Incredimail 2011 Annual Report Download - page 135
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In this document, the expression "merger", means - merger according to the eighth or ninth chapter of the Companies Law 5759-1999 and any action
which results in the acquisition of the majority of the Company's assets by another person or corporation.
In the event that the Company shall at any time acquire any corporation, we hereby undertake and agree:
For the purpose of this clause the term "shares" shall include shares of the capital stock, partnership interests, membership rights and/or any other means of
ownership and/or control in a corporation.
3.
Undertakings regarding future acquisitions
3.1
In the case of an Israeli corporation, to grant to the Bank a first ranking fixed pledge of the shares of such corporation, unlimited in amount, which
pledge shall rank pari passu to the rights of the First International Bank of Israel in such collateral, and to sign a deed of pledge in the Bank's
customary form as well as such other documents as may be required by the Bank to create and/or perfect the aforementioned pledge; and
3.2
In the case of a foreign corporation, not to pledge or charge and not to undertake to pledge or charge, in any manner whatsoever and for any reason
whatsoever, the shares of such corporation, in favour of any third party whomsoever, without receiving the Bank's prior written consent.
4.
Undertaking to Provide Financial Reports
We undertake to deliver to the Bank the following Financial Reports:
4.1
No later than on March 31 of every year, annual financial reports of the Company, on a consolidated basis, including inter alia, a balance sheet, a
profit and loss statement, and a cash flow statement for such year, and such other reports as may be required by any authority in respect of the 31st of
December of the previous year, audited by a qualified external accountant.
4.2
To provide quarterly financial reports of the Company, on a consolidated basis, including inter alia, a balance sheet, a profit and loss statement, and a
cash flow statement for such year, and such other reports as may be required by any authority.
4.3
Within 60 days after the end of each calendar quarter, quarterly Financial Reports (on a solo basis) in respect of the immediately preceding financial
quarter, as approved by the CEO & the CFO of the Company, with the conversion table (how to convert the solo into consolidated
basis) attached to
it.
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