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# Exhibit 4.9

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

BY AND AMONG

# NEXUS TELOCATION
SYSTEMS LTD.

# POINTER (EDEN TELECOM
GROUP) LTD.

# GANDYR INVESTMENTS LTD.

# GOVLI LTD.

AND

# SULAM FINANCIAL
HOLDINGS LTD.

Dated November 15,
2004(the
Agreement)

|Description: 
                     
                     
                     
                     
                     
                     
Availability: 
                     
                     
                     
                     
                     
Term and Interest: 
                     
                     
                     
                     
                     
Conversion: 
                     
                     
                     
                     
                     
                     
                     
                     
                     
                     
                     
                     
                     
                     
                     
Security: 
                     
                     
                     
                     
                     
                     
Investment by Nexus: | Convertible  Loan  Agreement   pursuant  to  which
Gandyr  Investments  Ltd.,  Govli  Ltd.  and Sulam
Financial    Holdings    Ltd.    (together,    the
"Investors")  shall  loan  Pointer  (Eden  Telecom
Group)    Ltd.    ("Pointer")    NIS    29,100,000
convertible  into shares of Pointer  and/or  Nexus
Telocation Systems Ltd. ("Nexus").
The loan  shall be made  available  to  Pointer on
upon the consummation of the transaction  pursuant
to   which   Pointer   shall   purchase    certain
activities and assets of Shagrir  Towing  Services
Ltd.  and  its  subsidiary,  Shagrir  (1985)  Ltd.
("Shagrir Deal"), that is, February 28, 2005.
The loan shall be repayable in accordance  with an
agreed quarterly  repayment schedule over a period
of  ten  years  ranging  from   approximately  NIS
650,000  to NIS 1.5  million  (including  interest
which  shall  accrue at a rate of 4% per annum for
the first two years and 7.5% thereafter)
The Investors  shall receive a 24-month  option to
purchase  up to (i)  an  aggregate  of  35,555,555
ordinary  shares  of Nexus at a price per share of
$0.18;  and/or  (ii)  ordinary  shares of  Pointer
according  to  which  60%  of  the  loan  will  be
converted  at price per share of NIS 729,  and the
remaining  40% will be  converted  at a price  per
share  ranging from NIS 729 to NIS 937  (according
to  a   sliding   scale,   where   the  later  the
conversion, the higher the share price).
Should the  Investors  fail to  exercise  at least
60%  of the  option  by  the  end of the  24-month
option  period,  Pointer shall have a "Put" option
to force the  Investors to purchase such number of
shares in Pointer that  represents 60% of the loan
amount.
As security on the loan,  Pointer  shall grant the
Investors  a third  ranking  floating  charge over
the assets of Pointer  and a third  ranking  fixed
charge  over  Pointer's  rights to  proceeds  from
transactions  with Clal Insurance Company Ltd. and
The  Israel   Phoenix   Insurance   Company  Ltd.,
subject to certain conditions.
At the  consummation of the Shagrir Deal (that is,
February  28,   2005),   Nexus  shall  invest  NIS
4,550,000 in Pointer.
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