Document:

Exhibit 4.19

 

Date: May 6th 2008

 

Att:

 

The First International Bank of Israel Ltd (hereinafter: “the
bank”)

Ramat Gan Branch

 

Dear Sir or Madam,

 

Whereas Audiocodes Ltd (hereinafter: “the company”)
benefits from credit and various banking services (hereinafter: “the credit”);

 

And whereas the company has approached you with a request to
increase its credit, that is, to grant a credit line for long term loans and you approved the aforementioned credit line, for a
sum that shall not exceed 15,000,000 dollars on the terms detailed in the credit line approval attached as Appendix A (hereinafter:
“the loans”);

 

And whereas Shabtai Adlersberg holds shares in the company and
is a stakeholder in the company as detailed in his report to the Securities Authority in the United States in February 2008 attached
as an integral part of this document and according to the definition of the term “stakeholder” in the Securities Law
5728-1968 (hereinafter: “the stakeholder”);

 

And whereas as one of the terms for provision of the loans the
bank has demanded that the company and the stakeholder shall sign on this document and the undertakings detailed hereinafter, and
the company and the stakeholder have consented to this.

 

    	 

    	 

    

 

Now therefore the company declares and undertakes vis-à-vis
the bank that for an long as there shall be debts and undertakings of the company vis-à-vis the bank for provision of the
loans, all the following shall be imposed:

 

		1.	The company shall comply at all times with the terms and the financial ratios hereinafter, which shall be examined pursuant
to the company’s consolidated quarterly financial reports (the annual reports shall be audited pursuant to US GAAP or other
regulatory rules which shall come in their stead).

 

		1.1.	The company’s equity capital according to the financial reports as shall be detailed hereinafter shall be no less than
a total of 25,000,000 dollars and the percentage relative to the total of the balance sheet shall not be less than 15%. Starting
from the balance sheet of December 31st 2009 the company’s capital equity, as detailed hereinafter, shall be no
less than a total of 30,000,000 dollars and its percentage relative to the balance sheet shall not be less than 15%.

 

The equity capital - as it appears in the company’s
financial reports (including inter alia the company’s redeemed equity capital, capital funds, the balance of the profit
which were undesignated less the cost of the company shares held by it or by subsidiaries plus/less any other clause included within
the framework of the equity capital clause in the financial reports) plus the deferred owners loans, less the loans provided to
affiliated parties, less intangible assets as they shall appear in the company’s financial reports.

 

    	2

    	 

    

 

[In this matter, affiliated parties, are according
to their meaning in Manifesto No. 29 as regards affiliated parties of the Institute of Certified Public Accountants in Israel.]

 

Sums that shall be deducted from the equity capital
for the purpose of calculation the equity capital as defined above, shall be deducted also from the total of the balance sheet
for the purpose of calculating its percentage, as required in the preface to Section 1.1 above.

 

		1.2.	The total of the company’s bank financing undertakings shall not exceed $30,000,000. It is hereby clarified that the
company’s 2% Senior Convertible Notes Due 2024 (“Convertible Notes”) shall not be taken into account as financing
undertakings. The loan shall not be a senior convertible note of the company.

 

The bank financing undertakings are defined as loans
(short term and long term) from banks and other financial institutions.

 

		1.3.	The accrued operating capital (US GAAP) for the last 4 quarters starting from December 31st 2008 shall not be less
than a total of $3,000,000. Notwithstanding the aforementioned, a loss of up to $3,000,000 for an accounting record for the value
of the benefit grossed up by granting options to employees pursuant to FAS123 shall not constitute a breach of the criteria.

 

		1.4.	Up to the date of realization of the options for redemption of the convertible notes (Security No. 050732AB2) (hereinafter:
“the bond”) in November 2009, the inclusive sum received in cash (as defined hereinafter) plus investments (as defined
hereinafter) shall not be less at any time than 120,000,000 dollars. The balance of the cash shall not be less at any time than
15,000,000 dollars.

 

    	3

    	 

    

 

From the date of redemption of the bond the inclusive
bond received from the company’s chargeable customers plus cash and plus investments shall not be less at any time than a
total of 40,000,000 dollars whereby the inclusive sum received from cash plus investments shall not be less at any time than a
sum of 20,000,000 dollars and the cash balance shall not be less at any time than 15,000,000 dollars.

 

Cash - as it appears in the company’s financial
reports includes cash and cash equivalent, short term deposits for a term of up to one year.

 

Investment - long term deposits up to two years,
negotiable bonds ranked A+ for a term of up to two years.

 

		1.5.	Notwithstanding the aforementioned in Section 1.2 above, in the event that the total bank financing of the company shall not
exceed 15,000,000 dollars, the inclusive sum received from cash plus investments shall not be less at any time than a sum of 10,000,000
dollars, and including the company’s receivable customers no less than 20,000,000 dollars.

 

The company declares that as of the date of signature
on this document it is complying with the terms and the financial ratios determined in Section 1 above.

 

    	4

    	 

    

 

		2.	The company undertakes that inasmuch as the regulatory rules that shall be implemented differ from those implemented by it
on the date of signature on this letter of undertaking, the company shall approach the bank in order to correlate its undertakings
pursuant to Section 1 above to the changes derived from the implementation of the rules. In the event that the company and the
bank shall not reach an agreement in regard to the changes required within 30 days from the date that the company contacted the
bank or within another time period to be determined by the parties, this shall be cause for immediate defrayal of the company’s
debts and undertakings.

 

		3.	There shall be no change to the holdings of the stakeholder in the company as such that he shall decrease his holdings under
the percentage of holdings required pursuant to the Securities Law 5728-1968 for the purpose of defining a stakeholder, without
the consent of the bank in advance and in writing.

 

		4.	Loans that the company has received and/or shall receive from the stakeholder in the company (hereinafter: “owners loans”)
shall be inferior and deferred from the company’s debts and obligations to the bank for provision of the loans, and that
the company’s debts and undertakings vis-à-vis the bank for provision of the loans shall have priority as compared
to the owners loans as they shall be at any time. To avoid doubt, it is hereby clarified that the services that the stakeholder
provides and/or shall provide to the company “as a functionary” of the company, including as Chairman of the Board
of Directors, President and/or CEO of the company, shall not be considered as owners loans, and the company’s debts and undertakings
vis-à-vis the bank shall not have priority as compared to these services, and the company shall be permitted to pay the
stakeholder for these services without any restriction.

 

    	5

    	 

    

 

		5.	The company undertakes not to pay management fees, dividends, interest payments and/or any other payment to shareholders, and
not to defray owners loans or any part of them until all the sums due from it have been defrayed in full to the bank for provision
of the loans, and for as long as all the company’s debts and undertakings shall not be defrayed in full to the bank for provision
of the loans. To avoid doubt it is hereby clarified that the company is not restricted (a) in purchase of company shares and/or
convertible bonds of the company on condition that the company complies with the terms and financial ratios determined in Section
1 above; (b) in payment of interest and/or other payments imposed and/or shall be imposed on the convertible note.

 

		6.	We hereby declare that as of the date of signature on this document (apart from that detailed in the Registrar of Companies
report) we have not created any pledge and any lien of any type whatsoever on any asset whatsoever of our assets and we have not
provided any guarantee whatsoever in favour of any third party whatsoever, and also we have not undertaken to create a pledge and/or
lien and/or to provide a guarantee as aforementioned, and all apart from the guarantees during the normal course of business and
bank guarantees (which were not provided against them, by us, guarantees that are not during the normal course of business and/or
other securities whatsoever).

 

    	6

    	 

    

 

Notwithstanding the aforementioned in this section,
the company shall be permitted to create a floating lien in favour of other banks, and a first degree fixed lien on monetary deposits
that shall be deposited from time to time in those same banks on condition that prior to the creation of the liens, a pari passu
agreement shall be signed between the banks in regard to the division of the considerations from realization of the liens.

 

To avoid doubt it shall be clarified that in the
event that the company shall create any other security to guarantee its debts vis-à-vis another bank whereby between it
and the bank a pari passu agreement shall be signed as aforementioned, the company shall also create that same security
in favour of the bank.

 

		7.	We hereby undertake that we shall not sell and/or transfer and/or hand over and/or lease and/or rent (hereinafter, jointly
and severally - transfer) any assets whatsoever (including monies), of any shape or form whatsoever, as they are extant at present
and as they shall be in the future in entirety or in part, from our ownership and/or our possession for a continuous period of
12 months, whereby the value of the assets exceeds 1 million US dollars (or equivalent value in foreign currency and/or in NIS),
not during the normal conduct of business and for full remuneration to third parties (including any of them who are our shareholders
directly or indirectly), without the consent of the bank in writing and in advance.

 

		8.	We hereby undertake that we shall not execute purchases/investments of any type whatsoever of/in companies and/or of/in assets
and in any way whatsoever, whether indirectly or directly, whereby the sum of the purchase/investment exceeds 10 million US dollars
(or the equivalent value in foreign currency and/or in NIS, pursuant to the cost of the investment) for a continuous period of
12 months, without notice to the bank in writing and in advance. Notice to the bank shall not be given before a notice to the public
if such shall be required.

 

    	7

    	 

    

 

		9.	The company shall present to the bank close to receipt of its request, ongoing documents and information as regards the company
businesses and its financial status without derogating from the generality of the aforementioned, the bank shall receive, inter
alia, starting from the date of signature on this document ongoing reports as follows:

 

		9.1.	Within 180 days from December 31st of each year the company shall transfer to the bank all its financial reports
for December 31st of the year that has ended, whereby the abovementioned reports are audited by an external CPA.

 

		9.2.	Within 75 days from the last day of each of the months March, June, September and December of every year the company shall
transfer to the bank all the company notices to the press as regards a summary of the financial reports relating to the calendar
quarter ending on the last day of each of the abovementioned months including a report on changes to equity capital which were
made pursuant to accepted accounting principles (US GAAP).

 

		9.3.	Within 30 days from the last day of each quarter the company shall transfer to the bank receivables data (including customers
in Israel, overseas, various receivables and debts to creditors with priority) and debit balances to the banking system. The data
shall relate to the last day of each quarter.

 

    	8

    	 

    

 

		9.4.	Within 30 days from the last day of each quarter the company shall transfer to the bank a report of the composition of the
company’s investments portfolio including the ranking of the securities composing the company’s investments portfolio.
The report shall be signed by the company and include reference by the company as to their compliance with the criteria as detailed
in Section 1.4 above.

 

		9.5.	In the event that the company shall prepare additional financial reports in Israel and overseas, audited or unaudited and/or
additional financial reports such as prospectuses, business plans and so forth, presented to any entities whatsoever in Israel
or overseas and published by the company, the company shall transfer copies of these reports to the bank immediately on their preparation.

 

		9.6.	Without derogating from the aforementioned in this section, the bank representatives shall be permitted to meet with the company’s
CPA at any time at their request for the purpose of ascertaining the data regarding the financial status of the company.

 

For the purpose of this document the term “financial
reports” shall be interpreted as - balance sheet, profit and loss report, cash flow report, changes to equity capital report
including annotations to them which were prepared and audited pursuant to accepted accounting rules (US GAAP).

 

    	9

    	 

    

 

		10.	The company shall inform the bank immediately of any claim or legal proceeding exceeding a sum of one million dollars of any
type whatsoever which have been filed or have been opened with a court, tribunal or any other judicial institution, in Israel or
overseas.

 

		11.	The company is aware that in any event of breach of one or more of its undertakings pursuant to this document including in
the event of a breach derived from implementation of regulatory rules that are different to those implemented by it on the date
of signature on this letter of understanding, in entirety or in full, then further to any other relief that the bank shall be entitled
to pursuant to any document that has been signed and/or shall be signed by the company and subject to the company’s right
to remedy these breaches if and inasmuch that it exists and/or subject to any law, the bank shall be permitted, but not obligated,
to defray immediately the sums due to it from the company for provision of the loans, in entirety or part of them, and to realize
any security and/or guarantee provided to it by the company and/or for it.

 

		12.	All the company’s and the stakeholder’s undertakings pursuant to this document and all the bank’s rights
pursuant to it are in addition to and independent of the undertakings, the securities and the guarantees that the bank received
and/or shall receive from the company and/or from the stakeholder and/or from either of them and they shall not influence them
and shall not be influenced by them.

 

		13.	The bank’s waiver of any prior breach whatsoever or any prior non-compliance whatsoever of one or more of the undertakings
to them, whether that same undertaking is incorporated in this document or whether it is incorporated or shall be incorporated
in any other document whatsoever, shall not be considered as justification for an additional breach or an additional non-compliance
of any condition or undertaking as aforementioned; and the bank’s abstention from use of any right whatsoever given to it
pursuant to any document whatsoever and/or pursuant to any law, shall not be interpreted as a waiver of that same right.

 

    	10

    	 

    

 

		14.	To avoid doubt it is hereby clarified that nothing stated in this document shall derogate or diminish in any way whatsoever
from any undertaking by the company and/or the stakeholder and/or either of them vis-à-vis the bank and/or any right or
obligation whatsoever of the bank vis-à-vis the company and/or vis-à-vis the stakeholder pursuant to a general current
loan account contract and any other document which has been signed and/or shall be signed by them and/or by any of them.

 

	 	Yours sincerely,
	 	 
	 	(signature)	 	(signature)	 
	 	 	 	 
	Stamp:	Audiocodes Ltd
	 	 
	 	Public Co. 520044132

 

    	11

    	 

    

 

I the undersigned, a shareholder/stakeholder and company CEO
of Audiocodes Ltd (hereinafter: “the company”) confirm and undertake to you as follows:

 

		1.	I confirm my consent to provide the aforementioned undertakings by the company.

 

		2.	I undertake not to cause or to agree to a change in the percentage of my holdings in the company, which shall decrease my holdings
to less than the percentage of holdings required pursuant to the Securities Law, 5728-1968 as regards the definition of a stakeholder,
including by way of transfer of shares and/or allocation of shares and/or in any other fashion and to change the identity of the
stakeholder as such that it shall cause the company to breach its abovementioned undertakings.

 

		3.	I agree and undertake that the loans that the company has received and/or shall receive from me (hereinafter: “the owners
loans”) shall be inferior and deferred from the company’s debts and undertakings to the bank for provision of the loans
and that the company’s debts and undertakings vis-à-vis the bank for provision of the loans shall have priority as
compared to the company’s debts to me for the owners loans as they shall be from time to time, and that the company and/or
its representative and/or on its behalf shall pay and defray to the bank all its debts and undertakings to the bank, and this before
defrayal of the owners loans as they shall be at that time. To avoid doubt it is hereby clarified that the services that the stakeholder
provides and/or shall provide to the company as a “functionary” of the company, including as chairman of the board
of directors, president and/or company CEO, shall not be considered as owners loans, and the company’s debts and obligations
vis-à-vis the bank shall not have priority as compared to these services and the company shall be permitted to pay the stakeholder
for these services without any restriction.

 

    	12

    	 

    

 

		4.	Without derogating from the aforementioned in Section 3 above I hereby undertake not to request and not to receive from the
company by any method whatsoever payments on account of the defrayal of the owners loans, or any part of them, for as long as the
company’s debts and undertakings have not been defrayed in full to the bank for the provision of the loans. To avoid doubt,
it is hereby clarified that the company shall be permitted to pay the stakeholder for services that the stakeholder provides and/or
shall provide to the company as a “functionary” of the company, including as chairman of the board of directors, president
and/or company CEO without any restriction.

 

		5.	I hereby undertake that in the event that for any reason whatsoever I shall receive any payment whatsoever on account of defrayal
of the owners loans, and this when at that time you have not received defrayal of the company’s debts and undertakings in
full to you for the provision of the loans, I shall pay and defray to you any sum that shall be paid to me and/or that I shall
receive on account of defrayal of the owners loans as aforementioned.

 

		6.	My aforementioned undertakings shall be rescinded on the cancellation of the company’s aforementioned undertaking without
any further notice.

 

	Date: May 6th 2008	 	Name: Shabtai Adlersberg	 	Signature:  	(Signature)

 

    	13

    	 

    

 

Confirmation of the Chairman of the Board
of Directors

 

I the undersigned Shabtai Adlersberg, Chairman of the
Board of Directors of AudioCodes Ltd (hereinafter “the company”) hereby confirm the following:

 

		1.	The company has resolved to undertake vis-à-vis the First International Bank in Israel Ltd (hereinafter: “the
bank”) to guarantee defrayal of the loans; the undertakings detailed in the document attached to this confirmation are an
integral part of it thereof.

 

		2.	The company Board of Directors confirm that all the approvals required by law and pursuant to the incorporation documents of
the company have been received for the undertakings detailed in Section 1 above.

 

		3.	Mr Shabtai Adlersberg, ID. ######### whose position is Chairman and CEO and Mr Nachum Falek, ID.
######### whose position is VP Finance have been authorized to sign on any documents required and that shall be required
by the bank in regard to execution of the abovementioned resolutions.

 

	(signature)	 	May 6th 2008	 
	Signature of Chairman	 	Date	 

 

    	14

    	 

    

 

Confirmation of Attorney

 

I the undersigned Itamar Rosen, the company attorney, hereby
confirm as follows:

 

		1.	This document has been signed by the Chairman of the Board of Directors, Mr Shabtai Adlersberg, who is known to me personally.

 

		2.	The resolutions detailed above were passed lawfully, pursuant to the documents of incorporation of the company.

 

		3.	All the approvals required by law have been received, including pursuant to the provisions imposed on “Transactions with
Stakeholders”, if and inasmuch as they are imposed, for ratification of the transactions detailed in Section 1 above.

 

		4.	The signatures of the gentlemen detailed in Section 3 above together with the company stamp bind the company in the matter
of the undertakings detailed in Section 1 above, including reporting to the Registrar of Companies on behalf of the company.

 

	May 6th 2008	 	(signature)	 
	Date	 	Stamp:  Itamar Rosen, Adv	 
	 	 	                      No. 24634	 
	 	 	 	 	 

    	15Exhibit 4.20

 

The First International Bank of Israel

 

Date: 15.09.2009

 

To:

 

AudioCodes Ltd.

 

Subject: Undertaking to Comply with Financial
Covenants

 

		Whereas	on the date 6.5.08, you signed in our favor a letter of undertaking to comply with financial covenants
and other terms, as brought forth in the letter of undertaking attached to this letter of ours (hereinafter the "Financial
Covenants").

 

		Whereas	on the date 25.11.08, you signed an amendment to the financial covenants (hereinafter the "First
Amendment") and on the date 16.2.09 you signed on an additional amendment of the financial covenants (hereinafter the
"Second Amendment");

 

		Whereas	and you approached us requesting our approval that until the date 31.3.10 you will not comply with
the financial term set forth in Section 1.3 of the Financial Covenants, as amended in the Second Amendment and that the Second
Amendment shall cease to be time limited and shall become a permanent amendment of the text in Section 1.3 of the Financial Covenants.

 

Therefore, at the request of the company,
the bank hereby notifies that it is willing to suspend until the date 31.3.10 its right to call for immediate repayment of the
company's debts due to the company's non compliance with Section 1.3 of the Financial Covenants. The bank further agrees to that
the Second Amendment shall become a permanent amendment of Section 1.3 of the Financial Covenants.

 

It shall be clarified, this approval may
not derogate from the bank's right to call for immediate repayment of the company's debts and undertakings, at any time, including
during the suspension period, for any other cause. Furthermore, this approval cannot derogate from the bank's rights towards you
according to any document or by the law.

 

The bank's abovementioned approval shall
go into effect subject to the receipt of the company's written approval to the brought forth in this document.

 

Subject to the forgoing, all other terms
brought forth in the Financial Covenants document and the first and second amendments shall stay in full force and without change. 

 

Respectfully,

 

The First International Bank of Israel
Ltd.

 

Business Department

 

/S/ G. Arad

 

/S/ Bozer Yehuda

 

    	 

    	 

    

 

Exhibit 4.20

 

To:

 

The First International Bank Israel Ltd.

 

We the undersigned approve our consent
to the bank's terms as brought forth in the document and undertake to act accordingly. 

 

__________

 

Audiocodes Ltd.

 

    	 

    	 

    

 

Exhibit 4.20

 

Date: 16/2/09

 

To: 

The First International Bank of Israel Ltd. 

Branch Ramat Gan

 

Dear Sir or Madam,

 

		Whereas	and Audiocodes Ltd. (hereinafter the "Company") received and/ or is going to receive
from the First International Bank of Israel Ltd. (hereinafter the "Bank") credit and various banking services
(hereinafter the "Credit");

 

		Whereas	as one of the terms to the provision of the Credit, the Company signed on the date 6.5.2008 a letter
of undertaking to comply with financial covenants (hereinafter the "Commitment Letter");

 

		Whereas	according to Section 1.3 of the Commitment Letter we undertook, inter alia, that our cumulative
operating profit for the 4 last quarters starting on the date 31/12/2008 shall be no less than a sum of $3,000,000;

 

		Whereas	the Bank and the Company agreed to add a clarification to Section 1.3 of the Commitment Letter,
as follows.

 

Therefore, the
Company represents and warrants towards the Bank as follows:

 

Until the date 31/12/2009 expenses due
to amortization of non tangible assets shall not be taken into account of the calculation of the operating profit.

 

All other commitments of the Company according
to the Commitment Letter shall stay in force.

 

Respectfully, 

/S/ Audiocodes Ltd. 

Company's signature

 

We approve the abovementioned

 

__________

 

The First International Bank of Israel Ltd.

 

    	 

    	 

    

 

Exhibit 4.20

 

Date: September 26th 2011

 

Att:

The First International Bank of Israel Ltd

Ramat Gan Branch

 

Re: Undertaking to comply with financial
criteria - amendment of criteria

 

		Whereas	we, Audiocodes Ltd, benefit from credit and various bank services provided to us by the First International Bank of Israel
Ltd (hereinafter: “the bank”), based on, inter alia, our signature on May 6th 2008 on a letter
of undertaking to comply with financial criteria as it was amended on November 25th 2008, February 16th 2009
and September 15th 2009 (the original letter of undertaking and the amendments shall be called hereinafter: “the
letter of undertaking”);

 

		And whereas:	we have requested from you additional long term credit
(hereinafter: “the additional credit”);

 

		And whereas:	for the purpose of approving the request for the additional
credit you have requested inter alia an amendment to the letter of undertaking as noted hereinafter and we have agreed
to this;

 

    	 

    	 

    

 

Therefore, we declare and
undertake the following:

 

		1.	Starting from the date of our signature on this document the following changes shall be imposed on the letter of undertaking:

 

		1.1.	Our undertakings as detailed in the letter of undertaking shall apply for as long as our obligations and undertakings vis-à-vis
the bank for any credit that we have received and/or shall receive from the bank and they shall be applicable in regard to any
credit that we have received and/or shall receive from the bank.

 

Therefore, in any place in the letter of undertaking
in which there is a reference to “loans” as defined in the letter of undertaking, this shall be replaced with a reference
to “credit”.

 

		1.2.	The second paragraph of the letter of undertaking, which starts with the words: “And whereas the company has approached
you with a request to increase the credit” and ends with the words: “on the terms detailed with approval of the credit
line attached as Appendix A (hereinafter: “the loans”);” shall be deleted.

 

		1.3.	The first sentence of Section 1.1, which starts with the words: “The company’s equity capital” and ends with
the words: “shall not be less than 15%” shall be deleted and in its place the following sentence shall be added:

 

“The company’s equity capital pursuant
to the financial reports as detailed hereinafter shall not be less than 40,000,000 dollars and its percentage as compared to the
total balance sheet shall not be less than 25%.”

 

    	2

    	 

    

 

		1.4.	At the end of Section 1.3, the following sentence shall be added:

 

“Expenses for the reduction of intangible assets
shall not be taken into account when calculating the operating profit”.

 

		1.5.	The second sentence in Section 1.4, which starts with the words: “From the date of defrayal of the bond” and ends
with the words “15,000,000 dollars” shall be deleted and in its place the following paragraph shall be added:

 

“From the date of defrayal of the convertible
bond in entirety the overall sum received from the company’s receivable customers plus cash and plus investments shall not
be less at any time than 50,000,000 dollars whereby the overall sum received from cash plus investments shall not be less at any
time than 30,000,000 dollars and the balance of the cash shall not be less at any time than 15,000,000 dollars.”

 

		1.6.	The definition of the term “investments” in Section 1.4 shall be deleted and in its place the following definition
shall be added:

 

“Investments” - long term deposits
up to two years, negotiable bonds ranked A for a period of up to 3 years.”

 

		1.7.	Section 5 shall be deleted and in its place the following section shall be added:

 

    	3

    	 

    

 

“The company undertakes not to pay management
fees, dividends, interest payments and/or any other payment to shareholders, and shall not defray owners loans or any part of them
until the sums due from it shall be defrayed in full to the bank for the provision of credit and for as long as the obligations
and undertakings of the company to the bank for provision of the credit shall not be defrayed in full.

 

Notwithstanding the aforementioned in this section,
the company shall be permitted at any time to take any permitted action, as defined hereinafter, subject to, at any time and even
after execution of the permitted action, the company complying with all its undertakings as detailed in Section 1 above.

 

Permitted action

 

		(1)	Permitted distribution, as defined in the Companies Law, 5759-1999 (including by way of purchase of company shares, at an accrued
sum that shall not exceed a total of 25 million dollars).

 

		(2)	Payments to the stakeholder for services that the stakeholder provides and/or shall provide to the company as a “functionary”
of the company, including as Chairman of the Board of Directors, President and/or company CEO.

 

		2.	As to the rest of the sections of the letter of undertaking there shall be no change and they shall remain in full force for
as long as our obligations and undertakings vis-à-vis the bank shall be extant.

 

    	4

    	 

    

 

		3.	We shall request similar consent from additional banks to which we have undertaking financial undertakings, whereby the terms
shall not have priority and/or harm and/or shall contradict the terms of this consent.

 

We undertake and declare that in the event that we
shall undertake vis-à-vis another bank undertakings that shall have priority and/or shall harm and/or contradict our undertakings
pursuant to the letter of undertaking and the amendment as detailed in this document (hereinafter: “the priority undertaking”),
then we shall approach the bank in order to amend our undertakings pursuant to the letter of undertaking such that they shall not
be inferior as compared to the priority undertaking.

 

		4.	We are aware that the consent of the bank to amend the letter of undertaking shall not derogate from our other undertakings
vis-à-vis the bank including any other criteria detailed in the letter of undertaking.

 

(signature)

Audiocodes Ltd

 

Att:

The First International Bank of Israel Ltd

 

I confirm the content of the above letter.

 

    	5

    	 

    

 

Furthermore I confirm that my undertakings pursuant to the letter
of undertaking which I signed on May 6th 2008 shall be applicable in regard to any credit (as defined in the letter
of undertaking), including the additional credit, as defined in this document above, which Audiocodes Ltd (hereinafter: “the
company”) received from the bank and/or shall receive from the bank, not only as regards the “loans”, as defined
in the letter of undertaking, and they shall be applicable for as long as there are obligations and undertakings by the company
vis-à-vis the bank as a result of the credit (as defined in the letter of undertaking), including the additional credit,
as defined in this document above.

 

	(signature)	 
	Shabtai Adlersberg	 

 

    	6

    	 

    

 

Exhibit 4.20

 

The First International Bank of Israel

 

Date: 29.12.11

 

To:

 

AudioCodes Ltd. (the "Company")

 

Dear Sirs,

 

Subject: Commitment to Comply with Financial
Covenants

 

		Whereas	the First International Bank of Israel
                                                             Ltd. (the "Bank") provided the Company with credit
                                                             and various banking services (the "Credit") relying
                                                             on, inter alia, the Company's signature on 6.5.2008 on the letter
                                                             of commitment to comply with financial covenants as amended on the
                                                             dates 25.11.2008, 16.2.2009, 15.9.2009 and 26.9.2011 (the original
                                                             commitment letter and its amendments shall hereinafter be referred
                                                             to as the "Commitment Letter");

 

		Whereas	the Company is not complying with
                                                             the financial covenants brought forth in Section 1.2 of the Commitment
                                                             Letter;

 

		Whereas	in light of the Company's non compliance
                                                             with its commitments set forth above, the Bank is entitled to demand
                                                             immediate repayment of the loan (hereinafter the "Referenced
                                                             Cause");

 

		Whereas	at the request of the Company, the
                                                             Bank agreed not to act upon its right;

 

Therefore, at the request of the Company,
the Bank confirms that it will not act upon its right to call for immediate repayment with respect to the financial statements
for year of 2011 and for the quarterly statements the first quarter of the year 2012 (the "Determining Statements”)
due to the Referenced Cause, and this is subject to that the Company shall return to comply with all its commitments pursuant
to the Commitment Letter (including the commitment brought forth in Section 1.2 of the Commitment Letter) in its quarterly statements
second quarter for the year of 2012.

 

If the abovementioned condition was not
fulfilled on the date set out for it, the Bank shall be permitted to demand the immediate repayment of the credit for the Referenced
Cause.

 

It is hereby clarified that the abovementioned
Bank's approval is limited to the Referenced Cause and in relation solely to the Determining Statements, and is subject to the
fulfillment of the abovementioned condition, and it cannot derogate from the Bank's right to demand the immediate repayment of
the credit for any other cause.

 

Notwithstanding the aforementioned, if
any third party shall demand the immediate repayment of the Company's debt to it based on the Referenced Cause, fully or partially,
then the Bank shall also be permitted to demand the immediate repayment.

 

For the avoidance of doubt, it is clarified
that the Bank's consent shall not be viewed as an amendment of the Commitment Letter and all of the conditions set forth in the
Commitment Letter remain in effect.

 

    	 

    	 

    

 

Exhibit 4.20

 

Respectfully,

 

The First International Bank of Israel
Ltd.

 

/S/ The First International Bank of Israel
Ltd

 

Ramat- Gan Branch

 

/S/ Carmi Alon

 

/S/ Hanan Arbel

 

    	 

    	 

    

 

Exhibit 4.20

 

The First International Bank of Israel

 

Date: 23.07.2012

 

To:

 

AudioCodes Ltd. (the "Company")

 

Dear Sirs,

 

Subject: Commitment to Comply with Financial
Covenants

 

		Whereas	the First International Bank of Israel Ltd. (the "Bank") provided the Company
with credit and various banking services (the "Credit") relying on, inter alia, the Company's signature on 6.5.2008
on the letter of commitment to comply with financial covenants as amended on the dates 25.11.2008, 15.9.2009, 16.2.2009, 26.9.2011
and 29.12.2011 (the original commitment letter and its amendments shall hereinafter be referred to as the "Commitment Letter");

 

		Whereas	the Company notified the Bank that it is not expected to comply with the financial covenants set
forth in Section 1.3 of the Commitment Letter based on the data in the financial statements for the second quarter of 2012; and

 

		Whereas	in light of the likelihood of the Company not complying with its commitments set forth above, the
Bank is entitled to demand immediate repayment of the loan (hereinafter the "Referenced Cause") and at the request
of the Company the Bank agreed to suspend its right as set forth below;

 

Therefore, at the request of the Company,
the Bank confirms that it is willing to suspend its right to call for immediate repayment due to the Referenced Cause, with respect
to the financial statements for the period beginning from the end of the second quarter of the year 2012 and until the date the
2013 annual report is published, subject to fulfillment of the following cumulative conditions:

 

		1.	Depositing deposits as an additional collateral to guarantee the Credit, according to the following
terms:

 

		1.1.	Until the date 31.7.2012, there shall be deposited in account number ###### which is managed in
the name of the Company in the Bank's branch 041 (the "Account"), deposits which have a security value, according
to reliance rates which shall be determined from time to time by the Bank, of no less than USD$ 500,000.

 

		1.2.	In addition to the security deposit mentioned in Section 1.1 and without derogating from it, until
the date of 30.9.2012, there shall be deposited in the Account deposits which have a security value, [according to reliance rates
which shall be determined by the Bank from time to time,] of no less than USD$ 500,000

 

(The deposits which shall be
deposited as a security according to Sections 1.1. and 1.2 shall be referred to hereinafter as the "New Deposits");

 

		1.3.	Each time the Company shall deposit the New Deposits or parts thereof as set forth in Sections
1.1 and 1.2, the Company shall sign an offset and lien document regarding the funds which are used as a security, according to
the form attached to this document as Addendum A.

 

    	1

    	 

    

 

Exhibit
4.20

 

		1.4.	The security value of the New Deposits shall be no less until 29.9.2012 than the sum of- USD$ 500,000
and starting from 30.9.2012 the sum of- USD$ 1,000,000.

 

(USD$ 500,000 and USD$ 1,000,000
shall hereinafter be referred to, as applicable, as the "Determining Amount")

 

The Bank shall determine from
time to time, at its own discretion, the reliance rates for the New Deposits.

 

As long as the total
value of security of the New Deposits, as calculated according to reliance rates as updated from time to time, shall be less than
the relevant Determining Amount, the Company shall provide the Bank with additional security to the Bank's satisfaction so that
the security value of the New Deposits and the additional security as determined by the Bank shall be no less the relevant Determining
Amount.

 

		2.	Improvement of the Operating Profit Data

 

The Company shall meet the criteria
set forth below, which shall reflect an improvement to the operating profit and a transition from a negative operating profit (the
"Loss"), according to the second quarter 2012 reports to a positive operating profit for the year 2013, as follows:

 

According to the data of the
second quarter of 2012 - the Loss shall be no greater than USD$ 1,300,000.

 

According to the amount obtained
from the information of the third quarter of 2012 with the additional information of the fourth quarter of 2012- the Loss shall
be no greater than USD$ 3,700,000.

 

According to the first quarter
2013 information - positive operating profit.

 

According to the second quarter
2013 information - positive operating profit.

 

According to the third quarter
2013 information - positive operating profit which shall be no less than USD$ 1,500,000.

 

It shall be clarified that notwithstanding
the provisions of Section 1.3 to the Commitment Letter, until the publication of the reports of the third quarter of 2013, an expense
not exceeding USD$ 650,000 per quarter, in respect to the accounting treatment of the intrinsic value of options to employees applied
solely in accordance to FAS123, shall not be deemed a breach of the undertaking in the abovementioned section.

 

After the publication of the
third quarter of 2013 reports, and provided that the Company will meet with all of the provisions in this document, the commitment
test set forth in Section 1.3 of the Commitment Letter shall be done according to the original undertaking version, that is, loss
that shall not exceed USD$ 3,000,000 for the last four quarters each time, for accounting treatment of the intrinsic value of options
to employees applied solely in accordance to FAS123, shall not constitute a breach of the criteria.

 

		3.	The Existing Liens

 

To guarantee the Credit, inter
alia, the Company has created in favor of the Bank, liens on deposits deposited in the Account and which are registered as lien
No. 1 and lien No. 5 in its review report (the "Existing Liens").

 

Whereas the credit is expected
to be partially repaid during the suspension period, the Company shall commit by its signature at the edge of this letter that
during the suspension period the Company shall not request of the Bank to reduce the amount of pledged deposits with the Existing
Liens. The Existing Liens shall continue to ensure the entire Credit as shall be at any time in accordance to the original terms.

 

    	2

    	 

    

 

Exhibit 4.20

 

Notwithstanding the forgoing,
if partial repayments shall be made, the Company shall be permitted to request the Bank to reduce the amount of pledged deposits
with the Existing Liens subject to simultaneously creating in favor of the Bank a lien on Foreign Securities, as defined below,
and/ or on securities traded on the Tel Aviv Stock Exchange whose total security value according to the reliance rates as determined
by the Bank at such time shall be no less than the requested reduction amount.

 

It shall be clarified that what
is stated in this section does not require the Company and/ or the Bank to any changes in the terms of the Existing Liens and does
not require the Bank to agree to the Company's request to reduce the amount of pledged deposits with the Existing Liens. To the
extent that the Company shall make such requests from the Bank, the Bank shall consider and shall be permitted to grant or deny
such a request, and/or to stipulate its consent according to certain conditions which shall be determined by the Bank at any such
relevant time.

 

Foreign Securities- for
purposes of this document, bonds with a duration that shall not exceed 3 years, which are traded outside of Israel and are rated
by the rating agencies Moody's and/or S&P with a rating of (-A) and higher.

 

If one of the above criteria is not complied
with at the prescribed date, the Bank may demand immediate repayment of the Credit for the Referenced Cause.

 

It is hereby clarified that the mentioned
approval of the Bank is limited to the Referenced Cause and solely with respect to the reports from the end of the second quarter
of the year of 2012 and until the publication date of the annual reports of 2013, and it does not derogate from the Bank's right
to demand the immediate repayment of the Credit for any other cause, including during the suspension period.

 

Notwithstanding the forgoing, if any third
party demands immediate repayment of the entire debt, or a portion of the debt, of the Company due to the Referenced Cause then
the Bank may also demand the immediate repayment of the Credit.

 

For the avoidance of doubt, it is emphasized
that except as provided above in Sections 1, 2 and 3, and as detailed in those sections only, the Bank's consent may not be viewed
as an amendment of the Commitment Letter and all of the conditions set forth in the Commitment Letter remain in effect.

 

Respectfully,

 

The First International Bank of Israel

 

Ramat- Gan Branch

 

/S/ Tankel Liat

 

/S/ Hanan Arbel

 

    	3

    	 

    

 

Exhibit 4.20

 

The First International Bank of Israel

 

Addendum A

 

	Branch__________	Date__________

 

Offset and Lien Document for Funds Used
as Security

 

		Whereas	and the undersigned (the "Account Holders") owe and/or may be in debt towards
the Bank, from time to time, either as main debtors or as guarantors, the debt sums as defined herein; and

 

		Whereas	it has been agreed between the Account Holders and the Bank that in order to ensure the debt amount
the Bank shall have the following specified rights;

 

Now, therefore,
the Account Holder irrevocably declares and confirms the following:

 

		1.	Definitions:

 

In this document the following
terms shall have the following meaning:

 

"Bank"- the
First International Bank of Israel Ltd. and any one of its branches or offices which exist on the date of this document or that
shall be opened in the future, either in Israel or outside of Israel.

 

"Account Holders"-
those who are listed in the Bank's books, at any relevant date, as the account holders.

 

"Debt Amount"-
all of the sums that are owed, and that shall be owed, to the Bank from the Account Holders from time to time, in any event or
case, including for credit, including principal, interest, linkage differentials (if those shall exist, due to the linkage of the
principal and the interest, or any of them, to any exchange rate, or to the consumer's price index or to any other index), commissions,
taxes and expenses. The Debt Amount includes amounts that are due, or shall be due, from the Account Holders, either as main debtors
or as guarantors, either in their name, or in their business's name, or by any other name, either by the current composition of
the Account Holders and either by any other composition, either if the owed sums are owed or shall be owed by the Account Holders
together or separately, whether if by the Account Holder alone or from the Account Holders with another/others, including in another
account of the Account Holders at the Bank. The Debt Amounts include sums as aforesaid whether they are a fixed amount and whether
they are not fixed, whether they shall be paid by the Account Holder directly or indirectly, in a specific way, on condition or
any other way, whether their date of repayment has arrived and whether the date of repayment has yet to have arrived, including
for checks and/ or signed bills, in their endorsement or guaranteeing, whether if the aforesaid sums, or parts of the sum, were
adjudged by any judicial authority or not, and including a case of a conditional charge where the condition or conditions has/
have yet to have been met.

 

"Credit"- either
in Israeli currency or in foreign currency, either in the country or out of the country, including return credit, one-time credit,
loans, overdrafts, documentary credit, providing of guarantees or letters of indemnification, handling of cargo notes, actions
in securities, discounting notes, note purchasing, note brokering, advance payments, provision of extensions, purchase of risk
participation, future transactions and any transaction, or service, or any other action of any sort, which as a result form, or
are capable of forming, any debts or obligations of the Account Holders to the Bank.

 

    	4

    	 

    

 

Exhibit
4.20

 

		2.	To ensure the Debt Amount, the Bank shall have the right, lien and offset over all of the funds
which have been/will be agreed upon between the Bank and the Account Holders, from time to time, that will serve as a security
for the Debt Amount, entirely or partially, either in Israeli currency or foreign currency, which are owed or which shall be owed
to the Account Holders, whether alone or together with others, in any way or claim, for their consideration, its income], including
on the rights of the Account Holders related to all these, and including on rights owed to the Account Holders for future transactions
(hereinafter all shall together and separately be referred to as the "Financial Collateral").

 

		3.	As long as the Account Holders have not repaid the Bank the entire Debt Amount, the Account Holders
shall not be permitted to withdraw the financial guarantees or parts thereof, without the Bank's consent.

 

The Bank shall be permitted
to retain the Financial Collateral, entirely or partially, until the complete clearing of the Debt Amount.

 

		4.	The Account Holders shall not be permitted to pledge or mortgage under any priority, to transfer,
impart, sell, endorse, or assign the Financial Collateral or their rights that derive from the Financial Collateral or parts thereof,
either directly or indirectly, either for consideration or not for consideration without having received for this prior written
approval of the Bank. Actions of the Account Holder that contradict this section shall be considered null and void from the outset.

 

		5.	A. Without limiting the Bank's rights according to this document, the Bank shall be permitted (but
not obligated), from time to time, without the need of prior notification, to set-off any amount of the Debt Amount which has reached
its maturity date (including any amount of the Debt Amount which has reached its maturity date due to immediate repayment and/or
acceleration of repayment in accordance to the law and/or as agreed upon with the Account Holders) against the financial guarantees,
entirely or partially, even prior to the maturity date of the Financial Collateral that are to be set-off against.

 

B. To exercise its aforementioned
rights, the Bank is permitted, inter alia, to sell any sum of foreign currency which consists a portion of the Financial Collateral
and/or to purchase foreign currency for the clearing the Debt Amount or parts thereof, and this is according to a rate of transfers
and assigns or any other rate as customary by the Bank, with a deduction or addition, as applicable, of exchange commission and
any tax, excise, compulsory payments or other payments.

 

		6.	The Account Holders shall have no action or claim of any type or kind against the Bank for any
of the actions listed in this document, including due to the Bank's exercise of rights date and due to the consideration that has
been received on account of the Financial Collateral. Without derogating from the generality of the aforesaid, the Account Holders
are aware that in cases where the Bank shall use its forgoing rights prior to the repayment date of the Financial Collateral, entirely
or partially, their rights may be harmed according the terms of the deposit of that collateral, including their rights to interest,
linkage differences, exchange rate differences, benefits, loans, exemption from taxes and other rights, and they exempt the Bank
from any responsibility for damage and/or loss which may be caused as a result of the aforesaid Bank's exercise of rights.

 

		7.	The provisions of this document are irrevocable and may not be terminated or changed without the
prior consent of the Bank to that, as the Bank's rights are dependent on it.

 

		8.	The Bank's rights as of this document are in addition to its rights, including lien and set-off,
by any law, according to the general terms of account management and/or the general debit agreement], and by any other document
which has been signed or will be signed by the Account Holders towards the Bank, and this document does not derogate any right
which has been granted to the Bank by any law or any other document.

 

		9.	This document obligates all of the signatories jointly and severally.

 

    	5

    	 

    

 

Exhibit 4.20

 

In witness the Account Holders
signed:

 

________________________                                         _____________________

 

Details of the financial securities,
correct as of the date _____________________

 

	Account Number	 	Deposit	 	Amount
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    	6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00215-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00215-of-00352.parquet"}]]