Common use of Total Net Funded Debt Clause in Contracts

Total Net Funded Debt. D <[**] [Confidential Treatment] Total Capitalisation E Consolidated EBITDA Consolidated Net Income (loss) x (Deduct)/Add: (Gain)/Loss on sale of assets or reserves x Add: Consolidated Interest Expense x Add: Depreciation and amortisation of assets x Add: Impairment charges x (Deduct)/Add: Other non-cash charges (gains) x Add: Deferred income tax expense x Consolidated EBITDA x B Consolidated Debt Service Principal paid/payable (excluding balloon payments, voluntary x prepayments/repayments on sale/total loss of an NCLC Fleet vessel) Add: Consolidated Interest Expense x Distributions x Rent under capitalised leases x Consolidated Debt Service x C Total Net Funded Debt Indebtedness for Borrowed Money x Add: Guarantees of non-NCLC Group members' obligations x

Total Net Funded Debt. D <[**] [Confidential Treatment] up to 31 December 2007<[**] [Confidential Treatment] thereafter Total Capitalisation E Consolidated EBITDA Consolidated Net Income (loss) x (Deduct)/Add: (Gain)/Loss on sale of assets or reserves x Add: Consolidated Interest Expense x Add: Depreciation and amortisation of assets x Add: Impairment charges x (Deduct)/Add: Other non-cash charges recurring charge (gainsgain) x Add: Deferred income tax expense x Consolidated EBITDA x B Consolidated Debt Service Principal paid/payable (excluding balloon payments, voluntary x prepayments/repayments x on sale/total loss of an NCLC Fleet vesselVessel) Add: Consolidated Interest Expense x Distributions x Rent under capitalised leases x Consolidated Debt Service x C Total Net Funded Debt Indebtedness for Borrowed Money x Add: Guarantees of non-NCLC Group members' ’ obligations x

Total Net Funded Debt. D <[**] [Confidential Treatment] 0.65:1 up to 31 December 2007 <0.60:1 thereafter Total Capitalisation E Consolidated EBITDA Consolidated Net Income (loss) x (Deduct)/Add: (Gain)/Loss on sale of assets or reserves x Add: Consolidated Interest Expense x Add: Depreciation and amortisation of assets x Add: Impairment charges x (Deduct)/Add: Other non-cash charges recurring charge (gainsgain) x Add: Deferred income tax expense x Consolidated EBITDA x B Consolidated Debt Service Principal paid/payable (excluding balloon payments, voluntary x prepayments/repayments on sale/total loss of an NCLC Fleet vessel) x Add: Consolidated Interest Expense x Distributions x Rent under capitalised leases x Consolidated Debt Service x C Total Net Funded Debt Indebtedness for Borrowed Money x Add: Guarantees of non-NCLC Group members' ’ obligations x

Total Net Funded Debt. D <[**] [Confidential Treatment] Total Capitalisation E Consolidated EBITDA Consolidated Net Income (loss) x (Deduct)/Add: (Gain)/Loss on sale of assets or reserves x Add: Consolidated Interest Expense x Add: Depreciation and amortisation of assets x Add: Impairment charges x (Deduct)/Add: Other non-cash charges (gains) x Add: Deferred income tax expense x Consolidated EBITDA x B Consolidated Debt Service Principal paid/payable (excluding balloon payments, voluntary x prepayments/repayments on sale/total loss of an NCLC Fleet vessel) x Add: Consolidated Interest Expense x Distributions x Rent under capitalised leases x Consolidated Debt Service x C Total Net Funded Debt Indebtedness for Borrowed Money x Add: Guarantees of non-NCLC Group members' ’ obligations x

Total Net Funded Debt. D << [**] [Confidential Treatment] Total Capitalisation E Consolidated EBITDA Consolidated Net Income (loss) x (Deduct)/Add: (Gain)/Loss on sale of assets or reserves x Add: Consolidated Interest Expense x Add: Depreciation and amortisation of assets x Add: Impairment charges x (Deduct)/Add: Other non-cash charges (gains) x Add: Deferred income tax expense x Consolidated EBITDA x B Consolidated Debt Service Principal paid/payable (excluding balloon payments, voluntary x prepayments/repayments on sale/total loss of an NCLC Fleet vessel) x Add: Consolidated Interest Expense x Distributions x Rent under capitalised leases x Consolidated Debt Service x C Total Net Funded Debt Indebtedness for Borrowed Money x Add: Guarantees of non-NCLC Group members' ’ obligations x