Intercompany Demand Promissory Note

EXHIBIT 10.3

INTERCOMPANY DEMAND PROMISSORY NOTE

Note Number: 1 Dated: July 20, 2007

FOR VALUE RECEIVED, SEA CONTAINERS SPC LTD. (" Payor ") promises to pay to the order of Sea Containers Ltd. (" Payee "), on demand, in lawful money of the United States of America, in immediately available funds and at the appropriate office of the Payee, the aggregate unpaid principal amount of all loans and advances heretofore and hereafter made by such Payee to such Payor and any other Indebtedness now or hereafter owing by such Payor to such Payee as shown either on Schedule A attached hereto (and any continuation thereof) or in the books and records of such Payee. The failure to show any such Indebtedness or any error in showing such Indebtedness shall not affect the obligations of any Payor hereunder. Capitalized terms used herein but not otherwise defined herein shall have the meanings given such terms in the Secured Super-Priority Debtor-In-Possession Credit Agreement, dated as of July 20, 2007 (as amended, supplemented, replaced or otherwise modified from time to time, the " Credit Agreement "), among Sea Containers Ltd., a Bermuda company, as a borrower and as debtor and debtor-in-possession under chapter 11 of the Bankruptcy Code (as defined below) (the " Borrower " or the " Debtor "); SPC Holdings Ltd., a Bermuda company, as a guarantor (" Ho ...