Document:

Exhibit 10.9

 

Dated 16 December 2022

 

AMENDMENT TO TERM LOAN FACILITY

 

 

LEONARDO THREE,
LTD.

as Borrower

 

and

 

NCL CORPORATION
LTD.

as Guarantor

 

and

 

NCL INTERNATIONAL, LTD

as Shareholder

 

and

 

NORWEGIAN CRUISE LINE HOLDINGS LTD.

as the Holding

 

and

 

THE
Banks and FINANCIAL INSTITUTIONS listed IN Schedule 1

as Lenders

 

and

 

HSBC BANK PLC

BNP PARIBAS FORTIS S.A./N.V.

KFW IPEX-BANK GMBH

CASSA DEPOSITI E PRESTITI S.P.A.

as Joint Mandated Lead Arrangers

 

and

 

BNP PARIBAS
S.A.

as Agent

and SACE Agent

 

and

 

BNP PARIBAS
S.A.

as Security Trustee

 

Supplemental
AGREEMENT

 

relating to a facility agreement originally dated
12 April 2017

(as amended and restated by an amendment and restatement agreement dated 21 November 2017, as amended and restated by an amendment and
restatement agreement dated 17 February 2021, as further amended and restated by an amendment and restatement agreement dated 17 June
2021 and as further amended by a supplemental agreement dated 23 December 2021)

in respect of the part financing of the 3,300 passenger cruise ship newbuilding

presently designated as Hull No. 6300 at Fincantieri S.p.A

 

 

 

     

     

    

 

Index

 

	Clause	Page
	 	 	 
	1	Definitions and Interpretation	2
	2	Conditions Precedent	3
	3	Representations	4
	4	Amendments to Facility Agreement and Other Finance Documents	4
	5	Further Assurance	11
	6	Costs, Expenses and Fees	12
	7	Notices	12
	8	Counterparts	12
	9	Signing Electronically	12
	10	Governing Law	12
	11	Enforcement	12

 

	Schedules	 
	 	 
	Schedule 1 The Lenders	14
	 	Part A The Tranche A Lenders	14
	 	Part B The Tranche B Lenders	16
	Schedule 2 Conditions Precedent	18
	Schedule 3 Form of Effective Date Certificate	19

 

Execution

 

	Execution Pages	20

 

     

     

    

 

THIS
AGREEMENT is made on 16 December 2022

 

Parties

 

		(1)	LEONARDO THREE, LTD., an exempted company incorporated under the
laws of Bermuda whose registered office is at 55 Park Place, Par-la-Ville Road, Hamilton HM11, Bermuda as borrower (the "Borrower")

 

		(2)	NCL CORPORATION LTD., an exempted company incorporated under the laws of Bermuda with its registered
office at 55 Park Place, Par-la-Ville Road, Hamilton HM11, Bermuda (the "Guarantor")

 

		(3)	NCL INTERNATIΟNAL, LTD., a company incorporated under the laws of Bermuda and having its
registered office at 55 Park Place, Par-la-Ville Road, Hamilton HM11, Bermuda (the "Shareholder")

 

		(4)	NORWEGIAN CRUISE LINE HOLDINGS LTD., a company incorporated under the laws of Bermuda with its
registered office at 55 Park Place, Par-la-Ville Road, Hamilton HM11, Bermuda (the "Holding")

 

		(5)	THE FINANCIAL INSTITUTIONS listed in Schedule 1 (The Lenders) as lenders (the "Lenders")

 

		(6)	HSBC BANK PLC of Level 2, 8 Canada Square, London, E14 5HQ, United Kingdom,
BNP PARIBAS FORTIS S.A./N.V. of 3, Montagne du Parc, 1 KA1E, 1000 Brussels, Belgium, KFW IPEX-BANK GMBH of Palmengartenstraße,
5-9 60325, Frankfurt, Germany and CASSA DEPOSITI E PRESTITI S.P.A. of Via Goito, 4 – 00185, Roma, Italy as joint mandated
lead arrangers (the "Mandated Lead Arrangers")

 

		(7)	BNP PARIBAS S.A. a French société anonyme, registered with the Registre du
Commerce et des Sociétés of Paris under number 662 042 449 with its registered office at 16 Boulevard des Italiens,
75009 Paris, France, as agent and SACE agent (the "Agent"
and the "SACE Agent")

 

		(8)	BNP PARIBAS S.A. a French société anonyme, registered with the Registre du
Commerce et des Sociétés of Paris under number 662 042 449 with its registered office at 16 Boulevard des Italiens,
75009 Paris, France, as security trustee (the "Security Trustee")

 

Background

 

		(A)	By the Original Facility Agreement, the Lenders agreed to make available to the Borrower a facility of
(originally) up to €640,000,000 and the amount of the SACE Premium (but not exceeding €665,280,665.28) for the purpose of assisting
the Borrower in financing (a) the payment or reimbursement under the Shipbuilding Contract of all or part of 80% of the Final Contract
Price up to the Eligible Amount and (b) reimbursement to the Borrower of 100% of the First Instalment of the SACE Premium paid by it to
SACE and payment to SACE of 100% of the Second Instalment of the SACE Premium (as defined therein).

 

		(B)	Due to the unprecedented and extraordinary impacts of the Covid-19 pandemic on the cruise sector and cruise
operators, the Original Facility Agreement was amended and restated pursuant to an amendment and restatement agreement dated 17 February
2021 (the "February 2021 Amendment and Restatement Agreement") and further amended and restated pursuant to an amendment
and restatement agreement dated 17 June 2021 (the "June 2021 Amendment and Restatement Agreement"), pursuant to which
the parties agreed to the temporary suspension of certain covenants under the Guarantee and addition of certain covenants under the Original
Facility Agreement (as amended pursuant to the February 2021 Amendment and Restatement Agreement) as well as an increase in the amount
of the to an Amended Maximum Loan Amount of €680,244,749.35.

 

     

     

    

 

		(C)	By a supplemental agreement dated 23 December 2021 and made between, amongst others, the Borrower, the
Agent and the SACE Agent (the "December 2021 Amendment Agreement"), the Parties agreed to, inter alia, amend certain
financial covenants and certain other provisions under the Original Facility Agreement (as amended by the February 2021 Amendment and
Restatement Agreement and the June 2021 Amendment and Restatement Agreement) (as further defined below, the "Facility Agreement").

 

		(D)	The Parties have agreed to amend and supplement the Facility Agreement as set out in this Agreement for
the purposes of, inter alia, amending certain financial covenants and certain other provisions under the Facility Agreement.

 

Operative
Provisions

 

		1	Definitions and Interpretation

 

		1.1	Definitions

 

In this Agreement:

 

"Amended
Facility Agreement" means the Facility Agreement as amended and supplemented by this Agreement.

 

"December
2022 Fee Letters" means any letter between the Agent (or the SACE Agent, as applicable) and any Obligor which sets out the fees
payable in connection with the arrangements contemplated by this Agreement.

 

"December
2022 Finance Documents" means this Agreement and each December
2022 Fee Letter.

 

"Effective
Date" means the date on which the Agent notifies the Borrower, the other Creditor Parties and SACE as to the satisfaction
of the conditions precedent as provided in Clause 2.1 (Conditions Precedent).

 

"Facility
Agreement" means the Original Facility Agreement, as amended and restated by the February 2021 Amendment and Restatement Agreement,
as further amended and restated by the June 2021 Amendment and Restatement Agreement and as further amended by the December 2021 Amendment
Agreement made between, amongst others, (i) the Borrower, (ii) the Lenders, (iii) the Mandated Lead Arrangers, (iv) the Agent and the
SACE Agent and (v) the Security Trustee.

 

"Obligors"
means the Borrower, the Guarantor, the Holding and the Shareholder.

 

"Original
Facility Agreement" means the facility agreement dated 12 April 2017 (as amended and restated by an amendment and
restatement agreement dated 21 November 2017) and made between, amongst others, (i) the Borrower, (ii) the Lenders, (iii) the Mandated
Lead Arrangers, (iv) the Agent and the SACE Agent and (v) the Security Trustee.

 

"Party"
means a party to this Agreement.

 

    2

     

    

 

"SACE"
means SACE S.p.A., an Italian joint stock company (società per azioni) with a sole shareholder, whose registered office is located
at Piazza Poli 37/42, 00187 Rome, Italy and registered with the Companies Registry of Rome under number 05804521002.

 

		1.2	Defined expressions

 

Defined expressions in the Facility
Agreement and, with effect from the Effective Date, the Amended Facility Agreement, shall have the same meanings when used in this Agreement
unless the context otherwise requires or unless otherwise defined in this Agreement.

 

		1.3	Application of construction and interpretation provisions of Facility Agreement

 

Clause 1.2 (Construction of certain
terms) of the Facility Agreement applies to this Agreement as if it were expressly incorporated in it with any necessary modifications.

 

		1.4	Designation as a Finance Document

 

The Borrower and the Agent designate
this Agreement as a Finance Document.

 

		1.5	Third party rights

 

		(a)	Unless provided to the contrary in a Finance Document, a person who is not a Party has no right under
the Contracts (Rights of Third Parties) Act 1999 (the "Third Parties Act") to enforce or to enjoy the benefit of any
term of this Agreement other than SACE, who may enforce or enjoy the benefit of and rely on the provisions of this Agreement and the Amended
Facility Agreement subject to the provisions of the Third Parties Act.

 

		(b)	Notwithstanding any term of any Finance Document, the consent of any person who is not a Party (other
than SACE) is not required to rescind or vary this Agreement at any time.

 

		(c)	For the avoidance of doubt and in accordance with clause 36.4 (Third party rights) of the Facility
Agreement, nothing in this Clause 1.5 (Third party rights) shall limit or prejudice the exercise by SACE of its rights under this
Agreement or the Finance Documents in the event that such rights are subrogated or assigned to it pursuant to the terms of the SACE Insurance
Policy.

 

		2	Conditions Precedent

 

		2.1	The Effective Date cannot occur unless:

 

		(a)	the Agent has received (or on the instructions of all the Lenders, waived receipt of) all of the documents
and other evidence listed in Schedule 2 (Conditions Precedent) in form and substance satisfactory to the Agent;

 

		(b)	save as disclosed in writing to the Agent and SACE prior to the date of
this Agreement, the representations and warranties contained in Clause 3
(Representations) are true and correct on, and as of, each such time as if each was made with respect to the facts and circumstances
existing at such time;

 

		(c)	save as disclosed in writing to the Agent and SACE prior to the date of
this Agreement, no Event of Default, event or circumstance specified in clause 18 (Events of Default)
of the Facility Agreement which would (with the expiry of a grace period, the giving of notice, the making of any determination under
the Finance Documents or any combination of any of the foregoing) be an Event of Default, event resulting in mandatory prepayment of the
Loan pursuant to clause 16.3 (Mandatory prepayment – Sale and Total Loss) and clause 16.4 (Mandatory prepayment –
SACE Insurance Policy) of the Facility Agreement shall have occurred and be continuing or would result from the amendment of the Facility
Agreement pursuant to this Agreement; and

 

    3

     

    

 

		(d)	the Agent is satisfied that the Effective Date can occur and has not provided any instructions to the
contrary informing the Parties that the Effective Date cannot occur.

 

		2.2	Upon fulfilment or waiver of the conditions set out in Clause 2.1 above, the Agent shall provide the Borrower
and the Creditor Parties and SACE with a copy of the executed certificate in the form set out in Schedule 3 (Form of Effective Date
Certificate) confirming that the Effective Date has occurred and such certificate shall be binding on all Parties.

 

		2.3	Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before
the Agent provides the certificate described in Clause 2.2 above, the Creditor Parties authorise (but do not require) the Agent to execute
and provide such certificate. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such
certificate.

 

		3	Representations

 

		3.1	Facility Agreement representations

 

On the date of this Agreement and
on the Effective Date, each Obligor that is a party to the Facility Agreement makes each of the representations and warranties as set
out in clause 11 (Representations and warranties) of the Amended Facility Agreement and updated with appropriate modifications
to refer to the December 2022 Finance Documents.

 

		3.2	Finance Document representations

 

On the date of this Agreement and
on the Effective Date, each Obligor (save for the Holding) makes the representations and warranties set out in the Finance Documents (other
than the Facility Agreement) to which it is a party, as amended and supplemented by this Agreement and updated with appropriate modifications
to refer to this Agreement, by reference to the circumstances then existing.

 

		4	Amendments to Facility Agreement and Other Finance Documents

 

		4.1	Specific amendments to the Facility Agreement

 

With effect on and from the Effective
Date, the Facility Agreement shall be, and shall be deemed by this Agreement to be, amended as follows:

 

		(a)	In clause 1.1 (Definitions) of the Facility Agreement, the following definitions shall be added
in alphabetical order:

 

		(i)	"December 2022 Amendment Agreement" means the amendment to this Agreement dated
                                                                                                                                                    16 December 2022 between, amongst others, the Borrower, the Agent and the SACE Agent.

 

		(ii)	"December 2022 Fee Letters" means any letter between the Agent (or the SACE Agent, as
applicable) and any Obligor which sets out the fees payable in connection with the arrangements contemplated by the December 2022 Amendment
Agreement.

 

    4

     

    

 

		(b)	In clause 1.1 (Definitions) the following definitions shall be deleted and replaced as follows:

 

		(i)	"Marina Facility Agreement" means, in respect of m.v. MARINA, a facility agreement
                                                                                                                                                    originally dated 18 July 2008 (as amended by a supplemental agreement dated 25 October 2010, as further amended and restated by an
                                                                                                                                                    amendment and restatement agreement dated 31 October 2014, as amended by a supplemental agreement dated 4 June 2020, as further
                                                                                                                                                    amended and restated by an amendment and restatement agreement dated 17 February 2021, as further amended by a supplemental
                                                                                                                                                    agreement dated 23 December 2021 and as further amended by a supplemental agreement dated 16 December 2022) as further
                                                                                                                                                    amended, restated and supplemented from time to time.

 

		(ii)	"Riviera Facility Agreement" means, in respect of m.v. RIVIERA, a facility agreement
originally dated 18 July 2008 (as amended by a supplemental agreement dated 25 October 2010, as amended by a side letter dated 29 March
2012, as amended and restated by an amendment and restatement agreement dated 31 October 2014, as amended by a framework agreement dated
31 January 2018, as amended by a supplemental agreement dated 4 June 2020, as further amended and restated by an amendment and restatement
agreement dated 17 February 2021, as further amended by a supplemental agreement dated 23 December 2021 and as further amended by a supplemental
agreement dated 16 December 2022), as further amended, restated and supplemented from time to time.

 

		(iii)	"Seven Seas Explorer Facility Agreement" means, in respect of m.v. SEVEN SEAS EXPLORER,
a facility agreement originally dated 31 July 2013 (as amended and restated by an amendment and restatement agreement dated 31 October
2014, as amended by a supplemental agreement dated 4 June 2020, as further amended and restated pursuant to an amendment and restatement
agreement dated 17 February 2021, as further amended by a supplemental agreement dated 23 December 2021 and as further amended by a supplemental
agreement dated 16 December 2022), as further amended, restated and supplemented from time to time.

 

		(iv)	Seven Seas Splendor Facility Agreement" means, in respect of m.v. SEVEN SEAS SPLENDOR, a facility
agreement originally dated 30 March 2016 (as amended by a supplemental agreement dated 4 June 2020, as further amended and restated pursuant
to an amendment and restatement agreement dated 17 February 2021, as further amended by a supplemental agreement dated 23 December 2021
and as further amended by a supplemental agreement dated 16 December 2022), as further amended, restated and supplemented from
time to time.

 

		(c)	Clause 12.27 (New capital raises or financing) shall be deleted and replaced as follows:

 

"12.27
(New capital raises or financing)

 

		(a)	Save as provided below:

 

		(i)	no new debt shall be raised and no new Financial Indebtedness shall be
incurred by the Group (including, for the avoidance of doubt, inter-company loans); 

 

		(ii)	no non-arm's length disposals of any asset relating to the Group fleet shall be made; and

 

    5

     

    

 

		(iii)	no additional Security Interests securing existing Financial Indebtedness will be created or permitted
to subsist by any Obligor (unless the Lenders benefit from this new security on a pari passu basis),

 

until 31 December
2023.

 

		(b)	The restrictions in paragraph (a) of this Clause 12.27 (New capital raises or financing) above
shall not apply in relation to:

 

		(i)	any refinancing of any bond issuance of, or loan entered into by, the Group (A) which matures during such
period or (B) where not maturing during such period, shall be on terms resulting, when taken as a whole, in an improvement of the ability
of the Obligors to meet their obligations under the Finance Documents, which terms include any of the following: an extension of the repayment
terms; or a decrease in the interest rate; or the conversion of such Financial Indebtedness from secured to unsecured or first to second
priority;

 

		(ii)	any debt provided prior to 31 December 2023 to provide the Group with crisis and/or recovery related funding
in respect of the impact of the Covid-19 pandemic;

 

		(iii)	any debt being raised on or after 31 December 2023 to support the Group with the impact of the Covid-19
pandemic, made with the prior written consent of SACE;

 

		(iv)	any debt being raised to finance any instalment of a cruise vessel already contracted for or contracted
for during such period or any refurbishment, maintenance, upgrade or lengthening of a cruise ship during such period (including without
limitation any costs incurred by the owner of a cruise ship in connection therewith);

 

		(v)	any debt being raised to finance capital expenditure for projects which are already contracted for but
in respect of which committed financing has not yet been obtained, and which, in each case has been (or will be) listed in the Information
Package submitted to the Agent prior to the February 2021 Effective Date;

 

		(vi)	any extension or renewal of revolving credit facilities, and made with the prior written consent of SACE
if any additional security is to be granted;

 

		(vii)	any new debt otherwise agreed by SACE; or

 

		(viii)	any inter-company loan or operating arrangement which from an accounting perspective has the effect of
an intercompany loan (an "intercompany arrangement") which:

 

		(A)	is existing as at the date of
the February 2021 Amendment and Restatement Agreement; or

 

    6

     

    

 

		(B)	is made among any Group members or any Group member with the Holding provided that:

 

		(1)	any inter-company arrangement is made solely for the purpose of regulatory or Tax purposes carried out
in the ordinary course of business and on an arm's length basis; and

 

		(2)	the aggregate principal amount of any inter-company arrangements outstanding pursuant to sub-paragraph
(b)(viii)(B) of this Clause 12.27 (New capital raises or financing) does not exceed fifty million Dollars ($50,000,000) at any
time; or

 

		(C)	has been approved with the prior written consent of SACE;

 

		ix)	any Permitted Security Interest;

 

		(x)	any Security Interest otherwise approved with the prior written consent of SACE; and

 

		(xi)	any Financial Indebtedness incurred in the ordinary course of business which in the aggregate does not
exceed USD 40,000,000 during any twelve-month period, it being provided that:

 

		(A)	prior to 31 December 2022, this amount shall be increased to USD 150,000,000 for any Financial Indebtedness
incurred to finance capital expenditure for Approved Projects; and

 

		(B)	if any part of such Financial Indebtedness allocated prior to 31 December 2022 to an Approved Project
remains unused throughout the twelve-month period of year 2022, the surplus may be carried over to increase the relevant Financial Indebtedness
throughout the twelve-month period of year 2023 for that Approved Project only;

 

		(xii)	without prejudice to Clauses 12.11 (Mergers) and 12.15 (Investments) and clause 11.13 (No
merger etc) of the Guarantee, the issuance of share capital by any Group member to another Group member; and

 

		(xiii)	any extension, renewal, replacement or upsizing in respect of the Term and Revolving Credit Facilities
(including the granting of additional Security Interests),

 

and,
for the avoidance of doubt, no debt or equity issuance shall be raised in respect of any form of merger, sub-division, amalgamation, restructuring,
consolidation, winding-up, dissolution or anything analogous thereto or acquisition of any entity, share capital or obligations of any
corporation or other entity.",

 

and the remaining clauses will be
renumbered and all relevant cross references will be updated accordingly.

 

    7

     

    

 

		4.2	Specific Amendments to Guarantee

 

With effect on and from the Effective
Date, the Guarantee shall be, and shall be deemed by this Agreement to be amended as follows:

 

		(a)	Clause 11.15 (Financial Covenants) shall be deleted and replaced as follows:

 

"11.15 Financial Covenants

 

		(a)	The Guarantor will not permit the Free Liquidity to be less than fifty million Dollars ($50,000,000) at
any time, save that until 30 September 2026, this amount shall be increased to two hundred and fifty million Dollars ($250,000,000).

 

		(b)	The Guarantor will not permit the ratio of Total Net Funded Debt to Total Capitalization to be greater
than 0.70:1.00 at any time, save that from 1 January 2023 until 30 September 2026, this ratio shall be computed in accordance with the
table below.

 

		(c)	The Guarantor will not permit
the ratio of Consolidated EBITDA to Consolidated Debt Service for the Group at the end of any fiscal quarter, computed for the period
of the four consecutive fiscal quarters ending as at the end of the relevant fiscal quarter, to be less than 1.25:1.00 unless the Free
Liquidity of the Group at all times during such period of four consecutive fiscal quarters ending as at the end of such fiscal quarter
was equal to or greater than one hundred million Dollars ($100,000,000), save that from 1 January 2023 until 30 September 2026, this amount
shall be increased to three hundred million Dollars ($300,000,000)."

 

	 	 	1Q

    2023	 	2Q
    

2023	 	3Q
    

2023	 	4Q
    

2023	 	1Q
    

2024	 	2Q
    

2024	 	3Q
    

2024	 	4Q

    2024	 	1Q
    

2025	 	2Q
    

2025	 	3Q
    

2025	 	4Q
    

2025	 	1Q
    

2026	 	2Q

    2026	 	3Q
    

2026	 
	Total
    Net Funded Debt to Total Capitalization =<	 	0,93	 	0,92	 	0,91	 	0,91	 	0,91	 	0,90	 	0,88	 	0,87	 	0,87	 	0,85	 	0,82	 	0,79	 	0,79	 	0.76	 	0.73	 

 

		(b)	Clause 11.19 (New capital raises or financing) shall be deleted and replaced as follows:

 

"11.19 (New
capital raises or financing)

 

		(a)	Save as provided below:

 

		(i)	no new debt shall be raised and no new Financial Indebtedness shall be incurred by the Group (including,
for the avoidance of doubt, inter-company loans);

 

		(ii)	no non-arm’s length disposals of any asset relating to the Group fleet shall be made; and

 

		(iii)	no additional Security Interests securing existing Financial Indebtedness will be created or permitted
to subsist by any Obligor (unless the Lenders benefit from this new security on a pari passu basis),

 

until 31 December 2023.

 

    8

     

    

 

		(b)	The restrictions in paragraph (a) above shall not apply in relation to:

 

		(i)	any refinancing of any bond issuance of, or loan entered into by, the Group (A) which matures during such
period or (B) where not maturing during such period, which shall be on terms resulting, when taken as a whole, in an improvement of the
ability of the Obligors to meet their obligations under the Finance Documents, which terms include any of the following: an extension
of the repayment terms; a decrease in the interest rate; or the conversion of such Financial Indebtedness from secured to unsecured or
first to second priority;

 

		(ii)	any debt provided prior to 31 December 2023 to provide the Group with crisis and/or recovery related funding
in respect of the impact of the Covid-19 pandemic;

 

		(iii)	any debt being raised on or after 31 December 2023 to support the Group with the impact of the Covid-19
pandemic made with the prior written consent of SACE;

 

		(iv)	any debt being raised to finance any instalment of a cruise vessel already contracted for or contracted
for during such period or any refurbishment, maintenance, upgrade or lengthening of a cruise ship during such period (including without
limitation any costs incurred by the owner of a cruise ship in connection therewith);

 

		(v)	any debt being raised to finance capital expenditure for projects which are already contracted for but
in respect of which committed financing has not yet been obtained, and which, in each case has been (or will be) listed in the Information
Package submitted to the Agent prior to the February 2021 Effective Date;

 

		(vi)	any extension or renewal of revolving credit facilities, and made with the prior written consent of SACE
if any additional security is to be granted;

 

		(vii)	any new debt otherwise agreed by SACE;

 

		(viii)	any inter-company loan or operating arrangement which from an accounting perspective has the effect of
an intercompany loan (an "intercompany arrangement") which:

 

		(A)	is existing as at the date of the February 2021 Amendment and Restatement Agreement; or

 

		(B)	is made among any Group members or any Group member with the Holding provided that:

 

		(1)	any inter-company arrangement is made solely for the purpose of regulatory or Tax purposes carried out
in the ordinary course of business and on an arm's length basis; and

 

		(2)	the aggregate principal amount
of any inter-company arrangements pursuant to sub-paragraph (b)(viii)(B) of this Clause 11.19 (New capital raises or financing)
does not exceed fifty million Dollars ($50,000,000) at any time; or

 

		(C)	has been approved with the prior written consent of SACE.

 

    9

     

    

 

		(ix)	any Permitted Security Interest;

 

		(x)	any Security Interest otherwise approved with the prior written consent of SACE; or

 

		(xi)	any Financial Indebtedness incurred in the ordinary course of business which in the aggregate does not
exceed USD 40,000,000 during any twelve-month period, it being provided that:

 

		(A)	prior to 31 December 2022, this amount shall be increased to USD 150,000,000 for any Financial Indebtedness
incurred to finance capital expenditure for Approved Projects; and

 

		(B)	if any part of such Financial Indebtedness allocated to an Approved Project remains unused throughout
the twelve-month period of year 2022, the surplus may be carried over to increase the relevant Financial Indebtedness throughout the twelve-month
period of year 2023 for that Approved Project only;

 

		(xii)	without prejudice to clauses 12.11 (Mergers) and 12.15 (Investments) of the Loan Agreement
and Clause 11.13 (No merger etc), the issuance of share capital by any Group member to another Group member; and

 

		(xiii)	any extension, renewal, replacement or upsizing in respect of the Term and Revolving Credit Facilities
(including the granting of additional Security Interests),

 

and, for the avoidance of doubt, no
debt or equity issuance shall be raised in respect of any form of merger, sub-division, amalgamation, restructuring, consolidation, winding-up,
dissolution or anything analogous thereto or acquisition of any entity, share capital or obligations of any corporation or other entity.",

 

and the remaining clauses will be
renumbered and all relevant cross references will be updated accordingly.

 

		(c)	In schedule 2 (Regular Monitoring Requirements), all references to “monthly” or “bi-monthly”
in the “Rhythm” column of the table set out therein shall be amended to include the subsequent wording:

 

", for the
period starting from the February 2021 Effective Date and ending on 31 May 2023. With effect from 1 June 2023, quarterly.".

 

		4.3	Guarantor confirmation

 

On the Effective Date the Guarantor
confirms that:

 

		(a)	its Guarantee extends to the obligations of the Borrower under the Finance Documents as amended and supplemented
by this Agreement;

 

		(b)	the obligations of the relevant Obligors under the Finance Documents as amended and supplemented by this
Agreement are included in the Secured Liabilities (as defined in the Facility Agreement); and

 

    10

     

    

 

		(c)	the Guarantee shall continue to be binding on each of the parties to it and have full force and effect
in accordance with its original terms and the amendments to the Finance Documents as amended and supplemented by this Agreement.

 

		4.4	Holding confirmation

 

On the Effective Date, the Holding
confirms that, notwithstanding the amendments made to the Finance Documents pursuant to this Agreement, the undertakings given by Holding
under the Guarantee shall remain in full force and effect in accordance with its original terms and the amendments to the Finance Documents
as amended and supplemented by this Agreement.

 

		4.5	Security confirmation

 

On the Effective Date, each Obligor
confirms that:

 

		(a)	any Security Interest created by it under the Finance Documents extends to the obligations of the relevant
Obligors under the Finance Documents as amended and supplemented by this Agreement;

 

		(b)	the obligations of the relevant Obligors under the Finance Documents as amended and supplemented by this
Agreement are included in the Secured Liabilities (as defined in the Finance Documents to which they are a party);

 

		(c)	the Security Interests created under the Finance Documents continue in full force and effect on the terms
of the respective Finance Documents; and

 

		(d)	to the extent that this confirmation creates a new Security Interest, such Security Interest shall be
on the terms of the Finance Documents in respect of which this confirmation is given.

 

		4.6	Finance Documents to remain in full force and effect

 

The Finance Documents shall remain
in full force and effect and, from the Effective Date:

 

		(a)	in the case of the Facility Agreement as amended and supplemented pursuant to Clause 4.1 (Specific
amendments to the Facility Agreement);

 

		(b)	in the case of the Guarantee, as amended and supplemented pursuant to Clause 4.2 (Specific Amendments
to Guarantee);

 

		(c)	the Facility Agreement and the applicable provisions of this Agreement will be read and construed as one
document;

 

		(d)	the Guarantee and the applicable provisions of this Agreement will be read and construed as one document;
and

 

		(e)	except to the extent expressly waived by the amendments effected by this Agreement, no waiver is given
by this Agreement and the Lenders expressly reserve all their rights and remedies in respect of any breach of or other default under the
Finance Documents.

 

		5	Further Assurance

 

Clause
12.20 (Further assurance) of the Amended Facility Agreement, applies to this Agreement as if it were expressly incorporated
in it with any necessary modifications.

 

    11

     

    

 

		6	Costs, Expenses and Fees

 

		6.1	Clause 10.11 (Transaction Costs) of the Amended Facility Agreement applies to this Agreement as
if it were expressly incorporated in it with any necessary modifications.

 

		6.2	The Borrower shall pay to each of (i) the Agent for its own account, (ii)
the Agent (for the account of each Lender) and (iii) the SACE Agent (for the account of SACE) such fees in the amount and at the times
specified in the relevant December 2022 Fee Letters.

 

		7	Notices

 

Clause
32 (Notices) of the Amended Facility Agreement applies to this Agreement as if it were expressly incorporated in it with
any necessary modifications.

 

		8	Counterparts

 

This Agreement may be executed in
any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement.

 

		9	Signing Electronically

 

The Parties acknowledge and agree
that they may execute this Agreement and any variation or amendment to the same, by electronic instrument. The Parties agree that the
electronic signatures appearing on the documents shall have the same effect as handwritten signatures and the use of an electronic signature
on this Agreement, shall have the same validity and legal effect as the use of a signature affixed by hand and is made with the intention
of authenticating this Agreement and evidencing the Parties' intention to be bound by the terms and conditions contained herein. For the
purposes of using an electronic signature, the Parties authorise each other to conduct the lawful processing of personal data of the signers
for contract performance and their legitimate interests including contract management.

 

		10	Governing Law

 

This Agreement and any non-contractual
obligations arising out of or in connection with it are governed by English law.

 

		11	Enforcement

 

		11.1	Jurisdiction

 

		(a)	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 or any non-contractual obligation
arising out of or in connection with this Agreement) (a "Dispute").

 

		(b)	The Obligors accept that the courts of England are the most appropriate and convenient courts to settle
Disputes and accordingly no Obligor will argue to the contrary.

 

		11.2	Service of process

 

		(a)	Without prejudice to any other mode of service allowed under any relevant law, each Obligor (other than
an Obligor incorporated in England and Wales):

 

		(i)	irrevocably appoints Hannaford Turner LLP, currently of 107 Cheapside, London, UK EC2V 6DN as its agent
for service of process in relation to any proceedings before the English courts in connection with any Finance Document; and

 

    12

     

    

 

		(ii)	agrees that failure by a process agent to notify the relevant Obligor of the process will not invalidate
the proceedings concerned.

 

		(b)	If any person appointed as an agent for service of process is unable for any reason to act as agent for
service of process, the Borrower (on behalf of all the Obligors) must immediately (and in any event within 10 days of such event taking
place) appoint another agent on terms acceptable to the Agent. Failing this, the Agent may appoint another agent for this purpose.

 

This Agreement has been entered into on the
date stated at the beginning of this Agreement.

 

    13

     

    

  

Leonardo Three 

Supplemental Agreement

 

Execution Pages

 

	BORROWER	 	 
	SIGNED
    by	)	 
	duly
    authorised	)	 
	for
    and on behalf of	)	/s/ Daniel S. Farkas
	LEONARDO
    THREE, LTD.	)	 
	 	 	 
	 	 	 
	GUARANTOR	 	 
	SIGNED
    by	)	 
	duly
    authorised	)	 
	for
    and on behalf of	)	/s/ Daniel S. Farkas
	NCL
    CORPORATION LTD.	)	 
	 	 	 
	 	 	 
	SHAREHOLDER	 	 
	SIGNED
    by	)	 
	duly
    authorised	)	 
	for
    and on behalf of	)	/s/ Daniel S. Farkas
	NCL
    INTERNATIONAL, LTD.	)	 
	 	 	 
	 	 	 
	HOLDING	 	 
	 	 	 
	SIGNED
    by	)	 
	duly
    authorised	)	 
	for
    and on behalf of	)	/s/ Daniel S. Farkas
	NORWEGIAN
    CRUISE LINE	)	 
	HOLDINGS
    LTD.	)	 

 

    14

     

    

 

Leonardo Three 

Supplemental Agreement

 

	LENDERS	 	 
	 	 	 
	SIGNED by	)	 
	duly authorised	)	 
	for and on behalf of	)	/s/ Varsha Sharan
	HSBC BANK PLC	)	 
	 	 	 
	 	 	 
	SIGNED by	)	 
	duly authorised	)	/s/ Alain Vanden Haute, Business Management Financing Solutions Brussels
	for and on behalf of	)	/s/ Hendrik DeBoutte, Energy, Resources & Infrastructure
	BNP PARIBAS FORTIS S.A./N.V	)	 
	 	 	 
	 	 	 
	SIGNED by	)	 
	duly authorised	)	/s/ B. Behrends-Troost, Director
	for and on behalf of	)	 /s/ Vardhaman Lodha, Associate
	KFW IPEX-BANK GMBH	)	 
	 	 	 
	 	 	 
	SIGNED by	)	 
	duly authorised	)	 
	for and on behalf of	)	/s/ Antonella Coppola
	CASSA DEPOSITI E PRESTITI S.P.A.	)	 
	 	 	 
	 	 	 
	SIGNED by	)	 
	duly authorised	)	/s/ René Bachmann, Director
	for and on behalf of	)	 /s/ Bernadette Brinsa, Director
	AKA Ausfuhrkredit-Gesellschaft	)	 
	mit beschraenkter Haftung	)	 

 

    15

     

    

 

Leonardo Three 

Supplemental Agreement

 

	MANDATED LEAD ARRANGERS	 	 
	 	 	 
	SIGNED by	)	 
	duly authorised	)	 
	for and on behalf of	)	/s/ Varsha Sharan
	HSBC BANK PLC	)	 
	 	 	 
	 	 	 
	SIGNED by	)	 
	duly authorised	)	/s/ Alain Vanden Haute, Business Management Financing Solutions Brussels
	for and on behalf of	)	/s/ Hendrik DeBoutte, Energy, Resources & Infrastructure
	BNP PARIBAS FORTIS S.A./N.V	)	 
	 	 	 
	 	 	 
	SIGNED by	)	 
	duly authorised	)	/s/ B. Behrends-Troost, Director
	for and on behalf of	)	 /s/ Vardhaman Lodha, Associate
	KFW IPEX-BANK GMBH	)	 
	 	 	 
	 	 	 
	SIGNED by	)	 
	duly authorised	)	 
	for and on behalf of	)	/s/ Antonella Coppola
	CASSA DEPOSITI E PRESTITI S.P.A.	)	 

 

    16

     

    

 

Leonardo Three 

Supplemental Agreement

 

	AGENT	 	 
	 	 	 
	SIGNED
    by	)	 
	duly
    authorised	)	 
	for
    and on behalf of	)	/s/ Nadia Tidjani
	BNP
    PARIBAS S.A.	)	 
	 	 	 
	 	 	 
	SACE
    AGENT	 	 
	SIGNED
    by	)	 
	duly
    authorised	)	 
	for
    and on behalf of	)	/s/ Nadia Tidjani
	BNP
    PARIBAS S.A.	)	 
	 	 	 
	 	 	 
	SECURITY
    TRUSTEE	 	 
	SIGNED
    by	)	 
	duly
    authorised	)	 
	for
    and on behalf of	)	/s/ Nadia Tidjani
	BNP
    PARIBAS S.A	 	 

 

    17Exhibit 10.10

 

Dated 16 December 2022

 

AMENDMENT TO TERM LOAN FACILITY

 

LEONARDO FOUR,
LTD.

as Borrower

 

and

 

NCL CORPORATION
LTD.

as Guarantor

 

and

 

NCL INTERNATIONAL, LTD

as Shareholder

 

and

 

NORWEGIAN CRUISE LINE HOLDINGS LTD.

as the Holding

 

and

 

THE
Banks and FINANCIAL INSTITUTIONS listed IN Schedule 1

as Lenders

 

and

 

HSBC BANK PLC

BNP PARIBAS FORTIS S.A./N.V.

KFW IPEX-BANK GMBH

CASSA DEPOSITI E PRESTITI S.P.A.

as Joint Mandated Lead Arrangers

 

and

 

BNP PARIBAS
S.A.

as Agent

and SACE Agent

 

and

 

BNP PARIBAS
S.A.

as Security Trustee

 

Supplemental
AGREEMENT

 

relating to a facility agreement originally dated
12 April 2017

(as amended and restated by an amendment and restatement agreement dated 21 November 2017,

 as amended and restated by an amendment and
restatement agreement dated 17 February 2021, as

 further amended and restated by an amendment and restatement agreement dated 17 June
2021 

and as further amended by a supplemental agreement dated 23 December 2021)

in respect of the part financing of the 3,300 passenger cruise ship newbuilding

presently designated as Hull No. 6301 at Fincantieri S.p.A

 

 

 

    

     

    

 

Index

 

	Clause	 	Page
	 	 	 	 
	1	Definitions
    and Interpretation	 	2
	2	Conditions
    Precedent	 	3
	3	Representations	 	4
	4	Amendments
    to Facility Agreement and Other Finance Documents	 	4
	5	Further
    Assurance	 	11
	6	Costs,
    Expenses and Fees	 	12
	7	Notices	 	12
	8	Counterparts	 	12
	9	Signing
    Electronically	 	12
	10	Governing
    Law	 	12
	11	Enforcement	 	12

 

Schedules

 

	Schedule
    1 The Lenders	14
	Part
    A The Tranche A Lenders	14
	Part
    B The Tranche B Lenders	15
	Schedule
    2 Conditions Precedent	17
	Schedule
    3 Form of Effective Date Certificate	18
	 	 
	Execution	 
	 	 
	Execution
    Pages	19

 

    

     

    

 

THIS
AGREEMENT is made on  16 December 2022

 

Parties

 

		(1)	LEONARDO FOUR, LTD., an exempted company incorporated under the
laws of Bermuda whose registered office is at 55 Park Place, Par-la-Ville Road, Hamilton HM11, Bermuda as borrower (the "Borrower")

 

		(2)	NCL CORPORATION LTD., an exempted company incorporated under the laws of Bermuda with its registered
office at 55 Park Place, Par-la-Ville Road, Hamilton HM11, Bermuda (the "Guarantor")

 

		(3)	NCL INTERNATIΟNAL, LTD., a company incorporated under the laws of Bermuda and having its
registered office at 55 Park Place, Par-la-Ville Road, Hamilton HM11, Bermuda (the "Shareholder")

 

		(4)	NORWEGIAN CRUISE LINE HOLDINGS LTD., a company incorporated under the laws of Bermuda with its
registered office at 55 Park Place, Par-la-Ville Road, Hamilton HM11, Bermuda (the "Holding")

 

		(5)	THE FINANCIAL INSTITUTIONS listed in Schedule 1 (The Lenders) as lenders (the "Lenders")

 

		(6)	HSBC BANK PLC of Level 2, 8 Canada Square, London, E14 5HQ, United Kingdom,
BNP PARIBAS FORTIS S.A./N.V. of 3, Montagne du Parc, 1 KA1E, 1000 Brussels, Belgium, KFW IPEX-BANK GMBH of Palmengartenstraße,
5-9 60325, Frankfurt, Germany and CASSA DEPOSITI E PRESTITI S.P.A. of Via Goito, 4 – 00185, Roma, Italy as joint mandated
lead arrangers (the "Mandated Lead Arrangers")

 

		(7)	BNP PARIBAS S.A. a French société anonyme, registered with the Registre du
Commerce et des Sociétés of Paris under number 662 042 449 with its registered office at 16 Boulevard des Italiens,
75009 Paris, France, as agent and SACE agent (the "Agent"
and the "SACE Agent")

 

		(8)	BNP PARIBAS S.A. a French société anonyme, registered with the Registre du
Commerce et des Sociétés of Paris under number 662 042 449 with its registered office at 16 Boulevard des Italiens,
75009 Paris, France, as security trustee (the "Security Trustee")

 

Background

 

		(A)	By the Original Facility Agreement, the Lenders agreed to make available to the Borrower a facility of
(originally) up to €640,000,000 and the amount of the SACE Premium (but not exceeding €665,280,665.28) for the purpose of assisting
the Borrower in financing (a) the payment or reimbursement under the Shipbuilding Contract of all or part of 80% of the Final Contract
Price up to the Eligible Amount and (b) reimbursement to the Borrower of 100% of the First Instalment of the SACE Premium paid by it to
SACE and payment to SACE of 100% of the Second Instalment of the SACE Premium (as defined therein).

 

		(B)	Due to the unprecedented and extraordinary impacts of the Covid-19 pandemic on the cruise sector and cruise
operators, the Original Facility Agreement was amended and restated pursuant to an amendment and restatement agreement dated 17 February
2021 (the "February 2021 Amendment and Restatement Agreement") and further amended and restated pursuant to an amendment
and restatement agreement dated 17 June 2021 (the "June 2021 Amendment and Restatement Agreement"), pursuant to which
the parties agreed to the temporary suspension of certain covenants under the Guarantee and addition of certain covenants under the Original
Facility Agreement (as amended pursuant to the February 2021 Amendment and Restatement Agreement). Pursuant to such amendments, the amount
of the Facility was increased to an Amended Maximum Loan Amount of €680,244,749.35.

 

    

     

    

 

		(C)	By a supplemental agreement dated 23 December 2021 and made between, amongst others, the Borrower, the
Agent and the SACE Agent (the "December 2021 Amendment Agreement"), the Parties agreed to, inter alia, amend certain
financial covenants and certain other provisions under the Original Facility Agreement (as amended by the February 2021 Amendment and
Restatement Agreement and the June 2021 Amendment and Restatement Agreement) (as further defined below, the "Facility Agreement").

 

		(D)	The Parties have agreed to amend and supplement the Facility Agreement as set out in this Agreement for
the purposes of, inter alia, amending certain financial covenants and certain other provisions under the Facility Agreement.

 

Operative
Provisions

 

		1	Definitions and Interpretation

 

		1.1	Definitions

 

In this Agreement:

 

"Amended
Facility Agreement" means the Facility Agreement as amended and supplemented by this Agreement.

 

"December
2022 Fee Letters" means any letter between the Agent (or the SACE Agent, as applicable) and any Obligor which sets out the fees
payable in connection with the arrangements contemplated by this Agreement.

 

"December
2022 Finance Documents" means this Agreement and each December
2022 Fee Letter.

 

"Effective
Date" means the date on which the Agent notifies the Borrower, the other Creditor Parties and SACE as to the satisfaction
of the conditions precedent as provided in Clause 2.1 (Conditions Precedent).

 

"Facility
Agreement" means the Original Facility Agreement, as amended and restated by the February 2021 Amendment and Restatement
Agreement, as further amended and restated by the June 2021 Amendment and Restatement Agreement and as amended pursuant to the December
2021 Amendment Agreement made between, amongst others, (i) the Borrower, (ii) the Lenders, (iii) the Mandated Lead Arrangers, (iv) the
Agent and the SACE Agent and (v) the Security Trustee.

 

"Obligors"
means the Borrower, the Guarantor, the Holding and the Shareholder.

 

"Original
Facility Agreement" means the facility agreement dated 12 April 2017 (as amended and restated by an amendment and
restatement agreement dated 21 November 2017) and made between, amongst others, (i) the Borrower, (ii) the Lenders, (iii) the Mandated
Lead Arrangers, (iv) the Agent and the SACE Agent and (v) the Security Trustee.

 

"Party"
means a party to this Agreement.

 

    2

     

    

 

"SACE"
means SACE S.p.A., an Italian joint stock company (società per azioni) with a sole shareholder, whose registered office is located
at Piazza Poli 37/42, 00187 Rome, Italy and registered with the Companies Registry of Rome under number 05804521002.

 

		1.2	Defined expressions

 

Defined expressions in the Facility
Agreement and, with effect from the Effective Date, the Amended Facility Agreement, shall have the same meanings when used in this Agreement
unless the context otherwise requires or unless otherwise defined in this Agreement.

 

		1.3	Application of construction and interpretation provisions of Facility Agreement

 

Clause 1.2 (Construction of certain
terms) of the Facility Agreement applies to this Agreement as if it were expressly incorporated in it with any necessary modifications.

 

		1.4	Designation as a Finance Document

 

The Borrower and the Agent designate
this Agreement as a Finance Document.

 

		1.5	Third party rights

 

		(a)	Unless provided to the contrary in a Finance Document, a person who is not a Party has no right under
the Contracts (Rights of Third Parties) Act 1999 (the "Third Parties Act") to enforce or to enjoy the benefit of any
term of this Agreement other than SACE, who may enforce or enjoy the benefit of and rely on the provisions of this Agreement and the Amended
Facility Agreement subject to the provisions of the Third Parties Act.

 

		(b)	Notwithstanding any term of any Finance Document, the consent of any person who is not a Party (other
than SACE) is not required to rescind or vary this Agreement at any time.

 

		(c)	For the avoidance of doubt and in accordance with clause 36.4 (Third party rights) of the Facility
Agreement, nothing in this Clause 1.5 (Third party rights) shall limit or prejudice the exercise by SACE of its rights under this
Agreement or the Finance Documents in the event that such rights are subrogated or assigned to it pursuant to the terms of the SACE Insurance
Policy.

 

		2	Conditions Precedent

 

		2.1	The Effective Date cannot occur unless:

 

		(a)	the Agent has received (or on the instructions of all the Lenders, waived receipt of) all of the documents
and other evidence listed in Schedule 2 (Conditions Precedent) in form and substance satisfactory to the Agent;

 

		(b)	save as disclosed in writing to the Agent and SACE prior to the date of
this Agreement, the representations and warranties contained in Clause 3
(Representations) are true and correct on, and as of, each such time as if each was made with respect to the facts and circumstances
existing at such time;

 

		(c)	save as disclosed in writing to the Agent and SACE prior to the date of
this Agreement, no Event of Default, event or circumstance specified in clause 18 (Events of Default)
of the Facility Agreement which would (with the expiry of a grace period, the giving of notice, the making of any determination under
the Finance Documents or any combination of any of the foregoing) be an Event of Default, event resulting in mandatory prepayment of the
Loan pursuant to clause 16.3 (Mandatory prepayment – Sale and Total Loss) and clause 16.4 (Mandatory prepayment –
SACE Insurance Policy) of the Facility Agreement shall have occurred and be continuing or would result from the amendment of the Facility
Agreement pursuant to this Agreement; and

 

    3

     

    

 

		(d)	the Agent is satisfied that the Effective Date can occur and has not provided any instructions to the
contrary informing the Parties that the Effective Date cannot occur.

 

		2.2	Upon fulfilment or waiver of the conditions set out in Clause 2.1 above, the Agent shall provide the Borrower
and the Creditor Parties and SACE with a copy of the executed certificate in the form set out in Schedule 3 (Form of Effective Date
Certificate) confirming that the Effective Date has occurred and such certificate shall be binding on all Parties.

 

		2.3	Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before
the Agent provides the certificate described in Clause 2.2 above, the Creditor Parties authorise (but do not require) the Agent to execute
and provide such certificate. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such
certificate.

 

		3	Representations

 

		3.1	Facility Agreement representations

 

On the date of this Agreement and
on the Effective Date, each Obligor that is a party to the Facility Agreement makes each of the representations and warranties as set
out in clause 11 (Representations and warranties) of the Amended Facility Agreement and updated with appropriate modifications
to refer to the December 2022 Finance Documents.

 

		3.2	Finance Document representations

 

On the date of this Agreement and
on the Effective Date, each Obligor (save for the Holding) makes the representations and warranties set out in the Finance Documents (other
than the Facility Agreement) to which it is a party, as amended and supplemented by this Agreement and updated with appropriate modifications
to refer to this Agreement, by reference to the circumstances then existing.

 

		4	Amendments to Facility Agreement and Other Finance Documents

 

		4.1	Specific amendments to the Facility Agreement

 

With effect on and from the Effective
Date, the Facility Agreement shall be, and shall be deemed by this Agreement to be, amended as follows:

 

		(a)	In clause 1.1 (Definitions) of the Facility Agreement, the following definitions shall be added
in alphabetical order:

 

		(i)	"December 2022 Amendment Agreement" means the amendment to this Agreement dated
                                                                                                                                                    16 December 2022 between, amongst others, the Borrower, the Agent and the SACE Agent.

 

		(ii)	"December 2022 Fee Letters" means any letter between the Agent (or the SACE Agent, as
applicable) and any Obligor which sets out the fees payable in connection with the arrangements contemplated by the December 2022 Amendment
Agreement.

 

    4

     

    

 

		(b)	In clause 1.1 (Definitions) the following definitions shall be deleted and replaced as follows:

 

		(i)	"Marina Facility Agreement" means, in respect of m.v. MARINA, a facility agreement originally
dated 18 July 2008 (as amended by a supplemental agreement dated 25 October 2010, as further amended and restated by an amendment and
restatement agreement dated 31 October 2014, as amended by a supplemental agreement dated 4 June 2020, as further amended and restated
by an amendment and restatement agreement dated 17 February 2021, as further amended by a supplemental agreement dated 23 December 2021
and as further amended by a supplemental agreement dated 16 December 2022) as further amended, restated and supplemented from
time to time.

 

		(ii)	"Riviera Facility Agreement" means, in respect of m.v. RIVIERA, a facility agreement
originally dated 18 July 2008 (as amended by a supplemental agreement dated 25 October 2010, as amended by a side letter dated 29 March
2012, as amended and restated by an amendment and restatement agreement dated 31 October 2014, as amended by a framework agreement dated
31 January 2018, as amended by a supplemental agreement dated 4 June 2020, as further amended and restated by an amendment and restatement
agreement dated 17 February 2021, as further amended by a supplemental agreement dated 23 December 2021 and as further amended by a supplemental
agreement dated 16 December 2022), as further amended, restated and supplemented from time to time.

 

		(iii)	"Seven Seas Explorer Facility Agreement" means, in respect of m.v. SEVEN SEAS EXPLORER,
a facility agreement originally dated 31 July 2013 (as amended and restated by an amendment and restatement agreement dated 31 October
2014, as amended by a supplemental agreement dated 4 June 2020, as further amended and restated pursuant to an amendment and restatement
agreement dated 17 February 2021, as further amended by a supplemental agreement dated 23 December 2021 and as further amended by a supplemental
agreement dated 16 December 2022), as further amended, restated and supplemented from time to time.

 

		(iv)	Seven Seas Splendor Facility Agreement" means, in respect of m.v. SEVEN SEAS SPLENDOR, a facility
agreement originally dated 30 March 2016 (as amended by a supplemental agreement dated 4 June 2020, as further amended and restated pursuant
to an amendment and restatement agreement dated 17 February 2021, as further amended by a supplemental agreement dated 23 December 2021
and as further amended by a supplemental agreement dated 16 December 2022), as further amended, restated and supplemented from
time to time.

 

		(c)	Clause 12.27 (New capital raises or financing) shall be deleted and replaced as follows:

 

"12.27
(New capital raises or financing)

 

		(a)	Save as provided below:

 

		(i)	no new debt shall be raised and no new Financial Indebtedness shall be incurred by the Group (including,
for the avoidance of doubt, inter-company loans);

 

		(ii)	no non-arm's length disposals of any asset relating to the Group fleet shall be made; and

 

    5

     

    

 

		(iii)	no additional Security Interests securing existing Financial Indebtedness will be created or permitted
to subsist by any Obligor (unless the Lenders benefit from this new security on a pari passu basis),

 

until 31 December 2023.

 

		(b)	The restrictions in paragraph (a) of this Clause 12.27 (New capital raises or financing) above
shall not apply in relation to:

 

		(i)	any refinancing of any bond issuance of, or loan entered into by, the Group (A) which matures during such
period or (B) where not maturing during such period, shall be on terms resulting, when taken as a whole, in an improvement of the ability
of the Obligors to meet their obligations under the Finance Documents, which terms include any of the following: an extension of the repayment
terms; or a decrease in the interest rate; or the conversion of such Financial Indebtedness from secured to unsecured or first to second
priority;

 

		(ii)	any debt provided prior to 31 December 2023 to provide the Group with crisis and/or recovery related funding
in respect of the impact of the Covid-19 pandemic;

 

		(iii)	any debt being raised on or after 31 December 2023 to support the Group with the impact of the Covid-19
pandemic made with the prior written consent of SACE;

 

		(iv)	any debt being raised to finance any instalment of a cruise vessel already contracted for or contracted
for during such period or any refurbishment, maintenance, upgrade or lengthening of a cruise ship during such period (including without
limitation any costs incurred by the owner of a cruise ship in connection therewith);

 

		(v)	any debt being raised to finance capital expenditure for projects which are already contracted for but
in respect of which committed financing has not yet been obtained, and which, in each case has been (or will be) listed in the Information
Package submitted to the Agent prior to the February 2021 Effective Date;

 

		(vi)	any extension or renewal of revolving credit facilities, and made with the prior written consent of SACE
if any additional security is to be granted;

 

		(vii)	any new debt otherwise agreed by SACE; or

 

		(viii)	any inter-company loan or operating arrangement which from an accounting perspective has the effect of
an intercompany loan (an "intercompany arrangement") which:

 

		(A)	is existing as at the date of
the February 2021 Amendment and Restatement Agreement; or

 

    6

     

    

 

		(B)	is made among any Group members or any Group member with the Holding provided that:

 

		(1)	any inter-company arrangement is made solely for the purpose of regulatory or Tax purposes carried out
in the ordinary course of business and on an arm's length basis; and

 

		(2)	the aggregate principal amount of any inter-company arrangements outstanding pursuant to sub-paragraph
(b)(viii)(B) of this Clause 12.27 (New capital raises or financing) does not exceed fifty million Dollars ($50,000,000) at any
time; or

 

		(C)	has been approved with the prior written consent of SACE;

 

		ix)	any Permitted Security Interest;

 

		(x)	any Security Interest otherwise approved with the prior written consent of SACE; and

 

		(xi)	any Financial Indebtedness incurred in the ordinary course of business which in the aggregate does not
exceed USD 40,000,000 during any twelve-month period, it being provided that:

 

		(A)	prior to 31 December 2022, this amount shall be increased to USD 150,000,000 for any Financial Indebtedness
incurred to finance capital expenditure for Approved Projects; and

 

		(B)	if any part of such Financial Indebtedness allocated prior to 31 December 2022 to an Approved Project
remains unused throughout the twelve-month period of year 2022, the surplus may be carried over to increase the relevant Financial Indebtedness
throughout the twelve-month period of year 2023 for that Approved Project only;

 

		(xii)	without prejudice to Clauses 12.11 (Mergers) and 12.15 (Investments) and clause 11.13 (No
merger etc.) of the Guarantee, the issuance of share capital by any Group member to another Group member; and

 

		(xiii)	any extension, renewal, replacement or upsizing in respect of the Term and Revolving Credit Facilities
(including the granting of additional Security Interests),

 

and,
for the avoidance of doubt, no debt or equity issuance shall be raised in respect of any form of merger, sub-division, amalgamation, restructuring,
consolidation, winding-up, dissolution or anything analogous thereto or acquisition of any entity, share capital or obligations of any
corporation or other entity.",

 

and the remaining clauses will be
renumbered and all relevant cross references will be updated accordingly.

 

    7

     

    

 

		4.2	Specific Amendments to Guarantee

 

With effect on and from the Effective
Date, the Guarantee shall be, and shall be deemed by this Agreement to be amended as follows:

 

		(a)	Clause 11.15 (Financial Covenants) shall be deleted and replaced as follows:

 

"11.15 Financial Covenants

 

		(a)	The Guarantor will not permit the Free Liquidity to be less than fifty million Dollars ($50,000,000) at
any time, save that until 30 September 2026, this amount shall be increased to two hundred and fifty million Dollars ($250,000,000).

 

		(b)	The Guarantor will not permit the ratio of Total Net Funded Debt to Total Capitalization to be greater
than 0.70:1.00 at any time, save that from 1 January 2023 until 30 September 2026, this ratio shall be computed in accordance with the
table below.

 

		(c)	The Guarantor will not permit
the ratio of Consolidated EBITDA to Consolidated Debt Service for the Group at the end of any fiscal quarter, computed for the period
of the four consecutive fiscal quarters ending as at the end of the relevant fiscal quarter, to be less than 1.25:1.00 unless the Free
Liquidity of the Group at all times during such period of four consecutive fiscal quarters ending as at the end of such fiscal quarter
was equal to or greater than one hundred million Dollars ($100,000,000), save that from 1 January 2023 until 30 September 2026, this amount
shall be increased to three hundred million Dollars ($300,000,000)."

 

	 	 	1Q 

2023	 	2Q 

2023	 	3Q 

2023	 	4Q 

2023	 	1Q 

2024	 	2Q 

2024	 	3Q 

2024	 	4Q 

2024	 	1Q 

2025	 	2Q 

2025	 	3Q

 2025	 	4Q 

2025	 	1Q 

2026	 	2Q 

2026	 	3Q

 2026	 
	Total Net Funded Debt to Total Capitalization =<	 	0,93	 	0,92	 	0,91	 	0,91	 	0,91	 	0,90	 	0,88	 	0,87	 	0,87	 	0,85	 	0,82	 	0,79	 	  0,79 	 	  0.76 	 	0.73	 

 

		(b)	Clause 11.19 (New capital raises or financing) shall be deleted and replaced as follows:

 

"11.19
(New capital raises or financing)

 

		(a)	Save as provided below:

 

		(i)	no new debt shall be raised and no new Financial Indebtedness shall be incurred by the Group (including,
for the avoidance of doubt, inter-company loans);

 

		(ii)	no non-arm's length disposals of any asset relating to the Group fleet shall be made; and

 

		(iii)	no additional Security Interests securing existing Financial Indebtedness will be created or permitted
to subsist by any Obligor (unless the Lenders benefit from this new security on a pari passu basis),

 

until 31 December
2023.

 

    8

     

    

 

		(b)	The restrictions in paragraph (a) above shall not apply in relation to:

 

		(i)	any refinancing of any bond issuance of, or loan entered into by, the Group (A) which matures during such
period or (B) where not maturing during such period, which shall be on terms resulting, when taken as a whole, in an improvement of the
ability of the Obligors to meet their obligations under the Finance Documents, which terms include any of the following: an extension
of the repayment terms; a decrease in the interest rate; or the conversion of such Financial Indebtedness from secured to unsecured or
first to second priority;

 

		(ii)	any debt provided prior to 31 December 2023 to provide the Group with crisis and/or recovery related funding
in respect of the impact of the Covid-19 pandemic;

 

		(iii)	any debt being raised on or after 31 December 2023 to support the Group with the impact of the Covid-19
pandemic made with the prior written consent of SACE;

 

		(iv)	any debt being raised to finance any instalment of a cruise vessel already contracted for or contracted
for during such period or any refurbishment, maintenance, upgrade or lengthening of a cruise ship during such period (including without
limitation any costs incurred by the owner of a cruise ship in connection therewith);

 

		(v)	any debt being raised to finance capital expenditure for projects which are already contracted for but
in respect of which committed financing has not yet been obtained, and which, in each case has been (or will be) listed in the Information
Package submitted to the Agent prior to the February 2021 Effective Date;

 

		(vi)	any extension or renewal of revolving credit facilities, and made with the prior written consent of SACE
if any additional security is to be granted;

 

		(vii)	any new debt otherwise agreed by SACE;

 

		(viii)	any inter-company loan or operating arrangement which from an accounting perspective has the effect of
an intercompany loan (an "intercompany arrangement") which:

 

		(A)	is existing as at the date of the February 2021 Amendment and Restatement Agreement; or

 

		(B)	is made among any Group members or any Group member with the Holding provided that:

 

		(1)	any inter-company arrangement is made solely for the purpose of regulatory or Tax purposes carried out
in the ordinary course of business and on an arm's length basis; and

 

		(2)	the aggregate principal amount
of any inter-company arrangements pursuant to sub- paragraph (b)(viii)(B) of this Clause 11.19 (New capital raises or financing)
does not exceed fifty million Dollars ($50,000,000) at any time; or

 

		(C)	has been approved with the prior written consent of SACE.

 

    9

     

    

 

		(ix)	any Permitted Security Interest;

 

		(x)	any Security Interest otherwise approved with the prior written consent of SACE; or

 

		(xi)	any Financial Indebtedness incurred in the ordinary course of business which in the aggregate does not
exceed USD 40,000,000 during any twelve-month period, it being provided that:

 

		(A)	prior to 31 December 2022, this amount shall be increased to USD 150,000,000 for any Financial Indebtedness
incurred to finance capital expenditure for Approved Projects; and

 

		(B)	if any part of such Financial Indebtedness allocated to an Approved Project remains unused throughout
the twelve-month period of year 2022, the surplus may be carried over to increase the relevant Financial Indebtedness throughout the twelve-month
period of year 2023 for that Approved Project only;

 

		(xii)	without prejudice to clauses 12.11 (Mergers) and 12.15 (Investments) of the Loan Agreement
and Clause 11.13 (No merger etc.), the issuance of share capital by any Group member to another Group member; and

 

		(xiii)	any extension, renewal, replacement or upsizing in respect of the Term and Revolving Credit Facilities
(including the granting of additional Security Interests),

 

and, for the avoidance of doubt, no
debt or equity issuance shall be raised in respect of any form of merger, sub-division, amalgamation, restructuring, consolidation, winding-up,
dissolution or anything analogous thereto or acquisition of any entity, share capital or obligations of any corporation or other entity.",

 

and the remaining clauses will be
renumbered and all relevant cross references will be updated accordingly.

 

		(c)	In schedule 2 (Regular Monitoring Requirements), all references to “monthly” or “bi-monthly”
in the “Rhythm” column of the table set out therein shall be amended to include the subsequent wording:

 

", for the
period starting from the February 2021 Effective Date and ending on 31 May 2023. With effect from 1 June 2023, quarterly.".

 

		4.3	Guarantor confirmation

 

On the Effective Date the Guarantor
confirms that:

 

		(a)	its Guarantee extends to the obligations of the Borrower under the Finance Documents as amended and supplemented
by this Agreement;

 

		(b)	the obligations of the relevant Obligors under the Finance Documents as amended and supplemented by this
Agreement are included in the Secured Liabilities (as defined in the Facility Agreement); and

 

    10

     

    

 

		(c)	the Guarantee shall continue to be binding on each of the parties to it and have full force and effect
in accordance with its original terms and the amendments to the Finance Documents as amended and supplemented by this Agreement.

 

		4.4	Holding confirmation

 

On the Effective Date, the Holding
confirms that, notwithstanding the amendments made to the Finance Documents pursuant to this Agreement, the undertakings given by Holding
under the Guarantee shall remain in full force and effect in accordance with its original terms and the amendments to the Finance Documents
as amended and supplemented by this Agreement.

 

		4.5	Security confirmation

 

On the Effective Date, each Obligor
confirms that:

 

		(a)	any Security Interest created by it under the Finance Documents extends to the obligations of the relevant
Obligors under the Finance Documents as amended and supplemented by this Agreement;

 

		(b)	the obligations of the relevant Obligors under the Finance Documents as amended and supplemented by this
Agreement are included in the Secured Liabilities (as defined in the Finance Documents to which they are a party);

 

		(c)	the Security Interests created under the Finance Documents continue in full force and effect on the terms
of the respective Finance Documents; and

 

		(d)	to the extent that this confirmation creates a new Security Interest, such Security Interest shall be
on the terms of the Finance Documents in respect of which this confirmation is given.

 

		4.6	Finance Documents to remain in full force and effect

 

The Finance Documents shall remain
in full force and effect and, from the Effective Date:

 

		(a)	in the case of the Facility Agreement as amended and supplemented pursuant to Clause 4.1 (Specific
amendments to the Facility Agreement);

 

		(b)	in the case of the Guarantee, as amended and supplemented pursuant to Clause 4.2 (Specific Amendments
to Guarantee);

 

		(c)	the Facility Agreement and the applicable provisions of this Agreement will be read and construed as one
document;

 

		(d)	the Guarantee and the applicable provisions of this Agreement will be read and construed as one document;
and

 

		(e)	except to the extent expressly waived by the amendments effected by this Agreement, no waiver is given
by this Agreement and the Lenders expressly reserve all their rights and remedies in respect of any breach of or other default under the
Finance Documents.

 

		5	Further Assurance

 

Clause
12.20 (Further assurance) of the Amended Facility Agreement applies to this Agreement as if it were expressly incorporated
in it with any necessary modifications.

 

    11

     

    

 

		6	Costs, Expenses and Fees

 

		6.1	Clause 10.11 (Transaction Costs) of the Amended Facility Agreement applies to this Agreement as
if it were expressly incorporated in it with any necessary modifications.

 

		6.2	The Borrower shall pay to each of (i) the Agent for its own account, (ii) the Agent (for the account of
each Lender) and (iii) the SACE Agent (for the account of SACE) such fees in the amount and at the times
specified in the relevant December 2022 Fee Letters.

 

		7	Notices

 

Clause
32 (Notices) of the Amended Facility Agreement applies to this Agreement as if it were expressly incorporated in it with
any necessary modifications.

 

		8	Counterparts

 

This Agreement may be executed in
any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement.

 

		9	Signing Electronically

 

The Parties acknowledge and agree
that they may execute this Agreement and any variation or amendment to the same, by electronic instrument. The Parties agree that the
electronic signatures appearing on the documents shall have the same effect as handwritten signatures and the use of an electronic signature
on this Agreement, shall have the same validity and legal effect as the use of a signature affixed by hand and is made with the intention
of authenticating this Agreement and evidencing the Parties' intention to be bound by the terms and conditions contained herein. For the
purposes of using an electronic signature, the Parties authorise each other to conduct the lawful processing of personal data of the signers
for contract performance and their legitimate interests including contract management.

 

		10	Governing Law

 

This Agreement and any non-contractual
obligations arising out of or in connection with it are governed by English law.

 

		11	Enforcement

 

		11.1	Jurisdiction

 

		(a)	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 or any non-contractual obligation
arising out of or in connection with this Agreement) (a "Dispute").

 

		(b)	The Obligors accept that the courts of England are the most appropriate and convenient courts to settle
Disputes and accordingly no Obligor will argue to the contrary.

 

    12

     

    

 

		11.2	Service of process

 

		(a)	Without prejudice to any other mode of service allowed under any relevant law, each Obligor (other than
an Obligor incorporated in England and Wales):

 

		(i)	irrevocably appoints Hannaford Turner LLP, currently of 107 Cheapside, London, UK EC2V 6DN as its agent
for service of process in relation to any proceedings before the English courts in connection with any Finance Document; and

 

		(ii)	agrees that failure by a process agent to notify the relevant Obligor of the process will not invalidate
the proceedings concerned.

 

		(b)	If any person appointed as an agent for service of process is unable for any reason to act as agent for
service of process, the Borrower (on behalf of all the Obligors) must immediately (and in any event within 10 days of such event taking
place) appoint another agent on terms acceptable to the Agent. Failing this, the Agent may appoint another agent for this purpose.

 

This Agreement has been entered into on the
date stated at the beginning of this Agreement.

 

    13

     

    

 

Leonardo Four

Supplemental Agreement

 

Execution Pages

 

	BORROWER	 
	SIGNED by	)
	duly authorised	)
	for and on behalf of	)	/s/ Daniel S. Farkas
	LEONARDO FOUR, LTD. 	)
	 	 
	 	 
	GUARANTOR	 
	SIGNED by	)
	duly authorised	)
	for and on behalf of	)	/s/ Daniel S. Farkas
	NCL CORPORATION LTD. 	)
	 	 
	 	 
	SHAREHOLDER	 
	SIGNED by	)
	duly authorised	)
	for and on behalf of	)	/s/ Daniel S. Farkas
	NCL INTERNATIONAL, LTD. 	)
	 	 
	 	 
	HOLDING	 
	 	 
	SIGNED by	)
	duly authorised	)
	for and on behalf of	)	/s/ Daniel S. Farkas
	NORWEGIAN CRUISE LINE	)
	HOLDINGS LTD.	)
	 	 

 

    14

     

    

 

Leonardo Four

Supplemental Agreement

 

	LENDERS	 
	 	 
	SIGNED by	)
	duly authorised 	)
	for and on behalf of	)	/s/ Varsha Sharan
	HSBC BANK PLC	)
	 	 
	 	 
	SIGNED by 	)
	duly authorised 	)	/s/ Alain Vanden Haute, Business Management Financing Solutions Brussels
	for and on behalf of	)	/s/ Hendrik DeBoutte, Energy, Resources & Infrastructure
	BNP PARIBAS FORTIS S.A./N.V 	)
	 	 
	 	 
	SIGNED by 	)
	duly authorised 	)	/s/ B. Behrends-Troost, Director
	for and on behalf of	)	/s/ Vardhaman Lodha, Associate
	KFW IPEX-BANK GMBH	)
	 	 
	 	 
	SIGNED by 	)
	duly authorised 	)
	for and on behalf of	)	/s/ Antonella Coppola
	CASSA DEPOSITI E PRESTITI S.P.A.	)
	 	 

 

    15

     

    

 

Leonardo Four

Supplemental Agreement

 

	MANDATED LEAD ARRANGERS	 
	 	 
	SIGNED by 	)
	duly authorised 	)
	for and on behalf of	)	/s/ Varsha Sharan
	HSBC BANK PLC	)
	 	 
	 	 
	SIGNED by 	)
	duly authorised 	)	/s/ Alain Vanden Haute, Business Management Financing Solutions Brussels
	for and on behalf of	)	/s/ Hendrik DeBoutte, Energy, Resources & Infrastructure
	BNP PARIBAS FORTIS S.A./N.V 	)
	 	 
	 	 
	SIGNED by 	)
	duly authorised 	)	/s/ B. Behrends-Troost, Director
	for and on behalf of	)	/s/ Vardhaman Lodha, Associate
	KFW IPEX-BANK GMBH	)
	 	 
	 	 
	SIGNED by 	)
	duly authorised 	)
	for and on behalf of	)	/s/ Antonella Coppola
	CASSA DEPOSITI E PRESTITI S.P.A.	)
	 	 

 

    16

     

    

 

Leonardo Four

Supplemental Agreement

 

	AGENT	 
	 	 
	SIGNED by 	)
	duly authorised 	)
	for and on behalf of	)	/s/ Nadia Tidjani
	BNP PARIBAS S.A.	)
	 	 
	 	 
	SACE AGENT	 
	SIGNED by 	)
	duly authorised 	)
	for and on behalf of	)	/s/ Nadia Tidjani
	BNP PARIBAS S.A.	)
	 	 
	 	 
	SECURITY TRUSTEE	 
	SIGNED by 	)
	duly authorised 	)	/s/ Nadia Tidjani
	for and on behalf of	)
	BNP PARIBAS S.A	 

 

    17

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}]]