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Exhibit 4.34

Endorsement and Transfer of Rights
Agreement by and between Nortel Networks (Sales and Marketing) Ltd Israel
(Lessee) and AudioCodes Ltd. (AudioCodes) dated
March 29, 2007 (Endorsement Agreement), pursuant to which Lessee
transferred to AudioCodes its rights and obligations under a lease agreement with Airport
Campus Ltd (Lessor) regarding a building in Airport City
(Modiin municipal area as further detailed in the Agreement) together with two sublease
agreements as further detailed hereinafter:

Commencement date of the transfer of
rights and obligations: No later than December 31, 2007, according to Lessees 14-day
prior notice to AudioCodes (the Commencement Date).

On the Commencement Date, $725,000 USD (+V.A.T) shall be paid to
AudioCodes.

Rights and Obligations
transferred:

| |  | Lease
Agreement with Airport Campus Ltd. dated November 14, 2000 ("Lease Agreement")
| | - | ------------------------------------------------------------------------------------

| | Premises:
Lease of a building with an area of approximately 17,784 square meters and an additional
parking basement of approximately 6,913 square meters, together with 300 open air parking
spaces. This area also includes the premises currently subleased by AudioCodes from
Lessee under the sublease agreement between such parties. After the Commencement Date,
AudioCodes will lease these premises directly from Lessor under the conditions of the
Lease Agreement.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Lease
period:  From the Commencement Date until January 2013 with an option to extend
lease for two additional periods of five years each.
| | ------------------------------------------------------------------------------------------------------------------------------------------

| | Rent:
For the main premises, $9.98 per square meter per calendar month, for the parking
basement area, $2.92 per square meter per calendar month. All of the above prices exclude
all taxes and are converted to New Israeli Shekels (NIS) as of signing of the agreement
($1 US= 4.87 NIS) and linked thereafter to changes in the Israeli Consumer Price Index (ICPI)
from 9/2000
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Restrictions
on use: AudioCodes has the right to sublease up to 33% of the premises to a third
party without obtaining Lessors approval. AudioCodes can also transfer all of its
rights under the Lease Agreement to a third party subject to Lessors approval as
further detailed in the Lease Agreement.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Security
Deposit: AudioCodes is required to provide a guarantee for 13,151,000 NIS linked to
changes in ICPI from September 2000.
| | ---------------------------------------------------------------------------------------------------------------------------------

| |  | Sublease
Agreement, dated January 28, 2004, by and between Lessee and Bezek  The Israeli
Communications Company Ltd. (Bezek) according to which Lessee
subleases to Bezek a room consisting of 23 square meters. Rent paid by Bezek is
approximately 1500 NIS per month, linked to the ICPI from December 2003. The term of the
lease expires January 2008, after which Bezek has an option to extend the lease for an
additional five-year period.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | Sublease
Agreement between Lessee and Cargo Airlines Ltd. (CAL) dated December
8, 2002, pursuant to which Lessee subleases to CAL an area of 994 square meters and 45
parking spaces. Rent paid by CAL is approximately 65,000 NIS per month (including rent
for parking spaces) linked to ICPI from October 2002. The term of the lease expires
January 2008, after which CAL has an option to extend the lease for an additional
five-year period.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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