Basis
            under Clause 6.3 whether or not it wishes to prepay the Loan or the
            relevant part thereof, in which event the Borrower shall forthwith
            prepay the Loan or such relevant part thereof 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.

                                       20
<PAGE>

      4.5   PREPAYMENT IN CASE OF TOTAL LOSS OF THE VESSEL

            If the Vessel is or becomes a Total Loss, then the Borrower will,
            within thirty (30) days thereof or, if the Paying 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 Security Agent or the Paying Agent on its behalf
            within one hundred and fifty (150) days thereof, by no later than
            the date which is one hundred and fifty (150) days after the date of
            the event giving rise to such Total Loss prepay the Loan in
            accordance with Clause 4.7, Clause 4.8 and Clause 13.1.

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

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

            4.5.2    if it consists of a Compulsory Acquisition, at noon
                     Greenwich Mean Time on the date on which the requisition is
                     expressed to take effect by the person requisitioning the
                     Vessel; and

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

      4.6   PREPAYMENT IN CASE OF SALE OF THE VESSEL

            If the Vessel is sold by the Borrower with the prior consent of the
            Paying Agent (which consent is not to be unreasonably withheld or
            delayed PROVIDED THAT if an Event of Default has occurred and the
            Borrower desires to sell the Vessel by private treaty at arm's
            length the approval of the Paying Agent may be delayed by up to
            fourteen (14) days from the date on which the Borrower's request for
            approval is received by the Paying Agent), then the Borrower will
            concurrent with completion of the sale prepay the Loan in accordance
            with Clause 4.7, Clause 4.8 and Clause 13.1.

                                       21
<PAGE>

      4.7   EFFECT OF PREPAYMENT

            Any notice given by the Borrower under Clause 4.1, Clause 4.2 or
            Clause 4.4 shall be irrevocable and shall oblige the Borrower to pay
            to the Paying Agent on account of the Lenders the amount 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 respect of the Loan pro rata to each Instalment
            and the balloon payment of eighty one million Dollars
            (USD81,000,000) repayable pursuant to Clause 3.1.2. 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

            If any repayment or prepayment of the Loan or part thereof is made
            otherwise than on the last day of an Interest Period, the Borrower
            shall pay to the Paying Agent on behalf of the Lenders on demand
            such additional amount as the Paying 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 cost of breaking deposits (including warehousing and
            other related costs)) or any losses under any interest rate swap
            agreements or other financial derivatives entered into 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.

5     INTEREST

      5.1   PAYMENT OF INTEREST

            The Borrower shall pay interest on the Loan at the Interest Rate
            applicable for each Interest Period in respect thereof which
            interest shall be payable in arrears on each Interest Payment Date.

      5.2   SELECTION AND DURATION OF INTEREST PERIODS

            The Borrower may give notice to the Paying Agent to be received by
            the Paying Agent not later than 9.00 a.m. London time five (5)
            Business Days prior to the

                                       22
<PAGE>

            commencement of each Interest Period, specifying whether that
            Interest Period is to be of one (1), three (3) or six (6) months'
            duration. Interest Periods shall commence, in the case of the first,
            on the Drawdown Date and, in the case of Interest Periods other than
            the first, on the expiry of the preceding Interest Period. Each
            Interest Period shall, subject to the following provisions of this
            Clause 5, be of a duration selected by the Borrower as above
            PROVIDED THAT the final Interest Period shall end on the Maturity
            Date.

      5.3   NO NOTICE AND UNAVAILABILITY

            If the Borrower fails to select an Interest Period in accordance
            with Clause 5.2 or the Paying 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
            Market to fund the Loan, the Borrower shall be deemed to have
            selected an Interest Period of six (6) months (or such other period
            as the Paying Agent may in its sole discretion decide).

      5.4   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 5.2 and 5.3.

      5.5   EXTENSION AND SHORTENING OF INTEREST PERIODS

            5.5.1    If an Interest Period would otherwise end on a day which is
                     not a Business Day, the Interest Period shall be extended
                     until the next following Business Day unless the next
                     following Business Day falls in the next calendar month in
                     which case the Interest Period will be shortened to expire
                     on the preceding Business Day.

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

                                       23
<PAGE>

      5.6   INTEREST RATE

            Subject to Clause 5.8 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 5.4) during an Interest Period shall be the rate
            per annum which is the sum of LIBOR plus the Margin.

      5.7   BANK BASIS

            Interest, commitment fee, management fee 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.

      5.8   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 Paying 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 Interest Rate fixed for the latest Interest Period and
            the rate computed by the Paying Agent and certified by the Paying
            Agent to the Borrower as being the aggregate of (i) the Margin plus
            two per cent (2%) and (ii) 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 Paying Agent may in its sole discretion select) in the London
            Interbank Market in an amount equivalent to or comparable with its
            Contribution to such sum, and, in the case of the Paying 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 Paying Agent may in its
            sole discretion select) in the London Interbank 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 to the next integral multiple of
            one-

                                       24
<PAGE>

            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 Paying Agent, the cost of funding such sum, such interest to be
            compounded at the end of the period selected by the Paying Agent and
            to be payable on demand. In the event of LIBOR not being available
            then the Paying 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 Interest Period the Paying 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
                     Market adequate and fair means do not exist for
                     ascertaining the Interest Rate during such Interest Period
                     pursuant to Clause 5; or

            6.1.2    deposits in Dollars of equal duration to such Interest
                     Period will not be available to any of the Lenders in the
                     London Interbank Market in sufficient amounts in the
                     ordinary course of business to fund its Contribution during
                     such 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 Interest Period by deposits obtained in the
                     London Interbank Market,

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

      6.2   SUSPENSION OF DRAWDOWN

            If a Suspension Notice is given by the Paying Agent before the
            advance of the Loan in accordance with Clause 2 then the Paying
            Agent shall not be obliged to advance the Loan until notice to the
            contrary is given by the Paying Agent.

                                       25
<PAGE>

            During the period of thirty (30) days from the giving of such
            Suspension Notice, the Paying 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 Loan or any relevant part thereof. If such
            alternative basis is agreed between the Borrower, the Paying Agent
            and the relevant Lender or Lenders, it shall apply in accordance
            with its terms.

      6.3   CERTIFICATES OF SUBSTITUTE BASIS

            6.3.1    If the Loan 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 Paying Agent) in good faith to the Borrower an
                     alternative basis (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 Interest
                     Period and may include 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 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 Paying Agent and the Lenders and shall be
                     treated as part of this Agreement.

      6.4   REVIEW

            So long as any Substitute Basis is in force, the Paying 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.

                                       26
<PAGE>

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 the Paying Agent in Same Day Funds by 10.00 a.m.
            New York time to Bank of New York, New York, for the account of DnB
            NOR Bank ASA, Oslo account no 8033261374 or such other account or
            bank as the Paying Agent may from time to time designate.

      7.2   DEDUCTIONS AND GROSSING-UP

            7.2.1    Each payment to be made by the Borrower to the Paying Agent
                     hereunder 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 Paying 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 Paying 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 Lending Branch by the jurisdiction
                     in which it is incorporated or in which its Lending Branch
                     is located or any other tax existing and applicable on the
                     date of this Agreement under the laws of any jurisdiction)
                     or otherwise on or in relation to any sum received or
                     receivable hereunder by such Lender or the Paying 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 Paying Agent on its
                     behalf, the Borrower shall, upon demand of the Paying
                     Agent, indemnify such Lender or the Paying Agent

                                       27
<PAGE>

                     against such payment or liability, together with any
                     interest, penalties and expenses payable or incurred in
                     connection therewith. 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.

      7.3   PRODUCTION OF RECEIPTS FOR TAXES

            If the Borrower makes any payment hereunder in respect of which it
            is required by law to make any deduction or withholding, it shall
            pay the full amount to be deducted or withheld to the relevant
            taxation or other authority within the time allowed for such payment
            under applicable law and shall deliver to the Paying Agent within
            thirty (30) days after it has 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 7.2.2 and any Lender
            or the Paying 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 Paying 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, pay to the Borrower such amount as such Lender or the
            Paying Agent shall in its opinion have concluded to be attributable
            to the relevant deduction or withholding. Any such payment shall be
            conclusive evidence of the amount due to the Borrower hereunder and
            shall be accepted by the Borrower in full and final settlement of
            its rights of reimbursement hereunder in respect of such deduction
            or withholding. Nothing herein contained shall interfere with the
            right of any Lender and the Paying Agent to arrange their respective
            tax affairs in whatever manner they think fit.

                                       28
<PAGE>

      7.4   MONEY OF ACCOUNT

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

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

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

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

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

      7.5   ACCOUNTS

            The Paying Agent shall maintain in accordance with its usual
            practice accounts evidencing the amounts from time to time lent by
            and owing to each of the Lenders hereunder or under any of the other
            Security Documents. In any legal action or proceeding arising out of
            or in connection with this Agreement or any other Security
            Documents, the entries made in the accounts so maintained shall be
            prima facie evidence, save in the case of manifest error, of the
            existence and amounts of the obligations of the Borrower recorded
            therein.

                                       29
<PAGE>

      7.6   EARNINGS

            Provided no Event of Default or Possible Event of Default has
            occurred (following which the Security Agent shall (inter alia) be
            entitled to request the Borrower to give notice pursuant to Clause 3
            of the Earnings Assignment and apply the Earnings in accordance with
            Clause 13.1) the Earnings shall throughout the Security Period be at
            the free disposal of the Borrower but the net earnings of the Vessel
            shall be paid by the Manager to the Operating Account within five
            (5) Business Days of the end of each cruise of the Vessel.

      7.7   CONTINUING SECURITY

            The security created by this Agreement and each of the other
            Security Documents shall be held by the Security Agent, the Paying
            Agent and/or the Lenders as a continuing security for the repayment
            of the Outstanding Indebtedness and the security so created shall
            not be satisfied by any intermediate payment or satisfaction of any
            part of the amount hereby or thereby secured or by any amendment of
            this Agreement 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 Security Agent, the Paying Agent or the Lenders or any of
            them for all or any part of the amount hereby or thereby secured or
            any other right or remedy of the Security Agent, the Paying Agent or
            the Lenders 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 any and all such security may
            be exercised from time to time as the Security Agent, the Paying
            Agent or the Lenders or any of them may deem expedient.

8     YIELD PROTECTION AND FORCE MAJEURE

      8.1   INCREASED COSTS

            8.1.1    If by reason of:

                     (a)   any change in law or in its interpretation or
                           administration; and/or

                     (b)   compliance with any request from or requirement of
                           any central bank or other fiscal, monetary or other
                           authority including but

                                       30
<PAGE>

                           without limitation the Basle Committee on Banking
                           Regulations and Supervisory Practices whether or not
                           having the force of law:

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

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

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

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

                           (v)   any of the Lenders or an Associated Company
                                 suffers any decrease in its rate of return as a
                                 result of any changes in the requirements
                                 relating to capital ratios, monetary control
                                 ratios, the payment of special deposits,
                                 liquidity costs or other similar requirements
                                 affecting that Lender or Associated Company,

                     then the Borrower shall from time to time on demand pay to
                     the Paying Agent for the account of the relevant Lender,
                     Lenders, Associated Company or Associated Companies amounts
                     sufficient to indemnify the relevant Lender, Lenders,
                     Associated Company or Associated Companies

                                       31
<PAGE>

                     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, Lenders,
                     Associated Company or Associated Companies attributable to
                     the funding or maintaining of its or their Contribution(s)
                     hereunder) or such liability.

            8.1.2    A Lender affected by any provision of Clause 8.1.1 shall
                     promptly inform the Paying Agent after becoming aware of
                     the relevant change or request and its possible results and
                     the Paying Agent shall, as soon as reasonably practicable
                     thereafter, notify the Borrower of the change or request
                     and its possible results. Without affecting the Borrower's
                     obligations under Clause 8.1.1 and in consultation with the
                     Paying Agent, the affected Lender will then take all such
                     reasonable steps as may be open to it to mitigate the
                     effect of the change or request (for example (if then
                     possible) by changing its Lending Branch or transferring
                     some or all of its rights and obligations under this
                     Agreement to another financial institution reasonably
                     acceptable to the Paying Agent and after consultation with
                     the Borrower). The reasonable costs of mitigating the
                     effect of any such change shall be borne by the Borrower
                     save where such costs are of an internal administrative
                     nature and are not incurred in dealings by any Lender with
                     third parties.

      8.2   FORCE MAJEURE

            Where the Paying Agent, the Security Agent, any Arranger 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

                                       32
<PAGE>

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

                     (a)   the Non-Performing Party gives the Paying Agent
                           prompt written notice which the Paying 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 Paying Agent (who shall notify the
                           Borrower) in writing of such cessation and shall
                           resume performance of its obligations under this
                           Agreement if such resumption is then possible.

9     REPRESENTATIONS AND WARRANTIES

      9.1   DURATION

            The representations and warranties in Clause 9.2 and Clause 9.3
            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 Security Agent, the
            Paying 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

                                       33
<PAGE>

                     in its own name and the power to own and charge its assets
                     and carry on its business as it is now being conducted.

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

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

            9.2.4    NON-CONFLICT WITH LAWS The entry into and performance of
                     this Agreement and the other Transaction Documents and the
                     transactions contemplated hereby and thereby do not and
                     will not conflict with:

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

                     (b)   the constitutional documents of any Obligor save as
                           referred to in Clause 10.15; 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 is
                     a party or by which any Obligor may be bound (including
                     (inter alia) this Agreement) and no

                                       34
<PAGE>

                     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 the prior consents of the Bermuda
                     Monetary Authority for the granting of the security
                     interest over the shares comprised in the Charged Property
                     (as defined in the Charge), the transfer and registration
                     of the shares comprised in the said Charged Property to or
                     in the name of the Security Agent or its nominee under
                     clause 9.2.4 of the Charge and the issue of the Debenture,
                     if the Debenture is registered in Bermuda, for the filing
                     of those Security Documents which require registration in
                     the Companies Registries in the Isle of Man, England and
                     Wales and/or Bermuda, which filing 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 for the
                     registration of the 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 and the transactions contemplated
                     thereby have been obtained or effected and are in full
                     force and effect.

            9.2.7    ACCURACY OF INFORMATION All information furnished by any
                     Obligor relating to the business and affairs of any Obligor
                     in connection with this Agreement 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.

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<PAGE>

            9.2.8    FULL DISCLOSURE Each Obligor has fully disclosed in writing
                     to the Paying Agent all facts relating to each Obligor
                     which it knows or should reasonably know and which might
                     reasonably be expected to influence the Lenders in deciding
                     whether or not to enter into this Agreement.

            9.2.9    NO ENCUMBRANCES None of the assets or rights of any Obligor
                     is subject to any Encumbrance except Permitted Liens.

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

            9.2.11   SOLVENCY The Borrower is and shall remain, after the
                     advance to it of the Loan, solvent in accordance with the
                     laws of Bermuda 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 winding-up, dissolution or for the appointment
                     of a liquidator, administrator, receiver, administrative
                     receiver, trustee or similar officer of any of them or any
                     or all of their assets or revenues nor have either sought
                     any other relief under any applicable insolvency or
                     bankruptcy law.

            9.2.13   ACCOUNTS The consolidated audited accounts of the Group for
                     the periods ending on 31 December 2002 and 31 December 2003
                     (which accounts will be prepared in accordance with US
                     GAAP) fairly represent the financial condition of the Group
                     as shown in such audited accounts 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 US GAAP) will
                     fairly

                                       36
<PAGE>

                     represent the financial condition of the NCLC Group as
                     shown in such audited accounts.

            9.2.14   LITIGATION Save as disclosed in writing to the Paying Agent
                     prior to 9 July 2003 and 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. For the avoidance of doubt, the
                     disclosure of any such litigation, arbitration or
                     administrative proceedings after 9 July 2003 shall not be
                     deemed to be a fact and circumstance subsisting at any time
                     that this representation is deemed to be repeated pursuant
                     to Clause 9.1.

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

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

            9.2.17   NO IMMUNITY None of the Obligors nor any of their
                     respective assets enjoys any right of immunity (sovereign
                     or otherwise) from set-off, suit or execution in respect of
                     their obligations under this Agreement or any of the other
                     Transaction Documents or by any relevant or applicable law.

            9.2.18   TAXES ON PAYMENTS As at the date of this Agreement all
                     amounts payable by them hereunder may be made free and
                     clear of and without deduction for or on account of any
                     Taxation.

            9.2.19   PLACE OF BUSINESS None of the Obligors has a place of
                     business in any jurisdiction (except as already disclosed)
                     which requires any of the Security Documents to be filed or
                     registered in that jurisdiction to ensure the validity of
                     the Security Documents to which it is a party.

                                       37
<PAGE>

            9.2.20   OWNERSHIP OF SHARES 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 and all the shares in
                     Arrasas are legally and beneficially owned by the Guarantor
                     and such structure shall remain so throughout the Security
                     Period. Further, no Event of Default has occurred under
                     clause 11.2 of the Guarantee in respect of the ownership
                     and/or control of the shares in the Guarantor.

            9.2.21   COMPLETENESS OF DOCUMENTS The copies of the MOA, the
                     Management Agreement, the Second Mortgage Documents and any
                     other relevant third party agreements delivered to the
                     Paying 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 by or to
                     or on account of any Obligor, their shareholders or
                     directors in connection with the transaction as a whole
                     other than as disclosed to the Paying Agent in writing.

            9.2.23   ENVIRONMENT Each of the Obligors:

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

                           (i)   emissions, discharges, releases or threatened
                                 releases of chemicals, pollutants,
                                 contaminants, wastes, toxic substances,
                                 hazardous materials, oil, hazard substances,

                                       38
<PAGE>

                                 petroleum and petroleum products and
                                 by-products ("MATERIALS OF ENVIRONMENTAL
                                 CONCERN"); or

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

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

                     (c)   has not received any notice, claim, action, cause of
                           action, investigation or demand by any other person,
                           alleging potential liability for, or a requirement to
                           incur, investigatory costs, clean-up costs, response
                           and/or remedial costs (whether incurred by a
                           governmental entity or otherwise), natural resources
                           damages, property damages, personal injuries,
                           attorney's fees and expenses or fines or penalties,
                           in each case arising out of, based on or resulting
                           from:

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

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

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

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

                                       39
<PAGE>

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

            9.2.24   MONEY LAUNDERING Any borrowing by the Borrower hereunder,
                     and the performance of its obligations hereunder and under
                     the other Security Documents, will be for its own account
                     and will not involve any breach by it of any law or
                     regulatory measure relating to "MONEY LAUNDERING" as
                     defined in Article 1 of the Directive (91/308/EEC) of the
                     Council of the European Communities.

      9.3   REPRESENTATIONS ON THE DRAWDOWN DATE

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

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

            9.3.2    provisionally registered in its name under the Bahamian
                     flag;

            9.3.3    classed with the highest classification available for a
                     vessel of its type free of all recommendations and
                     qualifications with Det Norske Veritas;

            9.3.4    operationally seaworthy and in compliance with all relevant
                     provisions, regulations and requirements (statutory or
                     otherwise) applicable to ships registered under the
                     Bahamian flag;

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

            9.3.6    managed by the Manager on and subject to the terms set out
                     in the Management Agreement.

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<PAGE>

10    UNDERTAKINGS

      10.1  DURATION

            The undertakings in this Clause 10 shall survive the execution of
            this Agreement and shall be deemed to be repeated with reference
            mutatis mutandis to the facts and circumstances subsisting, as if
            made on each day until the Borrower has no remaining obligations,
            actual or contingent, under or pursuant to this Agreement or any of
            the other Security Documents.

      10.2  INFORMATION

            10.2.1   The Borrower will provide to the Paying Agent (or will
                     procure the provision of):

                     (a)   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 2003)
                           such Group accounts being substituted with NCLC Group
                           accounts commencing with the audited accounts made up
                           to 31 December 2004;

                     (b)   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 Borrower and the Group
                           for that quarter such Group accounts being
                           substituted with NCLC Group accounts commencing with
                           the unaudited accounts made up to 31 March 2004;

                     (c)   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 Paying Agent may request; and

                     (d)   details of any material litigation, arbitration or
                           administrative proceedings which affect any Obligor
                           as soon as the same are

                                       41
<PAGE>

                           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).

            10.2.2   All accounts required under this Clause 10.2 shall be
                     prepared in accordance with US GAAP and shall fairly
                     represent the financial condition of the relevant company.
                     In this Clause 10.2.2 "NCLC GROUP" shall have the meaning
                     ascribed to it in Clause 11.4 of the Guarantee.

      10.3  NOTIFICATION OF DEFAULT

            The Borrower will notify the Paying Agent of any Event of Default or
            Possible Event of Default forthwith upon any Obligor becoming aware
            of the occurrence thereof. Upon the Paying 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 Paying 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 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:

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<PAGE>

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

            10.5.2   Permitted Liens.

      10.6  DISPOSALS

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

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

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

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

            10.6.4   a vessel owned by any member of the NCLC Group (other than
                     the Borrower) may be sold provided such sale is on a
                     willing seller willing buyer basis at or about market rate
                     and at arm's length subject always to the provisions of any
                     loan documentation for the financing of such vessel and
                     NCLL may, following the sale of its shares by Arrasas to
                     IOL, a wholly owned Subsidiary of Star, transfer to other
                     wholly owned Subsidiaries of Star its vessels "NORWEGIAN
                     WIND", "NORWEGIAN DREAM", "NORWEGIAN SEA", "NORWEGIAN
                     MAJESTY", "NORWEGIAN CROWN" and "MARCO POLO" (the "SIX
                     VESSELS") for their transfer values as set out in Schedule
                     7 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;

                                       43
<PAGE>

            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 7; 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 Majority Lenders, the Borrower
            shall not make or threaten to make any substantial change in its
            business as presently conducted, namely that of a single ship owning
            company for the Vessel, or carry on any other business which is
            substantial in relation to its business as presently conducted so as
            to affect, in the opinion of the Paying 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 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.

      10.8  MERGERS

            Except with the prior consent of the Majority Lenders, the Borrower
            will not enter into any amalgamation, restructure, substantial
            reorganisation, merger or consolidation or anything analogous to the
            foregoing nor will it acquire any equity, share capital or
            obligations of any corporation or other entity and will procure that
            no company in the NCLC Group (other than the Shareholder or NCL
            America Holdings) shall do so PROVIDED THAT:

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

            10.8.2   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;

                                       44
<PAGE>

            10.8.3   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;

            10.8.4   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 10.6.4) on demise or bareboat charter for
                     the period and at the charterhire rate set out in Schedule
                     7; and

            10.8.5   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, the prior consent of the Paying 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 Paying Agent with regard to the
            proposed consolidation, reorganisation or restructure, 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 and, if so required, transfers the Operating Account to
            The Hongkong and Shanghai Banking Corporation Limited or DnB NOR
            Bank ASA SUBJECT TO:

            10.8.6   Clause 9.2.20;

            10.8.7   the continuation in full force and effect of the Guarantee;
                     and

            10.8.8   the cash flows from which the Outstanding Indebtedness will
                     be repaid remaining comparable as to amount (relative to
                     the amount of the Outstanding Indebtedness) and
                     accessibility for the Borrower to the cash flows as at the
                     date of this Agreement, in the sole discretion of the
                     Lenders.

                                       45
<PAGE>

            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
            Paying 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.

      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 US 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

                                       46
<PAGE>

                     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 Paying Agent, the Security Agent
                     and the Lenders under this Agreement and the other Security
                     Documents and that the lender shall not take any steps to
                     enforce its rights to recover any monies owing to it by the
                     Borrower and in particular but without limitation the
                     lender will not institute any legal or quasi-legal
                     proceedings under any jurisdiction at any time against the
                     Vessel, its Earnings or Insurances or the Borrower and it
                     will not compete with the Paying Agent, the Security 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:

            10.12.1  any pooling agreement or other arrangement for the sharing
                     of any of the Earnings or the expenses of the Vessel; or

            10.12.2  any demise or bareboat charter; or

            10.12.3  any charter whereunder two (2) months' charterhire (or the
                     equivalent thereof) is payable in advance in respect of the
                     Vessel; or

            10.12.4  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 Majority Lenders, the
            Borrower enters into in respect of the Vessel a charter on arm's
            length terms with a company outside the NCLC Group, the Borrower
            hereby undertakes to execute in favour of the Security Agent 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 Paying Agent PROVIDED HOWEVER THAT
            the Borrower may in respect of the Vessel enter into a bareboat
            charter on arm's length terms and in form approved by the Paying
            Agent with any company which is a member

                                       47
<PAGE>

            of the NCLC Group PROVIDED THAT if so requested by the Agent and
            without limitation:

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

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

      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 MANAGEMENT

            Except with the prior consent of the Majority Lenders, the Borrower
            will not permit any person other than the Manager to be the
            commercial, technical and crewing manager of the Vessel or permit
            any amendment to be made to the terms of the Management Agreement.

      10.15 ACQUISITION OF SHARES AND AMENDMENT OF BYE-LAWS

            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.

                                       48
<PAGE>

            If so required by the Paying Agent at any time, the Borrower will
            promptly procure the amendment of its Bye-Laws to permit the issue
            of shareholder proxies of the type contemplated by the Charge.

      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 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 Paying 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 Paying Agent as the Paying Agent may reasonably
            consider necessary for giving full effect to any of the Transaction
            Documents or securing to the Security Agent, the Paying Agent and
            the Lenders the full benefit of the rights, powers and remedies
            conferred upon the Security Agent, the Paying 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 semi-annually at the Borrower's
                     expense) within fifteen (15) days of receiving any request
                     to that effect from the Paying Agent, procure that the
                     Vessel is valued by an independent reputable shipbroker or
                     shipvaluer

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                     experienced in valuing cruise ships appointed by the
                     Borrower and approved by the Paying 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 Paying 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 Paying
                     Agent which approval shall not be unreasonably withheld or
                     delayed.

            10.18.3  If the Second Valuation exceeds the First Valuation by a
                     margin of no less than ten per cent (10%) of the First
                     Valuation the Borrower may at its expense forthwith upon
                     receipt of the Second Valuation request the shipbrokers
                     and/or shipvaluers appointed pursuant to Clauses 10.18.1
                     and 10.18.2 to obtain a third valuation (the "THIRD
                     VALUATION") from a further independent reputable shipbroker
                     or shipvaluer experienced in valuing cruise ships approved
                     by the Paying 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 (3)
                     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 Paying Agent for
                     review.

      10.19 MARGINAL SECURITY

            If at any time after the Drawdown Date, the value of the Vessel as
            assessed in accordance with the provisions of Clause 10.18 and the
            value of any additional

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<PAGE>

            cash collateral deposits or the value of other security (not
            including any other security provided by the existing Security
            Documents) acceptable to the Paying 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
            Paying Agent from time to time is less than one hundred and twenty
            five per cent (125%) of the amount of the Loan, then the Paying
            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 additional security acceptable to the Lenders such
                     that the security value of the Vessel and any additional
                     security provided to the Security Agent or the Paying Agent
                     hereunder (at valuations reasonably estimated by the Paying
                     Agent from time to time) is at least one hundred and twenty
                     five per cent (125%) of the amount of the Loan; or

            10.19.2  prepay, in accordance with Clause 4.7, Clause 4.8 and
                     Clause 13.1, all or an appropriate proportion of 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 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 Paying Agent rescind, cancel or otherwise terminate any
                     charterparty or contract in respect of the Vessel provided
                     always that any determination by it of any charterparty or
                     contract after such consent is given shall be without
                     responsibility on the part of the Paying 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;

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<PAGE>

            10.20.2  promptly notify the Paying Agent (a) of any default under
                     any charterparty or contract of which it has knowledge by
                     it and/or by any party under any charterparty or contract
                     and (b) of any 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 Security Agent as assignee and itself under any
                     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;

            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 Majority Lenders' 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 Majority Lenders' 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 Lenders in their sole discretion the Borrower shall
                     provide additional security for its obligations

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<PAGE>

                     hereunder in such manner, of such type and within such
                     period as the Lenders may determine in their sole
                     discretion.

      10.21 INSURANCES

            The Borrower covenants with the Security Agent, the Paying Agent and
            the Lenders and undertakes from the Drawdown Date:

            10.21.1  to insure the Vessel, or to procure that the Vessel is
                     insured, in its name and keep the Vessel and procure that
                     the Vessel is kept insured on an agreed value basis for an
                     amount in Dollars approved by the Paying Agent but not
                     being less than the greater of:

                     (a)   one hundred and twenty five per cent (125%) 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 Paying Agent
                     in each instance on terms and conditions approved by the
                     Paying 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 Paying Agent-approved policies containing
                           the ordinary conditions applicable to similar vessels
                           and, in particular but without limitation, the risk
                           of physical loss or damage to the Vessel, general
                           average contributions and liability for collision
                           damage to third parties;

                     (ii)  war risks including the Lost Vessel Clause and,
                           should Institute War and Strike Clauses, Hulls
                           Conditions prevail, the London Blocking and Trapping
                           Addendum and war risks (protection and indemnity) up
                           to the insured amount;

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<PAGE>

                     (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) for pollution risk and this to be
                           increased if requested by the Paying Agent and the
                           increase is possible in accordance with the standard
                           protection and indemnity cover for vessels of its
                           type and is compatible with prudent insurance
                           practice for first class cruise shipowners or
                           operators in waters where the Vessel trades from time
                           to time during 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 Paying 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 Paying Agent and/or the Security Agent)
                     such person shall if so required by the Paying Agent
                     execute a first priority assignment of its interest in such
                     insurances in favour of the Security Agent in similar terms
                     mutatis mutandis to the Insurance Assignment;

            10.21.2  to agree that the Paying Agent at the cost of the Borrower
                     shall take out, in each case, for an amount in Dollars
                     approved by the Paying Agent but not being less than one
                     hundred and twenty five per cent (125%) of the Loan,
                     mortgagee interest insurance on such conditions

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<PAGE>

                     as the Paying Agent may reasonably require and mortgagee
                     interest insurance for pollution risks as from time to time
                     agreed, the Borrower having no interest or entitlement in
                     respect of such policies;

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

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

                     (b)   to make all such quarterly or other voyage
                           declarations as may from time to time be required by
                           the Vessel's protection and indemnity association and
                           to comply with all obligations in order to maintain
                           such cover, and promptly to deliver to the Paying
                           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 Paying 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
                           sub-clause (c) above within the time limit specified
                           therein and to provide evidence satisfactory to the
                           Paying Agent that the protection and indemnity
                           insurers are satisfied that this has been done;

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<PAGE>

                   (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 Paying Agent on
                        demand with such information or evidence as it may
                        reasonably require of such compliance;

                   (f)  to procure that the protection and indemnity insurances
                        do not contain a clause excluding the Vessel from
                        trading in waters of the United States of America and
                        the EEZ or any other provision analogous thereto and to
                        provide the Paying 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;

           10.21.4 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
                   Paying Agent;

           10.21.5 to execute and deliver all such documents and do all such
                   things as may be necessary to confer upon the Security Agent
                   legal title to the Insurances in respect of the Vessel and to
                   procure that the interest of the Security Agent 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 Paying 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 Paying Agent shall
                   be endorsed upon the protection and indemnity certificates of
                   entry in respect of the Vessel;

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<PAGE>

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

           10.21.7 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
                   Paying Agent;

           10.21.8 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 Paying Agent of such renewal and to procure
                   that the relevant brokers or associations shall promptly
                   confirm in writing to the Paying Agent that such renewal is
                   effected it being understood by the Borrower that any failure
                   to renew the Insurances on the Vessel at least ten (10) days
                   before the expiry thereof or to give or procure the relevant
                   notices of such renewal shall constitute an Event of Default;

           10.21.9 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;

          10.21.10 to furnish the Paying 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;

          10.21.11 not to agree to any variation in the terms of any of the
                   Insurances on the Vessel without the prior approval of the
                   Paying 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;

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<PAGE>

          10.21.12 not without the prior written consent of the Paying 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;

          10.21.13 promptly to furnish the Paying 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);

          10.21.14 to apply or ensure the appliance of all such sums receivable
                   in respect of the Insurances on the Vessel for the purpose of
                   making good the loss and fully repairing all damage in
                   respect whereof the insurance monies shall have been
                   received;

          10.21.15 that in the event of it making default in insuring and
                   keeping insured the Vessel as hereinbefore provided then the
                   Paying Agent may (but shall not be bound to) insure the
                   Vessel or enter the Vessel in such manner and to such extent
                   as the Paying 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 Paying Agent; and

          10.21.16 to agree that the Paying Agent shall be entitled from time to
                   time (but at intervals no more frequently than annually at
                   the Borrower's expense) to instruct independent reputable
                   insurance advisers for the purpose of obtaining any advice or
                   information regarding any matter concerning the Insurances
                   which the Paying Agent shall at its sole discretion deem
                   necessary, it being hereby specifically agreed that it shall
                   reimburse the Paying Agent on demand for all reasonable costs
                   and expenses incurred by the Paying Agent in connection with
                   the instruction of such advisers as aforesaid.

      10.22 OPERATION AND MAINTENANCE OF THE VESSEL

            From the Drawdown Date until the end of the Security Period at its
            own expense the Borrower will in respect of the Vessel:

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<PAGE>

          10.22.1  keep it in a good and efficient state of repair so as to
                   maintain it to the highest classification available for a
                   vessel of its age and type free of all recommendations and
                   qualifications with Det Norske Veritas or such other
                   classification society as is acceptable to the Lenders. On
                   the Drawdown Date and annually thereafter, it will furnish to
                   the Paying Agent a statement by such classification society
                   that such classification is maintained. It will comply with
                   all recommendations, regulations and requirements (statutory
                   or otherwise) from time to time applicable to the Vessel and
                   shall have on board as and when required thereby valid
                   certificates showing compliance therewith and shall procure
                   that all repairs to or replacements of any damaged, worn or
                   lost parts or equipment are carried out (both as regards
                   workmanship and quality of materials) so as not to diminish
                   the value or class of the Vessel. It will not make any
                   substantial modifications or alterations to the Vessel or any
                   part thereof without the prior consent of the Paying Agent;

          10.22.2  submit it 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 Paying
                   Agent, supply to the Paying Agent copies in English of the
                   survey reports;

          10.22.3  permit surveyors or agents appointed by the Paying 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 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 relevant 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

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<PAGE>

                        Management Certificate duly issued to the Vessel
                        pursuant to the ISM Code;

                  (b)   provide the Paying Agent with copies of any such
                        Document of Compliance and Safety Management Certificate
                        as soon as the same are issued;

                  (c)   pursuant to the ISM Code, 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;

                  (d)   pursuant to the ISPS Code, keep, or procure that there
                        is kept, on board the Vessel the original of the
                        International Ship Security Certificate; and

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

          10.22.5  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;

          10.22.6  promptly provide the Paying Agent with (a) all information
                   which the Paying 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;

          10.22.7  give notice to the Paying Agent promptly and in reasonable
                   detail upon any Obligor becoming aware of:

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

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

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

                  (d)   any writ 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 as a Bahamian vessel
                        or such other flagged vessel as is acceptable to the
                        Lenders 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;

          10.22.8  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 Paying Agent. As

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                   and when the Paying Agent may so require it will make such
                   books available for inspection on behalf of the Paying Agent
                   and provide evidence satisfactory to the Paying Agent that
                   the wages and allotments and the insurance and pension
                   contributions of the master and crew are being regularly
                   paid, that all deductions of crew's wages in respect of any
                   tax liability are being properly accounted for and that the
                   master has no claim for disbursements other than those
                   incurred in the ordinary course of trading on the voyage then
                   in progress or completed prior to such inspection;

          10.22.9  maintain the type of the Vessel as at 9 July 2003 and not put
                   the Vessel into the possession of any person without the
                   prior consent of the Paying 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 Paying Agent a written undertaking
                   addressed to the Paying Agent in terms satisfactory to the
                   Paying Agent agreeing not to exercise a lien on the Vessel or
                   its Earnings for the cost of such work or for any other
                   reason;

          10.22.10 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
                   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 Paying 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;

          10.22.11 give to the Paying 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

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                   by the Paying Agent, forthwith discharge such debts, damages
                   and liabilities to the Paying Agent's satisfaction; and

          10.22.12 maintain the registration of the Vessel as a Bahamian vessel
                   and not do or permit anything to be done whereby such
                   registration may be forfeited or imperilled.

      10.23 IRREVOCABLE PROXY

            The Borrower will act in accordance with the terms of the
            irrevocable proxy executed or to be executed by the Shareholder in
            favour of the Security Agent pursuant to the Charge and will procure
            that resolution 3.2.6 approved by its directors on             2004
            is not amended, supplemented or revoked and remains in full force
            and effect until its Bye-Laws are amended in the manner referred to
            in Clause 10.15.

11    RIGHTS OF THE SECURITY AGENT, THE PAYING AGENT, THE ARRANGERS AND THE
      LENDERS

      11.1  NO DEROGATION OF RIGHTS

            Any rights conferred on the Security Agent, the Paying Agent, the
            Arrangers 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
            Security Agent, the Paying Agent, the Arrangers 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 other
            Security Document.

      11.2  ENFORCEMENT OF REMEDIES

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

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

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

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

12    DEFAULT

      12.1  EVENTS OF DEFAULT

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

            12.1.1 NON-PAYMENT

                   The Borrower or any other Obligor does not pay on the due
                   date any amount of principal or interest of the 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 12.1.1 until the expiry of three (3) Business
                   Days following the date on which such payment is due), or
                   within three (3) days of the due date any other amount,
                   payable by it under any Security Document to which it may at
                   any time be a party, at the place and in the currency in
                   which it is expressed to be payable.

            12.1.2 BREACH OF OTHER OBLIGATIONS

                   (a) Any Obligor 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 Paying Agent
                       of any of the Transaction Documents and such failure (if
                       in the opinion of the Paying 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 Paying
                       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

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                   (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.

            12.1.3 MISREPRESENTATION

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

            12.1.4 CROSS DEFAULT

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

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

                   (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

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                   (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
                        Paying Agent forthwith upon its occurrence and second if
                        the dispute remains unresolved for a period of one
                        hundred and fifty (150) days this Clause 12.1.4(ii)
                        shall not apply to that Financial Indebtedness.

            12.1.5 WINDING-UP

                   Any order is made or an effective resolution passed or other
                   action taken for the suspension of payments or dissolution,
                   termination of existence, liquidation, winding-up or
                   bankruptcy of any member of the NCLC Group.

            12.1.6 MORATORIUM OR ARRANGEMENT WITH CREDITORS

                   A moratorium in respect of all or any debts of any member of
                   the NCLC Group or a composition or an arrangement with
                   creditors of any member of the NCLC Group or any similar
                   proceeding or arrangement by which the assets of any member
                   of the NCLC Group are submitted to the control of its
                   creditors is applied for, ordered or declared or 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.

            12.1.7 APPOINTMENT OF LIQUIDATORS ETC.

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

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            12.1.8 INSOLVENCY

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

            12.1.9 LEGAL PROCESS

                   Any distress, execution, attachment or other process affects
                   the whole or any substantial part of the assets of any member
                   of the NCLC Group and remains undischarged for a period of
                   twenty one (21) days 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 Paying Agent's sole discretion).

           12.1.10 ANALOGOUS EVENTS

                   Anything analogous to or having a substantially similar
                   effect to any of the events specified in sub-clauses 12.1.5
                   to 12.1.9 of this Clause shall occur under the laws of any
                   applicable jurisdiction.

           12.1.11 CESSATION OF BUSINESS

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

           12.1.12 REVOCATION OF CONSENTS

                   Any authorisation, approval, consent, licence, exemption,
                   filing, registration or notarisation or other requirement
                   necessary to enable any Obligor to comply with any of its
                   obligations under any of the Transaction Documents is
                   materially adversely modified, revoked or withheld or does
                   not remain in full force and effect and within ninety (90)
                   days of the date of its occurrence such event is not remedied
                   to the satisfaction of the Paying Agent and the Paying 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

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                   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 Paying Agent is satisfied in
                   its sole discretion that the Lenders' interests might
                   reasonably be expected to be materially adversely affected.

           12.1.13 UNLAWFULNESS

                   At any time it is unlawful or impossible for any Obligor to
                   perform any of its obligations under any Security Document to
                   which it is a party or it is unlawful or impossible for the
                   Security Agent, the Paying Agent, any Arranger 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 payment
                   obligations under this Agreement and the other Security
                   Documents (the determination of which shall be in the Paying
                   Agent's sole discretion) in which case the following
                   provisions of this Clause 12.1.13 shall not apply) where the
                   unlawfulness or impossibility prevents any Obligor from
                   performing its obligations (other than its payment
                   obligations under the Loan Agreement and the other Security
                   Documents) and is cured within a period of twenty one (21)
                   days of the occurrence of the event giving rise to the
                   unlawfulness or impossibility and the relevant Obligor,
                   within the aforesaid period, performs its obligation(s) and
                   PROVIDED FURTHER THAT no Event of Default shall be deemed to
                   have occurred where the Security Agent, the Paying Agent, any
                   relevant Arranger and/or any relevant Lender could, in its
                   sole discretion, mitigate the consequences of unlawfulness or
                   impossibility in the manner described in Clause 4.3. The
                   costs of mitigation shall be determined in accordance with
                   Clause 4.3.

           12.1.14 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 Paying
                   Agent.

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           12.1.15 TOTAL LOSS

                   If the Vessel shall become a Total Loss and the proceeds of
                   the Insurances in respect thereof shall not have been
                   received by the Paying Agent within one hundred and fifty
                   (150) days after the date of the event giving rise to such
                   Total Loss.

           12.1.16 DISPOSALS

                   If the Borrower or any other member of the NCLC Group shall
                   have concealed, removed, or permitted to be concealed or
                   removed, any part of its property, with intent to hinder,
                   delay or defraud its creditors or any of them, or made or
                   suffered a transfer of any of its property which may be
                   fraudulent under any bankruptcy, fraudulent conveyance or
                   similar law; or shall have made any transfer of its property
                   to or for the benefit of a creditor with the intention of
                   preferring such creditor over any other creditor.

           12.1.17 PREJUDICE TO SECURITY

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

           12.1.18 MATERIAL ADVERSE CHANGE

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

           12.1.19 GOVERNMENTAL INTERVENTION

                   The authority of any member of the NCLC Group in the conduct
                   of its business is wholly or substantially curtailed by any
                   seizure or intervention

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

      12.2  ACCELERATION

            12.2.1 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 Paying Agent may if the Loan has not yet
                   been drawn down, by notice to the Borrower cancel the
                   obligations of the Lenders under this Agreement.

            12.2.2 On the occurrence of an Event of Default and at any time
                   thereafter whilst such event shall be continuing, if the Loan
                   has been drawn down the Paying Agent may:

                   (a)  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/or

                   (b)  from time to time exercise all or any of its rights
                        under any of the Security Documents in such order and in
                        such manner as it shall deem appropriate; and/or

                   (c)  at its sole discretion terminate or continue with the
                        Management Agreement.

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      12.3  DEFAULT INDEMNITY

            The Borrower shall on demand indemnify the Paying Agent, the
            Security Agent, the Arrangers 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 Paying
            Agent, the Security Agent, the Arrangers or the Lenders shall
            certify as sustained or incurred by any of them as a consequence of:

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

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

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

            12.3.4 the Loan not being drawn for any reason (excluding any
                   default by the Paying Agent or any Lender) after the 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 and also any loss or expense (including
            without limitation warehousing and other related costs) incurred in
            connection with any interest rate swap agreements or other financial
            instruments entered into for the purposes of this transaction.

      12.4  SET-OFF

            Following the occurrence of any Event of Default and for so long as
            the same is continuing, the Borrower irrevocably authorises the
            Paying Agent, the Security 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 Paying Agent, the Security
            Agent and the Lenders in or towards satisfaction of any sum

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            due to the Paying Agent, the Security 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 Paying
            Agent, the Security 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 Lending Branch would, at the opening of
            business on the date on which the combination is effected, have sold
            the currency of that credit balance for Dollars for immediate
            delivery.

13    APPLICATION OF FUNDS

      13.1  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 Paying Agent, the Security Agent or any Lender under or pursuant
            to the Security Documents shall be held by the Paying Agent and
            applied in the following manner and order:

            FIRSTLY     to the payment of all fees, expenses and charges
                        (including brokers' commissions), the expenses of any
                        sale, the expenses of retaining any attorney,
                        solicitors' fees, court costs and any other expenses or
                        advances made or incurred by the Paying Agent, the
                        Security Agent or any Lender in the protection of the
                        Paying Agent's, the Security Agent's and the 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 Paying
                        Agent considers advisable to protect its or their
                        security and to provide adequate indemnity against liens
                        claiming priority over or equality with the lien of all
                        Security Documents or any other Encumbrances;

            SECONDLY    in or towards payment in such order as the Lenders may
                        require of any accrued (but unpaid) fees and interest
                        thereon to which the Lenders and/or the Paying Agent
                        and/or the Security Agent are

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                        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 Paying 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 Paying
                        Agent, the Security Agent or the Lenders or any of them
                        in connection with the transactions herein contemplated;

            FIFTHLY     in or towards payment of the balloon payment of eighty
                        one million Dollars (USD81,000,000) repayable pursuant
                        to Clause 3.1.2 and 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 Paying Agent, the Security Agent or
                        the Lenders under the Security Documents using in the
                        discretion of the Paying Agent the same order of
                        application as FIRSTLY to FIFTHLY;

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

            EIGHTHLY    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 Paying Agent shall be entitled to collect the
            balance from the Borrower.

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      13.2  GENERAL FUNDS

            Any other monies received by or in the possession of the Paying
            Agent, the Security Agent or any Lender under or pursuant to the
            Security Documents which are expressed hereunder and/or under the
            Security Documents to be distributed in accordance with the
            provisions of this Clause or where no express provisions are made
            for disposal shall be applied in the discretion of the Paying Agent
            as follows:

            FIRSTLY     in or towards payment of all fees, costs and expenses
                        incurred by the Paying Agent, the Security 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 Paying Agent
                        and/or the Security 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 Paying 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 Paying
                        Agent, the Security Agent or the Lenders or any of them
                        in connection with the transactions herein contemplated;

            FIFTHLY     in or towards payment of the balloon payment of eighty
                        one million Dollars (USD81,000,000) repayable pursuant
                        to Clause 3.1.2 and the Instalments in reverse order of
                        maturity date;

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

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

      13.3  APPLICATION OF PROCEEDS OF INSURANCES

            Proceeds of the Insurances for partial losses shall be applied in
            accordance with the Insurance Assignment and/or the loss payable
            clause endorsed on the Insurances in the form approved by the Paying
            Agent and in the case of a Total Loss of the Vessel in accordance
            with Clause 4.5 and Clause 13.1.

      13.4  SUSPENSE ACCOUNT

            Any monies received or recovered by the Paying Agent, the Security
            Agent or any Lender under or in connection with the Security
            Documents and credited to any suspense or impersonal interest
            bearing security realised account in accordance with FOURTHLY of
            Clause 13.1 or Clause 13.2 may be held in such account for so long
            as the Paying Agent thinks fit pending application at the Paying
            Agent's discretion in accordance with FOURTHLY of Clause 13.1 or
            Clause 13.2 (as the case may be).

14    FEES

      14.1  MANAGEMENT FEE AND AGENCY FEE

            The Borrower shall enter into a fees side letter with the Paying
            Agent and the Security Agent on signing hereof and pay to the Paying
            Agent such fees and on such dates as shall be referred to therein.

      14.2  COMMITMENT FEE

            The Borrower shall pay to the Paying Agent for distribution to the
            Lenders on the earlier of the Drawdown Date and the date on which
            the Loan is cancelled a commitment fee in Dollars calculated at the
            rate of nought point three seven five per cent (0.375%) per annum on
            the daily undrawn, uncancelled amount of the Loan during the
            Commitment Period.

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      14.3  RESTRUCTURING FEE

            The Borrower shall pay to each of the Lenders on the earlier of five
            (5) Business Days from the date of the First Supplement and the
            Restatement Date a non-refundable restructuring fee of fifty
            thousand Dollars (USD50,000) provided that a Lender which is the
            provider of any other loan or other facility to the Borrower or any
            other member of the Group shall only be entitled to receive one (1)
            such fee of fifty thousand Dollars (USD50,000). The Borrower
            represents and warrants that the fee payable to each Lender under
            this Clause 14.3 is in the same amount and on the same terms as the
            restructuring fee payable to every other provider of any other loan
            or other facility to the Borrower or any other member of the Group
            in respect of the restructuring contemplated by the First
            Supplement. Notwithstanding any provision of this Agreement or the
            Agency Deed to the contrary, no Lender shall be required to share
            with the other Lenders, the Paying Agent and/or the Security Agent
            any such restructuring fee received.

15    EXPENSES

      15.1  INITIAL EXPENSES

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

      15.2  ENFORCEMENT EXPENSES

            The Borrower shall reimburse the Paying Agent, the Security Agent,
            the Arrangers and the Lenders on demand on a full indemnity basis
            for all charges and expenses (including value added tax or any
            similar tax thereon and including the fees and expenses of legal
            advisers) incurred by the Paying Agent, the Security Agent, each of
            the Arrangers and each of the Lenders in connection with

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            the enforcement of, or the preservation of any rights under, this
            Agreement and the other Security Documents.

      15.3  STAMP DUTIES

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

16    WAIVERS, REMEDIES CUMULATIVE

      16.1  NO WAIVER

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

      16.2  REMEDIES CUMULATIVE

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

      16.3  SEVERABILITY

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

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      16.4  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 none of
            the Paying Agent, the Security Agent, any of the Arrangers or any of
            the Lenders shall be entitled to terminate or treat this Agreement
            or any of the other Security Documents as having been repudiated
            otherwise than in circumstances which constitute an Event of
            Default.

17    COUNTERPARTS

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

18    ASSIGNMENT

      18.1  BENEFIT OF AGREEMENT

            This Agreement shall be binding upon the Borrower and its successors
            and shall inure to the benefit of the other parties hereto and their
            successors and assigns.

      18.2  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.

      18.3  ASSIGNMENTS, PARTICIPATIONS AND TRANSFERS BY A LENDER

            Each Lender may at any time transfer or assign all of its rights and
            benefits hereunder and under the Security Documents to any other
            international bank or financial institution but shall, prior to such
            transfer or assignment, on request by the Paying Agent, pay a fee to
            the Paying Agent of one thousand Dollars (USD1,000) to be shared
            between the Paying Agent and the Security Agent equally 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
            prior consultation with the Borrower and without prior notice to the
            Paying Agent and the Security Agent. If a Lender transfers or
            assigns its rights and benefits hereunder as provided above, all
            references in this Agreement and the other Security

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            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.

      18.4  EFFECTIVENESS OF TRANSFER

            If a Lender transfers or assigns all or any of its rights and
            benefits hereunder in accordance with Clause 18.3, 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.

      18.5  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 18.3, 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
            Security Agent and the Paying Agent (on behalf of itself, the other
            parties to this Agreement (other than the Security Agent) and the
            Guarantor in accordance with the provisions of Clause 18.8) shall
            then forthwith execute the Transfer Certificate. On the later of the
            Transfer Date and the fifth (5th) Business Day following the date of
            delivery of the Transfer Certificate to the Paying Agent and the
            Security Agent for execution:

            18.5.1  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 18.5 as "DISCHARGED RIGHTS, BENEFITS AND
                    OBLIGATIONS");

            18.5.2  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

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                    insofar as the Borrower and such Transferee have assumed
                    and/or acquired the same in place of the Borrower and the
                    relevant Lender; and

            18.5.3  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.

      18.6  CONSENT AND INCREASED OBLIGATIONS OF THE BORROWER

            In the event that a Lender transfers its Lending Branch or transfers
            or assigns its rights and/or benefits hereunder to any subsidiary or
            holding company 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 it 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.

      18.7  DISCLOSURE OF INFORMATION

            Each of the Arrangers, each of the Lenders, the Security Agent and
            the Paying Agent (in this Clause 18.7 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:

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

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

            18.7.3  its Holding Company and/or Subsidiary;

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

                                       80
<PAGE>

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

            such information about any Obligor or the Group and the Transaction
            Documents as the Bank shall consider appropriate PROVIDED THAT in
            the case of Clauses 18.7.1, 18.7.2 and 18.7.3, such person has
            agreed to execute a Confidentiality Undertaking, and in the case of
            Clause 18.7.3 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.

      18.8  TRANSFER CERTIFICATE TO BE EXECUTED BY THE PAYING AGENT AND THE
            SECURITY AGENT

            In order to give effect to a Transfer Certificate each of the
            parties to this Agreement (other than the Security Agent) hereby
            irrevocably and unconditionally appoints the Paying Agent as its
            true and lawful attorney with full power to execute on its behalf
            each Transfer Certificate delivered to the Paying Agent pursuant to
            Clause 18.5 without the Paying Agent being under any obligation to
            take any further instructions from, or give any prior notice to such
            parties before doing so. The Security Agent and the Paying Agent (on
            behalf of such parties) shall so execute each such Transfer
            Certificate forthwith upon its receipt thereof pursuant to Clause
            18.5.

      18.9  NOTICE OF TRANSFER CERTIFICATES

            The Paying Agent shall promptly notify the other parties hereto
            (other than the Security Agent), the Transferee 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.

      18.10 DOCUMENTATION OF TRANSFER OR ASSIGNMENT

            The Borrower shall at the request of the Paying 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 18.

                                       81
<PAGE>

      18.11 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.

19    NOTICES

      19.1  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
            telex or telefax.

      19.2  ADDRESS

            Any notice, demand or other communication (unless made by telefax)
            to be made or delivered by the Paying Agent or the Security Agent to
            the Borrower pursuant to this Agreement shall (unless the Borrower
            has by fifteen (15) days' written notice to the Paying Agent
            specified another address) be made or delivered to the Borrower c/o
            NCLC, 7665 Corporate Center Drive, Miami, Florida 33126, United
            States of America (marked for the attention of Mr Lamarr Cooler and
            the Legal Department (but one (1) copy shall suffice)) with a copy
            to the Borrower c/o Star Cruises Limited, 25th Floor, Wisma Genting,
            Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia (marked for the
            attention of Mr Gerard Lim). Any notice, demand or other
            communication to be made or delivered by the Borrower to the Paying
            Agent or the Security Agent pursuant to this Agreement shall (unless
            the Paying Agent has by fifteen (15) days' written notice to the
            Borrower specified another address) be made or delivered to the
            Paying Agent or the Security Agent (as the case may be) at its
            Lending Branch, the details of which are set out in Schedule 2.

      19.3  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

                                       82
<PAGE>

            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 Paying Agent,
            the Security 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. Each such telefax communication,
            if made to the Paying Agent, the Security 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
            Paying Agent, the Security Agent or any Lender to the Borrower.

      19.4  RECEIPT

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

      19.5  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.

20    GOVERNING LAW

      This Agreement shall be governed by English law.

                                       83
<PAGE>

21    WAIVER OF IMMUNITY

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

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

      22.2  The Borrower may not, without the Paying 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

                                       84
<PAGE>

            the Paying 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 Paying Agent may appoint any person (including a company
            controlled by or associated with the Paying Agent, the Security
            Agent or any Arranger or 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
            Paying Agent, the Security Agent, an Arranger 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.

      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.

                                       85
<PAGE>

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

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

SIGNED SEALED and DELIVERED                 )    Donny Lam Hung Ki
as a DEED                                   )
by DONNY LAM HUNG KI                        )
for and on behalf of                        )
THE HONGKONG AND SHANGHAI                   )
BANKING CORPORATION LIMITED                 )
as the Security Agent in the presence of:   )
                     Helen Mok Lai Sim
                     1 Queen's Road Central,
                     Hong Kong

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

                                       86
<PAGE>

SIGNED SEALED and DELIVERED                 )    Donny Lam Hung Ki
as a DEED                                   )
by DONNY LAM HUNG KI                        )
for and on behalf of                        )
THE HONGKONG AND SHANGHAI                   )
BANKING CORPORATION LIMITED                 )
as an Arranger and a Lender                 )
in the presence of:                         )
                     Helen Mok Lai Sim
                     1 Queen's Road Central,
                     Hong Kong

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

SIGNED SEALED and DELIVERED                 )    J Clegg
as a DEED                                   )
by JULIE CLEGG                              )
for and on behalf of                        )
NORDEA BANK NORGE ASA                       )
in the presence of:                         )
                     R Cheung
                     as above

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

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

                                       87
<PAGE>

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

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

SIGNED SEALED and DELIVERED                 )    J Clegg
as a DEED                                   )
by JULIE CLEGG                              )
for and on behalf of                        )
BUMIPUTRA-COMMERCE BANK                     )
BERHAD                                      )
Tokyo Branch                                )
in the presence of:                         )
                     R Cheung
                     as above

SIGNED SEALED and DELIVERED                 )    Ong Seet Joon
as a DEED                                   )
by ONG SEET JOON                            )
for and on behalf of                        )
MALAYAN BANKING BERHAD                      )
Hong Kong Branch                            )
in the presence of:                         )
                           D Leung
                           19/F, Entertainment Building,
                           30 Queen's Road Central,
                           Hong Kong

                                       88
<PAGE>

                                   SCHEDULE 1

                            PARTICULARS OF ARRANGERS

<TABLE>
<CAPTION>
                                                                  UNDERWRITTEN           UNDERWRITTEN
                                                                     AMOUNT               AMOUNT AS A
                                                                     IN USD               PERCENTAGE
<S>                                                               <C>                    <C>
DnB NOR BANK ASA                                                  112,500,000               50.00%
(as successor in title to Den norske Bank ASA)
Stranden 21
NO-0021 Oslo
Norway

Attn: Mr Jon Flovik
Fax: +47 22 482020

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED             112,500,000               50.00%
Level 16
HSBC Main Building
1 Queen's Road Central
Hong Kong

Attn: Transaction Management
Fax: +852 2530 1538
</TABLE>

                                       89
<PAGE>

                                   SCHEDULE 2

             PARTICULARS OF SECURITY AGENT, PAYING AGENT AND LENDERS

NAME AND ADDRESS

SECURITY AGENT

THE HONGKONG AND SHANGHAI
BANKING CORPORATION LIMITED

Level 30
HSBC Main Building
1 Queen's Road Central
Hong Kong

Fax:  +852 2523 4641
Attn: Ms Helen Mok/Ms Letitia Chau
      Corporate Trust and Loan Agency
Email: helenmok@hsbc.com.hk/letitiachau@hsbc.com.hk

PAYING AGENT

DnB NOR BANK ASA
(as successor in title to Den norske Bank ASA)
Stranden 21
NO-0021 Oslo
Norway

Fax:  +47 22 482894
Attn: Mrs Solveig Nuland Knoff
Email: solveig.knoff@dnbnor.no

LENDERS

NAME AND ADDRESS                                                CONTRIBUTION IN
                                                                      USD

DnB NOR BANK ASA                                                  37,500,000
(as successor in title to Den norske Bank ASA)
Stranden 21
NO-0021 Oslo
Norway

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

                                       90
<PAGE>

THE HONGKONG AND SHANGHAI                                         30,000,000
BANKING CORPORATION LIMITED
Level 8
HSBC Main Building
1 Queen's Road Central
Hong Kong

Fax: +852 2845 9033
Attn: Mr Maurice Lee/Ms Stella Chan
Email: mauricelee@hsbc.com.hk/stellachan@hsbc.com.hk

KfW                                                               37,500,000
(formerly known as Kreditanstalt fur Wiederaufbau)
Palmengartenstrasse 5-9
60325 Frankfurt am Main
Germany

Fax: +49 69 7431 3768/4110
Attn: Mr Wolfgang Pfisterer/Ms Claudia Kochen
Email: wolfgang.pfisterer@kfw.de/claudia.kochen@kfw.de

NORDEA BANK NORGE ASA                                             30,000,000
Middelthuns gate 17
Oslo
P O Box 1166 Sentrum
NO-0107 Oslo
Norway

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

CREDIT SUISSE                                                     18,750,000
Ship Finance/BBY
St Alban-Graben 1-3
P O Box 4002 Basel
Switzerland

Fax: +41 61 266 7939
Attn: Mr John Haefelfinger/Ms Nadja Gautschi
Email: john.haefelfinger@credit-suisse.com
       nadja.gautschi@credit-suisse.com

HSH NORDBANK AG                                                   18,750,000
Gerhart-Hauptmann-Platz 50
20095 Hamburg
Germany

Fax:  +49 40 3333-34307
Attn: Ms Uta Urbaniak/Ms Frauke Hay
Email: uta.urbaniak@hsh-nordbank.com
       frauke.hay@hsh-nordbank.com

                                       91
<PAGE>

OVERSEA-CHINESE BANKING CORPORATION LIMITED                       18,750,000
Labuan Branch
Level 8(C)
Main Office Tower
Financial Park Labuan
Jalan Merdeka
87000 Labuan Federal Territory
Malaysia

Fax:  +60 87 423390
Attn: Mr Bernard Fernando/Ms Ann Teo
Email: ocbclbn@tm.net.my

NORDDEUTSCHE LANDESBANK GIROZENTRALE                              15,000,000
30151 Hannover
Germany

Fax:  +49 511 361 4785
Attn: Mr Willy Idler/Mr Thomas Schramme
Email: shipping@nordlb.de

BUMIPUTRA-COMMERCE BANK BERHAD                                    11,250,000
Tokyo Branch
1F Hibiya Daibiru
1-2-2 Uchisaiwai-cho
Chiyoda-ku, 1 chome
Tokyo 100-0011
Japan

Fax: +81 3 3508 1049
Attn: Mr Nor Azzam Abdul Jalil
Email: naj-bcb@eos.ocn.ne.jp

MALAYAN BANKING BERHAD                                            7,500,000
Hong Kong Branch
18-19/F Entertainment Building
30 Queen's Road Central
Hong Kong

Fax:  +852 2810 6013
Attn: Ms Tengku Zarina Tengku Chik/Ms Chai Ngan Fui
Email: tzarina@maybank.com.hk/nicole@maybank.com.hk

                                       92
<PAGE>

                                   SCHEDULE 3

                               NOTICE OF DRAWDOWN

                                   Clause 2.3

FROM:  NORWEGIAN SUN LIMITED
       Cedar House
       41 Cedar Avenue
       Hamilton HM 12
       Bermuda

TO:    DEN NORSKE BANK ASA
       Singapore Branch
       8 Shenton Way
       #48-02, Temasek Tower
       Singapore 068811

                                                                            2003

Dear Sirs

LOAN AGREEMENT DATED 9 JULY 2003 (THE "LOAN AGREEMENT")

We refer to the Loan Agreement pursuant to which you have agreed to advance to
us the Loan 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[      ]) under Clause 2.3 of the Loan Agreement on [           ]
2003.

Of such amount, the amount of [            ] Dollars (USD[     ]) is to be paid
to the Seller's bank as follows:

Bank of Nova Scotia, New York, FedWire Routing Number 026-002-532, for the
account of Bank of Nova Scotia London, Account Number 06008-30 under reference
LAG/NCLL/Norwegian Sun

and the balance is to be paid to the Sellers at:

JP Morgan Chase Bank, 4 New York Plaza, 15th Floor, New York, NY 10004, Federal
Routing Number 021-000-021, USD Account Number 544-0-80563

We confirm that:

                                       93
<PAGE>

(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) the first Interest Period shall be of [one (1) three (3) six (6)] months'
      duration;

(iv)  the Loan will be applied in financing the Purchase Price due to the Seller
      pursuant to the MOA; and

(vi)  upon application of the Loan hereby requested to be drawn down in the
      manner hereinbefore appearing all sums owing to the Seller under the MOA
      shall have been fully and finally paid.

Yours faithfully
NORWEGIAN SUN LIMITED

By: ________________________

                                       94
<PAGE>

                                   SCHEDULE 4

                              CONDITIONS PRECEDENT

                                   Clause 2.5

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

A     ON SIGNING HEREOF

THE BORROWER

1     Certified Copies of any consents required from any ministry, governmental,
      financial or other authority for the execution of and performance by the
      Borrower of its obligations under this Agreement and each of the Security
      Documents or if no such consents are required a secretary's certificate of
      the Borrower to this effect confirming that no such consents are required.

2     Notarially attested secretary's certificate for the Borrower:

      2.1   attaching a copy of its Certificate of Incorporation and Memorandum
            of Association and Bye-Laws evidencing power to:

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

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

      2.2   giving the names of the present officers and directors;

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

      2.4   giving the legal and beneficial owners of the Shares;

      2.5   attaching copies of resolutions passed at a duly convened meeting of
            the directors authorising the borrowing of the Loan, the granting of
            the Mortgage and the

                                       95
<PAGE>

            execution of this Agreement and such of the other Security Documents
            to which the Borrower is a party and the issue of any power of
            attorney to execute the same; and

      2.6   containing a declaration of solvency as at the date of the
            secretary's certificate.

3     Where the secretary's certificate referred to in paragraph 2 of this
      Schedule 4 is dated more than five (5) Business Days prior to 9 July 2003,
      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 2.3 above, notarially attested.

GUARANTOR AND SHAREHOLDER

5     Notarially attested secretary's certificate:

      5.1   attaching a copy of its Certificate of Continuance and Memorandum of
            Continuance and Bye-Laws evidencing power to enter into the
            transactions contemplated by this Agreement;

      5.2   giving the names of the present officers and directors;

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

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

      5.5   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 five (5) Business Days prior to 9 July 2003,
      a bringdown certificate, which need not be notarially attested if signed
      by the same person that signed the secretary's certificate referred to in
      paragraph 5 of this Schedule 4.

                                       96
<PAGE>

7     The original powers of attorney issued pursuant to (A) the resolutions
      referred to above and (B) paragraph 5.3 above, notarially attested.

GENERAL

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

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

10    Certified Copy of the MOA including all addenda.

11    Agency Deed duly executed.

12    [Intentionally left blank.]

13    Debenture duly executed.

14    [Intentionally left blank.]

15    Copies of the audited consolidated report and accounts of the Guarantor
      for 2002 and the unaudited consolidated accounts of the Group for the
      financial year quarter to 31 December 2002.

16    Copies of all Companies Acts forms for filing of charges in Bermuda and
      the Isle of Man.

17    Payment of all fees under Clause 14.

B     AT LEAST FIVE (5) BUSINESS DAYS BEFORE THE DRAWDOWN DATE

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

C     ON THE DRAWDOWN DATE

19    Such evidence as the Paying Agent may require that the Vessel is:

      19.1  provisionally registered in the name of the Borrower under the
            Bahamian flag, with a certificate of registry free from all liens
            and encumbrances except the Mortgage;

                                       97
<PAGE>

      19.2  classified with the highest classification available free of all
            recommendations and qualifications with Det Norske Veritas;

      19.3  insured in accordance with the terms of the Security Documents; and

      19.4  managed by the Manager pursuant to the Management Agreement.

20    Certified Copy of the bill of sale.

21    Certified Copy of the unconditional protocol of delivery and acceptance
      duly signed by the Seller and the Borrower.

22    Copies of valid trading and other certificates to be produced by the
      Seller pursuant to the MOA.

23    Mortgage over the Vessel duly executed and lodged for registration at the
      Bahamas Maritime Authority in London.

24    Earnings Assignment duly executed.

25    Insurance Assignment duly executed.

26    Account Charge duly executed.

27    [Intentionally left blank.]

28    [Intentionally left blank.]

29    Co-ordination Deed duly executed.

30    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 Paying Agent.

31    Opinions from Bahamian lawyers appointed by the Paying Agent as to due
      registration of the Vessel and due registration of the Mortgage and from
      English, Bermudan, Isle of Man and Singaporean lawyers appointed by the
      Paying Agent as to any of the foregoing matters or otherwise as the Paying
      Agent may require in the form required by the Paying Agent.

                                       98
<PAGE>

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

33    Notarially attested bringdown certificate in respect of the Borrower.

34    A Certified Copy of the carrier initiative agreement executed pursuant to
      the Mortgage.

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

36    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 International Safety Management
      Code.

37    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 International Safety Management Code.

MANAGER AND SCML

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

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

      38.2  giving the names of the present officers and directors;

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

      38.4  giving the legal and beneficial owners of its issued shares and the
            number of shares held by each shareholder;

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

      38.6  containing a declaration of solvency as at the date of the
            secretary's certificate.

                                       99
<PAGE>

39    Where the secretary's certificate referred to in paragraph 38 of this
      Schedule 4 is dated more than five (5) Business Days prior to the Drawdown
      Date, a bringdown certificate, which need not be notarially attested if
      signed by the same person that signed the secretary's certificate referred
      to in paragraph 38 of this Schedule 4.

40    The original powers of attorney issued pursuant to (A) the resolutions
      referred to above and (B) paragraph 38.3 above, notarially attested.

GENERAL

41    Copies of Companies Act forms for filing of charges in Bermuda.

42    Payment of all fees due under Clause 14.

                                      100
<PAGE>

                                   SCHEDULE 5

                          CONFIDENTIALITY UNDERTAKING

                            [On Bank's Headed Paper]

TO: NORWEGIAN SUN LIMITED
    Canon's Court
    22 Victoria Street
    Hamilton HM 12
    Bermuda
    (the "BORROWER")

    DnB NOR BANK ASA
    Stranden 21
    NO-0021 Oslo
    Norway
    (the "PAYING AGENT")

NORWEGIAN SUN LIMITED
USD 225,000,000 TERM LOAN (THE "LOAN")
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 Loan) all
      information delivered to us in connection with the Loan and all
      information obtained by us in the course of discussions with the Paying
      Agent, the Borrower or any other party involved with the Loan
      (collectively the "INFORMATION") until and save to the extent that the
      Information has been released into the public domain by persons duly
      authorised by the Borrower to do so. However, we shall be entitled to
      supply the Information to:

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

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

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

                                      101
<PAGE>

      1.4   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 Loan, we
      will return to the Paying Agent the originals and additional copies or
      extracts made therefrom and all documentary Information delivered to us by
      the Paying Agent in relation to the Loan and/or the Borrower (including
      any supplied to third parties as contemplated in paragraph 1).

For and on behalf of
BANK NAME:

By: ________________________

Date:

                                      102
<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:   DNB NOR BANK ASA (the "PAYING AGENT") as agent on its own behalf and for
      and on behalf of the Arrangers, the Borrower, the Guarantor and the
      Lenders as defined in the Loan Agreement referred to below

      ATTENTION: Mrs Solveig Nuland Knoff

      THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED (the "SECURITY
      AGENT")

      ATTENTION: Mr Donny Lam/Ms Helen Mok

                                                                           Date:

This certificate (the "TRANSFER CERTIFICATE") relates to a loan agreement dated
9 July 2003 as amended and restated by a first supplemental agreement dated 2004
(as the same may from time to time be further amended, supplemented and/or
novated the "LOAN AGREEMENT") made between (among others) (1) Norwegian Sun
Limited as borrower (the "BORROWER") (2) the banks and financial institutions
referred to therein as lenders (the "LENDERS") (3) The Hongkong and Shanghai
Banking Corporation Limited (the "SECURITY AGENT") and (4) DnB NOR Bank ASA (the
"PAYING AGENT") whereby the Lenders have agreed to make available to the
Borrower a term loan facility in the amount of up to two hundred and twenty five
million Dollars (USD225,000,000). 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 [lending branch];

the "TRANSFEREE" means [full name] of [lending branch].

1     The Transferor with full title guarantee transfers to the Transferee
      absolutely in accordance with Clause 18.5 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

                                      103
<PAGE>

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

2     By virtue of this Transfer Certificate and Clause 18.5 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.

3     The Transferee hereby requests:

      3.1   the Borrower, the Guarantor, the Security Agent, the Paying Agent,
            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 18.5 of the Loan Agreement; and

      3.2   the Paying Agent to execute this Transfer Certificate on behalf of
            itself and the other said parties pursuant to Clause 18.8 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 Paying Agent receives a certificate signed by
            [the Transferor] confirming that the following conditions have been
            fulfilled [specify conditions to transfer].

4     The Transferee:

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

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

                                      104
<PAGE>

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

      4.4   warrants that it has power and authority to become a party to the
            Loan Agreement and the Agency 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 Deed and the other
            Security Documents;

      4.5   if not already a Lender, appoints the Paying Agent and the Security
            Agent to act as its agents as provided in the Loan Agreement, the
            Agency Deed and the other Security Documents and agrees to be bound
            by the terms of Clause 18.8 of the Loan Agreement and by all the
            terms of the Agency Deed.

5     The Transferor:

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

      5.2   warrants to the Transferee that this Transfer Certificate is binding
            on the Transferor under the laws of England, the country in which
            the Transferor is incorporated and the country in which its Lending
            Branch is located; and

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

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

7     If a Transferor and a Transferee effect a transfer in accordance with
      Clause 3 of this Transfer Certificate during an Interest Period, the
      Paying Agent shall make all payments

                                      105
<PAGE>

      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 Paying 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 Paying Agent, the Security Agent, the
      Arrangers or the Lenders:

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

      8.2   assumes any responsibility for the financial condition of the
            Borrower or any other party to the Loan Agreement, the Agency 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 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 Paying Agent and the Security 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 Paying Agent's or the Security Agent's gross
      negligence or wilful misconduct, as the case may be.

                                      106
<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 Paying Agent (as agent
for and on behalf of itself as the Paying Agent, the Security Agent, the
Arrangers, the Borrower, the Guarantor 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 PAYING AGENT

SIGNED by                                    )
                                             )
for and on behalf of                         )
DnB NOR BANK ASA                             )
as agent for and on behalf                   )
of itself as Paying Agent, the Arrangers,    )
the Borrower, the Guarantor and the Lenders  )
in the presence of:                          )

                                      107
<PAGE>

THE SECURITY AGENT

SIGNED by                                    )
                                             )
for and on behalf of                         )
THE HONGKONG AND SHANGHAI                    )
BANKING CORPORATION LIMITED                  )
in the presence of:                          )

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

                                      108
<PAGE>

                                    SCHEDULE

                      ADMINISTRATIVE DETAILS OF TRANSFEREE

Name of Transferee:

Lending Branch:

Contact Person
(Loan Administration Department):

Telephone:

Fax:

Email:

Contact Person
(Credit Administration Department):

Telephone:

Fax:

Email:

Account for Payments:

                                      109
<PAGE>

                                   SCHEDULE 7

           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>

                                      110
<PAGE>

CONFORMED COPY

                               DATED 23 APRIL 2004

                              NCL CORPORATION LTD.

                                       TO

                            THE HONGKONG AND SHANGHAI
                           BANKING CORPORATION LIMITED

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

                                    GUARANTEE
                          ----------------------------

                               STEPHENSON HARWOOD
                            ONE ST PAUL'S CHURCHYARD
                                 LONDON EC4M 8SH
                            TEL: +44 (0)20 7329 4422
                            FAX: +44 (0)20 7606 0822
                             REF: JMC/1253/42-02611

<PAGE>

                                    CONTENTS

<TABLE>
<CAPTION>

                                                                                                     Page
                                                                                                     ----
<S>         <C>                                                                                       <C>
1           Definitions.................................................................................2

2           Guarantee and Indemnity.....................................................................4

3           Survival of Guarantor's Liability...........................................................5

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

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

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

7           Enforcement.................................................................................9

8           Representations and Warranties..............................................................9

9           General Undertakings: Positive Covenants...................................................12

10          General Undertakings: Negative Covenants...................................................15

11          Financial Undertakings and Ownership and Control of the Guarantor..........................19

12          Discharge..................................................................................26

13          Assignment and Transfer....................................................................26

14          Miscellaneous Provisions...................................................................27

15          Waiver of Immunity.........................................................................28

16          Notices....................................................................................28

17          Governing Law..............................................................................29

18          Jurisdiction...............................................................................29

Schedule 1  Quarterly Statement of Financial Covenants.................................................32

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

</TABLE>

<PAGE>

DEED OF GUARANTEE AND INDEMNITY

DATED 23 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)      THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED, a company
         incorporated in and under the laws of the Hong Kong Special
         Administrative Region of the People's Republic of China with its
         registered office at 1 Queen's Road Central, Hong Kong as agent for the
         Beneficiaries (as defined herein) (the "SECURITY AGENT" which
         expression shall include its successors and assigns).

WHEREAS:

(A)      By a loan agreement dated 9 July 2003 (the "ORIGINAL LOAN AGREEMENT")
         made between (among others) (1) Norwegian Sun Limited as borrower (the
         "BORROWER") (2) the banks whose names and Lending Offices appear in
         schedule 2 to the Loan Agreement (the "LENDERS") (3) DnB NOR Bank ASA
         (as successor in title to Den norske Bank ASA) as agent for the Lenders
         (the "PAYING AGENT") and (4) the Security Agent and to be amended and
         restated by an agreement dated 20 APRIL 2004 (the "FIRST SUPPLEMENTAL
         AGREEMENT" and together with the Original Loan Agreement the "LOAN
         AGREEMENT") between (among others) the parties to the Original Loan
         Agreement, Star Cruises Limited (the "ORIGINAL GUARANTOR") and the
         Guarantor, the Lenders agreed to make available to the Borrower a
         secured term loan of up to two hundred and twenty five million Dollars
         (USD225,000,000) (the "LOAN") on the terms and conditions contained
         therein.

(B)      By a deed of agency dated 9 July 2003 made between (1) the Paying Agent
         (2) the Security Agent (3) the Arrangers and (4) the Lenders it has
         been agreed that the benefit of this Deed shall be held by the Security
         Agent as agent for itself, the Paying Agent, the Arrangers and the
         Lenders and its and their respective successors, assignees and
         transferees (together the "BENEFICIARIES").

<PAGE>

(C)      Pursuant to the First Supplemental Agreement the Lenders agreed to
         release the Original Guarantor from its guarantee dated 9 July 2003 of
         the obligations of the Borrower under the Original Loan Agreement (the
         "ORIGINAL GUARANTEE") on the condition that the Guarantor enters into
         this Deed.

THIS DEED WITNESSES:

1        DEFINITIONS

         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 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 the 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
                  12 of the Loan Agreement or specified as such in Clause 11;
                  and

                  "OUTSTANDING INDEBTEDNESS" means all sums of any kind at any
                  time owing, actually or contingently, by any Obligor to the
                  Paying Agent, the Security Agent and/or the Lenders under or
                  pursuant to the Loan Agreement and each other Security
                  Document to which any of the Obligors is a party (whether by
                  way of repayment of principal, payment of interest or default
                  interest, payment upon any indemnity or counter-indemnity,
                  reimbursement for fees, costs or expenses or otherwise
                  howsoever).

         1.2      In this Deed unless the context otherwise requires:

                                       2
<PAGE>

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

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

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

                  1.2.8    where any matter requires the approval or consent of
                           the Security Agent or the Paying 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 Security Agent or the Paying
                           Agent, the Security Agent or the Paying 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 Security Agent and the Paying
                           Agent may give or withhold its consent, approval or
                           acceptance at its unfettered discretion;

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

                                       3
<PAGE>

         1.3      The provisions of clause 1.3 of the Loan Agreement shall apply
                  hereto (mutatis mutandis) as if set out herein.

2        GUARANTEE AND INDEMNITY

         2.1      In consideration of the Lenders agreeing at the request of the
                  Original Guarantor to release it from its obligations under
                  the Original Guarantee and to continue to make the Loan
                  available to the Borrower in accordance with the terms of the
                  Loan Agreement, the payment by the Security Agent 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 Security
                           Agent to be responsible for and hereby guarantees to
                           the Security Agent on behalf of the Beneficiaries:

                           (a)      the due and punctual payment by each of the
                                    Obligors to the Paying Agent on behalf of
                                    the Beneficiaries (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 under or pursuant to the Loan
                                    Agreement and the other Security Documents;
                                    and

                  2.1.2    unconditionally and irrevocably undertakes
                           immediately on demand by the Paying Agent 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 and irrevocably undertakes immediately on
                  demand by the Paying Agent from time to time to indemnify the
                  Security Agent and/or any of the other Beneficiaries and hold
                  each of them harmless in respect of:

                  2.2.1    any loss incurred by the Security Agent and/or any of
                           the other Beneficiaries as a result of the Loan
                           Agreement or any other Security Document to which any
                           of the Obligors is a party or any provision thereof

                                       4
<PAGE>

                           becoming invalid, void, voidable or unenforceable for
                           any reason whatsoever after execution hereof; and

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

3        SURVIVAL OF GUARANTOR'S LIABILITY

         3.1      The Guarantor's liability to the Security Agent 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 Security Agent, the Paying Agent, the
                           Arrangers and/or the Lenders to or with any of the
                           Obligors in respect of any of their obligations under
                           the Loan Agreement and each other Security Document
                           to which any of the Obligors is a party; or

                  3.1.2    any legal limitation, disability or incapacity
                           relating to any of the Obligors; 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 under, the Loan Agreement and each other
                           Security Document to which any of the Obligors 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 or the merger of any of the
                           Obligors with any other corporate entity; or

                  3.1.5    the liquidation, bankruptcy or dissolution (or
                           proceedings analogous thereto) of any of the Obligors
                           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
                           or the occurrence of any circumstances whatsoever
                           affecting any Obligor's liability to discharge its
                           obligations

                                       5
<PAGE>

                           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 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 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 Security Agent or
                           any of the other Beneficiaries at any time of any
                           further security for the obligations of the Borrower
                           under any of the Security Documents; or

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

                  3.1.9    any failure on the part of the Security Agent or any
                           of the other Beneficiaries (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 Paying 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 is a party; and

                                       6
<PAGE>

                  4.1.2    in addition to and not in substitution for or in
                           derogation of any other security held by the Security
                           Agent or any of the other Beneficiaries 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
                  Security Agent or any discharge given by the Security Agent to
                  the Guarantor or any other agreement reached between the
                  Security Agent and the Guarantor in relation to this Deed
                  shall be, and be deemed always to have been, void ab initio if
                  any act satisfying any of the said obligations or on the faith
                  of which any such discharge was given or any such agreement
                  was entered into is subsequently avoided in whole or in part
                  by or pursuant to any provision of any applicable law
                  whatsoever.

         4.3      This Deed shall remain the property of the Security Agent on
                  behalf of the Beneficiaries and, notwithstanding that all
                  monies and liabilities due or incurred by any of the Obligors
                  to the Security Agent and/or any of the other Beneficiaries
                  which are guaranteed hereunder shall have been paid or
                  discharged, the Security Agent shall be entitled not to
                  discharge this Deed or any security held by the Security Agent
                  for the obligations of the Guarantor hereunder for such period
                  as may in the reasonable opinion of the Paying Agent 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, the Security Agent shall be at liberty not to
                  discharge this Deed or any security held by the Security Agent
                  for the obligations of the Guarantor hereunder for and during
                  such further period as the Paying Agent may determine at its
                  sole discretion.

5        EXCLUSION OF THE GUARANTOR'S RIGHTS

         5.1      Until the obligations of any Obligor under the Loan Agreement
                  and each other Security Document to which any Obligor 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
                           Security Agent may have in respect of the

                                       7
<PAGE>

                           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 Paying
                           Agent:

                           (a)      exercise in respect of any amount paid by it
                                    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 it 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 in
                                    competition with the Security Agent and/or
                                    the other Beneficiaries for any monies owing
                                    to the Guarantor by any other Obligor on any
                                    account whatsoever,

                  PROVIDED ALWAYS that if the Guarantor, in breach of this
                  Clause, receives or recovers any monies pursuant to any such
                  exercise, claim or proof, such monies shall be held by the
                  Guarantor as trustee upon trust for the Security Agent to
                  apply the same as if they were monies received or recovered by
                  the Security Agent 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 the account referred to
                  in clause 7.1 of the Loan Agreement or such account of the
                  Paying Agent with such other bank or financial institution as
                  the Paying Agent may from time to time notify to the Guarantor
                  in writing.

         6.2      The certificate of the Paying Agent or the Security Agent from
                  time to time as to sums owed by any Obligor under the Security
                  Documents and sums owed by the Guarantor hereunder shall, save
                  for manifest error, be conclusive and binding for all purposes
                  and prima facie evidence of the existence and extent of such
                  debts in any legal action or proceedings arising in connection
                  herewith.

                                       8
<PAGE>

7        ENFORCEMENT

         7.1      The Security Agent shall not be obliged before taking steps to
                  enforce this Deed to take any action whatsoever against any of
                  the Obligors 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 Security Agent would
                  otherwise first be required to satisfy or fulfil before
                  proceeding or making demand against the Guarantor hereunder
                  PROVIDED THAT the Security Agent 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 Security Agent
                  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

                           (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;

                                       9
<PAGE>

                  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 or any of its subsidiaries relating to the
                           business and affairs of any member of the NCLC Group
                           in connection with this Deed and the Loan was and
                           remains true, correct and complete 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 Arrangers and/or the Paying 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 First Supplemental
                           Agreement;

                  8.1.9    the Accounts for the financial year ended 31 December
                           2004 (which accounts will be prepared in accordance
                           with US 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 Paying
                           Agent (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 Security Agent against the
                           Guarantor under this Deed will rank at least pari
                           passu with the claims of all other unsecured

                                       10
<PAGE>

                           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   save as disclosed in writing to the Paying Agent
                           prior to the date hereof, 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. For
                           the avoidance of doubt, the disclosure of any such
                           litigation, arbitration or administrative proceedings
                           after the date hereof shall not be deemed to be a
                           fact and circumstance subsisting at any time that
                           this representation is deemed to be repeated pursuant
                           to Clause 8.2;

                  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;

                                       11
<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 and all the shares in
                           Arrasas are legally and beneficially owned by the
                           Guarantor and such structure shall remain so
                           throughout the Security Period. Further, no Event of
                           Default has occurred under Clause 11.2 in respect of
                           the ownership and/or control of the shares of 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 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 has 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 Paying 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
                           unaudited consolidated accounts of the NCLC Group for
                           that quarter (commencing with the unaudited accounts
                           made up to 31 March 2004);

                                       12
<PAGE>

                  9.2.3    as soon as practicable (and in any event within forty
                           five (45) 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 financial officer 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 Paying Agent, a
                           valuation of each of the vessels in the NCLC Fleet
                           obtained in accordance with the provisions of clause
                           10.18 of the Loan Agreement;

                  9.2.6    as soon as practicable (and in any event within 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

                                       13
<PAGE>

                           (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 Paying 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 Paying 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 US 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 and/or Arrasas 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 US GAAP.

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

         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

                                       14
<PAGE>

                  and will promptly furnish certified copies thereof to the
                  Paying 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 amendment and restatement of the Original
                  Loan Agreement, the Guarantor shall deliver to the Paying
                  Agent a letter addressed to the Paying Agent irrevocably and
                  unconditionally authorising and instructing the Paying Agent
                  forthwith to execute on behalf of the Guarantor each Transfer
                  Certificate delivered to the Paying Agent pursuant to clause
                  18 of the Loan Agreement, such letter to be in 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 Majority Lenders,
                  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 such 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;

                  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

                                       15
<PAGE>

                           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; and

                  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 the Original Guarantor, transfer to
                           other wholly owned Subsidiaries of the Original
                           Guarantor 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 7 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
                           the Original Guarantor may transfer its shares in
                           Arrasas to the Guarantor.

         10.3     Except with the prior written consent of the Majority Lenders,
                  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 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).

                                       16
<PAGE>

         10.4     The Guarantor will not, and will procure that no other member
                  of the NCLC Group will, issue or enter into any guarantee or
                  indemnity or otherwise become directly or contingently liable
                  for the obligations of any other person, firm or corporation
                  without first notifying the Paying 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 Majority Lenders,
                  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 Paying 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 the Original Guarantor
                  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 12 December 2003
                  from NCLL to the Paying Agent and the Security Agent.

         10.6     Except with the prior written consent of the Majority Lenders,
                  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. 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 and PROVIDED FURTHER THAT:

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

                                       17
<PAGE>

                  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 7 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, the prior consent of the Paying 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 Guarantor has first
                  consulted with the Paying Agent with regard to the proposed
                  consolidation, reorganisation or restructure, provides
                  evidence satisfactory to the Majority Lenders that the
                  Guarantor will be in compliance with the financial
                  undertakings contained in Clause 11 after any such
                  consolidation, reorganisation or restructure and, if so
                  required, procures the transfer of the Operating Account to
                  The Hongkong and Shanghai Banking Corporation Limited or DnB
                  NOR Bank ASA SUBJECT TO:

                  10.6.6   Clause 8.1.16;

                  10.6.7   the continuation in full force and effect of this
                           Deed; and

                  10.6.8   the cash flows from which the Outstanding
                           Indebtedness will be repaid remaining comparable as
                           to amount (relative to the amount of the

                                       18
<PAGE>

                           Outstanding Indebtedness) and accessibility for the
                           Borrower to the cash flows as at the date of this
                           Deed, in the sole discretion of the Lenders.

                  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 Paying Agent is satisfied the Guarantor will
                  be in compliance with the financial undertakings contained in
                  Clause 11 after any such merger or consolidation.

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

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

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

                                       19
<PAGE>

                           (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

                                    (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:

                                       20
<PAGE>

                                    (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

                                    (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 Paying 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

                                       21
<PAGE>

                  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.

         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 Paying Agent (acting on the instructions of the
                           Majority Lenders);

                  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 US 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 US 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:

                                       22
<PAGE>

                                    (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

                                    (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 US GAAP and derived
                           from the then latest unaudited consolidated accounts
                           of the NCLC Group delivered to the Paying 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 Paying 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:

                                       23
<PAGE>

                           (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;

                  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 US 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 US 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 US GAAP and
                           derived from the then latest unaudited and
                           consolidated accounts of the NCLC Group delivered to
                           the Paying Agent in the case of the first three (3)
                           quarters of each financial year and the then latest
                           Accounts delivered to the Paying Agent in the case of
                           the final quarter of each financial year;

                                       24
<PAGE>

                  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

                           (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 US 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 Paying
                           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 US 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 US
                           GAAP and derived from the then latest unaudited and
                           consolidated accounts of the NCLC Group delivered to
                           the Paying Agent in the case of the first three (3)
                           quarters of each financial year and the then latest
                           Accounts delivered to the Paying Agent in the case of
                           the final quarter of each financial year;

                                       25
<PAGE>

                  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:

                           (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       DISCHARGE

         Subject to Clause 4.3, following the irrevocable repayment or payment
         to the Paying Agent on behalf of the Beneficiaries of all the
         Outstanding Indebtedness the Security Agent 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
         Security Agent may at such time have in the security for the
         Outstanding Indebtedness and to the proceeds of any such rights or
         security.

13       ASSIGNMENT AND TRANSFER

         13.1     This Deed shall be binding upon and enure to the benefit of
                  the Guarantor, the Security Agent and each of their respective
                  successors and assigns.

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

                                       26
<PAGE>

         13.3     Each Lender may assign or transfer its respective rights
                  hereunder to any person (including any other Lending Branch)
                  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.

         13.4     Any Lender 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 Lender in
                  relation to the Loan Agreement and this Deed any information
                  about the Obligors and the NCLC Group as such Lender shall
                  reasonably consider necessary for the purposes of inviting
                  expressions of interest from other banks or financial
                  institutions subject always to the relevant Lender procuring
                  the execution by the potential assignee or Transferee or any
                  other person as aforesaid of a Confidentiality Undertaking.

         13.5     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.

14       MISCELLANEOUS PROVISIONS

         14.1     No failure to exercise and no delay in exercising on the part
                  of the Security Agent 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 Security Agent
                  or any of the other Beneficiaries shall be effective unless it
                  is in writing.

         14.2     The rights and remedies of the Security Agent and each of the
                  other Beneficiaries provided herein and in the other Security
                  Documents are cumulative and not exclusive of any rights or
                  remedies provided by law.

         14.3     If any provision of this Deed 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.

                                       27
<PAGE>

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

15       WAIVER OF IMMUNITY

         The Guarantor irrevocably and unconditionally:

         15.1     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 Security
                  Agent in relation to this Deed; and

         15.2     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.

16       NOTICES

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

         16.2     Any notice, demand or other communication to be made or
                  delivered by the Security Agent or the Paying Agent to the
                  Guarantor pursuant to this Deed shall (unless the Guarantor
                  has by fifteen (15) days' written notice to the Paying Agent
                  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 Paying Agent

                                       28
<PAGE>

                  pursuant to this Deed shall (unless the Paying Agent has by
                  fifteen (15) days' written notice to the Guarantor specified
                  another address) be made or delivered to the Paying Agent at
                  its office for the time being which is at present at Stranden
                  21, NO-0021 Oslo, Norway (telefax no. +47 22 482020) 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.

         16.3     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.

17       GOVERNING LAW

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

18       JURISDICTION

         18.1     For the exclusive benefit of the Security Agent, 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 Security Agent 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 Security Agent from beginning any further or
                  other such legal action or proceeding in the same or any other
                  jurisdiction.

         18.2     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.

                                       29
<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                   )
by PAUL TURNER                                          )   P A TURNER
for and on behalf of                                    )
NCL CORPORATION LTD.                                    )
in the presence of:   R CHEUNG                          )
                      REGINA CHEUNG
                      TRAINEE SOLICITOR
                      STEPHENSON HARWOOD
                      ONE, ST. PAUL'S CHURCHYARD
                      LONDON EC4M 8SH

SIGNED SEALED and DELIVERED as a DEED                   )
by                                                      )
for and on behalf of                                    )
THE HONGKONG AND SHANGHAI                               )
BANKING CORPORATION LIMITED                             )
in the presence of:                                     )

                                       30
<PAGE>

SIGNED SEALED and DELIVERED as a DEED                   )
by                                                      )
for and on behalf of                                    )
NCL CORPORATION LTD.                                    )
in the presence of:

SIGNED SEALED and DELIVERED as a DEED                   )
By DONNY LAM HUNG KI                                    )   DONNY LAM HUNG KI
for and on behalf of                                    )
THE HONGKONG AND SHANGHAI                               )
BANKING CORPORATION LIMITED                             )
in the presence of:   HELEN MOK LAI SIM                     HELEN MOK  LAI SIM

                                       31
<PAGE>

SCHEDULE 1
                   QUARTERLY STATEMENT OF FINANCIAL COVENANTS

TO:      DNB NOR BANK ASA
         Stranden 21
         NO-0021 Oslo
         Norway

         ATTN: Mr Jon Flovik

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 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.

NCL CORPORATION LTD.

----------------------------------
BY: [                 ]
Chief Financial Officer

DATED:       20[      ]

                                       32
<PAGE>

                                    SCHEDULE

          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:      DNB NOR BANK ASA
         Stranden 21
         NO-0021 Oslo
         Norway

         ATTN: Mrs Solveig Nuland Knoff

         (the "PAYING AGENT")

                                                                   23 APRIL 2004

Dear Sirs

DEED OF GUARANTEE AND INDEMNITY DATED 23 APRIL 2004
(THE "GUARANTEE")

We refer to the Guarantee executed by us in favour of The Hongkong and Shanghai
Banking Corporation Limited (the "SECURITY AGENT"), as agent on behalf of the
Beneficiaries (as hereinafter defined), as security for the obligations of
Norwegian Sun Limited as borrower (the "BORROWER") under the loan agreement
dated 9 July 2003 and as amended and restated by a first supplemental agreement
(the "LOAN AGREEMENT") made by and between (among others) (1) the Borrower (2)
the banks and financial institutions therein referred to as lenders (the
"LENDERS") (3) the Paying Agent as agent for the Lenders and (4) the Security
Agent as agent for the Lenders.

Unless the context requires otherwise, words and expressions used herein shall
have the same agreement meanings as ascribed to them in the Loan Agreement.

We refer to:

1.       clause 13.3 of the Guarantee which provides that each Lender may assign
         or transfer its respective rights under the Guarantee to any person to
         whom the rights, or the rights and obligations, of that Lender under
         the Loan Agreement are wholly or partially assigned or transferred in
         accordance with the Loan Agreement; and

2.       clause 18.5 of the Loan Agreement whereby the rights, benefits and/or
         obligations of any Lender thereunder may be transferred by means of a
         Transfer Certificate.

                                       35
<PAGE>

In consideration of the Lenders agreeing at our request to continue 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
Paying Agent forthwith to execute on our behalf each Transfer Certificate
delivered to the Paying Agent pursuant to clause 18.5 of the Loan Agreement
without the Paying 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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