Document:

Deed
of Trust

 

	Section	 	Subject	 	Page
	Deed
    of Trust	 	3
	1	 	Introduction,
    Definitions and Interpretation	 	5
	2	 	Issuance
    of Bonds; Terms of Issue; Equal Rank	 	10
	3	 	Purchase
    of Bonds by the Company and/or an Affiliate and Performing Distributions	 	11
	4	 	Issue
    of Additional Bonds	 	12
	5	 	Company’s
    Undertakings	 	16
	6	 	Securing
    the Bonds	 	37
	7	 	Early
    Redemption	 	43
	8	 	Right
    to Call for Immediate Repayment	 	47
	9	 	Claims
    and Proceedings by the Trustee	 	58
	10	 	Trust
    of Proceeds	 	59
	11	 	Authority
    to Demand Payment to Holders through Trustee	 	61
	12	 	Powers
    to Delay the Distribution of Funds	 	61
	13	 	Notice
    of Distribution	 	62
	14	 	Refraining
    from Payment for a Reason Which is not Dependent on the Company	 	62
	15	 	Receipt
    by Bondholders and Trustee	 	64
	16	 	Presentation
    of Bonds to the Trustee; Registration in Connection with Partial Payment	 	65
	17	 	Investment
    of Funds	 	66
	18	 	Company’s
    Undertakings vis-a-vis Trustee	 	66
	19	 	Additional
    Liabilities	 	73
	20	 	Counsel	 	74
	21	 	Other
    Agreements	 	75
	22	 	Reports
    on Matters Relating to Trusteeship	 	75
	23	 	Wages
    and Coverage of Trustee’s Expenses	 	76
	24	 	Special
    Powers	 	76
	25	 	Trustees’
    Power to Engage Agents	 	77

 

    	 

    	 

    

 

	26	 	Indemnification
    of the Trustee	 	78
	27	 	Notices	 	84
	28	 	Waivers,
    Compromises, and Changes to the Deed of Trust	 	85
	29	 	Register
    of Bondholders	 	87
	30	 	Release	 	87
	31	 	Appointment
    of the Trustee, Roles of the Trustee, Powers of the Trustee and Termination of Trustee’s Office	 	88
	32	 	Bondholders’
    Meetings	 	90
	33	 	Applicable
    Law	 	90
	34	 	Exclusive
    Jurisdiction	 	91
	35	 	General	 	93
	36	 	Trustee’s
    Liability	 	93
	37	 	Addresses	 	93
	38	 	Authorization
    to MAGNA	 	94
	First
    Addendum to the Deed of Trust - Bond Certificate (Series A)	 	95
	The
    Terms Listed on the Overleaf	 	97
	1	 	General	 	97
	2	 	The
    Bonds	 	98
	3	 	Terms
    of Bonds (Series A)	 	98
	4	 	Payments
    of Principal and Interest of the Bonds (Series A)	 	99
	5	 	Postponement
    of Dates	 	100
	6	 	Securing
    the Bonds	 	101
	7	 	Refraining
    from Payment for a Reason Which is not Dependent on the Company	 	101
	8	 	Register
    of Bondholders	 	101
	9	 	Splitting
    Bond Certificates	 	101
	10	 	Transfer
    of Bonds	 	102
	11	 	Early
    Redemption	 	102
	12	 	Purchase
    of Bonds by the Company and/or an Affiliate	 	102
	13	 	Waivers;
    Compromises, and Changes to the Deed of Trust	 	102
	14	 	Bondholders’
    Meetings	 	103
	15	 	Receipt
    from Bondholders	 	103
	16	 	Right
    to Call for Immediate Repayment	 	103
	17	 	Notices	 	103
	18	 	Governing
    Law and Jurisdiction	 	103
	19	 	Order
    of Priorities	 	103
	Second
    Addendum of the Deed of Trust - Bondholders’ Meetings	 	104
	Third
    Addendum to the Deed of Trust - Urgent Representation for Bondholders	 	115
	Appendix
    23 - Trustee’s Fee	 	120

 

    	 

    	 

    

 

Deed
of Trust 

 

Entered
into and executed in Tel Aviv on November 24, 2015

 

Between:

 

Strawberry
Fields REIT, LTD

(Company
Number: 1863501)

A
foreign company in the British Virgin Islands whose registered office in the British Virgin Islands is:

Blenheim
Trust (BV) Limited

P.O.
Box 3483

Road
Town, Tortola

British
Virgin Islands

Whose
address in Israel for the purpose of this Deed and the service of legal process (subject to Section 5.9 of this Deed) is:

c/o
Fischer Behar Chen Well Orien & Co.

3
Daniel Frisch Street, Tel Aviv 6473104

Tel:
03-6944249

Fax:
03-6944157

(hereinafter:
the “Company”)

 

Of
the first part;

 

and
between:

Mishmeret
Trust Services Company Ltd.

48
Menachem Begin Ave., Tel Aviv

Telephone:
03-6374352

Fax:
03-6374344

(hereinafter:
the “Trustee”)

 

Of
the second part;

 

	Whereas:	On
    November 24, 2015, the Company’s board of directors resolved to approve the issuance of Bonds (Series A) under the Prospectus,
    as defined below; and
	 	 
	Whereas:	On
    October 27, 2015, Standard & Poors Maalot (“maalot”) announced that a rating of il A would be provided
    for the issuance of a new series of bonds of the Company, in a total scope of up to NIS 250 million, par value; and On September
    19, 2015, Maalot announced that a preliminary rating of ilA would be provided for the issuance of a new series of bonds of
    the Company, in a total scope of up to NIS 275 million, par value

 

    	3

    	 

    

 

	Whereas:	As
    of the signature of this Deed, the Company meets all of the conditions of the rating company for the purpose of its rating
    of the series of Bonds (Series A) with the rating set forth above; and
	 	 
	Whereas:	The
    Trustee is a private company limited by shares that is incorporated in Israel under the Companies Law, 5759-1999, whose main
    purpose is to engage in trusteeship; and
	 	 
	Whereas:	The
    Trustee has declared that there is no impediment under the Securities Law, 5728-1968 or any other law for its engagement with
    the Company under this Deed of Trust and that it meets the requirements and conditions of eligibility set forth under the
    Securities Law for the Trustee to serve as a trustee for holders of bonds (series A) offered under the prospectus; and
	 	 
	Whereas:	The
    Trustee has no personal interest in the Company and the Company has no material interest in the Trustee; and
	 	 
	Whereas:	The
    Company declares that there is no impediment under any law (whether in Israel or abroad) and/or agreement for the performance
    of an issue of the Bonds and/or its engagement with the Trustee under this Deed of Trust; and
	 	 
	Whereas:	In
    the framework of the Prospectus, the Company intends to issue up to NIS 275 million par value Bonds (Series A) as set forth
    in Section 2 of this Deed of Trust; and
	 	 
	Whereas:	The
    Bonds (Series A) will be listed for trade in the stock exchange, as defined below; and
	 	 
	Whereas:	Subject
    to the success of the issue, the Company will become a reporting corporation as defined below; and
	 	 
	Whereas:	The
    Company has requested that the Trustee serve as a trustee for the Holders of the Bonds (Series A) and the Trustee has agreed
    to sign this Deed of Trust and act as a trustee for the bondholders (as defined above), all subject to and in accordance with
    the terms of this Deed of Trust.

 

    	4

    	 

    

 

Therefore
it is agreed, declared and stipulated between the Parties as follows:

 

	1.	Introduction,
    Definitions and Interpretation

 

	 	1.1	The
    preamble to this Deed of Trust and the appendices attached hereto constitute integral and substantial parts hereof. 
	 	 	 
	 	1.2	The
    division of this Deed of Trust into sections and the titles of the sections are provided for the sake of convenience and orientation
    alone, and should not be used for the purpose of interpretation. 
	 	 	 
	 	1.3	All
    of the provisions of this Deed in the plural form shall imply the singular and vice-versa, and all of the provisions in the
    masculine form shall imply the feminine form and vice-versa, and all of the provisions relating to an individual shall imply
    a corporation as well, all provided that there is no explicit and/or implicit provisions of this Deed to the contrary and/or
    that the content or context of the matter does not require otherwise. 
	 	 	 
	 	1.4	In
    the event of any matter that is omitted from this Deed and in any event of a conflict between the provisions of the law and
    this Deed of Trust, the parties will act in accordance with the provisions of Israeli law alone. In any event of a conflict
    between the provisions set forth in the prospectus in connection with this Deed and/or the bonds, the provisions of this Deed
    will prevail, provided that they do not conflict with the bylaws and guidelines of the Stock Exchange, which may not be conditioned
    upon.
	 	 	 
	 	1.5	In
    this Deed of Trust and in the bonds, the following expressions shall have the meanings set forth beside them:

 

	 	1.5.1	“This
    Deed” or “Deed of Trust” – this Deed of Trust, including the appendices attached hereto and constituting
    an integral part hereof;
	 	 	 
	 	1.5.2	The
    “Tender” – the tender for the annual interest rate determined that the bonds (series A) that are issued
    by the Company in accordance with the prospectus will bear;
	 	 	 
	 	1.5.3	“Bonds
    (Series A)” or the “Bonds” – the Bonds (Series A) that are issued by the Company in accordance with
    the Prospectus;

 

    	5

    	 

    

 

	 	1.5.4	“Series
    of Bonds” – the bonds with a total par value of up to NIS 273 million listed by name, whose terms will be in accordance
    with the certificate of the Bonds (Series A) attached to the prospectus based on which they are issued;
	 	 	 
	 	1.5.5	The
    “Prospectus” - a prospectus for supplementation by the Company, published in November 2015, including a supplementary
    notice published by the Company in accordance with the Securities Regulations (Supplementary Notice and Prospectus Draft),
    5767-2007, which will constitute part of the Prospectus applicable on the date of its publication;
	 	 	 
	 	1.5.6	The
    “Trustee” – Mishmeret - Trust Services Ltd. and/or any party that serves from time to time as a trustee
    of the bondholders under this Deed;
	 	 	 
	 	1.5.7	“Register
    of Bondholders” and/or the “Register” – a register of bondholders, as set forth in Section 29 of this
    Deed;
	 	 	 
	 	1.5.8	“Holder”
    and/or “Bondholder” - as this term is defined in the Securities Law;
	 	 	 
	 	1.5.9	“Bond
    Certificate” - a certificate of the Bonds in the form attached as the First Addendum to this Deed;
	 	 	 
	 	1.5.10	The
    “Law” or the “Securities Law” – the Securities Law, 5728-1968 and the regulations thereunder,
    as they may be from time to time;
	 	 	 
	 	1.5.11	The
    “Companies Law” – the Companies Law, 5759-1999 and the regulations thereunder, as they may be from time
    to time;
	 	 	 
	 	1.5.12	“Business
    Day” or “Bank Business Day” – any day on which the clearing house of the stock exchange and most of
    the banks in Israel are open for the performance of transactions;

 

    	6

    	 

    

 

	 	1.5.13	“Trading
    Day” – a day on which transactions are performed in the stock exchange;
	 	 	 
	 	1.5.14	The
    “Nominee Company” – the Nominee Company of Mizrahi Tfahot of Israel Ltd. or any other nominee company that
    shall replace it;
	 	 	 
	 	1.5.15	“Principal
    Amount” – the par value amount of the Bonds that are not yet paid;
	 	 	 
	 	1.5.16	The
    “Stock Exchange” – the Tel Aviv Stock Exchange Ltd.
	 	 	 
	 	1.5.17	Special
    Resolution” – a resolution passed in a general meeting of Bondholders (Series A), who are present themselves or
    by their counsel whose Bonds represent at least 50% of the balance of the par value of the Bonds (Series A), or in an adjourned
    meeting attended by the Bondholders, themselves or by their counsel, who hold at least 20% of the balance of the par value
    as stated, and which is passed (whether in the original meeting or adjourned meeting) with a majority of at least two thirds
    (2/3) of the balance of the par value of the Bonds (Series A) represented in the vote, excluding abstentions
	 	 	 
	 	1.5.18	“Opposing
    Interest” – shall mean as defined in Section 9.3 of the Second Supplement of this Deed;
	 	 	 
	 	1.5.19	“Rating”
    - a rating by the Rating Company, as defined below.
	 	 	 
	 	1.5.20	In
    this Deed of Trust and the Bonds, the Rating of the Bonds will have the meanings set forth in the table below:

 

	 	“A”	ilA
    rated by Maalot or A2 when rated by Midroog or a rating parallel to the aforesaid ratings that will be determined by another
    rating company that rates or will rate the Bonds (Series A).

 

    	7

    	 

    

 

	 	“A
    minus”	ilA-
    rated by Maalot or A3 when rated by Midroog or a rating parallel to the aforesaid ratings that will be determined by another
    rating company that rates or will rate the Bonds (Series A).
	 	 	 
	 	“BBB
    Plus”	ilBBB+
    rated by Maalot or Baa1 when rated by Midroog or a rating parallel to the aforesaid ratings that will be determined by another
    rating company that rates or will rate the Bonds (Series A).
	 	 	 
	 	“BBB”	ilBBB
    rated by Maalot or Baa2 when rated by Midroog or a rating parallel to the aforesaid ratings that will be determined by another
    rating company that rates or will rate the Bonds (Series A).
	 	 	 
	 	“BBB
    Minus”	ilBBB-
    rated by Maalot or Baa3 when rated by Midroog or a rating parallel to the aforesaid ratings that will be determined by another
    rating company that rates or will rate the Bonds (Series A).
	 	 	 
	 	“BB
    Plus”	ilBB+
    rated by Maalot or Ba1 when rated by Midroog or a rating parallel to the aforesaid ratings that will be determined by another
    rating company that rates or will rate the Bonds (Series A).

 

	 	1.5.21	“Rating
    Company” – Standard & Poor’s Maalot Ltd. (above and hereinafter: “Maalot”), Midroog Ltd.
    (above and hereinafter: “Midroog”) or another rating company that is approved by the Commissioner of the Capital
    Market, Insurance and Savings in the Ministry of Finance.

 

    	8

    	 

    

 

	 	1.5.22	“Reporting
    Corporation”– as defined in the Securities Law or a corporation traded on a stock exchange outside of Israel,
    as set forth in the Second or Third Addendum of the Securities Law.
	 	 	 
	 	1.5.23	“Controlling
    Shareholders”: Messrs. Moishe Gubin (together with his spouse, Tira Gubin) and Michael Blisko, as set forth in Section
    3.4 of the Prospectus.
	 	 	 
	 	1.5.24	“Reporting
    Regulations” – the Securities Regulations (Periodic and Immediate Reports), 5730-1970.
	 	 	 
	 	1.5.25	“Financial
    Statements” – annual or quarterly financial statements, audited or reviewed, that the Company is required to publish
    in accordance with the Securities Law and the regulations thereunder.
	 	 	 
	 	1.5.26	“Associated
    Company” and “Joint Control” - as defined in the Securities Regulations (Annual Financial Statements), 5770-2010.
	 	 	 
	 	1.5.27	“HUD”
    - The Department of Housing and Urban Development, USA.

 

	 	1.6	As
    long as the Bonds are listed for trade on the Stock Exchange, in any event in which the rules of the Stock Exchange apply
    or will apply to any operation under this Deed of Trust, the operation date and the manner of performance will be determined
    in accordance with the rules of the Stock Exchange. It is clarified that the performance of actions as stated (including if
    the rules of the Stock Exchange are modified) will not derogate from the agreements of the parties under this Deed.
	 	 	 
	 	1.7	In
    any event of a conflict between the Deed of Trust and the accompanying documents, the provisions of the Deed of Trust will
    govern. 
	 	 	 
	 	1.8	In
    the event of termination of the issuance of the Bonds for any reason, the validity of this Deed of Trust will be concluded.
    

 

    	9

    	 

    

 

	 	1.9	Any
    reference in this Deed to a number of sections in the Law will be adjusted, mutatis mutandis, to changes occurring in the
    Law, if any. 
	 	 	 
	 	1.10	The
    Trustee’s actions are valid even if a defect is discovered in his appointment or eligibility. 
	 	 	 
	 	1.11	In
    any case in which this Deed or its appendices explicitly states that the Company will announce something in an immediate report,
    the report will take place on the date and based on the details required in the Reporting Regulations (whether the Company
    is subject to a reporting obligation under the Reporting Regulations or otherwise). The above will not derogate from the other
    reporting obligations of the Company under any law. 
	 	 	 
	 	1.12	The
    Trustee’s signature on the Trust Deed does not constitute an opinion by the Trustee as to the nature of the offered
    securities or the advisability of investment in these securities.

 

	2.	Issuance
    of Bonds; Terms of Issue; Equal Rank

 

	 	2.1	The
    Company will issue the Bonds (Series A) as described in the preamble of this Deed. The Bonds (Series A) that will be issued
    under the Prospectus (if any are issued) will be listed for trade on the Stock Exchange/
	 	 	 
	 	2.2	The
    terms of the Bonds (Series A) that are issued under the Prospectus will be as follows:

 

Up
to NIS 273 million par value of Bonds (Series A), with a total par value of up to NIS 273, listed by name, payable in 8 (eight)
annual payments (unequal) on July 1 of each of the years 2017 through 2024 (inclusive) such that each of the 4 first payments
on account of the principal will be 15% of the principal of the total par value of the Bonds (Series A) and each of the 4 last
payments on account of the principal will constitute 10% of the total principal par value of the Bonds (Series A). The Bonds (Series
A), bearing annual interest (unlinked) in a fixed rate as set forth in the Tender, which will not exceed the maximum interest
rate as set forth below, and that is paid on July 1, 2016 and on January 1 and July 1 of each of the years 2017 through2024 (inclusive)
(the first interest payment will be made on July1, 2016 and the last interest payment will be made on July 1, 2024, jointly with
payment of the last payment of the principal of the Bonds) for the period of six months ending on the date before the payment
date (hereinafter: the “Interest Period”). The interest rate which will be paid for a particular interest period (other
than the first interest period as defined below) (meaning, the period which begins on the payment day of the prior interest period
and ending on the last day before the payment date immediately after the commencement date) will be calculated as the yearly interest
rate divided by two. The first interest payment will be made on July1, 2016 for the period beginning on the first Trading Day
after the date of the Tender of the Bonds (Series A) and ending on June30, 2016 (above: the “First Interest Period”),
calculated on the basis of 365 days per year, based on the number of days in this period, and the last interest payment will be
made on July 1, 2024. The Bonds (Series A) shall not be linked (principal and interest) to any index or any currency.

 

Subject
to adjustments in the event of a change in the Rating of the Bonds (Series A) and/or non-compliance with financial conditions
as set forth in Sections 5.3 and 5.4 below and/or eligibility for arrears interest (as defined in Section 4(a) of the overleaf
conditions that are in the First Supplement of this Deed), the interest rate that the Bonds (Series A) will bear will not exceed
6.4% or another rate determined in the Supplementary Notice published under the Prospectus (hereinafter: the “Maximum Interest
Rate”).

 

	 	2.3	The
    Company reserves the right to perform early repayment of the Bonds upon the fulfillment of the terms set forth in Section
    7 of this Deed. 

 

    	10

    	 

    

 

	 	2.4	The
    Bonds (Series A) will all have equal rank pari-passu, among themselves, in connection with the Company’s obligations
    under the Bonds, and without priority or preference of one over the other.

 

	3.	Purchase
    of Bonds by the Company and/or an Affiliate and Performing Distributions

 

	 	3.1	The
    Company reserves the right, subject to any law, to acquire the Bonds (Series A) at any time and from time to time, without
    derogating from the obligation to repay the Bonds (Series A) in circulation. In the event of a purchase as stated, the Company
    will issue an immediate report or inform the Trustee thereof in writing. In the event in which the Bonds (Series A) are acquired
    by the Company, the Company will file a request to the clearing house of the Stock Exchange for the withdrawal of the certificates
    acquired as stated.

 

In
the event of a purchase by the Company as stated above, the acquired Bonds (Series A) will expire automatically, will be voided
and will be delisted from trade, and the Company may not reissue them. The provisions above will not harm the Company’s
right to redeem the Bonds (Series A) in advance as stated in Section 7 below. 1.1

 

Notwithstanding Section 3.1 above, the Company
shall not be entitled to purchase bonds, as long as the company is found (if and when it is found) in a state of non-compliance
with some financial covenants set out in section 6.4 (1) to (3) below.

 

	 	3.2	The
    Controlling Shareholder of the Company (directly or indirectly) and/or its relative (as the term is defined in the Securities
    Law) and/or a subsidiary of the Company and/or affiliated company and/or associated company of the Company and/or a corporation
    under the control of any of the above (directly or indirectly) (excluding the Company itself, regarding which the provisions
    of Section 3.1 above shall apply) (hereinafter: an “Affiliated Party”) may acquire and/or sell Bonds (Series A)
    at their discretion (and subject to any law), at any time and from time to time, including by way of the Company’s issuance
    of Bonds (Series A) that are issued under the Deed of Trust. In the event of an acquisition and/or sale as stated by a subsidiary
    of the Company and/or a corporation under its control, the Company will issue an immediate report with respect thereto. The
    Bonds (Series A) that are held as stated by an Affiliated Party will be considered to be an asset belonging to the Affiliated
    Party, and if they are listed for trade, they will not be delisted from trade in the Stock Exchange and will be transferrable
    as are the other Bonds (Series A). The Bonds (Series A) that are owned by an Affiliated Party will not grant to the Affiliated
    Party voting rights in a meeting of the Bondholders (Series A) and will not be counted for the purpose of determining a legal
    quorum required to commence such meetings. A meeting of Holders will take place based on the provisions of the Second Addendum
    of the Deed of Trust. An Affiliated Party will report to the Company, if required under law to do so, regarding an acquisition
    of Bonds (Series A) and the Company will provide the Trustee, at its request, with a list of Affiliated Parties and the quantities
    held thereby on the date requested by the Trustee, based on the reports received as stated from Affiliated Parties and that
    are reported in the MAGNA system by the Company. It is clarified that a report on the MAGNA system will be considered to be
    a report to the Trustee for the purposes of this Section Notwithstanding Section 3.2 above, the Company’s subsidiary
    and / or related company and / or associate of the Company will not be entitled to purchase such debentures, as long as the
    company is found (if and when it is found) in a state of non-compliance with some die the financial criteria set out in section
    6.4 (1) to (3) below.

 

    	11

    	 

    

 

	 	3.3	The
    provisions of this Section above alone will not obligate the Company, an Affiliated Party or the Bondholders (Series A) to
    purchase and/or sell the Bonds (Series A) in their possession.
	 	 	 
	 	3.4	As
    of the date of the signature of this Deed, the Company is not subject to any limitation with respect to the distribution of
    dividends or a buy-back of its shares, excluding as set forth in Section 6.5 below. 

 

	4.	Issue
    of Additional Bonds

 

	 	4.1	The
    Company may, from time to time, without requiring the consent of the Trustee and/or the Holders existing at the time, issue
    additional Bonds (Series A) (whether in a private placement or in the framework of a prospectus), including to an Affiliated
    Party (as defined in Section 3.2 above), under the terms that it sees fit (the terms of the additional bonds that are issued
    will be identical to the terms of the Bonds (Series A)). However, in such a case, the Trustee will have the right to demand
    the increase of the annual wages in a manner relative to the increase of the series, in a permanent manner until the end of
    the term of the trust, and the Company provides in consent in advance, by engaging in this Deed, to increase the wages of
    the Trustee as stated. The Bonds (Series A) existing on the date of the expansion of the series and the additional Bonds (Series
    A) (from the date of their issue) will constitute one series for all intents and purposes, and the Deed of Trust of the Bonds
    (Series A) will also apply regarding all of the additional bonds from Series A as stated. The Company will refer to the Stock
    Exchange with a request to list for trade the additional Bonds (Series A) as stated, when they are offered. 

 

Notwithstanding
the above, an additional issuance of Bonds (Series A) will be performed subject to all of the terms set forth below being fulfilled:
(a) the additional issuance of the Bonds (Series A) as stated will not be harmed by the Rating of the Bonds (Series A) that are
first issued under this Deed, as the Rating may be at the time (i.e. the Rating before the expansion of the series). For the purpose
of this section, it is clarified in the event in which the Bonds (Series A) are rated by more than one Rating Company, the ratings
test for the purpose of this section will take place, at any time, based on the higher of the ratings; (b) On the additional issue
date, the Company meets the financial criteria set forth in Section 6.4 below. Confirmation as stated, with respect to compliance
with the financial criteria alone, will be provided by the senior officer in the financial department of the Company at least
7 buissnes days before the date on which the series is expanded, and the Trustee will rely on the aforesaid confirmation and will
not be required to perform additional inspections; (c) On the date of the additional issue, in accordance with the most recent
financial statements published before the date of the additional issue, and after retroactively taking into account the performance
of the additional issue, the Company will meet the financial criteria set forth in Section 6.4 below. The Company will provide
the Trustee, before actually performing the issue of the additional issue, written confirmation that is signed by the senior officer
in the financial department of the Company regarding: (1) the fulfillment of the aforesaid conditions; (2) that the Company is
not in breach of all and/or any of its obligations to the Bondholders (Series A) and there are no grounds for calling for immediate
repayment as set forth in Section 8.1 below; and (3) the expansion of the series will not harm the solvency of the Company as
to the Bonds (Series A). In any case of an additional issue as stated, the increase of the series will occur subject to receipt
of prior consent from the Rating Company whereby the increase of the series as stated will not harm the rating of the Bonds (Series
A) as it may be at the time. Confirmation from the Rating Company will be published in an immediate report before the expansion
of the series, and will be attached to the approval of the Company to the Trustee. The Company will inform the Trustee in writing,
and publish in an immediate report, even before the performance of the additional issue, whether the additional issue meets all
of the aforesaid terms, and confirm to the Trustee in writing that the expansion as stated will not harm the Bondholders (Series
A) and that the Company’s board of directors has examined the impact of the expansion of the series as stated, and its abilities,
and determined that the expansion will not harm the ability of the Company to meet its obligation to the Bondholders (Series A)
before the performance of the issuance as stated.

 

    	12

    	 

    

 

This
right of the Company will not exempt the Trustee from examining the issue as stated, if such an obligation applies to the Trustee
under law, and will not derogate from the rights of the Trustee and the Bondholders under this Deed, including their right to
call for immediate repayment of the Bonds as stated in Section 8 below.

 

The
Bonds (Series A) will have equal rank pari-passu, amongst themselves, without a priority or preferential right of one over the
other.

 

In
the event that the discount rate that is determined for the additional Bonds (Series A), if any, is different from the discount
rate of the Bonds (Series A) existing in circulation at the time (including the lack of discount, if relevant), the Company will
contact the Tax Authorities before the increase of the Series of Bonds in order to receive its consent that with regard to withholding
tax at source from the discount fees for the Bonds (Series A), a uniform discount rate will be determined for the Bonds (Series
A) based on a formula that weighs the various discount rates in the series, if any (hereinafter: the “Weighted Discount
Rate”).

 

In
the event of receipt of confirmation as stated, the Company will calculate the Weighted Discount Rate for all of the Bonds (Series
A), and will publish in an immediate report the uniform Weighted Discount Rate for each series, based on the expansion of the
series, and will withhold tax on the payment dates of the Bonds (Series A) based on the Weighted Discount Rate as stated and in
accordance with the provisions of the law. In such a case, all of the other provisions of the law relating to the taxation of
discount fees will apply. In the event that confirmation as stated is not received, the Company will provide notice through an
immediate report shortly before the issuance of the additional Bonds (Series A) as a result of the increase of the aforesaid series
regarding the highest discount rate created for the same series. The Company will withhold tax at source upon the payment of the
Bonds (Series A), in accordance with the discount rate reported as stated.

 

Therefore,
there may be cases in which the Company withholds tax at source for the discount fees in an amount that is higher than the discount
fees determined for a party that holds the Bonds (Series A) before the expansion of the series (hereinafter: the “Surplus
Discount Fees”), which will worsen their position, regardless of whether confirmation is received from the Tax Authority
for the determination of a uniform discount rate for the relevant series. In such a case, a taxpayer that holds Bonds (Series
A) before the increase of the aforesaid series and until the payment of the Bonds (Series A) will be entitled to submit a tax
report to the Tax Authority and receive a tax refund in the amount of the tax withheld from the Surplus Discount Fees, if the
party is entitled to a refund as stated under law.

 

    	13

    	 

    

 

	 	4.2	Without
    derogating from the generality of the above, the Company reserves the right, subject to any law, to issue an additional series
    of bonds at any time and from time to time (whether in a private placement or in the framework of a prospectus) and without
    being required to receive the consent of the Bondholders (Series A) and/or the consent of the Trustee, as applicable, and
    including an Affiliated Party (as defined in Section 3.2 above), as the Company sees fit, excluding bonds whose commercial
    terms (i.e. the rate of the principal that is paid on each payment date, the payment dates of the principal, the interest
    rate and its payment date, and the lack of linkage of the principal and interest) will be equal to the terms of the Bonds
    (Series A) in circulation, and excluding bonds that are preferential over the Bonds (Series A) in terms of the ranking of
    creditors in the event of liquidation alone (meaning, it is possible that series of bonds will be issued that are secured
    with securities).

 

Notwithstanding
the above, the issuance of bonds as stated in this Section 4.2 above (hereinafter in this Section 4.2 alone: the “Additional
Issuance”) will be subject to the fulfillment of all of the terms set forth below: (a) the Additional Issuance as stated
will not harm the Rating of the Bonds (Series A) that are issued for the first time under this Deed, as their Rating may be at
the time (i.e. the Rating before the Additional Issuance). For the purpose of this section, it is clarified in the event in which
the Bonds (Series A) are rated by more than one Rating Company, the ratings test for the purpose of this section will take place,
at any time, based on the higher of the ratings; (b) On the additional issue date, the Company meets the financial criteria set
forth in Section 6.4 above, and the Company is not in breach of any and/or part of the obligations for the Bondholders (Series
A) and no grounds exist for calling for immediate repayment as set forth in Section 8.1 below; and (c) of the date of the additional
issue, in accordance with the most recent financial statements published before the additional issue date, and after retroactively
taking into account performance of the additional issue, the Company will meet the financial criteria as set forth above.

 

    	14

    	 

    

 

Before
the issuance of bonds from an additional series, the Company will provide the Trustee with the following confirmations and perform
advertising as follows:

 

	 	(1)	Written
    confirmation signed by the senior office in the Company’s financial department regarding the fulfillment of the aforesaid
    terms, provided to the Trustee at least 7 buissnes days before performing the additional issue, and confirmation that the
    additional issue is not preferential over the terms of the Bonds (Series A) in liquidation. 
	 	 	 
	 	(2)	Confirmation
    from the Rating Company that the Additional Issue as stated will not harm the Rating of the Bonds (Series A) that are issued
    for the first time under this Deed, as their Rating may be at the time. 
	 	 	 
	 	(3)	Confirmation
    from the auditor of the Company as to the Company’s compliance with the financial conditions (only) set forth in Section
    6.4 of this Deed below, as of the date of the most recent financial statements of the Company published prior provided to
    the Trustee at least 7 buissnes days before performing the additional issue.

 

Without
derogating from the above, the aforesaid rights of the Company, will not prevent the Trustee from examining the implications of
the issue as stated, and will not derogate from the rights of the Trustee and the Bondholders under this Deed, including their
right to call for immediate repayment of the Bonds as stated in Section 8 below.

 

Subject
to the provisions of any law, the Company will inform the Trustee regarding the issuance of the additional bonds as stated before
the performance of the additional issue, and will transfer any report issued in connection with this regard under any law.

 

    	15

    	 

    

 

	5.	Undertakings
    of the Company 

 

	 	5.1	The
    Company hereby undertakes to pay, on the dates prescribed, all of the amounts of principal and interest that will be paid
    under the terms of the Bond (Series A), if any, and comply with all of the other terms and obligations imposed thereon under
    the terms of the Bonds (Series A) and under this Deed. Additionally, subject to Section 7.2 below, the Company undertakes
    to list the Bonds for trade in the Stock Exchange and ensure that the Bonds continue to be listed for trade in the Stock Exchange
    until the date of final payment.
	 	 	 
	 	5.2	Transfer
    of issuance consideration to the Company 

 

	 	5.2.1	The
    Company will contact HUD Soon after the Allotment Date (as defined in Section 2.4.5.3 of the Prospectus) (section 5.2 of this:
    “Allotment Date”), for its approval: (1) for the transfer of the assets for which the HUD has provided guarantees
    to finance (the “HUD Guarantees”); or (2) that no approval as stated is required to transfer the same assets (the
    “HUD Approvals”); The Company will announce receipt of the HUD Approvals in an immediate report near their receipt.
	 	 	 
	 	5.2.2	The
    following provisions will apply to the issuance consideration and its profits, less the early undertaking fee, coordination
    and other fees other expenses and the wages of the consultants, as set forth in the supplementary notice published under section
    6.1 to the Prospectus (in this Section 5.2: the “Net Issuance Consideration”):

 

	 	5.2.2.1	The
    Company will irrevocably instruct the issuance coordinator to transfer the net issuance consideration received to the trust
    account (as defined in Section 5.2.3.4 below), until receipt of the HUD approval in accordance with Section 5.2.1 above. Any
    net issuance consideration will be held by the trustee in trust (according to the trust laws of the State of Israel) in favor
    of the holders of bonds alone, until the fulfillment of the terms for release of the issuance consideration to the Company,
    as set forth in Sections 5.2.3.2 and 5.2.3.3 below.

 

    	16

    	 

    

 

	 	5.2.2.2	Also,
    after 30 days from the date of allocation to the HUD approval, the controlling shareholders will transfer (in person or by
    companies controlled by them) account interest cushion as defined in Section 5.6 below, every month, an amount equal to the
    interest on the principal of the bonds for the month preceding that payment (“special funds”). any payment, will
    be sixth biannual interest payment borne by the bonds as stated in Section 2.2 above. In the case where the HUD approval are
    not obtained as described in Section 5.2.4 below, the special funds will be used for payments at the expense of the first
    interest payment to be paid to the holders of the bonds (Series A) Under the terms of this Deed. If the HUD permits were obtained
    as stated in paragraph 5.2.1 above, the special funds will be transferred to the controlling shareholders (in person or by
    companies controlled by them).
	 	 	 
	 	5.2.2.3	the
    HUD approvals as stated in Section 5.2.1 above were received, the Company will inform the trustee of the same in writing,
    with confirmation signed by the more senior officer of the Company in the financial field, and attached a letter from an attorney
    licensed to practice law in the United States, confirming that the HUD approvals were received, and additionally, will report
    the same in an immediate report. 
	 	 	 
	 	5.2.2.4	Within
    one business day from the date of receipt of the Company’s notice and publication of the immediate report as stated,
    the trustee will provide the Company with all of the funds deposited as stated in Section 5.2.2 above, in the trust account
    in addition to the profits and less costs of opening the account, managing and closing it, and less the interest cushion amount
    as defined in Section 5.6 below, which will remain in the trust account (which will constitute, as of the same date, an interest
    cushion account as defined in Section 5.6 below), and less the expenses cushion amount as defined in Section 5.7 below, which
    will be transferred to the expenses cushion account opened by the trustee as set forth in Section 5.7 below.

 

    	17

    	 

    

 

	 	5.2.2.5	In
    this Section 5.2 – “the Trust Account”: an account that the Trustee will open in its name and under its
    (of the trustee) sole ownership, in one of the five largest banks in Israel, at its discretion. The signature rights in the
    account will be granted to the trustee exclusively, all of the costs of opening the trust account, its management and closing
    will be borne by the Company. The policy of managing the funds in the trust account and its performance will be determined
    at the exclusive discretion of the Company, provided that the investment is in investments as set forth in Section 17 below.
    The trustee will not be responsible vis-à-vis the holders of Bonds (Series A) and/or vis-à-vis the Company for
    any loss caused due to the investments as stated.
	 	 	 
	 	5.2.2.6	It
    shall be clarified that the rights of the Company (if any) in the Trust Account are not pledged in favor of the trustee and/or
    bondholders. Therefore, a case may arise in which any third party (including a functionary on behalf of a court and the like)
    will claim that the Company has rights in the Trust Account and that the funds deposited therein belong to the Company and/or
    any of its creditors, and not to the holders of the Bonds (Series A) alone. The above will not derogate from the undertakings
    of the Company, controlling shareholders and officers therein as set forth in Section 34 below, which, for the avoidance of
    doubt, will also apply in connection with the Trust Account.

 

    	18

    	 

    

 

	 	5.2.2.7	Without
    derogating from the rights of the Company to receive the net issuance consideration (less the interest cushion amount and
    the expenses cushion amount) thereto subject to the provisions of Section 5.2.3.3 above and/or any other right of the Company
    under law, the deposit of the issuance consideration by the issuance coordination in the Trust Account as stated will be considered,
    for the listing of the Bonds (Series A) for trade in the stock exchange and for that purpose alone, to be receipt of the issuance
    consideration by the Company. Accordingly, the same will not prevent the Company from submitting a request to register the
    Bonds (Series A) for trade in the stock exchange and list for trade the bonds on the stock exchange.
	 	 	 
	 	5.2.2.8	The
    Company undertakes that until conditions for the release of proceeds of the offering to the Company are met, as set out in
    sections 5.2.2.2 and 5.2.2.3 above or, if the conditions are not met, then Until the early redemption as provided in section
    5.2.4 below, it will not take loans from financial institutions.

 

	 	5.2.3	Notwithstanding
    Section 5.2.3 above, if before the issuance of the Bonds, the Company publishes within the supplementary notice published
    under the Prospectus that the HUD approvals have been received, the issuance coordinator will directly transfer to the Company
    the net issuance consideration, less the interest cushion that is transferred directly to the interest cushion account, and
    less the expenses cushion account, and Section 5.2.3 will not apply.
	 	 	 
	 	5.2.4	If
    by the end of a period of 6 months from the date of the allocation, no HUD confirmations are received as stated in Section
    5.2.1above, the Company will act to perform full early repayment and delist from trade the Bonds, in the manner set forth
    in Section 7.2 below, mutatis mutandis; for the purpose of performing the early repayment as stated, use will be made of the
    issuance consideration deposited in the trust account (including the interest cushion and the expenses cushion), which will
    be transferred by the Trustee directly from the Trust Account to the nominee company, and the Company will supplement any
    amount required for the purpose of performing early repayment as stated. Notwithstanding the foregoing, the Company may extend
    the period (6 months) As mentioned above, an additional two months, provided that the approval of the bond holders (Series
    A), by a simple majority.

 

    	19

    	 

    

 

	 	5.3	Adjustment
    of interest rate for a change in the rating of the Bonds (Series A):

 

For
the purpose of this section, it shall be clarified that in the event in which the Bonds (Series A) are rated by more than one
rating company, an examination of the rating for the adjustment of the interest rate to the change in the rating (if any such
change occurs) will take place based on the lower of the ratings.

 

The
interest rate that the Bonds (Series A) will bear will be adjusted for a change in the rating of the Bonds (Series A), as set
forth below in this section:

 

	It
    shall be clarified that if adjustment of interest is required in accordance with the mechanism described in this Section 5.3
    above and below, and based on the mechanism described in Section 5.4 below, in any event, the maximum additional interest
    rate will not exceed 1.5% above the interest rate determined in the tender. Arrears interest, if applicable in accordance
    with Section 4(a) of the terms of the overleaf, will be added to the said rate and will not constitute part thereof.

 

In
this regard:

 

A
rating of A, A-, BBB+, BBB, BBB- and BB+ - are as defined in the table in Section 1.5.20 above.

 

“Base
Rating” – a rating of ilA or a rating parallel thereto.

 

    	20

    	 

    

 

“Additional
Interest Rate” – additional interest provided to the bondholders for the decline in the rating of the Bonds in accordance
with the following: a rate of 0.25% per year for one notch below the Base Rating (i.e., for a decline to a rating of ilA- (ila
minus) plus or a rating parallel thereto) and a rate of 0.25% per year for each additional notch below the Base Rating (i.e.,
as of a decline to a rating of ilBBB (ilBBB plus) or a rating parallel thereto) until a maximum interest addition of 1.25% per
year at most (i.e., up to a rating of ilBB+ (ilBB plus) or a rating parallel thereto and inclusively).

 

	 	A.	If
    the rating of the Bonds (Series A) by the rating company (in the event of the replacement of a rating company, the Company
    will provide the trustee with a comparison of the rating scale of the replaced rating company and the rating scale of the
    new rating company) will be updated during any interest period, such that if the rating that will be determined for the Bonds
    (Series A) will be lower by one or more notch (hereinafter: the “Lowered Rating”) belong the Base Rating, the
    annual interest rate that the unpaid principal of the Bonds (Series A) will bear will be increased by the Additional Interest
    Rate or part thereof (as stated below), in accordance with the levels determined as stated, for the period beginning from
    the publication of the new rating by the rating company and until the complete payment of the unpaid principal of the Bonds
    (Series A) or until the date on which the rating increases in accordance with the provisions of Section 5.3(e) below. If the
    interest rate increases prior thereto for a deviation from the financial criteria as stated in Section 5.4 below, the increase
    of the interest rate for the lowered rating as stated will be limited such that the additional annual interest will not exceed
    1.5% in any event.

 

    	21

    	 

    

 

	 	B.	No
    later than the end of one business day from the receipt of a notice from the rating company regarding the lowering of the
    rating of the Bonds (Series A) to the Lowered Rating as defined in subsection (a) above, the Company will publish an immediate
    report, in which the Company states: (1) that the rating was lowered, the Lowered Rating, the rating report and the date on
    which the Lowered Rating of the Bonds (Series A) comes into effect (hereinafter: the “Date of Lowering the Rating”);
    (2) the compliance / non-compliance with the financial criteria described in Section 5.4 below based on the most recent reviewed
    or audited consolidated financial statements of the Company published before the date of the immediate report, as well as
    whether a change has occurred to the interest for the compliance / non-compliance with the financial criteria as stated; (3)
    the precise interest rate that the balance of the Bonds (Series A) will bear for the period beginning on the current interest
    period and until the Date of Lowering the Rating (the interest rate will be calculated based on 365 days per year) (hereinafter:
    the “Original Interest” and the “Original Interest Period,” respectively); (4) the interest rate that
    the balance of the principal of the Bonds (Series A) will bear as of the Date of Lowering the Rating and until the actual
    next interest payment date, i.e.: the Original Interest in addition to the additional interest rate per year (the interest
    rate is calculated based on 365 days per year) (hereinafter: the “Updated Interest”), if the interest rate is
    not increased prior thereto, if increased for a deviation from the financial criteria as stated in Section 5.4 below, in which
    case the increase of the interest rate for the decrease in the rating as stated will be limited such that the addition of
    the annual interest for the decrease in the rating and non-compliance with the financial conditions will not exceed 1.5% in
    any event; (5) the weighted interest rate paid by the Company to the holders of Bonds (Series A) on the upcoming interest
    payment date, arising from the provisions of subsections (3) and (4) above; (6) the annual interest rate reflected from the
    weighted interest rate; (7) the annual interest rate and the biannual interest rate (the biannual interest will be calculated
    as the annual interest divided by the number of interest payments per year, i.e. divided by two) for the coming periods. 
	 	 	 
	 	C.	If
    the date of the commencement of the rating of the Bonds (Series A) with the Lowered Rating occurs during the days beginning
    four days before the date set forth for payment of any interest and ending on the interest payment date that is closest to
    the date set forth above (hereinafter: the “Deferral Period”), the Company will pay to the holders of the Bonds
    (Series A), on the upcoming interest payment date, the Original Interest, before the change, alone, while if the interest
    rate is not increased prior thereto due to a deviation from the financial criteria as stated in Section 5.4 below, the interest
    rate arising from the additional interest in the rate equal to the rate of the additional annual interest during the Deferral
    Period will be paid on the following interest payment date. The Company will announce, in an immediate report, the precise
    interest rate for payment on the upcoming interest payment date.

 

    	22

    	 

    

 

	 	D.	In
    the event of updating the rating of the Bonds (Series A) by the rating company, in a manner impacting the interest rate that
    the Bonds (Series A) will bear as stated in Section 5.3(a) or 5.3(e) below, the Company will inform the trustee thereof in
    writing within one business day from the publication of the immediate report as stated.
	 	 	 
	 	E.	In
    the event that after the reduction of the rating in a manner that will impact the interest rate that the Bonds (Series A)
    will bear as stated in Section 5.3(a) above, the rating company will update the rating for the Bonds (Series A) to a rating
    that is equal to or higher than the Base Rating (hereinafter: the “High Rating”), and if the interest rate is
    not increased prior thereto for a deviation from the financial criteria as stated in Section 5.4 below, then the interest
    rate that is paid by the Company to the holders of the Bonds (Series A) will be decreased on the relevant payment date of
    the interest, for the period in which the Bonds (Series A) were rated with the High Rating alone, such that the interest rate
    that the unpaid balance of the principal of the Bonds (Series A) will bear will be the interest rate determined in the tender,
    as published by the Company in an immediate report regarding the results of the issuance, without any addition for the reduction
    of the rating as stated in this Section 5.3 (and in any event, the interest rate that the Bonds will bear will not be less
    that the interest rate determined in the tender). In such a case, the Company will act in accordance with the provisions of
    subsections (b) through (d) above, mutatis mutandis, arising from the High Rating instead of the Lowered Rating.

 

    	23

    	 

    

 

It
shall be clarified that the update of the interest rate following a change in the rating or due to non-compliance with financial
criteria will be examined separately without one impacting the other, subject to the aggregate maximum interest for the reduction
in the rating for non-compliance with the financial criteria not exceeding a rate of 1.5% per year. The additional interest for
non-compliance with the financial criteria, if applicable in accordance with Section 5.4 above, will continue to apply in the
case of an increase in the rating. Therefore, accordingly, if there is an interest addition for non-compliance with financial
criteria, the interest rate will be actually updated only after the rating that is given to the bonds of the Company is equal
to the base rating. It shall be further clarified that arrears interest, if applicable, will be added to the interest rates set
forth above.

 

	 	F.	Subject
    to the provisions of subsection (h) below, if the Bonds (Series A) cease to be rated for a reason dependent on the Company
    (for example, but not only, due to non-fulfillment of the Company’s obligations vis-à-vis the rating company,
    including due to failure to provide payments and/or reports that the Company has undertaken to provide towards the rating
    company) for a period exceeding 21 consecutive trading days, before the final payment, provided that the interest rate as
    stated in subsection (a) above is not increased, the cessation of the rating will be considered a Lowered Rating of the Bonds
    (Series A) by three notches below the Base Rating, such that the additional interest rate will amount to 1.25%, even if the
    interest rate was increased prior thereto due to a deviation from the financial criteria as stated in Section 5.4 below, and
    the provisions of subsection (b) through (e) above will apply accordingly, without derogating from the provisions of Section
    8.1.25 below. For the avoidance of doubt, it shall be clarified that if the Bonds (Series A) cease to be rated, before the
    final payment, for a reason independent of the Company, the above will not impact the interest rate as stated in Subsection
    (a) above and the provisions of this Section 5.2 will not apply.

 

    	24

    	 

    

 

	 	G.	In
    the case in which the rating company is replaced or the Bonds (Series A) cease to be rated by the rating company, the Company
    will publish an immediate report, within one trading day from the date of the change, in which the Company will announce the
    circumstances of the replacement of the rating company or the cessation of the rating, as applicable.
	 	 	 
	 	H.	For
    the avoidance of doubt, it is clarified that: (a) a change in the outlook for the rating of the Bonds (Series A) will not
    lead to a change in the interest rate that the Bonds (Series A) will bear as stated in this section above; (2) if the Bonds
    (Series A) are rated by more than one rating company and as long as they are rated by more than one rating company as stated,
    subsection (f) above will not apply, other than in a case in which all of the rating companies together cease to rate the
    Bonds (Series A).
	 	 	 
	 	I.	In
    the case of a reduction of the rating, the Company will act in accordance with Subsection (b) above. If before the Date of
    Lowering the Rating, an increase occurs to the interest rate due to a deviation from one or more of the financial criteria
    based on the mechanism set forth in Section 5.4 below, the change that occurs to the interest for the adjustment mechanism
    set forth in this Section 5.3 above will be limited, such that in any event, the increase of the interest rate (if an increase
    occurs as stated) will not be in the aggregate more than 1.5% of the interest rate set forth in the tender. 

 

	 	5.4	Adjustment
    of the interest rate as a result of non-compliance with financial criteria:

 

The
interest rate that the Bonds (Series A) will bear will be adjusted due to a deviation from the financial criteria set forth below:

 

	 	(1)	If
    the adjusted net financial debt to adjusted EBITDA ratio (as defined below) exceeds 12 (hereinafter: the “Condition
    of the Adjusted Net Financial Debt to Adjusted EBITDA Ratio”).

 

    	25

    	 

    

 

For
the purpose of this subsection (1) alone:

 

“Adjusted
Net Financial Debt” – the total financial debt as it appears in the Company’s financial statements, less cash,
cash equivalents and short-term investments (not pledges, unless they are pledged to secure financial undertakings) in addition
to the Company’s share of the net financial debt in associated companies and companies under joint control, as it appears
in the financial statements of the said companies, less cash, cash equivalents and short-term investments (not pledged, unless
they are pledged to secure financial obligations). The data regarding the adjusted net financial debt will be provided in the
notes of the Company’s financial statements.

 

“Adjusted
EBITDA” – the consolidated operating profit in addition to depreciation and reductions, in addition to the Company’s
share of operating profit; the Adjusted EBITDA will be calculated based on the data of the last four quarters in the aggregate,
and will be listed in the notes of the Company’s financial statements.

 

It
shall be clarified that after the purchase or one or more income-generating assets is expressed in the balance sheet of the Company,
the calculation of the financial criteria as stated will take place while adding to the count of the Adjusted EBITDA the Adjusted
EBITDA that is generated by the same asset, while amending the Adjusted EBITDA of the asset to the terms of a full year.

 

	 	(2)	If
    the consolidated equity of the Company (excluding minority rights) is less than USD 110 million (this amount will not be linked
    to the index) (hereinafter in this Section 5.4: the “Equity Condition”).

 

The
condition of the Adjusted Net Financial Debt to Adjusted EBITDA and the Equity Condition will each be referred to as: a “Financial
Criterion” and in this section: the “Financial Criteria.”

 

	It
    shall be clarified that if adjustment of interest is required in accordance with the mechanism described in this Section 5.4
    above and below, and based on the mechanism described in Section 5.3 above, in any event, the maximum additional interest
    rate will not exceed 1.5% above the interest rate determined in the tender. Arrears interest, if applicable in accordance
    with Section 4(a) of the terms of the overleaf, will be added to the said rate and will not constitute part thereof.

 

    	26

    	 

    

 

In
this regard:

 

The
“Additional Interest Rate” - additional interest at a rate of 0.5% for a deviation from any of Financial Criteria.
The increase of the interest rate will take place only once for each deviation from the Financial Criteria, if such a deviation
occurs, and the interest rate will not be increased again in the event that the deviation from the Financial Criteria continues
(in this regard, it shall be clarified that if the deviation from the Financial Criteria is remedied and thereafter there is an
additional deviation, the provisions above will apply). It shall be emphasized that in the event in which due to a decrease in
the rating of the Bonds, the annual interest rate is increased in accordance with the provisions of Section 5.3 above, in any
event, the additional interest rate under the same section, together with the additional interest rate under this Section 5.4,
for the deviation from the Financial Criteria, will not exceed 1.5%.

 

The
“Deviation Date” – the publication date of the financial statements that indicate the deviation.

 

	 	A.	If
    the Company deviates from the financial criteria under the Company’s reviewed or audited consolidated Financial Statements
    (hereinafter: the “Deviation”), the annual interest rate that the unpaid balance of the Bonds (Series A) will
    bear will be increased by the additional interest rate for the Deviation, above the interest rate as it was at the time, before
    the change, for the period that begins from the Deviation Date and until the full repayment of the unpaid principal balance
    of the Bonds (Series A) or until the date of the publication of the Company’s Financial Statements whereby the Company
    meets all of the financial criteria, whichever is earlier, if the interest rate is not increased prior thereto for the Lowered
    Rating as stated in Section 5.3 above. In the event of an increase in the interest rate prior thereto due to a decrease in
    rating as stated in Section 5.3 above, the increase of the interest rate due to the deviation from the Financial Criteria
    at the subject of this subsection a will be limited such that the additional annual interest for the reduction of the rating
    and non-compliance with the Financial Criteria will not exceed 1.5% in any event.
	 	 	 
	 	B.	In
    the event in which a Deviation from the Financial Criteria occurs as stated, no later than the end of one business day from
    the publication of the Company’s audited or reviewed Financial Statements (as applicable), the Company will publish
    an immediate report in which the Company will state: (a) the non-compliance with the aforesaid undertaking, while specifying
    the financial criteria on the date of the publication of the financial report; (b) the updated rating of the Bonds (Series
    A) based on the most recent rating report published before the date of the immediate report; (c) the precise interest rate
    that the principal of the Bonds (Series A) will bear for the period beginning from the current Interest Period and until the
    Deviation Date (the interest rate will be calculated based on 365 days per year) (hereinafter: the “Original Interest”
    and the “Original Interest Period”, respectively); (d) the interest rate that the balance of the principal of
    the Bonds (Series A) will bear as of the Deviation Date and until the upcoming actual interest payment date, i.e.: the Original
    Interest with the addition of the additional annual interest rate (the interest rate will be calculated based on 365 days
    per year) (hereinafter: the “Updated Interest”), if the interest rate was not increased prior thereto, if increased,
    due to a decrease in the Rating as stated in Section 5.3 above, if it occurs, in which case the increase of the interest rate
    for the Deviation from the financial criteria at the subject of this Subsection will be limited such that the addition of
    the annual interest for the Lowered Rating and/or non-compliance with the Financial Criteria will not exceed 1.5% in any event;
    (e) the Weighted Interest Rate that is paid by the Company to the Bondholders (Series A) on the upcoming interest payment
    date, arising from the provisions of Subsection (b) and (c) above; (f) and the annual interest rate reflected from the Weighted
    Interest Rate; (g) the annual interest rate and the biannual interest rate (the biannual interest will be calculated as the
    annual interest divided by the number of interest payments per year, i.e. divided by two) for the subsequent periods.

 

    	27

    	 

    

 

	 	C.	In
    the event in which the Deferral Date occurs during the days beginning four days before the effective date for the payment
    of any interest and ending on the subsequent interest payment date (hereinafter: the “Deferral Period”), the Company
    will pay the Bondholders (Series A) on the subsequent interest date, the Original Interest alone, while the interest rate
    arising from the addition of the interest in a rate equal to the additional annual interest rate during the Deferral Period
    will be paid on the following interest payment date. The Company will provide notice in an immediate report of the precise
    interest rate for payment on the following interest payment date.
	 	 	 
	 	D.	In
    the event of a deviation from the Financial Criteria in a manner that impacts the interest rate that the Bonds (Series A)
    will bear as stated above in subsection (a) above or subsection (e) below, the Company will inform the Trustee thereof in
    writing within one business day from the date of the publication of the Financial Statements as stated.
	 	 	 
	 	E.	It
    is clarified for the avoidance of doubt that in the event that after the Deviation the Company publishes its audited or reviewed
    Financial Statements (as applicable), based on which the Company meets all of the aforesaid financial criteria, the interest
    rate that will be paid by the Company to the Bondholders (Series A) will be reduced on the relevant payment date of the interest,
    for the period in which the Company met the financial criteria, which shall begin on the date of the publication of the Financial
    Statements that indicate compliance with the financial criteria, such that the interest rate that the unpaid balance of the
    principal of the Bonds (Series A) will bear will be the interest rate determined in the Tender, insofar as the interest rate
    was not increased prior thereto due to a decrease in the rating of the Bonds (Series A) as stated in Section 5.3 above and/or
    for a Deviation in another financial criteria as stated in this Section 5.4 above, as published by the Company in an immediate
    report regarding the results of the issuance (in any event, the interest rate that the Bonds will bear will not be less than
    the interest rate determined in the Tender) or another interest rate determined following a decrease in the Rating of the
    Bonds (Series A) as stated in Section 5.3 above. In such a case, the Company will act in accordance with the provisions of
    Subsection (b) through (d) above, mutatis mutandis, as applicable and with respect to the Company’s compliance with
    the same financial criteria.

 

    	28

    	 

    

 

It
shall be clarified that an update to the interest rate following a change in the rating or following non-compliance with the financial
criteria will be examined separately, without one impacting the other, and subject to the aggregate maximum interest for the Lowered
Rating and for non-compliance with the Financial Criteria not exceeding a rate of 1.5% per year. The additional interest for the
Lowered Rating, if applicable in accordance with Section 5.3 above, will continue to apply in the case in which the Company met
the Financial Criteria as well. Therefore, accordingly, if there is an interest addition a Lowered Rating, the interest rate will
be actually updated only after the rating that is given to the bonds of the Company as stated in Section 5.3 above. It shall be
further clarified that arrears interest, if applicable, will be added to the interest rates set forth above.

 

	 	F.	The
    examination regarding the Company’s compliance with the financial criteria will be performed on the date of the publication
    of the Financial Statements by the Company and as long as the Bonds (Series A) exist in circulation with respect to the annual/quarterly
    Financial Statements that the Company is required to publish until the same date.

 

The
Company will specify within the annual board of director’s report and in the notes to the quarterly financial statements,
as applicable, its compliance or non-compliance with the financial criteria.

 

    	29

    	 

    

 

For
the avoidance of doubt, it shall be clarified that subject to the above, the additional interest payments as a result of the Lowered
Rating as stated in Section 5.3 above and/or as a result of the Company’s non-compliance with the financial criteria as
stated in this Section 5.4 above are aggregated. Therefore, in the event that a Lowered Rating occurs, while in addition the Company
deviates from the financial criteria, the Bondholders (Series A) will be entitled to an increase in the interest rate as stated
above, provided that the additional annual interest for the Lowered Rating or non-compliance with the Financial Criteria does
not exceed 1.5%.

 

The
Company undertakes to act such that, to the extent that it is in its control, the Bonds (Series A) are Rated by a Rating Company
during the entire duration of the Bonds (Series A), and for the same purpose, the Company undertakes to pay the Rating Company
the payments that it has undertaken to pay to the Rating Company, and to provide the Rating Company with the reasonable reports
and information required thereby in the framework of the engagement between the Company and the Rating Company. In this regard,
among other, the non-performance of payments that the Company has undertaken to pay to the Rating Company and the failure to provide
reasonable reports and information required by the Rating Company in the framework of the engagement between the Company and the
Rating Company will be deemed to be reasons and circumstances that are under the Company’s control. In the event in which
the Rating of the Bonds (Series A) ceases or the Rating Company is replaced, the Company will publish an immediate report thereof,
and will state the reasons for the cessation of the rating or replacement of the Rating Company, as applicable. The Company does
not undertake to refrain from replacing the Rating Company or to refrain from terminating the engagement therewith during the
duration of the Bonds (Series A). In the event in which the Company replaces a Rating Company that is the only Rating Company
that rates the Bonds (Series A) at the time of the replacement and/or terminates the work of a Rating Company (in the event in
which it is not the only Rating Company), the Company undertakes to report the same in an immediate report and to inform the Trustee
and the Bondholders thereof, and state the reasons for the change of the Rating Company in its notice, no later than one Trading
Day from the date of the replacement as stated and/or the date of the decision to terminate the work of the Rating Company, whichever
is earlier. It shall be clarified that the provisions above will not derogate from the right of the Company to replace the Rating
Company or terminate the work of the Rating Company at any time (in the event in which it is not the only Rating Company), at
its exclusive discretion and for any reason that it sees fit.

 

    	30

    	 

    

 

	 	5.5	Interested
    party transactions 

 

The
Company undertakes that excluding the exempt transactions as defined below - extraordinary transactions (as defined in the Companies
Law) of the Company with a controlling shareholder thereof, or extraordinary transactions of the Company with another person in
which the Controlling Shareholder has a personal interest, or engagements of the Company with the Controlling Shareholder or his
relative, directly or indirectly, including through a company under his control, Includingif he is also an officer thereof among
other – regarding the terms of office and employment, and if he is an employee of the Company and is not an officer thereof
among other – regarding his employment with the Company (hereinafter in this Section 5.5: “Special Transactions”),
will be contingent on the consent of holders of the Bonds (Series A) in a resolution with a special majority.

 

The
transactions set forth below (including the renewal and extension of their validity) will be considered “Exempt Transactions”
regarding which no approval of holders will be required as stated in this Section 5.5 above:

 

(1)
The transfer of assets to the Company for no financial consideration; in this regard, an allocation of shares alone will not be
considered financial consideration;

 

(2)
The release of controlling shareholders and/or interested parties from guarantees provided to third parties in connection with
assets owned by the Company provided that after the release of the controlling shareholders and / or stakeholders, shall not remain
guarantee of the Company in connection with those assets.;

 

(4)
the system of agreements set forth in Chapter 9 of the Prospectus, including the Company’s management agreement as set forth
in Section 9.2.2 of the Prospectus, including updates or renewal in the same terms and conditions described in the prospectus;

 

(5)
The lease agreements set forth in Section 9.2.3 of the Prospectus, as well as new lease agreements (including with new lessees)
in accordance with the main terms set forth below: (a) lease fees that will be paid to the Company will reflect annual yield of
at least 12% over the net investment of the Company (equity) for the same asset at the subject of the lease agreement, after servicing
the current debt for its purchase; (b) the term of the lease will be betwee 10 and 15 years; (c) options to extend the term of
the lease, if any are granted to the lessee, will be for a total period of up to 10 years; (d) payment of the lease fees will
be performed each month on a monthly basis; (e) the lessee will bear the entire liability for the operation of the income-generating
asset, receipt of the licenses and permits for its operation, and the like; and (f) the lease agreements may be Triple Net, or
otherwise; it is clarified that the lease agreements will include additional parallel provisions, as customary in lease agreements.

 

    	31

    	 

    

 

For
details regarding the terms of the aforesaid system of agreements, see Section 9.2 of the Prospectus.

 

(6)
Providing guarantees by the controlling shareholder in favor of financing entities for the Company and/or corporations under the
Company’s control;

 

(7)
Extraordinary Transactions that meet the terms set forth in the Companies Regulations (Leniencies in Transactions with
Interested Parties), 5760-2000;

 

(8)
Engagement in policies to insure assets of the Company and/or subsidiaries and affiliated companies against the customary risks,
within the policies that cover the asset portfolio of the Company jointly with the assets of the controlling shareholder, if any
(while the amounts of the premium are allocated by the insurance company for the various assets in a manner in which the Company
does not bear a premium in excess of its relative share of the assets);

 

(9)
Granting an exemption from liability and officer liability insurance in the Company, including officers from the controlling shareholders;

 

(10)
Granting letters of indemnity to the controlling shareholders and/or their relatives as set forth in Section 9.3.1 of the Prospectus,
as well as new letters of indemnify in the form as updated, if at all, in accordance with the Companies Law and Regulations thereunder,
as they may be from time to time;

 

The
Company will confirm within its periodic report and alternatively will provide the trustee, at the end of March every year, with
confirmation from the senior officer in the Company’s financial department that no special transactions were performed regarding
which consent is required from the bondholders as stated in this Section 5.5 above (which are not exempt transactions as stated
in this Section 5.5), without providing the consent of the Bondholders (Series A) as stated above. Additionally, if the aforesaid
system of agreements within subsections (2) through (4) above were renewed or updated, the Company will state in the confirmation
of the office or detail provided as stated that the update or renewal as stated was performed in accordance with the provisions
of subsections (2) through (4) above; it is clarified that the trustee will rely on the approval of the Company as stated and
will not be required to perform any additional inspection or investigation.

 

    	32

    	 

    

 

	 	5.6	As
    noted in section 9.2.11 of the Prospectus, Mr. Gubin has an interest-side and is Chairman of the Board of Optimum Bank,
    which in it, from time to time, lessee’s deposit the transferred rents. The company is committed to that after the first
    three months from the date of allotment; the volume of monthly rental fees will be deposited in the bank for assets shall
    not exceed 10% of the total monthly rent of the transferred asset.
	 	 	 
	 	5.7	Interest
    Cushion

 

	 	A.	From
    the net issuance consideration deposited in the trust account as stated in Section 5.2.3.1 above, the Trustee will transfer
    to the bank account opened by the Trustee that it owns and in its name in a Bank bound in Israel, in favor of the holders
    of the Bonds (Series A), a total equal to the amount of the closest (to that date) interest payment for the Bonds (hereinafter,
    respectively: the “Interest Cushion Amount” and the “Interest Cushion Account”), while the Interest
    Cushion Amount will be used as a security for holders of the Bonds (Series A), until the full repayment of the Bonds (Series
    A). If HUD confirmations are received before the issuance of the bonds, and Section 5.2.3 above applies, the Company will
    irrevocably instruct the issuance coordinator to transfer the net issuance consideration directly to the Company, less the
    Interest Cushion that is transferred directly to the Interest Cushion Account, as set forth in Section 5.2.4 above. 
	 	 	 
	 	B.	The
    signature rights in the Interest Cushion Account will be granted to the trustee alone. The funds deposited in the Interest
    Cushion Account will be transferred to the trustee and managed by the trustee in accordance with the provisions of Section
    17 of the Trust Deed.

 

    	33

    	 

    

 

	 	C.	If,
    on the morning of the second day of each calendar month after the end of any calendar quarter, and if it is not a business
    day then on the subsequent business day (hereinafter: the “Cushion Supplement Date”), the amount deposited in
    the Interest Cushion Account is less than the closest to that date interest payment amount, including following the Trustee’s
    use of the proceeding amounts under this Deed, the Company will transfer to the Interest Cushion Account on the Cushion Supplement
    Date (if the same date is not business day, hen on the closest business day) an amount equal to the amount required in order
    for the amount deposited in the Interest Cushion Account, on the Cushion Supplement Date, to be equal to the closest interest
    payment amount (hereinafter, together with the amount deposited at the same time in the Cushion Account: the “Current
    Cushion Amount”).
	 	 	 
	 	D.	If
    on the date for the payment of principal and/or interest for the Bonds by the Company, the amount deposited in the Cushion
    Account exceeds the Current Cushion Amount (hereinafter: the “Surplus Amount”), the Company may instruct the trustee
    to make use of the Surplus Amount in order to perform payment of the principal and interest amounts that the Company owes
    to holders of the Bonds (Series A) under this Deed and at the request of the Company, the Trustee will provide the Company
    will records of the performance of a payment on the date on which the payment must be made, up to an amount of the payment
    that is offset under the notices of the Company or up to an amount of the Surplus Amount, whichever is lower. On the final
    and last payment date of the Bonds (Series A), the Company may instruct the Trustee to make use of the Current Cushion Amount
    and the Surplus Amount, as deposited in the Interest Cushion Account for payment for the Bonds.
	 	 	 
	 	E.	It
    is clarified that in the event that a series of bonds is expanded or if an additional interest rate applies as stated in Sections
    5.3 and 5.4 above, the Company will transfer to the Interest Cushion Account the funds that will constitute the interest cushion
    amount for the updated interest rate, within four business days from the date of the publication of an immediate report regarding
    a the performance of the expansion or the change in the interest rate as stated, as applicable.

 

    	34

    	 

    

 

	 	F.	It
    is clarified that the failure to deposit funds in the Interest Cushion Account within five business days from the date of
    the completion of any interest, whether within the issuance at the subject of the Prospectus or following the occurrence of
    the events as set forth in this section, will constitute grounds for calling for the immediate repayment of the balance of
    the Bonds (Series A) in circulation as stated in Section 8.1.35 below.
	 	 	 
	 	G.	For
    the avoidance of doubt, it shall be clarified that the undertaking of the Company to transfer the funds to the Interest Cushion
    Account is not secured by a mechanism that will ensure the performance of this undertaking. In the event in which the Company
    does not meet its obligations to transfer the funds to the Interest Cushion Account, the Trustee will not be able to prevent
    a breach of this obligation, but rather may take the measures available to it under law and under the Trust Deed to force
    the Company to fulfill its obligations retroactively.
	 	 	 
	 	H.	It
    is clarified that the First Cushion Amount and the Current Cushion Amount will be the property of the Bondholders and will
    be held by the Trustee in trust for the Bondholders (Series A). The Company will not have any rights or claims with respect
    to these amounts, excluding a right to provide instructions for the Surplus Amount as stated in subsection d. above, and the
    Company will not be entitled to receive these funds under any circumstances.
	 	 	 
	 	I.	The
    Company undertakes that it will sign any document required in order to execute a decision as stated to perform a distribution
    for holders of the funds in the Interest Cushion Account based on the provisions of this Deed. 

 

    	35

    	 

    

 

	 	5.8	Expenses
    Cushion

 

Without
derogating from the provisions of Sections 5.6 above and 26 below, from the net issuance consideration deposited in the Trust
Account as stated in Section 5.2.3.1 above, a total in the amount of USD 100 thousand (based on the exchange rate of the dollar,
known on the first trading date after the tender date) will be deposited in a special bank account opened by the trustee and in
its name in trust for the bondholders, which will be used for payment of the ongoing expenses and management expenses of the trustee
(including for proceedings to reevaluate assets, if performed by the trustee), in the case in which the Bonds (Series A) are called
for immediate repayment and/or in the case in which the Company breaches the provisions of the Trust Deed (hereinafter respectively:
the “Expenses Cushion Amount” and the “Expenses Cushion Account”). The Expenses Cushion Amount will be
held until the date of the full and final payment of the Bonds (Series A). After receipt of approval from the senior officer in
the financial department at the Company regarding full payment of the Bonds (Series A), any remaining amount, if any, in the Expenses
Cushion Account (in addition to all of the profits accrued) will be transferred to the Company in accordance with the details
provided by the Company. In the case in which the Expenses Cushion Amount is not sufficient to cover the expenses of the Trustee
in connection with call for immediate repayment of the Bonds (Series A) and/or a breach of the provisions of the Trust Deed by
the Company, if any such event occurs, the Trustee will act in accordance with the provisions of Section 26 below. For the purpose
of this Section 5.7, “Proceedings for the Revaluation of Assets” shall mean the appointment of an external and independent
assessor selected by the Trustee to examine the fair values of the Company’s real estate assets.

 

It
should be noted that the signature rights in the account will be granted to the Trustee exclusively; all of the costs of opening
in the Trust Account, its management and closing will be borne by the Company. The policy of managing the funds in the Expenses
Cushion Account and its performance will be determined at the sole discretion of the Company, provided that the investment is
in investments as set forth in Section 17 below. The Trustee will not be liable vis-à-vis the Bondholders (Series A) and/or
vis-à-vis the Company for any loss caused due to the investments as stated;

 

    	36

    	 

    

 

It
shall be clarified that the rights of the Company (if any) in the Expenses Cushion Account are not pledged in favor of the Trustee
and/or the Bondholders. Therefore, a case may arise in which any third party (including a functionary on behalf of the court and
the like) will claim that the Company has rights in the Expenses Cushion Account and that the funds deposited therein belong to
the Company and/or all of its creditors, and not to the Bondholders (Series A) alone. The above will not derogate from the obligations
of the Company, the controlling shareholders and officers therein as set forth in Section 34 below, which, for the avoidance of
doubt, will also apply in connection with the Expenses Cushion Account.

 

	 	5.9	Appointment
    of Representatives to the Company in Israel

 

The
Company undertakes to appoint a representative of the Company in Israel within 90 days from the date of the issuance of the Bonds
(Series A) under the prospectus (hereinafter: the “Company’s Israel Representative”), to which legal process
may be served to the Company and/or an officer thereof. Service to the Company’s Israel Representative will be considered
valid and binding service in connection with any claim and/or demand of the Trustee and/or the Bondholders (Series A) under this
Trust Deed. On the date of the appointment of a representative of the Company in Israel, the Company will report its information
in an immediate report, and provide notice to the Trustee that includes the details of the Company’s Israel Representative.

 

Until
the appointment of the Company’s Israel Representative as stated above, the Law Offices of Fischer Behar Chen Well Orion
& Co. will be the Company’s Israel Representative.

 

	6.	Securing
    the Bonds

 

	 	6.1	Excluding
    the Interest Cushion as stated in Section 5.6 above, the Bonds (Series A) are not secured by any securities or pledges or
    in any other manner. For details regarding the Company’s undertakings regarding the undertaking to avoid the creation
    of pledges, see Section 6.2 below.

 

    	37

    	 

    

 

For
the avoidance of doubt, it is clarified that the Trustee is not subject to and will not be subject to an obligation to examine,
and in practice the Trustee has not examined and will not examine, the need to provide securities to secure the payments to the
Bondholders (Series A). The Trustee was not asked to conduct, and the Trustee did not conduct in practice and will not conduct,
a financial, accounting or legal due diligence as to the state of the Company’s business. In its engagement in this Deed
of Trust and the Trustee’s consent to serve as a trustee for the Bondholders (Series A), the Trustee does not express an
opinion, explicitly or implicitly, as to the ability of the Company to meet its obligations vis-à-vis the Bondholders (Series
A). The provisions above will not derogate from the Trustee’s obligations under any law and/or the Deed of Trust, and will
not derogate from the Trustee’s obligation (if such an obligation applies to the Trustee under any law) to examine the impact
of changes in the Company from the date of the prospectus and thereafter, if they may detrimentally impact the Company’s
ability to meet its obligations vis-à-vis the Bondholders (Series A).

 

	 	6.2	Undertaking
    not to create pledges

 

	 	6.2.1	The
    Company undertakes not to pledge all of its assets with a current floating charge, without receiving the prior consent of
    a meeting of Bondholders (Series A) to the same with a regular majority and with the quorum of holders required in order to
    pass a regular resolution. It should be emphasized that the Company may pledge its assets, in whole or in part, with specific
    charges (including a current charge on specific asset/s) and provide guarantees without requiring the consent of the meeting
    of Bondholders to the same; for the avoidance of doubt, it shall be clarified that subsidiaries of the Company may pledge
    their assets, in whole or in part, with any pledge (including a floating charge) and in any manner, without the consent of
    a meeting of the Bondholders (Series A) to the same and without being required to provide any security to the Bondholders
    (Series A) against the creation of the pledge as stated thereby.

 

    	38

    	 

    

 

	 	6.2.2	The
    Company will provide the Trustee with an opinion from an attorney who specializes in the relevant law applicable to the Company,
    whereby there is no legal obligation in the British Virgin Islands to record the undertaking of the Company to avoid creating
    a negative floating pledge as set forth in Section 6.2.1 above (hereinafter: the “Undertaking Not to Create Pledges”)
    in any register held under the laws of the British Virgin Islands. The Company will provide the Trustee, in the framework
    of a quarterly and/or periodic report, as applicable, with confirmation from the senior officer in the Company’s financial
    department that the Company has not created and has not undertaken to create a pledge contrary to the Undertaking Not to Create
    Pledges under Section 6.2.1 above. In addition, the Company will provide the Trustee, on December 31 of each year, with a
    confirmation from an attorney who specializes in the relevant law applicable to the Company, whereby the Company has not recorded
    any pledge in favor of any party in its registers and/or in another register held under the relevant law, contrary to its
    Undertaking not to Create Pledges as stated in Section 6.2.1 above. Reference from the register held in this regard under
    the law applicable to the Company will be attached to the attorney’s confirmation.

 

Subject
to section 6.2 above, the Company may sell, lease, assign, provide or transfer in any manner its property, in whole or in part,
in any manner, in favor of any party that it sees fit, without requiring any consent of the Trustee and/or the Bondholders (Series
A) as applicable. The Company is not required to inform the Trustee of a transfer or sale of any of its assets, unless the sale
or transfer is one that pertains to a “material asset of the Company,” as defined in Section 8.1 below, and is not
required to inform the Trustee of the creation of any pledge on its assets, excluding as set forth in Section 6.2 above.

 

    	39

    	 

    

 

	 	6.3	The
    Company undertakes not to take loans from financial institutions that he is not incorporated in Israel, and not to give pledges
    to financial institutions that not incorporated in Israel, everything - except with respect to credit transactions which could
    be made by US financial institutions for the purpose of hedging transactions on the exchange rate of the shekel against the
    US Dollar “in relation to any bonds issued by the company.
	 	 	 
	 	6.4	Financial
    Undertakings

 

Until
the date of the full, final and precise repayment of the debt under the terms of the Bonds (Series A), and the fulfillment of
the other obligations of the Company vis-à-vis the Bondholders (Series A) under this Deed of Trust and the terms of the
Bonds (Series A), the Company will meet, at all times, the financial conditions set forth below:

 

	 	(1)	The
    Company’s consolidated equity (excluding minority rights) will not be less than USD 100 million (this amount is not
    index-linked) (hereinafter: the “Equity Condition” or the “Minimal Capital”);
	 	 	 
	 	(2)	The
    ratio of the Company’s consolidated equity (including minority rights) to the total balance sheet will not be less than
    28% (hereinafter: the “Capital to Balance Sheet Ratio Condition” or the “Capital to Minimum Balance Sheet
    Ratio”);
	 	 	 
	 	(3)	The
    adjusted net financial debt to adjusted EBITDA ratio will not exceed 13 (hereinafter: the “Debt to EBITDA Ratio Condition”
    or the “Maximum EBITDA to Debt Ratio”).

 

“Adjusted
Net Financial Debt” and “Adjusted EBITDA” – as defined in Section 5.4 above. It shall be clarified that
in the event of the purchase of one or more income-generating asset, the calculation of the financial criteria will be performed
while adding to the adjusted EBITDA of the adjusted EBITDA that is generated by the same asset, while amending the adjusted EBITDA
of the asset to the terms of a full year.

 

The
examination regarding the Company’s compliance with the financial criteria contained in Subsection (1) through (3) above
will be performed on the date of the publication of the Financial Statements by the Company and as long as the Bonds (Series A)
exist in circulation, with respect to the quarterly/annual financial statements that the Company is required to publish by the
same date.

 

    	40

    	 

    

 

The
Company will specify in Directors’ Report or Financial Statements quarterly and annual reports, as applicable whether it
has or has not complied with the financial criteria set forth in subsections (1) through (3) above, and will state in the note
to the financial statement as stated the relevant calculation regarding each of the financial criteria set forth above. In addition,
within five business days from the date of publication of the relevant financial statements, the Company shall transfer to the
Trustee approval of a senior officer in the finance area regarding compliance or non-compliance with financial covenants of the
company as stated, together with the relevant calculation.

 

In
the event that the Company’s equity falls below the minimum equity and/or the Capital to Balance Sheet Ratio falls below
the minimum ratio and/or the Debt to EBITDA Ratio exceeds the Maximum Debt to EBITDA Ratio, the Company will provide written notice
thereof to the Trustee, and will report with an immediate report on MAGNA regarding this data and the implications of the data
in accordance with this Section, no later than the end of one business day after the publication of the Financial Statements (quarterly
and annual). For the purpose of this Section, a report on MAGNA will not be considered to be a report to the Trustee.

 

Non-compliance
with the Equity Condition during two consecutive quarters or non-compliance with the Capital to Balance Sheet Ratio Condition
during two consecutive quarters and/or non-compliance with the Debt to EBITDA Ratio during two consecutive quarters will serve
as grounds to call for the immediate repayment of the entire unpaid balance of the Bonds (Series A), as set forth in Sections
8.1.14 and 8.1.15 below (respectively).

 

	 	6.5	Limitations
    to the Distribution of Dividends

 

The
Company undertakes that it will not perform any distribution (as defined in the Companies Law), including will not declare, pay
or distribute any dividend unless all of the terms set forth below are met:

 

	 	(1)	The
    balance of the profits and funds that are accrued as of June 30 , 2015 will not be distributable and will not be taken
    into account for the purpose of a distribution on the basis thereof;

 

    	41

    	 

    

 

	 	(2)	The
    distribution amount will not exceed 40% of the net profit after tax that is recognized in the most recent consolidated financial
    statements of the Company (quarterly or annual, as applicable), less Gains / losses arising from changes in the accounting
    approach under which the reports were prepared and less net revaluation profits/losses (that have not yet been realized) arising
    from a change in the fair value of the assets with respect to the fair value as of June 30, 2015 or the date on which the
    assets were purchased, whichever is later (hereinafter: “Revaluation Gains/ Losses” and jointly: the “Distributable
    Profits”). It shall be clarified that: (a) in the case of the sale of a revaluated asset (exercised), revaluation profits/losses
    for the same asset will be added/removed (as applicable) from the distributable profits, that are recognized and/or will be
    recognized in the Company’s consolidated financial statements for the periods from July 1, 2015 or previous periods;
    (b) the distributable profits for which no distribution was performed in a certain quarter will be aggregated to the following
    quarters;
	 	 	 
	 	(3)	The
    Company’s equity (excluding minority rights) at the end of the last quarter, before the distribution of dividends, less
    the dividends distributed, will not be less than USD 120 million (this amount will not be linked to the index);
	 	 	 
	 	(4)	The
    equity to balance sheet ratio, as defined in Section 6.4(2) above, will not be less than 30%, as a result of the said distribution;
	 	 	 
	 	(5)	The
    Company will provide the Trustee with confirmation whereby the Company’s board of directors has discussed and determined
    that on the date of the resolution of the board of directors to perform a distribution, there are no “warning signs”
    in the Company as defined in Article 10(b)(15) of the Reporting Regulations, provided that if such warning signs exist as
    stated above, the Company’s board of directors has determined that they will not serve to indicate liquidity problems
    in the Company;

 

    	42

    	 

    

 

	 	(6)	The
    Company meets the financial criteria set forth in Section 6.4 above and the Company has not breached any and/or part of its
    obligations vis-à-vis the Bondholders (Series A).

 

The
above in subsections (1) through (5) will be hereinafter jointly: the “Dividend Limitation.”

 

The
Company will provide the Trustee, within three business days after approval of the distribution by the Company’s board of
directors and before the performance of the distribution, with confirmation of the Company’s auditor regarding the Company’s
compliance with the Dividend Limitation (including the details of the relevant calculation) and confirmation of the Company under
subsection (6) above.

 

The
Company will specify in the framework of the quarterly or annual board of director report and in the notes to the financial statements,
as applicable, the total distributable profits as of the date of the relevant report.

 

	7.	Early
    Redemption

 

	 	7.1	Early
    repayment initiated by the Stock Exchange

 

In
the event that the Stock Exchange decides to delist the Bonds from trade because the value of the Series of Bonds is less than
the amount set forth in the guidelines of the Stock Exchange regarding delisting from trade, the Company will act as follows:

 

	 	a)	Within
    45 days from the date of the decision to delist from trade as stated, the Company will provide notice of an early repayment
    date in which the Bondholder may redeem them.
	 	 	 
	 	b)	The
    early redemption date with respect to the Bonds will occur no earlier than 17 days from the date of the notice’s publication
    and no later than 45 days from the aforesaid date, but shall not apply in a period between the effective date for the payment
    of interest and the actual payment date thereof.

 

    	43

    	 

    

 

	 	c)	On
    the early redemption date, the Company will redeem the Bonds that the holders thereof request to redeem, based on the balance
    of their par value in addition to the interest that has accrued on the principal until the actual redemption date (the calculation
    of the interest will be performed on the basis of 365 days per year).
	 	 	 
	 	d)	Determination
    of the early redemption date as stated above will not harm the redemption rights set forth in the Bonds for any of the Bondholders
    that do not redeem them on the early redemption date as set forth above; however, the Bonds will be delisted from trade in
    the Stock Exchange, and will be subject to the tax implications that arise as a result. 

 

Early
redemption of the Bonds as stated above will not grant any of the Bondholders that redeems them as stated with the right to an
interest payment for the period following the redemption date.

 

The
Company will publish a notice of the early redemption date in an immediate report. The notice as stated will also specify the
early redemption consideration amount.

 

	 	7.2	Early
    repayment initiated by the Stock Exchange

 

The
Company may, at its exclusive discretion, call for the early redemption of the Bonds (Series A), as of 60 days from the listing
for trade in the Stock Exchange, in which case the following provisions will apply – all subject to the instructions of
the Securities Authority and the provisions of the bylaws of the Stock Exchange and the guidelines thereunder, as they may be
at the relevant date:

 

The
frequencies of the early redemptions will not exceed one per quarter.

 

In
the event that early redemption is determined in a quarter in which an interest payment is also scheduled, or a date for payment
of partial redemption or a date for payment of final redemption, the early redemption will take place on the date scheduled for
the payment as stated.

 

    	44

    	 

    

 

In
this regard, a “quarter” shall mean each of the following periods: January-March, April-June, July-September, October-December.

 

The
minimum scope of each early repayment will not be less than NIS 10 million. Notwithstanding the above, the Company may perform
early redemption in a scope of less than NIS 10 million, provided that the scope of the redemptions will not exceed one per year.

 

Any
amount that is paid in early repayment by the Company will be repaid with respect to all of the Bondholders (Series A), pro-rata
based on the par value of the Bonds (Series A) that are held thereby.

 

Upon
the passing of a resolution by the Company’s board of directors regarding the performance of early redemption as stated
above, the Company will publish an immediate report with a copy to the Trustee no less than seventeen (17) days and no more than
forty five (45) days before the early redemption date. The early redemption date will not occur during the period between the
effective date for the payment of interest for the Bonds (Series A) and between the actual date for the payment of the interest.
In the immediate report as stated, the Company will publish the principal amount that will be repaid in the early redemption,
as well as the interest that has accrued for the amount of the principal as stated until the early redemption date, in accordance
with the provisions below.

 

Early
redemption will not occur for part of a series of Bonds (Series A) if the last redemption amount is less than NIS 3.2 million.

 

Should
the Company make partial early redemption, the Company will pay the accrued interest only for the redeemed, nor on any unpaid
balance of the bond (which are not redeemed on the date of the partial early redemption).

 

    	45

    	 

    

 

On
the partial early redemption date, if any, the Company will issue an immediate report about: (1) the partial redemption rate in
terms of the unpaid balance; (2) the partial redemption rate in terms of the original series; (3) the partial redemption interest
rate on the redeemed part; (4) the interest rate that will be paid in the partial redemption, calculated regarding the unpaid
balance; (5) update of the partial redemption rates that remain, in terms of the original series; (6) the effective date for eligibility
to receive the early redemption of the principal of the Bonds that will exist twelve (12) days before the date determined for
the early redemption.

 

The
amount that will be paid to the Bondholders (Series A) in the event of early redemption will be the amount that is the higher
of the following: (1) the market value of the balance of the Bonds (Series A) in circulation which is determined based on the
average closing price of the Bonds (Series A) in thirty (30) trading days before the date on which the board of directors resolves
to perform the early redemption; (2) the undertaking value of the Bonds (Series A) available for early redemption in circulation,
i.e. the principal in addition to interest until the date of the actual early redemption; (3) the balance of the cash flow of
the Bonds (Series A) that are available for early redemption (principal in addition to interest), when discounted based on the
yield of the government bonds (as defined below) with an addition of 2.5% per year. Discount of the Bonds (Series A) available
for early redemption will be calculated as of the early redemption date and until the last payment date determined with respect
to the Bonds (Series A) available for early redemption.

 

In
this regard: “yield of government bonds” shall mean the average yield (gross) for redemption during a period of seven
business days, ending two business days before the date of the notice of the early redemption of three series’ of unlinked
government shekel bonds with fixed interest whose average lifespans are the closest to the average lifespan of the Bonds (Series
A) at the relevant date.

 

The
Company will provide the Trustee, within five trading days from the date of the Board of Director’s resolution, with confirmation
from the auditor of the Company regarding calculation of the payment amount.

 

    	46

    	 

    

 

	8.	Right
    to Call for Immediate Payment

 

	 	8.1	Upon
    the occurrence of one or more of the events listed in this section below, the provisions of Section 8.2 will apply, as applicable:

 

	 	8.1.1	In
    the event that the Company does not pay any amount owed therefrom in connection with the bonds or does not meet any of its
    other material obligations vis-à-vis the holders.
	 	 	 
	 	8.1.2	In
    the event that the Company files a stay of proceedings order or in the event that a stay of proceedings order is given against
    the Company or if the Company files a motion for a settlement or arrangement with creditors of the Company under Section 350
    of the Companies Law, or if the Company proposes a settlement or arrangement to its creditors in another manner as stated,
    all – provided that the Company is unable to meet its obligations on time (excluding for the purpose of a merger with
    another company as stated in Section 8.1.22 below and/or a change to the structure of the Company or a division that is not
    prohibited under the terms of this Deed, excluding making arrangements between the Company and its shareholders and/or holders
    of option warrants (that are exercisable into shares) of the Company, that are not prohibited under the terms of this Deed
    and will not impact the ability to repay the Bonds (Series A)).
	 	 	 
	 	8.1.3	If
    a request is filed under Section 350 of the Companies Law against the Company (without its consent) that is not rejected or
    dismissed within 45 days from the date of its submission.
	 	 	 
	 	8.1.4	In
    the event that the Company passes a liquidation resolution (excluding liquidation for purposes of merging with another company
    as stated in Section 8.1.22 below) or if a fixed and final liquidation order is given by a court and/or a fixed liquidator
    is appointed for it.

 

    	47

    	 

    

 

	 	8.1.5	In
    the event that a temporary liquidation order is given and/or a temporary liquidator is appointed and/or any judicial decision
    of a similar nature is given, and such order or decision as stated is not rejected or dismissed within 45 days from the date
    on which the order is given or the decision made, as applicable. Notwithstanding the above, the Company will not be given
    any remedial period with respect to applications or orders that are filed or given, as applicable, by the Company or with
    its consent.
	 	 	 
	 	8.1.6	In
    the event that an application is filed for receivership or to appoint a receiver (temporary or permanent) for the Company
    or a material asset of the Company (as defined below), or if an order is given to appoint a temporary receiver that is not
    rejected or dismissed within 45 days from the submission or granting, as applicable; or, if an order is given to appoint a
    fixed receiver for the Company or for a material asset of the Company (as defined below). Notwithstanding the above, the Company
    will not be given any remedial period with respect to orders or requests that are given or filed, as applicable by the Company
    or with its consent.
	 	 	 
	 	8.1.7	If
    an attachment is placed on a material asset of the Company (as this term is defined below) or execution actions are performed
    in connection with a material asset of the Company (as this term is defined below) and the attachment is not removed or the
    action is not terminated, as applicable, within 45 days from the date on which it is applied or performed, as applicable.
    Notwithstanding the above, the Company will not be given any remedial period with respect to orders or requests that are given
    or filed, as applicable by the Company or with its consent.

 

    	48

    	 

    

 

	 	8.1.8	If
    the holders of pledges are exercised or the pledges that they have on a material asset of the Company (as this term is defined
    below).
	 	 	 
	 	8.1.9	If
    there is a real concern that the Company will not meet, or the Company has failed to meet its material obligations vis-à-vis
    holders of the Bonds (Series A). It is clarified that the material obligations of the Company include, inter alia, payment
    amounts to holders and their dates.
	 	 	 
	 	8.1.10	If
    the Company has ceased, or provided notice of its intent to cease its payments or ceases or has provided notice of its intent
    to cease to continue its business, as they may be from time to time.
	 	 	 
	 	8.1.11	If
    a material deterioration occurs in the business of the Company compared to its state on the data of the initial issuance of
    the Bonds (Series A) and there is a real concern that the Company will be unable to pay the Bonds (Series A) on time.
	 	 	 
	 	8.1.12	If
    the control of the Company is transferred, directly or indirectly, and the transfer of control as stated is not approved by
    holders of the Bonds (Series A) with a regular majority. The controlling shareholders of the Company, on the date of the issuance
    of the Bonds (Series A) are Mr. Moishe Gubin (together with his wife, Tira Gubin) and Michael Blisko. In this regard, it shall
    be clarified that the transfer of shares between the controlling shareholders and/or them and their relatives (as
    the term “relative” is defined in the Companies Law), directly or indirectly and/or by inheritance under law,
    will not be considered a transfer of control.

 

For
the purpose of this Section 8.1.12 – “control transfer” –A change in control of the Company, in manner
that the controlling shareholders and / or their relatives and / or successors shall cease to hold (on an aggregate holdings),
directly and / or indirectly, over 50% of the shares and voting rights.

 

    	49

    	 

    

 

	 	8.1.13	If
    another series of bonds that is issued by the Company and listed for trade on any Stock Exchange (including a series of bonds
    issued in a private placement to institutional investors and / or classified as defined in the Securities Regulations (Offer
    of Securities to the Public), 2007 - 5767, which has been traded on the stock exchange) is called for immediate repayment
    (hereinafter in this section: the “Other Series”) or a material debt of the Company, as defined in this Section
    8 below. In this regard, it shall be stated that, in connection with a debt that the Company owes following giving a guarantee
    by the Company for payment of the same debt, the grounds in this Section 8.1.13 will be established only if the following
    conditions are met: (1) the Company’s guarantee to pay the debt is not limited in amount, or is limited to an amount
    that exceeds the amount of the other debt (as defined above); and (2) the Company is required to pay at least an amount that
    is higher or equal to the amount of the other debt as stated. If the aforesaid terms are met, the grounds set forth will apply,
    as of the same date on which the Company is requested to pay the other debt (subject to the remedy period set forth above)
    and not from the date on which the same debt is called for immediate repayment, if the same dates do not overlap.
	 	 	 
	 	8.1.14	If
    the equity of the Company (excluding minority rights) is less than the minimum capital, as defined in Section 6.4(1) above
    due two consecutive quarters.
	 	 	 
	 	8.1.15	If
    the equity (including minority rights) to consolidated balance sheet ratio is less than the minimum ratio, as defined in Section
    6.4(2) above during two consecutive quarters.
	 	 	 
	 	8.1.16	If
    the debt to EBITDA ratio exceeds the maximum debt to EBITDA ratio, as defined in Section 6.4(3) above during two consecutive
    quarters.

 

    	50

    	 

    

 

	 	8.1.17	If
    the Company has performed a distribution contrary to the dividend limitation provisions, as set forth in Section 6.5 above.
	 	 	 
	 	8.1.18	If
    the rating of the Bonds (Series A) by the rating company is lowered to a rating that is lower than ilBBB (BBB minus)or a rating
    parallel thereto. In the case of replacing the rating company, the Company will provide the trustee with a comparison of the
    rating scales of the replaced rating company and the rating scales of the new rating company.

 

For
the purpose of this section below, it shall be emphasized that in the event that the Bonds (Series A) are rated by more than one
rating company, an examination of the rating based on the grounds for calling for immediate repayment above will take place, throughout,
based on the lower rating among them.

 

	 	8.1.19	If
    the Company sells to another/others all of its assets or its main assets, and the holders of the Bonds (Series A) do not consent
    to the sale in advance with a decision passed with a regular majority. For the purpose of this subsection – “Sale
    to Another” – sale to any third party (including the controlling shareholder of the Company and/or corporations
    under his control), excluding a sale to corporations that are fully held by the Company; “Main Assets of the Company”
    – an asset or a number of assets the value of which and/or the aggregate value of which (as applicable) in the most
    recent consolidated financial statements published before the occurrence of the relevant event exceeds 50% of the scope of
    its assets in the consolidated balance sheet of the Company based on the financial statements as stated.

 

    	51

    	 

    

 

	 	8.1.20	In
    the event that the Company performs a change of its primary activity. In this regard, the primary activity on the date of
    the issuance is the field of income-generating real estate, In the field of medical institutions and / or buildings clinics
    (within the meaning of the terms stated in Section 7 below) which includes, inter alia, the purchase, lease and management
    of income-generating real estate assets in the that area. The Company will include the board of director’s report confirmation
    that the primary activity of the Company has not changed. Additionally, the Company undertakes to notify the trustee of a
    change to the primary activity as stated, if any occurs. Publication of an immediate report on the MAGNA system will not be
    considered notice to the trustee for this purpose.
	 	 	 
	 	8.1.21	In
    the event that a merger was performed with the prior consent of the holders of the Bonds (Series A) with a regular majority,
    unless the Company or the absorbing company declared (as applicable) vis-à-vis the holders of the Bonds (Series A),
    including through the trustee, at least 10 business days before the date of the merger, that there is no reasonable concern
    following the merger that the absorbing company will be unable to uphold its obligations vis-à-vis the holders of the
    Bonds (Series A). The provisions of this section will not derogate from the other grounds for calling immediate repayment
    granted to the holders of the Bonds in accordance with this section 8.1 above and below. Additionally, as of the period of
    30 days before the date of the planned merger and until the merger date, all of the grounds listed in this Section 8.1 above
    and below will apply with respect to the absorbing company, as if it was the Company. With respect to the provisions of this
    Deed that are derived from the financial statements of the Company, an examination will be performed with respect to the financial
    statements of the absorbing company, as it may be after the merger. In this regard, it will be emphasized and clarified that
    the grounds set forth in this section will not apply to a merger between corporations controlled (as defined in the Securities
    Law) of the Company.

 

    	52

    	 

    

 

	 	8.1.22	If
    trade of the Bonds (Series A) in the Stock Exchange is suspended by the Stock Exchange, excluding suspension on grounds of
    the creation of ambiguities as stated in the Fourth Law of the bylaws of the Stock Exchange and 60 days have transpired from
    the suspension date during which it was not removed.
	 	 	 
	 	8.1.23	If
    the Company is dissolved or terminated for any reason.
	 	 	 
	 	8.1.24	If
    the Company breaches the terms of the Bonds (Series A) and/or the terms of the Trust Deed with a fundamental breach, including
    if it is discovered that a material representation or material representations by the Company in the Bonds and/or Trust Deed
    are incorrect and/or incomplete, and the Trustee has notified the Company in writing that it is required to remedy the breach,
    and the Company fails to remedy the breach as stated within 14 days of the date on which the notice was provided.
	 	 	 
	 	8.1.25	If
    the Bonds (Series A) cease to be rated for a period exceeding 60 consecutive days following reasons and/or circumstances that
    are under the Company’s control. In this regard, the non-performance of payments that the Company has undertaken to
    make to the rating company and failure to provide information and reports reasonably required by the rating company in the
    framework of the engagement between the Company and the rating company will be considered reasons and circumstances that are
    under the control of the Company.
	 	 	 
	 	8.1.26	In
    the event that the Company expands a series of Bonds (Series A) or issues an additional series of bonds, contrary to the provisions
    of Section 4 above.

 

    	53

    	 

    

 

	 	8.1.27	If
    the Company ceases to be a reporting corporation as defined in Section 1 of the Securities Law.
	 	 	 
	 	8.1.28	If
    the Company does not publish a financial report that it is required to publish under any law, within 30 days from the deadline
    on which it was required to publish the same.
	 	 	 
	 	8.1.29	If
    the Bonds (Series A) are delisted from trade in the Stock Exchange.
	 	 	 
	 	8.1.30	If
    the Bonds (Series A) are not repaid on time or another material obligation provided in favor of the holders is not fulfilled.
	 	 	 
	 	8.1.31	If
    the Company breaches its obligations to avoid creating pledges as stated in Section 6.2 above.
	 	 	 
	 	8.1.32	Upon
    the occurrence of any other event that constitutes material harm and/or may cause material harm to the rights of the Bondholders.
	 	 	 
	 	8.1.33	If
    a “growing concern” note is recorded in the Company’s financial statements for a period of two consecutive
    quarters.
	 	 	 
	 	8.1.34	If
    the Company breaches it obligations in connection with approval of special material transactions as stated in Section 5.5
    above.
	 	 	 
	 	8.1.35	If
    the Company breaches its obligations to deposit an interest cushion as stated in Section 5.6 above.
	 	 	 
	 	8.1.36	If
    the Company breaches its obligations to deposit an interest cushion as stated in Section 5.7 above.
	 	 	 
	 	8.1.37	If
    the Company has not appointed a representative in Israel in order to serve court order or if she dismissed the representative
    without appointing a replacement within 15 days, or if the representative resigned without appointing a replacement within
    15 days of his notice to the Companying writing of his resignation.

 

    	54

    	 

    

 

For
the purpose of this Section 8, a “Material Asset of the Company” is an asset or assets in the aggregate of the Company
or corporations under the control thereof whose assets are consolidated in the Company’s statements, the value of which,
based on the most recent consolidated financial statements (audited or reviewed) of the Company, on the event date, exceeds 30%
of the scope of the assets in the consolidated balance sheet of the Company based on the financial statements as stated.

 

For
the purpose of this Section 8, a “Material Debt of the Company” shall mean a debt of the Company whose undertaking
value is 10% of the total assets of the Company based on the most recent consolidated financial statements of the Company or USD
31 million, whichever is lower, based on the most recent consolidated financial statements of the Company published (whether audited
or reviewed) (hereinafter: the “Financial Statements”) or a debt of an associated company, when the product of the
rate of holdings (in final concatenation) in the associated company by the value of debt value of the debt constitutes 10% of
the total assets of the Company based on the most recent consolidated financial statements or USD 31 million, whichever is lower.

 

	 	8.2	Upon
    the occurrence of any of the events set forth in Sections 8.1.1 through 8.1.35 (inclusive) above, the following provisions
    will apply, as applicable:

 

	 	8.2.1	Upon
    the occurrence of any of the events set forth in Sections 8.1.1 through 8.1.35 (inclusive) above, the Trustee will be required,
    and each of the holders may, convene a meeting of the holders of Bonds (Series A), that will convene 21 days from the date
    of the invitation (or a shorter time in accordance with the provisions of Section 8.2.4 below), and the agenda of which will
    contain a resolution regarding calling for immediate repayment of the entire unpaid balance of the Bonds (Series A) due to
    the occurrence of any of the events set forth in Sections 8.1.1 through 8.1.35 (inclusive) above, as applicable. The invitation
    will state that in the event that the Company causes the termination and/or conclusion of the relevant event set forth in
    Section 8.1 above, for which the meeting was convened, by the date on which the meeting will convene, the invitation for a
    meeting of the holders of the Bond will be cancelled as stated above.

 

    	55

    	 

    

 

	 	8.2.2	A
    resolution of the holders to call for the immediate repayment of the Bonds (Series A) will be passed in a meeting of holders
    that is attended by holders of at least fifty percent (50%) of the balance of the par value of the Bonds (Series A), with
    a majority of holders of the balance of the pay value of the Bonds represented in the vote or with a majority as stated in
    a deferred meeting of holders that is attended by holders of at least twenty percent (20%) of the balance as stated.
	 	 	 
	 	8.2.3	In
    the event in which by the date of convening the meeting as stated, none of the events set forth in Sections 8.1.1 through
    8.1.35 (inclusive) above are terminated or removed, and the resolution in the meeting of holders of the Bonds (Series A) as
    stated is passed in the manner required as set forth in Section 8.2.2 above, the trustee will be required, within a reasonable
    amount of time, to call for the immediate repayment of the entire unpaid balance of the Bonds (Series A). Provided that he
    gives the company a written warning of 15 days of its intention to do so.
	 	 	 
	 	8.2.4	A
    copy of the invitation notice for the meeting as stated will be sent by the trustee to the Company for publication, and the
    invitation for the meeting will constitute prior written consent to the Company of its intent to act to call for immediate
    repayment of the Bonds as stated.

 

    	56

    	 

    

 

	 	8.2.5	The
    Trustee may, at its discretion, shorten the count of 21 days as stated in Section 8.2.1 above and/or the 15 warning days as
    stated (in Section 8.2.3 above) and/or not provide warning at all, in the case in which the trustee is of the opinion that
    there is a reasonable concern that waiting this period or providing the warning, as applicable, will harm the possibility
    of calling for immediate payment of the Bonds or harm the rights of holders.
	 	 	 
	 	8.2.6	In
    the event that any of the subsections of Section 8.1 above provides a reasonable period in which the Company may perform an
    action or make a decision as a result of which the grounds for calling for immediate repayment are terminated, the trustee
    or holders may call for immediate repayment as stated in this Section 8 only if the period set forth as stated transpires
    and the grounds are not terminated; however, the trustee may shorten the aforesaid period if it feels that the same may materially
    harm the rights of the holders.
	 	 	 
	 	8.2.7	For
    the avoidance of doubt, it shall be clarified that the provisions of this Section 8.2 above will not derogate from the authority
    of the trustee to call for immediate repayment of the Bonds (Series A) at its discretion and subject to any law.
	 	 	 
	 	8.2.8	Notwithstanding
    the provisions of this Section 8.2, in the case in which the Company requests of the trustee in writing to call an urgent
    representation, the provisions set forth in the Third Addendum of the Trust Deed must be followed.
	 	 	 
	 	8.2.9	For
    the avoidance of doubt, it is clarified that calling for immediate repayment will take place based on the balance of the par
    value of the Bonds (Series A) that have not yet been paid, including interest differentials that have accrued on the principal,
    while the interest is calculated for the period beginning after the last day for which interest was paid and until the actual
    date of immediate payment (calculation of the interest for a subpart will take place based on 365 days per year).

 

    	57

    	 

    

 

	 	8.3	For
    the avoidance of doubt, it is clarified that the right to call for immediate repayment as stated above and/or calling for
    immediate repayment will not derogate from or harm any other or additional remedy available to holders of the Bonds (Series
    A) or the trustee under the terms of the Bonds (Series A) and the provisions of this Deed or under law, and calling a debt
    for immediate repayment upon the occurrence of any of the cases set forth in Section 8.1 above will not constitute any waiver
    of the rights of the holders of the Bonds or the trustee as stated.

 

	9.	Claims
    and Proceedings by the Trustee

 

	 	9.1	In
    addition to any provision in this Deed and as a right and personal authority, the Trustee shall be entitled, at any time,
    at its reasonable discretion, and without providing additional notice, to perform any of the proceedings, including legal
    proceedings and motions to receive orders, as it shall see fit and pursuant to any law, for the purpose of realizing and/or
    defending the rights of the Holders of Bonds (Series A) and in order to enforce the Company’s performance of another
    of the Company’s undertakings according to the Deed of Trust. The above shall not damage and/or derogate from the rights
    of the Trustee to begin legal and/or other proceedings even if the Bonds (Series A) were not called for immediate repayment,
    all for the defense of the Bondholders (Series A) and/or for the purpose of granting any order regarding the matters of the
    trusteeship and pursuant to the provisions of any law. Notwithstanding the statements of this Section, it is clarified that
    the right to call for immediate repayment shall only be established in accordance with the provisions of Section 8 above,
    and not on behalf of this Section. 
	 	 	 
	 	9.2	Pursuant
    to the provisions of the Deed of Trust, the Trustee is entitled but not obligated to convene a general assembly of the Bondholders
    (Series A) in order to discuss and/or accept its instruction for any matter relating to the Deed of Trust. 

 

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	 	9.3	Whenever
    the Trustee shall be obligated according to the terms of the Deed of Trust to perform any action, including commencing proceedings
    or filing actions according to the request of the Bondholders (Series A), as stated in this Section, the Trustee shall be
    entitled, at its sole discretion, to delay the performance of any said action until it receives instructions from the general
    assembly of Bondholders (Series A) and/or the instructions of the court how to act, provided that the convening of the assembly
    or the petition to the court shall be performed on the first possible date. For the removal of doubt it shall be clarified
    that the Trustee shall not be entitled to delay the performance of actions or proceedings as stated in the event in which
    the delay may harm the rights of the Bondholders (Series A). 

 

	 	9.4	The
    Trustee shall be entitled, pursuant to any special resolution of the Bondholders (Series B) as stated above, to waive the
    conditions that it shall see fit regarding the existence of the those undertakings, entirely or partially, of the Company.
    

 

	 	9.5	The
    Trustee is entitled, prior to performing any legal proceedings, to convene an assembly of Bondholders (Series A) in order
    for the Holders to determine which proceedings to take for the realization of their rights under this Deed. Similarly, the
    Trustee shall be entitled to again convene the assembly of Bondholders (Series A) for the purpose of receiving instructions
    for any matter relating to the management of the proceedings as stated, provided that the convention of the assembly shall
    be performed on the first possible date under the provisions of the second supplement to the Deed of Trust and the delay of
    the proceedings shall not harm the rights of the Holders.

 

	10.	Trust
    of Proceeds

 

All
of the funds held from time to time by the Trustee, excluding his wages, expenses and the repayment of any debt therefor, in any
manner including but not limited to as a result of calling the Bonds for immediate repayment and/or as a result of the proceedings
that it will conduct, if any, against the Company, will be held thereby in trust and shall remain in its possession for the purposes
and in the priority as follows: First – the clearance of expenses, payments, levies and undertakings incurred by
the Trustee, placed thereon or caused as a result of the actions of managing the trusteeship or in another manner in connection
with the terms of the Deed of Trust, including its salary (and under the condition that the Trustee will not receive its salary
from both the Company the Bondholders). Second – the payment of any other sum according to the ‘indemnification
undertaking’ (as the term is defined in Section 26.1 below); third – the payment to the Series A Bondholders
carried out in installments according to Section 26.4.2 below;

 

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The
balance will serve for the purposes within the following priority: (a) first – in order to pay the Holders the arrears interest
for the Bonds they are owed according to the Bonds (Series A) conditions pari-passu, and in a relative manner to the sum of the
arrears interest which each of them are owed without preference or precedence towards any of them; (b) second – in order
to pay the Holders of Bonds (Series A) the interest sums that they are owed according to the Bonds held thereby, pari-passu, that
the date of their payment has not yet occurred and in a manner that is relative to the sums to which they are owed, without any
preference in connection with the issuance ahead of time of the Bonds (Series A) by the Company or in another manner; (c) third
– in order to pay the Holders of Bonds (Series A) the principle arrears they are owed according to the conditions of the
Bonds pari-passu, and in a manner relative to the sum of the principle in arrears which each of them are owed without any preference
or precedence to any of them; (d) fourth – in order to pay the Holders the principle sums they are owed according to the
Bonds held thereby pari-passu, whether the time came for the removal of the principle sums or not, in a manner relative to the
sums they are owed, without any preference in connection with the issuance ahead of time of Bonds (Series A) by the Company or
in another manner; the balance – if existing, will be paid to the Company by the Trustee or vice versa, as applicable.

 

Withholding
tax will be deducted from the payments to the Bondholders (Series A), as long as there is an obligation to deduct it according
to any law.

 

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It
shall be clarified that if the Company must bear any of the expenses but does not do so, the Trustee will act reasonably to receive
the sums as stated from the Company and in the event that it will succeed in receiving them, they will be held thereby in trust
and will serve in its possession for the purposes and according to priority as detailed in this Section.

 

	11.	Authority
    to Demand Payment to Holders through Trustee

 

The
Trustee is entitled to instruct the Company in writing to transfer to the Trustee’s account (for the Bondholders) part of
the payment (interest and/or principle) which the Company must pay to the Holders, such that the said sum that is designated for
repayment shall be transferred to the account of the Trustee (for the Bondholders) no later than one business day before repayment
date to the Bondholders, for the purpose of financing proceedings and/or expenses and/or the salary of the Trustee under this
Deed. The Company is not entitled to refuse to act in accordance with the notice as stated, and shall consider it as fulfilling
one of its undertakings vis-à-vis the Holders if it shall prove that it transferred the entire requested sum into the account
of the Trustee as stated. The above shall not release the Company from its debt to bear the expense payments and the salary as
stated when it is obligated to bear them according to this Deed or by any law. Similarly, the above shall not derogate from the
obligation of the Trustee to act reasonably to acquire the sums to which the Holders are entitled from the Company, which will
serve to finance the proceedings and/or expenses and/or the salary of the Trustee according to the Deed of Trust.

 

	12.	Powers
    to Delay the Distribution of Funds

 

Notwithstanding
the statements of Section 10 above, if the financial sum, which will be received as a result of performing the proceedings as
stated above and which will be called at any time for a distribution in accordance with Section 10 above, shall be less than NIS
1 million, the Trustee shall not be obligated to distribute it and it shall be entitled to invest the said sum, entirely or partially,
in investments permitted according to the Deed of Trust as set forth in Section 17 below. If these investments and their profits,
together with additional funds that are received by the Trustee for are a sum that is not sufficient to pay the aforesaid amount,
the Trustee shall pay them to the Holders in accordance with the set of priorities as stated in Section 10 above. In the event
in which up to the earlier of: the closest interest/principle payment date or a reasonable time after receiving the said financial
sum, the Trustee shall not be in possession of a sum that is sufficient to pay at least NIS 1 million as stated, the Trustee shall
be entitled to distribute the funds in its possession to the Bondholders.

 

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Notwithstanding
the provisions of this Section 12 above, the Bondholders (Series A) shall be entitled, according to a decision passed thereby,
to instruct the Trustee to pay them the funds received by the Trustee and called for distribution, as stated in Section 10 above,
even if their sums amount to less than NIS 1 million, pursuant to the provisions of the Stock Exchange’s Articles of Association,
as shall be at that time. Notwithstanding the above, the payment of the Trustee’s salary and the Trustee’s expenses
shall be paid from the said funds immediately upon reaching their date (and regarding the expenses already paid by the Trustee,
the sums shall be returned to the Trustee immediately upon the funds arriving in the Trustee’s possession) even if the funds
that the Trustee received are less than NIS 1 million as stated.

 

	13.	Notice
    of Distribution 

 

The
Trustee shall notify the Bondholders (Series A) of the date and place where any payment was performed from among the payments
mentioned in Sections 10-12 above, in an advance notice of 14 days that shall be sent in the manner set forth in Section 27 below.
After the date determined in the notice, the Bondholders (Series A) shall be entitled to interest according to the rate determined
in the Bonds, only for the balance of the principle sum (if existing) after deducting the sum that was paid or called for payment
to them, as stated.

 

	14.	Refraining
    from Payment for a Reason Which is not Dependent on the Company

 

	 	14.1	Any
    sum to which the Bondholders (Series A) are entitled and was not paid in practice on the date set forth for its payment, for
    a reason independent of the Company, while the Company was ready and able to pay it, shall not bear interest from the date
    set forth for its payment and the Bondholders (Series A) shall be only be entitled to those sums to which they were entitled
    on the date set forth for the repayment of the payment at the expense of the principle and / or the interest. Interest rate
    and / or interest on arrears, where relevant.

 

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	 	14.2	The
    Company shall deposit with the Trustee, on the earliest date possible after the date set forth for payment, the sum of the
    payment that was not paid on time, as stated in Section 14.1 above, and shall provide written notice based on the addresses
    found in its possession, if any, to the Bondholders (Series A) of the said deposit, and the said deposit shall be considered
    as removing that payment to the Holder and in the event of removing that is entitled for that Bond, it shall also be considered
    as a deposit of the Bond (Series A) by the Company. The above will not derogate from the obligations of the Company to bear
    the wages of the Trustee and its expenses, all in accordance with the provisions of this Deed. 

 

	 	14.3	Any
    sum held by the Trustee in trust for the Holders shall be deposited by the Trustee in a bank and will be invested thereby,
    in its name or its order, at its discretion in investments permitted to it according to Section 17 below. If the Trustee did
    so, it shall only be obligated to those eligible for those sums for the consideration that it shall receive from the realization
    of the investments, less the expenses connected to the said investment, including for the management of the trust account
    and less its salary and debt payments and it shall pay to those eligible against the evidence that will be requested thereby
    to its full satisfaction. After the Trustee will receive notice from the Holder of the removal of the impediment as stated,
    the Trustee will transfer to the Holder all of the funds accumulated for the deposit and derived from the exercise of their
    investment, less all of the reasonable expenses and trust account management fees and less any tax by law. The payment will
    be performed against the presentation of that evidence, which shall be accepted by the Trustee, regarding the right of the
    Holder to receive it.

 

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	 	14.4	The
    Trustee shall hold these funds and shall invest them according to the provisions of Section 17 below, until the end of one
    year from the final date for the repayment of the Bond (Series A), but the Trustee shall return the accumulated sums in its
    possession (including their profits) less its expenses and less its salary and other expenses which it expended in accordance
    with the provisions of this Deed (such as salaries of service providers, etc.) to the Company and the Company shall hold these
    sums in trust for the Bondholders (Series A) entitled to those sums for a period of up to the end of seven (7) years from
    the final repayment date of the Bonds (Series A), and regarding the funds that will be transferred to it by the Trustee as
    stated above, the provisions of Subsection 14.3 above shall apply to it, mutatis mutandis. Funds that are not demanded from
    the Company by the Bondholders (Series A) at the end of seven (7) years from the final payment date of the Bonds (Series A)
    will be transferred to the Company’s ownership after 30 days from providing notice to the aforesaid holders by the Company,
    in writing, based on the addresses listed in its possession, if any, and it may use the remaining funds for any purpose.

 

	 	14.5	The
    Company shall provide written confirmation to the Trustee of the return of the sums as stated in Section 14.4 above, and regarding
    their receipt in trust for the Bondholders (Series A) and it shall indemnify the Trustee for any action and/or expense and/or
    damage of any kind that will be caused to it due to and for the transfer of the funds as stated, unless the Trustee acted
    with negligence (excluding negligence exempted by law as shall be from time to time), with a lack of good faith or with malice.
    

 

	15.	Receipt
    by Bondholders and Trustee

 

	 	15.1	A
    signed receipt from the Bondholder (Series A) or a reference from a member of the Stock Exchange regarding the execution of
    the transfer or the execution of the transfer via the TASE Clearing House for the principle and interest sums paid thereto
    by the Trustee for the Bonds shall absolutely release the Trustee for all matters related to the essence of executing the
    payment of the sums denominated in the receipt. 

 

	 	15.2	A
    receipt from the Trustee regarding the deposit of the principle and interest sums in its possession for the benefit of the
    Bondholders (Series A) as stated, shall be considered a receipt from the Bondholders (Series A) for the purpose of the statements
    of Section 15.1 above, in relation to the release of the Company for all connected to the execution of the payment of the
    sums denominated in the receipt. 

 

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	 	15.3	The
    sums distributed as stated in Sections 10 and 12 above shall be considered as payment at the expense of the repayment of the
    Bonds (Series A).

 

	16.	Presentation
    of Bonds to the Trustee; Registration in Connection with Partial Payment 

 

	 	16.1	The
    Trustee may demand from the Bondholders (Series A) to present the Trustee, upon any interest payment or partial payment of
    principal and interest, with the Certificate of the Bonds (Series A) for which the payments are made. A Bondholder (Series
    A) will be required to present the Certificate of the Bond as stated, provided that the above will not require the Bondholder
    (Series A) to bear any payment and/or expense and/or impose on the Bondholder (Series A) liability and/or any debt.

 

	 	16.2	The
    Trustee may record on the certificate of the Bonds (Series A) a note regarding the amounts paid as stated above, and the date
    of their payment.

 

	 	16.3	The
    Trustee may, in any special case at its discretion, waive the presentation of the Certificate of Bonds (Series A) after being
    provided by the Bondholder (Series A) a waiver and/or guarantee that is sufficient to its satisfaction for damage that may
    be caused as a result of the non-registration of the note as stated, all as it sees fit.

 

	 	16.4	Notwithstanding
    the above, the Trustee may, at its reasonable discretion, hold records in another manner regarding partial payments as stated.

 

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	17.	Investment
    of Funds

 

All
of the funds that the Trustee may invest under the Deed of Trust will be invested thereby in one of the four largest banks in
Israel, provided that the rating of the bank is not less than AA in its name or for its deposit, in investments as it sees fit,
all subject to the terms of the Deed of Trust, provided that it deposits in bank deposits, treasury funds issued by the Bank of
Israel and/or government bonds issued by the Bank of Israel of the United States Government alone and/or similar securities issued
by the United States Government.

 

In
the event that it does so, it will only owe to those entitled to the same amounts the consideration received from the exercise
of the investments, less its fees and expenses, charges and expenses related to the aforesaid investment and managing the trust
accounts, the fees and less the obligatory payments applicable to the trust account, and the Trustee will act in accordance with
the provisions of Sections 12 and/or 14 above, as applicable, with the balance of the funds as stated.

 

	18.	Company’s
    Undertakings vis-a-vis Trustee 

 

The
Company hereby undertakes vis-à-vis the Trustee and Bondholders, as long as the Series A Bonds have not yet been fully
repaid, as follows:

 

	 	18.1	To
    maintain and manage the Company’s business in an orderly, proper and effective manner.

 

	 	18.2	To
    manage orderly account books in accordance with the GAAP, and to maintain records, including the documents used as references
    therefor (including pledge and mortgage deeds, accounts and receipts) in its offices, and to allow the Trustee and/or any
    authorized representative of the Trustee to review, at a time coordinated with the Company in advance, no later than 5 business
    days from the date of the Trustee’s written request, any record and/or document as stated that the Trustee requests
    to review. In this regard, an authorized representative of the Trustee shall mean a person that the Trustee appoints for the
    purpose of a review as stated, with written notice of the Trustee that is provided to the Company before the review as stated,
    subject to the obligation of confidentiality subject to the provisions of Section 31.12 below. 

 

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	 	18.3	To
    notify the Trustee in writing, as early as reasonably possible and no later than three business days after being made aware
    of any case in which an attachment is placed on a material asset of the Company (as this term is defined in Section 8.1 above)
    and in any event in which a receiver, special manager and/or temporary and/or permanent receiver and/or trustee who is appointed
    in the framework of a request for a stay of proceedings under Section 350 of the Companies Law, against the Company is appointed
    with respect to a material asset of the Company, and to take, at its expense, any reasonable means required in order to remove
    such an attachment or terminate the receivership, liquidation or management, as applicable.

 

	 	18.4	To
    inform the Trustee in writing, immediately upon the Company being made aware and no later than three trading days, of the
    occurrence of one or more of the cases listed in Section 8.1 above and its subsections. The provisions of this Section and
    all of its subsections will be performed by the Company without taking into account the curing and waiting periods listed
    in Section 8.1 above, if any.

 

	 	18.5	To
    provide the Trustee, no later than the end of 30 days from the date of the issuance of the Bonds (Series A) under this Deed
    with a repayment schedule for payment of the Bonds (principal and interest).

 

	 	18.6	To
    provide the Trustee with written notice, signed by a senior officer of the Company, no later than five business days from
    the date of a written request of the Trustee, of the performance of any payment to the Bondholders and of the balance of the
    amounts that the Company owes at the same date to the Bondholders after the performance of the aforesaid payment.

 

	 	18.7	To
    provide the Trustee immediately upon its delivery with any report that it is required to submit to the Securities Authority.
    An immediate report in the MAGNA system of the Securities Authority and any report or information that is published (in full)
    by the Company on the MAGNA system will be considered to have been provided to the Trustee. Notwithstanding the above, at
    the Trustee’s request, the Company will provide the Trustee with a printed copy of the report or information as stated.

 

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	 	18.8	To
    provide the Trustee with copies of notices and invitations provided to the Company, as stated in Section 27 of this Deed.

 

	 	18.9	To
    ensure that the senior financial officer of the Company will provide, within a reasonable time, to the Trustee and/or the
    individuals that it so instructs, with any explanation, document, calculation or information relating to the Company, its
    business and/or assets that are required, at the reasonable discretion of the Trustee, for the purpose of examinations performed
    by the Trustee in order to protect the Bondholders.

 

	 	18.10	To
    invite the Trustee to be present at the general meetings (whether in annual general meetings or special general meetings of
    the Company’s shareholders) of the Company’s shareholders (without rights to participate or vote), held in Israel.
    Publication of an invitation to a general meeting of the shareholders of the Company in the MAGNA system will be considered
    to be an invitation of the Trustee for the purpose of this Section. As long as the Company is a bonds company (as this term
    is defined in the Companies Law) – it shall provide the Trustee with signed minutes of the meetings of shareholders
    within three business days from the date on which the said minutes are signed.

 

	 	18.11	As
    long as the Bonds (Series A) are not yet repaid in full, to provide the Trustee with the reports and statements as follows:

 

	 	18.11.1	Annual
    audited financial statements of the Company, no later than the dates set forth under the Securities Law, even in the event
    in which the Company ceases to be a reporting corporation.

 

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	 	18.11.2	If
    the Company is a public company (as defined in the Companies Law) – a copy of any document that the Company transfers
    to all of its shareholders or all of the Bondholders, and details of any information that the Company transfers to them in
    another manner, including any report submitted under law to the Securities Law in order to be published publically (immediate
    reports), immediately upon their publication. As long as the Company is a private company that is a bonds company –
    to provide the Trustee with a copy of any document that the Company transfers to all of the Bondholders and the details of
    all of the information that the Company transfers to them in another manner, including any report submitted under law to the
    Securities Authority in order to be published publically (immediate reports), immediately upon their publication.

 

	 	18.11.3	To
    provide the Trustee, upon its first written request, with written confirmation, signed by an accountant, stating that all
    of the payments to the Bondholders have been paid on time, and the balance of the par value of the Bonds in circulation.

 

	 	18.11.4	In
    the event that the Company ceases to be a reporting corporation, the Company will provide the Trustee, in addition to the
    provisions of Sections 18.2 -18.11 above, with annual, quarterly and immediate reports, Which will be signed by a senior officer
    in the finance area and by the Comas set forth below: 

 

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	 	(a)	Annual
    reporting including the information set forth in Appendix 5.2.4.8 of Chapter 4 Part 2 (management of investment funds and
    provision of credit) in Part 5 (principles of the management of business), in the consolidated circular of the Ministry of
    Finance - Division of Capital Markets, Insurance and Savings1 (hereinafter: the “Chapter for Management
    of Investment Assets in the Circular by the Ministry of Finance”) or as updated from time to time, no later than 60
    days from the date on which the Company was required to publish the annual reports if it was a reporting corporation;

 

	 	(b)	Quarterly
    reporting including the information set forth in the Chapter for Management of Investment Assets in the Circular by the Ministry
    of Finance, as updated from time to time, no later than 30 days from the date on which the Company was required to publish
    the quarterly reports if it was a reporting corporation;

 

	 	(c)	An
    immediate report in the case that one of the events occurs listed in Appendix 5.2.4.10 of the Chapter for Management of Investment
    Assets in the Circular by the Ministry of Finance, as updated from time to time. The report will be provided on the date on
    which the Company was required to report about the occurrence of the event based on Article 30(b) of the Reporting Regulations.

 

	 	18.12	To
    provide the Trustee, at its written request, within a reasonable time, any affidavit and/or declaration and/or documents and/or
    details and/or additional information regarding the Company (including explanations, documents and calculations regarding
    the Company, its business or assets) and even to order its accountant and legal advisors to do so, at the reasonable written
    request of the Trustee, if the Trustee reasonably believes that the information is required by the Trustee in order to apply
    and use the authorities, powers and authorizations of the Trustee and/or its counsel under the Deed of Trust, including information
    that may be essential and required in order to protect the rights of the Bondholders, provided that the Trustee acts in good
    faith, subject to the undertaking of confidentiality as stated in Section 31.12 below.

 

 

1
http://ozar.mof.gov.il/hon/2001/law/Codex.asp

 

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	 	18.13	To
    provide the Trustee with all of the reports or notices as set forth in Section 35j of the Law.

 

	 	18.14	No
    later than ten business days from publication of the annual or quarterly financial statements of the Company, as applicable,
    the Company will provide the Trustee with detailed written confirmation, signed by the senior officer in the Company’s
    financial department, regarding its compliance or non-compliance with each of the financial conditions set forth in Section
    6.4 of this Deed, in addition to a detail of the calculation relevant to each financial condition. 

 

	 	18.15	No
    later than 10 business days from the publication of the Company’s annual or quarterly financial statements, and as long
    as this Deed is in effect, the Company with provide the Trustee with a written confirmation of the Company, signed by the
    authorized signatories on its behalf as well as the chairman of its board of directors and/or its CEO, that in the period
    from the date of the Deed and/or the date of the previous approval provided to the Trustee, whichever is later, and until
    the date on which the approval is provided, to the best of its knowledge, no breach occurred on the part of the Company of
    this Deed and the terms of the Bonds (Series A), unless stated explicitly therein otherwise. 

 

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	 	18.16	On
    April 10 of each year, for the previous calendar year, and as long as this Deed is in effect, the Company will provide the
    Trustee with confirmation, signed the by Company’s senior officer of the performance of all of the interest payments
    and/or payments on account of the principal, in connection with the Bonds (Series A), that are due to be paid before the date
    of the confirmation, and the payment date, as well as the balance of the par value of the Bonds from this series, which are
    still in circulation as of the date of the confirmation, as well as confirmation from a directors of the Company and its CEO
    that during the year ending on December 31, there was no breach on the Company’s behalf of the terms and limitations
    set forth in the Deed of Trust (including the same limitations and specification conditions in the Deed and the Bonds, with
    respect to which the Trustee requests that the Company refer in the confirmation), unless explicitly stated otherwise in the
    aforesaid confirmation.

 

	 	18.17	To
    notify the Trustee in writing of any change to its name or address.

 

	 	18.18	The
    Trustee may instruct the Company to immediate report on the MAGNA system, on behalf of the Trustee, any report in the form
    as provided in writing by the Trustee to the Company, and the Company shall be required to provide the report as stated.

 

	 	18.19	The
    Trustee will maintain the confidentiality of the information sent to him according to this Section, will not reveal it to
    anyone else and will not make any use of it, unless the discovery or use thereof is required in order to fulfill the Trustee’s
    position by law, according to the Deed of Trust, To protect the rights of bond holders, or according to a court order. 

 

	 	18.20	The
    Company will notify the Trustee of any non-compliance with any foreign covenant at the earliest possible point and no later
    than 3 business days from the date of non-compliance with the foreign covenant or within 5 business days from the date on
    which notice was given by the affiliate company regarding the non-compliance with any foreign covenant, as applicable, as
    well as the expected implications of this non-compliance in accordance with the Company’s agreements with that entity.
    It shall be clarified, that as long as the Company did not fulfill any foreign covenant and it will be given an extension
    in order to fulfill the foreign covenant, the extension shall not be considered, regarding this Section alone, as a fulfillment
    of the covenant the Company will notify the Trustee of the non-compliance of the foreign covenant as stated. 

 

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For
the purpose of this section -

 

“Foreign
covenant” – a material financial condition of the Company and any affiliated company of the Company, in the framework
of the agreement with a financial institution or with another entity which provided the Company with material credit.

 

“Material
financial condition” – a financial condition, for which the non-compliance thereof will constitute grounds for the
immediate repayment of the relevant debt.

“Material
credit” - credit constituting at least 25% of the consolidated equity of the Company (including minority rights). Regarding
an associated company - credit that multiplies the rate of the Company’s holdings (in final concatenation) in the associated
company constituting at least 25% of the consolidated equity of the Company (including minority rights).

 

Notwithstanding
the provisions of Section 27 below, the Company will transfer to the Trustee written notice of the non-compliance with Foreign
Covenant in addition to any immediate report published by the Company in the matter, if published.

 

	19.	Additional
    Liabilities

 

	 	19.1	18.1.
    If the Bonds are called for immediate repayment, as defined in Section 8 above, the Company will perform, from time to time
    and at any time required by the Trustee, all of the reasonable actions in order to enable the operation of all of the powers
    granted to the Trustee, and in particular, the Company will perform the following actions, no later than seven business days
    from the date of the Trustee’s request:

 

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	 	19.1.1	Declare
    the declarations and/or sign all of the documents and/or perform and/or cause the performance of all of the actions required
    or necessary in accordance with the law in order to give effect to the operation of the powers, authorities and authorizations
    of the Trustee and/or its counsel under this Deed of Trust.

 

	 	19.1.2	Provide
    all of the notices, deposits and instructions that the Trustee sees fit and necessary in order to apply the provisions of
    the Deed of Trust.

 

	 	19.2	For
    the purposes of this Section – written notice, signed by the Trustee, that confirms that an action requested thereby,
    in the framework of its authorities, is a reasonable action, constitutes prima-facie evidence thereof.

 

	20.	Counsel

 

	 	20.1	The
    Company hereby irrevocably appoints the Trustee as its counsel to execute and perform in its name and place all of the actions
    that it must perform under the terms included in this Deed, and to act in its name generally with respect to the actions that
    the Company must perform under this Deed and has not performed, or to perform some of the authorities granted thereto, and
    to appoint any other person as the Trustee sees fit, and to perform its position under this Deed, subject to the Company failing
    to perform the actions that it must perform under this Deed within 14 days, as determined by the Trustee from the date of
    the Trustee’s demand, provided that it acted reasonably.

 

	 	20.2	An
    appointment under Section 20.1 above shall not obligate the Trustee to perform any action, and the Company hereby exempts
    the Trustee and its agents in advance in the event in which it does not perform any action, and the Company waives in advance
    any claim vis-à-vis the Trustee and its agents for any damage caused or that may be caused to the Company directly
    or indirectly, for this, on the basis of any action that is not performed by the Trustee and its agents as stated above. 

 

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	21.	Other
    Agreements

 

Subject
to the provisions of the law and the limitations imposed on the Trustee by law, the fulfillment of the Trustee’s position
under this Deed or its position as a trustee will not prevent it from engaging with the Company in other agreements or performing
transactions therewith during the ordinary course of its business, provided that the same does not create a conflict of interests
with serving as a trustee for the Bondholders (Series A).

 

	22.	Reports
    on Matters Relating to Trusteeship

 

	 	22.1	The
    Trustee will be required to submit a report regarding the actions performed in accordance with the provisions of Section 35h1
    of the Securities Law.

 

	 	22.2	The
    Trustee will prepare, by June 30 of each year, for the previous calendar year, an annual report of the Trustee’s affairs
    (hereinafter: the “Annual Report”). 

 

	 	22.3	The
    Annual Report will include a report of extraordinary events in connection with the trusteeship that occurred during the past
    year.

 

	 	22.4	The
    Trustee will publish (itself or through the Company at the request of the Trustee) the Annual Report on the MAGNA system.

 

	 	22.5	In
    the event that the Trustee becomes aware of a material breach of this Deed and/or of the terms of the Bonds (Series A) on
    the part of the Company, based on public publications of the Company or under a notice of the Company to the Trustee under
    Section 18.4 above, it will notify the Bondholders (Series A) of the breach and the measures that it has taken to prevent
    or enforce the fulfillment of the Company’s obligations by the Company, as applicable. This obligation will not apply
    with respect to an event that is published by the Company under law. This obligation of the Trustee is subject to its actual
    knowledge of the breach event as stated. 

 

	 	22.6	The
    Trustee will update the Company of any report filed under this Section 22.

 

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	23.	Wages
    and Coverage of Trustee’s Expenses

 

The
Company will pay the Trustee its fees as set forth in Appendix 23 of this Deed.

 

	24.	Special
    Powers 

 

	 	24.1	The
    Trustee may deposit all of the deeds and documents that indicate, represent and/or set forth its right in connection with
    the trusteeship at the subject of this Deed, including in connection with any asset that it possess at the time, in a safe
    and/or another place determined, with an banker and/or banking company and/or with an attorney. 

 

	 	24.2	23.2.
    The Trustee may, within the performance of the trusteeship under the Deed of Trust, commission any opinion or the counsel
    of any attorney, accountant, appraiser, assessor, broker or other expert (hereinafter: the “Consultants”) and
    act in accordance with their conclusions, whether the opinion or counsel was prepared at the request of the Trustee or the
    request of the Company and the Trustee will not be responsible for any loss or damage caused as a result of any action or
    omission performed thereby on the basis of the counsel or opinion as stated, unless determined in an absolute judgment that
    the Trustee acted negligently (excluding negligence exempt under law as it may be from time to time) and/or in bad faith and/or
    maliciously. The Company will bear all of the expenses of hiring the Consultants appointed as stated, provided that the Trustee
    will provide the Company with notice five days in advance of its intent to receive an expert opinion or counsel as stated,
    provided that the expenses are reasonable.

 

	 	24.3	Any
    counsel and/or opinion as stated may be provided, sent or received by a letter, telegram, facsimile, email and/or other electronic
    means of transferring information, and the Trustee will not be responsible for actions performed on the basis of advice and/or
    an opinion or knowledge transferred via one of the methods mentioned above although it contains errors and/or was not authentic,
    unless the same errors could have been discovered in a reasonable inspection.

 

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	 	24.4	Subject
    to any law, the Trustee will not be required to notify any party of the signature of the Deed of Trust, and will not be permitted
    to intervene in any manner in the management of the Company’s business or affairs, other than based on the authorities
    that will be granted to the Trustee in this Deed or as agreed by the Company and the Bondholders (Series A) and the Trustee.
    The provisions of this Section will not limit the Trustee in actions that it must perform in accordance with the Deed of Trust.

 

	 	24.5	The
    Trustee will use in the trusteeship the powers, authorizations and permissions granted thereto under the Deed of Trust, at
    its absolute discretion and subject to the other provisions of this Deed. In the event that the Trustee does not, it will
    not bear liability for any damage and/or loss and/or expense that is caused to the Company and/or the Bondholders and/or that
    it may bear following any action and/or omission performed by the Trustee, including as a result of mistakes in discretion,
    unless determined in an absolute judgment that the Trustee acted negligently (excluding negligence that is exempt under law
    as it may be from time to time) or in bad faith or maliciously or contrary to the provisions of this Deed, all in accordance
    with and subject to the provisions of the law. 

 

	 	24.6	Unless
    explicitly determined otherwise by Law or the provisions of this Deed, the Trustee is not required to act in a manner which
    is not expressly detailed in this Deed of Trust so that any information, including about the Company and/or in connection
    with the Company’s ability to meet its obligations to bondholders comes to his attention, and this is not his role.

 

	25.	Trustees’
    Power to Engage Agents

 

The
Trustee may, in the framework of managing the trusteeship’s business, appoint agent/s that will act in its place, whether
an attorney or another person, in order to perform or participate in the performance of special actions that must be performed
in connection with the trusteeship and pay reasonable waves to any such agent, and without derogating from the generality of the
above, to take legal proceedings. The Trustee may pay at the expense of the Company the wages of any such agent, including by
way of offsetting from amounts that it owes, and the Company will return to the Trustee immediately upon its first request any
expense as stated, all provided that prior to the appointment of the agent as stated, all provided that the Trustee has provided
the Company with notice in advance regarding the appointment of agents as stated.

 

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It
is clarified that the appointment of an agent as stated will not derogate from the liability of the Trustee for its actions and
those of its agents.

 

	26.	Indemnification
    of the Trustee

 

	 	26.1	The
    Company and the Bondholders (on the relevant effective date as stated in Section 26.6 below, each for its obligations as stated
    in Section 26.4 below) hereby undertakes to indemnify the Trustee and all of its officers, employees, agents or an expert
    that it appoints and/or that are appointed by the Trustee under the provisions of this Deed of Trust and/or under a lawful
    decision that is passed in a meeting of Bondholders (Series A) under the provisions of this Deed of Trust (hereinafter: the
    “Parties Eligible for Indemnification”):

 

	 	26.1.1	Any
    damage and/or loss and/or financial charge under a judgment (for which a stay is not granted) or based on a settlement that
    has ended (if the settlement relates to the Company, and the Company provides its consent to the settlement) the grounds of
    which are related to actions performed by Parties Eligible for Indemnification or that they are required to perform under
    the provisions of this Deed and/or under law and/or an instruction of a competent authority and/or any law and/or at the request
    of the Bondholders (Series A) and/or at the request of the Company; and

 

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	 	26.1.2	For
    the fees of the Parties Eligible for Indemnification and the expenses incurred and/or that will be incurred, and for any damage
    and/or loss that they sustain due to actions performed by the Parties Eligible for Indemnification or that they are required
    to perform under the provisions of this Deed, and/or under law and/or an instruction of the competent authority and/or under
    any law and/or at the request of the Bondholders (Series A) and/or at the request of the Company and/or in connection with
    use of the powers and authorities provided by virtue of this Deed, and in connection with any legal proceedings, opinion of
    an attorney and other experts, negotiations, discussions, expenses, claims and demands with respect to any matter and/or item
    performed and/or that is not performed in any manner with respect to the matter herein.

 

All
provided that:

 

	 	26.1.3	The
    Parties Eligible for Indemnification do not demand indemnification in advance regarding any manner that cannot be delayed
    (without harming their right to retroactive indemnification);

 

	 	26.1.4	It
    is not determined in a final judicial decision that the Parties Eligible for Indemnification acted in bad faith and that the
    action was performed other than in the fulfillment of their positions, other than in accordance with the provisions of the
    law and/or other than under this Deed of Trust;

 

	 	26.1.5	It
    is not determined in a final judicial decision that the Parties Eligible for Indemnification were negligent with negligence
    that is not exempt under law, as it may be from time to time; 

 

	 	26.1.6	It
    is not determined in a final judicial decision that the Parties Eligible for Indemnification acted maliciously;

 

An
indemnification undertaking under this Section 26.1 will be hereinafter: an “Indemnification Undertaking.”

 

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It
is agreed that in any event in which it is claimed against the Parties Eligible for Indemnification that (1) they acted in bad
faith or other than in the fulfillment of their roles, or not in accordance with the provisions of the law or the Deed of Trust,
and/or (2) they were negligent with negligence that is not exempt under law and/or (3) acted maliciously – they will be
entitled to indemnification immediately upon their request for payment of the Indemnification Undertaking amount; however, if
it is determined in a final judicial decision that they did in fact act as claimed against them as stated above, the Parties Eligible
for Indemnification will return the Indemnification Undertaking amounts paid to them.

 

	 	26.2	Without
    derogating from the rights to compensation provided to the Trustee under law and subject to the provisions of this Deed and/or
    the obligations of the Company under this Deed, the Parties Eligible for Indemnification will be entitled to indemnification
    from the funds received by the Trustee in the proceedings taken regarding the obligations that it has undertaken, with respect
    to reasonable expenses incurred following the performance of the trusteeship or in connection with such actions, which in
    their opinion are required to be performed and/or in connection with use of the powers and authorities provided by virtue
    of this Deed and in connection with all types of legal proceedings, opinions of attorneys and other experts, negotiations,
    discussions, claims and demands regarding any matter and/or action that is performed and/or not performed in any manner with
    respect to this, and the Trustee may delay the funds available thereto and paid from them the amounts required in order to
    pay the indemnification as stated. All of the said amounts will have priority over the rights of the Bondholders (Series A)
    and subject to the provisions of any law, provided that the Trustee acts in good faith and in accordance with the obligations
    imposed thereon under any law and under this Deed. For the purpose of this Section, an action of the Trustee that is approved
    by the Company and/or the Bondholders will be considered an action that is reasonably required.

 

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	 	26.3	Without
    derogating from the Indemnification Undertaking in Section 26.1 above, in the event that the Trustee is required, under the
    terms of the Deed of Trust and/or under law and/or an instruction of a competent authority and/or any law and/or at the request
    of the Bondholders (Series A) and/or at the request of the Company to perform any action including but not limited to commencing
    proceedings or filing cases at the request of the Bondholders (Series A) as stated in this Deed, the Trustee will be required
    to refrain from taking any such action until it receives, to its satisfaction, a financial deposit to cover the Indemnification
    Undertaking (hereinafter: the “Financing Cushion”) in the amount required, with first priority from the Company,
    and in the case in which the Company still has not deposited the entire financing deposit on the date required to do so by
    the Trustee, provided that the Parties Eligible for Indemnification have taken the actions reasonable under the circumstances,
    required to collect the aforesaid amounts from the Company, the Trustee will contact the Bondholders (Series A) that hold
    the Bonds (Series A) on the effective date (as stated in Section 25.6 below), with a request that they deposit the Financing
    Cushion amount, each its ‘relative share’ (as this term is defined below). In the event in which the Bondholders
    (Series A) do not actually deposit the entire “Financing Cushion” amount required, the Trustee will not be subject
    to the obligation to take any action or relevant proceedings. The provisions above will not exempt the Trustee from taking
    an urgent action required in order to prevent material detrimental harm to the rights of the Bondholders (Series A).

 

The
Trustee is authorized to determine the “Financing Cushion” amount and may again create an additional cushion as stated
from time to time, in the amount determined thereby. It shall be clarified that the payment by the holders under this Section
will not release the Company from its obligation to bear the aforesaid payment.

 

	 	26.4	The
    indemnity undertaking:

 

	 	26.4.1	Shall
    apply to the Company in any event of: (1) actions performed at the discretion of the Trustee and/or under any law and/or that
    are required to be performed under the terms of the Deed of Trust or in order to protect rights of the Bondholders (including
    due to a demand of a holder that is required for the sake of protection as stated); and (2) actions performed and/or required
    to be performed at the request of the Company, including due to a demand as stated.

 

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	 	26.4.2	Shall
    apply to Holders that hold, on the effective date (as stated in Section 26.6 below) in any event of: (1) actions performed
    and/or that are required to be performed at the demand of the Bondholders (excluding actions which, as stated, are taken at
    the demand of Holders in order to protect the rights of the Bondholders); and (2) non-payment by the Company of the indemnification
    undertaking amount applicable thereto under Section 26.3 above (subject to the provisions of Section 26.6 below) and provided
    that the Parties Entitled to Indemnification have taken the reasonable actions under the circumstances required to collect
    the aforesaid amounts from the Company. It shall be clarified that the payment in accordance with subsection (2) above will
    not derogate from the obligation of the Company to bear the indemnification undertaking in accordance with the provisions
    of Section 26.4.1 above.

 

	 	26.5	In
    any event in which the Company does not pay the entire amount required to cover the Indemnification Undertaking and/or does
    not deposit the entire Financing Cushion amount, as applicable, and/or the Holders are called to deposit the Financing Cushion
    amount under Section 26.3 above, provided that the Parties Entitled to Indemnification have taken the reasonable actions under
    the circumstances required to collect the aforesaid funds from the Company, the following provisions shall apply:

 

	 	26.5.1	The
    funds will be collected in the following manner:

 

	 	26.5.1.1	First
    - the amount will be financed from the interest and/or principal that the Company is required to pay to the Bondholders
    (Series A) after the date of action. It is clarified that in the event that use is made of the same amounts by the Trustee,
    since the Company has not paid all of the amounts required to cover the “indemnification undertakings” and/or
    has not deposited the entire amount of the “financing cushion,” the same amounts will not be considered to have
    been repaid by the Company on account of the Bonds in favor of the Bondholders; 

 

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	 	26.5.1.2	Second
    - if, in the Trustee’s opinion, the amounts deposited in the Financing Cushion are insufficient to cover the “indemnification
    undertaking,” the holders that hold on the Effective Date (as stated in Section 26.3 below) will deposit the missing
    amount, in accordance with the relative share (as this is defined), with the Trustee. 

 

“Relative
Share” shall mean: the relative share of the Bonds (Series A) held by the Holder on the relevant effective date as stated
in Section 26.3 below of the total nominal value in circulation at the time. It is clarified that calculation of the relative
share will remain effective even if after the same date a change occurs to the nominal value of the Bonds held by the Holder.

 

It
shall be clarified that Bondholders that bear liability to cover expenses as stated in this Section above may bear expenses as
stated in this section above in excess of their relative share, and in such a case, the priority will apply to the repayment of
the funds in accordance with the provisions of Section 10 of this Deed.

 

	 	26.6	The
    effective date for the determination of the obligation of a Holder in an Indemnification Undertaking and/or payment of the
    Financing Cushion is as follows:

 

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	 	26.6.1	In
    any event in which the Indemnification Undertaking and/or payment of the Financing Cushion is required due to an urgent resolution
    or action required in order to prevent material detrimental harm to the rights of the Bondholders (Series A), without a prior
    decision of the meeting of Bondholders (Series A) – the effective date for the obligation will occur at the end of the
    trading day of the day on which the action is taken or the decision is made, and if the same day is not a trading day, on
    the previous trading day. 

 

	 	26.6.2	In
    any event in which the Indemnification Undertaking and/or payment of the Financing Cushion is required based on a resolution
    of the meeting of Bondholders (Series A) – the effective date for the obligation will be the effective date for participation
    in the meeting (as this date is determined in the assembly notice).

 

	 	26.7	25.7.
    Payment of any amount imposed on the Company under this Section 26 by the Holders in lieu of the Company will not release
    the Company from its obligation to bear the aforesaid payment. 

 

	 	26.8	With
    regard to the priority of the reimbursement to Holders that bear payments under this Section from the receipts by the Trustee,
    see Section 10 above. The Trustee will act reasonably to return funds as stated that are paid by the Holders in place of the
    Company from the Company.

 

	27.	Notices

 

	 	27.1	Any
    notice on behalf of the Company and/or Trustee to the Bondholders will be provided through a report on the MAGNA system of
    the Securities Authority (the Trustee may instruct the Company and the Company will be required to immediate report on the
    MAGNA system on behalf of the Trustee, regarding any report in the form provided in writing by the Trustee to the Company),
    and in the cases set forth below only also by way of publishing a notice in two daily newspapers with broad distribution,
    which are published in Israel in the Hebrew language: (a) an arrangement or settlement under Section 350 of the Companies
    Law; (b) a merger. Any notice that is published or sent as stated will be considered to have been provided to a Bondholder
    on the date on which it was published as stated (in the MAGNA system or newspapers, as applicable). 

 

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	 	27.2	Any
    notice or demand on behalf of the Trustee to the Company or on behalf of the Company to the Trustee may be provided in a letter
    sent via registered mail based on the address set forth in the Deed of Trust, or based on another address of which one party
    shall inform the other in writing (including an email address) or through dispatch via email or an agent, and any notice or
    demand will be considered to have been received by the Company: (1) in the event of dispatch via registered mail – three
    business days from the day on which it is sent via mail; (2) in the event of dispatch via email (with telephone verification
    of its receipt) – one business day from the date on which it is sent; (3) in the event of delivery by courier –
    upon the delivery by courier to the recipient or its offer for acceptance of the recipient, as applicable.

 

	28.	Waivers,
    Compromises, and Changes to the Deed of Trust

 

Subject
to the provisions of any law, excluding regarding (1) payment dates under the Bonds (but including a technical change to the dates
or effective date for payment), (2) changes in the interest rate, including adjustments of the interest arising from non-compliance
with the financial criteria or a change to the rating, (3) undertakings of the Company in connection with the financial conditions
and their breach (4) undertakings of the Company in connection with the distribution of dividends, (5) the provisions pertaining
to the expansion of a series, (6) provisions related to the law applicable to this Deed, (7) grounds for calling for immediate
repayment (9) negative pledge provisions, (10) restrictions on transactions with controlling shareholders and (11) reports that
the Company is required to provide the Trustee, the Trustee may, from time to time and at any time when, in its opinion, there
will not be harm to the rights of the Bondholders (Series A), waive any breach or non-fulfillment of any of the terms of the Bonds
or the non-fulfillment of any of the terms of the Deed of Trust by the Company.

 

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Subject
to the provisions of any law and with the prior approval of the Bondholders in a special resolution, the Trustee may, whether
before or after the principal of the Bonds (Series A) is called for payment, settle with the Company in connection with any right
or claim of the Bondholders (Series A), waive any right or claim of the Bondholders (Series A) or any of them vis-à-vis
the Company under the Deed of Trust and the Bonds (Series A) and agree with the Company to any arrangement of their rights, including
to waive any right or claim of the Bondholders (Series A) vis-a-vis the Company under this Deed.

 

In
the event that the Trustee settles with the Company, waives any right or claim of the Bondholders (Series A) or agrees with the
Company to any arrangement of rights of the Bondholders (Series A) after receiving the prior consent of the meeting of Bondholders
(Series A) as stated above, the Trustee will be exempt from liability for this action, as approved by the general meeting, provided
that the Trustee does not breach a fiduciary duty and does not act in bad faith or maliciously or with negligence that is not
exempt under law, in the implementation of the resolution of the general meeting.

 

Without
derogating from the provisions above, subject to the provisions of any law, the Company and the Trustee may, whether before or
after the principal of the Bonds is called for payment, change the Deed of Trust and its appendices (including a change to the
terms of the Bonds (Series A)) if one of the following is met:

 

	 	(a)	If
    the Trustee is convinced that the change does not harm the Bondholders (excluding regarding For which the matters listed above
    in paragraphs (1) to (11) in section 28) provided that he has notified the Bondholders (Series A) of the same in writing.

 

	 	(b)	The
    change is approved by the Bondholders (Series A) in a special resolution.

 

The
Company has provided the Bondholders with notice through an immediate report published on the MAGNA of any change as stated above,
before its occurrence.

 

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In
any event of use of the Trustee’s right under this Section, the Trustee may demand from the Bondholders (Series A) that
they provide it or the Company with the Certificates of the Bonds in order to record a note thereon regarding any settlement,
waiver, change or amendment as stated, and at the request of the Trustee, the Company will record such a note. In any event of
use of the Trustee’s right under this Section, it will inform the Bondholders (Series A) thereof in writing within a reasonable
time.

 

	29.	Register
    of Bondholders

 

	 	29.1	The
    Company will keep and manage in its registered offices a register of Bondholders (Series A) in accordance with the Securities
    Law, which is open for the review of any person.

 

	 	29.2	The
    Company will not be required to record in the register of Bondholders (Series A) any notice regarding explicit, implicit or
    estimated trusteeship, or a pledge or lien of any kind or any equitable right, claim or offsetting or any other right, in
    connection with the Bonds (Series A). The Company will solely recognize the ownership of a person in whose name the Bonds
    are recorded, provided that its legal inheritors, estate managers or will executors of the registered owner and any person
    entitled to the Bonds, following a bankruptcy of any registered owner (or in the event of a corporation – following
    its liquidation) is entitled to be registered as a holder after evidence is provided which, in the opinion of the Company’s
    managers, is sufficient in order to prove the right of the person to be registered as the Bondholder.

 

	30.	Release

 

When
it is proved to the satisfaction of the Trustee that all of the Bonds (Series A) are paid, redeemed or when the Company deposits
sufficient amounts of money in trust with the Trustee which will suffice for the full and final redemption, as well
as when it is proved to the satisfaction of the Trustee that all of his wages and all of the expenditures made by the Trustee
and/or his agents in connection with his operation according to the Deed of Trust and according to its provisions are paid to
him in full, and the Trustee is required, at the Company’s first request, to act upon the monies deposited with him in respect
of the Bonds (Series A) whose redemption was not requested, according to the terms stipulated in this Deed.

 

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	31.	Appointment
    of the Trustee, the Trustee’s Roles, the Trustee’s Powers, and the Expiry of the Trustee’s Service

 

	 	31.1	The
    Company hereby appoints the Trustee as a trustee for the Bondholders (Series A) alone under the provisions of Section 35b
    of the Securities Law, including for the parties entitled to payments under the Bonds (Series A) that are not paid after the
    date of payment.

 

	 	31.2	The
    trusteeship for the Bondholders and the roles of the Trustee under the terms of this Deed will enter into force on the date
    of the allocation of the Bonds by the Company. The term of the Trustee’s appointment will be until the date of the convening
    of the holders’ meeting in accordance with the provisions of section 35B(a1) of the Securities Law. 

 

	 	31.3	From
    the date on which this Deed of Trust takes effect, the Trustee’s roles will be according to all laws and this Deed.

 

	 	31.4	The
    Trustee will act in accordance with the provisions of the Securities Law. 

 

	 	31.5	The
    Trustee will represent the bondholders (Series A) in every matter stemming from the Company’s undertaking to them, and
    he will be entitled, for this purpose, to take action to exercise the rights given to the holders according to the Securities
    Law or according to the Deed of Trust.

 

	 	31.6	The
    Trustee is entitled to initiate any proceeding for the purpose of protecting the rights of the holders in accordance with
    all laws and what is detailed in this Deed of Trust. 

 

	 	31.7	The
    Trustee is entitled to appoint agents as detailed in Section 25 above. 

 

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	 	31.8	The
    Trustee’s actions are valid even if a defect is discovered in his appointment or eligibility. 

 

	 	31.9	The
    Trustee’s signature on this Deed does not constitute an opinion on his part regarding the nature of the offered securities
    or desirability of investment therein. 

 

	 	31.10	The
    Trustee will not be required to notify any party of the signing of this Deed. The Trustee will not interfere in any form whatsoever
    in the conducting of the Company’s business or affairs and this is not included amongst his roles. Nothing in this section
    will restrict the Trustee in any action which he must take in accordance with the provisions of this Deed.

 

	 	31.11	Subject
    to the provisions of all laws, the Trustee is not required to act in a manner which is not expressly detailed in this Deed
    of Trust so that any information, including about the Company and/or in connection with the Company’s ability to meet
    its obligations to bondholders comes to his attention, and this is not his role. 

 

	 	31.12	Subject
    to the provisions of all laws and what is stated in this Deed of Trust, the Trustee undertakes, by his signing this Deed,
    to maintain in confidentiality all information provided to him by the Company and will not disclose it to another and will
    not make any use thereof, unless it’s disclosure or use is required for the purpose of fulfilling his role according
    to the Securities Law, according to the Deed of Trust, or according to a court order. Said duty of confidentiality will apply
    as well to any agent of the Trustee (including any consultant, counsel, and so forth). It is clarified that the transfer of
    information to bondholders for the purpose of adopting a resolution relating to their rights according to the bond or for
    the purpose of providing report on the Company’s condition does not constitute a breach of said undertaking of confidentiality.

 

	 	31.13	The
    Trustee is entitled to rely, in the framework of his trust, on any written document including a letter of instruction, notice,
    request, consent or approval, purporting to be signed by or originating from a person or entity which the Trustee believes
    in good faith was signed by or originated from him.

 

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	 	31.14	The
    provisions of the Securities Law will apply to the end of the Trustee’s service.

 

	 	31.15	If
    the Trustee’s service ended, a new trustee will be appointed in his place at a meeting of the holders.

 

	 	31.16	Despite
    the aforesaid, a resolution of the holders on the termination of the trustee’s service and his replacement with another
    trustee will be done, subject to any law, at a meeting at which holders with 50% of the balance of the par value of the bonds
    from the relevant series are present, or at a postponed meeting at which holders with at least 10% of said balance were present,
    with a 75% majority of those present and attending the vote.

 

	 	31.17	Subject
    to the provisions of all laws, the Trustee whose service ended will continue serving in his position until the appointment
    of another trustee. The Trustee will provide the new trustee with all of the documents and amounts accrued by him in connection
    with the trust which is the subject of the Date of Trust for Series A, and will sign any documents required for this purpose.
    Any new trustee will have the same powers, obligations, and authorities, and he will be able to act for all intents and purposes
    as if he was appointed as trustee in the first place.

 

	 	31.18	The
    Company will publish an immediate report in any event of the resignation of the Trustee and/or the appointment of a different
    trustee.

 

	32.	Bondholders’
    Meetings 

 

Meetings
of bondholders (Series A) will be conducted as stated in the Second Supplement to this Deed.

 

	33.	Applicable
    Law

 

The
law which applies to this Date of Trust and its appendices, including the bonds, is Israeli law. In the event of any matter that
is omitted from this Deed and in any event of a conflict between the provisions of the law and this Deed of Trust, the parties
will act in accordance with the provisions of Israeli law.

 

    	90

    	 

    

 

	34.	Exclusive
    Jurisdiction

 

The
exclusive court which will be authorized to adjudicate matters related to this Deed including its appendices and the bond attached
as an appendix here to will be the competent court in Tel Aviv – Jaffa.

 

The
Company, the Controlling Shareholder and the officers in the Company, who serve as will serve in the Company in the future, will
not object to a request by the Trustee and/or the Bondholders (Series A) submitted to a court in Israel for the application of
Israeli law regarding compromise, arrangement, and insolvency, inasmuch as it shall be submitted, will not apply of their own
initiative to courts outside of Israel in order to receive protection from a proceeding initiated by the Trustee and/or the Company’s
Bondholders (Series A) and will not object if a court in Israel will seek to apply Israeli law regarding compromise and arrangement
and insolvency.

 

Similarly,
the Company, the Controlling Shareholder and Officers of the Company irrevocably undertake not to raise claims against the local
authority of the court in Israel in connection with the proceedings submitted by the Trustee and/or the Bondholders (Series A)
of the Company.

 

In
addition to the aforesaid, the Company undertakes to provide the Trustee, upon signing of this Deed, with irrevocable undertakings
in writing by the Controlling Shareholder in the Company as well as the officers serving in the Company at the time of the signing
of this Deed, and immediately after the appointment of additional officers to the Company and/or a change of the Controlling Shareholder
in the Company, as applicable, an irrevocable written undertaking by said officer and/or the controlling shareholder, as applicable,
(hereinafter: “Controlling Shareholder’s and Officers’ Undertakings”), not to object to the request by
the Trustee and/or Bondholders (Series A) which will be submitted to a court in Israel, for the application of Israeli law regarding
compromise and insolvency by the Company, inasmuch as it shall be submitted, and not to apply of their own initiative to courts
outside of Israel in order to receive protection from a proceeding initiated by the Trustee and/or the Company’s Bondholders
(Series A), not to petition a court outside of Israel at their initiative with any proceeding arising from the Deed of Trust (including
in order to receive protection against a proceeding taken in Israel by the Trustee or by the Bondholders), not to object if a
court in Israel will wish to apply Israeli law regarding compromise and arrangement and insolvency by the Company, and not to
raise claims against the local authority of the court in Israel in connection with proceedings filed by the Trustee and/or the
Company’s Bondholders (Series A) (including a class action and derivative action). For the avoidance of doubt, it shall
be clarified that the obligations set forth above will not harm the power of the Company to protect its rights in other matters
that are not included in the obligations of the controlling shareholder and officers as stated above, including and without limitation,
to file claims in a court in Israel in accordance with Israeli law.

 

    	91

    	 

    

 

For
the avoidance of doubt it is clarified and emphasized that the undertakings by the controlling shareholder and officers shall
include, expressly, and irrevocable undertaking as well not to commence, at their initiative, and insolvency proceeding according
to foreign law and in a jurisdiction which is not Israel.

 

In
light of the aforesaid and subject to the fulfillment of the controlling shareholder’s and officers’ undertakings,
it is emphasized and clarified that and insolvency proceeding which is not according to Israeli law and before Israeli courts
can only stem from a lawsuit by a foreign creditor.

 

The
controlling shareholder’s and officers’ undertakings will be attached in the framework of the immediate report regarding
the appointment of the officer which the Company will publish in accordance with the provisions of the law is a part of the pre-issuance
reports and at the time of the appointment of any officer and/or the entry of a new controlling shareholder, all during the course
of the life of the Bonds (Series A).

 

    	92

    	 

    

 

	35.	General

 

Without
derogating from the other provisions of this Deed and of the Bonds (Series A), any waiver, extension, discount, silence, refraining
from taking action (hereinafter: “Waiver”) on the part of the Trustee regarding nonfulfillment or partial fulfillment
or improper fulfillment of any obligation to the Trustee according to this Deed and the bond (Series A) will not be considered
as a Waiver on the part of the Trustee of any right, but rather limited consent to the special opportunity in which it was granted.
Without derogating from the other provisions of this Deed and the bond (Series A), any change in undertakings to the Trustee requires
received of the Trustee’s prior written consent. Any other consent, whether oral or by means of Waiver and refraining from
taking action or in any other way which is not written will not be considered consent of any kind. The Trustee’s rights
according to this Deed of Trust are individual and independent of one another, and are in addition to any right existing and/or
which shall be granted to the Trustee according to law and/or agreement (including this Deed and the bond (Series A)).

 

	36.	Trustee’s
    Liability

 

	 	36.1	Notwithstanding
    what is stated in any law and anywhere in the Deed of Trust, inasmuch as the Trustee acted for the purpose of fulfilling his
    position in good faith and within a reasonable time, as well as ascertained the facts which a reasonable trustee would have
    ascertained under the circumstances, he shall not be liable to the bondholder for harm caused to him as a result of the fact
    that the Trustee utilized his discretion according to the provisions of section 35H(d1) or 35I1 of the Securities Law, unless
    it is determined in a final judgment that the Trustee acted with severe negligence. It is clarified that inasmuch as a contradiction
    shall be discovered between the provisions of this section and other provisions in the Date of Trust, the provisions of this
    section shall prevail.

 

	 	36.2	If
    the Trustee acted in good faith and without negligence in accordance with the provisions of section 35H(d2) or 35H(d3) of
    the Securities Law, he will not be liable for performing said action.

 

	37.	Addresses
    

 

The
Parties’ addresses will be as detailed in the preamble to this Deed, or any other address regarding which appropriate written
notice is given to the other party.

 

    	93

    	 

    

 

	38.	Authorization
    to MAGNA

 

In
accordance with the provisions of the Securities Regulations (Signature and Electronic Reporting), 5763–2003, the Trustee
hereby certifies to the entity authorized for the same on behalf of the Company, to electronically report to the Securities Authority
regarding this Deed of Trust.

 

In
witness whereof the Parties have signed:

 

	 	 	 
	Mishmeret
                                         Trust Services Company Ltd.

        
	 	Strawberry
                                         Fields REIT, LTD

        

 

I
the undersigned, Yoav Hovev, Adv., of the offices of Fischer Behar Well Orien & Co., certify that this Deed of Trust was signed
by Strawberry Fields REIT, Ltd. through Mr. Nahman Eingal, whose signature binds the Company in connection with this Deed of Trust.

 

________________________

Adv.
Yoav Hovev

 

    	94

    	 

    

 

First
Addendum

 

Certificate
of Bonds (Series A)

 

Issuance
of a series of up to NIS 273 million par value of Bonds (Series A), registered by name, bearing fixed annual interest in the rate
determined by the Tender (hereinafter: the “Interest”), payable (principal) in 8 (eight) annual payments (unequal)
on July 1 of each of the years 2017 through 2024 (inclusive) such that each of the 4 first payments on account of the principal
will be 15 % of the principal of the total par value of the Bonds (Series A) and each of the 4 last payments on account of the
principal will constitute 10% of the total principal par value of the Bonds (Series A). The interest for the Bonds (Series A)
will be paid in biannual payments on July 1, 2016 and January 1 and July 1 of each of the years 2017 through 2024 (inclusive).

 

Bond
(Series A) Registered by Name

 

Number     1

 

Par
value NIS __________

 

Annual
interest: fixed at a rate determined by the Tender.

 

The
registered owners of the Bonds in this Certificate: Nominee Company of Mizrahi Tfahot Ltd.

 

	1.	This
    certificate indicates that Strawberry Fields REIT Ltd. (the “Company”) will pay any party that is the registered
    owner of this Bond (the “Holder of the Bond (Series A)”) on the effective date for the same payment:
	 	 
	 	On July 1 of each of the years 2017 through 2020
    (inclusive) - 15% of the principal of the par value of the Bonds (Series A) in circulation, and on July 1 of each of the years
    2021 through 2024(inclusive), 10% of the principal of the par value of the Bonds (Series A) in circulation, all subject to
    the provisions on the overleaf and the Deed of Trust, on November 24, 2015, between the Company of the first part and
    Mishmeret Trust Services Ltd. and/or any party that serves from time to time as a trustee of the Bondholders under the Deed
    of Trust (the “Trustee” and the “Deed of Trust,” respectively).
	 	 
	2.	This
    Bond is not linked (principal and interest) to any currency or index.

 

    	95

    	 

    

 

	3.	The
    final payment of principle and the final payment of the interest will be made in exchange for provision of the bond certificates
    (Series A) to the Company on the date of the final payment (meaning July 1,2024) and the Company’s registered office
    or in any other place which the Company shall indicate.

 

	4.	All
    of the Bonds (Series A) shall have an equal security rating between them (Pari Passu) in connection with the Company’s
    liabilities according to the Bonds (Series A) and without a priority right or preference for one over another.

 

	5.	This
    Bond (Series A) is issued subject to the terms detailed on the overleaf, the terms detailed in the Deed of Trust, and the
    prospectus, and are not secured with any pledge.

 

Signed
by the Company on November 24, 2015

 

By:

 

Authorized
Signatory: ____________ Authorized Signatory: _______________

 

I
the undersigned, ____________, Adv., certify that this bond certificate was duly signed by Strawberry Fields REIT, Ltd. according
to its bylaws, by means of Mr. ____________________ and his signature binds the Company for purposes of this bond.

 

__________,
Adv.

 

    	96

    	 

    

 

The
Terms Listed on the Overleaf

 

	1.	General

 

In
this (Series A) bond, the following expressions shall have the following meanings and inasmuch as they are not defined below,
shall have the meaning given them in the Deed of Trust, unless a different meaning is implied by the context:

 

	 	“Business
    Day”	 	 
	 	 	 	 
	 	or
    a “Bank Business Day” 	 	Any
day on which the exchange clearinghouse of most of the banks in Israel are open to carry out transactions.
	 	 	 	 
	 	“Series
    of Bonds” 	 	–
    the bonds with a total par value of up to NIS [____] million listed by name, whose terms will be in accordance with the certificate
    of the Bonds (Series A) attached to the prospectus which is expected to be published in May 2015, based on which they will
    be issued.
	 	 	 	 
	 	“Principal”
    - 	 	The
    unpaid par value of the (Series A) bonds.
	 	 	 	 
	 	“Special
    Resolution” – 	 	a
    resolution passed in a general meeting of Bondholders (Series A), who are present themselves or by their counsel whose Bonds
    represent at least 50% of the balance of the par value of the Bonds (Series A), or in an adjourned meeting attended by the
    Bondholders, themselves or by their counsel, who hold at least 20% of the balance of the par value as stated, and which is
    passed (whether in the original meeting or adjourned meeting) with a majority of at least two thirds (2/3) of the balance
    of the par value of the Bonds (Series A) represented in the vote.
	 	 	 	 
	 	The
    “Nominee Company” – 	 	the
    Nominee Company of Mizrahi Tfahot of Israel Ltd. or a nominee company that shall replace it.
	 	 	 	 
	 	“Trading
    Day” -	 	A
day on which transactions are made in the Tel Aviv Securities Exchange Ltd.
	 	 	 	 
	 	“Clearing
    Housing of the Stock Exchange” - The Securities Authority	 	The
    Tel Aviv Stock Exchange Ltd.

 

    	97

    	 

    

 

	2.	The
    Bonds

 

For
details regarding the Bonds (Series A), see section 2 of the Deed of Trust.

 

	3.	Terms
    of Bonds (Series A) 

 

	 	(a)	The
    Bonds (Series A), registered by name, worth NIS 1 par value each. The Bonds will be payable (principal) in 8 (eight) annual
    payments (unequal) on July 1 of each of the years 2017 through 2024(inclusive) such that each of the 4 first payments on account
    of the principal will be 15% of the principal of the total par value of the Bonds (Series A) and each of the 4 last payments
    on account of the principal will constitute 10% of the total principal par value of the Bonds (Series A).

 

	 	(b)	The
unpaid balance of the principal of the Bonds (Series A) will bear fixed annual interest at the rate determined in the Tender (but
subject to adjustments in the case of a change to the rating of the Bonds (Series A) and/or non-compliance with the financial
criteria set forth in Sections 5.3 and 5.4, respectively, in the Deed of Trust. 2

 

	 	(c)	The
    Bonds (Series A) shall not be linked (principal and interest) to any index or any currency.

 

	 	(d)	The
    interest for the Bonds (Series A) will be paid in biannual payments on January 1 and July 1 of each of the years 2017 through
    2024 (inclusive).

 

 

2
It is clarified that if the Bonds (Series A) are rated by more than one reading company, the ratings test for the purpose
of adjusting the interest rate to a change in rating (if and inasmuch as there shall be such a change) shall be done, at all times,
according to the lower of the ratings.

 

    	98

    	 

    

 

	 	(e)	The
    first payment of principle in respect of the Bonds (Series A) will be on July 1,2017. The first payment of interest on the
    Bonds (Series A) will be paid on July 1, 2016 for the period beginning on the first trading day after the signature closing
    date and will end on the last day before the date of the first interest payment (meaning, June 30, 2016 ) (hereinafter: the
    “First Interest Period”) which shall be calculated according to the number of days during this period on the basis
    of 365 days per year. The interest rate which will be paid for a particular interest period (other than the first interest
    period) (meaning, the period which begins on the payment day of the prior interest period and ending on the last day before
    the payment date immediately after the commencement date) will be calculated as the yearly interest rate divided by two (hereinafter:
    the “Semiannual Interest Rate”). The Company will publicize, in the immediate report on the results of the tender,
    the initial interest rate, the interest rate which shall be determined in said tender, and the Semiannual Interest Rate.

 

	 	(f)	The
    final payment of principle and the final payment of the interest will be made in exchange for provision of the bond certificates
    (Series A) to the Company on the date of the final payment (meaning July 1, 2024) and the Company’s registered office
    or in any other place which the Company shall indicate. Such notice by the Company will be published no later than five (5)
    business days before the date of the final payment.

 

	 	(g)	It
    is clarified that a party that is not registered in the registrar on the Effective Date (as defined in the Deed of Trust)
    will not be entitled to payment of interest for the interest term beginning before the same date.

 

	4.	Payments
    of Principal and Interest of the Bonds (Series A)

 

	 	(a)	Every
    payment on account of the principle and/or interest which shall be paid with a delay exceeding seven (7) days from the date
    stipulated for its payment according to the bond terms, and this for reasons which are dependent on the Company, shall bear
    lateness interest as defined below, beginning on the date stipulated for its payment and until the date of actual payment.
    Regarding this, the rate of lateness interest shall be the interest rate on bonds as stated in section 3(B) above, as applicable,
    plus 5%, and all on a yearly basis (hereinafter: the “Lateness Interest”). The Company shall give notice of the
    rate of Interest which has accrued (inasmuch as it has accrued) as well as the date of payment, in an immediate report and
    this two (2) trading days before the date of actual payment.

 

    	99

    	 

    

 

	 	(b)	Payment
    to those who are so entitled will be done by check or bank transfer and/or by means of the Exchange Clearinghouse in favor
    of the bank account of the bondholders (Series A). If the Company cannot, for any reason whatsoever which is not dependent
    on the Company, pay any amount to those so entitled, the provisions of Section 14 of the Trust Deed will apply.

 

	 	(c)	A
    bondholder (Series A) who so wishes, will notify the Company of the details of the bank account to be credited with payments
    to that same holder according to the Bonds (Series A) as aforesaid, or of a change in the details of said account or his address,
    as applicable, in a notice which will be sent by registered mail to the Company. The Company shall be required to act in accordance
    with the notice from the holder regarding said change after the passing of 15 business days from the date on which the holder’s
    notice reached the Company.

 

	 	(d)	If
    a bondholder registered in the registry of holders did not timely provide the Company with details regarding his bank account
    to be credited with the transfer of payments to the same holder, according to the bond, every such payment will be made by
    check which will be sent by registered mail to his last address registered in the registry of holders. Sending of a check
    to one so entitled by registered mail as aforesaid will be considered for all intents and purposes as payment of the amount
    determined therein on the date of its sending by mail, provided that the check is deposited in the bank and actually paid.

 

	5.	Postponement of
    Dates

 

In
any event in which a date for payment on account of principle and/or interests falls on a day which is not a business day, the
payment date will be postponed to the first business day thereafter, without additional payment and the “Effective Date”
for the purpose of determining entitlement for redemption or interest will not change as a result.

 

    	100

    	 

    

 

	6.	Securing the
    Bonds

 

See
Section 6 of the Deed of Trust.

 

	7.	Refraining from
    Payment for a Reason Which is not Dependent on the Company

 

See
Section 14 of the Deed of Trust.

 

	8.	Register of Bondholders

 

See
Section 29 of the Deed of Trust.

 

	9.	Splitting Bond
    Certificates

 

	 	(a)	In
    respect of the Bonds (Series A) registered in the name of one holder, the holder shall be issued one certificate, or at his
    request, he shall be issued a number of certificates in a reasonable amount (and the certificates mentioned in this section
    shall hereinafter be called: the “Certificates”).

 

	 	(b)	Every
    bond certificate may be split to bond certificates where the sum of all of their par value equals the amount of the par value
    of the certificate whose splitting is requested, provided that said certificates shall not be issued except in reasonable
    amounts. We split will be done in exchange for providing that same bond certificate together with a written request signed
    by the registered holder given to the Company at its registered office for the purpose of carrying out the split. All of the
    costs involved in the split, including taxes and levies, if such shall apply, will fall on the party requesting the split.

 

    	101

    	 

    

 

	10.	Transfer
    of Bonds

 

The
bonds may be transferred and their full par value, as well as in part, provided that it shall be in whole New Israel Shekels.
Every bond transfer shall be done by a letter of transfer in an accepted wording, duly signed by a the registered holder or his
legal representatives and by the recipient of the transfer orders legal representatives, which shall be provided to the Company
at its registered office together with the bond certificates transferred in accordance there with as well as every other proof
required by the Company for the purpose of proving the transferor’s right to transfer them. If tax or any other mandatory
payment shall apply to the letter of transfer of the bonds, proof of their payment shall be provided to the Company which shall
be satisfactory to the Company. The Company’s Articles of Incorporation which apply to the transfer shares which are fully
paid and their assignment will apply, mutatis mutandis, as applicable, on the manner of the transfer of the bonds and their assignment.
In the event of a transfer of only a portion of the amount of the determinate principle in a bond certificate, it is necessary
to first split, according to the provisions of section 9 above, the certificate to a number of certificates as required by the
same, in a manner such that the sum of all of the determinate principle amounts therein will be equal to the amount of the determinate
principle of said bond certificate. After fulfilling all of these conditions, the transfer shall be registered in the registry,
and the Company shall be entitled to require that a notice regarding said transfer be registered on the certificate of the transferred
bond which will be provided to the transfer recipient or that he be issued a new bond certificate in its place, and the transferee
shall be subject to all of the conditions detailed in the transferred bond certificate such that in a place that it states “the
holder” it shall be seen as if it says “the transferee”, and he shall be considered as a “holder”
for purposes of the Deed of Trust.

 

	11.	Early
    Redemption

 

Regarding
early redemption of the Bonds at the initiative of the Stock Exchange and early redemption at the initiative of the Company, see
Section 7 of the Deed of Trust.

 

	12.	Purchase
    of Bonds by the Company and/or an Affiliate 

 

See
Section 3 of the Deed of Trust.

 

	13.	Waivers;
    Compromises, and Changes to the Deed of Trust 

 

See
Section 28 of the Deed of Trust.

 

    	102

    	 

    

 

	14.	Bondholders’
    Meetings 

 

The
general meetings of bondholders (Sears A) shall be convened and shall be conducted in accordance with what is stated in the Second
Supplement of the Deed of Trust.

 

	15.	Receipt
    from Bondholders

 

See
Section 15 of the Deed of Trust.

 

	16.	Right
    to Call for Immediate Repayment

 

See
Section 8 of the Deed of Trust.

 

	17.	Notices

 

See
Section 27 of the Deed of Trust.

 

	18.	Applicable
    Law and Judicial Authority 

 

See
Sections 33 and 34 of the Deed of Trust.

 

	19.	Order
    of Priorities

 

In
the event of a contradiction between this supplement and the Deed of Trust, the Deed of Trust shall prevail.

 

***

 

    	103

    	 

    

 

Second
Addendum

 

Bondholders’
Meetings (Series A)

 

	1.	Entitlement
    to Convening a Meeting

 

	 	1.1.	The
    Trustee will convene a meeting of Holders if it sees that the same is necessary or at the request of one or more Bondholder
    (Series A) who has at least 5% (five percent) of the balance of the par value of the Bonds (Series A). In the event that those
    requesting the calling of the meeting are bondholders, the Trustee will be entitled to require indemnification, including
    in advance, from the requesters for the reasonable expenses involved.

 

	 	1.2.	It
    shall be clarified that the indemnification demand by the Trustee shall not detract from the calling of a meeting which was
    called for the purpose of initiating an action designed to prevent harm to the rights of the bondholders and the indemnification
    demand shall not derogate from the Company’s obligation to bear the expenses involved in calling the meeting.

 

	 	1.3.	The
    Trustee will call a meeting of bondholders within 21 days from the date on which the request that it be convened is submitted
    to him, on a date which shall be stipulated and of the summons, and provided that the date of convening will not be earlier
    than seven days and no later than 21 days from the date of the summons; however the Trustee is entitled to advance the convening
    of the meeting to at least one day after the summons date, if he believes that this is required for the purpose of defending
    the holders’ rights; should he do so, the Trustee will explain the reasons for advancing the convening date in the report
    regarding the meeting summons.

 

	 	1.4.	If
    the Trustee did not call a meeting of holders, according to the holder’s request, within 21 days from the date he was
    requested, the holder is entitled to convened the meeting, and provided that the date of convening will be within 14 days
    of the end of the period in which the Trustee must call the meeting, and the Trustee will bear the expenses incurred by the
    holder in connection with convening the meeting.

 

    	104

    	 

    

 

	 	1.5.	Every
    meeting of bondholders (Series A) will take place in Israel and a place indicated by the Company and/or the Trustee, and the
    Company will bear the reasonable expenses of convening the meeting.

 

	2.	Meeting
    Summons and Meeting Agenda

 

	 	2.1.	A
    summons to a meeting by the Trustee for the purpose of consultation only with the bondholders will be published at least one
    day before the date of its convening (hereinafter: “Consultation Meeting”). An agenda will not be published for,
    and no resolutions will be adopted at a Consultation Meeting.

 

	 	2.2.	A
    summons to a meeting which is not a Consultation Meeting will be published in accordance with the provisions of the Securities
    Law as it shall exist from time to time, at least 7 (seven) days, but no more than 21 days before the convening of the meeting
    (hereinafter: “Summons”).
	 	 	 
	 	2.3.	The
    Trustee will determine the agenda at the bondholders meeting. One or more Bondholder (Series A) who has at least 5% (five
    percent) of the balance of the par value of the Bonds (Series A) is entitled to request that the Trustee include a topic on
    the holders’ meeting which will be convened in the future, provided that the topic is appropriate in the Trustee’s
    opinion for discussion at said meeting;

 

	 	2.4.	The
    Trustee will be entitled to shorten the date of convening to at least one day after the date of the summons if he saw that
    delay in convening the meaning constitutes or is likely to constitute injury to the rights of the bondholders. Should he do
    so, the Trustee will explain the reasons for advanced in the convening of the meeting in the report regarding the meeting
    summons.

 

	 	2.5.	The
    summons shall detail:

 

	 	2.5.1.	Location where the meeting will be convened;

 

	 	2.5.2.	The date and time on which the meeting will be convened;

 

	 	2.5.3.	The legal quorum for commencing the meeting as detailed
in section 3 below;

 

    	105

    	 

    

 

	 	2.5.4.	The effective date for participation in the meeting
which shall occur no less than one day before the convening of the meaning and not more than three days before its convening.

 

	 	2.5.5.	The topics to be discussed at the meeting and proposed
resolutions will be indicated;

 

	 	2.5.6.	Arrangements regarding written voting;

 

	3.	The
    Legal Quorum for Commencing the Meeting and Postponed Meeting

 

	 	3.1.	A
    Consultation Meeting will take place with any number of participants.

 

	 	3.2.	A
    meeting of bondholders so commence after it is proved that the required legal quorum for holding the meeting is present.
	 	 	 
	 	3.3.	Subject
    to the required legal quorum for the meeting which was convened to adopt special resolutions and subject to the provisions
    of the Securities Law, the legal quorum for holding a holders’ meeting is the presence of at least two bondholders who
    have 25% (twenty-five percent) at least of the unpaid balance of the par value of the bonds in circulation and that time,
    within half an hour from the time stipulated for opening the meeting
	 	 	 
	 	3.4.	If
    within half an hour from the time stipulated for the opening of the meeting, a legal quorum is not present, the meeting will
    be postponed to a different date which shall not be earlier than two business days after the date stipulated for holding the
    original meeting or one business day, if the Trustee believes that this is required for the purpose of protecting the rights
    of the bondholders; if the meeting is postponed, the Trustee will explain the reasons for this in the report regarding the
    postponed-meeting summons.
	 	 	 
	 	3.5.	Other
    than in connection with a meeting which was convened to adopt special resolutions and subject to the provisions of the Securities
    Law, if you legal corm is not present at the postponed holders’ meeting within half an hour from the time stipulated
    for its commencement, the quorum shall be legal with any number of participants; if the meeting is convened following a request
    from the holders, as set forth in Sections 1.2 and 1.3 above - the legal quorum of Bondholders will be one or more holding
    at least 5% (five percent) of the balance of the par value of the bonds existing in circulation on the effective date for
    the meeting.

 

    	106

    	 

    

 

	 	3.6.	Bonds
    held by a related person (as defined in section 3.2 of the Deed) will not be taken into consideration for the purpose of determining
    the legal quorum.

 

	4.	Chairperson

 

At
every holders’ reading, the Trustee or whomever he appoints shall serve as chairperson of that same meeting.

 

	5.	Adjourned
    Meeting

 

	 	5.1.	A
    meeting which has been opened shall be adjourned at the notice of the Trustee or notice of the chairperson of the meeting,
    and it may have one or more sessions.

 

	 	5.2.	In
    a holders’ meeting which has a legal quorum, the meeting chairperson and/or the Trustee are entitled to decide to hold
    an additional session which will take place on a different date and location which will be determined by the Trustee (hereinafter:
    “Adjourned Meeting”).

 

	 	5.3.	The
    Trustee will be responsible for publicizing a notice regarding the date and location on which the Adjourned Meeting will be
    convened, and provided that said notice shall be given 12 hours at least before the convening of the Adjourned Meeting.

 

	 	5.4.	At
    an Adjourned Meeting, only a topic which was on the agenda of the original meeting regarding which no resolution was adopted
    will be discussed.

 

	 	5.5.	A
    holder who was not present at the original meeting will be able to be present for the Adjourned Meeting and vote on the topics
    which have been presented for vote (and for which the vote has not yet been sealed) and will be presented for voting, subject
    to the fact that he proves his ownership of bonds which are the subject of the meeting to the one calling the meeting as of
    the effective date of the meeting is stipulated in summons notice for the meeting.

 

	6.	Provisions
    for Special Meetings

 

In
a meeting of bondholders the agenda of which contains one of the following, the provisions below will apply regarding the legal
quorum in a meeting of holders or an adjourned meeting, and regarding the majority required for passing the resolutions:

 

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	 	6.1.	In
    a meeting the agenda of which contains calling the bonds for immediate repayment - the provisions of Section 8.2.2 of the
    Trust Deed will apply.

 

	 	6.2.	In
    a meeting the agenda of which contains removing the Trustee from his service - the provisions of Section 31 of the Trust Deed
    will apply.

 

	 	6.3.	A
    change and/or amendment and/or addition to the Trust Deed - the provisions of Section 28 of the Deed of Trust will apply.

 

At
a meeting on whose agenda includes a resolution on a topic regarding which it is stipulated in the Trust Deed or the bond that
it is subject to a special resolution, the legal quorum is the presence of bondholders who own fifty percent (50%) at least of
the balance of the bonds’ par value or at a postponed meeting, the presence of bondholders who own twenty percent (20%)
at least of the balance of the bonds’ par value. The required majority for adopting a special resolution (whether at the
original meeting or at a postponed meeting) is a majority of two-thirds (two thirds) of the balance of the bonds’ par value
which is represented at the vote.

 

	7.	Position
    Statements

 

	 	7.1.

         
	The
    Trustee or the bondholder, one or more, who owns at least 5% (five percent) of the balance of the bonds’ par value (Series
    A) is entitled to make a written application to the bondholders in a letter which will be attached to the ballot in order
    to convince them regarding the manner of their vote on one of the topics raised for discussion at that same meeting (in this
    supplement – “Position Statement”).
	 	 	 
	 	7.2.	A
    holder who wishes to make use of this right will give notice of the same to the Trustee during the session in which it is
    resolved to bring that same topic to a vote and will provide the Trustee with the Position Statement within 24 hours of the
    date of that same session.
	 	 	 
	 	7.3.	Any
    meeting which was summoned following a request by shareholders or by the shareholders as detailed in sections 1.2 and 1.3,
    every holder will be entitled, by means of the Trustee, to publish a Position Statement in relation to the topics which are
    on the agenda for the meeting.

 

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	 	7.4.	The
    Trustee in the Company will be entitled, each one individually, to publish a Position Statement in response to the Position
    Statement which was sent in accordance with sections 7.1 or 7.3 above, or in response to another application to the bondholders.

 

	 	7.5.	Position
    Statements will not be published at a Consultation Meeting.

 

	8.	Votes
    at a Meeting

 

	 	8.1.	The
    vote at a bondholders meeting will take place in relation to the topics which were detailed in the summons only.

 

	 	8.2.	A
    holder will be entitled to vote himself, by means of an agent appointed in accordance with this supplement or by means of
    a ballot.

 

	 	8.3.	The
    meeting chairperson is entitled to determine that votes will be by ballot or by means of vote during the course of the meeting.
    In the event in which the chairperson determined that the vote will be by means of ballot, the trustee will ensure that the
    text of the ballot will be distributed to the holders, and will determine the date on which the vote is closed by which time
    the holders must send the full and duly signed ballot to the Trustee. The Trustees entitled to require that a holder declare,
    in the framework of the ballot, the existence or absence of a conflict of interest (as defined infra) which he has, in accordance
    with the Trustee’s judgment. A holder who does not fill out the ballot in full and/or does not prove his entitlement
    to participate and vote at a meeting according to the provisions of the Second Supplement will be considered as one who has
    not submitted a ballot and accordingly has chosen not to vote on the topic(s) which are on the ballot. A fully filled out
    and duly signed ballot in which the holder indicated his vote which reaches the Trustee by the deadline determined for the
    same will be considered as presence at the meeting for the purpose of breaching the legal quorum at the meeting.

 

	 	8.4.	Unless
    expressly stipulated otherwise in this Deed, the required majority for adopting any resolution by the general meeting is an
    ordinary majority of the number of votes represented in the vote and those voting for or against. Additionally, the Trustee
    is entitled to decide at his discretion in accordance with the circumstances whether adoption of a resolution requires a majority
    which is not ordinary.

 

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	 	8.5.	The
    Trustee will participate in the meeting without the right to vote. The Company may, through its representatives, present matters
    before the discussion and respond to questions from holders, if any. Notwithstanding the above, it shall be clarified that
    the Trustee may, at its sole discretion, resolve that the meetings of holders, in whole or in part, will take place in the
    absence of the Company or a representative on its behalf or a related holder or any other person, without being subject to
    the obligation to provide grounds.
	 	 	 
	 	8.6.	Owners
    of the bonds are entitled to participate and vote in every general meeting on their own or by means of representatives. Every
    voter by bondholders will be conducted according to the number of votes such that every bondholder or his representative will
    be entitled to one vote in respect of every NIS 1 par value from the total specified principle which has not yet been repaid
    of the bonds based on which he is entitled to vote. In the event of joint holders, only the vote by the requested registered
    first between them in the registry, whether himself or by means of an agent.
	 	 	 
	 	8.7.	A
    bondholder or his agent are entitled to vote in respect of a portion of his votes in favor of a particular proposed resolution,
    and against in respect of another portion, and in respect of another portion to abstain, all as he sees fit.

 

	9.	Checking
    for the Existence of a “Conflicted Interest”

 

	 	9.1.	In
    the number of voters, the votes of bondholders who are a related person as defined in section 3.2 of the Trust Deed will not
    be considered and these bonds shall not grant the related person the right to vote at the general meeting of bondholders as
    long as they are held by the related person.
	 	 	 
	 	9.2.	The
    Trustee will examine the existence of conflicts of interests by holders, whether it is a matter stemming from their holding
    of the bonds or whether it is another matter related to them, as determined by the Trustee (in this supplement – “Other
    Matter”); the Trustee is entitled to require that the holder participating in the holders’ meeting notify him
    regarding any Other Matter of his as well as whether he has such a conflict of interests.

 

    	110

    	 

    

 

	 	9.3.	Without
    derogating from the generality of the aforesaid, each of the following shall be considered a conflicted owner:

 

	 	9.1.1	A
    holder who is a Related Person (as this term is defined in section 3.2 of the Trust Deed);

 

	 	9.1.2	A
    holder who served as an officer in the Company adjacent to the time of the event which is at the basis of the resolution at
    issue at the meeting; 

 

	 	9.1.3	Any
    holder who the Trustee determines possesses a “conflict of interest” according to what is stated, infra, subject
    to all laws and/or instructions by the competent authority including: every holder who declares to the Trustee in writing
    that he has a substantive personal interest which deviates from the interests of all of the bondholders at the bondholders
    meeting (Series A). A holder who fails to provide a written declaration after having been requested to do so by the Trustee
    will be considered as having declared that he has a personal interest as such, and regarding him the Trustee will determine
    that he has a conflict of interest. Without derogating from what is stated in this section 9, the Trustee will examine whether
    the holder is a holder with a “conflict of interest,” taking into account also the holdings of that same holder
    of other securities in the Company and/or securities in any other corporation relevant to the resolution presented for approval
    at the meeting (as shall be detailed in the ballot), in accordance with the declaration of that same holder. 

 

Determination
of a conflict of interest will be done as well on the basis of a general test for conflict of interest which shall be carried
out by the Trustee. Similarly, for the avoidance of doubt is clarified that the provisions regarding the definition of bondholders
with a conflict of interest shall not derogate from the provisions of any law, case law and binding guidelines by the Securities
Authority regarding the definition of bondholders with a conflict of interest, as shall apply at the time of the examination.

 

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	 	9.4.	For
    the purpose of examining a conflict of interests as aforesaid, the Trustee shall be entitled to rely on a legal opinion which
    he shall request, and it shall be subject to the provisions of the Deed of Trust regarding bearing of expenses.

 

	 	9.5.	It
    shall be clarified that the test for a conflict of interests as stated, supra, inasmuch as it is required in the judgment
    of the Trustee, shall be conducted separately in relation to each resolution on the meeting agenda as well as in relation
    to each meeting, separately. It shall be further clarified that the declaration of a holder as having a conflict of interest
    in a resolution or meeting will not, in and of itself, demonstrate a conflict of interests by that same holder for a different
    resolution which is on the meeting agenda or his conflict of interest at different meetings.

 

	 	9.6.	And
    counting the vote tally at a vote which took place at a holders’ meeting, the Trustee will not take into account the
    votes of holders who did not respond to his request as described in section 9.2 above, or that of holders regarding whom he
    found that there is a conflict of interest as stated in that same subsection (in this supplement – “Holders With
    a Conflict of Interest”).

 

	 	9.7.	Notwithstanding
    what is stated in Section 9.6 above, if the total holdings participating in the vote, who do not possess a conflict of interest,
    is a less than a rate of five percent (5%) of the balance of the bonds’ par value (Series A), the Trustee will take
    into account when telling votes, the votes of holders with a conflict of interest as well.

 

	10.	Declaration
    of Adoption of a Resolution

 

The
declaration by chairperson that a resolution at a holders’ meeting was adopted or rejected, whether unanimously or by some
majority, shall be prima facie evidence of what is stated therein.

 

    	112

    	 

    

 

	11.	Letter
    of Appointment

 

	 	11.1.	A
    letter appointment appointing an agent will be in written and will be signed by the a pointer or by his authorized representative,
    in writing as required. If the pointer is a corporation, the appointment will be made in writing, signed with of the corporation’s
    stamp and the signature of the clerk of the corporation or the corporation’s representative who is authorized to do
    so. A letter of appointment of an agent will be drafted in any common form. An agent is not required to be a holder himself.

 

	 	11.2.	A
    letter of appointment and the power of attorney or another certificate based on which the letter of appointment is signed,
    or a certified copy of such a power of attorney, will be deposited in the Company’s office prior to the time of the
    meeting regarding which power of attorney is granted, unless otherwise stipulated in the notice calling the meeting.

 

	 	11.3.	A
    vote cast in accordance with the terms in the document appointing an agent shall be valid even if the grantor passes away
    beforehand or is declared legally incompetent or the letter of appointment is annulled or the bond regarding which the vote
    was cast is transferred, unless prior to the meeting, written notice regarding the death, declaration of incompetence, annulment,
    or transfer, as applicable, is received in the Company’s registered office.

 

	 	11.4.	Every
    corporation which is owns bonds is entitled by written and duly signed authorization, to empower a person as it sees fit to
    act as its representative at every meeting of bond owners, and a person thus authorized is entitled to act in the name of
    the corporation which he represents.

 

	12.	Minutes

 

	 	12.1.	The
    Trustee will prepare minutes of the holders’ meeting and will maintain them in his registered office for a period of
    seven years from the date of the meeting. The Trustee may prepare minutes of a meeting of parts thereof by way of recording.

 

	 	12.2.	Minutes
    signed by the chairperson of the meeting will serve as prima facie evidence of the matters listed therein. A declaration by
    the chairperson of the meeting regarding adoption of a resolution or its rejection and a notation regarding the matter in
    the minutes’ registry shall serve as prima facie evidence of this fact.

 

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	 	12.3.	The
    registry of minutes of holders’ meetings will be maintained in the Trustee’s registered office and will be open
    for examination by bondholders, and a copy thereof will be sent to any bondholder requesting it.
	 	 	 
	 	12.4.	The
    Trustee will be entitled to delay delivery of any minutes, to any entity whatsoever, if in his exclusive discretion, provision
    of the minutes, in whole or in part, may harm or cause result in harm to the rights of bondholders (Series A).

 

	13.	A
    person or persons appointed by the Trustee, the Company Secretary, and any other person or persons so authorized by the Trustee
    will be entitled to be present at the bondholders’ meeting. In a case in which according to the Trustee’s reasonable
    discretion it shall be necessary to engage in discussions during a portion of the meeting outside of the presence of the Company’s
    representatives, then representatives of the Company or anyone on their behalf will not take part in that same portion of
    the meeting.

 

	14.	Everything
    stated in this supplement is subject to the Deed of Trust.

 

***

 

    	114

    	 

    

 

Third
Addendum

 

Urgent
Representation for the Holders of Bonds

 

	1.	In
    relation to the Bonds (Series A), if an urgent representation of the Holders of Bonds (Series A) is appointed, the Company
    undertakes that the urgent representation will be appointed in accordance with the relevant provisions from Appendix 5.2.4.4
    of Chapter 4 in Part 2 (Management of Investment Assets and Provision of Credit) in Division 5 (Principles for Business Management)
    in consolidated circular, and the Company undertakes to act in a reasonable manner in collaboration with the urgent representation
    and the Trustee, as required for the purpose of performing the tests required thereby, and the formulation of a decision of
    the urgent representation, and to provide the urgent representation with all of the data and documents required thereby for
    the Company.3

 

	2.	Appointment;
    Period of Service

 

	 	2.1	The
    Trustee may, or at the request of the Company in writing – will be obligated, to appoint and convene the urgent representation
    from among the Holders of Bonds, as detailed below (hereinafter: the “Urgent Representation”). 

 

	 	2.2	For
    the Urgent Representation the Trustee will appoint three (3) Holders of Bonds, who to the best of the Trustee’s knowledge,
    are holders of a par value higher than all of the Holders of Bonds, and which will declare that they have fulfilled all of
    the conditions detailed below (hereinafter: the “Members of the Urgent Representation”). In a case where any of
    them cannot serve as a Member of the Urgent Representation, as stated, the Trustee will appoint the Holder of Bonds with the
    next highest par value holding, for which all of the conditions have been fulfilled, as detailed below. 

 

And
these are the conditions:

 

 

3
http://ozar.mof.gov.il/hon/2001/law/Codex.asp.

 

    	115

    	 

    

 

	 	2.2.1	The
    Holder of Bonds does not have a conflict of interest due to the existence of any additional material interest that is conflicting
    a matter derived from the office of the Urgent Representation, and from his holding of Bonds. For the avoidance of doubt it
    shall be clarified that a Holder who is a connected party (as the term is defined in Section 3.2 of the Deed of Trust, will
    be considered as having a conflict of interest as stated, and will not serve in the Urgent Representation; 

 

	 	2.2.2	During
    the course of that same calendar year, a bondholder does not serve on similar representations for other bonds whose aggregate
    amount exceeds the amount of the asset portfolio managed by him, which was determined as the maximum amount allowing the service
    on the Urgent Representation according to the Antitrust Commissioner’s orders in relation to establishment of an urgent
    representation;

 

	 	2.3	If
    during his office in the Urgent Representation, one of the circumstances noted in Sections 2.2.1 and 2.2.2 above failed to
    be fulfilled, then the member’s office will expire and the Member of the Representation as stated will notify as such
    in writing to the Trustee and the Trustee will appoint another member in his place, from among the Holders of Bonds, as stated
    in Section 2.2 above. 

 

	 	2.4	Prior
    to the appointment of the Members of the Urgent Representation, the Trustee will receive, from the candidates for serving
    as Members of the Urgent Representation, a declaration regarding the existence of lack of conflicts of interest, as stated
    in Section 2.2.1 above, and regarding serving in additional representations, as stated in Section 2.2.2 above. Similarly,
    the Trustee is entitled to require such a declaration from the members of the Urgent Representation at any time during the
    course of the Urgent Representation’s service. A holder who does not provide said declaration will be considered as
    having a conflict of interests or preclusion from service based on the Antitrust Commissioner’s orders as aforesaid,
    as applicable. In relation to a declaration regarding a conflict of interest, the Trustee will check for the existence of
    conflicting interests and to the extent required, will decide whether the conflicts of interest disqualified that same holder
    from service on the Representation. It should be clarified that the Trustee won’t have to conduct personal test or investigation.
    The Trustee’s determinations in these matters shall be final.

 

    	116

    	 

    

 

	 	2.5	The
    term of office of the Urgent Representation will end on the date where the Company will publish the decisions of the Urgent
    Representation in connection with providing an extension to the Company for the purpose of fulfilling the conditions of the
    Deed of Trust, as detailed in Section 8 of the Deed, but in any event shall not exceed three months from the appointment date.
    

 

	3.	Authority

 

	 	3.1	The
    Urgent Representation shall have the authority to grant a one-time extension to the Company in connection with the dates for
    fulfilling any of the financial standards set forth in the Deed of Trust in a manner that will not apply as the grounds for
    immediate repayment as in Sections 8.1.14 to 8.1.17 of the Deed of Trust, as applicable, for the entire extension term, as
    granted, for a term that is up to the publication date of the financial statements after the publication date of the financial
    statements, from which it arises that the company did not fulfill a financial standard for two consecutive calendar quarters
    or for a term of up to 90 days, whichever is earlier. It shall be clarified that the period of time up until the appointment
    of the Urgent Representation shall be taken into consideration in the framework of the aforesaid extension, and it will not
    constitute cause for granting any additional extension to the Company beyond the aforesaid. It shall be clarified that the
    Urgent Representation’s activities and the collaboration between its members shall be limited to discussion of the possibility
    of granting said extension and no other information which does not relate to the granting of said extension shall be shared
    between the members of the Representation.

 

    	117

    	 

    

 

	 	3.2	If
    an Urgent Representation is not appointed as aforesaid, or if the Urgent Representation decided not to grant the Company and
    extension as stated in section 3.1 above, the Trustee will be required to call a meeting of the bondholders in accordance
    with the provisions of section 8.2 of the Deed.

 

The
above shall not derogate from the authority of the Trustee to convene an assembly of Holders of Bonds, including in relation to
that matter for which the Urgent Representation was convened. If the decision of the assembly of Holders of Bonds was made for
that matter, the decision of the assembly shall prevail over the decision of the Urgent Representation, including vis-à-vis
the Company.

 

	4.	The
    Company’s Obligations in Connection with the Urgent Representation

 

	 	4.1	The
    Company undertakes to provide the Trustee all information in its possession or which it is able to secure in connection with
    the identity of the bondholders and the scope of their holdings. Similarly, the Trustee will act to secure said information
    in accordance with the authorities granted him according to law.

 

	 	4.2	In
    addition, the Company undertakes to fully cooperate with the Urgent Representation and the Trustee, inasmuch as required for
    the purpose of executing the required checks by them and formulating the Urgent Representation’s decision, and to provide
    the Urgent Representation all of the data and documents which are required by it regarding the Company subject to the limitations
    of law. Without derogating from the generality of the aforesaid, the Company shall provide Urgent Representation with the
    relevant information for the purpose of formulating the decision, which shall not include any misleading detail and shall
    not be lacking.

 

	 	4.3	The
    Company shall bear the Urgent Representation’s expenses, including the cost of employing advisors and experts by the
    Urgent Representation or on its behalf and in this regards, the provisions of section 26 of the Deed will apply, mutatis mutandis.

 

    	118

    	 

    

 

	5.	Liability

 

	 	5.1	The
    Urgent Representation shall act and decide on the matters placed before it and its absolute discretion and shall not be liable,
    it or any of its members, officers therein, their employees or advisors, and the Company and the bondholders hereby grant
    them a waiver in relation to any claims, demands and lawsuits against them in respect of the fact that they utilized or abstain
    from utilizing powers, authorities or the discretion granted them according to the Deed of Trust and according to this supplement
    and in connection there with or from any other action which they took their under, unless they did so maliciously and/or
    in bad faith.

 

	 	5.2	The
    indemnification provision stipulated in section 26 of the Date of Trust shall apply to the members of the Urgent Representation
    and anyone acting on their behalf, as if they were the Trustee.

 

	 	5.3	The
    Company shall publish an immediate report immediately upon the appointment of said Urgent Representation, regarding the appointment
    of the Person Representation, the identity of its members, and their powers.

 

	 	5.4	The
    Company will publish an additional immediate report about the Urgent Representation’s decision. Upon the completion
    of the Urgent Representation’s service, the Company will publish all of the information which was provided for the Urgent
    Representation’s examination provided that there is nothing precluding its publication, by law.

 

***

 

    	119

    	 

    

 

Appendix
23

 

Of
the Deed of Trust dated November 24, 2015

 

Trustee
Salary

 

The
Company will pay the Trustee wages for his services, in accordance with this Deed of Trust, as detailed below:

 

	1.	A
    one-time payment in the sum of NIS 5,000 will be paid for the actions performed by the Trustee in connection with the formulation
    of the documents connected to the trusteeship. The said payment will only be collected in the event that the prospectus will
    not be published as a result of termination or rejection (or any reason). 

 

	2.	For
    the entire trust year (or part thereof), commencing on the issuance date of the Bonds, the Trustee will be paid annual wages
    in the sum of NIS 25,000 (the “Annual Wages”).

 

	3.	Additionally,
    the Trustee will be entitled to a return on reasonable expenses from the Company, as defined below: “Reasonable Expenses”
    – sums paid by the Trustee in the framework of fulfilling his position and/or pursuant to the authorities granted thereto
    according to this Deed, including: expenses and costs for the initiation and convening of an assembly of holders of Bonds
    and expenses for the notices, transportation and advertisement publications connected to the convening of the assembly, and
    as required by any law. 

 

	4.	Without
    derogating from the generality of the above, the Trustee will be entitled to wage payments from the Company in the sum of
    NIS for each working hour required therefor for the special operations to be performed in the framework of his position as
    Trustee (all – pursuant to the provisions of the Deed of Trust), including: 

 

	 	4.1	The
    operations derived from a breach or suspicion of a breach to the Deed by the Company;

 

	 	4.2	Operations
    in connection with placing Bonds for immediate repayment and/or operations in connection with the decision of the assembly
    of holders of Bonds to place the Bonds for immediate repayment;

 

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	 	4.3	Special
    operations that were required or will have a need to be performed, for the purpose of fulfilling his position according to
    this Deed in connection with the rights of the holders of Bonds and to defend them, including due to the non-compliance of
    the Company with its undertakings according to this Deed, including the convening of assemblies of holders of Bonds as stated
    in this Deed and including due to the participation in the assemblies of holders of Bonds; 

 

	 	4.4	Special
    works (including, without limitation, works required because of changes in the Company’s structure or work because of
    the Company’s demand) or in respect of the need to take additional actions for the purpose of fulfilling his role as
    a reasonable Trustee, because of changes in laws (including regulations which shall be enacted following amendments 50 and
    51 of the Securities Law) and/or regulations and/or other binding instructions which shall apply in connection with the Trustee’s
    activities and his responsibility according to this Deed of Trust;

 

	 	4.5	Actions
    in connection with the registration, amending registration or voiding of registration of guarantees and the registry (including
    abroad), similarly, review, supervision, control, enforcement, and so forth of obligations (such as: restrictions on the Company’s
    freedom of operation, pledging of assets, and so forth), which the Company undertook or will undertake or which will be undertaken
    by anyone on its behalf or for its in connection with the guaranteeing of other undertakings by the Company or anyone acting
    on its behalf (such as: making payments according to the terms of the bonds) towards bondholders, including regarding the
    substance of the terms of said guarantees provided or that will be provided in favor of the holders under the Deed and undertakings
    and their fulfillment.

 

	 	4.6	In
    the event where the Company will be meant to pay the Trustee a payment for his wage expenses and/or payment for reasonable
    expenses paid thereby and/or for special operations to be performed by him or which were performed by him in the framework
    of fulfilling his position and/or on behalf of the authorities granted thereto according to the Deed of Trust, if any of the
    above is applicable, and the Company failed to do so, the Trustee may pay the full amount of these sums from the receipts
    that were accrued thereby in accordance with the statements of Sections 9 and 10 of the Deed of Trust, provided that he notified
    the Company of his intention to do so in advance and in writing. 

 

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	 	4.7	It
    shall be clarified that in the event that due to a future change to the laws and/or regulations and/or other binding provisions
    applying to the Trustee’s actions additional expenses will be exclusively borne by the Trustee, required thereof for
    the fulfillment of his position as a reasonable Trustee, the Company will indemnify the Trustee for the reasonable expenses
    including his reasonable wages. 

 

	 	4.8	VAT,
    if applicable, will be added to each of the said sums, as applicable, and will be paid by the Company.

 

	 	4.9	All
    of the abovementioned sums will be linked to the index for January 2015, however, in any event, a sum that is lower than the
    sum denominated in this Deed will not be paid. 

 

	 	4.10	In
    the event where the Holders of Bonds will be granted any collateral, the Company and the Trustee will discuss the update of
    the wages, in accordance with the scope of hours required for the Trustee to be dedicated to the trusteeship in the said case.
    

 

	 	4.11	The
    Trustee’s wages will be paid in respect of the period up until the end of the Trust included in this Deed even if a
    receiver is appointed for the Company (or a receiver and a manager), or whether the trust according to this Deed will be managed
    under the supervision of the court, or not.

 

	 	4.12	The
    aforesaid yearly wage will be paid at the end of every trust year.

 

	 	4.13	All
    of the amounts described in this supplement will have preference over monies due to the bondholders.

 

	 	4.14	To
    the extent that the Trustee’s service as described in this Deed of Trust shall come to an end, the Trustee will not
    be entitled to payment of his wages as of the date of the commencement of service of the replacement trustee. To the extent
    that the Trustee’s service ended during the course of the trust year, wages paid in respect of months in which the Trustee
    did not serve as trustee for the bonds shall be refunded, as of the appointment of the replacement trustee. This session will
    not apply regarding the initial trust year.

 

    	122

    	 

    

 

	5.	For
    the Trustee’s participation in the general assemblies of the shareholders, which took place in Israel, the Trustee will
    be entitled to a salary amount of NIS 500. 

 

	6.	The
    appointment of a trustee to replace the trustee whose office ended according to Section 35b(a1) or 35(14)(d) of the Securities
    Law, the Holders of Bonds of Series A will bear the difference in the salary of the appointed trustee, as stated, than that
    which was paid to the Trustee who was replaced, if the difference as stated is unreasonable, and the provisions of the relevant
    laws will apply at the time of the replacement as stated. The obligation of the Holders for the difference as stated will
    be performed by offsetting the relative part of the difference from any payment that the Company will make to the Holders
    of Bonds in accordance with the terms of the Deed of Trust and the transfer thereof will be directly from the Company to the
    Trustee.

 

	7.	If
    according to any law there will be an obligation to deposit a guarantee applying to the Company to ensure the Company’s
    obligation for the special expenses of the Trustee, the Company will act in accordance with the provisions as stated. 

 

***

 

    	123Exhibit 10.1

 

MASTER SUPPLY AGREEMENT

 

THIS MASTER SUPPLY AGREEMENT (this “Agreement”)
is between Crown Electrokinetics Corp., a Delaware corporation (“Crown”), and BRANDYWINE OPERATING PARTNERSHIP, L.P.,
a Delaware limited partnership (“Buyer”), and is effective as of March 25, 2022, 2022. Crown and Buyer are collectively
referred to in this Agreement as the “Parties,” and each individually as a “Party.”

 

RECITALS

 

A. Crown
is engaged in the design, production, sale, shipment, installation, and commissioning of units of the smart glass window film, DynamicTintTM
(as further described herein, each a “Unit”, together the “Units”).

 

B. Crown
and Buyer desire to enter into this Agreement to provide master terms and conditions under which, to the extent provided in agreed Purchase
Orders (as defined below), Crown may agree to sell, and Buyer may agree to purchase, Units in order to retrofit certain windows at locations
indicated in the Purchase Orders (the “Project”).

 

For and in consideration of the
mutual promises, conditions and agreements contained herein, the sufficiency of which is hereby acknowledged, and the specifications and
provisions set forth in any exhibits attached and hereby incorporated, the Parties mutually agree as follows:

 

1.
Nature of the Agreement

 

1.1 Nature
of the Agreement. This Agreement will be an agreement under which the Parties, or their affiliates, may enter into multiple specific
transactions by executing a Purchase Order (“Purchase Order”) for Units, a form of which is attached hereto as Exhibit A.
No Purchase Order will be binding on either Party unless it is executed and delivered by both Parties. When executed by the applicable
Owner (as hereinafter defined), the Purchase Order shall become an addendum to this Agreement and shall be specific to the applicable
Owner entering into such Purchase Order with respect to its Building (as hereinafter defined). “Owner” means the Owner of
the Building as set forth on the applicable Purchase Order as it pertains to such Building. “Building” means the Building
defined in the applicable Building Rider. Crown shall look solely to the applicable Owner executing the Purchase Order in any claims arising
under this Agreement relating to such Building. No Owner shall have any responsibility for the liabilities of any other Owner under its
Purchase Order or this Agreement. There shall be no joint and several liability between the Owners. Crown acknowledges and agrees that
Buyer is entering into this Agreement solely on behalf of the Owner and shall have no liability whatsoever hereunder. Crown hereby releases
Buyer, Owner, and all Owner Parties (as defined hereinafter) from any and all liability under this Agreement (or under any other theory
under law or equity) and shall look solely to the applicable Owner, not on a joint and several basis. Crown acknowledges that the provisions
of this Section were a material inducement to Buyer entering into this Agreement. No Owner shall have any right to amend or modify this
Agreement without the written consent of Buyer, which consent shall be granted in its sole and absolute discretion. “Owner Parties”
means, collectively, Brandywine Operating Partnership, L.P., Brandywine Realty Trust, Owner, any Affiliate, any holder of a deed of trust
or mortgage against the Building, Building’s property manager, and their respective owners, directors, officers, managers, employees,
agents, contractors, and subcontractors. No Party may terminate a Purchase Order executed and delivered by both Parties, except as set
forth in Section 7.1 or as expressly set forth in such Purchase Order. If there is a conflict between the terms of a Purchase Order
and the terms of this Agreement with respect to the specific Building, the terms of the Purchase Order shall control.

 

2.
Delivery, Risk of Loss and Inspection

 

2.1 Risk
of Loss and Title Transfer. Crown shall deliver all Units to the location specified as the point of destination in the Purchase Order
(the “Point of Destination”). Crown shall bear title and risk of loss for each Unit until delivery of such Units at
the Point of Destination and installation of the Units is completed and accepted by Owner.

 

    

     

    

 

2.2 Delivery
and Installation of the Units. Crown shall make commercially reasonable efforts to deliver and install the Units in accordance with
the forecasted schedule set forth in the applicable Purchase Order, but otherwise the forecasted schedule does not create any binding
obligations on Crown. Crown shall provide at least 72 hours’ notice to Owner prior to delivery. All deliveries will be made on weekdays
between 9 a.m. and 4 p.m. (excluding any federal holidays or holidays in the state where the Building is located), and, unless otherwise
agreed to in writing, all services shall be performed in the same period. Delivery of the Units is only permitted to the Shipping Destination
and consistent with any shipping instructions identified in the Purchase Order. The term “commercially reasonable efforts”
when used in this Agreement or a Purchase Order means those reasonable, good faith efforts that a similarly-situated company within the
industry of the applicable Party would normally use to accomplish a similar objective under similar circumstances, and do not require
the Party to disregard its own business strategy and economic interests or to expend any funds or assume liabilities other than expenditures
and liabilities which are reasonable in nature and amount in the context of the transactions contemplated by this Agreement and are not
out of reasonable proportion to the Party’s benefits under this Agreement.

 

2.3 Inspection
and Acceptance or Rejection. Upon delivery at the Point of Destination, Owner or Owner’s Representative (as identified on a
Purchase Order) shall inspect the Units within five business days after delivery (the “Inspection Period”), and either
accept or, only if the Units do not fully conform to the specifications attached to the Purchase Order (the “Specifications”),
reject the Units. Buyer will be deemed to have accepted the Units unless it rejects the Units within the Inspection Period, stating the
reasons for the rejection including reasonable evidence of the failure of the Units to meet the Specifications. If Buyer rejects the Units
in accordance with this Section 2.3, Crown shall at its expense, either (a) to promptly replace the Units that fail to
meet the Specifications, and pay for all related expenses, including, but not limited to, transportation charges for the return of the
damaged or defective Units and the delivery of replacement Units.

 

3.
Purchase Price, Payment, Taxes, Payment Security, and Upgrade Option

 

3.1 Purchase
Price. For all Units purchased by Buyer under the Purchase Order, Buyer shall pay to Crown the total purchase price amount set forth
in the Purchase Order (the “Purchase Price”) in accordance with the payment terms set forth in this Article 3.

 

3.2 Payment
Terms/Invoices. Crown shall enroll in Buyer’s electronic funds transfer payment program. Crown shall provide Buyer with the
name and phone number for the Crown contact that will be receiving payments (“Company Billing Contact”) so that he/she
may be reached by a representative of Brandywine Realty Trust to initiate completion of the ACH Method Authorization Form (“Owner’s
ACH Form”). A Brandywine Realty Trust representative will call the Company Billing Contact who shall verbally verify the name
and email of two (2) contacts authorized to sign the ACH form on behalf of Company (“Company Authorized Signers”).
Thereafter, Owner will provide Crown with Owner’s ACH Form via DocuSign; Company shall complete Owner’s ACH Form via Docusign.
Provided Owner has received a completed Owner’s ACH Form from Crown and Crown has verified its Company Authorized Signers as set
forth herein, Owner will pay Crown via ACH following Owner’s receipt at brandywine@avidbill.com (or such Owner Invoice Address provided
by Owner in writing) of a completed invoice(s) for the Services, no more frequently than monthly, which invoice(s) must specifically reference
the Contract #, Vendor ID #, Building Entity #, Region ID #, and Building address (all of which information is on the first page of the
Contract) and are limited to the Contract Amount. Upon execution of the applicable Purchase Order, Crown may invoice Buyer for 30% of
the Purchase Price, in accordance with the terms of the Purchase Order. The remaining unpaid balance will be invoiced within seven days
after successful inspection of the delivered and installed product. Any amount for which Crown properly invoices Buyer are payable by
Buyer within 30 calendar days after Buyer receives Crown’s invoice (each a “Due Date”). Buyer shall make all
payments in United States Dollars. Buyer shall make each payment in accordance with the payment instructions set forth in the invoice
issued by Crown, without any set-off, withholding, deduction or reduction for any Transaction Taxes (as defined below). Buyer shall notify
Crown in writing of any dispute with any invoice (along with substantiating documentation and a reasonably detailed description of the
dispute) within 30 calendar days after Buyer’s receipt of the invoice. Buyer will be deemed to have accepted all invoices for which
Crown does not receive timely notification of dispute, and shall pay all undisputed amounts by the applicable Due Date.

 

3.3 Transaction
Taxes. All prices set forth in the Purchase Order are exclusive of any taxes, including present and future state, county, city and
district sales and use, transfer, goods and services, excise, gross receipts, business and occupation, withholding or similar taxes (collectively,
“Transaction Taxes”), which are the sole responsibility and liability of Buyer. Each invoice that Crown issues to Buyer
may also include, to the extent applicable, the amount of any Transaction Taxes for which Buyer will pay Crown for collection by Crown
on behalf of any taxing authority. Notwithstanding the foregoing, Crown shall pay all personal property taxes, income taxes, withholding,
and other taxes, assessments, and similar charges that are or may be assessed, levied, or imposed upon Crown or with respect to Crown’s
employees

 

    2

     

    

 

3.4 Lien
Waivers. Upon Buyer’s request, Crown shall provide to Buyer (i) an executed conditional
waiver of liens in the form attached as Appendix F-1 to the applicable Purchase Order, which will waive any liens with respect
to the invoiced amount for the Units after such invoice (including any late fees and Transaction Taxes) has been paid in full by Buyer
and (ii) an executed unconditional waiver of liens in the form attached as Appendix F-2 to the applicable Purchase Order, which
shall waive all liens with respect to the Units once all invoices for such Units have been paid in full and payment has been received
by Crown.

 

3.5 Buyer’s
Upgrade Option. At Buyer’s option, after Crown releases new and upgraded versions of the Units previously sold to Buyer (the
“Upgraded Units”), Crown and Buyer may enter into negotiations for Buyer to exchange the Units for the Upgraded Units.
If Buyer exercises its option, Buyer and Crown shall endeavor to negotiate and agree upon commercial terms for an exchange agreement including,
without limitation: (1) the price for the Upgraded Units; (2) any credit to the purchase price or other deduction applicable
with respect to the Units purchased by Buyer under this Agreement; (3) charges for any removal and installation work associated with
the upgrade; and (4) revisions to the terms and conditions of this Agreement, the Unit Technical Specifications, and Limited Warranty
Terms and Conditions that will apply with respect to the Upgraded Units.

 

4.
Force Majeure

 

4.1 Force
Majeure. Notwithstanding anything herein to the contrary, and except for a Party’s payment obligations, neither Party shall
be liable for loss, damage, or delay, nor be deemed in default for non-performance under the Purchase Order, if such failure has been
caused by or has arisen out of a Force Majeure Event (as defined below). Either Party shall promptly notify the other Party in writing
upon obtaining knowledge of any Force Majeure Event impacting such Party. If a Force Majeure Event adversely affects either Party’s
ability to perform its obligations under the Purchase Order, the time for performance shall be extended by a period of time reasonably
necessary to overcome such Force Majeure Event. “Force Majeure Event” means any cause or event beyond the reasonable
control of a Party that was not due to the fault or negligence of such Party and that could not have been prevented or mitigated by the
exercise of reasonable precautionary measures, including but not limited to the following to the extent meeting that standard: acts of
God, extreme weather conditions, droughts, floods, hurricanes, earthquakes; fires, wildfires, or explosions; war (declared or undeclared),
riots, civil disturbance, acts of terrorism, blockades, embargoes, or sanctions; industry-wide or regional strikes; unavailability of,
or delays in, utilities or transportation that are themselves caused by a Force Majeure Event; arbitrary or unexpected acts or delays
caused by any governmental authority; changes in applicable laws of the United States or any subdivision thereof; negligent or intentional
actions or omissions of the other Party that affect the performance of the Party’s obligations under this Agreement; or Health or
Safety Outbreaks (as defined herein). In no event will Force Majeure Event include any inability to make payments as required under the
Purchase Order. “Health or Safety Outbreak” means any current or future pandemic, epidemic, public health and safety
emergency, quarantine, or other infectious disease outbreak, in each case as declared by any governmental authority, that causes: (i)
in the case of Buyer, a delay or disruption to Buyer’s ability to accept delivery of Units, and (ii) in the case of Crown, a disruption
in production supply chains, transportation facilities or services, labor or other human resources, utility services, or other resources
necessary for the production, delivery or storage of the Units that could not be overcome or mitigated by Buyer’s commercially reasonable
efforts. For the avoidance of doubt, the Parties agree that COVID-19 is considered a Health or Safety Outbreak with respect to any Purchase
Order, to the extent COVID-19 impacts a Party’s performance after the execution of a Purchase Order, and such impacts would not
reasonably be expected to be anticipated by the claiming Party as of, the Purchase Order Effective Date.

 

    3

     

    

 

5.
Limited Warranties

 

5.1 Warranty
terms and conditions for any Units that are purchased by Buyer pursuant to the Purchase Order shall include those warranty terms and conditions
attached to the Purchase Order (the “Limited Warranties”). General Warranties. Crown warrants that all items
covered by a Purchase Order conform to the blueprints, samples, drawings, plans, specifications and other descriptions (collectively,
“Specifications”) furnished or specified by Buyer, and are merchantable, of good material and workmanship, and free from defect
for the greater of: (i) the manufacturer’s warranty; (ii) the system warranty; or (iii) 1 year from completion of delivery and installation.
If Specifications are furnished by Buyer and accepted by Crown, Crown further warrants that such Goods are fit for their intended purpose.
Buyer and Buyer’s Representative, for itself and on behalf of Buyer, will have the benefit of all manufacturers’ warranties
and guaranties, express or implied, issued on or applicable to the Goods. Crown authorizes Buyer, Buyer’s contractor(s), and Buyer’s
Representative to obtain the customary services furnished in connection with such warranties and guaranties. Any Purchase Order incorporates
by reference any and all representations, warranties (express or implied and whether oral or in writing), and other promises made by Crown
prior to or at the time the Purchase Order is deemed accepted, including those contained in brochures, catalogues, advertisements, owner’s
manuals, etc.

 

5.2 In
addition to other warranties and guarantees required by this PO, Company shall, and hereby does, covenant, warrant, and guarantee that:
(1) the Work will conform to the requirements of this P.O., including, without limitation, any performance standards that are part thereof;
(2) all labor, equipment, materials, and other items of Work will be when installed new and free of liens, claims, and security interests;
(3) without limitation to the other requirements of this warranty, all labor, installation, and workmanship will be performed in a good
and workmanlike manner; and (4) all labor, materials, equipment, services, and work shall be free of defects for a period of 1 year from
the date of Final Completion.

 

6.
Indemnity and Limitation of Liability

 

6.1 Indemnity.
Subject to the terms and conditions of this Agreement, including those set forth in the remainder of this Section 6, each
Party (as “Indemnifying Party”) shall indemnify, defend and hold harmless the other Party and its officers, directors,
employees, agents, affiliates, successors and permitted assigns (collectively, the “Indemnified Parties”) against any
and all losses, damages, liabilities, deficiencies, claims, actions, judgments, settlements, interest, awards, penalties, fines, costs,
or expenses of whatever kind, including reasonable attorneys’ fees, fees and the costs of enforcing any right to indemnification
under this Agreement and the cost of pursuing any insurance providers, incurred by Indemnified Party (collectively, “Losses”),
arising out or resulting from any claim, action, cause of action, demand, lawsuit, arbitration, inquiry, audit, notice of violation, proceeding,
litigation, citation, summons, subpoena, or investigation of any nature, civil, criminal, administrative, regulatory, or otherwise, whether
at law, in equity or otherwise, of a third party or a Party for:

 

		(a)	any negligent act or omission of Indemnifying Party or its agents, employees, or subcontractors (including
any recklessness or willful misconduct) in connection with the performance of its obligations under this Agreement;

 

		(b)	any bodily injury, death of any person or damage to real or tangible personal property caused by the negligent
acts or omissions of Indemnifying Party; or

 

    4

     

    

 

		(c)	any defect(s) in the materials, equipment, Units, or services furnished by Crown;

 

		(d)	any failure by Indemnifying Party to comply with any applicable laws.

 

Notwithstanding anything to the contrary in this Agreement,
this Section 6 does not apply to any claim (direct or indirect) for which a sole or exclusive remedy is provided for under
another section of this Agreement.

 

6.2 Indemnification
Procedure. When an Indemnifying Party is required to indemnify an Indemnified Party for a third party claim, the Indemnifying Party
shall assume on behalf of such Indemnified Party, and conduct with due diligence and in good faith, the defense of any claim against such
Indemnified Party, whether or not the Indemnifying Party is joined therein, and the Indemnified Party shall cooperate with the Indemnifying
Party in such defense. The Indemnifying Party will be in charge of the defense and settlement of such claim; provided, however,
that without relieving the Indemnifying Party of its obligations in the Purchase Order or impairing the Indemnifying Party’s right
to control the defense or settlement thereof, the Indemnified Party may elect to participate through separate counsel in the defense of
any such claim, but the associated fees and expenses (including attorneys’ fees and legal costs) shall be at the expense of such
Indemnified Party. Notwithstanding the foregoing, if (a) the Indemnified Party has reasonably concluded, acting in good faith and on the
advice of counsel, that there exists a conflict of interest between the Indemnifying Party and the Indemnified Party in the conduct of
the defense of such claim or (b) the Indemnifying Party fails to contest the claim in good faith by appropriate proceedings within a reasonable
time following written demand from the Indemnified Party, then the Indemnified Party may, upon written notice to the Indemnifying Party,
assume control of the defense or settlement of the claim and to use its own counsel, the fees and expenses (including reasonable attorneys’
fees and legal costs) of which the Indemnifying Party to the Indemnified Party will pay or reimburse. No Indemnifying Party may settle
any such claims or actions in a manner which would require any action or forbearance from action by any Indemnified Party or impose criminal
liability on such Indemnified Party without the prior written consent of the Indemnified Party, which consent the Indemnified Party may
not unreasonably withhold, condition or delay.

 

6.3 Removal
of the Units. Buyer acknowledges that Crown supports a proactive approach to environmental responsibility by conserving natural resources
and reducing the environmental footprint of products and services throughout their lifecycle. Buyer therefore agrees that Crown will be
entitled to properly remove and manage the disposal and/or recycling of the Units in accordance with the terms of the Purchase Order.

 

6.4 CONSEQUENTIAL
DAMAGES. EXCEPT IN RELATION TO A BREACH OR CONFIDENTIALITY OBLIGATIONS UNDER THIS AGREEMENT, A CLAIM RELATED TO A PARTIES GROSS NEGLIGENCE,
WILLFUL MISCONDUCT OR FRAUD, OR WITH RESPECT TO AMOUNTS FOR WHICH A PARTY IS ENTITLED TO INDEMNFICATION FOR THIRD PARTY CLAIMS UNDER THIS
AGREEMENT, NEITHER ANY PARTY NOR ANY OF ITS AFFILIATES SHALL BE LIABLE TO THE OTHER PARTY OR ANY OF ITS AFFILIATES FOR ANY INDIRECT, INCIDENTAL,
CONSEQUENTIAL, COVER, EXEMPLARY, PUNITIVE, OR SPECIAL DAMAGES, OR FOR ANY LOSS OF PROFITS, OPPORTUNITY, REVENUE, GOODWILL, FINANCING,
OR USE OF UNITS IN CONNECTION WITH OR ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY PURCHASE ORDER, WHETHER SUCH LIABILITY ARISES
IN CONTRACT, WARRANTY, TORT, NEGLIGENCE, PRODUCT LIABILITY OR OTHERWISE, AND EVEN IN THE EVENT OF THE FAULT, NEGLIGENCE, OR STRICT LIABILITY
OF THE PERSON WHOSE LIABILITY IS LIMITED.

 

6.5 LIMITATION
OF LIABILITY. EXCEPT WITH RESPECT TO (A) DAMAGES ATTRIBUTABLE TO A PARTY’S ACTUAL FRAUD WITH RESPECT TO THE REPRESENTATIONS
IN THIS AGREEMENT, GROSS NEGLIGENCE, OR WILLFUL MISCONDUCT AND (B) AMOUNTS PAYABLE BY AN INDEMNIFIED PARTY TO THIRD PARTIES (OTHER THAN
INDEMNIFIED PARTIES) PURSUANT TO A PARTY’S INDEMNITY OBLIGATIONS HEREUNDER, IN NO EVENT SHALL EITHER PARTY’S (OR SUCH PARTY’S
AFFILIATES) AGGREGATE LIABILITY FOR ANY AND ALL DAMAGES (FOR ANY CAUSE WHATSOEVER, INCLUDING DELAY, BREACH OF CONTRACT, WARRANTY, TORT,
PRODUCT LIABILITY OR OTHERWISE) ARISING OUT OF OR RELATING TO THE PURCHASE ORDER EXCEED AN AGGREGATE AMOUNT EQUAL TO THE GREATER OF: (i)
ONE HUNDRED PERCENT (100%) OF THE AGGREGATE PURCHASE PRICE UNDER THE PURCHASE ORDERS UNDER THIS AGREEMENT, OR (ii) WITH RESPECT TO CROWN,
THE INSURANCE LIMITS REQUIRED UNDER THIS AGREEMENT; EVEN IN THE EVENT OF THE FAULT, NEGLIGENCE, OR STRICT LIABILITY OF THE PERSON WHOSE
LIABILITY IS LIMITED.

 

    5

     

    

 

7.
Term; Suspension and Termination

 

7.1 Mutual
Termination Rights. Each Party may, upon written notice to the other Party, and in addition to any other rights and remedies provided
hereunder, terminate a Purchase Order or this Agreement in the event of any of the following:

 

		(a)	immediately, if the other Party becomes insolvent, makes a general assignment for the benefit of creditors,
or becomes subject to a bankruptcy, receivership, or similar proceedings; or

 

		(b)	the other Party is in material breach of its obligations under the Purchase Order and the other Party
fails to cure that material breach or, if the material breach is not a breach of the obligation to make payment under this Agreement,
commence to cure that breach, in each case within thirty (30) days after receipt of notice thereof.

 

Buyer may terminate this Agreement with or without
cause, and without penalty, at any time with 30 days’ written notice to Crown.

 

7.2 Survival.
Article 3, and Article 5 through Article 8 shall survive termination or expiration of this Agreement. The
expiration or termination of this Agreement shall not relieve the Parties from any liability arising from any breach of this Agreement
prior to such expiration or termination.

 

8.
Miscellaneous

 

8.1 Governing
Law. The Purchase Order shall be governed by and construed in accordance with the laws of the state where the Building is located,
without regard to its conflicts of laws provisions.

 

8.2 Dispute
Resolution. In the event of a claim, dispute or other matter in question between Crown and Owner arising out of or relating to this
Agreement or a Purchase Order, by written notice to the other, the parties may seek to resolve such claim or dispute by way of a meeting
between a senior representative of both the Owner and Crown within 10 days of receipt of such written notice or such longer period of
time as mutually agreed to in writing by the parties. If possible, a senior representative will be an employee or office of Crown and
Owner that is senior to the day-to-day representative of Crown and Owner (each a “Senior Representative”). The Owner and Crown
will in good faith attempt to resolve such claim or dispute within 30 days. If a Senior Representative of either Owner or Crown declares
an impasse between the parties with regard to such claim or dispute, then the parties will resolve such claim or dispute by mediation
as set forth in subsection (l) below.

 

    6

     

    

 

8.3 Any
claim, dispute or other matter in question arising out of or relating to this Agreement will be subject to mediation as a condition precedent
to the initiation of legal or equitable proceedings in court by either party. Crown will continue performing the Services required of
it under this Agreement while any claim, dispute or other matter arising out of or relating to this Agreement is resolved. A mediation
will be conducted by a mediator selected by agreement of the parties. In the event that the parties cannot agree on a mediator, the mediation
which, unless the parties mutually agree otherwise, will be conducted in accordance with the Construction Industry Mediation Rules of
the American Arbitration Association (“AAA”) currently in effect. The parties will share the mediator’s fee and any filing
fees equally. The service of the Demand for Mediation shall stay the running of any applicable statute of limitations regarding the dispute
until 75 days after the parties agree that the mediation is concluded or the mediator declares an impasse. The mediation will be held
in the place where the Building is located, unless another location is mutually agreed upon. Claims, disputes and other matters in question
between Crown and Owner arising out of or in connection with the Services and not resolved by mediation shall be resolved by litigation
pursuant to Section 24(n) below unless Owner, at its sole option, advises Crown in writing prior to the institution of litigation with
respect to a claim or dispute, or within thirty (30) days after either party has instituted litigation with respect to the claim or dispute
that Owner elects to have the claim or dispute resolved by arbitration. In such event, Crown shall be bound by Owner’s election
and any litigation filed shall be stayed by stipulation of the parties pending the conclusion of the arbitration proceedings. The arbitration
proceedings shall be conducted pursuant to the Construction Industry Arbitration Rules issued by the American Arbitration Association
then in effect. The prevailing party in any litigation or arbitration will be entitled to recover from the non-prevailing party all reasonable
costs incurred filing costs, attorneys’ fees, and other related expenses.

 

8.4 To
the extent that any of Owner’s claims against Crown are insured claims, Crown will cause its applicable insurance carrier to attend
and participate, in good faith, in the processes set forth in subsections (k) and (l) above and the settlement discussions required thereunder.

 

8.5 TO
THE EXTENT PERMITTED BY APPLICABLE LAW, OWNER AND CROWN HEREBY WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING, OR COUNTERCLAIM BROUGHT
BY EITHER AGAINST THE OTHER ON ANY MATTER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS CONTRACT OR THE RELATIONSHIP OF THE PARTIES.
ANY AND ALL CLAIMS, DISPUTES, AND OTHER MATTERS IN QUESTION NOT RESOLVED BY MEDIATION OR ARBITRATION PURSUANT TO SECTIONS 24(l) ABOVE
WILL BE RESOLVED BY THE INITIATION OF NON-JURY LEGAL PROCEEDINGS. OWNER AND CROWN EACH CONSENT TO THE EXCLUSIVE JURISDICTION OF THE STATE
AND FEDERAL COURTS LCOATED IN THE JURISDICTION IN WHICH THE BUILDING IS LOCATED. IN CONNECTION WITH ANY CLAIM ARISING OUT OF THIS CONTRACT,
OWNER OR CROWN, WHICHEVER IS THE PREVAILING PARTY IS ENTITLED TO RECOVER FROM THE OTHER PARTY ALL REASONABLE COST AND EXPENSES INCURRED
BY THE PREVAILING PARTY.

 

8.6 Confidentiality.

 

		(a)	Crown and Buyer agree to keep confidential (a) the terms and provisions of this Agreement, (b) all information
about the other Party’s business plans and (c) all information supplied by either Party to the other Party hereunder or in connection
herewith which is marked as “proprietary” or “confidential” (the “Confidential Information”).
The Parties will grant access to such documentation and information only to the Parties’ respective employees and authorized contractors,
subcontractors, Affiliates and agents whose access is necessary to fulfill the terms of this Agreement, who shall be bound by confidentiality
obligations at least as restrictive as those set out in this Section 8.3. In addition, the Parties shall have no obligation with
respect to any such documentation or information which (i) is or becomes publicly known through no act of the receiving Party, (ii) is
approved for release by written authorization of the disclosing Party, (iii) is required to be disclosed by judicial, administrative,
regulatory process, or the rules of any exchange upon which the securities in the Party are listed (including customary disclosures in
connection with obtaining the necessary approvals of this Agreement and the transactions contemplated hereby of governmental authorities)
only to the extent that disclosure is mandated by the foregoing legal and judicial requirements, or (iv) has been rightfully furnished
to the receiving Party without any restriction on use or disclosure and not in violation of the rights of the other Party. In addition,
Crown may disclose information to potential providers of insurance related to the Units, provided, however, that such disclosures
shall be subject to the agreement of such Persons to keep such information confidential pursuant to the terms of this Section 8.3.

 

    7

     

    

 

		(b)	Neither Party will issue or make any public announcement (including via social media or conference presentations),
news release, press release or statement regarding this Agreement if such announcement would use any name, trade name, service mark, logo
or trademark, whether registered or not, of the other Party or their Affiliates in any promotional or advertising material, without the
other Party’s prior written approval. Provided that Crown does not disclose such information, without the prior approval or
consent of Buyer, and notwithstanding anything in this Agreement to the contrary, Crown may advertise and promote its involvement with
the Project and may make public statements and release marketing materials discussing the business outcomes and business benefits to Buyer.

 

8.7 Intellectual
Property. All patents and patent rights, trademarks and trademark rights, trade names, trade name rights, service marks and service
mark rights, service names and service name rights, domain names, inventions, copyrights and copyright rights and all pending applications
for and registrations of patents, trademarks, service marks and copyrights, industrial designs and any registrations and applications
therefore throughout the world, any other intellectual property right (including, without limitation, any know-how, trade secret, trade
right, formula, proprietary information, technical data, improvements, documentation (including Unit Technical Specifications), manufacturing
and production processes and techniques, and any similar, corresponding or equivalent rights to any of the foregoing anywhere in the world
(collectively, the “Intellectual Property”) relating to the Units are, as between the Parties, the sole property of
Crown and Crown’s Confidential Information. Subject to the terms and conditions hereof, Crown hereby grants and delivers to Buyer,
an irrevocable, perpetual, fully paid-up, royalty-free, non-exclusive right and license to use any Intellectual Property, with respect
to the Units (but only in connection with the Units), for so long as any of Buyer (or its successors and assigns) has any rights to operate
the Units (the “License”), in each case solely in connection with the use, completion, repair, servicing, updating,
maintenance or operation of the Units, but for no other purpose. Buyer agrees that it will not, and will not permit or enable others to
reverse engineer, decompile, modify or otherwise use the Units for a purpose other than their intended use. All software provided hereunder
shall be subject to the terms and conditions of a separate license agreement to be agreed to between the Parties. Crown grants no licenses
or rights to use Intellectual Property other than as expressly set forth herein.

 

8.8  Insurance.
Crown shall maintains, at Crown’s expense, a policy of commercial general liability insurance, from financially sound and reputable
insurance company, with a broad form contractual liability endorsement and with a combined single limit of $1,000,000 per occurrence for
bodily injury and property damage, automobile liability coverage including owned and hired vehicles with a combined single limit of $1,000,000
per occurrence for bodily injury and property damage, and an excess umbrella liability policy for bodily injury and property damage in
the amount of $5,000,000, insuring Crown. Crown’s insurance shall name as Additional Insured: Owner, Brandywine Realty Trust, and
Brandywine Operating Partnership, L.P. All insurance is on an “occurrence form”. Upon Buyer’s request, Crown shall provide
a copy of the insurance certificate(s).

 

8.9 Subcontractors.
Crown may engage subcontractors and suppliers in respect of the performance of any of its obligations under the Agreement, including its
affiliates.

 

    8

     

    

 

8.10 Assignment.
No Party may assign its rights under this Agreement or a Purchase Order in whole or in part, without the prior written approval of the
other Party, which approval shall not be unreasonably withheld, conditioned or delayed.

 

8.11 Entire
Agreement. This Agreement, the Purchase Orders, and any exhibits and attachments hereto constitute the entire agreement between the
Parties with respect to the subject matter hereof and thereof and supersede all prior written or oral understandings and may only be changed
by a written amendment executed by both Parties.

 

8.12 Severability.
If any provision of this Agreement is held to be invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or
unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision
in any other jurisdiction.

 

8.13 Interpretation.
As used in this Agreement: (a) the singular number shall include the plural, and vice versa; (b) where a word or phrase is specifically
defined, other grammatical forms of such word or phrase have corresponding meanings; (c) the words “herein,” “hereunder”
and “hereof” refer to this Agreement, taken as a whole, and not to any particular provision; (d) “including” means
“including without limitation,” and other forms of the verb “to include” are to be interpreted similarly; (e)
all references to a given agreement, instrument or other document shall be a reference to that agreement, instrument or other document
as modified, amended, supplemented and restated through the date as of which such reference is made; and (f) reference to any applicable
law shall mean any such applicable law as amended through the date as of which such reference is made and shall include any rules or regulations
promulgated in connection therewith.

 

8.14 Waiver.
Unless a specific time limitation is specified, no delay or omission by either Party to exercise any right or remedy under this Agreement
shall be construed to be either acquiescence or the waiver of the ability to exercise any right or remedy in the future.

 

8.15 No
Third Party Rights. Nothing in this Agreement shall be construed as creating or giving rise to any rights in third parties, persons,
or entities other than the named Parties to this Agreement and such Affiliates of Buyer that join through execution of a Purchase Order.

 

8.16 Counterparts.
This Agreement may be executed in any number of counterparts, each of which when executed shall be deemed to be an original and all of
which counterparts taken together shall constitute but one and the same instrument. The Parties agree that the delivery of this Agreement
may be affected by means of an exchange of emailed signatures.

 

[The remainder of this page has been intentionally
left blank.]

 

    9

     

    

 

Buyer and Crown are executing this Master Supply Agreement
effective as of the date set forth above.

 

	 	BUYER:
	 	 	 
	 	BRANDYWINE OPERATING PARTNERSHIP, L.P.
	 	 	 
	 	By:	/s/ Ronald J. Becker
	 	Name: 	Ronald J. Becker
	 	Title:	SVP Operations & Sustainability
	 	 	 
	 	CROWN:
	 	 	 
	 	Crown Electrokinetics Corp.
	 	 	 
	 	By:	/s/ Douglas
    Croxall
	 	Name:	Douglas Croxall
	 	Title:	CEO

 

 

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