Incredimail 2011 Annual Report Download - page 141

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As of the 2012 third-
quarter financial statements, the Company's annual EBITDA amount (calculated in the same manner described above) shall be no
less than $8,000,000 USD.
As of the 2013 third-
quarter financial statements, the Company's annual EBITDA amount (calculated in the same manner as described in this section
above) shall be no less than $10,000,000 USD.
EBITDA –
shall be defined as operational profit with depreciation and amortization, included as part of the expenses deducted in order to calculate
operational profit.
Financing Obligations –
defined as loans (short and long term) received from banks and other financial institutions, obligations on account of finance
leasing, bonds and convertible bonds. For the removal of doubt, operational leasing shall not be taken into account within the framework of Financing
Obligations.
Cash –
As the term appears in the Company's Financial Statements, including cash and cash equivalents, short term deposits, and short term
investments.
1.2.
The Company's annual EBITDA amount (which shall be calculated using the previous four consecutive quarters published in the quarterly statements)
shall be no less than $6,000,000 USD.
1.3.
The ratio between the Company's Financing Obligations according to the consolidated financial statements and the EBITDA in annual terms shall not
exceed 3.5.
1.4.
The Company's aggregate amount of Cash after deducting pledged Cash shall not be less than $8,000,000 USD.
1.5.
The Company's aggregate Financing Obligations towards the bank (principal) shall not exceed, at any time, 40% of the Company
’
s aggregate
Financing Obligations towards the entire banking system (principal), including banks and other financial institutions.