Document:

Exhibit
4(5)

    

    STATE OF
ISRAEL

    MINISTRY
OF FINANCE

     

    OFFICE OF
THE LEGAL ADVISOR

     

    December
9, 2010

     

    Ministry
of Finance

    Government
of Israel

    1 Kaplan
Street

    Hakiriya,
Jerusalem 91008

    ISRAEL

     

    Re: The
State of Israel (Registration No. 333-170696)

     

    Dear
Sirs:

     

         I,
Legal Advisor to the Ministry of Finance of the State of Israel, have reviewed
the above-referenced Registration Statement on Schedule B (the “Registration
Statement”), filed on the date hereof with the United States Securities and
Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended
(the “Act”), including the Prospectus constituting a part thereof (the
“Prospectus”) and any amendments or supplements thereto, and the form of the
Underwriting Agreement and the Master Fiscal Agency Agreements filed as exhibits
to the Registration Statement (the “Agreements”), pursuant to which the State of
Israel (“Israel”) proposes to issue and sell the Bonds.

     

         The
issuance of the Bonds has been authorized pursuant to the State Property Law of
the State of Israel.

     

         It
is my opinion that when the Bonds have been duly authorized, issued and executed
by Israel and authenticated, paid for and delivered as contemplated by the
Agreements, the Prospectus and any amendment and supplement thereto, the Bonds
will constitute valid and legally binding direct and unconditional obligations
of Israel under and with respect to the present laws of Israel.

     

     
       I hereby consent to the filing of this
opinion as an exhibit to the Registration Statement and to the use of my name
under the heading “Validity of the Bonds” in the Registration Statement. In
giving the foregoing consent, I do not thereby admit that I am in the category
of persons whose consent is required under Section 7 of the Act or the
rules and regulations of the SEC thereunder. I also consent to the reliance on
this opinion by Arnold & Porter LLP as to any matter relating to the laws of
Israel, in connection with any opinion required to be filed with or delivered to
the SEC or to the Development Corporation for Israel.

    

    
      	 
      	
              Sincerely,

            
	 
      	 
      
	 
      	
              /s/ Joel Baris

            
	 
      	 
      
	 
      	
              Joel
      Baris

            
	 
      	
              Legal
      Advisor to the Ministry of Finance

            
	 
      	
              Government
      of IsraelEXHIBIT
4(6)  

     

    December
9, 2010

     

    Ministry
of Finance

    Government
of Israel

    1 Kaplan
Street

    Hakirya,
Jerusalem 91008

    ISRAEL

     

         Re:
The State of Israel (Registration 333-170696)

     

    Ladies
and Gentlemen:

     

         We
have acted as special United States counsel for the Government of Israel
(“Israel”), in connection with the preparation of the registration statement
under Schedule B (the “Registration Statement”), filed with the Securities
and Exchange Commission (the “Commission”) under the Securities Act of 1933, as
amended (the “Act”), pursuant to which Israel is registering U.S.$2,300,000,000
aggregate principal or maturity amount of its Bonds (the “Bonds”) to be offered
and sold from time to time as set forth in the Registration Statement and the
prospectus (the “Prospectus”) contained therein and any amendments or
supplements thereto. We are also familiar with the form of Underwriting
Agreement and the Master Fiscal Agency Agreements, including the amendments
thereto (together, the “Agreements”) filed with the Commission and made a part
of this Registration Statement.

     

         In
rendering the opinion expressed below, we have examined such certificates of
public officials, corporate documents and records and other certificates and
instruments, and have made such other investigations, as we have deemed
necessary in connection with the opinion set forth herein. Furthermore, we have
assumed the genuineness of all signatures, the authenticity of all documents
submitted to us as originals, the authority of Israel to enter into the
Agreements and cause the issuance of the bonds, and the conformity to authentic
originals of all documents submitted to us as copies. As to any document
originally prepared in any language other than English and submitted to us in
translation, we have assumed the accuracy of the English
translation.

     

         This
opinion is limited to the federal laws of the United States and the laws of the
State of New York, and we do not express any opinion herein concerning the laws
of any other jurisdiction. Insofar as the opinion set forth herein relates to
matters of the law of Israel we have relied upon the opinion of the Legal
Advisor to the Ministry of Finance of the State of Israel, a copy of which is
being filed as Exhibit 4(5) to the Registration Statement, and our opinion
herein is subject to any and all exceptions and reservations set forth
therein.

     

         Based
upon and subject to the foregoing, we are of the opinion that when the Bonds
have been duly authorized, issued, and executed by Israel and authenticated,
paid for and delivered as contemplated by the Agreements, the Prospectus and any
amendment and supplement thereto, the Bonds will constitute valid and legally
binding direct and unconditional obligations of Israel under the laws of the
State of New York, subject to bankruptcy, insolvency, reorganization, fraudulent
conveyance, moratorium, receivership and similar laws relating to or affecting
creditors’ rights generally and to equitable principles (regardless of whether
enforcement is sought in a proceeding in equity or at law).

    

      
        
           

        

        
           

          
            

          

        

        
           

        

      

     

         We
hereby consent to the filing of this opinion as an exhibit to the Registration
Statement and to the reference to this firm under the headings “United States
Taxation” and “Validity of the Bonds” in the Registration Statement. In giving
the foregoing consent, we do not thereby admit that we are in the category of
persons whose consent is required under Section 7 of the Act or the rules
and regulations of the Commission thereunder.

    

    Sincerely,

    

    /s/
Arnold & Porter LLPEXHIBIT 4(9)  

      

    [SEAL OF
THE MINISTRY OF FINANCE]

    MINISTRY
OF FINANCE

     

    DIRECTOR
GENERAL

     

    December
9, 2010

      

    CONSENT

     

    Re: Registration Statement No.
333-170696 on Schedule B of State of Israel Bonds

     

         I,
Haim Shani, Director General of the Ministry of Finance of the State of Israel,
hereby consent to the reference to the Director General under the caption
“Official Statements” in the Prospectus of the State of Israel included in the
Registration Statement filed by the State of Israel with the United States
Securities and Exchange Commission.

     

    
      
        	 
      	
                /s/ Haim Shani

              
	 
      	 
      
	 
      	
                Haim
      Shani

              
	 
      	
                Director
      General

              
	 
      	
                Ministry
      of FinanceUnassociated Document

    Exhibit
10.23

     

    TENTH MODIFICATION
TO

    CREDIT AGREEMENT (RESTATED)
AND PROMISSORY NOTE

     

    THIS
TENTH MODIFICATION TO CREDIT AGREEMENT (RESTATED) AND PROMISSORY NOTE (the
“Amendment”) is dated this the 27th day of September, 2010 by and among FRED’S,
INC., a Tennessee corporation (the “Borrower”), FRED’S STORES OF TENNESSEE, INC.
(the “Guarantor”), REGIONS BANK (as “Administrative Agent” and as a “Lender”)
and BANK OF AMERICA, N.A. (as a “Lender”).

     

    RECITALS:

     

    A.          The
Borrower and the Lenders are parties to a Credit Agreement (Restated) originally
dated as of April 3, 2000 (as amended and restated from time to time, the “Credit Agreement”).
In connection with the Credit Agreement, the Borrower executed that certain
Promissory Note originally dated April 3, 2000 (as amended and restated from
time to time, the “Note”).

     

    B.           The
Borrower and the Lender previously entered into: (i) a Modification Agreement
(the “First Modification”) dated May 26, 2000; (ii) a Second Modification
Agreement (the “Second Modification”) dated April 30, 2002; (iii) a Third
Modification Agreement (the “Third Modification”) dated July 31, 2003; (iv) a
Fourth Modification Agreement (the “Fourth Modification”) dated June 28, 2004;
(v) a Fifth Modification Agreement (the “Fifth Modification”) dated October 19,
2004, effective October 20, 2004; (vi) a Sixth Modification Agreement (the
“Sixth Modification”) dated July 29, 2005, effective June 29, 2005; (vii) a
Seventh Modification Agreement dated September 30, 2005, effective October 10,
2005; (viii) an Eighth Modification to Credit Agreement (Restated) and
Promissory Note dated October 30, 2007, effective November 1, 2007; and (ix) a
Ninth Modification to Credit Agreement (Restated) and Promissory Note dated
September 17, 2008.

     

    C.           The
Borrower, the Administrative Agent, the Lender, and the Guarantor desire to
further amend the Credit Agreement and Note as set forth in this
Amendment.

     

    D.          Terms
not defined herein shall have the meanings ascribed to such terms in the Credit
Agreement.

     

    NOW,
THEREFORE, in consideration of the premises and for other good and valuable
consideration, the receipt and adequacy of which is hereby acknowledged, the
parties hereto agree as follows:

     

    1.           Change in
Definitions. Section 2.1 of the Credit Agreement concerning “Definitions”
is amended to delete the prior definitions of “Commitment” and “Maturity Date”
and the following is substituted in lieu thereof:

     

    “Commitment”
means the sum of $50,000,000. Notwithstanding the use of the term “commitment”
with respect to the calculation of fees, the actual amount which the Lender has
agreed to lend or provide credit to the Borrower shall be limited to the ratios
and conditions in this Credit Agreement.

     

    “Maturity
Date” shall mean September 27, 2013.

     

    2.           Amendment to Interest Rate
Determination. Annex I of the Credit Agreement setting forth the
“Applicable Margin” and “Unused Fee” with respect to the determination of the
Interest Rate is deleted and the following is substituted in lieu thereof as the
new Annex I:

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    ANNEX I

     

    Applicable Margin and Unused
Fee

    

    
      	
               

              Level

            	
               

              FCCR

            	
              LIBOR

              Margin
      (bps)

            	
              Unused

              Fee
      (bps)

            
	 	 	 	 
	
              I

            	
              <2.00x

            	
              162.5

            	
              27.5

            
	 	 	 	 
	
              II

            	
              ≥2.00x

            	
              137.5

            	
              25.0

            
	 	 	 	 
	
              III

            	
              ≥2.25x

            	
              112.5

            	
              22.5

            
	 	 	 	 
	
              IV

            	
              ≥2.50x

            	
              100.0

            	
              20.0

            

    

    

    3.           Amendment to Note.
The Note is amended to the extent necessary to conform to the Amendment
including the reduction in principal amount of the Commitment as set forth
herein.  .

     

    4.           Other
Documents.  All other documents executed and delivered in
connection with the Credit Agreement are hereby amended to the extent necessary
to conform to this Amendment.

     

    5.           Representations and
Warranties.  To induce the Lenders to enter into this
Amendment, the Borrower hereby represents and warrants to the Lenders
that:

     

    (a)           Reaffirmation.  As
of the date of this Amendment and after giving effect to this Amendment, the
representations and warranties set forth in Article 3 of the
Credit Agreement are true and correct in all material respects (except to the
extent that any such representation or warranty relates to a specified earlier
date, and except for changes in facts and circumstances that are not prohibited
by the terms of the Credit Agreement); and

     

    (b)           No
Default.  As of the date hereof and after giving effect to this
Amendment, no Event of Default has occurred and is continuing.

     

    6.           Conditions.  The
effectiveness of this Amendment is subject to the satisfaction of the following
conditions precedent:

     

    (a)           The
Administrative Agent and Lenders shall have received this Amendment duly
executed by the Borrower and the Guarantor;

     

    (b)           No
Default shall exist; and

     

    (c)           The
Borrower shall pay to the Administrative Agent an extension fee, for
payment  to each of the Lenders on a pro rata basis, in an amount
equal to fifteen basis points (.15%) of the total Commitment.

     

    7.           Payment of
Expenses.  The Borrower agrees to pay or reimburse the Lender
for all its reasonable out-of-pocket costs and expenses incurred in connection
with the preparation and execution of this Amendment, not to exceed
$2,500.

     

    8.           Counterparts.  This
Amendment may be executed by one or more of the parties hereto on any number of
separate counterparts, and all of said counterparts taken together shall be
deemed to constitute one and the same instrument.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    9.           Severability;
Headings.  Any provision of this Amendment which is prohibited
or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability, without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.  The section
and subsection headings used in this Amendment are for convenience of reference
only and are not to affect the construction hereof or to be taken into
consideration in the interpretation hereof.

     

    10.         Continuing Effect of Other
Documents.  This Amendment shall not constitute an amendment or
waiver of any other provision of the Credit Agreement and Note not expressly
referred to herein and, except to the extent that the Credit Agreement and Note
has been amended hereby, shall not be construed as a waiver or consent to any
further or future action on the part of the Borrower that would require a waiver
or consent of the Lender.  Except as expressly amended, modified or
supplemented hereby, the provisions of the Credit Agreement, the Note and the
Loan Documents are and shall remain in full force and effect.

     

    11.         GOVERNING
LAW.  THIS
AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT
SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF TENNESSEE.

     

    IN
WITNESS WHEREOF, the parties hereto have duly executed this Tenth Modification
to Credit Agreement (Restated) and Promissory Note as of the day and date first
set forth above.

     

    
      
        	 	 	 
	 	FRED’S,
      INC., the Borrower	 
	 	 	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Jerry
      A. Shore	 
	 	 	 	 
	 	Title:	EVP
      and Chief Financial Officer	 
	 	 	 	 

      

    

    
       

      
        
          	 	 	 
	 	REGIONS
      BANK, as Lender and Administrative Agent	 
	 	 	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/ Bryan
      Ford	 
	 	 	 	 
	 	Title:	Sr.
      VP Corporate Banking	 
	 	 	 	 

        

      

    

     

    CONSENT OF
GUARANTOR

     

    The
undersigned, as Guarantor, hereby executes this Amendment to evidence its
consent thereto, as well as the transactions contemplated thereby, and agrees
that the Guaranty Agreement dated March 27, 2000, effective April 3, 2000,
remains in full force and effect.

    
       

      
        
          	 	 	 
	 	FRED’S
      STORES OF TENNESSEE, INC.	 
	 	 	 
	 	 	 	 
	
                  Date:
      September 27, 2010

                	
                  By:
      

                	/s/ Jerry
      A. Shore	 
	 	 	 	 
	 	Title:	EVP
      and Chief Financial Officer	 
	 	 	 	 

        

      

      
         

        
          
             

          

          
            3

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