Incredimail 2011 Annual Report Download - page 138

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Schedule B – Terms of the Loan
In this document, the expression " Initial Interest " shall mean: (i) The rate of interest prior to the addition of any margin, as set by Bank Leumi le-
Israel B.M., for its
clients for the purpose of extending USD variable interest term loan in an amount, and for a period which are similar to the amount, and period of the requested credit,
at the time on which the interest rate for the requested credit is set (in this definition, the " Determination Date "). (ii) The provisions of sub-
clause (i) apply both to
credit which bears a fixed interest rate as well as to credit which bears a variable interest rate.
(iii) Where the credit bears interest on a variable basis, i.e. the interest is determined as a fixed supplement (in this definition, the " Fixed Supplement
") above any
base interest rate which fluctuates throughout the period of the said credit, then the rate of the Fixed Supplement shall be set on the Determination Date in accordance
with the principles specified in sub-
clause (i) above, and the rate of the Fixed Supplement above the base interest rate shall not be changed during the period of such
credit. (iv) Notice from Bank Leumi le-Israel B.M. with respect to the Initial Interest set by it shall bind the Borrower and may not be contradicted.
- 10 -
1.
The Credit shall be provided to you on demand during the period of the Credit as defined hereinbelow.
2.
The Credit shall be used by you for the purpose of financing investments and for the acquisition of companies. However, the Bank shall not be required to monitor
or verify the application of any money borrowed by you under the Credit.
3. The Credits shall each be granted in the Borrower's existing bank account (the "
Loan Account
"), No. 682-110-088800/22 in the name of
IncrediMail Limited
and IncrediMail Limited
shall provide the Bank, upon request, with any additional reasonable and customary documents of the banks and sign such reasonable
and customary forms of the bank as shall be reasonably and customary required by the Bank to maintain the Loan Account.
4.
The currency of the Credit and all other terms regarding the Credit, including the interest rate on account of any part of the Credit, shall be USD.
5. The period of drawing the Credit shall not exceed 12 months from the date of entering into force (the "
Date of Entering Into Force
") of this letter agreement
(the "
Availability Period
").
6. The repayment period of any part of the Credit drawn from the Date of Entering Into Force until 29
th
February 2012 (the "Credit A Period") shall be equal to the
number of months from the date of Drawing Date plus 48 months, and the repayment period of any part of the Credit drawn from March 1
st
2012 until August 31
st
, 2012 (the "Credit B Period") shall be 48 months from the Date of Entering Into Force (i.e. terminating on August 2015.
7.
Interest and principal shall be paid on a quarterly basis.
8.
The
Loan shall bear interest at a rate of the Initial Interest (as defined hereinbelow) plus a
Fixed Supplement of
3% margin per annum