Company: PGYWW
Filing Date: 2025-12-05
Form Type: S-3ASR
Source: 0000950103-25-015781
Chunk: 78

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 78
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 be part of this prospectus. We have included our website address in this prospectus solely as an inactive textual reference.

<div align='center'>45

ENFORCEABILITY
OF CIVIL LIABILITIES</div>

Pagaya is incorporated under the laws of the State
of Israel. Service of process upon Pagaya and upon certain of its directors and officers and the Israeli experts named in this prospectus
who reside outside the United States may be difficult to obtain within the United States. Furthermore, because a substantial amount of
our assets are located outside the United States, any judgment obtained in the United States against us or any of our directors and officers
may not be collectible within the United States.

Pagaya has irrevocably appointed Pagaya US Holding
Company LLC as its agent to receive service of process in any action against Pagaya in any U.S. federal or state court arising out of
this offering or any purchase or sale of securities in connection with this offering. The address of Pagaya’s agent is 335 Madison
Ave, 16th Floor, New York, NY 10017.

It may be difficult to initiate an action with
respect to U.S. securities laws in Israel. Israeli courts may refuse to hear a claim based on an alleged violation of U.S. securities
laws reasoning that Israel is not the most appropriate forum to hear such a claim. In addition, even if an Israeli court agrees to hear
a claim, it may determine that Israeli law and not U.S. law is applicable to the claim. If U.S. law is found to be applicable, the content
of applicable U.S. law must be proved as a fact by expert witnesses which can be a time-consuming and costly process. Certain matters
of procedure may also be governed by Israeli law.

Subject to certain time limitations and legal
procedures, Israeli courts may enforce a U.S. judgment in a civil matter which, subject to certain exceptions, is non-appealable, including
judgments based upon the civil liability provisions of the Securities Act and the Exchange Act and including a monetary or compensatory
judgment in a non-civil matter, provided that:

| · | the judgment was rendered by a court which was, according to the laws of the state of the court, competent to render the judgment; |

| · | the obligation imposed by the judgment is enforceable according to the rules relating to the enforceability of judgments in Israel 
 and the substance of the judgment is not contrary to