Incredimail 2011 Annual Report Download - page 147

If the credit provided by the bank will be used by the company for acquiring holdings in any corporations which were incorporated abroad, and insofar as
such acquired corporations were not merged with your company (as the term “merger” is defined in the Companies Law, 1999 and/or the Anti-
Trust Law,
1988), then, without derogating from your obligations pursuant to the floating charge debenture, you will execute in our favor an undertaking to not create
liens on the foregoing acquired corporation(s).
It is clarified that:
-
The bank will be authorized to change from time to time the advance rate against any of the collateral set forth above in accordance with the procedures of
the bank, as well as to demand a periodic update of the valuation of the charged assets in accordance with our common practice and/or additional collateral
as applicable.
-
In an event pursuant to which the bank will be entitled to immediate repayment of the credit and foreclosure of the collateral, all the collateral that it holds
will be used to cover your debts and obligations towards the bank in full, irrespective of the advance rate with respect to any specific collateral.
3.
The Credit Line and the Foregoing Banking Services are Subject to the Following Terms:
A. The execution of the letter of general terms for the management of the account, including the credit chapter and/or the general debit contract (the “
General
Terms ”), the collateral documents, and various framework agreements as required by us including the Form 88-
8 in language which is to the satisfaction
of the bank. Satisfying the general terms which were signed and/or will be signed by us as well as any other document which was signed and/or will be
signed by you.
B.
There will be no preclusion whatsoever from providing credit or any portion thereof in accordance with the law and/or the instructions of Bank of Israel
and/or any other authorized entity applicable to the provision of the credit.
C.
There will be no change in the provisions of the law and/or Bank of Israel and/or any other authorized entity applicable to the provision of the credit.
D.
There will be no adverse change, as determined by our reasonable judgment, in the value of your collateral, condition of the business, activities, assets or
financial condition.
E.
There will not be an event pursuant to which the bank will be entitled, in accordance with the provisions of the General Terms and/or other documents
which were signed by us, to immediate repayment of the credit, even if the credit has not been previously extended; provided that if the bank did not
provide an extension to repair the breach, in any other letter, the bank provided seven days prior written notice and the company does not correct such
breach in such period of time, with the exception of cases of particular urgency in which such a period is likely to result in damage, as determined by the
bank
’
s judgment as a reasonable banking corporation. In such cases the bank will be authorized to exercise its rights immediately.