EX-4.8



 Exhibit 4.8 

SEASPAN INVESTMENT PLEDGE AGREEMENT 

This SEASPAN INVESTMENT PLEDGE AGREEMENT, dated as of March 26, 2018 (as amended, amended and restated, supplemented or otherwise
modified from time to time in accordance with the provisions hereof, this “Agreement”) made by and between SEASPAN INVESTMENT I LTD. (together with any successor, the “Grantor”), as grantor, pledgor, assignor and
debtor, in favor THE BANK OF NEW YORK MELLON, in its capacity as trustee (the “Trustee”) pursuant to the Indenture, dated as of October 10, 2017 (the “Base Indenture”), by and between Seaspan Corporation, a
corporation duly organized and existing under the laws of the Republic of the Marshall Islands (the “Issuer”) and The Bank of New York Mellon, as trustee (the “Trustee”), as amended and supplemented by a second
supplemental indenture (the “Second Supplemental Indenture”), dated as of February 14, 2018, by and among the Issuer, certain subsidiary guarantors specified therein and the Trustee, as further amended and supplemented by a
third supplemental indenture, dated as of February 22, 2018 (the “Third Supplemental Indenture”), by and among the Issuer, certain subsidiary guarantors specified therein and the Trustee, as further amended and supplemented by
a fourth supplemental indenture, dated as of March 22, 2018 (the “Fourth Supplemental Indenture”), by and among the Issuer, certain subsidiary guarantors specified therein (including the Grantor) and the Trustee, as further
amended and supplemented by a fifth supplemental indenture, dated as of the date hereof (the “Fifth Supplemental Indenture”), by and among the Issuer, certain subsidiary guarantors specified therein (including the Grantor) and the
Trustee, and as further amended and supplemented by a sixth supplemental indenture, dated as of the date hereof (the “Sixth Supplemental Indenture” and, together with the Base Indenture, the Second Supplemental Indenture, the Third
Supplemental Indenture, the Fourth Supplemental Indenture and the Fifth Supplemental Indenture, the “Indenture”), by and among the Issuer, certain subsidiary guarantors specified therein (including the Grantor) (collectively, the
“Guarantors”), and the Trustee. 
 NOW THEREFORE, in consideration of the foregoing premises and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Grantor and the Trustee hereby agree as follows: 

Section 1.01 Definitions. The following terms shall have the following meanings: 

“Notes” means the 5.50% Senior Notes due 2025, in an aggregate principal amount of $250,000,000, issued under the Second
Supplemental Indenture by the Issuer. 
 “Secured Obligations” means the Indenture Obligations (as defined in the Second
Supplemental Indenture). 
 “Secured Parties” means, collectively, the Trustee and the Holders (as defined in the Second
Supplemental Indenture). 
 “LLC Interests” means the limited liability company interests of Greater China Intermodal
Investments LLC (“GCI”). 
 Any capitalized terms used but not otherwise defined herein shall have the meanings assigned to
such terms in the Indenture. 
 Section 1.02 Pledge. 

(a) As collateral security for the payment and performance in full of all the Secured Obligations, the Grantor hereby pledges, assigns and
grants to the Trustee for the ratable benefit of the Secured Parties, a lien on and security interest in and to all of the right, title and interest of such Grantor in, to and under the following property, wherever located, and whether now existing
or hereafter arising or acquired from time to time (collectively, the “Collateral”): (i) 100% of the LLC Interests directly held and owned by the Grantor, as the sole member of GCI; and (ii) to the extent not covered by clause
(i) of this sentence, all proceeds and products of the foregoing, all books and records at any time evidencing or relating to the foregoing, all supporting obligations related thereto, and all accessions to, substitutions and replacements for,
and profits and products of, the foregoing, and any and all proceeds of any indemnity, warranty or guaranty payable to the Grantor from time to time with respect to the foregoing. 

  
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 (b) Upon the occurrence and during the continuance of an Event of Default under the Indenture,
the Trustee shall have the right to receive all distributions, fees, compensation and other monies constituting or payable with respect to the LLC Interests and the same and the proceeds thereof shall be applied, along with other stated payments due
under the Indenture, to the Secured Obligations in accordance with the Indenture until the Secured Obligations shall have been repaid in full. 

(c) Upon the occurrence and during the continuation of an Event of Default under the Indenture, following written notice by the Trustee
(acting at the written direction of the Holders of not less than a majority in principal amount of the Outstanding Notes) to the Grantor: (i) all rights of the Grantor to receive the dividends, distributions and interest payments which it would
otherwise be authorized to receive and retain with respect to the LLC Interests shall cease and all such rights shall thereupon be vested in the Trustee which shall then have the sole right to receive and hold such dividends, distributions and
interest payments; and (ii) all dividends, distributions and interest payments which are received by the Grantor contrary to the provisions of the foregoing clause (i) shall be received in trust for the benefit of the Trustee, shall be
segregated from other property or funds of the Grantor, and shall be forthwith paid over to the Trustee in the exact form received, to be held by the Trustee as further collateral security for the Secured Obligations. 

(d) Upon the occurrence and during the continuance of an Event of Default under the Indenture, and following written notice by the Trustee
(acting at the written direction of the Holders of not less than a majority in principal amount of the Outstanding Notes) to the Grantor, all rights of the Grantor to exercise the voting and other consensual rights which it would otherwise be
entitled to exercise with respect to the LLC Interests shall cease and all such rights shall thereupon become vested in the Trustee which shall then have the sole right to exercise such voting and other consensual rights. Notwithstanding any other
provision of this Agreement, the Trustee shall not be deemed to assume any contractual obligation of the Grantor owing to any Person by reason of this Agreement or a foreclosure by the Trustee on the LLC Interests, and such obligations shall remain
the obligations of the Grantor. 
 (e) The Trustee shall not be obligated to perform or discharge, nor does it hereby undertake to perform
or discharge, any obligation, duty or liability imposed on the Grantor under or by reason of any organizational document of the Grantor or GCI, and the Grantor does hereby agree to indemnify the Trustee for and to hold the Trustee harmless of and
from any and all liability, loss, damage, tax, judgment, suit, penalty, cost, or expense (including, without limitation, fees, costs and expenses of any counsel, experts and agents) which it may or might incur as a result of this Agreement or any
such obligation, duty or liability or any action or claim relating thereto. 
 Section 1.03 Representations and
Warranties. The Grantor represents and warrants as follows: 
 (a) Ownership of Property and No Other Liens. The
Grantor is the sole, direct, legal and beneficial owner of the LLC Interests, and has good and marketable title to the LLC Interests, and the LLC Interests are not subject to any lien, claim, option or right of others (other than the lien created
hereunder). 
 (b) Perfected Security Interest. This Agreement is effective to create in favor of the Trustee for the ratable benefit
of the Secured Parties, a legal, valid and enforceable security interest in the LLC Interests. 
 Section 1.04
Modification in Writing. None of the terms or provisions of this Agreement may be amended, modified, supplemented, terminated or waived, and no consent to any departure by the Grantor therefrom shall be effective, except by a
written instrument signed by the Trustee and the Grantor in accordance with the terms of the Indenture. 

Section 1.05 Governing Law. This Agreement and any claim, controversy, dispute or cause of action (whether in
contract or tort or otherwise) based upon, arising out of or relating to this Agreement and the transactions contemplated hereby shall be governed by, and construed in accordance with, the laws of the State of New York. 

  
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 Section 1.06 Counterparts. This Agreement and any
amendments, waivers, consents or supplements hereto may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all taken together shall constitute a single contract.
Delivery of an executed counterpart of a signature page to this Agreement by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this Agreement. 

Section 1.07 Trustee Rights. The Trustee shall be entitled to the same rights, protections, immunities and
indemnities as set forth in the Indenture, as if the provisions setting forth those rights, protections, immunities and indemnities are fully set forth herein. 

Section 1.08 Termination. The lien and security interest granted hereunder shall terminate and be released,
in whole or in part, as provided in Section 6.04 of the Sixth Supplemental Indenture. Additionally, this Agreement shall terminate as provided in Section 6.04 of the Sixth Supplemental Indenture. In connection with any termination or
release pursuant to this Section 1.08, the Trustee shall, subject to its receipt of any documents required to be delivered to it under the Indenture, execute and deliver to the Grantor or authorize the filing of, at the Grantor’s expense,
all documents that the Grantor shall reasonably request and that are necessary to evidence such termination or release in form and substance reasonably satisfactory to the Trustee. Any execution and delivery of documents pursuant to this
Section 1.08 shall be without recourse to or warranty by the Trustee. 
 Section 1.09 Successors and
Assigns. All of the terms, covenants, warranties and conditions contained in this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns; provided, however, that
the Grantor may not assign any of its indebtedness, liabilities or obligations hereunder. 
 Section 1.10
Notices. Any notice or request hereunder may be given to the Grantor in care of the Company or the Trustee in accordance with Section 1.5 of the Base Indenture. 

Section 1.11 Further Assurances. The Grantor agrees that at any time and from time to time, upon the written
request of the Trustee (acting at the written direction of the Holders of not less than a majority in principal amount of the Outstanding Notes), the Grantor will execute and deliver such further documents and do such further acts and things as the
Trustee may reasonably request in order to effect the purposes of this Agreement and to protect and perfect the security interests granted hereunder. Not in limitation but in furtherance of the foregoing, the Grantor shall promptly file a Uniform
Commercial Code financing statement setting forth the Grantor, as debtor, and the Trustee, as secured party, with the office of the Recorder of Deeds of the District of Columbia to perfect such security interests in the Collateral. 

[SIGNATURE PAGE FOLLOWS] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date
first written above by their respective officers thereunto duly authorized. 
  

			
	SEASPAN INVESTMENT I LTD.
		
	By:	 	/s/ Mark Chu
	Name:	 	Mark Chu
	Title:	 	Secretary


 Seaspan Investment Pledge Agreement Signature Page 







 
			
	 THE BANK OF NEW YORK MELLON, as Trustee

		
	 By:
	 	 /s/ Teresa Wyszomierski

	 Name:
	 	 Teresa Wyszomierski

	 Title:
	 	 Vice President



 Seaspan Investment Pledge Agreement Signature Page