FIRST AMENDMENT TO SPACE CHARTER
MV "CROWN DYNASTY"
THIS FIRST AMENDMENT TO SPACE CHARTER (the "First Amendment") is made
this 19th day of November, 1999 by and between CROWN CRUISES LIMITED, a Bermuda
corporation ("Owners"), as disponent owners of the Panamanian flag vessel MV
CROWN DYNASTY (the "Vessel") and XXXXXXXX AND XXXXXX, INC., a Pennsylvania
corporation doing business as "APPLE VACATIONS" ("Space Charterers").
A. On July 12, 1999, Owners and Space Charterers entered in a
space charter (the "Space Charter") with respect to the
Vessel.
B. Owners and Space Charterers wish to modify and clarify certain
provisions of the Space Charter in this First Amendment.
In furtherance of the foregoing, the parties hereby amend the Space
Charter as follows:
1. SPACE CHARTER HIRE.
Section 6(a) is hereby amended by adding a new subsection (vii) as follows:
Charter Hire shall be payable to Owners bi-weekly in advance.
2. SECURITY FOR SPACE CHARTERERS' AND OWNERS' OBLIGATIONS.
Section 6(b) is hereby amended by adding a new subsection (iii) as follows:
The parties acknowledge that the SC Letter of Credit and the Owners'
Letter of Credit are required to be issued in the face amount of * each pursuant
to Section 6 of the Space Charter. Notwithstanding this requirement, the parties
have agreed that they will each initially obtain their respective letters of
credit in the face amount of *. Each of Owners and Space Charterers reserve the
right to require that such letter of credit be increased to the full amount of *
at any time during the time such letter of credit is required to be in effect
under the terms of the Space Charter. Neither party shall waive its right to
require that the other party obtain such letter of credit in such increased
amount by virtue of its agreement to accept a letter of credit in the face
amount of * at this time.
3. ESCROW.
Sections 6(d) and 6(e) are hereby deleted in their entirety.
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* Market text omitted pursuant to an application for an order for
confidential treatment by Commodore Holding Limited.
4. RATIFICATION.
Except as specifically amended herein, all of the terms of the Space
Charter shall remain in full force and effect.
5. COUNTERPARTS.
This First Amendment may be signed in counterparts.
IN WITNESS WHEREOF, the parties have executed this First Amendment with
effect as of the date first set forth above.
CROWN CRUISES LIMITED
By: /s/ Xxxx Xxxxxxxx
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Chief Financial Officer
XXXXXXXX AND XXXXXX, INC.,
DOING BUSINESS AS APPLE VACATIONS
By: ILLEGIBLE
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Assistant Secretary
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