Document:

Exhibit 4.2 and 10.1

 

EXECUTION VERSION

 

Dated    16 July    2014

 

ZIM INTEGRATED SHIPPING SERVICES LIMITED

 

THE OBLIGORS

 

-and-

 

BOND TRUSTEES

 

LENDERS

 

SECURED VESSEL LENDERS

 

SHIPOWNERS

 

VESSELCO PARTIES

 

-and-

 

OTHER PARTICIPATING STAKEHOLDERS

 

 

GLOBAL RESTRUCTURING DEED

 

 

    

     

    

 

	TABLE OF CONTENTS	 
	 	 
	1.	DEFINITIONS AND INTERPRETATION	2
	 	 	 
	2.	EFFECTIVENESS OF THIS DEED AND LONG-STOP TIME	7
	 	 	 
	3.	CONFIRMATIONS	7
	 	 	 
	4.	REPRESENTATIONS	13
	 	 	 
	5.	RELATIONSHIP WITH OTHER DOCUMENTS	16
	 	 	 
	6.	AGREEMENT TO SUBSCRIBE	16
	 	 	 
	7.	MUTUAL RELEASES	18
	 	 	 
	8.	EFFECTIVENESS OF MUTUAL RELEASES	22
	 	 	 
	9.	TRANSFERS	22
	 	 	 
	10.	ACCESSION	22
	 	 	 
	11.	FURTHER ASSURANCES	22
	 	 	 
	12.	THIRD PARTY RIGHTS	23
	 	 	 
	13.	WAIVER	23
	 	 	 
	14.	REMEDIES, WAIVERS AND AMENDMENTS	23
	 	 	 
	15.	ENTIRE AGREEMENT	23
	 	 	 
	16.	COUNTERPARTS	23
	 	 	 
	17.	PARTIAL INVALIDITY	24
	 	 	 
	18.	RESERVATION OF RIGHTS AND TERMINATION	24
	 	 	 
	19.	PARTIES’ RIGHTS AND OBLIGATIONS	24
	 	 	 
	20.	NOTICES	24
	 	 	 
	21.	GOVERNING LAW	26
	 	 	 
	22.	ENFORCEMENT	26
	 	 	 
	SCHEDULE 1 OBLIGORS AND PARTICIPATING STAKEHOLDERS	27
	 	 
	SCHEDULE 2 OUTSTANDINGS AND ALLOCATION TABLE	33

 

    

     

    

 

	SCHEDULE 3 NEW SVL DOCUMENTS	42
	 	 
	SCHEDULE 4 NEW VESSELCO PARTY DOCUMENTS	46
	 	 
	SCHEDULE 5 NEW SHIPOWNER DOCUMENTS	50
	 	 
	SCHEDULE 6 NEW BONDHOLDER DOCUMENTS	55
	 	 
	SCHEDULE 7 NEW LENDER DOCUMENTS	56
	 	 
	SCHEDULE 8 NEW IC DOCUMENTS	58
	 	 
	SCHEDULE 9 NEW MILLENIUM DOCUMENTS	59
	 	 
	SCHEDULE 10 NEW RELATED PARTIES DOCUMENTS	60
	 	 
	SCHEDULE 11 NEW HHI PARTIES DOCUMENTS	62
	 	 
	SCHEDULE 12 ACCESSION DEED	63
	 	 
	SCHEDULE 13 SUBSCRIPTION LETTER	65
	 	 
	SCHEDULE 14 RESTRUCTURING COMPLETION LETTER	69
	 	 
	SCHEDULE 15 REGISTRATION RIGHTS	74
	 	 
	SCHEDULE 16 INITIAL DIRECTORS	89

 

    -2-

     

    

 

THIS GLOBAL RESTRUCTURING DEED (this “Deed”)
is made on    16 July    2014

 

BETWEEN:

 

		(1)	ZIM INTEGRATED SHIPPING SERVICES
                                         LIMITED, a company incorporated in Israel with its registered office at 9 Andrei
                                         Sakharov St., Haifa 31016, Israel (the “Company” or “Zim”);

 

		(2)	THE ENTITIES listed in Part I
                                         of Schedule 1 (Obligors and Participating Stakeholders) hereto (the “Obligors”);

 

		(3)	THE FINANCIAL INSTITUTIONS listed
                                         in Part II of Schedule 1 (Obligors and Participating Stakeholders) hereto
                                         (the “Secured Vessel Lenders);

 

		(4)	THE FINANCIAL INSTITUTIONS listed
                                         in Part III of Schedule 1 (Obligors and Participating Stakeholders) hereto
                                         (the “VesselCo Parties”);

 

		(5)	THE ENTITIES listed in Part IV
                                         of Schedule 1 (Obligors and Participating Stakeholders) hereto (the “Shipowners”);

 

		(6)	THE ENTITIES listed in Part V
                                         of Schedule 1 (Obligors and Participating Stakeholders) hereto on their own behalf
                                         and on behalf of the Bondholders (the “Bond Trustees”);

 

		(7)	THE FINANCIAL INSTITUTIONS listed
                                         in Part VI of Schedule 1 (Obligors and Participating Stakeholders) hereto
                                         (the “Lenders”);

 

		(8)	ISRAEL CORPORATION LTD., a company
                                         incorporated in Israel with its registered office at Millennium Tower, 23 Aranha Street,
                                         Tel Aviv 61204, Israel (“IC”);

 

		(9)	MILLENIUM INVESTMENTS ELAD LTD.,
                                         a company incorporated in Israel with its registered office at 9 Andrei Sakharov
                                         St., Haifa 31016, Israel (“Millenium”);

 

		(10)	THE ENTITIES listed in Part VII
                                         of Schedule 1 (Obligors and Participating Stakeholders) hereto (the “Related
                                         Parties”); and

 

		(11)	THE ENTITIES listed in Part VIII
                                         of Schedule 1 (Obligors and Participating Stakeholders) hereto (the “HHI
                                         Parties”).

 

RECITALS

 

		(A)	Following a period of financial difficulties
                                         of the Company, the Company, Bond Trustees, HHI Parties, IC, Lenders, Millenium,
                                         Related Parties, Secured Vessel Lenders, Shipowners, VesselCo Parties and certain other
                                         stakeholders entered into negotiations, with the objective of reaching an agreement for
                                         the financial restructuring of the Group.

 

		(B)	The Parties have agreed the terms of
                                         a financial restructuring of the Group involving, among other things, a substantial deleveraging
                                         of the Group, issuance and allocation of Series 1 Notes and/or Series 2 Notes
                                         and ordinary shares in the Company to the Company’s creditors and other Participating
                                         Stakeholders (in accordance with the Outstandings and Allocation Table), and a new equity
                                         investment by IC.

 

    

     

    

 

		(C)	In order to further facilitate and
                                         to co-ordinate the implementation of the financial restructuring, the Parties have agreed
                                         to enter into this Global Restructuring Deed.

 

THE PARTIES AGREE AS FOLLOWS:

 

		1.	DEFINITIONS AND INTERPRETATION

 

		1.1	In this Deed,

 

“Accession Deed” means
a document substantially in the form set out in Schedule 12 (Form of Accession Deed).

 

“Additional Participating Stakeholder”
means any person that becomes a Participating Stakeholder in accordance with clause 9 (Transfers) and clause 10 (Accession).

 

“Affiliate” means,
in relation to any person, any funds managed or advised by that person, a Subsidiary of that person or a Holding Company of that
person or any other Subsidiary of that Holding Company.

 

“Authorisation” means
an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration.

 

“Bondholders” means
the holders of bonds under any of Zim’s Series A bonds and Series B bonds (each dated November 30th
2009 as amended on July 11th 2012 and in respect of which Union Bank Trust Company Ltd. is acting as trustee)
and the holders of bonds under Zim’s Series C bonds (dated November 30th 2009 (as amended on July 11th,
2012) in respect of which Hermetic Trust (1975) Ltd. is acting as trustee), and “Bondholder” means any of them.

 

“Bond Trustee” means
each of Union Bank Trust Company Ltd., bond trustee under Zim’s Series A and B bonds (dated November 30th
2009 as amended on July 11th 2012) and Hermetic Trust (1975) Ltd., bond trustee under Zim’s Series C
bonds (dated November 30th 2009 as amended on July 11th, 2012), and “Bond Trustees”
means both of them.

 

“BNPP Kexim Facility”
means the loan agreement dated 4 October 2007 originally between, inter alia, Pelican Maritime (S347) Company Ltd, Pelican
Maritime (S348) Company Ltd, Pelican Maritime (S393) Company Ltd, Pelican Maritime (S394) Company Ltd, and Pelican Maritime (S395)
Company Ltd as borrowers, Zim as parent guarantor, BNP Paribas S.A. as facility agent, BNP Paribas S.A. as security agent and
certain lenders.

 

“BNPP Ksure Facility”
means the loan agreement dated 26 November 2007 originally between inter alia, Flamingo Navigation (S350) Company Ltd, Flamingo
Navigation (S351) Company Ltd, Pelican Maritime (S346) Company Ltd as borrowers, Zim as parent guarantor, BNP Paribas S.A. as
facility agent, BNP Paribas S.A. as security agent and certain lenders.

 

“Business Day” means
a day on which banks are open for general business in Israel, London and New York.

 

“Claims” means any
liability from any actions (or omissions), causes of action, claims, judgments, executions, losses, damages, demands, suits and
other liabilities (including claims in the form of debt or equity instruments) or request for reimbursement of any costs and expenses
whether past, present, future, prospective or contingent, whether or not for a fixed or undetermined amount, that relates to any
event or circumstance arising prior to the Restructuring Effective Time, whether or not involving payment of money or the performance
of an act or obligation, whether known or not to any party at any time, whether recognisable or unrecognisable, foreseeable or
unforeseeable and however arising (whether arising at common law, in equity, by statute or pursuant to a regulation or in any
other manner whatsoever) under the laws of any jurisdiction, and including any costs and expenses associated with bringing any
such claim.

 

    -2-

     

    

 

“Connected Person”
means, in respect of any person, such person’s past, present and future, direct and indirect, Subsidiaries, shareholders,
investors, funds, members, partners, and its and their respective Affiliates, officers, directors, members, partners (including,
without limitation, any partnership of which such person is a general partner), any board members, employees, agents, representatives,
advisors, attorneys, fiduciaries, nominees, predecessors, successors, assigns, and any other person (natural or otherwise) acting
or purporting to act on behalf of any of the foregoing.

 

“Deferred Hire” shall
have the meaning given to that term in clause 6.7 (b) (Agreement to Subscribe).

 

“Existing Debt” means
debt or overdue charter hire owing to any of the Participating Stakeholders immediately prior the Restructuring Effective Time,
and which is subject to the proposed financial restructuring contemplated by this Deed, as set out in the Outstandings and Allocation
Table.

 

“Existing Documents”
means all of the agreements, documents and instruments in relation to the Existing Debt.

 

“Existing SVL Debt”
means the Existing Debt owing to the Secured Vessel Lenders (or any of them), as specified in the Outstandings and Allocation
Table.

 

“Existing VesselCo Debt”
means the Existing Debt owing to the Syndicate Lenders (or any of them), as specified in the Outstandings and Allocation Table.

 

“Facility Agent” means
the facility agent under any of the Syndicated Facilities.

 

“Group” means the Company
and each of its Subsidiaries from time to time.

 

“Holding Company” means,
in relation to a company or corporation, any other company or corporation in respect of which it is a Subsidiary.

 

“HHI Subordinated Loan Agreement”
means the loan agreement between Hyundai Samho Heavy Industries Co. Ltd. and Zim dated on or about the Restructuring Effective
Time.

 

“IC Investment Agreement”
means the IC investment agreement referred to under the heading of “Israel Corporation” in Schedule 8 (New IC Documents).

 

“Initial Directors”
means the directors listed in Schedule 16 (Initial Directors) which includes the identity of the first board of directors.

 

“June 2014 Business Plan”
means the business plan so entitled provided to the Participating Stakeholders in the VDR.

 

    -3-

     

    

 

“Legal Reservations” means:

 

		(a)	the principle that equitable remedies
                                         may be granted or refused at the discretion of a court and the limitation of enforcement
                                         by laws relating to insolvency, reorganisation and other laws generally affecting the
                                         rights of creditors;

 

		(b)	the time barring of claims under the
                                         Limitation Acts, the possibility that an undertaking to assume liability for or indemnify
                                         a person against non-payment of UK stamp duty may be void and defences of set-off or
                                         counterclaim;

 

		(c)	similar principles, rights and defences
                                         under the laws of any relevant jurisdiction; and

 

		(d)	any other matters which are set out
                                         as qualifications or reservations as to matters of law of general application in case
                                         of any legal opinions issued in connection with the New Documents or, if no legal opinions
                                         are given, would be customarily included in legal opinions.

 

“Limitation Acts” means the Limitation Act
1980 and the Foreign Limitation Periods Act 1984.

 

“Long-Stop Time” means 23:59 hours Israel
time on 16 July 2014.

 

“New Bondholder Documents” has the meaning
given to that term in clause 3.11.

 

“New Documents” means
all New Bondholder Documents, New HHI Documents, New IC Documents, New Millenium Documents, New Lender Documents, New Related
Parties Documents, New Shipowner Documents, New SVL Documents and New VesselCo Party Documents.

 

“New HHI Documents” has the meaning given
to that term in clause 3.20.

 

“New IC Documents” has the meaning given
to that term in clause 3.16.

 

“New Lender Documents” has the meaning given
to that term in clause 3.14.

 

“New Millenium Documents” has the meaning
given to that term in clause 3.18.

 

“New Related Parties Documents” has the
meaning given to that term in clause 3.19.

 

“New Shipowner Documents” has the meaning
given to that term in clause 3.9.

 

“New SVL Documents” has the meaning given
to that term in clause 3.2.

 

“New VesselCo Party Documents” has the meaning
given to that term in clause 3.6.

 

“Outstandings and Allocation Table” means
the table set out in Schedule 2 (Outstandings and Allocation Table).

 

“Participating Stakeholder”
means each of the entities listed in Schedule 1 (Obligors and Participating Stakeholders) hereto, other than the Obligors.

 

“Qualifying Investor”
means any investor complying with either section 15A(b)(1) or 15A(b)(2) of the Israel Securities Law of 1968, as shall
be updated from time to time.

 

“Party” means a party to this Deed.

 

    -4-

     

    

 

“Registration Rights Schedule” means the
schedule attached as Schedule 15.

 

“Related Funds” in
relation to a fund (the “first fund”) means a separate fund which is managed or advised by the same investment
manager or investment adviser as the first fund or, if it is managed by a different investment manager or investment adviser,
a separate fund whose investment manager is an Affiliate of the investment manager or investment adviser of the first fund.

 

“Restructuring” means
the restructuring of the Company’s capital structure as set out in the Outstandings and Allocation Table and as contemplated
by the New Documents.

 

“Restructuring Completion Letter”
means the letter substantially in the form attached as Schedule 14 (Restructuring Completion Letter).

 

“Restructuring Effective Time”
means the time at which Zim executes and delivers to all other Parties the Restructuring Completion Letter.

 

“Security Agent” means
the security agent under any of the Syndicated Facilities.

 

“Series 1 Notes”
mean the notes constituted by a trust indenture entered into by the Company and Hermetic Trust (1975) Ltd. as trustee, dated on
or about the date hereof.

 

“Series 2 Notes”
mean the notes constituted by a trust indenture entered into by the Company and Hermetic Trust (1975) Ltd. as trustee, dated on
or about the date hereof.

 

“Settlement Instructions”
means (in respect of the Series 1 Notes or Series 2 Notes) each of (i) the name of the security account with a
member of the TASE to which the notes will be settled, the TASE member name, the TASE member number, the branch name and account
number of the entity to hold the Series 1 Notes or Series 2 Notes (as relevant); (ii) the full legal name of the
entity to hold the Series 1 Notes or Series 2 Notes, its incorporation number (if any), jurisdiction of incorporation,
mailing address and e-mail address; and (in respect of equity) the full legal name of the entity to hold the equity, its incorporation
number (if any), jurisdiction of incorporation, mailing address and e-mail address.

 

“Subscription Letter”
means a letter substantially in the form set out in Schedule 13 (Subscription Letter) to be entered into by certain Participating
Stakeholders other than IC.

 

“Subsidiary” means
in relation to any company, corporation or other legal entity, (a “holding company”), a company, corporation
or other legal entity:

 

		(a)	which is controlled, directly or indirectly, by the holding company;

 

		(b)	more than half the issued share capital of which is beneficially
                                         owned, directly or indirectly, by the holding company; or

 

		(c)	which is a subsidiary of another Subsidiary of the holding company,

 

and, for this purpose, a company or corporation
shall be treated as being controlled by another if that other company or corporation is able to determine the composition of the
majority of its board of directors or equivalent body.

 

“Syndicate Lender” means a lender under
any of the Syndicated Facilities.

 

    -5-

     

    

 

“Syndicated Facilities” means the BNPP Kexim
Facility, BNPP Ksure Facility, Wilmington 345 Facility, Wilmington 349 Facility and Wilmington 352 Facility, or any of them.

 

“TASE” means the Tel Aviv Stock Exchange.

 

“Third Parties Act” means the Contracts
(Rights of Third Parties) Act 1999.

 

“VDR” means the Company’s virtual
data room.

 

“Wilmington 345 Facility”
means the loan agreement dated 5 February 2007 originally between, inter alia, Pelican Maritime (S345) Company Ltd. as borrower,
Zim as guarantor and KfW IPEX-Bank GmbH as facility agent and certain lenders.

 

“Wilmington 349 Facility”
means the loan agreement dated 5 February 2007 originally between, inter alia, Flamingo Navigation (S349) Company Ltd. as
borrower, Zim as guarantor and KfW IPEX-Bank GmbH as facility agent and certain lenders.

 

“Wilmington 352 Facility”
means the loan agreement dated 5 February 2007 originally between, inter alia, Flamingo Navigation (S352) Company Ltd. as
borrower, Zim as guarantor and KfW IPEX-Bank GmbH as facility agent and certain lenders.

 

		1.2	In this Deed unless a contrary indication appears:

 

		(a)	reference to any agreement or instrument
                                         is a reference to that agreement or instrument as amended, novated, supplemented, extended,
                                         restated or replaced;

 

		(b)	references to any party herein
                                         shall be construed so as to include that party’s respective successors in title,
                                         permitted assignees and permitted transferees;

 

		(c)	one gender includes all genders,
                                         and references to the singular includes the plural and vice versa;

 

		(d)	a person includes any individual,
                                         company, corporation, unincorporated association or body (including a partnership, trust,
                                         joint venture or consortium), government, state, agency, organisation or other entity
                                         whether or not having separate legal personality and their successors in title, assigns
                                         and transferees permitted pursuant to the applicable agreement or instrument;

 

		(e)	references to clauses, paragraphs
                                         and Schedules shall be construed as references to clauses and paragraphs of, and Schedules
                                         to, this Deed;

 

		(f)	headings in this
                                         Deed are inserted for convenience and do not affect its interpretation;

 

		(g)	include and
                                         including shall be construed without limitation; and

 

		(h)	references to
                                         this Deed include its Schedules.

 

		1.3	It is intended that this Deed takes
                                         effect as a deed notwithstanding the fact that a party may only execute this document
                                         under hand.

 

    -6-

     

    

 

		1.4	In this Deed, any undertaking, obligation
                                         or commitment provided or assumed by a Bond Trustee is assumed and provided by the Bond
                                         Trustee on behalf of each of the Bondholders under the bond trust deed relating to the
                                         indebtedness incurred by Zim in respect of which that Bond Trustee is acting as a trustee,
                                         unless expressly stated otherwise, and any rights or benefits provided to a Bond Trustee
                                         are assumed by and provided to the Bond Trustee on behalf of itself, each member of the
                                         Bondholders’ committee and each of the Bondholders under the bond trust deeds relating
                                         to indebtedness incurred by Zim in respect of which that Bond Trustee is acting as trustee.

 

		1.5	References to the ‘articles of association of the Company
                                         in the form agreed by the Parties’ shall be to the form of the articles posted
                                         in the Company’s VDR as at 15 July 2014.

 

		2.	EFFECTIVENESS
                                         OF THIS DEED AND LONG-STOP TIME

 

This Deed is effective on the
date it is signed by all Parties. The Company agrees to notify the Participating Stakeholders in writing promptly once all Parties
have executed this Deed. If the Restructuring Effective Time has not occurred by the Long-Stop Time, this Deed will terminate
automatically and be of no further force and effect.

 

		3.	CONFIRMATIONS

 

		3.1	Unless otherwise stated, all confirmations
                                         given in this clause 3 are given on each of (i) the date of this Deed; and (ii) both
                                         immediately before and at the Restructuring Effective Time, in each case by reference
                                         to the facts and circumstances then existing on such date or at such time, as applicable.

 

Secured Vessel Lenders (Excluding VesselCo
Parties)

 

		3.2	Outstandings

 

Each Secured Vessel Lender confirms to
each other Party that:

 

		(a)	all documents listed under its
                                         name in Schedule 3 (New SVL Documents) (such Secured Vessel Lender’s “New
                                         SVL Documents”), together with its allocation of Series 1 Notes and equity
                                         (as relevant) in each case as set out in the Outstandings and Allocation Table, comprise
                                         all of the arrangements, agreements and understandings that will be in place between
                                         it and the Group as at the Restructuring Effective Time;

 

		(b)	the New SVL Documents will be in
                                         full force and effect upon satisfaction of the conditions precedent described therein
                                         (including the issuance by Zim of the Restructuring Completion Letter);

 

		(c)	the outstandings listed opposite
                                         its name in the Outstandings and Allocation Table (in each case where it appears, as
                                         relevant) represent in aggregate all amounts due to it from the Group on the dates specified
                                         therein; and

 

		(d)	it has executed
                                         all New SVL Documents to which it is expressed to be a party.

 

		3.3	Execution by Secured
                                         Vessel Lenders

 

Each of the Secured Vessel Lenders
is entering into this Deed in its capacity as a lender and only in respect of the Existing SVL Debt which it holds and not in
any other capacity.

 

    -7-

     

    

 

		3.4	Nomination of Initial
                                         Directors and approval of articles of association

 

With effect from the Restructuring
Effective Time, each of the Secured Vessel Lenders (which has subscribed for shares in the Company) approves, in its capacity
as a shareholder of the Company and for and on behalf of any Designated Recipient, the nomination of the Initial Directors set
out in Schedule 16 (Initial Directors) and the amended articles of association of the Company in the form agreed by the
Parties as at the Restructuring Effective Time.

 

VesselCo Parties

 

		3.5	Lenders of Record

 

Each Facility Agent confirms
to each other Party that as at the date of this Deed each lender under the Syndicated Facility in respect of which it is acting
as facility agent is listed as a Party to this Deed as a Syndicate Lender under the heading of that Syndicated Facility in Part III
of Schedule 1 (Obligors and Participating Stakeholders).

 

		3.6	Outstandings

 

Each Syndicate Lender confirms to each
other Party (in respect of itself only) that:

 

		(a)	all documents listed in Schedule
                                         4 (New VesselCo Party Documents) under the heading of the facility in respect
                                         of which it is indicated as being a Syndicate Lender (such Party’s “New
                                         VesselCo Party Documents”), together with its allocation of Series 1 Notes
                                         and equity (as relevant) in each case as set out in the Outstandings and Allocation Table,
                                         comprise all of the arrangements, agreements and understandings that will be in place
                                         between it and the Group as at the Restructuring Effective Time and its commitments and
                                         outstandings under that facility and its position as lender of record under that facility
                                         have not changed since the date of this Deed;

 

		(b)	the New VesselCo Party documents
                                         will be in full force and effect upon satisfaction of the conditions precedent described
                                         therein (including the issuance by Zim of the Restructuring Completion Letter);

 

		(c)	the outstandings listed opposite
                                         its name in the Outstandings and Allocation Table (in each case where it appears, as
                                         relevant) represent in aggregate all amounts due to it from the Group on the dates specified
                                         therein; and

 

		(d)	it has executed
                                         all New VesselCo Party Documents to which it is expressed to be a party.

 

		3.7	Execution by VesselCo
                                         Parties

 

Each Syndicate Lender is entering
into this Deed in its capacity as a lender and only in respect of the Existing VesselCo Debt which it holds and not in any other
capacity. Each Facility Agent is entering into this Deed in its capacity as such in respect of the Syndicated Facility for which
it is acting in such capacity and not in any other capacity and only for the purpose of providing the confirmation given in clause
3.5 (Lenders of Record).

 

    -8-

     

    

 

		3.8	Nomination of Initial
                                         Directors and approval of articles of association

 

With effect from the Restructuring
Effective Time, each Syndicate Lender (which has subscribed for shares in the Company) approves, in its capacity as a shareholder
of the Company and for and on behalf of any Designated Recipient, the nomination of the Initial Directors set out in Schedule
16 (Initial Directors) and the amended articles of association of the Company in the form agreed by the Parties as at the
Restructuring Effective Time.

 

Shipowners

 

		3.9	Each Shipowner confirms to each other Party that:

 

		(a)	all documents listed under its
                                         name in Schedule 5 (New Shipowner Documents) (such Shipowner’s “New
                                         Shipowner Documents”), together with its allocation of Series 1 Notes,
                                         Series 2 Notes and equity (as relevant) in each case as set out in the Outstandings
                                         and Allocation Table, comprise all of the arrangements, agreements and understandings
                                         that will be in place between it and the Group as at the Restructuring Effective Time;

 

		(b)	the New Shipowner Documents will be in full force and effect
                                         upon satisfaction of the conditions precedent (if any) described therein (including the
                                         issuance by Zim of the Restructuring Completion Letter);

 

		(c)	the outstandings listed opposite
                                         its name in the Outstandings and Allocation Table (in each case where it appears, as
                                         relevant) represent in aggregate all amounts due to it from the Group on the dates specified
                                         therein (disregarding current amounts due under current charter arrangements (taking
                                         into account amendments effective as at the Restructuring Effective Time) and/or ship
                                         operation agreements between it and Zim as part of ordinary course arrangements on arm’s
                                         length terms under those charters (including for example current charter hire accrued
                                         or due for payment but unpaid or reimbursement for ordinary course expenses such as,
                                         for example fuel charges);

 

		(d)	it has executed
                                         all New Shipowner Documents to which it is expressed to be a party; and

 

		(e)	as
                                         at the Restructuring Effective Time, no Shipowner is aware of any Claim (other than (i) in
                                         respect of Deferred Hire, (ii) as set out in clause 7.2(a)(ii)(C) or (iii) in
                                         respect of on-going ordinary course P&I claims of an operational nature involving
                                         Zim and vessels owned or operated by the Shipowners which (in each case) do not involve
                                         the payment of hire or accrued or deferred hire or callable exchange notes) that could
                                         be made against any member of the Group under an existing charter party arrangement.

 

		3.10	Nomination of Initial
                                         Directors and approval of articles of association

 

With effect from the Restructuring
Effective Time, each Shipowner (which has subscribed for shares in the Company) approves, in its capacity as a shareholder of
the Company and for and on behalf of any Designated Recipient, the nomination of the Initial Directors set out in Schedule 16
(Initial Directors) and the amended articles of association of the Company in the form agreed by the Parties as at the
Restructuring Effective Time.

 

    -9-

     

    

 

Bondholders

 

		3.11	Each Bond Trustee confirms, on its own behalf and on behalf of
                                         the Bondholders in respect of which it is acting as trustee, to each other Party that:

 

		(a)	all documents listed under its
                                         name in Schedule 6 (New Bondholder Documents) (such Bond Trustee’s “New
                                         Bondholder Documents”), together with its allocation of Series 1 Notes
                                         and equity (as relevant) in each case as set out in the Outstandings and Allocation Table,
                                         comprise all of the arrangements, agreements and understandings that will be in place
                                         as at the Restructuring Effective Time between the Group and the Bondholders (in their
                                         capacity as such) under the bond series in respect of which the Bond Trustee is acting
                                         as trustee, and those documents will be in full force and effect upon satisfaction of
                                         the conditions precedent described therein (including the issuance by Zim of the Restructuring
                                         Completion Letter);

 

		(b)	the outstandings listed opposite
                                         the references “Union Bank Trust Company Ltd. (Series A)”, “Union
                                         Bank Trust Company Ltd. (Series B)” and “Hermetic Trust (1975) Ltd.
                                         (Series C)” in the Outstandings and Allocation Table represent all amounts
                                         due to the Bondholders from the Group on the dates specified therein; and

 

		(c)	under the New Bondholder Documents
                                         the amounts set out in paragraph (b) above will be released in full as part of the
                                         cancellation of the bonds and in consideration for the issuance of Series 1 Notes
                                         and equity as set out in the Outstandings and Allocation Table.

 

		3.12	Hermetic Trust (1975) Ltd. confirms that it has executed all New
                                         Bondholder Documents to which it is expressed to be a party.

 

		3.13	Nomination of Initial
                                         Directors and approval of articles of association

 

With effect from the Restructuring
Effective Time each Bond Trustee, on its own behalf and on behalf of the Bondholders in respect of which it is acting as trustee,
in their capacity as shareholders of the Company, approves the nomination of the Initial Directors set out in Schedule 16 (Initial
Directors) and the amended articles of association in the form agreed by the Parties as at the Restructuring Effective Time.

 

Lenders (excluding Secured Vessel Lenders
and VesselCo Parties)

 

		3.14	Each Lender confirms
                                         to each other Party that:

 

		(a)	all documents listed under its
                                         name in Schedule 7 (New Lender Documents) (such Lender’s “New Lender
                                         Documents”), together with its allocation of Series 1 Notes and equity
                                         (as relevant) in each case as set out in the Outstandings and Allocation Table, comprise
                                         all of the arrangements, agreements and understandings that will be in place between
                                         it and the Group as at the Restructuring Effective Time;

 

		(b)	the New Lender Documents will be
                                         in full force and effect upon satisfaction of the conditions precedent described therein
                                         (including the issuance by Zim of the Restructuring Completion Letter);

 

    -10-

     

    

 

 

		(c)	the outstandings listed opposite its name in the Outstandings
                                         and Allocation Table (in each case where it appears, as relevant) represent in aggregate
                                         all amounts due to it from the Group on the dates specified therein; and

 

		(d)	it has executed
                                         all New Lender Documents to which it is expressed to be a party.

 

	3.15	Nomination of Initial Directors and approval
                                         of articles of association

 

With effect from the Restructuring Effective Time,
each of the Lenders (which has subscribed for shares in the Company) approves, in its capacity as a shareholder of the Company
and for and on behalf of any Designated Recipient, the nomination of the Initial Directors set out in Schedule 16 (Initial
Directors) and the amended articles of association of the Company in the form agreed by the Parties as at the Restructuring
Effective Time.

 

IC

 

	3.16	IC confirms to each other Party that:

 

		(a)	all documents listed under its name in Schedule 8 (New IC
                                         Documents) (the “New IC Documents”), comprise all of the arrangements,
                                         agreements and understandings that will be in place between it and the Group as at the
                                         Restructuring Effective Time, and those documents will be in full force and effect upon
                                         satisfaction of the conditions precedent described therein (including the issuance by
                                         Zim of the Restructuring Completion Letter);

 

		(b)	the outstandings listed opposite its name in the Outstandings
                                         and Allocation Table represent in aggregate all amounts due to it from the Group on the
                                         dates specified therein;

 

		(c)	it has executed
                                         all New IC Documents to which it is expressed to be a party; and

 

		(d)	immediately following the Restructuring Effective Time no amount,
                                         liability or obligation will be due, outstanding or accruing by any member of the Group
                                         (whether alone or jointly, or jointly and severally, with any other person, whether actually
                                         or contingently, and whether as principal, surety or otherwise) to IC other than under
                                         the New IC Documents.

 

	3.17	Nomination of Initial Directors and approval
                                         of the articles of association

 

With effect from the Restructuring Effective Time, IC
hereby approves and confirms to each other Party (in its capacity as shareholder of the Company) the nomination of the Initial
Directors set out in Schedule 16 (Initial Directors) and the amended articles of association of the Company in the form
agreed by the Parties as at the Restructuring Effective Time.

 

Millenium

 

	3.18	Millenium confirms to each other Party that:

 

		(a)	all documents listed under its name in Schedule 9 (New Millenium
                                         Documents) (the “New Millenium Documents”), comprise all of the
                                         arrangements, agreements and understandings that will be in place between it and the
                                         Group as at the Restructuring Effective Time, and those documents will be in full force
                                         and effect upon satisfaction of the conditions precedent described therein (including
                                         the issuance by Zim of the Restructuring Completion Letter);

 

    -11-

     

    

 

		(b)	the outstandings listed opposite its name in the Outstandings
                                         and Allocation Table represent in aggregate all amounts due to it from the Group on the
                                         dates specified therein;

 

		(c)	it has executed all New Millenium Documents to which it is
                                         expressed to be a party; and

 

		(d)	immediately following the Restructuring Effective Time no amount,
                                         liability or obligation will be due, outstanding or accruing by any member of the Group
                                         (whether alone or jointly, or jointly and severally, with any other person, whether actually
                                         or contingently, and whether as principal, surety or otherwise) to Millenium.

 

Related Parties

 

	3.19	Each Related Party confirms to each other
                                         Party that:

 

		(a)	all documents listed under its name in Schedule 10 (New
                                         Related Parties Documents) (such Related Party’s “New Related Parties
                                         Documents”) comprise all of the arrangements, agreements and understandings
                                         that will be in place between it and the Group as at the Restructuring Effective Time
                                         (other than commercial transactions on arm’s length terms having an aggregate transaction
                                         value across the Group of less than $5,000,000) and those documents will be in full force
                                         and effect upon satisfaction of the conditions precedent described therein (including
                                         the issuance by Zim of the Restructuring Completion Letter);

 

		(b)	the outstandings listed opposite its name in the Outstandings
                                         and Allocation Table represent in aggregate all amounts due to it from the Group on the
                                         dates specified therein (disregarding current amounts due under current charter arrangements
                                         (taking into account amendments effective at the Restructuring Effective Time) and/or
                                         ship operation agreements between it and Zim as part of ordinary course arrangements
                                         on arm’s length terms under those charters (including for example current charter
                                         hire accrued or due for payment but unpaid or reimbursement for ordinary course expenses
                                         such as, for example fuel charges));

 

		(c)	it has executed all New Related Parties Documents to which
                                         it is expressed to be a Party;

 

		(d)	immediately following the Restructuring Effective Time no amount,
                                         liability or obligation will be due outstanding or accruing by any member of the Group
                                         (whether alone or jointly, or jointly and severally, with any other person, whether actually
                                         or contingently, and whether as principal, surety or otherwise) to any Related Party
                                         other than under the New Related Parties Documents (other than amounts, liabilities or
                                         obligations due outstanding or accruing under commercial transactions between the Group
                                         and the Related Parties on arm’s length terms having an aggregate transaction value
                                         across the Group of less than $5,000,000 and disregarding current amounts due under current
                                         charter arrangements and/or ship operation agreements between it and Zim as part of ordinary
                                         course arrangements under those charters (including for example current charter hire
                                         accrued or due for payment but unpaid or reimbursement for ordinary course expenses such
                                         as, for example fuel charges)); and

 

    -12-

     

    

 

		(e)	as at the Restructuring Effective Time, no Related Party is
                                         aware of any Claim (other than in respect of (i) Deferred Hire or (ii) on-going
                                         ordinary course P&I claims of an operational nature involving Zim and vessels owned
                                         or operated by the Related Parties which (in each case) do not involve the payment of
                                         hire or accrued or deferred hire or callable exchange notes) that could be made against
                                         any member of the Group under an existing charter party arrangement.

 

HHI Parties

 

	3.20	Each HHI Party confirms to each other Party
                                         that:

 

		(a)	all documents listed under its name in Schedule 11 (New
                                         HHI Documents) (the “New HHI Documents”), together with its allocation
                                         of Series 1 Notes and the HHI Subordinated Loan Agreement (as relevant) in each
                                         case as set out in the Outstandings and Allocation Table, comprise all of the arrangements,
                                         agreements and understandings that will be in place as at the Restructuring Effective
                                         Time between the Group and the HHI Parties, and those documents will be in full force
                                         and effect upon satisfaction of the conditions precedent described therein (including
                                         the issuance by Zim of the Restructuring Completion Letter);

 

		(b)	the outstandings listed opposite its name in the Outstandings
                                         and Allocation Table represent all amounts due to it from the Group on the dates specified
                                         therein; and

 

		(c)	it has executed
                                         all New HHI Documents to which it is expressed to be a party.

 

All Participating Stakeholders

 

		3.21	All Participating Stakeholders confirm that they have not charged
                                         or received any amount by way of default interest, penalties or similar late charges
                                         in respect of amounts owing to them which are the subject of the transactions the subject
                                         of this Deed.

 

	4.	REPRESENTATIONS

 

	4.1	Representations from all Parties

 

Each Party (other than the Bond Trustees and the
Facility Agents) makes the representations and warranties set out in sub-paragraphs (a) to (e) in this clause 4.1 to
each other Party (including the Bond Trustees and the Facility Agents). Such representations and warranties are made or deemed
to be made at the times and in the manner set out at clause 4.5 (Times when representations made):

 

		(a)	it is duly incorporated (if a corporate person) or duly established
                                         (in any other case) and validly existing under the laws of its jurisdiction of incorporation
                                         or formation.

 

		(b)	the obligations expressed to be assumed by it in this Deed
                                         and each New Document to which it is, or will be, a party are legal, valid, binding and
                                         enforceable on it, subject to any applicable Legal Reservations;

 

		(c)	the entry into and performance by it of, and the transactions
                                         contemplated by, this Deed and each New Document to which it is, or will be, a party
                                         do not, and will not, conflict with any law or regulation applicable to it or with any
                                         of its articles of association, memorandum of association or any other constitutional
                                         documents;

 

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		(d)	it has the power to enter into, perform and deliver, and has
                                         taken all necessary action to authorise its entry into, performance and delivery of this
                                         Deed, each New Document to which it is, or will be, a party and (subject to fulfilment
                                         or waiver of any conditions precedent to any obligations contained therein) the transactions
                                         contemplated by this Deed and such New Documents; and

 

		(e)	all necessary Authorisations required (i) for the performance
                                         by it of this Deed and each New Document to which it is, or will be, a party and the
                                         transactions contemplated by this Deed and such New Documents and (ii) to make this
                                         Deed and each New Document to which it is, or will be, a party admissible in evidence
                                         in its jurisdiction of incorporation have been obtained or effected and are in full force
                                         and effect.

 

		4.2	Each Bond Trustee makes the representations and warranties set
                                         out in paragraphs (a) to (b) below (in respect of itself only). Such representations
                                         and warranties are made or deemed to be made at the times and in the manner set out at
                                         clause 4.5 (Times when representations made):

 

		(a)	it is a company registered in Israel and engaged in trusts;
                                         and

 

		(b)	the Bondholders’ meetings voted on, inter alia, the approval
                                         of the Restructuring and the authorisation of the Bond Trustees by each of the Series A,
                                         Series B and Series C Bondholders (as relevant, in each case representing the
                                         bond series for which it is acting as trustee) to execute this Deed on behalf of the
                                         relevant series of bonds.

 

	4.3	Additional representations of Zim and the Obligors

 

Zim and (where indicated below) each Obligor in its
own capacity (and solely in respect of itself) makes the representations and warranties set out in this clause 4.3 to each other
Party. Such representations and warranties are made or deemed to be made at the times and in the manner set out in clause 4.5
(Times when representations made):

 

		(a)	it is not the legal owner of, nor does it have any beneficial
                                         interest in, any Existing Debt;

 

		(b)	to the best of its knowledge, having made all reasonable enquiries,
                                         no order has been made, petition presented or resolution passed for the winding-up of
                                         or appointment of a liquidator, administrative receiver, administrator, compulsory manager,
                                         trustee, custodian, sequestrator or other similar officer in respect of it or (in the
                                         case of Zim only) any other member of the Group and no analogous procedure has been commenced
                                         in any jurisdiction which has not been discharged or resolved or otherwise lapsed;

 

		(c)	it is not a “Company in Violation” under section
                                         362A of the Israeli Companies Law 5759-1999;

 

		(d)	it has full power and authority to own its property and assets
                                         and to carry on its business as it is now being conducted;

 

		(e)	the choice of governing law of this Deed and each New Document
                                         to which it is a party will be recognised and enforced in its jurisdiction of incorporation,
                                         subject to any applicable Legal Reservations; and

 

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		(f)	it will not be entitled to claim immunity from suit or other
                                         legal process in any proceedings taken in its jurisdiction of incorporation in relation
                                         to this Deed or any New Document.

 

	4.4	Additional representations of Zim:

 

		(a)	Any factual information relating to the Group comprised in
                                         the June 2014 Business Plan is, taken as a whole, true and accurate in all material
                                         respects as at the date it is provided to the Participating Stakeholders or (if different)
                                         as at the date at which it is stated to apply.

 

		(b)	Nothing has occurred or been omitted from and no information
                                         has been given or withheld that results in any of the information relating to the Group
                                         comprised in the June 2014 Business Plan, taken as a whole, being untrue or misleading
                                         in any material respect as at the date it is provided to the Participating Stakeholders
                                         or (if different) as at the date at which it is stated to apply.

 

		(c)	Any financial projections contained in the June 2014 Business
                                         Plan have been prepared in good faith on the basis of recent information and on the basis
                                         of assumptions believed by Zim to be reasonable at the time they were provided, it being
                                         understood that projections may be subject to significant market uncertainties or third
                                         party actions, which are beyond the control of the Group.

 

		(d)	All New Documents have been executed by the members of the
                                         Group who are parties to those documents.

 

		(e)	With effect from the Restructuring Effective Time, the documents
                                         set out in Schedules 3 through 11 (inclusive) set out all the arrangements, agreements
                                         and understandings with the counterparties referred to in those schedules (other than
                                         with the Related Parties).

 

		(f)	With effect from the Restructuring Effective Time, all arrangements,
                                         agreements and understandings between the Group and the Related Parties are either set
                                         out in Schedule 10 (New Related Parties Documents) or are commercial transactions
                                         on arm’s length terms having an aggregate transaction value across the Group of
                                         less than $5,000,000.

 

		(g)	As at the Restructuring Effective Time (other than (i) in
                                         respect of Deferred Hire, (ii) as set out in clause 7.2(a)(ii)(C) or (iii) in
                                         respect of on-going ordinary course P&I claims of an operational nature involving
                                         Zim and vessels owned or operated by the Shipowners or Related Parties which (in each
                                         case) do not involve the payment of hire or accrued or deferred hire or callable exchange
                                         notes), neither Zim nor any Obligor is aware of any Claim that (y) could be made
                                         against a Related Party or a Shipowner under an existing charter party arrangement or
                                         (z) could be brought by a Related Party or Shipowner under an existing charter party
                                         arrangement.

 

		(h)	The new equity, when issued and allotted in accordance with
                                         this Deed, will be duly authorised, validly issued, fully paid, and non-assessable, and
                                         upon issuance, free of any preemption rights, will have the rights, preferences, privileges
                                         and restrictions set forth in the articles of the Company, and will be free and clear
                                         of any liens, claims, encumbrances or third party rights of any kind and duly registered
                                         in the names of the relevant Participating Stakeholders (or Designated Recipient (as
                                         defined in Clause 6.4) as relevant) in accordance with the Outstandings and Allocation
                                         Table in the Company’s share register and will be offered, sold and issued in compliance
                                         with all applicable securities laws.

 

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	4.5	Times when representations made

 

The representations and warranties in this clause
4 are made by each relevant Party on each of the following specified dates or upon the occurrence of the following specified times,
as applicable:

 

(a)            the
date of this Deed; and

 

(b)           immediately
before and at the Restructuring Effective Time,

 

in each case by reference to the facts and circumstances
then existing on any such date or at such time, as applicable.

 

	5.	RELATIONSHIP WITH OTHER DOCUMENTS

 

		5.1	Until the Restructuring Effective Time, the Existing Documents
                                         shall continue in full force and effect and this Deed shall be without prejudice to the
                                         Parties’ respective rights under the Existing Documents (or otherwise). The relevant
                                         Parties to the Existing Documents shall continue to comply with the terms of all such
                                         Existing Documents until such time as the Existing Documents are no longer effective
                                         pursuant to the terms of this Deed and/or the New Documents (as applicable).

 

		5.2	Each relevant Party fully reserves any and all of its rights under
                                         the Existing Documents to which it is a party or this Deed to the extent not expressly
                                         amended, varied or waived by this Deed or the New Documents to which it is a party.

 

	6.	AGREEMENT TO SUBSCRIBE

 

		6.1	The Company agrees to offer to each Party whose name is listed
                                         in the Outstandings and Allocation Table an allocation of Series 1 Notes, Series 2
                                         Notes and/or equity (as relevant) equal to those set out against the name of the relevant
                                         Parties in the Outstandings and Allocation Table and subject to receipt by the Company
                                         of applicable Settlement Instructions and the Subscription Letter (together “Subscription
                                         Notices”).

 

		6.2	Subject only to its obligations under section 2 of Schedule 15
                                         (Registration Rights), nothing in this Deed shall oblige the Company to publish a prospectus.
                                         The Company confirms that as at the Restructuring Effective Time there were not more
                                         than 15 Parties or Designated Recipients subscribing for Series 1 Notes, Series 2
                                         Notes and/or equity who were not Qualifying Investors. Until the date which is six months
                                         after the Restructuring Effective Time, the Company will, within 3 Business Days of a
                                         request by any other Party, confirm the number of Parties or Designated Recipients currently
                                         holding Series 1 Notes, Series 2 Notes and/or equity who are not Qualifying
                                         Investors.

 

		6.3	A Party can accept (or designate in accordance with clause 6.4
                                         below) its allocation of each class of instrument or any part thereof in one or more
                                         Subscription Notices. No Party shall have any liability for failure to deliver Subscription
                                         Notices, but no equity of Zim or Series 2 Notes or (except in the case of Bondholders)
                                         Series 1 Notes will be issued to any Party unless that Party has delivered duly
                                         completed Subscription Notices to Zim within six months of the Restructuring Effective
                                         Time. Notwithstanding the other provisions of this clause 6, no Party will have any right
                                         to be allotted or issued any equity or, Series 2 Notes or (except in the case of
                                         Bondholders) Series 1 Notes if that Party or its Designated Recipient (as defined
                                         below) has not provided the applicable Subscription Notices within such six month period.
                                         Each Party agrees that it will not be entitled to, or entitled to designate, any allocation
                                         of Series 1 Notes, Series 2 Notes and/or equity of Zim except to the extent
                                         of the allocation set out opposite its name in the Outstandings and Allocation Table.

 

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		6.4	Any Party (such Party, a “Designating Party”)
                                         may, before being issued Series 1 Notes, Series 2 Notes and/or equity, elect
                                         to designate another entity (such entity, a “Designated Recipient”)
                                         to own, hold or otherwise be issued with all or part of the Series 1 Notes, and/or
                                         all or part of the Series 2 Notes and/or all or part of the equity in Zim (in each
                                         case) to which such Designating Party is entitled as set out opposite such Designating
                                         Party’s name in the Outstandings and Allocation Table. Any Designating Party intending
                                         to make this election shall notify Zim in writing of its election as soon as reasonably
                                         practicable, and upon receipt by Zim of the relevant Subscription Letter from such Designating
                                         Party, if required, and the Subscription Notices from such Designated Recipient (in each
                                         case) within six months of the Restructuring Effective Time (and so long as such Designated
                                         Recipient is otherwise entitled to hold Series 1 Notes, Series 2 Notes and/or
                                         equity (as relevant)), Zim shall allocate such Series 1 Notes, Series 2 Notes
                                         and/or equity the subject of such election to such Designated Recipient. During such
                                         six-month period after the Restructuring Effective Time and pending such allocation,
                                         the Party shall remain entitled to be issued Series 1 Notes, Series 2 Notes
                                         and equity (as relevant) to the extent set out opposite such Party’s name in the
                                         Outstandings and Allocation Table.

 

		6.5	With effect from the Restructuring Effective Time, each Party whose
                                         name is listed in the Outstandings and Allocation Table (other than IC, whose subscription
                                         is as described below) has the right to subscribe (whether for itself or by designation
                                         as set out in clause 6.4) for the Series 1 Notes, Series 2 Notes and/or equity
                                         of Zim (as relevant) in each case to the extent (if any) set out opposite its name in
                                         the Outstandings and Allocation Table and for a total consideration equal to the aggregate
                                         amount set out opposite its name in that table (in each place it appears, where relevant)
                                         under the heading “Total deficiency claim immediately prior to Restructuring Effective
                                         Time”.

 

		6.6	In consideration for the Company’s offer to allot Series 1
                                         Notes, Series 2 Notes and/or equity and in full satisfaction of the consideration
                                         described in clause 6.5, each Participating Stakeholder has agreed to execute any releases
                                         set out in the New Documents to which it is expressed to be a Party.

 

		6.7	In consideration for the Company’s offer to allot Series 2
                                         Notes and/or equity to the Shipowners and in full satisfaction of the consideration in
                                         respect of the Shipowners’ allocations described in clause 6.5 and the other transactions
                                         contemplated in the New Shipowner Documents and New Related Parties Documents, with effect
                                         from the Restructuring Effective Time, each Shipowner and each Related Party hereby:

 

		(a)	irrevocably, fully and finally waives, releases and discharges
                                         the Company from all undertakings, liabilities and obligations, whether actual or contingent,
                                         direct or indirect, and whether past, present or future, incurred or owing (including
                                         accrued and/or capitalised interest) pursuant to the callable exchange notes issued by
                                         the Company to it (if any) pursuant to the 2009 restructuring arrangements of the Company,
                                         with the effect that such callable exchange notes shall have no further force or effect
                                         on and from the Restructuring Effective Time and the Company shall have no liability
                                         thereunder on and from the Restructuring Effective Time; and

 

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		(b)	hereby irrevocably, fully and finally (i) waives, releases
                                         and discharges the Company from any claims, liabilities and obligations relating to any
                                         hire outstanding and/or hire reductions (and/or any capitalised interest on any of the
                                         foregoing) due from or payable by the Company to it in connection with the period ending
                                         at the Restructuring Effective Time, including any such outstanding hire and/or hire
                                         reductions due or payable under any addendum signed and/or agreed upon between the Company
                                         and any Shipowner or, as the case may be, Related Party during 2013 (all such hire outstanding
                                         and/or hire reductions, the “Deferred Hire”) and/or any other agreement
                                         or addendum in relation to the Deferred Hire executed between the Company and any Shipowner
                                         or Related Party which has taken effect prior to the Restructuring Effective Time, to
                                         the extent such addendum or agreement has not been already performed and (ii) waives
                                         any termination right under the relevant charterparty between it and the Company arising
                                         from the Deferred Hire. For the avoidance of doubt the following shall not be the subject
                                         of this release: (i) hire or amounts due and payable under any addenda to any charter
                                         party between the Company and a Shipowner or, as the case may be, Related Party which
                                         takes effect at the Restructuring Effective Time; and (ii) current amounts due under
                                         current charter arrangements (taking into account amendments effective at the Restructuring
                                         Effective Time) and/or ship operation agreements between it and the Company as part of
                                         ordinary course arrangements under those charters (including for example current charter
                                         hire accrued or due for payment but unpaid or reimbursement for ordinary course expenses
                                         such as, for example fuel charges).

 

		6.8	IC’s subscription
                                         for shares in the Company will be made under the IC Subscription Agreement.

 

		6.9	The Company shall issue the
                                         duly written up physical share certificates to the Participating Stakeholders who have
                                         provided the Subscription Notices in respect of the ordinary shares to Zim as required
                                         pursuant to clause 6.1 (or Designated Recipients to the extent the provisions of clause
                                         6.4 have been complied with) within 21 days of the day on which the Restructuring
                                         Effective Time occurs (or if later, within 21 days of the time they have provided such
                                         Subscription Notices so long as such Subscription Notices have been provided within the
                                         six month limit prescribed by clause 6.1).

 

		6.10	Each Participating Stakeholder who has been issued equity shall
                                         have the rights conferred on holders of the Company’s equity set out in the Registration
                                         Rights Schedule. At the request of any registered holder of the Company’s equity,
                                         the Company will enter into an agreement with any new holder of equity in the Company
                                         in substantially the same form as the Registration Rights Schedule (which agreement shall
                                         require the Company to enter into any new agreement with any subsequent equity holder).

 

		6.11	Any fractional entitlement to shares arising from the allocations
                                         set out in Schedule 2 (Outstandings and Allocation Table) shall be rounded up
                                         or down to the nearest whole number of shares as appropriate, with fractional entitlements
                                         of 0.5 or more being rounded up and fractional entitlements of less than 0.5 being rounded
                                         down.

 

		7.	MUTUAL RELEASES

 

		7.1	With effect from
                                         the Restructuring Effective Time:

 

		(a)	(subject to clause 7.2) each Party (other than the Bond Trustees,
                                         the Bondholders and the Facility Agents) hereby irrevocably, expressly and unconditionally:

 

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		(i)	waives, releases, acquits and discharges and agrees to ensure
                                         (to the extent capable of ensuring) that each of its respective Connected Persons waives,
                                         releases, acquits and discharges, to the fullest extent permissible by applicable law,
                                         any and all Claims (subject to any Claims arising by reason of fraud or deceit) that
                                         it ever had, now has or may have against any other Party (including any Connected Person
                                         of such other Party, and including for the avoidance of doubt the Bond Trustees and the
                                         Bondholders) (each a “Released Person”); and

 

		(ii)	agrees (subject to any Claims arising by reason of fraud or
                                         deceit), not to take or pursue any legal or other action (and to ensure, to the extent
                                         capable of ensuring, that none of its respective Connected Persons takes or pursues any
                                         legal or other action) in respect of any Claims against any Released Person,

 

(in each case) upon, in connection with, or by reason
of any matter, act, omission, failure to act, transaction, event, circumstance, occurrence, cause or thing whatsoever prior to
the Restructuring Effective Time (other than by reason of fraud or deceit), arising directly or indirectly in connection with
the Group (including with respect to any Released Person’s or any of its Connected Person’s control, management or
operation of the Group), the Restructuring, any of the documents implementing the Restructuring (including, without limitation,
any documents relating to or the allocation of Series 1 Notes, Series 2 Notes, equity or any New Documents) and/or all
other agreements, undertakings, understandings, discussions, correspondence, or other documents or communications between the
Party and any Released Person in relation to any of the foregoing (together, the “Claims Relating to Zim”);
and

 

		(b)	each Bond Trustee, on its own behalf and on behalf of the Bondholders
                                         in respect of which it is acting as trustee, hereby irrevocably, expressly and unconditionally:

 

		(i)	waives, releases, acquits and discharges to the fullest extent
                                         permissible by applicable law, any and all Claims (subject to any Claims arising by reason
                                         of fraud or deceit) that it ever had, now has or may have against any Released Person
                                         (in each case excluding any Bondholder-Selected Person);

 

		(ii)	agrees (subject to any Claims arising by reason of fraud or
                                         deceit), not to take or pursue any legal or other action in respect of any Claims against
                                         any Released Person (in each case excluding any Bondholder-Selected Person); and

 

		(iii)	agrees (subject to any Claims arising by reason of fraud or
                                         deceit), not to take or pursue any legal or other action in respect of any Claims against
                                         any Bondholder- Selected Person (other than:

 

		(1)	legal proceedings (but no other Enforcement Action) carried out
                                         in accordance with clauses 7.2 through 7.5 (inclusive) below; and

 

		(2)	Enforcement Action taken against a Bondholder-Selected Person
                                         or any of its assets to enforce a final, non-appealable judgment rendered against that
                                         Bondholder-Selected Person pursuant to legal proceedings prosecuted in compliance with
                                         clauses 7.2 through 7.5 (inclusive) below), (in each case) upon, in connection with,
                                         or by reason of any Claims Relating to Zim.

 

    -19-

     

    

 

		7.2	(a)	The waivers, releases, acquittals, discharges and any undertaking
                                         or agreement provided under clause 7.1 by (i) Zim or any Obligor to any Shipowner
                                         or Related Party; and (ii) by any Shipowner or Related Party to Zim or any Obligor
                                         (in each case) do not apply to:

 

		(i)	the items set out in clause 6.7(b) after the words “For
                                         the avoidance of doubt”; and

 

		(ii)	Claims to the extent arising under existing charter party arrangements
                                         (other than in respect of Deferred Hire), such as on-going ordinary course P&I claims
                                         of an operational nature involving Zim and vessels owned or operated by the Shipowners
                                         or Related Parties which (in each case) do not involve the payment of hire or accrued
                                         or deferred hire or callable exchange notes, in respect of the period prior to the Restructuring
                                         Effective Time and of which:

 

		(A)	(in respect of claims against the Group) the Shipowner or Related
                                         Party (as relevant) counterparty to any such existing charter party was unaware at the
                                         Restructuring Effective Time;

 

		(B)	(in respect of claims against Related Parties or Shipowners)
                                         the Group was unaware at the Restructuring Effective Time; and

 

		(C)	(in respect of Tynwald Navigation Limited and Marown Navigation
                                         Limited) Claims which are the subject of the settlement agreement referred to in Schedule
                                         5 (New Shipowner Documents) (it being acknowledged that such Claims are to be
                                         settled in accordance with that agreement).

 

		(b)	Each person who is an Original Bondholder, and the Bond Trustees
                                         (on their own behalf and on behalf of the Original Bondholders in respect of which they
                                         are acting as trustee), have the right to commence legal proceedings in respect of the
                                         Claims Relating to Zim against Bondholder-Selected Persons only, but only subject to
                                         the undertakings, agreements and limited conditions set out below in clause 7.3. This
                                         right of the Bond Trustees and the Original Bondholders is personal to the Bond Trustees
                                         (on their own behalf and on behalf of the Original Bondholders in respect of which they
                                         are acting as trustee) and the Original Bondholders (respectively) and may not be charged,
                                         pledged, assigned, made the subject of a trust or similar arrangement or transferred
                                         (in each case in whole or in part), and any purported such action is void.

 

		7.3	It is hereby agreed that (without derogating from any previous
                                         releases by and among the Bond Trustees, Bondholders and the Related Parties and their
                                         Connected Persons if and to the extent provided as part of the Company’s 2009 restructuring),
                                         no legal proceedings may be commenced against a Bondholder-Selected Person by any Bond
                                         Trustee or Original Bondholder for any Claims Relating to Zim, unless the commencement
                                         of such legal proceedings is approved by Original Bondholders holding at the Restructuring
                                         Effective Time at least 75% by face value of all the bonds (including series A, series
                                         B and series C) issued by the Company and outstanding immediately prior to the Restructuring
                                         Effective Time (the “Vote”); and subject to 5 Business Days’
                                         notice delivered by the bond trustee to the relevant Bondholder-Selected Persons (the
                                         “Notice”). For avoidance of all doubt, the above-mentioned mechanism
                                         is the sole and exclusive manner whatsoever to file any Claims Relating to Zim or for
                                         taking any actions against a Bondholder Selected Person under any circumstances in respect
                                         of Claims Relating to Zim. The Notice will include a list of each of the persons voting
                                         at the Original Bondholder assembly (the “Voting Persons”) together
                                         with the results of such Vote. If at the relevant time of the Vote there shall exist
                                         a practical mechanism allowing a person, with no unreasonable efforts or costs, to obtain
                                         written evidence from a member of the TASE demonstrating that such person is an Original
                                         Bondholder, then any Original Bondholder participating in the Vote will be required to
                                         present such evidence prior to voting and as a condition to voting, and such evidence
                                         will be presented to the relevant Bondholder-Selected Person at its reasonable request.

 

    -20-

     

    

 

		7.4	In the event such
                                         proceedings have been initiated against a Bondholder-Selected Person:

 

		(a)	the “losing party” shall reimburse the “winning
                                         party” for all of its actual costs in connection with the proceedings; and

 

		(b)	(notwithstanding the releases in clauses 7.1) to the extent
                                         a Bondholder-Selected Person is entitled (by subrogation or otherwise) to pursue claims
                                         against the Company in respect of any such proceedings, such Bondholder-Selected Person
                                         shall not be precluded from pursuing such rights against the Company.

 

		7.5	No assignees or transferees of the New Bondholder Documents and/or
                                         Series 1 Notes issued at the Restructuring Effective Time to Original Bondholders
                                         (but only to the extent such assignees or transferees are not themselves Original Bondholders),
                                         shall have any of the rights set out above and no such transferees or assignees (or any
                                         related Bond Trustee) shall initiate any legal proceedings against any of the Bondholder-Selected
                                         Persons.

 

		7.6	For the purpose of identifying the Original Bondholders, the Bond
                                         Trustees (on behalf of the Bondholders) agree that the Company will deliver to the Related
                                         Parties a copy of any list of Bondholders delivered by the applicable Bond Trustee to
                                         the Company for the purposes of the Restructuring on or immediately prior to the Restructuring
                                         Effective Time and six months thereafter. Any Bondholder listed under any of those lists
                                         will be considered an Original Bondholder, notwithstanding the right of any person not
                                         included in those lists to otherwise provide evidence of its being an Original Bondholder.
                                         Such lists shall be delivered to the Related Parties within two Business Days from receiving
                                         it by the Company, from each Bond Trustee.

 

		7.7	For the purposes
                                         of this clause 7:

 

“Bondholder-Selected Persons”
means both (a) the Related Parties and their direct and indirect shareholders, and the direct and indirect Subsidiaries of
the Related Parties and any of their respective employees, officers, directors and advisors; and (b) the direct and indirect
shareholders of Millenium (but not Millenium itself and not any of Millenium’s employees, officers, directors or advisors).
Provided, however, that with respect to employees, officers, directors and advisors of the Related Parties, Claims Relating to
Zim shall not include negotiations regarding the Restructuring set forth hereunder.

 

“Enforcement Action”
means:

 

		(a)	the making of any demand against, or the commencement of any
                                         legal proceedings against, any Bondholder-Selected Person (in each case) in relation
                                         to any Claim; or

 

		(b)	the exercise of any right of set-off or counterclaim against
                                         any Bondholder-Selected Person (in each case) in respect of any Claim.

 

    -21-

     

    

 

“Original Bondholder” means a
Bondholder immediately prior to the Restructuring Effective Time as identified in Clause 7.6.

 

		8.	EFFECTIVENESS
                                         OF MUTUAL RELEASES

 

		8.1	Clause 7 (MutualReleases)
                                         shall not:

 

		(a)	affect the enforceability of the New Documents or any other
                                         transactions or agreements required to implement the Restructuring; or

 

		(b)	apply to any breaches of the New Documents arising in respect
                                         of events or circumstances arising after the Restructuring Effective Time; or

 

		(c)	apply to any
                                         Claims under this Deed.

 

		8.2	No Party shall have any Claim against another Party (or any of
                                         that Party’s Connected Persons) solely as a result of any Party’s entry into
                                         this Deed or any of the documents related to the Restructuring or solely as a result
                                         of any Party’s termination of its obligations under this Deed before the Restructuring
                                         Effective Time pursuant to clause 18.2 of this Deed.

 

		9.	TRANSFERS

 

No Party to this Deed may assign, novate, declare
a trust over, or transfer (in whatever way or form) (any of which, a “transfer”) any of its right, title, interest
or economic risk in and to any arrangement, agreement or understanding (including any documents) relating to the Group prior to
the Restructuring Effective Time unless simultaneously with such transfer the transferee (the “Transferee”)
accedes to this Deed in the same capacity as the transferor in accordance with clause 10 (Accession) and accedes to or
otherwise executes any releases or New Documents in connection with the transactions the subject of this Deed that a Participating
Stakeholder is otherwise required to execute as a condition precedent to the occurrence of the Restructuring Effective Time. Nothing
in this clause 9 (Transfers) prohibits Bondholders from trading bonds to the extent not prohibited from trading by the
TASE.

 

		10.	ACCESSION

 

		10.1	Any Transferee shall at any time after the date of this Deed but
                                         before the Restructuring Effective Time become a Party to this Deed on the date that
                                         it delivers a duly executed and completed Accession Deed to the Company.

 

		10.2	By delivering an Accession Deed in accordance with clause 10.1
                                         above, such person shall be bound by, assume and comply with all the obligations under,
                                         and be entitled to all the rights under, all the terms of this Deed as if it had been
                                         a Party in the relevant capacity on and from the date of this Deed.

 

		11.	FURTHER
                                         ASSURANCES

 

After the Restructuring Effective Time, Zim or any
Obligor shall, at its cost, promptly at the request of a Participating Stakeholder, execute and deliver such documents and do
such other things, as may reasonably be required by any such Participating Stakeholder to give full effect to this Deed. Each
Participating Stakeholder shall, promptly at the request of Zim and with that Party’s reasonable costs incurred to be for
the account of Zim, execute and deliver such documents and do such things, as may reasonably be required to give full effect to
this Deed.

 

    -22-

     

    

 

		12.	THIRD PARTY
                                         RIGHTS

 

		12.1	Save as otherwise expressly provided in this Deed, no person other
                                         than a party hereto shall have any right by virtue of the Third Parties Act to enforce
                                         any term (express or implied) of this Deed.

 

		12.2	Notwithstanding clause 12.1, the Released Persons (including the
                                         Bondholder-Selected Persons as defined in clause 7 (Mutual Releases)) have the
                                         right under the Third Parties Act to enforce their rights under clause 7 (Mutual Releases)
                                         and each Party’s Connected Persons has the right under the Third Parties Act to
                                         enforce its rights under clause 7 (Mutual Releases).

 

		12.3	The terms of this Deed may be amended by the Parties without the
                                         consent of any person who is not a Party.

 

		13.	WAIVER

 

No course of dealing or the failure of any Party
to enforce any of the provisions of this Deed shall in any way operate as a waiver of such provisions and shall not affect the
right of such Party thereafter to enforce each and every provision of this Deed in accordance with its terms.

 

		14.	REMEDIES,
                                         WAIVERS AND AMENDMENTS

 

		14.1	No course of dealing or failure to exercise, nor any delay in
                                         exercising, on the part of any Party or Participating Stakeholder, any right or remedy
                                         under any Existing Documents or document in relation to any Existing Document shall operate
                                         to impair such right or remedy or be construed as a waiver thereof and shall not affect
                                         the right of any Party or Participating Stakeholder to enforce each and every provision
                                         of the Existing Documents in accordance with its terms, nor shall any single or partial
                                         exercise of any right or remedy prevent any further or other exercise of such right or
                                         remedy or the exercise of any other right or remedy. The rights and remedies provided
                                         in this Deed are cumulative and not exclusive of any rights or remedies provided by law.

 

		14.2	Except as otherwise provided for in any other provision in this
                                         Deed, no term of this Deed may be amended or waived without the consent of each Participating
                                         Stakeholder.

 

		15.	ENTIRE
                                         AGREEMENT

 

This Deed, together with the New Documents to which
any Party is a party, constitutes the entire agreement between, and understanding of, the Parties with respect to the subject
matter of this Deed and supersedes any prior written or oral agreements or arrangements between the Parties in relation thereto.

 

		16.	COUNTERPARTS

 

This Deed may be executed in any number of counterparts
and all such counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of a counterpart
of this Deed by e-mail attachment or telecopy shall be an effective mode of delivery.

 

    -23-

     

    

 

		17.	PARTIAL
                                         INVALIDITY

 

If, at any time, any provision of this Deed is or
becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or
enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any
other jurisdiction will in any way be affected or impaired.

 

		18.	RESERVATION
                                         OF RIGHTS AND TERMINATION

 

		18.1	Unless expressly provided to the contrary, this Deed does not
                                         amend, vary or waive any Party’s rights under the Existing Documents, or any Party’s
                                         rights as creditors of any member of the Group unless and until the Restructuring Effective
                                         Time occurs (and then only to the extent provided under the terms of this Deed and the
                                         New Documents). Notwithstanding any other provision of this Deed, each Bondholder Trustee
                                         (for and on behalf of the Bondholders in respect of which it is acting as trustee), Secured
                                         Vessel Lender, VesselCo Party, Lender and HHI Party will continue to be entitled to receive
                                         interest on its outstanding indebtedness at the contractual rate (but not default interest
                                         or premia) up to (but excluding) the day on which the Restructuring Effective Time occurs.
                                         To the extent any such accrued interest is expressed to be payable in cash (but not otherwise)
                                         then the Company undertakes (to those parties entitled to receive that interest) to pay
                                         any such accrued and unpaid interest within 3 Business Days of the Restructuring Effective
                                         Time (or, in the case of cash interest due to the Bondholders, if later, at the earliest
                                         time permitted by the TASE for that interest to be paid).

 

		18.2	At any time before the Restructuring Effective Time (but not afterwards),
                                         any Party may terminate its obligations under this Deed by giving notice of termination
                                         (i) if by letter, when actually delivered to Zim; or (ii) by email to each
                                         of: danieli.rafi@il.zim.com; and eldar.guy@il.zim.com; with a copy to each
                                         of warnerp@sullcrom.com; davidm@friedman.co.il; and adva@gkh-law.com.
                                         Notwithstanding clause 20 (Notices), no other form of termination notice is effective
                                         unless such other form of termination notice has been actually confirmed by Zim to have
                                         been received. If this Deed is terminated by any Party for any reason, the rights of
                                         that Party against the other Parties to this Deed and those other Parties’ rights
                                         against the terminating Party shall be fully reserved.

 

		18.3	The
                                         Company will promptly inform the Parties if it receives a notice of termination under
                                         clause 18.2 from a Party.

 

		18.4	The Company shall not issue the Restructuring Completion Letter
                                         following receipt of a notice of termination under clause 18.2 (unless that notice has
                                         been withdrawn).

 

		19.	PARTIES’
                                         RIGHTS AND OBLIGATIONS

 

		19.1	The obligations of each Party under this Deed are several. Failure
                                         by a Party to perform its obligations under this Deed does not affect the obligations
                                         of any other Party under this Deed. No Party is responsible for the obligations of any
                                         other Party under this Deed.

 

		19.2	The rights of each Party under or in connection with this Deed
                                         are separate and independent rights. A Party may separately enforce its rights under
                                         this Deed.

 

		20.	NOTICES

 

		20.1	Communications in
                                         writing

 

    -24-

     

    

 

Any communication to be made under or in connection
with this Deed shall be made in writing and, unless otherwise stated, may be made by fax or letter.

 

		20.2	Addresses

 

The address and fax number (and the department or
officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to be made
or delivered under or in connection with this Deed is that identified in the signature pages to this Deed or any Deed of
Accession or any substitute address, fax number or department or officer as the Party may notify to the other Parties by not less
than five Business Days’ notice, and provided that any change may be made to any notice details of any Party if such change
is agreed by the Company and that Party.

 

		20.3	Delivery

 

Any communication or document made or delivered by
one person to another under or in connection with this Deed will only be effective:

 

(a)           if
by way of fax, when received in legible form; or

 

(b)           if
by way of letter, when it has been received at the relevant address,

 

and, if a particular department or officer is specified
as part of its address details provided under clause 20.2 (Addresses), if addressed to that department or officer.

 

		20.4	Electronic communication

 

		(a)	Any communication to be made between the Parties under or in
                                         connection with this Deed may be made by electronic mail or other electronic means if
                                         the Parties:

 

		(i)	agree that, unless and until notified to the contrary, this is
                                         to be an accepted form of communication;

 

		(ii)	notify each other in writing of their electronic mail address
                                         and/or any other information required to enable the sending and receipt of information
                                         by that means; and

 

		(iii)	notify each other of any change to their address or any other
                                         such information supplied by them.

 

		(b)	Any electronic communication made between the Parties, will
                                         be effective only when actually received in readable form.

 

		20.5	English language

 

(a)           Any
notice given under or in connection with this Deed must be in English.

 

(b)           All
other documents provided under or in connection with this Deed must be:

 

(i)            in
English; or

 

    -25-

     

    

 

		(ii)	if not in English, and if so required by a Participating Stakeholder,
                                         accompanied by a certified English translation and, in this case, the English translation
                                         will prevail unless the document is a constitutional, statutory or other official document.

 

		21.	GOVERNING
                                         LAW

 

This Deed and any non-contractual obligations arising
out of or in relation to this Deed are governed by English law, except for Schedule 15 (Registration Rights) of this Deed
and any non-contractual obligations arising out of or in connection with that Schedule, which shall be interpreted in accordance
with the laws of Israel (without prejudice to the fact that this Deed is governed by English law).

 

		22.	ENFORCEMENT

 

		22.1	Jurisdiction

 

		(a)	The courts of England have exclusive jurisdiction to settle
                                         any dispute arising out of or in connection with this Deed (including a dispute relating
                                         to the existence, validity or termination of this Deed or any non-contractual obligation
                                         arising out of or in connection with this Deed but excluding any dispute relating to
                                         Schedule 15 (Registration Rights), the jurisdiction of which shall be determined
                                         in accordance with that Schedule) (a “Dispute”).

 

		(b)	The Parties agree that the courts of England are the most appropriate
                                         and convenient courts to settle Disputes and accordingly no Party will argue to the contrary.

 

		(c)	For the avoidance of doubt, the jurisdiction for enforcement
                                         of each New Document shall be as set out in that New Document.

 

		22.2	Service of process

 

		(a)	Without prejudice to any other mode of service allowed under
                                         any relevant law, Zim and each Obligor irrevocably appoints Ramon Insurance Brokers,
                                         3rd Floor 24 Creechurch Lane, London EC3A 5EH as its agent for service of process in
                                         relation to any proceedings before the English courts in connection with this Deed.

 

		(b)	Zim and each Obligor agrees that failure by a process agent
                                         to notify it of the process will not invalidate the proceedings concerned.

 

IN WITNESS WHEREOF, this Deed has been executed as a deed and
delivered by the Parties on the date and year first above written.

 

    -26-

     

    

 

SCHEDULE 12

 

ACCESSION DEED

 

THIS DEED OF ACCESSION is made
on______________ by [name and details of acceding stakeholder /creditor] (the “Acceding Party”) in favour of
each of the parties to the Global Restructuring Deed (defined below).

 

WHEREAS:

 

		(A)	This Deed is supplemental to a global
                                         restructuring deed (the “Global Restructuring Deed”) dated [·]
                                         and entered into by, among others, Zim Integrated Shipping Services Limited (the “Company”),
                                         certain members of the Company’s group as Obligors, the Bond Trustees, the Lenders,
                                         the Secured Vessel Lenders, the VesselCo Parties, IC, Millenium, Hyundai Samho Heavy
                                         Industries Co., Ltd and other Participating Stakeholders (each as defined therein).

 

		(B)	The Acceding Party wishes to accede
                                         to the Global Restructuring Deed as a [Bond Trustee][Lender] [Related Party] [Secured
                                         Vessel Lender] [VesselCo Party][Shipowner][Participating Stakeholder].

 

		(C)	It is a term of the Restructuring Deed
                                         that in order to accede to it in the capacity above, the Acceding Party must enter into
                                         this Deed and deliver a duly executed and completed of this Deed to the Company

 

IT IS HEREBY AGREED AS FOLLOWS:

 

		1.	Words and expressions used by not defined herein shall have the
                                         meaning given in the Global Restructuring Deed.

 

		2.	The Acceding Party agrees, as of the
                                         date of this Deed, to be bound by all the terms and conditions of the Global Restructuring
                                         Deed insofar as they relate to a [Bond Trustee][Lender] [Party] [Secured Vessel Lender]
                                         [VesselCo Party][Shipowner][Participating Stakeholder] as if the Acceding Party were
                                         an original Party to the Global Restructuring Deed in such capacity with rights, obligations
                                         and interests as a [Bond Trustee][Lender] [Related Party] [Secured Vessel Lender] [VesselCo
                                         Party][Shipowner][Participating Stakeholder].

 

		3.	Any notice or other communication required
                                         to be given to the Acceding Party under the Global Restructuring Deed shall be sent to
                                         it at the address or email specified below or such other address or email as the Acceding
                                         Party may subsequently notify to Company.

 

[Name][Address][email address]

 

		4.	This Deed and any non-contractual obligations arising out of or
                                         in relation to this Deed are governed by English law.

 

		5.	The courts of England have exclusive
                                         jurisdiction to settle any dispute arising out of or in connection with this Deed (including
                                         a dispute relating to the existence, validity or termination of this Deed or any non-contractual
                                         obligation arising out of or in connection with this Deed) (a “Dispute”).

 

    -27-

     

    

 

		6.	The Acceding Party agrees that the courts
                                         of England are the most appropriate and convenient courts to settle Disputes and accordingly
                                         it shall not argue to the contrary.

 

IN WITNESS WHEREOF, this Deed has been executed as a deed and
delivered by the Acceding Party on the date and year first above written.

 

    -28-

     

    

 

SCHEDULE 13

 

SUBSCRIPTION LETTER

 

FORM OF DECLARATION

 

		To:	Zim Integrated
                                         Shipping Services Ltd. (the “Company”)

 

From:

 

		Name:	 	(the “Investor”)

 

		Address:	 	 

 

		Registration Number:	 	 

 

In connection with the allocation to the undersigned by the
Company of any of (i) ordinary shares of the Company; or (ii) Series 1 or Series 2 Notes (established under
a trust indenture between the Company and Hermetic Trust (1976) Ltd. acting as trustee), the undersigned confirms as follows.

 

In accordance with the Israeli Securities Law of 1968, as amended
(the “Securities Law”), and in connection with a distribution of ordinary shares and/or Series 1 and 2
Notes of the Company (as described above) (collectively, the “Securities”) in accordance with the implementation
of a restructuring plan by the Company (the “Restructuring”), I, the undersigned, hereby declare as follows:

 

		1.	I am a corporation
                                         organized under the laws of ___________/ I am an individual, resident of ____________[delete
                                         as necessary]

 

		2.	Please mark either
                                         (a) or (b) below:

 

	(a)	 ̈	I am qualified
                                         as a “Classified Investor” under the First Supplement of the Securities Law,
                                         by complying with one or more of the following definitions and I am aware of the implications
                                         of the status of a Classified Investor specified in the First Supplement of the Securities
                                         Law and I consent thereto (please check the relevant boxes):

 

		 ̈	A
                                         corporation, except for a corporation that was incorporated for the purpose of the purchase
                                         of securities in a specific offering, whose equity exceeds NIS 50 million;

 

		 ̈	A joint
                                         investment mutual fund, as defined in the Israeli Joint Investment Trust Law of 1994,
                                         or a managing company for such a fund;

 

		 ̈	A provident
                                         fund or its managing company, as defined in the Israeli Control of Financial Services
                                         Law (Provident Funds) of 2005;

 

		 ̈	An insurer,
                                         as defined under the Israeli Insurance Business (Control) Law of 1981;

 

		 ̈	A
                                         banking corporation and an auxiliary corporation, as defined in the Israeli Banking (Licensing)
                                         Law of 1981 - with the exception of joint services companies - purchasing for their own
                                         account or for investor clients who fall within the categories listed in section 15A(B) of
                                         the Securities Law;

 

		 ̈	A
                                         portfolio manager, as defined in section 8(b) of the Israeli Regulation of Investment
                                         Advice, Investment Marketing and Investment Portfolio Management Law of 1995, who
                                         purchases for himself /herself or for clients who are investors that are listed in section
                                         15A(B) of the Securities Law;

 

    -29-

     

    

 

		 ̈	An investment
                                         advisor or investment marketer as defined in section 7(c) of the Israeli Regulation
                                         of Investment Advice and Portfolio Management Law of 1995, purchasing for himself / herself;

 

		 ̈	A stock
                                         exchange member purchasing for itself or for clients who are investors that are listed
                                         in section 15A(B) of the Securities Law;

 

		 ̈	An underwriter
                                         with respect to whom the qualifications prescribed in section 56(c) of the Securities
                                         Law have been met, purchasing for itself;

 

		 ̈	A
                                         venture capital fund; for this purpose, a “venture capital fund” shall mean
                                         a corporation whose main business is investing in corporations, which, at the time the
                                         investment is made, are primarily engaged in research and development or in the manufacture
                                         of innovative and high-tech products or processes, where the risk of investment is higher
                                         than what is customary for other investments;

 

		 ̈	A corporation
                                         which is wholly owned by investors listed in section 15A(B) of the Securities Law33;

 

		 ̈	An individual
                                         who complies with at least two of the following three requirements detailed below, purchasing
                                         for himself / herself:

 

[Please indicate YES or NO with respect to each
requirement]

 

		(a)	I own cash, deposits, Financial Assets34 and Securities35
                                         in total worth of more than NIS 12 million: YES / NO

 

		(b)	I have expertise and skills in the capital market. My expertise
                                         is based on the following:
	 	 	
	 	 	 
	 	 	______________________________.

Or alternatively, I was
employed for a period of at least one year at____________ in the following role_____________, which is a professional role that
requires expertise in capital market.

 

YES / NO

 

		(c)	During the four calendar quarters
                                         prior to the date hereof, I executed at least 30 transactions on average, in each
                                         quarter during the last four quarters, not including transactions performed on my behalf
                                         by my portfolio manager(s):

 

YES / NO

 

	(b)	 ̈	I am not qualified
                                         as a “Classified Investor” under the First Supplement of the Securities Law.

 

		3.	Please check one
                                         of the following boxes:

 

 

		33	The investors listed in
                                         section 15A(B) of the Securities Law include, among other things, investors complying
                                         with at least one of the requirements detailed in this section 2(a).

 

		34	See ‘Definitions’ Appendix

 

		35	See ‘Definitions’ Appendix

 

    -30-

     

    

 

		 ̈	I
                                         purchase the Securities according to my own understanding and for my own benefit and
                                         on my own account and not with the aim or intention of distributing or offering them
                                         to other parties

 

		 ̈	I
                                         hold the Securities for the benefit of ___________________[please complete exact names
                                         of beneficiaries], each of which has dully executed a complete form of this “Subscription
                                         Letter” attached hereto as Annex A.

 

		4.	I undertake that until the Company
                                         becomes a public company, any transfer of the Securities (in whole or in part), as far
                                         as it is permitted by the Restructuring documents, and the Company’s articles of
                                         association, either directly or indirectly, will be made to investors who comply with
                                         either section 15A(b)(1) or 15A(b)(2) of the Securities Law as shall be amended
                                         from time to time, and provided such investor declared to such in writing and in any
                                         event I will not transfer the Securities (in whole or in part) to anyone to whom such
                                         transfer requires the Company to publish a prospectus.

 

		5.	I am not, and am not acting on behalf
                                         of anyone that is, in the United States and I am subscribing for the Securities in an
                                         offshore transaction in accordance with Regulation S under the U.S. Securities Act of
                                         1933.

 

		6.	I acknowledge that I can bear the economic
                                         risk and complete loss of my investment in the Securities and have such knowledge and
                                         experience in financial or business matters that enables me to evaluate the merits and
                                         risks of the investment contemplated hereby.

 

		7.	I am aware that the Company will rely on this declaration.

 

		8.	I undertake to inform the Company of
                                         any change to the declarations made in this declaration. Yours sincerely,

 

		Name:_____________________________	Date:______________________

 

		Signature:__________________________

 

Please send via e-mail a scanned signed copy of this “Subscription
Letter” (including any annex, if relevant) to Yuval Eden – yuvale@gkh-law.com and Tal Gat – talg@gkh-law.com.
Subsequently deliver two (2) copies of the original signed documents by courier to:

 

Yuval Eden, Adv.

 

Gross, Kleinhendler, Hodak, Halevy, Greenberg &
Co.

 

One Azrieli Center, Round Building

 

Tel Aviv 6701101, Israel

 

    -31-

     

    

 

DEFINITIONS:

 

“Securities”: including securities which
are not included in the definition in section 1 of the Securities Law, and including units of a closed fund within the meaning
of the Joint Investment Trust Law. The definition of “Securities” in section 1 of the Securities Law is: certificates
issues in series by a company, a cooperative society or any other corporation conferring a right of membership or participation
in them or claim against them, and certificates conferring a right to acquire securities, all of which whether registered or bearer
securities, excluding securities issued by the Israeli Government or the Bank of Israel which comply with one of the following:

 

		(1)	They do not confer a right of participation or membership in a
                                         corporation and are not convertible into, or realizable for, securities conferring such
                                         a right;

 

		(2)	They are issued
                                         under special legislation.

 

“Financial Assets”: are defined in the Advice
Law to include units in mutual investment funds, shares or units of funds registered outside of Israel, options, future contracts,
structured products and education funds (kranot hishtalmut).

 

    -32-

     

    

 

SCHEDULE 14

 

RESTRUCTURING COMPLETION LETTER

 

		From:	Zim Integrated
                                         Shipping Services Limited (“Zim”)

 

		To:	The Parties (as
                                         defined in the Global Restructuring Deed (as defined below), other than Zim)

 

		Date:	[________________________
                                         ] 2014

 

This is the “Restructuring Completion Letter” referred
to in the global restructuring deed dated on or about the date hereof between Zim and the parties named therein (the “Global
Restructuring Deed”). Capitalised terms not otherwise defined in this letter have the meanings given to them in the
Global Restructuring Deed.

 

Global Restructuring Deed

 

		1.	All Parties have
                                         signed the Global Restructuring Deed.

 

Shipowner Documents

 

		2.	We refer to the
                                         New Shipowner Documents.

 

		3.	We confirm that the New Shipowner Documents have been executed by
                                         all the parties thereto and that all conditions precedent to the effectiveness of the
                                         New Shipowner Documents (other than the issuance of this letter) have been satisfied.

 

Tranche A and Bond documents

 

		4.	We refer to the New SVL Documents, the New Bondholder Documents
                                         and the New Lender Documents.

 

		5.	We confirm that we have received confirmation from or on behalf
                                         of the relevant counterparties to those documents that all conditions precedent to the
                                         effectiveness of the New SVL Documents, the New Bondholder Documents and the New Lender
                                         Documents (as applicable) (other than the issuance of this letter) have been satisfied.

 

VesselCo documents

 

		6.	We refer to the
                                         New VesselCo Party Documents.

 

		7.	We confirm that we have received confirmation from or on behalf
                                         of the relevant counterparties to those documents that all conditions precedent to the
                                         effectiveness of the New VesselCo Party Documents (other than the issuance of this letter)
                                         have been satisfied.

 

		8.	We confirm that we have been advised by counsel to the lenders under
                                         the Wilmington 345 Facility, the Wilmington 349 Facility and the Wilmington 352 Facility
                                         that all relevant Liberian formalities associated with completion of the transfers of
                                         vessels under those arrangements have been completed.

 

    -33-

     

    

 

Other “New Documents”

 

		9.	We refer to all
                                         other New Documents not included in the above.

 

		10.	We confirm that all conditions precedent
                                         to the effectiveness of any such New Documents (other than the issuance of this letter)
                                         have been satisfied.

 

Series 1 Notes and Series 2 Notes

 

		11.	We refer to the
                                         trust indenture constituting the Series 1 Notes and Series 2 Notes.

 

		12.	We confirm that the Series 1 Notes
                                         and Series 2 Notes in an aggregate principal amount of $371,600,000 (in respect
                                         of the Series 1 Notes) and $114,600,000 (in respect of the Series 2 Notes)
                                         have (in the case of Participating Stakeholders entitled to Series 1 Notes or Series 2
                                         Notes who have delivered Subscription Letters and Settlement Instructions) been duly
                                         issued (and duly authenticated by the trustee) in the name of, and delivered by the Company
                                         to, The Registration Company of Bank Le’umi Le’Israel Ltd., as depository
                                         for the global notes for the Nesher System or TACT System (as relevant), together with
                                         instructions to credit the securities accounts in a TASE member held by or on behalf
                                         of the Participating Stakeholders in accordance with their instructions, and in such
                                         amounts as are consistent with the respective allocations of such Participating Stakeholders
                                         in Schedule 2 to the Global Restructuring Deed; or (in the case of such Participating
                                         Stakeholders who have not delivered Subscription Letters and Settlement Instructions
                                         at the date hereof) have been allocated to such Participating Stakeholders and will be
                                         issued promptly after receipt of the Subscription Letter and Settlement Instructions.

 

Articles

 

		13.	As at the date hereof, the articles
                                         of the Company are in the form agreed by the Parties and are effective as at this time
                                         pursuant to an order of the Israeli District Court in Haifa.

 

		14.	As at the date hereof, no court has
                                         issued an interim or final order restraining the Company or any Obligor from entering
                                         into any of the arrangements contemplated in the Global Restructuring Deed.

 

Equity

 

		15.	Attached as Schedule 1 is an extract
                                         of the shareholders’ register of Zim showing the shareholders who have been allocated
                                         fully paid up shares in Zim at the time of issuance of this letter. This allocation of
                                         equity amongst the shareholders of Zim matches the allocation of equity in Zim set out
                                         in the Outstandings and Allocation Table (on the assumption that all Participating Stakeholders
                                         subscribe for equity (or their Designated Recipients have delivered a Subscription Letter
                                         to Zim)) except where noted on Schedule 1 in respect of persons who have not at the time
                                         of this letter delivered a Subscription Letter to Zim.

 

Receivables facility

 

		16.	We confirm that the Company and Israel
                                         Corporation have executed the $50 million receivables facility with Israel Corporation
                                         as lender in the form most recently posted in the VDR and that the conditions precedent
                                         to funding under that facility are as set out in the conditions precedent satisfaction
                                         letter for that facility posted in the VDR.

 

    -34-

     

    

 

Equity injection

 

		17.	We confirm that we have received the
                                         sum of $200 million in cash in freely available funds from Israel Corporation by way
                                         of equity contribution. Attached as Schedule 2 is confirmation from our bank showing
                                         the crediting of our bank account with $200 million received from Israel Corporation.

 

Board of directors

 

		18.	We confirm that each of the directors
                                         of Zim as at the date hereof (prior to the issuance of this letter) has delivered irrevocable
                                         resignation letters to us and that upon the issuance of this letter our board of directors
                                         will be as set out in Schedule 16 to the Global Restructuring Deed.

 

		19.	The following insurance
                                         arrangements have been put in place:

 

		(a)	run-off insurance for liability
                                         of the Group’s directors and officers for the seven-year period beginning at the
                                         Restructuring Effective Time, with a coverage limit of $50 million and a total premium
                                         for the entire period of up to $1 million; and

 

		(b)	a framework agreement for liability
                                         insurance for the Group’s directors and officers for the period beginning at the
                                         Restructuring Effective Time and ending on the later of the fifth anniversary of the
                                         Restructuring Effective Time and the day of the Company’s annual general meeting
                                         in 2019 to approve the Company’s annual financial statements for the year 2018.
                                         That framework agreement will comprise annual policies on a claims-made basis with a
                                         coverage amount of $50 million and annual premiums not exceeding $120,000.

 

This letter and any non-contractual arrangements arising out
of or in connection with it are governed by English law.

 

Yours truly

 

Zim Integrated Shipping Services Limited

 

    -35-

     

    

 

SCHEDULE 1

(TO THE RESTRUCTURING COMPLETION LETTER)

 

Shareholders’ register

 

    -36-

     

    

 

SCHEDULE 2

(TO THE RESTRUCTURING COMPLETION LETTER)

 

Zim Confirmation

 

    -37-

     

    

 

SCHEDULE 15

 

REGISTRATION RIGHTS

 

In connection with the
issuance of equity to each of the persons listed as a shareholder of the Company pursuant to the subscription under the Global
Restructuring Deed, to which this document is scheduled (which may be referred to in this Schedule as the “Original Holders”
and each may be referred to as an “Original Holder”) as part of the debt reorganization of the Company, the
Company and the Original Holders hereby agree that, inter alia, this Schedule shall govern the rights of the Holders to
cause the Company to register with the U.S. Securities and Exchange Commission (the “SEC”) or an equivalent
authority in the event of a listing outside the U.S., the Ordinary Shares that are issuable to, held by or may hereafter be issued
to the Holders; and

 

NOW, THEREFORE, the parties hereby agree as
follows:

 

		1.	Definitions.
                                         For purposes of this schedule:

 

“Affiliate”
means, with respect to any specified Person, any other Person who, directly or indirectly, controls, is controlled by, or is under
common control with such Person, including without limitation any general partner, managing member, officer or director of such
Person or any venture capital fund now or hereafter existing that is controlled by one or more general partners or managing members
of, or shares the same management company with, such Person.

 

“Damages” means any
loss, damage, claim or liability (joint or several) to which a party hereto may become subject under the Securities Act, the Exchange
Act, or other federal or state law, insofar as such loss, damage, claim or liability (or any action in respect thereof) arises
out of or is based upon: (i) any untrue statement or alleged untrue statement of a material fact contained in any registration
statement of the Company, including any preliminary prospectus or final prospectus contained therein, any reasonable related free
writing prospectus (as defined in Rule 405 of the Securities Act) or any amendments or supplements thereto and any related
road show; (ii) an omission or alleged omission to state therein a material fact required to be stated therein, or necessary
to make the statements therein not misleading; or (iii) any violation or alleged violation by the indemnifying party (or
any of its agents or Affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation
promulgated under the Securities Act, the Exchange Act, or any state securities law.

 

“Exchange Act” means
the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Excluded
Registration” means (i) a registration relating to the sale of securities to employees of the Company or a subsidiary
of the Company pursuant to a share option, share purchase, or similar plan; (ii) a registration relating to an SEC Rule 145
transaction; (iii) a registration in any form that does not include substantially the same information as would be required
to be included in a registration statement covering the sale of the Registrable Securities; or (iv) a registration in which
the only Ordinary Shares being registered are Ordinary Shares issuable upon conversion of debt securities that are also being
registered.

 

“Form F-1”
means such form under the Securities Act as is in effect on the date hereof or any successor registration form under the Securities
Act subsequently adopted by the SEC.

 

    -38-

     

    

 

“Form F-3”
means such form under the Securities Act as is in effect on the date hereof or any registration form under the Securities Act
subsequently adopted by the SEC that permits incorporation of substantial information by reference to other documents filed by
the Company with the SEC.

 

“Holder” means any holder of Registrable
Securities.

 

“Immediate
Family Member” means a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including, adoptive relationships, of a natural
person referred to herein.

 

“Initiating
Holders” means, collectively, Holders who properly initiate a registration request under this Schedule.

 

“IPO”
means the Company’s first underwritten public offering of its Ordinary Shares, or the listing for trading of the Company’s
Ordinary Shares on any recognized stock exchange or regulated market, under the Securities Act or under the equivalent law of
another jurisdiction.

 

“IC”
means Israel Corporation Ltd., a company organized under the laws of the State of Israel, and including its successors and permitted
assignees.

 

“Ordinary
Shares” means Ordinary Shares of the Company, nominal value NIS 0.03 per share.

 

“Person” means any individual,
corporation, partnership, trust, limited liability company, association or other entity.

 

“Registrable
Securities” means (i) the Ordinary Shares issued to the Original Holders, the Ordinary Shares hereafter acquired
by any Original Holder and the Ordinary Shares of any other Person to whom such Ordinary Shares have been transferred in accordance
with the terms of this Schedule; excluding in all cases, however, any Ordinary Shares sold by a Person in a transaction in which
the applicable rights under this Schedule are not assigned pursuant to Subsection 3.1, and excluding for the purposes of Section 2
any shares for which registration rights have terminated pursuant to Subsection 2.13 of this Schedule; provided that, with respect
to any provision of this Schedule that establishes a percentage of Registrable Securities as required to take any action, Registrable
Securities shall not include any securities held by the Company or any of its subsidiaries.

 

“Registrable
Securities then outstanding” means the number of shares determined by adding the number of outstanding Ordinary Shares
that are Registrable Securities and the number of Ordinary Shares issuable (directly or indirectly) pursuant to any exercisable
and/or convertible securities, whether such securities may be exercised or converted immediately or in the future, that are Registrable
Securities.

 

“SEC Rule 144”
means Rule 144 promulgated by the SEC under the Securities Act.

 

“SEC Rule 145”
means Rule 145 promulgated by the SEC under the Securities Act.

 

“Securities Act” means
the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

    -39-

     

    

 

“Selling Expenses” means
all underwriting discounts, selling commissions, and share transfer taxes applicable to the sale of Registrable Securities, and
fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel borne and
paid by the Company as provided in Subsection 2.7.

 

		2.	Registration
                                         Rights. The Company covenants and agrees as follows:

 

2.1            IPO
and Registration Rights. Subject to determination by the Board of Directors of the Company that a reasonable market capitalisation
could be achieved following an IPO, the Company shall use its commercially reasonable efforts to effect an IPO within twenty four
(24) months of the date hereof. Following an IPO, the Holders shall have the registration rights set forth below. The rights below
are drafted to refer to a registration effected by filing an effective registration statement in compliance with the Securities
Act, but are intended to apply mutatis mutandis in circumstances where an IPO was not effected under the Securities
Act but rather under the laws of another jurisdiction_as set out in the definition of IPO in Subsection 1.10. In such case, the
Company shall be required to take substantially equivalent actions to those described below under the laws of such other jurisdiction.

 

The Company
shall not be liable for any breach of its obligation to use its commercially reasonable efforts pursuant to Clause 2.1, whether
in damages or for specific performance, provided such efforts are undertaken in good faith by the Company.

 

2.2            Demand
Registration.

 

(a)            Form F-1
Demand. If at any time after one hundred eighty (180) calendar days following the effective date of the registration statement
for the IPO and until the fifth anniversary thereof, the Company receives a request from Holders of more than twenty percent (20%)
of the Registrable Securities then outstanding that the Company file a Form F-1 registration statement with respect to Registrable
Securities with a minimum anticipated aggregate offering price, net of Selling Expenses, of Fifteen Million United States Dollars
($15,000,000), then the Company shall (x) within ten (10) calendar days after the date such request is given, give notice
thereof (the “Demand Notice”) to all Holders other than the Initiating Holders; and (y) as soon as practicable,
and in any event within sixty (60) calendar days after the date such request is given by the Initiating Holders, file a Form F-1
registration statement under the Securities Act covering all Registrable Securities that the Initiating Holders requested to be
registered and any additional Registrable Securities requested to be included in such registration by any other Holders, as specified
by notice given by each such Holder to the Company within twenty (20) calendar days of the date the Demand Notice is given, and
in each case, subject to the limitations of Subsections 2.2(c) and 2.4.

 

(b)            Form F-3
Demand. As soon as practical after the IPO , but in no event more than eighteen (18) months after the IPO, the Company shall
use commercially reasonable efforts in order to qualify for registration on Form F-3 or any comparable or successor form
or forms and to maintain such qualification after the Company has qualified for the use of Form F-3. After the Company has
qualified for the use of Form F-3 and until five (5) years following an IPO, if the Company receives a request from
Holders of at least twenty five percent (25%) of the Registrable Securities then outstanding that the Company file a Form F-3
registration statement with respect to outstanding Registrable Securities of such Holders having an anticipated aggregate offering
price, net of Selling Expenses, of at least Five Million United States Dollars ($5,000,000), then the Company shall (i) within
ten (10) calendar days after the date such request is given, give a Demand Notice to all Holders other than the Initiating
Holders; and (ii) as soon as practicable, and in any event within forty-five (45) calendar days after the date such request
is given by the Initiating Holders, file a Form F-3 registration statement under the Securities Act covering all Registrable
Securities that the Initiating Holders requested to be registered and any additional Registrable Securities requested to be included
in such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20)
calendar days of the date the Demand Notice is given, and in each case, subject to the availability of a Form F-3 for such
offering by the Holders and the limitations of Subsections 2.2(c) and 2.4.

 

    -40-

     

    

 

(c)            Notwithstanding
the foregoing obligations, if the Company furnishes to Holders requesting a registration pursuant to this Subsection 2.2
a certificate signed by the Company’s chief executive officer stating that in the good faith judgment of the Company’s
Board of Directors it would be materially detrimental to the Company and its shareholders for such registration statement to either
become effective or remain effective for as long as such registration statement otherwise would be required to remain effective,
because such action would (i) materially interfere with a significant acquisition, corporate reorganization, or other similar
transaction involving the Company or (ii) require premature disclosure of material information that the Company has a bona
fide business purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements under
the Securities Act or Exchange Act, then the Company shall have the right to defer taking action with respect to such filing (and
any time periods with respect to filing or effectiveness shall be tolled correspondingly) for a period of not more than forty-five
(45) calendar days after the request of the Initiating Holders is given provided that the Company shall not register any securities
for its own account or that of any other shareholder during such forty-five (45) calendar day period other than in an Excluded
Registration.

 

(d)            The
Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection 2.2(a) (i) during
the period that is sixty (60) calendar days before the Company’s good faith estimate of the date of filing of, and ending
on a date that is one hundred and eighty (180) calendar days after the effective date of, a Company-initiated registration of
Ordinary Shares, provided that the Company offers to register Registrable Securities in accordance with Subsection 2.3 and the
Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective,
and the Company shall use its commercially reasonable efforts to cause such registration statement to be declared effective no
later than ninety (90) calendar days from the date of any Demand Notice; (ii) after the Company has effected three (3) registrations
pursuant to Subsection 2.2(a); or (iii) if the Initiating Holders propose to dispose of Ordinary Shares consisting of Registrable
Securities that may be immediately registered on Form F-3 pursuant to a request made pursuant to Subsection 2.2(b).
The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection 2.2(b) (i) during
the period that is thirty (30) calendar days before the Company’s good faith estimate of the date of filing of, and ending
on a date that is ninety (90) calendar days after the effective date of, a Company-initiated registration of Ordinary Shares,
provided that the Company offers to register Registrable Securities in accordance with Subsection 2.3 and the Company is actively
employing in good faith commercially reasonable efforts to cause such registration statement to become effective, and the Company
shall use its commercially reasonable efforts to cause such registration statement to be declared effective no later than ninety
(90) calendar days from the date of any request pursuant to Subsection 2.2(b); or (ii) if the Company has effected one (1) registration
pursuant to Subsection 2.2(b) within the twelve (12) month period immediately preceding and the date of such request. A registration
shall not be counted as “effected” for purposes of this Subsection 2.2(d) until such time as the applicable
registration statement has been declared effective by the SEC, unless the Initiating Holders withdraw their request for such registration,
elect not to pay the registration expenses therefor, and as a result of such non payment forfeit their right to one demand registration
statement pursuant to Subsection 2.7, in which case such withdrawn registration statement shall be counted as “effected”
for purposes of this Subsection 2.2(d).

 

    -41-

     

    

 

2.3          Company
Registration. If the Company proposes to register (including, for this purpose, a registration effected by the Company for
shareholders other than the Holders) any of its equity securities under the Securities Act in connection with the public offering
of such securities solely for cash (other than in an Excluded Registration), the Company shall, at such time, promptly give each
Holder notice of such registration. Upon the request of each Holder given within twenty (20) calendar days after such notice is
given by the Company, the Company shall, subject to the provisions of Subsection 2.4, cause to be registered all of the Registrable
Securities that each such Holder has requested to be included in such registration. The Company shall have the right to terminate
or withdraw any registration initiated by it under this Subsection 2.3 before the effective date of such registration, whether
or not any Holder has elected to include Registrable Securities in such registration, and any Holder shall have the right to withdraw
all or part of its Registrable Securities before the effective date of such registration. The expenses (other than Selling Expenses)
of such withdrawn registration shall be borne by the Company in accordance with Subsection 2.7.

 

2.4          Underwriting
Requirements.

 

(a)           If,
pursuant to Subsection 2.2, the Initiating Holders intend to distribute the Registrable Securities covered by their request
by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Subsection 2.2,
and the Company shall include such information in the Demand Notice. The underwriter(s) will be selected by the Company
and shall be reasonably acceptable to a majority in interest of the Initiating Holders. In such event, the right of any Holder
to include such Holder’s Registrable Securities in such registration shall be conditioned upon such Holder’s participation
in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided
herein. All Holders proposing to distribute their securities through such underwriting shall (together with the Company as provided
in Subsection 2.5(e)) enter into an underwriting agreement in customary form with the underwriter(s) selected and
approved for such underwriting in accordance with Section 2.4. Notwithstanding any other provision of this Subsection
2.4, if the managing underwriter(s) advise(s) the Initiating Holders in writing that marketing factors require a
limitation on the number of shares to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable
Securities that otherwise would be underwritten pursuant hereto, and the number of Registrable Securities that may be included
in the underwriting shall be allocated among such Holders of Registrable Securities, including the Initiating Holders, in proportion
(as nearly as practicable) to the number of Registrable Securities owned by each such selling Holder or in such other proportion
as shall mutually be agreed to by all such selling Holders; provided, however, that the number of Registrable Securities held
by the Holders to be included in such underwriting shall not be reduced unless all securities other than those to be sold by the
selling Holders are first entirely excluded from the underwriting. To facilitate the allocation of shares in accordance with the
above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred
(100) shares.

 

    -42-

     

    

 

(b)          In
connection with any offering involving an underwriting of the Company’s share capital pursuant to Subsection 2.3,
the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless the
Holders accept the terms of the underwriting as reasonably agreed upon between the Company and its underwriters, and then only
in such quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by the
Company. If the total number of securities, including Registrable Securities, requested by shareholders to be included in such
offering exceeds the number of securities to be sold (other than by the Company) that the underwriter(s) in their discretion
determine is compatible with the success of the offering, then the Company shall be required to include in the offering only that
number of such securities, including Registrable Securities, which the underwriters in their sole reasonable discretion determine
will not jeopardize the success of the offering. If the underwriter(s) determine that less than all of the Registrable Securities
requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering
shall be allocated among the selling Holders in proportion (as early as practicable to) the number of Registrable Securities owned
by each such selling Holder or in such other proportions as shall mutually be agreed to by all such selling Holders. Notwithstanding
the foregoing, in no event shall the number of Registrable Securities included in the offering be reduced unless all securities
other than those to be sold by the selling Holders (other than securities to be sold by the Company) are first entirely excluded
from the offering. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters
may round the number of shares allocated to any Holder to the nearest one hundred (100) shares. For purposes of the provision
in this Subsection 2.3(b) concerning apportionment, for any selling Holder that is a partnership, limited liability
company, or corporation, the partners, members, retired partners, retired members, shareholders, and Affiliates of such Holder,
or the estates and Immediate Family Members of any such partners, retired partners, members, and retired members and any trusts
for the benefit of any of the foregoing Persons, shall be deemed to be a single “selling Holder,” and any pro rata
reduction with respect to such “selling Holder” shall be based upon the aggregate number of Registrable Securities
owned by all Persons included in such “selling Holder,” as defined in this sentence.

 

(c)           In
the case of an underwritten offering under Subsections 2.2(a) or (b), the price, underwriting discount and other financial
terms for the Registrable Securities shall be determined by the Company and in consultation with the Holders of a majority of
the Registrable Securities to be sold.

 

2.5          Obligations
of the Company. Whenever required under this Section 2 to effect the registration of any Registrable Securities, the
Company shall, as expeditiously as reasonably possible:

 

(a)           prepare
and file, if applicable, within the time periods provided by Subsections 2.2(a) and (b), with the SEC a registration statement,
including all exhibits and financial statements required under the Securities Act (such registration statement and the prospectus
used in connection with such registration statement shall not include the name of any Holder or its ownership interest in the
Registrable Securities and/or the Company (as applicable) without the prior written consent of a Holder (unless such Holder’s
Registrable Securities are included in such registration statement and provided prior notice of the form of disclosure is given
to such Holder) (but before filing such registration statement provide the Selling Holder Counsel copies of all documents to be
filed and not file such documents to which the Selling Holder Counsel reasonably objects), and use its commercially reasonable
efforts to cause such registration statement to become effective no later than ninety (90) calendar days after such registration
statement is filed, and keep such registration statement continuously effective for a period of one hundred and twenty (120) calendar
days or, if earlier, until the distribution contemplated in the registration statement has been completed; provided, however,
that the Company shall not be deemed to have used commercially reasonable efforts to keep such registration statement continuously
effective if the Company voluntarily takes any action or omits to take any action that would result in Holders not being able
to offer and sell any Registrable Securities pursuant to such registration statement during the period it is required to be continuously
effective unless such action or omission is (i) permitted by the terms of this Schedule, including Section 2.2(c) hereof,
or (ii) required by applicable law; and provided further that (i) such one hundred and twenty (120) calendar day period
shall be extended for a period of time equal to the period the Holder is not able to sell any securities included in such registration
statement as a result of the Company not keeping the registration statement continuously effective, and (ii) in the case
of any registration of Registrable Securities on Form F-3 that are intended to be offered on a continuous or delayed basis,
subject to compliance with applicable SEC rules, such one hundred and twenty (120) calendar day period shall be extended for up
to one hundred twenty (120) calendar days, if necessary, to keep the registration statement effective until all such Registrable
Securities are sold;

 

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(b)           prepare
and file with the SEC such amendments and supplements to such registration statement, and the prospectus used in connection with
such registration statement, as may be necessary to comply with the Securities Act (including using its reasonable commercial
efforts to address any comments from the SEC regarding such registration statement) in order to enable the disposition of all
securities covered by such registration statement (but before filing such documents provide the Selling Holder Counsel copies
of all documents to be filed and not file such documents to which the Selling Holder Counsel reasonably objects);

 

(c)           furnish
to the selling Holders such numbers of copies of the prospectus used in connection with such registration, including any preliminary
prospectus, as required by the Securities Act, and such other documents as the Holders may reasonably request in order to facilitate
their disposition of their Registrable Securities;

 

(d)           use
its commercially reasonable efforts to register and qualify the securities covered by such registration statement under such other
securities or blue-sky laws of such jurisdictions as shall be reasonably requested by the selling Holders; provided that
the Company shall not be required to qualify to do business or to file a general consent to service of process in any such states
or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities
Act;

 

(e)           in
the event of any underwritten public offering, enter into customary agreements (including underwriting and indemnification agreements
in customary form) and take all such other actions as any selling Holder or the managing underwriter or underwriters, if any,
reasonably request in order to expedite or facilitate the registration and disposition of the Registrable Securities;

 

(f)            use
its commercially reasonable efforts to cause all such Registrable Securities covered by such registration statement to be listed
on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar
securities issued by the Company are then listed;

 

(g)           provide
a transfer agent and registrar for all Registrable Securities registered pursuant to this Schedule and provide a CUSIP number
for all such Registrable Securities, in each case not later than the effective date of such registration;

 

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(h)           promptly
make available for inspection by the selling Holders, any managing underwriter(s) participating in any disposition pursuant
to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by
the selling Holders, all financial and other records, pertinent corporate documents, and properties of the Company, and cause
the Company’s officers, directors, employees, and independent accountants to supply all information reasonably requested
by any such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the accuracy
of the information in such registration statement and to conduct appropriate due diligence in connection therewith;

 

(i)            notify
each selling Holder, promptly after the Company receives notice thereof, of the time when such registration statement has been
declared effective or a supplement to any prospectus forming a part of such registration statement has been filed;

 

(j)            after
such registration statement becomes effective, notify each selling Holder of (i) any request by the SEC that the Company
amend or supplement such registration statement or prospectus, (ii) the issuance by the SEC of any stop order suspending
the effectiveness of the registration statement or any order by the SEC or any other regulatory authority preventing or suspending
the use of any prospectus, (iii) the receipt by the Company of any notification with respect to the suspension of the qualification
of the Registrable Securities for offering or sale in any jurisdiction, and (iv) the receipt by the Company of any notification
with respect to the initiation or threatening of any proceeding for the suspension of the qualification of the Registrable Securities
for offering or sale in any jurisdiction;

 

(k)           promptly
notify the selling Holders when the Company becomes aware of the occurrence of any event as a result of which the applicable registration
statement and the prospectus included in such registration statement contains any untrue statement of a material fact or omits
to state a material fact necessary to make the statements therein not misleading, or, if for any other reason it shall be necessary
during such time period to amend or supplement such registration statement, prospectus or free writing prospectus in order to
comply with the Securities Act and, in either case, as promptly as reasonably practicable thereafter, prepare and file with the
SEC, and furnish without charge to the selling Holders and the managing underwriter or underwriters, if any, an amendment or supplement
to such registration statement or prospectus which shall correct such misstatement or omission or effect such compliance; and

 

(l)            promptly
incorporate in a prospectus supplement or post-effective amendment to the registration statement such information as the selling
Holders agree should be included therein relating to the plan of distribution with respect to such Registrable Securities, and
make all required filings of such prospectus supplement or post-effective amendment as soon as reasonably practicable after being
notified of the matters to be incorporated in such prospectus supplement or post-effective amendment.

 

In addition,
the Company shall ensure that, at all times after any registration statement covering a public offering of securities of the Company
under the Securities Act shall have become effective, it shall have in place an insider trading policy that shall provide that
the Company’s directors may implement a trading program under Rule 10b5-1 of the Exchange Act.

 

Each Holder
agrees that, upon receipt of notice from the Company upon the occurrence of any event of the kind described in section 2.5(j) hereof,
such Holder will immediately discontinue disposition of its Registrable Securities under the registration statement until such
Holder’s receipt of the supplemented prospectus or amended registration statement or until it is advised in writing by the
Company that the use of the applicable prospectus may be resumed.

 

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Each Holder
covenants and agrees that it will not sell any Registrable Securities under the registration statement until it has received copies
of the amendment or supplement to the registration statement or prospectus in accordance with section 2.5(k) hereof.

 

2.6          Furnish
Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 2
with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information
regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as is reasonably
required to effect the registration of such Holder’s Registrable Securities.

 

2.7          Expenses
of Registration. All expenses (other than Selling Expenses) incurred in connection with registrations, filings, or qualifications
pursuant to Section 2, including all registration, filing, and qualification fees; printers’ and accounting
fees; fees and disbursements of counsel for the Company; marketing and road show_expenses; and the reasonable fees and disbursements
of one counsel for the selling Holders (“Selling Holder Counsel”)_chosen by Holders of a majority of the Registrable
Securities to be sold and consented to by the Company, which consent shall not be unreasonably withheld, shall be borne and paid
by the Company; provided, however, that the Company shall not be required to pay for any expenses of any registration proceeding
begun pursuant to Subsection 2.2 if the registration request is subsequently withdrawn at the request of the Holders of
a majority of the Registrable Securities that were to be registered thereunder (in which case all selling Holders shall bear such
expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration), unless
the Holders of a majority of the Registrable Securities agree to forfeit their right to one registration pursuant to Subsections
2.2(a) or 2.2(b), as the case may be then the Holders shall not be required to pay any of such expenses and shall
forfeit their right to one registration pursuant to Subsections 2.1(a) or 2.1(b). All Selling Expenses relating
to Registrable Securities registered pursuant to this Section 2 shall be borne and paid by the Holders pro rata on
the basis of the number of Registrable Securities registered on their behalf.

 

2.8          Delay
of Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any registration
pursuant to this Schedule as the result of any controversy that might arise with respect to the interpretation or implementation
of this Section 2.

 

2.9          Indemnification.
If any Registrable Securities are included in a registration statement under this Section 2:

 

(a)           To
the extent permitted by law, the Company will indemnify and hold harmless each selling Holder, and the Affiliates, partners, members,
officers, directors, employees, and shareholders of each such Holder; legal counsel and accountants for each such Holder; any
underwriter (as defined in the Securities Act) for each such Holder; and each Person, if any, who controls such Holder or underwriter
within the meaning of the Securities Act or the Exchange Act, against any Damages, and the Company will pay to each such Holder,
underwriter, controlling Person, or other aforementioned Person any legal or other expenses reasonably incurred thereby in connection
with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided,
however, that the indemnity agreement contained in this Subsection 2.8(a) shall not apply to amounts paid in
settlement of any such claim or proceeding if such settlement is effected without the consent of the Company, which consent shall
not be unreasonably withheld, unless such settlement is entered into without the consent of the Company (i) more than thirty
(30) calendar days after receipt by the Company of a request for reimbursement pursuant to this subsection and (ii) the Company
shall not have responded to such request for reimbursement, nor shall the Company be liable for any Damages to the extent that
they arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished
by or on behalf of any such Holder, underwriter, controlling Person, or other aforementioned Person expressly for use in connection
with such registration.

 

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(b)           To
the extent permitted by law, each selling Holder, severally and not jointly, will indemnify and hold harmless the Company, and
each of its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the
Company within the meaning of the Securities Act, legal counsel and accountants for the Company, any underwriter (as defined in
the Securities Act), any other Holder selling securities in such registration statement, and any controlling Person of any such
underwriter or other Holder, against any Damages, in each case only to the extent that such Damages arise out of or are based
upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of such selling
Holder expressly for use in connection with such registration; and each such selling Holder will pay to the Company and each other
aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any
claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity
agreement contained in this Subsection 2.8(b) shall not apply to amounts paid in settlement of any such claim or proceeding
if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld, unless such
settlement is entered into without the consent of the Holder (i) more than thirty (30) calendar days after receipt by such
Holder of a request for reimbursement pursuant to this subsection and (ii) the Holder shall not haveresponded to such request
for indemnification; and provided further that in no event shall the aggregate amounts payable by any Holder by way of
indemnity or contribution under Subsections 2.8(b) and 2.8(d) exceed the proceeds from the offering received
by such Holder (net of any Selling Expenses paid by such Holder), except in the case of fraud or willful misconduct by such Holder.

 

(c)           Promptly
after receipt by an indemnified party under this Subsection 2.9 of notice of the commencement of any action (including
any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim
in respect thereof is to be made against any indemnifying party under this Subsection 2.9, give the indemnifying party
notice of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to the extent
the indemnifying party so desires, participate jointly with any other indemnifying party to which notice has been given, and to
control the defense thereof with counsel mutually satisfactory to the indemnifying and indemnified parties; provided, however,
that an indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel)
shall have the right to retain one separate counsel and one local counsel, with the fees and expenses to be paid by the indemnifying
party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due
to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such
action. The failure to give notice to the indemnifying party within a reasonable time of the commencement of any such action shall
not relieve such indemnifying party of any liability to the indemnified party under this Subsection 2.9, except to the
extent that such failure materially prejudices the indemnifying party’s ability to defend such action (through the forfeiture
of substantive rights and defenses). The failure to give notice to the indemnifying party will not relieve it of any liability
that it may have to any indemnified party otherwise than under this Subsection 2.9.

 

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(d)           To
provide for just and equitable contribution to joint liability under the Securities Act in any case in which either: (i) any
party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Subsection 2.9
but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration
of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding
the fact that this Subsection 2.9 provides for indemnification in such case, or (ii) contribution under the Securities
Act may be required on the part of any party hereto for which indemnification is provided under this Subsection 2.9, then,
and in each such case, such parties will contribute to the aggregate losses, claims, damages, liabilities, or expenses to which
they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of each
of the indemnifying party and the indemnified party in connection with the statements, omissions, or other actions that resulted
in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable considerations. The relative
fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether
the untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of a material fact, relates to
information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge,
access to information, and opportunity to correct or prevent such statement or omission; provided, however, that,
in any such case (x) no Holder will be required to contribute any amount in excess of the public offering price of all such
Registrable Securities offered and sold by such Holder pursuant to such registration statement, and (y) no Person guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution
from any Person who was not guilty of such fraudulent misrepresentation; and provided further that in no event
shall a Holder’s liability pursuant to this Subsection 2.8(d), when combined with the amounts paid or payable by
such Holder pursuant to Subsection 2.8(b), exceed the proceeds from the offering received by such Holder (net of any Selling
Expenses paid by such Holder), except in the case of willful misconduct or fraud by such Holder.

 

(e)           Notwithstanding
the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered
into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the
underwriting agreement shall control.

 

(f)           Unless
otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the obligations
of the Company and Holders under this Subsection 2.9 shall survive the completion of any offering of Registrable Securities
in a registration under this Section 2, and otherwise shall survive the termination of the provisions in this Schedule.

 

2.10        Reports
Under Exchange Act. With a view to making available to the Holders the benefits of SEC Rule 144 and any other rule or
regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration
or pursuant to a registration on Form F-3, the Company shall:

 

(a)           make
and keep available adequate current public information, as those terms are understood and defined in SEC Rule 144, at all
times after the effective date of the registration statement filed by the Company for the IPO;

 

(b)           use
commercially reasonable efforts to file with the SEC in a timely manner all reports and other documents required of the Company
under the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements);
and

 

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(c)           furnish
to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) to the extent accurate,
a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after
ninety (90) calendar days after the effective date of the registration statement filed by the Company for the IPO), the Securities
Act, and the Exchange Act (at any time after the Company has become subject to such reporting requirements), or that it qualifies
as a registrant whose securities may be resold pursuant to Form F-3 (at any time after the Company so qualifies); (ii) a
copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company;
and (iii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of
the SEC that permits the selling of any such securities without registration (at any time after the Company has become subject
to the reporting requirements under the Exchange Act) or pursuant to Form F-3 (at any time after the Company so qualifies
to use such form).

 

2.11        Limitations
on Subsequent Registration Rights. From and after the Restructuring Effective Time, the Company shall not, without the prior
written consent of the Holders of a majority of the Registrable Securities then outstanding, enter into any agreement with any
holder or prospective holder of any securities of the Company that would provide to such holder the right to include securities
in any registration on terms other than either a pro rata basis with respect to the Registrable Securities or on a subordinated
basis after all Holders have had the opportunity to include in the registration and offering all shares of Registrable Securities
that they wish to so include.

 

2.12        “Market
Stand-off” Agreement. In the event of a sale by the Company of the Company’s equity securities in an underwritten
offering, each Holder hereby agrees, if requested in writing by the managing underwriter in such underwritten offering, that it
will not, without the prior written consent of such managing underwriter, during the period commencing on the date of the final
prospectus relating to the registration by the Company of Ordinary Shares or any other equity securities under the Securities
Act on a registration statement on Form F-1 or Form F-3, and ending on the date specified by the Company and the managing
underwriter (such period not to exceed ninety (90) calendar days, or such other period as may be requested by the Company or an
underwriter to accommodate regulatory restrictions) (or one hundred eighty (180) calendar days in the case of the IPO, or such
other period as may be requested by the Company or an underwriter to accommodate regulatory restrictions (), (i) lend; offer;
pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any option,
right, or warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any Ordinary Shares or any securities
convertible into or exercisable or exchangeable (directly or indirectly) for Ordinary Shares held immediately before the effective
date of the registration statement for such offering or (ii) enter into any swap or other arrangement that transfers to another,
in whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction described
in clause (i) or (ii) above is to be settled by delivery of Ordinary Shares or other securities, in cash, or otherwise.
The foregoing provisions of this Subsection 2.12 shall not apply to the sale of any shares to an underwriter pursuant to an underwriting
agreement, or the transfer of any shares to any Affiliate or any trust for the direct or indirect benefit of the Holder or an
Immediate Family Member of the Holder, provided that the Affiliate or trustee of the trust agrees to be bound in writing
by the restrictions set forth herein, and provided  further that any such transfer to a trust shall not involve
a disposition for value, and provided further that any such limitation shall be applicable to the Holders only if the Company’s
Affiliates and all of their officers and directors are subject to the same restrictions (and if the any such parties are released
by the managing underwriters the Holders are similarly released) and the Company uses commercially reasonable efforts to obtain
a similar agreement from all shareholders individually owning at least one percent (1%) of the Company’s outstanding Ordinary
Shares (after giving effect to conversion into Ordinary Shares of all outstanding preferred shares or other convertible securities).
The underwriters in connection with such registration are intended third-party beneficiaries of this Subsection 2.12 and shall
have the right, power and authority to enforce the provisions hereof as though they were a party hereto. Each Holder further agrees
to execute such agreements as may be reasonably requested by the underwriters in connection with such registration that are consistent
with this Subsection 2.12 or that are necessary to give further effect thereto. Any discretionary waiver or termination of the
restrictions of any or all of such agreements by the Company or the underwriters shall apply pro rata to all Holders subject to
such agreements, based on the number of shares subject to such agreements.

 

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2.13        Termination
of Registration Rights. The right of any Holder to request registration or inclusion of Registrable Securities in any registration
pursuant to Subsections 2.2 or 2.3 shall terminate upon the first to occur of:

 

(a)           the
Company completing its IPO and becoming subject to the provisions of the Exchange Act whereby SEC Rule 144 or another similar
exemption under the Securities Act is available for the sale of all of such Holder’s shares; and

 

(b)           the
fifth anniversary of the IPO.

 

	3.	Miscellaneous.

 

3.1          Successors
and Assigns. The rights set out in this Schedule may be assigned (but only with all related obligations) by a Holder to a
transferee of Registrable Securities; provided, however, that (x) the Company is, within a reasonable time
after such transfer, furnished with written notice of the name and address of such transferee and the Registrable Securities with
respect to which such rights are being transferred; and (y) such transferee agrees in a written instrument delivered to the
Company to be bound by and subject to the terms and conditions of this Schedule, including the provisions of Subsection 2.12.
For the purposes of determining the number of shares of Registrable Securities held by a transferee, the holdings of a transferee
(1) that is an Affiliate or stockholder of a Holder; (2) who is a Holder’s Immediate Family Member; or (3) that
is a trust for the benefit of an individual Holder or such Holder’s Immediate Family Member shall be aggregated together
and with those of the transferring Holder; provided further that all transferees who would not qualify individually
for assignment of rights shall have a single attorney-in-fact for the purpose of exercising any rights, receiving notices, or
taking any action under this Schedule. The terms and conditions of this Schedule inure to the benefit of and are binding upon
the respective successors and permitted assignees of the parties. Nothing in this Schedule, express or implied, is intended to
confer upon any party other than the parties hereto or their respective successors and permitted assignees any rights, remedies,
obligations or liabilities under or by reason of this Schedule, except as expressly provided herein.

 

3.2          Governing
Law. Jurisdiction. Notwithstanding clause 22 of the Global Restructuring Deed and except insofar as it relates to provisions
of US securities laws, federal or state, which shall be determined by the applicable US law this Schedule shall be governed by,
and construed in accordance with, the laws of the State of Israel without regard to the choice of law principles thereof. Each
of the parties hereto irrevocably submits to the exclusive jurisdiction of the courts of Tel Aviv for the purpose of any suit,
action, proceeding or judgment relating to or arising out of this Schedule and the transactions contemplated hereby.

 

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3.3          Titles
and Subtitles. The titles and subtitles used in this Schedule are for convenience only and are not to be considered in construing
or interpreting this Schedule.

 

3.4          Notices.
All notices and other communications given or made pursuant to this Schedule shall be in writing and shall be deemed effectively
given upon the earlier of actual receipt or (i) personal delivery to the party to be notified; (ii) when sent, if sent
by electronic mail or facsimile during the recipient’s normal business hours, and if not sent during normal business hours,
then on the recipient’s next business day; (iii) five (5) calendar days after having been sent by registered or
certified mail, return receipt requested, postage prepaid; or (iv) one (1) business day after the business day of deposit
with a nationally recognized overnight courier, freight prepaid, specifying next-day delivery, with written verification of receipt.
All communications shall be sent to the Holders to their respective addresses as identified in the signature pages to the
Global Restructuring Deed (of which this Schedule forms a part), or to the principal office of the Company and to the attention
of the Chief Executive Officer, in the case of the Company, or to such email address, facsimile number, or address as subsequently
modified by written notice given in accordance with this Subsection 3.4.

 

3.5          Amendments
and Waivers. Any term of this Schedule may be amended or restated and the observance of any term of this Schedule may be waived
(either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of the
Company and Holders of a 75 per cent. majority of the Registrable Securities then outstanding, provided that the amendment, restatement
or waiver does not unfairly discriminate against the non-consenting Holders; provided further that any right granted hereunder
may be waived by the party holding such right, without the consent of any other party. Notwithstanding the foregoing, this Schedule
may not be amended, restated or terminated and the observance of any term hereof may not be waived with respect to any Holder
without the written consent of such Holder, unless such amendment, termination, or waiver applies to all Holders in the same fashion.
The Company shall give prompt notice of any amendment or termination hereof or waiver hereunder to any party hereto that did not
consent in writing to such amendment, termination, or waiver. Any amendment, termination, or waiver effected in accordance with
this Subsection 3.5 shall be binding on all parties hereto, regardless of whether any such party has consented thereto.
No waivers of or exceptions to any term, condition, or provision of this Schedule, in any one or more instances, shall be deemed
to be or construed as a further or continuing waiver of any such term, condition, or provision.

 

3.6          Severability.
In case any one or more of the provisions contained in this Schedule is for any reason held to be invalid, illegal or unenforceable
in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Schedule, and such
invalid, illegal, or unenforceable provision shall be reformed and construed so that it will be valid, legal, and enforceable
to the maximum extent permitted by law.

 

3.7          Aggregation
of Shares. All shares of Registrable Securities held or acquired by Affiliates shall be aggregated together for the purpose
of determining the availability of any rights under this Schedule and such Affiliated persons may apportion such rights as among
themselves in any manner they deem appropriate.

 

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3.8            Entire
Agreement. This Schedule constitutes the full and entire understanding and agreement among the parties with respect to the
subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties
is expressly canceled.

 

3.9            Delays
or Omissions. No delay or omission to exercise any right, power, or remedy accruing to any party under this Schedule, upon
any breach or default of any other party under this Schedule, shall impair any such right, power, or remedy of such nonbreaching
or nondefaulting party, nor shall it be construed to be a waiver of or acquiescence to any such breach or default, or to any similar
breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach
or default theretofore or thereafter occurring. All remedies, whether under this Schedule or by law or otherwise afforded to any
party, shall be cumulative and not alternative.

 

3.10            Injunctive
Relief. Save in respect of the Company’s obligation to use commercially reasonable efforts in Clause 2.1, it is hereby
agreed and acknowledged that it will be impossible to measure in money the damage that would be suffered if the parties fail to
comply with any of the obligations herein imposed on them and that in the event of any such failure, an aggrieved Person will
be irreparably damaged and will not have an adequate remedy at law. Any one or more Holders of at least 10 percent. of the Registrable
Securities then outstanding shall, therefore, be entitled (in addition to any other remedy to which it may be entitled in law
or in equity) to injunctive relief, including specific performance, to enforce such obligations, and if any action should be brought
in equity to enforce any of the provisions of this Schedule, none of the parties hereto shall raise the defense that there is
an adequate remedy at law.

 

[Remainder of Page Intentionally
Left Blank]

 

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	 	 	ZIM
	 	 	 
	EXECUTED AND DELIVERED as a	)	 
	DEED on behalf of	)	 
	ZIM INTEGRATED SHIPPING	)	Ralph Sassun
	SERVICE LTD.	)	Head of Treasury
    Division
	a company incorporated in Israel	)	 
	acting by	)	 
	Authorised Signatory	)	/s/ Ralph
    Sassun
	 	)	 
	acting by	)	 
	Authorised Signatory	)	/s/ Yaki
    Mendel
	being persons who, in accordance with the	)	 
	laws of Israel are acting under the authority
    of	)	Guy Eldar
	the company	)	Chief Financial
    Officer

 

Address for Notices

 

	Address:	9 Andrei Sakharov Street
	 	31061 Haifa
	 	Israel
	 	 
	Fax:	+972 4 865 2813
	 	 
	Telephone:	+972 4 865 2111
	 	 
	Email:	eldar.guy@il.zim.com / sassun.ralph@il.zim.com
	 	 
	Attention:	Company CFO/Treasurer

 

    

     

    

 

	 	 	OBLIGORS
	 	 	 
	EXECUTED AND DELIVERED as a	)	 
	DEED on behalf of	)	 
	DARSAL SHIPPING INC	)	 
	a company incorporated in the Republic of	)	 
	Liberia	)	 
	acting by	)	 
	Authorised Signatory	)	/s/ Benny
    Hod
	 	)	 
	being a person who, in accordance with the	)	Benny Hod
	laws of the Republic of Liberia is acting	)	Company’s Comptroller
	under the authority of the company	)	

 

Address for Notices

 

	Address:	9 Andrei Sakharov Street
	 	31061 Haifa
	 	Israel
	 	 
	Fax:	+972 4 865 2813
	 	 
	Telephone:	+972 4 865 2111
	 	 
	Email:	eldar.guy@il.zim.com / sassun.ralph@il.zim.com
	 	 
	Attention:	Company CFO/Treasurer

 

    

     

    

 

	 	 	OBLIGORS
	 	 	 
	EXECUTED AND DELIVERED as a	)	 
	DEED on behalf of	)	 
	FLROKA MARITIME COMPANY	)	 
	LIMITED	)	 
	a company incorporated in the Republic of	)	 
	Malta	)	 
	acting by	)	 
	Authorised Signatory	)	/s/ Benny
    Hod
	 	)	 
	being a person who, in accordance with the	)	Benny Hod
	laws of the Republic of Malta is acting under	)	Company’s Comptroller
	the authority of the company	)	

 

Address for Notices

 

	Address:	9 Andrei Sakharov Street
	 	31061 Haifa
	 	Israel
	 	 
	Fax:	+972 4 865 2813
	 	 
	Telephone:	+972 4 865 2111
	 	 
	Email:	eldar.guy@il.zim.com / sassun.ralph@il.zim.com
	 	 
	Attention:	Company CFO/Treasurer

 

    

     

    

 

OBLIGORS

 

	EXECUTED AND DELIVERED
    as a	)	 	 	 
	DEED on behalf of	)	 	 	 
	FLAMINGO NAVIGATION (S350)	)	 	 	 
	COMPANY LTD	)	 	 	 
	a company incorporated in the Republic of	)	 	 	 
	Liberia	)	 	 	 
	acting by	)	 	 	 
	Authorised Signatory	)	/s/
    Benny Hod	 	/s/
    Ralph Sassun
	 	)	 	 	 
	being a person who, in accordance with the	)	Benny Hod	 	Ralph Sassun
	laws of the Republic of Liberia is acting	)	Company's Comptroller	 	Head of Treasury
    Division
	under the authority of the company	)	 	 	 

 

Address for Notices

 

	Address:	9 Andrei Sakharov Street
	 	31061 Haifa
	 	Israel
	 	 
	Fax:	+972 4 865 2813
	 	 
	Telephone:	+972 4 865 2111
	 	 
	Email:	eldar.guy@il.zim.com / sassun.ralph@il.zim.com
	 	 
	Attention:	Company CFO/Treasurer

 

    

     

    

 

OBLIGORS

 

	EXECUTED AND DELIVERED
    as a	)	 	 	 
	DEED on behalf of	)	 	 	 
	FLAMINGO NAVIGATION (S351)	)	 	 	 
	COMPANY LTD	)	 	 	 
	a company incorporated in the Republic of	)	 	 	 
	Liberia	)	 	 	 
	acting by	)	 	 	 
	Authorised Signatory	)	/s/
    Benny Hod	 	/s/
    Ralph Sassun
	 	)	 	 	 
	being a person who, in accordance with the	)	Benny Hod	 	Ralph Sassun
	laws of the Republic of Liberia is acting	)	Company's Comptroller	 	Head of Treasury
    Division
	under the authority of the company	)	 	 	 

 

Address for Notices

 	Address:	9 Andrei Sakharov Street
	 	31061 Haifa
	 	Israel
	 	 
	Fax:	+972 4 865 2813
	 	 
	Telephone:	+972 4 865 2111
	 	 
	Email:	eldar.guy@il.zim.com / sassun.ralph@il.zim.com
	 	 
	Attention:	Company CFO/Treasurer

 

    

     

    

 

OBLIGORS

 

	EXECUTED AND DELIVERED
    as a	)	 	 	 
	DEED on behalf of	)	 	 	 
	FLAMINGO NAVIGATION (S352)	)	 	 	 
	COMPANY LTD	)	 	 	 
	a company incorporated in the Republic of	)	 	 	 
	Liberia	)	 	 	 
	acting by	)	 	 	 
	Authorised Signatory	)	/s/
    Benny Hod	 	/s/
    Ralph Sassun
	 	)	 	 	 
	 	)	Benny Hod	 	Ralph Sassun
	being a person who, in accordance with the	)	Company’s
    Comptroller	 	Head of Treasury
    Division
	laws of the Republic of Liberia is acting	)	 	 	 
	under the authority of the company	)	 	 	 

 

Address for Notices

 

	Address:	9 Andrei Sakharov Street
	 	31061 Haifa
	 	Israel
	 	 
	Fax:	+972 4 865 2813
	 	 
	Telephone:	+972 4 865 2111
	 	 
	Email:	eldar.guy@il.zim.com / sassun.ralph@il.zim.com
	 	 
	Attention:	Company CFO/Treasurer

 

    

     

    

 

	 	 	OBLIGORS
	 	 	 
	EXECUTED AND DELIVERED as a	)	 
	DEED on behalf of	)	 
	KATELAND NAVIGATION SA	)	 
	a company incorporated in the Republic of	)	 
	Liberia	)	 
	acting by	)	 
	Authorised Signatory	)	/s/ Benny
    Hod
	 	)	 
	being a person who, in accordance with the	)	Benny Hod
	laws of the Republic of Liberia is acting	)	Company’s Comptroller
	under the authority of the company	)	

 

Address for Notices

 

	Address:	9 Andrei Sakharov Street
	 	31061 Haifa
	 	Israel
	 	 
	Fax:	+972 4 865 2813
	 	 
	Telephone:	+972 4 865 2111
	 	 
	Email:	eldar.guy@il.zim.com / sassun.ralph@il.zim.com
	 	 
	Attention:	Company CFO/Treasurer

 

    

     

    

 

	 	 	OBLIGORS
	 	 	 
	EXECUTED AND DELIVERED as a	)	 
	DEED on behalf of	)	 
	KONZA SHIPPING LTD	)	Benny Hod
	a company incorporated in the Republic of	)	Company’s
    Comptroller
	Liberia	)	 
	acting by	)	 
	Authorised Signatory	)	/s/ Benny
    Hod
	 	)	 
	being a person who, in accordance with the	)	 
	laws of the Republic of Liberia is acting	)	 
	under the authority of the company	)	 

 

Address for Notices

 

	Address:	9 Andrei Sakharov Street
	 	31061 Haifa
	 	Israel
	 	 
	Fax:	+972 4 865 2813
	 	 
	Telephone:	+972 4 865 2111
	 	 
	Email:	eldar.guy@il.zim.com / sassun.ralph@il.zim.com
	 	 
	Attention:	Company CFO/Treasurer

 

    

     

    

 

 

OBLIGORS

 

	EXECUTED AND DELIVERED
    as a DEED on behalf of	)	 
	KORON MARITIME INC.	)	 
	a company incorporated in the Republic of Liberia
    acting by	)	 
	 	)	Benny Hod
	Authorised Signatory	)	Company’s
    Comptroller
	 	)	 
	being
    a person who, in accordance with the laws of the Republic of Liberia	)	/s/
    Benny Hod
	is acting under
    the authority of the company	)	 

 

Address for Notices

 

	Address:	9 Andrei Sakharov Street
	 	31061 Haifa
	 	Israel
	 	 
	Fax:	+97248652813
	 	 
	Telephone:	+97248652111
	 	 
	Email:	eldar.guy@il.zim.com / sassun.ralph@il.zim.com
	 	 
	Attention:	Company CFO/Treasurer

 

Global Restructuring Deed

 

     

     

    

 

OBLIGORS

 

	EXECUTED AND DELIVERED
    as a DEED on behalf of	)	 
	LYMPIC MARITIME LTD	)	 
	a company incorporated in the Republic of Liberia
    acting by	)	 
	 	)	Benny Hod
	Authorised Signatory	)	Company’s
    Comptroller
	 	)	 
	being
    a person who, in accordance with the laws of the Republic of Liberia	)	/s/
    Benny Hod
	is acting under
    the authority of the company	)	 

 

Address for Notices

 

	Address:	9 Andrei Sakharov Street
	 	31061 Haifa
	 	Israel
	 	 
	Fax:	+97248652813
	 	 
	Telephone:	+97248652111
	 	 
	Email:	eldar.guy@il.zim.com / sassun.ralph@il.zim.com
	 	 
	Attention:	Company CFO/Treasurer

 

Global Restructuring Deed

 

     

     

    

 

OBLIGORS

 

	EXECUTED AND DELIVERED
    as a DEED on behalf of	)	 	 	 
	PELICAN MARITIME (S346) COMPANY LTD	)	 	 	 
	a company incorporated in the Republic of Liberia
    acting by	)	 	 	 
	Authorised Signatory	)	/s/
    Benny Hod	 	/s/
    Ralph Sassun
	 	)	 	 	 
	being a person who, in accordance with the laws
    of the Republic of	)	Benny Hod	 	Ralph Sassun
	Liberia is acting under the authority of the
    company	)	Company’s
    Comptroller	 	Head of Treasury
    Division

 

Address for Notices

 

	Address:	9 Andrei Sakharov Street
	 	31061 Haifa
	 	Israel
	 	 
	Fax:	+97248652813
	 	 
	Telephone:	+97248652111
	 	 
	Email:	eldar.guy@il.zim.com / sassun.ralph@il.zim.com
	 	 
	Attention:	Company CFO/Treasurer

 

Global Restructuring Deed

 

     

     

    

 

OBLIGORS

 

	EXECUTED AND DELIVERED
    as a DEED on behalf of	)	 	 	 
	PELICAN MARITIME (S347) COMPANY LTD	)	 	 	 
	a company incorporated in the Republic of Liberia
    acting by	)	 	 	 
	Authorised Signatory	)	/s/
    Benny Hod	 	/s/
    Ralph Sassun
	 	)	 	 	 
	being a person who, in accordance with the laws
    of the Republic of	)	Benny Hod	 	Ralph Sassun
	Liberia is acting under the authority of the
    company	)	Company’s
    Comptroller	 	Head of Treasury
    Division

 

Address for Notices

 

	Address:	9 Andrei Sakharov Street
	 	31061 Haifa
	 	Israel
	 	 
	Fax:	+97248652813
	 	 
	Telephone:	+97248652111
	 	 
	Email:	eldar.guy@il.zim.com / sassun.ralph@il.zim.com
	 	 
	Attention:	Company CFO/Treasurer

 

Global Restructuring Deed

 

     

     

    

 

OBLIGORS

 

	EXECUTED AND DELIVERED
    as a DEED on behalf of	)	 	 	 
	PELICAN MARITIME (S347) COMPANY LTD	)	 	 	 
	a company incorporated in the Republic of Liberia
    acting by	)	 	 	 
	Authorised Signatory	)	/s/
    Benny Hod	 	/s/
    Ralph Sassun
	 	)	 	 	 
	being a person who, in accordance with the laws
    of the Republic of	)	Benny Hod	 	Ralph Sassun
	Liberia is acting under the authority of the
    company	)	Company’s
    Comptroller	 	Head of Treasury
    Division

 

Address for Notices

 

	Address:	9 Andrei Sakharov Street
		31061 Haifa
	 	Israel
	 	 
	Fax:	+97248652813
	 	 
	Telephone:	+97248652111
	 	 
	Email:	eldar.guy@il.zim.com / sassun.ralph@il.zim.com
	 	 
	Attention:	Company CFO/Treasurer

 

Global Restructuring Deed

 

     

     

    

 

OBLIGORS

 

	EXECUTED AND DELIVERED
    as a DEED on behalf of	)	 	 	 
	PELICAN MARITIME (S348) COMPANY LTD	)	 	 	 
	a company incorporated in the Republic of Liberia
    acting by	)	 	 	 
	Authorised
    Signatory	)	/s/
    Benny Hod	 	/s/
    Ralph Sassun
	 	)	 	 	 
	being a person who, in accordance with the laws
    of the Republic of	)	Benny Hod	 	Ralph Sassun
	Liberia is acting under the authority of the
    company	)	Company’s
    Comptroller	 	Head of Treasury
    Division

 

Address for Notices

 

	Address:	9 Andrei Sakharov Street
	 	31061 Haifa
	 	Israel
	 	 
	Fax:	+97248652813
	 	 
	Telephone:	+97248652111
	 	 
	Email:	eldar.guy@il.zim.com / sassun.ralph@il.zim.com
	 	 
	Attention:	Company CFO/Treasurer

 

Global Restructuring Deed

 

     

     

    

 

OBLIGORS

 

	EXECUTED AND DELIVERED
    as a DEED on behalf of	)	 	 	 
	PELICAN MARITIME (S393) COMPANY LTD	)	 	 	 
	a company incorporated in the Republic of Liberia
    acting by	)	 	 	 
	Authorised
    Signatory	)	/s/
    Benny Hod	 	/s/
    Ralph Sassun
	 	)	 	 	 
	being a person who, in accordance with the laws
    of the Republic of 	)	Benny Hod	 	Ralph Sassun
	Liberia is acting under the authority of the
    company	)	Company’s
    Comptroller	 	Head of Treasury
    Division

 

Address for Notices

 

	Address:	9 Andrei Sakharov Street
		31061 Haifa
		Israel
	 	 
	Fax:	+97248652813
	 	 
	Telephone:	+97248652111
	 	 
	Email:	eldar.guy@il.zim.com / sassun.ralph@il.zim.com
	 	 
	Attention:	Company CFO/Treasurer

 

Global Restructuring Deed

 

     

     

    

 

OBLIGORS

 

	EXECUTED AND DELIVERED
    as a DEED on behalf of	)	 	 	 
	PELICAN MARITIME (S394) COMPANY LTD	)	 	 	 
	a company incorporated in the Republic of Liberia
    acting by	)	 	 	 
	Authorised
    Signatory	)	/s/
    Benny Hod	 	/s/
    Ralph Sassun
	 	)	 	 	 
	being a person who, in accordance with the laws
    of the Republic of 	)	Benny Hod	 	Ralph Sassun
	Liberia is acting under the authority of the
    company	)	Company’s
    Comptroller	 	Head of Treasury
    Division

 

Address for Notices

 

	Address:	9 Andrei Sakharov Street
	 	31061 Haifa
	 	Israel
	 	 
	Fax:	+97248652813
	 	 
	Telephone:	+97248652111
	 	 
	Email:	eldar.guy@il.zim.com / sassun.ralph@il.zim.com
	 	 
	Attention:	Company CFO/Treasurer

 

Global Restructuring Deed

 

     

     

    

 

OBLIGORS

 

	EXECUTED AND DELIVERED
    as a DEED on behalf of	)	 	 	 
	PELICAN MARITIME (S395) COMPANY LTD	)	 	 	 
	a company incorporated in the Republic of Liberia
    acting by	)	 	 	 
	Authorised
    Signatory	)	/s/
    Benny Hod	 	/s/
    Ralph Sassun
	 	)	 	 	 
	being a person who, in accordance with the laws
    of the Republic of	)	Benny Hod	 	Ralph Sassun
	Liberia is acting under the authority of the
    company	)	Company’s
    Comptroller	 	Head of Treasury
    Division

 

Address for Notices

 

	Address:	9 Andrei Sakharov Street
	 	31061 Haifa
	 	Israel
	 	 
	Fax:	+97248652813
	 	 
	Telephone:	+97248652111
	 	 
	Email:	eldar.guy@il.zim.com / sassun.ralph@il.zim.com
	 	 
	Attention:	Company CFO/Treasurer

 

Global Restructuring Deed

 

     

     

    

 

OBLIGORS

 

	EXECUTED AND DELIVERED
    as a DEED on behalf of	)	 	 	 
	PELICAN MARITIME (S345) COMPANY LTD	)	 	 	 
	a company incorporated in the Republic of Liberia
    acting by	)	 	 	 
	Authorised
    Signatory	)	/s/
    Benny Hod	 	/s/
    Ralph Sassun
	 	)	 	 	 
	being a person who, in accordance with the laws
    of the Republic of 	)	Benny Hod	 	Ralph Sassun
	Liberia is acting under the authority of the
    company	)	Company’s
    Comptroller	 	Head of Treasury
    Division

 

Address for Notices

 

	Address:	9 Andrei Sakharov Street
	 	31061 Haifa
	 	Israel
	 	 
	Fax:	+97248652813
	 	 
	Telephone:	+97248652111
	 	 
	Email:	eldar.guy@il.zim.com / sassun.ralph@il.zim.com
	 	 
	Attention:	Company CFO/Treasurer

 

Global Restructuring Deed

 

     

     

    

 

OBLIGORS

 

	EXECUTED
    AND DELIVERED as a DEED on behalf of	)	 
	YELLOW SEA SHIPPING
    INC.	)	 
	a company incorporated
    in Republic of Liberia acting by	)	 
	Authorised
    Signatory	)	/s/
    Benny Hod
	 	)	 
	being a person who,
    in accordance with the laws of the Republic of 	)	Benny
    Hod
	Liberia is acting under
    the authority of the company	)	Company’s
    Comptroller

 

Address for Notices

 

	Address:	9 Andrei Sakharov Street
	 	31061 Haifa
	 	Israel
	 	 
	Fax:	+972 4 865 2813
	 	 
	Telephone:	+972 4 865 2111
	 	 
	Email:	eldar.guy@il.zim.com / sassun.ralph@il.zim.com
	 	 
	Attention:	Company CFO/Treasurer

 

Global Restructuring Deed

 

    

    

    

 

OBLIGORS

 

	EXECUTED
    AND DELIVERED as a DEED on behalf of	)	 
	YMIR INTERNATIONAL
    LIMITED	)	 
	a company incorporated
    in Republic of Liberia acting by	)	 
	Authorised
    Signatory	)	/s/
    Benny Hod
	 	)	 
	being a person who,
    in accordance with the laws of the Republic of 	)	Benny
    Hod
	Liberia is acting under
    the authority of the company	)	Company’s
    Comptroller

 

Address for Notices

 

	Address:	9 Andrei Sakharov Street
	 	31061 Haifa
	 	Israel
	 	 
	Fax:	+972 4 865 2813
	 	 
	Telephone:	+972 4 865 2111
	 	 
	Email:	eldar.guy@il.zim.com / sassun.ralph@il.zim.com
	 	 
	Attention:	Company CFO/Treasurer

 

Global Restructuring Deed

 

    

    

    

 

OBLIGORS

 

	EXECUTED
    AND DELIVERED as a DEED on behalf of	)	 
	ZIM ASIA MARITIME
    COMPANY S.A.R.L.	)	 
	a company incorporated
    in the Duchy of the Luxembourg acting by	)	 
	Authorised
    Signatory	)	/s/
    Benny Hod
	 	)	 
	being a person who,
    in accordance with the laws of the Duchy of 	)	Benny
    Hod
	Luxembourg is acting under
    the authority of the company	)	Company’s
    Comptroller

 

Address for Notices

 

	Address:	9 Andrei Sakharov Street
	 	31061 Haifa
	 	Israel
	 	 
	Fax:	+972 4 865 2813
	 	 
	Telephone:	+972 4 865 2111
	 	 
	Email:	eldar.guy@il.zim.com / sassun.ralph@il.zim.com
	 	 
	Attention:	Company CFO/Treasurer

 

Global Restructuring Deed

 

    

    

    

 

OBLIGORS

 

	EXECUTED
    AND DELIVERED as a DEED on behalf of	)	 	 	 
	ZIM ASIA MARITIME
    LIMITED	)	 	 	 
	a company incorporated
    in the Republic of Liberia acting by	)	 	 	 
	Authorised
    Signatory	)	/s/
    Benny Hod	 	/s/
    Ralph Sassun
	 	)	 	 	 
	being a person who,
    in accordance with the laws of the Republic of 	)	Benny
    Hod	 	Ralph
    Sassun
	Liberia is acting under
    the authority of the company	)	Company’s
    Comptroller	 	Head
    of Treasury Division

 

Address for Notices

 

	Address:	9 Andrei Sakharov Street
	 	31061 Haifa
	 	Israel
	 	 
	Fax:	+972 4 865 2813
	 	 
	Telephone:	+972 4 865 2111
	 	 
	Email:	eldar.guy@il.zim.com / sassun.ralph@il.zim.com
	 	 
	Attention:	Company CFO/Treasurer

 

Global Restructuring Deed

 

    

    

    

 

OBLIGORS

 

	EXECUTED
    AND DELIVERED as a DEED on behalf of	)	 
	ZIM ATLANTIC MARITIME
    COMPANY S.A.R.L.	)	 
	a company incorporated
    in the Duchy of Luxembourg acting by	)	 
	Authorised
    Signatory	)	/s/
    Benny Hod
	 	)	 
	being a person who,
    in accordance with the laws of the Duchy of 	)	Benny
    Hod
	Luxembourg is acting under
    the authority of the company	)	Company’s
    Comptroller

 

 

Address for Notices

 

	Address:	9 Andrei Sakharov Street
	 	31061 Haifa
	 	Israel
	 	 
	Fax:	+972 4 865 2813
	 	 
	Telephone:	+972 4 865 2111
	 	 
	Email:	eldar.guy@il.zim.com / sassun.ralph@il.zim.com
	 	 
	Attention:	Company CFO/Treasurer

 

Global Restructuring Deed

 

    

    

    

 

OBLIGORS

 

	EXECUTED
    AND DELIVERED as a DEED on behalf of	)	 	 	 
	ZIM ATLANTIC MARITIME
    LIMITED	)	 	 	 
	a company incorporated
    in the Republic of Liberia acting by	)	 	 	 
	Authorised
    Signatory	)	/s/
    Benny Hod	 	/s/
    Ralph Sassun
	 	)	 	 	 
	being a person who,
    in accordance with the laws of the Republic of 	)	Benny
    Hod	 	Ralph
    Sassun
	Liberia is acting under
    the authority of the company	)	Company’s
    Comptroller	 	Head
    of Treasury Division

 

Address for Notices

 

	Address:	9 Andrei Sakharov Street
	 	31061 Haifa
	 	Israel
	 	 
	Fax:	+972 4 865 2813
	 	 
	Telephone:	+972 4 865 2111
	 	 
	Email:	eldar.guy@il.zim.com / sassun.ralph@il.zim.com
	 	 
	Attention:	Company CFO/Treasurer

 

Global Restructuring Deed

 

    

    

    

 

OBLIGORS

 

	EXECUTED
    AND DELIVERED as a DEED on behalf of	)	 
	ZIM BARCELONA MARITIME
    COMPANY S.A.R.L.	)	 
	a company incorporated
    in the Duchy of Luxembourg acting by	)	 
	Authorised
    Signatory	)	/s/
    Benny Hod
	 	)	 
	being a person who,
    in accordance with the laws of the Duchy of 	)	Benny
    Hod
	Luxembourg is acting under
    the authority of the company	)	Company’s
    Comptroller

 

Address for Notices

 

	Address:	9 Andrei Sakharov Street
	 	31061 Haifa
	 	Israel
	 	 
	Fax:	+972 4 865 2813
	 	 
	Telephone:	+972 4 865 2111
	 	 
	Email:	eldar.guy@il.zim.com / sassun.ralph@il.zim.com
	 	 
	Attention:	Company CFO/Treasurer

 

Global Restructuring Deed

 

    

    

    

 

OBLIGORS

 

	EXECUTED
    AND DELIVERED as a DEED on behalf of	)	 	 	 
	ZIM BARCELONA MARITIME
    LIMITED	)	 	 	 
	a company incorporated
    in the Republic of Liberia acting by	)	 	 	 
	Authorised
    Signatory	)	/s/
    Benny Hod	 	/s/
    Ralph Sassun
	 	)	 	 	 
	being a person who,
    in accordance with the laws of the Republic of 	)	Benny
    Hod	 	Ralph
    Sassun
	Liberia is acting under
    the authority of the company	)	Company’s
    Comptroller	 	Head
    of Treasury Division

 

Address for Notices

 

	Address:	9 Andrei Sakharov Street
	 	31061 Haifa
	 	Israel
	 	 
	Fax:	+972 4 865 2813
	 	 
	Telephone:	+972 4 865 2111
	 	 
	Email:	eldar.guy@il.zim.com / sassun.ralph@il.zim.com
	 	 
	Attention:	Company CFO/Treasurer

 

Global Restructuring Deed

 

    

    

    

 

OBLIGORS

 

	EXECUTED
    AND DELIVERED as a DEED on behalf of	)	 
	ZIM CHINA MARITIME
    COMPANY S.A.R.L.	)	 
	a company incorporated
    in the Duchy of Luxembourg acting by	)	 
	Authorised
    Signatory	)	/s/
    Benny Hod
	 	)	 
	being a person who,
    in accordance with the laws of the Duchy of 	)	Benny
    Hod
	Luxembourg is acting under
    the authority of the company	)	Company’s
    Comptroller

 

Address for Notices

 

	Address:	9 Andrei Sakharov Street
	 	31061 Haifa
	 	Israel
	 	 
	Fax:	+972 4 865 2813
	 	 
	Telephone:	+972 4 865 2111
	 	 
	Email:	eldar.guy@il.zim.com / sassun.ralph@il.zim.com
	 	 
	Attention:	Company CFO/Treasurer

 

Global Restructuring Deed

 

    

    

    

 

OBLIGORS

 

	EXECUTED
    AND DELIVERED as a DEED on behalf of	)	 	 	 
	ZIM CHINA MARITIME
    LIMITED	)	 	 	 
	a company incorporated
    in the Republic of Liberia acting by	)	 	 	 
	Authorised
    Signatory	)	/s/
    Benny Hod	 	/s/
    Ralph Sassun
	 	)	 	 	 
	being a person who,
    in accordance with the laws of the Republic of 	)	Benny
    Hod	 	Ralph
    Sassun
	Liberia is acting under
    the authority of the company	)	Company’s
    Comptroller	 	Head
    of Treasury Division

 

Address for Notices

 

	Address:	9 Andrei Sakharov Street
	 	31061 Haifa
	 	Israel
	 	 
	Fax:	+972 4 865 2813
	 	 
	Telephone:	+972 4 865 2111
	 	 
	Email:	eldar.guy@il.zim.com / sassun.ralph@il.zim.com
	 	 
	Attention:	Company CFO/Treasurer

 

Global Restructuring Deed

 

    

    

    

 

 

	 	 	OBLIGORS
	 	 	 
	EXECUTED AND DELIVERED as a DEED on
    behalf of	)	 
	ZIM EUROPA MARITIME S.A.R.L.	)	 
	a company incorporated in the Duchy of Luxembourg
    acting by	)	 
	Authorised Signatory	)	/s/
    Benny Hod
	 	)	 
	being a person who, in accordance with the laws
    of the Duchy of 	)	Benny Hod
	Luxembourg is acting under the authority of
    the company	)	Company’s Comptroller

 

Address for Notices

 

	Address:	9 Andrei Sakharov Street
	 	31061 Haifa
	 	Israel
	 	 
	Fax:	+972 4 865 2813
	 	 
	Telephone:	+972 4 865 2111
	 	 
	Email:	eldar.guy@il.zim.com / sassun.ralph@il.zim.com
	 	 
	Attention:	Company CFO/Treasurer

 

    

     

    

 

	 	 	OBLIGORS
	 	 	 	 	 
	EXECUTED AND DELIVERED as a DEED on
    behalf of	)	 	 	 
	ZIM EUROPA MARITIME LIMITED	)	 	 	 
	a company incorporated in the Republic of Liberia
    acting by	)	 	 	 
	Authorised Signatory	)	/s/
    Benny Hod	 	/s/ Ralph Sassun
	 	)	 	 	 
	being a person who, in accordance with the laws
    of the Republic of 	)	Benny Hod	 	Ralph Sassun
	Liberia is acting under the authority of the
    company	)	Company’s
    Comptroller	 	Head of Treasury
    Division

 

Address for Notices

 

	Address:	9 Andrei Sakharov Street
	 	31061 Haifa
	 	Israel
	 	 
	Fax:	+972 4 865 2813
	 	 
	Telephone:	+972 4 865 2111
	 	 
	Email:	eldar.guy@il.zim.com / sassun.ralph@il.zim.com
	 	 
	Attention:	Company CFO/Treasurer

 

    

     

    

 

	 	 	OBLIGORS
	 	 	 
	EXECUTED AND DELIVERED as a DEED on
    behalf of	)	 
	ZIM HAIFA MARITIME COMPANY S.A.R.L	)	 
	a company incorporated in the Duchy of Luxembourg
    acting by	)	 
	Authorised Signatory	)	/s/
    Benny Hod
	 	)	 
	being a person who, in accordance with the laws
    of the Duchy of 	)	Benny Hod
	Luxembourg is acting under the authority of
    the company	)	Company’s Comptroller

 

Address for Notices

 

	Address:	9 Andrei Sakharov Street
	 	31061 Haifa
	 	Israel
	 	 
	Fax:	+972 4 865 2813
	 	 
	Telephone:	+972 4 865 2111
	 	 
	Email:	eldar.guy@il.zim.com / sassun.ralph@il.zim.com
	 	 
	Attention:	Company CFO/Treasurer

 

    

     

    

 

	 	 	 	OBLIGORS
	 	 	 	 	 
	EXECUTED AND DELIVERED as a DEED on
    behalf of	)	 	 	 
	ZIM HAIFA MARITIME LIMITED	)	 	 	 
	a company incorporated in the Republic of Liberia
    acting by	)	 	 	 
	Authorised Signatory	)	/s/
    Benny Hod	 	/s/ Ralph Sassun
	 	)	 	 	 
	being a person who, in accordance with the laws
    of the Republic of 	)	Benny Hod	 	Ralph Sassun
	Liberia is acting under the authority of the
    company	)	Company’s
    Comptroller	 	Head of Treasury
    Division

 

Address for Notices

 

	Address:	9 Andrei Sakharov Street
	 	31061 Haifa
	 	Israel
	 	 
	Fax:	+972 4 865 2813
	 	 
	Telephone:	+972 4 865 2111
	 	 
	Email:	eldar.guy@il.zim.com / sassun.ralph@il.zim.com
	 	 
	Attention:	Company CFO/Treasurer

 

    

     

    

 

	 	 	OBLIGORS
	 	 	 
	EXECUTED AND DELIVERED as a DEED on
    behalf of	)	 
	ZIM IBERIA MARITIME COMPANY S.A.R.L.	)	 
	a company incorporated in the Duchy of Luxembourg
    acting by	)	 
	Authorised Signatory	)	/s/
    Benny Hod
	 	)	 
	being a person who, in accordance with the laws
    of the Duchy of 	)	Benny Hod
	Luxembourg is acting under the authority of
    the company	)	Company’s Comptroller

 

Address for Notices

 

	Address:	9 Andrei Sakharov Street
	 	31061 Haifa
	 	Israel
	 	 
	Fax:	+972 4 865 2813
	 	 
	Telephone:	+972 4 865 2111
	 	 
	Email:	eldar.guy@il.zim.com / sassun.ralph@il.zim.com
	 	 
	Attention:	Company CFO/Treasurer

 

    

     

    

 

	 	 	 	OBLIGORS
	 	 	 	 	 
	EXECUTED AND DELIVERED as a DEED on
    behalf of	)	 	 	 
	ZIM IBERIA MARITIME LIMITED	)	 	 	 
	a company incorporated in the Republic of Liberia
    acting by	)	 	 	 
	Authorised Signatory	)	/s/
    Benny Hod	 	/s/ Ralph Sassun
	 	)	 	 	 
	being a person who, in accordance with the laws
    of the Republic of 	)	Benny Hod	 	Ralph Sassun
	Liberia is acting under the authority of the
    company	)	Company’s
    Comptroller	 	Head of Treasury
    Division

 

Address for Notices

 

	Address:	9 Andrei Sakharov Street
	 	31061 Haifa
	 	Israel
	 	 
	Fax:	+972 4 865 2813
	 	 
	Telephone:	+972 4 865 2111
	 	 
	Email:	eldar.guy@il.zim.com / sassun.ralph@il.zim.com
	 	 
	Attention:	Company CFO/Treasurer

 

    

     

    

 

	 	 	OBLIGORS
	 	 	 
	EXECUTED AND DELIVERED as a DEED on
    behalf of	)	 
	ZIM JAMAICA MARITIME COMPANY S.A.R.L.	)	 
	a company incorporated in the Duchy of Luxembourg
    acting by	)	 
	Authorised Signatory	)	/s/
    Benny Hod
	 	)	 
	being a person who, in accordance with the laws
    of the Duchy of 	)	Benny Hod
	Luxembourg is acting under the authority of
    the company	)	Company’s Comptroller

 

Address for Notices

 

	Address:	9 Andrei Sakharov Street
	 	31061 Haifa
	 	Israel
	 	 
	Fax:	+972 4 865 2813
	 	 
	Telephone:	+972 4 865 2111
	 	 
	Email:	eldar.guy@il.zim.com / sassun.ralph@il.zim.com
	 	 
	Attention:	Company CFO/Treasurer

 

    

     

    

 

	 	 	OBLIGORS
	 	 	 	 	 
	EXECUTED AND DELIVERED as a DEED on
    behalf of	)	 	 	 
	ZIM JAMAICA MARITIME LIMITED	)	 	 	 
	a company incorporated in the Republic of Liberia
    acting by	)	 	 	 
	Authorised Signatory	)	/s/
    Benny Hod	 	/s/ Ralph Sassun
	 	)	 	 	 
	being a person who, in accordance with the laws
    of the Republic of 	)	Benny Hod	 	Ralph Sassun
	Liberia is acting under the
    authority of the company	)	Company’s
    Comptroller	 	Head
    of Treasury Division

 

Address for Notices

 

	Address:	9 Andrei Sakharov Street
	 	31061 Haifa
	 	Israel
	 	 
	Fax:	+972 4 865 2813
	 	 
	Telephone:	+972 4 865 2111
	 	 
	Email:	eldar.guy@il.zim.com / sassun.ralph@il.zim.com
	 	 
	Attention:	Company CFO/Treasurer

 

    

     

    

 

	 	 	OBLIGORS
	 	 	 
	EXECUTED AND DELIVERED as a DEED on
    behalf of	)	 
	ZIM PACIFIC MARITIME COMPANY S.A.R.L.	)	 
	a company incorporated in the Duchy of Luxembourg
    acting by	)	 
	Authorised Signatory	)	/s/
    Benny Hod
	 	)	 
	being a person who, in accordance with the laws
    of the Duchy of 	)	Benny Hod
	Luxembourg is acting under the authority of
    the company	)	Company’s Comptroller

 

Address for Notices

 

	Address:	9 Andrei Sakharov Street
	 	31061 Haifa
	 	Israel
	 	 
	Fax:	+972 4 865 2813
	 	 
	Telephone:	+972 4 865 2111
	 	 
	Email:	eldar.guy@il.zim.com / sassun.ralph@il.zim.com
	 	 
	Attention:	Company CFO/Treasurer

 

    

     

    

 

	 	 	 	OBLIGORS
	 	 	 	 	 
	EXECUTED AND DELIVERED as a DEED on
    behalf of	)	 	 	 
	ZIM PACIFIC MARITIME LIMITED	)	 	 	 
	a company incorporated in the Republic of Liberia
    acting by	)	 	 	 
	Authorised Signatory	)	/s/
    Benny Hod	 	/s/ Ralph Sassun
	 	)	 	 	 
	being a person who, in accordance with the laws
    of the Republic of 	)	Benny Hod	 	Ralph Sassun
	Liberia is acting under the authority of the
    company	)	Company’s
    Comptroller	 	Head of Treasury
    Division

 

Address for Notices

 

	Address:	9 Andrei Sakharov Street
	 	31061 Haifa
	 	Israel
	 	 
	Fax:	+972 4 865 2813
	 	 
	Telephone:	+972 4 865 2111
	 	 
	Email:	eldar.guy@il.zim.com / sassun.ralph@il.zim.com
	 	 
	Attention:	Company CFO/Treasur

 

    

     

    

 

 

	 	 	SECURED
    VESSEL LENDERS
	 	 	 
	EXECUTED AND DELIVERED as a	)	 
	DEED
    on behalf of	 	/s/
    [ILLEGIBLE]	 	/s/
    Steinar Pettersen
	HSH NORDBANK AG	)	 	 	Steinar Pettersen
	 	)	HSH Nordbank AG
	acting by	)	Gerhardt-Hauptmann-Platz 50
	Authorised Signatory	)	20095 Hamburg

 

	Address
    for Notices	 
	 	 
	Address:	HSH Nordbank AG
	 	Gerhardt-Hauptmann-Platz 50
	 	20095 Hamburg
	 	 
	Fax:	+4940333311929
	 	 
	Telephone:	+49403333611929
	 	 
	Email:	martin.dorau@hsh-nordbank.com
	 	 
	Attention:	Attn.: Martin Dorau

 

Global Restructuring Deed

 

    

     

    

 

	 	 	SECURED
    VESSEL LENDERS
	 	 	 
	EXECUTED AND DELIVERED as a	)	 
	DEED on behalf of	 	 
	SILVER CHALK 4 LTD.	)	 
	 	)	 
	acting by	)	/s/ King Street Acquisition Company L.L.C.
	Authorised Signatory	)	

 

	Address for Notices	 
	 	 
	Address:	Silver Chalk 4, Ltd.
	 	c/o King Street Capital Management. LP.
	 	65 East 55th Street. 30th Floor.
	 	New York. NY 10022, USA
	 	 
	Fax:	+12012159407
	 	 
	Email:	zim@kingstreet.com
	 	 
	Attention:	Shipping Department

 

Global Restructuring Deed

 

    

     

    

 

	 	 	SECURED VESSEL LENDERS
	 	 	 
	EXECUTED AND DELIVERED as
    a	)	/s/ Nicholas Little
	DEED on behalf of	 	 
	THE ROYAL BANK OF SCOTLAND	)	 
	PLC	 	 	 
	 	 	)	 
	acting by 	/s/ NICHOLAS
    LITTLE	)	 
	 	Authorised Attorney	)	 
	 	 	)	 
	In the presence of a witness	 	 
	 	 	 	 
	Witness signature	/s/ Catherine
    Lee	 	 
	 	 	 	 
	Witness name	CATHERINE LEE	 	Linklaters LLP
	 	 	 	One Silk Street
	Witness occupation	TRAINEE SOLICITOR	 	London
	 	 	 	EC2Y 8HQ
	Witness address	 	 	 

 

	Address for Notices	 
	 	 
	Address:	280 Bishopsgate
	 	London
	 	EC2M 4RB
	 	 
	Fax:	+442076720324
	 	 
	Telephone:	+442076789077
	 	 
	Email:	nick.little@rbs.com
	 	 
	Attention:	Nick Little

 

Global Restructuring Deed

 

    

     

    

 

	 	 	VESSELCO PARTIES
	 	 	 
	EXECUTED AND DELIVERED as a	)	 
	DEED on behalf of	 	 
	ABN-AMRO BANK N.V. (as a Syndicate	)	 
	Lender under the ‘Kexim’ facility)	 	/s/
    M.L. Borms
	 	)	M.L. Borms
	acting by	)	
	Authorised Signatory	)	/s/
    P. Van der Toorn
	 	 	P. Van
    der Toorn
	 	 	ABN AMRO Bank N.V.

 

Address for Notices

 

	Front Office	 
	 	 
	Address:	ECT Clients - Transportation
	 	Foppingadreef 22, 1000 AE Amsterdam, the Netherlands
	 	 
	Telephone:	+3120-3831409
	 	+3110-4015331
	 	 
	Email:	mick.borms@nl.abnamro.com
	 	nienke.blans@nl.abnamro.com
	 	 
	Attention:	Mick Borms // Nienke Blans

 

Back-office/Loan Admin

 

	Address:	Loans Admin Department (NPL/ ECT / GL0914)
	 	 
	 	Coolsingel 93, 3012 AE Rotterdam, The Netherlands
	 	 
	Fax.no.:	+31104016118
	Email:	FBNloansadmin@nl.abnamro.com

 

Global Restructuring Deed

 

    

     

    

 

	 	 	VESSELCO PARTIES
	 	 	 
	EXECUTED AND DELIVERED as
    a	)	 
	DEED on behalf of	 	 
	BANK OF AMERICA, NATIONAL	)	 
	ASSOCIATION (as a Syndicate Lender	)	 
	under the ‘Kexim’
    facility)	)	 
	 	)	 
	acting by an Authorised Signatory	)	 
	under its authority:	)	 
	 	)	 
	By:	Helmut Martin	)	/s/ Helmut Martin
	Title:	Vice President	)	 
	 	)	 

 

Address for Notices

 

	Address:	Bank of America NA.,
	 	2 King Edward Street,
	 	London ECIA 1HQ
	 	United Kingdom
	 	 
	Fax:	+44(0)2079962997
	 	 
	Telephone:	+44(0)2079958030/+44(0)2079958084
	 	 
	Email:	corporate.actions@bankofamerica.com
	 	 
	Attention:	GCSS Corporate Actions Team

 

Global Restructuring Deed

 

    

     

    

 

	 	 	VESSELCO
    PARTES
	 	 	 
	EXECUTED AND DELIVERED as a	)	 
	DEED on behalf of	 	 
	BELFIUS BANK S.A./N.V. (as a Syndicate	)	 
	Lender under the ‘Kexim’ facility)	 	 
	 	)	 
	acting by	)	 
	Authorised
    Signatory	)	A.M. Neissechers
	A.M. Neissechers 

    Company lawyer	Company lawyer - and - T.Blanpain Head of Projet Finance Energy

 

	Address
    for Notices	 
	 	 
	Credit Matters	 
	Address:	Pachecolaan 44
	 	PA 04/07
	 	1000 Brussels
	 	 
	Fax:	+3222222311
	 	 
	Telephone:	+3222223847
	 	+32 2 222 20 58s
	 	 
	Email:	koen.vinck@belfius.be
	 	bart.ferrand@belfius.be
	 	 
	Attention:	Mr.Koen Vinck
	 	Mr.Bart Ferrand
	 	 
	Legal Matters:	 
	 	 
	Address:	Pachecolaan 44
	 	PA 04/07
	 	1000 Brussels
	 	 
	Fax:	+3222851375
	 	 
	Telephone:	+3222227628
	 	 
	Email:	katrien.metten@belfius.be
	 	 
	Attention:	Mrs.Katrien Metten

 

Global Restructuring Deed

 

    

     

    

 

	 	 	VESSELCO
    PARTIES
	EXECUTED AND DELIVERED as a	)	 
	DEED on behalf of	 	 
	BNP PARIBAS S.A. (as Facility
    Agent of	)	 	 	 
	the ‘Kexim’ facility)	 	 	 	 
	 	)	/s/
    Fablenne DELORME	 	/s/ ISABELLE
    BLANDIN
	acting by	)	Fablenne DELORME	 	ISABELLE
    BLANDIN
	Authorised Signatory	)	Senior Agency Manager	 	 

 

	Address for Notices	 
	 	 
	Credit Matters	 
	 	 
	Address:	5 George’s Dock
	 	I.F.S.C.
	 	Dublin 1
	 	Ireland
	 	 
	Fax:	00353-1-6125104
	 	 
	Email:	Deirdre.geoghegan@bnpparibas.com
	 	bnpp_csd_dublin@bnpparibas.com
	 	 
	Attention:	Deirdre Geoghegan
	 	 
	Operational Matters
	 	 
	Address:	5 George’s Dock
	 	I.F.S.C.
	 	Dublin 1
	 	Ireland
	 	 
	Fax:	00353-1-6125022
	 	 
	E-mail:	Brenda.tyrrell@bnpparibas.com
	 	 
	Attention:	Brenda Tyrrell

 

Global Restructuring Deed

 

    

     

    

 

	 	 	VESSELCO
    PARTIES
	 	 	 
	EXECUTED AND
    DELIVERED as a	)	/s/
    Delphine KAMBOU
	DEED on behalf of	 	Delphine KAMBOU
	BNP PARIBAS S.A. (as a Syndicate	)	 
	Lender under the ‘Kexim’ facility)	 	 
	 	)	 
	acting by	)	 
	Authorised Signatory	)	/s/
    Patricia LORMEAU
	 	 	Patricia LORMEAU

 

	Address for Notices	 
	 	 
	Credit Matters	 
	 	 
	Address:	5 George’s Dock
	 	I.E.S.C.
	 	Dublin 1
	 	Ireland
	 	 
	Fax:	00353-1-6125104
	 	 
	Email:	Deirdre.geoghcgan@bnpparibas.com
	 	bnpp_csd_dublin@bnpparibas.com
	 	 
	Attention:	Deirdre Geoghegan
	 	 
	Operational Matters	 
	 	 
	Address:	5 George’s Dock
	 	I.F.S.C.
	 	Dublin I
	 	Ireland
	 	 
	Fax:	00353-1-6125022
	 	 
	E-mail:	Brenda.tyrrell@bnpparibas.com
	 	 
	Attention:	Brenda Tyrrell

 

Global Restructuring Deed

 

    

     

    

 

	 	 	VESSELCO
    PARTIES
	 	 	 
	EXECUTED AND DELIVERED as a	)	 
	DEED on behalf of	 	 
	CREDIT INDUSTRIEL ET	)	 
	COMMERCIAL (as a Syndicate Lender	 	 
	under the ‘Kexim’ facility)	 	 
	 	)	 
	acting
    by	)	/s/
    XAVIER CONTARD	 	/s/
    Patrick de Chambure
	Authorised Signatory
    	)	XAVIER CONTARD	 	Patrick de Chambure

 

	Address for Notices	 
	 	 
	Address:	Credit Industriel et Commercial
	 	Direction des Financements Spécialisés
	 	Département Ingénierie el Montage
	 	4 rue Gaillon
	 	75107 PARIS CEDEX 02
	 	 
	Fax:	+33142667897
	 	 
	Telephone:	+33142667133
	 	+33142667168
	 	+33142668407
	 	 
	Email:	jean-philippe.guillon@cic.fr
	 	erwan.goasdoue@cic.fr
	 	xavier.contard@cic.fr
	 	 
	Attention:	Jean-Philippe Guillon
	 	Erwan Goasdoue
	 	Xavier Contard     

 

Global Restructuring Deed

 

    

     

    

 

	 	 	VESSELCO
    PARTIES
	 	 	 
	EXECUTED AND DELIVERED as a	)	 
	DEED on behalf of	 	 
	NATIXIS (as a Syndicate
    Lender under the	)	 	 	 
	‘Kexim’ facility)	 	 	 	 
	 	)	/s/
    Michel Degermann	 	/s/
    Bernard Issautier
	acting by	)	Michel DEGERMANN	 	Bernard ISSAUTIER
	Authorised Signatory	)	Head of Shipping
    Finance	 	 

 

	Address for Notices	 
	 	 
	Address:	Shipping, Offshore& Land Transportation Finance
	 	Deal Closing and Portfolio Monitoring
	 	68-76 quai de la Rapée –75012 Paris (location)
	 	BP 4 - 75060 Paris Cedex 02 (postal address)
	 	 
	Fax:	+33158193672
	 	 
	Telephone:	+33158556714
	 	 
	Email:	anne.desticourt@natixis.com
	 	 
	Attention:	Anne Desticourt

 

Global Restructuring Deed

 

    

     

    

 

 

VESSELCO
PARTIES

 

	EXECUTED AND DELIVERED
    as a	)	 
	DEED on behalf of	 	 
	THE EXPORT IMPORT BANK OF	)	 
	KOREA (as a Syndicate Lender under the	 	 
	‘Kexim’ facility)	 	 
	 	)	 
	acting by	)	/s/ Yang
    Woon-Sung
	Authorised Signatory	)	Yang Woon-Sung

 

Address
for Notices

 

	Address:	Maritime Project Finance Department
	 	38 Eunhaeng-ro Yeongdeungpo-gu,
	 	Seoul
	 	Korea 150-996
	 	 
	Telephone:	+82-2-3779-6323
	 	+82-2-3779-6322
	 	 
	Email:	jje1231@koreaexim.go.kr
	 	wsyang@koreaexim.go.kr
	 	 
	Attention:	Jo, Jung-eun

 

Global
Restructuring Deed

 

     

     

    

 

	 	 	VESSELCO
    PARTIES
	 	 	 
	EXECUTED AND DELIVERED as a	)	 
	DEED on behalf of	 	 
	ABN-AMRO BANK N.V. (as a Syndicate	)	/s/
    M.L. Borms
	Lender under the ‘K-Sure’ facility)	 	M.L. Borms
	 	)	/s/
    P. van der Toom
	acting by	)	P. van der Toom
	Authorised Signatory	)	ABN AMRO Bank N.V.

 

Address
for Notices

 

Front
Office:

 

	Address:	ECT Clients - Transportation
	 	Foppingadreef 22, 1000 AE Amsterdam, the Netherlands
	 	 
	Telephone:	31 (0) 20-3831409 // +31 (0) 10-4015331
	 	 
	Email:	mick.borms@nl.abnamro.com
	 	nienke.blans@nl.abnamro.com
	 	 
	Attention:	Mick Borms // Nienke Blans
	 	 
	Back-office/Loan Admin
	 	 
	Address:	Loans Admin Department (NPL/ ECT / GL0914)
	 	Coolsingel 93, 3012 AE Rotterdam, The Netherlands
	 	 
	Fax. no.:	+ 31 10 401 6118
	 	 
	Email :	FBNloansadmin@nl.abnamro.com

 

Global
Restructuring Deed

 

     

     

    

 

	 	 	VESSELCO
    PARTIES
	 	 	 
	EXECUTED AND DELIVERED as a	)	 
	DEED on behalf of	 	 
	BANK OF SCOTLAND PLC (as a	)	/s/ H. Tamsen
	Syndicate Lender under the ‘K-Sure’	 	H. Tamsen
	Facility	 	 
	 	)	 
	acting by	)	 
	Authorised Attorney	)	
	 	)	
	In the presence of a witness	)	 
	 	)	 
	Witness signature	)	/s/ Matthew
    Hammond
	 	)	Matthew Hammond
	Witness name	)	Director - Portfolio Execution
	 	)	Bank of Scotland plc
	Witness occupation	)	Level 6, 33 Old Broad Street
	 	)	London EC2N 1HZ
	Witness address	)	 

 

	Address for Notices	 
	 	 
	Address:	Lloyds Bank
	 	New Uberior House
	 	11 Earl Grey Street
	 	Edinburgh, EH3 9BN
	 	 
	Fax:	0131659 1300
	 	 
	Telephone:	0131659 1195
	 	 
	Entail:	john.lowe@lloydsbanking.com
	 	 
	Attention:	John Lowe
	 	 
	Global Restructuring Deed

 

     

     

    

 

	 	 	VESSELCO
    PARTIES
	 	 	 
	EXECUTED AND DELIVERED as a	)	 
	DEED on behalf of	 	 
	BELFIUS BANK S.A./N.V. (as a Syndicate	)	 
	Lender under the ‘K-Sure’ facility)	 	 
	 	)	 
	acting by	)	/s/ H. Tamsen
	Authorised Signatory	)	H. Tamsen

 

	Address for Notices	 	 	/s/ Matthew Hammond
	 	 	 	Matthew Hammond
	Credit Matters	 	 	Director - Portfolio Execution
	 	 	 	Bank of Scotland plc
	Address:	Pachecolaan 44	 	Level 6, 33 Old Brod Street
	 	PA 04/07	 	London EC2N 1HZ
	 	1000 Brussels	 	 
	 	 	 	 
	Fax:	+32 2 222 23 11	 	 
	 	 	 	 
	Telephone:	+32 2 222 38 47	 	 
	 	+32 2 222 20 58	 	 
	 	 	 	 
	Email:	koen.vinck@belfius.be	 	 
	 	bart.ferrand@belfius.be	 	 
	 	 	 	 
	Attention:	Mr. Koen Vinck	 	 
	 	Mr. Bart Ferrand	 	 
	 	 	 	 
	Legal Matters:	 	 	 
	 	 	 	 
	Address:	Pachecolaan 44	 	 
	 	PA 04 /07	 	 
	 	1000 Brussels	 	 
	 	 	 	 
	Fax:	+32 2 285 13 75	 	 
	 	 	 	 
	Telephone:	+32 2 222 76 28	 	 
	 	 	 	 
	Email:	katrien.metten@belfius.be	 	 
	 	 	 	 
	Attention:	Mrs. Katrien Metten	 	 
	 	 	 	 
	Global Restructuring Deed	 	 

 

     

     

    

 

	 	 	 	 	VESSELCO
    PARTIES
	 	 	 	 	 
	EXECUTED AND DELIVERED as a	)	 	 	 
	DEED on behalf of	 	 	 	 
	BNP PARIBAS S.A. (as Facility Agent of	)	 	 	 
	the ‘K-Sure’ facility)	 	 	 	 
	 	)	/s/ Fabienne
    Delorme	 	/s/ Isabelle
    Blandin
	acting by	)	 	 	 
	Authorised Signatory	)	Fabienne DELORME	 	Isabelle BLANDIN
	 	 	Senior Agency Manager	 	 

 

	 	 
	Address for Notices	 
	 	 
	Credit Matters	 
	 	 
	Address:	5 George’s Dock
	 	l.F.S.C.
	 	Dublin 1
	 	Ireland
	 	 
	Fax:	00353- 1-612 5104
	 	 
	Email:	Deirdre.geoghegan@bnpparibas.com
	 	bnpp_esd dublin@bnpparibas.com
	 	 
	Attention:	Deirdre Geoghegan
	 	 
	Operational Matters	 
	 	 
	Address:	5 George’s Dock
	 	I.F.S.C.
	 	Dublin 1
	 	Ireland
	 	 
	Fax:	00353-1-612 5022
	 	 
	E-mail:	Brenda.tyrrell@bnpparibas.com
	 	 
	Attention:	Brenda Tyrrell
	 	 
	Global Restructuring Deed

 

     

     

    

 

	 	 	VESSELCO
    PARTIES
	 	 	 
	EXECUTED AND DELIVERED as a	)	 
	DEED on behalf of	 	/s/ Delphine
    Kambou
	BNP PARIBAS S.A. (as a Syndicate	)	Delphine Kambou
	Lender under the ‘K-Sure’ facility)	 	 
	 	)	 
	acting by	)	/s/ Patricia
    Lormeau
	Authorised Signatory	)	Patricia LORMEAU

 

Address
for Notices

 

Credit
Matters

 

	Address:	5
                                         George’s Dock
	 	I.F.S.C
	 	Dublin
                                         1
	 	Ireland
	 	 
	Fax:	00353-1-612
                                         5104
	 	 
	Email:	Deirdre.geoghegan@bnpparibas.com
	 	bnpp_csd_dublin@bnpparibas.com
	 	 
	Attention:	Deirdre
                                         Geoghegan

 

Operational
Matters

 

	Address:	5
                                         George’s Dock
	 	I.F.S.C.
	 	Dublin
                                         1
	 	Ireland
	 	 
	Fax:	00353-1-612
                                         5022
	 	 
	E-mail:	Brenda.tyrrell@bnpparibas.com
	 	 
	Attention:	Brenda
                                         Tyrrell

 

Global
Restructuring Deed

 

     

     

    

 

	 	 	VESSELCO
    PARTIES
	 	 	 
	EXECUTED AND DELIVERED
    as a	)	 
	DEED on behalf
    of	 	 
	CREDIT INDUSTRIEL
    ET	)	 
	COMMERCIAL (as
    a Lender under the	 	 
	‘K-Sure’
    facility)	 	 
	 	)	 
	acting by	)	 
	Authorised
    Signatory	)	/s/
    Xavier Contard	 	/s/
    Patrick de Chambure
	 	 	XAVIER CONTARD	 	Patrick de Chambure
	 	)	 	 	 
	 	)	 	 	 
	 	)	 	 	 

 

	Address for Notices	 
	 	 
	Address:	Credit Industriel et Commercial
	 	Direction des Financements Spécialisés
	 	Département Ingénierie et Montage
	 	4 rue Gaillon
	 	75107 PARIS CEDEX 02
	 	 
	Fax:	+331 42 66 78 97
	 	 
	Telephone:	+331 42 66 71 33
	 	+331 42 66 71 68
	 	+331 42 66 84 07
	 	 
	Email:	jean-philippe.guillon@cic.fr
	 	erwan.goasdoue@cie.fr
	 	xavier.contard@cic.fr
	 	 
	Attention:	Jean-Philippe Guillon
	 	Erwan Goasdoue
	 	Xavier Contard

 

Global
Restructuring Deed

 

     

     

    

 

	 	 	VESSELCO
    PARTIES
	 	 	 
	EXECUTED AND DELIVERED as a	)	 
	DEED on behalf of	 	 
	NATIXIS (as a Syndicate
    Lender under the	)	/s/
    Michel Degermann	 	/s/
    Bernard Issautier
	‘K-Sure’ facility)	 	Michel DEGERMANN	 	Bernard ISSAUTIER
	 	)	Head of Shipping
    Finance	 	 
	acting by	)	 
	Authorised Signatory	)	 

 

Address
for Notices

 

	Address:	Shipping,
                                         Offshore & Land Transportation Finance
	 	Deal
                                         Closing and Portfolio Monitoring
	 	68-76
                                         quai de la Rapée – 75012 Paris (location)
	 	BP
                                         4 - 75060 Paris Cedex 02 (postal address)
	 	 
	Fax:	+33
                                         158 19 36 72
	 	 
	Telephone:	+33
                                         158 55 67 14
	 	 
	Email:	anne.desticourt@natixis.com
	 	 
	Attention:	Anne
                                         Desticourt

 

Global
Restructuring Deed

 

     

     

    

 

	 	 	VESSELCO PARTIES
	 	 	 
	EXECUTED AND DELIVERED as
    a	)	 
	DEED on behalf of	 	 
	BANK OF AMERICA MERRILL LYNCH	)	 
	INTERNATIONAL LIMITED (as	)	 
	Syndicate Lender under the Wilmington	)	 
	345 Facility)	)	 
	pursuant to a power of attorney
    dated 04	)	 
	March 2014	)	 
	acting by Philip Rae	)	 
	Authorised
    Signatory	)	 
	 	)	/s/ Philip Rae
	acting by Helmut Martin	)	 
	Authorised
    Signatory 	)	/s/ Helmut Martin
	in the presence of a witness	 	 
	Witness signature	)	 
	 	)	 
	Witness name	Darius Jalali	)	 
	 	 	)	/s/ Darius
    Jalali
	Witness occupation	Banker	)	 
	 	 	)	 
	Witness address 	2 King Edward Street	)	 
	 	London EC1A 1HQ	 	 

 

 

.Address
for Notices

 

 

 

	Address:	Bank
                                         of America Merrill Lynch International Limited
	 	2
                                         King Edward Street
	 	London
                                         EC1A 1HQ
	 	United
                                         Kingdom
	 	 
	Fax:	+44
                                         (0) 207 996 2997
	 	 
	Telephone:	+44
                                         (0) 207 995 8030 / +44 (0) 207 995 8084
	 	 
	Email:	corporate.actions@bankofamerica.com
	 	 
	Attention:	GCSS
                                         Corporate Actions Team

 

Global
Restructuring Deed

 

     

     

    

 

	 	 	VESSELCO
    PARTIES
	 	 	 
	SIGNED AND DELIVERED AS A DEED	 
	by the duly authorised Attorney
    of	 
	BURLINGTON LOAN MANAGEMENT	 
	LIMITED (as Syndicate Lender
    under the	 
	Wilmington 345 Facility)	/s/
    Christian Currian
	by:	Duly Authorised Signatory
	 	 	 
	 	Name:	CHRISTIAN CURRIAN	 
	 	 	 	 
	 	Title:	Attomey-in-Fact	 
	 	 	 	 
	in the presence of:	/s/ PADDY RATH	 	 	 
	 	 	 	 	 
	Signature of Witness	 	 	 	 
	Name:	PADDY
    RATH	 	 	 
	 	 	 	 	 
	Address:	17-19
    SIR JOHN ROGERSON’S QUAY, DUBLIN 2, IRELAND	 
	 	 	 
	Occupation:	SOLICITOR	 	 	 

 

Address
for Notices

 

	Address:	Burlington
                                         Loan Management Limited
	 	5
                                         Harbourmaster Place, IFSC
	 	Dublin
                                         1, Ireland
	 	 
	Fax:	+44
                                         020 7292 6790
	 	 
	Telephone:	+
                                         44 020 7292 6773
	 	 
	Email:	ckrishanthan@dkpartners.com
	 	 
	Attention:	Chris
                                         Krishanthan

 

with
a copy to:

 

c/o
Davidson Kempner European Partners LLP

10
Old Burlington Street, 4th Floor

London
W1S 3AG

 

Global
Restructuring Deed

 

     

     

    

 

	 	 	VESSELCO
    PARTIES
	 	 	 
	EXECUTED AND DELIVERED as a	)	 
	DEED on behalf of	 	 
	CITIGROUP FINANCIAL PRODUCTS	)	 
	INC. (as Syndicate Lender under the	 	 
	Wilmington 345 Facility)	 	 
	 	 	 
	acting by	)	/s/
    Scott R. Evan	 
	Authorised Signatory	)	Scott R. Evan	 
	 	 	Authorized Signatory	 

 

Address
for Notices

 

	Address:	Citigroup
                                         Financial Projects Inc.
	 	Canada
                                         Centre
	 	E14
                                         5LB
	 	 
	Telephone:	+44
                                         207 986 7350
	 	+44
                                         207 986 7223
	 	+44
                                         207 986 7402
	 	 
	Email	paul.david.taylor@citi.com
	 	daniel.hayes@citi.com
	 	carol.allmond@citi.com
	 	florian.struben@citi.com
	 	adam.balkan@citi.com
	 	 
	Attention:	Paul
                                         Taylor
	 	Daniel
                                         Hayes
	 	Carol
                                         Allmond
	 	Florian
                                         Struben
	 	Adam
                                         Balkan

 

Global
Restructuring Deed

 

     

     

    

 

	 	 	VESSELCO
    PARTIES
	 	 	 
	EXECUTED AND DELIVERED as a	)	 
	DEED on behalf of	 	 
	KING STREET ACQUISITION	)	 
	COMPANY, LLC (as Syndicate Lender	 	 
	under the Wilmington 345 Facility)	 	 
	a company incorporated in Delaware, USA	)	 
	acting by	)	 
	King Street Capital
    Management,	)	 
	L.P.	 	 
	 	 	 
	acting by	)	 
	Authorised Signatory	)	/s/ King Street Acquisition company L.L.C.

 

Address
for Notices

 

	Address:	King
                                         Street Acquisition Company L.L.C.
	 	65
                                         East 55th Street
	 	30th
                                         Floor
	 	New
                                         York NY 10022
	 	USA
	 	 
	Telephone:	+212
                                         812 3140
	 	 
	Email:	Bankdebt@Kingstreet.com
	 	RShaikh@kingstreet.com
	 	AParadis@kingstreet.com
	 	GM
                                         orrison@kingstreet.com
	 	KRandall@kingstreet.com
	 	 
	Attention:	Bank
                                         Debt
	 	Raihan
                                         Shaikh-Khaleel
	 	Andrew
                                         Paradis
	 	Graham
                                         Morrison
	 	Kate
                                         Randall
	 	 

 

Global
Restructuring Deed

 

     

     

    

 

	 	 	VESSELCO
    PARTIES
	 	 	 
	EXECUTED AND DELIVERED
    as a	)	 	/s/  Paul
    Barton
	DEED on behalf of	 	 	Paul Barton
	WILMINGTON TRUST (LONDON)	)	 	Director
	LIMITED (as Facility Agent under the	 	 
	Wilmington 345 Facility)	 	 
	acting by	)	 
	Authorised Attorney	)	 
	 	)	 
	In the presence of a witness	)	 
	 	)	 
	Witness signature	 	/s/ Ekoue Kangni
	 	)	 
	Witness name	)	EKOUE KANGNI
	 	) 	Relationship Manager
	Witness occupation	)	 
	 	)	Third Floor
	Witness address	)	1 King’s Arms Yard
	 	 	London, EC2R 7AF
	 	 	Fax:
    +44 (0)20 7397 3601

 

Address
for Notices

 

	Address:	Wilmington
                                         Trust (London) Limited
	 	Third
                                         Floor
	 	1
                                         King’s Arms Yard
	 	London
                                         EC2R 7AF
	 	 
	Fax:	+44(0)
                                         207 7397 3648
	 	 
	Telephone:	+44(0)
                                         207 7397 3601
	 	 
	Email:	ekangni@wilmingtontrust.com
	 	 
	Attention:	Ekoue
                                         Kangni

 

Global
Restructuring Deed

 

     

     

    

 

 

	 	 	VESSELCO
    PARTIES
	 	 	 
	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	YORK
    GLOBAL FINANCE BDH, LLC		 
	(as
    Syndicate Lender under the	 	 
	Wilmington
    345 Facility)	 	 
	 	)	/s/
    Richard P. Swanson
	acting
    by	)	Richard
    P. Swanson
	Authorised
    Signatory	)	General
    Counsel

 

Address
for Notices

 

	Address:	York
    Global Finance BDH, LLC
	 	767 5th
    Ave, 17th Floor
	 	New York, NY 10153
	 	USA
	 	 
	Telephone:	+212 710 6549
	 	 
	Email:	Bankdebt@Yorkcapital.com
	 	jblank@yorkcapital
    .com
	 	mmauro@yorkcapital.com
	 	 
	Attention:	Jeremy
    Blank
	 	Lauren Searing
	 	Margaret Mauro

 

Global
Restructuring Deed

 

    

    

    

 

	 	 	VESSELCO
    PARTIES
	 	 	 
	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	BANK
    OF AMERICA MERRILL LYNCH	)	 
	INTERNATIONAL
    LIMITED (as	)	 
	Syndicate
    Lender under the Wilmington	)	 
	349
    Facility)	)	 
	pursuant
    to a power of attorney dated 04	)	 
	March
    2014	)	 
	acting
    by Philip Rae	)	 
	Authorised
    Signatory	)	 
	acting
    by Helmut Martin	)	 
	Authorised
    Signatory	)	 
	in
    the presence of a witness	)	/s/
    Philip Rae
	Witness
    signature	)	 
	 	)	 
	Witness
    name	Darius
    Jalali	)	 
	 	 	)	 
	Witness
    occupation	Banker	)	/s/
    Darius Jalali
	 	 	)	 
	Witness
    address	2
    King Edward Street	)	 
	 	London
    EC1A 1HQ	 	 

 

Address
for Notices

 

	Address:	Bank of America Merrill Lynch International Limited
	 	2 King Edward Street
	 	London ECIA1HQ
	 	United Kingdom
	 	 
	Fax:	+44 (0)207 996 2997
	 	 
	Telephone:	+44 (0) 207 995 8030 / +44 (0) 207 995 8084
	 	 
	Email:	corporate.actions@bankofamerica.com
	 	 
	Attention:	GCSS Corporate Actions Team

 

Global
Restructuring Deed

 

    

    

    

 

	 	 	VESSELCO
    PARTIES
	 	 	 
	SIGNED
    AND DELIVERED AS A DEED	 
	by
    the duly authorised Attorney of	 
	BURLINGTON
    LOAN MANAGEMENT	 
	LIMITED
    (as Syndicate Lender under the	 
	Wilmington
    349 Facility)	/s/
    Christian Currivan
	by:	Duly Authorised
    Signatory
	 	 	 
	 	Name:	Christian Currivan	 
	 	 	 	 
	 	Title:	Attorney-in-Fact	 
	 	 	 	 
	in
    the presence of:	/s/
    Paddy Rath	 	 	 
	 	 	 	 	 
	Signature
    of Witness	 	 	 	 
	 	 	 	 	 
	Name:	PADDY
    RATH	 	 	 
	 	 	 	 	 
	Address:	17-19
    SIR JOHN ROGERSON’S QUAY, DUBLIN 2, IRELAND	 	 	 
	 	 	 
	Occupation:	SOLICITOR	 	 	 

 

Address
for Notices

 

	Address:	Burlington Loan Management Limited
	 	5 Harbourmaster Place, IFSC
	 	Dublin 1, Ireland
	 	 
	Fax:	+44 020 7292 6790
	 	 
	Telephone:	+44 020 7292 6773
	 	 
	Email:	ckrishanthan@dkpartners.com
	 	 
	Attention:	Chris Krishanthan

 

with
a copy to:

 

c/o
Davidson Kempner European Partners LLP

10
Old Burlington Street, 4th Floor

London
W1S 3AG

 

Global
Restructuring Deed

 

    

    

    

 

	 	 	VESSELCO
    PARTIES
	 	 	 	 
	EXECUTED
    AND DELIVERED as a	)	 	 
	DEED
    on behalf of	 	 	 
	CITIGROUP
    FINANCIAL PRODUCTS	)	 	 
	INC.
    (as Syndicate Lender under the	 	 	 
	Wilmington
    349 Facility)	 	 	 
	 	 	 	 
	acting
    by	)	/s/
    Scott R. Evan	 
	Authorised
    Signatory	)	Scott
    R. Evan	 
	 	 	Authorized
    Signatory	 

 

Address
for Notices

 

	Address:	Citigroup Financial Projects Inc.
	 	Canada Centre
	 	E14 5LB
	 	 
	Telephone:	+44 207 986 7350
	 	+44 207 986 7223
	 	+44 207 986 7402
	 	 
	Email:	paul.david.taylor@citi.com
	 	daniel.hayes@citi.com
	 	carol.allmondl@citi.com
	 	florian.struben@citi.com
	 	adam.balkan@citi.com
	 	 
	Attention:	Paul Taylor
	 	Daniel Hayes
	 	Carol Allmond
	 	Florian Struben
	 	Adam Balkan

 

Global
Restructuring Deed

 

    

    

    

 

	 	 	VESSELCO
    PARTIES
	 	 	 
	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	KING
    STREET ACQUISITION	)	 
	COMPANY,
    LLC (as Syndicate Lender	 	 
	under
    the Wilmington 349 Facility)	 	 
	a
    company incorporated in Delaware, USA	)	 
	acting
    by	)	 
	King
    Street Capital Management,	)	 
	L.P.	 	 
	 	 	 
	acting
    by	)	/s/ King
    Street Acquisition Company L.L.C.
	Authorised
    Signatory	)	 

 

Address
for Notices

 

	Address:	King
    Street Acquisition Company L.L.C.
	 	65 East 55th
    Street
	 	30th Floor
	 	New York NY 10022 
	 	USA
	 	 
	Telephone:	+212 812 3140
	 	 
	Email:	Bankdebt@Kingstreet.com
	 	RShaikh@kingstreet.com
	 	AParadis@kingstreet.com
	 	GMorrison@kingstreet.com
	 	KRandall@kingstreet.com
	 	 
	Attention:	Bank Debt
	 	Raihan Shaikh-Khaleel
	 	Andrew Paradis
	 	Graham Morrison
	 	Kate Randall

 

Global
Restructuring Deed

 

    

    

    

 

	 	 	VESSELCO
    PARTIES
	 	 	 
	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	WILMINGTON
    TRUST (LONDON)	)	/s/
    Paul Barton	Paul
    Barton
	LIMITED
    (as Facility Agent under the	 	 	Director
	Wilmington
    349 Facility)	 	 
	acting
    by	)	 
	Authorised
    Attorney	)	 
	 	)	 
	In
    the presence of a witness	)	 
	 	)	 
	Witness
    signature	)	/s/
    Ekoue Kangni
	 	)	 
	Witness
    name	)	Ekoue KANGNI
	 	)	Relationship
    Manager
	Witness
    occupation	)	 
	 	)	Third
    Floor
	Witness
    address	)	1
    King’s Arms Yard
	 	 	London,
    EC2R 7AF
	 	 	Fax:
    +44 (0)20 7397 3601

 

Address
for Notices

 

	Address:	Wilmington
    Trust (London) Limited
	 	Third Floor
	 	1 King’s Arms
    Yard
	 	London
	 	EC2R 7AF
	 	 
	Fax:	+44(0) 207 7397 3648
	 	 
	Telephone:	+44(0) 207 7397 3601
	 	 
	Emai1:	ekangni@wilmingtontrust.com
	 	 
	Attention:	Ekoue Kangni

 

Global
Restructuring Deed

 

    

    

    

 

	 	 	VESSELCO
    PARTIES
	 	 	 
	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	YORK
    GLOBAL FINANCE BDH, LLC	 	/s/ Richard
    P. Swanson
	(as
    Syndicate Lender under the	 	 
	Wilmington
    349 Facility)	 	 
	 	)	Richard
    P. Swanson
	acting
    by	)	General
    Counsel
	Authorised
    Signatory	)	 

 

Address
for Notices

 

	Address:	York
    Global Finance BDH, LLC
	 	767 5th
    Ave, 17th Floor
	 	New York, NY 10153
	 	USA
	 	 
	Telephone:	+212 710 6549
	 	 
	Email:	Bankdebt@Yorkcapital.com
	 	jblank@yorkcapital.com
	 	mmauro@yorkcapital.com
	 	 
	Attention:	Jeremy Blank
	 	Lauren Searing
	 	Margaret Mauro

 

Global
Restructuring Deed

 

    

    

    

 

VESSELCO PARTIES

 

	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	BANK
    OF AMERICA MERRILL LYNCH	)	 
	INTERNATIONAL
    LIMITED (as	)	 
	Syndicate
    Lender under the Wilmington	)	 
	352
    Facility)	)	 
	pursuant
    to a power of attorney dated 04	)	 
	March 2014	)	 
	acting
    by Philip Rae	)	 
	Authorised
    Signatory	)	 
	 	)	/s/
    Philip Rae
	action
    by Helmut Martin	)	 
	Authorised
    Signatory	 	 
	in the
    presence of a witness	)	 
	Witness
    signature	)	 
	 	)	 
	Witness
    name	Darius Jalali	)	 
		)	 
	Witness occupation
    	Banker	)	/s/ Darius
    Jalali
		)	 
	Witness address 	2 King Edward Street	)	 
	 	London
    EC1A 1HQ	 	 

 

Address for Notices

 

	Address:	Bank
    of America Merrill Lynch International Limited
	 	2
    King Edward Street
	 	London
    EC1A 1HQ
	 	United
    Kingdom
	 	 
	Fax:	+44
    (0) 207 996 2997
	 	 
	Telephone:	+44
    (0) 207 995 8030 / +44 (0) 207 995 8084
	 	 
	Email:	corporate.actions@bankofamerica.com
	 	 
	Attention:	GCSS
    Corporate Actions Team

 

Global Restructuring Deed

 

    

    

    

 

VESSELCO PARTIES

 

	SIGNED AND DELIVERED AS
    A DEED	 
	by the duly authorised Attorney of	 
	BURLINGTON LOAN MANAGEMENT	 
	LIMITED (as Syndicate Lender under the	/s/
    Christian Currivan
	Wilmington 352 Facility)	 
	 	 
	by:	Duly Authorised Signatory
	 	 
	 	Name:  Christian
    Currivan
	 	 
	 	Title:  Attorney-in-Fact

 

	in the presence of:	/s/ Paddy Rath	 
	 	 	 
	 	 	 
	Signature of Witness	 
	 	 	 
	Name:	PADDY
    RATH	 
	 	 	 
	Address:	17-19 SIR JOHN ROGERSON'S QUAY, DUBLIN 2, IRELAND	 
	 	 	 
	Occupation:	SOLICITOR	 

 

Address for Notices

 

	Address:	Burlington Loan Management
    Limited
	 	5 Harbourmaster Place, IFSC
	 	Dublin 1, Ireland
	 	 
	Fax:	+44 020 7292 6790
	 	 
	Telephone:	+44 020 7292 6773
	 	 
	Email:	ckrishanthan@dkpartners.com
	 	 
	Attention:	Chris Krishanthan

 

with a copy to:

 

c/o Davidson Kempner European Partners LLP

10 Old Burlington Street, 4th Floor

London W1S 3AG

 

Global Restructuring Deed

 

    

    

    

 

 

VESSELCO PARTIES

 

	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	CITIGROUP
    FINANCIAL PRODUCTS	)	 
	INC.
    (as Syndicate Lender under the	 	 
	Wilmington
    352 Facility)	 	 
	 	 	 
	acting
    by	)	/s/ Scott
    R. Evan
	Authorised
    Signatory	)	Scott R. Evan
	 	 	Authorized
    Signatory

 

	Address
    for Notices	 
	 	 
	Address:	Citigroup
    Financial Projects Inc.
	 	Canada
    Centre
	 	E14
    5LB
	 	 
	Telephone:	+44
    207 986 7350
	 	+44
    207 986 7223
	 	+44
    207 986 7402
	 	 
	Email:	paul.david.taylor@citi.com
	 	daniel.hayes@citi.com
	 	carol.allmond@citi.com
	 	florian.struben@citi.com
	 	adam.balkan@citi.com
	 	 
	Attention:	Paul
    Taylor
	 	Daniel
    Hayes
	 	Carol
    Allmond
	 	Florian
    Struben
	 	Adam
    Balkan

 

Global Restructuring Deed

 

    

    

    

 

VESSELCO PARTIED

	 	 	 
	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	KING
    STREET ACQUISITION	)	 
	COMPANY,
    LLC (as Syndicate Lender	 	 
	under
    the Wilmington 352 Facility)	 	 
	a
    company incorporated in Delaware, USA	)	 
	acting
    by	)	 
	King
    Street Capital Management,	)	 
	L.P.	 	 
	 	 	 
	acting
    by	)	/s/
    King Street Acquisition Company L.L.C.
	Authorised
    Signatory	)	 

 

Address
for Notices

 

	Address:	King
    Street Acquisition Company L.L.C.
	 	65 East 55th
    Street
	 	30th Floor
	 	New York NY 10022 
	 	USA
	 	 
	Telephone:	+212 812 3140
	 	 
	Email:	Bankdebt@Kingstreet.com
	 	RShaikh@kingstreet.com
	 	AParadis@kingstreet.com
	 	GMorrison@kingstreet.com
	 	KRandall@kingstreet.com
	 	 
	Attention:	Bank Debt
	 	Raihan Shaikh-Khaleel
	 	Andrew Paradis
	 	Graham Morrison
	 	Kate Randall

 

Global
Restructuring Deed

 

    

     

    

 

	 
	 	VESSELCO
    PARTIES
	 	 	 
	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	WILMINGTON
    TRUST (LONDON)	)	/s/
    Paul Barton	 	Paul
    Barton
	LIMITED
    (as Facility Agent under the	 	 	 	Director
	Wilmington
    352 Facility)	 	 
	acting
    by	)	 
	Authorised
    Attorney	)	 
	 	)	 
	In
    the presence of a witness	)	 
	 	)	 
	Witness
    signature	)	/s/Ekoue
    Kangni
	 	)	 
	Witness
    name	)	Ekoue Kangni
	 	)	Relationship
    Manager
	Witness
    occupation	)	 
	 	)	Third
    Floor
	Witness
    address	)	1
    King’s Arms Yard
	 	 	London,
    EC2R 7AF
	 	 	Fax:
    +44 (0)20 7397 3601

 

Address
for Notices

 

	Address:	Wilmington Trust (London) Limited
	 	Third Floor
	 	1 King’s Arms Yard
	 	London
	 	EC2R 7AF
	 	 
	Fax:	+44(0) 207 7397 3648
	 	 
	Telephone:	+44(0) 207 7397 3601
	 	 
	Emai1:	ekangni@wilmingtontrust.com
	 	 
	Attention:	Ekoue Kangni

 

Global
Restructuring Deed

 

    

     

    

 

	 	 	VESSELCO
    PARTIES
	 	 	 
	EXECUTED AND DELIVERED
    as a	)	 
	DEED on behalf
    of	 	 
	YORK GLOBAL FINANCE
    BDH, LLC	 	/s/
    Richard Swanson
	(as Syndicate Lender
    under the 

    Wilmington 352 Facility)	 	 
	 	)	Richard P. Swanson
	acting by	)	Ganeral Counsel
	Authorised
    Signatory	)	 

 

Address
for Notices

 

	Address:	York
    Global Finance BDH, LLC
	 	767 5th
    Ave, 17th Floor
	 	New York, NY 10153
	 	USA
	 	 
	Telephone:	+212 710 6549
	 	 
	Email:	Bankdebt@Yorkcapital.com
	 	jblank@yorkcapital.com
	 	mmauro@yorkcapital.com
	 	 
	Attention:	Jeremy Blank
	 	Lauren Searing
	 	Margaret Mauro

 

Global
Restructuring Deed

 

    

     

    

 

SHIPOWNERS

 

	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	CONTI
    151. CONTAINER	)	 
	SCHIFFAHRTS
    GMBH & CO. KG MS	 	 
	“CONTI
    EMDEN”	 	 
	a
    company incorporated in Germany	)	 
	acting
    by Josef Sedlmeyr	)	 
	Authorised
    Signatory	)	/s/
    Josef Sedlmeyr
		 	 
	acting
    by Johannes Schwemmer	)	/s/
    Johannes Schwemmer
	Authorised
    Signatory	)	 
	being
    a person/persons who, in accordance	 	 
	with
    the laws of Germany is/are acting under	)	 
	the
    authority of the company	 	 
	in
    the presence of	)	 
	Name
    of Witness	)	Michael Huber
	 	 	 
	Address
    of Witness	)	Paul Wassermann-Str.
    5
	 	 	81829
    München
	 	 	Germany
	 	 	 
	Occupation
    of Witness	)	/s/
    Michael Huber

 

	Address
    for Notices	 
	 	 
	Address:	CONTI 151. Container Schiffahrts-GmbH &
    Co. KG
	 	MS “CONTI EMDEN”
	 	Paul Wassermann-Str. 5
	 	81829 München
	 	Germany
	 	 
	Fax:	+49 89 45 65 50 55
	 	 
	Telephone:	+ 49 89 45 65 500
	 	 
	Email:	schiff@conti-online.de
	 	 
	Attention:	Mr Josef Sedlmeyer
	 	 
		Mr Johannes Schwemmer

 

Global Restructuring Deed

 

    

     

    

 

SHIPOWNERS

 

	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	CONTI
    159. CONTAINER	)	 
	SCHIFFFAHRTS
    GMBH & CO. KG MS	 	 
	“CONTI
    SAN FRANCISCO”	 	 
	a
    company incorporated in Germany	)	 
	acting
    by Josef Sedlmeyr	)	 
	Authorised
    Signatory	)	/s/
    Josef Sedlmeyr
	 	 	 
	acting
    by Johannes Schwemmer	)	/s/
    Johannes Schwemmer
	Authorised
    Signatory	)	 
	being
    a person/persons who, in accordance	 	 
	with
    the laws of Germany is/are acting under	)	 
	the
    authority of the company	 	 
	in
    the presence of	)	 
	Name
    of Witness	)	Michael Huber
	 	 	 
	Address
    of Witness	)	Paul Wassermann-Str.
    5
	 	 	81829
    München
	 	 	Germany
	 	 	 
	Occupation
    of Witness	)	/s/
    Michael Huber

 

	Address for Notices	 
	 	 
	Address:	CONTI 159. Container Schifffahrts-GmbH
	 	& Co. KG MS “CONTI SAN FRANCISCO”
	 	Paul Wassermann-Str. 5
	 	81829 München
	 	Germany
	 	 
	Fax:	+49 89 45 65 50 55
	 	 
	Telephone:	+ 49 89 45 65 500
	 	 
	Email:	schiff@conti-online.de
	 	 
	Attention:	Mr Josef Sedlmeyer
	 	 
	 	Mr Johannes Schwemmer

 

Global Restructuring Deed

 

    

     

    

 

SHIPOWNERS

 

	EXECUTEDAND
    DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	CONTI
    160. CONTAINER	)	 
	SCHIFFFAHRTS
    GMBH & CO. KG MS	 	 
	“CONTI
    ONTARIO”	 	 
	a
    company incorporated in Germany	)	 
	acting
    by Josef Sedlmeyr	)	 
	Authorised
    Signatory	)	/s/
    Josef Sedlmeyr
	 	 	 
	acting
    by Johannes Schwemmer	)	 
	Authorised
    Signatory	)	/s/
    Johannes Schwemmer
	being
    a person/persons who, in accordance	 	 
	with
    the laws of Germany is/are acting under	)	 
	the
    authority of the company	 	 
	in
    the presence of	)	 
	Name
    of Witness	)	Michael Huber
	 	 	 
	Address
    of Witness	)	Paul Wassermann-Str.
    5
	 	 	81829
    München
	 	 	Germany
	 	 	 
	Occupation
    of Witness	)	/s/
    Michael Huber

 

	Address for Notices	 
	 	 
	Address:	CONTI 160. Container Schifffahrts-GmbH
	 	& Co. KG MS “CONTI ONTARIO”
	 	Paul Wassermann-Str. 5
	 	81829 München
	 	Germany
	 	 
	Fax:	+49 89 45 65 50 55
	 	 
	Telephone:	+ 49 89 45 65 500
	 	 
	Email:	schiff@conti-online.de
	 	 
	Attention:	Mr Josef Sedlmeyer
	 	 
	 	Mr Johannes Schwemmer

 

Global Restructuring Deed

 

    

     

    

 

SHIPOWNERS

 

	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	ANGISTRI CORPORATION	)	 
	a
    company incorporated in Liberia	)	 
	acting
    by	)	 
	ANASTASSIOS
    GABRIELIDET	 	 
	Attorney
    in Fact	)	/s/ Anastassios
    Gabrielidet
	 	 	 
	 	)	 
	 	)	 
	being
    a person who, in accordance with the	 	 
	laws
    of Liberia is acting under the authority	)	 
	of
    the company	 	 

 

	Address for Notices	 
	 	 
	Address:	c/o Costamare Shipping Company S.A.,
	 	60 Zephyrou Street, 17564, Athens, Greece
	 	 
	Fax:	+30 210 9409051
	 	 
	Telephone:	+30 210 9490000
	 	 
	Email:	generalcounsel@costamare.com
	 	 
	Attention:	Mr Anastassios Gabrielides

 

Global Restructuring Deed

 

    

     

    

 

SHIPOWNERS

 

	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	FASTSAILING MARITIME CO.	)	 
	a
    company incorporated in Liberia	)	 
	acting
    by	)	 
	ANASTASSIOS
    GABRIELIDET	 	 
	Attorney
    in Fact	)	/s/ Anastassios
    Gabrielidet
	 	 	 
	 	)	 
	 	)	 
	being
    a person who, in accordance with the	 	 
	laws
    of Liberia is acting under the authority	)	 
	of
    the company	 	 

 

	Address for Notices	 
	 	 
	Address:	c/o Costamare Shipping Company S.A.,
	 	60 Zephyrou Street, 17564, Athens, Greece
	 	 
	Fax:	+30 210 9409051
	 	 
	Telephone:	+30 210 9490000
	 	 
	Email:	generalcounsel@costamare.com
	 	 
	Attention:	Mr Anastassios Gabrielides

 

Global Restructuring Deed

 

    

     

    

 

SHIPOWNERS

 

	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	ALEXIA
    TRANSPORT CORP.	)	 
	a
    company incorporated in Liberia	)	 
	acting
    by	)	 
	ANASTASSIOS
    GABRIELIDET	 	 
	Attorney
    in Fact	)	/s/ Anastassios
    Gabrielidet
	 	 	 
	 	)	 
	 	)	 
	being
    a person who, in accordance with the	 	 
	laws
    of Liberia is acting under the authority	)	 
	of
    the company	 	 

 

	Address for Notices	 
	 	 
	Address:	c/o Costamare Shipping Company S.A.,
	 	60 Zephyrou Street, 17564, Athens, Greece
	 	 
	Fax:	+30 210 9409051
	 	 
	Telephone:	+30 210 9490000
	 	 
	Email:	generalcounsel@costamare.com
	 	 
	Attention:	Mr Anastassios Gabrielides

 

Global Restructuring Deed

 

    

     

    

 

SHIPOWNERS

 

	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	BALTICSEA
    MARINE INC.	)	 
	a
    company incorporated in Liberia	)	 
	acting
    by	)	 
	Attorney
    in Fact	)	/s/
    Alison Lescure
	being
    a person who, in accordance with the	 	Alison
    Lescure
	laws of Liberia is
    acting under the authority	)	Attorney-in-fact
	of
    the company	 	 
	in
    the presence of	)	 
	Name
    of Witness	)	/s/
    Michael Holt
	 	 	 
	Address
    of Witness	)	Michael
    Holt
	 	 	Trainee
    Solicitor
	 	 	Ince
    & Co LLP
	Occupation
    of Witness	)	London
    E1W 1AY

 

	Address for Notices	 
	 	 
	Address:	14 Akti Kondyli Street
	 	Piraeus 18545
	 	Greece
	 	 
	Fax:	+30 210 422 0855
	 	 
	Telephone:	+30 210 419 6400
	 	 
	Email:	cfo@danaos.com / legal@danaos.com
	 	 
	Attention:	Mr Evangelos Chatzis
	 	 
	 	Mr Michael g. Alexiou

 

Global Restructuring Deed

 

    

     

    

 

SHIPOWNERS

 

	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	BAYVIEW
    SHIPPING INC.	)	 
	a
    company incorporated in Liberia	)	 
	acting
    by	)	/s/
    Alison Lescure
	Attorney
    in Fact	)	 
	being
    a person who, in accordance with the	 	Alison
    Lescure
	laws
    of Liberia is acting under the authority	)	Attorney-in-fact
	of
    the company	 	 
	in
    the presence of	)	 
	Name
    of Witness	)	/s/
    Michael Holt
	 	 	 
	Address
    of Witness	)	Michael
    Holt
	 	 	Trainee
    Solicitor
	 	 	Ince
    & Co LLP
	Occupation
    of Witness	)	London
    E1W 1AY

 

Address for Notices

 

	Address:	14 Akti Kondyli Street
	 	Piraeus 18545
	 	Greece
	 	 
	Fax:	+30 210 422 0855
	 	 
	Telephone:	+30 210 419 6400
	 	 
	Email:	cfo@danaos.com / legal@danaos.com
	 	 
	Attention:	Mr Evangelos Chatzis
	 	 
	 	Mr Michael G. Alexiou

 

Global Restructuring Deed

 

    	 

     

    

 

SHIPOWNERS

 

	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	BLACKSEA
    MARINE INC.	)	 
	a
    company incorporated in Liberia	)	 
	acting
    by	)	 
	Attorney
    in Fact	)	/s/ Alison
    Lescure
	being
    a person who, in accordance with the	 	 
	laws of Liberia is
    acting under the authority	)	Alison
    Lescure
	of
    the company	 	Attorney-in-fact
	in
    the presence of	)	 
	Name
    of Witness	)	/s/
    Michael Holt 
	 	 	 
	Address
    of Witness	)	Michael
    Holt
	 	 	Trainee
    Solicitor
	 	 	Ince
    & Co LLP
	Occupation
    of Witness	)	London
    E1W1AY

 

Address for Notices

 

	Address:	14 Akti Kondyli Street
	 	Piraeus 18545
	 	Greece
	 	 
	Fax:	+30 210 422 0855
	 	 
	Telephone:	+302104 19 6400
	 	 
	Email:	cfo@danaos.com / legal@danaos.com
	 	 
	Attention:	Mr Evangelos Chatzis
	 	 
	 	Mr Michael G. Alexiou

 

    	 

     

    

 

SHIPOWNERS

 

	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	CHANNELVIEW
    MARINE INC.	)	 
	a
    company incorporated in Liberia	)	 
	acting
    by	)	 
	Attorney
    in Fact	)	/s/
    Alison Lescure
	being
    a person who, in accordance with the	 	 
	laws of Liberia is
    acting under the authority	)	Alison
    Lescure
	of
    the company	 	Attorney-in-fact
	in
    the presence of	)	 
	Name
    of Witness	)	/s/
    Michael Holt 
	 	 	 
	Address
    of Witness	)	Michael
    Holt
	 	 	Trainee
    Solicitor
	 	 	Ince
    & Co LLP
	Occupation
    of Witness	)	London
    E1W 1AY

 

Address for Notices

 

	Address:	14 Akti Kondyli Street
	 	Piraeus 18545
	 	Greece
	 	 
	Fax:	+30 210 422 0855
	 	 
	Telephone:	+30 210 419 6400
	 	 
	Email:	cfo@danaos.com / legal@danaos.com
	 	 
	Attention:	Mr Evangelos Chatzis
	 	 
	 	Mr Michael G. Alexiou

 

    	 

     

    

 

SHIPOWNERS

 

	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	CONTINENT
    MARINE INC.	)	 
	a
    company incorporated in Liberia	)	 
	acting
    by	)	 
	Attorney
    in Fact	)	/s/ Alison
    Lescure
	being
    a person who, in accordance with the	 	 
	laws
    of Liberia is acting under the authority	)	Alison
    Lescure
	of
    the company	 	Attorney-in-fact
	in
    the Presence of	 	 
	Name
    of Witness	)	/s/
    Michael Holt
	 	 	 
	Address
    of Witness	)	Michael
    Holt
	 	 	Trainee
    Solicitor
	 	 	Ince
    & Co LLP
	Occupation
    of Witness	)	London
    E1W 1AY

 

Address for Notices

 

	Address:	14 Akti Kondyli Street
	 	Piraeus 18545
	 	Greece
	 	 
	Fax:	+30 210 422 0855
	 	 
	Telephone:	+30210419 6400
	 	 
	Email:	cfo@danaos.com / legal@danaos.com
	 	 
	Attention:	Mr Evangelos Chatzis
	 	 
	 	Mr Michael G. Alexiou

 

    	 

     

    

 

SHIPOWNERS

 

	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	MEDSEA
    MARINE INC.	)	 
	a
    company incorporated in Liberia	)	 
	acting
    by	)	 
	Attorney
    in Fact	)	/s/ Alison
    Lescure
	being
    a person who, in accordance with the	 	 
	laws
    of Liberia is acting under the authority	)	Alison
    Lescure
	of
    the company	 	Attorney-in-fact
	in
    the presence of	)	 
	Name
    of Witness	)	/s/
    Michael Holt
	 	 	 
	Address
    of Witness	)	Michael
    Holt
	 	 	Trainee
    Solicitor
	 	 	Ince
    & Co LLP
	Occupation
    of Witness	)	London
    E1W 1AY

  

Address for Notices

 

	Address:	14 Akti Kondyli Street
	 	Piraeus 18545
	 	Greece
	 	 
	Fax:	+30 210 422 0855
	 	 
	Telephone:	+30 210 419 6400
	 	 
	Email:	cfo@danaos.com / legal@danaos.com
	 	 
	Attention:	Mr Evangelos Chatzis
	 	 
	 	Mr Michael G. Alexiou

 

    	 

     

    

 

SHIPOWNERS

 

	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	TWENTYSECOND
    DRAGON SHIPPING	)	 
	INC.	 	 
	a
    company incorporated in Liberia	)	 
	acting by	)	 
	Authorised
    Signatory	)	/s/
    Erik-Kruse
	 	 	Erik-Kruse
	 	 	President
	acting
    by	)	 
	Authorised
    Signatory	)	/s/ Peter
    Rosenkranz
	being
    a person/persons who, in accordance	 	Peter
    Rosenkranz
	with
    the laws of Liberia is/are acting under	)	Treasurer
	the
    authority of the company	 	 
	 	 	 
	in
    the presence of	)	/s/ Heike Lange
	Name
    of Witness	)	 
	Heike
    Lange	 	 
	 	 	 
	Address
    of Witness	 	 
	Hohe
    Bleichen 12, 20354 Hamburg	 	 
	 	 	 
	Occupation
    of Witness	)	 
	Assistance
    Finance & Controlling	 	 

 

Address for Notices

 

	Address:	Twentysecond Dragon Shipping
    Inc.
	 	c/o E.R. Schiffahrt GmbH & Cie. KG
	 	Hohe Bleichen 12
	 	20354 Hamburg
	 	Germany
	 	 
	Fax:	+49 40 3008 1128
	 	 
	Telephone:	+49 40 3008 1513
	 	 
	Email:	ERS_Controlling@er-ship.com
	 	Erik.Kruse@er-ship.com
	 	 
	Attention:	Mr. Erik Kruse

 

    	 

     

    

 

SHIPOWNERS

 

	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	TWENTYTHIRD
    DRAGON SHIPPING	)	 
	INC.	 	 
	a
    company incorporated in Liberia	)	 
	acting by	)	 
	Authorised
    Signatory	)	/s/
    Erik.Kruse
	 	 	Erik.Kruse
	acting by	)	President
	Authorised
    Signatory	)	/s/
    Peter Rosenkranz
	being
    a person/persons who, in accordance	 	Peter
    Rosenkranz
	with
    the laws of Liberia is/are acting under	)	Treasurer
	the
    authority of the company	 	 
	in
    the presence of	)	 
	Name
    of Witness	)	/s/ Heike Lange
	Heike
    Lange	 	 
	 	 	 
	Address
    of Witness	)	 
	Hohe
    Bleichen 12, 20354 Hamburg	 	 
	 	 	 
	Occupation
    of Witness	)	 
	Assistance
    Finance & Controlling	 	 

 

Address for Notices

 

	Address:	Twentythird Dragon Shipping
    Inc.
	 	c/o E.R. Schiffahrt GmbH & Cie. KG
	 	Hohe Bleichen 12
	 	20354 Hamburg
	 	Germany
	 	 
	Fax:	+49 40 3008 1128
	 	 
	Telephone:	+49 40 3008 1513
	 	 
	Email:	ERS_Controlling@er-ship.com
	 	Erik.Kruse@er-ship.com
	 	 
	Attention:	Mr. Erik Kruse

 

    	 

     

    

 

SHIPOWNERS

 

	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	SCHIFFFAHRTSGESSELLSCHAFT	)	 
	“MERKUR
    ARCHIPELAGO” MBH &	 	 
	CO.
    KG	 	 
	a
    company incorporated in Germany	)	 
	acting
    by MICHAEL VINNEN	)	
	Authorised
    Signatory	)	/s/ Michael Vinnen
	being
    a person who, in accordance with the	 	 
	laws
    of Germany is acting under the authority	)	 
	of
    the company	 	 
	in
    the presence of	)	 
	Name
    of Witness	)	 
	Daniel Harms	 	 
	Address
    of Witness	)	/s/ Daniel Harms
	Altenwall 21	 	 
	28195 Bermen	 	 
	Occupation
    of Witness	)	 
	Finance	 	 

 

Address for Notices

 

	Address:	Altenwall 21
	 	28195 Bremen Germany
	 	 
	Fax:	+49 421 33500 40
	 	 
	Telephone:	+49 421 33500 0
	 	 
	Email:	management@vinnen.com
	 	 
	Attention:	Mr Michael Vinnen

 

    	 

     

    

 

SHIPOWNERS

 

	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	SCHIFFFAHRTSGESSELLSCHAFT	)	 
	“MERKUR
    HORIZON” MBH & CO. KG	 	 
	a
    company incorporated in Germany	)	 
	acting
    by MICHAEL VINNEN	)	
	Authorised
    Signatory	)	/s/ Michael Vinnen
	being
    a person who, in accordance with the	 	 
	laws
    of Germany is acting under the authority	)	 
	of
    the company	 	 
	in
    the presence of	)	 
	Name
    of Witness	)	 
	Daniel
    Harms	 	 
	Address
    of Witness	)	/s/ Daniel Harms
	Altenwall
    21	 	 
	28195
    Bremen	 	 
	Occupation
    of Witness	)	 
	Finance	 	 

 

Address for Notices

 

	Address:	Altenwall 21
	 	28195 Bremen Germany
	 	 
	Fax:	+49 421 33500 40
	 	 
	Telephone:	+49 421 33500 0
	 	 
	Email:	management@vinnen.com
	 	 
	Attention:	Mr Michael Vinnen

 

    	 

     

    

 

	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	FORTUNE
    LINE INC.	)	 
	a company
    incorporated in the Republic of	)	 
	Liberia	 	 
	acting
    by Asushi Funada	)	/s/ Asushi Funada
	Authorised
    Signatory	)	 

 

Address for Notices

 

Address: 80 Broad Street, Monrovia, the Republic of Liberia

(c/o Funada Kaiun Co., Ltd. 13-7 Nigata Sanbashi-dori Kure
Hiroshima, 737-0154 Japan)

 

Fax: +81 3 5733 6208

 

Telephone: +81 3 5733 6207

 

Email: takahiko.funada@funadakaiun.com

 

Attention: Mr. Takahiko Funada

 

    	 

     

    

 

 

SHIPOWNERS

 

	EXECUTED
    AND DELIVERED as a DEED on behalf of	)	 
	ALLOCEAN
    CONTAINERS LIMITED	)	 
	a
    company incorporated in the Republic of Liberia	)	/s/ Dirk Röbler
	acting
    by 	Dirk
    Röbler	)	 
	 	Authorised
    Signatory	)	 
	 	 	 
	acting
    by 	Roberto
    Echevarria	)	/s/ Roberto Echevarria
	 	Authorised
    Signatory	 	 
	being
    a person/persons who, in accordance	 	 
	with
    the laws of the Republic of Liberia	 	 
	is/are
    acting under the authority of the	)	 
	company	 	 
	in
    the presence of	)	 
	Name
    of Witness	)	/s/ Alexa
    Vanth
	Alexa Vanth	 	 
	Address
    of Witness	)	 
	Van der Smissen-Str. 9	 	 
	22767 Hamburg	 	 
	Occupation
    of Witness 	)	 
	Legal Department	 	 

 

Address for Notices

 

	Address:	NSC
                                         Shipping GmbH & Cie. KG
	 	Dockland
	 	Van-der-Smissen-Str.
                                         9
	 	22767
                                         Hamburg
	 	 
	Tel.:	040-80
                                         80 53 670
	 	 
	Fax:	040-80
                                         80 53 804
	 	 
	Email:	Charterops@nsc-shipping.com
	 	 
	Attention:	Mr
                                         Boris Tollning

 

Global Restructuring Deed

 

     

     

    

 

SHIPOWNERS

 

	EXECUTED
    AND DELIVERED as a DEED on behalf of	)	 
	ALLOCEAN
    CONTAINERS NO. 2 LIMITED	)	/s/ Dirk
    Röbler
	a
    company incorporated in the Republic of Liberia	)	 
	acting
    by	Dirk
    Röbler	)	 
	 	Authorised
    Signatory	)	 
	 	 	 
	acting
    by 	Roberto
    Echevarria	)	/s/ Roberto
    Echevarria
	 	Authorised
    Signatory	 	 
	being
    a person/persons who, in accordance	 )	 
	with
    the laws of the Republic of Liberia	 	 
	is/are
    acting under the authority of the	 	 
	company	 	 
	in
    the presence of	)	 
	Name
    of Witness	)	/s/ Alexa
    Vanth
	Alexa Vanth	 	 
	Address
    of Witness	)	 
	Van der Smissen-Str. 9	 	 
	22767 Hamburg	 	 
	Occupation
    of Witness	)	 
	Legal Department	 	 

 

Address for Notices

 

	Address:	NSC
                                         Shipping GmbH & Cie. KG
	 	Dockland
	 	Van-der-Smissen-Str.
                                         9
	 	22767
                                         Hamburg
	 	 
	Tel.:	040-80
                                         80 53 670
	 	 
	Fax:	040-80
                                         80 53 804
	 	 
	Email:	Charterops@nsc-shipping.com
	 	 
	Attention:	Mr
                                         Boris Tollning

 

Global Restructuring Deed

 

     

     

    

 

SHIPOWNERS

 

	EXECUTED
    AND DELIVERED as a DEED on behalf of	)	 
	MAROWN
    NAVIGATION LIMITED	)	/s/ Paul
    Dolan
	a
    company incorporated in the Isle of Man	)	 
	acting
    by 	Paul
    Dolan	)	 
	 	Director	)	 
	 	)	 
	 	)	 
	being
    a person who, in accordance with the	 	 
	laws
    of the Isle of Man is acting under the	)	 
	authority
    of the company	 	 
	 	 	 
	In
    the presence of a witness	 	 
	 	 	 
	Witness
    name	)	Conor McCaughan
	 	)	 
	 	)	 
	 	)	 
	 	)	 
	 	)	 
	Witness
    Signature	)	/s/ Conor
    McCaughan
	 	)	 
	 	)	 
	 	)	 
	Witness
    occupation	)	Accountant
	 	)	C/o 2nd Floor Railway Chambers
	Witness
    Address	)	Bank Circus
	 	)	Douglas
	 	 	IM1 5AB

 

Address for Notices

 

	Address:	Railway
                                         Chambers, Bank Circus, Douglas, Isle of Man. IM1 5AB
	 	 
	Fax:	+44(0)
                                         1624 631689
	 	 
	Telephone:	+44
                                         (0) 1624 631680
	 	 
	Email:	ops@polaris.co.im
	 	 
	Attention:	Roger
                                         Christian

 

Global Restructuring Deed

 

     

     

    

 

SHIPOWNERS

 

	EXECUTED
    AND DELIVERED as a DEED on behalf of	)	 
	TYNWALD
    NAVIGATION LIMITED	)	/s/ Paul Lee Dolan
	a
    company incorporated in the Isle of Man	 	 
	 	)	 
	acting
    by 	Paul
    Lee Dolan	)	 
	 	Director	)	 
	being
    a person who, in accordance with the	 	 
	laws
    of the Isle of Man is acting under the	)	 
	authority
    of the company	 	 
	 	 	 
	In
    the presence of a witness	 	 
	 	 	 
	 	)	/s/ Conor
    McCaughan
	Witness
    name	)	Conor McCaughan
	 	)	 
	 	)	 
	 	)	 
	 	)	 
	Witness
    signature	)	 
	 	)	/s/ Conor
    McCaughan
	 	)	 
	 	)	 
	 	)	 
	Witness
    occupation	 	Accountant
	Witness
    address	 	C/o 2nd Floor Railway Chambers
	 	)	Bank Circus
	 	)	Isle of Man
	 	)	IM1 5AB
	 	)	 

 

Address for Notices

 

	Address:	Railway
                                         Chambers, Bank Circus, Douglas, Isle of Man. IM1 5AB
	 	 
	Fax:	+44(0)
                                         1624 631689
	 	 
	Telephone:	+44
                                         (0) 1624 631680
	 	 
	Email:	ops@polaris.co.im
	 	 
	Attention:	Roger
                                         Christian

 

Global Restructuring Deed

 

     

     

    

 

SHIPOWNERS

 

	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	TDS
    CONTAINERSHIPS IV A,S.	)	 
	a
    company incorporated in Norway	)	 
	acting
    by 	Theodoros Baltatzis	)	/s/
    Theodoros Baltatzis
	 	Authorised
    Signatory	)	 
	 	 	 	 
	acting
    by	Dimitrios Tsiaklagkanos	)	 
	 	Authorised
    Signatory	)	/s/
    Dimitrios Tsiaklagkanos
	being
    a person/persons who, in accordance	 	 
	with
    the laws of Norway is/are acting under	)	 
	the
    authority of the company	 	 

 

Address for Notices

 

	Address:	c/o
                                         Conchart Commerical Inc. 

3-5 Menandrou Street

 Kifisia Athens

 14561 Greece.
	 	 
	Fax:	
	 	 
	Telephone:	+30-6233670
	 	 
	Email:	legalconfidential&technomar.gr
	 	 
	Attention:	Marie
                                         Danezi

 

     

     

    

 

	EXECUTED
    AND DELIVERED as a DEED	)	 
	For
    and on behalf of	 	 
	BERRYFORD
    SHIPPING (UK) LIMITED	)	 
	a
    company incorporated in England and Wales	)	 
	acting
    by:	)	 
	 	 	 
	NEIL
    WEEKS	 	/s/
    Neil Weeks
	Director	 	 
	 	 	 
	CHAIM
    KLEIN	 	 
	Director
    & Secretary	 	/s/
    Chaim Klein
	 	 	 
	Being
    persons who, in accordance with the laws	 	 
	of
    England and Wales are authorised to bind the	)	 
	company
    by Deed	 	 

 

Address for Notices

 

	Address:	c/o
                                         Zodiac Maritime Agencies Limited,
	 	(re
                                         Berryford Shipping (UK) Ltd)
	 	6th
                                         Floor, 1 Hanover Street
	 	London,
                                         W1S 1YZ
	 	United
                                         Kingdom

 

Fax:
+44 (0)20 7333 2233

 

Telephone:
+44 (0)207 333 2214

 

Email:
general@zodiac-maritime.com; luca.dessy@zodiac-maritime.com

 

Attention:
Luca Dessy

 

     

     

    

 

	EXECUTED
    AND DELIVERED as a DEED	)	 
	For
    and on behalf of	 	 
	BI-LEVEL
    SHIPPING (UK) LIMITED	)	 
	a
    company incorporated in England and Wales	)	 
	acting
    by	)	 
	 	)	 
	NEIL
    WEEKS	 	/s/ Neil
    Weeks
	Director	 	 
	 	 	 
	CHAIM
    KLEIN	 	 
	Director
    & Secretary	 	/s/ Chaim
    Klein
	 	 	 
	Being
    persons who, in accordance with the laws	 	 
	of
    England and Wales are authorised to bind the	)	 
	company
    by Deed	 	 

 

Address for Notices

 

	Address:	c/o
                                         Zodiac Maritime Agencies Limited,
	 	(re
                                         Bi-Level Shipping (UK) Ltd)
	 	6th
                                         Floor, 1 Hanover Street
	 	London,
                                         W1S 1YZ
	 	United
                                         Kingdom

 

Fax:
+44 (0)20 7333 2233

 

Telephone:
+44 (0)20 7333 2214

 

Email:
general@zodiac-maritime.com; luca.dessy@zodiac-maritime.com

 

Attention:
Luca Dessy

 

     

     

    

 

	EXECUTED
    AND DELIVERED as a DEED	)	 
	For
    and on behalf of	 	 
	CARRION
    MARITIME (UK) LIMITED	)	 
	a
    company incorporated in England and Wales	)	 
	acting
    by	)	 
	 	)	 
	 	 	 
	NEIL
    WEEKS	 	/s/ Neil
    Weeks
	Director	 	 
	 	 	 
	CHAIM
    KLEIN	 	/s/ Chaim
    Klein
	Director
    & Secretary	 	 
	 	 	 
	Being
    persons who, in accordance with the laws	 	 
	of
    England and Wales are authorised to bind the	)	 
	company
    by Deed	 	 

 

Address for Notices

 

	Address:	c/o
                                         Zodiac Maritime Agencies Limited,
	 	(re
                                         Carrion Maritime (UK) Ltd)
	 	6th
                                         Floor, 1 Hanover Street
	 	United
                                         Kingdom

 

Fax:
+44 (0)20 7333 2233

 

Telephone:
+44 (0)20 7333 2214

 

Email:
general@zodiac-maritime.com; luca.dessy@zodiac-maritime.com

 

Attention:
Luca Dessy

 

     

     

    

 

	EXECUTED
    AND DELIVERED as a DEED	)	 
	on
    behalf of	 	 
	JIXI
    MARITIME LIMITED	)	 
	a
    company incorporated in	)	 
	the
    British Virgin Islands	 	 
	acting
    by	)	 
	 	 	 
	DAVID
    LAWRENSON	 	 
	Director	)	/s/ David
    Lawrenson
	 	)	 
	being
    a person who, in accordance with the laws	 	 
	of
    the British Virgin Islands is authorised to bind	)	 
	the
    company by Deed	 	 

 

Address for Notices

 

	Address:	c/o
                                         S.A.M. d’Administration
                                         Maritime et Aerienne,
	 	(re
                                         Jixi Maritime Limited)
	 	Villa
                                         Saint Jean, 3 Ruelle Saint Jean,
	 	MC
                                         98000
	 	Monaco.

 

Fax: +377 9999 5109

 

Telephone: +377 9999 5100

 

Email: general@samama-monaco.com;
lorraine@sdniama-inunacu.com

 

Attention: Lorraine Davidson

 

     

     

    

 

BOND TRUSTEES

 

	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	HERMETIC
    TRUST (1975) LTD., (as	)	 
	bond
    trustee under Zim’s Series C bonds)	 	/s/
    Hermetic Trust (1975) Ltd.
	a
    company incorporated in Israel	)	HERMETIC TRUST (1975)
    LTD.
	acting
    by	)	 
	Authorised
    Signatory	)	 
	 	 	 
	acting
    by	)	 
	Authorised
    Signatory	)	 
	being
    a person/persons who, in accordance	 	 
	with
    the laws of Israel is/are acting under the	)	 
	authority
    of the company	 	 

 

Address for Notices

 

Address: 113 Hayarkon St. Tel
Aviv

 

Fax: 972-3-5271736

 

Telephone: 972-3-5274867

 

Email: Merav@hermetic.co.il

 

Attention: Ms. Merav Offer Oren

 

Global Restructuring Deed

 

     

     

    

 

 

BOND TRUSTEES

 

	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	UNION
    BANK TRUST COMPANY LTD.,	)	 
	(as
    bond trustee under Zim’s Series A	 	 
	bonds)	 	 
	a
    company incorporated in Israel	)	 
	acting
    by Amos Farjun	)	/s/ Amos Farjun
	Authorised
    Signatory	)	 
	 	 	 
	acting
    by Adi Zidkiahu-Duchan	 	/s/ Adi Zidkiahu-Duchan
	Authorised
    Signatory	)	 
	being
    a person/persons who, in accordance	 	 
	with
    the laws of Israel is/are acting under the	)	 
	authority
    of the company	 	 

 

Address for Notices

 

	Address:	28
                                         Ahad-Ha'am st. Tel-Aviv, Israel
	 	 
	Fax:	972-3-5191208
	 	 
	Telephone:	972-3-5191230
	 	 
	Email:	amos-F@ubi.co.il
	 	 
	Attention:	CEO

 

Global
Restructuring Deed

 

     

     

    

 

BOND TRUSTEES

 

	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	UNION
    BANK TRUST COMPANY LTD.,	)	 
	(as
    bond trustee under Zim’s Series B	 	 
	bonds)	 	 
	a
    company incorporated in Israel	)	 
	acting
    by Amos Farjun	)	/s/ Amos Farjun
	Authorised
    Signatory	)	 
	 	 	 
	acting
    by Adi Zidkiahu-Duchan	)	/s/
    Adi Zidkiahu-Duchan
	Authorised
    Signatory	)	 
	being
    a person/persons who, in accordance	 	 
	with
    the laws of Israel is/are acting under the	)	 
	authority
    of the company	 	 

 

Address for Notices

 

	Address:	28
                                         Ahad-Ha'am st. Tel-Aviv, Israel
	 	 
	Fax:	972-3-5191208
	 	 
	Telephone:	972-3-5191230
	 	 
	Email:	amos-F@ubi.co.il
	 	 
	Attention	CEO

 

Global Restructuring Deed

 

     

     

    

  

LENDERS

 

	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	BANCA
    NAZIONALE DEL LAVORO	)	 
	SPA
    (BNL) GENOVA	 	 
	a
    company incorporated in Italy	)	 
	acting
    by	)	/s/ V. DELLA MONICA
	Authorised
    Signatory	)	V. DELLA MONICA
	acting
    by	)	 
	Authorised
    Signatory	)	/s/ CERTIVECCHI
    ENRICO
	being
    a person/persons who, in accordance	 	CERTIVECCHI ENRICO
	with
    the laws of Italy is/are acting under the	)	 
	authority
    of the company	 	 

 

Address for Notices

 

	Address:	LARGO EROS LANFRANCO 2 - 16121 GENOVA
	 	 
	Fax:	0039 010 543353
	 	 
	Telephone:	0039 010 5992418
	 	 
	Email:	vincenzo.dellamonica@bolmail.com
	 	 
	Attention:	VINCENZO DELLA MONICA

 

Global Restructuring Deed

 

     

     

    

  

LENDERS

 

	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	BNP
    PARIBAS S.A. (DUBLIN BRANCH)	)	/s/
    Gilles de Decker
	a
    company incorporated in France	 	Gilles
    de Decker
	acting
    by	)	Authorised
    Signatory
	Authorised
    Signatory	)	 
	acting
    by	)	 
	Authorised
    Signatory	)	 
	being
    a person/persons who, in accordance	 	/s/
    Deirdre Geoghegan
	with
    the laws of France is/are acting under the	)	Deirdre
    Geoghegan
	authority
    of the company	 	Authorised
    Signatory

 

Address for Notices

 

	Address:	5 GEORGE'S DOCK, IFSC DUBLIN 1, IRELAND
	 	 
	Fax:	353 1 6125104
	 	 
	Telephone:	353 1 6125053
	 	 
	Email:	deirdre.geoghegan@gmail.com
	 	 
	Attention:	DEIRDRE GEOGHEGAN

 

Global Restructuring Deed

  

     

     

    

  

	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	CITIBANK
    N. A.	)	 
	a
    company incorporated in United States of	)	 
	America	 	 
	acting by  	/s/ Yaron Raz	)	 
	Authoed
    Signatory	)	Yaron
    Raz
	 	 	Director
	acting
    by	)	Citibank,
    N.A.
	Authorised
    Signatory	)	Tel-aviv
	being
    persons who, in accordance with the	 	 
	laws
    of United States of America are acting under the 	)	 
	authority
    of the company	 	 

 

Address for Notices

 

	Address:	c/o Citigroup Global Markets Limited
		Citigroup Centre
		Canada Square
		Canary Wharf, London El4 5LB
	 	 
	Fax:	+1 (302) 894 6181, +44 (208) 636 3860
	 	 
	Telephone:	+44 207 986 7223
	 	 
	Email:	slt@citi.com, Florian.Struben@citi.com
	 	 
	Attention:	Secondary Loan Closing

 

[Global
Restructuring Deed/Citibank]

 

     

     

    

  

	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	CITIGROUP
    FINANCIAL PRODUCTS	)	 
	INC.	 	/s/
    Scott R. Evan
	a
    company incorporated in Delaware, USA	)	Scott
    R. Evan
	acting
    by	)	Authorized
    Signatory
	Authorised
    Signatory	)	 
	 	 	 
	being
    a person who, in accordance with the	)	 
	laws
    of Delaware USA are acting under the	)	 
	authority
    of the company	)	 

 

Address for Notices

 

	Address:	c/o Citigroup Global Markets Limited
		Citigroup Centre
		Canada Square
		Canary Wharf
		London E14 5LB
	 	 
	Fax:	+1 (302) 894 6181, +44 (208) 636 3860
	 	 
	Telephone:	+44 207 986 7223
	 	 
	Email:	slt@citi.com, Florian.Struben@citi.com
	 	 
	Attention:	Secondary Loan Closing

 

[Global Restructuring
Deed/Citigroup]

 

     

     

    

  

	EXECUTED
    AND DELIVERED as a DEED on	)	 
	behalf
    of	 	 
	CROWN
    MANAGED ACCOUNTS SPC ON	)	 
	BEHALF
    OF AND FOR THE ACCOUNT OF	)	 
	CROWN/GLG
    SEGREGATED PORTFOLIO	)	 
	 	)	 
	a
    company incorporated in the Cayman Islands	)	 
	 	)	 
	 	)	 
	acting
    by Robert Murrow	)	/s/
    Robert Murrow
	Authorised
    Signatory	)	 
	 	)	 
	acting
    by Suzy Davies	)	 
	Authorised
    Signatory	)	/s/
    Suzy Davies
	 	)	 
	Being
    persons who, in accordance with the laws of	)	 
	the
    Cayman Islands are acting under the authority	)	 
	of
    the company	)	 

 

Address for Notices

 

Address: c/o GLG Partners LP, One Curzon
Street, London W1J 5HB

 

Fax: +44 20 3205 1257

 

Telephone: +44 20 7144 2476

 

Email: Robert.murrow@man.com

 

Attention: Robert Murrow

  

[Global Restructuring
Deed/GLG]

 

     

     

    

 

 

	EXECUTED
    AND DELIVERED as a DEED on	)	 
	behalf
    of	 	 
	 	)	 
	EUROPEAN
    DISTRESSED MAC LIMITED	)	 
	 	)	 
	a
    company incorporated in the Cayman Islands	)	 
	 	)	 
	 	)	 
	acting
    by Robert Murrow	 	 
	Authorised
    Signatory	 	/s/
    Robert Murrow
	 	)	 
	acting
    by Suzy Davies	)	 
	Authorised
    Signatory	)	/s/
    Suzy Davies
	 	)	 
	Being
    persons who, in accordance with the laws of	)	 
	the
    Cayman Islands are acting under the authority	)	 
	of
    the company	)	 

 

Address for Notices

 

Address: c/o GLG Partners LP,
One Curzon Street, London W1J 5HB

 

Fax: +44 20 3205 1257

 

Telephone: +44 20 7144 2476

 

Email: Robert.murrow@man.com

 

Attention: Robert Murrow

 

[Global Restruturing
Deed/GLG]

 

     

     

    

  

	EXECUTED
    AND DELIVERED as a DEED on	)	 
	behalf
    of	 	 
	GLG
    EUROPEAN DISTRESSED FUND	)	 
	 	 	 
	a
    company incorporated in the Cayman Islands	)	 
	 	)	 
	 	)	 
	acting
    by Robert Murrow	)	 
	Authorised
    Signatory	)	/s/
    Robert Murrow
	 	)	 
	acting
    by Suzy Davies	)	 
	Authorised
    Signatory	)	/s/
    Suzy Davies
	 	)	 
	Being
    persons who, in accordance with the laws of	)	 
	the
    Cayman Islands are acting under the authority	)	 
	of
    the company	)	 

 

Address for Notices

 

Address: c/o GLG Partners LP,
One Curzon Street, London W1J 5HB

 

Fax: +44 20 3205 1257

 

Telephone: +44 20 7144 2476

 

Email: Robert.murrow@man.com

 

Attention: Robert Murrow

 

[Global Restruturing
Deed/GLG]

 

     

     

    

  

	EXECUTED
    AND DELIVERED as a DEED on	)	 
	behalf
    of	 	 
	GLG
    EUROPEAN DISTRESSED MASTER	)	 
	FUND
    LTD.	)	 
	 	 	 
	a
    company incorporated in the Cayman Islands	)	 
	 	)	 
	 	)	 
	acting
    by Robert Murrow	 	 
	Authorised
    Signatory	)	/s/
    Robert Murrow
	 	)	 
	acting
    by Suzy Davies	)	 
	Authorised
    Signatory	)	/s/
    Suzy Davies
	 	)	 
	Being
    persons who, in accordance with the laws of	)	 
	the
    Cayman Islands are acting under the authority	)	 
	of
    the company	)	 

 

Address for Notices

 

Address: c/o GLG Partners LP,
One Curzon Street, London W1J 5HB

 

Fax: +44 20 3205 1257

 

Telephone: +44 20 7144 2476

 

Email: Robert.murrow@man.com

 

Attention: Robert Murrow

 

[Global Restruturing
Deed/GLG]

 

     

     

    

 

 

	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	 	)	 
	GLG
    EUROPEAN DISTRESSED	)	 
	MASTER
    FUND II	)	 
	 	 	 
	a company
    incorporated in the Cayman	)	 
	Islands	)	 
	 	)	 
	acting
    by Robert Murrow	 	 
	Authorised
    Signatory	 	/s/
    Robert Murrow
	 	)	 
	acting
    by Suzy Davies	)	 
	Authorised
    Signatory	)	/s/
    Suzy Davies
	 	)	 
	Being
    persons who, in accordance with the	)	 
	laws
    of the Cayman Islands are acting under	)	 
	the
    authority of the company	)	 

 

Address for Notices

 

Address: c/o GLG Partners LP, One Curzon Street, London W1J
5HB

 

Fax:+44 20 3205 1257

 

Telephone: +44 20 7144 2476

 

Email: Robert.murrow@man.com

 

Attention: Robert Murrow

 

[Global Restructuring Deed/GLG European
Distressed Master Fund II]

 

     

     

    

 

	EXECUTED
    AND DELIVERED as a DEED on	)	 
	behalf
    of	 	 
	GLG
    MARKET NEUTRAL FUND	)	 
	 	 	 
	a
    company incorporated in the Cayman Islands	)	 
	 	)	 
	 	)	 
	acting
    by Robert Murrow	)	 
	Authorised
    Signatory	)	/s/
    Robert Murrow
	 	)	 
	acting
    by Suzy Davies	)	 
	Authorised
    Signatory	)	/s/ Suzy
    Davies
	 	)	 
	Being
    persons who, in accordance with the laws of	)	 
	the
    Cayman Islands are acting under the authority	)	 
	of
    the company	)	 

 

Address for Notices

 

Address: c/o GLG Partners LP, One Curzon Street. London W1J
5HB

 

Fax:+44 20 3205 1257

 

Telephone: +44 20 7144 2476

 

Email: Robert.murrow@man.com

 

Attention: Robert Murrow

 

[Golabl Restruturing
Deed/GLG]

 

     

     

    

 

	EXECUTED
    AND DELIVERED as a	 	 
	 	)	 
	DEED
    on behalf of	 	 
	ISRAEL
    DISCOUNT BANK LTD.	)	 
	a
    company incorporated in Israel	)	 
	acting
    by	Hadas Hay	)	/s/ Hadas
    Hay
	 	)	 
	Authorised
    Signatory	 	 
	 	 	 
	acting
    by	Michael Assor	)	/s/ Michael
    Assor
	 	)	 
	 	 	 
	Authorised
    Signatory	 	 
	 	 	 
	being
    persons who, in accordance with the	)	 
	laws
    of Israel are acting under the authority of	 	 
	the
    company	 	 
	 	 	 	 	 

 

Address for Notices

 

Address: Yehuda Ha’levi
St., 23, Tel -Aviv

 

Fax:

 

Telephone: 972 (3) 5146567; 972 (3) 5146498

 

Email: michael.assor@discountbank.co.il;

   hadasshafir@discountbank.co.il

 

Attention: MICHAEL ASSOR ; Hadas Hay

 

[Global Restructuring Deed/Discount]

 

     

     

    

 

	EXECUTED AND
    DELIVERED as a DEED on	)	 
	behalf of	 	 
	MERCANTILE
    DISCOUNT BANK LTD.	)	 
	a
    company incorporated in Israel	)	 
	acting
    by	)	 
	Authorised
    Signatory	)	/s/ Bosmat
    Oren
	              BOSMAT OREN	 	 
	acting
    by HAVA YANKO	)	 
	Authorised
    Signatory	)	 
	 	 	/s/
    Hava Yanko
	being
    persons who in accordance with the	 	 
	laws
    of Israel are acting under rhe authority of	)	 
	the
    company	 	 

 

Address for Notices

 

Address Menahem Begin road 125, Tel-Aviv 67012

 

Fax:

 

Telephone: 972 (76) 8044478; 972 (76) 8044072

 

Email: amir_k@,db.co.il;

   Bosmatd@mdb.co.il

 

Attention:  Amir Kalibanov; Bosmat Dar

 

[Global Restructuring Deed/maritime]

 

     

     

    

 

 

	EXECUTED
    AND DELIVERED as a DEED on	)	 
	behalf
    of	 	 
	UNION
    BANK OF ISRAEL LTD	)	UNION BANK OF ISRAEL LTD
	a
    company incorporated in Israel	)	 
	acting
    by	)	 /s/
    Orit Shavit
	Authorised
    Signatory	)	 
	 	 	 
	acting
    by	)	 
	Authorised
    Signatory	)	
	being
    persons who, in accordance with the	 	/s/ Shevi
    Semer
	laws
    of Israel are acting under the authority of	)	Head of Business Department
	the
    company	 	 

 

Address for Notices

 

Address: Ahusat bait 6-8 Tel Aviv 65143 Israel

 

Fax:

 

Telephone: +972 (3)5191248

 

Email: orits@ubi.co.il

 

Attention: Orit Shavit

 

[Global Restructuring Deed/Union]

 

     

     

    

 

	EXECUTED
    AND DELIVERED as a DEED on	)	 
	behalf
    of	 	 
	VAN
    DER GIESSEN - DE NOORD N V	)	 
	a
    company incorporated in the Netherlands	)	 
	acting
    by	)	 
	A.
    Schellevis, Director	)	/s/ A.
    Schellevis
	 	 	 
	 	)	 
	 	)	 
	being
    a person who, in accordance with the	 	 
	laws
    of the Netherlands is acting under the	)	 
	authority
    of the company	 	 

 

Address for Notices

 

Address:c/o SBM Offshore N.V.

Karel Doormanweg 66,

3115 JD Schiedam

The Netherlands

 

Fax:

 

Telephone:010-23209000 (direct A. Schellevis 010-2320940)

 

Email:adri.schellevis@sbmoffshore.com

 

Attention:A. Schellevis

 

[Global Restructuring Deed/VDG]

 

     

     

    

 

	 	 	ISRAEL
    CORPORATION
	 	 	 
	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	ISRAEL
    CORPORATION LTD.	)	 
	a
    company incorporated in Israel	)	 
	acting
    by Nir Gilad	)	 
	Authorised
    Signatory	)	/s/ Nir
    Gilad
	 	 	 
	acting
    by Avisar Paz	)	 
	Authorised
    Signatory	)	/s/ Avisar
    Paz
	being
    a person/persons who, in accordance	 	 
	with
    the laws of Israel is/are acting under the	)	 
	authority
    of the company	 	 

 

Address for Notices

 

Address: Millennium Town, 23 Aranha st. Tel-Aviv

 

Fax: 972-3-6844587

 

Telephone: 972-3- 6844517

 

Email: mayaak@israelcorp.com

 

Attention: Adv. Maya Alcheh Kaplan

 

 

Global Restructuring
Deed

 

     

     

    

 

	 	 	MILLENIUM
	 	 	 
	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	MILLENIUM
    INVESTMENT ELAD	)	 
	LTD.	 	 
	a
    company incorporated in Israel	)	 
	acting
    by	)	 
	Authorised
    Signatory	)	/s/ Ori
    Angel
	ORI ANGEL	 	 
	acting
    by	)	 
	Authorised
    Signatory	)	 
	being
    a person/persons who, in accordance	 	 
	with
    the laws of Israel is/are acting under the	)	 
	authority
    of the company	 	 

 

Address for Notices

 

Address : 9 Andre Shaharov street, Haifa, 31905, Israel

 

Fax: 972-4-8610629

 

Telephone: 972-4-8610610

 

Email: eyal@xtholdings.com

 

Attention: Adv. EyaI Wolfsthal

 

 

Global Restructuring
Deed

 

     

     

    

  

	 	 	RELATED
    PARTIES
	 	 	 
	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	DANESTEAD
    SHIPPING (UK) LIMITED	)	 
	a
    company incorporated in England and	)	 
	Wales	 	 
	acting
    by Roine Ahlqvist	)	/s/ Roine
    Ahlqvist
	Director	)	 
	 	 	 
	being
    a person who, in accordance with the	 	 
	laws
    of England and Wales is acting under the	)	 
	authority
    of the company	 	 
	in
    the presence of	)	 
	Name
    of Witness	)	/s/ Hannah
    Guo
	Hannah
    Guo	 	 
	 	 	 
	Address
    of Witness	)	 
	3rd
    Floor, 10 Brook Street, London	 	 
	W1S
    1BG, United Kingdom	 	 
	 	 	 
	Occupation
    of Witness	)	 
	Finance
    Manager	 	 

 

Address for Notices

 

	Address:	3rd Floor, 10 Brook Street,
                                         London W1S 1BG, United Kingdom

 

	Fax:	+44(0)207 518 2421

 

	Telephone:	+44 (0) 207 518 2420

 

	Email:	roine.ahlquist@epshipping.co.uk

 

	Attention:	Roine Ahlqvist

 

 

Global Restructuring Deed

 

     

     

    

 

 

	 	 	RELATED
    PARTIES
	 	 	 
	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	SORLA
    SHIPPING INC.	)	 
	a
    company incorporated in BVI	)	 
	acting
    by John Frank Megginson	)	 
	Authorised
    Signatory	)	/s/
    John Frank Megginson
	 	 	 
	acting
    by Lorraine Davidson	)	 
	Authorised
    Signatory	)	/s/
    Lorraine Davidson
	being
    a person/persons who, in accordance	 	 
	with
    the laws of BVI is/are acting under	)	 
	the
    authority of the company	 	 

 

Address for Notices

 

	Address:	3rd Floor, 10 Brook Street,
                                         London W1S 1BG, United Kingdom

 

	Fax:	+44(0)207 518 2421

 

	Telephone:	+44 (0) 207 518 2420

 

	Email:	roine.ahlquist@epshipping.co.uk

 

	Attention:	Roine Ahlqvist

 

	Global	Restructuring Deed

 

     

     

    

 

  

	 	 	RELATED
    PARTIES
	 	 	 
	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	ZIPTON
    SHIPPING (UK) LIMITED	)	 
	a
    company incorporated in England and	)	 
	Wales	 	 
	acting
    by Roine Ahlqvist	 	/s/ Roine
    Ahlqvist
	Director	)	 
	 	 	 
	being
    a person who, in accordance with the	 	 
	laws
    of England and Wales is acting under the	)	 
	authority
    of the company	 	 
	in
    the presence of	)	/s/ Hannah Guo
	Name
    of Witness	)	 
	Hannah
    Guo	 	 
	 	 	 
	Address
    of Witness	)	 
	3rd
    Floor, 10 Brook Street, London	 	 
	W1S
    1BG, United Kingdom	 	 
	 	 	 
	Occupation
    of Witness	)	 
	Finance
    Manager	 	 

 

Address for Notices

 

	Address:	3rd Floor, 10 Brook Street, London W1S
    1BG, United Kingdom
	 	 
	Fax:	+44(0)207 518 2421
	 	 
	Telephone:	+44 (0) 207 518 2420
	 	 
	Email:	roine.ahlquist@epshipping.com.uk
	 	 
	Attention:	Roine Ahlqvist

 

Global Restructuring Deed

 

     

     

    

  

	 	 	RELATED
    PARTIES
	 	 	 
	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	ATWOOD
    SHIPPING INC.	)	 
	a
    company incorporated in Liberia	)	 
	acting
    by	)	/s/ Ori Angel
	Authorised
    Signatory	)	 
	ORI
    ANGEL	 	 
	acting
    by	)	 
	Authorised
    Signatory	)	 
	being
    a person/persons who, in accordance	 	 
	with
    the laws of Liberia is/are acting under	)	 
	the
    authority of the company	 	 

 

Address for Notices

 

Address : 9 Andre Shaharov street, Haifa, 31905, Israel

 

Fax: 972-4-8610629

 

Telephone: 972-4-8610610

 

Email: eyal@xtholdings.com

 

Attention: Adv. Eyal Wolfsthal

 

Global Restructuring Deed

 

     

     

    

  

	 	 	RELATED
    PARTIES
	 	 	 
	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	DERONE
    MARITIME LIMITED	)	 
	a
    company incorporated in Liberia	)	 
	acting
    by	)	 
	Authorised
    Signatory	)	 
	ORI
    ANGEL	 	/s/ Ori Angel
	acting
    by	)	 
	Authorised
    Signatory	)	 
	being
    a person/persons who, in accordance	 	 
	with
    the laws of Liberia is/are acting	)	 
	under
    the authority of the company	 	 

 

Address for Notices

 

Address : 9 Andre Shaharov street, Haifa, 31905, Israel

 

Fax: 972-4-8610629

 

Telephone: 972-4-8610610

 

Email: eyal@xtholdings.com

 

Attention: Adv. Eyal Wolfsthal

 

Global Restructuring Deed

 

     

     

    

  

	 	 	RELATED
    PARTIES
	 	 	 
	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	HALTON
    MARITIME S.A.	)	 
	a
    company incorporated in Liberia	)	 
	acting
    by	)	 
	Authorised
    Signatory	)	/s/ Ori Angel
	ORI
    ANGEL	 	 
	acting
    by	)	 
	Authorised
    Signatory	)	 
	being
    a person/persons who, in accordance	 	 
	with
    the laws of Liberia is/are acting	)	 
	under
    the authority of the company	 	 

 

Address for Notices

 

Address : 9 Andre Shaharov street, Haifa, 31905, Israel

 

Fax: 972-4-8610629

 

Telephone: 972-4-8610610

 

Email: eval@xtholdings.com

 

Attention: Adv. Eyal Wolfsthal

 

Global Restructuring Deed

 

     

     

    

  

	 	 	RELATED
    PARTIES
	 	 	 
	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	JAKOBY
    MARITIME S.A.	)	 
	a
    company incorporated in Liberia	)	 
	acting
    by	)	 
	Authorised
    Signatory	)	/s/ Ori Angel
	ORI
    ANGEL	 	 
	acting
    by	)	 
	Authorised
    Signatory’	)	 
	being
    a person/persons who, in accordance	 	 
	with
    the laws of Liberia is/are acting	)	 
	under
    the authority of the company	 	 

 

Address for Notices

 

Address : 9 Andre Shaharov street, Haifa, 31905, Israel

 

Fax: 972-4-8610629

 

Telephone: 972-4-8610610

 

Email: eyal@xtholdings.com

 

Attention: Adv. Eyal Wolfsthal

 

Global Restructuring Deed

  

     

     

    

 

	 	 	RELATED
    PARTIES
	 	 	 
	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	JAZTON SHIPPING
    INC.	)	 
	a company incorporated
    in Liberia	)	 
	acting by	)	 
	Authorised
    Signatory	)	/s/ Ori Angel
	ORI
    ANGEL	 	 
	acting by	)	 
	Authorised
    Signatory	)	 
	being
    a person/persons who, in accordance	 	 
	with the laws
    of Liberia is/are acting	)	 
	under
    the authority of the company	 	 

 

Address for Notices

 

Address : 9 Andre Shaharov street, Haifa, 31905, Israel

 

Fax: 972-4-8610629

 

Telephone: 972-4-8610610

 

Email: eval@xtholdings.com

 

Attention: Adv. Eyal Wolfsthal

 

Global Restructuring Deed

 

     

     

    

  

	 	 	RELATED
    PARTIES
	 	 	 
	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	LISS MARITIME
    INC.	)	 
	a company incorporated
    in Liberia	)	 
	acting by	)	 
	Authorised
    Signatory	)	/s/ Ori Angel
	ORI
    ANGEL	 	 
	acting by	)	 
	Authorised
    Signatory	)	 
	being
    a person/persons who, in accordance	 	 
	with the laws
    of Liberia is/are acting	)	 
	under
    the authority of the company	 	 

 

Address for Notices

 

Address : 9 Andre Shaharov street, Haifa, 31905, Israel

 

Fax: 972-4-8610629

 

Telephone: 972-4-8610610

 

Email: eyal@xtholdings.com

 

Attention: Adv. Eyal Wolfsthal

 

Global Restructuring Deed

 

     

     

    

  

	 	 	RELATED
    PARTIES
	 	 	 
	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	PAVAN SHIPPING
    LTD.	)	 
	a company incorporated
    in Liberia	)	 
	acting by	)	 
	Authorised
    Signatory	)	/s/ Ori Angel
	ORI
    ANGEL	 	 
	acting by	)	 
	Authorised
    Signatory	)	 
	being
    a person/persons who. in accordance	 	 
	with the laws
    of Liberia is/are acting	)	 
	under
    the authority of the company	 	 

 

Address for Notices

 

Address : 9 Andre Shaharov street, Haifa, 31905, Israel

 

Fax: 972-4-8610629

 

Telephone: 972-4-8610610

 

Email: eyal@xtholdings.com

 

Attention: Adv. Eyal Wolfsthal

 

Global Restructuring Deed

 

     

     

    

  

	 	 	RELATED
    PARTIES
	 	 	 
	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	STAV SHIPPING
    LTD.	)	 
	a company incorporated
    in Liberia	)	 
	acting by	)	 
	Authorised
    Signatory	)	/s/ Ori Angel
	ORI
    ANGEL	 	 
	acting by	)	 
	Authorised
    Signatory	)	 
	being
    a person/persons who. in accordance	 	 
	with the laws
    of Liberia is/are acting	)	 
	under
    the authority of the company	 	 

 

Address for Notices

 

Address : 9 Andre Shaharov street, Haifa, 31905, Israel

 

Fax: 972-4-8610629

 

Telephone: 972-4-8610610

 

Email: eyal@xtholdings.com

 

Attention: Adv. Eyal Wolfsthal

 

Global Restructuring Deed

 

 

     

     

    

 

	 	 	RELATED
    PARTIES
	 	 	 
	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	TACTON SHIPPING
    INC.	)	 
	a company incorporated
    in Liberia	)	 
	acting by	)	 
	Authorised
    Signatory	)	/s/ Ori Angel
	ORI
    ANGEL	 	 
	acting by	)	 
	Authorised
    Signatory	)	 
	being
    a person/persons who, in accordance	 	 
	with the laws
    of Liberia is/are acting	)	 
	under
    the authority of the company	 	 

 

Address for Notices

 

Address : 9 Andre Shaharov street, Haifa, 31905, Israel

 

Fax: 972-4-8610629

 

Telephone: 972-4-8610610

 

Email: eyal@xtholdings.com

 

Attention: Adv. Eyal Wolfsthal

 

Global Restructuring Deed

 

     

     

    

  

	 	 	RELATED
    PARTIES
	 	 	 
	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	XT MARITIME
    LIMITED	)	 
	a company incorporated
    in Israel	)	 
	acting by	)	 
	Authorised
    Signatory	)	/s/ Ori Angel
	ORI
    ANGEL	 	 
	acting
    by	 	 
	Authorised
    Signatory	)	 
	being
    a person/persons who, in accordance	 	 
	with the laws
    of Israel is/are acting	 	 
	under
    the authority of the company	 	 

 

Address for Notices

 

Address : 9 Andre Shaharov street, Haifa, 31905, Israel

 

Fax: 972-4-8610629

 

Telephone: 972-4-8610610

 

Email: eval@xtholdings.corn

 

Attention: Adv. Eyal Wolfsthal

 

Global Restructuring Deed

 

     

     

    

  

	 	 	HHI PARTIES
	 	 	 
	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	HYUNDAI
    HEAVY INDUSTRIES CO.,	)	 
	LTD.	 	 
	a
    company incorporated in Korea	)	 
	acting
    by	)	/s/ [ILLEGIBLE]
	Authorised
    Signatory	)	 
	acting
    by	)	 
	Authorised
    Signatory	)	 
	being
    a person/persons who, in accordance	 	 
	with
    the laws of Korea is/are acting under the	)	 
	authority
    of the company	 	 

 

Address for Notices

 

Address: 93, Daebul-Ro, Samho-Eup, Yeongam-Gum, Jeollanam-Do,
Korea

 

Fax: +82 61 460 3707

 

Telephone: +82 61 460 2683

 

Email: shawn@hshi.co.kr

 

Attention: General Manager

 

Global Restructuring Deed

 

     

     

    

 

	 
	 	HHI
    PARTIES
	 	 	 
	EXECUTED
    AND DELIVERED as a	)	 
	DEED
    on behalf of	 	 
	HYUNDAI SAMHO
    HEAVY	)	 
	INDUSTRIES
    CO., LTD.	 	 
	a
    company incorporated in Korea	)	 
	acting
    by	)	 
	Authorised
    Signatory	)	/s/ [ILLEGIBLE]
	 	 	 
	acting
    by	)	 
	Authorised
    Signatory	)	 
	being
    a person/persons who, in accordance	 	 
	with
    the laws of Korea is/are acting under the	)	 
	authority
    of the company	 	 

 

Address for Notices

 

Address: 93, Daebul-Ro, Samho-Eup, Yeongam-Gum, Jeollanam-Do,
Korea

 

Fax:+82 61 460 3707

 

Telephone: +82 61 460 2683

 

Email: shawn@hshi.co,kr

 

Attention: General Manager

 

Global Restructuring DeedExhibit 4.3

 

EXECUTION VERSION

 

 

 

ZIM INTEGRATED
SHIPPING SERVICES LTD.

 

AS THE ISSUER

 

HERMETIC TRUST
(1975) LTD.

 

as Trustee

 

ZIM INTEGRATED
SHIPPING SERVICES LTD.

 

as Paying Agent and Registrar

 

 

 

INDENTURE

 

DATED AS OF JULY
16, 2014

 

 

 

3.0% SERIES 1 SENIOR
NOTES DUE 2023

 

5.0% SERIES 2 SENIOR
NOTES DUE 2023

 

 

 

    

     

    

 

	TABLE OF CONTENTS	 
	 	 
	 	 	 	Page
	 	 	 	 
	
        ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE
	1
	 	 
	 	Section 1.01	 	Definitions	     1
	 	Section 1.02	 	Other Definitions	     30
	 	Section 1.03	 	Rules of Construction	     31
	 	 	 	 
	
        Article 2. THE NOTES
	    31
	 	 
	 	Section 2.01	 	Form and Dating	     31
	 	Section 2.02	 	Execution and Authentication	     33
	 	Section 2.03	 	Registrar and Paying Agent	     34
	 	Section 2.04	 	Paying Agent to Hold Money	     34
	 	Section 2.05	 	Holder Lists	     35
	 	Section 2.06	 	Transfer and Exchange	     35
	 	Section 2.07	 	Replacement Notes	     38
	 	Section 2.08	 	Outstanding Notes	     38
	 	Section 2.09	 	Treasury Notes	     38
	 	Section 2.10	 	Temporary Notes	     38
	 	Section 2.11	 	Cancellation	     39
	 	Section 2.12	 	Defaulted Interest	     39
	 	Section 2.13	 	ISIN	     39
	 	Section 2.14	 	Agents	     39
	 	Section 2.15	 	Ratings	     40
	 	 	 	 
	
        Article 3. REDEMPTION AND PREPAYMENT
	  40
	 	 
	 	Section 3.01	 	Notices to Trustee	     40
	 	Section 3.02	 	Notes to Be Redeemed or Purchased	     40
	 	Section 3.03	 	Notice of Redemption	     40
	 	Section 3.04	 	Redemption Payments to be made by Paying Agent;
Deposit of Redemption Price	   41
	 	Section 3.05	 	Purchase Payments to be made by Paying Agent;
Deposit of Purchase Price	 42
	 	Section 3.06	 	Notes Redeemed or Purchased in Part	     43
	 	Section 3.07	 	Optional Redemption	     43
	 	Section 3.08	 	Mandatory Excess Cash Redemption	     44
	 	Section 3.09	 	Selection and Notice	     44
	 	 	 	 
	
        Article 4. COVENANTS
	 45
	 	 
	 	Section 4.01	 	Payment of Notes	     45
	 	Section 4.02	 	Maintenance of
    Office or Agency	     45

 

    ii

     

    

 

	 	 	 	 	Page
	 	 	 	 	 
	 	Section 4.03	 	Provision of Information	     45
	 	Section 4.04	 	Compliance Certificate; Notice of Default	     46
	 	Section 4.05	 	Taxes	     46
	 	Section 4.06	 	Stay, Extension and Usury Laws	     47
	 	Section 4.07	 	Limitation on Restrictions on Distributions from Restricted
Subsidiaries	  47
	 	Section 4.08	 	Limitation on Debt	     48
	 	Section 4.09	 	Limitation on Restricted Payments	     54
	 	Section 4.10	 	Limitation on Sales of Assets	     55
	 	Section 4.11	 	Limitation on Affiliate Transactions	     57
	 	Section 4.12	 	Limitation on Liens	     59
	 	Section 4.13	 	Corporate Existence	     59
	 	Section 4.14	 	Change of Control	     59
	 	Section 4.15	 	Limitation on Agreements Restricting the Accrual of
the PIK Amount	  61
	 	Section 4.16	 	Payments for Consents	     61
	 	Section 4.17	 	Permitted Business	     61
	 	Section 4.18	 	Additional Guarantees by Restricted Subsidiaries	     61
	 	Section 4.19	 	Designation of Unrestricted and Restricted Subsidiaries	     62
	 	Section 4.20	 	Withholding Taxes	     63
	 	Section 4.21	 	Restrictions on Purchases, Repayments or Refinancings
of Notes	     66
	 	 	 	 
	
        Article 5. SUCCESSORS
	    66
	 	 
	 	Section 5.01	 	Merger and Consolidation	     66
	 	Section 5.02	 	Successor Corporation Substituted	     68
	 	 	 	 
	
        Article 6. DEFAULTS AND REMEDIES
	  68
	 	 
	 	Section 6.01	 	Events of Default	     68
	 	Section 6.02	 	Acceleration	     69
	 	Section 6.03	 	Other Remedies	     70
	 	Section 6.04	 	Notices of Default	     70
	 	Section 6.05	 	Waiver of Past Defaults	     70
	 	Section 6.06	 	Control by Majority	     71
	 	Section 6.07	 	Limitation on Suits	     71
	 	Section 6.08	 	Rights of Holders to Receive Payment	     72
	 	Section 6.09	 	Collection Suit by Trustee	     72
	 	Section 6.10	 	Trustee May File Proofs of Claim	     72
	 	Section 6.11	 	Priorities	     73
	 	Section 6.12	 	Undertaking for Costs	     73
	 	Section 6.13	 	Restoration of Rights and Remedies	     73
	 	Section 6.14	 	Rights and Remedies Cumulative	     74
	 	Section 6.15	 	Delay or Omission Not Waiver	     74
	 	 	 	 
	
        Article 7. TRUSTEE
	  74
	 	 
	 	Section 7.01	 	Duties of Trustee	     74
	 	Section 7.02	 	Rights of Trustee	     75
	 	Section 7.03	 	Individual Rights of the Trustee	     77
	 	Section 7.04	 	Trustee’s Disclaimer	     77
	 	Section 7.05	 	Compensation and Indemnity	     77
	 	Section 7.06	 	Replacement of Trustee	     78
	 	Section 7.07	 	Successor Trustee by Merger, etc	     79
	 	Section 7.08	 	Eligibility; Disqualification	     79

 

    -ii-

     

    

 

		 	 	Page
	 	 	 	 
	 	Section 7.09	 	Other	     79
	 	 	 	 
	
        Article 8. LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	  80
	 	 
	 	Section 8.01	 	Option to Effect Legal Defeasance or Covenant Defeasance	     80
	 	Section 8.02	 	Legal Defeasance and Discharge	     80
	 	Section 8.03	 	Covenant Defeasance	     81
	 	Section 8.04	 	Conditions to Legal or Covenant Defeasance	     81
	 	Section 8.05	 	Deposited Money and Government Obligations to be Held
in Trust;Other Miscellaneous Provisions	  82
	 	Section 8.06	 	Repayment to Issuer	     83
	 	Section 8.07	 	Reinstatement	     83
	 	 	 	 
	
        Article 9. AMENDMENT, SUPPLEMENT AND WAIVER
	 83
	 	 
	 	Section 9.01	 	Without Consent of Holders	     83
	 	Section 9.02	 	With Consent of Holders	     84
	 	Section 9.03	 	Revocation and Effect of Consents	     86
	 	Section 9.04	 	Notation on or Exchange of Notes	     86
	 	Section 9.05	 	Trustee to Sign Amendments, etc.	     86
	 	 	 	 
	
        Article 10. GUARANTEES
	 86
	 	 
	 	Section 10.01 	 	Guarantee.	 86
	 	Section 10.02 	 	Limitation on Guarantor Liability	87
	 	Section 10.03 	 	Execution and Delivery of Guarantee	  88
	 	Section 10.04 	 	Release.	  88
	 	 	 	 
	
        Article 11. satisfaction and discharge
	  89
	 	 
	 	Section 11.01 	 	Satisfaction and Discharge	 89
	 	Section 11.02 	 	Application of Trust Money	89
	 	 	 	 
	
        Article 12. MISCELLANEOUS
	 90
	 	 
	 	Section 12.01 	 	Notices	 90
	 	Section 12.02 	 	Certificate and Opinion as to Conditions Precedent	  91
	 	Section 12.03 	 	Statements Required in Certificate or Opinion	   91
	 	Section 12.04 	 	Rules by Trustee and Agents	    91
	 	Section 12.05 	 	Agent for Service; Submission to Jurisdiction; Waiver of Immunities	    91
	 	Section 12.06 	 	No Personal Liability of Directors, Officers, Employees and Stockholders	92
	 	Section 12.07 	 	Waiver of Jury Trial	92
	 	Section 12.08 	 	Governing Law	   92
	 	Section 12.09 	 	No Adverse Interpretation of Other Agreements	   92
	 	Section 12.10 	 	Successors	 92
	 	Section 12.11 	 	Severability	  92
	 	Section 12.12 	 	Counterpart Originals	    92
	 	Section 12.13 	 	Table of Contents, Headings, etc.	 93
	 	Section 12.14 	 	Judgment Currency	 93
	 	Section 12.15 	 	Prescription	   93

 

    -iii-

     

    

 

EXHIBITS 

 

	 	 	Page
	 	 	 
	Exhibit A	FORM OF SERIES 1A NOTE	A-1
	Exhibit B	FORM OF SERIES 1B NOTE	B-1
	Exhibit C	FORM OF SERIES 2A NOTE	C-1
	Exhibit D	FORM OF SERIES 2B NOTE	D-1
	Exhibit E	FORM OF CERTIFICATE OF TRANSFER	E-1
	Exhibit F	FORM OF CERTIFICATE OF GLOBAL NOTES EXCHANGE	F-1
	Exhibit G	 FORM OF SUPPLEMENTAL INDENTURE	G-1
	Exhibit H	INFORMATION FORM	H-1

 

    -iv-

     

    

 

INDENTURE dated as
of July 16, 2014, among Zim Integrated Shipping Services Ltd., incorporated as a limited company under the laws of Israel
(the “Issuer”), Hermetic Trust (1975) Ltd., as Trustee (the “Trustee”) and Zim Integrated
Shipping Services Ltd., as Paying Agent and Registrar.

 

The Issuer, the Trustee,
the Paying Agent and Registrar agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders
(as defined) of the 3.0% Series 1A Senior Notes due 2023 (the “Series 1A Notes”) and the 3.0% Series 1B
Senior Notes due 2023 (the “Series 1B Notes”, and, with the Series 1A Notes, the “Series 1
Notes”) and the 5.0% Series 2A Senior Notes due 2023 (the “Series 2A Notes”) and the 5.0%
Series 2B Senior Notes due 2023 (the “Series 2B Notes”, and with the Series 2A Notes, the “Series 2
Notes”, and, together with the Series 1 Notes, the “Notes”):

 

ARTICLE 1

DEFINITIONS AND
INCORPORATION

BY REFERENCE

 

 Section 1.01          Definitions.

 

“Acquired Debt” means Debt of a
Person:

 

		(1)	existing at the time such Person becomes
a Subsidiary or is merged into or consolidated with the Issuer or any Subsidiary whether or not such Debt is incurred in connection
with, or in contemplation of, such Person merging with or into, or becoming a Restricted Subsidiary; or

 

		(2)	assumed
in connection with the acquisition of assets from any such Person.

 

Acquired Debt will
be deemed to be incurred on the date the acquired Person becomes a Restricted Subsidiary or the date of the related acquisition
of assets from any Person.

 

“Affiliate”
means, with respect to any specified Person any other Person directly or indirectly controlling or controlled by or under direct
or indirect common control with such specified Person. For the purposes of this definition, “control,” when used with
respect to any specified Person, means the power to direct or cause the direction of the management and policies of such Person,
directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling”
and “controlled” have meanings correlative to the foregoing. Notwithstanding the foregoing, holders and/or beneficial
owners of Notes on the Issue Date and their respective Affiliates shall be deemed not to be Affiliates of the Issuer. The Issuer
acknowledges that Israel Corporation is an Affiliate of the Issuer and its Subsidiaries as of the Issue Date.

 

“Agent”
means any Registrar, co-registrar, Authenticating Agent, Paying Agent or additional paying agent.

 

“Agreed New
Vessels” means up to six additional Vessels (with capacity up to 13,000 TEUs) contemplated to be acquired or leased by
the Issuer and its Subsidiaries pursuant to the business plan related to the Transactions as at the Issue Date, and any replacements
thereof; provided that there shall not be more than six Agreed New Vessels at any time.

 

“Applicable
Procedures” means (i) the bylaws of the TASE and the regulations promulgated thereunder that apply to securities
listed for trading on the TACT Institutional System, including the relevant provisions of the bylaws of the TASECH and the Nesher
System and (ii) any instructions received by the Issuer from the TASE with respect to the Notes.

 

“Asset
Debt” means (i) the Tranche A Debt and (ii) any other Credit Facilities of any Restricted Subsidiary that
is a special purpose vehicle whose principal property are Vessels and/or containers that are secured for the benefit of the
lenders of such Asset Debt (and any guarantee thereof by the Issuer).

 

    1

     

    

 

“Authorized
Person” means any person who is designated in writing by the Issuer from time to time to give Instructions to the Trustee
or an Agent under this Indenture.

 

“Asset Sale”
means any sale, issuance, conveyance, transfer, lease or other disposition (including, without limitation, by way of merger, consolidation
or sale and leaseback transaction) (collectively, a “transfer”), directly or indirectly, in one or a series
of related transactions, of:

 

		(1)	any Capital Stock of any Restricted Subsidiary (other than directors’ qualifying shares or
shares required by applicable law to be held by a Person other than the Issuer or a Restricted Subsidiary);

 

		(2)	all or substantially all the properties and assets of any division or line of business of the Issuer
or any Restricted Subsidiary; or

 

		(3)	any other of the Issuer’s
or any Restricted Subsidiary’s properties or assets.

 

Notwithstanding the
preceding, none of the following items will be deemed to be an Asset Sale:

 

		(a)	any transfer or disposition of assets that is governed by the provisions of this Indenture described
under Section 4.14 and Section 5.01;

 

		(b)	any transfer or disposition of assets or Capital Stock between or among the Issuer and any Restricted
Subsidiary;

 

		(c)	any transfer or disposition of obsolete, worn-out or surplus equipment or facilities or other assets
(including the scrapping of any Vessels) of the Issuer or any Restricted Subsidiary that are no longer used or useful in the ordinary
course of the Issuer’s or any Restricted Subsidiary’s business;

 

		(d)	any single transaction or series of related transactions that involves assets or Capital Stock
having a Fair Market Value of less than $10.0 million;

 

		(e)	the disposition of receivables in connection with the compromise, settlement or collection thereof
in the ordinary course of business or in bankruptcy or similar proceedings and exclusive of factoring or similar arrangements;

 

		(f)	a disposition that is made in connection with the establishment of a joint venture which is a Permitted
Investment;

 

		(g)	the sale, lease or other disposition of equipment, inventory, property, stock-in-trade, goods or
other assets (other than accounts receivable) in the ordinary course of business;

 

		(h)	the lease, assignment, sublease, non-exclusive license or sublicense of any real or personal property
(including intellectual property and software) in the ordinary course of business;

 

		(i)	an issuance of Capital Stock by a Restricted Subsidiary to the Issuer or to another Restricted
Subsidiary;

 

    2

     

    

 

		(j)	a Permitted Investment or a Restricted Payment (or a transaction that would constitute a Restricted
Payment but for the exclusions from the definition thereof) that is not prohibited by Section 4.09;

 

		(k)	foreclosure, condemnation or similar action with respect to property or other assets;

 

		(l)	dispositions or sales of accounts receivable, or participations therein, in connection with any
factoring transaction or receivables securitization facilities (including the IC Receivables Facility) permitted by Section 4.08(b)(2);

 

		(m)	sales of assets received by the Issuer or any Restricted Subsidiary upon the foreclosure on a Lien
granted in favor of the Issuer or any Restricted Subsidiary;

 

		(n)	the sale or other disposition of cash or Cash Equivalents;

 

		(o)	the disposition of assets to a Person who is providing services (the provision of which have been
or are to be outsourced by the Issuer or any Restricted Subsidiary to such Person) related to such assets in the ordinary course
of business, not to exceed in the aggregate $15 million;

 

		(p)	the granting of Liens not otherwise prohibited by this Indenture; or

 

		(q)	the surrender, or waiver of contract rights or settlement, release or surrender of contract, tort
or other claims in the ordinary course of business.

 

“Average Life” means,
as of the date of determination with respect to any Debt, the quotient obtained by dividing:

 

		(1)	the sum of the products of:

 

		(a)	the numbers of years from the date of determination to the date or dates of each successive scheduled
principal payment of such Debt multiplied by

 

		(b)	the amount of each such principal payment;

 

by

 

		(2)	the
sum of all such principal payments.

 

“Bank Deposit
Secured Debt” means Debt of the Issuer or any Restricted Subsidiary to the extent secured by a pledge of cash and/or
Cash Equivalents and/or one or more bank accounts of the Issuer or a Restricted Subsidiary, to the extent such pledges are deemed
necessary by the Issuer and its Restricted Subsidiaries to facilitate the use, access or remittance by the Issuer or any Restricted
Subsidiaries of cash or Cash Equivalents denominated in currencies which are not freely exchangeable into U.S. Dollars (whether
through incurring Debt supported by such pledges or otherwise) provided that the amount of Bank Deposit Secured Debt shall
not exceed the amount of cash and Cash Equivalents pledged as collateral for such Debt.

 

“Bankruptcy Law” means
(a) Title 11, United States Bankruptcy Code of 1978, as amended, (b) any voluntary liquidation, shareholder
arrangement, settlement and/or arrangement of creditors in accordance with sections 350 and 351 of the Israeli Companies Law,
1999 (other than provisions thereof not related in any manner to matters of bankruptcy or insolvency or to a Person’s
inability (or potential inability) to pay its debts (or any part thereof) when due), and (c) any other law of the United
States or Israel (or, in each case, any political subdivision thereof) or any other jurisdiction or any political subdivision
thereof relating to bankruptcy, insolvency, receivership, winding-up, liquidation, reorganization or relief of debtors or any
amendment to, succession to or change in any such law.

 

    3

     

    

 

“Board of Directors” means the
board of directors of the Issuer.

 

“Book-Entry Interest” means a beneficial
interest in a Global Note held through a Participant.

 

“Business
Day” means each day on which the Bank of Israel conducts monetary activities in U.S. Dollars.

 

“Capital Stock”
means, with respect to any Person, any and all shares, interests, partnership interests (whether general or limited), participations,
rights in or other equivalents (however designated) of such Person’s equity, any other interest or participation that confers
the right to receive a share of the profits and losses, or distributions of assets of, such Person and any rights (other than debt
securities convertible into or exchangeable for Capital Stock), warrants or options exchangeable for or convertible into or to
acquire such Capital Stock, whether now outstanding or issued after the Issue Date.

 

“Capitalized
Lease Obligation” means, with respect to any Person, any obligation of such Person under a lease of (or other agreement
conveying the right to use) any property (whether real, personal or mixed), which obligation is required to be classified and accounted
for as a capital lease obligation under IFRS, and, for purposes of this Indenture, the amount of such obligation at any date will
be the capitalized amount thereof at such date, determined in accordance with IFRS, and the Stated Maturity thereof will be the
date of the last payment of rent or any other amount due under such lease prior to the first date such lease may be terminated
without penalty.

 

“Cash”
means, as of any date, all amounts shown in the line item entitled “Cash and cash equivalents” under the caption “Current
Assets” on the Issuer’s consolidated statement of financial position as of such date prepared in accordance with IFRS,
or if a consolidated statement of financial position is not available as of such date, such other comparable financial information
or data then available to the Issuer, other than all cash and cash equivalents included in such amount that (i) are Restricted
Cash, (ii) constitute proceeds from the incurrence of any Debt (other than any Debt among the Issuer and its Restricted Subsidiaries),
(iii) constitute the proceeds of any Asset Sale or (iv) are held in the Issuer’s Reserve Account.

 

“Cash Equivalents” means any of
the following:

 

		(1)	direct obligations (or certificates representing an interest in such obligations) issued by, or
unconditionally guaranteed by, the government of a Member State, the United States of America, Israel, Switzerland, Canada,
Japan, Singapore, Hong Kong, Australia or Norway (including, in each case, any agency or instrumentality thereof), as the case
may be, the payment of which is backed by the full faith and credit of the relevant Member State or the United States of America, Israel,
Switzerland, Canada, Japan, Singapore, Hong Kong, Australia or Norway, as the case may be;

 

		(2)	overnight bank deposits, time deposit accounts, certificates of deposit, banker’s acceptances
and money market deposits with maturities (and similar instruments) of 12 months or less from the date of acquisition issued by
a bank or trust company which is organized under, or authorized to operate as a bank or trust company under, the laws of a Member
State or of the United States of America or any state thereof, Israel, Switzerland, Canada, Japan, Singapore, Hong Kong, Australia
or Norway; provided that such bank or trust company has capital, surplus and undivided profits aggregating in excess of
$250.0 million (or the foreign currency equivalent thereof as of the date of such investment) and whose long-term debt is rated
 “P-1” or higher by Moody’s or “A-1” or higher by S&P
or the equivalent rating category of another internationally recognized rating agency;

 

    4

     

    

 

		(3)	commercial paper having one of the two highest ratings obtainable from Moody’s or S&P
and, in each case, maturing within one year after the date of acquisition;

 

		(4)	repurchase obligations of any commercial bank satisfying
the requirements of clause (2) of this definition having a term of not more than 90 days with respect to securities issued
or fully guaranteed by the United States of America, the United Kingdom or an agency thereof or any Member State, Israel,
Switzerland, Canada, Japan, Singapore, Hong Kong, Australia or Norway; and

 

		(5)	investments in money market mutual funds at least 95% of the assets of which constitute Cash Equivalents
of the kind described in clauses (1) through (4) of this definition.

 

“Change of Control” means the occurrence
of any of the following events:

 

		(1)	the consummation of any transaction or series of transactions (including, without limitation, any
merger or consolidation), the result of which is that any person or group, is or as a result of such transaction becomes, the beneficial
owner, directly or indirectly, of 50% or more of the total voting power of the Voting Stock of the Issuer;

 

		(2)	the sale, transfer, conveyance or other disposition (other than by way of merger, consolidation
or transfer of the Issuer’s Voting Stock) of all or substantially all the assets (other than Capital Stock, Debt or other
securities of any Unrestricted Subsidiary) of the Issuer and its Restricted Subsidiaries, taken as a whole, to any person; or

 

		(3)	the Issuer is liquidated or dissolved or adopts a plan of liquidation or dissolution other than
in a transaction which complies with the provisions described under Article 5.

 

For the purposes of this definition,
(i) “person” and “group” have the meanings they have in Sections 13(d) and 14(d) of the
Exchange Act; (ii) “beneficial owner” is used as defined in Rules 13d-3 and 13d-5 under the Exchange Act,
except that a person shall be deemed to have “beneficial ownership” of all securities that such person has the right
to acquire, whether such right is exercisable immediately or only after the passage of time; and (iii) a person (including
a group constituting such person) will be deemed to beneficially own all Voting Stock of an entity held by a parent entity, if
such person is or becomes the beneficial owner, directly or indirectly, of more than 50% of the total voting power of the Voting
Stock of such parent entity and no other person has the right or the ability by voting power, contract or otherwise to elect or
designate for election a majority of the board of directors (or like governing body) of such parent entity.

 

“Charter Lease Costs” means, with
respect to any specified Person for any period:

 

		(1)	all amounts paid or payable in the applicable
period whether interest or rental payments or amortization capital payments in respect of:

 

		(a)	any lease, charter or hire purchase contract in respect of a vessel or containers (including slot
hire charges) which would in accordance with IFRS, be treated as a Capitalized Lease Obligation;

 

    5

     

    

 

		(b)	any lease, charter or hire purchase contract in respect of a vessel or containers (including slot
hire charges) which would in accordance with IFRS be treated as an operating lease ((a) and (b), collectively being “Charter
Leases”); and

 

		(2)	all Vessel-specific operating costs incurred by such Person or its Restricted Subsidiaries in respect
of a vessel that is not subject to a time charter from a third party.

 

“Clearstream” means Clearstream
Banking, S.A.

 

“Code” means the United States
Internal Revenue Code of 1986, as amended.

 

“Commission” means the U.S. Securities
and Exchange Commission.

 

“Commodity
Hedging Agreements” means, in respect of a Person, any spot, forward, swap, option or other similar agreements or arrangements
designed to protect such Person against or manage exposure to fluctuations in commodity prices.

 

“Consolidated
Adjusted Net Income” means, with respect to any specified Person for any period, the aggregate of the net income (or
loss) of such Person for such period, on a consolidated basis (excluding the net income (loss) of any Unrestricted Subsidiary),
as determined in accordance with IFRS and without any reduction in respect of preferred stock dividends; provided that:

 

		(1)	any goodwill or other intangible asset impairment charges will be excluded;

 

		(2)	the net income (loss) of any Person that is not a Restricted Subsidiary or that is accounted for
by the equity method of accounting will be included only to the extent of the amount of dividends or similar distributions paid
in cash to the specified Person or a Restricted Subsidiary which is a Subsidiary of the Person;

 

		(3)	any net gain (or loss) in relation to cargos that had not reached their destination at the end
of the period will be excluded;

 

		(4)	any net gain (or loss) realized upon the sale or other disposition of any asset or disposed operations
of the Issuer or any Restricted Subsidiaries (including pursuant to any sale and leaseback transaction) which is not sold or otherwise
disposed of in the ordinary course of business (as determined in good faith by the Board of Directors or a member of senior management
of the Issuer) or in connection with the sale or disposition of securities will be excluded;

 

		(5)	(i) any non-recurring, extraordinary, exceptional or unusual expenses, losses or charges,
(ii) any asset impairments charges, the financial impacts of natural disasters (including fire, flood and storm and related
events), (iii) losses, charges and expenses attributable to abandoned, closed, disposed or discontinued operations and the
disposition thereof, (iv) any expenses, charges, reserves or other costs in respect of any restructuring, redundancy, integration
or severance, or (v) any expenses, charges, reserves or other costs related to the Transactions, in each case, will be excluded;

 

		(6)	any non-cash compensation charge or expense arising from any grant of stock, stock options or other
equity based awards will be excluded;

 

		(7)	all deferred expenses regarding charter and deferred financing costs amortized, written off and
premium paid or other expenses incurred directly in connection with any early extinguishment of Debt and any net gain (loss) from
any write-off or forgiveness of Debt will be excluded;

 

    6

     

    

 

		(8)	any one-time non-cash charges or any increases in amortization or depreciation resulting from purchase
accounting, in each case, in relation to any acquisition of another Person or business or resulting from any reorganization or
restructuring involving the Issuer or its Subsidiaries (including the Transactions) will be excluded;

 

		(9)	any unrealized gains or losses in respect of Hedging Obligations or any ineffectiveness recognized
in earnings related to qualifying hedge transactions or the fair value or changes therein recognized in earnings for derivatives
that do not qualify as hedge transactions, in each case, in respect of Hedging Obligations will be excluded;

 

		(10)	any unrealized foreign currency transaction gains or losses in respect of Debt of any Person denominated
in a currency other than the functional currency of such Person and any unrealized foreign exchange gains or losses relating to
translation of assets and liabilities denominated in foreign currencies will be excluded;

 

		(11)	any unrealized foreign currency translation or transaction gains or losses in respect of Debt or
other obligations of the Issuer or any Restricted Subsidiary owing to the Issuer or any Restricted Subsidiary will be excluded;

 

		(12)	the cumulative effect of a change in accounting principles will be excluded; and

 

		(13)	the impact of capitalized, accrued or accreting or pay-in-kind interest or accreting principal (including the compounding of any PIK Amount)
and price-indexed linkage differences on Debt shall be excluded.

 

“Consolidated
EBITDA” means, with respect to any specified Person for any period without duplication, the sum of Consolidated Adjusted
Net Income, plus in each case to the extent deducted in computing Consolidated Adjusted Net Income for such period:

 

		(1)	provision for taxes based on income, profits or capital of such Person
and its Restricted Subsidiaries for such period; plus

 

		(2)	Consolidated Net Interest Expense and any non-cash interest expense (including without limitation
capitalized, accrued or accreting or paid-in-kind interest or accreting principal (including compounding of any PIK Amount) and
price-indexed linkage differences on Debt) of such Person and its Restricted Subsidiaries for such period; plus

 

		(3)	any expenses, charges or other costs related to any equity offering, acquisition (including amounts
paid in connection with the acquisition or retention of one or more individuals comprising part of a management team retained to
manage the acquired business, provided that such payments are made at the time of such acquisition and are consistent with
the customary practice in the industry at the time of such acquisition), joint venture, disposition, recapitalization, Debt permitted
to be incurred by this Indenture, or the refinancing of any other Debt of such Person or any of its Restricted Subsidiaries (whether
or not successful) (including any such fees, expenses or charges related to the Transactions); plus

 

		(4)	depreciation, amortization (including, without limitation, amortization of intangibles, deferred
expenses regarding charters and deferred financing fees), and other non-cash expenses (including, without limitation, write-downs
and impairment of property, plant, equipment and intangibles and other long-lived assets and the impact of purchase accounting
on such Person and its Restricted Subsidiaries for such period), but excluding any non-cash items for which a future
cash payment will be required and for which an accrual or reserve is required by IFRS to be made; plus

 

    7

     

    

 

		(5)	the minority interest expense consisting of Subsidiary income attributable to minority equity interests
of third parties in any non-wholly owned Subsidiary in such period or any prior period, except to the extent of dividends declared
or paid on Capital Stock held by third parties; plus

 

		(6)	any charge (or minus any income) attributable to a post-employment benefit scheme other than the
current service costs attributable to the scheme; plus

 

		(7)	to the extent not otherwise included, the proceeds of any business interruption insurance,

 

in each case, on a consolidated basis and determined
in accordance with IFRS.

 

“Consolidated Fixed Charge Coverage Ratio”
of the Issuer means, for any period, the ratio of:

 

		(1)	the sum of (without double counting):

 

		(a)	Consolidated EBITDA; and

 

		(b)	Charter Lease Costs;

 

		(2)	to the sum of (without double counting):

 

		(a)	Consolidated Net Interest Expense;

 

		(b)	all scheduled repayments of Indebtedness (including, without double-counting, Charter Lease Costs,
the scheduled payment of any capital element of any Capitalized Lease Obligation) falling due during that applicable period (excluding
any voluntary repayments and payments made pursuant to Section 3.08) but excluding:

 

		(i)	any amounts falling due under any overdraft or revolving facility and which were available for
simultaneous redrawing according to the terms of that facility;

 

		(ii)	any such obligations owed to the Issuer or any Restricted Subsidiary; and

 

		(iii)	any such repayments of Debt funded by disposal proceeds, insurance proceeds, refinancing proceeds
or other cash inflows (in each case) not included in Consolidated EBITDA;

 

		(c)	Charter Lease Costs; and

 

		(d)	cash dividends due (whether or not declared) on the Redeemable Capital Stock of the Issuer and
any Restricted Subsidiaries and on the Preferred Stock of any Restricted Subsidiary (to any Person other than the Issuer and any
Restricted Subsidiary), in each case, for such period;

 

provided that
in calculating the Consolidated Fixed Charge Coverage Ratio or any element thereof for any period, all calculations,
including pro forma calculations, will be made in good faith by a responsible financial or accounting officer of the Issuer
(including any pro forma expenses and cost savings that have occurred); provided further, without limiting the
application of the previous proviso, that:

 

    8

     

    

 

		(1)	if the Issuer or any Restricted Subsidiary has incurred any Debt since the beginning of such period
that remains outstanding or if the transaction giving rise to the need to calculate the Consolidated Fixed Charge Coverage Ratio
is an incurrence of Debt or both, Consolidated EBITDA and Consolidated Net Interest Expense for such period shall be calculated
after giving effect on a pro forma basis to such Debt as if such Debt had been incurred on the first day of such period and the
discharge of any other Debt repaid, repurchased, defeased or otherwise discharged with the proceeds of such new Debt as if such
discharge had occurred on the first day of such period;

 

		(2)	if the Issuer or any Restricted Subsidiary has incurred entered into or terminated any Charter
Lease since the beginning of such period that remains outstanding Consolidated EBITDA for such period shall be calculated after
giving effect on a pro forma basis to the entry into or termination of (as the case may be) such Charter Lease as if such Charter
Lease had been entered into or terminated (as the case may be) on the first day of such period;

 

		(3)	if, since the beginning of such period, the Issuer or any Restricted Subsidiary shall have made
any Asset Sale, Consolidated EBITDA for such period shall be reduced by an amount equal to the Consolidated EBITDA (if positive)
directly attributable to the assets which are the subject of such Asset Sale for such period, or increased by an amount equal to
the Consolidated EBITDA (if negative) directly attributable thereto for such period, and the Consolidated Net Interest Expense
for such period shall be reduced by an amount equal to the Consolidated Net Interest Expense directly attributable to any Debt
of the Issuer or any Restricted Subsidiary repaid, repurchased, defeased or otherwise discharged with respect to the Issuer and
the continuing Restricted Subsidiaries in connection with such Asset Sale for such period (or, if the Capital Stock of any Restricted
Subsidiary is sold, the Consolidated Net Interest Expense for such period directly attributable to the Debt of such Restricted
Subsidiary to the extent the Issuer and the continuing Restricted Subsidiaries are no longer liable for such Debt after such sale)
(and corresponding adjustments shall be made to Charter Lease Costs for any Charter Leases that are subject to such Assets Sale);

 

		(4)	if, since the beginning of such period, the Issuer or any Restricted Subsidiary (by merger or otherwise)
shall have made an Investment in any Restricted Subsidiary (or any Person which becomes a Restricted Subsidiary) or an acquisition
of assets, including any acquisition of an asset occurring in connection with a transaction causing a calculation to be made hereunder,
which constitutes all or substantially all of an operating unit of a business, Consolidated EBITDA, Consolidated Net Interest Expense
and Charter Lease Costs for such period shall be calculated after giving pro forma effect thereto (including the incurrence of
any Debt or the entry into or assumption of any Charter Leases) as if such Investment or acquisition had occurred on the first
day of such period; and

 

		(5)	if, since the beginning of such period, any Person (that subsequently became a Restricted Subsidiary
or was merged with or into the Issuer or any Restricted Subsidiary since the beginning of such period) shall have made any Asset
Sale or any Investment or acquisition of assets that would have required an adjustment pursuant to clause (2) or (3) of
this proviso if made by the Issuer or a Restricted Subsidiary during such period, Consolidated EBITDA, Consolidated Net Interest
Expense and Charter Lease Costs for such period shall be calculated after giving pro forma effect thereto as if such Asset Sale or Investment or acquisition
had occurred on the first day of such period.

 

    9

     

    

 

If any Debt bears a floating
rate of interest and the incurrence, repayment repurchase, defeasance or discharge of such Debt is being given pro forma effect,
the interest expense on such Debt shall be calculated as if the rate in effect on the date of determination had been the applicable
rate for the entire period (taking into account any Interest Rate Agreement applicable to such Debt for a period equal to the remaining
term of such Interest Rate Agreement).

 

“Consolidated
Leverage Ratio” means with respect to any Person at any date of calculation, the ratio of (i) Debt for borrowed
money appearing on the consolidated statement of financial position of such Person (excluding any Debt of any Unrestricted Subsidiary
and any Debt owed to such Person or any Restricted Subsidiary) to (ii) Consolidated EBITDA of such Person for the most recently
ended four fiscal quarters for which internal financial statements are available taken as one period.

 

In calculating the
Consolidated Leverage Ratio or any element thereof for any period, all calculations, including pro forma calculations, will be
made in good faith by a responsible financial or accounting officer of the Issuer (including any pro forma expenses and cost savings
that have occurred).

 

Without limiting the application of the previous
paragraph:

 

		(1)	if the Issuer or any Restricted Subsidiary has incurred entered into or terminated any Charter
Lease since the beginning of such period that remains outstanding, Consolidated EBITDA for such period shall be calculated after
giving effect on a pro forma basis to the entry into or termination of (as the case may be) such Charter Lease as if such Charter
Lease had been entered into or terminated (as the case may be) on the first day of such period;

 

		(2)	if, since the beginning of such period, the Issuer or any Restricted Subsidiary shall have made
any Asset Sale, Consolidated EBITDA for such period shall be reduced by an amount equal to the Consolidated EBITDA (if positive)
directly attributable to the assets which are the subject of such Asset Sale for such period, or increased by an amount equal to
the Consolidated EBITDA (if negative) directly attributable thereto for such period;

 

		(3)	if, since the beginning of such period, the Issuer or any Restricted Subsidiary (by merger or otherwise)
shall have made an Investment in any Restricted Subsidiary (or any Person which becomes a Restricted Subsidiary) or an acquisition
of assets, including any acquisition of an asset occurring in connection with a transaction causing a calculation to be made hereunder,
which constitutes all or substantially all of an operating unit of a business, Consolidated EBITDA for such period shall be calculated
after giving pro forma effect thereto (including the incurrence of any Debt or the entry into or assumption of any Charter Lease)
as if such Investment or acquisition had occurred on the first day of such period; and

 

		(4)	if, since the beginning of such period, any Person (that subsequently became a Restricted Subsidiary
or was merged with or into the Issuer or any Restricted Subsidiary since the beginning of such period) shall have made any Asset
Sale or any Investment or acquisition of assets that would have required an adjustment pursuant to clause (1) or (2) above
if made by the Issuer or a Restricted Subsidiary during such period, Consolidated EBITDA for such period shall be calculated after
giving pro forma effect thereto as if such Asset Sale or Investment or acquisition had occurred on the first day of such period.

 

    10

     

    

 

“Consolidated Net Interest Expense”
means, without duplication and in each case determined on a consolidated basis in accordance with IFRS, the sum of:

 

		(1)	the Issuer’s and the Restricted Subsidiaries’ total interest expense for such period,
including, without limitation:

 

		(a)	amortization of debt discount, but excluding amortization of debt issuance costs, fees and expenses
and the expensing of any bridge or other financing fees;

 

		(b)	the net payments (if any) under Interest Rate Agreements and Currency Agreements (excluding amortization
of fees and discounts and unrealized gains and losses); and

 

		(c)	the interest portion of any deferred payment obligation classified as Debt under this Indenture;
plus

 

		(2)	the interest component of the Issuer’s and the Restricted Subsidiaries’ Capitalized
Lease Obligations accrued or scheduled to be paid or accrued during such period other than the interest component of Capitalized
Lease Obligations between or among the Issuer and any Restricted Subsidiary or between or among Restricted Subsidiaries; plus

 

		(3)	the interest expense on Debt of another Person to the extent such Debt is guaranteed by the Issuer
or any Restricted Subsidiary or secured by a Lien on the Issuer’s or any Restricted Subsidiary’s assets, but only to
the extent that such interest is actually paid by the Issuer or such Restricted Subsidiary; minus

 

		(4)	the interest income of the Issuer and the Restricted Subsidiaries during such period.

 

Notwithstanding any of the foregoing,
Consolidated Net Interest Expense shall not include (i) any non-cash interest expense (including, without limitation, capitalized,
accrued or accreting or paid-in-kind interest or accreting principal (including the compounding of any PIK Amount) and price-indexed
linkage differences on Debt) and (ii) any payments on any operating leases.

 

“continuing”
means, with respect to any Default or Event of Default, that such Default or Event of Default has not been cured or waived.

 

“Credit Facility”
or “Credit Facilities” means one or more loan facilities or commercial paper facilities, in each case, with
banks or other financial institutions providing for revolving credit loans, term loans, receivables financings (including through
the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables),
letters of credit or other forms of guarantees and assurances, or other Debt, including overdrafts, in each case, as amended, restated,
modified, renewed, refunded, replaced (whether upon or after termination or otherwise), restructured, repaid or refinanced (whether
in whole or in part and whether or not with the original administrative agent or lenders or another administrative agent or agents
or other bank or institutions and whether provided under the one or more other credit or other agreements) and, for the avoidance
of doubt, (a) includes any agreement extending the maturity thereof or otherwise restructuring all or any portion of the indebtedness
thereunder or increasing the amount loaned or issued thereunder or altering the maturity thereof and (b) excludes any Public
Debt.

 

“Currency
Agreements” means, in respect of a Person, any spot or forward foreign exchange agreements and currency swap,
currency option or other similar financial agreements or arrangements designed to protect such Person against or manage
exposure to fluctuations in foreign currency exchange rates.

 

    11

     

    

 

“Debt” means, with respect to any
Person, without duplication:

 

		(1)	the principal and premium amounts of any indebtedness of such Person in respect of borrowed money
(including overdrafts) or for the deferred purchase price of property or services due more than one year after such property is
acquired or such services are completed, excluding any trade payables and other accrued current liabilities incurred in the ordinary
course of business;

 

		(2)	any indebtedness of such Person evidenced by bonds (other than performance bonds), notes, debentures
or other similar instruments;

 

		(3)	all obligations, contingent or otherwise of such Person representing reimbursement obligations
in respect of any letters of credit, bankers’ acceptances or other similar instruments (except to the extent such obligation
relates to trade payables in the ordinary course of business), provided that any counter indemnity or reimbursement obligation
under a letter of credit shall be considered Debt only to the extent that the underlying obligation in respect of which the letter
of credit has been issued would also be Debt;

 

		(4)	any indebtedness representing Capitalized Lease Obligations of such Person;

 

		(5)	all obligations of such Person in respect of Interest Rate Agreements, Currency Agreements and
Commodity Hedging Agreements (the amount of any such Debt to be equal at any time to either (a) zero if such Hedging Obligation
is incurred pursuant to Section 4.08(b)(8) or (b) the notional amount of such Hedging Obligation if not incurred
pursuant to such clause);

 

		(6)	all Debt referred to in (but not excluded from) the preceding clauses (1) through (5) of
this definition of other Persons and all dividends of other Persons, the payment of which is secured by (or for which the holder
of such Debt has an existing right, contingent or otherwise, to be secured by) any Lien upon or with respect to property (including,
without limitation, accounts and contract rights) owned by such Person, even though such Person has not assumed or become liable
for the payment of such Debt (the amount of such obligation being deemed to be the lesser of the fair market value of such property
or asset and the amount of the obligation so secured);

 

		(7)	all guarantees by such specified Person of Debt referred to in this definition of any other Person
(other than by endorsement of negotiable instruments for collection in the ordinary course of business);

 

		(8)	all Redeemable Capital Stock of such Person valued at the greater of its voluntary maximum fixed
repurchase price and involuntary maximum fixed repurchase price plus accrued and unpaid dividends; and

 

		(9)	Preferred Stock of any Restricted Subsidiary;

 

if and to the extent any of the preceding items
(other than obligations under clauses (3), (5), (8) and (9)) would appear as a liability upon a balance sheet of the
specified Person prepared in accordance with IFRS; provided that the term “Debt” shall not include
(i) non-interest bearing installment obligations and accrued liabilities incurred in the ordinary course of business
that are not more than 120 days past due; (ii) obligations or liabilities in respect of standby letters of credit,
performance bonds or surety bonds provided by the Issuer or any Restricted Subsidiary in the ordinary course of business to
the extent such letters of credit or bonds are not drawn upon or, if and to the extent drawn upon are honored in accordance
with their terms and if, to be reimbursed, are reimbursed no later than the fifth Business Day following receipt by such
Person of a demand for reimbursement following payment on the letter of credit or bond; (iii) anything accounted for as
an operating lease in accordance with IFRS as at the Issue Date; (iv) any workers compensation claims, early retirement
or termination obligations, pension obligations or similar claims, social security or wage taxes of the Issuer or a
Restricted Subsidiary; (v) any obligations or Liens in respect of the pledge of Equity Interests or Debt of any
Unrestricted Subsidiary held by the Issuer or any Restricted Subsidiary as long as the pledgee has no claim against the
Issuer or any Restricted Subsidiary other than to obtain such pledged property; (vi) Bank Deposit Secured Debt; and
(vii) contingent obligations incurred in the ordinary course of business.

 

    12

     

    

 

For purposes of this
definition, the “maximum fixed repurchase price” of any Redeemable Capital Stock that does not have a fixed redemption,
repayment or repurchase price will be calculated in accordance with the terms of such Redeemable Capital Stock as if such Redeemable
Capital Stock were purchased on any date on which Debt will be required to be determined pursuant to this Indenture, and if such
price is based upon, or measured by, the fair market value of such Redeemable Capital Stock, such fair market value will be determined
in good faith by the Board of Directors of the Issuer; provided, that if such Redeemable Capital Stock is not then permitted
to be redeemed, repaid or repurchased, the redemption, repayment or repurchase price shall be the book value of such Redeemable
Capital Stock as reflected in the most recent financial statements of such Person.

 

“Default”
means any event that is, or after notice or passage of time or both would be, an Event of Default.

 

“Definitive
Registered Note” means a certificated Note registered in the name of the Registered Holder thereof and issued in accordance
with Sections 2.01(c) and 2.06 in exchange for a Book-Entry Interest and in a minimum principal amount at maturity of US $1.00
and integral multiples of US$1.00 in excess thereof, substantially in the form of Exhibit A or B hereto, as applicable (in
respect of Series 1 Notes) or Exhibit C or D hereto, as applicable (in respect of Series 2 Notes).

 

“Depositary”
means the Registration Company of Bank Le’umi Le’Israel Ltd. as depositary until a successor replaces it and thereafter
means the successor serving hereunder.

 

“Designated
Person” means any Person (i) that controls the Issuer, (ii) is under common control with the Issuer (other
than any Person that is controlled by the Issuer) or (iii) in which the Issuer and a Designated Person under clauses (i) or
(ii) each owns 50% of such Person’s Voting Stock.

 

“Disinterested
Director” means, with respect to any transaction or series of related transactions, a member of the Board of Directors
of the Issuer who does not have any material direct or indirect financial interest in or with respect to such transaction or series
of related transactions. A member of the Board of Directors of the Issuer shall not be deemed to have such a financial interest
by reason of such member’s holding Capital Stock of the Issuer. A member of the Board of Directors of the Issuer that is
appointed by Israel Corporation shall be deemed not to be a Disinterested Director in respect of any transaction between the Issuer
and its Restricted Subsidiaries on the one hand and Israel Corporation and its Subsidiaries on the other.

 

“Dollar Equivalent”
means, with respect to any monetary amount in a currency other than U.S. dollars, at any time for the determination thereof, the
amount of U.S. dollars obtained by converting such foreign currency involved in such computation into U.S. dollars at the spot
rate for the purchase of U.S. dollars with the applicable foreign currency as published under “Currency Rates” in the
section of the Financial Times entitled “Currencies, Bonds & Interest Rates” on the date that is two
Business Days prior to such determination.

 

    13

     

    

 

“Eligible
Proceeds” means the Net Proceeds from any Asset Sale governed by Section 4.10(a)(3) less the amount
of any Debt that is required to be repaid (and is repaid) in connection with such Asset Sale pursuant to the terms of such Debt.

 

“Eligible
Receivables” means all receivables of the Issuer or any Restricted Subsidiary (other than intercompany receivables) that
are eligible to be included in the borrowing base of a revolving credit loan or similar construct under any receivables financing
facility or arrangement (including through the sale of receivables to such lenders or to special purpose entities formed to borrow
from such lenders against such receivables) provided by banks or other financial institutions in the local or international credit
markets.

 

“Euroclear” means Euroclear Bank,
SA/NV.

 

“European Union” means the member
states of the European Union as of the Issue Date.

 

“Exchange
Act” means the U.S. Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations
promulgated by the Commission thereunder.

 

“Excess Cash”
means, as of any date, the sum of (i) all Cash in excess of $250 million, plus (ii) 75% of any Cash in excess
of $200 million but less than or equal to $250 million, plus (iii) 50% of any Cash in excess of $150 million but less
than or equal to $200 million. For the purposes of this definition of “Excess Cash”, the amount of “Cash”
shall equal the average daily balance of Cash during the period commencing 10 Business Days immediately preceding and including
the fiscal quarter end date and ending 5 Business Days immediately following the fiscal quarter end date (it being understood that
daily balances of Cash other than on the last day of the fiscal quarter shall be determined in good faith by a responsible financial
or accounting officer of the Issuer based solely upon internal management information).

 

“Fair Market
Value” means, with respect to any asset or property, the sale value that would be obtained in an arm’s length free
market transaction between an informed and willing seller under no compulsion to sell and an informed and willing buyer under no
compulsion to buy, as determined in good faith by the Board of Directors of the Issuer or, in respect of transactions involving
aggregate consideration of less than $5.0 million, a member of senior management of the Issuer.

 

“Global Notes”
means, individually and collectively, each of the Global Notes deposited with or on behalf of and registered in the name of the
Depositary that will be issued in an initial amount equal to the principal amount of the Notes initially issued on the Issue Date,
substantially in the form of Exhibit A or B hereto, as applicable (in respect of the Series 1 Notes) or Exhibit C
or D hereto, as applicable (in respect of the Series 2 Notes), issued in accordance with Sections 2.01 and 2.06.

 

“Guarantee”
means any guarantee of the Issuer’s obligations under this Indenture and the Notes by any Restricted Subsidiary or any other
Person in accordance with the provisions of this Indenture. When used as a verb, “Guarantee” shall have a corresponding
meaning.

 

“guarantee” means, as applied to
any obligation,

 

		(1)	a guarantee (other than by endorsement of negotiable instruments for collection or deposit in the
ordinary course of business), direct or indirect, in any manner, of any part or all of such obligation; and

 

		(2)	an agreement, direct or indirect, contingent or otherwise, the practical effect of which is to
assure in any way the payment or performance (or payment of damages in the event of non-performance) of all or any part of such
obligation, including, without limiting the foregoing, by the pledge of assets and the payment of amounts drawn down under letters
of credit.

 

    14

     

    

 

“Guarantor”
means each Person that executes a Guarantee in accordance with the provisions of this Indenture in its capacity as a guarantor
of the Notes and its respective successors and assigns, until the Guarantee of such Person has been released in accordance with
the provisions of this Indenture.

 

“guarantor” means the obligor under
a guarantee.

 

“Hedging Obligations”
means Currency Agreements, Interest Rate Agreements or Commodity Hedging Agreements, in each case, entered into not for speculative
purposes (as determined in good faith by the Board of Directors of the Issuer).

 

“Holder”
means a Person in whose name a Note is registered in the records of a Participant and any Person in whose name a Definitive Registered
Note is registered in the register maintained in accordance with Section 2.03.

 

“IFRS”
means International Financial Reporting Standards and in effect on the date hereof, or, with respect to Section 4.03, as in
effect from time to time.

 

“IC Receivables
Facility” means the two-year US$50 million receivables-based revolving credit facility provided by Israel Corporation
Ltd to the Issuer or its affiliates, pursuant to facility documentation dated on or about the Issue Date.

 

“Instructing
Holders” means the holders of at least 25% in aggregate principal amount of the then outstanding Notes, provided
that the PIK Amount accrued and compounded in respect of any Series 2 Notes shall be deemed to be principal of such Series 2
Notes for the purposes of determining the Instructing Holders.

 

“Instructions”
means any written notices, written directions or written instructions received by the Trustee or any of the Agents in accordance
with the provisions of this Indenture from an Authorized Person or from a person reasonably believed by the Trustee or any of the
Agents to be an Authorized Person.

 

“Interest
Rate Agreements” means, in respect of a Person, any interest rate protection agreements and other types of interest rate
hedging agreements (including, without limitation, interest rate swaps, caps, floors, collars and similar agreements) designed
to protect such Person against or manage exposure to fluctuations in interest rates.

 

“Investment”
means, with respect to any Person, any direct or indirect advance, loan or other extension of credit (including guarantees but
excluding bank deposits, accounts receivable, trade credit, advances to customers, commission, travel and similar advances to officers
and employees, in each case, made in the ordinary course of business) or capital contribution to (by means of any transfer of cash
or other property to others or any payment for property or services for the account or use of others), or any purchase, acquisition
or ownership by such Person of any Capital Stock, bonds, notes, debentures or other securities or evidences of Debt issued or owned
by, any other Person and all other items, in each case, that are required by IFRS to be classified on the balance sheet (excluding
the footnotes) of the relevant Person in the same manner as the other investments included in this definition to the extent such
transactions involve the transfer of cash or other property. In addition, the portion (proportionate to the Issuer’s equity
interest in such Restricted Subsidiary) of the Fair Market Value of the net assets of any Restricted Subsidiary at the time that
such Restricted Subsidiary is designated an Unrestricted Subsidiary will be deemed to be an “Investment” that the Issuer
made in such Unrestricted Subsidiary at such time. The portion (proportionate to the Issuer’s equity interest in such Restricted
Subsidiary) of the Fair Market Value of the net assets of any Unrestricted Subsidiary at the time that such Unrestricted Subsidiary
is designated a Restricted Subsidiary will be considered a reduction in outstanding Investments. “Investments” excludes
extensions of trade credit on commercially reasonable terms in accordance with normal trade practices.

 

    15

     

    

 

 

“Israeli Securities
Law” means the Israeli Securities Law 5728-1968, as amended, and the regulations promulgated thereunder.

 

“Issue Date” means the date of
first issuance of the Notes.

 

“Issuer” has the meaning given
in the preamble hereto includes any and all successors thereto.

 

“Lien”
means any mortgage or deed of trust, charge, pledge, lien (statutory or otherwise), privilege, security interest, hypothecation,
assignment for security, standard security, assignation in security claim, or preference or priority or other encumbrance upon
or with respect to any property of any kind, real or personal, movable or immovable, now owned or hereafter acquired. A Person
will be deemed to own subject to a Lien any property which such Person has acquired or holds subject to the interest of a vendor
or lessor under any conditional sale agreement, capital lease or other title retention agreement.

 

“Local Facilities”
means the short-term working capital facilities of ZIM Integrated Shipping Services (China) Co., Ltd and ZIM Integrated Shipping
Agencies (HK) Limited outstanding on the Issue Date.

 

“Majority
Holders” means the holders of a majority in aggregate principal amount of the then outstanding Notes, provided
that the PIK Amount accrued and compounded in respect of any Series 2 Notes shall be deemed to be principal of such Series 2
Notes for the purposes of determining the Majority Holders.

 

“Management
Advances” means loans or advances made to, or guarantees with respect to loans or advances made to, directors, officers
or employees of the Issuer or any Restricted Subsidiary:

 

		(1)	in respect of travel, entertainment or moving related expenses incurred in the ordinary course
of business;

 

		(2)	in respect of moving-related expenses incurred in connection with any closing or consolidation
of any facility or office; or

 

		(3)	in the ordinary course of business and (in the case of this clause (3)) not exceeding $5.0 million
in the aggregate outstanding at any time.

 

“Material
Subsidiary” means, as of any date, any Restricted Subsidiary that, for the most recently completed four fiscal quarters,
accounted for at least 5% of the revenue of the Issuer and its Restricted Subsidiaries on a consolidated basis.

 

“Maturity”
means, with respect to any indebtedness, the date on which any principal of such indebtedness becomes due and payable as therein
or herein provided, whether at the Stated Maturity with respect to such principal or by declaration of acceleration, call for redemption
or purchase or otherwise.

 

“Member State” means member states
of the European Union as of January 1, 2001.

 

“MIFID” means the Markets in Financial
Instruments Directive 2004/39/EC.

 

“Moody’s” means Moody’s
Investors Service, Inc. and its successors.

 

“Net
Proceeds,” means the aggregate cash proceeds and Cash Equivalents received by the Issuer or any of its Restricted
Subsidiaries in respect of any Asset Sale, net of the direct costs relating to such Asset Sale, including, without
limitation, legal, accounting and investment banking fees, and sales commissions, and any relocation expenses incurred as a
result of the Asset Sale, taxes paid or payable as a result of the Asset Sale (including any withholding taxes payable on
repatriation of such proceeds), in each case, after taking into account any reserve for any liabilities associated with such
Asset Sale and retained by the Issuer or its Restricted Subsidiaries, including, without limitation, pension and other
post-employment benefits, environmental liabilities and liabilities for adjustment or indemnification obligations in respect
of the sale price of such asset or assets, if such reserve is required to be established in accordance with IFRS.

 

    16

     

    

 

“Non-Recourse Debt” means Debt
of a Person:

 

		(1)	as to which neither the Issuer nor any of its Restricted Subsidiaries (a) provides credit
support of any kind (including any undertaking, agreement or instrument that would constitute Indebtedness) or (b) is directly
or indirectly liable as a borrower or guarantor or otherwise (other than as a result of breach of customary representations, warranties
or undertakings relating to a pledge of Equity Interests as provided in the proviso below); provided that the Issuer or
any Restricted Subsidiary may pledge Equity Interests of any Unrestricted Subsidiary on a non-recourse basis as long as the pledgee
has no claim against the Issuer or any Restricted Subsidiary other than to obtain such pledged property (any Debt arising as a
result of such pledge not constituting Debt for the purposes of Section 4.08); and

 

		(2)	as to which the documentation contains customary provisions setting forth that, except as provided
in clause (1) of this definition, lenders, noteholders or other creditors will not have any recourse to the stock or assets
of the Issuer or any of its Restricted Subsidiaries (other than the Equity Interests of an Unrestricted Subsidiary).

 

“Noteholders’
Meeting” means any meeting of Holders of the Notes convened in accordance with Section 7.09.

 

“Notes” has the meaning assigned
to it in the preamble to this Indenture.

 

“Notional
Equity Portion” means, in respect of any Vessel that is the subject of a Capitalized Lease Obligation entered into after
the Issue Date and, at any relevant time outstanding, 25% of the Fair Market Value of such Vessel, provided that if the
Board of Directors determines in good faith, based on financing transactions or proposals available in the market for the debt
financing of the purchase of such Vessel, that the Issuer could incur Debt representing more than 75% of the Fair Market Value
of such Vessel to purchase such Vessel, the Notional Equity Portion shall mean the percentage of the Fair Market Value of such
Vessel that could not be debt financed under such transactions and/or proposals, or if higher, 15% of the Fair Market Value of
such Vessel.

 

“Obligations”
means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the
documentation governing any Debt.

 

“Officer”
of any Person means the Chairman of the Board of Directors, the Chief Executive Officer, the Chief Financial Officer, any Director,
the Treasurer or the Secretary of such Person.

 

“Officer’s
Certificate” means a certificate signed by an Officer of the Issuer, a Guarantor or a Surviving Entity, as the case may
be, and delivered to the Trustee.

 

“Opinion of
Counsel” means a written opinion from legal counsel (or with respect to tax matters, a written letter from a tax advisor
or counsel) who is reasonably acceptable to the Trustee that meets the requirements of Section 12.03. The counsel or advisor
may be an employee of or counsel or advisor to the Issuer or the Trustee.

 

“Participant” means, with respect
to the Depositary, a member of the TASE.

 

    17

     

    

 

“Permitted
Asset Swap” means, in a transaction governed by Section 4.10(a)(4), the concurrent purchase and sale or exchange
of assets used or useful in a Permitted Business or a combination of such assets and cash between the Issuer or any of its Restricted
Subsidiaries and another Person; provided, that any cash received must be applied in accordance with Section 4.10.

 

“Permitted
Business” means (a) any businesses, services or activities engaged in by the Issuer or any of the Restricted Subsidiaries
on the Issue Date and (b) any businesses, services and activities engaged in by the Issuer or any of the Restricted Subsidiaries
that are related, complementary, incidental, ancillary or similar to any of the foregoing or are extensions or developments of
any thereof as determined by the Board of Directors in good faith.

 

“Permitted Debt” has the meaning
given to such term in Section 4.08(b).

 

“Permitted General Debt/Lien Amount”
means:

 

		(1)	from the Issue Date to but excluding the third anniversary of the Issue Date, $34 million;

 

		(2)	from and including the third anniversary of the Issue Date to but excluding the sixth anniversary
of the Issue Date;

 

		(a)	if the Issuer has repaid, repurchased or redeemed less than $100 million of Notes following the
Issue Date, $51 million; or

 

		(b)	if the Issuer has repaid, repurchased or redeemed $100 million or more of Notes following the Issue
Date, $68 million; and

 

		(3)	from and including the sixth anniversary of the Issue Date:

 

		(a)	if the Issuer has repaid, repurchased or redeemed less than $100 million of Notes following the
Issue Date, $51 million;

 

		(b)	if the Issuer has repaid, repurchased or redeemed $100 million or more but less than $200 million
of Notes following the Issue Date, $85 million; or

 

		(c)	if the Issuer has repaid, repurchased or redeemed $200 million or more of Notes following the Issue
Date, $102 million.

 

“Permitted Investments” means any
of the following:

 

		(1)	Investments in cash or Cash Equivalents;

 

		(2)	intercompany Debt to the extent permitted under Section 4.08(b)(4);

 

		(3)	Investments in (i) the form of loans or advances to, or debt securities issued by, the Issuer,
(ii) the Issuer or a Restricted Subsidiary or (iii) another Person if as a result of such Investment such other Person
becomes a Restricted Subsidiary of the Issuer or such other Person is merged or consolidated with or into, or transfers or conveys
all or substantially all of its assets to, the Issuer or a Restricted Subsidiary;

 

		(4)	Investments made by the Issuer or any Restricted Subsidiary as a result of or retained in connection
with an Asset Sale permitted under or made in compliance with Section 4.10 to the extent such Investments are non-cash proceeds
permitted thereunder;

 

    18

     

    

 

		(5)	expenses or advances to cover payroll, travel, entertainment, moving, other relocation and similar
matters that are expected at the time of such advances to be treated as expenses in accordance with IFRS;

 

		(6)	Investments in the Notes and any other Debt of the Issuer or any Restricted Subsidiary;

 

		(7)	Investments existing on the Issue Date and any Investment consisting of an extension, modification
or renewal of any Investment existing on the Issue Date, or made pursuant to a binding commitment existing on, the Issue Date;
provided that the amount of any such Investment may be increased only (a) as required by the terms of such Investment as in
existence on the Issue Date or (b) as otherwise permitted under this Indenture;

 

		(8)	Investments in Hedging Obligations permitted under Section 4.08(b)(8);

 

		(9)	any Investments received in compromise or resolution of litigation, arbitration or other disputes
or of insurance proceeds;

 

		(10)	Investments in receivables owing to the Issuer or any Restricted Subsidiary created or acquired
in the ordinary course of business;

 

		(11)	Investments in a Person to the extent that the consideration therefor consists of Capital Stock
or the net proceeds of the issue and sale (other than to any Restricted Subsidiary) of shares of Capital Stock of the Issuer;

 

		(12)	any guarantee of Debt of the Issuer or a Restricted Subsidiary permitted to be incurred by Section 4.08;

 

		(13)	Management Advances;

 

		(14)	other Investments in any Person having an aggregate Fair Market Value (measured on the date each
such Investment was made and without giving effect to subsequent changes in value), when taken together with all other Investments
made pursuant to this clause (14) that are at the time outstanding not to exceed:

 

		(a)	from the Issue Date to but excluding the third anniversary of the Issue Date, $40 million;

 

		(b)	from and including the third anniversary of the Issue Date to but excluding the sixth anniversary
of the Issue Date;

 

		(i)	if the Issuer has repaid, repurchased or redeemed less than $100 million of Notes following the
Issue Date, $60 million;

 

		(ii)	if the Issuer has repaid, repurchased or redeemed $100 million or more of Notes following the Issue
Date, $85 million;

 

		(c)	from and including the sixth anniversary of the Issue Date:

 

		(i)	if the Issuer has repaid, repurchased or redeemed less than $100 million of Notes following the
Issue Date, $60 million;

 

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		(ii)	if the Issuer has repaid, repurchased or redeemed $100 million or more but less than $200 million
of Notes following the Issue Date, $110 million;

 

		(iii)	if the Issuer has repaid, repurchased or redeemed $200 million or more of Notes following the Issue
Date, $150 million.

 

provided,
that if an Investment is made pursuant to this clause (14) in a Person that is not a Restricted Subsidiary and such Person subsequently
becomes a Restricted Subsidiary or is subsequently designated a Restricted Subsidiary pursuant to Section 4.19, such Investment,
if applicable, shall thereafter be deemed to have been made pursuant to subclauses (3)(ii) or (iii) of the definition
of “Permitted Investments” and not this clause (14), and if cash payments on account of an Investment in a Person pursuant
to this clause (14) are received by an Issuer or Restricted Subsidiary then the amount so received in cash may be invested in a
Person pursuant to this clause without regard to the dollar limits provided for in this clause (14);

 

		(15)	any Investment made by exchange for, or out of the proceeds of the substantially concurrent sale
(other than to a Subsidiary of the Issuer) of, Capital Stock of the Issuer or a substantially concurrent contribution to the equity
of the Issuer;

 

		(16)	Investments resulting from the acquisition of a Person that at the time of such acquisition held
instruments constituting Investments that were not acquired in contemplation of the acquisition of such Person; and

 

		(17)	stock, obligations or securities received in satisfaction of judgments, foreclosure of liens or
settlement of debts and any Investments received in compromise of obligations of such persons incurred in the ordinary course of
trade creditors or customers that were incurred in the ordinary course of business, including pursuant to any plan of reorganization
or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer.

 

“Permitted Liens” means the following
types of Liens:

 

		(1)	Liens existing on the Issue Date after giving effect to the Transactions;

 

		(2)	Liens on any property or assets of (i) a Restricted Subsidiary that is not a Guarantor and
(ii) a Guarantor granted in favor of the Issuer or any Restricted Subsidiary;

 

		(3)	Liens on any of the Issuer’s or any Restricted Subsidiaries’ property or assets securing
the Notes or any Guarantees;

 

		(4)	Liens arising out of conditional sale, title retention, consignment or similar arrangements for
the sale of goods entered into by the Issuer or any Restricted Subsidiary in the ordinary course of business;

 

		(5)	statutory Liens of landlords and carriers, warehousemen, mechanics, suppliers, materialmen, repairmen,
employees, crew, stevedores, masters, pension plan administrators or other like Liens (including, without limitation, any maritime
liens, whether or not statutory, that are recognized or given effect to as such by the law of any applicable jurisdiction) arising
in the ordinary course of business and with respect to amounts not yet delinquent or being contested in good faith or the subject
of insurance or guarantees issued other than by the Issuer or any Restricted Subsidiaries, or Liens arising solely by virtue of
any statutory or common law provisions relating to attorney’s liens or bankers’ liens, rights
of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a creditor depositary institution;

 

    20

     

    

 

		(6)	Liens for taxes, assessments, government charges or claims that are not yet delinquent or that
are being contested in good faith by appropriate proceedings promptly instituted and diligently conducted and for which a reserve
or other appropriate provision, if any, as shall be required in conformity with IFRS, shall have been made;

 

		(7)	Liens incurred or deposits made to secure the performance of tenders, bids or trade or government
contracts, or to secure leases, statutory or regulatory obligations, surety or appeal bonds, performance bonds or other obligations
of a like nature incurred in the ordinary course of business (other than obligations for the payment of money);

 

		(8)	zoning restrictions, easements, licenses, reservations, title defects, rights of others for rights-of-way,
utilities, sewers, electrical lines, telephone lines, telegraph wires, restrictions, encroachments and other similar charges, encumbrances
or title defects and incurred in the ordinary course of business that do not in the aggregate materially interfere with in any
material respect the ordinary conduct of the business of the Issuer and its Restricted Subsidiaries on the properties subject thereto,
taken as a whole;

 

		(9)	Liens arising by reason of any judgment, decree or order of any court so long as such Lien is adequately
bonded and any appropriate legal proceedings that may have been duly initiated for the review of such judgment, decree or order
shall not have been finally terminated or the period within which such proceedings may be initiated shall not have expired;

 

		(10)	Liens on property or assets of, or on shares of Capital Stock or on Debt of, any Person existing
at the time such Person becomes a Restricted Subsidiary; provided that such Liens (i) do not extend to or cover any property
or assets of the Issuer or any Restricted Subsidiary other than the property or assets of, or shares of Capital Stock or on Debt
of, such acquired Restricted Subsidiary and (ii) were not created in connection with or in contemplation of such acquisition,
merger or consolidation;

 

		(11)	Liens on property or assets existing at the time such property or assets are acquired, including
any acquisition by means of a merger with or into or consolidation with, the Issuer or any Restricted Subsidiary; provided that
such Liens (i) do not extend to or cover any property or assets of the Issuer or any Restricted Subsidiary other than (A) the
property or assets acquired or (B) the property or assets of the Person merged with or into or consolidated with the Issuer
or Restricted Subsidiary and (ii) were not in connection with or in contemplation of such acquisition, merger or consolidation;

 

		(12)	Liens securing the Issuer’s or any Restricted Subsidiary’s Hedging Obligations permitted
under Section 4.08(b)(8);

 

		(13)	Liens incurred or deposits made in the ordinary course of business in connection with workers’
compensation, unemployment insurance and other types of social security or other insurance (including unemployment insurance) or
deposits to secure public or statutory obligations of such Person or deposits of cash or government bonds to secure performance,
bid, surety or appeal bonds and completion bonds and guarantees to which such Person is a party, or deposits as security for contested
taxes or import duties or for the payment of rent, in each case incurred in the ordinary course of business;

 

    21

     

    

 

		(14)	Liens on insurance policies and proceeds thereof, or other deposits,
to secure insurance premium financings;

 

		(15)	Liens incurred in connection with a cash management program established in the ordinary course
of business;

 

		(16)	Liens on any property or assets of the Issuer or any of its Restricted Subsidiaries securing Debt
permitted to be incurred pursuant to Section 4.08(b)(2) or (to the extent only of such customer deposits and advance
payments referred to therein) Section 4.08(b)(13);

 

		(17)	Liens on Capital Stock of Unrestricted Subsidiaries that secure Non-Recourse Indebtedness of such
Unrestricted Subsidiaries;

 

		(18)	Liens on cash, Cash Equivalents and/or one or more bank accounts securing Bank Deposit Secured
Debt;

 

		(19)	Liens on any property or assets of the Issuer or any of its Restricted Subsidiaries for the purpose
of securing Capitalized Lease Obligations, purchase money obligations, mortgage financings or other Debt (including refinanced
Debt), in each case, incurred pursuant to clauses Section 4.08(b)(3), (9), (10) or (11) in connection with the financing
of all or any part of the purchase price, lease expense, rental payment or cost of design, construction, installation or improvement
of assets or property; provided, that any such Lien may not extend to any assets or property owned by the Issuer or any
of its Restricted Subsidiaries at the time the Lien is incurred other than the assets and property (including any earnings in respect
thereof and any rights and claims arising or generated out of or in connection with any such assets or property (including the
loss, impairment or destruction thereof)) acquired, improved, constructed, leased, financed or refinanced and the Capital Stock
of the Restricted Subsidiary that is the borrower of such Debt (provided that to the extent that any such Capitalized Lease
Obligations, purchase money obligations, mortgage financings or other Debt (including refinanced Debt) relate to multiple assets
or properties, then all such assets or properties may secure any such Capitalized Lease Obligation, purchase money obligations,
mortgage financings or such other Debt);

 

		(20)	Liens incurred to secure Permitted Refinancing Debt and Permitted Refinancing Asset Debt permitted
to be incurred under this Indenture; provided that the new Lien shall be limited to all or part of the same property and
assets that secured the original Lien (plus improvements and accessions to such property and assets and proceeds or distributions
thereof);

 

		(21)	Liens on specific items of inventory or other goods (and the proceeds thereof) of any Person securing
such Person’s obligations in respect of bankers’ acceptances issued or created in the ordinary course of business for
the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods;

 

		(22)	leases, licenses, subleases and sublicenses of assets in the ordinary course of business;

 

		(23)	Liens on property or assets under construction (and related rights) in favor of a contractor or
developer or arising from progress or partial payments by a third-party relating to such property or assets;

 

		(24)	Liens securing or arising by reason of any netting or set-off arrangement entered into in the ordinary
course of banking or other trading activities;

 

    22

     

    

 

		(25)	pledges of goods, the related documents of title and/or other related documents arising or created
in the ordinary course of the Issuer or any Restricted Subsidiary’s business or operations as Liens only for Debt to a bank
or financial institution directly relating to the goods or documents on or over which the pledge exists;

 

		(26)	Liens over cash paid into an escrow account pursuant to any purchase price retention arrangement
as part of any permitted disposal by the Issuer or a Restricted Subsidiary;

 

		(27)	limited recourse Liens in respect of the ownership interests in any joint ventures securing obligations
of such joint ventures;

 

		(28)	Liens on any proceeds loan made by the Issuer or any Restricted Subsidiary in connection with any
future incurrence of Debt permitted under this Indenture;

 

		(29)	Liens over treasury stock of the Issuer or a Restricted Subsidiary purchased or otherwise acquired
for value by the Issuer or such Restricted Subsidiary pursuant to a stock buy-back scheme or other similar plan or arrangement;

 

		(30)	Liens for salvage;

 

		(31)	Liens incurred with respect to Debt in an aggregate principal amount that at the time of incurrence
does not exceed the Permitted General Debt/Liens Amount; and

 

		(32)	any extension, renewal or replacement, in whole or in part, of any Lien described in the foregoing
clauses (1) through (31); provided that any such extension, renewal or replacement shall be no more restrictive in
any material respect than the Lien so extended, renewed or replaced and shall not extend in any material respect to any additional
property or assets.

 

“Permitted Non-Vessel Capitalized Amount”
means:

 

		(1)	from the Issue Date to but excluding the third anniversary of the Issue Date, $40 million;

 

		(2)	from and including the third anniversary of the Issue Date to but excluding the sixth anniversary
of the Issue Date;

 

		(a)	if the Issuer has repaid, repurchased or redeemed less than $100 million of Notes following the
Issue Date, $60 million; or

 

		(b)	if the Issuer has repaid, repurchased or redeemed $100 million or more of Notes following the Issue
Date, $85 million; and

 

		(3)	from and including the sixth anniversary of the Issue Date:

 

		(a)	if the Issuer has repaid, repurchased or redeemed less than $100 million of Notes following the
Issue Date, $60 million;

 

		(b)	if the Issuer has repaid, repurchased or redeemed $100 million or more but less than $200 million
of Notes following the Issue Date, $110 million; or

 

		(c)	if the Issuer has repaid, repurchased or redeemed $200 million or more of Notes following the Issue
Date, $150 million.

 

    23

     

    

 

“Permitted
Note Repurchase” means the purchase, redemption, refinancing, repayment or other acquisition or retirement for value
by the Issuer or a Restricted Subsidiary of Series 1 Notes and/or Series 2 Notes in an aggregate purchase, redemption
or acquisition or retirement price not to exceed US$10 million, provided that the Issuer or a Restricted Subsidiary purchases,
redeems, refinances, repays or otherwise acquires or retires for value all of the Notes held by the holder the subject of such
Permitted Note Repurchase at the time of the purchase and all of such Notes shall be cancelled immediately following such purchase,
redemption, refinancing or repayment.

 

“Permitted
Refinancing Asset Debt” means any renewals, extensions, substitutions, refinancings or replacements of any Asset Debt
of the Issuer or a Restricted Subsidiary or pursuant to this definition, including any successive refinancings, so long as:

 

		(1)	such Asset Debt is in an aggregate principal amount (or if incurred with original issue discount,
an aggregate issue price) not in excess of the sum of (i) the principal amount (or if incurred with original issue discount,
the aggregate accreted value) of the Asset Debt being refinanced on the date of its original incurrence and (ii) an amount
necessary to pay any fees and expenses, including premiums and defeasance costs, related to such refinancing;

 

		(2)	such Asset Debt is in an aggregate principal amount (or if incurred with original issue discount,
an aggregate issue price) not in excess of 85% of the Fair Market Value of the Vessel that is the subject of the Lien securing
such Asset Debt as of the time of incurrence of the new Asset Debt;

 

		(3)	the Average Life of such new Asset Debt is equal to or greater than the Average Life of the Asset
Debt being refinanced;

 

		(4)	the Stated Maturity of such new Asset Debt is no earlier than the Stated Maturity of the Asset
Debt being refinanced;

 

		(5)	the new Debt is not senior in right of payment to the Asset Debt that is being refinanced; and

 

		(6)	the new Debt is unsecured if the Asset Debt being refinanced is unsecured.

 

“Permitted
Refinancing Debt” means any renewals, extensions, substitutions, refinancings or replacements of any Debt (other than
Asset Debt) of the Issuer or a Restricted Subsidiary or pursuant to this definition, including any successive refinancings, so
long as:

 

		(1)	such Debt is in an aggregate principal amount (or if incurred with original issue discount, an
aggregate issue price) not in excess of the sum of (i) the aggregate principal amount (or (x) if incurred with original
issue discount, the aggregate accreted value or (y) in respect of the Series 2 Notes, including the PIK Amount) then
outstanding of the Debt being refinanced and (ii) an amount necessary to pay any fees and expenses, including premiums and
defeasance costs, related to such refinancing;

 

		(2)	the Average Life of such Debt is equal to or greater than the Average Life of the Debt being refinanced;

 

		(3)	the Stated Maturity of such Debt is no earlier than the Stated Maturity of the Debt being refinanced;

 

		(4)	the new Debt is not senior in right of payment to the Debt that is being refinanced; and

 

    24

     

    

 

		(5)	the new Debt is unsecured if the Debt being refinanced is unsecured,

 

provided
that Permitted Refinancing Debt will not include (i) Debt of a Subsidiary of the Issuer (other than a Guarantor)
that refinances the Debt of the Issuer or any Guarantor (other than a guarantee by the Issuer or the Guarantor of such Debt) or
(ii) Debt of any Restricted Subsidiary that refinances Debt of an Unrestricted Subsidiary.

 

“Permitted Series 2 Refinancing Debt”
means any Debt so long as:

 

		(1)	such Debt is issued or borrowed by the Issuer and does not benefit
from any guarantees unless the Series 1 Notes also benefit from such guarantees;

 

		(2)	such Debt is “Permitted Refinancing Debt”;

 

		(3)	the average weighted cash yield and total yield of such Debt does not exceed the Series 2
Notes cash yield and total yield (based on the Series 2 Notes issue price of 100%);

 

		(4)	such Debt shall not have any financial maintenance covenants and the incurrence covenants of such
Debt shall not be more onerous to the Issuer and the Restricted Subsidiaries than the Series 2 Notes; and

 

		(5)	the other terms of such Debt (including with respect to repayment, repurchase, redemption, refinancing,
ranking, voting, amendments, waivers, events of default, and rights of acceleration, to the extent not otherwise subject to clauses
(1) through (4) of this definition), are substantially consistent with the terms of the Series 2 Notes as of the
Issue Date and such terms would not adversely affect the relative rights of the Series 1 Notes and the Series 2 Notes,

 

in each case, as determined by the Board of Directors of the
Issuer.

 

“Person”
means any individual, corporation, limited liability company, partnership, joint venture, association, joint stock company, trust,
unincorporated organization or government or any agency or political subdivision thereof.

 

“PIK Amount”
means the amount of PIK interest that has accrued and compounded as of any date in accordance with paragraph 1 of the Series 2
Note.

 

“Preferred
Stock,” means, with respect to any Person, Capital Stock of any class or classes (however designated) of such Person
which is preferred as to the payment of dividends or distributions, or as to the distribution of assets upon any voluntary or involuntary
liquidation or dissolution of such Person, over the Capital Stock of any other class of such Person whether now outstanding, or
issued after the Issue Date, and including, without limitation, all classes and series of preferred or preference stock of such
Person; provided that accrued non-cash dividends with respect to any Preferred Stock shall not constitute Preferred Stock
for the purposes of Section 4.08.

 

“Property”
means, with respect to any Person, any interest of such Person in any kind of property or asset, whether real, personal or mixed,
or tangible or intangible, including Capital Stock, and other securities of, any other Person. For purposes of any calculation
required pursuant to this Indenture, the value of any Property shall be its Fair Market Value.

 

“Public Debt”
means any Debt consisting of bonds, debentures, notes or other similar debt securities issued in (1) a public offering registered
under the U.S. Securities Act or (2) a private placement to institutional investors for resale in accordance with Rule 144A
or Regulation S (or another exemption from registration) under the U.S. Securities Act.

 

    25

     

    

 

“QIB”
means a “qualified institutional buyer” as defined in Rule 144A under the U.S. Securities Act, provided
that any QIB must also be a Qualifying Investor.

 

“Qualified
Capital Stock” of any Person means any and all Capital Stock of such Person other than Redeemable Capital Stock.

 

“Qualifying
Investor” means any investor complying with either section 15A(b)(1) or 15A(b)(2) of the Israeli Securities
Law of 1968, as shall be updated from time to time.

 

“Ready for
Sea Cost” means with respect to a Vessel to be acquired or leased by the Issuer or any Restricted Subsidiary, the aggregate
amount of all expenditures incurred to acquire or construct and bring such Vessel to the condition and location necessary for its
intended use, including any and all inspections, appraisals, repairs, modifications, additions, permits and licenses in connection
with such acquisition or lease.

 

“Redeemable
Capital Stock” means any class or series of Capital Stock that, either by its terms, by the terms of any security into
which it is convertible or exchangeable, or by contract or otherwise, is, or upon the happening of an event or passage of time
would be, required to be redeemed prior to the final Stated Maturity of the Notes or is redeemable at the option of the holder
thereof at any time prior to such final Stated Maturity (other than upon a change of control of the Issuer in circumstances in
which the holders of the Notes would have similar rights), or is convertible into or exchangeable for debt securities at any time
prior to such final Stated Maturity; provided that any Capital Stock that would constitute Qualified Capital Stock but for
provisions thereof giving holders thereof the right to require such Person to repurchase or redeem such Capital Stock upon the
occurrence of any “asset sale” or “change of control” occurring prior to the final Stated Maturity of the
Notes will not constitute Redeemable Capital Stock if the “asset sale” or “change of control” provisions
applicable to such Capital Stock are no more favorable to the holders of such Capital Stock than the provisions contained in Section 4.10(a)(4) and
Section 4.14 and such Capital Stock specifically provides that such Person will not repurchase or redeem any such stock pursuant
to such provision prior to the Issuer’s repurchase of such Notes as are required to be repurchased pursuant to Section 4.10
and Section 4.14.

 

“Registered Holder” means a Person
in whose name a Note is registered with the Registrar.

 

“Regulation S” means Regulation
S promulgated under the U.S. Securities Act.

 

“Reserve Account”
means an unencumbered reserve account of the Issuer that may be used for any purpose not prohibited by this Indenture, provided,
that the Reserve Account may only be funded with:

 

		(1)	any Retained Cash;

 

		(2)	the proceeds received by the Issuer from contributions to its common equity capital or the sale
(other than to a Subsidiary) of its Capital Stock; and

 

		(3)	for a period of up to 180 days from the receipt thereof, any insurance proceeds, condemnation awards
or any or proceeds from any vendor warranty.

 

“Reserve Account Eligible Funds”
means:

 

		(1)	until the Issuer has repaid, repurchased or redeemed at least $100 million of Notes following the
Issue Date:

 

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		(a)	only those amounts held in the Reserve Account that comprise the sum of (x) Retained Cash
and (y) any proceeds received by the Issuer from contributions to its common equity capital
or the sale (other than to a Subsidiary) of its Capital Stock (other than the proceeds of the investment by Israel Corporation
of $200 million on or about the Issue Date);

 

less

 

		(b)	an amount equal to the aggregate Notional Equity Portion of Capitalized Lease Obligations entered
into by the Issuer or any Restricted Subsidiary following the Issue Date (other than Capitalized Lease Obligations entered into
in respect of Agreed Vessels), if and for so long as the Capitalized Lease Obligations that are the subject of such Notional Equity
Portion remain outstanding; and

 

		(2)	after the Issuer has repaid, repurchased or redeemed at least $100 million of Notes following the
Issue Date, the total amount held in the Reserve Account less an amount equal to the aggregate Notional Equity Portion of Capitalized
Lease Obligations entered into by the Issuer or any Restricted Subsidiary following the Issue Date, if and for so long as the Capitalized
Lease Obligations that are the subject of such Notional Equity Portion remain outstanding.

 

“Responsible
Officer,” when used with respect to the Trustee, means the Chief Executive Officer or the Chairman of the Board of the
Trustee.

 

“Restricted
Cash” means any cash or cash equivalents that are accounted for as restricted cash in accordance with IFRS as a result
of (i) the application of any law, rule, regulation (including, without limitation, any exchange controls) or the terms of
any license, authorization, concession, permit or order required by any regulatory authority having jurisdiction over the Issuer
or any Restricted Subsidiary or any of their businesses or (ii) the provision of such cash or cash equivalents as security
or deposit in respect of bonds, guarantees, letters of credit or similar instruments of the Issuer or any Restricted Subsidiary
(not in connection with the acquisition or construction of Vessels or containers).

 

“Restricted
Subsidiary” means any Subsidiary of the Issuer other than an Unrestricted Subsidiary.

 

“Retained
Cash” means, following the determination of the amount Excess Cash that shall be applied to redeem the Notes pursuant
to Section 3.08 on an interest payment date, the sum of (i) 25% of Cash in excess of $200 million but less than or equal
to $250 million, plus (ii) 50% of Cash in excess of $150 million but less than or equal to $200 million plus (iii) the
proceeds from any Asset Sale that are not applied to repurchase the Notes pursuant to Section 4.10.

 

“Rule 144A” means Rule 144A
promulgated under the U.S. Securities Act.

 

“S&P”
means Standard & Poors Ratings Service, a division of The McGraw Hill Companies, Inc. and its successors.

 

“Series 1 Notes” has the meaning
given thereto in the preamble.

 

“Series 1A Notes” has the
meaning given thereto in the preamble.

 

“Series 1B Notes” has the
meaning given thereto in the preamble.

 

“Series 2 Notes” has the meaning
given thereto in the preamble.

 

“Series 2A Notes” has the
meaning given thereto in the preamble.

 

    27

     

    

 

“Series 2B Notes” has the
meaning given thereto in the preamble.

 

“Significant
Subsidiary” means, at the date of determination, any Restricted Subsidiary of the Issuer that together with its Subsidiaries
which are Restricted Subsidiaries of the Issuer (i) for the most recent fiscal year, accounted for more than 10% of the consolidated
revenues of the Issuer or (ii) as of the end of the most recent fiscal quarter, was the owner of more than 10% of the consolidated
assets of the Issuer.

 

“Specified Holders” means:

 

(a) for so long
as not less than $74,320,000 in aggregate principal amount of the Series 1 Notes are outstanding, the holders of not less
than 25% in aggregate principal amount of the Series 1 Notes then outstanding, in respect of the Series 1 Notes;

 

(b) if less than
$74,320,000 in aggregate principal amount of the Series 1 Notes are outstanding, the holders of not less than 25% in aggregate
principal amount of the Notes then outstanding, in respect of the Notes;

 

(c) if
clause (a) is applicable, and the holders of the Series 1 Notes have not provided a notice of acceleration to the Issuer
or the Trustee and a period of more than 60 consecutive days have passed since the Trustee provided a notice of the Event of Default
pursuant to Section 6.04, the Holders of not less than 25% in aggregate principal amount (and the PIK Amount) of the Series 2
Notes then outstanding, in respect of the Series 2 Notes; or

 

(d) if
clause (a) is applicable, and the holders of the Series 1 Notes have provided a notice of acceleration to the Issuer
or the Trustee in respect of the Series 1 Notes, the holders of not less than 25% in aggregate principal amount (and the PIK
Amount) of the Series 2 Notes then outstanding.

 

“Specified
Subordinated Debt” means (i) Debt under the loan agreement between Hyundai Samho Heavy Industries Co. Ltd. and the
Issuer, dated on or about the Issue Date and (ii) Debt under the Contingent Claims Agreement, between Israel Corporation Ltd
and the Issuer, dated on or about the Issue Date.

 

“Stated Maturity”
means, when used with respect to any note or any installment of interest or PIK Amount thereon, the date specified in such note
as the fixed date on which the principal of such note or such installment of interest, respectively, is due and payable, and, when
used with respect to any other indebtedness, means the date specified in the instrument governing such indebtedness as the fixed
date on which the principal of such indebtedness, or any installment of interest thereon, is due and payable.

 

“Subordinated
Debt” means Debt of the Issuer or any of the Guarantors that is subordinated in right of payment to the Notes or the
Guarantees of such Guarantors, as the case may be; provided, that no Debt will be deemed to be subordinated in right of
payment to any other Debt (i) solely by virtue of being unsecured or by virtue of being secured on a junior Lien basis or
(ii) solely by virtue of receiving repurchase or redemption proceeds on a junior priority basis outside of the liquidation
of the applicable obligor.

 

“Subsidiary” means, with respect
to any Person:

 

		(1)	a corporation a majority of whose Voting Stock is at the time, directly or indirectly, owned by
such Person, by one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries thereof; and

 

    28

     

    

 

		(2)	any other Person (other than a corporation), including, without limitation, a partnership, limited
liability company, business trust or joint venture, in which such Person, one or more Subsidiaries
thereof or such Person and one or more Subsidiaries thereof, directly or indirectly, at the date of determination thereof, holds
at least a majority ownership interest entitled to vote in the election of directors, managers or trustees thereof (or other Person
performing similar functions).

 

“Supermajority
Holders” means the holders of not less than 90% in aggregate principal amount of the then outstanding Notes then affected,
provided that the PIK Amount accrued and compounded in respect of any Series 2 Notes shall be deemed to be principal
of such Series 2 Notes for the purposes of determining the Supermajority Holders.

 

“TACT Institutional
System” means the system for trading securities by institutional investors of the TASE.

 

“TASE” means the Tel Aviv Stock
Exchange Ltd.

 

“TASECH” means the Tel Aviv Stock
Exchange Clearing House Ltd.

 

“Tranche A
Debt” means the US$274.2 million aggregate principal amount of Debt the terms of which have been amended in connection
with the Transactions to include certain common terms.

 

“Transactions”
means the transactions contemplated by the Global Restructuring Deed, dated on or about the Issue Date.

 

“Trust Indenture
Act” means the U.S. Trust Indenture Act of 1939, as amended, or any successor statute, and the rules and regulations
promulgated by the Commission thereunder.

 

“Trust Office
of the Trustee” will be at the address of the Trustee specified in Section 12.01 or such other address as to which
the Trustee may give notice to the Issuer.

 

“Trustee”
means Hermetic Trust (1975) Ltd., until a successor replaces it in accordance with the applicable provisions of this Indenture
and thereafter means the successor serving hereunder.

 

“Unrestricted Subsidiary” means:

 

		(1)	any Subsidiary of the Issuer that at the time of determination is an Unrestricted Subsidiary (as
designated by the Issuer’s Board of Directors pursuant to Section 4.19); and

 

		(2)	any Subsidiary of an Unrestricted Subsidiary.

 

“U.S. Dollars,”
 “Dollars,” “$” or “US$” means and/or refers to the lawful currency of
the United States.

 

“U.S.
Government Obligations” means securities that are (a) direct obligations of the United States of America for
the timely payment of which its full faith and credit is pledged or (b) or obligations of a Person controlled or
supervised by and acting as an agency or instrumentality of the United States of America the timely payment of which is
unconditionally guaranteed as a full faith and credit obligation of the United States of America, which, in either case, are
not callable or redeemable at the option of the issuer thereof, and shall also include a depositary receipt issued by a bank
(as defined in Section 3(a)(2) of the U.S. Securities Act), as custodian with respect to any such U.S. Government
Obligations or as a specific payment of principal of or interest on any such U.S. Government Obligations held by such
custodian for the account of the holder of such depositary receipt; provided that (except as required by law) such
custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any
amount received by the custodian in respect of the U.S. Government Obligations or the specific payment of principal of or
interest on the U.S. Government Obligations evidenced by such depositary receipt.

 

    29

     

    

 

“U.S. Person”
means a U.S. Person as defined in Rule 902(k) promulgated under the U.S. Securities Act.

 

“U.S. Securities
Act” means the U.S. Securities Act of 1933, as amended, or any successor statute, and the rules and regulations
promulgated by the Commission thereunder.

 

“Vessel”
means one or more shipping vessels whose primary purpose is the maritime transportation of cargo or which are otherwise engaged,
used or useful in any business activities of the Issuer and its Restricted Subsidiaries and which are owned by and registered (or
to be owned by and registered) in the name of the Issuer or any of its Restricted Subsidiaries or operated or to be operated by
the Issuer or any of its Restricted Subsidiaries, in each case together with all related spares, equipment and any additions or
improvements.

 

“Voting Stock”
means any class or classes of Capital Stock pursuant to which the holders thereof have the general voting power under ordinary
circumstances to elect members of the board of directors, managers or trustees (or Persons performing similar functions) of any
Person (irrespective of whether or not, at the time, stock of any other class or classes shall have, or might have, voting power
by reason of the happening of any contingency).

 

	Section 1.02	Other Definitions.	 	 

 

	 	 	Defined in	 
	Term	 	Section	 
	“Additional
Amounts”	4.20(a)	 
	“Affiliate
Transaction”	4.11(a)	 
	“Amendment”	Section 4.07	 
	“Asset
Sale Offer”	4.10(a)(4)	 
	“Authenticating
Agent”	2.02	 
	“Authentication
Order”	2.02	 
	“Authorized
Agent”	12.05	 
	“Change
of Control Offer”	4.14	 
	“Change
of Control Payment”	4.14	 
	“Change
of Control Payment Date”	4.14	 
	“Change
of Control Purchase Date”	4.14	 
	“Change
of Control Purchase Price”	4.14	 
	“Charter
Lease”	1.01	 
	“Covenant
Defeasance”	8.03	 
	“Defeasance
Trustee”	8.05(a)	 
	“Event
of Default”	6.01	 
	“Excess
Proceeds”	4.10(a)(4)	 
	“incur”	4.08	 
	“Initial
Agreement”	Section 4.07	 
	“Initial
Default”	6.05(b)	 
	“Legal
Defeasance”	8.02	 
	“Paying
Agent”	2.03	 
	“Payor”	4.20(a)	 
	“Refinancing
Agreement”	Section 4.07	 
	“Registrar”	2.03	 
	“Relevant
Taxing Jurisdiction”	4.20(a)	 
	“Resale Restriction Termination Date”	2.06(g)	 
	“Restricted
Global Notes”	2.01(b)	 

 

    30

     

    

 

 

	 	Defined in
	Term	Section
	“Restricted Payment”	Section 4.09(a)
	“Series 1 Restricted Global Note”	2.01(b)
	“Series 1 Unrestricted Global
Note”	2.01(b)
	“Series 2 Restricted Global Note”
	2.01(b)
	“Series 2 Unrestricted Global
Note”	2.01(b)
	“Surviving Entity”	5.01(a)(1)
	“Taxes” 	4.20(a)
	“Tax Ordinance”	Section 4.20(b)(9)
	“Total Loss”	Section
    4.08(b)(10)
	“transfer”	1.01
	“Unrestricted Global Notes”	2.01(b)

 

	Section 1.03	Rules of Construction.

 

Unless the context otherwise requires:

 

		(a)	a term has the meaning assigned to it;

 

		(b)	an accounting term not otherwise defined has the meaning
assigned to it in accordance with IFRS;

 

		(c)	“or” is not exclusive;

 

		(d)	words in the singular include the plural, and in the plural include the singular;

 

		(e)	“will” shall be interpreted to express a command;

 

		(f)	provisions apply to successive events and transactions; and

 

(g)          references
to sections of or rules under the U.S. Securities Act will be deemed to include substitute, replacement of successor sections
or rules adopted by the Commission from time to time.

 

ARTICLE 2. 

THE NOTES

 

		Section
                            2.01	Form and
Dating.

 

(a)          General.
The Series 1A Notes and the Trustee’s or Authenticating Agent’s certificate of authentication will be
substantially in the form of Exhibit A hereto. The Series 1B Notes and the Trustee’s or Authenticating
Agent’s certificate of authentication will be substantially in the form of Exhibit B hereto. The Series 1A
Notes and the Series 1B Notes shall be considered to be a single class for all purposes under this Indenture, including
in respect of payments, redemption and voting, and references to the Series 1 Notes refer to the Series 1A Notes
and the Series 1B Notes on a consolidated basis without distinguishing between such series. The Series 2A Notes and
the Trustee’s or Authenticating Agent’s certificate of authentication will be substantially in the form of
Exhibit C hereto. The Series 2B Notes and the Trustee’s or Authenticating Agent’s certificate of
authentication will be substantially in the form of Exhibit D hereto. The Series 2A Notes and the Series 2B
Notes shall be considered to be a single class for all purposes under this Indenture, including in respect of payments,
redemption and voting, and references to the Series 2 Notes refer to the Series 2A Notes and the Series 2B
Notes on a consolidated basis without distinguishing between such series. The Series 1 Notes and the Series 2 Notes
shall be independent series of Notes issued under this Indenture, with the rights and subject to the limitations set forth in
this Indenture. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage,
including the provisions of the Applicable Procedures. Each Note will be dated the date of its authentication. The terms and
provisions contained in the Notes will constitute, and are hereby expressly made, a part of this Indenture and the Issuer,
the Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and
provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of
this Indenture, the provisions of this Indenture shall govern and be controlling. Notwithstanding any other provision of this
Indenture, the Global Notes will not bear any legend during such time as they are listed for trading on the TACT
Institutional System.

 

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(b)          Global
Notes. Series 1A Notes issued in global form will be substantially in the form of Exhibit A hereto. Series 1B
Notes issued in global form will be substantially in the form of Exhibit B hereto. Series 2A Notes issued in global form
will be substantially in the form of Exhibit C hereto. Series 2B Notes issued in global form will be substantially in
the form of Exhibit D hereto. Each Global Note will represent such of the outstanding Notes as will be specified therein.
Each Global Note may from time to time be replaced in accordance with the Applicable Procedures with a new Global Note in the event
of a reduction or increase, as appropriate, of the amount of outstanding Notes represented thereby to reflect an exchange or redemption
pursuant to the terms of this Indenture. Each new Global Note shall be registered in the name of and deposited with the Depositary
and shall reflect the amount of outstanding Notes represented thereby.

 

Except as provided
in Section 2.09, the aggregate principal amount of Series 1 Notes that may be issued, authenticated and delivered under
this Indenture is $371,600,000. Except as provided in Section 2.09, the aggregate principal amount of Series 2 Notes
that may be issued, authenticated and delivered under this Indenture is $114,600,000. On the Issue Date, the Issuer will issue:

 

(1)           US$322,082,209
million aggregate principal amount of Series 1A Notes to persons that are on the Issue Date Qualifying Investors in the form
of a Global Note that is registered in the name of and deposited with the Depositary, duly executed by the Issuer and authenticated
by the Trustee or the Authenticating Agent as hereinafter provided (the “Series 1 Unrestricted Global Note”);

 

(2)           US$94,659,143
million aggregate principal amount of Series 2A Notes to persons that are on the Issue Date Qualifying Investors, in the form
of a Global Note that is registered in the name of and deposited with the Depositary, duly executed by the Issuer and authenticated
by the Trustee or the Authenticating Agent as hereinafter provided (the “Series 2
Unrestricted Global Note”, and, together with the Series 1 Unrestricted Global Note, the
 “Unrestricted Global Notes”);

 

(3)           US$3,335,990
million aggregate principal amount of Series 1B Notes to persons that are not on the Issue Date Qualifying Investors in the
form of a Global Note that is registered in the name of and deposited with the Depositary, duly executed by the Issuer and authenticated
by the Trustee or the Authenticating Agent as hereinafter provided (the “Series 1 Restricted Global Note”);
and

 

(4)           US$15,571,040
million aggregate principal amount of Series 2B Notes to persons that are not on the Issue Date Qualifying Investors in the
form of a Global Note that is registered in the name of and deposited with the Depositary, duly executed by the Issuer and authenticated
by the Trustee or the Authenticating Agent as hereinafter provided (the “Series 2 Restricted Global Note”,
and, together with the Series 1 Restricted Global Note, the “Restricted Global Notes”).

 

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Without the consent
of any Holder, after the Issue Date, the Issuer may issue additional Series 1 Notes and additional Series 2 Notes or
increase the principal amount of either series of Notes by issuing additional Notes or replacing any Global Note, in each case
up to the maximum aggregate principal amount of such series of Notes provided in this Section 2.01(b), with the same terms
as the Notes issued on the Issue Date (except, to the extent applicable, with respect to the date as of which interest shall begin
to accrue on such additional Notes), which Notes will, subject to the foregoing, be considered to be part of the same series of
Notes as those initially issued hereunder.

 

The aggregate principal
amount of any Global Note may from time to time be increased or decreased in accordance with the Applicable Procedures by replacement
of such Global Note with a new Global Note that is duly executed by the Issuer and authenticated by the Trustee or the Authenticating
Agent as hereinafter provided.

 

Notes represented by
the Restricted Global Notes shall not be listed for trading on the TACT Institutional System.

 

(c)          Definitive
Registered Notes. Definitive Registered Notes issued in exchange for a Book-Entry Interest or a Definitive Registered Note,
shall be issued in accordance with this Indenture.

 

Series 1A Notes
in Definitive Registered Notes form will be issued substantially in the form of Exhibit A hereto. Series 1B Notes in
Definitive Registered Notes form will be issued substantially in the form of Exhibit B hereto. Series 2A Notes in Definitive
Registered Notes form will be issued substantially in the form of Exhibit C hereto. Series 2B Notes in Definitive Registered
Notes form will be issued substantially in the form of Exhibit D hereto.

 

(d)          Book-Entry
Provisions. The Applicable Procedures shall be applicable to the recordation, transfers and exchanges of Book-Entry Interests
in the Global Notes held through Participants. The rules and procedures of Euroclear and Clearstream shall be applicable to
any transfer or exchange of Book-Entry Interests in the Global Notes held through Euroclear or Clearstream; provided that
neither the Issuer nor the Trustee will have any obligation to monitor the application of such rules and procedures.

 

(e)          Denomination.
The Notes shall be in minimum denominations of $1.00 and integral multiples of $1.00 in excess thereof.

 

Section 2.02         Execution
and Authentication.

 

At least one Officer must sign the Notes for the Issuer
by manual or facsimile signature.

 

If an Officer whose
signature is on a Note no longer holds that office at the time a Note is authenticated, the Note will nevertheless be valid.

 

A Note will not be
valid until authenticated by the manual signature of the Trustee or Authenticating Agent. The signature will be conclusive evidence
that the Note has been authenticated under this Indenture.

 

The Trustee will, upon
receipt of a written order of the Issuer signed by an authorized Officer (an “Authentication Order”), authenticate
Notes for original issue that may be validly issued under this Indenture. The aggregate principal amount of Notes outstanding at
any time may not exceed the aggregate principal amount of Notes authorized for issuance by the Issuer pursuant to one or more Authentication
Orders, except as provided in Section 2.07.

 

The Trustee may appoint
an authenticating agent (an “Authenticating Agent”) acceptable to the Issuer to authenticate Notes. An Authenticating
Agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee
includes authentication by such agent. An Authenticating
Agent has the same rights as an Agent to deal with Holders or an Affiliate of the Issuer.

 

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Section 2.03         Registrar
and Paying Agent.

 

The Issuer will maintain
one or more offices or agencies where Notes may be presented for payment (each, a “Paying Agent”) in Israel
for so long as the Notes are outstanding. The initial Paying Agent in Israel for the Notes will be the Issuer. Upon the issuance
of any Definitive Registered Notes, the Issuer will appoint one or more Paying Agents for the Notes in the City of London.

 

The Issuer will also
maintain one or more registrars (each, a “Registrar”) with offices in Israel, for so long as the Notes are listed
on the TACT Institutional System. The Issuer shall be the initial Registrar. The Registrar will maintain a register reflecting
names and addresses of each person in whose name the Notes outstanding from time to time are issued and will facilitate transfer
of Definitive Registered Notes on behalf of the Issuer, provided that in the event the Issuer is not the Registrar, the
register kept by, and at the registered office of, the Issuer shall prevail in the event of any discrepancy between such register
and the register held by the Registrar.

 

The Registrar shall
also maintain a register of accrued and unpaid PIK Amounts in respect of the Series 2 Notes outstanding at any time. In connection
with any repayment of PIK Amounts or repayment or redemption of Series 2 Notes pursuant to this Indenture from time to time,
the Registrar shall adjust Annex A of each Series 2 Note on issue to reflect such repayment or redemption.

 

The Issuer may change
the Paying Agent or Registrar without prior notice to the Holders. For so long as the Notes are listed for trading on the TACT
Institutional System, the Issuer will publish a notice of any change of Paying Agent or Registrar in the manner permitted by the
Applicable Procedures, including posting such notice on the official website of the TASE (http://maya.tase.co.il or any
successor website thereto).

 

Section 2.04         Paying
Agent to Hold Money.

 

The Issuer will require
each Paying Agent (other than the Trustee) to agree in writing and the Issuer, solely in its capacity as Paying Agent, hereby agrees,
that such Paying Agent shall hold all money held by the Paying Agent for the payment of principal, PIK Amount or interest on the
Notes, and that such Paying Agent shall notify the Trustee of any default by the Issuer or any other obligor of the Notes in making
any payment and at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay
to or at the direction of the Trustee all sums so held by such Paying Agent. The Issuer at any time may require a Paying Agent
to pay all money held by it to or at the direction of the Trustee and to account for any funds disbursed by the Paying Agent. Upon
doing so, the Paying Agent (if other than the Issuer, a Subsidiary or an Affiliate of any thereof) will have no further liability
for the money. Upon any insolvency, bankruptcy or reorganization proceedings relating to the Issuer (including, without limitation,
its bankruptcy, voluntary or judicial liquidation, composition with creditors, reprieve from payment, controlled management, fraudulent
conveyance, general settlement with creditors, reorganization or similar laws affecting the rights of creditors generally), the
Trustee (or such other entity designated by the Trustee for this purpose) will serve as Paying Agent for the Notes. A Paying Agent
(if other than the Issuer, a Subsidiary or an Affiliate of any thereof) shall not be obliged to make payments pursuant to Sections
Section 3.07, Section 3.08, Section 4.10 or Section 4.14 unless and until such time as it has confirmed receipt
of funds sufficient to make the relevant payment.

 

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Section 2.05         Holder
Lists.

 

The Registrar
will preserve in as current a form as is reasonably practicable and in accordance with the Applicable Procedures the most
recent list available to it of the names and addresses of all Registered Holders (including Holders of Definitive Registered
Notes, if any). In the event that the Issuer or a Subsidiary no longer serves as Paying Agent, the Issuer will furnish to
each Paying Agent, a list of the names, addresses and outstanding balances of (i) with respect to the Notes (other than
Definitive Registered Notes), the Depositary at least seven Business Days before each interest payment date and
(ii) with respect to the Definitive Registered Notes, the Holders of Definitive Registered Notes, in each case, as of
the record date preceding such interest payment date and in such form and as of such date as the Paying Agent may reasonably
require. If the Trustee is not the Registrar, the Issuer shall furnish to the Trustee, in writing at least seven Business
Days before each Interest Payment Date and at such other times as the Trustee may request in writing, within two Business
Days of each such request, a list in such form and as of such date as the Trustee may reasonably require of the names,
addresses and holdings of the Registered Holders.

 

Section 2.06         Transfer
and Exchange.

 

(a)          Transfer
and Exchange of Global Notes. A Global Note may not be transferred except as a whole by a Depositary or a nominee of such Depositary
to a successor Depositary or a nominee thereof, subject to the Applicable Procedures.

 

Definitive Registered
Notes may only be issued in the following circumstances. Following a Default by the Issuer under this Indenture, (i) holders
of a Book-Entry Interest may request to exchange such Book-Entry Interest for a Definitive Registered Note by requesting such exchange
in writing through the relevant Holder, if applicable, to the relevant Participant in accordance with the Applicable Procedures
or (ii) the Issuer, in its sole discretion may determine that the Global Notes (in whole but not in part) should be exchanged
for Definitive Registered Notes and deliver a written notice to such effect to the Trustee. Upon the occurrence of the events set
forth in clauses (i) or (ii) of the preceding sentence, the Issuer shall issue or cause to be issued Definitive Registered
Notes in accordance with the Applicable Procedures.

 

Global Notes also may
be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10. A Global Note may not be exchanged for another
Global Note or a Definitive Registered Note other than as provided in this Section 2.06(a). Book-Entry Interests in a Global
Note may be transferred and exchanged as provided in Section 2.06(b) or (c).

 

(b)          General
Provisions Applicable to Transfer and Exchange of Book-Entry Interests in the Global Notes.

 

The transfer and exchange
of Book-Entry Interests shall be effected in accordance with the provisions of this Indenture and the Applicable Procedures.

 

Book-Entry Interests
may be transferred to Persons who take delivery thereof in the form of a Book-Entry Interest in accordance with the transfer restrictions
set forth in Section 2.06(g).

 

(c)          Exchange
of Book-Entry Interests for Definitive Registered Notes. Any exchange of a Book-Entry Interest in a Global Note for a Definitive
Registered Note shall be effected in accordance with the Applicable Procedures and be subject to Section 2.01(c). In connection
with any transfer or exchange of Book-Entry Interests for Definitive Registered Notes, the Holder of such Notes shall present or
surrender to the Registrar a written Certificate of Transfer in the form of Exhibit E, duly authorized and executed (with
such evidence of due authorization and execution as may be reasonably required by the Issuer and the Trustee) by such Registered
Holder or by its attorney, duly authorized in writing, provided, however, that if such Registered Holder exchanges its Book-Entry
Interests for Definitive Registered Notes for its own account, such Registered Holder shall not be required to present a Certificate
of Transfer.

 

(d)         Exchange
of Definitive Registered Notes for Book-Entry Interests in the Global Notes. Any exchange of a Definitive Registered Note for
a Book-Entry Interest in a Global Note shall be effected in accordance with the Applicable Procedures and be subject to Section 2.01(c).

 

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(e)          Transfer
and Exchange of Definitive Registered Notes for Definitive Registered Notes. Any transfer or exchange of a Definitive Registered
Note for another Definitive Registered Note shall be effected in accordance with the Applicable Procedures and be subject to Sections
2.01(c) and 2.06(b) of this Indenture.

 

In connection with
any transfer or exchange of Definitive Registered Notes, the Registered Holder of such Notes shall present or surrender to the
Registrar the Definitive Registered Notes duly endorsed or accompanied by a written Certificate of Transfer substantially in the
form of Exhibit E, duly authorized and executed (with such evidence of due authorization and execution as may be reasonably
required by the Issuer and the Trustee) by such Registered Holder or by its attorney, duly authorized in writing.

 

The Issuer shall, in
accordance with the Applicable Procedures (to the extent relevant), replace the Definitive Registered Note of the Holder transferring
such Note with new Definitive Registered Notes to reflect the transfer in the amount of Notes represented thereby and register
such Definitive Registered Notes in the names of the Holder transferring such Definitive Registered Note and the Person who takes
delivery thereof in the form of a Definitive Registered Note.

 

(f)          Transfer
and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in a Unrestricted Global Note. At
any time that a Holder of beneficial interests in a Restricted Global Note is or becomes a Qualifying Investor, such Holder shall
be entitled to exchange its interest in the Restricted Global Note for an interest of the same aggregate principal amount in the
Unrestricted Global Note of that series (including a transfer of, or an interest in, a Series 1B Note to a Series 1A
Note or a Series 2B Note to a Series 2A Note). Such transfer and exchange shall be effected reasonably promptly following
(i) the delivery to the Issuer and the Trustee of a Certificate of Global Notes Exchange substantially in the form of Exhibit F,
duly authorized and executed (with such evidence of due authorization and execution as may be reasonably required by the Issuer
and the Trustee) by the Holder of such Restricted Global Notes or by its attorney, duly authorized in writing and (ii) the
approval of the TACT Institutional System that such Notes have been admitted for listing on the TACT Institutional System (which
the Issuer shall use commercially reasonable efforts to promptly procure at its sole cost and expense), all in accordance with
the Applicable Procedures.

 

(g)         Transfer
Restrictions. The following transfer restrictions shall apply to all Global Notes and Definitive Registered Notes issued under
this Indenture unless specifically stated otherwise in this Indenture. Each holder of a Note, by its acceptance thereof, agrees
to offer, sell or otherwise transfer such security, only (i) to the Issuer or (ii) to a Person that is a Qualifying Investor
that purchases for its own account or for the account of a Qualifying Investor. In addition, each holder of a Note, by its acceptance
thereof, agrees to offer, sell or otherwise transfer any Note that was transferred to it in reliance on Rule 144A under the
U.S. Securities Act, prior to the date (the “Resale Restriction Termination Date”) that is six months after
the Issue Date, solely to (i) a Person that is both a QIB and a Qualifying Investor that purchases for its own account; (ii) for
the account of a QIB that is a Qualifying Investor to whom notice is given that the transfer is being made in reliance on Rule 144A;
or (iii) to a Qualifying Investor pursuant to Regulation S under the U.S. Securities Act that delivers to the Issuer a written
representation that such Person is both a Qualifying Investor and is outside the United States and purchasing such Notes in an
offshore transaction (as defined in Regulation S under the U.S. Securities Act).

 

(h)         Cancellation
and/or Adjustment of Global Notes. At such time as all Book-Entry Interests in a particular Global Note have been exchanged
for Definitive Registered Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part,
each such Global Note will be returned to or retained and canceled by the Trustee in accordance with Section 2.11.

 

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		(i)	General Provisions Relating to Transfers and Exchanges.

 

(1)          To
permit registrations of transfers and exchanges, the Issuer will execute and the Trustee or the Authenticating Agent will authenticate
Global Notes and Definitive Registered Notes upon receipt of an Authentication Order in accordance with Section 2.02 or at
the Registrar’s request.

 

(2)          No
service charge will be made by the Issuer or the Registrar to a holder of a Book-Entry Interest in a Global Note, a Registered
Holder of a Global Note or a Holder of a Definitive Registered Note for any registration of transfer or exchange, but the Issuer
may require payment of a sum sufficient to cover any stamp duty, stamp duty reserve, documentary or other similar tax or governmental
charge that may be imposed in connection therewith (other than any such transfer taxes or similar governmental charge payable upon
exchange or transfer pursuant to Sections Section 3.07, Section 3.08, Section 4.10 or Section 4.14).

 

(3)           Each
Person to whom a Note is transferred (other than a Person to whom the Issuer initially issues a Note) shall be deemed to have given
a confirmation to the Issuer that it is a “banking institution” or “financial institution” within the meaning
of Section 1 of the Income Tax Order (Exemption) (Interest and Charter Fees for Aircraft and Ships), 1976 provided that any
Person to whom a Note is (or is to be) transferred may elect not to be deemed to have given this confirmation if that Person waives
its confidentiality obligation and completes and delivers to the Issuer an “Information Form” attached in the form
of Exhibit H.

 

(4)          The
Registrar will not be required to register the transfer of or exchange of any Note selected for redemption in whole or in part,
except the unredeemed portion of any Note being redeemed in part.

 

(5)          All
Definitive Registered Notes issued upon any registration of transfer or exchange of Definitive Registered Notes will be the valid
obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Definitive
Registered Notes surrendered upon such registration of transfer or exchange.

 

(6)          All
new Global Notes issued pursuant to Section 2.01(b) will be the valid obligations of the Issuer, evidencing the same
debt, and entitled to the same benefits under this Indenture, as the Global Notes surrendered upon such issuance.

 

(7)          The
Issuer shall not be required to register the transfer into its register kept at its registered office of any Definitive Registered
Notes: (A) for a period of 15 days prior to any date fixed for the redemption of the Notes; (B) for a period of 15 days
immediately prior to any date fixed for selection of Notes to be redeemed in part; (C) for a period of 15 days prior to the
record date with respect to any interest payment date; or (D) which the Holder has tendered (and not withdrawn) for repurchase
in connection with a Change of Control Offer or Asset Sale Offer. Any such transfer will be made without charge to the Holder,
other than any taxes, duties and governmental charges payable in connection with such transfer.

 

(8)          The
Trustee, any Agent and the Issuer may deem and treat the Holders as the absolute owners of the Notes for the purpose of receiving
payment of principal of, PIK Amount and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or
the Issuer shall be affected by notice to the contrary.

 

(9)          All
certifications and certificates required to be submitted to the Issuer, the Trustee or the Registrar pursuant to this Section 2.06
to effect a registration of transfer or exchange may be submitted by facsimile.

 

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		Section
                            2.07	Replacement
Notes.

 

If any mutilated Note
is surrendered to the Registrar, the Trustee or the Issuer and the Trustee receives evidence to its satisfaction of the destruction,
loss or theft of any Note, the Issuer will issue and the Trustee, upon receipt of an Authentication Order, will authenticate a
replacement Note if the Trustee’s requirements are met. If required by the Trustee or the Issuer, an indemnity bond must
be supplied by the Holder that is sufficient in the judgment of the Trustee and the Issuer to protect the Issuer, the Trustee,
any Agent and any Authenticating Agent from any loss that any of them may suffer if a Note is replaced. The Issuer and the Trustee
may charge for its expenses in replacing a Note.

 

Every replacement Note
is an additional obligation of the Issuer and will be entitled to all of the benefits of this Indenture equally and proportionately
with all other Notes duly issued hereunder.

 

		Section
                            2.08	Outstanding
Notes.

 

The Notes outstanding
at any time are all the Notes authenticated by the Trustee except for those cancelled by it, those delivered to it for cancellation
and those described in this Section 2.08 as not outstanding. Except as set forth in Section 2.09, a Note does not cease
to be outstanding because an Affiliate of the Issuer holds the Note; provided, however, that Notes held by the Issuer or
a Subsidiary of the Issuer shall not be deemed to be outstanding for purposes of the definition of “Specified Holder”,
or Sections Section 3.07, Section 3.08 or 4.21.

 

If a Note is replaced
pursuant to Section 2.07, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced
Note is held by a protected purchaser (as defined in Section 8-303 of the New York Uniform Commercial Code).

 

If the principal amount
of any Note (and, in respect of any Series 2 Note, the PIK Amount) is considered paid under Section 4.01, such Note ceases
to be outstanding and interest on it ceases to accrue.

 

If a Paying Agent (other
than the Issuer, a Subsidiary or an Affiliate of any thereof), holds, on a redemption date or maturity date, money sufficient to
pay the principal of, PIK Amount on, premium on, if any, interest and Additional Amounts, if any, on Notes payable on that date,
then on and after that date such Notes will be deemed to be no longer outstanding and will cease to accrue interest.

 

		Section
                            2.09	Treasury
Notes.

 

In determining whether
the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Issuer
or any Subsidiary, or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control
with the Issuer or any Subsidiary, will be considered as though not outstanding, except that for the purposes of determining whether
the Trustee will be protected in relying on any such direction, waiver or consent, only Notes that the Trustee knows are so owned
will be so disregarded.

 

		Section
                            2.10	Temporary
Notes.

 

Until
certificates representing Notes are ready for delivery, the Issuer may prepare and the Trustee, upon receipt of an
Authentication Order, will authenticate temporary Notes. Temporary Notes will be substantially in the form of certificated
Notes but may have variations that the Issuer considers appropriate for temporary Notes and as may be reasonably acceptable
to the Trustee. Without unreasonable delay, the Issuer will prepare and the Trustee will authenticate definitive Notes in
exchange for temporary Notes.

 

Holders of temporary Notes will be entitled to all
of the benefits of this Indenture.

 

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		Section
                            2.11	Cancellation.

 

Any Notes held by the
Issuer must be delivered to the Trustee for cancellation. The Registrar and each Paying Agent will forward to the Trustee any Notes
surrendered to them for registration of payment. The Trustee and no one else will cancel all Notes surrendered for registration
of payment, replacement or cancellation and will destroy canceled Notes. Certification of the destruction of all canceled Notes
will be delivered to the Issuer. The Issuer may not issue new Notes to replace Notes that it has paid or that have been delivered
to the Trustee for cancellation. Notes purchased by the Issuer will be delivered to the Trustee for cancellation. The Issuer will
cause any Notes so purchased and cancelled to be withdrawn from the Depositary. The Issuer undertakes to promptly inform the TASE
(as long as the Notes are admitted to trading the TACT Institutional System) of any such cancellation.

 

		Section
                            2.12	Defaulted
Interest.

 

If the Issuer defaults
in a payment of interest on the Notes, it will pay the defaulted interest in any lawful manner plus, to the extent lawful, interest
payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case, at the rate
provided in the Notes and in Section 4.01. The Issuer will notify the Trustee in writing of the amount of defaulted interest
proposed to be paid on each Note and the date of the proposed payment. The record date for payment of such defaulted interest shall
be set in accordance with the Applicable Procedures. At least 15 days before the special record date (unless otherwise required
by the Applicable Procedures), the Issuer shall provide a notice to holders in accordance with the Applicable Procedures and pursuant
to Section 12.01, that states the special record date, the related payment date and the amount of such interest to be paid.

 

		Section
                            2.13	ISIN
Numbers

 

The Issuer in issuing
the Notes may use ISIN numbers (or any equivalent thereof issued by the TASE) and, if so, such ISIN (or any equivalent thereof
issued by the TASE) shall be included in notices of redemption or exchange as a convenience to holders; provided, however,
that any such notice may state that no representation is made as to the correctness or accuracy of the ISIN numbers (or any equivalent
thereof issued by the TASE) printed in the notice or on the Notes, and that reliance may be placed only on the other identification
numbers printed on the Notes, and any such redemption or exchange shall not be affected by any defect in or omission of such numbers.

 

The Series 1 Restricted
Global Notes, Series 1 Unrestricted Global Notes, Series 2 Restricted Global Notes and Series 2 Unrestricted Global
Notes shall each have a separate ISIN.

 

The Issuer will promptly
notify the Trustee of any change in the ISIN (or any equivalent thereof issued by the TASE).

 

		Section
                            2.14	Agents

 

(a)         Actions
of Agents. The rights, powers, duties and obligations and actions of each Agent under this Indenture are several and not joint
or joint and several.

 

(b)         Agents
of Trustee. The Issuer and the Agents acknowledge and agree that in the event of a Default or Event of Default, the Trustee
may, by notice in writing to the Issuer and the Agents, require that the Agents act as agents of, and take instructions exclusively
from, the Trustee.

 

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		Section
                            2.15	Ratings

 

The Notes have not
been rated by Moody’s, S&P or any other ratings agency, and the Issuer has not undertaken that the Notes will be rated
at any time.

 

ARTICLE 3. 

REDEMPTION AND PREPAYMENT

 

		Section
                            3.01	Notices
to Trustee.

 

If the Issuer elects
to redeem Notes pursuant to the optional redemption provisions of Section 3.07, it must furnish to the Trustee, at least 30
days but not more than 60 days before a redemption date, an Officer’s Certificate setting forth:

 

		(a)	the clause of this Indenture pursuant to which the redemption shall occur;

 

		(b)	the redemption date and the record date and other information
required pursuant to the Applicable Procedures;

 

		(c)	the principal amount of Notes (and, in respect of any
Series 2 Notes, the amount of the PIK Amount) to be redeemed;

 

		(d)	the redemption price; and

 

		(e)	the ISIN.

 

The redemption date
for any redemption of Notes pursuant to Section 3.07 may not occur on any date that is not an interest payment date. The record
date for any redemption of the Notes shall be 12 days prior to the applicable redemption date, unless otherwise provided by the
Applicable Procedures.

 

		Section
                            3.02	Notes
to Be Redeemed or Purchased.

 

Notes called for redemption
become due on the date fixed for redemption. On and after the redemption date, interest ceases to accrue on Notes or portions of
Notes redeemed.

 

Notices of purchase or redemption will be provided
to holders pursuant to Sections 3.03 and 12.01.

 

In relation to Definitive
Registered Notes, a new Note in principal amount (and, in respect of any Series 2 Notes, the amount of the PIK Amount) equal
to the unpurchased or unredeemed portion of any Note purchased or redeemed in part will be issued in the name of the Holder thereof
upon cancellation of the original Note. On or after any purchase or redemption date, unless the Issuer defaults in payment of the
purchase or redemption price, interest shall cease to accrue on Notes or portions thereof tendered for purchase or called for redemption.

 

		Section
                            3.03	Notice
of Redemption.

 

At least 30 days
but not more than 60 days before a redemption date for a redemption pursuant to Section 3.07, the Issuer will provide a
notice of redemption to each holder whose Notes are to be redeemed, except that redemption notices may be provided more than
60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and
discharge of this Indenture pursuant to Articles 8 or 11. Any such notice to holders shall be provided to holders pursuant to
Section 12.01. The Issuer shall give such notice to the TASE at least four Business Days prior to the applicable
redemption date. If the Notes are at such time listed on the TACT Institutional System, the Issuer shall give notice to the
TASE of the principal amount of the Notes that have not been redeemed in connection with any optional redemption.

 

    40

     

    

 

The notice will identify the Notes to be
redeemed and corresponding ISIN (or any equivalent thereof issued by the TASE) and will state:

 

		(a)	the redemption date and the record date;

 

(b)          the
redemption price and the amount of accrued interest, if any, and Additional Amounts, if any, to be paid, as well as other information
required to be provided under the Applicable Procedures;

 

(c)          if
any Global Note is being redeemed in part, the portion of the principal amount (and, in respect of any Series 2 Notes, the
amount of the PIK Amount) of such Global Note to be redeemed and that, after the redemption date upon surrender of such Global
Note, the principal amount (and, in respect of any Series 2 Notes, the amount of the PIK Amount) thereof will be decreased
by the portion thereof redeemed pursuant thereto;

 

(d)          if
any Definitive Registered Note is being redeemed in part, the portion of the principal amount (and, in respect of any Series 2
Notes, the amount of the PIK Amount) of such Note to be redeemed, and that, after the redemption date, upon surrender of such Note,
a new Definitive Registered Note or Definitive Registered Notes in principal amount (and, in respect of any Series 2 Notes,
the amount of the PIK Amount) equal to the unredeemed portion thereof will be issued in the name of the Holder thereof upon cancellation
of the original Definitive Registered Note;

 

		(e)	the Issuer’s address to which the Notes are to be surrendered for redemption;

 

(f)           that
Definitive Registered Notes called for redemption must be surrendered to the Issuer to collect the redemption price, plus accrued
and unpaid interest, if any, and Additional Amounts, if any;

 

(g)          that,
unless the Issuer defaults in making such redemption payment, interest, and Additional Amounts, if any, on Notes called for redemption
ceases to accrue on and after the redemption date;

 

(h)          the
paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed;
and

 

(i)           that
no representation is made as to the correctness or accuracy of the ISIN (or TASE equivalent thereof) listed in such notice or printed
on the Notes.

 

		Section
                            3.04	Redemption
Payments to be made by Paying Agent; Deposit of Redemption Price.

 

(a)         With
respect to the Notes (other than Definitive Registered Notes), the Issuer, solely in its capacity as Paying Agent shall, prior
to 9:30 a.m., Tel Aviv time on the redemption date (or if any such day is not a Business Day, on the next succeeding Business Day),
make payments on all Global Notes to be redeemed on that date by wire transfer of immediately available funds to the Depositary
for further payments on the Global Notes through the TASECH in accordance with the Applicable Procedures and the provisions of
this Indenture. The Paying Agent shall promptly notify the Trustee of its action or failure so to act.

 

(b)         With
respect to any Definitive Registered Notes, the Issuer, solely in its capacity as Paying Agent shall, prior to 9:30 a.m., Tel
Aviv time, on the redemption date (or if any such day is not a Business Day, on the next succeeding Business Day), make, or
cause to have made, payments to Holders of such Definitive Registered Notes on all Definitive Registered Notes to be redeemed
on that date by (i) wire transfer of immediately available funds to the accounts of such Holders listed in the registrar
or as notified to the Registrar in writing prior to 9:30 a.m., Tel Aviv time, at least three Business Days prior to the
redemption date or (ii) check mailed to the registered addresses of such Holders listed in the Registrar. The Issuer
shall be entitled to rely on information previously supplied to it by the Holder, unless and until such Holder provides the
Issuer with written updated information. The Paying Agent shall promptly notify the Trustee of its action or failure so to
act.

 

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(c)          In
the event that the Issuer or a Subsidiary no longer serves as Paying Agent, the Issuer shall, prior to 9:30 a.m., Tel Aviv time,
one Business Day prior to the date on which payment by the Paying Agent on the redemption date is required pursuant to Section 3.05
(or if any such day is not a Business Day, on the immediately preceding Business Day), deposit with the Paying Agent in immediately
available funds money sufficient to pay the redemption price of, accrued interest and Additional Amounts, if any, on all Notes
to be redeemed on that date, in a timely manner which permits the Paying Agent to remit payment on such redemption date (or if
any such day is not a Business Day, on the immediately preceding Business Day), as the case may be, to (i) in the case of
the Notes (other than Definitive Registered Notes), the Depositary, and (ii) in the case of any Definitive Registered Notes,
to Holders of such Definitive Registered Notes, in each case, in accordance with Section 3.05. Subject to actual receipt of
such funds as provided by this Section 3.04(c) by the Paying Agent, the Paying Agent shall make payments in accordance
with Section 3.05.

 

(d)          If
the Issuer, solely in its capacity as Paying Agent, complies with Section 3.05 or, if the Issuer or a Subsidiary no longer
serves as Paying Agent, if the Issuer complies with Section 3.04(c), on and after the redemption date, interest will cease
to accrue on the Notes or the portions of Notes called for redemption. If any Note called for redemption is not so paid upon surrender
for redemption because of the failure of the Issuer, solely in its capacity as Paying Agent, to comply with Section 3.05 or,
if the Issuer or a Subsidiary no longer serves as Paying Agent, the failure of the Issuer to comply with Section 3.04(c),
interest shall be paid on the unpaid principal (and, in respect of any Series 2 Notes, the amount of the unpaid PIK Amount),
from the redemption date until such principal (and, in respect of any Series 2 Notes, the amount of the PIK Amount) is paid,
and to the extent lawful on any interest not paid on such unpaid principal (and, in respect of any Series 2 Notes, the amount
of the unpaid PIK Amount), in each case at the rate provided in the Notes and in Section 4.01.

 

		Section
                            3.05	Purchase
Payments to be made by Paying Agent; Deposit of Purchase Price.

 

(a)         The
Issuer, solely in its capacity as Paying Agent shall on any purchase date (or if any such day is not a Business Day, on the next
succeeding Business Day), make, or cause to have made, payments on all Global Notes to be purchased on that date in accordance
with the Applicable Procedures and the provisions of this Indenture. The Paying Agent shall promptly notify the Trustee of its
action or failure so to act.

 

(b)          In
the event that the Issuer or a Subsidiary no longer serves as Paying Agent, the Issuer shall, prior to 9:30 a.m., Tel Aviv time,
one Business Day prior to the date on which payment by the Paying Agent on the purchase date is required pursuant to Section 3.05(a) (or
if any such day is not a Business Day, on the immediately preceding Business Day), deposit with the Paying Agent in immediately
available funds money sufficient to pay the purchase price of, accrued interest and Additional Amounts, if any, on all Notes to
be purchased on that date, in a timely manner which permits the Paying Agent to remit payment on such purchase date (or if any
such day is not a Business Day, on the immediately preceding Business Day) in accordance with Section 3.05(a). Subject to
actual receipt of such funds as provided by this Section 3.05(b) by the Paying Agent, the Paying Agent shall make payments
in accordance with Section 3.05(a).

 

    42

     

    

 

(c)          If
the Issuer, solely in its capacity as Paying Agent, complies with Section 3.05(a) or, if the Issuer or a Subsidiary
no longer serves as Paying Agent, if the Issuer complies with Section 3.05(b), on and after the purchase date, interest
will cease to accrue on the Notes or the portions of Notes tendered for purchase. If any Note tendered for purchase is not so
paid upon surrender for purchase because of the failure of the Issuer, solely in its capacity as Paying Agent, to comply with
Sections 3.05(a) or, if the Issuer or a Subsidiary no longer serves as Paying Agent, the failure of the Issuer to comply
with Section 3.05(b), interest shall be paid on the unpaid principal (and, in respect of any Series 2 Notes, the
amount of the unpaid PIK Amount), from the purchase date until such principal (and, in respect of any Series 2 Notes,
the amount of the PIK Amount) is paid, and to the extent lawful on any interest not paid on such unpaid principal (and, in
respect of any Series 2 Notes, the amount of the unpaid PIK Amount), in each case at the rate provided in the Notes and
in Section 4.01.

 

		Section
                            3.06	Notes
Redeemed or Purchased in Part.

 

Subject to the terms
hereof, upon surrender of a Note that is redeemed in part, (i) in the case of a Definitive Registered Note, a new Definitive
Registered Note in principal amount equal to the unredeemed portion of any Definitive Registered Note redeemed in part will be
issued in the name of the Registered Holder thereof upon cancellation of the original Definitive Registered Note and (ii) in
the case of a Global Note, a new Global Note will be issued pursuant to Section 2.01(a) and Section 2.01(b).

 

		Section
                            3.07	Optional
Redemption.

 

(a)          Subject
to Section 4.21, at any time after the Issue Date upon not less than 30 nor more than 60 days’ written notice, the Issuer
may redeem all or part of the Notes, at a redemption price equal to 100% of the principal amount thereof (and, in respect of any
Series 2 Note, the PIK Amount), plus accrued and unpaid interest on the Notes, if any, to, but not including, the redemption
date.

 

(b)          A
redemption and notice may, at the Issuer’s discretion, be subject to the satisfaction of one or more conditions precedent.

 

(c)          Redemption
of Notes pursuant to this Section 3.07 shall be made by the Issuer in the following order of priority: (i) first, to
redeem the Series 1 Notes, on a pro rata basis, until such time as the Series 1 Notes are no longer outstanding,
and (ii) second, to redeem the Series 2 Notes (including PIK Amounts), on a pro rata basis, until such time as
the Series 2 Notes are no longer outstanding.

 

(d)          In
addition, the Issuer may provide in any notice of redemption for the Notes that payment of the redemption price and the performance
of its obligations with respect to such redemption may be performed by another Person.

 

(e)          Unless
the Issuer defaults in the payment of the redemption price, interest (including accrual of the PIK Amount) will cease to accrue
on the Notes or portions thereof called for redemption on the applicable redemption date.

 

(f)           If
any redemption date is a day that is not a Business Day, the redemption date shall be the next succeeding Business Day and interest
shall not accrue or be payable on the redemption amount for the period from and after the redemption date to the date of payment
on the next succeeding Business Day.

 

(g)         The
record date for any such optional redemption shall be 12 days prior to the applicable optional redemption date (unless otherwise
provided by the Applicable Procedures) and no optional redemption date may occur on a date that is not an interest payment date.

 

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		Section
                            3.08	Mandatory
Excess Cash Redemption.

 

(a)          On
each interest payment date, the Issuer shall redeem the Notes (and, in respect of any Series 2 Note, make payments to reduce
the PIK Amount) with all of its Excess Cash (if any) as determined for the immediately preceding fiscal quarter at a redemption
price equal to 100% of the principal amount of the Notes so redeemed (or, in respect of the Series 2 Notes, the PIK Amount
so reduced) plus accrued and unpaid interest on the Notes, if any, to, but not including, the redemption date, and Additional Amounts,
if any. Payments shall be made by the Issuer in the following order of priority: (i) first, to redeem the Series 1 Notes,
on a pro rata basis, until such time as the Series 1 Notes are no longer outstanding, and (ii) second, to redeem
the Series 2 Notes (including PIK Amounts), on a pro rata basis, until such time as the Series 2 Notes are no
longer outstanding.

 

(b)         The
record date for any redemption pursuant to this Section 3.08 shall be the applicable record date in respect of such interest
payment. Prior to the record date, the Issuer will deliver a notice of redemption in accordance with the procedures set out in
Section 3.03, stating (i) the amount of Excess Cash to be used to redeem the Notes and (ii) the relevant redemption
date.

 

(c)         Any
payments to be made pursuant to this Section 3.08 shall be made in accordance with Section 3.04. Any payments made pursuant
to this Section 3.08 shall be applied ratably to each holder of the relevant series of Notes based on the aggregate principal
amount of the relevant series of Notes outstanding as of the record date established for the relevant redemption date or in the
manner provided in Section 3.09.

 

(d)          If
any payment pursuant to this Section 3.08 is required to be made on a day that is not a Business Day, such payment shall made
on the next succeeding Business Day and interest shall not accrue or be payable on the principal amount (or PIK Amount if relevant)
of Notes being redeemed for the period from and after the redemption date to the date of payment on the next succeeding Business
Day.

 

(e)          Except
as provided in clause (a) and Section 4.10(a)(3), the Issuer is not required to make mandatory redemption or sinking
fund payments with respect to the Notes.

 

		Section
                            3.09	Selection
and Notice.

 

(a)          In
the case of any partial redemption, Notes will be redeemed by a method that complies with the requirements, as certified to the
Trustee and the Paying Agents by the Issuer, of the Applicable Procedures and the principal securities exchange, if any, on which
the Notes are listed at such time or, if the Notes are not listed on a securities exchange, pro rata, by lot or by such
other method as the Trustee in its sole discretion shall deem fair and appropriate, or otherwise as required by Applicable Procedures.
Neither the Trustee nor the Registrar shall be liable for any selections made by it in accordance with this paragraph

 

(b)          If
any Definitive Registered Note is to be redeemed in part only, the notice of redemption relating to such Note will state the portion
of the principal amount thereof to be redeemed. A new Definitive Registered Note in principal amount equal to the unredeemed portion
thereof will be issued in the name of the Registered Holder thereof upon cancellation of the original Note.

 

		(c)	Notice of redemption will be published in accordance with Section 12.01.

 

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ARTICLE 4. 

COVENANTS

 

		Section
                            4.01	Payment
of Notes.

 

The Issuer will
pay or cause to be paid the principal of, PIK Amount on, premium on, if any, interest and Additional Amounts, if any, on, the
Notes on the dates and in the manner provided in the Notes and this Indenture. If the Issuer or a Subsidiary acts as Paying
Agent, principal, PIK Amount, premium, if any, interest and Additional Amounts, if any, shall be considered paid on the due
date if the Issuer or Subsidiary as Paying Agent complies with Section 2.04. If the Issuer or a Subsidiary is not acting
as Paying Agent, principal, PIK Amount, premium, if any, interest and Additional Amounts, if any, will be considered paid on
the date due if the Paying Agent holds as of 9:30 a.m., Tel Aviv time, one Business Day prior to the relevant date set forth
in Section 3.04 or Section 3.05, as applicable (or if any such day is not a Business Day, on the next succeeding
Business Day), money deposited by the Issuer in immediately available funds and designated for and sufficient to pay all
principal, PIK Amount, premium, if any, and interest and Additional Amounts, if any, then due.

 

The Issuer will pay
interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and PIK Amount at a
rate that is 1% higher than the then applicable interest rate on the Notes to the extent lawful. The Issuer will pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Additional Amounts,
if any (without regard to any applicable grace period), at the same rate to the extent lawful.

 

		Section
                            4.02	Maintenance
of Office or Agency.

 

The Issuer will maintain
the offices and agencies specified in Section 2.03. The Issuer shall give prompt written notice to the Trustee of the location,
and any change in the location, of such office or agency. If at any time the Issuer fails to maintain any such required office
or agency or fails to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be
made or served at the Trust Office of the Trustee.

 

The Issuer may also
from time to time designate one or more other offices or agencies where the Definitive Registered Notes may be presented or surrendered
for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation
or rescission will in any manner relieve the Issuer of its obligation to maintain an office or agency in Israel for such purposes.
The Issuer will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location
of any such other office or agency.

 

The Issuer hereby designates
the office of the Issuer (the address of which is specified in Section 12.01) as one such office or agency of the Issuer in
accordance with Section 2.03.

 

		Section
                            4.03	Provision
of Information.

 

		(a)	So long as any Notes are outstanding, the Issuer will furnish to the Trustee:

 

(1)          within
90 days after the end of the Issuer’s fiscal year beginning with the fiscal year ended December 31, 2014, (i) the
audited consolidated balance sheets of the Issuer as of the end of the two most recent fiscal years and audited consolidated income
statements and statements of cash flow of the Issuer for the two most recent fiscal years, including complete footnotes (including
a related party transactions footnote) to such financial statements and the report of the independent auditors on the financial
statements, (ii) an operating and financial review of the audited financial statements, including a discussion of the results
of operations, financial condition and liquidity and capital resources, and a discussion of material commitments and contingencies
and significant accounting policies, and key operating metrics, and (iii) a statement of the determination of the amounts
of Excess Cash, Cash, Notional Equity Portion, Reserve Account Eligible Funds and funds on deposit in the Reserve Account as of
the fiscal year end (including reasonable detail as to any changes since the preceding fiscal quarter end);

 

(2)          within
60 days following the end of the first three fiscal quarters in each fiscal year of the Issuer beginning with the quarter
ending September 30, 2014, (i) all quarterly financial statements of the Issuer containing an unaudited condensed
consolidated balance sheet as of the end of such quarter and unaudited condensed statements of income and cash flow for the
most recent quarter year-to-date period ending on the unaudited condensed balance sheet date, and the comparable prior year
periods (which may be presented on a pro forma basis), together with condensed footnote disclosure, (ii) an operating
and financial review of the quarterly financial statements, including a discussion of the results of operations, financial
condition and liquidity and capital resources, and key operating metrics; and (iii) a statement of the determination of
the amounts of the Excess Cash, Cash, Notional Equity Portion, Reserve Account Eligible Funds and funds on deposit in the
Reserve Account as of the fiscal quarter end (including reasonable detail as to any changes since the preceding fiscal
quarter end); and

 

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(3)          promptly
after the occurrence of any material acquisition, disposition or restructuring of the Issuer and the Restricted Subsidiaries, taken
as a whole, or any senior executive officer or Board of Directors changes at the Issuer or change in auditors of the Issuer or
any other material event that the Issuer announces publicly, a report containing a description of such event.

 

(b)            All
historical financial statements shall be prepared in accordance with IFRS on a consistent basis for the periods presented. Except
as provided for above, no report need include separate financial statements for the Issuer or Subsidiaries of the Issuer.

 

(c)            Contemporaneously
with the furnishing of each such report required by clause (a), the Issuer will also (i) file a press release with the appropriate
internationally recognized wire services (including, without limitation, through the newswire service of Bloomberg, or if Bloomberg
does not then operate, any similar agency) in connection with such report and (ii) post each such report on a website as may
be then maintained by the Issuer for that purpose.

 

(d)            The
Issuer will use its commercially reasonable efforts to, within 10 Business Days after the delivery of each report pursuant to Section 4.03(a)(1) and
(2) above, conduct a conference call to discuss such report and the results of operations for the relevant reporting period.

 

(e)            In
addition, so long as the Notes remain outstanding and during any period during which the Issuer is not subject to Section 13
or 15(d) of the Exchange Act nor exempt therefrom pursuant to Rule 12g3-2(b) under the Exchange Act, the Issuer
shall furnish to the holders of the Notes and to prospective investors, upon their request, the information required to be delivered
pursuant to Rule 144A(d)(4) under the U.S. Securities Act.

 

Section 4.04           Compliance
Certificate; Notice of Default.

 

(a)            The
Issuer shall deliver to the Trustee within 120 days after the end of each fiscal year of the Issuer commencing with the fiscal
year ending December 31, 2014, an Officer’s Certificate indicating whether the signer knows of any Default that occurred
during the previous year and, if so, specifying the nature thereof.

 

(b)            Upon
becoming aware of any Default or Event of Default, the Issuer shall promptly (and in any event no later than 10 days after becoming
aware thereof) deliver to the Trustee a statement specifying such Default or Event of Default.

 

Section 4.05           Taxes.

 

The Issuer will pay,
and will cause each of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies
except such as are contested in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse
in any material respect to the Holders.

 

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Section 4.06           Stay,
Extension and Usury Laws.

 

The Issuer and each
of the Guarantors covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any
manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time
hereafter in force, that may affect the covenants or the performance of this Indenture; and the Issuer and each of the Guarantors
(to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that
it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will
suffer and permit the execution of every such power as though no such law has been enacted.

 

Section 4.07            Limitation
on Restrictions on Distributions from Restricted Subsidiaries.

 

(a)           The Issuer
will not, and will not permit any Restricted Subsidiary to, create or otherwise cause to exist or become effective any consensual
encumbrance or restriction on the ability of any Restricted Subsidiary to:

 

(1)            pay
dividends or make any other distributions on its Capital Stock or pay any Debt or other obligations owed to the Issuer;

 

 (2)            make any loans or advances to the Issuer or any Restricted Subsidiary; or

 

(3)            sell
or transfer any of its property or assets to the Issuer (provided that dividend or liquidation priority between classes
of Capital Stock, or subordination of any obligation (including the application of any remedy bars thereto) to any other obligation,
will not be deemed to constitute such an encumbrance or restriction).

 

 (b)            Section 4.07(a) will not prohibit any encumbrance or restriction:

 

(1)            pursuant
to any agreement or instrument existing or entered into on or before the Issue Date (including the Notes, the Guarantees, and this
Indenture), as each of the agreements or instruments referred to in this clause (1) are in effect as of Issue Date;

 

(2)            pursuant
to any agreement or instrument of a Person, or relating to Debt or Capital Stock of a Person, which Person is acquired by or merged
or consolidated with or into the Issuer or any Restricted Subsidiary or was designated as a Restricted Subsidiary, or which agreement
or instrument is assumed by the Issuer or any Restricted Subsidiary in connection with an acquisition of assets from such Person,
as in effect at the time of such acquisition, merger or consolidation (except to the extent that such Debt was incurred to finance,
or otherwise in connection with or in contemplation of, such acquisition, merger or consolidation);

 

(3)            pursuant
to an agreement or instrument (a “Refinancing Agreement”) effecting a refinancing of Debt Incurred pursuant
to, or that otherwise extends, renews, refunds, refinances or replaces, an agreement or instrument referred to in clauses (1) or
(2) of this Section 4.07 or this clause (3) (an “Initial Agreement”) or contained in any amendment,
supplement or other modification to an Initial Agreement (an “Amendment”); provided, however, that the
encumbrances and restrictions contained in any such Refinancing Agreement or Amendment taken as a whole are not materially less
favorable to the holders taken as a whole than encumbrances and restrictions contained in the Initial Agreement or Initial Agreements
to which such Refinancing Agreement or Amendment relates or will not adversely effect in any material respect, the Issuer’s
ability to make principal or interest payments on the Notes as they become due (in each case, as determined in good faith by the
Board of Directors of the Issuer);

 

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(4)            (i) that
restricts in a customary manner the subletting, assignment or transfer of any property or asset that is subject to a lease, license
or similar contract, or the assignment or transfer of any lease, license or other contract, (ii) by virtue of any transfer
of, agreement to transfer, option or right with respect to, or Lien on, any property or assets of the Issuer or any Restricted
Subsidiary not otherwise prohibited by this Indenture, (iii) contained in mortgages, pledges or other security agreements
securing Debt of the Issuer or a Restricted Subsidiary to the extent restricting the transfer of the property or assets subject
thereto, (iv) pursuant to customary provisions restricting dispositions of real property interests set forth in any reciprocal
easement agreements of the Issuer or any Restricted Subsidiary, (v) pursuant to purchase money obligations, Capitalized Lease
Obligations or mortgage financings that impose encumbrances or restrictions on the property or assets so acquired (or on the shares
of any Restricted Subsidiaries whose principal assets are the property or assets so acquired), (vi) on cash or other deposits
or net worth imposed by customers or suppliers or required by insurance, surety or bonding companies, in each case, under agreements
entered into in the ordinary course of business, (vii) pursuant to customary provisions contained in agreements and instruments
entered into in the ordinary course of business (including, but not limited to, any Charter Lease, lease, sale and leaseback, asset
sale, stock sale, joint venture and other similar agreements entered into in the ordinary course of business), (viii) that
arises or is agreed to in the ordinary course of business and does not detract from the value of property or assets of the Issuer
or any Restricted Subsidiary in any manner material to the Issuer or such Restricted Subsidiary or (ix) pursuant to Hedging
Obligations;

 

(5)            with
respect to any Debt of the Issuer or Restricted Subsidiary incurred subsequent to the Issue Date pursuant to the provisions of
Section 4.08 (i) in respect of the subordination provisions, if any, of such Debt, or (ii) if such encumbrance or
restriction is customary in comparable financings (as determined in good faith by the Board of Directors of the Issuer) and such
encumbrance or restriction will not adversely affect in any material respect, the Issuer’s ability to make principal or interest
payments on the Notes as they become due (in each case, as determined in good faith by the Board of Directors of the Issuer);

 

(6)            with
respect to a Restricted Subsidiary (or any of its property or assets) imposed pursuant to an agreement entered into for the direct
or indirect sale or disposition of all or substantially all of the Capital Stock or assets of such Restricted Subsidiary (or the
property or assets that are subject to such restriction) pending the closing of such sale or disposition;

 

(7)            by
reason of any applicable law, rule, regulation (including, without limitation, any exchange controls) or the terms of any license,
authorization, concession, permit or order required by any regulatory authority having jurisdiction over the Issuer or any Restricted
Subsidiary or any of their businesses; or

 

(8)            any
encumbrance or restriction existing by reason of any Lien permitted under Section 4.12 that limits the right of the debtor
to dispose of the assets subject to such Liens.

 

Section 4.08            Limitation
on Debt.

 

(a)            The
Issuer will not, and will not permit any Restricted Subsidiary to, create, issue, incur, assume, guarantee or in any manner
become directly or indirectly liable with respect to or otherwise become responsible for, contingently or otherwise, the
payment of (individually and collectively, to “incur” or, as appropriate, an
 “incurrence”), any Debt (including any Acquired Debt); provided that the Issuer and any Restricted
Subsidiary will be permitted to incur Debt (including Acquired Debt) if (A) the Issuer has repaid, repurchased (and
cancelled) or redeemed $100 million or more of Notes following the Issue Date and (B) after giving effect to the
incurrence of such Debt and the application of the proceeds thereof, on a pro forma basis, (i) the Consolidated
Fixed Charge Coverage Ratio of the Issuer and its Subsidiaries for the four full fiscal quarters for which financial
statements are available immediately preceding the incurrence of such Debt, taken as one period, would be greater than 1.15
to 1.0, and (ii) the Consolidated Leverage Ratio of the Issuer and its Subsidiaries is not greater than (x) 4.25 to
1.0 (if the date of incurrence is prior to or on December 31, 2017), (y) 4.00 to 1.0 (if the date of incurrence is
after December 31, 2017 but prior to or on December 31, 2018), or (z) 3.75 to 1.00 (if the date of incurrence
is after December 31, 2018), in each case, at the time of incurrence of such Debt.

 

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(b)            Section 4.08(a) will
not prohibit the Incurrence of the following Indebtedness (collectively, “Permitted Debt”):

 

(1)            the
incurrence by the Issuer of Debt represented by the Notes issued on the Issue Date and the Guarantee of the Notes by any Restricted
Subsidiary and any Debt incurred by the Issuer through the accrual of PIK Amount, in accordance with this Indenture;

 

(2)            the
incurrence by the Issuer or any Restricted Subsidiary of Debt under Credit Facilities in an aggregate principal amount at any one
time outstanding not to exceed the sum of (i) $60 million, plus (ii) the greater of (A) $100 million and
(B) 85% of the book value of Eligible Receivables provided that such amount shall not exceed $150 million, plus
(iii) in the case of any refinancing of any Debt permitted under this clause (2) or any portion thereof, the aggregate
amount of any fees, underwriting discounts, premiums and other costs and expenses incurred in connection with such refinancing:

 

(3)            the
incurrence by the Issuer or any Restricted Subsidiary of Debt represented by Capitalized Lease Obligations, mortgage financings,
purchase money obligations or other Debt, in each case, incurred or assumed to finance the purchase, acquisition, construction
or improvement of real or personal, movable or immovable, property or assets (excluding any Vessel or container used in the business
of the Issuer or any Restricted Subsidiary); provided that the amount of such Debt so incurred, when aggregated with other
Debt previously incurred in reliance on this clause (3) and still outstanding (including any Permitted Refinancing Debt in
respect thereof, but, for the avoidance of doubt, excluding any Debt incurred in reliance on clauses (5) or (9) of this
paragraph (b)), shall not in the aggregate exceed the Permitted Non-Vessel Capitalized Amount;

 

(4)            the
incurrence by the Issuer or any Restricted Subsidiary of intercompany Debt between the Issuer and any Restricted Subsidiary or
between or among Restricted Subsidiaries; provided that (i) if the Issuer or a Guarantor is the obligor on any such
Debt and the payee is not the Issuer or a Guarantor, such Debt is unsecured and (ii) (x) any disposition, pledge or transfer
of any such Debt to a Person (other than a disposition, pledge or transfer to the Issuer or a Restricted Subsidiary) and (y) any
transaction pursuant to which any Restricted Subsidiary that has Debt owing by the Issuer or a Restricted Subsidiary ceases to
be a Restricted Subsidiary, will, in each case, be deemed to be an incurrence of such Debt not permitted by this clause (4);

 

(5)            any
(i) Tranche A Debt and (ii) other Debt of the Issuer or any Restricted Subsidiary (other than Debt described in clauses
(1) and (2) of this Section 4.08(b)), in each case, outstanding on the Issue Date after giving effect to the Transactions;

 

(6)            guarantees
of the Issuer’s Debt or Debt of any Restricted Subsidiary (in each case, other than Subordinated Debt) by the Issuer or any
Restricted Subsidiary that is otherwise permitted to be incurred under this Indenture;

 

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(7)            the
incurrence by the Issuer or any Restricted Subsidiary of Debt arising from customary agreements providing for guarantees,
indemnities or obligations in respect of earn-outs or other purchase price adjustments or, in each case, similar obligations,
in connection with the acquisition or disposition of any business or assets or Person or any shares of Capital Stock of a
Subsidiary, other than guarantees or similar credit support given by the Issuer or any Restricted Subsidiary of Debt incurred
by any Person acquiring all or any portion of such assets for the purpose of financing such acquisition; provided that
the maximum aggregate liability in respect of all such Debt permitted pursuant to this clause (7) will at no time exceed
the net proceeds, including non-cash proceeds (the Fair Market Value of such non-cash proceeds being measured at the time
received and without giving effect to any subsequent changes in value) actually received from such disposition;

 

(8)            the
incurrence by the Issuer or any Restricted Subsidiary of Debt under Hedging Obligations;

 

(9)            the
incurrence by the Issuer or any Restricted Subsidiary of Debt represented by Capitalized Lease Obligations, mortgage financings,
purchase money obligations or other Debt, in each case, incurred in connection with the financing of all or any part of the purchase
price, charter expense, lease expense, rental payments or cost of design, construction, installation or improvement of Vessels
or containers used in the business of the Issuer or any of its Restricted Subsidiaries (including any reasonable related fees or
expenses incurred in connection therewith), whether through the charter of, leasing of, or the direct purchase of, or of the Capital
Stock of any Person owning (directly or indirectly), such Vessels or containers (including any Debt deemed to be incurred in connection
with such purchase) (it being understood that any such Debt may be incurred after the acquisition, purchase, charter or leasing
or the construction, installation or the making of any improvement with respect to any such Vessel or container); provided
that the principal amount of Debt incurred pursuant to this clause (9), does not, at the time of incurrence, exceed:

 

(A)         except
in respect of Capitalized Lease Obligations in respect of Vessels, (i) in the case of a completed Vessel, 85% of its Fair
Market Value, and (ii) in the case of an uncompleted Vessel, 85% of the contract price for the acquisition of such Vessel,
as determined on the date on which the agreement for construction of such Vessel was entered into by the Issuer or any Restricted
Subsidiary, plus any other Ready for Sea Cost of such Vessel incurred in connection with its acquisition and/or being placed into
the service, which Ready for Sea Costs shall not exceed 5% of the Fair Market Value of such Vessel following the spending of such
Ready for Sea Costs;

 

(B)         in
respect of Capitalized Lease Obligations in respect of Vessels, (i) in the case of a completed Vessel, 100% of its Fair Market
Value, and (ii) in the case of an uncompleted Vessel, 85% of the contract price for the acquisition of such Vessel, as determined
on the date on which the agreement for construction of such Vessel was entered into by the Issuer or any Restricted Subsidiary
, plus any other Ready for Sea Cost of such Vessel incurred in connection with its acquisition and/or being placed into the service,
which Ready for Sea Costs shall not exceed 5% of the Fair Market Value of such Vessel following the spending of such Ready for
Sea Costs; and

 

(C)         (i) in
the case of a completed container, 100% of its Fair Market Value and (ii) in the case of an uncompleted container, 100% of
the contract price for the acquisition of such container, as determined on the date on which the agreement for construction of
such container was entered into by the Issuer or any Restricted Subsidiary;

 

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provided
that the Issuer and its Restricted Subsidiaries shall not be permitted to incur any Debt pursuant to this clause (9) in
respect of the acquisition or lease (by Capitalized Lease Obligation) of any Vessel not then owned or leased by it unless:

 

(i)  (if
the Vessel is to be purchased by the Issuer or any of its Restricted Subsidiaries) at least 15% of the Fair Market Value of such
Vessel is funded from Reserve Account Eligible Funds; and

 

(ii)  (if
the Vessel is to be leased by Capitalized Lease Obligation by the Issuer or any of its Restricted Subsidiaries) an amount equal
to the Notional Equity Portion of such Vessel could be funded from Reserve Account Eligible Funds;

 

provided
further that this clause (9) shall not restrict the Issuer or any Restricted Subsidiary from incurring Debt pursuant
to this clause (9) (so long as the provisions of clauses (9)(A) or (9)(B) (as relevant) are complied with) in connection
with the acquisition or lease by Capitalized Lease Obligation of any Agreed New Vessel;

 

(10)            the
incurrence by the Issuer or any Restricted Subsidiary of Debt to finance the replacement (through construction or acquisition)
of a Vessel upon the total loss, destruction, condemnation, confiscation, requisition for title (but not for hire), seizure or
forfeiture of, or other taking of title or use of, such Vessel (collectively, a “Total Loss”) in an aggregate
amount no greater than the Ready for Sea Cost for such replacement Vessel, in each case, less all compensation, damages and other
payments (including insurance proceeds other than in respect of business interruption insurance) received by the Issuer or any
of its Restricted Subsidiaries from any Person in connection with such Total Loss in excess of amounts actually used to repay Debt
secured by the Vessel subject to such Total Loss and any costs and expenses incurred by the Issuer or any of its Restricted Subsidiaries
in connection with such Total Loss, provided, that such Debt shall not exceed (i) in the case of a completed Vessel,
85% of its Fair Market Value, and (ii) in the case of an uncompleted Vessel, 85% of the contract price for the acquisition
of such Vessel, as determined on the date on which the agreement for construction of such Vessel was entered into by the Issuer
or any Restricted Subsidiary, plus any other Ready for Sea Cost of such Vessel incurred in connection with its acquisition and/or
being placed into the service, which Ready for Sea Costs shall not exceed 5% of the Fair Market Value of such Vessel following
the spending of such Ready for Sea Costs;

 

(11)            the
incurrence by the Issuer or any Restricted Subsidiary of Debt in relation to (i) regular maintenance required on any of the
Vessels owned or chartered by the Issuer or any of its Restricted Subsidiaries, (ii) scheduled dry-docking of any of the Vessels
owned or chartered by the Issuer or any of its Restricted Subsidiaries provided that such Debt shall not exceed $500,000
per dry-docking and (iii) any expenditures that are, or are reasonably expected to be, recoverable from insurance on such
Vessels;

 

(12)            the
incurrence by the Issuer or any Restricted Subsidiary of Debt through the provision of bonds, guarantees, letters of credit or
similar instruments required by the United States Federal Maritime Commission or other governmental or regulatory agencies, including,
without limitation, customs authorities, in each case, for Vessels owned or bareboat chartered-in by, the Issuer or any of its
Restricted Subsidiaries, in each case, in the ordinary course of business (as determined by the Board of Directors of the Issuer);

 

(13)            the
incurrence by the Issuer or any of its Restricted Subsidiaries of Debt in the form of customer deposits and advance payments received
in the ordinary course of business from customers for services purchased in the ordinary course of business;

 

(14)            the
incurrence by the Issuer or any Restricted Subsidiary of Debt in respect of workers’ compensation and claims arising under
similar legislation, pension obligations, environmental remediation or other environmental obligations, captive insurance companies,
or pursuant to self-insurance obligations and not in connection with the borrowing of money or the obtaining of advances or credit;

 

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(15)           
the incurrence by the Issuer or any Restricted Subsidiary of Debt arising from
(i) the honoring by a bank or other financial
institution of a check, draft or similar instrument inadvertently drawn against insufficient funds in the ordinary course of
business; provided that such Debt is extinguished within fifteen Business Days of incurrence, (ii) bankers’
acceptances, bids, performance, surety, judgment, appeal or similar bonds, instruments or obligations, (iii) completion
guarantees or performance or appeal bonds or guarantees provided or letters of credit obtained by the Issuer or any
Restricted Subsidiary (including in connection with contractual obligations to customers) in the ordinary course of business,
(iv) customs, VAT or other tax guarantees in the ordinary course of business, (v) the financing of insurance
premiums in the ordinary course of business and (vi) any customary cash management, cash pooling or netting or setting
off arrangements;

 

(16)            Debt
of any Person incurred and outstanding on the date on which such Person becomes a Restricted Subsidiary of the Issuer or is merged,
consolidated, amalgamated or otherwise combined with (including pursuant to any acquisition of assets and assumption of related
liabilities) the Issuer or any Restricted Subsidiary; provided, however, with respect to this clause (16), that at the time
of such acquisition or other transaction pursuant to which such Debt is deemed to be incurred, (x) the Issuer could incur
at least $1.00 of additional Debt under Section 4.08(a), after giving pro forma effect to such acquisition or other
transaction or (y) the Consolidated Fixed Charge Coverage Ratio would not be less than, and the Consolidated Leverage Ratio
would not be more than, it was immediately prior to giving effect to such acquisition or other transaction;

 

(17)            the
incurrence by the Issuer or any Restricted Subsidiary of Debt in relation to the provision in the ordinary course of business of
bonds, guarantees, letters of credit or similar obligations required to remove Liens asserted by third parties in connection with
ship arrests or other vessel detentions;

 

(18)            the
incurrence by the Issuer or any Restricted Subsidiary of Permitted Refinancing Debt incurred to renew, refund, replace, refinance,
defease or discharge Debt (other than Asset Debt) incurred by it pursuant to, or described in, paragraph (a) and clauses (b)(1),
(b)(3), (b)(5), (b)(16) and this (b)(18) of this Section 4.08, as the case may be;

 

(19)            the
incurrence by the Issuer or any Restricted Subsidiary of Permitted Refinancing Asset Debt incurred to renew, refund, replace, refinance,
defease or discharge Asset Debt incurred by it or otherwise outstanding pursuant to, or described in, clauses (b)(5), (b)(9), (b)(10),
(b)(16) and this (b)(19) of this Section 4.08, as the case may be, provided that the aggregate principal amount of
Permitted Asset Refinancing Debt in respect of Debt outstanding on the Issue Date in reliance on clause (b)(5) shall not exceed
(i) $209.2 million, plus the aggregate amount of any fees, underwriting discounts, premiums and other costs and expenses
incurred in connection with such refinancing; and

 

(20)            the
incurrence by the Issuer or any Restricted Subsidiary of Debt (other than and in addition to Debt permitted under clauses (b)(1) through
(19) of this Section 4.08) in an aggregate principal amount at any one time outstanding not to exceed the Permitted General
Debt/Lien Amount.

 

(c)            Accrual
of interest or dividends, the accretion of accreted value, the accretion or amortization of original issue discount, the obligation
to pay commitment fees, the reclassification of preferred stock as Debt due to a change in accounting principles and the payment
of interest or dividends in the form of additional Debt or in the form of additional shares of the same class will not be deemed
to be an incurrence of Debt for purposes of this Section 4.08.

 

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(d)            None
of the Issuer or any Restricted Subsidiary will incur any Debt (i) that is contractually subordinated in right of
payment to any other Debt of the Issuer or any Guarantor unless such Debt is also contractually subordinated in right of
payment to the Notes and the Guarantees, (ii) if the proceeds are used, directly or indirectly, to refinance
Subordinated Debt unless such Debt will be subordinated to the Notes and the Guarantees to at least the same extent as such
Subordinated Debt or (iii) if the proceeds are used, directly or indirectly, to refinance Specified Subordinated
Debt.

 

(e)            For
purposes of determining compliance with any restriction on the incurrence of Debt in U.S. dollars where Debt is denominated in
a different currency, the amount of such Debt will be the Dollar Equivalent determined on the date of such determination; provided
that if any such Debt denominated in a different currency is subject to a Currency Agreement (with respect to U.S. dollars) covering
principal amounts payable on such Debt, the amount of such Debt expressed in U.S. dollars will be adjusted to take into account
the effect of such agreement. The principal amount of any Permitted Refinancing Debt or Permitted Refinancing Asset Debt (as the
case may be) incurred in the same currency as the Debt being refinanced will be the Dollar Equivalent of the Debt refinanced determined
on the date such Debt being refinanced was initially incurred, except to the extent that such Dollar Equivalent was determined
based on a Currency Agreement (with respect to U.S. dollars), in which case the amount of such Permitted Refinancing Debt or Permitted
Refinancing Asset Debt (as the case may be) will be adjusted to take into account the effect of such agreement. Notwithstanding
any other provision of this covenant, for purposes of determining compliance with this Section 4.08, increases in Debt solely
due to fluctuations in the exchange rates of currencies or currency values will not be deemed to exceed the maximum amount that
the Issuer or a Restricted Subsidiary may incur under Section 4.08.

 

		(f)	For purposes of determining any particular amount of Debt under this Section 4.08:

 

(1)            obligations
with respect to letters of credit, guarantees or Liens, in each case, supporting Debt otherwise included in the determination of
such particular amount will not be included; and

 

(2)            obligations
with respect to guarantees of, or Liens provided in support of, any Debt shall be determined without duplication of the Debt being
guaranteed or secured.

 

		(g)	The amount of any Debt outstanding as of any date will be:

 

(1)            in
the case of any Debt issued with original issue discount, the amount of the liability in respect thereof determined in accordance
with IFRS;

 

		(2)	the principal amount of the Debt, in the case of any other Debt; and

 

(3)            in
respect of Debt of another Person secured by a Lien on the assets of the specified Person, the lesser of:

 

		(A)	the Fair Market Value of such assets at the date of determination; and

 

		(B)	the amount of the Debt of the other Person.

 

(h)            If
at any time an Unrestricted Subsidiary becomes a Restricted Subsidiary, any Debt of such Subsidiary shall be deemed to be incurred
by a Restricted Subsidiary of the Issuer as of such date (and, if such Debt is not permitted to be incurred as of such date under
this Section 4.08, the Restricted Subsidiary shall be in Default of this covenant).

 

(i)             In
the event that an item of Debt meets the criteria of more than one of the categories of “Permitted Debt” described
in Section 4.08(b)(1) through (b)(20) above, or is entitled to be incurred pursuant to Section 4.08(a), the Issuer
will be permitted to classify such item of Debt on the date of its incurrence in any manner that complies with this Section 4.08.

 

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(j)             Notwithstanding the foregoing,
Debt outstanding under the Local Facilities on the Issue Date shall be deemed to have been incurred under Section 4.08(b)(2).

 

Section 4.09           Limitation
on Restricted Payments

 

(a)            The
Issuer will not, and will not permit any Restricted Subsidiary to, directly or indirectly, take any of the following actions (each
of which is a “Restricted Payment” and which are collectively referred to as “Restricted Payments”):

 

(1)            declare
or pay any dividend on or make any distribution (whether made in cash, securities or other property) with respect to any of the
Issuer’s or any Restricted Subsidiary’s Capital Stock (including, without limitation, any payment in connection with
any merger or consolidation involving the Issuer or any Restricted Subsidiary) (other than (i) to the Issuer or any Restricted
Subsidiary or (ii) to all holders of Capital Stock of such Restricted Subsidiary on a pro rata basis or on a basis
that results in the receipt by the Issuer or a Restricted Subsidiary of dividends or distributions of greater value than the Issuer
or such Restricted Subsidiary would receive on a pro rata basis), except for dividends or distributions payable solely in
shares of the Issuer’s Qualified Capital Stock or in options, warrants or other rights to acquire such shares of Qualified
Capital Stock;

 

(2)            purchase,
redeem or otherwise acquire or retire for value (including, without limitation, in connection with any merger or consolidation),
directly or indirectly, any shares of the Issuer’s Capital Stock or any Capital Stock of any direct or indirect parent company
of the Issuer or any other Affiliate of such parent held by persons other than the Issuer or a Restricted Subsidiary or any options,
warrants or other rights to acquire such shares of Capital Stock;

 

(3)            make
any principal payment on, or repurchase, redeem, defease or otherwise acquire or retire for value any Subordinated Debt (excluding
any intercompany debt between or among the Issuer or any of its Restricted Subsidiaries) except (i) a payment of interest
or principal at the Stated Maturity thereof or (ii) the purchase, repurchase or other acquisition of Debt purchased in anticipation
of satisfying a scheduled sinking fund obligation, principal installment or scheduled maturity, in each case, due within one year
of the date of such purchase, repurchase or other acquisition; or

 

 (4)             make any Investment (other than any Permitted Investment) in any Person.

 

(b)            Notwithstanding
Section 4.09(a), so long as no Default or Event of Default has occurred and is continuing (or would result therefrom), the
Issuer and any Restricted Subsidiary may take the following actions:

 

(1)            the
making of any Investment in exchange for, or out of or with the net cash proceeds of a substantially concurrent issuance and sale
(other than to a Subsidiary) of, shares of the Issuer’s Capital Stock, or from the substantially concurrent contribution
of common equity capital to the Issuer;

 

(2)            the
purchase, redemption, defeasance or other acquisition or retirement for value or payment of principal of any Subordinated Debt
(other than the Specified Subordinated Debt) in exchange for, or out of the net cash proceeds of an incurrence (other than to a
Subsidiary) of, Permitted Refinancing Debt or Permitted Refinancing Asset Debt (as the case may be);

 

(3)            the
purchase, redemption, defeasance or other acquisition or retirement for value of any Subordinated Debt of the Issuer or any
Restricted Subsidiary (other than any Subordinated Debt held by Affiliates of the Issuer) upon a change of control or asset
sale to the extent required by the agreements governing such Debt, but only if the Issuer shall have complied with
Section 4.10 or Section 4.14, as the case may be, and the Issuer repurchased all Notes tendered pursuant to the
offer required by such covenants prior to offering to purchase, purchasing or repaying such Debt;

 

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(4)            the
repurchase of Capital Stock deemed to occur upon the exercise of stock options to the extent such Capital Stock represents a portion
of the exercise price of those stock options;

 

(5)            payments
of cash, dividends, distributions, advances or other Restricted Payments by the Issuer or any of its Restricted Subsidiaries to
allow the payment of cash in lieu of issuing fractional shares upon (i) the exercise of options or warrants or (ii) the
exchange or conversion of Capital Stock of any such Person;

 

(6)            advances
or loans to any management equity plan or stock option plan or any other management or employee benefit or incentive plan or unit
trust or the trustees of any such plan or trust to pay for the purchase or other acquisition for value of Capital Stock of the
Issuer or a Restricted Subsidiary; provided that the total aggregate amount of Restricted Payments made under this clause (6) does
not exceed $2.5 million in any calendar year (up to a maximum of $15 million in the aggregate from the Issue Date);

 

(7)            the
repurchase, redemption or other acquisition or retirement for value of any Qualified Capital Stock of the Issuer or of any of its
Restricted Subsidiaries held by any current or former officer, director, employee or consultant of the Issuer or any of its Restricted
Subsidiaries pursuant to any equity subscription agreement, stock option agreement, restricted stock grant, shareholders’
agreement or similar agreement; provided that the aggregate price paid for all such repurchased, redeemed, acquired or retired
Qualified Capital Stock may not exceed $2.5 million in any calendar year (up to a maximum of $15 million in the aggregate from
the Issue Date); and provided, further, that such amount in any calendar year may be increased by an amount not to
exceed the cash proceeds from the sale of Qualified Capital Stock of the Issuer or a Restricted Subsidiary received by the Issuer
or a Restricted Subsidiary during such calendar year, in each case to members of management, directors or consultants of the Issuer
or any of its Restricted Subsidiaries or any direct or indirect parent company of the Issuer; and

 

(8)            payments
or distributions to dissenting shareholders pursuant to applicable law in connection with or in contemplation of a merger, consolidation
or transfer of assets that complies with Article 5.

 

(c)            If
any Restricted Payment described above is not made in cash, the amount of the proposed Restricted Payment will be the Fair Market
Value of the asset to be transferred as of the date of transfer.

 

Section 4.10           Limitation
on Sales of Assets.

 

(a)           The Issuer will not, and will not
permit any Restricted Subsidiary to, consummate any Asset Sale unless:

 

(1)          (i) as
of the date of the entry into any binding commitment to make an Asset Sale, no Default or Event of Default has occurred and is
continuing, or would result from such Asset Sale and (ii) the consideration the Issuer or such Restricted Subsidiary receives
for such Asset Sale is not less than the Fair Market Value of the assets sold or Capital Stock issued or sold or otherwise disposed
of;

 

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(2)           other
than in respect of a Permitted Asset Swap, at least 75% of the consideration the Issuer or such Restricted Subsidiary receives
in respect of such Asset Sale consists of (i) cash; (ii) Cash Equivalents; (iii) any securities, notes or other
obligations received by the Issuer or any such Restricted Subsidiary from such transferee that are converted by the Issuer or such
Restricted Subsidiary into cash or Cash Equivalents within 120 days following the closing of the Asset Sale, to the extent of the
cash or Cash Equivalents received in that conversion; (iv) the assumption by the purchaser of any liabilities, as recorded
on the balance sheet of the Issuer or any Restricted Subsidiary (other than liabilities that are by their terms subordinated to
the Notes), that are assumed by the transferee of any such assets and as a result of which the Issuer and its Restricted Subsidiaries
are no longer obligated with respect to such liabilities; (v) Debt of any Restricted Subsidiary (that would appear on the
Issuer’s statement of financial position) that is no longer a Restricted Subsidiary as a result of such Asset Sale, to the
extent that the Issuer and each other Restricted Subsidiary are released from any guarantee of such Debt in connection with such
Asset Sale; or (vi) a combination of the consideration specified in clauses (i) to (v);

 

(3)            in
respect of any asset other than an asset purchased following the Issue Date with funds on deposit in the Reserve Account or any
asset purchased pursuant to Section 4.10 (a)(4)(B) or (C) (an “After Acquired Asset”), if the
aggregate amount of Eligible Proceeds received by the Issuer or a Restricted Subsidiary from all Asset Sales governed by this clause
(a)(3) in any calendar year exceeds $10 million, the Issuer shall use 50% of the Eligible Proceeds from all Asset Sales governed
by this clause (a)(3) in such year to promptly redeem or repurchase Notes pursuant to (and subject to the requirements of)
Section 3.07 (and any proceeds from Assets Sales governed by this clause (a)(3) that are not required to be used to redeem
Notes may be deposited into the Reserve Account); and

 

(4)            in
respect of any After Acquired Asset, within 365 days after the receipt of any Net Proceeds from an Asset Sale, the Issuer (or
the applicable Restricted Subsidiary, as the case may be) may apply (or in the case of clauses (B), (C) and
(D) (insofar as it relates to (B) and/or (C)),
commit to apply in a binding commitment; provided, however, that such Net Proceeds are used within 180 days
from the date of such binding commitment if later than 365 days) such Net Proceeds:

 

(A)        to
repay, repurchase, prepay or redeem (i) Debt of a Restricted Subsidiary of the Issuer that is not a Guarantor or (ii) Debt
of the Issuer or a Restricted Subsidiary that is secured by property or assets that do not secure the Notes, provided, in
each case, that, if the Debt repaid is revolving credit Debt, the Issuer or such Restricted Subsidiary will correspondingly reduce
commitments with respect thereto;

 

(B)         to
acquire all or substantially all of the assets of, or any Capital Stock of, another Person conducting a Permitted Business, if,
after giving effect to any such acquisition of Capital Stock, such Person is or becomes a Restricted Subsidiary of the Issuer;

 

(C)         to
make a capital expenditure or to acquire assets (other than Capital Stock) that are not classified as current assets under IFRS
and that are used or useful in a Permitted Business; or

 

(D)         any
combination of (A), (B) and (C).

 

Pending the final application
of any Net Proceeds from an Asset Sale governed by this Section 4.10(d), the Issuer (or the applicable Restricted Subsidiary)
shall deposit such proceeds in an account that is segregated from general cash assets of the Issuer (or the applicable Restricted
Subsidiary).

 

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Any Net Proceeds from Asset Sales
governed by this clause (4) that are not applied or invested as provided in this clause (4) will constitute “Excess
Proceeds”. When the aggregate amount of Excess Proceeds exceeds $10.0 million, within 30 days thereof, the Issuer will
make an offer (an “Asset Sale Offer”) to all holders of Notes and may make an offer to all holders of other
Debt that is pari passu with the Notes containing provisions similar to those set forth in this Indenture with respect to
offers to purchase, prepay or redeem with the proceeds of sales of assets to purchase, prepay or redeem the maximum principal amount
of Notes and such other pari passu Debt (plus all accrued interest on the Debt and the amount of all fees and expenses,
including premiums, incurred in connection therewith) that may be purchased, prepaid or redeemed out of the Excess Proceeds. An
Asset Sale Offer will be to all holder of Notes, provided that the Issuer will not purchase (and will not be obligated to
purchase) Series 2 Notes until all Series 1 Notes that have been tendered in the Asset Sale Offer have been purchased
(or will be purchased concurrently with the purchase of the Series 2 Notes). The offer price in any Asset Sale Offer will
be equal to 100% of the principal amount (and PIK Amount), plus accrued and unpaid interest and Additional Amounts, if any, to
the date of purchase, prepayment or redemption, subject to the rights of holders of Notes on the relevant record date to receive
interest due on the relevant interest payment date, and will be payable in cash. If any Excess Proceeds remain after consummation
of an Asset Sale Offer, the Issuer and its Restricted Subsidiaries may deposit such funds in the Reserve Account. If the aggregate
principal amount of Notes (and PIK Amount) and other pari passu Debt tendered into (or required to be prepaid or redeemed
in connection with) such Asset Sale Offer exceeds the amount of Excess Proceeds, or if the aggregate principal amount of Notes
tendered pursuant to an Asset Sale Offer exceeds the amount of Net Proceeds so applied, the Notes and such other pari passu
Debt shall be purchased on a pro rata basis (with all Series 1 Notes being purchased before or contemporaneously with any
Series 2 Notes are purchased), as determined by the Issuer, based on the amounts tendered or required to be prepaid or redeemed,
with the Notes of the same series to be redeemed to be selected by the Trustee on a similar pro rata basis as among participating
holders of Notes, or as otherwise required by Applicable Procedures. Upon completion of each Asset Sale Offer, the amount of Excess
Proceeds will be reset at zero.

 

(b)           The Issuer
will comply with such securities laws and regulations as may be applicable in connection with each repurchase of Notes pursuant
to an Asset Sale Offer. To the extent that the provisions of any applicable securities laws or regulations conflict with this Section 4.10,
the Issuer will comply with such applicable securities laws and regulations and will be deemed not to have breached its obligations
under this Section 4.10 by virtue of such compliance.

 

Section 4.11           Limitation
on Affiliate Transactions.

 

(a)           The Issuer
will not, and will not permit any Restricted Subsidiary to, directly or indirectly, enter into or conduct any transaction or series
of related transactions involving an aggregate value in excess of $5.0 million (including the purchase, sale, lease or exchange
of any property or the rendering of any service) with, or for the benefit of, any Affiliate of the Issuer (an “Affiliate
Transaction”) unless:

 

(1)            except
in respect of any Affiliate Transaction governed by clause (4), the terms of such Affiliate Transaction are not materially less
favorable to the Issuer or such Restricted Subsidiary, as the case may be, than those that could be obtained at the time in a comparable
transaction with a Person who is not such an Affiliate;

 

(2)            except
in respect of any Affiliate Transaction governed by clause (4), if such Affiliate Transaction involves aggregate consideration
in excess of $15.0 million, the Issuer delivers to the Trustee a resolution of the Board of Directors of the Issuer and an Officer’s
Certificate certifying that such Affiliate Transaction complies with this Section 4.11;

 

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(3)            except
in respect of any Affiliate Transaction governed by clause (4), if such Affiliate Transaction involves aggregate consideration
in excess of $25.0 million, the Issuer delivers to the Trustee a fairness opinion provided by an accounting, appraisal or investment
banking firm of international standing with respect to such Affiliate Transaction; and

 

(4)            if
such Affiliate Transaction involves aggregate consideration in excess of $50.0 million, the Issuer receives the consent of the
Majority Holders.

 

(b)            For
purposes of Section 4.11(a)(2), any Affiliate Transaction will only be deemed to have satisfied the requirements set forth
in clause (a)(2) if (A) such Affiliate Transaction is approved by a majority of the Disinterested Directors or (B) in
the event there are no Disinterested Directors, a fairness opinion is provided by an accounting, appraisal or investment banking
firm of international standing with respect to such Affiliate Transaction.

 

		(c)	Section 4.11(a) will not apply to:

 

(1)            any
Restricted Payments (other than Restricted Payments pursuant to Section 4.09(b)(2)) or Permitted Investments (other than Investments
in any Designated Person);

 

(2)            (A) the
entering into, maintaining or performance of any employment contract, collective bargaining agreement, stock option plan, benefit
plan, program or arrangement, related trust agreement or any other similar arrangement for or with any current or former employee,
officer or director of or to the Issuer or any Restricted Subsidiary heretofore or hereafter entered into in the ordinary course
of business, including vacation, health, insurance, deferred compensation, severance, retirement, savings or other similar plans,
programs or arrangements, (B) the payment of compensation, performance, indemnification or contribution obligations, or any
issuance, grant or award of stock, options, other equity-related interests or other securities, to employees, officers or directors
in the ordinary course of business, (C) the payment of reasonable and customary fees to directors of the Issuer or any of
its Restricted Subsidiaries (as determined in good faith by the Issuer or such Restricted Subsidiary), or (D) Management Advances
and payments, waivers or transactions with respect thereof (or in reimbursement of any expenses referred to in the definition of
such term);

 

(3)            any
transaction between or among any of the Issuer, one or more Restricted Subsidiaries and any entity that will become a Restricted
Subsidiary as part of such transaction;

 

		(4)	any transaction arising out of agreements or instruments in effect on the Issue Date;

 

(5)            any
transaction with customers, clients, suppliers or purchasers or sellers of assets or services (other than in respect of the purchase,
sale or leases of any Vessel, provision of management services and the payment of brokerage fees), in each case, in the ordinary
course of business and otherwise in compliance with the terms of this Indenture, on terms that are fair to the Issuer or the relevant
Restricted Subsidiary in the reasonable determination of the Disinterested Directors, or not materially less favorable to the Issuer
or the relevant Restricted Subsidiary than those that could be obtained at the time in a transaction from a Person who is not an
Affiliate of the Issuer in the reasonable determination of the Disinterested Directors;

 

		(6)	the Transactions and the payment of all fees and expenses related to the Transactions;

 

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(7)            the
entry into and the performance of the IC Receivables Facility, and sales of accounts receivable, or participations therein, in
connection with any factoring transaction or receivables securitization facilities (including the IC Receivables Facility) permitted
by Section 4.08(b)(2); and

 

(8)            issuances
or sales of Capital Stock (other than Redeemable Capital Stock) of the Issuer and any contribution of capital to the Issuer or
any Restricted Subsidiary in compliance with the other provisions of this Indenture.

 

Section 4.12           Limitation
on Liens.

 

The
Issuer will not, and will not permit any Restricted Subsidiary to, directly or indirectly, create, incur, assume or suffer to exist
any Lien of any kind (except for Permitted Liens securing Debt that ranks pari passu with or senior to the Notes) securing
Debt upon any of their property or assets, whether owned at or acquired after the Issue Date unless (i) such Debt ranks pari
passu in right of payment with the Notes and (ii) the Issuer’s obligations in respect of the Notes and the Guarantor’s
obligations in respect of the Guarantees and all other amounts due under this Indenture are
equally and ratably secured with the obligation or liability secured by such Lien until such time as such obligations are no longer
secured by a Lien.

 

Section 4.13           Corporate
Existence.

 

Subject to Article 5,
the Issuer shall do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence,
and the corporate, partnership or other existence of each Guarantor, in accordance with the respective organizational documents
(as the same may be amended from time to time) of the Issuer or any such Guarantor.

 

Section 4.14          Change
of Control.

 

(a)            If
a Change of Control occurs at any time, then the Issuer must make an offer (a “Change of Control Offer”) to
each holder of Notes to repurchase all (or any part elected by the holder) of such holder’s Notes, at a purchase price (the
 “Change of Control Purchase Price”) in cash in an amount equal to 101% of the principal amount (and, in respect
of the Series 2 Notes, the PIK Amount) thereof, plus accrued and unpaid interest, if any, to, but not including, the date
of purchase (the “Change of Control Purchase Date”) (subject to the rights of holders of record on relevant
regular record dates that are prior to the Change of Control Purchase Date to receive interest due on an interest payment date).
Purchases made under a Change of Control Offer will also be subject to Section 3.05 and Section 4.21, and the Applicable
Procedures.

 

(b)            Unless
the Issuer has exercised its right to redeem all the Notes in accordance with Section 3.07 of this Indenture and all conditions
to such redemption have been satisfied or waived, within 30 days following any Change of Control, the Issuer will deliver a notice
to each holder of the Notes at such holder’s registered address or otherwise deliver a notice in accordance with the procedures
described under Section 3.09, stating, among other things:

 

 (1)            that a Change of Control has occurred and the date of such event;

 

(2)            the
circumstances and relevant facts regarding such Change of Control (including, but not limited to, applicable information with respect
to pro forma historical income, cash flow and capitalization after giving effect to the Change of Control);

 

(3)            the
purchase price and the purchase date which shall be fixed by the Issuer on a Business Day no earlier than 30 days nor later
than 60 days from the date such notice is provided, or such later date as is necessary to comply with requirements under the
U.S. Exchange Act or any other applicable rule, regulation or law of any applicable jurisdiction or exchange or trading
platform;

 

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(4)            that
any Note not tendered will continue to accrue interest and unless the Issuer defaults in payment of the Change of Control Purchase
Price, any Notes accepted for payment pursuant to the Change of Control Offer shall cease to accrue interest after the Change of
Control Purchase Date; and

 

(5)            any
other procedures that a holder of Notes must follow to accept a Change of Control Offer or to withdraw such acceptance.

 

(c)            On
the Change of Control Purchase Date, the Issuer shall, to the extent lawful and in accordance with the procedures set forth in
its notice:

 

(1)            accept
for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer;

 

(2)            make
payments in an amount equal to the Change of Control Purchase Price in respect of all Notes or portions of Notes properly tendered
pursuant to the Change of Control Offer;

 

(3)            deliver
or cause to be delivered to the Trustee the Notes properly accepted (or the relevant portion thereof) for cancellation;

 

(4)            promptly
authenticate and deliver (or cause to be transferred by book-entry) to each holder a new Note or Notes equal in principal amount
to any unpurchased portion of Notes surrendered, if any, to the holder of Notes in global form or to each holder of certificated
Notes; provided that each new Note will be in a principal amount of $1.00 or in integral multiples of $1.00 in excess thereof;
and

 

(5)            deliver
to the Trustee an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased
by the Issuer and cancelled, if any.

 

The Issuer will publicly announce the results
of the Change of Control Offer on or as soon as practicable after the Change of Control Purchase Date.

 

(d)            On
the Change of Control Purchase Date, the Paying Agent will promptly mail (or cause to be delivered) to each holder of Notes properly
tendered the Change of Control Purchase Price for such Notes.

 

(e)            Notwithstanding
anything to the contrary in this Section 4.14, the Issuer shall not be required to make a Change of Control Offer following
a Change of Control if a third party (including, for the avoidance of doubt, any Restricted Subsidiary) makes the Change of Control
Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.14 and purchases
all Notes validly tendered and not withdrawn under such Change of Control Offer,.

 

(f)            Notwithstanding
anything to the contrary in this Section 4.14, a Change of Control Offer may be made in advance of a Change of Control, conditioned
upon the consummation of such Change of Control, if a definitive agreement is in place for the Change of Control at the time the
Change of Control Offer is made.

 

(g)            The
Issuer will comply with the applicable tender offer rules, including Rule 14e-1 under the U.S. Exchange Act, and any
other applicable securities laws or regulations in connection with a Change of Control Offer. To the extent that the
provisions of any applicable securities laws or regulations conflict with the provisions of this Section 4.14 (other
than the obligation to make an offer pursuant to this Section 4.14), the Issuer will comply with the securities laws and
regulations and will not be deemed to have breached its obligations described in this Section 4.14 by virtue
thereof.

 

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Section 4.15          Limitation
on Agreements Restricting the Accrual of the PIK Amount.

 

The Issuer shall not,
and shall not permit any of its Restricted Subsidiaries to, enter into, or directly or indirectly suffer to exist or otherwise
cause to or become effective, any indenture, mortgage, deed of trust, voting trust agreement, loan agreement, bond, note, agreement
or other evidence of indebtedness, lease, contract, or other agreement or instrument by which it or any of its properties may be
bound, and shall not amend its charter or by-laws, such that the accrual of the PIK Amount (or other increase in the principal
amount of Series 2 Notes in respect thereof, as applicable) would constitute a breach or default under any of the terms or
provisions of any such contract, agreement, instrument or constitutive document and such breach or default would adversely affect,
in any material respect, the Issuer’s ability to make principal or interest payments on the Notes as they become due.

 

Section 4.16          Payments
for Consents.

 

(a)            The
Issuer will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, pay or cause to be
paid any consideration to or for the benefit of any holder of Notes for or as an inducement to any consent, waiver or amendment
of any of the terms or provisions of this Indenture or the Notes, unless such consideration is offered to be paid and is paid to
all holders that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent,
waiver or agreement; provided that if such amendment or waiver only affects one series of Notes (and the consent of only
one series of Notes is required under this Indenture as provided under Section 9.02), such consideration need only be offered
to that series of Notes.

 

(b)            Notwithstanding
the foregoing, the Issuer and its Restricted Subsidiaries shall be permitted, in any offer or payment of consideration for, or
as an inducement to, any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Notes, to exclude
holders (and not offer to pay consideration to such holders) in any jurisdiction where (i) the solicitation of such consent,
waiver or amendment, including in connection with an exchange offer or offer to purchase for cash, or (ii) the payment of
the consideration therefor (A) would require the Issuer or any of its Restricted Subsidiaries to file a registration statement,
prospectus or similar document under any applicable securities laws (including, but not limited to, the U.S. federal securities
laws and the laws of the European Union or its member states), which the Issuer in its sole discretion determines (acting in good
faith) would be materially burdensome (it being understood that it would not be materially burdensome to file the consent document(s) used
in other jurisdictions, any substantially similar documents or any summary thereof with the securities or financial services authorities
in such jurisdiction); or (B) such solicitation would otherwise not be permitted under applicable law in such jurisdiction.

 

Section 4.17          Permitted
Business.

 

The Issuer will not,
and will not permit any of its Restricted Subsidiaries to, engage in any type of business other than a Permitted Business.

 

Section 4.18          Additional
Guarantees by Restricted Subsidiaries

 

(a)           The Issuer
shall cause any Restricted Subsidiary that (a) is a Material Subsidiary (other than any Subsidiary that is a Material Subsidiary
on the Issue Date), or (b) guarantees any Credit Facilities or Public Debt of the Issuer or any other Restricted Subsidiary
in an amount that exceeds US$5.0 million in the aggregate (other than any Asset Debt), in each case of (a) or (b), to execute
and deliver a supplemental indenture providing for the Guarantee of the Notes by such Restricted Subsidiary.

 

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(b)           The
Issuer will not be obligated to cause such Restricted Subsidiary to guarantee the Notes to the extent that such guarantee by
such Restricted Subsidiary would reasonably be expected to give rise to or result in (i) a violation of applicable law
which, in any case, cannot be prevented or otherwise avoided in the applicable jurisdiction through measures reasonably
available to the Issuer or the Restricted Subsidiary; (ii) any personal liability for the officers, directors or (except
in the case of a Restricted Subsidiary that is a partnership) shareholders of such Restricted Subsidiary (or, in the case of
a Restricted Subsidiary that is a partnership, directors or shareholders of the partners of such partnership); (iii) a
requirement under applicable law, rule or regulation to obtain or prepare financial statements or financial information
of such Person to be included in any required filing with a legal or regulatory authority that the Issuer is not able to
obtain or prepare without unreasonable expense; or (iv)          any cost,
expense, liability or obligation (including with respect to any Taxes) other than reasonable out-of-pocket expenses and other
than reasonable expenses incurred in connection with any governmental or regulatory filing required as a result of, or any
measures pursuant to clause (i) undertaken in connection with, such Guarantee.

 

(c)           Any
such Guarantee may be limited as necessary to recognize certain defenses generally available to guarantors (including those that
relate to fraudulent conveyance or transfer, voidable preference, financial assistance, corporate purpose, capital maintenance
or similar laws, regulations or defenses affecting the rights of creditors generally) or other considerations under applicable
law, as determined in good faith by the Board of Directors of the Issuer in its sole discretion.

 

(d)           A
Guarantor’s Guarantee (and the Guarantee, if any, of any Subsidiary of such Guarantor) will be released in accordance with
Section 10.04.

 

Section 4.19          Designation
of Unrestricted and Restricted Subsidiaries

 

(a)           The
Board of Directors of the Issuer may designate any Restricted Subsidiary (other than a Guarantor) to be an Unrestricted Subsidiary
if and only to the extent: (a) that such designation would not cause a Default; (b) such Subsidiary or any of its Subsidiaries
does not own any Capital Stock or Debt of, or hold any Lien on any Property of, the Issuer or any other Subsidiary of the Issuer
that is not a Subsidiary of the Restricted Subsidiary to be so designated; (c) such Subsidiary has no Debt other than Non-Recourse
Debt; (d) except as permitted by Section 4.11, such Subsidiary is not party to any agreement, contract, arrangement or
understanding with the Issuer or any Restricted Subsidiary unless the terms of any such agreement, contract, arrangement or understanding
are no less favorable to the Issuer or such Restricted Subsidiary than those that might be obtained at the time from Persons who
are not Affiliates of the Issuer; (e) such Subsidiary is a Person to which neither the Issuer nor any of its Restricted Subsidiaries
has any direct or indirect obligation to maintain or preserve such Subsidiary’s financial condition or to cause such Subsidiary
to achieve any specified level of operating results; (f) such Subsidiary does not own any material assets; and (g) such
Subsidiary has not guaranteed or otherwise directly or indirectly provided any credit support for any Debt of the Issuer or any
Restricted Subsidiary.

 

(b)           If
a Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding Investments
owned by the Issuer and its Restricted Subsidiaries in the Unrestricted Subsidiary will be deemed to be an Investment made as of
the time of the designation and will reduce the amount available for Investments that may be made under one or more clauses of
the definition of Permitted Investments, as determined by the Issuer. That designation will only be permitted if the Investment
would be permitted at that time and if the Restricted Subsidiary otherwise meets the definition of an Unrestricted Subsidiary.
The Board of Directors of the Issuer may re-designate any Unrestricted Subsidiary to be a Restricted Subsidiary if that re-designation
would not cause a Default.

 

(c)           Any
designation of a Subsidiary of the Issuer as an Unrestricted Subsidiary will be evidenced to the Trustee by filing with the
Trustee a certified copy of a resolution of the Board of Directors giving effect to such designation and an Officers’
Certificate certifying that such designation complied with this Section 4.19 and was permitted by Section 4.09.

 

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(d)          The Board
of Directors of the Issuer may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided
that such designation will be deemed to be an incurrence of Debt by a Restricted Subsidiary of any outstanding Debt of such Unrestricted
Subsidiary, and such designation will only be permitted if (1) such Debt is permitted under Section 4.08, calculated
on a pro forma basis as if such designation had occurred at the beginning of the applicable reference period; and (2) no Default
or Event of Default would be in existence following such designation.

 

Section 4.20          Withholding
Taxes.

 

(a)            All
payments that the Issuer makes under or with respect to the Notes or that the Guarantors make under or with respect to the Guarantees
will be made free and clear of and without withholding or deduction for or on account of any present or future tax, duty, levy,
impost, assessment or other governmental charge (including, without limitation, penalties, interest and other similar liabilities
related thereto) of whatever nature (collectively, “Taxes”) imposed or levied on such payments by or on behalf
of any jurisdiction in which the Issuer or any Guarantor is incorporated, resident or doing business for tax purposes or from or
through which any payment on the Notes is made (including the jurisdiction of any Paying Agent) or by or within any political subdivision
or governmental authority of or in any of the foregoing having power to tax (each, a “Relevant Taxing Jurisdiction”),
unless the Issuer or such Guarantor, as the case may be, is required to withhold or deduct Taxes by law or by the interpretation
or administration of law. If any amounts for or on account of Taxes imposed or levied on behalf of a Relevant Taxing Jurisdiction
are required to be withheld or deducted from any payment made under or with respect to the Notes or any Guarantee, the Issuer or
the Guarantor, as the case may be, will pay additional amounts (“Additional Amounts”) as may be necessary to
ensure that the net amount received by each holder of the Notes after such withholding or deduction (including any withholding
or deduction in respect of any Additional Amounts) will not be less than the amount the holder would have received if such Taxes
had not been withheld or deducted.

 

(b)            Notwithstanding
Section 4.20(a), neither the Issuer nor any Guarantor will, however, pay Additional Amounts in respect or on account of:

 

(1)            any
Taxes, to the extent such Taxes are imposed or levied by a Relevant Taxing Jurisdiction by reason of the holder’s or beneficial
owner’s present or former connection with such Relevant Taxing Jurisdiction, including, without limitation, the holder or
beneficial owner being, or having been, a citizen, national, or resident, being, or having been, engaged in a trade or business,
being, or having been, physically present in or having or having had a permanent establishment in a Relevant Taxing Jurisdiction
(but not including, in each case, any connection arising from the mere receipt, ownership, holding or disposition of Notes, or
by reason of the receipt of any payments in respect of any Note or any Guarantee, or the exercise or enforcement of rights under
any Notes or any Guarantee);

 

(2)            any
Taxes to the extent such Taxes are imposed or withheld by reason of the failure of the holder or beneficial owner of Notes,
following the Issuer’s or Guarantor’s written request addressed to the relevant holder or beneficial owner made
at a time that would enable the holder or beneficial owner acting reasonably to comply with such request, to comply with any
certification, identification, information or other reporting requirements (to the extent such holder or beneficial owner is
legally eligible to do so), whether required by statute, treaty, regulation or administrative practice of a Relevant Taxing
Jurisdiction, as a precondition to exemption from, or reduction in the rate of deduction or withholding of, Taxes imposed by
the Relevant Taxing Jurisdiction (including, without limitation, a certification that the holder or beneficial owner
is not resident in the Relevant Taxing Jurisdiction);

 

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(3)            any
estate, inheritance, gift, sales, transfer, personal property or similar Taxes;

 

(4)            any
Tax which is payable otherwise than by deduction or withholding from payments made under or with respect to the Notes or any Guarantee;

 

(5)            any
Tax imposed on or with respect to any payment by the Issuer or Guarantor to the holder if such holder is a fiduciary, partnership,
limited liability company or person other than the sole beneficial owner of such payment to the extent that Taxes would not have
been imposed on such payment had such holder been the sole beneficial owner of such Note;

 

(6)            any
Tax that is imposed on or with respect to a payment made to a holder or beneficial owner who would have been able to avoid such
withholding or deduction by presenting the relevant Notes to another paying agent in a member state of the European Union;

 

(7)            any
Taxes, to the extent such Taxes were imposed as a result of the presentation of a Note for payment (where presentation is required
in order to receive payment) more than 30 days after the relevant payment is first made available to the holder (except to the
extent that the holder would have been entitled to Additional Amounts had the Note been presented on the last day of such 30 days’
period);

 

(8)            any
withholding or deduction in respect of any Taxes where such withholding or deduction is imposed or levied on a payment to an individual
and is required to be made pursuant to European Council Directive 2003/48/EC or any Directive implementing the conclusions of the
ECOFIN Council meetings of November 26 and 27, 2000 on the taxation of savings income or any law implementing or complying
with, or introduced in order to conform to, any such Directive; or

 

(9)            any
holder that is a “substantive shareholder” of the Issuer (or its Subsidiaries or Affiliates) within the meaning of
Section 88 of the Israeli Income Tax Ordinance (New Version) 1961 (as amended from time to time) (the “Tax Ordinance”);

 

(10)          any
Person (other than a holder or beneficial owner of Notes that received such Notes in the Transaction or its or his respective Affiliates,
affiliates or nominees), who is employed by the Issuer (or its Subsidiaries or Affiliates), provides services to the Issuer (or
its Subsidiaries or Affiliates), sells products to the Issuer (or its Subsidiaries or Affiliates), or has other special relations
with the Issuer (or its Subsidiaries or Affiliates), unless he proved to the satisfaction of the applicable assessing officer under
the Tax Ordinance that the interest or the discount, as the case may be, was set in good faith without being affected by the existence
of the said relations between such Person and the Issuer (or its Subsidiaries or Affiliates);

 

(11)          any
holder (other than a holder or beneficial owner of Notes that received such Notes in the Transaction or its or his respective
Affiliates, affiliates or nominees) that is a “relative” of the Issuer (or its Subsidiaries or Affiliates), within
the meaning of paragraph (3) of the definition of “relative” in Section 88 of the Tax Ordinance; and

 

 (12)          any combination of items (1) through (11) above.

 

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(c)           Furthermore,
any amounts to be paid on the Notes will be paid net of any deduction or withholding imposed or required pursuant to sections
1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered
into pursuant to section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted
pursuant to any intergovernmental agreement entered into in connection with the implementation of such sections of the Code
or any similar provisions of non-U.S. law, and no Additional Amounts will be required to be paid on account of any such
deduction or withholding.

 

(d)           The Issuer
or the relevant Guarantors, as the case may be, will (i) make such withholding or deduction as is required by applicable law
and (ii) remit the full amount deducted or withheld to the relevant taxing authority in accordance with applicable law.

 

(e)           At
least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Guarantee is due and payable,
if the Issuer or a Guarantor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to
pay Additional Amounts arises after the 30th day prior to the date on which payment under or with respect to the Notes or any Guarantee
is due and payable, in which case it will be promptly thereafter), the Issuer or the relevant Guarantor (as the case may be) will
deliver to the Trustee (copied to the Paying Agent) an Officers’ Certificate stating that such Additional Amounts will be
payable and the amounts so payable and will set forth such other information necessary to enable the Paying Agent to pay such Additional
Amounts to holders on the payment date. The Trustee and Paying Agent shall be entitled to rely solely on such Officers’ Certificate
as conclusive proof that such payments are necessary. The Issuer or the relevant Guarantor (as the case may be) will promptly publish
a notice in accordance with the provisions set forth in Section 3.09 stating that such Additional Amounts will be payable
and describing the obligation to pay such amounts.

 

(f)            In
addition, the Issuer or the Guarantors (as the case may be) will pay any present or future stamp, issue, registration, court, documentary,
excise or property taxes or other similar taxes, charges and duties, including without limitation, interest and penalties with
respect thereto, imposed by any Relevant Taxing Jurisdiction in respect of the execution, issue, delivery, registration, transfer
or enforcement of the Notes or any Guarantee or any other document or instrument referred to thereunder or the receipt of any payments
with respect thereto (limited, solely in the case of taxes attributable to the receipt of any payments with respect thereto, to
any such taxes not excluded under clauses (1) through (3) or (5) through (11) or any combination thereof).

 

(g)           Upon
written request, the Issuer or a Guarantor (as the case may be) will furnish to the Trustee or a holder within a reasonable time
certified copies of tax receipts evidencing the payment by the Issuer or such Guarantor (as the case may be) of any Taxes imposed
or levied by a Relevant Taxing Jurisdiction, in accordance with the procedures described in Section 3.09, in such form as
provided in the normal course by the taxing authority imposing such Taxes and as is reasonably available to the Issuer or such
Guarantor. If, notwithstanding the efforts of the Issuer or Guarantor to obtain such receipts, the same are not obtainable, the
Issuer or such Guarantor will provide the Trustee or such holder with other evidence reasonably satisfactory to the Trustee or
holder of such payments by the Issuer or Guarantor.

 

(h)           Whenever
this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under
or with respect to any Note (including payments thereof made pursuant to a Guarantee), such reference includes the payment of Additional
Amounts, if applicable.

 

(i)            For
the avoidance of doubt, references in this Section 4.20 to the “Issuer” also refer to any Surviving Entity.

 

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(j)            In
order to comply with applicable tax laws (inclusive of rules, regulations and interpretations promulgated by competent
authorities) related to the Notes in effect from time to time (“Applicable Law”) that a financial
institution, issuer, trustee, paying agent or other party is or has agreed to be subject to, the Issuer agrees (i) to
the extent it has knowledge of such transactions, to provide to the Trustee or any Paying Agent sufficient information about
the parties and/or transactions (including any modification to the terms of such transactions) so that such entity can
determine whether it has tax related obligations under Applicable Law, (ii) without prejudice to clauses (a) to
(i) of this Section 4.20, that the Trustee and any Paying Agent shall be entitled to make any withholding or
deduction from payments to the extent necessary to comply with Applicable Law for which the Trustee and each Paying Agent
shall not have any liability and (iii) to hold harmless the Trustee and each Paying Agent for any losses they may suffer
due to the actions they take to comply with Applicable Law to the extent provided in Section 7.05. The terms of this
section shall survive the termination of this Agreement or the resignation or removal of the Trustee or any Paying Agent. The
Issuer, the Trustee and each Paying Agent shall cooperate with each other and shall provide each other with reasonable access
to, and copies of, documents or information necessary for each of such persons to comply with any withholding tax or tax
information reporting obligations imposed on any of them, including any obligations imposed pursuant to an agreement with a
governmental authority.

 

Section 4.21          Restrictions
on Purchases, Repayments or Refinancings of Notes

 

(a)          The
Issuer will not, and will not permit any of its Restricted Subsidiaries to, purchase, redeem, refinance, repay or otherwise acquire
or retire for value any Series 2 Notes (in whole or in part) at any time that there are outstanding Series 1 Notes unless
all Series 1 Notes shall be repaid in full concurrently with such purchase, redemption, refinancing, repayment, acquisition
or retirement for value of such Series 2 Notes. Notwithstanding this clause (a) or any other provision of this Indenture,
the Issuer may:

 

(1)          offer
to purchase and repurchase Series 2 Notes pursuant to a Change of Control Offer or Asset Sale Offer following the repurchase
of all Series 1 Notes that have been tendered for repurchase pursuant to such Offer in accordance with the terms of this Indenture;

 

		(2)	purchase Series 2 Notes pursuant to a Permitted Note Repurchase; or

 

		(3)	refinance Series 2 Notes with the proceeds of Permitted Series 2 Refinancing Debt.

 

 

(b)          The
Issuer and its Restricted Subsidiaries may from time to time refinance the Series 1 Notes (in whole or in part); provided,
if such Series 1 Notes are refinanced through the incurrence of Debt, the terms of such refinancing Debt shall
(1) not be on terms that are more onerous (taken as a whole) to the Issuer (as determined by the Board of Directors of
the Issuer) or (2) be consented to by Holders of not less than a majority in aggregate principal amount (and the PIK
Amount) of the Series 2 Notes then outstanding.

 

(c)          The
Issuer will not, and will not permit any of its Restricted Subsidiaries to, offer to purchase or purchase Notes in the open market
or otherwise, except:

 

		(1)	as required under Section 4.10 and Section 4.14; or

 

		(2)	pursuant to a Permitted Note Repurchase.

 

ARTICLE 5.

SUCCESSORS

 

Section 5.01         Merger
and Consolidation.

 

(a)          The Issuer
will not, directly or indirectly: (i) consolidate or merge with or into another Person (whether or not the Issuer is the
surviving corporation), or (ii) sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of
the properties or assets of the Issuer and its Restricted Subsidiaries, taken as a whole, in one or more related transactions,
to another Person, unless:

 

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(1)            at
the time of, and immediately after giving effect to, any such transaction or series of transactions, either (i) the Issuer
will be the surviving corporation or (ii) the Person (if other than the Issuer) formed by or surviving any such consolidation
or merger or to which such sale, assignment, conveyance, transfer, lease or disposition of all or substantially all the properties
and assets of the Issuer and the Restricted Subsidiaries on a consolidated basis has been made (the “Surviving Entity”):
(x) will be a corporation duly incorporated and validly existing under the laws of any Member State, Israel, Norway,
Switzerland, Canada, Hong Kong, Singapore, the United States of America, any state thereof or the District of Columbia; and (y) will
expressly assume, by a supplemental indenture in form satisfactory to the Trustee, the Issuer’s obligations under the Notes
and this Indenture;

 

(2)            immediately
after giving effect to such transaction or series of transactions on a pro forma basis, no Default or Event of Default will
have occurred and be continuing;

 

(3)            the
Issuer or the Surviving Entity would, on the date of such transaction (A) after giving pro forma effect thereto and
any related financing transactions as if the same had occurred at the beginning of the applicable four-quarter period (i) be
permitted to incur at least $1.00 of additional Debt pursuant to Section 4.08(a) or (ii) have a Consolidated Fixed
Charge Coverage Ratio not less than and a Consolidated Leverage Ratio not greater than, in each case, it was immediately prior
to giving pro forma effect to such transaction; and (B) not be required to pay Additional Amounts in respect of the
Notes after giving effect to such transaction; and

 

(4)            the
Issuer or the Surviving Entity will have delivered to the Trustee, in form satisfactory to the Trustee, an Officers’ Certificate
and an Opinion of Counsel, each stating that such consolidation, merger, sale, assignment, conveyance, transfer, lease or other
disposition, and if a supplemental indenture is required in connection with such transaction, such supplemental indenture, comply
with this Section 5.01.

 

(b)           In
addition, the Issuer will not, directly or indirectly, lease all or substantially all of the properties and assets of its Restricted
Subsidiaries, taken as a whole, in one or more transactions, to any other Person.

 

(c)           No
Guarantor will, directly or indirectly: (i) consolidate or merge with or into another Person (whether or not the Guarantor
is the surviving corporation), or (ii) sell, assign, transfer, lease, convey or otherwise dispose of all or substantially
all of the properties or assets of the Guarantor and its Restricted Subsidiaries, taken as a whole, in one or more related transactions,
to another Person, unless:

 

(1)            at
the time of, and immediately after giving effect to, any such transaction or series of transactions, either (i) the Guarantor
will be the surviving corporation or (ii) the Person (if other than the Guarantor) formed by or surviving any such consolidation
or merger or to which such sale, assignment, conveyance, transfer, lease or disposition of all or substantially all the properties
and assets of the Guarantor and the Restricted Subsidiaries on a consolidated basis has been made: (x) will be a corporation
duly incorporated and validly existing under the laws of any Member State, Israel, Norway, Switzerland, Canada, Hong Kong,
Singapore, the United States of America, any state thereof or the District of Columbia; and (y) will expressly assume, by
a supplemental indenture in form satisfactory to the Trustee, the Guarantor’s obligations under the Guarantee and this Indenture;

 

(2)            immediately
after giving effect to such transaction or series of transactions on a pro forma basis, no Default or Event of Default will
have occurred and be continuing; and

 

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(3)            the
Issuer will have delivered to the Trustee, in form satisfactory to the Trustee, an Officers’ Certificate and an Opinion of
Counsel, each stating that such consolidation, merger, sale, assignment, conveyance, transfer, lease or other disposition, and
if a supplemental indenture is required in connection with such transaction, such supplemental indenture, comply with this Section 5.01.

 

(d)           In addition,
no Guarantor will, directly or indirectly, lease all or substantially all of the properties and assets of its Restricted Subsidiaries,
taken as a whole, in one or more transactions, to any other Person (other than a Guarantor).

 

Section 5.02           Successor
Corporation Substituted.

 

Upon any consolidation
or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the properties
or assets of the Issuer or any Guarantor in a transaction that is subject to, and that complies with the provisions of, Section 5.01,
the successor Person formed by such consolidation or into or with which the Issuer or any Guarantor, as the case may be, is merged
or to which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted
for (so that from and after the date of such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition,
the provisions of this Indenture referring to the “Issuer” or the “Guarantor,” as applicable, shall refer
instead to the successor Person and not to the Issuer or such Guarantor), and may exercise every right and power of the Issuer
or any Guarantor, as applicable, under this Indenture with the same effect as if such successor Person had been named as the Issuer
or any Guarantor herein; provided, however, that the predecessor Issuer shall not be relieved from the obligation to pay
the principal of (and, in respect of the Series 2 Notes, the PIK Amount) and interest on the Notes in the case of a lease
of all or substantially all of its assets.

 

ARTICLE 6.

DEFAULTS AND REMEDIES

 

Section 6.01           Events
of Default.

 

		(a)	Each of the following is an “Event of Default”:

 

(1)            default
for 30 days in the payment when due of any interest or any Additional Amounts on any Note;

 

(2)            default
in the payment required to be made pursuant to Section 3.08, provided that if such default is caused by technical or administrative
error and a default to make such payments due to a technical or administrative error has not occurred during the prior twelve months,
the continuance of such default for a period of three Business Days;

 

(3)            default
in the payment of the principal of, PIK Amount on or premium, if any, on any Note at its Stated Maturity;

 

(4)            failure
by the Issuer or any Guarantor to (i) comply with the provisions of Article 5, (ii) consummate a Change of Control
Offer in accordance with the provisions of Section 4.14, or (iii) consummate a redemption or an Asset Sale Offer in accordance
with the provisions of Section 4.10;

 

(5)            failure
by the Issuer for 30 days after the written notice from the Trustee or Instructing Holders to comply with any covenant or agreement
that is contained in this Indenture or the Notes (other than a covenant or agreement which is specifically dealt with in clauses
(1), (2), (3) or (4));

 

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(6)            default
under the terms of any instrument evidencing or securing the Debt of the Issuer or any Restricted Subsidiary, if that default:
(x) results in the acceleration of the payment of such Debt or (y) is caused by a failure to pay interest or principal
of such Debt at the Stated Maturity thereof after giving effect to any applicable grace periods and, in either case, the principal
amount of such Debt unpaid or accelerated (together with the principal amount of any other such Debt that is unpaid or accelerated)
exceeds $20.0 million;

 

(7)            failure
by the Issuer or any of its Significant Subsidiaries or group of Restricted Subsidiaries that taken as a whole would constitute
a Significant Subsidiary to pay final judgments, orders or decrees (not subject to appeal) entered by a court or courts of competent
jurisdiction aggregating in excess $20.0 million (exclusive of any amounts that an insurance company has acknowledged liability
for), which judgments shall not have been discharged or waived and there shall have been a period of 60 consecutive days or more
during which a stay of enforcement of such judgment, order or decree (by reason of pending appeal, waiver or otherwise) shall not
have been in effect;

 

(8)            the
Issuer or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of the
Issuer that, taken together (as of the latest audited consolidated financial statements of the Issuer), would constitute a
Significant Subsidiary pursuant to or within the meaning of Bankruptcy Law (A) commences a voluntary case,
(B) consents to the entry of an order for relief against it in an involuntary case, (C) consents to the appointment
of a custodian of it or for all or substantially all of its property, or (D) makes a general assignment for the benefit of
its creditors (as an insolvent assignor); and

 

(9)            a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (i) is for relief against the Issuer
or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Issuer that,
taken together (as of the latest audited consolidated financial statements of the Issuer), would constitute a Significant Subsidiary
in an involuntary case, (ii) appoints a custodian of the Issuer or any of its Restricted Subsidiaries that is a Significant
Subsidiary or any group of Restricted Subsidiaries of the Issuer that, taken together (as of the latest audited consolidated financial
statements of the Issuer), would constitute a Significant Subsidiary or for all or substantially all of the property of the Issuer
or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Issuer that,
taken together, would constitute a Significant Subsidiary, or (iii) orders the liquidation of the Issuer or any of its Restricted
Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Issuer that, taken together (as of
the latest audited consolidated financial statements of the Issuer), would constitute a Significant Subsidiary, and the order or
decree referred to in this clause (9) remains unstayed and in effect for 60 consecutive days.

 

(b)           A default
under clauses (5), (6) or (7) of Section 6.01(a) will not constitute an Event of Default until the Trustee
or the Instructing Holders notify the Issuer of the Default and, in respect of clause (5) of Section 6.01(a), the Issuer
does not cure such Default within the time specified therein after receipt of such notice.

 

Section 6.02           Acceleration.

 

(a)           If an Event
of Default (other than as specified in clauses (1), (2), (3), (8) or (9) of Section 6.01(a)) occurs and is continuing,
the Trustee or the Holders of not less than 25% in aggregate principal amount of the Notes then outstanding by written notice to
the Issuer (and to the Trustee if such notice is given by the Holders) may, and the Trustee, upon the written request of such Holders,
shall, declare the principal of, PIK Amount on, and any Additional Amounts and accrued interest on all the outstanding Notes immediately
due and payable, and upon any such declaration all such amounts payable in respect of the Notes will become immediately due and
payable.

 

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(b)            If
an Event of Default specified in clauses (8) or (9) of Section 6.01(a) occurs and is continuing, then the principal
of, PIK Amount on, and Additional Amounts and accrued and unpaid interest on, all the outstanding Notes shall become and be immediately
due and payable without any declaration or other act on the part of the Trustee or any Holder of Notes.

 

(c)            If
an Event of Default specified in clauses (1), (2) or (3) occurs and is continuing (whether with respect to either or
both the Series 1 Notes or the Series 2 Notes), the Trustee or the Specified Holders may by written notice to the Issuer
(and to the Trustee if such notice is given by the Specified Holders) may, and the Trustee, upon the written request of such Holders,
shall, declare the principal of, PIK Amount on, and any Additional Amounts and accrued interest on all the outstanding Series 1
Notes or Series 2 Notes (or both), as applicable, immediately due and payable, and upon any such declaration all such amounts
payable in respect of such Notes will become immediately due and payable.

 

Section 6.03          Other
Remedies.

 

(a)            If
an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal,
PIK Amount on, premium, if any, and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture.

 

(b)          The
Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding.
A delay or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default
shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative
to the extent permitted by law.

 

Section 6.04          Notices
of Default

 

If a Default or an
Event of Default occurs and is continuing and the Trustee has received notice thereof in accordance with Section 4.04(b) or
from Holders of at least 25% in aggregate principal amount of the outstanding Notes of either series, the Trustee will transmit
to each Registered Holder of the Notes notice of the Default or Event of Default within (i) 5 Business Days of receiving such
notice (in the case of a Default or Event of Default specified in Sections 6.01 (1), (2) or (3)) or (ii) 15 Business
Days of receiving such notice (in the case of other Defaults or Events of Default). The Trustee will post or deliver to the Issuer
and the TASE for the purpose of posting notice of such Default or Event of Default on the official website of the TASE (http://maya.tase.co.il
or any successor website thereto) within 15 Business Days after its occurrence, and the Issuer undertakes to post such notice on
behalf of the Trustee should the Trustee not be able to do so. If the Notes are no longer listed on the TACT or the Nesher System,
notice will be mailed to the Registered Holders. Except in the case of a Default or an Event of Default in payment of principal
of and PIK Amount, Additional Amounts or interest on, any Notes, the Trustee may withhold the notice to the Registered Holders
of such Notes if a committee of its trust officers in good faith determines that withholding the notice is in the interests of
the Holders of the Notes.

 

Section 6.05          Waiver
of Past Defaults.

 

(a)           At any time
after a declaration of acceleration under this Indenture, but before a judgment or decree for payment of the money due has been
obtained by the Trustee, the Majority Holders, by written notice to the Issuer and the Trustee, may rescind such declaration and
its consequences if:

 

(1)            the
Issuer has paid or deposited with the Trustee a sum sufficient to pay:

 

(A)          all
overdue interest and Additional Amounts on all Notes then outstanding;

 

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(B)           all
unpaid principal and PIK Amount of any outstanding Notes that has become due otherwise than by such declaration of acceleration
and interest thereon at the rate borne by the Notes;

 

(C)           to
the extent that payment of such interest is lawful, interest upon overdue interest and overdue principal and PIK Amount at the
rate borne by the Notes; and

 

(D)           all
sums paid or advanced by the Trustee under this Indenture and the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel;

 

(2)            the
rescission would not conflict with any judgment or decree of a court of competent jurisdiction; and

 

(3)            all
Events of Default, other than the non-payment of amounts of principal of, PIK Amount on, and any Additional Amounts and interest
on, the Notes that has become due solely by such declaration of acceleration, have been cured or waived.

 

No such rescission shall affect any subsequent default
or impair any right consequent thereon.

 

(b)           The Holders
of not less than a majority in aggregate principal amount of an outstanding Notes may, on behalf of the Holders of all of such
Notes, waive any past defaults under this Indenture, except a continuing default in the payment of the principal of, premium, if
any, PIK Amount on and Additional Amounts or interest on any Note held by a non-consenting Holder (which may only be waived with
the consent of the Supermajority Holders of each affected series of Notes).

 

(c)           (i) If
a Default occurs for a failure to deliver a required certificate in connection with another default (an “Initial Default”)
then at the time such Initial Default is cured, such Default for a failure to report or deliver a required certificate in connection
with the Initial Default will also be cured without any further action and (ii) any Default or Event of Default for the failure
to comply with the time periods prescribed in Section 4.04 or otherwise to deliver any notice or certificate pursuant to any
other provision of this Indenture shall be deemed to be cured upon the delivery of any such report required by such covenant or
notice or certificate, as applicable, even though such delivery is not within the prescribed period specified in this Indenture.

 

Section 6.06          Control
by Majority.

 

Subject to Section 6.02,
the Majority Holders may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee
or of exercising any trust or power conferred on the Trustee. The Trustee, however, may refuse to follow any direction that conflicts
with law or this Indenture or that the Trustee determines is unduly prejudicial to the rights of any other Holder of Notes or that
would involve the Trustee in personal liability.

 

Section 6.07          Limitation
on Suits.

 

(a)            Subject
to the provisions of this Indenture relating to the duties of the Trustee, if an Event of Default occurs and is continuing, the
Trustee will be under no obligation to exercise any of the rights or powers under this Indenture at the request or direction of
any Holders of Notes unless such Holders have made written request and offered to the Trustee indemnity and/or security satisfactory
to the Trustee against any loss, liability or expense.

 

(b)            Except
to enforce the right to receive payment of principal, PIK Amount or interest or Additional Amounts when due, no Holder of any of
the Notes has any right to institute any proceedings with respect to this Indenture or any remedy thereunder, unless:

 

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(1)            such
Holder of Notes has previously given the Trustee written notice that an Event of Default is continuing;

 

(2)            the
Holders of at least 25% in aggregate principal amount of the outstanding the Notes (or, if different and where applicable, the
Specified Holders) have made a written request to, and offered indemnity and/or security satisfactory to, the Trustee to institute
such proceeding as trustee under the Notes and this Indenture;

 

(3)            the
Trustee has failed to institute such proceeding within 30 days after receipt of such notice and indemnity or security; and

 

(4)            the
Trustee within such 30-day period has not received directions inconsistent with such written request by Holders of a majority in
aggregate principal amount of the outstanding Notes (or, if different, the Specified Holders).

 

(c)           The
limitations of clause (b) do not, however, apply to a suit instituted by a Holder of a Note for the enforcement of the payment
of the principal of, and PIK Amount, Additional Amounts or interest on, such Note on or after the respective due dates expressed
in such Note.

 

(d)           A
Holder of a Note may not use this Indenture to prejudice the rights of another Holder of a Note or to obtain a preference or priority
over another Holder of a Note.

 

Section 6.08          Rights
of Holders to Receive Payment.

 

Notwithstanding any
other provision of this Indenture, the right of any Holder of a Note to receive payment of principal of, PIK Amount on, premium,
if any, and interest on the Note, on or after the respective due dates expressed in the Note, or to bring suit for the enforcement
of any such payment on or after such respective dates, shall not be impaired or affected without the consent of each affected Holder
of Notes.

 

Section 6.09          Collection
Suit by Trustee.

 

If an Event of Default
specified in Section 6.01(a)(1), Section 6.01(a)(2) or Section 6.01(a)(3) occurs and is continuing, the
Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Issuer for the whole amount
of principal of, PIK Amount on, premium, if any, and interest remaining unpaid on, the Notes and interest on overdue principal
and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.

 

Section 6.10          Trustee
May File Proofs of Claim.

 

The Trustee is
authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for the compensation, expenses, indemnities, disbursements and advances of the
Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relative to the Issuer (or any other
obligor upon the Notes), its creditors or its property and shall be entitled and empowered to collect, receive and distribute
any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding is
hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the
making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the compensation, expenses,
indemnities, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 7.05. To the extent that the payment of any such compensation, expenses, indemnities, disbursements and advances
of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.05 out of the estate in
any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out
of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive
in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein
contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any
plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to
authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

 

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Section 6.11          Priorities.

 

If the Trustee collects
any money pursuant to this Article 6, it shall pay out the money in the following order:

 

First:
to the Trustee, its agents (including the Agents) and attorneys for amounts due under Section 7.05, including payment of all
compensation, expenses, indemnities and liabilities incurred, and all advances made, by the Trustee and its agents and counsel
and the costs and expenses of collection;

 

Second:
to Holders for amounts due and unpaid on the Notes for principal, PIK Amount, premium, if any, interest and Additional Amounts,
if any, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal,
PIK Amount, premium, if any, interest and Additional Amounts, if any, respectively; and

 

Third: to
the Issuer or to such party as a court of competent jurisdiction shall direct.

 

The Trustee may fix
a record date and payment date for any payment to Holders pursuant to this Section 6.11.

 

Section 6.12          Undertaking
for Costs.

 

In any suit for the
enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it
as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs
of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any
party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant.
This Section 6.12 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07, or a suit by
Holders that would constitute the Instructing Holders.

 

Section 6.13          Restoration
of Rights and Remedies.

 

If the Trustee or any
Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued
or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject
to any determination in such proceeding, the Issuer, any Guarantor, the Trustee and the Holders shall be restored severally and
respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue
as though no such proceeding had been instituted.

 

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Section 6.14          Rights
and Remedies Cumulative.

 

Except as
otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes in
Section 2.07, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be
exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and
in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.
The assertion of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any
other right or remedy.

 

Section 6.15          Delay
or Omission Not Waiver

 

No delay or omission
of the Trustee or any Holder to exercise any right or remedy accruing upon any Event of Default shall impair any such right or
remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article 6
or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the
Trustee or by the Holders, as the case may be.

 

ARTICLE 7.

TRUSTEE

 

Section 7.01          Duties
of Trustee.

 

(a)           If
an Event of Default has occurred and is continuing and a Responsible Officer of the Trustee shall have received written notification
thereof and such notice clearly refers to an Event of Default and references the Notes or this Indenture, the Trustee will exercise
such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent
person would exercise or use under the circumstances in the conduct of such person’s own affairs.

 

		(b)	Except during the continuance of an Event of Default:

 

(1)            the
duties of the Trustee will be determined solely by the express provisions of this Indenture and the Trustee need perform only those
duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into
this Indenture against the Trustee; and

 

(2)            in
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture. However, the Trustee will examine the certificates and opinions to determine whether or not they conform to the
requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated
therein).

 

(c)           The
Trustee may not be relieved from liabilities for its own grossly negligent action, its own grossly negligent failure to act, or
its own willful misconduct, except that:

 

		(1)	this clause (c) of Section 7.01 does not limit the effect of clause (b) of
                                                             this Section 7.01;

 

(2)           the
Trustee will not be liable for any error of judgment made by it in good faith, unless it is proved that the Trustee was grossly
negligent in ascertaining the pertinent facts; and

 

(3)           the
Trustee will not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received
by it pursuant to Sections 6.02, 6.04 or 6.06.

 

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(d)           Whether
or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to clauses
(a), (b), and (c) of this Section 7.01.

 

(e)           No
provision of this Indenture will require the Trustee to expend or risk its own funds or incur any liability. The Trustee will be
under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holder (or Registered Holder,
as the case may be), unless such Holder (or Registered Holder, as the case may be) has offered to the Trustee security and indemnity
satisfactory to it against any loss, liability or expense.

 

(f)           The
Trustee will not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuer.
Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 

Section 7.02          Rights
of Trustee.

 

(a)          The
Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper
Person. The Trustee need not investigate any fact or matter stated in the document.

 

(b)            Before
the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both. The Trustee
will not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion
of Counsel. The Trustee may consult with counsel or other professional advisors and the written advice of such counsel, professional
advisor or any Opinion of Counsel will be full and complete authorization and protection from liability in respect of any action
taken, suffered or omitted by it hereunder in good faith and in reliance thereon.

 

(c)          The
Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence of any agent appointed
with due care.

 

(d)          The
Trustee will not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within the
rights or powers conferred upon it by this Indenture.

 

(e)           Unless
otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuer will be sufficient
if signed by an Officer of the Issuer.

 

(f)           The
Trustee will be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders (or Registered Holders, as the case may be) unless such Holders (or Registered Holders, as the case may be)
have offered to the Trustee indemnity and/or security satisfactory to it against the losses, liabilities and expenses that might
be incurred by it in compliance with such request or direction.

 

(g)          The
Trustee shall have no duty to inquire as to the performance of the covenants of the Issuer and/or its Restricted Subsidiaries.
In addition, the Trustee shall not be deemed to have knowledge of any Default or Event of Default except: (i) any Event of
Default occurring pursuant to Section 6.01(a)(1), (a)(2) or (a)(3) if it is acting as Paying Agent; and (ii) any
Default or Event of Default of which a Responsible Officer shall have received written notification thereof and such notice clearly
refers to a Default or an Event of Default and references the Notes or this Indenture. Delivery of reports, information and documents
to the Trustee under Section 4.03 is for informational purposes only and the Trustee’s receipt of the foregoing shall
not constitute actual or constructive notice of any information contained therein or determinable from information contained therein,
including the Issuer’s compliance with any of the covenants hereunder (as to which the Trustee is entitled to rely exclusively
on Officer’s Certificates).

 

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(h)            The
Trustee shall not have any obligation or duty to monitor, determine or inquire as to compliance, and shall not be responsible or
liable for compliance with restrictions on transfer, exchange, redemption, purchase or repurchase, as applicable, of minimum denominations
imposed under this Indenture or under applicable law or regulation with respect to any transfer, exchange, redemption, purchase
or repurchase, as applicable, of any interest in any Notes.

 

(i)             The
rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be indemnified and/or secured
to its satisfaction, are extended to, and shall be enforceable by the Trustee in each of its capacities hereunder and by each agent
(including the Agents), custodian and other person employed to act hereunder. Absent willful misconduct or gross negligence, each
Paying Agent and Registrar shall not be liable for acting in good faith on instructions believed by it to be genuine and from the
proper party.

 

(j)             In
the event the Trustee receives inconsistent or conflicting requests and indemnity from two or more groups of Holders, each representing
less than the Majority Holders, pursuant to the provisions of this Indenture, the Trustee, in its sole discretion, may determine
what action, if any, will be taken and shall not incur any liability for its failure to act until such inconsistency or conflict
is, in its opinion, resolved.

 

(k)            In
no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising
out of or caused by acts of war or terrorism involving the United States, the United Kingdom, the State of Israel or any member
state of the European Monetary Union or any other national or international calamity or emergency (including natural disasters
or acts of God), it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices
in the banking industry to resume performance as soon as practicable under the circumstances.

 

(l)             The
Trustee is not required to give any bond or surety with respect to the performance or its duties or the exercise of its powers
under this Indenture or the Notes.

 

(m)           The
permissive right of the Trustee to take the actions permitted by this Indenture shall not be construed as an obligation or duty
to do so.

 

(n)            The
Trustee will not be liable to any person if prevented or delayed in performing any of its obligations or discretionary functions
under this Indenture by reason of any present or future law applicable to it, by any governmental or regulatory authority or by
any circumstances beyond its control.

 

(o)            The
Trustee shall not under any circumstances be liable for any special, indirect, consequential or punitive loss (including any loss
of business, goodwill, opportunity or profit of any kind) of the Issuer, any Restricted Subsidiary or any other Person (or, in
each case, any successor thereto), even if advised of it in advance and even if foreseeable.

 

(p)            The
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts
or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled
to examine the books, records and premises of the Issuer personally or by agent or attorney.

 

(q)            The
Trustee may request that the Issuer deliver an Officer’s Certificate setting forth the names of the individuals and/or
titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s
Certificate may be signed by any person authorized to sign an Officer’s Certificate, including any person specified as
so authorized in any such certificate previously delivered and not superseded.

 

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(r)             No
provision of this Indenture shall require the Trustee to do anything which, in its reasonable opinion, may be illegal or contrary
to applicable law or regulation.

 

(s)            The
Trustee may refrain from taking any action in any jurisdiction if the taking of such action in that jurisdiction would, in its
opinion, based upon legal advice in the relevant jurisdiction, be contrary to any law of that jurisdiction or, to the extent applicable,
the State of New York.

 

(t)             Notwithstanding
anything in this Indenture to the contrary, the Trustee need not recognize anyone as a Holder who is not a Registered Holder unless
such Holder establishes to the Trustee’s satisfaction its beneficial ownership of the Notes and, if required, provides a
power of attorney issued by the Depositary giving the participants who directly hold on its books the right to act on a pro rata
basis, with such Holder subject to the Trustee’s further rights to indemnification as provided herein.

 

(u)            The
Trustee may assume without inquiry in the absence of receipt by a Responsible Officer of written notice identifying the Notes,
the Issuer or this Indenture that the Issuer is duly complying with its obligations contained in this Indenture required to be
performed and observed by it, and that no Default or Event of Default or other event which would require repayment of the Notes
has occurred.

 

(v)            The
Trustee shall not have any responsibility for the validity, perfection, priority, continuation or enforceability of any Lien or
security interest and shall have no obligations to take any action to procure or maintain such validity, perfection, priority,
continuation or enforceability.

 

Section 7.03            Individual
Rights of the Trustee.

 

The Trustee in its
individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or any of its
Affiliates with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights.

 

Section 7.04            Trustee’s
Disclaimer.

 

The Trustee will not
be responsible for and makes no representation as to the validity or adequacy of this Indenture, the Notes, the Guarantees or any
security or collateral, it shall not be accountable for the Issuer’s use of the proceeds from the Notes or any money paid
to the Issuer or upon the Issuer’s direction under any provision of this Indenture, it will not be responsible for the use
or application of any money received by any Paying Agent other than the Trustee, and it will not be responsible for any statement
or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this
Indenture other than its certificate of authentication.

 

Section 7.05           Compensation
and Indemnity.

 

(a)            The
Issuer or, upon the failure of the Issuer to pay, each Guarantor, jointly and severally, will pay to the Trustee, from time
to time compensation for its acceptance of this Indenture and services hereunder as may otherwise be agreed from time to time
between them. The compensation of the Trustee will not be limited by any law on compensation of a trustee of an express
trust. The Issuer will reimburse the Trustee promptly upon request for all disbursements, advances and expenses properly
incurred or made by it in connection with its services under this Indenture in addition to the compensation for its services.
Such expenses will include the properly incurred (and, in each case, properly invoiced in reasonable detail) compensation,
disbursements and expenses of the Trustee’s agents and counsel.

 

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(b)            The
Issuer and the Guarantors, jointly and severally, will indemnify the Trustee against any and all losses, liabilities or expenses
reasonably incurred (and, in each case, invoiced in reasonable detail) by it arising out of or in connection with the acceptance
or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the
Issuer and the Guarantors (including this Section 7.05) and defending itself against any claim (whether asserted by the Issuer,
the Guarantors, any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers
or duties hereunder, except to the extent any such loss, liability or expense may be attributable to its gross negligence, willful
misconduct or lack of good faith. The Trustee will notify the Issuer promptly of any claim for which it may seek indemnity. Failure
by the Trustee to so notify the Issuer will not relieve the Issuer or any of the Guarantors of their obligations hereunder. In
respect of any such claim or action, the Trustee may have separate counsel and the Issuer will pay the reasonably incurred fees
and expenses of such counsel. Neither the Issuer nor any Guarantor need pay for any settlement made without its consent.

 

(c)            The
obligations of the Issuer and the Guarantors under this Section 7.05 will survive the satisfaction and discharge of this Indenture
or the replacement and resignation of the Trustee.

 

(d)            To
secure the Issuer’s and the Guarantors’ payment obligations in this Section 7.05, the Trustee will have a Lien
prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal of, PIK
Amount on, premium on, if any, interest or Additional Amounts, if any, on, particular Notes. Such Lien will survive the satisfaction
and discharge of this Indenture or the replacement and resignation of the Trustee.

 

(e)            When
the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(a)(9) occurs, the
expenses and the compensation for the services (including the fees and expenses of its respective agents and counsel) are intended
to constitute expenses of administration under any Bankruptcy Law.

 

Section 7.06           Replacement
of Trustee.

 

(a)            Notwithstanding
anything to the contrary contained in this Section 7.08, a resignation or removal of the Trustee and appointment of a successor
Trustee will become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.06.

 

(b)            Subject
to compliance with this Section 7.06, the Trustee may resign in writing at any time and be discharged from the trust hereby
created by so notifying the Issuer. The Majority Holders may remove the Trustee by so notifying the Trustee and the Issuer in writing
and without notice to any other Holders. The Issuer may remove the Trustee if:

 

		(1)	the Trustee fails to comply with Section 7.08;

 

(2)           the
Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy
Law;

 

		(3)	a custodian or public officer takes charge of the Trustee or its property; or

 

		(4)	the Trustee becomes incapable of acting.

 

(c)            If
the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuer will promptly appoint
a successor Trustee. Within one year after the successor Trustee takes office, the Majority Holders may appoint a successor Trustee
to replace the successor Trustee appointed by the Issuer.

 

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(d)            If
a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, (i) the retiring
Trustee, the Issuer, or the Holders of at least 10% in aggregate principal amount of the then outstanding Notes may petition any
court of competent jurisdiction for the appointment of a successor Trustee or (ii) the retiring Trustee may, without liability
and at the expense of the Issuer, appoint a successor Trustee at any time prior to the date on which a successor Trustee takes
office.

 

(e)            If
the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.08,
such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor
Trustee.

 

(f)             A
successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon, the
resignation or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers
and duties of the Trustee under this Indenture. The successor Trustee will post or deliver to the Issuer and the TASE for the purpose
of posting a notice of its succession on the official website of the TASE (http://maya.tase.co.il or any successor website
thereto), and the Issuer undertakes to post such notice of the successor Trustee should the successor Trustee not be able to do
so. The retiring Trustee will promptly transfer all property held by it as Trustee to the successor Trustee; provided all
sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.05. Notwithstanding replacement
of the Trustee pursuant to this Section 7.06, the Issuer’s obligations under Section 7.05 will continue for the
benefit of the retiring or removed Trustee.

 

Section 7.07           Successor
Trustee by Merger, etc.

 

If the Trustee consolidates,
merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor
corporation without any further act will be the successor Trustee.

 

Section 7.08           Eligibility;
Disqualification.

 

There will at all times
be a Trustee hereunder that (a) is a corporation organized and doing business under the laws of Israel, which customarily
performs corporate trustee roles and provides corporate trustee services in corporate bond offerings; and (b) has a combined
capital and surplus of at least US$50,000 as set forth in its most recent approved financial statements.

 

Section 7.09           Convening
and Conduct of Noteholders' Meeting

 

The Trustee may, and
upon receipt of a written request from the Issuer or from Holders of 5% or more of outstanding principal amount of each series
of the Notes (in the case of series meetings) or 5% or more of the outstanding principal amount of the Notes (in the case of the
Notes collectively) shall, convene a meeting of the Holders (“Noteholders’ Meeting”). The Trustee shall
notify the relevant Holders of the convening of such Noteholders’ Meeting in accordance with the procedures set forth in
Section 12.01. The Trustee shall not have any responsibility to locate Holders.

 

The Noteholders’
Meeting shall be conducted in accordance with the Trustee's customary procedures. The Noteholders’ Meeting may involve any
or all of the following: (a) provision of instructions by the relevant Holders to the Trustee in accordance with Article 9,
(b) reporting by the Trustee or the Issuer to the Holders, and (c) discussion, advising or voting on matters brought
before the Noteholders’ Meeting in accordance with Article 9. Holders may attend the meeting in person, by means of
teleconference, or by proxy.

 

The Trustee shall
have the right to require any Holder participating in the Noteholders’ Meeting to provide reasonable evidence of such
Holder’s ownership of the Notes. The convening of a Noteholders’ Meeting shall require twenty-one (21)
days’ prior notice unless the Trustee believes that circumstances require that the Noteholders’ Meeting be
convened sooner. Any notice that could have been provided by the Holders holding a percentage of outstanding Notes as
specified in this Indenture may also be provided by the Trustee following a Noteholders’ Meeting at which Holders
holding such amount of Notes approve the provision of such notice.

 

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Section 7.10           Other

 

For the avoidance of
doubt, the duties of the Trustee will be determined in accordance with this Indenture, and the provisions of the United States
Trust Indenture Act of 1939, as amended, and the Israeli Securities Law, 1968, with regard to a Trustee, or its duties, of publicly
traded notes, will not apply.

 

ARTICLE 8. 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

 

Section 8.01           Option
to Effect Legal Defeasance or Covenant Defeasance.

 

The Issuer may at any
time, at the option of its Board of Directors evidenced by a resolution set forth in an Officer’s Certificate, elect to have
either Sections 8.02 or 8.03 be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8.

 

Section 8.02           Legal
Defeasance and Discharge.

 

(a)            Upon
the Issuer’s exercise under Section 8.01 of the option applicable to this Section 8.02, the Issuer and the Guarantors
will, subject to the satisfaction of the conditions set forth in Section 8.04, be deemed to have been discharged from their
obligations with respect to all outstanding Notes and Guarantees, as applicable, on the date the conditions set forth below are
satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuer and the
Guarantors will be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes (including the
Guarantees), which will thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 and the
other Sections of this Indenture referred to in clauses (1) and (2) of this Section 8.02(a), and to have satisfied
all their other obligations under such Notes, the Guarantees and this Indenture (and the Trustee, on demand of and at the expense
of the Issuer, shall execute proper instruments acknowledging the same), except for the following provisions which will survive
until otherwise terminated or discharged hereunder:

 

(1)           the
rights of Holders of outstanding Notes to receive payments in respect of the principal of, PIK Amount, interest (including Additional
Amounts) or premium, if any, on, such Notes when such payments are due from the trust referred to in Section 8.04;

 

		(2)	the Issuer’s obligations with respect to the Notes under Article 2 and Section 4.02;

 

(3)           the
rights, powers, trusts, duties and immunities of the Trustee hereunder and the Issuer’s and the Guarantors’ obligations
in connection therewith; and

 

		(4)	this Article 8.

 

(b)           Subject
to compliance with this Article 8, the Issuer may exercise its option under this Section 8.02 notwithstanding the prior
exercise of its option under Section 8.03.

 

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Section 8.03           Covenant
Defeasance.

 

Upon the Issuer’s
exercise under Section 8.01 of the option applicable to this Section 8.03, the Issuer and the Guarantors will, subject
to the satisfaction of the conditions set forth in Section 8.04, be released from each of their obligations under Section 3.08,
Section 4.03, Section 4.07, Section 4.08, Section 4.09, Section 4.10, Section 4.11, Section 4.12,
Section 4.14, Section 4.15, Section 4.16, Section 4.17, Section 4.18, Section 4.19, Section 4.21,
clauses (2), (3) and (4) of Section 5.01(a) and clauses (2) and (3) of Section 5.03 with respect
to the outstanding Notes on and after the date the conditions set forth in Section 8.04 are satisfied (hereinafter, “Covenant
Defeasance”), and the Notes will thereafter be deemed not “outstanding” for the purposes of any direction,
waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but
will continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes will
not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding
Notes and Guarantees, the Issuer and the Guarantors may omit to comply with and will have no liability in respect of any term,
condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein
to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document
and such omission to comply will not constitute a Default or an Event of Default under Section 6.01(a), but, except as specified
above, the remainder of this Indenture and such Notes and Guarantees will be unaffected thereby. In addition, upon the Issuer’s
exercise under Section 8.01 of the option applicable to this Section 8.03, subject to the satisfaction of the conditions
set forth in Section 8.04, payment of the Notes may not be accelerated because of an Event of Default specified in Sections
6.01(a)(4), (5), (6) or (7), or because of the failure of the Issuer to comply with clauses (2), (3) and (4) under
Section 5.01(a) or clauses (2) and (3) under Section 5.01(c).

 

Section 8.04           Conditions
to Legal or Covenant Defeasance.

 

In order to exercise either Legal Defeasance or Covenant
Defeasance under either Sections 8.02 or 8.03:

 

(a)           the
Issuer must irrevocably deposit with the Trustee (or such other entity designated by the Trustee for this purpose), in trust, for
the benefit of the Holders, cash in U.S. Dollars or U.S. Government Obligations or a combination thereof in such amounts as will
be sufficient, in the opinion of an internationally recognized investment bank, appraisal firm or firm of independent public accountants,
to pay the principal of, PIK Amount or interest (including Additional Amounts and premium, if any) on the outstanding Notes on
the stated date for payment thereof or on the applicable redemption date, as the case may be, and the Issuer must specify whether
the Notes are being defeased to such stated date for payment or to a particular redemption date;

 

(b)           in
the case of an election under Section 8.02, the Issuer must deliver to the Trustee an Opinion of Counsel (subject to customary
exceptions and exclusions) reasonably acceptable to the Trustee of United States counsel confirming that:

 

(1)           the
Issuer has received from, or there has been published by, the U.S. Internal Revenue Service a ruling; or

 

		(2)	since the Issue Date, there has been a change in the applicable U.S. federal income tax law,

 

in either case to the effect
that, and based thereon such opinion of counsel (subject to customary exceptions and exclusions) will confirm that, the Holders
of the outstanding Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal
Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would
have been the case if such Legal Defeasance had not occurred;

 

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(c)            in
the case of an election under Section 8.03, the Issuer must deliver to the Trustee an Opinion of Counsel (subject to customary
exceptions and exclusions) reasonably acceptable to the Trustee of United States counsel confirming that the Holders of the outstanding
Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and
will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the
case if such Covenant Defeasance had not occurred;

 

(d)            no
Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than a Default or Event of
Default resulting from the borrowing of funds to be applied to such deposit) and the deposit will not result in a breach or violation
of, or constitute a default under, any other instrument to which the Issuer is a party or by which the Issuer is bound;

 

(e)            such
Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any material
agreement or instrument (other than this Indenture) to which the Issuer or any of its Subsidiaries is a party or by which the Issuer
or any of its Subsidiaries is bound;

 

(f)            the
Issuer must deliver to the Trustee an Officer’s Certificate stating that the deposit was not made by the Issuer with the
intent of preferring the Holders over the other creditors of the Issuer with the intent of defeating, hindering, delaying or defrauding
any creditors of the Issuer or others; and

 

(g)           the
Issuer must deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent
relating to the Legal Defeasance or the Covenant Defeasance have been complied with.

 

Section 8.05           Deposited Money and Government Obligations
to be Held in Trust; Other Miscellaneous Provisions.

 

(a)            Subject
to Section 8.06, all money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee (or
such other entity designated by the Trustee for this purpose, or other qualifying trustee, collectively for purposes of this Section 8.05,
the “Defeasance Trustee”) pursuant to Section 8.04 in respect of the outstanding Notes will be held in
trust and applied by the Defeasance Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment,
either directly or through any Paying Agent (including the Issuer acting as Paying Agent) as the Defeasance Trustee may determine,
to the Holders of such Notes of all sums due and to become due thereon in respect of principal, PIK Amount, premium, if any, interest
and Additional Amounts, if any, but such money need not be segregated from other funds except to the extent required by law.

 

(b)           The
Issuer and the Guarantors, jointly and severally, will pay and indemnify the Defeasance Trustee against any tax, fee or other charge
imposed on or assessed against the cash in U.S. Dollars or U.S. Government Obligations deposited pursuant to Section 8.04
or the principal, PIK Amount and interest received in respect thereof other than any such tax, fee or other charge which by law
is for the account of the Holders of the outstanding Notes.

 

(c)            Notwithstanding
anything in this Article 8 to the contrary, the Defeasance Trustee will deliver or pay to the Issuer from time to time upon
the request of the Issuer any money or U.S. Government Obligations held by it as provided in Section 8.04 which, in the opinion
of an internationally recognized firm of independent public accountants expressed in a written certification thereof delivered
to the Defeasance Trustee (which may be the opinion delivered under Section 8.04(b)(1)), are in excess of the amount thereof
that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

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Section 8.06           Repayment
to Issuer.

 

Any money deposited
with the Trustee or Paying Agent in trust for the payment of the principal of, PIK Amount on, premium on, if any, interest or Additional
Amounts, if any, on, any Note and remaining unclaimed for two years after such principal, PIK Amount premium, if any, interest
or Additional Amounts, if any, has become due and payable shall be paid to the Issuer on its request; and the Holder of such Note
will thereafter be permitted to look only to the Issuer for payment thereof, and all liability of the Trustee or such Paying Agent
with respect to such trust money will thereupon cease; provided, however, that the Trustee or such Paying Agent, before
being required to make any such repayment, may at the expense of the Issuer, notify Holders that such money remains unclaimed and
that, after a date specified therein, which will not be less than 30 days from the date of such notification or publication, any
unclaimed balance of such money then remaining will be repaid to the Issuer. Any such notice to Holders shall be provided to holders
pursuant to Section 12.01.

 

Section 8.07           Reinstatement.

 

If the Trustee or Paying
Agent is unable to apply any U.S. Dollars or U.S. Government Obligations in accordance with Sections 8.02 or 8.03, as the case
may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting
such application, then the Issuer’s and the Guarantors’ obligations under this Indenture, the Notes and the Guarantees
will be revived and reinstated as though no deposit had occurred pursuant to Sections 8.02 or 8.03 until such time as the Trustee
or Paying Agent is permitted to apply all such money in accordance with Sections 8.02 or 8.03, as the case may be; provided,
however, that, if the Issuer makes any payment of principal of, PIK Amount on, premium on, if any, interest or Additional Amounts,
if any, on, any Note following the reinstatement of its obligations, the Issuer will be subrogated to the rights of the Holders
of such Notes to receive such payment from the money held by the Trustee or Paying Agent.

 

ARTICLE 9. 

AMENDMENT, SUPPLEMENT AND WAIVER

 

Section 9.01           Without
Consent of Holders.

 

(a)            Notwithstanding
Section 9.02, without the consent of any holder of the Notes, the Guarantors, the Issuer and the Trustee may modify, amend
or supplement this Indenture, any Notes or any Guarantee:

 

		(1)	to cure any ambiguity, defect or inconsistency;

 

(2)           to
provide for the assumption of the Issuer’s obligations to holders of Notes by a successor to the Issuer in the case of a
merger or consolidation or sale of all or substantially all of the Issuer’s assets in accordance with the terms of this Indenture;

 

(3)           to
make any change that would provide any additional rights or benefits to the holders of Notes or that does not adversely affect
the holder of the Notes in any material respect;

 

		(4)	to release any Guarantee in accordance with the terms of this Indenture

 

(5)           to
allow any Guarantor to execute a supplemental indenture and/or a Guarantee with respect to the Notes;

 

		(6)	secure the Notes;

 

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(7)           to
provide for uncertificated Notes in addition to or in place of certificated Notes (provided that the uncertificated Notes
are issued in registered form for purposes of Section 163(f) of the Code);

 

(8)           to
evidence and provide the acceptance of the appointment of a successor Trustee under the terms of this Indenture or to otherwise
comply with any requirement of this Indenture;

 

(9)           to
provide for accrual, compounding and payment of PIK Amount on the Series 2 Notes or to increase the principal amount of Series 2
Notes in respect thereof; or

 

(10)         make
technical and other amendments that do not materially adversely affect holders of Notes (as determined in good faith by the Issuer)
in order to allow or facilitate the listing or acceptance for listing for trading or quoting of the Notes on the TACT Institutional
System or another exchange or platform.

 

(b)           In
formulating its opinion on such matters, the Trustee shall be entitled to request and rely absolutely on such evidence as it deems
appropriate, including an Opinion of Counsel and an Officers’ Certificate on which the Trustee may solely rely.

 

(c)            Upon
the request of the Issuer accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or
supplemental indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders
as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02 and Section 9.05, the Trustee
will join with the Issuer and the Guarantors in the execution of such amended or supplemental indenture unless such amended or
supplemental indenture directly affects the Trustee’s own protections, rights, duties, liabilities or immunities under this
Indenture or otherwise, in which case the Trustee may in its discretion, but will not be obligated to, enter into such amended
or supplemental Indenture.

 

Section 9.02           With
Consent of Holders.

 

Except as provided
below in this Section 9.02, this Indenture (including, without limitation, Sections Section 4.10 and 4.14), any Notes
or any Guarantee, may be amended or supplemented with the consent of the Majority Holders (including, without limitation, consents
obtained in connection with a purchase of, or tender offer or exchange offer for, Notes), and any existing Default or Event of
Default (other than a Default or Event of Default in the payment of the principal of, premium, if any, or interest on, the Notes,
except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture
or the Notes may be waived with the consent of the Majority Holders (including, without limitation, consents obtained in connection
with a purchase of, or tender offer or exchange offer for, Notes); provided that, if any amendment, waiver or other modification
will only affect one series of the Notes, only the consent of a majority in principal amount of the then outstanding Notes of such
series shall be required.

 

Upon the request of
the Issuer accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental
indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders as aforesaid,
and upon receipt by the Trustee of the documents described in Section 7.02, the Trustee will join with the Issuer and the
Guarantors in the execution of such amended or supplemental indenture unless such amended or supplemental indenture directly affects
the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion,
but will not be obligated to, enter into such amended or supplemental Indenture.

 

It is not
necessary for the consent of the Holders under this Section 9.02 to approve the particular form of any proposed
amendment, supplement or waiver, but it is sufficient if such consent approves the substance thereof. A consent to any
amendment or waiver under this Indenture by any holder of Notes given in connection with a tender of such holder’s
Notes will not be rendered invalid by such tender.

 

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After an amendment,
supplement or waiver under this Section 9.02 becomes effective, the Issuer will provide the holders affected thereby a notice
pursuant to Section 12.01 briefly describing the amendment, supplement or waiver. Any failure of the Issuer to provide such
notice, or any defect therein, will not, however, in any way impair or affect the validity of any such amended or supplemental
indenture or waiver. The Majority Holders may waive compliance in a particular instance by the Issuer and the Guarantors with any
provision of this Indenture, the Notes or any Guarantee.

 

Notwithstanding the
foregoing, without the consent of the Supermajority Holders (including, without limitation, consents obtained in connection with
a purchase of, or tender offer or exchange offer for, Notes), an amendment, supplement or waiver may not (with respect to any Notes
held by a non-consenting holder) (provided that, if any amendment, waiver or other modification will only affect one series
of the Notes, only the consent of 90% in principal amount of the then outstanding Notes of such series shall be required):

 

(a)            change
the Stated Maturity of the principal of, or any installment of or Additional Amounts or interest on, any Note;

 

(b)            reduce
the principal amount of any Note, (or Additional Amounts) or the rate of or change the time for payment of interest on any Note
(including in respect of the PIK Amount);

 

(c)            change
the coin or currency in which the principal of any Note or any Additional Amounts or the PIK Amount or interest thereon is payable;

 

(d)            impair
the right of any holder of Notes to receive payment on the holder’s Notes then required to be made or to institute suit for
the enforcement of any payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the redemption
date);

 

(e)            change
the provisions governing the order of application of payments required to be made and the percentage of Excess Cash required to
be paid pursuant to Section 3.08;

 

(f)             amend
the definition of “Change of Control”; provided that the obligation of the Issuer to make a Change of Control
Offer may be waived with the consent of the Majority Holders;

 

(g)            reduce
the principal amount of Notes whose holders must consent to any amendment, supplement or waiver of provisions of this Indenture
(except a rescission of acceleration of the Notes by the Majority Holders and a waiver of the payment default that resulted from
such acceleration);

 

(h)            waive
a Default or Event of Default in the payment of principal of, or PIK Amount or interest, or Additional Amounts on, the Notes (except
a rescission of acceleration of the Notes by the Majority Holders and a waiver of the payment default that resulted from such acceleration);

 

(i)             release
a Guarantee other than in accordance with the terms of this Indenture after such Guarantee is created; or

 

		(j)	make any change in the preceding amendment and waiver provisions.

 

Any amendment,
supplement or waiver of with respect to the Series 2 Notes with respect to the matters set out in clauses
(a) through (j) above may not adversely affect the holders of the Series 1 Notes without the consent of the
Holders of not less than 75% of the aggregate principal amount of the then outstanding Series 1 Notes (which shall
include any increase in the interest rate or principal amount, any decrease in the Stated Maturity, or an improvement in the
ranking, security and guarantees, in each case, of the Series 2 Notes). Any amendment, supplement or waiver of with
respect to the Series 1 Notes with respect to the matters set out in clauses (a) through (j) above may not
adversely affect the holders of the Series 2 Notes without the consent of the Holders of not less than 75% of the
aggregate principal amount of the then outstanding Series 2 Notes (which shall include any increase in the interest rate
or principal amount, any decrease in the Stated Maturity, or an improvement in the ranking, security and guarantees, in each
case, of the Series 1 Notes).

 

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Any amendment, supplement
or waiver consented to by the Supermajority Holders will be binding against any non-consenting Holders.

 

Section 9.03           Revocation
and Effect of Consents.

 

Until an amendment,
supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and
every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even
if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke
the consent as to its Note if the Trustee receives written notice of revocation before the earlier of the date the amendment, supplement
or waiver becomes effective and the date on which the Trustee receives an Officer’s Certificate from the Issuer certifying
that the requisite number of consents has been obtained. An amendment, supplement or waiver becomes effective in accordance with
its terms and thereafter binds every Holder. Notwithstanding the foregoing, no waiver will affect the rights, protections, duties,
liabilities, or immunities of the Trustee without the consent of the Trustee.

 

Section 9.04           Notation
on or Exchange of Notes.

 

The Trustee may place
an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Issuer in exchange for
all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment,
supplement or waiver.

 

Failure to make the
appropriate notation or issue a new Note will not affect the validity and effect of such amendment, supplement or waiver.

 

Section 9.05           Trustee
to Sign Amendments, etc.

 

The Trustee will sign
any amended or supplemental indenture authorized pursuant to this Article 9 if the amendment or supplement does not adversely
affect the rights, protections, duties, liabilities or immunities of the Trustee. The Issuer may not sign an amended or supplemental
indenture until the Board of Directors of the Issuer approves it. In executing any amended or supplemental indenture, the Trustee
will be entitled to receive and (subject to Section 7.01) will be fully protected in relying upon, in addition to the documents
required by Section 12.03, an Officer’s Certificate and an Opinion of Counsel stating that the execution of such amended
or supplemental indenture is authorized or permitted by this Indenture.

 

ARTICLE 10. 

GUARANTEES

 

Section 10.01         Guarantee.

 

(a)            Subject to
this Article 10, each of the Guarantors that becomes a party to this Indenture hereby, jointly and severally, unconditionally
guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns,
irrespective of the validity and enforceability of this Indenture, the Notes or the obligations of the Issuer hereunder or thereunder,
that:

 

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(1)            the
principal of, PIK Amount on, premium on, if any, interest and Additional Amounts, if any, on, the Notes will be promptly paid in
full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of, PIK Amount
on, premium on, if any, interest and Additional Amounts, if any, on, the Notes, if lawful, and all other Obligations of the Issuer
to the Holders or the Trustee hereunder or thereunder will be promptly paid in full or performed, all in accordance with the terms
hereof and thereof; and

 

(2)            in
case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid
in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration
or otherwise.

 

Failing payment when
due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors will be jointly and severally
obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection.

 

(b)            The
Guarantors hereby agree that their obligations hereunder are unconditional, irrespective of the validity, regularity or enforceability
of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder with respect
to any provisions hereof or thereof, the recovery of any judgment against the Issuer, any action to enforce the same or any other
circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Guarantor hereby waives
diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuer,
any right to require a proceeding first against the Issuer, protest, notice and all demands whatsoever and covenant that this Guarantee
will not be discharged except by complete performance of the obligations contained in the Notes and this Indenture.

 

(c)            If
any Holder or the Trustee is required by any court or otherwise to return to the Issuer, the Guarantors or any custodian, trustee,
liquidator or other similar official acting in relation to either the Issuer or the Guarantors, any amount paid by either to the
Trustee or such Holder, this Guarantee, to the extent theretofore discharged, will be reinstated in full force and effect.

 

Each Guarantor agrees
that it will not be entitled to any right of subrogation in relation to the Holders or the Trustee in respect of any obligations
guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the
Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (1) the maturity of the obligations guaranteed
hereby may be accelerated as provided in Article 6 for the purposes of this Guarantee, notwithstanding any stay, injunction
or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (2) in the event of
any declaration of acceleration of such obligations as provided in Article 6, such obligations (whether or not due and payable)
will forthwith become due and payable by the Guarantors for the purpose of this Guarantee. The Guarantors will have the right to
seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders
under the Guarantee.

 

Section 10.02         Limitation on Guarantor Liability.

 

Each Guarantor,
and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Guarantee
of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law or any similar law to the
extent applicable to any Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby
irrevocably agree that the obligations of such Guarantor will be limited to the maximum amount that will, after giving effect
to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws,
and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any
other Guarantor in respect of the obligations of such other Guarantor under this Article 10, result in the obligations
of such Guarantor under its Guarantee not constituting a fraudulent transfer or conveyance.

 

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Section 10.03         Execution and Delivery of Guarantee.

 

The Issuer will cause
each Restricted Subsidiary that becomes a Guarantor hereunder to authorize, execute and deliver a supplemental indenture to this
Indenture substantially in the form attached as Exhibit G hereto, which shall be executed on behalf of such Guarantor by one
of its Officers.

 

Each Guarantor hereby
agrees that its Guarantee set forth in Section 10.01 will remain in full force and effect notwithstanding any failure to endorse
on each Note a notation of such Guarantee.

 

If an Officer whose
signature is on this Indenture or on the Guarantee no longer holds that office at the time the Trustee or the Authenticating Agent
authenticates the Note on which a Guarantee is endorsed, the Guarantee will be valid nevertheless.

 

Section 10.04          Release.

 

(a)            A
Guarantor’s Guarantee (and the Guarantee, if any, of any Subsidiary of such Guarantor) will be automatically and unconditionally
released without the consent of any Holder (and thereupon shall terminate and be discharged and be of no further force and effect):

 

(1)           upon
any sale or disposition of (i) Capital Stock of a Guarantor (or any parent entity thereof) following which such Guarantor
is no longer a Restricted Subsidiary or (ii) all or substantially all the properties and assets of a Guarantor (including
by way of merger or consolidation) to a Person that is not (either before or after giving effect to such transaction) the Issuer
or a Restricted Subsidiary and that, in each case, does not violate and is undertaken in accordance with Section 4.10;

 

(2)           legal
defeasance, covenant defeasance or satisfaction and discharge of this Indenture as provided in Article 8 and Article 11;
or

 

		(3)	upon repayment of the Notes.

 

(b)           Upon
any occurrence giving rise to a release of a Guarantee as specified in this Article 10, the Trustee will, at the direction
and cost of the Issuer, execute any documents reasonably required in order to evidence or effect such release, discharge and termination
in respect of such Guarantee. Neither the Issuer nor any Guarantor will be required to make a notation on the Notes to reflect
any such release, termination or discharge.

 

(c)            Any
Guarantor not released from its obligations under its Guarantee as provided in this Section 10.04 will remain liable for the
full amount of principal of, PIK Amount on, premium on, if any, interest and Additional Amounts, if any, on, the Notes and for
the other Obligations of any Guarantor under this Indenture as provided in this Article 10.

 

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ARTICLE 11. 

SATISFACTION AND DISCHARGE

 

Section 11.01         Satisfaction and Discharge.

 

This Indenture will be discharged and will
cease to be of further effect as to all Notes issued hereunder or, as to the Notes, when:

 

(a)            either:

 

(1)           all
the Notes that have been authenticated and delivered (other than destroyed, lost or stolen Notes that have been replaced or paid
and Notes for whose payment money has been deposited in trust or segregated and held in trust and thereafter repaid to the Issuer
or discharged from such trust as provided for in this Indenture) have been delivered to the Trustee for cancellation; or

 

(2)           all
Notes that have not been delivered to the Trustee for cancellation (x) have become due and payable (by reason of the
mailing of a notice of redemption or otherwise) or (y) will become due and payable within one year and the Issuer or any
Guarantor has irrevocably deposited or caused to be deposited with the Trustee (or each other entity designated as appointed
by it for this purpose) as trust funds in trust solely for the benefit of the holders of the Notes, cash in U.S. dollars,
non-callable U.S. Government Obligations or a combination thereof, in such amounts as will be sufficient, without
consideration of any reinvestment of interest, to pay and discharge the entire Debt on the Notes not delivered to the Trustee
for cancellation for principal, PIK Amount, premium, if any, and accrued interest to the date of maturity or redemption;

 

(b)           the
Issuer has paid or caused to be paid all sums payable by the Issuer under this Indenture, the Notes and the Guarantees; and

 

(c)            the
Issuer has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment
of the Notes at maturity or on the redemption date, as the case may be.

 

In addition, the Issuer
must deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel, in each case, stating that all conditions
precedent to satisfaction and discharge have been satisfied; provided that any such counsel may rely on any Officer’s
Certificate as to matters of fact (including as to compliance with the foregoing clauses (a), (b) and (c)).

 

Notwithstanding the
satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to subclause (2) of clause
(a) of this Section 11.01, the provisions of Sections 11.02 and 8.06 will survive. In addition, nothing in this Section 11.01
will be deemed to discharge those provisions of Sections 6.07, 7.05 and 12.15, that, by their terms, survive the satisfaction and
discharge of this Indenture.

 

Section 11.02         Application of Trust Money.

 

Subject to the provisions
of Section 8.06, all money deposited with the Trustee (or such other entity designated by the Trustee for this purpose) pursuant
to Section 11.01 shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture,
to the payment, either directly or through any Paying Agent (including the Issuer acting as its own Paying Agent) as the Trustee
may determine, to the Persons entitled thereto, of the principal of, PIK Amount on, premium on, if any, interest and Additional
Amounts, if any, for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other
funds except to the extent required by law.

 

If the Trustee or Paying
Agent is unable to apply any money or U.S. Government Obligations in accordance with Section 11.01 by reason of any legal
proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting
such application, the Issuer’s and any Guarantor’s obligations under this Indenture and the Notes shall be revived
and reinstated as though no deposit had occurred pursuant to Section 11.01; provided that if the Issuer has made any
payment of principal of, PIK Amount on, premium on, if any, interest and Additional Amounts, if any, on, the Notes because of the
reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment
from the money or U.S. Government Obligations held by the Trustee or Paying Agent.

 

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ARTICLE 12. 

MISCELLANEOUS

 

Section 12.01         Notices.

 

Any notice or communication
by the Issuer, any Guarantor or the Trustee to the others is duly given if in writing and delivered in Person or by mail (registered
or certified, return receipt requested), facsimile transmission, overnight air courier guaranteeing next day delivery, to the others’
address, or, in the case of the holders of the Notes, provided in the manner set out below:

 

If to the Issuer and/or any Guarantor:

 

Zim Integrated Shipping Services Ltd. 

9 Andrei Sakharov St. 

Haifa 

Israel 

Facsimile No.: +972-4-8652839 

Attention: General Counsel

 

If to the Trustee:

 

Hermetic Trust (1975) Ltd. 

113 Hayarkon St., 63573 

Tel-Aviv 

Israel 

Facsimile No.: +972-3-5271736 

Attention: Mrs. Merav Offer Oren

 

The Issuer, any Guarantor
or the Trustee, by notice to the other, may designate additional or different addresses for subsequent notices or communications,
provided, that if the Trustee designates any additional or different addresses for subsequent notices or communications,
the Trustee shall designate a Responsible Officer to whose attention such notices or communications shall be addressed.

 

All notices and communications
(other than those sent to holders) will be deemed to have been duly given: at the time delivered by hand, if personally delivered;
five Business Days after being deposited in the mail, postage prepaid, if mailed; on the first date on which publication is made,
if published; when receipt acknowledged, if transmitted by facsimile; and the next Business Day after timely delivery to the courier,
if sent by overnight air courier guaranteeing next day delivery.

 

In providing any notice
to holders pursuant to this Indenture, the Issuer shall for so long as any Notes are listed on the TACT Institutional System or
on the Nesher System and to the extent and in the manner permitted by the Applicable Procedures, post such notice on the official
website of the TASE (http://maya.tase.co.il or any successor website thereto). If publication as provided above
is not practicable, notice will be given by mail to the address of the Registered Holders. In the case of Definitive Registered
Notes, notices will be mailed to Registered Holders at their respective addresses as they appear on the records of the Registrar,
unless stated otherwise in the register kept by, and at the registered office of the Issuer.

 

The Trustee shall furnish
notices to the Holders by publishing such notice on the TACT Institutional System. If such publication is not practicable, notice
will be mailed to the address of the Registered Holders.

 

If a notice or communication
is mailed or published in the manner provided above within the time prescribed, it is duly given, whether or not the addressee
receives it.

 

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If the Issuer provides a notice or communication
to holders, it will provide a copy to the Trustee and each Agent at the same time.

 

Section 12.02        Certificate
and Opinion as to Conditions Precedent.

 

Upon any request or application by the Issuer
to the Trustee to take any action under this Indenture, the Issuer shall furnish to the Trustee:

 

(a)            an
Officer’s Certificate in form reasonably satisfactory to the Trustee (which must include the statements set forth in Section 12.03)
stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating
to the proposed action have been satisfied; and

 

(b)            an
Opinion of Counsel in form reasonably satisfactory to the Trustee (which must include the statements set forth in Section 12.03)
stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied.

 

Section 12.03 Statements Required in Certificate or
Opinion.

 

Each certificate or opinion with respect
to compliance with a condition or covenant provided for in this Indenture shall include:

 

(a)            a
statement that the Person making such certificate or opinion has read such covenant or condition;

 

(b)            a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;

 

(c)            a statement that, in the opinion of such Person, he or she has made such examination or investigation
as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been
satisfied; and

 

(d)            a statement as to whether or not, in the opinion of such Person, such condition or
covenant has been satisfied.

 

Section 12.04         Rules by Trustee and Agents.

 

The Trustee may
make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying
Agent may make reasonable rules and set reasonable requirements for its functions.

 

Section 12.05        Agent for Service; Submission to Jurisdiction;
Waiver of Immunities.

 

Each of the
parties hereto irrevocably agrees that any suit, action or proceeding arising out of, related to, or in connection with this
Indenture, the Notes and the Guarantees or the transactions contemplated hereby, and any action arising under U.S. federal or
state securities laws, may be instituted in any U.S. federal or state court located in the State and City of New York,
Borough of Manhattan; irrevocably waives, to the fullest extent it may effectively do so, any objection which it may now or
hereafter have to the laying of venue of any such proceeding; and irrevocably submits to the jurisdiction of such courts in
any such suit, action or proceeding. The Issuer has appointed and each of the Guarantors will appoint Corporation Service
Company acting through its office at 1180 Avenue of the Americas, Suite 210, New York, New York 10036 as its authorized
agent upon whom process may be served in any such suit, action or proceeding which may be instituted in any federal or state
court located in the State of New York, Borough of Manhattan arising out of or based upon this Indenture, the Notes or the
transactions contemplated hereby or thereby, and any action brought under U.S. federal or state securities laws (the
 “Authorized Agent”). Such appointment shall be irrevocable unless and until replaced by an agent in the
State and City of New York, Borough of Manhattan appointed by the Issuer that provides customary service of process agency
services. The Issuer and each of the Guarantors represents and warrants that the Authorized Agent has agreed to act as said
agent for service of process, and the Issuer agrees to take any and all action, including the filing of any and all documents
and instruments, that may be necessary to continue such appointment in full force and effect as aforesaid. Service of process
upon the Authorized Agent and written notice of such service to the Issuer shall be deemed, in every respect, effective
service of process upon the Issuer and any Guarantor.

 

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Section 12.06         No Personal Liability of Directors, Officers,
Employees and Stockholders.

 

No director, officer,
employee, incorporator, member or shareholder of the Issuer will have any liability for any obligations of the Issuer under the
Notes or this Indenture or for any claim based on, in respect of, or by reason of such obligations or their creation. Each holder
by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of
the Notes. Such waiver and release may not be effective to waive liabilities under the U.S. federal securities laws.

 

Section 12.07         Waiver of Jury Trial

 

EACH OF THE PARTIES
HERETO (INCLUDING HOLDERS BY THEIR ACQUISITION OF A NOTE) HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATED TO THIS INDENTURE OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section 12.08         Governing Law.

 

THE INTERNAL LAW OF
THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE GUARANTEES WITHOUT GIVING EFFECT TO
APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED
THEREBY.

 

Section 12.09         No Adverse Interpretation of Other Agreements.

 

This Indenture may
not be used to interpret any other indenture, loan or debt agreement of the Issuer or its Subsidiaries or of any other Person.
Any such indenture, loan or debt agreement may not be used to interpret this Indenture.

 

Section 12.10         Successors.

 

All agreements of the
Issuer in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this Indenture will bind its
successors. All agreements of each Guarantor in this Indenture will bind its successors.

 

Section 12.11         Severability.

 

In case any provision
in this Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions will not in any way be affected or impaired thereby.

 

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Section 12.12         Counterpart Originals.

 

The parties may sign
any number of copies of this Indenture. Each signed copy will be an original, but all of them together represent the same agreement.

 

Section 12.13         Table of Contents, Headings, etc.

 

The Table of Contents,
Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference
only, are not to be considered a part of this Indenture and will in no way modify or restrict any of the terms or provisions hereof.

 

Section 12.14         Judgment Currency.

 

The sole currency of
account and payment for all sums payable under the Notes and this Indenture is U.S. dollars. Any amount received or recovered in
respect of the Notes and this Indenture in a currency other than U.S. dollars (whether as a result of, or of the enforcement of,
a judgment or order of a court of any jurisdiction, in the winding-up or dissolution of the Issuer, any Subsidiary or otherwise)
by the Trustee or a holder of the Notes in respect of any sum expressed to be due to the Trustee or such holder from the Issuer
will constitute a discharge of their obligation only to the extent of the U.S. dollar amount that the recipient is able to purchase
with the amount so received or recovered in such other currency on the date of that receipt or recovery (or, if it is not possible
to make that purchase on that date, on the first date on which it is possible to do so). If the U.S. dollar amount to be recovered
is less than the U.S. dollar amount expressed to be due to the recipient under the Indenture or any Note, as applicable, the Issuer
and the Guarantors will, jointly and severally, indemnify the recipient against the cost of making any further purchase of U.S.
dollars, in an amount equal to the difference. These indemnities, to the extent permitted by law:

 

(a)           constitute
a separate and independent obligation from other obligations of the Issuer and the Guarantors;

 

		(b)	give rise to a separate and independent cause of action;

 

		(c)	apply irrespective of any waiver granted by any holder of a Note or Trustee from time to time; and

 

(d)            will
continue in full force and effect despite any other judgment, order, claim or proof for a liquidated amount in respect of any sum
due under any Note or any other judgment or order

 

Section 12.15         Prescription.

 

Claims against the
Issuer or any Guarantor for the payment of principal, PIK Amount or Additional Amounts, if any, on the Notes will be prescribed
ten years after the applicable due date for payment thereof. Claims against the Issuer or any Guarantor for the payment of interest
on the Notes will be prescribed five years after the applicable due date for payment of interest.

 

[SIGNATURES ON FOLLOWING
PAGES]

 

    93

     

    

 

SIGNATURES

 

	 	ZIM INTEGRATED SHIPPING SERVICES LTD., AS THE
	 	 
	 	By:	/s/Ralph Sassun
	 	 	Name:Ralph
    Sassun
	 	 	Title:Head of Treasury Division
	 	 
	 	By:	/s/Guy Eldar
	 	 	Name:Guy
    Eldar
	 	 	Title:Chief Financial Officer

 

(Signature page to
Indenture)

 

    

    

    

 

	 	HERMETIC TRUST (1975) LTD., as Trustee 
	 	 
	 	By:	/s/ Dan Avnon
	 	 	Name :DANAVNON
	 	 	Title :  CO-CEO

 

(Signature page to Indenture)

 

    

    

    

 

	 	ZIM INTEGRATED SHIPPING SERVICES LTD., AS PAYING
    AGENT AND REGISTRAR
	 	 
	 	By:	/s/Ralph Sassun
	 	 	Name:Ralph
    Sassun
	 	 	Title:Head of Treasury Division
	 	 
	 	By:	/s/Guy Eldar
	 	 	Name:Guy
    Eldar
	 	 	Title:Chief Financial Officer

 

(Signature page to Indenture)

 

    

    

    

 

 

EXHIBIT A

 

[Face of Note]

 

ISIN ____________

 

3.0% Series 1A Senior Notes due 2023

 

	No. ___	 	$____________

 

ZIM
INTEGRATED SHIPPING SERVICES
LTD.

 

promises to pay to __________________________________________________________
or registered assigns, in accordance with the applicable provisions of the Indenture,

 

the principal sum of __________________________________________________________
U.S. DOLLARS on June 20, 2023 (the “Maturity Date”).

 

Interest Payment Dates: March 20, June 20, September 20
and December 20

 

Record Dates: March 8, June 8, September 8 and
December 8

 

Dated: _______________, _______

 

    A-1

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused this Note
to be signed manually or by facsimile by the duly authorized officers referred to below.

 

	 	ZIM INTEGRATED SHIPPING SERVICES
    LTD.
	 	 
	 	 
	 	By:	                     
	 	Name:
	 	Title:

 

	This is one of the Notes referred to in the within-mentioned Indenture:	 
	 	 
	HERMETIC TRUST (1975) LTD., as Trustee	 
	 	 
	 	 
	By:	 	 
	 	Authorized Signatory	 

 

    A-2

     

    

 

[Back of Note]

 

3.0% SERIES
1A SENIOR NOTES DUE 2023

 

Capitalized terms used herein have the meanings
assigned to them in the Indenture referred to below unless otherwise indicated.

 

		(1)	INTEREST.

 

 (a) Interest on the Notes will:

 

 (A)          accrue at the rate of 3.0% per annum;

 

(B)           be
computed on the basis of a 360-day year comprised of twelve 30-day months (notwithstanding the actual number of days in the relevant
interest period) provided that with respect to the interest period from the Issue Date to the First Interest Payment Date,
interest shall be computed on the basis of a year of 365 days and payable for the actual number of days elapsed from and including
the Issue Date through but excluding the First Interest Payment Date);

 

(C)           accrue
from the date of issue of the Notes or, if interest has already been paid, from the date it was most recently paid, to but excluding
the applicable Interest Payment Date and on the Maturity Date;

 

(D)           be
payable in cash quarterly in arrears on March 20, June 20, September 20 and December 20 of each year (each,
an “Interest Payment Date”), commencing on ____________ (or if any such day is not a Business Day, on the next
succeeding Business Day (without interest accruing in respect of the Interest Period then ending between such calendar date and
such next succeeding Business Day)) (the “First Interest Payment Date”); and

 

(E)           be
payable to the holder of record on the March 8, June 8, September 8 and December 8 immediately preceding the
related interest payment date; provided that with respect to the last interest period before the Maturity Date, interest
on the Notes will be payable to the holder of record on the Maturity Date.

 

(b) The
Issuer shall pay interest on overdue principal at a rate that is 1% higher than the rate borne by the Notes, and it shall pay
interest on overdue installments of interest at the same rate to the extent lawful.

 

(c)
With respect to any early redemption of Notes prior to the Maturity Date pursuant to the Indenture (other than a redemption
occurring on an Interest Payment Date), interest on the Notes being redeemed shall be calculated based on the actual number
of days elapsed from and including the Interest Payment Date immediately preceding the date of redemption through but
excluding the date of redemption, divided by the number of days in such interest period (calculated by counting the number of
days from and including the Interest Payment Date immediately preceding the date of redemption through but excluding the date
that is, or would otherwise have been but for the redemption, the next Interest Payment Date), multiplied by 0.75% of such
principal amount of Notes being redeemed.

 

(d) If
any Interest Payment Date is a day that is not a Business Day, the Interest Payment Date shall be the next succeeding Business
Day and interest shall not accrue or be payable on such amount for the period from and after the scheduled Interest Payment Date
to the date of payment on the next succeeding Business Day.

 

    A-3

     

    

 

(2)           METHOD
OF PAYMENT. The Issuer will pay interest (except defaulted interest), principal,
premium, and Additional Amounts, if any, on the Notes through the Paying Agent in accordance with the Indenture with respect to
Notes held at the close of business on March 8, June 8, September 8 and December 8 immediately preceding the
Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except
as provided in Section 2.12 of the Indenture with respect to defaulted interest. Such payment shall be made in U.S. Dollars.

 

(3)           PAYING
AGENT AND REGISTRAR. The Issuer will
act as Paying Agent. Initially the Issuer will act as Registrar for so long as the Notes are listed on the TACT Institutional
System. Upon notice to the Trustee, the Issuer may change any Registrar.

 

(4)           INDENTURE.
The Issuer issued the Notes under an Indenture dated as of July 16, 2014 (the “Indenture”) between the
Issuer, Hermetic Trust (1975) Ltd., as Trustee and Zim Integrated Shipping Services Ltd., as Paying Agent and Registrar. The Notes
are subject to all such terms, and Holders are referred to the Indenture for a statement of such terms. To the extent any provision
of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.
The Issuer has also issued 3.0% Series 1B Senior Notes due 2023 (the “Series 1B Notes”), which are referred
to with the Notes as the “Series 1 Notes” under the Indenture. The Notes and the Series 1B Notes issued
under the Indenture shall be considered to be a single class for all purposes under the Indenture, including in respect of payments,
redemption and voting. Under the Indenture, the Issuer has also issued the 5.0% Series 2 Senior Notes due 2023 (the “Series 2
Notes” and, together with the Notes, the “Instructing Notes”), which vote in respect of certain matters as a
single class with the Notes as provided in the Indenture.

 

 (5)           OPTIONAL REDEMPTION.

 

(a)           Subject
to Section 4.21 of the Indenture, at any time after the Issue Date upon not less than 30 nor more than 60 days’ written
notice, the Issuer may redeem all or part of the Notes, at a redemption price equal to 100% of the principal amount thereof plus
accrued and unpaid interest on the Notes, if any, to, but not including, the redemption date.

 

(b)           A
redemption and notice may, at the Issuer’s discretion, be subject to the satisfaction of one or more conditions precedent.

 

(c)           In
addition, the Issuer may provide in any notice of redemption for the Notes that payment of the redemption price and the performance
of its obligations with respect to such redemption may be performed by another Person.

 

(d)           Unless
the Issuer defaults in the payment of the redemption price, interest will cease to accrue on the Notes or portions thereof called
for redemption on the applicable redemption date.

 

(e)           The
record date for any such optional redemption shall be 12 days prior to the applicable optional redemption date (unless otherwise
provided by the Applicable Procedures) and no optional redemption date may occur on a date that is between an interest record date
and a related interest payment date.

 

(6)           MANDATORY
EXCESS CASH REDEMPTION.

 

(a)           On each
Interest Payment Date, the Issuer shall redeem the Notes with all of its Excess Cash (if any) as determined for the
immediately preceding fiscal quarter at a redemption price equal to 100% of the principal amount of the Notes so redeemed
plus accrued and unpaid interest on the Notes, if any, to, but not including, the redemption date, and Additional Amounts, if
any. Payments shall be made by the Issuer in the following order of priority: (i) first, to redeem the Series 1
Notes, on a pro rata basis, until such time as the Series 1 Notes are no longer outstanding, and (ii) second, to
redeem the Series 2 Notes, on a pro rata basis, until such time as the Series 2 Notes are no longer
outstanding.

 

    A-4

     

    

 

(b)           The
record date for any redemption pursuant to this paragraph (6) shall be the applicable record date in respect of such interest
payment. Prior to the record date, the Issuer will deliver a notice in accordance with the procedures set out in Section 3.03
of the Indenture, stating (i) the amount of Excess Cash to be used to redeem the Notes and (ii) the relevant redemption
date.

 

(c)           Any
payments made pursuant to this paragraph (6) shall be applied ratably to each holder of the relevant series of Notes based
on the aggregate principal amount of the Notes outstanding as of the record date established for the relevant redemption date or
in the manner provided in Section 3.09 of the Indenture.

 

(d)           Except
as provided in clause (a), the Issuer is not required to make mandatory redemption or sinking fund payments with respect to the
Notes.

 

(7)           REPURCHASE
AT THE OPTION OF THE HOLDER.

 

(a)           If
a Change of Control occurs at any time, then the Issuer must make an offer (a “Change of Control Offer”) to
each holder of Notes to repurchase all (or any part elected by the holder) (equal to $1.00 or in integral multiples of $1.00 in
excess thereof) of such holder’s Notes, at a purchase price (the “Change of Control Purchase Price”) in
cash in an amount equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including,
the date of purchase (the “Change of Control Purchase Date”) (subject to the rights of holders of record on
relevant regular record dates that are prior to the Change of Control Purchase Date to receive interest due on an interest payment
date). Purchases made under a Change of Control Offer will also be subject to other procedures set forth in the Indenture.

 

(b)           In
respect of any asset other than an After Acquired Asset, if the aggregate amount of Eligible Proceeds received by the Issuer or
a Restricted Subsidiary from all Asset Sales governed by clause (a)(3) of Section 4.10 of the Indenture in any calendar
year exceeds $10 million, the Issuer shall use 50% of the Eligible Proceeds from all Asset Sales governed by paragraph (a)(3) of
Section 4.10 of the Indenture in such year to promptly redeem Notes pursuant to (and subject to the requirements of) Section 3.07
of the Indenture.

 

(c)           Any
Net Proceeds from Asset Sales in respect of any After Acquired Assets that are not applied or invested as provided and within the
time period set forth in the Indenture will constitute “Excess Proceeds”. Subject to Section 4.10(a)(4) of
the Indenture, when the aggregate amount of Excess Proceeds exceeds $10 million, within 30 days thereof, the Issuer is required
to make an Asset Sale Offer in accordance with the procedures set forth in Section 4.10 of the Indenture to all Holders of
Notes at an offer price in any Asset Sale Offer will be equal to 100% of the principal amount, plus accrued and unpaid interest
and Additional Amounts, if any, to the date of purchase. Any Asset Sale Offer shall be conducted in accordance with the provisions
of Section 4.10 of the Indenture.

 

(8)            DENOMINATIONS,
TRANSFER, EXCHANGE. The Notes are in registered form
without interest coupons in minimum denominations of $1.00 and integral multiples of $1.00 in excess thereof. A Global Note may
not be transferred except as a whole by a Depositary or a nominee of such Depositary to a successor Depositary or a nominee thereof,
subject to the Applicable Procedures.

 

Following a
Default by the Issuer under the Indenture, (i) holders of a Book-Entry Interest may request to exchange such Book-Entry
Interest for a Definitive Registered Note by requesting such exchange in writing through the relevant Holder, if applicable,
to the relevant Participant in accordance with the Applicable Procedures or (ii) the Issuer, in its sole discretion may
determine that the Global Notes (in whole but not in part) should be exchanged for Definitive Registered Notes and deliver a
written notice to such effect to the Trustee. Upon the occurrence of the preceding events in (i) or (ii), the Issuer
shall issue or cause to be issued Definitive Registered Notes in accordance with the Applicable Procedures.

 

    A-5

     

    

 

Global Notes also may
be exchanged or replaced, in whole or in part, as provided in the Indenture. A Global Note may not be exchanged for another Note
other than as provided in this Paragraph 8. Book-Entry Interests in a Global Note may be transferred and exchanged as provided
in the Indenture.

 

(9)           PERSONS
DEEMED OWNERS. The Registered Holder
of this Note will be treated as the owner of it for all purposes.

 

(10)         AMENDMENT,
SUPPLEMENT AND WAIVER. Subject to certain exceptions
set forth in Section 9.02 of the Indenture, the Indenture, any Notes or any Guarantee, may be amended or supplemented with
the consent of the Majority Holders (including, without limitation, consents obtained in connection with a purchase of, or tender
offer or exchange offer for, Notes), and any existing Default or Event of Default (other than a Default or Event of Default in
the payment of the principal of, premium, if any, or interest on, the Notes, except a payment default resulting from an acceleration
that has been rescinded) or compliance with any provision of the Indenture or the Notes may be waived with the consent of the
Majority Holders (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange
offer for, Notes); provided that, if any amendment, waiver or other modification will only affect one series of the Instructing
Notes, only the consent of a majority in principal amount of the then outstanding Instructing Notes of such series shall be required.
In certain circumstances set forth in Section 9.01 of the Indenture, the Indenture, any Notes or any Guarantee may be amended
or supplemented without the consent of any Holder. The holders of not less than a majority in aggregate principal amount of Instructing
Notes may, on behalf of the holders of all of Instructing Notes, waive any past defaults under the Indenture, except a continuing
default in the payment of the principal of, premium, if any, and Additional Amounts or interest on any Note held by a non-consenting
holder (which may only be waived with the consent of all holders of the Notes outstanding under the Indenture).

 

    A-6

     

    

 

(11)         DEFAULTS
AND REMEDIES. The following events constitute “Events of
Default” under the Indenture: (A) default for 30 days in the payment when due of any interest or any Additional
Amounts on any Note; (B) default in the payment required to be made pursuant to Section 3.08 of the Indenture,
provided that if such default is caused by technical or administrative error and a default to make such payments due to a
technical or administrative error has not occurred during the prior twelve months, the continuance of such default for a
period of three Business Days; (C) default in the payment of the principal of or premium, if any, on any Note at its
Stated Maturity; (D) failure by the Issuer or any Guarantor to (i) comply with the provisions of Article 5 of
the Indenture, (ii) consummate a Change of Control Offer in accordance with the provisions of Section 4.14 of the
Indenture or (iii) consummate a redemption or an Asset Sale Offer in accordance with the provisions of Section 4.10
of the Indenture; (E) failure by the Issuer for 30 days after the written notice from the Trustee or Holders of at least
25% in aggregate principal amount of the outstanding Notes to comply with any covenant or agreement that is contained in the
Indenture or the Notes (other than a covenant or agreement which is specifically dealt with in clauses (A), (B), (C) or
(D)); (F) default under the terms of any instrument evidencing or securing the Debt of the Issuer or any Restricted
Subsidiary, if that default: (x) results in the acceleration of the payment of such Debt or (y) is caused by a
failure to pay interest or principal of such Debt at the Stated Maturity thereof after giving effect to any applicable grace
periods, and, in either case, the principal amount of such Debt unpaid or accelerated (together with the principal amount of
any other such Debt that is unpaid or accelerated) exceeds $20.0 million; (G) failure by the Issuer or any of its
Significant Subsidiaries or group of Restricted Subsidiaries that taken as a whole would constitute a Significant Subsidiary
to pay final judgments, orders or decrees (not subject to appeal) entered by a court or courts of competent jurisdiction
aggregating in excess $20.0 million (exclusive of any amounts that an insurance company has acknowledged liability for),
which judgments shall not have been discharged or waived and there shall have been a period of 60 consecutive days or more
during which a stay of enforcement of such judgment, order or decree (by reason of pending appeal, waiver or otherwise) shall
not have been in effect; (H) the Issuer or any of its Restricted Subsidiaries that is a Significant Subsidiary or any
group of Restricted Subsidiaries of the Issuer that, taken together (as of the latest audited consolidated financial
statements of the Issuer), would constitute a Significant Subsidiary pursuant to or within the meaning of Bankruptcy Law
(i) commences a voluntary case, (ii) consents to the entry of an order for relief against it in an involuntary
case, (iii) consents to the appointment of a custodian of it or for all or substantially all of its property, or
(iv) makes a general assignment for the benefit of its creditors (as an insolvent assignor); and (I) a court of
competent jurisdiction enters an order or decree under any Bankruptcy Law that (i) is for relief against the Issuer or
any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Issuer
that, taken together (as of the latest audited consolidated financial statements of the Issuer), would constitute a
Significant Subsidiary in an involuntary case, (ii) appoints a custodian of the Issuer or any of its Restricted
Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Issuer that, taken together (as
of the latest audited consolidated financial statements of the Issuer), would constitute a Significant Subsidiary or for all
or substantially all of the property of the Issuer or any of its Restricted Subsidiaries that is a Significant Subsidiary or
any group of Restricted Subsidiaries of the Issuer that, taken together, would constitute a Significant Subsidiary, or
(iii) orders the liquidation of the Issuer or any of its Restricted Subsidiaries that is a Significant Subsidiary or any
group of Restricted Subsidiaries of the Issuer that, taken together (as of the latest audited consolidated financial
statements of the Issuer), would constitute a Significant Subsidiary, and the order or decree referred to in this clause
(B) remains unstayed and in effect for 60 consecutive days. A default under clauses (E), (F) or (G) will not
constitute an Event of Default until the Trustee or the Instructing Holders notify the Issuer of the Default and, in respect
of clauses (E), the Issuer does not cure such Default within the time specified therein after receipt of such notice. If an
Event of Default occurs and is continuing, the Trustee or the holders of Notes may, and the Trustee, upon the written request
of such holders, shall, declare the principal of, and any Additional Amounts and accrued interest on all the outstanding
Notes immediately due and payable as provided in Section 6.02 of the Indenture.

 

    A-7

     

    

 

(12)         DISCHARGE
AND DEFEASANCE. Subject to certain conditions, the Issuer at any time may terminate some or all of its obligations under the
Notes, the Note Guarantees and the Indenture if the Issuer deposits with the Trustee money or U.S. Government Securities for the
payment of principal of and interest on the Notes to redemption or maturity, as the case may be.

 

(13)         AUTHENTICATION.
This Note will not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.

 

(14)         NO
RECOURSE AGAINST OTHERS. No director, officer, employee, incorporator, member or shareholder of the Issuer will have any liability
for any obligations of the Issuer under the Notes or the Indenture or for any claim based on, in respect of, or by reason of such
obligations or their creation. Each holder by accepting a Note waives and releases all such liability. The waiver and release
are part of the consideration for issuance of the Notes. Such waiver and release may not be effective to waive liabilities under
the U.S. federal securities laws.

 

(15)         ABBREVIATIONS.
Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian),
and U/G/M/A (= Uniform Gifts to Minors Act).

 

(16)         ISIN
NUMBERS. The Issuer in issuing the Notes may use ISIN numbers (or any equivalent thereof issued by the TASE), and
the Trustee may use ISIN numbers (or any equivalent thereof issued by the TASE) in notices of redemption as a convenience to
Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any
notice of redemption, and reliance may be placed only on the other identification numbers placed thereon.

 

    A-8

     

    

 

(17)         GOVERNING LAW.
THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THIS NOTE AND THE GUARANTEES
WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION
WOULD BE REQUIRED THEREBY.

 

The Issuer will furnish
to any Holder or holder of a beneficial interest in the Notes upon written request and without charge a copy of the Indenture,
the form of Note or any Guarantee. Requests may be made to:

 

Zim Integrated Shipping Services Ltd. 

9 Andrei Sakharov St. 

Haifa 

Israel 

Facsimile No.: +972-4-8652839 

Attention: General Counsel

 

    A-9

     

    

 

ASSIGNMENT FORM

 

To assign this Note, fill in the form below:

 

	(I) or (we) assign and transfer this Note to:	 
	 	(Insert assignee’s legal name)

 

	 
	(Insert assignee’s soc. sec. or tax I.D. no.)

 

	 
	 
	 
	 
	(Print or type assignee’s name, address and zip code)

 

	and irrevocably appoint	 
	to transfer this Note on the books of the Issuer. The agent
may substitute another to act for him.

 

Date: _______________

 

	 	Your Signature:	 
	 	(Sign exactly as your name
appears on the face of this Note)

 

Signature Guarantee*: _________________________

 

		*	Participant in a recognized Signature Guarantee Medallion
Program (or other signature guarantor acceptable to the Trustee).

 

 

 

    A-10

     

    

 

 

EXHIBIT B

 

[Face of Note]

 

ISIN ____________

 

3.0% Series 1B Senior Notes due 2023

 

	No. ___	 	$____________

 

ZIM
INTEGRATED SHIPPING SERVICES
LTD.

 

promises to pay to __________________________________________________________
or registered assigns, in accordance with the applicable provisions of the Indenture,

 

the principal sum of __________________________________________________________
U.S. DOLLARS on June 20, 2023 (the “Maturity Date”).

 

Interest Payment Dates: March 20, June 20, September 20
and December 20

 

Record Dates: March 8, June 8, September 8 and
December 8

 

Dated: _______________, _______

 

    B-1

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused this Note
to be signed manually or by facsimile by the duly authorized officers referred to below.

 

	 	ZIM INTEGRATED SHIPPING SERVICES LTD.
	 	 
	 	 
	 	By: 	                      
	 	Name:
	 	Title:

 

	This is one of the Notes referred to in the within-mentioned Indenture:	 
	 	 
	HERMETIC TRUST (1975) LTD., as Trustee	 
	 	 
	By:	 	 
	 	Authorized Signatory	 

 

    B-2

     

    

 

[Back of Note]

 

3.0% SERIES
1B SENIOR NOTES DUE 2023

 

Capitalized terms used herein have the meanings
assigned to them in the Indenture referred to below unless otherwise indicated.

 

		(1)	INTEREST.

 

 (a) Interest on the Notes will:

 

(A)        accrue at the rate of 3.0% per annum;

 

(B)           be
computed on the basis of a 360-day year comprised of twelve 30-day months (notwithstanding the actual number of days in the relevant
interest period) provided that with respect to the interest period from the Issue Date to the First Interest Payment Date,
interest shall be computed on the basis of a year of 365 days and payable for the actual number of days elapsed from and including
the Issue Date through but excluding the First Interest Payment Date);

 

(C)           accrue
from the date of issue of the Notes or, if interest has already been paid, from the date it was most recently paid, to but excluding
the applicable Interest Payment Date and on the Maturity Date;

 

(D)           be
payable in cash quarterly in arrears on March 20, June 20, September 20 and December 20 of each year (each,
an “Interest Payment Date”), commencing on ____________ (or if any such day is not a Business Day, on the next
succeeding Business Day (without interest accruing in respect of the Interest Period then ending between such calendar date and
such next succeeding Business Day)) (the “First Interest Payment Date”); and

 

(E)           be
payable to the holder of record on the March 8, June 8, September 8 and December 8 immediately preceding the
related interest payment date; provided that with respect to the last interest period before the Maturity Date, interest
on the Notes will be payable to the holder of record on the Maturity Date.

 

(b) The
Issuer shall pay interest on overdue principal at a rate that is 1% higher than the rate borne by the Notes, and it shall pay
interest on overdue installments of interest at the same rate to the extent lawful.

 

(c)
With respect to any early redemption of Notes prior to the Maturity Date pursuant to the Indenture (other than a redemption
occurring on an Interest Payment Date), interest on the Notes being redeemed shall be calculated based on the actual number
of days elapsed from and including the Interest Payment Date immediately preceding the date of redemption through but
excluding the date of redemption, divided by the number of days in such interest period (calculated by counting the number of
days from and including the Interest Payment Date immediately preceding the date of redemption through but excluding the date
that is, or would otherwise have been but for the redemption, the next Interest Payment Date), multiplied by 0.75% of such
principal amount of Notes being redeemed.

 

(d) If
any Interest Payment Date is a day that is not a Business Day, the Interest Payment Date shall be the next succeeding Business
Day and interest shall not accrue or be payable on such amount for the period from and after the scheduled Interest Payment Date
to the date of payment on the next succeeding Business Day.

 

    B-3

     

    

 

(2)           METHOD
OF PAYMENT. The Issuer will pay interest (except defaulted interest), principal,
premium, and Additional Amounts, if any, on the Notes through the Paying Agent in accordance with the Indenture with respect to
Notes held at the close of business on March 8, June 8, September 8 and December 8 immediately preceding the
Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except
as provided in Section 2.12 of the Indenture with respect to defaulted interest. Such payment shall be made in U.S. Dollars.

 

(3)           PAYING
AGENT AND REGISTRAR. The Issuer will
act as Paying Agent. Initially the Issuer will act as Registrar for so long as the Notes are listed on the TACT Institutional
System. Upon notice to the Trustee, the Issuer may change any Registrar.

 

(4)           INDENTURE.
The Issuer issued the Notes under an Indenture dated as of July 16, 2014 (the “Indenture”) between the
Issuer, Hermetic Trust (1975) Ltd., as Trustee and Zim Integrated Shipping Services Ltd., as Paying Agent and Registrar. The Notes
are subject to all such terms, and Holders are referred to the Indenture for a statement of such terms. To the extent any provision
of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.
The Issuer has also issued 3.0% Series 1A Senior Notes due 2023 (the “Series 1A Notes”), which are referred
to with the Notes as the “Series 1 Notes” under the Indenture. The Notes and the Series 1A Notes issued
under the Indenture shall be considered to be a single class for all purposes under the Indenture, including in respect of payments,
redemption and voting. Under the Indenture, the Issuer has also issued the 5.0% Series 2 Senior Notes due 2023 (the “Series 2
Notes” and, together with the Notes, the “Instructing Notes”), which vote in respect of certain matters as a
single class with the Notes as provided in the Indenture.

 

(5)           OPTIONAL
REDEMPTION.

 

(a)           Subject
to Section 4.21 of the Indenture, at any time after the Issue Date upon not less than 30 nor more than 60 days’ written
notice, the Issuer may redeem all or part of the Notes, at a redemption price equal to 100% of the principal amount thereof plus
accrued and unpaid interest on the Notes, if any, to, but not including, the redemption date.

 

(b)           A
redemption and notice may, at the Issuer’s discretion, be subject to the satisfaction of one or more conditions precedent.

 

(c)           In
addition, the Issuer may provide in any notice of redemption for the Notes that payment of the redemption price and the performance
of its obligations with respect to such redemption may be performed by another Person.

 

(d)           Unless
the Issuer defaults in the payment of the redemption price, interest will cease to accrue on the Notes or portions thereof called
for redemption on the applicable redemption date.

 

(e)           The
record date for any such optional redemption shall be 12 days prior to the applicable optional redemption date (unless otherwise
provided by the Applicable Procedures) and no optional redemption date may occur on a date that is between an interest record date
and a related interest payment date.

 

(6)           MANDATORY
EXCESS CASH REDEMPTION.

 

(a)           On each
Interest Payment Date, the Issuer shall redeem the Notes with all of its Excess Cash (if any) as determined for the
immediately preceding fiscal quarter at a redemption price equal to 100% of the principal amount of the Notes so redeemed
plus accrued and unpaid interest on the Notes, if any, to, but not including, the redemption date, and Additional Amounts, if
any. Payments shall be made by the Issuer in the following order of priority: (i) first, to redeem the Series 1
Notes, on a pro rata basis, until such time as the Series 1 Notes are no longer outstanding, and (ii) second, to
redeem the Series 2 Notes, on a pro rata basis, until such time as the Series 2 Notes are no longer
outstanding.

 

    B-4

     

    

 

(b)           The
record date for any redemption pursuant to this paragraph (6) shall be the applicable record date in respect of such interest
payment. Prior to the record date, the Issuer will deliver a notice in accordance with the procedures set out in Section 3.03
of the Indenture, stating (i) the amount of Excess Cash to be used to redeem the Notes and (ii) the relevant redemption
date.

 

(c)           Any
payments made pursuant to this paragraph (6) shall be applied ratably to each holder of the relevant series of Notes based
on the aggregate principal amount of the Notes outstanding as of the record date established for the relevant redemption date or
in the manner provided in Section 3.09 of the Indenture.

 

(d)           Except
as provided in clause (a), the Issuer is not required to make mandatory redemption or sinking fund payments with respect to the
Notes.

 

(7)           REPURCHASE
AT THE OPTION OF THE HOLDER.

 

(a)            If
a Change of Control occurs at any time, then the Issuer must make an offer (a “Change of Control Offer”) to
each holder of Notes to repurchase all (or any part elected by the holder) (equal to $1.00 or in integral multiples of $1.00 in
excess thereof) of such holder’s Notes, at a purchase price (the “Change of Control Purchase Price”) in
cash in an amount equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including,
the date of purchase (the “Change of Control Purchase Date”) (subject to the rights of holders of record on
relevant regular record dates that are prior to the Change of Control Purchase Date to receive interest due on an interest payment
date). Purchases made under a Change of Control Offer will also be subject to other procedures set forth in the Indenture.

 

(b)           In
respect of any asset other than an After Acquired Asset, if the aggregate amount of Eligible Proceeds received by the Issuer or
a Restricted Subsidiary from all Asset Sales governed by clause (a)(3) of Section 4.10 of the Indenture in any calendar
year exceeds $10 million, the Issuer shall use 50% of the Eligible Proceeds from all Asset Sales governed by paragraph (a)(3) of
Section 4.10 of the Indenture in such year to promptly redeem Notes pursuant to (and subject to the requirements of) Section 3.07
of the Indenture.

 

(c)           Any
Net Proceeds from Asset Sales in respect of any After Acquired Assets that are not applied or invested as provided and within the
time period set forth in the Indenture will constitute “Excess Proceeds”. Subject to Section 4.10(a)(4) of
the Indenture, when the aggregate amount of Excess Proceeds exceeds $10 million, within 30 days thereof, the Issuer is required
to make an Asset Sale Offer in accordance with the procedures set forth in Section 4.10 of the Indenture to all Holders of
Notes at an offer price in any Asset Sale Offer will be equal to 100% of the principal amount, plus accrued and unpaid interest
and Additional Amounts, if any, to the date of purchase. Any Asset Sale Offer shall be conducted in accordance with the provisions
of Section 4.10 of the Indenture.

 

(8)           DENOMINATIONS,
TRANSFER, EXCHANGE. The Notes are in registered form
without interest coupons in minimum denominations of $1.00 and integral multiples of $1.00 in excess thereof. A Global Note may
not be transferred except as a whole by a Depositary or a nominee of such Depositary to a successor Depositary or a nominee thereof,
subject to the Applicable Procedures.

 

    B-5

     

    

 

Following a
Default by the Issuer under the Indenture, (i) holders of a Book-Entry Interest may request to exchange such Book-Entry
Interest for a Definitive Registered Note by requesting such exchange in writing through the relevant Holder, if applicable,
to the relevant Participant in accordance with the Applicable Procedures or (ii) the Issuer, in its sole discretion may
determine that the Global Notes (in whole but not in part) should be exchanged for Definitive Registered Notes and deliver a
written notice to such effect to the Trustee. Upon the occurrence of the preceding events in (i) or (ii), the Issuer
shall issue or cause to be issued Definitive Registered Notes in accordance with the Applicable Procedures.

 

Global Notes also may
be exchanged or replaced, in whole or in part, as provided in the Indenture. A Global Note may not be exchanged for another Note
other than as provided in this Paragraph 8. Book-Entry Interests in a Global Note may be transferred and exchanged as provided
in the Indenture.

 

(9)           PERSONS
DEEMED OWNERS. The Registered Holder
of this Note will be treated as the owner of it for all purposes.

 

(10)         AMENDMENT,
SUPPLEMENT AND WAIVER. Subject to certain exceptions
set forth in Section 9.02 of the Indenture, the Indenture, any Notes or any Guarantee, may be amended or supplemented with
the consent of the Majority Holders (including, without limitation, consents obtained in connection with a purchase of, or tender
offer or exchange offer for, Notes), and any existing Default or Event of Default (other than a Default or Event of Default in
the payment of the principal of, premium, if any, or interest on, the Notes, except a payment default resulting from an acceleration
that has been rescinded) or compliance with any provision of the Indenture or the Notes may be waived with the consent of the
Majority Holders (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange
offer for, Notes); provided that, if any amendment, waiver or other modification will only affect one series of the Instructing
Notes, only the consent of a majority in principal amount of the then outstanding Instructing Notes of such series shall be required.
In certain circumstances set forth in Section 9.01 of the Indenture, the Indenture, any Notes or any Guarantee may be amended
or supplemented without the consent of any Holder. The holders of not less than a majority in aggregate principal amount of Instructing
Notes may, on behalf of the holders of all of Instructing Notes, waive any past defaults under the Indenture, except a continuing
default in the payment of the principal of, premium, if any, and Additional Amounts or interest on any Note held by a non-consenting
holder (which may only be waived with the consent of all holders of the Notes outstanding under the Indenture).

 

    B-6

     

    

 

(11)         DEFAULTS
AND REMEDIES. The following events constitute “Events of
Default” under the Indenture: (A) default for 30 days in the payment when due of any interest or any Additional
Amounts on any Note; (B) default in the payment required to be made pursuant to Section 3.08 of the Indenture,
provided that if such default is caused by technical or administrative error and a default to make such payments due to a
technical or administrative error has not occurred during the prior twelve months, the continuance of such default for a
period of three Business Days; (C) default in the payment of the principal of or premium, if any, on any Note at its
Stated Maturity; (D) failure by the Issuer or any Guarantor to (i) comply with the provisions of Article 5 of
the Indenture, (ii) consummate a Change of Control Offer in accordance with the provisions of Section 4.14 of the
Indenture or (iii) consummate a redemption or an Asset Sale Offer in accordance with the provisions of Section 4.10
of the Indenture; (E) failure by the Issuer for 30 days after the written notice from the Trustee or Holders of at least
25% in aggregate principal amount of the outstanding Notes to comply with any covenant or agreement that is contained in the
Indenture or the Notes (other than a covenant or agreement which is specifically dealt with in clauses (A), (B), (C) or
(D)); (F) default under the terms of any instrument evidencing or securing the Debt of the Issuer or any Restricted
Subsidiary, if that default: (x) results in the acceleration of the payment of such Debt or (y) is caused by a
failure to pay interest or principal of such Debt at the Stated Maturity thereof after giving effect to any applicable grace
periods, and, in either case, the principal amount of such Debt unpaid or accelerated (together with the principal amount of
any other such Debt that is unpaid or accelerated) exceeds $20.0 million; (G) failure by the Issuer or any of its
Significant Subsidiaries or group of Restricted Subsidiaries that taken as a whole would constitute a Significant Subsidiary
to pay final judgments, orders or decrees (not subject to appeal) entered by a court or courts of competent jurisdiction
aggregating in excess $20.0 million (exclusive of any amounts that an insurance company has acknowledged liability for),
which judgments shall not have been discharged or waived and there shall have been a period of 60 consecutive days or more
during which a stay of enforcement of such judgment, order or decree (by reason of pending appeal, waiver or otherwise) shall
not have been in effect; (H) the Issuer or any of its Restricted Subsidiaries that is a Significant Subsidiary or any
group of Restricted Subsidiaries of the Issuer that, taken together (as of the latest audited consolidated financial
statements of the Issuer), would constitute a Significant Subsidiary pursuant to or within the meaning of Bankruptcy Law
(i) commences a voluntary case, (ii) consents to the entry of an order for relief against it in an involuntary
case, (iii) consents to the appointment of a custodian of it or for all or substantially all of its property, or
(iv) makes a general assignment for the benefit of its creditors (as an insolvent assignor); and (I) a court of
competent jurisdiction enters an order or decree under any Bankruptcy Law that (i) is for relief against the Issuer or
any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Issuer
that, taken together (as of the latest audited consolidated financial statements of the Issuer), would constitute a
Significant Subsidiary in an involuntary case, (ii) appoints a custodian of the Issuer or any of its Restricted
Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Issuer that, taken together (as
of the latest audited consolidated financial statements of the Issuer), would constitute a Significant Subsidiary or for all
or substantially all of the property of the Issuer or any of its Restricted Subsidiaries that is a Significant Subsidiary or
any group of Restricted Subsidiaries of the Issuer that, taken together, would constitute a Significant Subsidiary, or
(iii) orders the liquidation of the Issuer or any of its Restricted Subsidiaries that is a Significant Subsidiary or any
group of Restricted Subsidiaries of the Issuer that, taken together (as of the latest audited consolidated financial
statements of the Issuer), would constitute a Significant Subsidiary, and the order or decree referred to in this clause
(B) remains unstayed and in effect for 60 consecutive days. A default under clauses (E), (F) or (G) will not
constitute an Event of Default until the Trustee or the Instructing Holders notify the Issuer of the Default and, in respect
of clauses (E), the Issuer does not cure such Default within the time specified therein after receipt of such notice. If an
Event of Default occurs and is continuing, the Trustee or the holders of Notes may, and the Trustee, upon the written request
of such holders, shall, declare the principal of, and any Additional Amounts and accrued interest on all the outstanding
Notes immediately due and payable as provided in Section 6.02 of the Indenture.

 

    B-7

     

    

 

(12)         DISCHARGE
AND DEFEASANCE. Subject to certain conditions, the Issuer at any time may terminate some or all of its obligations under the
Notes, the Note Guarantees and the Indenture if the Issuer deposits with the Trustee money or U.S. Government Securities for the
payment of principal of and interest on the Notes to redemption or maturity, as the case may be.

 

(13)         AUTHENTICATION.
This Note will not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.

 

(14)         NO
RECOURSE AGAINST OTHERS. No director, officer, employee, incorporator, member or shareholder of the Issuer will have any liability
for any obligations of the Issuer under the Notes or the Indenture or for any claim based on, in respect of, or by reason of such
obligations or their creation. Each holder by accepting a Note waives and releases all such liability. The waiver and release
are part of the consideration for issuance of the Notes. Such waiver and release may not be effective to waive liabilities under
the U.S. federal securities laws.

 

(15)         ABBREVIATIONS.
Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian),
and U/G/M/A (= Uniform Gifts to Minors Act).

 

(16)         ISIN
NUMBERS. The Issuer in issuing the Notes may use ISIN numbers (or any equivalent thereof issued by the TASE), and
the Trustee may use ISIN numbers (or any equivalent thereof issued by the TASE) in notices of redemption as a convenience to
Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any
notice of redemption, and reliance may be placed only on the other identification numbers placed thereon.

 

    B-8

     

    

 

(17) GOVERNING LAW.
THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THIS NOTE AND THE GUARANTEES WITHOUT
GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION
WOULD BE REQUIRED THEREBY.

 

The Issuer will furnish
to any Holder or holder of a beneficial interest in the Notes upon written request and without charge a copy of the Indenture,
the form of Note or any Guarantee. Requests may be made to:

 

Zim Integrated Shipping Services Ltd. 

9 Andrei Sakharov St. 

Haifa 

Israel 

Facsimile No.: +972-4-8652839 

Attention: General Counsel

 

    B-9

     

    

 

ASSIGNMENT FORM

 

To assign this Note, fill in the form below:

 

	(I) or (we) assign and transfer this Note to:	 
	 	(Insert assignee’s legal name)

 

	 
	(Insert assignee’s soc. sec. or tax I.D. no.)

 

	 
	 
	 
	 
	(Print or type assignee’s name, address and zip code)

 

	and irrevocably appoint	 
	to transfer this Note on the books of the Issuer. The agent
may substitute another to act for him.

 

Date: _______________

 

	 	Your Signature:	 
	 	(Sign exactly as your name
appears on the face of this Note)

 

Signature Guarantee*: _________________________

 

		*	Participant in a recognized Signature Guarantee Medallion
Program (or other signature guarantor acceptable to the Trustee).

 

 

  

    B-10

     

    

 

 

EXHIBIT C

 

	[Face of Note]

 

	ISIN  	 

 

5.0% Series 2A Senior Notes due 2023

 

	No.  	 	 	$ 	 

 

zim integrated shipping
services ltd.

 

promises to pay to __________________________________________________________
or registered assigns, in accordance with the applicable provisions of the Indenture,

 

the principal sum of __________________________________________________________
U.S. DOLLARS and any accrued but unpaid PIK Amount on June 21, 2023 (the “Maturity Date”).

 

PIK Accrual Dates: March 21, June 21, September 21
and December 21

 

Cash Interest Payment Dates: March 21, June 21, September 21
and December 21

 

Record Dates: March 9, June 9, September 9 and
December 9

 

Dated: _______________, _______

 

    C-1

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused this Note
to be signed manually or by facsimile by the duly authorized officers referred to below.

 

	 	ZIM
INTEGRATED SHIPPING SERVICES
LTD.
	 	 
	 	 
	 	By:	                                                        
	 	Name:	 
	 	Title:	 
	 	 	 
	This is one of the Notes referred to in the within-mentioned
Indenture:	 	 
	 	 	 
	HERMETIC TRUST
(1975) LTD., as Trustee	 	 
	 	 	 
	 	 	 
	By:	 	 	 
	 	Authorized Signatory	 	 

 

    C-2

     

    

 

	[Back to  Note]

 

5.0% SERIES
2A SENIOR NOTES DUE 2023

 

Capitalized terms used herein have the meanings
assigned to them in the Indenture referred to below unless otherwise indicated.

 

		(1)	PIK INTEREST.

 

		(a)	PIK interest on the Notes will:

 

(A)          accrue
on the Total Series 2 Payment Amount from the issue date of the Notes at the rate of 2.00% per annum;

 

(B)          be
computed on the basis of a 360-day year comprised of twelve 30-day months (notwithstanding the actual number of days in the relevant
interest period) provided that with respect to the interest period from the Issue Date to the First Interest Payment Date,
interest shall be computed on the basis of a year of 365 days and payable for the actual number of days elapsed from and including
the Issue Date through but excluding September 21, 2014 (whether or not such day is a Business Day);

 

(C)          compound
to the Total Series 2 Payment Amount on each Cash Interest Payment Date (each a “PIK Accrual Date”);

 

		(D)	be payable on the Maturity Date of the Notes.

 

(b)           The
amount of PIK interest that has accrued and compounded as of any date shall be called the “PIK Amount”. The
principal amount of the Note outstanding at any time, plus the PIK Amount as of any date shall be called the “Total Series 2
Payment Amount”. The Total Series 2 Payment Amount as of each PIK Accrual Date and Maturity Date shall be set forth
on Annex A of this Note, as adjusted from time to time by the Registrar in connection with the repayment of any PIK Amounts or
the redemption or repayment of the Notes in accordance with the Indenture.

 

(c)           With
respect to any early redemption of Notes in whole but not in part prior to the Maturity Date pursuant to the Indenture (other than
a redemption occurring on a PIK Accrual Date), the PIK Amount on the Notes being redeemed that shall be required to be paid on
such redemption date shall be calculated based on the actual number of days elapsed from and including the PIK Accrual Date immediately
preceding the date of redemption through but excluding the date of redemption, divided by the number of days in such interest period
(calculated by counting the number of days from and including the PIK Accrual Date immediately preceding the date of redemption
through but excluding the date that is, or would otherwise have been but for the redemption, the next PIK Accrual Date), multiplied
by 0.50% of such principal amount of Notes being redeemed.

 

(d)           If
any PIK Accrual Date is a day that is not a Business Day, the Interest Payment Date shall be the next succeeding Business Day and
interest shall not accrue or be payable on such amount for the period from and after the scheduled Interest Payment Date to the
date of payment on the next succeeding Business Day.

 

    C-3

     

    

 

		(2)	cash interest.

 

		(a)	Cash interest on the Notes will:

 

		(A)	accrue on the Total Series 2 Payment Amount at the rate of 3.00% per annum;

 

(B)          be
computed on the basis of a 360-day year comprised of twelve 30-day months (notwithstanding the actual number of days in the relevant
interest period) provided that with respect to the interest period from the Issue Date to the First Interest Payment Date,
interest shall be computed on the basis of a year of 365 days and payable for the actual number of days elapsed from and including
the Issue Date through but excluding the First Interest Payment Date);

 

(C)          accrue
from the date of issue of the Notes or, if interest has already been paid, from the date it was most recently paid, to but excluding
the applicable Cash Interest Payment Date and on the Maturity Date;

 

(D)          be
payable in cash quarterly in arrears on March 21, June 21, September 21 and December 21 of each year (each,
an “Cash Interest Payment Date”), commencing on ____________ (or if any such day is not a Business Day, on the
next succeeding Business Day (without interest accruing in respect of the Cash Interest Period then ending between such calendar
date and such next succeeding Business Day)) (the “First Cash Interest Payment Date”); and be payable to the
holder of record on the March 9, June 9, September 9 and December 9 immediately preceding the related Cash
Interest Payment Date; provided that with respect to the last interest period before the Maturity Date, interest on the
Notes will be payable to the holder of record on the Maturity Date.

 

(b)           The
Issuer shall pay cash interest on overdue principal at a rate that is 1% higher than the cash interest rate borne by the Notes,
and it shall pay interest on overdue installments of interest at the same rate to the extent lawful.

 

(c)           With
respect to any early redemption of Notes prior to the Maturity Date pursuant to the Indenture (other than a redemption occurring
on an Cash Interest Payment Date), cash interest on the Notes being redeemed shall be calculated based on the actual number of
days elapsed from and including the Cash Interest Payment Date immediately preceding the date of redemption through but excluding
the date of redemption, divided by the number of days in such interest period (calculated by counting the number of days from and
including the Cash Interest Payment Date immediately preceding the date of redemption through but excluding the date that is, or
would otherwise have been but for the redemption, the next Cash Interest Payment Date), multiplied by 0.75% of such principal amount
of Notes being redeemed.

 

(d)           If
any Interest Payment Date is a day that is not a Business Day, the Interest Payment Date shall be the next succeeding Business
Day and interest shall not accrue or be payable on such amount for the period from and after the scheduled Interest Payment Date
to the date of payment on the next succeeding Business Day.

 

(3)           METHOD
OF PAYMENT. The Issuer will pay cash interest (except defaulted interest), principal (including the PIK Amount), premium, and
Additional Amounts, if any, on the Notes through the Paying Agent in accordance with the Indenture with respect to Notes held at
the close of business on March 9, June 9, September 9 and December 9 immediately preceding the Interest Payment
Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in
Section 2.12 of the Indenture with respect to defaulted interest. Such payment shall be made in U.S. Dollars.

 

(4)           PAYING
AGENT AND REGISTRAR. The Issuer will act as Paying
Agent. Initially the Issuer will act as Registrar for so long as the Notes are listed on the TACT Institutional System. Upon notice
to the Trustee, the Issuer may change any Registrar.

 

    C-4

     

    

 

(5)           INDENTURE.
The Issuer issued the Notes under an Indenture dated as of July 16, 2014 (the “Indenture”) between the
Issuer, Hermetic Trust (1975) Ltd., as Trustee and Zim Integrated Shipping Services Ltd., as Paying Agent and Registrar. The Notes
are subject to all such terms, and Holders are referred to the Indenture for a statement of such terms. To the extent any provision
of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.
The Issuer has also issued 5.0% Series 2B Senior Notes due 2023 (the “Series 2B Notes”), which are referred
to with the Notes as the “Series 2 Notes” under the Indenture. The Notes and the Series 2B Notes issued under
the Indenture shall be considered to be a single class for all purposes under the Indenture, including in respect of payments,
redemption and voting. Under the Indenture, the Issuer has also issued the 3.0% Series 1 Senior Notes due 2023 (the “Series 1
Notes” and, together with the Notes, the “Instructing Notes”), which vote in respect of certain matters
as a single class with the Notes as provided in the Indenture.

 

		(6)	OPTIONAL REDEMPTION.

 

(a)           Subject
to Section 4.21 of the Indenture, at any time after the Issue Date upon not less than 30 nor more than 60 days’ written
notice, the Issuer may redeem all or part of the Notes, at a redemption price equal to 100% of the principal amount thereof plus
accrued and unpaid interest on the Notes, if any, to, but not including, the redemption date.

 

(b)           A
redemption and notice may, at the Issuer’s discretion, be subject to the satisfaction of one or more conditions precedent.

 

(c)           In
addition, the Issuer may provide in any notice of redemption for the Notes that payment of the redemption price and the performance
of its obligations with respect to such redemption may be performed by another Person.

 

(d)           Unless
the Issuer defaults in the payment of the redemption price, interest will cease to accrue on the Notes or portions thereof called
for redemption on the applicable redemption date.

 

(e)           The
record date for any such optional redemption shall be 12 days prior to the applicable optional redemption date (unless otherwise
provided by the Applicable Procedures) and no optional redemption date may occur on a date that is between an interest record date
and a related Cash Interest Payment Date.

 

(7)           MANDATORY
EXCESS CASH REDEMPTION.

 

(a)           Following
the repayment in full of the Series 1 Notes, on each Cash Interest Payment Date, the Issuer shall redeem the Notes with all
of its Excess Cash (if any) as determined for the immediately preceding fiscal quarter at a redemption price equal to 100% of the
principal amount of the Notes so redeemed plus accrued and unpaid interest on the Notes, if any, to, but not including, the redemption
date, and Additional Amounts, if any. Payments shall be made by the Issuer in the following order of priority: (i) first,
to redeem the Series 1 Notes, on a pro rata basis, until such time as the Series 1 Notes are no longer outstanding,
and (ii) second, to redeem the Series 2 Notes, on a pro rata basis, until such time as the Series 2 Notes
are no longer outstanding.

 

(b)           The
record date for any redemption pursuant to this paragraph 7 shall be the applicable record date in respect of such interest payment.
Prior to the record date, the Issuer will deliver a notice in accordance with the procedures set out in Section 3.03 of the
Indenture, stating (i) the amount of Excess Cash to be used to redeem the Notes and (ii) the relevant redemption date.

 

(c)           Any
payments made pursuant to this paragraph 7 shall be applied ratably to each holder of the relevant series of Notes based on the
aggregate principal amount of the relevant series of Notes outstanding as of the record date established for the relevant redemption
date or in the manner provided in Section 3.09 of the Indenture.

 

    C-5

     

    

 

(d)           Except as provided in clause (a),
the Issuer is not required to make mandatory redemption or sinking fund payments with respect to the Notes.

 

(8)           REPURCHASE
AT THE OPTION OF THE HOLDER.

 

(a)           If
a Change of Control occurs at any time, then the Issuer must make an offer (a “Change of Control Offer”) to
each holder of Notes to repurchase all (or any part elected by the holder) of such holder’s Notes, at a purchase price (the
 “Change of Control Purchase Price”) in cash in an amount equal to 101% of the principal amount thereof, plus
accrued and unpaid interest, if any, to, but not including, the date of purchase (the “Change of Control Purchase Date”)
(subject to the rights of holders of record on relevant regular record dates that are prior to the Change of Control Purchase Date
to receive interest due on an interest payment date). Purchases made under a Change of Control Offer will also be subject to other
procedures set forth in the Indenture.

 

(b)           In
respect of any asset other than an After Acquired Asset, if the aggregate amount of Eligible Proceeds received by the Issuer
or a Restricted Subsidiary from all Asset Sales governed by clause (a)(3) of Section 4.10 of the Indenture in any
calendar year exceeds $10 million, the Issuer shall use 50% of the Eligible Proceeds from all Asset Sales governed by
paragraph (a)(3) of Section 4.10 of the Indenture in such year to promptly redeem Notes pursuant to (and subject to the
requirements of) Section 3.07 of the Indenture.

 

(c)            Any
Net Proceeds from Asset Sales in respect of any After Acquired Assets that are not applied or invested as provided and within the
time period set forth in the Indenture will constitute “Excess Proceeds”. Subject to Section 4.10(a)(4) of
the Indenture, when the aggregate amount of Excess Proceeds exceeds $10 million, within 30 days thereof, the Issuer is required
to make an Asset Sale Offer in accordance with the procedures set forth in Section 4.10 of the Indenture to all Holders of
Notes at an offer price in any Asset Sale Offer will be equal to 100% of the principal amount, plus accrued and unpaid interest
and Additional Amounts, if any, to the date of purchase. Any Asset Sale Offer shall be conducted in accordance with the provisions
of Section 4.10 of the Indenture. An Asset Sale Offer will be to all holder of Notes, provided that the Issuer will
not purchase (and will not be obligated to purchase) Series 2 Notes until all Series 1 Notes that have been tendered
in the Asset Sale Offer have been purchased (or will be purchased concurrently with the purchase of the Series 2 Notes).

 

(9)           DENOMINATIONS,
TRANSFER, EXCHANGE. The Notes are in registered form
without interest coupons in minimum denominations of $1.00 and integral multiples of $1.00 in excess thereof. A Global Note may
not be transferred except as a whole by a Depositary or a nominee of such Depositary to a successor Depositary or a nominee thereof,
subject to the Applicable Procedures.

 

Following a
Default by the Issuer under the Indenture, (i) holders of a Book-Entry Interest may request to exchange such Book-Entry
Interest for a Definitive Registered Note by requesting such exchange in writing through the relevant Holder, if applicable,
to the relevant Participant in accordance with the Applicable Procedures or (ii) the Issuer, in its sole discretion may
determine that the Global Notes (in whole but not in part) should be exchanged for Definitive Registered Notes and deliver a
written notice to such effect to the Trustee. Upon the occurrence of the preceding events in (i) or (ii), the Issuer
shall issue or cause to be issued Definitive Registered Notes in accordance with the Applicable Procedures.

 

Global Notes also may
be exchanged or replaced, in whole or in part, as provided in the Indenture. A Global Note may not be exchanged for another Note
other than as provided in this Paragraph 9. Book-Entry Interests in a Global Note may be transferred and exchanged as provided
in the Indenture.

 

(10)         PERSONS
DEEMED OWNERS. The Registered Holder of this Note
will be treated as the owner of it for all purposes.

 

    C-6

     

    

 

(11)         AMENDMENT,
SUPPLEMENT AND WAIVER. Subject to certain exceptions
set forth in Section 9.02 of the Indenture, the Indenture, any Notes or any Guarantee, may be amended or supplemented with
the consent of the Majority Holders (including, without limitation, consents obtained in connection with a purchase of, or tender
offer or exchange offer for, Notes), and any existing Default or Event of Default (other than a Default or Event of Default in
the payment of the principal of, premium, if any, or interest on, the Notes, except a payment default resulting from an acceleration
that has been rescinded) or compliance with any provision of the Indenture or the Notes may be waived with the consent of the Majority
Holders (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for,
Notes); provided that, if any amendment, waiver or other modification will only affect one series of the Instructing Notes,
only the consent of a majority in principal amount of the then outstanding Instructing Notes of such series shall be required.
In certain circumstances set forth in Section 9.01 of the Indenture, the Indenture, any Notes or any Guarantee may be amended
or supplemented without the consent of any Holder. The holders of not less than a majority in aggregate principal amount of Instructing
Notes may, on behalf of the holders of all of Instructing Notes, waive any past defaults under the Indenture, except a continuing
default in the payment of the principal of, premium, if any, and Additional Amounts or interest on any Note held by a non-consenting
holder (which may only be waived with the consent of all holders of the Notes outstanding under the Indenture).

 

(12)         DEFAULTS
AND REMEDIES. The following events constitute “Events of
Default” under the Indenture: (A) default for 30 days in the payment when due of any interest or any Additional
Amounts on any Note; (B) default in the payment required to be made pursuant to Section 3.08 of the Indenture,
provided that if such default is caused by technical or administrative error and a default to make such payments due to a
technical or administrative error has not occurred during the prior twelve months, the continuance of such default for a
period of three Business Days; (C) default in the payment of the principal of or premium, if any, on any Note at its
Stated Maturity; (D) failure by the Issuer or any Guarantor to (i) comply with the provisions of Article 5 of
the Indenture, (ii) consummate a Change of Control Offer in accordance with the provisions of Section 4.14 of the
Indenture or (iii) consummate a redemption or an Asset Sale Offer in accordance with the provisions of Section 4.10
of the Indenture; (E) failure by the Issuer for 30 days after the written notice from the Trustee or Holders of at least
25% in aggregate principal amount of the outstanding Notes to comply with any covenant or agreement that is contained in the
Indenture or the Notes (other than a covenant or agreement which is specifically dealt with in clauses (A), (B), (C) or
(D)); (F) default under the terms of any instrument evidencing or securing the Debt of the Issuer or any Restricted
Subsidiary, if that default: (x) results in the acceleration of the payment of such Debt or (y) is caused by a
failure to pay interest or principal of such Debt at the Stated Maturity thereof after giving effect to any applicable grace
periods, and, in either case, the principal amount of such Debt unpaid or accelerated (together with the principal amount of
any other such Debt that is unpaid or accelerated) exceeds $20.0 million; (G) failure by the Issuer or any of its
Significant Subsidiaries or group of Restricted Subsidiaries that taken as a whole would constitute a Significant Subsidiary
to pay final judgments, orders or decrees (not subject to appeal) entered by a court or courts of competent jurisdiction
aggregating in excess $20.0 million (exclusive of any amounts that an insurance company has acknowledged liability for),
which judgments shall not have been discharged or waived and there shall have been a period of 60 consecutive days or more
during which a stay of enforcement of such judgment, order or decree (by reason of pending appeal, waiver or otherwise) shall
not have been in effect; (H) the Issuer or any of its Restricted Subsidiaries that is a Significant Subsidiary or any
group of Restricted Subsidiaries of the Issuer that, taken together (as of the latest audited consolidated financial
statements of the Issuer), would constitute a Significant Subsidiary pursuant to or within the meaning of Bankruptcy Law
(i) commences a voluntary case, (ii) consents to the entry of an order for relief against it in an involuntary
case, (iii) consents to the appointment of a custodian of it or for all or substantially all of its property, or
(iv) makes a general assignment for the benefit of its creditors (as an insolvent assignor); and (I) a court of
competent jurisdiction enters an order or decree under any Bankruptcy Law that (i) is for relief against the Issuer or
any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Issuer
that, taken together (as of the latest audited consolidated financial statements of the Issuer), would constitute a
Significant Subsidiary in an involuntary case, (ii) appoints a custodian of the Issuer or any of its Restricted
Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Issuer that, taken together (as
of the latest audited consolidated financial statements of the Issuer), would constitute a Significant Subsidiary or for all
or substantially all of the property of the Issuer or any of its Restricted Subsidiaries that is a Significant Subsidiary or
any group of Restricted Subsidiaries of the Issuer that, taken together, would constitute a Significant Subsidiary, or
(iii) orders the liquidation of the Issuer or any of its Restricted Subsidiaries that is a Significant Subsidiary or any
group of Restricted Subsidiaries of the Issuer that, taken together (as of the latest audited consolidated financial
statements of the Issuer), would constitute a Significant Subsidiary, and the order or decree referred to in this clause
(B) remains unstayed and in effect for 60 consecutive days. A default under clauses (E), (F) or (G) will not
constitute an Event of Default until the Trustee or the Instructing Holders notify the Issuer of the Default and, in respect
of clauses (E), the Issuer does not cure such Default within the time specified therein after receipt of such notice. If an
Event of Default occurs and is continuing, the Trustee or the holders of Notes may, and the Trustee, upon the written request
of such holders, shall, declare the principal of, PIK Amount on, and any Additional Amounts and accrued interest on all the
outstanding Notes immediately due and payable as provided in Section 6.02 of the Indenture.

 

    C-7

     

    

 

(13)         DISCHARGE
AND DEFEASANCE. Subject to certain conditions, the Issuer at any time may terminate some or all of its obligations under the
Notes, the Note Guarantees and the Indenture if the Issuer deposits with the Trustee money or U.S. Government Securities for the
payment of principal of and interest on the Notes to redemption or maturity, as the case may be.

 

(14)         AUTHENTICATION.
This Note will not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.

 

(15)         NO
RECOURSE AGAINST OTHERS. No director, officer, employee, incorporator, member or shareholder of the Issuer will have any liability
for any obligations of the Issuer under the Notes or the Indenture or for any claim based on, in respect of, or by reason of such
obligations or their creation. Each holder by accepting a Note waives and releases all such liability. The waiver and release are
part of the consideration for issuance of the Notes. Such waiver and release may not be effective to waive liabilities under the
U.S. federal securities laws.

 

(16)         ABBREVIATIONS.
Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian),
and U/G/M/A (= Uniform Gifts to Minors Act).

 

(17)         ISIN
NUMBERS. The Issuer in issuing the Notes may use ISIN numbers (or any equivalent thereof issued by the TASE), and the
Trustee may use ISIN numbers (or any equivalent thereof issued by the TASE) in notices of redemption as a convenience to Holders.
No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption,
and reliance may be placed only on the other identification numbers placed thereon.

 

(18)         GOVERNING
LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THIS NOTE AND THE GUARANTEES
WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION
WOULD BE REQUIRED THEREBY.

 

The Issuer will furnish
to any Holder or holder of a beneficial interest in the Notes upon written request and without charge a copy of the Indenture,
the form of Note or any Guarantee. Requests may be made to:

 

    C-8

     

    

 

Zim Integrated Shipping Services Ltd. 

9 Andrei Sakharov St. 

Haifa 

Israel 

Facsimile No.: +972-4-8652839 

Attention: General Counsel

 

    C-9

     

    

 

ASSIGNMENT FORM

 

To assign this Note, fill in the form below:

 

	(I) or (we) assign and transfer this Note to:	 
	 	(Insert assignee’s legal name)
	 
	 
	(Insert assignee’s soc. sec. or tax I.D. no.)
	 
	 
	 
	 
	 
	 
	 
	 
	(Print or type assignee’s name, address and
zip code)

 

	and irrevocably appoint	 
	to transfer this Note on the books of the Issuer. The agent
may substitute another to act for him.

 

	Date:	 	 	 
	 	 	 
	 	 	Your Signature:	 
	 	 	(Sign exactly as your name
appears on the face of this Note)
	 	 	 
	Signature Guarantee*:	 	 	 
	 	 	 
	 	 	 	 	 	 

 

* Participant in a recognized Signature Guarantee Medallion
Program (or other signature guarantor acceptable to the Trustee).

 

    C-10

     

    

 

ANNEX A

 

TOTAL SERIES 2A PAYMENT AMOUNT

 

	 	 	PERCENTAGE OF	 	TOTAL SERIES 2A	 
	PIK ACCRUAL DATE*	 	PRINCIPAL AMOUNT OF	 	 
	 	THE NOTE	 	PAYMENT AMOUNT	 
	September 21, 2014	 	100.45480	 	[•]	 
	December 21, 2014	 	100.95707	 	[•]	 
	March 21, 2015	 	101.46186	 	[•]	 
	June 21, 2015	 	101.96917	 	[•]	 
	September 21, 2015	 	102.47901	 	[•]	 
	December 21, 2015	 	102.99141	 	[•]	 
	March 21, 2016	 	103.50637	 	[•]	 
	June 21, 2016	 	104.02390	 	[•]	 
	September 21, 2016	 	104.54402	 	[•]	 
	December 21, 2016	 	105.06674	 	[•]	 
	March 21, 2017	 	105.59207	 	[•]	 
	June 21, 2017	 	106.12003	 	[•]	 
	September 21, 2017	 	106.65063	 	[•]	 
	December 21, 2017	 	107.18389	 	[•]	 
	March 21, 2018	 	107.71980	 	[•]	 
	June 21, 2018	 	108.25840	 	[•]	 
	September 21, 2018	 	108.79970	 	[•]	 
	December 21, 2018	 	109.34369	 	[•]	 
	March 21, 2019	 	109.89041	 	[•]	 
	June 21, 2019	 	110.43986	 	[•]	 
	September 21, 2019	 	110.99206	 	[•]	 
	December 21, 2019	 	111.54702	 	[•]	 
	March 21, 2020	 	112.10476	 	[•]	 
	June 21, 2020	 	112.66528	 	[•]	 
	September 21, 2020	 	113.22861	 	[•]	 
	December 21, 2020	 	113.79475	 	[•]	 
	March 21, 2021	 	114.36373	 	[•]	 
	June 21, 2021	 	114.93555	 	[•]	 
	September 21, 2021	 	115.51022	 	[•]	 
	December 21, 2021	 	116.08777	 	[•]	 
	March 21, 2022	 	116.66821	 	[•]	 
	June 21, 2022	 	117.25155	 	[•]	 
	September 21, 2022	 	117.83781	 	[•]	 
	December 21, 2022	 	118.42700	 	[•]	 
	March 21, 2023	 	119.01914	 	[•]	 
	June 21, 2023	 	119.61423	 	[•]	 

 

	* Subject to the business day convention	 

 

    C-11

     

    

 

 

EXHIBIT D

 

[Face of Note]

 

 

 

ISIN ____________

 

5.0% Series 2B Senior Notes due 2023

 

		No.	___	$____________

 

ZIM
INTEGRATED SHIPPING SERVICES
LTD.

 

promises to pay to __________________________________________________________
or registered assigns, in accordance with the applicable provisions of the Indenture,

 

the principal sum of __________________________________________________________
U.S. DOLLARS and any accrued but unpaid PIK Amount on June 21, 2023 (the “Maturity Date”).

 

PIK Accrual Dates: March 21, June 21, September 21
and December 21

 

Cash Interest Payment Dates: March 21, June 21, September 21
and December 21

 

Record Dates: March 9, June 9, September 9 and
December 9

 

Dated: _______________, _______

 

    D-1

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused this Note
to be signed manually or by facsimile by the duly authorized officers referred to below.

 

	 	 	ZIM INTEGRATED SHIPPING SERVICES LTD.
	 	 	 
	 	 	 
	 	 	By:	                  
	 	 	Name:
	 	 	Title:
	 	 	 
	This is one of the Notes referred to in the within-mentioned Indenture:	 
	 	 	 
	HERMETIC TRUST (1975) LTD., as Trustee	 
	 	 	 
	 	 	 
	By:	                          	 
	 	Authorized Signatory	 
	 	 	 

 

    D-2

     

    

 

[Back of Note]

 

 

5.0% SERIES
2B SENIOR NOTES DUE 2023

 

Capitalized terms used herein have the meanings
assigned to them in the Indenture referred to below unless otherwise indicated.

 

		(1)	PIK INTEREST.

 

		(a)	PIK interest on the Notes will:

 

(A)          accrue
on the Total Series 2 Payment Amount from the issue date of the Notes at the rate of 2.00% per annum;

 

(B)           be
computed on the basis of a 360-day year comprised of twelve 30-day months (notwithstanding the actual number of days in the relevant
interest period) provided that with respect to the interest period from the Issue Date to the First Interest Payment Date,
interest shall be computed on the basis of a year of 365 days and payable for the actual number of days elapsed from and including
the Issue Date through but excluding September 21, 2014 (whether or not such day is a Business Day);

 

(C)           compound
to the Total Series 2 Payment Amount on each Cash Interest Payment Date (each a “PIK Accrual Date”);

 

		(D)	be payable on the Maturity Date of the Notes.

 

(b)          The
amount of PIK interest that has accrued and compounded as of any date shall be called the “PIK Amount”. The
principal amount of the Note outstanding at any time, plus the PIK Amount as of any date shall be called the “Total Series 2
Payment Amount”. The Total Series 2 Payment Amount as of each PIK Accrual Date and Maturity Date shall be set forth
on Annex A of this Note, as adjusted from time to time by the Registrar in connection with the repayment of any PIK Amounts or
the redemption or repayment of the Notes in accordance with the Indenture.

 

(c)          With
respect to any early redemption of Notes in whole but not in part prior to the Maturity Date pursuant to the Indenture (other than
a redemption occurring on a PIK Accrual Date), the PIK Amount on the Notes being redeemed that shall be required to be paid on
such redemption date shall be calculated based on the actual number of days elapsed from and including the PIK Accrual Date immediately
preceding the date of redemption through but excluding the date of redemption, divided by the number of days in such interest period
(calculated by counting the number of days from and including the PIK Accrual Date immediately preceding the date of redemption
through but excluding the date that is, or would otherwise have been but for the redemption, the next PIK Accrual Date), multiplied
by 0.50% of such principal amount of Notes being redeemed.

 

(d)           If
any PIK Accrual Date is a day that is not a Business Day, the Interest Payment Date shall be the next succeeding Business Day and
interest shall not accrue or be payable on such amount for the period from and after the scheduled Interest Payment Date to the
date of payment on the next succeeding Business Day.

 

		(2)	CASH INTEREST.

 

		(a)	Cash interest on the Notes will:

 

    D-3

     

    

 

		(A)	accrue on the Total Series 2 Payment Amount at the rate of 3.00% per annum;

 

(B)           be
computed on the basis of a 360-day year comprised of twelve 30-day months (notwithstanding the actual number of days in the relevant
interest period) provided that with respect to the interest period from the Issue Date to the First Interest Payment Date,
interest shall be computed on the basis of a year of 365 days and payable for the actual number of days elapsed from and including
the Issue Date through but excluding the First Interest Payment Date);

 

(C)           accrue
from the date of issue of the Notes or, if interest has already been paid, from the date it was most recently paid, to but excluding
the applicable Cash Interest Payment Date and on the Maturity Date;

 

(D)          be
payable in cash quarterly in arrears on March 21, June 21, September 21 and December 21 of each year (each,
an “Cash Interest Payment Date”), commencing on ____________ (or if any such day is not a Business Day, on the
next succeeding Business Day (without interest accruing in respect of the Cash Interest Period then ending between such calendar
date and such next succeeding Business Day)) (the “First Cash Interest Payment Date”); and be payable to the
holder of record on the March 9, June 9, September 9 and December 9 immediately preceding the related Cash
Interest Payment Date; provided that with respect to the last interest period before the Maturity Date, interest on the
Notes will be payable to the holder of record on the Maturity Date.

 

(b)          The
Issuer shall pay cash interest on overdue principal at a rate that is 1% higher than the cash interest rate borne by the Notes,
and it shall pay interest on overdue installments of interest at the same rate to the extent lawful.

 

(c)          With
respect to any early redemption of Notes prior to the Maturity Date pursuant to the Indenture (other than a redemption occurring
on an Cash Interest Payment Date), cash interest on the Notes being redeemed shall be calculated based on the actual number of
days elapsed from and including the Cash Interest Payment Date immediately preceding the date of redemption through but excluding
the date of redemption, divided by the number of days in such interest period (calculated by counting the number of days from and
including the Cash Interest Payment Date immediately preceding the date of redemption through but excluding the date that is, or
would otherwise have been but for the redemption, the next Cash Interest Payment Date), multiplied by 0.75% of such principal amount
of Notes being redeemed.

 

(d)           If
any Interest Payment Date is a day that is not a Business Day, the Interest Payment Date shall be the next succeeding Business
Day and interest shall not accrue or be payable on such amount for the period from and after the scheduled Interest Payment Date
to the date of payment on the next succeeding Business Day.

 

(3)           METHOD
OF PAYMENT. The Issuer will pay cash interest (except defaulted interest), principal (including the PIK Amount), premium, and
Additional Amounts, if any, on the Notes through the Paying Agent in accordance with the Indenture with respect to Notes held at
the close of business on March 9, June 9, September 9 and December 9 immediately preceding the Interest Payment
Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in
Section 2.12 of the Indenture with respect to defaulted interest. Such payment shall be made in U.S. Dollars.

 

(4)            PAYING
AGENT AND REGISTRAR. The Issuer will act as Paying
Agent. Initially the Issuer will act as Registrar for so long as the Notes are listed on the TACT Institutional System. Upon notice
to the Trustee, the Issuer may change any Registrar.

 

    D-4

     

    

 

(5)            INDENTURE.
The Issuer issued the Notes under an Indenture dated as of July 16, 2014 (the “Indenture”) between the
Issuer, Hermetic Trust (1975) Ltd., as Trustee and Zim Integrated Shipping Services Ltd., as Paying Agent and Registrar. The Notes
are subject to all such terms, and Holders are referred to the Indenture for a statement of such terms. To the extent any provision
of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.
The Issuer has also issued 5.0% Series 2A Senior Notes due 2023 (the “Series 2A Notes”), which are referred
to with the Notes as the “Series 2 Notes” under the Indenture. The Notes and the Series 2A Notes issued under
the Indenture shall be considered to be a single class for all purposes under the Indenture, including in respect of payments,
redemption and voting. Under the Indenture, the Issuer has also issued the 3.0% Series 1 Senior Notes due 2023 (the “Series 1
Notes” and, together with the Notes, the “Instructing Notes”), which vote in respect of certain matters
as a single class with the Notes as provided in the Indenture.

 

		(6)	OPTIONAL REDEMPTION.

 

(a)           Subject
to Section 4.21 of the Indenture, at any time after the Issue Date upon not less than 30 nor more than 60 days’ written
notice, the Issuer may redeem all or part of the Notes, at a redemption price equal to 100% of the principal amount thereof plus
accrued and unpaid interest on the Notes, if any, to, but not including, the redemption date.

 

(b)           A
redemption and notice may, at the Issuer’s discretion, be subject to the satisfaction of one or more conditions precedent.

 

(c)            In
addition, the Issuer may provide in any notice of redemption for the Notes that payment of the redemption price and the performance
of its obligations with respect to such redemption may be performed by another Person.

 

(d)           Unless
the Issuer defaults in the payment of the redemption price, interest will cease to accrue on the Notes or portions thereof called
for redemption on the applicable redemption date.

 

(e)            The
record date for any such optional redemption shall be 12 days prior to the applicable optional redemption date (unless otherwise
provided by the Applicable Procedures) and no optional redemption date may occur on a date that is between an interest record date
and a related Cash Interest Payment Date.

 

(7)            MANDATORY
EXCESS CASH REDEMPTION.

 

(a)            Following
the repayment in full of the Series 1 Notes, on each Cash Interest Payment Date, the Issuer shall redeem the Notes with all
of its Excess Cash (if any) as determined for the immediately preceding fiscal quarter at a redemption price equal to 100% of the
principal amount of the Notes so redeemed plus accrued and unpaid interest on the Notes, if any, to, but not including, the redemption
date, and Additional Amounts, if any. Payments shall be made by the Issuer in the following order of priority: (i) first,
to redeem the Series 1 Notes, on a pro rata basis, until such time as the Series 1 Notes are no longer outstanding,
and (ii) second, to redeem the Series 2 Notes, on a pro rata basis, until such time as the Series 2 Notes
are no longer outstanding.

 

(b)            The
record date for any redemption pursuant to this paragraph 7 shall be the applicable record date in respect of such interest payment.
Prior to the record date, the Issuer will deliver a notice in accordance with the procedures set out in Section 3.03 of the
Indenture, stating (i) the amount of Excess Cash to be used to redeem the Notes and (ii) the relevant redemption date.

 

(c)            Any
payments made pursuant to this paragraph 7 shall be applied ratably to each holder of the relevant series of Notes based on the
aggregate principal amount of the relevant series of Notes outstanding as of the record date established for the relevant redemption
date or in the manner provided in Section 3.09 of the Indenture.

 

    D-5

     

    

 

(d)           Except as provided in clause (a),
the Issuer is not required to make mandatory redemption or sinking fund payments with respect to the Notes.

 

(8)            REPURCHASE
AT THE OPTION OF THE HOLDER.

 

(a)            If
a Change of Control occurs at any time, then the Issuer must make an offer (a “Change of Control Offer”) to
each holder of Notes to repurchase all (or any part elected by the holder) of such holder’s Notes, at a purchase price (the
 “Change of Control Purchase Price”) in cash in an amount equal to 101% of the principal amount thereof, plus
accrued and unpaid interest, if any, to, but not including, the date of purchase (the “Change of Control Purchase Date”)
(subject to the rights of holders of record on relevant regular record dates that are prior to the Change of Control Purchase Date
to receive interest due on an interest payment date). Purchases made under a Change of Control Offer will also be subject to other
procedures set forth in the Indenture.

 

(b)           In
respect of any asset other than an After Acquired Asset, if the aggregate amount of Eligible Proceeds received by the Issuer
or a Restricted Subsidiary from all Asset Sales governed by clause (a)(3) of Section 4.10 of the Indenture in any
calendar year exceeds $10 million, the Issuer shall use 50% of the Eligible Proceeds from all Asset Sales governed by
paragraph (a)(3) of Section 4.10 of the Indenture in such year to promptly redeem Notes pursuant to (and subject to the
requirements of) Section 3.07 of the Indenture.

 

(c)            Any
Net Proceeds from Asset Sales in respect of any After Acquired Assets that are not applied or invested as provided and within the
time period set forth in the Indenture will constitute “Excess Proceeds”. Subject to Section 4.10(a)(4) of
the Indenture, when the aggregate amount of Excess Proceeds exceeds $10 million, within 30 days thereof, the Issuer is required
to make an Asset Sale Offer in accordance with the procedures set forth in Section 4.10 of the Indenture to all Holders of
Notes at an offer price in any Asset Sale Offer will be equal to 100% of the principal amount, plus accrued and unpaid interest
and Additional Amounts, if any, to the date of purchase. Any Asset Sale Offer shall be conducted in accordance with the provisions
of Section 4.10 of the Indenture. An Asset Sale Offer will be to all holder of Notes, provided that the Issuer will
not purchase (and will not be obligated to purchase) Series 2 Notes until all Series 1 Notes that have been tendered
in the Asset Sale Offer have been purchased (or will be purchased concurrently with the purchase of the Series 2 Notes).

 

(9)           DENOMINATIONS,
TRANSFER, EXCHANGE. The Notes are in registered form
without interest coupons in minimum denominations of $1.00 and integral multiples of $1.00 in excess thereof. A Global Note may
not be transferred except as a whole by a Depositary or a nominee of such Depositary to a successor Depositary or a nominee thereof,
subject to the Applicable Procedures.

 

Following a
Default by the Issuer under the Indenture, (i) holders of a Book-Entry Interest may request to exchange such Book-Entry
Interest for a Definitive Registered Note by requesting such exchange in writing through the relevant Holder, if applicable,
to the relevant Participant in accordance with the Applicable Procedures or (ii) the Issuer, in its sole discretion may
determine that the Global Notes (in whole but not in part) should be exchanged for Definitive Registered Notes and deliver a
written notice to such effect to the Trustee. Upon the occurrence of the preceding events in (i) or (ii), the Issuer
shall issue or cause to be issued Definitive Registered Notes in accordance with the Applicable Procedures.

 

Global Notes also may
be exchanged or replaced, in whole or in part, as provided in the Indenture. A Global Note may not be exchanged for another Note
other than as provided in this Paragraph 9. Book-Entry Interests in a Global Note may be transferred and exchanged as provided
in the Indenture.

 

(10) PERSONS
DEEMED OWNERS. The Registered Holder of this Note
will be treated as the owner of it for all purposes.

 

    D-6

     

    

 

(11)          AMENDMENT,
SUPPLEMENT AND WAIVER. Subject to certain exceptions
set forth in Section 9.02 of the Indenture, the Indenture, any Notes or any Guarantee, may be amended or supplemented with
the consent of the Majority Holders (including, without limitation, consents obtained in connection with a purchase of, or tender
offer or exchange offer for, Notes), and any existing Default or Event of Default (other than a Default or Event of Default in
the payment of the principal of, premium, if any, or interest on, the Notes, except a payment default resulting from an acceleration
that has been rescinded) or compliance with any provision of the Indenture or the Notes may be waived with the consent of the Majority
Holders (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for,
Notes); provided that, if any amendment, waiver or other modification will only affect one series of the Instructing Notes,
only the consent of a majority in principal amount of the then outstanding Instructing Notes of such series shall be required.
In certain circumstances set forth in Section 9.01 of the Indenture, the Indenture, any Notes or any Guarantee may be amended
or supplemented without the consent of any Holder. The holders of not less than a majority in aggregate principal amount of Instructing
Notes may, on behalf of the holders of all of Instructing Notes, waive any past defaults under the Indenture, except a continuing
default in the payment of the principal of, premium, if any, and Additional Amounts or interest on any Note held by a non-consenting
holder (which may only be waived with the consent of all holders of the Notes outstanding under the Indenture).

 

(12)         DEFAULTS
AND REMEDIES. The following events constitute “Events of
Default” under the Indenture: (A) default for 30 days in the payment when due of any interest or any Additional
Amounts on any Note; (B) default in the payment required to be made pursuant to Section 3.08 of the Indenture,
provided that if such default is caused by technical or administrative error and a default to make such payments due to a
technical or administrative error has not occurred during the prior twelve months, the continuance of such default for a
period of three Business Days; (C) default in the payment of the principal of or premium, if any, on any Note at its
Stated Maturity; (D) failure by the Issuer or any Guarantor to (i) comply with the provisions of Article 5 of
the Indenture, (ii) consummate a Change of Control Offer in accordance with the provisions of Section 4.14 of the
Indenture or (iii) consummate a redemption or an Asset Sale Offer in accordance with the provisions of Section 4.10
of the Indenture; (E) failure by the Issuer for 30 days after the written notice from the Trustee or Holders of at least
25% in aggregate principal amount of the outstanding Notes to comply with any covenant or agreement that is contained in the
Indenture or the Notes (other than a covenant or agreement which is specifically dealt with in clauses (A), (B), (C) or
(D)); (F) default under the terms of any instrument evidencing or securing the Debt of the Issuer or any Restricted
Subsidiary, if that default: (x) results in the acceleration of the payment of such Debt or (y) is caused by a
failure to pay interest or principal of such Debt at the Stated Maturity thereof after giving effect to any applicable grace
periods, and, in either case, the principal amount of such Debt unpaid or accelerated (together with the principal amount of
any other such Debt that is unpaid or accelerated) exceeds $20.0 million; (G) failure by the Issuer or any of its
Significant Subsidiaries or group of Restricted Subsidiaries that taken as a whole would constitute a Significant Subsidiary
to pay final judgments, orders or decrees (not subject to appeal) entered by a court or courts of competent jurisdiction
aggregating in excess $20.0 million (exclusive of any amounts that an insurance company has acknowledged liability for),
which judgments shall not have been discharged or waived and there shall have been a period of 60 consecutive days or more
during which a stay of enforcement of such judgment, order or decree (by reason of pending appeal, waiver or otherwise) shall
not have been in effect; (H) the Issuer or any of its Restricted Subsidiaries that is a Significant Subsidiary or any
group of Restricted Subsidiaries of the Issuer that, taken together (as of the latest audited consolidated financial
statements of the Issuer), would constitute a Significant Subsidiary pursuant to or within the meaning of Bankruptcy Law
(i) commences a voluntary case, (ii) consents to the entry of an order for relief against it in an involuntary
case, (iii) consents to the appointment of a custodian of it or for all or substantially all of its property, or
(iv) makes a general assignment for the benefit of its creditors (as an insolvent assignor); and (I) a court of
competent jurisdiction enters an order or decree under any Bankruptcy Law that (i) is for relief against the Issuer or
any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Issuer
that, taken together (as of the latest audited consolidated financial statements of the Issuer), would constitute a
Significant Subsidiary in an involuntary case, (ii) appoints a custodian of the Issuer or any of its Restricted
Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Issuer that, taken together (as
of the latest audited consolidated financial statements of the Issuer), would constitute a Significant Subsidiary or for all
or substantially all of the property of the Issuer or any of its Restricted Subsidiaries that is a Significant Subsidiary or
any group of Restricted Subsidiaries of the Issuer that, taken together, would constitute a Significant Subsidiary, or
(iii) orders the liquidation of the Issuer or any of its Restricted Subsidiaries that is a Significant Subsidiary or any
group of Restricted Subsidiaries of the Issuer that, taken together (as of the latest audited consolidated financial
statements of the Issuer), would constitute a Significant Subsidiary, and the order or decree referred to in this clause
(B) remains unstayed and in effect for 60 consecutive days. A default under clauses (E), (F) or (G) will not
constitute an Event of Default until the Trustee or the Instructing Holders notify the Issuer of the Default and, in respect
of clauses (E), the Issuer does not cure such Default within the time specified therein after receipt of such notice. If an
Event of Default occurs and is continuing, the Trustee or the holders of Notes may, and the Trustee, upon the written request
of such holders, shall, declare the principal of, PIK Amount on, and any Additional Amounts and accrued interest on all the
outstanding Notes immediately due and payable as provided in Section 6.02 of the Indenture.

 

    D-7

     

    

 

(13)         DISCHARGE
AND DEFEASANCE. Subject to certain conditions, the Issuer at any time may terminate some or all of its obligations under the
Notes, the Note Guarantees and the Indenture if the Issuer deposits with the Trustee money or U.S. Government Securities for the
payment of principal of and interest on the Notes to redemption or maturity, as the case may be.

 

(14)         AUTHENTICATION.
This Note will not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.

 

(15)         NO
RECOURSE AGAINST OTHERS. No director, officer, employee, incorporator, member or shareholder of the Issuer will have any liability
for any obligations of the Issuer under the Notes or the Indenture or for any claim based on, in respect of, or by reason of such
obligations or their creation. Each holder by accepting a Note waives and releases all such liability. The waiver and release
are part of the consideration for issuance of the Notes. Such waiver and release may not be effective to waive liabilities under
the U.S. federal securities laws.

 

(16)         ABBREVIATIONS.
Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian),
and U/G/M/A (= Uniform Gifts to Minors Act).

 

(17)         ISIN
NUMBERS. The Issuer in issuing the Notes may use ISIN numbers (or any equivalent thereof issued by the TASE), and the
Trustee may use ISIN numbers (or any equivalent thereof issued by the TASE) in notices of redemption as a convenience to Holders.
No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption,
and reliance may be placed only on the other identification numbers placed thereon.

 

(18)         GOVERNING
LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THIS NOTE AND THE GUARANTEES
WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION
WOULD BE REQUIRED THEREBY.

 

The Issuer will furnish
to any Holder or holder of a beneficial interest in the Notes upon written request and without charge a copy of the Indenture,
the form of Note or any Guarantee. Requests may be made to:

 

    D-8

     

    

 

Zim Integrated Shipping Services Ltd.

9 Andrei Sakharov St.

Haifa

Israel

Facsimile No.: +972-4-8652839

Attention: General Counsel

 

    D-9

     

    

 

ASSIGNMENT FORM

 

To assign this Note, fill in the form below:

 

	(I) or (we) assign and transfer this Note to:	
	 	(Insert assignee’s legal name)

 

 

(Insert assignee’s
soc. sec. or tax I.D. no.)

 

 

 

 

 

 

 

 

(Print or type assignee’s name, address and
zip code)

 

and irrevocably appoint _______________________________________________________________to transfer this Note on the books
of the Issuer. The agent may substitute another to act for him.

 

Date: _______________

 

	 	Your Signature:	 
	 	(Sign exactly as your name
appears on the face of this Note)

 

Signature Guarantee*: _________________________

 

* Participant in a recognized Signature Guarantee Medallion
Program (or other signature guarantor acceptable to the Trustee).

 

    D-10

     

    

 

ANNEX A

 

TOTAL SERIES 2B PAYMENT AMOUNT

 

	 	 	PERCENTAGE OF	 	 
	 	 	PRINCIPAL AMOUNT OF	 	TOTAL SERIES 2B
	PIK ACCRUAL DATE*	 	THE NOTE	 	PAYMENT AMOUNT
	 	 	 	 	
	September 21, 2014	 	100.45480	 	[•]
	December 21, 2014	 	100.95707	 	[•]
	March 21, 2015	 	101.46186	 	[•]
	June 21, 2015	 	101.96917	 	[•]
	September 21, 2015	 	102.47901	 	[•]
	December 21, 2015	 	102.99141	 	[•]
	March 21, 2016	 	103.50637	 	[•]
	June 21, 2016	 	104.02390	 	[•]
	September 21, 2016	 	104.54402	 	[•]
	December 21, 2016	 	105.06674	 	[•]
	March 21, 2017	 	105.59207	 	[•]
	June 21, 2017	 	106.12003	 	[•]
	September 21, 2017	 	106.65063	 	[•]
	December 21, 2017	 	107.18389	 	[•]
	March 21, 2018	 	107.71980	 	[•]
	June 21, 2018	 	108.25840	 	[•]
	September 21, 2018	 	108.79970	 	[•]
	December 21, 2018	 	109.34369	 	[•]
	March 21, 2019	 	109.89041	 	[•]
	June 21, 2019	 	110.43986	 	[•]
	September 21, 2019	 	110.99206	 	[•]
	December 21, 2019	 	111.54702	 	[•]
	March 21, 2020	 	112.10476	 	[•]
	June 21, 2020	 	112.66528	 	[•]
	September 21, 2020	 	113.22861	 	[•]
	December 21, 2020	 	113.79475	 	[•]
	March 21, 2021	 	114.36373	 	[•]
	June 21, 2021	 	114.93555	 	[•]
	September 21, 2021	 	115.51022	 	[•]
	December 21, 2021	 	116.08777	 	[•]
	March 21, 2022	 	116.66821	 	[•]
	June 21, 2022	 	117.25155	 	[•]
	September 21, 2022	 	117.83781	 	[•]
	December 21, 2022	 	118.42700	 	[•]
	March 21, 2023	 	119.01914	 	[•]
	June 21, 2023	 	119.61423	 	[•]

	*	Subject to the business day convention	 	 

 

    D-11

     

    

 

 

EXHIBIT E

 

FORM OF CERTIFICATE OF TRANSFER

 

Zim Integrated Shipping Services Ltd.,

as Issuer and Registrar

9 Andrei Sakharov St.

Haifa

Israel

Facsimile No.: +972-4-8652839

Attention: General Counsel

 

Hermetic Trust (1975) Ltd.,

as Trustee

113 Hayarkon St., 63573

Tel-Aviv

Israel

Facsimile No.: +972-3-5271736

Attention: Mrs. Merav Offer Oren

 

		Re:	[3.0% Series 1
                                                                                                                                                  Senior Notes due 2023] [5.0% Series 2 Senior Notes due 2023] of Zim

                                                                                Integrated Shipping Services Ltd. (the “Notes”)

 

 

Reference is hereby
made to the Indenture, dated as of July 16, 2014 (the “Indenture”), between Zim Integrated Shipping Services
Ltd., organized under the laws of Israel (the “Issuer”), Hermetic Trust (1975) Ltd., as Trustee and Zim Integrated
Shipping Services Ltd., as Paying Agent and Registrar. Capitalized terms used but not defined herein shall have the meanings given
to them in the Indenture.

 

___________________,
(the “Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex
A hereto, in the principal amount of $___________ in such Note[s] or interests (the “Transfer”), to ___________________________
(the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor
hereby certifies that (i) the Transferee is a Qualifying Investor (within the meaning of the Indenture) and (ii):

 

[CHECK ALL THAT APPLY]

 

1.    ̈  Check
if Transferee will take delivery of a Definitive Registered Note pursuant to Rule 144A. The Transfer is being effected
pursuant to and in accordance with Rule 144A under the United States Securities Act of 1933, as amended (the “Securities
Act”), and, accordingly, the Transferor hereby further certifies that the Definitive Registered Note is being transferred
to a Person that the Transferor reasonably believed and believes is purchasing the Definitive Registered Note for its own account,
or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such
account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act in a transaction
meeting the requirements of Rule 144A under the Securities Act and such Transfer is in compliance with any applicable blue
sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with the terms
of the Indenture, the transferred Definitive Registered Note will be subject to the restrictions on transfer enumerated in the
Indenture and the Securities Act.

 

2.    ̈  Check
if Transferee will take delivery of a Definitive Registered Note pursuant to Regulation S. The Transferor hereby certifies
that the Definitive Registered Note is being transferred to a Person that the Transferor reasonably believed and believes is purchasing
the Definitive Registered Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and
such Person and each such account is a Qualifying Investor (as defined in the Indenture). Upon consummation of the proposed Transfer
in accordance with the terms of the Indenture, the transferred Definitive Registered Note will be subject to the restrictions on
transfer enumerated in the Indenture.

 

    E-1

     

    

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Issuer.

 

	 	 	[Insert Name of Transferor]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	Dated: ____________________
	 	 

 

    E-2

     

    

 

EXHIBIT F

 

CERTIFICATE OF GLOBAL NOTES EXCHANGE

 

Zim Integrated Shipping Services Ltd.,

as Issuer and Registrar

9 Andrei Sakharov St.

Haifa

Israel

Facsimile No.: +972-4-8652839

Attention: General Counsel

 

Hermetic Trust (1975) Ltd.,

as Trustee

113 Hayarkon St., 63573

Tel-Aviv

Israel

Facsimile No.: +972-3-5271736

Attention: Mrs. Merav Offer Oren

 

		Re:	[3.0% Series 1
                                                                                                                                                  Senior Notes due 2023] [5.0% Series 2 Senior Notes due 2023] of Zim

                                                                                Integrated Shipping Services Ltd. (the “Notes”)

 

 

Reference is hereby
made to the Indenture, dated as of July 16, 2014 (the “Indenture”), between Zim Integrated Shipping Services
Ltd., organized under the laws of Israel (the “Issuer”), Hermetic Trust (1975) Ltd., as Trustee and Zim Integrated
Shipping Services Ltd., as Paying Agent and Registrar. Capitalized terms used but not defined herein shall have the meanings given
to them in the Indenture.

 

___________________,
(the “Holder”) owns the interests in the [Series 1][Series 2] Restricted Global Note specified in
Annex A hereto (the “Interests”). The Holder hereby request that the Interests are exchanged for interests of
the same aggregate principal amount in the [Series 1][Series 2] Unrestricted Global Note. The Holder hereby represents
and warrants, for the benefit of the Issuer and the Trustee, that (i) it and each person for whose account or benefit it is
acting is a Qualifying Investor within the meaning of the Indenture and (ii) it will comply with the transfer restrictions
enumerated in the Indenture.

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Issuer.

 

	 	 	[Insert Name of Holder]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	Dated:   ____________________

 

    F-1

     

    

 

EXHIBIT G

 

FORM OF SUPPLEMENTAL
INDENTURE

TO BE DELIVERED BY SUBSEQUENT GUARANTORS

 

SUPPLEMENTAL     INDENTURE     (this     “Supplemental     Indenture”),     dated     as     of________________,
among __________________, a company organized and existing under the laws of _____________(the “Subsequent Guarantor”),
Zim Integrated Shipping Services Ltd., organized under the laws of Israel (the “Issuer”), the other Guarantors
(as defined in the Indenture referred to herein), Hermetic Trust (1975) Ltd., as Trustee and Zim Integrated Shipping Services
Ltd., as Paying Agent and Registrar.

 

W I T N E S S E T H

 

WHEREAS, the Issuer
has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of July 16,
2014 providing for the issuance of 3.0% Series 1 Senior Notes due 2023 and 5.0% Series 2 Senior Notes due 2023 (the “Notes”);

 

WHEREAS, the Indenture
provides that under certain circumstances the Subsequent Guarantor shall execute and deliver to the Trustee a supplemental indenture
pursuant to which the Subsequent Guarantor shall unconditionally guarantee all of the Issuer’s Obligations under the Notes
and the Indenture on the terms and conditions set forth herein (the “Guarantee”); and

 

WHEREAS, pursuant to
Section 9.01 of the Indenture, the Issuer, the Guarantors and the Trustee are authorized to execute and deliver this Supplemental
Indenture.

 

NOW, THEREFORE, in
consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the
Subsequent Guarantor and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders as follows:

 

1.            CAPITALIZED
TERMS. Capitalized terms used herein without definition shall have the meanings assigned to
them in the Indenture.

 

2.            AGREEMENT
TO GUARANTEE. The Subsequent Guarantor hereby agrees to provide an unconditional Guarantee
on the terms and subject to the conditions set forth in the Guarantee and in the Indenture including but not limited to Article 10
thereof.

 

3.            NO
RECOURSE AGAINST OTHERS.
No past, present or future director, officer, employee, incorporator, stockholder or agent of any Subsequent Guarantor, as such,
shall have any liability for any obligations of the Issuer or any Subsequent Guarantor under the Notes, the Indenture, the Guarantees
or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each
Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance
of the Notes.

 

4.            THIS
SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT
GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION
WOULD BE REQUIRED THEREBY.

 

5.            COUNTERPARTS.
The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement.

 

    G-1

     

    

 

6.            EFFECT
OF HEADINGS. The Section headings herein are for convenience only and shall not
affect the construction hereof.

 

7.            THE
TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in respect of
the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which
recitals are made solely by the Subsequent Guarantor and the Issuer.

 

    G-2

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Supplemental Indenture to be duly executed and attested, all as of the date first above written.

 

Dated: _______________,

 

	 	[SUBSEQUENT GUARANTOR]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	ZIM INTEGRATED SHIPPING SERVICES LTD.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	[EXISTING GUARANTORS]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	HERMETIC TRUST (1975) LTD.,
	 	as Trustee
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    G-3

     

    

 

EXHIBIT H

 

INSTRUCTION FORM

 

Name:

Principal amount and Series of Notes held

Incorporation number:

Country/Jurisdiction of incorporation:

TASE Member (Number):

 

The Person is: (select one)

 

		1.	Shipowner

		2.	Ship builder

		3.	Corporate entity part of whose business is to purchase loans or securities

		4.	Other corporate entity

		6.	Natural
person

 

    H-1

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