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# Exhibit 4.18

# ENGLISH SUMMARY OF THE
LETTER AGREEMENT(ORIGINAL LANGUAGE  HEBREW)

BY AND BETWEEN

# POINTER (EDEN TELECOM
GROUP) LTD.

AND

# BANK HAPOALIM LTD.

Dated November 16,
2004(the
Agreement)

|Description: 
                  
                  
                  
                  
                  
                  
                  
                  
Credit Line Amount
Term and Interest:
                  
                  
                  
                  
                  
                  
                  
                  
                  
Security | Letter  Agreement  pursuant to which Bank Hapoalim
Ltd.  (the "Bank")  shall  provide  Pointer  (Eden
Telecom  Group)  Ltd.  ("Pointer")  with an NIS 70
million  credit  line  until  March 1, 2013 and an
NIS 30 million  credit line until March 31,  2007,
in  connection  with the  purchase  by  Pointer of
certain  activities  and assets of Shagrir  Towing
Services Ltd. and its  subsidiary,  Shagrir (1985)
Ltd (the "Shagrir Deal").
NIS 100 million (in total).
The sums  drawn  down  shall be  repaid  quarterly
from June 30, 2006 at a rate of NIS  1,250,000 per
quarter.
The  interest on the  principal  sum will be prime
+0.5% with  respect  to the NIS 30 million  credit
line,  and  with  respect  to the  NIS 70  million
credit  line,  interest of 7.39% on NIS 35 million
and 5.5% and  linkage  to the  Israeli  CPI on the
remaining  NIS 35 million.  The interest  shall be
payable quarterly from June 30, 2005.
As  security  on the credit  line,  Pointer  shall
grant the Bank:  (i) a first  ranking fixed charge
over all of Pointer's  rights in  connection  with
the Shagrir Deal;  (ii) a first  ranking  mortgage
over a  certain  property  in Haifa,  Israel;  and
(iii) a first  ranking fixed charge over a certain
NIS 10 million deposit in a certain bank account.
In  addition,  as  security  on the  credit  line,
Nexus  shall  grant the Bank,  in  addition to the
first  degree   floating   charge  (over  all  its
assets)   it   granted   the  Bank  prior  to  the
consummation  of the Shagrir Deal, a first ranking
fixed charge over its shareholdings in Pointer.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Comments:

| |  | Pointer
has drawn down NIS 100 million under the credit line.
| | - | -------------------------------------------------------------



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