Document:

EXHIBIT 10.1

 

Deed
of Trust

 

	Section
    	 	Subject
    	 	Page
    
	Deed
    of Trust	 	
	1	 	Introduction,
    Definitions and Interpretation	 	3
	2	 	Issuance
    of Bonds; Terms of Issue; Equal Rank	 	11
	3	 	Purchase
    of Bonds by the Company and/or an Affiliate and Performing Distributions	 	12
	4	 	Issue
    of Additional Bonds	 	14
	5	 	Company’s
    Undertakings	 	17
	6	 	Securing
    the Bonds	 	37
	7	 	Early
    Redemption 	 	76
	8	 	Right
    to Call for Immediate Repayment	 	80
	9	 	Claims
    and Proceedings by the Trustee	 	93
	10	 	Trust
    of Proceeds	 	94
	11	 	Authority
    to Demand Payment to Holders through Trustee	 	95
	12	 	Powers
    to Delay the Distribution of Funds	 	97
	13	 	Notice
    of Distribution	 	97
	14	 	Refraining
    from Payment for a Reason Which is not Dependent on the Company	 	98
	15	 	Receipt
    by Bondholders and Trustee	 	100
	16	 	Presentation
    of Bonds to the Trustee; Registration in Connection with Partial Payment 	 	100
	17	 	Investment
    of Funds	 	101
	18	 	Company’s
    Undertakings vis-a-vis Trustee	 	101
	19	 	Additional
    Liabilities	 	109
	20	 	Counsel
    	 	110
	21	 	Other
    Agreements	 	110
	22	 	Reports
    on Matters Relating to Trusteeship	 	110
	23	 	Wages
    and Coverage of Trustee’s Expenses	 	112
	24	 	Special
    Powers	 	112
	25	 	Trustee’s
    Power to Engage Agents	 	114

 

    	 	 	 

    	 

    

 

	26	 	Indemnification
    of the Trustee	 	114
	27	 	Notices	 	121
	28	 	Waivers,
    Compromises, and Changes to the Deed of Trust	 	122
	29	 	Register
    of Bondholders	 	123
	30	 	Release	 	124
	31	 	Appointment
    of the Trustee, Roles of the Trustee, Powers of the Trustee and Termination of Trustee’s Office	 	124
	32	 	Bondholders’
    Meetings	 	127
	33	 	Applicable
    Law	 	127
	34	 	Exclusive
    Jurisdiction	 	127
	35	 	General	 	131
	36	 	Trustee’s
    Liability	 	132
	37	 	Addresses	 	132
	38	 	Authorization
    to MAGNA	 	132
	First
    Addendum to the Deed of Trust - Bond Certificate (Series B)	 	134
	The
    Terms Listed on the Overleaf	 	137
	1	 	General	 	137
	2	 	The
    Bonds	 	138
	3	 	Terms
    of Bonds (Series B)	 	138
	4	 	Payments
    of Principal and Interest of the Bonds (Series B)	 	140
	5	 	Postponement
    of Dates	 	141
	6	 	Securing
    the Bonds	 	141
	7	 	Refraining
    from Payment for a Reason Which is not Dependent on the Company	 	141
	8	 	Register
    of Bondholders	 	141
	9	 	Splitting
    Bond Certificates	 	141
	10	 	Transfer
    of Bonds	 	142
	11	 	Early
    Redemption	 	143
	12	 	Purchase
    of Bonds by the Company and/or an Affiliate	 	143
	13	 	Waivers;
    Compromises, and Changes to the Deed of Trust	 	143
	14	 	Bondholders’
    Meetings	 	143
	15	 	Receipt
    from Bondholders	 	143
	16	 	Right
    to Call for Immediate Repayment	 	143
	17	 	Notices	 	143
	18	 	Governing
    Law and Jurisdiction	 	143
	19	 	Order
    of Priorities	 	143
	Second
    Addendum of the Deed of Trust - Bondholders’ Meetings 	 	144
	Third
    Addendum to the Deed of Trust - Urgent Representation for Bondholders	 	154
	Appendix
    23 - Trustee’s Fee	 	159

 

    	 	 	 

    	 

    

 

Deed
of Trust 

 

Entered
into and executed in Tel Aviv on April 23, 2018

 

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 5.7 of this Deed) is:

c/o
Fischer Behar Chen Well Orion & Co.

3
Daniel Frisch Street, Tel Aviv 6473104

Tel:
03-6944249

Fax:
03-6944157

(the
“Company”)

 

Of
the first part;

 

and
between:

 

Mishmeret
Trust Services Company Ltd.

48
Menachem Begin Ave., Tel Aviv

Telephone:
03-6374351

Fax:
03-6374344

(the
“Trustee”)

 

Of
the second part;

 

	Whereas:
    	The
    Company’s board of directors resolved to approve the issuance of Bonds (Series B) under the Shelf Prospectus and Shelf
    Offer Report, as defined below; and 
	 	 
	Whereas:
    	On
    March 7, 2018, Standard & Poor’s Maalot Ltd. announced the determination of a preliminary rating of ilA+ for the
    issuance of the Bonds (Series B) of the Company, in a total scope of NIS 340 million par value; and 

 

    	 	1	 

    	 

    

 

	Whereas:
    	The
    Company declares that as of the signature of this Deed, the Company meets all of the conditions of the rating agency (as the
    term is defined below) for rating the series of Bonds 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 B) offered under the Shelf Prospectus and
    Shelf Offer Report; 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 has received all of the approvals
    under any law (in Israel or outside of Israel) and/or an agreement for the execution of the issuance under this Deed; and
	 	 
	Whereas:
    	In
    the framework of the Shelf Prospectus and Shelf Offer Report, the Company intends to issue Bonds (Series B) as set forth in
    Section ‎2 
	 	 
	Whereas:
    	The
    Bonds (Series B) will be listed for trade in the stock exchange, as defined below; and
	 	 
	Whereas:
    	The
    Company is a reporting corporation as defined below; and
	 	 
	Whereas:
    	The
    Company has requested that the Trustee to serve as a trustee for the Holders of the Bonds (Series B) and the Trustee has agreed
    to sign this Deed of Trust and act as a trustee for the bondholders, all subject to and in accordance with the terms of this
    Deed of Trust; and

 

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

 

    	 	2	 

    	 

    

 

	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 provisions of this Deed to the contrary.
	 	 	 
	 	1.4	In
    the event of any matter connected to the terms of the Bonds (Series B) that is omitted from this Deed and in any event of
    a conflict between the provisions of the law which cannot be conditioned upon and this Deed of Trust, the parties will act
    in accordance with the provisions of Israeli law that cannot be conditioned upon. In any event of a conflict between the provisions
    set forth in the Shelf Prospectus and/or the Shelf Offer Report in connection with this Deed and/or the bonds, the provisions
    of this Deed will prevail. It should be clarified that to the best of the Company’s knowledge, as at the date of the
    Shelf Offer Report, there is no conflict between the provisions of Israeli law and the provisions of the Deed of Trust and
    there is no conflict between the provisions in connection with the Bonds described in the Shelf Offer Report and the provisions
    of the Deed of Trust and the accompanying documents. 
	 	 	 
	 	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	“Bonds
    (Series B)” or the “Bonds” – the Bonds (Series B) that are issued by the Company in accordance
    with the Shelf Prospectus and Shelf Offer Report, as well as additional bonds (Series B) issued by the Company, if any;

 

    	 	3	 

    	 

    

 

	 	1.5.2	The
    “Stock Exchange” – the Tel Aviv Stock Exchange Ltd.; 
	 	 	 
	 	1.5.3	“Controlling
    Stockholders”: Moshe Gubin and Michael Blisko; 
	 	 	 
	 	1.5.4	“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; 
	 	 	 
	 	1.5.5	“Shelf
    Offer Report” - the shelf offer report dated ____, published by the Shelf Prospectus as defined below, based
    on which the Bonds (Series B) are offered;
	 	 	 
	 	1.5.6	“2017
    Periodic Report” - the periodic and annual report for 2017, published by the Company on March 1, 2018 (reference
    no.: 2018-01-016911);
	 	 	 
	 	1.5.7	“Dollars”
    - US Dollars (USD); 
	 	 	 
	 	1.5.8	“Rating”
    – Rating by the rating company, as defined below;
	 	 	 
	 	1.5.9	“Special
    Resolution” – a resolution passed in a general meeting of Bondholders (Series B), who are present themselves
    or by their agent whose Bonds represent at least 50% of the balance of the par value of the Bonds (Series B), or in an adjourned
    meeting attended by the Bondholders (Series B), themselves or by their agent, 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 B) represented in the vote, excluding abstentions;
	 	 	 
	 	1.5.10	“Ordinary
    Resolution” – a resolution passed in a meeting of Bondholders convened under Section 35l13 and 35l14(a) of
    the Securities Law, passed (whether in the original or adjourned meeting) with a majority of at least fifty percent (50%)
    of all of the votes of the participants in the vote, excluding abstentions; 

 

    	 	4	 

    	 

    

 

	 	1.5.11	The
    “Pledged Assets” or the “Liened Assets” – (1) the same assets from those listed
    in Section 6.2.1 below that the Company shall pledge pursuant to this Deed of Trust, and (2) those of the assets that can
    be pledged as collateral (as defined below), if actually pledged to secure the rights of the holders of the Bonds (Series
    B) under this Deed of Trust, all as long as the same assets are actually pledged by the Company and will be pledged to secure
    the rights of the Bondholders as stated;
	 	 	 
	 	1.5.12	“Assets
    that can be Pledged as Collateral” - assets that can be pledged in accordance with the provisions of this Deed of
    Trust to secure the rights of the Bondholders (Series B), which can be any of the following:

 

	 	1.5.12.1	“Pledged
    Real Estate Asset” and “Pledged Real Estate Assets” - ownership rights and/or lease rights and/or
    contractual rights of the Company and/or a subsidiary under the Company’s control (directly or indirectly) in connection
    with real estate assets that are income-generating real estate assets in the United States used as medical institutions, as
    this term is defined in the 2017 Periodic Report (excluding land and assets under construction that are not income-generating),
    which will be pledged, from time to time, if pledged, under this Deed and the pledge agreements hereunder;
	 	 	 
	 	1.5.12.2	“Financial
    Securities” - cash, cash deposits, government securities which are due for repayment prior to the final payment
    date of the Bonds, short-term loans which are payable before the final payment date of the Bonds, and bank guarantees deposited
    in the Trust Account, as defined below;
	 	 	 
	 	1.5.12.3	“Bank
    Guarantees” - autonomous, unconditional, irrevocable, and independent guarantees of Bank of Israel or an insurance
    company in Israel, included in the five largest banks/insurance companies (as applicable) in Israel, rated by a rating agency
    with a rating that is no less than a rating of Aa2 by Midroog or a parallel rating thereto, which will be provided from time
    to time (if at all) in favor of the Trustee by the Company under the terms of this Deed. Bank guarantees, if provided, will
    be in force up to 30 days after the final payment date of the Bonds;

 

    	 	5	 

    	 

    

 

	 	1.5.13	“Rating
    Company” or the “Rating Agency”– Standard and Poor’s Maalot Ltd. (“Maalot”)
    and/or Midroog Ltd. (“Midroog”) or another rating company that is registered under the Regulation of the
    Activities of Credit Rating Companies, 5714-2014; 
	 	 	 
	 	1.5.14	 “Associated
    Company” and “Joint Control” – as defined in the Securities Regulations (Annual Financial
    Statements), 5770-2010 and in the acceptable accounting rules;

 

	 	1.5.15	The
    “Nominee Company” – the Nominee Company of Mizrahi Tfahot of Israel Ltd. or any other nominee company
    that shall replace it, provided that all the Company’s securities will be registered under its name;
	 	 	 
	 	1.5.16	The
    “Law” or the “Securities Law” – the Securities Law, 5728-1968 and the regulations
    thereunder, as they may be from time to time; 
	 	 	 
	 	1.5.17	The
    “Companies Law” – the Companies Law, 5759-1999 and the regulations thereunder, as they may be from
    time to time;

 

    	 	6	 

    	 

    

 

	 	1.5.18	“Trust
    Account” - an account opened by the Trustee and managed in the Trustee’s name, in trust for the Bondholders
    (Series B), in one of the five largest banks in Israel, in which the issuance consideration will be deposited until its release
    to the Company, as well as the Financial Securities, if provided, until their release in accordance with the provisions of
    this Deed, and the Trustee will have the exclusive signing rights in the Trust Account. The Company’s rights in the
    Trust Account will be pledged for the benefit of the Trustee. The fund management policy in this account and its execution
    will be determined at the exclusive discretion of the Company, provided that the investment will be in accordance with the
    provisions of Section 17 below (the “Investment”).

 

The
Trustee may not object to the investment policy and will not be liable vis-a-vis the Bondholders (Series B) and/or the Company
for any damage and/or loss sustained due to this policy;

 

	 	1.5.19	“Trading
    Day” – a day on which transactions are performed in the stock exchange;
	 	 	 
	 	1.5.20	“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;
	 	 	 
	 	1.5.21	“Loan
    to Collateral Ratio” – the total equal to the unpaid balance of the principal of the Bonds (Series B) only
    in addition to interest accrued until the date of the inspection, as it appears in the Company’s audited or reviewed
    financial statements, published before the relevant inspection date, divided by the amount equal to the collateral value of
    the Pledged Assets, as set forth in Section 6.3 below.
	 	 	 
	 	1.5.22	“Holder”
    and/or “Bondholder” - as this term is defined in the Securities Law;

 

    	 	7	 

    	 

    

 

	 	1.5.23	“The
    Tender”: The auction on the fixed annual interest rate to be borne by the Bonds (Series B) that will be issued by
    the Company in accordance with the Shelf Prospectus and Shelf Offer Report;
	 	 	 
	 	1.5.24	“Register
    of Bondholders” and/or the “Register” – a register of bondholders, as set forth in Section
    ‎29 of this Deed; 
	 	 	 
	 	1.5.25	“Trustee”:
    Mishmeret - Trust Services Company Ltd. and/or anyone who will serve from time to time as trustee of the bondholders under
    this Deed;
	 	 	 
	 	1.5.26	“Principal
    Amount” – the par value amount of the Bonds that are not yet paid;
	 	 	 
	 	1.5.27	“Opposing
    Interest” – shall mean as defined in Section 9.3 of the Second Addendum of this Deed; 
	 	 	 
	 	1.5.28	“The
    Group” – the Company and its subsidiaries;
	 	 	 
	 	1.5.29	“This
    Deed” or “Deed of Trust” – this Deed of Trust, including the appendices attached hereto
    and constituting an integral part hereof;

 

	 	1.5.30	 “Known
    Rate” - The exchange rate of the US dollar as of a certain date determined by Bank of Israel before the same date,
    provided that during a period in which Bank of Israel does not set a representative exchange rate, the Known Rate will be
    the rate last determined by the Minister of Finance together with the Governor of the Bank of Israel for government bonds
    linked to the US dollar rate;
	 	 	 
	 	1.5.31	“Payment
    Rate” - The rate known on the payment date. However, if the Payment Rate is lower than the Base Rate, the Payment
    Rate will be the Base Rate;

 

    	 	8	 

    	 

    

 

	 	1.5.32	“Reporting
    Corporation” – As defined in the Securities Law;
	 	 	 
	 	1.5.33	“Bond
    Certificate” - a certificate of the Bonds in the form attached as the First Addendum to this Deed; 
	 	 	 
	 	1.5.34	“Reporting
    Regulations” – the Securities Regulations (Periodic and Immediate Reports), 5730-1970;
	 	 	 
	 	1.5.35	The
    “Prospectus” and/or the “Shelf Prospectus” – a shelf prospectus of the Company
    dated July 6, 2016;
	 	 	 
	 	1.5.36	In
    this Deed of Trust and the Bonds, the Rating of the Bonds will have the meanings set forth in the table below:

 

	 	“A
    plus”	ilA+
    rated by Maalot or A1 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 B).
	 	 	 
	 	“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 B).
	 	 	 
	 	“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 B).
	 	 	 
	 	“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 B).

 

    	 	9	 

    	 

    

 

	 	“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 B).
	 	 	 
	 	“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 B).
	 	 	 
	 	“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 B).

 

	 	1.6	As
    long as the Bonds are listed for trade on the Stock Exchange, in any event in which the rules and guidelines of the Stock
    Exchange apply or will apply to any operation under this Deed of Trust, the operation dates as stated and the manner of performance
    will be determined in accordance with the rules and guidelines of the Stock Exchange. It is clarified that the performance
    of actions as stated (including if bylaws and guidelines 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.
    
	 	 	 
	 	1.9	Any
    reference in this Deed of Trust 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. 

 

    	 	10	 

    	 

    

 

	 	1.11	In
    any case in which this Deed of Trust 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 B) as described in the preamble of this Deed. The Bonds (Series B) that will be issued
    under the Shelf Prospectus and the Shelf Offer Report (if any are issued) will be listed for trade on the Stock Exchange and
    the Company will act to the best of its ability so that the Bonds (Series B) will be traded on the Stock Exchange until they
    are fully repaid.
	 	 	 
	 	2.2	The
    terms of the Bonds (Series B) that are issued under the Shelf Prospectus and Shelf Offer Report will be as follows:

 

The
Bonds (Series B), offered to the public in consideration for their par value, are registered, repayable (principal) in three payments
– on March 31 of each of the years 2020, 2021, and 2022, such that each of the first two payments on account of the principal
will be 10% of the principal total par value of the Bonds (Series B) and the third and last payment on account of the principal
will constitute 80% of the total principal par value of the Bonds (Series B)). The Bonds (Series B), bearing annual interest in
a fixed rate as set forth in the Tender, which will not exceed the maximum interest rate as set forth below, linked (principal
and interest) to the increase of the US dollar rate (as set forth in Section 2.5 below), and that is payable on March 31 and December 31 of each of the years 20181 to 2022 (inclusive) (the first interest payment will be made on March 31, 2018 and the
last interest payment will be made on March 31, 2023, together with the payment of the principal of the Bonds) for the period
of the six months ending on the date before the payment date (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 December 31, 2018, for the period beginning on the first trading day after the date of the Tender of the Bonds (Series B) and ending on
September 29, 2018 (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 March 31, 2022. The payments on account of the principal
and/or the interest in respect of the Bonds will be paid to those whose names will be registered in the Register of the Bondholders
on the effective date as set out in section ___ of the Shelf Offer Report. Notwithstanding the foregoing, the final payment of
the principal and the interest shall be made against delivery of the bond certificates to the Company at the Company’s registered
office or at any other place that it announces, provided that such notice shall be given by the Company no later than five business
days prior to the date set for making the last payment.

 

Subject to adjustments in the event of a change in the Rating of the Bonds (Series B) and/or deviation from the financial covenants
as set forth in Sections ‎5.2 and ‎5.3 below and/or eligibility for arrears interest (as defined in Section 4(a) of the
overleaf conditions that are in the First Addendum of this Deed), the interest rate that the Bonds (Series B) will bear will not
exceed __% per year (the “Maximum Interest Rate”).

 

 

1 It
is clarified that on March 31, 2018, no interest payment will be made.

 

    	 	11	 

    	 

    

 

	 	2.3	The
    Company reserves the right to perform early repayment of the Bonds upon the fulfillment of the terms set forth in Section
    ‎5 of this Deed. 
	 	 	 
	 	2.4	The
    Bonds (Series B) will all have equal rank pari-passu, among themselves, in connection with the Company’s obligations
    under the Bonds (Series B), and without priority or preference of one over the other.
	 	 	 
	 	2.5	The
    principal amount of the Bonds (Series B) and the interest on the principal will be linked to the increase in the rate of the
    US dollar in the following manner:
	 	 	 
	 	 	If
    it is discovered on the payment date of any payment on account of the principal and/or interest that the Payment Rate as of
    the same date has increased compared to the Base Rate, the Company will make the same payment of principal and/or interest,
    when increased relative to the increase rate of the Payment Rate compared to the Base Rate. However, if it is discovered that
    the aforesaid Payment Rate is identical to the Base Rate or lower therefrom, the Payment Rate will be the Base Rate. In any
    event in which a payment date on account of a principal and/or interest amount payment applies on a day that is not a business
    day, the payment date will be postponed to the first business day thereafter, without any additional payment including interest
    or linkage. The linkage method will not be changed during the term of the Bonds (Series B).

 

	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 that may not be conditional, to acquire the Bonds (Series B) at any time and
    from time to time, without derogating from the obligation to repay the Bonds (Series B) 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 Company acquires Bonds (Series B) during trading in the Stock Exchange, the Company will file a request to the clearing
    house of the Stock Exchange for the withdrawal of the Bonds Certificates acquired as stated.

 

    	 	12	 

    	 

    

 

	 	 	In
    the event of a purchase by the Company as stated above, the acquired Bonds (Series B) 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 B) in advance as stated in Section ‎7 below. 

 

	 	3.2	The
    Controlling Stockholder 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 ‎3.1 above shall apply) (an “Affiliated Party”) may acquire and/or sell Bonds (Series
    B) 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. 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 B) 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
    B). The Bonds (Series B) that are owned by an Affiliated Party will not grant to the Affiliated Party voting rights in a meeting
    of the Bondholders (Series B) 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 B) 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.

 

    	 	13	 

    	 

    

 

	 	3.3	The
    provisions of this Section above alone will not obligate the Company, an Affiliated Party or the Bondholders (Series B) to
    purchase Bonds (Series B) and/or sell the Bonds (Series B) in their possession.

 

	4.	Additional
    Issuances

 

	 	4.1	Extending
    the series of Bonds (Series B)

 

The
Company may, from time to time, at any time, without requiring the consent of the Trustee and/or the Holders existing at the time,
issue additional Bonds (Series B) (whether in a private placement or in the framework of a prospectus and/or by an amendment to
a prospectus whether by a shelf offering or by any other means), 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 B) in circulation) provided that the total par value of the Bonds (Series B), after the expansion, will not
exceed NIS 500 million. The Company will refer to the Stock Exchange with a request to list for trade the additional Bonds (Series
B) as stated, when they are offered. 

 

Notwithstanding
the above, an additional issuance of Bonds (Series B) will be performed subject to receipt of confirmation of the Stock Exchange
and subject to all of the terms set forth below being fulfilled: (a) the additional issuance of the Bonds (Series B) as stated
will not be harmed by the Rating of the Bonds (Series B), as the Rating may be at the time (i.e. the Rating before the expansion
of the series will not change immediately after its expansion following the aforesaid expansion). For the purpose of this section,
it is clarified that in the event in which the Bonds (Series B) 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 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 obligations set forth in Section
6.4 below; (c) Upon the expansion of the series, immediately after the execution of the expansion of the series, the Loan to Collateral
Ratio (which for the purpose of the calculation will also include assets that the Company has pledged within the expansion of
the series) will not exceed 65%; and (d) on the date of the additional issue there are no grounds for calling for the immediate
payment of the bonds as set forth in Section ‎8.1. 

 

    	 	14	 

    	 

    

 

The
Company will provide the Trustee, before actually performing the issue of the additional issue, written confirmation that is signed
by the CEO or a senior officer in the financial department of the Company regarding (in this subsection: “Confirmation”):
(1) the fulfillment of the aforesaid conditions on the date of the Confirmation (excluding the condition in subsection (a) above,
for which the Company shall provide the consent of the Rating Company as described below); (2) that on the date of the Confirmation
the Company is not in breach of any of its material obligations to the Bondholders (Series B); and (3) the expansion of the series
will not harm the solvency of the Company as to the Bonds (Series B).

 

In
any case of an additional issue as stated, the increase of the series in practice will occur subject to receipt of prior consent
from the Rating Company whereby the rating before the expansion of the series will not change immediately after its expansion
following the aforesaid expansion. Confirmation from the Rating Company will be published in an immediate report before the expansion
of the series. The Company will publish in an immediate report, even before the performance of the additional issue, whether the
additional issue meets all of the aforesaid terms, and that the Company’s board of directors has examined the impact of
the expansion of the series as stated, on the Company’s ability to meet its obligations to the Bondholders (Series B) before
the performance of the issuance as stated. 

 

    	 	15	 

    	 

    

 

This
right of the Company will not exempt the Trustee from examining the additional 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. 

 

For
the avoidance of doubt, it is clarified that in the case of a series expansion performed for the purpose of the use of a sale
mechanism during trading on the Stock Exchange (ATM), the Company shall deliver a confirmation as described above at the time
of the expansion, i.e. on the date of the issue of the additional bonds to the Company and/or to the Company’s subsidiary,
as relevant (creation of the “Cartridge”), and not at the time of publication of the offer of the additional
bonds or at the time of the execution of the sales in practice during trading. 

 

Subject
to the provisions of the Deed of Trust, the Trustee shall act as trustee for the Bonds (Series B) as they will be in circulation
from time to time, and this also in the event of a series expansion, and the consent of the Trustee for such service for the expanded
series will not be required. The Bonds (Series B) that will be in circulation before the expansion of the series and the additional
Bonds (Series B) which will be issued (if at all) as described in this section above, shall constitute (from the date of their
issue) one series for all purposes, and the Deed of Trust shall also apply to all of the abovementioned additional Bonds (Series
B) that the Company will issue. The additional Bonds (Series B) shall not grant the right for the payment and/or interest with
regard to Bonds (Series B) for which the effective date for their payment was prior to the date of their issue. In the case of
such expansion of the series, there will be tax consequences including with regard to calculation of the rate of deduction, if
required, as described in Section __ of the Shelf Offer Report and in accordance with the provisions of any law as they are on
the date of issue of the additional bonds. 

 

    	 	16	 

    	 

    

 

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/or by an amendment
to a prospectus whether by a shelf offering or by any other means) and without being required to receive the consent of the Bondholders
(Series B) and/or the consent of the Trustee, as applicable, and including an Affiliated Party (as defined in Section ‎3.2
above), and/or other securities as the Company sees fit and this without harming the Company’s repayment obligation under
this Deed of Trust. Notwithstanding the abovementioned, the Company undertakes that so long that the Bonds (Series B) have not
been fully repaid, it will not itself issue bonds outside of Israel and it will not assume directly other financial debt outside
of Israel. Notwithstanding the above, the Company will be permitted to assume credit frameworks and obligations (including outside
of Israel) for the purpose of currency hedging and to provide guarantees to lenders outside of Israel of companies under its control.

 

Without
derogating from the above, the aforesaid rights of the Company, will not prevent the Trustee from examining the implications of
the additional 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 (Series B) as stated in Section ‎8 below.

 

Subject
to the provisions of any law, the Company will inform the Trustee regarding the additional issue before its performance. 

 

	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 (including interest
    on arrears, insofar as such interest is borne) that will be paid under the terms of the Bond (Series B), and comply with all
    of the other terms and obligations imposed thereon under the terms of the Bonds (Series B) and under this Deed. Additionally,
    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.

 

    	 	17	 

    	 

    

 

	 	5.2	Adjustment
    of the interest rate due to a change in the rating of the Bonds (Series B):

 

For
the purpose of this section, it shall be clarified that in the event in which the Bonds (Series B) 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 B) will bear will be adjusted for a change in the rating of the Bonds (Series B), as set
forth below in this section:

 

It
is clarified that if adjustment of interest is required in accordance with the mechanism described in this Section ‎5.2 above
and below, and based on the mechanism described in Section ‎5.3 below, in any event, the maximum additional interest rate
will not exceed 1.5% above the interest rate determined in the tender (the “Limitation of the Maximum Additional Interest
Rate”). 

 

In
this regard:

 

A
rating of A, A-, BBB+, BBB, BBB- and BB+ and BB – are as defined in the table in Section 1.5.34 above.

 

“Base
Rating” – a rating of ilA+ or equivalent.

 

“Additional
Interest Rate” – additional interest provided to the bondholders at a rate of 0.25% per year for each decrease
of a notch in the rating of Bonds below the Base Rating until a maximum interest addition of 1.25% per year at most (the “Limitation
on the Additional Interest Rate”).

 

    	 	18	 

    	 

    

 

	 	A.	If
    the rating of the Bonds (Series B) by the rating company (in the case of replacing a rating company, the Company shall transfer
    to the Trustee a comparison of the scale rating of the outgoing rating agency and the scale rating of the incoming rating
    agency) are updated during the any interest period, so that the rating to be determined to the Bonds (Series B) is lower by
    one or more notches (the “Reduced Rating”) below the Base Rating, the annual interest rate on the outstanding
    principal of the Bonds (Series B) will increase by the additional interest rate or in part thereof (as set out below), according
    to the steps set forth, and this is for the period that commences on the date of publication of the Reduced Rating by the
    rating agency until the earlier of (a) repayment in full of the outstanding principal balance of the Bonds (Series B) or (b)
    the date of the rating increase pursuant to Section 5.2 (e) below. If the interest rate was raised earlier in respect of deviations
    from financial covenants as stated in paragraph 5.3 below, then the rise in the interest rate due to a decline in rating as
    aforesaid will be limited according to the limit of the maximum interest rate increase.
	 	 	 
	 	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 B) 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 B) comes into effect (the “Date of Lowering the Rating”);
    (2) deviation / non-deviation from the financial covenants described in Section ‎5.3 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 deviation / non-deviation from the financial covenants as stated; (3)
    the precise interest rate that the balance of the Bonds (Series B) 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) (the “Original
    Interest” and the “Original Interest Period,” respectively); (4) the interest rate that the balance
    of the principal of the Bonds (Series B) 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) (the “Updated Interest”), and this subject to the limitation on the maximum
    interest increase and the Limitation on the Additional Interest Rate (5) the weighted interest rate paid by the Company to
    the holders of Bonds (Series B) 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 semiannual
    interest rate (the semiannual 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. 

 

    	 	19	 

    	 

    

 

	 	C.	If
    the date of the commencement of the rating of the Bonds (Series B) 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 (the “Deferral Period”), the Company will pay to the holders of the Bonds (Series
    B), 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 covenants as stated in Section 5.3 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
    (calculated based on 365 per year),will be paid on the following interest payment date and all subject to the maximum interest
    increase and the Limitation on the Additional Interest Rate. The Company will announce, in an immediate report, the precise
    interest rate for payment on the upcoming interest payment date.
	 	 	 
	 	D.	In
    the event of updating the rating of the Bonds (Series B) by the rating company, in a manner impacting the interest rate that
    the Bonds (Series B) will bear as stated in Section ‎5.2(a) or ‎5.2(f) below, the Company will inform the trustee
    thereof in writing within one business day from the publication of the immediate report as stated.

 

    	 	20	 

    	 

    

 

	 	E.	In
    the event that after the reduction of the rating in a manner that will impact the interest rate that the Bonds (Series B)
    will bear as stated in Section ‎5.2(a) above, the rating company will update the rating for the Bonds (Series B) upwards,
    the annual interest that the uncleared principal that the Bonds (Series B) will bear on the relevant date of payment of the
    interest will decrease at the additional interest rate or part thereof, in accordance with the abovementioned established
    levels, for the period in which the Bonds (Series B) were rated with the High Rating alone, such that the interest rate that
    the unpaid balance of the principal of the Bonds (Series B) will bear after the update of the rating upwards to a rating equal
    or higher to the Base Rating 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
    5.2 (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 (e) above, mutatis
    mutandis, arising from the High Rating instead of the Lowered Rating.
	 	 	 
	 	F.	If
    the Bonds (Series B) 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 trading days, before
    the final payment, the cessation of the rating will be considered a Lowered Rating below the Base Rating, such that the additional
    interest rate will amount to 1.25% (even if the interest rate increased in accordance with subsection (A) above prior to such
    date), even if the interest rate was increased prior thereto due to a deviation from the financial covenants as stated in
    Section ‎5.3 below (but subject to the limitation on the maximum interest increase), and the provisions of subsection
    (b) through (e) above will apply accordingly, without derogating from the provisions of Section 8.1.22 below. For the avoidance
    of doubt, it shall be clarified that if the Bonds (Series B) 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 (f) will not apply.

 

    	 	21	 

    	 

    

 

	 	G.	In
    the case in which the rating company is replaced or the Bonds (Series B) cease to be rated by the rating company (even if
    the Bonds (Series B) are rated by several rating companies), 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 B) will not
    lead to a change in the interest rate that the Bonds (Series B) will bear as stated in this section above; (2) if the Bonds
    (Series B) 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 B), and the determination of the rating for the purpose of corresponding the interest rate to the change in
    the rating (if such a change occurs) shall be done, at any time according to the lowest rating among them. 
	 	 	 
	 	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 covenants
    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 5.2 above will be limited, according to the limitation on the maximum interest increase. 

 

    	 	22	 

    	 

    

 

	 	J.	The
    Company undertakes to act such that, to the extent that it is in its control, the Bonds (Series B) are Rated by at least one
    Rating Company during the entire duration of the Bonds (Series B), and for the same purpose, the Company undertakes, inter
    alia, 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 reports and information required thereby in the framework of the engagement between the Company and the Rating
    Company. In this regard, the non-performance of payments that the Company has undertaken to pay to the Rating Company and
    the failure to provide the 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 B) 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 B). In the event in which the Company replaces the Rating
    Company even if at the time of replacement it is not the only rating company that rates the Bonds (Series B) 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.

 

    	 	23	 

    	 

    

 

	 	5.3	Adjustment
    of the interest rate as a result of deviation from financial covenants:

 

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

 

	 	(1)	In
    the event that the consolidated equity of the Company (excluding minority rights) is less than USD 150 million (this amount
    will not be linked to the index) (in this section 5.3: the “Equity Condition).
	 	 	 
	 	(2)	In
the event that the adjusted net financial debt to adjusted EBITDA ratio (as defined below) will exceed 12 (the “Covenant
of the Adjusted Net Financial Debt to Adjusted EBITDA Ratio”). 

 

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 obligations that are
taken into account in the beginning of this section), all on the Basis of the Company’s consolidated statements, in addition
to relative consolidation of the adjusted net financial debt in the associated companies and companies under joint control. 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 with neutralizing revaluation
gains/losses, in addition to relative consolidation of the adjusted EBITDA in associated companies and companies under joint control;
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 covenants as stated will take place while adding to the numerator of the Adjusted EBITDA the
Adjusted EBITDA that is attributed to the same asset, while amending the Adjusted EBITDA of the asset to the terms of a full year.

 

    	 	24	 

    	 

    

 

	 	(3)	If
    the consolidated equity of the Company (including minority rights) to the total consolidated balance sheet will be less than
    20% (in this Section 5.3: the “Equity to Balance Sheet Covenant” or the “Minimum Equity to Balance
    Sheet Ratio”). 
	 	 	 
	 	(4)	In
    the event that the Loan to Collateral Ratio exceeds 75% (in this section 5.3: the “Loan to Collateral Ratio Condition”).

 

The
Equity Covenant, covenant of the Adjusted Net Financial Debt to Adjusted EBITDA, the capital to balance sheet ratio condition,
and the Loan to Collateral Ratio Condition will each be referred to as: a “Financial Criterion” and together:
the “Financial Covenants.”

 

	It
    is 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 5.2 above, and pursuant to any other section in this Deed (if any),
    then in any event, the maximum aggregate rate of the additional interest rate will not exceed the maximum interest increase
    limitation (as defined in Section 5.2 above). 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:

 

The
“Additional Interest Rate” - additional interest at a rate of 0.5% for a deviation from each of the financial
covenants.

 

    	 	25	 

    	 

    

 

The
increase of the interest rate will take place only once for each deviation from any of the Financial Covenants, if such a deviation
occurs, and the interest rate will not be increased again in the event that the deviation from any of the Financial Covenants
continues (in this regard, it shall be clarified that if the deviation from any of the Financial Covenants is remedied and thereafter
there is an additional deviation, the aforesaid addition 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 5.2
above, in any event, the additional interest rate under the same section, together with the additional interest rate under this
Section 5.3, for the deviation from the Financial Covenants, will not exceed the limitation on the maximum interest increase.

 

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

 

	 	A.	If
    the Company deviates from any of the financial covenants under the Company’s reviewed or audited consolidated Financial
    Statements (the “Deviation”), the annual interest rate that the unpaid balance of the Bonds (Series B)
    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 earlier of the full repayment of the unpaid
    principal balance of the Bonds (Series B) or the date of the publication of the Company’s Financial Statements whereby
    the Company does not have a deviation from any of the financial covenants, all subject to the limitation on the maximum interest
    increase.

 

    	 	26	 

    	 

    

 

	 	B.	In
    the event in which a Deviation from any of the Financial Covenants 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) indicating a deviation,
    the Company will publish an immediate report in which the Company will state: (a) the aforesaid deviation, while specifying
    the financial covenants on the date of the publication of the financial report and whether there is a change to the interest
    rate following a change in the rating, if there is such a change as stated; (b) the updated rating of the Bonds (Series B)
    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 B) 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) ( the “Original Interest” and the
    “Original Interest Period”, respectively); (d) the interest rate that the balance of the principal of the
    Bonds (Series B) 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) (the “Updated Interest”), and this subject to the limitation on the maximum interest increase.;
    (e) the Weighted Interest Rate that is paid by the Company to the Bondholders (Series B) on the upcoming interest payment
    date, arising from the provisions of Subsection (c) and (d) above; (f) and the annual interest rate reflected from the Weighted
    Interest Rate; (g) the annual interest rate and the semiannual interest rate (the semiannual 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.

 

Should
the deviation linger after the first quarter of its occurrence, no later than one business day from the date of the Company’s
publishing its financial statements, audited or reviewed (as the case may be), which indicate the deviation is continued, the
Company shall publish an immediate report in which the details of this section above shall be displayed, according to the revised
interest rate, and in reference to the continued deviation as aforesaid in the definition of the term the “Additional Interest
Rate”.

 

    	 	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 (the “Deferral Period”), the Company
    will pay the Bondholders (Series B) on the subsequent interest date, the Original Interest of prior to the change only, 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 any of the Financial Covenants in a manner that impacts the interest rate that the Bonds (Series
    B) will bear (as stated in Paragraph A or Paragraph E), 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 has not deviated from any of the aforesaid Financial Covenants,
    the increase in the annual interest rate will be cancelled for the deviation (and due to the deviation being continued, to
    the extent of its continuing and as applicable) from any of the aforesaid Financial Covenants in a manner that annual interest
    rate that the bonds will bear will be reduced at the rate of the interest increase as aforesaid and this for the period in
    which the Company has not deviated from any of the Financial Covenants, which shall begin on the date of the publication of
    the Financial Statements that indicate non-deviation from the Financial Covenants, so that the interest rate that will be
    borne by the outstanding balance of the principal of the Bonds (Series B) shall be – if the interest rate has not previously
    been raised in respect of a decrease in the rating of the Bonds (Series B) as stated in Section 5.2 above and if there is
    no deviation from the other financial covenants – the interest rate that was determined in the Tender, (and in any event,
    the interest rate that the Bonds will bear will not be less than the interest rate determined in the Tender) or any other
    interest rate determined as a result of a decrease in the rating of the Bonds (Series B) as stated in section 5.2 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 non-deviation from the same Financial Covenants. It is clarified that
    in any case, the interest rate that the bonds will bear will not be lower than the interest rate established in the Tender.
    

 

    	 	28	 

    	 

    

 

	 	F.	The
    examination regarding the Company’s non-deviation from the financial covenants will be performed on the date of the
    publication of the Financial Statements by the Company and as long as the Bonds (Series B) 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 notes of the financial statements in each financial report published, as applicable, the existence
of a deviation or lack of deviation from the financial covenants.

 

For
the avoidance of doubt, it shall be clarified that subject to the above and the limitation on the maximum interest increase, the
additional interest payments as a result of the Lowered Rating as stated in Section ‎5.2 above and/or as a result of the Company’s
non-compliance with any of the financial covenants as stated in this Section ‎5.3 above are aggregated. Therefore, in the
event that a Lowered Rating occurs, while in addition the Company deviates from any of the financial criterion, one or more, the
Bondholders (Series B) will be entitled to an increase in the interest rate as stated above, provided that the additional annual
interest does not exceed 1.5%.

 

    	 	29	 

    	 

    

 

	 	5.4	Interested
    party transactions 

 

The Company undertakes
that excluding the Exempt Transactions as defined below, Extraordinary Transactions (as defined in the Israeli Companies Law)
of the Company with its controlling stockholders, or Extraordinary Transactions of the Company with another person in which
the Controlling Stockholders have a personal interest, or the engagements of the Company with the Controlling Stockholders
or their relatives, directly or indirectly, including through a company under their control, including as well as if he is
also an officer in the Company ,inter alia – regarding the terms of his service and employment, and if he is an employee
of the Company and is not an officer thereof, inter alia – regarding his employment in the Company (in this Section
‎5.4 “Extraordinary Transactions”), shall be subject to the approval of the Bondholders of the Bonds (Series
B) by a Resolution with an ordinary 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 5.4 above:

 

	 	(1)	The
    transfer of assets with positive fair value to the Company (including to companies held by the Company) for no consideration.
    In this regard, an allocation of shares alone will not be considered consideration;
	 	 	 
	 	(2)	The
    provision of funds to the Company in exchange for Company shares or in consideration for any other capital instrument that
    is deferred and inferior to the Company’s debt towards the Bondholders; 
	 	 	 
	 	(3)	Release
    of the controlling stockholders and/or interested parties from guarantees given in favor of third parties regarding
    assets owned by the Company and/or corporations that the Company owns directly or indirectly, provided that as a result of
    the release of guarantees as stated, no additional financial obligations are added to the Company, as well as an extension
    of the validity of the guarantees, securities and undertakings as stated without a material change to the terms thereof;

 

    	 	30	 

    	 

    

 

	 	(4)	The
    array of lease and transaction agreements set forth in Chapter 9 of the Shelf Prospectus and within Article 22 of Part D of
    the 2017 Periodic Report, as well as the lease agreements as aforesaid in Section 1.10 of the 2017 Periodic Report and Section
    9.2 of the Shelf Prospectus, including its update or renewal in the commercial terms that are identical in nature to those
    described in the Prospectus and Periodic Report;
	 	 	 
	 	(5)	(a)
    The lease agreements set forth within Article 22 of Part D of the 2017 Periodic Report and Section 9.2 of the Shelf Prospectus,
    including their updating or renewal, in commercial terms that are essentially identical or preferential from the Company’s
    perspective to those described above (“Existing Lease Agreements”), as well as (b) new lease agreements
    regarding new assets (including new tenants) in a format similar or preferential from the Company’s perspective to the
    terms of the existing lease agreements; and (c) a change of the lease fees in the existing lease agreements in the following
    manner: 

 

In
the case in which during the term of the relevant lease, one or more of the assets included in the existing lease agreement that
is a framework agreement is sold, the following terms shall apply: (a) the asset that is sold will be removed from the framework
agreement; (b) a reduction of the lease fees paid under the framework agreement will be performed, in the amount equal to the
EBITDAR attributed to the asset in the 12 months before the sale, attributed to the asset sold, according to the last appraisal.
In the event that the lessor decides to add an additional asset or assets to the framework agreement, the owner of the asset will
be added as a lessor (and if necessary, the relevant lessee will be added as well) and the lease fees will increase in the amount
of not less than 9.5% of the purchase price of the additional asset. For details regarding the terms of the aforesaid agreements
in subsections (4) and (5) above, see Section 9.2 of the Shelf Prospectus.

 

	 	(6)	Provide
    guarantees by the controlling stockholders (directly or indirectly) in favor of financial entities for the Company
    and/or corporations that the Company holds 
	 	 	 
	 	(7)	Special
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 stockholders, if any whose
                                         beneficiaries may be, inter alia, the Company, subsidiaries or associated companies
                                         or controlling stockholders, as applicable (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
    Officer exemption from liability insurance and liability insurance in the Company, as they serve from time to time, including
    officers from among the controlling stockholders;
	 	 	 
	 	(10)	Granting
    letters of indemnity to the controlling  stockholders and/or their relatives, as they may be from time to
    time, as set forth within Article 29a of Part D and Section 16 of the 2017 Periodic Report, 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 and entering into directors and officers insurance as accepted in Companies such as this.

 

The
Company will confirm within its period report or alternatively, provide the Trustee, in the end of March every year, with a description
from the Company’s CEO or the most senior financial officer in the Company of special transactions, if such were performed
for which consent was required from the Bondholders as stated in this Section ‎5.4 above (which are not Exempt Transactions
as stated in this Section ‎5.4), without providing the consent of the Bondholders (Series B) in advance as stated above.

 

    	 	31	 

    	 

    

 

	 	5.5	Interest
    Cushion

 

	 	A.	Of
    the proceeds of the net issue deposited in the trust account as stated in section 6.2.4 below, the Trustee will transfer to
    the bank account which will be opened by the Trustee in his name and under his ownership in a bank incorporated in Israel,
    in favor of the Bondholders of the Bonds (Series B) an amount that is equal to the amount of the next interest payment (as
    of that date) in respect of the Bonds (respectively: “the Interest Cushion Amount” and “the Interest
    Cushion Account”), where the amount of the interest cushion will serve as collateral for the holders of the Bonds
    (Series B) until the full redemption of the Bonds (Series B).
	 	 	 
	 	B.
    	The
    signature rights in the Interest Cushion Account will be the Trustee’s only. The funds deposited in the Interest Cushion
    Account will be transferred to the property of the Bondholders and will be managed by the Trustee in accordance with the provisions
    of Section 17 below.
	 	 	 
	 	C.	If
    on the morning of the fifth (5th) day of every calendar month after the end of each calendar quarter and if it
    is not a business day, then the following business day (“Cushion Completion Date”), the amount deposited
    in the Interest Cushion Account will be lower than the amount required for payment of the nearest interest payment of that
    date, including due to the Trustee’s use of the amount for proceedings under this Deed, the Company will transfer to
    the Interest Cushion Account on the date of completing the cushion (and if it is not a business day, then on the following
    business day) an amount that is equal to the amount required for the completion of the amount deposited in the Interest Cushion
    Account, on the date of completion of the cushion, to the amount of the near interest payment (together with The amount deposited
    at the time in the Interest Cushion Account: “the Current Cushion Amount”).

 

    	 	32	 

    	 

    

 

To
the extent that on the date of payment of the principal and/or interest in respect of the Company, the deposited amount in the
Interest Cushion Account exceeds the Current Cushion Amount (“the Excess Amount”), the Company shall be entitled
to instruct the Trustee to make use of the Excess Amount for making payments of principal and interest amounts that the Company
is liable to pay to the Bondholders of Bonds (Series B). Under this Deed and pursuant to the Company’s request, the Trustee
will transfer to the Nominee Company for payment on the date on which the payment is to be paid, up to the amount of the payment
that was offset by the Company’s notice or up to the amount of the Excess Amount, whichever is lower. At the final and last
redemption date of the Bonds (Series B), the Company may instruct the Trustee to make use of the Current Cushion Amount and the
Excess Amount as it will be deposited in the Interest Cushion Account for the purpose of any payment in respect of the Bonds or
transfer it to the Company (after full repayment of all the Bonds).

 

	 	D.	It
    is hereby clarified that if the series of bonds is increased or an additional interest rate applies as stated in sections
    5.2 and 5.3 above, the Company will deposit in the Interest Cushion Account the funds that will constitute the Interest Cushion
    Amount in respect of the increase or the updated interest rate within ten business days from the date of publication of the
    immediate report regarding the increase or the change in the interest rate as aforesaid, as the case may be.
	 	 	 
	 	E.	It
    is hereby clarified that the non-deposit of funds in the Interest Cushion Account within 10 business days from the date of
    completion of any interest, whether as part of the issue under this Shelf Prospectus and the Shelf Offer Report or following
    the occurrence of events as specified in this section, shall constitute grounds for calling for immediate repayment of the
    balance of the Bonds (Series B) in circulation, as stated in subsection 8.1.31 below.

 

    	 	33	 

    	 

    

 

	 	F.
    	For
    the avoidance of doubt, it is clarified that the Company’s undertaking to transfer the funds to the Interest Cushion
    Account is not guaranteed by a mechanism that will ensure the performance of this undertaking. In the event that the Company
    fails to meet its obligation to transfer the funds to the interest-rate account, the trustee will not be able to prevent the
    breach of this undertaking, but rather to take the measures at his disposal according to law and the deed of trust, to enforce
    on the Company to retroactively execute its undertaking.
	 	 	 
	 	G.
    	It
    is hereby clarified that the Interest Cushion Amount and the Current Cushion Amount will be held by the Bondholders and will
    be held by the Trustee for the Bondholders of the Bonds (Series B). The Company shall not have any rights or claims with respect
    to these sums, save for (A) the right to issue an instruction in respect of the Excess Amount and/or providing an instruction
    for the current cushion amount on the final and last repayment date of the Bonds (Series B), as stated in subsection D above,
    and (B) Determination of the money management policy in the Interest Cushion Account and its implementation, which shall be
    at the sole discretion of the Company, provided that the investment will be in investments as detailed in section 17 below.
    The Trustee may not object to the investment policy and will not be responsible vis-à-vis the Bondholders (Series B)
    and/or the Company for any damage and/or loss caused due to this policy.
	 	 	 
	 	H.	The
    Company undertakes that it will sign any document that will be required for executing such a decision to distribute to the
    Bondholders the funds in the Interest Cushion Account according to the provisions of this Deed.

 

    	 	34	 

    	 

    

 

	 	5.6	Expenses
    Cushion

 

Without
derogating from the provisions of Section 26 below, from the net issuance consideration a total in the amount of USD 200 thousand
(based on the exchange rate of the dollar, known on the day before 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 B) are called for immediate repayment and/or in the case in which the Company breaches a provision
that is not neglect of the Deed of Trust (respectively: the “Expenses Cushion Amount” and the “Expenses
Cushion Account”). As long as it is possible given by the law which applies on the Company, a collateral or lien will
be registered in favor of the Trustee, as applicable, on the bank account as aforesaid. The Expenses Cushion Amount will be held
until the date of the full and final payment of the Bonds (Series B). After receipt of approval from the senior officer in the
financial department at the Company or from the Chief Executive Officer of the Company, in the form to the Trustee’s satisfaction,
regarding full payment of the Bonds (Series B), 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 B) 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 5.6, “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
is noted that the signature rights in the Expenses Cushion Account will be granted to the Trustee exclusively; all of the costs
of opening in the Expenses Cushion 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 B) and/or vis-à-vis the Company for any loss caused due to the investments as stated.

 

The above will
not derogate from the obligations of the Company, the controlling  stockholders 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.

 

    	 	35	 

    	 

    

 

		5.7	Appointment
                                         of a Company Representatives in Israel

 

		5.7.1	By
                                         the full, final and precise payment date of the Bonds (Series B) under the terms of the
                                         Deed of Trust vis-à-vis the Bondholders, the Company undertakes that it will have
                                         a representative on its behalf in Israel, to which legal process can be served to the
                                         Company and/or officers thereof and/or the property companies instead of their service
                                         to the Company’s address overseas, set forth in the preamble to this Deed and/or
                                         the addresses of the property companies.

 

		5.7.2	As
                                         of the date of signing the deed, the Company’s representative in Israel is the
                                         law office of Fischer Behar Hen Well Orion & Co (whose address is as set forth in
                                         the preamble to this Deed) (the “Company’s Representative in Israel”).

 

		5.7.3	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
                                         B) under this Trust Deed.

 

		5.7.4	The
                                         Company will be permitted to replace the Company’s Israel Representative from time
                                         to time but only if at the time of the replacement the Company shall report the details
                                         of the new Company representative in an immediate report and will deliver a notice to
                                         the Trustee.

 

    	 	36	 

    	 

    

 

		5.7.5	In
                                         the case of the appointment of a new representative, the immediate report and notice
                                         to the Trustee will also include the date on which the appointment of the new representative
                                         enters into force. As long as the appointment of the new representative does not enter
                                         into force, the address of the replaced representative will be the address for the aforesaid
                                         service.

 

		5.7.6	A
                                         breach of this section will constitute a material breach of the provisions of the Deed
                                         of Trust.

 

	6.	Securing
                                         the Bonds and Transfer of the Issuance Consideration to the Company

 

		6.1	The
                                         Bonds (Series B) are secured by collateral as described in this section below. For details
                                         regarding the Company’s undertakings regarding the undertaking to avoid the creation
                                         of a general pledge of the Company’s assets and regarding the non-creation of additional
                                         pledges in the asset companies, see Section 6.9 of the Deed of Trust.

 

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 B). 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 or the business of any of the property
companies. In its engagement in this Deed of Trust and the Trustee’s consent to serve as a trustee for the Bondholders (Series
B), 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 B) under this Deed. 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 Shelf Offer Report and thereafter,
if they may detrimentally impact the Company’s ability to meet its obligations under this Deed of Trust vis-à-vis
the Bondholders (Series B).

 

    	 	37	 

    	 

    

 

		6.2	Pledging
                                         the Pledged Assets

 

		6.2.1.	To
                                         secure the Company’s undertakings to repay the Bonds (Series B) in full and on
                                         the dates set forth in this Deed of Trust, including principal, interest and arrears,
                                         should such apply (the “Secured Amounts”), the Company undertakes
                                         to create and record and/or cause the creation and recording in favor of the Trustee
                                         for the Bondholders, fixed, first ranking and single mortgages on all (100%) of the rights
                                         of the property companies in the following real estate assets, in whole or in part (subject
                                         to the terms of this section below):

 

(1)
253 Bradington Drive, LLC; (2) 911 South 3rd St Realty LLC; (3) 516 West Frech St, LLC; (4) 3090 Five Points Hartford Realty,
LLC; (5) 3121 Glanzman Rd Realty, LLC; (6) 620 West Strub Rd Realty, LLC; (7) 4250 Sodom Hutchings Road Realty, LLC; (8) 146 Buck
Creek Road, LLC; (9) 704 5th Avenue East, LLC; (10) 2501 River Road, LLC; (11) 140 Technology Lane, LLC; (12) 308 West Maple Avenue,
LLC; (13) 1900 North Park Ave, LLC; (14) 430 South Front St, LLC; (15) 1621 Coit Road Realty, LLC; (16) 8200 National Ave Realty,
LLC; (17) 2301 North Oregon Realty, LLC; (18) 601 Plum Creek Drive Realty, LLC; (19) 1155 Eastern Parkway, LLC; (20) 1585 Perry
Worth Rd, LLC (collectively: the “Asset Companies” and the “Mortgages” respectively).2
The Company warrants that as of the signing date of this Deed of Trust, registered on the Mortgaged Assets as defined above
mortgages as described in Section 16.4 of the 2017 Periodic Report. For additional details regarding the Pledged Assets, see Appendix
E of the Shelf Offer Report.

 

 

2
In the case of the sale of the Pledged Assets
as stated in Section 6.6 below, or refinancing of any of the assets from the Pledged Assets as stated in Section 6.7 below, the
assets from which the mortgage was removed in accordance with the same sections will not be included in the definition of the
“Mortgaged Assets,” and the Asset Companies holding only the same assets will not be included in the definition
of “Asset Companies.” In the case of the pledge of additional assets in accordance with the provisions of this
Deed, the assets pledged in the definition of “Mortgaged Assets” will be included and the Asset Companies holding
the same assets will be included in the definition of “Asset Companies.”

 

    	 	38	 

    	 

    

 

For
the sake of creating the mortgages under this section, the loans that are secured by the Existing Mortgages (as defined below)
will be repaid, by using the issuance proceeds, the registered mortgages will be removed on the Mortgaged Assets in a manner that
after the mortgages will be registered to the benefit of the Trustee all of the rights of the Property Companies in the Mortgaged
Assets will be pledged to the benefit of the Trustee to secure the Secured Amounts. According to the provisions of the pledge
agreements signed in connection with the creation of the aforesaid mortgages, all of the rights of the Property Companies that
are owed for or under the Pledged Assets, priority rights or other rights and/or any right to receive a cash flow arising from
the pledged asset and/or right to receive insurance payments, if any, will also be pledged for the benefit of the Trustee.

 

In
addition, the lien agreements will include provisions to ensure the existence and/or rehabilitation and proper operation of the
assets pledged by the lessees that operate them (the “Operation Companies”), while complying, inter alia, with
the provisions of the various laws relating to the operation of the assets and provisions that ensure the continued operation
of the pledged assets and the transfer of the cash flow deriving from the aforesaid operation to the Trustee, in the event of
an exercise event as defined below, by the operating companies.

 

It
is clarified that, as long as no event has transpired affording the Trustee and/or the Bondholders the right to immediate repayment
of the Bonds (Series B) and/or to the exercise of the securities, and as long as no resolution has been reached by the Trustee
or the holders with regards to the immediate repayment of the Bonds (Series B) and/or to the exercise of the sureties under the
terms of this Deed, according to the earlier of the two (an “Exercise Event”), subject to the mortgages and
the undertakings in this Deed of Trust, the balance of the rights of the Company and the Property Companies (directly and indirectly)
in the Mortgaged Assets by law, agreement or the articles of association shall not be impinged, and shall remain fully and exclusively
in its possession and/or the possession of the Property Companies.

 

    	 	39	 

    	 

    

 

It
is clarified that the Company does not undertake to pledge all of the assets set forth in this section above, but rather undertakes
to pledge a number of assets whose loan to Collateral Ratio does not exceed 65%. The assets that will be pledged from among those
listed in this section above as stated will be at the sole discretion of the Company (without a particular order), until compliance
with the loan to Collateral Ratio required, as stated. Notwithstanding the above, the initial assets pledged will be based on
the following order – (a) assets (8) to (11) above (located in Tennessee); (b) asset (19) above (located in Kentucky); (c)
asset (1) above (located in Illinois).

 

		6.2.2.	Creating
                                         the Mortgages

 

The
registration or creation, as applicable, of the mortgages, detailed in Section 6.2.1 hereto shall be performed by a closing proceeding
that was formulated in accordance with the memorandum of an attorney representing the Company and familiar with the relevant laws
in the United States that apply to the Property Companies and the Mortgaged Assets (an “American Attorney”),
as detailed in Section 6.2.3 hereunder and in accordance with the following documents, upon completion of the closing process
and producing all the documents to the Trustee3, in wording it finds satisfactory, the Mortgaged shall be seen as
“registered” and/or “created,” as applicable:

 

		A.	An
                                         opinion of the American Attorney or confirmation from an US title insurance company that
                                         will serve as the closing agent (the “Insurance Company”)4,
                                         addressed to the Trustee, to the effect that the Company and the Property Companies,
                                         as applicable, have adopted all of the resolutions required for the creation of the Mortgages,
                                         and that the parties competent to sign in the Company’s name have signed on all
                                         of the required documents for the purposes the Mortgages and/or their registration.

 

 

3 It is noted that
for the purpose of the closing process, the Trustee will be represented by an American attorney.

4 The insurance
company in the first issue of the Bonds will be Chicago Title Insurance Company.

 

    	 	40	 

    	 

    

 

		B.	Confirmation
                                         from a senior officer in the Company and/or in the Property Companies, as applicable
                                         (Officer Certificate) confirming the resolutions required for the purpose of registering
                                         the Mortgages have been adopted, as well as the absence of conflicting and/or contradictory
                                         undertakings on the part of the Company and the Property Companies in connection with
                                         the creation and/or registration of the Mortgages, and that the Mortgages are in the
                                         sole ownership and possession of the mortgaging company, as applicable. Furthermore,
                                         it should state that the laws of the United States are those applicable to the Mortgages.
                                         The identity of the signer and the fact that it is a senior officer in the Company and/or
                                         Property Companies, as applicable, shall be verified and confirmed by an American Attorney.

 

		C.	An
                                         opinion from the American Attorney as described in subsection 6.2.3(f) below.

 

The
draft of the mortgage agreements was published by the Company in a report of March 18, 2018. Mortgage agreements concerning the
execution of the Mortgages in favor of the Trustee shall be worded in a manner that pleases the Trustee, and such that the Trustee
is authorized to agree to any changes in the wording of the Mortgage agreements under the same terms by which the Trustee may
agree to changes in the body of the Deed of Trust, as detailed in Section 28 of the Deed of Trust, mutatis mutandis. It
is clarified that the confirmations of the American Attorney (including the opinion and memorandum) may include factual assumptions
and accepted qualifications and the American Attorney may rely on the Company’s declarations and/or the declarations of
the Property Companies and/or another person in connection with the factual assumptions (without independent examination) if accepted
in the relevant law for the execution of an examination as stated in the state in which the pledge is created.

 

    	 	41	 

    	 

    

 

		6.2.3.	Removal
                                         of the Existing Mortgages and Registration of the New Mortgages

 

		A.	The
                                         Company warrants that, as of the signing date of this Deed of Trust, Mortgages are registered
                                         on the Mortgaged Assets (as defined above), as described in Section 16.4 of the 2017
                                         Periodic Report and them alone (the “Existing Mortgages”).

 

		B.	After
                                         issuance of the Bonds (Series B), the net proceeds of the issue will be held in a trust
                                         account in Israel owned by the Trustee in favor of the Bondholders, to which the exclusive
                                         signature rights will be held by the Trustee. In order to release the existing mortgages
                                         and to register the mortgages to secure the secured amounts, the Company will be required
                                         to repay the balance of the existing loans in the pledged assets (and associated closing
                                         costs) out of the proceeds of the issue. The release of the existing mortgages and the
                                         registration of the new mortgage as aforesaid will be made by a trust arrangement as
                                         is customary and is practiced in the United States and will be administered by the Insurance
                                         Company, which will serve as the holder of the Trust as described below (the “Closing”).

 

It
is hereby clarified that the amounts to be transferred by the trustee to the rights insurance company will be in accordance with
the Payoff Letters (the “Payoff Letters “) on behalf of the financing entities which provided the outstanding
balance of the existing loans in the pledged assets plus the direct related costs that the Company and property companies have
in connection with the repayment of the existing loans in accordance with the calculation that will be transferred to the trustee
by the Company5, along with reference documents from those lending entities that their loans are repaid. It is emphasized
that the amounts listed in the Payoff Letters are final.

 

 

5 (Such
as the insurance premium for the issue of the rights of the rights, attorney fees, Closing Agent fees, pledge
registration fees, etc.).

 

    	 	42	 

    	 

    

 

The
Payoff Letters will be delivered to the trustee (or according to the rights insurance company’s request, which will receive
the Payoff Letters), specifying the amounts of repayment required to be transferred to the relevant financing entity for the purpose
of full repayment of the existing loans to the property companies, and for the removal of existing mortgages. The Payoff Letters
will note that in exchange for the transfer of the said amounts which will constitute the final payment of the existing loans
in relation to the pledged assets, the financing entities will release the existing mortgages in their favor on the pledged assets
and remove any registration in respect of these mortgages.

 

		C.	For
                                         the purpose of closing, a closing agreement will be executed between the Insurance Company
                                         (which will issue rights insurance as specified in paragraph E) and the Trustee (the
                                         “Closing Agreement”). The Closing Agreement will include arrangements
                                         and actions relating to: (1) the transfer of the net issuance consideration required
                                         for the payment of the loans secured with existing mortgages, the removal of the existing
                                         mortgages and payment of the Closing Costs. It is hereby
                                         clarified that the insurance policy will secure the proceeds of the issue, but it is
                                         possible that for efficiency reasons the proceeds of the issue to the insurance company
                                         will not be transferred, but rather directly to the beneficiaries provided that the same
                                         takes place with the knowledge of the title insurance company; (2) securing the
                                         mortgage registration to secure the Bonds (Series B); (3) the undertaking of the insurance
                                         company to issue a rights insurance policy as described in paragraph E below;

 

    	 	43	 

    	 

    

 

		D.	As
                                         the closing process progresses, the American Attorney will notify the Trustee that the
                                         closing is close to conclusion and has reached a stage in which mortgage lenders in the
                                         US transfer the funds to the Trusteeship; after receiving the said notice, and subject
                                         to signing the closing agreement and receipt of the letters of intent as stated above,
                                         the Trustee will deliver the required net issuance proceeds of the Bonds to the rights
                                         insurance company in accordance with the closing agreement. It is clarified that the
                                         net issuance consideration as aforesaid will be transferred to the Insurance Company
                                         in US dollar, after the Trustee converts, under the Company’s instructions, the
                                         net issuance consideration. The Trustee will be entitled to receive the net issuance
                                         proceeds of the Bonds that was transferred back to him at his request as long as long
                                         as the proceeds were not used in accordance with the Closing Agreement. Amounts payable
                                         in shekels (such as issuance expenses), if any, will not be converted and will remain
                                         in the hands of the Trustee (and will not be transferred to the Company) for payment
                                         directly to the entitled parties on the closing date.

 

“Closing
Completion Date” – the date on which the existing loans are repaid and the mortgages assigned and/or created for
the Trustee (but before the registration of the same transfers);

 

    	 	44	 

    	 

    

 

		E.	The
                                         rights insurance company: (1) shall transfer the net issuance consideration required
                                         for the purpose of full repayment of the existing loans and the removal of the existing
                                         mortgages and for the purpose of paying the closing costs; (2) register the mortgages
                                         to secure the Bonds (Series B) in favor of the Trustee; (3) issue insurance policies
                                         to the Trustee in the full amount (100%) of the issuance consideration for the losses
                                         that may be incurred as a result of the registration of the mortgages on the properties
                                         that is not a first lien and preferable to any other lien subject to the exceptions that
                                         are acceptable in such policies. The amount of the insurance cover shall be a nominal
                                         amount in dollars equal to the full Issuance Consideration (including the amount of the
                                         early commitment to institutional investors) according to the rate at which the proceeds
                                         of the issue were converted into dollars. It is clarified that in the event of a change
                                         in the exchange rate, the consideration received in dollars for the realization of the
                                         policy may be lower than the shekel value of the issue proceeds. The amount of the policy
                                         will not bear interest (“Rights Insurance Policy”)6; and
                                         (4) transfer the balance of the proceeds (if any) of the issue to the Company as described
                                         in subsection 6.2.4 below (“Finalizing”).

 

It
is noted that the insurance company will register the mortgages to secure the Bonds (Series B) immediately after the transfer
of the Bonds proceeds for repayment of the existing loans and for removing the existing mortgages concurrently with the issuance
of a rights insurance policy to the Trustee. The insurance Company will bear the fill risk deriving from the time gap, to the
extent that there is a gap as aforesaid between the transfer of the proceeds of the net issuance consideration for the purpose
of redeeming the existing mortgages and the registration of the mortgages under this Deed.

 

 

6 For an accepted wording of
an insurance policy refer to Loan Policy from 6.6.2017, available at the address: https://www.alta.org/policy-forms/.
The Company expects the insurance policy which will be signed to be significantly similar to the said accepted wording.

 

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		F.	Finalizing
                                         the closing is subject to obtaining the opinion of the American lawyer. In this opinion,
                                         it will be determined, among other things, that subject to the assumptions and qualifications
                                         mentioned in the opinion: (1) The property companies were established lawfully, exist
                                         legally and are legally owned, directly or indirectly, by the Company; (2) the mortgages
                                         on the assets that will be pledged to secure the Bonds (Series B), were approved, duly
                                         signed and delivered; (3) the mortgages are legal, valid, enforceable and exercisable
                                         vis-à-vis the Property Companies and any other creditor of the property company;
                                         and (4) the exceptions included in the insurance policies of the Trustee are of the type
                                         that are issued to US commercial mortgage lenders.

 

It
is clarified that the opinion of the American Attorney will not include an opinion regarding property owned by any person or entity
or regarding the priority of any lien, and in these matters, the trustee will rely on the Trustee’s insurance policies.

 

Within
45 days from the closing date, the Company will provide the Trustee with confirmation from the American Attorney (in supplementation
to the opinion above) based on which all of the approvals required have been received in order to finalize the securities for
the Trustee. It is clarified that in this regard, the American Attorney can rely on the confirmation from the Insurance Company.

 

		G.	It
                                         is hereby clarified that on the maturity date of the last payment in respect of the principal
                                         and interest of the Bonds (Series B) and subject to full repayment, or settlement of
                                         the unpaid balance of the Secured Amounts in any manner (including by way of self-purchase
                                         and/or early redemption), the mortgages detailed in this section will be deemed void,
                                         without the need to take further action, and the Trustee shall sign any document required
                                         for the purpose of canceling the mortgage.

 

The
Company undertakes to sign any document required for the creation and registration of the mortgage in accordance with the Deed
of Trust.

 

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		6.2.4.	Transfer
                                         of the Issuance Consideration to the Company

 

		(A)	As
                                         stated in Section 6.2.3 above, the net consideration from the issuance that is received
                                         by the issuance coordinator on account of the issuance of the Bonds (Series B), (following
                                         the withholding of prior undertaking fees to classified investors) (above and hereinafter:
                                         the “Net Issuance Consideration”) shall be transferred by the issuance
                                         coordinator, along with its proceeds, to the Trust Account, until the transfer of the
                                         sum to the Trust account of the Rights Insurance Company as described in Section 6.2.3
                                         above.

 

It
is clarified in this regarding that in reality, an amount equal to the amount of the issuance expenses in accordance with the
calculation provided by the Company to the Trustee may remain in the Trust Account and/or with the issuance coordinator in trust
for the Trustee and the Bondholders, and will be paid by the Company on account of the issuance expenses only on the completion
of the closing date.

 

Without
derogating from the provisions of 35H(1) of the Law, the Company sees the receipt of the consideration from the issuance by the
issuance coordinator as the receipt of the consideration by the Company, and, in light of this, shall request the listing of the
Bonds (Series B) for trade on the Stock Exchange.

 

		(B)	At
                                         the end of the closing proceeding, the remaining consideration from the issuance (as
                                         stated in paragraph C below) shall be transferred to the Company, upon the Company’s
                                         written demand, which shall also specify the account details for the transfer.

 

    	 	47	 

    	 

    

 

		(C)	The
                                         Trustee will rely on the opinion of the Company’s attorneys’ in the United
                                         States, as detailed in Sections 6.2.2 and 6.2.3 above (the “Confirmation of
                                         the U.S. Legal Counsels”) and shall not be required to investigate their validity
                                         and/or accuracy. Furthermore, within two (2) business days following the removal of the
                                         Existing Mortgages, as stated above, and following the creation and registration of the
                                         New Mortgages and the service of all documents specified in Sections 6.2.2 and 6.2.3
                                         above to the Trustee, including the Certificates of the Attorneys in the United States,
                                         the Trustee shall transfer the Company the balance of funds remaining in the Trust Account,
                                         along with their proceeds, less the account opening, management and closing expenses
                                         and additional fees paid to third parties, if and to the extent that there are such,
                                         and less the Interest Cushion Amount and the Expenses Amount.

 

		(D)	It
                                         is agreed that as long as the terms of release of the balance of the consideration from
                                         the issuance to the Company have not been fulfilled, according to the closing agreement
                                         described in Section 6.2.3 above, the Company shall not be entitled to any sum from the
                                         consideration for the issuance whose terms of release have not been fulfilled.

 

		(E)	The
                                         Company undertakes to do all under its control that the closing proceeding as described
                                         in Section 6.2.3 above will be fulfilled within a period of ninety (90) days of the date
                                         of the issuance of the Bonds (Series B). The Trustee will be permitted to extend such
                                         period in his sole discretion by an additional 30-day period. The general meeting of
                                         the Bondholders may approve an extension of said period by a special resolution adopted
                                         in the meeting of the Bondholders (Series B) (said 90-day period, or 120 days in the
                                         case where the Trustee provides an extension - combined with any extension approved,
                                         as stated, to the extent that such are approved, shall hereinafter be termed: the “Interim
                                         Period”).

 

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To
the extent that the closing proceeding has not been completed as described in Section 6.2.3 above by the conclusion of the Interim
Period, regarding the assets whose Loan to Collateral Ratio does not exceed 65%, the Company shall work to perform a full early
repayment and erase the Bonds from being listed for trade in accordance with the directives of the Israel Securities Authority,
the provisions of the bylaws and guidelines of the Stock Exchange, and the bylaws of the Clearing House of the Stock Exchange
as they will be at the relevant date, (the “Forced Early Repayment”). One business day following the conclusion
of the Interim Period, the Company shall publish an immediate report, with a copy dispatched to the Trustee, giving notice of
the execution of the Forced Early Repayment and its date. The date of the Forced Early Repayment shall not be less than seventeen
(17) days, and not more than forty-five (45) days, following the Company’s report concerning the Forced Early Repayment
to the Bondholders. In said immediate report, the Company shall publicize the sum of the principal to be repaid in the Forced
Early Repayment, as well as the accumulated interest on account of the principal sum up until the date of the Forced Early Repayment
and the provisions of the rules and guidelines of the TASE shall apply.

 

In
the case of Forced Early Repayment, the amount paid to the Bondholders (Series B) will amount to the principal of the Bonds (Series
B) combined with annual interest according to the interest rate for the Bonds (Series B) accrued from the date of the tender and
until the actual date of the Forced Early Repayment, with taxes lawfully withheld. For the purposes of executing the Forced Early
Repayment under this Section 6.2.4.(E), will be made, inter alia, of the funds remaining in the Trust Account that are
provided by the Trustee directly from the Trust Account to the nominee company, less the costs of opening, managing and closing
the Trust Account and additional fees paid to third parties, should any such exist. The Company shall supplement any sum required
for the purposes of executing said Forced Early Repayment.

 

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		6.3.	The
                                         Collateral Value of the Pledged Assets

 

		6.3.1.	In
                                         the same cases in which it is necessary under the provisions of this Deed to examine
                                         the Collateral Value of the Pledged Assets (i.e., on the release of the issuance consideration
                                         from the Trust Account as set forth in Section 6.2 above, upon publication of any financial
                                         statement, upon the expansion of the series of the Bonds (Series B) as stated in Section
                                         6.8 below, upon the sale of pledged assets as stated in Section 6.6 below, upon the refinancing
                                         for asset/s from the pledged assets, as stated in Section 6.7 below, the following rules
                                         shall apply:

 

		a.	The
                                         Collateral Value of the pledged assets will be equal to the value of the aforesaid assets
                                         based on a valuation (or the purchase price of the purchased asset as set forth below)
                                         in accordance with the terms set forth in Section 6.3.2 below;

 

		b.	The
                                         Collateral Value of the Financial Securities (if any) will be equal to the amount of
                                         the financial deposits to the value of the relevant Exchange and if the security is not
                                         marketable, then the undertaking price of the securities or lenders, as applicable, including
                                         profits accrued thereon, if any;

 

		c.	The
                                         Collateral Value of the bank guarantees (if any) will be equal to the amount of the bank
                                         guarantees under their terms;

 

		6.3.2.	The
                                         value of any pledged real estate asset will be determined based on a valuation of the
                                         aforesaid real estate asset (excluding in cases in which no valuation is performed as
                                         set forth in Section 6.3.2 below), which will meet all of the following conditions:

 

		a.	The
                                         valuation will be performed by an independent assessor that is selected by the Company,
                                         provided that he has experience in the performance of real estate assessments for public
                                         companies in accordance with the requirements of the Securities Law and its regulations,
                                         and his identity will be agreed upon by the Trustee in advance and in writing. Without
                                         derogating from the generality of the above, it is agreed that the assessor: Cushman
                                         & Wakefield and CBRE are accepted and agreed upon by the Trustee. It is clarified
                                         that by consenting to the identity of the Assessor, the Trustee completely relies on
                                         the representations of the Company and its confirmations regarding the experience of
                                         the assessor and the assessor being independent, and the Trustee will not be subject
                                         to a requirement to examine additional matters beyond the same.

 

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		b.	The
                                         date of signing the valuation will be at most 12 months before the date of examining
                                         the value of a shorter period if an update is required to the valuation under the provisions
                                         of any law (including accepted accounting standards that are adopted by the Company on
                                         the basis of which its financial statements are prepared). It is clarified that in any
                                         case, the valuation will be performed for pledged assets at least once per year.

 

		c.	The
                                         valuation of income-generating real estate assets that are provided as a security under
                                         this Deed will be performed on the basis of the method based on which the valuation is
                                         performed by the Company of the pledged assets. The valuation of other real estate assets
                                         that are provided as a security under the Trust Deed will be performed based on an accepted
                                         appraisal method, as determined by the assessor at its professional discretion. In the
                                         valuation as stated, reductions of value will not be taken into account, including but
                                         not limited to reductions of value for the need for a rapid exercise and for tax matters.
                                         The type of method based on which the valuation will be performed will be listed in the
                                         valuation.

 

For
the avoidance of doubt, it is clarified that a valuation that was used for the audited or reviewed relevant financial statements
of the Company will also be used for the purpose of this Deed, provided that it has met all of the conditions set forth in this
Section 6.3.2 above.

 

Notwithstanding
the provisions of this Section 6.3.2 above, in the event that no valuation is performed for an asset purchased by the Company
during the period of up to eight months before the examination date (the “Purchased Asset”), the value of the
Purchased Asset for the examination of the value based on this Section 6.3.2 will be the purchase amount paid by the Company for
the Purchased Asset, and the Company will not be required to perform a valuation for the Purchased Asset in order to examine its
asset under this section.

 

    	 	51	 

    	 

    

 

		6.3.3.	On
                                         each date on which the Company is required to examine its collateral value (as stated
                                         in Section 6.3.1 above), the Company will provide the Trustee with confirmation by the
                                         senior officer in the Company’s financial department or the CEO of the Company,
                                         to which a calculation will be attached, all in the form to the satisfaction of the Trustee,
                                         regarding the Collateral Value of all of the Pledged Assets. It is clarified that for
                                         the purpose of the calculation of the Collateral Value as stated in this Section 6.3
                                         above, the valuation will be taken into account that was used for the audited or reviewed
                                         relevant financial statements of the Company, provided that it has met all of the conditions
                                         set forth in this Section 6.3 above. The Trustee may rely on the approval transferred
                                         thereto and will not examine the accuracy of the above or its attachments.

 

		6.4.	Additional
                                         terms in connection with the Pledged Assets

 

It
is agreed that regarding the Pledged Assets, the following conditions will be fulfilled, as follows:

 

		6.4.1.	Subject
                                         to the pledge documents of the Pledged Assets, the Company and/or any of the Asset Companies
                                         may perform any action (legal or otherwise) in the Pledged Assets as stated, without
                                         requiring any consent from the Trustee or Bondholders (the “Permitted
                                         Actions”),
                                         including the following:

 

		a.	Betterment
                                         actions, planning, construction (including use of the rights existing as of the date
                                         of the Deed of Trust or use of rights which do not exist as of the date of the Deed of
                                         Trust), and all that is entailed in the performance of such actions, including the issuance
                                         of construction permits, performance of payments, providing undertakings to the authorities
                                         and any action required and accepted in the performance of the actions set forth above
                                         (it is clarified that actions as stated in this subsection A may temporarily impair income
                                         from the Pledged Assets);

 

		b.	Lease
                                         (which does not prevent and/or limit the recording of the pledge on the Pledged Asset
                                         and/or its exercise and/or require receipt of any consent and/or approval from the same
                                         lessees in connection with the creation of the pledge and/or its exercise, including
                                         the transfer of the rights therein to a purchaser in an exercise proceeding) for a period
                                         and/or periods at the sole discretion of the Company and/or authority to use and/or right
                                         to hold for defined periods;

 

    	 	52	 

    	 

    

 

		c.	The
                                         replacement of a pledged real estate asset under the provisions of the Deed of Trust
                                         (against providing another security in accordance with the provisions of Section 6.5
                                         below);

 

		d.	Any
                                         action for registration and arrangement regarding the pledged real estate assets.

 

Upon
the completion of the performance of the aforesaid actions, the pledge agreements and/or mortgage deeds will be adjusted in a
manner reflecting the aforesaid changes.

 

		e.	Entering
                                         into cooperation agreements with holders of rights in adjacent real estate (the “Cooperation
                                         Agreement”)
                                         provided that the same Cooperation Agreement (1) does not reduce from the economic value
                                         of the Pledged Rights in accordance with the valuation provided to the Trustee; (2) the
                                         Cooperation Agreement does not delay the exercise of the real estate rights compared
                                         to the state prior to the Cooperation Agreement; (3) no consent is required from the
                                         other party of the Cooperation Agreement to the pledge or its realization, and the other
                                         party is not granted initial rights in the land vis-a-vis the Trustee.

 

		f.	Signing
                                         any document and/or deed and/or agreement and/or undertaking in connection with the actions
                                         set forth above and the performance of any registration involved in the same actions.

 

All
- from time to time, during the ordinary business of the Company and/or Asset Company, as applicable, regarding the Pledged Assets,
in whole or in part, in a manner that does not harm the pledge recorded for the benefit of the Trustee and the Bondholders (Series
B) for the same Pledged Assets as stated and/or the ability to exercise the same.

 

It
is clarified that taking an action that is not expressly stated above as a Permitted Action will be possible provided that the
Company provides the Trustee, before the action is taken, with an opinion by an external attorney whereby the aforesaid action
does not harm the pledge recorded for the benefit of the Trustee for the Bondholders, for the Pledged Assets as stated.

 

    	 	53	 

    	 

    

 

Without
derogating from the above, the Trustee hereby undertakes that in any case in which the Company so requests, and subject to the
provision of the approvals and references required thereby (including an attorney opinion), it will provide (within five business
days from the date of the request) a letter directed to the Company that includes the Trustee’s consent to the execution
of any of the Permitted Actions as stated above, and will sign and provide the required document to any authority in the form
accepted by the same authority for the execution of any of the Permitted Actions as stated above.

 

		6.4.2.	The
                                         pledge for the benefit of the Trustee for the Bondholders on the Pledged Assets will
                                         not apply regarding property and/or any equipment and/or facility existing in the pledged
                                         asset which is not connected permanently - whether owned by the Company and/or any third
                                         party, including a lessee of a unit or area of a Pledged Asset and/or supplier of the
                                         Company and/or connected permanently in accordance with the relevant lease agreement,
                                         the lessee may dismantle them at the end of the term of the lease (all of the above will
                                         be hereinafter: “Movable
                                         Property”).
                                         The Company undertakes that if there is Movable Property in any of the Pledged Assets
                                         that is owned by the Company, the Movable Property will not be taken into account in
                                         the determination of the value of the Pledged Asset. If the Trustee is so requested by
                                         the Company, it will sign a letter vis-a-vis the Company whereby the pledge and lien
                                         for its benefit does not apply regarding the Movable Property.

 

		6.4.3.	The
                                         Trustee is aware that the recipient of the rights upon exercise of the pledge and/or
                                         mortgage by the Trustee will replace the Company with regard to its rights and obligations
                                         vis-a-vis renters of areas in the Pledged Assets, and for the same purpose, the recipient
                                         of the rights undertakes to sign any approval required.

 

		6.4.4.	With
                                         regard to profits of a Pledged Asset, the Company and/or a property company may receive
                                         them, transfer them to any third party at their discretion, make changes in conditions
                                         for their receipt, and perform any action with the same, without requiring any approval
                                         of the Trustee, until the exercise date of the Pledged Asset, if exercised, subject to
                                         subsection (b) below.

 

    	 	54	 

    	 

    

 

Without
derogating from the generality of the above, it is clarified that until the exercise date of the Pledged Asset: (a) the pledge
will apply, as of the date of its creation, both to the Pledged Asset and the profits, but not to Movable Property; (b) the Company
and/or a pledged subsidiary will not be subject to any limitation in connection with the profits and they may use them as they
wish. However, it is agreed that the Company and/or the Asset Company may not pledge or lien or assign their rights in properties
to any third party and not to provide any third party, regarding the same, with any right – directly or indirectly; (c)
the Company and/or Asset Company will not be subject to any limitation regarding engaging with third parties based on which there
is a right for profits, including to change the agreements therewith, terminate them, the engagement in other agreements with
the same third parties or with other third parties, subject to Section 6.4.1c above, provided that the aforesaid agreements do
not harm the rights of the holders based on the pledge documents of the pledged assets; (d) the Company and/or Asset Company will
not have any obligation to notify the lessees or any third party of a pledge of an asset under the Deed of Trust; (e) as of the
exercise date of the Pledged Asset, the aforesaid waivers in subsections (b) to (d) in this paragraph above shall not apply such
that, inter alia, the profits will be used for payment of the secured amounts.

 

For
the purpose of this section, “exercise the pledged asset” - will be considered to be the date on which a decision
is made, in accordance with the provisions of the Deed of Trust, by the Trustee and/or Bondholders to call the Bonds (Series B)
for immediate repayment and/or to exercise securities and on the date on which there are grounds to call for immediate repayment
as set forth in section 8.1.14 below (non-compliance with financial obligations for two consecutive quarters).

 

		6.4.5.	This
                                         Deed does not create, and will not be interpreted as creating, any limitation on making
                                         changes in the holdings of the Company in any subsidiary and/or other asset company that
                                         provides securities under this Deed (including the sale of all or part of its shares
                                         in any other asset company), provided that the aforesaid change does not harm the security
                                         provided for the Bondholder (Series B) and the rights of the Bondholders (Series B) in
                                         connection with the aforesaid security.

 

    	 	55	 

    	 

    

 

		6.4.6.	On
                                         the payment date of the last payment for the principal and interest for the Bonds (Series
                                         B) and subject to the full payment or clearance of the unpaid balance of the Bonds (Series
                                         B) in any manner (including by way of a buyback and/or early repayment), the pledges
                                         set forth in this Section 6 will expire and be considered to be void, without requiring
                                         additional actions, and the Trustee will sign any document required for the termination
                                         of the various pledges and the Trustee will provide, on the same day, the Company with
                                         the funds deposited in the Trust Account and the profits thereon (if there are such funds),
                                         less the fees required for managing the account and less the fees of the Trustee and
                                         its expenses, including in connection with the Trust Account. The Trustee will sign documents
                                         as stated only after being provided with signed confirmation by the CEO of the Company
                                         or the senior officer in the financial department regarding payment of the entire unpaid
                                         balance of the Bonds.

 

		6.4.7.	Excluding
                                         in a case of the expansion of Series B of the Bonds, the Company will not be required
                                         to provide additional securities and may release securities (other than within the replacement
                                         of securities in accordance with and subject to Section 6.5 below and/or the sale of
                                         Pledged Assets in accordance with and subject to Section 6.6 below and/or refinancing
                                         for the Pledged Assets, as stated in Section 6.7 below) as a result of a change in the
                                         value of any Pledged Asset (including in the case in which based on new and/or updated
                                         valuations of a pledged real estate asset there is an increase or decrease in value).
                                         For the avoidance of doubt, it is clarified that the terms of this Section 6.4.8 will
                                         not derogate from the provisions of this Deed regarding the examination of the Collateral
                                         Value of the Pledged Assets in cases in which such an examination is necessary under
                                         the Deed.

 

    	 	56	 

    	 

    

 

		6.4.8.	In
                                         any case in which this Deed of Trust refers to a security by way of financial deposit,
                                         the Company may provide, instead of the financial deposit or part thereof, a bank guarantee
                                         and/or government securities of the State of Israel and/or short term loans of Bank of
                                         Israel and the provisions of this Deed shall also apply to the Bank Guarantees, securities,
                                         or lenders as stated, mutatis mutandis.

 

		6.4.9.	The
                                         Company and the Asset Company may pledge its property that is not pledged at the time
                                         to the Trustee for the Bondholders or for which there is no undertaking to pledge it
                                         for the Trustee for the Bondholders, in whole or in part, with any pledge and in any
                                         manner, for the benefit of any third party, without any consent from the Trustee or the
                                         Bondholders (Series B). However, it shall be clarified that the Company and/or Asset
                                         Company may not pledge to a third party assets that are actually pledged at the time
                                         for the Trustee, for the Bondholders (Series B).

 

		6.4.10.	In
                                         its engagement in this Deed of Trust, and with the consent of the Trustee to serve as
                                         a trustee for the Bondholders, the Trustee does not express an option, explicitly or
                                         implicitly, as to the Company’s ability to meet its obligations vis-a-vis the Bondholders
                                         (Series B) under this Deed of Trust.

 

		6.4.11.	The
                                         Trustee will have the authority to agree to any change in the terms of the pledge agreements,
                                         under the same terms with which the Trustee may agree to changes in the Deed of Trust,
                                         as set forth in Section 28 below, mutatis mutandis.

 

		6.4.12.	The
                                         Trustee may rely on any approval and/or document provided thereto that appears to be
                                         duly signed by the Company, and is not required to examine, and in reality has not actually
                                         examined the accuracy and precision of its content, and will not verify the said signatures.
                                         In the event that the Trustee relied on any such approval and/or document and acted or
                                         failed to act following the same, no claim will be made against him regarding reliability
                                         of the approval and/or any document.

 

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		6.4.13.	Until
                                         the date on which grounds are established to call the Bonds for immediate repayment and/or
                                         exercise securities, the Company may, at any time, at its sole discretion, make use of
                                         the funds deposited in the Trust Account, including their profits, for payment of principal
                                         and/or interest of the Bonds (Series B) only, including by way of early repayment (full
                                         or partial, at the Company’s discretion) provided that after payment of the principal
                                         and/or interest as stated, the Loan to Collateral Ratio does not exceed 65% after the
                                         payment as stated, and the Trustee will be required to sign any document and/or approval
                                         required or beneficial for execution of the payment.

 

		6.5.	Replacement
                                         of the Pledged Assets

 

The
Company may, in cases as stated in Sections 6.6 and 6.7 below only, replace the Pledged Assets or any of them, as they may be
from time to time (the “Replaced Asset”) with a pledge, mortgage or lien, first-ranking and single (excluding
with respect to assets that are financial securities, for which the terms of Section 6.5.2 below will apply),of any of the assets
permitted to be pledged as collateral, of one kind or a number of kinds, and any combination of the same, all - at the Company’s
discretion (the “Replacing Asset”), provided that the Company has confirmed to the Trustee on the replacement
date that there are no grounds to call for immediate repayment and/or exercise securities and that all of the conditions set forth
in section 6.5.1 or 6.5.2 below, as applicable:

 

		6.5.1.	In
                                         the event that the replaced asset is a “pledged real estate asset,” (as defined
                                         in the definition of the “assets permitted to be pledged as a security”):

 

		a.	Resolution
                                         of Meetings of the Bondholders - 

 

		(1)
                                         The consent of the Bondholders (Series B) is received in advance in a meeting of
                                         the Bondholders (Series B), in a special resolution as defined above. For the avoidance
                                         of doubt, upon the replacement of the Replaced Asset in accordance with this subsection
                                         (1), the terms of subsection (b) below will apply.

 

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		(2)
                                         Alternatively, and notwithstanding the terms of subsection (1) above and the conditions
                                         listed therein, the Company may, at its sole discretion, replace the replaced asset with
                                         a pledged real estate asset (as set forth above), without being required to receive approval
                                         of a meeting of the Bondholders (Series B), and provided that the Loan to Collateral
                                         Ratio of all of the pledged assets at the time (less the replaced asset and after the
                                         addition of the replacing asset) does not exceed 65% and that the characteristics of
                                         the replacing asset are similar to or better than the replaced asset, in accordance with
                                         approval of the Company’s board of directors,7 after examining the replacing
                                         asset and determining that the same is met (in this case, it is clarified that the board
                                         of directors may examine the level of risk and characteristics of the asset when combined
                                         and determine that in light of the weighted result, this is replacement that is not detrimental
                                         to the Bondholders), and that the Company will provide information about the replacing
                                         asset similar to data provided about the replaced and replacing asset as set forth in
                                         subsection (4) below. According to the Company, the mechanism set forth in this section
                                         above has been determined to be the mechanism under Section 35g1 of the Securities Law.
                                         For the avoidance of doubt, it is clarified that upon the replacement of the Replaced
                                         Asset in accordance with this subsection (2), the terms of subsection (b) below will
                                         apply.

 

 

7 Provided
that in the resolution of the board of directors of approval as stated, at least two of the three independent directors
voted for the resolution.

 

    	 	59	 

    	 

    

 

		For
                                         the avoidance of doubt, it is clarified that a pledge of the assets in accordance with
                                         subsections (1) to (2) above will be on all of the rights of the Asset Company in the
                                         replacing asset, including its rights to profits from the same asset and the insurance
                                         receipts for the same asset in accordance with the provisions of this Deed. A pledge
                                         as stated will be made in accordance with the terms set forth in Section 6.2 above, mutatis
                                         mutandis.

 

		(3)
                                         In cases as stated in sections (1)-(2) above, the replacement will be approved by the
                                         Company’s board of directors, and the Company will provide information regarding
                                         the Replacing Asset that is similar to the data provided regarding the pledged Replaced
                                         Asset, within an immediate report published by the Company at least 14 days before the
                                         actual execution of the replacement, including, inter alia, the nature of the legal rights
                                         of the Company that holds the rights in the Replacing Asset and the value of the Replacing
                                         Asset, as required with respect to a material asset, and will attach updated valuations
                                         in accordance with Section 6.3.1a above. It is clarified that assets pledged in cases
                                         as stated above will be fully held by the Company (directly or indirectly).

 

		b.	The
                                         collateral value of the replacing asset- In the case of a pledge of the replacing
                                         asset for the Bondholders (Series B), the Collateral Value of the replacing asset will
                                         be determined in accordance with the rules and as set forth in Section 6.3 above.

 

The
Company will provide the Trustee with confirmation regarding its compliance with the undertakings in this Section B in accordance
with the provisions of Section 6.3.3 above.

 

		6.5.2.	In
                                         the event that the Replacing Asset is any of the assets permitted to be pledged as a
                                         security, that is not a “pledged real estate asset” (meaning, financial
                                         securities, bank guarantees) - notwithstanding the provisions of this Section 6.5
                                         above, the Company may replace the Replaced Asset without requiring approval of the Trustee
                                         and/or Bondholders and without being required to meet the terms of Section a above, provided
                                         that: (1) the Company published an immediate report regarding its intent to perform replacement
                                         as stated at least 14 days before the actual performance of the replacement, (2) the
                                         Loan to Collateral Ratio of all of the Pledged Assets at the time (less the replaced
                                         asset and after the addition of the replacing asset) as set forth in Section 6.3 above
                                         will not exceed 65%; and (3) the Replacing Asset will be deposited in the Trust Account,
                                         and with regard to this Bank Guarantee, will be entrusted with the Trustee, together
                                         with release of the Pledged Asset.

 

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		6.5.3.	Regarding
                                         the replacement of a pledged real estate asset with a financial security as stated, it
                                         is clarified that the Company will announce in advance - before the actual performance
                                         of the replacement, if the financial security meets is provided by the final payment
                                         date of the Bonds. If not, it will provide the period of time expected in which the financial
                                         security will be provided as collateral for the Bondholders, which is reasonable under
                                         the circumstances, following which an alternative asset will be provided as security,
                                         which will be of the same kind as the pledged real estate asset, and will specify the
                                         pledged real estate asset that the Company intends to pledge (instead of the financial
                                         security). Disclosure will also be provided regarding the same asset in accordance with
                                         the provisions of the law and the guidelines of the Securities Authority, as they may
                                         be on the relevant date. In the event that the Company announces that a financial security
                                         will be provided by the final payment date of the Bonds, the Company may not replace
                                         the financial security with a pledged real estate asset.

 

		6.5.4.	The
                                         Replacing Asset will be considered to be the Replaced Asset, as if the Replaced Asset
                                         was included at the outset in the provisions of the Deed of Trust (including in the definition
                                         of the “Mortgaged Assets”), including the Company’s right to
                                         replace it against from time to time in accordance with the above.

 

		6.5.5.	The
                                         Trustee will be required to sign, within a reasonable time, any document or confirmation
                                         that is required or beneficial for the execution of the replacement, provided that all
                                         of the conditions set forth in this Section 6.5 above are met, including for the purpose
                                         of the removal of the pledge on the Replaced Asset, and after the Company has completed
                                         the pledge proceedings of the Replacing Asset, to the satisfaction of the Trustee, and
                                         presented the Trustee with all of the documents set forth in Section 6.5 of the Deed
                                         in connection with the pledge of the Replacing Asset, and any other reasonable document
                                         required at the reasonable discretion of the Trustee for the creation and/or registration
                                         of the Replacing Asset.

 

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		6.6.	Sale
                                         of Pledged Assets

 

As
long as one or more of the grounds for immediate repayment set forth in Sections 8.1.1 to 8.1.33 below is met, the Company or
any Asset Company (subject to receipt of approval of its competent organs) may sell to third parties the Pledged Assets (as they
may be from time to time), in whole or in part, without the consent of the Trustee and/or a meeting of the Bondholders (Series
B), provided that it acts as follows:

 

		6.6.1.	Upon
                                         signing the sale agreement, the Company will provide the Trustee with confirmation of
                                         an officer whereby one or more of the grounds for immediate repayment set forth in Sections
                                         8.1.1 to 8.1.33 below are not met.

 

		6.6.2.	The
                                         net proceeds from the sale of the pledged property, namely, after deducting the tax,
                                         up to the total equal to the balance of the secured amounts as they will be 7 business
                                         days prior to the date of the transfer of the pledged property to the purchaser under
                                         the Sale Agreement (“Pre-Transfer Date”) less the Collateral Value
                                         of the additional pledged assets provided for the Bondholders (Series B) as they are
                                         on the Pre-Transfer Date (the “Sale Consideration”) will be deposited
                                         in the trust account, all provided that after the deposit of the Sale Consideration as
                                         stated, the Loan to Collateral Ratio of the Pledged Assets together with the Sale Consideration
                                         will not exceed 65%. The Company undertakes to ensure that the sale agreement includes
                                         an irrevocable order according to which the consideration for the sale as defined above
                                         will be deposited directly in the Trust account and that it will enforce the implementation
                                         of this provision.

 

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		6.6.3.	Prior
                                         to transferring the sale proceeds to the trust account, the Company shall provide the
                                         Trustee with a calculation signed by a senior officer in the Company’s finance
                                         or by the CEO of the Company in connection with the consideration expected to be received
                                         in the sale transaction, the tax amount, the expenses involved in the transaction, the
                                         Collateral Value of all of the Pledged Assets remaining after the sale, the balance of
                                         the secured amounts as well as reference documents (including a copy true to the original
                                         of the sale contract) and any other related certificate or document demanded reasonably
                                         by the Trustee. It is hereby clarified that the Company will be entitled to use the proceeds
                                         of the sale to be deposited in the trust account as aforesaid, in accordance with the
                                         provisions of Section 6.4.15 above.

 

		6.6.4.	Subject
                                         to the Company’s compliance with the terms and undertakings as stated in Section
                                         6.6.1 above, for the performance of the sale as stated, and after receipt of all of the
                                         above in Section 6.6.3 to the satisfaction of the Trustee, the Trustee will be required
                                         to sign any document and / or confirmation that will be necessary or useful for the sale
                                         of the pledged asset as aforesaid, including a letter of undertaking according to which
                                         he will agree to remove the pledge registered in his favor in respect of that pledged
                                         asset that was sold against it and on the date of transferring the sale proceeds to the
                                         trust account as set forth in Section 6.6.12 above.

 

		6.6.5.	For
                                         the avoidance of doubt, it is clarified that the Company may, at any time, at its sole
                                         discretion, replace the Sale Consideration with an alternative asset in accordance with
                                         the provisions of Section 6.5 above.

 

		6.6.6.	It
                                         is clarified that the provisions of this Section 6.6 above will apply only in the case
                                         in which the Pledged Assets or any of them are sold, and the Company did not, at the
                                         time, provide one security in their place as stated in Section 6.5 above.

 

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		6.7.	Refinancing
                                         of Mortgaged Assets

 

As
long as one or more of the grounds for immediate repayment set forth in Sections 8.1.1 to 8.1.33 below is met, the Company or
any Asset Company (subject to receipt of approval of its competent organs) may refinance any of the Pledged Asset/s (as they may
be from time to time), in whole or in part, without the consent of the Trustee and/or a meeting of the Bondholders (Series B),
provided that it acts as follows:

 

		6.7.1.	The
                                         consideration for the refinancing of the net pledged asset is less (performed before
                                         the transfer to the Trustee) tax, if applicable, up to the total equal to the balance
                                         of the secured amounts as they are seven business days before the receipt of the consideration
                                         under the refinancing agreement (the “Date Before Receipt of the Consideration”
                                         and the “Financing Agreement”), less the Collateral Value of the additional
                                         Pledged Assets provided for the benefit of the Bondholders (Series B) as they are on
                                         the date before receipt of the consideration (the “Consideration of the Financing
                                         Agreement”), will be deposited in a Trust Account - all provided that after
                                         the deposit of the consideration of the Financing Agreement as stated, the Loan to Collateral
                                         Ratio of the Pledged Assets together with the consideration of the Financing Agreement
                                         will not exceed 65%. The Company undertakes to ensure that the Financing Agreement will
                                         include an irrevocable provision whereby the consideration of the Financing Agreement
                                         as defined above will be deposited directly in the Trust Account and it will enforce
                                         the execution of this provision.

 

		6.7.2.	Before
                                         the transfer of the Consideration of the Financing Agreement to the Trust Account, the
                                         Company will provide the Trustee with a calculation signed by a senior officer in the
                                         Company’s financial department or the CEO in connection with the consideration
                                         expected to be received from the Financing Transaction, the tax amount, the expenses
                                         involved in the transaction, the Collateral Value of all of the Pledged Assets that remain
                                         after the refinancing, the balance of the secured amounts and references (including a
                                         true copy of the Financing Agreement) and any other relevant approval or document required
                                         reasonably by the Trustee. It is clarified that the Company may use the Consideration
                                         of the Financing Agreement deposited in the Trust Account as stated in accordance with
                                         the provisions of Section 6.4.12 above.

 

		6.7.3.	Subject
                                         to the Company’s compliance with the terms and obligations as stated in Section
                                         6.7.1 above, for the performance of refinancing as stated, and after receipt of all of
                                         the above in Section 6.7.2 above to the satisfaction of the Trustee, the Trustee will
                                         be required to sign any document and/or approval required or beneficial for the execution
                                         of the Company’s undertakings in accordance with the Financing Agreement as stated,
                                         including any undertaking whereby it agrees to clear the pledge registered for its benefit
                                         for the same Pledged Asset at the subject of the Financing Agreement against and upon
                                         the performance of a transfer of the Consideration in the Financing Agreement to the
                                         Trust Account as stated in Section 6.7.1 above.

 

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		6.7.4.	For
                                         the avoidance of doubt, it is clarified that the Company may, at any time and at its
                                         sole discretion, replace the Consideration of the Financing Account with an alternative
                                         asset in accordance with the provisions of Section 6.5 above.

 

		6.7.5.	It
                                         is clarified that the provisions of this Section 6.7 above will apply only in the case
                                         in which refinancing is performed for the Pledged Assets or any of them, and the Company
                                         did not, at the time, provide one security in their place as stated in Section 6.5 above.

 

		6.7.6.	It
                                         is further clarified that the actual performance of the refinancing may take place in
                                         accordance with the mechanism described in Section 6.2 above, and the Trustee undertakes
                                         to sign any documents required in order to enable the performance of the refinancing
                                         under this mechanism.

 

		6.8.	Expansion
                                         of the Series

 

The
Company may, at its discretion, expand the series of Bonds under Section 4.1 above. For the purpose of meeting the Loan to Collateral
Ratio after the expansion of the series, the Company may, if required, without requiring receipt of approval of the Trustee and/or
Bondholders (Series B) existing at the time, pledge any of the assets permitted to be pledged as collateral or any combination
thereof, provided that the Loan to Collateral Ratio of all of the Pledged Assets on the date of the expansion of the series does
not exceed 65% (including the additional bonds issued).

 

It
is clarified that in the event that on the expansion date of the series, the Company added other securities, it will be required
to provide the documents listed in Sections 6.2.2 and 6.2.3 above, to the Trustee, mutatis mutandis. For the purpose of the transfer
of the consideration to the Company, the provisions of Section 6.2.4 above shall apply, mutatis mutandis (for the avoidance of
doubt, if on the expansion date the Company is not required to add additional securities as stated, the issuance consideration
received by the issuance coordinator for the issue of the Bonds in full, and its profits, will be transferred to the account at
the instruction of the Company).

 

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		6.9.	Removing
                                         the Mortgages

 

After
the full and final repayment of the Bonds (Series B) (principal, interest and arrears, should any apply), the mortgages will be
removed and released automatically, and the Trustee will sign and provide the Company with any document that is required to remove
the Mortgages that should be in effect as of that date, within seven (7) days of the Trustee’s receipt of a signed certificate
from the Company’s CEO or CFO in respect of the repayment, as stated above, all in the form to the satisfaction of the Trustee.
In addition, the mortgages will be removed and released pursuant to the provisions of Sections 6.5 to 6.8 above. All the actions
required for the actual removal of the Mortgages shall be performed by the Company. The Trustee will sign any document required
for the termination of the mortgages.

 

		6.10.	Warranties
                                         and Undertakings in connection with the Mortgaged Assets

 

The
Company and the Property Companies declare and undertake as follows:

 

		6.10.1.	To
                                         make use of the power stemming from their holdings to cause the Property Companies to
                                         sign on any document required under the Deed of Trust.

 

		6.10.2.	The
                                         operating agreement of the Property Companies or any other agreement that the Property
                                         Companies are party to do not conflict with the provisions of this Deed.

 

		6.10.3.	To
                                         make use of the power stemming from their holdings to ensure that the Property Companies
                                         do not change their operating agreements or any other agreement they are engaged in any
                                         manner that applies limitations of any kind on the rights in the mortgaged assets, their
                                         transferability or exercise.

 

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		6.10.4.	Subject
                                         to the provisions of this Deed of Trust, to refrain from dispossessing the mortgaged
                                         asset, including not to pledge or lien the Mortgaged Assets and not affording any other
                                         person any right in respect of the Mortgaged Assets, as long as the secured sums have
                                         yet to be repaid, without first obtaining approval signed by the Trustee in advance after
                                         a Special Resolution has been adopted in the general meeting of the Bondholders on the
                                         subject. The foregoing does not derogate from the Company’s right to perform any
                                         action with the pledged assets in accordance with the provisions of Sections 6.5 to 6.8
                                         above.

 

		6.10.5.	Not
                                         to pledge or lien the Mortgaged Assets (including profits arising therefrom) or any part
                                         thereof for the benefit of any third party in any manner.

 

		6.10.6.	Subject
                                         to the provisions of the Deed of Trust, as long as the Mortgaged Assets are Mortgaged
                                         to insure the insured amounts, not to sell, transfer or assign and/or grant to any entity,
                                         the pledged assets or any part thereof.

 

		6.10.7.	To
                                         do, and to instruct the Bond Portfolio Corporation, at the Company’s expense or
                                         at their expense, as applicable, all that is required under the circumstances to ensure
                                         that the power of the Mortgage over the mortgaged assets for securing the Secured Amounts
                                         shall be effective against third parties, including other creditors present or future
                                         of the Company, and the Bond Portfolio Corporation, and supersede the rights of these
                                         in all matters concerning the Mortgages.

 

		6.10.8.	Subject
                                         to the removal of the existing mortgages, the Property Companies may mortgage the Mortgaged
                                         Assets to the holders of the Bonds (Series B) and no approval of any kind is required
                                         for the creation of the mortgages.

 

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		6.10.9.	Subject
                                         to the removal of the exciting mortgages, on the date of the engagement in this Deed,
                                         there is no impediment of law, agreement or undertaking, including in the incorporating
                                         documents of the Company and the Property Companies, to the Company’s signing on
                                         this Deed of Trust and to any of the undertakings of the Company and the Property Companies
                                         thereunder, and that there is no limitation or stipulation on the creation of the mortgages
                                         specified in this Deed and on the undertakings of the Company and the Property Companies
                                         herein, and that Company’s and the Property Companies’ engagement in and
                                         signing on this Deed does not constitute a breach of any other undertaking of the Company
                                         or the Property Companies, and that the authorized organs of the Company and the Property
                                         Companies adopted lawful resolution in respect of the creation of the Mortgages, and
                                         that no consent is required from any other party for the creation of the Mortgages.

 

The
Company hereby undertakes to notify the Trustee immediately and in writing in the event that a change occurs as described in this
subsection.

 

		6.10.10.	Subject
                                         to the removal of the existing Mortgages, the Property Companies. rights in the Mortgaged
                                         Assets are free and clear of any debt, attachment, pledge or third party right of any
                                         kind, excluding rights, restrictions and current debts during the normal course of business,
                                         in immaterial amounts (such as invoices for service providers and taxes) applicable generally
                                         to properties of the type of properties of the Company in the United States (“Ongoing
                                         Restrictions”), there is no limitation or stipulation applicable by law or agreement
                                         on the transfer of ownership therein, or on their pledging and/or exercise and/or transfer
                                         of ownership therein at the time of their exercise.

 

		6.10.11.	On
                                         the signing date of this Deed, the Company and/or the Property Companies are not involved
                                         in liquidation and/or receivership proceedings (interim or permanent) and/or in a stay
                                         of proceedings (or any similar proceeding under the law applicable to the Company and/or
                                         to the Property Companies, nor threat of such a motion being filed or such proceedings
                                         undertaken, and to the best of their knowledge the Company and/or the Property Companies
                                         have not adopted a resolution to liquidate.

 

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		6.10.12.	Immediately
                                         upon the Company and/or the Property Companies becoming informed of such, the Company
                                         shall notify the Trustee in writing in the event of the imposition of an attachment,
                                         undertaking of any execution actions or filing of a motion to appoint a receiver and/or
                                         other court officer over any of the Mortgaged Assets and/or any part thereof (or any
                                         other similar proceeding under the law applicable to the Company and/or the Property
                                         Companies) (in this section: the “Proceedings”). Furthermore, once
                                         the Company and/or the Property Companies become aware of such, they shall immediately
                                         give notice of the existing Mortgages in favor of the Trustee to the authority that issued
                                         the attachment or undertook the execution action or that was petitioned to appoint such
                                         a receiver or other such court officer (or any similar proceeding under the law applicable
                                         to the Company and/or the Property Companies), and/or to the third party that initiated
                                         or petitioned these or any part of them, and shall immediately undertake, at the Company’s
                                         expense, all reasonable and required measures for the purpose of annulling the attachment,
                                         execution action or appointment of a receiver or special administrator, as applicable.
                                         The terms of this section M. above will not apply to Proceedings that are negligible
                                         and removed within 21 days from being implemented, or in case of Ongoing Restrictions
                                         (as defined above). For the purpose of this section, a negligible proceeding is a proceeding
                                         in an amount the higher of: (a) USD 100 thousand; or (b) an amount whose value does not
                                         exceed 1% of the value of the assets for which it was taken.

 

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		6.10.13.	For
                                         as long as the Bonds (Series B) remain in circulation, the Company undertakes that the
                                         Mortgaged Assets will be insured, as is customary in the insurance requirements of financial
                                         lenders. The Company undertakes to immediately notify the Trustee in writing in any event
                                         wherein it is informed of a change for the worse in the scope of the insurance coverage
                                         in respect of the Mortgaged Assets, or of the expiration of the insurance policy in respect
                                         of the total Mortgaged Assets, or in the event that it is informed by the insurer of
                                         the expiration or termination of the policy in respect of any of the Mortgaged Assets.

 

		6.10.14.	The
                                         Company and/or Property Companies have not received any notice of any claims with respect
                                         to the rights of the Property Companies in the mortgaged Assets. The Company hereby undertakes
                                         to notify the Trustee in writing in the case in which a change occurs to the terms of
                                         this subsection immediately upon being made aware of the same.

 

		6.10.15.	As
                                         long as the Bonds (Series B) remain in circulation, once per year, near the publication
                                         date of the Company’s annual financial statements, the Company will provide the
                                         Trustee with an opinion from the American Attorney whereby the mortgages for the Mortgaged
                                         Assets are legal, valid, exercisable, and enforceable.

 

		6.10.16.	The
                                         Company and/or the Property Companies are not aware of any defect in the rights of the
                                         Mortgaged Assets, and if a defect is discovered as stated, they will act to remedy the
                                         defect, immediately upon being made aware of the defect as stated. The Company and/or
                                         the Property Companies have not received any notice of any claims and/or legal proceedings
                                         with respect to the rights of the Property Companies in the Mortgaged Assets. The Company
                                         hereby undertakes to notify the Trustee in writing in the case in which a change occurs
                                         to the terms of this subsection immediately upon being made aware of the same.

 

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	 	6.11	Undertakings Not
    to Create Pledges

 

		6.2.1	The
                                         Company undertakes not to pledge any of its property under a general floating pledge
                                         without receiving the prior consent from the assembly of bondholders (Series B) in a
                                         Special Resolution, and the Company declares that as at the date of the signing of the
                                         Deed of Trust it did not create a general floating pledge as aforesaid. It should be
                                         emphasized that subject to the provisions of Section 6.2 above, the Company will be permitted
                                         to pledge its property, in whole or in part, under specific pledges (including a floating
                                         pledge on specific assets) without the need to obtain the consent of the assembly of
                                         bondholders; for the avoidance of doubt, it is hereby clarified that subject to the mortgages
                                         on the Ledged Assets as stated in Section 6,2 above, the subsidiaries of the Company
                                         (excluding the property companies) may pledge their assets, in whole or in part, in any
                                         lien (including floating lien) and in any manner, without obtaining the consent of the
                                         meeting of the Bondholders of the Bonds (Series B) and without requiring any collateral
                                         for Bondholders of Bond (Series B) against the creation of such pledge by them.

 

	 	6.2.2	The Company
    undertakes that the property companies will not be pledged (with a floating or fixed pledge), liened or assigned by way of
    pledge as collateral for a financial debt on its holdings in the assets held thereby, unless prior consent for the same is
    received from the meeting of the Bondholders (Series B). In the case of the addition of a corporation that is held by the
    Company that directly or indirectly holds a pledged asset, the holdings in the corporation as stated will be pledged for the
    benefit of the Trustee.

 

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	 	6.2.3	The Company shall provide the Trustee with an opinion
of an attorney who specializes in the relevant law applicable to the Company regarding the matter of there being no legal obligation
in the British Virgin Islands for the Company to register its undertaking that it will not create a floating general pledge as
described in Section 6.9.1 above (“Undertaking Not to Create Liens”) in any registry that operates under the
laws of the British Virgin Islands. The Company shall provide the Trustee, in the framework of each periodical financial statement,
a confirmation from the Company’s CEO or the most senior financial officer in the Company stating that the Company has not
created and has not undertaken to create a lien in contravention of the Undertaking Not to Create Liens in accordance with Section
6.9.1 above. In addition, the Company shall provide the Trustee on December 31 of every year, with a confirmation of an attorney
who specializes in the relevant law applicable to the Company stating that the Company did not register in its registry books
or in another registry that operates under the relevant law, a pledge in favor of anyone in contravention of the Undertaking Not
to Create Liens as described in Section 6.9.1 above. To the attorney’s confirmation will be attached documentary proof from
the relevant registry under the law applicable to the Company.

 

	 	6.2.4	Subject to the above stated in this Section 6.9 and
in the Deed of Trust, the Company and its subsidiaries (including the property companies) will be permitted to sell, to lease,
to assign, to give or to transfer, in any way their property, in whole or in part in any way, for the benefit of anyone that they
see fit, without the need for any consent of the Trustee and/or of the bondholders (Series B), as relevant. The Company and the
subsidiaries are not required to notify the Trustee of a transfer or sale of any asset of their assets except if what is involved
is a sale or a transfer of “Material Asset” according to the meaning of that term in Section 8.1 below, and in addition
they are not required to notify the Trustee regarding the creation of a pledge over their assets, except as described in Section
6.9 above.

 

    	 	72	 

    	 

    

 

		6.3	Financial
                                         Undertakings

 

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

 

		(1)	The
                                         consolidated equity of the Company (excluding minority rights) will not be less than
                                         USD 150 million (the “Equity Covenant” or the “Minimum Equity”).

 

		(2)	The
                                         adjusted net financial debt ratio to adjusted EBITDA (as these terms are defined below)
                                         shall not exceed 13 (the “Debt to EBITDA Ratio Covenant” or the “Maximum
                                         EBITDA to Debt Ratio”).

 

“Adjusted
Net Financial Debt” and “Adjusted EBITDA” – as defined in Section 5.3 above. It shall be clarified
that in the event of the purchase of one or more income-generating asset, the calculation of the financial covenants 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. 

 

		(3)	The
                                         consolidated equity of the Company (including minority rights) to the total consolidated
                                         balance sheet will not be less than 25%.

 

		(4)	The
                                         Loan to Collateral Ratio will not exceed 75% (the “Loan to Collateral Ratio
                                         Condition”).

 

The
examination regarding the Company’s compliance with the financial covenants contained in Subsection (1) through (4) above
will be performed on the date of the publication of the Financial Statements by the Company and on their basis and as long as
the Bonds (Series B) exist in circulation, with respect to the quarterly/annual financial statements that the Company is required
to publish by the same date (“Date of the Examination”).

 

    	 	73	 

    	 

    

 

The
Company will specify in the framework of the board of director report and notes to the quarterly or annual financial statements
as relevant whether it has or has not complied with the financial covenants set forth in subsections (1) through (4) above, and
will state in the note to the financial statement as stated the relevant calculation regarding each of the financial covenants
set forth above. 

 

In
addition, within five business days from the publication of the relevant financial statements, the Company will transfer to the
Trustee confirmation of the senior officer in the Company’s financial department or the CEO of the Company regarding its
compliance or non-compliance with the financial conditions as stated, together with the relevant calculation.

 

If
the Company does not meet any of the financial undertakings in subsections (1) to (4) above, the Company shall report in writing
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, as applicable). For the purpose of this Section, a report on MAGNA will not be considered to be a report to the
Trustee.

 

Non-compliance
with any of the financial undertakings in subsections (1) to (4) above during two consecutive quarters or non-compliance with
the debt to EBITDA condition during two consecutive quarters will serve as grounds to call for the immediate repayment of the
entire unpaid balance of the Bonds (Series B), as set forth in Section 8.1.14 below.

 

    	 	74	 

    	 

    

 

		6.4	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 (“Distribution”), unless all of the terms set forth below are met:

 

		(1)	The
                                         Distribution amount will not exceed 40% of the net profit after tax that was recognized
                                         in the latest consolidated financial statements of the Company (quarterly or annual,
                                         as applicable) less net revaluation gains/losses (not yet exercised) (the “Revaluation
                                         Gains/ Losses” and hereinafter jointly: the “Distributable Profits”).
                                         It is clarified that (a) in the case of the sale of an asset (exercise) revaluated, the
                                         Revaluation Gains/Losses for the same asset will be added / reduced (as the case may
                                         be) to the distributable profits recognized and/or that will be recognized in the Company’s
                                         consolidated financial statements for previous periods; (b) the Distributable Profits
                                         for which no distribution was performed in a specific year will be added to the following
                                         quarters. Notwithstanding the above, in the case in which the Company’s equity
                                         in the consolidated financial statements based on which the distribution is performed
                                         exceeds USD 280 million, the distribution amount will not exceed 70% of the net profit
                                         after tax recognized in the consolidated financial statements on the basis of which the
                                         distribution was performed;

 

It
is clarified that the balance of the profits and funds accrued by June 30, 2015 will not be distributable and will not be taken
into account for the performance of a distribution on the basis thereof;

 

		(2)	The
                                         Company’s  stockholders’ equity (excluding minority interest),
                                         at the end of the last quarter, before the distribution of dividend, less the dividend
                                         to be distributed, shall not be less than USD 180 million (this amount will not be linked
                                         to the CPI).

 

		(3)	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
                                         there are warning signs as mentioned above and the Company’s board of directors
                                         has determined that this does not indicate a liquidity problem in the Company; 

 

    	 	75	 

    	 

    

 

		(4)	The
                                         Company meets the financial conditions set forth in Section 6.12 above, and the Company
                                         is not in violation of all and/or any of its material undertakings to the Bondholders
                                         (Series B).

 

The
above in subsections (1) through (4) will be hereinafter jointly: the “Dividend Limitation.”

 

The
Company will provide the Trustee, no later than 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 (4). 

 

The
Company will specify in the framework of the quarterly or annual board of director reports, 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 resolution of the stock exchange’s board of directors
                                         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.

 

    	 	76	 

    	 

    

 

		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 B), 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.

 

    	 	77	 

    	 

    

 

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

 

The
minimum amount of each early repayment will not be less than NIS 1 million. Notwithstanding the above, the Company may perform
early redemption in a scope of less than NIS 1 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 B), pro-rata
based on the par value of the Bonds (Series B) 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 B) 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 B) if the last redemption amount is less than NIS 3.2 million.

 

If
the Company performs partial early repayment, the Company will pay the interest accrued only for the part redeemed, and not the
entire unpaid balance of the Bonds (which are redeemed on the partial repayment date). In the case of payment of additional interest
following the early redemption, the additional interest will be paid on the par value redeemed in early redemption only.

 

    	 	78	 

    	 

    

 

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 partial redemption is calculated regarding the unpaid balance;
(5) the interest rate that will be paid in the partial redemption, calculated regarding the unpaid balance; (6) 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 six (6) days before the date determined for the early redemption.

 

The
amount that will be paid to the Bondholders (Series B) in the event of early redemption, excluding in the case of forced early
redemption as stated in Section 6.2 above, will be the amount that is the higher of the following: (1) the market value of the
balance of the Bonds (Series B) available for early repayment which is determined based on the average closing price of the Bonds
(Series B) in thirty (30) trading days before the date on which the board of directors resolves to perform the early redemption,
however, if the early repayment date has been determined on the date on which interest is paid, the amount equal to the interest
amount paid on the same date for the bonds will be reduced from the average unit price as stated; (2) the undertaking value of
the Bonds (Series B) 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 B) that are available for early redemption
(principal in addition to interest), when discounted based on the yield of government bonds (as defined below) with an addition
of the Addition Rate (as defined below), calculated on an annual basis. Discount of the Bonds (Series B) 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
B) available for early redemption.

 

In
this regard, “addition rate” shall mean: in early repayment as stated, performed by March 31, 2021 - an annual
interest rate of 1.5%; in early repayment as stated that is performed as of April 1, 2021 - annual interest rate of 2.5%.

 

    	 	79	 

    	 

    

 

In
this regard: “yield of government bonds” shall mean the weighted average of the yield for redemption (gross)
in a period of seven business days, ending two business days before the date of notice of early redemption, of the series of government
bonds that are not index-linked, with interest in a fixed rate, and that during their average life is the closest to the average
life of the bonds on the relevant date, i.e. one series with the closest average life higher than the life of the bonds (Series
B) on the relevant date, and one series with the average life below the Bonds (Series B) on the relevant date, and whose weight
will reflect the average life of the Bonds on 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
signed by the senior officer in the financial field or the CEO if the Company regarding calculation of the payment amount, all
in the form to the satisfaction of the Trustee.

 

	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 in connection with the debt or
                                         the Deed of Trust or does not meet any of its other material obligations vis-à-vis
                                         the holders under the Deed of Trust. For the purpose of this section, the Company will
                                         have a period of seven (7) days to remedy the breach.

 

		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 a similar proceeding under foreign law (excluding for the purpose of a merger
                                         with another company as stated in Section 8.1.18 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  stockholders 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 B)) or if the Company will otherwise offer its creditors such compromise
                                         or arrangement, against the background of the Company’s inability to meet its obligations
                                         under this Deed when due.

 

    	 	80	 

    	 

    

 

	 	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 or a similar proceeding is performed towards it. It is clarified
    that for the purpose of this Section 8.1.3, a request under Section 350 of the Companies Law with respect to the Company will
    be in accordance with Israeli law or a parallel proceeding in foreign law, parallel to the Israeli proceeding.

 

	 	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 8.1.18 below) or if a fixed and final liquidation order is given by a court and/or a fixed liquidator
    is appointed for it or a similar decision is made or a similar functionary is appointed by the Company and/or towards it.
    It is clarified that for the purpose of this subsection, liquidation proceedings with respect to the Company will be in accordance
    with Israeli law or a parallel proceeding in foreign law, parallel to the Israeli proceeding.

 

	 	8.1.5	In
    the event that a temporary liquidation order is given and/or a temporary liquidator or any similar functionary appointed and/or
    any judicial decision of a similar nature is given, and such order or decision as stated is not rejected or dismissed by the
    court 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. It is clarified that for the purpose of this subsection, liquidation proceedings with
    respect to the Company will be in accordance with Israeli law or a parallel proceeding in foreign law, parallel to the Israeli
    proceeding.

 

    	 	81	 

    	 

    

 

	 	8.1.6	In
    the event that an application is filed for receivership or to appoint a receiver (temporary or permanent) or any similar functionary
    appointed for the Company or a material asset of the Company (as defined below), or if an order is given to appoint a temporary
    receiver or any similar functionary appointed 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) or a similar order under law applicable to the Company. Notwithstanding the above, the Company will not
    be given any remedial period with respect to applications or orders that were submitted or granted as applicable by the Company
    or with its consent. It is clarified that for the purpose of this subsection, receivership proceedings with respect to the
    Company will be in accordance with Israeli law or a parallel proceeding in foreign law, parallel to the Israeli proceeding.

 

	 	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. It is clarified that for the purpose of this subsection, attachment
    proceedings or execution proceedings with respect to the Company will be in accordance with Israeli law or a parallel proceeding
    in foreign law, parallel to the Israeli proceeding. The provisions of this subsection will not apply to liens that are negligible.

 

    	 	82	 

    	 

    

 

	 	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 B). 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 date of the first issuance of
    the Bonds (Series B) and there is a real concern that the Company will be unable to pay the Bonds (Series B) 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 in
    advance by holders of the Bonds (Series B) with a special resolution. For the purpose of this Section 8.1.12 – \

 

    	 	83	 

    	 

    

 

For
the purpose of this Section 8.1.12 - “Transfer of Control” shall mean a change of control of the Company such
that the Company has a controlling stockholder that is not any of the Controlling  Stockholders (as defined
in Section 1.5 of the Deed) and/or is in the hands of any of their immediate family members (including through trusts that the
Controlling  Stockholders and/or any of their immediate family members, as mentioned above, are the beneficiaries
under and/or are their managers). In this regard, “Control” – as defined in the Companies Law. It is
clarified that holdings together with one of the Controlling  Stockholders (as defined in Section 1.5 of the
Deed) with another person or corporation will not be considered to be a transfer of control.

 

“Immediate
Family Members”- Spouse, parent, parent of parent, child, brother or child of spouse of each of these.

 

For
the removal of doubt it is clarified for this matter that inheritance under the law does not constitute a transfer of control
for this section and if the Controlling  Stockholders’ holdings in the Company (and/or those of any of
his immediate family members) are transferred through inheritance under the law, this will not be deemed to be a transfer of control
under this section.

 

    	 	84	 

    	 

    

 

	 	8.1.13	If
    there is called for immediate payment: (1) another series of bonds that is issued by the Company and listed for trade on the
    Stock Exchange or (2) a debt and/or several cumulative debts of the Company or of consolidated companies (including consolidated
    companies with relative consolidation, if any) the value of which is USD 35 million at least or 5% of the total assets of
    the Company based on the most recent consolidated financial statements of the Company, whichever is lower, based on the most
    recent consolidated financial statements of the Company published (whether audited or reviewed), whichever is lower, (Provided
    that if the debts are cumulative, they were immediately repaid simultaneously or close to each other) , or (3) a debt and/or
    several cumulative debts of an affiliated company in which the multiplication of the Company’s holding in (in final
    concatenation) in the affiliated company by the liability value of debt the debt constitutes at least USD 35 million the total
    assets of the Company based on the most recent consolidated financial statements (the debts described in subsections (2) and
    (3) shall be called in this section: the “Other Debt”), and the demand for immediate repayment as stated
    is not removed within twenty one (21) days from the date on which it was called for immediate repayment as stated. A loan
    with no recourse to the Company shall not be considered as a different debt as aforesaid. In this regard, it is noted that
    in connection with another debt for which the Company’s liability arises from providing a guarantee for payment of the
    bonds, the grounds in Section 8.1.13 will only be established in the event that the Company is required to actually pay an
    amount higher than or equal to the aforesaid other debt. In the event that the covenants set forth above are met, the aforesaid
    grounds shall apply, as of the same date on which the Company is required to pay the other debt (subject to the curing period
    set forth above) and not from the date of providing the same debt for early repayment, if these dates do not overlap. 

 

	 	8.1.14	If
    the Company does not meet any of its financial obligations stated in Section 6.10 above for two consecutive quarters.

 

	 	8.1.15	If
    the Company has performed a distribution contrary to the distribution limitation provisions, as set forth in Section 6.11
    above.

 

	 	8.1.16	If
    the rating of the Bonds (Series B) by the rating company is lowered to a rating that is lower than a rating of BBB minus.
    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. 

 

    	 	85	 

    	 

    

 

For
the purpose of this section below, it shall be emphasized that in the event that the Bonds (Series B) 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.

 

	 	8.1.17	If
    the Company performs business activity outside the United States or Israel or sells to another/ others all of its assets or
    its main assets during one calendar quarter, and the holders of the Bonds (Series B) do not consent in advance to the sale
    with a decision passed with a Special Resolution. “Sale to Another” – sale to any third party (including
    the controlling stockholder 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, unless the consideration for the sale is invested in real estate
    for investment, or is used for early repayment of the Bonds (Series B) and the investment agreement as aforesaid will be signed
    within six (6) months from the date of the sale (including up to six months before the sale). For the avoidance of doubt,
    the sale proceeds will not be distributed as dividend.

 

    	 	86	 

    	 

    

 

	 	8.1.18	In
    the event that a merger was performed (excluding a merger with a company under the Company’s full control) with the
    prior consent of the holders of the Bonds (Series B) with a special resolution, unless the absorbing entity undertakes all
    of the Company’s undertakings vis-à-vis the Bondholders (Series B) under the Deed of Trust and in addition, the
    Company or absorbing company declared (as applicable) vis-à-vis the holders of the Bonds (Series B), 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 B).
    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 also 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 should be emphasized that the cause of action in
    this section shall not apply to a merger between companies fully owned by the Company, provided that such merger shall not
    be between the Property Companies and corporations which are not included in the corporation whose assets are pledged for
    the bondholders.

 

	 	8.1.19	If
    trade of the Bonds (Series B) in the Stock Exchange is suspended by the Stock Exchange in accordance with the provisions of
    the Fourth Part of the bylaws, 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.

 

    	 	87	 

    	 

    

 

	 	8.1.20	If
    the Company is dissolved or terminated for any reason.

 

	 	8.1.21	If
    the Company breaches the terms of the Bonds (Series B) and/or the terms of the Trust Deed with a fundamental breach, including
    if it is discovered that any of the material representations by the Company in the Bonds and/or Trust Deed is 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. 

 

	 	8.1.22	If
    the Bonds (Series B) 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 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.

 

	 	8.1.23	In
    the event that the Company expands a series of Bonds (Series B) or issues an additional series of bonds and/or other securities,
    contrary to the provisions of Section 4 above. 

 

	 	8.1.24	If
    the Company ceases to be a reporting corporation as defined in Section 1 of the Securities Law.

 

	 	8.1.25	If
    the Company does not publish a financial report that it is required to publish under any law or under the provisions of the
    Deed of Trust, within 30 days from the deadline on which it was required to publish the same. 

 

	 	8.1.26	If
    the Bonds (Series B) are delisted from trade in the Stock Exchange.

 

    	 	88	 

    	 

    

 

	 	8.1.27	If
    the Bonds (Series B) are not repaid on time or another material obligation provided in favor of the holders is not fulfilled.

 

	 	8.1.28	If
    the Company breaches any of its obligations to avoid creating pledges as stated in Section 6.9 above.

 

	 	8.1.29	If
    a “going concern” note is recorded in the Company’s financial statements for a period of two consecutive
    quarters.

 

	 	8.1.30	If
    the Company breaches any of its obligations in connection with approval of transactions as stated in Section 5.4 above.

 

	 	8.1.31	If
    the Company breaches any of its obligation to deposit the Interest Cushion as stated in Section 5.5 above.

 

	 	8.1.32	If
    the Company breaches its undertaking not to issue bonds outside of Israel and not to take other financial debt outside of
    Israel as set forth in Section 4 of the Deed.

 

	 	8.1.33	If
                                         the Company, its officers and/or controlling  stockholders breach their
                                         undertakings as set forth in Section 33 of the Deed.

 

	 	8.1.34	If
    the Company breaches any of the provisions related to the appointment of a representative for the service of legal process.

 

	 	8.1.35	If
    the Company breaches any of its material obligation in connection with a pledge of the pledged assets.

 

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 on the relevant date, based on the most recent consolidated financial statements (audited or reviewed) of the Company
published before the same date, exceeds 50% of the scope of the assets in the consolidated balance sheet of the Company based
on the financial statements as stated.

 

    	 	89	 

    	 

    

 

	 	8.2	Upon
    the occurrence of any of the events set forth in Sections 8.1.1 until 8.1.34 (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 8.1.33 the Trustee will be required to convene a meeting
    of the holders of Bonds (Series B), that will convene 21 days from the date of the invitation (or a shorter time in accordance
    with the provisions of Section 8.2.5 below), and the agenda of which will contain a resolution regarding calling for immediate
    repayment of the entire unpaid balance of the Bonds (Series B) due to the occurrence of any of the events set forth in Sections
    8.1.1 through 8.1.33 (inclusive) above, as applicable. The invitation will state that if the event set forth in Section 8.1
    above, for which the meeting was convened, will be cancelled, terminated or removed, by the date for which the meeting was
    called, the invitation for the meeting of the Bondholders will be cancelled as stated above.

 

	 	8.2.2	A
    resolution of the holders to call for the immediate repayment of the Bonds (Series B) 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 B), 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
    8.1.33 (inclusive) above was cancelled, terminated or removed, and the resolution in the meeting of holders of the Bonds (Series
    B) 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 B), provided
    that the Company was given a written warning of 15 days of his intention to do so. 

 

    	 	90	 

    	 

    

 

	 	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.

 

	 	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 days of warning
    mentioned in section 8.2.3 above and / or not to give a notice 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 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.

 

    	 	91	 

    	 

    

 

	 	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 B) at its discretion.

 

	 	8.2.8	Notwithstanding
    the provisions of this Section 8.2 above, in the event that the Company asks the Trustee in writing to appoint an urgent representation,
    it shall act in accordance with the provisions set forth in the Third Schedule to the Deed of Trust.

 

	 	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 B) that have not yet been paid, including interest differentials that have accrued on the principal,
    including arrears interest (if relevant), 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).

 

	 	8.2.10	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
    B) or the trustee under the terms of the Bonds (Series B) 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.

 

    	 	92	 

    	 

    

 

	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 notice, to perform any of the proceedings, including legal proceedings
    and motions to receive orders, as it shall see fit, for the purpose of realizing and/or defending the rights of the Holders
    of Bonds (Series B) 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 B) were not called for immediate repayment, all for the defense of the Bondholders
    (Series B) and/or for the purpose of granting any order regarding the matters of the trusteeship. 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 B) in order to discuss and/or accept its instruction for any matter relating to the Deed of Trust. 

 

	 	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 B), 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 B) 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 B).

 

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

 

    	 	93	 

    	 

    

 

	 	9.5	The
    Trustee is entitled, prior to performing any legal proceedings, to convene an assembly of Bondholders (Series B) 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 B) 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 B Bondholders
carried out in installments according to Section 26.4.2 below;

 

    	 	94	 

    	 

    

 

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 B), if applicable, 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 B) the principal arrears owed to them under the terms of the Bonds (Series
B) held thereby, pari-passu, in a manner that is relative to the principal sums in arrears to which they are owed, without any
preference or priority right regarding any of them ; (c) third – in order to pay the Holders of Bonds (Series B) the interest
amounts they are owed according to the conditions of the Bonds pari-passu, and in a manner relative to the sum 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 B) 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 B), as long as there is an obligation to deduct it according
to any law.

 

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 may direct the Company to transfer to it part of the payment that the Company must pay to the Bondholders, (in this section:
“the Relevant Payment”) for the purpose of financing the Proceedings and / or expenses and / or the Trustee’s
fee under this Deed of Trust (in this section: the “Amount of Financing”) as long as the Company did not bear
the Amount of the Financing and / or deposit with the Trustee in advance the Amount of the Financing. The Company shall transfer
the Amount of the Financing Fee to the Trustee no later than the date of payment of the relevant payment. The Company may not
refuse to act in accordance with the said notice, and will be seen as complying with its undertakings toward the Bondholders if
it proves that it transferred the entire Amount of Financing to the Trustee, as aforesaid. Until no later than one business day
from the determined date for payment of the Relevant Payment from which the Amount of Financing will be deducted, a notice will
be published stating the Amount of Financing, its purpose and the up-to-date amounts of principle and/or interest to be paid to
the Bondholders in the framework of the Relevant Payment.

 

    	 	95	 

    	 

    

 

The
amount of financing that the Trustee may instruct the Company to transfer to it as stated above in this section, to the extent
that the decision of the holders of the matter has not been received previously and / or in the matter and / or appointed a representative
on behalf of the court (including a decision in connection with the taking of the proceedings and / or the execution of the actions
for which the amount of the financing and / or the appointment of representatives and / or advisors to the trustee is required)
will be limited to NIS 700,000 (plus VAT) (The “Ceiling Amount”). It is hereby clarified that the Ceiling Amount
does not limit the Trustee’s right to receive indemnification from the Company and / or the Bondholders.

 

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.

 

    	 	96	 

    	 

    

 

	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 ‎17below, and it shall be entitled
to replace these investments from time to time in other permitted investments as it sees fit. 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.

 

Notwithstanding
the provisions of this Section 12 above, the Bondholders (Series B) 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.‎12‎10 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 B) 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.‎10‎12‎27
After the date determined in the notice, the Bondholders (Series B) 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.

 

    	 	97	 

    	 

    

 

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

 

	 	14.1	Any
    sum to which the Bondholders (Series B) 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 (the “Impediment”),
    shall not bear interest from the date set forth for its payment and the Bondholders (Series B) 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
    or the interest.

 

	 	14.2	The
    Company shall deposit with the Trustee, on the earliest date possible after the date determined for payment and no later than
    the end of 14 days from 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
    B) 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 B) by the Company. ‎14.1
    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.

 

    	 	98	 

    	 

    

 

	 	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 B), 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 B) 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 B), and regarding the funds that will be transferred to it by the Trustee as
    stated above, the provisions of Subsection‎14.3 above shall apply to it, mutatis mutandis. Funds that are not demanded
    from the Company by the Bondholders (Series B) at the end of seven (7) years from the final payment date of the Bonds (Series
    B) 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 B) 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.
    ‎14.4

 

    	 	99	 

    	 

    

 

	15.	Receipt
    by Bondholders and Trustee

 

	 	15.1	A
    signed receipt from the Bondholder (Series B) 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 B) as stated, shall be considered a receipt from the Bondholders (Series B) 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. 

 

	 	15.3	The
    sums distributed as stated in Sections‎10and ‎12 above shall be considered as payment at the expense of the repayment
    of the Bonds (Series B).

 

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

 

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

 

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

 

    	 	100	 

    	 

    

 

	 	16.3	The
    Trustee may, in any special case at its discretion, waive the presentation of the Certificate of Bonds (Series B) after being
    provided by the Bondholder (Series B) 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.

 

	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.

 

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-à-vis Trustee 

 

The
Company hereby undertakes vis-à-vis the Trustee and Bondholders, as long as the Bonds (Series B) 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. 

 

    	 	101	 

    	 

    

 

	 	18.3	To
    notify the Trustee in writing, as early as reasonably possible and no later than two business day after being made aware of
    any case in which an attachment is placed and/or execution proceedings take place 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 and/or any functionary, 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 two business day, of the occurrence
    of one or more of the cases listed in Section ‎8.1 above and its subsections and on a certain concern of the Company as
    to the occurrence of any of the events listed in Section 8.1 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 B) under this Deed
    with a repayment schedule for payment of the Bonds (principal and interest).

 

    	 	102	 

    	 

    

 

	 	18.6	To
    provide the Trustee with written notice, signed by a senior officer of the Company or the CEO 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
    under the Deed of Trust and of the balance of the amounts that the Company owes under the Deed of Trust at the same date to
    the Bondholders after the performance of the aforesaid payment.

 

	 	18.7	To
    provide the Trustee immediately upon its publication 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.

 

	 	18.8	To
    allow the Trustee and / or the whomever appointed by the Trustee in writing for this purpose, to enter by appointment to the
    Company’s offices and any place where the Company’s assets will be found at any reasonable time and no later than
    seven (7) business days from the date of the Trustee’s request, At the Trustee’s discretion, in order to protect
    the Bondholders.

 

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

 

	 	18.10	To
    ensure that the senior financial officer of the Company or the CEO of the Company will provide, within a reasonable time from
    the date of the Trustee’s request, and no later than five business days from the Trustee’s request, 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.

 

    	 	103	 

    	 

    

 

	 	18.11	So
                                         long that the Company is bonds company that is private (as those terms are defined in
                                         the Companies Law) – to provide the Trustee pursuant to his request, the signed
                                         minutes of the stockholder meetings within a reasonable time from the date of
                                         his request and in addition the Company undertakes to provide the Trustee a copy of every
                                         document and/or information that the Company provided to the bondholders to the extent
                                         that it provided these, and to provide copies of the notices and the invitations that
                                         were provided to the bondholders if such were provided. Additionally, the Company undertakes
                                         to invite the Trustee to be present at the general meetings (whether in annual general
                                         meetings or special general meetings of the Company’s  stockholders)
                                         (without rights to participate or vote), held in Israel (if such are held). Publication
                                         of an invitation to a general meeting of the  stockholders of the Company
                                         in the MAGNA system will be considered to be an invitation of the Trustee for the purpose
                                         of this Section.

 

	 	18.12	As
long as the Bonds (Series B) are not yet repaid in full, to provide the Trustee, further to his request, with the reports and
statements as follows:8

 

	 	18.12.1	Consolidated
    and solo annual audited financial statements of the Company, and quarterly reviewed consolidated and solo financial statements
    of the Company, no later than the dates set forth for their publication under the Securities Law, even in the event in which
    the Company ceases to be a reporting corporation.

 

	 	18.12.2	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  stockholders 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 publicly (immediate reports), immediately upon their publication.
                                         As long as the Company 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 publicly
                                         (immediate reports), immediately upon their publication.

 

 

8
It is clarified that a report in the Magna system shall constitute a report to the Trustee for the purposes of this section.

 

    	 	104	 

    	 

    

 

	 	18.12.3	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 under this Deed have been paid on time, and the balance of the par value of the Bonds in
    circulation.

 

	 	18.12.4	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 through 18.12 above, with annual, quarterly and immediate reports as set forth below: 

 

	 	(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 Savings9 ( 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;

 

 

9
http://mof.gov.il/hon/Information-entities/Pages/Codex.aspx

 

    	 	105	 

    	 

    

 

	 	(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.

 

	 	18.13	To
    provide the Trustee, at its written request, no later than five business days from the date of the Trustee’s request,
    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.‎31.12

 

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

 

    	 	106	 

    	 

    

 

	 	18.15	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, at its request, with written confirmation, by the Company along with a calculation,
    in a form to the satisfaction of the Trustee, signed by the CEO or the most senior officer in the Company’s financial
    department, regarding its compliance or non-compliance of the Company with the financial covenants set forth in Section 6.10
    of this Deed. 

 

	 	18.16	In
    the event that the Company ceases to be a reporting corporation, then -To cause the senior officer in the Company’s
    financial department or the CEO of the Company to provide within 5 five business days of the date of the Trustee’s request,
    to the Trustee and/or to people that he so orders, with any explanation, document, calculation, or information related to
    the Company, its business and/or its assets that will be reasonably required in the Trustee’s discretion in order to
    carry out his role and to protect the Bondholders. 

 

	 	18.17	In
    the event the Company should cease to be a Reporting Company, on April 10 of each year, for the previous calendar year, and
    as long as there are Bonds (Series B) in circulation, the Company will provide the Trustee, with confirmation, signed the
    by a director, the CEO or 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 B), 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; 

 

	 	18.18	No
    later than April 10 of each year and so long as this Deed is in force, confirmation from a directors of the Company and its
    CEO that in the period from the date of the Deed and/or from the date of the previous confirmation, the later of the two and
    until the date of the provision of the confirmation the Company did not breach this Deed of Trust including a material breach
    of the terms of the Bonds unless explicitly stated otherwise.

 

    	 	107	 

    	 

    

 

	 	18.19	To
    notify the Trustee in writing of any change to its name or address no later than two trading days from the day of the change.

 

	 	18.20	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.

 

	 	18.21	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 or according to a court order. 

 

	 	18.22	To
    notify the Trustee of any non-compliance with any foreign covenant at the earliest possible point and no later than 5 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. 

 

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 material credit.

 

    	 	108	 

    	 

    

 

“Material
credit” – debt constituting at least 10% 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 10% of the consolidated equity of the Company (including minority rights).

 

	19.	Additional
    Liabilities

 

	 	19.1	If
    the Bonds are called for immediate repayment, as defined in Section ‎8above, 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:

 

	 	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.

 

	 	19.1.3	To
    repay to the bond holders and to the Trustee all the amounts due to them under the terms of the Deed of Trust, whether on
    the original due date or the date of the charge is due (‘Acceleration’).

 

	 	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.

 

    	 	109	 

    	 

    

 

	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 technical
    actions that it must perform under the terms included in this Deed, and to act in its name generally with respect to the technical
    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 technical 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 ‎20.1above 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. 

 

	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 B).

 

	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
    (the “Annual Report”). 

 

    	 	110	 

    	 

    

 

	 	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 B) 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 ‎18.4above, it will notify the Bondholders (Series B) 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 and pass on to it a copy thereof.

 

	 	22.7	The
    terms of this section above will not derogate from any other or additional reporting obligation imposed on the Trustee under
    any law.

 

	 	22.8	The
    Trustee must submit a report regarding activity performed under the provisions of Chapter E1 of the Law at the reasonable
    request of the holders with at least ten percent (10%) of the balance of the par value of the Bonds within a reasonable time
    from the date of the demand, all subject to the confidentiality obligation borne by the Trustee vis-à-vis the Company
    as stated in Section 35j(d) of the Law.

 

	 	22.9	At
    the request of holders of more than five percent (5%) of the balance of the par value of the Bonds, the Trustee will transfer
    to the holders data and details regarding its expenses in connection with the trust.

 

	 	22.10	As
    of the signing date of this Deed, the Trustee is insured under professional liability insurance in the amount of $ 10 million
    for the period (the “Coverage Amount”). If the Coverage Amount is reduced for any reason below $8 million,
    the Trustee will update the Company no later than 7 business days from the day on which it learned of the abovementioned reduction
    from the Insurer in order to publish an immediate report on the matter.

 

    	 	111	 

    	 

    

 

	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 possesses 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	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 (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 Trustee
    will include, in opinion regarding the manner of exercise of the rights of the holders vis-à-vis the issuance, a copy
    of the opinion or counsel available to the Bondholders, further to their request (subject to the requestor proving ownership
    of the Bonds), subject to the Trustee’s determination, at its discretion, that the exposure of the opinion as stated
    will not harm the rights of the Bondholders, and it may determine conditions regarding the procedures for the review of the
    opinion. 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. If the same does not harm the rights of the holders, the Trustee will provide the
    Company with notice five business days in advance of its intent to receive an expert opinion or counsel as stated.

 

    	 	112	 

    	 

    

 

	 	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.

 

	 	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 B) 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. 

 

    	 	113	 

    	 

    

 

	 	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 reasonable wages of any such agent, considering
the circumstances, 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, excluding in cases
in which providing notice in advance as stated will materially harm the rights of the Bondholders.

 

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 B) under the provisions of this Deed of Trust (the “Parties
    Eligible for Indemnification”):

 

	 	26.1.1	For
    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 B) and/or at the request of the Company; and

 

    	 	114	 

    	 

    

 

	 	26.1.2	For
    the fees of the Parties Eligible for Indemnification and the reasonable expenses under the circumstances 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 B) 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 if and to the extent such right exists);

 

	 	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;

 

    	 	115	 

    	 

    

 

	 	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.”

 

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 B)
    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.

 

    	 	116	 

    	 

    

 

	 	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 B) 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 B) 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 (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 Trustee has taken the actions required to collect the aforesaid amounts from the
    Company, the Trustee will contact the Bondholders (Series B) that hold the Bonds (Series B) on the effective date (as stated
    in Section ‎26.4 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 B) 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 B).

 

    	 	117	 

    	 

    

 

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 reasonable 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.

 

	 	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 Section‎26.4.1 above.

 

    	 	118	 

    	 

    

 

	 	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 ‎26.3above, 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 B) 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; 

 

	 	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 B) held by the Holder on the relevant effective date as stated
in Section ‎26.3below 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.

 

    	 	119	 

    	 

    

 

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 ‎10of 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:

 

	 	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 B), without a prior
    decision of the meeting of Bondholders (Series B) – 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 B) – 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	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. 

 

    	 	120	 

    	 

    

 

	 	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 ‎10above. 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).
    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. If required under law, the Company will also publish an article in the paper.

 

	 	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.

 

    	 	121	 

    	 

    

 

	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 (including a technical change to the dates
or effective date for payment); (2) the interest rate, adjustments of the interest arising from non-compliance with the financial
covenants and a change to the rating; (3) undertakings of the Company in connection with the financial covenants and their breach;
(4) undertakings of the Company in connection with the distribution of dividends; (5) provisions related to the expansion of a
series; (6) the provisions pertaining to the law applicable to this Deed; (7) the terms of repayment and grounds for calling for
immediate repayment; (8) the provisions regarding assets pledged and the negative pledge; (9) the appointment of a representative;
(10) Interest cushion; (11) limitation on an activity sector;
and (12) limitations regarding transactions with controlling  stockholders; (13) material provisions related
to a pledge of the Pledged Assets; and (14) reports that the Company is required to provide the Trustee under the Deed of Trust,
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 B), 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.

 

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 B) is called for payment, settle with the Company in connection with any right
or claim of the Bondholders (Series B), waive any right or claim of the Bondholders (Series B) or any of them vis-à-vis
the Company under the Deed of Trust and the Bonds (Series B) and agree with the Company to any arrangement of their rights, including
to waive any right or claim of the Bondholders (Series B) 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 B) or agrees with the
Company to any arrangement of rights of the Bondholders (Series B) after receiving the prior consent of the meeting of Bondholders
(Series B) 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.

 

    	 	122	 

    	 

    

 

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) if one of the following is met:

 

	 	(a)	If
    the Trustee is convinced that the change does not harm the rights of the Bondholders under the Deed of Trust (excluding regarding
    the matters listed in subsections (1) to (14) above in this section 28), provided that he has notified the Bondholders (Series
    B) of the same in writing.

 

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

 

This
Deed may also be changed within settlement and arrangement proceedings under Section 350 of the Companies Law.

 

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

 

In
any event of use of the Trustee’s right under this Section, the Trustee may demand from the Bondholders (Series B) 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 B) 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 B) 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 B) 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 B). The Company will solely recognize the ownership of a person in whose name the Bonds
    are recorded, its legal heirs, 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.

 

    	 	123	 

    	 

    

 

	30.	Release

 

When
it is proved to the satisfaction of the Trustee that all of the Bonds (Series B) 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 B) whose redemption was not requested, according to the terms stipulated in this Deed.

 

	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 B) alone under the provisions of Section 35b
    of the Securities Law, including for the parties entitled to payments under the Bonds (Series B) 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 B) 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.

 

    	 	124	 

    	 

    

 

	 	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. 

 

	 	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 required 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.

 

    	 	125	 

    	 

    

 

	 	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.
	 	 	 
	 	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 Series
    B Bonds are present, or at a postponed meeting at which holders with at least 10% of said balance were present, with a majority
    of over 50% 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 B, 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.

 

    	 	126	 

    	 

    

 

	32.	Bondholders’
    Meetings

 

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

 

	33.	Applicable
    Law

 

The
only law which applies to this Deed of Trust and its appendices10, 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 only in accordance with the provisions of Israeli law.

 

	34.	Exclusive
    Jurisdiction

 

The
law applicable to this Deed of Trust, including its appendices, is the Israeli law only. In the event of a conflict between the
provisions of the law and this Deed of Trust, the parties shall act in accordance with the provisions of Israeli law.

 

The
exclusive and sole jurisdiction in connection with this Deed of trust, including its appendices11 and the bond, as
an appendix thereto, is subject to the competence court in Tel Aviv- Jaffa.

 

 

10
                                         Except for the pledge document to be signed as described in Section 6 of the Deed
                                         of Trust, which will be subject to US law.

11
                                         Except for the pledge documents to be signed as stated in Section 6 of the Deed
                                         of Trust, regarding which the competent court in the US will be authorized to hear any
                                         matters connected thereto.

 

    	 	127	 

    	 

    

 

The Company, (with its signing of
the Shelf Offer Report) the Controlling  Stockholders in the Company (present and future) and the officers in
the Company, (who serve and who will serve in the Company in the future), undertook and will undertake as relevant: that they
will not object to a request by the Trustee and/or the Bondholders of Bonds (Series B) who will submit to a court in Israel a
request for the application of Israeli law regarding compromise, arrangement, and insolvency in connection with the Company (and
including the liquidation of the Company), regarding the Company’s compliance with the terms of the Deed of Trust and the
Bonds (Series B), inasmuch as it shall be submitted; not to apply of their own initiative to courts outside of Israel in order
to receive protection from a proceeding as aforesaid initiated against the Company by the Trustee and/or the Company’s Bondholders
; not to object if a court in Israel will seek to apply Israeli law regarding a compromise an arrangement and insolvency in connection
with the Company (including liquidation; and will not 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 against the Company including a class action and
derivative action regarding the Company’s compliance with the terms of the Deed of Trust and the Bonds (Series B). Further,
the Company (with its signing of the Prospectus) undertook that in every agreement that the Company directly enters with a third
party, including with the Company’s employees, it will be established that insolvency proceedings against the Company shall
be initiated only in a court in Israel and according to the Israeli law. For this matter it is clarified that this undertaking
shall not apply to the Company’s contracting with a third party that are ancillary to the contracting of the Company’s
subsidiaries, including (without derogating from the generality of the above) the Company’s provision of guarantees and
as well it will not apply to hedging agreements that the Company will enter with a third party, if such an agreement will occur.

 

In light of the aforesaid and subject
to the fulfillment of the Company’s the Controlling  Stockholders’ and the officers’ undertakings
(in the present and in the future, as relevant), to the Company’s understanding an insolvency proceeding against the Company
which is not according to Israeli law and/or not before Israeli courts can only stem from a lawsuit by a foreign creditor. On
this matter, it is noted that if an insolvency proceeding against the Company is initiated not according to Israeli law and/or
not before a foreign court, that stems from a lawsuit by a foreign creditor, the Company will make its best efforts and argue
that the forum is not appropriate and all subject to all laws.

 

For the avoidance of doubt it is
clarified that the undertakings by the Controlling  Stockholders and officers in the Company (in the present
and in the future) shall include, expressly, an irrevocable undertaking as well not to commence, at their initiative, ad insolvency
proceeding against the Company according to foreign law and/or in a foreign court.

 

    	 	128	 

    	 

    

 

In light of the aforesaid and subject
to the fulfillment of the undertakings of the Company, Controlling  Stockholders and officers (present and future,
as applicable), it is the Company’s understanding that and insolvency proceeding which is not according to Israeli law and/or
before non-Israeli courts can only stem from a lawsuit by a foreign creditor which is not one of the above factors (the Company,
the Controlling  stockholders and the officers, as aforesaid) .

 

In
addition, the Company (by signing this Prospectus), the Controlling  Stockholders and the Officers of the Company12,
present and future, irrevocably undertake and will undertake in writing not to make any claims against the authority of the Securities
Authority and/or the administrative enforcement committee in Israel in connection with financial sanctions and/or administrative
means of enforcement placed thereon by the Securities Authority and/or the administrative enforcement committee in Israel, according
to Chapter H3 and/or Chapter H4 of the Securities Law, and irrevocably undertake and will undertake in writing to uphold the decisions
of the Securities Authority and/or the administrative enforcement committee in Israel including, without derogating from the generality
of the foregoing, to pay the financial sanctions and/or payments to the victims of the breach placed thereon (if any) and to take
the actions to amend the breach and prevent its recurrence without waiving any right to petition, appeal or otherwise claim against
such financial decision or sanction.

 

 

12
That are not Israeli.

 

    	 	129	 

    	 

    

 

In
addition, the Company undertakes to provide the Trustee, shortly after the signing of the Trust Deed, with an irrevocable written
undertakings of the Company, the Controlling Stockholders and the Officers of the Company on the signing date
of the Trust Deed (and shortly after a change of control in the Company, as applicable) and any officer as stated above serving
in the Company on the date of signing the Trust Deed (and shortly after the appointment of additional officers to the Company,
as applicable) by virtue of their positions as officers of the Company: (1) not to object to the request of the Trustee and/or
Bondholders that will be submitted to a court in Israel for the application of Israeli law regarding compromise, arrangement,
and insolvency (including liquidation) in connection with the Company, if filed; (2) not to object if the court in Israel seeks
to apply Israeli law regarding a compromise, arrangement and insolvency (including liquidation) in connection with the Company;
(3) not to make claims against the territorial jurisdiction of the court in Israel in connection with the proceedings filed by
the Trustee and/or bondholders of the Company against the Company, including a class action or derivative claim; (4) not to apply
of their own initiative to courts outside of Israel to receive protection in any proceeding initiated by the Trustee and/or the
Bondholders of the Company against the Company regarding the Company’s fulfillment of the terms of the Company’s Bonds
and Trust Deed, and not to manage on their own an insolvency proceeding against the Company under foreign law and in a jurisdiction
that is not Israel; (5) not to make claims against the authority of the Securities Authority and/or an administrative enforcement
committee in Israel in connection with financial sanctions and/or administrative enforcement measures imposed thereon by the Securities
Authority and/or administrative enforcement committee in Israel, under Chapter H3 and/or Chapter H4 of the Securities Law, and
undertake and will undertake irrevocably and in writing to uphold the decisions of the Securities Authority and/or the administrative
enforcement committee in Israel, including, without derogating from the generality of the above, to pay the financial sanctions
and/or payments to victims of the breach imposed thereon (if any) and to take actions to remedy the breach and prevent its recurrence
without waiver on any right of petition, appeal or claim in any other manner against the aforementioned sanctions or resolutions.
The aforesaid undertakings of the Company, officers and controlling  stockholders of the Company will be hereinafter
referred to as the “Undertakings of the Company, Officers and Controlling  Stockholders.”

 

The
controlling stockholders’ and officers’ undertakings, as stated above, will be published shortly
after the publication of the results of the tender regarding the issuance of Series B Bonds, or as the case may be 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 Or regarding the change in control of the Company, as the case may be, which the Company shall
publish in accordance with the provisions of the law in Israel, as part of the pre-issuance reports and at the time of the appointment
of any officer and/or the entry of a new controlling stockholder, all during the course of the life of the Bonds (Series
B).

 

    	 	130	 

    	 

    

 

The
laws of the British Virgin Islands and the incorporation documents of the Company do not limit or prevent the registration for
trade of the securities offered according to this Prospectus and these may be traded freely in the Stock Exchange without any
limitation under the laws of the British Virgin Islands and the incorporation documents of the Company.

 

Moreover, it should be noted that
the Controlling Stockholders and Officers in the Company, present and future, have irrevocably undertaken and
will irrevocably undertake (as applicable) not to make any claims against the imposition or validity of Article 39a as aforementioned.

 

	35.	General

 

Without
derogating from the other provisions of this Deed and of the Bonds (Series B), any waiver, extension, discount, silence, refraining
from taking action (“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 B) 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 B), 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 B)).

 

    	 	131	 

    	 

    

 

	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.

 

	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.

 

    	 	132	 

    	 

    

 

In
witness whereof the Parties have signed:

 

	 	 	 
	Mishmeret
    Trust Services Company Ltd.	 	Strawberry
    Fields REIT Ltd.

 

I
the undersigned, Boaz Noiman, Advocate, of the offices of Fischer Behar Well Orion & Co., certify that this Deed of Trust
was signed by Strawberry Fields REIT Ltd. Through Mr. Moshe Eingal, whose signature binds the Company in connection with this
Deed of Trust.

 

	 	 
	 	Boaz
    Noiman
	 	 
	 	Advocate

 

    	 	133	 

    	 

    

 

First
Addendum

 

Certificate
of Bonds (Series B)

 

Issuance
of a series of NIS ___ million par value of Bonds (Series B), registered by name, bearing fixed annual interest in the rate determined
by the Tender (the “Interest”), repayable (principal) in three payments – on March 31 of each of the
years 2020, 2021, and 2022, such that each of the first two payments on account of the principal will constitute 10% of the total
principal par value of the Bonds (Series B) and the third and last payment on account of the principal will constitute 80% of
the principal total par value of the Bonds (Series B). The interest for the Bonds (Series B) will be paid on December 31 and
March 31 of each of the years 0218 to 2022 (inclusive) (the first interest payment will be made on December 31, 2018 and the
last interest payment will be made on March 31, 2022, together with payment of the principal of the Bonds).

 

Bond
(Series B) 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: Mizrahi Tefahot Nominee Company 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 B)”) on the effective date for the same payment. The
    payments will be made on the following dates:

 

	 	1.1.	The
    principal of the par value of the Bonds (Series B) in three payments - on March 31 of each of the years 2020, 2021, and
    2022, such that each of the first two payments on account of the principal will constitute 10% of the total principle par
    value of the Bonds (Series B) and the third and final payment on account of the principal will constitute 80% of the total
    principal par value of the Bonds (Series B).

 

    	 	134	 

    	 

    

 

	 	1.2.	The
    interest for the Bonds (Series B)- the interest for the Bonds (Series B) will be paid in biannual payments on March 31
    and December 31 of each of the years 2018 to 2022 (inclusive). The first interest payment will be made on December 31, 2018
    for the period beginning on the first trading day after the closing date of the signatures and ending on the last day before
    the first payment date of the interest (i.e. on September 29, 2018) (the “First Interest Period”), which
    will be calculated based on the number of dates in this period on a basis of 365 days per year. The interest rate that will
    be paid for a certain interest period (excluding the First Interest Period) i.e. the period commencing on the payment date
    of the previous interest period and ending on the last day before the payment date shortly after the date of its commencement
    will be calculated as the annual interest rate divided by two (the “Biannual Interest Rate”). .

 

All
subject to the provisions on the overleaf and the Deed of Trust, dated ___, 2018, 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.	The
    Bonds (Series B) are not linked to any index or currency.
	 	 
	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 B) to the Company on the date of the final payment (i.e. on March 31, 2022) at the Company’s registered office
    or in any other place which the Company shall indicate. The Company’s notice as stated will be published no later than
    five (5) business days before the last payment date.
	 	 
	4.	All
    of the Bonds (Series B) shall have an equal security rating between them (Pari Passu) in connection with the Company’s
    liabilities according to the Bonds (Series B) and without a priority right or preference for one over another.

 

    	 	135	 

    	 

    

 

	5.	This
    Bond (Series B) is issued subject to the terms detailed on the overleaf, the terms detailed in the Deed of Trust, the Shelf
    Prospectus and the Shelf Offer Report.

 

Signed
by the Company on ____ 2018

 

	By:	 
	 	 
	Authorized
    Signatory: _______________	Authorized
    Signatory: _______________

 

I
the undersigned, Boaz Noiman, Advocate, of Fischer Behar Hen Well Orion and Co. certify that this bond certificate was duly signed
by Strawberry Fields REIT Ltd., by means of Mr. Nahman Eingal, whose signature binds the Company in connection with this bond.

 

Boaz
Noiman, Adv.

 

    	 	136	 

    	 

    

 

The
Terms Listed on the Overleaf

 

	1.	General

 

In
this (Series B) 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 listed by name, whose terms will be in accordance with the certificate of the Bonds (Series B) and the Shelf Offer
    Report on behalf of the Company dated ____ 2018 (including its amendments, if any) based on which they will be issued.
	 	 	 
	“Principal”
    - 	 	The
    unpaid par value of the (Series B) bonds.
	 	 	 
	“Special
    Resolution” – 	 	a
    resolution passed in a general meeting of Bondholders (Series B), 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 B), 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 B) represented in the vote.

 

    	 	137	 

    	 

    

 

	“Ordinary
    Resolution” - 	 	a
    resolution passed in a meeting of Bondholders convened under Section 35l13 and 35l14(a) of the Securities Law, passed (whether
    in the original or deferred meeting) with a majority of at least fifty percent (50%) of all of the votes of the participants
    in the vote, excluding abstentions;
	 	 	 
	The
    “Nominee Company” – 	 	Mizrahi
    Tefahot Nominee Company Ltd. or a nominee company that will replace it, provided all the Company’s securities will be
    registered under its name.
	 	 	 
	“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.

 

	2.	The
    Bonds

 

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

 

	3.	Terms
    of Bonds (Series B)

 

	 	(a)	The
    Bonds (Series B), registered by name, worth NIS 1 par value each. The Bonds (Series A) will be payable (principal) in three
    payments - on March 31 of each of the years 2020, 2021, and 2022, such that each of the first two payments on account of the
    principal will constitute 10% of the total principle par value of the Bonds (Series B) and the third and final payment on
    account of the principal will constitute 80% of the total principal par value of the Bonds (Series B).
	 	 	 
	 	(b)	The
    unpaid balance of the principal of the Bonds (Series B) 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 B) and/or deviation from the financial
    covenants set forth in Sections 5.2 and 5.3, respectively, in the Deed of Trust. 13

 

 

13
It is clarified that if the Bonds (Series B) 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.

 

    	 	138	 

    	 

    

 

	 	(c)	The
    Bonds (Series B) are not linked to any currency or index.
	 	 	 
	 	(d)	The
    interest for the Bonds (Series B) will be paid in semiannual payments, on March 31 and on December 31 of each of the years
    2018 to 2022 (inclusive), as set forth below (excluding the first payment, which will be made as set forth in subsection (e)
    below).
	 	 	 
	 	(e)	The
    first payment of interest on the Bonds (Series B) will be paid on December 31, 2018 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 (namely,
    on September 29, 2018) (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 (the “Semiannual Interest Rate”). The Company will publicize, in the immediate report on the
    results of the tender, the initial interest rate, the annual 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 B) to the Company on the date of the final payment (namely, on March 31, 2022) 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.

 

    	 	139	 

    	 

    

 

	 	(g)	It
    is clarified that a party that is not registered in the registry regarding payment of principal and/or interest, as applicable,
    on March 19 and September 18 regarding each relevant period that precedes the payment date of the principal and/or interest
    will not be entitled to payment of principal and/or interest for the principal and/or interest term beginning before the same
    date.

 

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

 

	 	(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 a reason under the Company’s control, 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 interest in arrears shall be in addition to 3% on the interest rate on bonds as stated in section
    3(b) ‎3 above, and all on a yearly basis (the “ Arrears Interest”). The Company shall give notice of the rate
    of Interest which has accrued (inasmuch as it has accrued) on the precise interest rate for the period, including the arrears
    interest, as well as the date of payment, in an immediate report and this two (2) trading days before the date of actual payment.
	 	 	 
	 	(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 B). If the Company cannot, for any reason whatsoever which is not under the
    Company’s control, pay any amount to those so entitled, the provisions of Section ‎14of the Trust Deed will apply.
	 	 	 
	 	(c)	A
    bondholder (Series B) 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 B) 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.

 

    	 	140	 

    	 

    

 

	 	(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.

 

	6.	Securing
    the Bonds

 

See
Section ‎6 of the Deed of Trust.

 

	7.	Refraining
    from Payment for a Reason Which is not under the Company’s Control

 

See
Section ‎14of the Deed of Trust.

 

	8.	Register
    of Bondholders

 

See
Section ‎29of the Deed of Trust.

 

	9.	Splitting
    Bond Certificates

 

	 	(a)	In
    respect of the Bonds (Series B) 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.

 

    	 	141	 

    	 

    

 

	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 ‎8above, 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.

 

    	 	142	 

    	 

    

 

	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 ‎5 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.

 

	14.	Bondholders’
    Meetings

 

The
general meetings of bondholders (Series B) 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 ‎33and ‎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.

 

***

 

    	 	143	 

    	 

    

 

Second
Addendum

 

Bondholders’
Meetings (Series B)

 

	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
    who has at least 5% (five percent) of the balance of the par value of the Bonds. 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 as aforesaid, within 21 days from the
    date he was requested as aforesaid, 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.
	 	 	 
	 	1.5.	Every
    meeting of bondholders (Series B) 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.

 

    	 	144	 

    	 

    

 

	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 (“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
    ( “Summons”).
	 	 	 
	 	2.3.	The
    Trustee will determine the agenda at the bondholders meeting. One or more Bondholder (Series B) who has at least 5% (five
    percent) of the balance of the par value of the Bonds (Series B) 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;
	 	 	 
	 	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;

 

    	 	145	 

    	 

    

 

	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 as stated below for holding the meeting
    is present.
	 	 	 
	 	3.3.	Subject
    to the presence of 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 as resolution that is required to be adopted as a special resolution
    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.
	 	 	 
	 	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.

 

    	 	146	 

    	 

    

 

	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 (“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:

 

	 	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.

 

    	 	147	 

    	 

    

 

	 	6.2.	In
    a meeting the agenda of which contains removing the Trustee from his service - the provisions of Section ‎31of 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.
    ‎28

 

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
    B) 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 stockholders or
                                         by the stockholders as detailed in sections 1.1 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.‎1.2‎1.3

	 	 	 
	 	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 7.1 and 7.3 above, or in response to another application to the bondholders.
	 	 	 
	 	7.5.	Position
    Statements will not be published at a Consultation Meeting.

 

    	 	148	 

    	 

    

 

	8.	Votes
    at a Meeting

 

	 	8.1.	The
    vote at a meeting of the holders of the Bonds (Series B) will take place in relation to the topics which were detailed in
    the summons only.
	 	 	 
	 	8.2.	A
    holder of a Bond (Series B) 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, but subject
    to the provisions above, 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.
	 	 	 
	 	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.

 

    	 	149	 

    	 

    

 

	 	8.6.	Holders
    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.
	 	 	 
	 	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 ‎3.2of the Trust Deed);

 

    	 	150	 

    	 

    

 

	 	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 B). 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.

 

	 	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.

 

    	 	151	 

    	 

    

 

	 	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 ‎9.1above, 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 B), the Trustee will take
    into account when telling votes, the votes of holders with a conflict of interest as well.‎9.6

 

	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.

 

	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.

 

    	 	152	 

    	 

    

 

	 	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.	Subject
    to the provisions of Section 11.2 above, every corporation which 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.
	 	 	 
	 	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 the Company and the bondholders, and a copy thereof will be sent to any bondholder requesting it. The Trustee
    of the Company, at its request, will also be sent a copy of the minutes of this meeting in which the Company participated.
	 	 	 
	 	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 B).

 

	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.

 

***

 

    	 	153	 

    	 

    

 

Third
Addendum

 

Urgent
Representation for the Holders of Bonds

 

	1.	Regarding
    the Bonds (Series B), insofar as an urgent representation of the Bondholders of the Bonds (Series B) as set forth below, the
    Company undertakes that the urgent representation shall be appointed to act in accordance with the relevant provisions of
    Appendix 5.2.4.4 to Chapter 4 in Part 2 (Management of Investment Assets and Provision of Credit ) In Section 5 (Principles
    of Business Conduct) in the Consolidated Circular14, And the Company undertakes to act in full cooperation with
    the urgent representative and the trustee, to the extent necessary for carrying out the tests required by them and formulating
    the decision of the urgent representatives, and to transmit to the urgent representative office all the data and documents
    in the Company’s possession that will be required of it for the Company and which were requested in writing.
	 	 
	2.	Appointment;
    Tenure

 

	 	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 (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 (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.

 

 

14
http://ozar.mof.gov.il/hon/2001/law/Codex.asp

 

    	 	154	 

    	 

    

 

And
these are the conditions:

 

	 	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 ‎3.2of 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 will rely on the said declarations and will not
    conduct an additional personal test or investigation. The Trustee’s determinations in these matters shall be final.

 

    	 	155	 

    	 

    

 

	 	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 of Trust, 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 obligations set forth in the Deed of Trust in a manner that will not apply as the grounds
    for immediate repayment as in Sections 8.1.13 through 8.1.14 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 obligation for two consecutive
    calendar quarters. 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.
	 	 	 
	 	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.

 

    	 	156	 

    	 

    

 

	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 in its possession or which it is able to secure 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
    to the best of the Company’s knowledge 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.‎26

 

    	 	157	 

    	 

    

 

	5.	Liability

 

	 	5.1
    	The
    Urgent Representation shall act and decide on the matters that were placed before it as aforesaid 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 by the Company
    for the Urgent Representation’s examination provided that there is nothing precluding its publication, by law.

 

***

 

    	 	158	 

    	 

    

 

Appendix
23

 

Of
the Deed of Trust dated ___ 2018

 

Trustee
Salary

 

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

 

	1.	A
    salary of NIS 500 per hour will be paid for the actions performed by the Trustee in connection with the formulation of the
    documents connected to the trusteeship and other actions related to the issuance. However, in any event an amount above NIS
    72,000 will not be paid for these actions. (This amount does not include the fees of an American lawyer who will represent
    the Trustee in the process of providing the collateral and releasing the proceeds of the issue, which will be paid by the
    Company separately). In the event that the prospectus will not be published as a result of termination or rejection (or for
    any reason) the said amount above will be limited to NIS 15,000.
	 	 
	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 28,000 (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.

 

    	 	159	 

    	 

    

 

	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 500 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;
	 	 	 
	 	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.

 

    	 	160	 

    	 

    

 

	 	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 Deed of Trust, provided that he notified the Company of his intention to
    do so in advance and in writing.
	 	 	 
	 	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 __ 2018, however, in any event, a sum that is lower than the sum
    denominated in this Deed will not be paid.
	 	 	 
	 	4.10	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.
	 	 	 
	 	4.11	The
    aforesaid yearly wage will be paid at the end of every trust year.
	 	 	 
	 	4.12	Subject
    to the provisions of the Deed of Trust, all of the amounts described in this supplement will have preference over monies due
    to the bondholders.
	 	 	 
	 	4.13	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.

 

    	 	161	 

    	 

    

 

	5.	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 B 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.
	 	 
	6.	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.

 

***EXHIBIT
10.2

 

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
    Stockholders”: 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 Stockholder 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 business 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 business 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 business 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 stockholders 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 stockholders (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
    stockholders 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 stockholder thereof, or extraordinary transactions of the Company with another person in which
the Controlling Stockholder has a personal interest, or engagements of the Company with the Controlling Stockholder or his relative,
directly or indirectly, including through a company under his control, including if 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 stockholders 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 stockholders 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 between 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 stockholder 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 stockholder, 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 stockholders;

 

(10)
Granting letters of indemnity to the controlling stockholders 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
stockholders 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 stockholders 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 stockholders 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 stockholders 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 stockholders 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.

 

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	 	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 stockholder 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.

 

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	 	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.

 

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	 	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.

 

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	 	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.

 

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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.

 

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	 	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.

 

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	 	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).

 

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	 	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
    stockholders) of the Company’s stockholders (without rights to participate or vote), held in Israel. Publication of an invitation
    to a general meeting of the stockholders 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 stockholders 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 stockholders 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 publicly (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
    publicly (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.

 

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	 	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:

 

	 	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 stockholders 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.

 

    	85

    	 

    

 

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.

 

    	87

    	 

    

 

	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. 

 

    	88

    	 

    

 

 

	 	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.

 

    	89

    	 

    

 

	 	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.

 

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	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 Stockholder 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 Stockholder 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 Stockholder 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 Stockholder in the
Company, as applicable, an irrevocable written undertaking by said officer and/or the controlling stockholder, as applicable, (hereinafter:
“Controlling Stockholder’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 stockholder and officers as stated
above, including and without limitation, to file claims in a court in Israel in accordance with Israeli law.

 

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For
the avoidance of doubt it is clarified and emphasized that the undertakings by the controlling stockholder 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 stockholder’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 stockholder’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 stockholder, all during the course of
the life of the Bonds (Series A).

 

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	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:

 

    	107

    	 

    

 

 

	 	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 stockholders or by the stockholders 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.

 

    	108

    	 

    

 

	 	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.

 

    	109

    	 

    

 

	 	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.

 

    	111

    	 

    

 

	 	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;

 

    	120

    	 

    

 

	 	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. 

 

    	121

    	 

    

 

	 	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 stockholders, 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. 

 

***

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