Incredimail 2011 Annual Report Download - page 143

Download and view the complete annual report

Please find page 143 of the 2011 Incredimail annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 233

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191
  • 192
  • 193
  • 194
  • 195
  • 196
  • 197
  • 198
  • 199
  • 200
  • 201
  • 202
  • 203
  • 204
  • 205
  • 206
  • 207
  • 208
  • 209
  • 210
  • 211
  • 212
  • 213
  • 214
  • 215
  • 216
  • 217
  • 218
  • 219
  • 220
  • 221
  • 222
  • 223
  • 224
  • 225
  • 226
  • 227
  • 228
  • 229
  • 230
  • 231
  • 232
  • 233

In the most recent Financial Statements published by the Company prior to the signing of this letter, it was published that there are no Shareholder Loans.
The Company hereby declares that as of the date this letter is signed, there have been no changes to the aforementioned statement concerning Shareholder
Loans as detailed in the most Financial Statements published by the Company for the bank, prior to the date this letter is signed.
For the removal of doubt it is clarified that for as long as the Company publishes quarterly statements, said statements shall be provided to the bank as
prescribed for in this section above, andin the event the Company ceases to publish its quarterly statements, the Company is obligated to provide the
bank with quarterly or administrative quarterly statements, as prescribed in this section above, duly signed by the CFO of the Company.
8.
The Company hereby undertakes, as of the date this letter is signed and as long as the Company's obligation and liabilities towards the bank have not been fully
repaid, the Company is restricted from making any payments or repayments on account of Shareholder Loans and/or dividend payments and/or management
fees and/or indemnity payments and/or consulting fees, or any other payment, in part or in full, to an Interested Party in the Company, except for payments
detailed in this section below, for which the Company has the right to repay, subject to the Company being in compliance with all its obligations at any time
including after the aforementioned payments have been made, as detailed in Section 1 above:
8.1.
Compensation for a Company Employee or Director
9.
As of the date this letter is signed, and as of the date the credit
-
line approval letter has been given to the Company, the Company shall provide the bank with the
following ongoing reports:
9.1. Within 120 days of the 31
st
of December for any year, the Company shall provide the bank with all Financial Statements for December 31 of the
preceding year. The aforementioned Financial Statements shall be audited by an external certified accountant.
9.2.
Within 90 days of the end of the months of March, June, and September of each year, the Company shall provide the bank with all Financial
Statements for the calendar quarter ending on the last day of each of the aforementioned months, while it is clear and known to the bank that the
aforementioned Financial Statements will not be reviewed by an external accountant.