Royal Caribbean Cruise Lines 2009 Annual Report Download - page 104

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ROYAL CARIBBEAN CRUISES LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
In addition, we are obligated under other noncancelable operating leases primarily for offices, warehouses and motor vehicles.
As of December 31, 2009, future minimum lease payments under noncancelable operating leases were as follows (in thousands):
Total expense for all operating leases amounted to $54.2 million, $67.6 million and $65.6 million for the years 2009, 2008 and
2007, respectively.
Other
Some of the contracts that we enter into include indemnification provisions that obligate us to make payments to the
counterparty if certain events occur. These contingencies generally relate to changes in taxes, increased lender capital costs and other
similar costs. The indemnification clauses are often standard contractual terms and are entered into in the normal course of business.
There are no stated or notional amounts included in the indemnification clauses and we are not able to estimate the maximum
potential amount of future payments, if any, under these indemnification clauses. We have not been required to make any payments
under such indemnification clauses in the past and, under current circumstances, we do not believe an indemnification in any material
amount is probable.
If any person other than A. Wilhelmsen AS. and Cruise Associates, our two principal shareholders, acquires ownership of more
than 30% of our common stock and our two principal shareholders, in the aggregate, own less of our common stock than such person
and do not collectively have the right to elect, or to designate for election, at least a majority of the board of directors, we may be
obligated to prepay indebtedness outstanding under the majority of our credit facilities, which we may be unable to replace on similar
terms. If this were to occur, it could have an adverse impact on our liquidity and operations.
At December 31, 2009, we have future commitments to pay for our usage of certain port facilities, marine consumables, services
and maintenance contracts as follows (in thousands):
Note 15. Related Parties
A. Wilhelmsen AS. and Cruise Associates collectively own approximately 35.6% of our common stock and are parties to a
shareholders’ agreement which provides that our board of directors will consist of four nominees of A. Wilhelmsen AS., four
nominees of Cruise Associates and our Chief Executive Officer. They have the power to determine, among other things, our policies
and the policies of our subsidiaries and actions requiring shareholder approval.
F-31
Year
2010
$51,531
2011
48,205
2012
233,182
2013
9,129
2014
8,992
Thereafter
26,513
$377,552
Year
2010
$131,602
2011
114,459
2012
103,447
2013
85,448
2014
49,277
Thereafter
213,869
$698,102