Common use of Issue of Bonds Clause in Contracts

Issue of Bonds. The Company will issue registered Series B Bonds, unlimited in amount, payable in 10 equal semi-annual installments, on August 20 and February 20 of each of the years 2009 to 2014, inclusive (the first installment to be effected on August 20, 2009 and the last installment to be effected on February 20, 2014), bearing varying interest on the basis of the rate of the Libor interest (as defined above) plus 2.65% per annum, payable in semi-annual installments on August 20 and February 20 of each of the years 2006 to 2014 (the first installment to be effected on August 20, 2006 and the last installment to be effected on February 20, 2014), linked (principal and interest) to the Representative Rate of the Dollar as of the Base Rate, all pursuant to the terms set forth in the Bond attached as Appendix A hereto. The Bonds are offered within a transaction that does not constitute a public offering in the United States, within the meaning thereof in the 1933 US Securities Law, as may be amended from time to time (hereinafter: the "US LAW"). The Bonds will not be submitted for registration with the US Securities Authority or any other securities authority of any state in the United States. The Bonds may not be offered or sold under US Law by any holder other than in accordance with exemption from the registration requirements in the United States, or within a transaction which is not subject to the registration requirements, under the US Law, or any securities law applicable in the pertinent state in the United States. Increase in the series - The Company may issue, at any time and from time to time, without the approval of either the Bondowners or the Trustee, including to the Company's subsidiary, pursuant to the provisions of any law, additional Bonds with identical terms to those of the Series B Bonds, at such a price and in such a manner as the Company finds fit. Provided that this Deed will apply to all such additional Bonds to be issued by the Company and that they shall be deemed as the Series B Bonds first issued. Notwithstanding anything to the contrary anywhere in this Deed, an additional issue of Series B Bonds exceeding the scope rated by a Rating Company within the framework of this Series (as of the date of this Deed, the sum totals NIS 630 million), shall be effected subject to another rating by a Rating Company and subject further that such additional issue of Bonds of the same Series shall not adversely affect the rating of the Bonds first issued under this Deed, as then in effect. The Company shall obtain the Stock Exchange's approval for such an increase and shall publish an immediate report of any increase in the Series Bonds. Deposit of additional securities - The Company reserves the right to issue, at any time, without approval of the Trustee and/or the Bondholders, other Bonds or Series Bonds or other securities of any nature or type whatsoever, at such terms as the Company shall find fit, whether preferable, equal or inferior to the terms of the Bonds. Listing the Bonds for trading in the TACT - Institutional system - subject to the provisions of the Stock Exchange rules, the Company will register the Bonds in the name of Israel Discount Bank Nominees Ltd. and will list the Bonds, insofar as this will be under its control, with the Stock Exchange clearing house, which will provide clearing services to the Bonds, as well as within the framework of the trading system for institutional investors operated by the Stock Exchange (hereinafter: "TACT - INSTITUTIONAL"). The Company shall bear all costs involved in the registration with the TACT - Institutional system. In the event that the Bonds are listed for trading on the TACT - Institutional, the following provisions will apply:

Issue of Bonds. The Company will issue 458,605,000 registered (Series B C) Bonds, unlimited in amount, payable in 10 equal semi-annual installments, on August 20 and February 20 September 1 of each of the years 2009 to 20142018, inclusive (the first installment to be effected on August 20September 1, 2009 and the last installment to be effected on February 20September 1, 20142018), bearing varying interest on at the basis Uniform Interest Rate or at the New Uniform Interest rate (as such terms are defined in the Prospectus of the rate issuance of the Libor interest (as defined above) plus 2.65% per annumCompany of August 24, payable 2006), which shall paid in semi-annual installments on August 20 March 1 and February 20 September 1 of each of the years 2006 2007 to 2014 2018 (the first installment to be effected on August 20March 1, 2006 2007 and the last installment to be effected on February 20September 1, 20142018), linked (principal and interest) to the Representative Rate of the Dollar as of the Base RateConsumer Price Index, all pursuant to the terms set forth in the Bond attached as Appendix A hereto. The Bonds are offered within a transaction that does not constitute a public offering in the United States, within the meaning thereof in the 1933 US Securities Law, as may be amended from time to time (hereinafter: the "US LAW"). The Bonds will not be submitted for registration with the US Securities Authority or any other securities authority of any state in the United States. The Bonds may not be offered or sold under US Law by any holder other than in accordance with exemption from the registration requirements in the United States, or within a transaction which is not subject to the registration requirements, under the US Law, or any securities law applicable in the pertinent state in the United States. Increase in the series - The Company may issue, at any time and from time to time, without the approval of either the Bondowners or the Trustee, including to the Company's subsidiary, pursuant to the provisions of any law, additional Bonds with identical terms to those of the (Series B C) Bonds, at such a price and in such a manner as the Company finds fit. Provided that this Deed will apply to all such additional Bonds to be issued by the Company and that they shall be deemed as the (Series B C) Bonds first issued. Notwithstanding anything to the contrary anywhere in this Deed, an additional issue of (Series B C) Bonds exceeding the scope rated by a Rating Company within the framework of this Series (as of the date of this Deed, the sum totals approximately NIS 630 470 million), shall be effected subject to another rating by a Rating Company and subject further that such additional issue of Bonds of the same Series shall not adversely affect the rating of the Bonds first issued under this Deed, as then in effect. The Company shall obtain the Stock Exchange's approval for such an increase and shall publish an immediate report of any increase in the Series Bonds. Deposit Issuance of additional securities - The Company reserves the right to issue, at any time, without approval of the Trustee and/or the Bondholders, other Bonds or Series Bonds or other securities of any nature or type whatsoever, at such terms as the Company shall find fit, whether preferable, equal or inferior to the terms of the Bonds. Listing the Bonds for trading in the TACT - Institutional system - subject to the provisions of the Stock Exchange rules, the Company will register the Bonds in the name of Israel Discount Bank Nominees Ltd. and will list the Bonds, insofar as this will be under its control, with the Stock Exchange clearing house, which will provide clearing services to the Bonds, as well as within the framework of the trading system for institutional investors operated by the Stock Exchange (hereinafter: "TACT - INSTITUTIONAL"). The Company shall bear all costs involved in the registration with the TACT - Institutional system. In the event that the Bonds are listed for trading on the TACT - Institutional, the following provisions will apply:.

Issue of Bonds. The Company will issue registered (Series B D) Bonds, unlimited in amount, payable in 10 8 equal semi-annual installments, on August 20 April 1 and February 20 of each of the years 2009 2013 to 20142020, inclusive (the first installment to be effected on August 20April 1, 2009 2013 and the last installment to be effected on February 20April 1, 20142020), bearing varying interest on the basis of the at a rate of the Libor interest (as defined above) plus 2.655% per annum, payable in semi-annual installments on August 20 October 1 and February 20 April 1 of each of the years 2006 2007 to 2014 2020 (the first installment to be effected on August 20October 1, 2006 2007 and the last installment to be effected on February 20April 1, 20142020), linked (principal and interest) to the Representative Rate of the Dollar as of the Base RateConsumer Price Index, all pursuant to the terms set forth in the Bond attached as Appendix A hereto. The Bonds are offered within a transaction that does not constitute a public offering in the United States, within the meaning thereof in the 1933 US Securities Law, as may be amended from time to time (hereinafter: the "US LAW"). The Bonds will not be submitted for registration with the US Securities Authority or any other securities authority of any state in the United States. The Bonds may not be offered or sold under US Law by any holder other than in accordance with exemption from the registration requirements in the United States, or within a transaction which is not subject to the registration requirements, under the US Law, or any securities law applicable in the pertinent state in the United States. Increase in the series - The Company may issue, at any time and from time to time, without the approval of either the Bondowners or the Trustee, including to the Company's subsidiary, pursuant to the provisions of any law, additional Bonds with identical terms to those of the (Series B D) Bonds, at such a price and in such a manner as the Company finds fit. Provided that this Deed will apply to all such additional Bonds to be issued by the Company and that they shall be deemed as the (Series B D) Bonds first issued. Notwithstanding anything to the contrary anywhere in this Deed, an additional issue of (Series B D) Bonds exceeding the scope rated by a Rating Company within the framework of this Series (as of the date of this Deed, the sum totals NIS 630 620 million), shall be effected subject to another rating by a Rating Company and subject further that such additional issue of Bonds of the same Series shall not adversely affect the rating of the Bonds first issued under this Deed, as then in effect. The Company shall obtain the Stock Exchange's approval for such an increase and shall publish an immediate report of any increase in the Series Bonds. Deposit (Series D) Bonds will be issued without discount. Should the discount rate determined for the (Series D) Bonds, following the increase of additional securities - The Company reserves (Series D) Bonds, be different from the right to issue, discount rate of the (Series D) Bonds existing in circulation at any that time, without approval of the Trustee and/or the Bondholders, other Bonds or Series Bonds or other securities of any nature or type whatsoever, at such terms as the Company shall find fit, whether preferable, equal or inferior turn to the terms Tax Authority, shortly after the increase of the Bonds. Listing the Bonds for trading Bond Series, in order to obtain its approval that, in the TACT - Institutional system - subject to the provisions matter of the Stock Exchange ruleswithholding tax from the discount fees for (Series D) Bonds, a uniform discount rate be determined for the Company will register the (Series D) Bonds in accordance with formula weighting the name of Israel Discount Bank Nominees Ltd. and will list the Bondsdifferent discount rates in that series, insofar as this will be under its control, with the Stock Exchange clearing house, which will provide clearing services to the Bonds, as well as within the framework of the trading system for institutional investors operated by the Stock Exchange (hereinafter: "TACT - INSTITUTIONAL"). The Company shall bear all costs involved in the registration with the TACT - Institutional system. In the event that the Bonds are listed for trading on the TACT - Institutional, the following provisions will apply:if any.

Issue of Bonds. The Company will issue registered Series B A Bonds, unlimited in amount, payable in 10 equal semi-annual installments, on August 20 and February 20 of each of the years 2009 to 2014, inclusive (the first installment to be effected on August 20, 2009 and the last installment to be effected on February 20, 2014), bearing varying interest on the basis of the at a rate of the Libor interest (as defined above) plus 2.656% per annum, payable in semi-annual installments on August 20 and February 20 of each of the years 2006 to 2014 (the first installment to be effected on August 20, 2006 and the last installment to be effected on February 20, 2014), linked (principal and interest) to the Representative Rate of the Dollar as of the Base RateConsumer Price Index, all pursuant to the terms set forth in the Bond attached as Appendix A hereto. The Bonds are offered within a transaction that does not constitute a public offering in the United States, within the meaning thereof in the 1933 US Securities Law, as may be amended from time to time (hereinafter: the "“US LAW"Law”). The Bonds will not be submitted for registration with the US Securities Authority or any other securities authority of any state in the United States. The Bonds may not be offered or sold under US Law by any holder other than in accordance with exemption from the registration requirements in the United States, or within a transaction which is not subject to the registration requirements, under the US Law, or any securities law applicable in the pertinent state in the United States. Increase in the series - – The Company may issue, at any time and from time to time, without the approval of either the Bondowners or the Trustee, including to the Company's ’s subsidiary, pursuant to the provisions of any law, additional Bonds with identical terms to those of the Series B A Bonds, at such a price and in such a manner as the Company finds fit. Provided that this Deed will apply to all such additional Bonds to be issued by the Company and that they shall be deemed as the Series B A Bonds first issued. Notwithstanding anything to the contrary anywhere in this Deed, an additional issue of Series B A Bonds exceeding the scope rated by a Rating Company within the framework of this Series (as of the date of this Deed, the sum totals NIS 630 million), shall be effected subject to another rating by a Rating Company and subject further that such additional issue of Bonds of the same Series shall not adversely affect the rating of the Bonds first issued under this Deed, as then in effect. The Company shall obtain the Stock Exchange's ’s approval for such an increase and shall publish an immediate report of any increase in the Series Bonds. Deposit of additional securities - – The Company reserves the right to issue, at any time, without approval of the Trustee and/or the Bondholders, other Bonds or Series Bonds or other securities of any nature or type whatsoever, at such terms as the Company shall find fit, whether preferable, equal or inferior to the terms of the Bonds. Listing the Bonds for trading in the TACT - – Institutional system - – subject to the provisions of the Stock Exchange rules, the Company will register the Bonds in the name of Israel Discount Bank Nominees Ltd. and will list the Bonds, insofar as this will be under its control, with the Stock Exchange clearing house, which will provide clearing services to the Bonds, as well as within the framework of the trading system for institutional investors operated by the Stock Exchange (hereinafter: "“TACT - INSTITUTIONAL"– Institutional”). The Company shall bear all costs involved in the registration with the TACT - – Institutional system. In the event that the Bonds are listed for trading on the TACT - – Institutional, the following provisions will apply:

Issue of Bonds. The Company will issue registered Series B Bonds, unlimited in amount, payable in 10 equal semi-annual installments, on August 20 and February 20 of each of the years 2009 to 2014, inclusive (the first installment to be effected on August 20, 2009 and the last installment to be effected on February 20, 2014), bearing varying interest on the basis of the rate of the Libor interest (as defined above) plus 2.65% per annum, payable in semi-annual installments on August 20 and February 20 of each of the years 2006 to 2014 (the first installment to be effected on August 20, 2006 and the last installment to be effected on February 20, 2014), linked (principal and interest) to the Representative Rate of the Dollar as of the Base Rate, all pursuant to the terms set forth in the Bond attached as Appendix A hereto. The Bonds are offered within a transaction that does not constitute a public offering in the United States, within the meaning thereof in the 1933 US Securities Law, as may be amended from time to time (hereinafter: the "“US LAW"Law”). The Bonds will not be submitted for registration with the US Securities Authority or any other securities authority of any state in the United States. The Bonds may not be offered or sold under US Law by any holder other than in accordance with exemption from the registration requirements in the United States, or within a transaction which is not subject to the registration requirements, under the US Law, or any securities law applicable in the pertinent state in the United States. Increase in the series - – The Company may issue, at any time and from time to time, without the approval of either the Bondowners or the Trustee, including to the Company's ’s subsidiary, pursuant to the provisions of any law, additional Bonds with identical terms to those of the Series B Bonds, at such a price and in such a manner as the Company finds fit. Provided that this Deed will apply to all such additional Bonds to be issued by the Company and that they shall be deemed as the Series B Bonds first issued. Notwithstanding anything to the contrary anywhere in this Deed, an additional issue of Series B Bonds exceeding the scope rated by a Rating Company within the framework of this Series (as of the date of this Deed, the sum totals NIS 630 million), shall be effected subject to another rating by a Rating Company and subject further that such additional issue of Bonds of the same Series shall not adversely affect the rating of the Bonds first issued under this Deed, as then in effect. The Company shall obtain the Stock Exchange's ’s approval for such an increase and shall publish an immediate report of any increase in the Series Bonds. Deposit of additional securities - – The Company reserves the right to issue, at any time, without approval of the Trustee and/or the Bondholders, other Bonds or Series Bonds or other securities of any nature or type whatsoever, at such terms as the Company shall find fit, whether preferable, equal or inferior to the terms of the Bonds. Listing the Bonds for trading in the TACT - – Institutional system - – subject to the provisions of the Stock Exchange rules, the Company will register the Bonds in the name of Israel Discount Bank Nominees Ltd. and will list the Bonds, insofar as this will be under its control, with the Stock Exchange clearing house, which will provide clearing services to the Bonds, as well as within the framework of the trading system for institutional investors operated by the Stock Exchange (hereinafter: "“TACT - INSTITUTIONAL"– Institutional”). The Company shall bear all costs involved in the registration with the TACT - – Institutional system. In the event that the Bonds are listed for trading on the TACT - – Institutional, the following provisions will apply:

Issue of Bonds. The Company will issue registered Series B A Bonds, unlimited in amount, payable in 10 equal semi-annual installments, on August 20 and February 20 of each of the years 2009 to 2014, inclusive (the first installment to be effected on August 20, 2009 and the last installment to be effected on February 20, 2014), bearing varying interest on the basis of the at a rate of the Libor interest (as defined above) plus 2.656% per annum, payable in semi-annual installments on August 20 and February 20 of each of the years 2006 to 2014 (the first installment to be effected on August 20, 2006 and the last installment to be effected on February 20, 2014), linked (principal and interest) to the Representative Rate of the Dollar as of the Base RateConsumer Price Index, all pursuant to the terms set forth in the Bond attached as Appendix A hereto. The Bonds are offered within a transaction that does not constitute a public offering in the United States, within the meaning thereof in the 1933 US Securities Law, as may be amended from time to time (hereinafter: the "US LAW"). The Bonds will not be submitted for registration with the US Securities Authority or any other securities authority of any state in the United States. The Bonds may not be offered or sold under US Law by any holder other than in accordance with exemption from the registration requirements in the United States, or within a transaction which is not subject to the registration requirements, under the US Law, or any securities law applicable in the pertinent state in the United States. Increase in the series - The Company may issue, at any time and from time to time, without the approval of either the Bondowners or the Trustee, including to the Company's subsidiary, pursuant to the provisions of any law, additional Bonds with identical terms to those of the Series B A Bonds, at such a price and in such a manner as the Company finds fit. Provided that this Deed will apply to all such additional Bonds to be issued by the Company and that they shall be deemed as the Series B A Bonds first issued. Notwithstanding anything to the contrary anywhere in this Deed, an additional issue of Series B A Bonds exceeding the scope rated by a Rating Company within the framework of this Series (as of the date of this Deed, the sum totals NIS 630 million), shall be effected subject to another rating by a Rating Company and subject further that such additional issue of Bonds of the same Series shall not adversely affect the rating of the Bonds first issued under this Deed, as then in effect. The Company shall obtain the Stock Exchange's approval for such an increase and shall publish an immediate report of any increase in the Series Bonds. Deposit of additional securities - The Company reserves the right to issue, at any time, without approval of the Trustee and/or the Bondholders, other Bonds or Series Bonds or other securities of any nature or type whatsoever, at such terms as the Company shall find fit, whether preferable, equal or inferior to the terms of the Bonds. Listing the Bonds for trading in the TACT - Institutional system - subject to the provisions of the Stock Exchange rules, the Company will register the Bonds in the name of Israel Discount Bank Nominees Ltd. and will list the Bonds, insofar as this will be under its control, with the Stock Exchange clearing house, which will provide clearing services to the Bonds, as well as within the framework of the trading system for institutional investors operated by the Stock Exchange (hereinafter: "TACT - INSTITUTIONAL"). The Company shall bear all costs involved in the registration with the TACT - Institutional system. In the event that the Bonds are listed for trading on the TACT - Institutional, the following provisions will apply: