Company: GAUZ
Filing Date: 2025-07-03
Form Type: F-3
Source: 0001213900-25-061387
Chunk: 27

Company: Gauzy Ltd.
Filing Date: 2025-07-03
Form: F-3
Chunk 27
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 heading “Consolidation, Merger and Sale of Assets” and certain other covenants set forth in the indenture, as well as any 
 additional covenants which may be set forth in the applicable prospectus supplement; and                                  |

| ● | any omission to comply with those covenants will not constitute                                              
 a Default or an Event of Default with respect to the debt securities of that series (“covenant defeasance”). |

The conditions include:

| ● | depositing with the trustee money and/or U.S. government obligations                                                                      
 or, in the case of debt securities denominated in a single currency other than U.S. Dollars, government obligations of the government     
 that issued or caused to be issued such currency, that, through the payment of interest and principal in accordance with their terms,     
 will provide money in an amount sufficient in the opinion of a nationally recognized firm of independent public accountants or investment 
 bank to pay and discharge each installment of principal of, premium and interest on and any mandatory sinking fund payments in respect    
 of the debt securities of that series on the stated maturity of those payments in accordance with the terms of the indenture and those    
 debt securities; and                                                                                                                      |

| ● | delivering to the trustee an opinion of counsel to the effect                                                                                
 that the holders of the debt securities of that series will not recognize income, gain or loss for United States federal income tax purposes 
 as a result of the deposit and related covenant defeasance and will be subject to United States federal income tax on the same amounts       
 and in the same manner and at the same times as would have been the case if the deposit and related covenant defeasance had not occurred.    
 (Section 8.4)                                                                                                                                |

No Personal Liability of Directors, Officers, Employees or Securityholders

None of our past, present or future directors,
officers, employees or securityholders, as such, will have any liability for any of our obligations under the debt securities or the indenture
or for any claim based on, or in respect or by reason of, such obligations or their creation. By accepting a debt security, each holder
waives and releases all such liability. This waiver and release is part of the consideration for the issue of the debt securities. However,
this waiver and release may not be effective to waive liabilities under U.S. federal securities laws, and it is the view of the SEC that
such a waiver is against public policy.

Governing Law

The indenture and the